Keep Cash Flow Flowing

I’m sure you’ve heard the saying cash flow is king, or as I like to say, queen. But what does that really mean, and how do you keep your cash flowing? It’s a fairly simple concept but it can be difficult to get it to work. Basically, what it means is keeping enough cash in…

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Doing Things The Easy Way

Doing Things The Easy Way

As a small business owner, you may feel like you need to do it all.  You are chef and chief bottle washer, the CEO – Chief Everything Officer, and the person who must make all the decisions about where the company is going and how to get it there. Wow, that’s a lot of hats…

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You Are Your Business

You Are Your Business

By Sherry Lutz Herrington Owning your own business means you are your business, and it is you. At the same time.  No matter how hard you try, you cannot separate your life from your business. It is your life. Sometimes that means taking phone calls during your child’s soccer game or answering emails from the…

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Planning Ahead

Times are constantly changing, and as business owners we need to stay tuned in to what’s coming next. This year has seen predictions ranging from horrible economic instability to mild adjustments in the economy and everything in between. How do we know what to believe? The truth is no one can accurately predict the future. …

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Stay In Your Lane

Stay in Your Lane

When people ask me what my niche is I have a hard time answering. In a way, I don’t believe niching is necessary. In another way, I get it. I think what the issue is for me is the way niche is defined.  Generally, when people ask about my niche, they mean an industry. I…

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Best Boss Ever

When I have the chance to talk to my clients about their company culture, we often talk about what kind of a boss they want to be. In a client meeting recently, with my Team Captain present, I said:  “I try to be the kind of boss I would want to work for.” She stopped…

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Ugly Stepchild

I’ve found most business owners, especially new ones, treat accounting like the ugly stepchild.  It’s something that must be dealt with, but the less attention they give it the better.   Most business owners usually start with pushing aside the numbers and focusing on bringing in sales. However, that is a self-limiting attitude. The ugly stepchild…

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Financial Empowerment

California is now requiring all small businesses with 5 or more employees to offer their employees some kind of retirement plan. If the business doesn’t want to provide one, then the state has a new plan call CalSavers* that they will automatically enroll your employees in. I won’t deep dive into the plan (as I’m…

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Remember Your Dreams

Remember Your Dream

All entrepreneurs are dreamers. All businesses start with a dream.   Have you lost touch with yours? After many years in business, it is easy to have lost touch with why you started your business. Maybe it’s time to revisit that dream. Having a driving force that helps you keep going when things get tough is…

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Kick to the Finish

By Sherry Lutz Herrington I ran cross country in high school, and like most things in high school you don’t really imagine it will be of any use later in life. However, I’ve found some of my most important life lessons have come from my high school experiences. In cross country you race for several…

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The Tipping Point

The Tipping Point

By Sherry Lutz Herrington Whether you are just starting a business or you’ve been running yours for a while, it’s critical to understand how your business is doing financially at any given point. Having solid business accounting will help you accomplish this and keep you on track. It will also give you other critical information.…

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Statistically Speaking

I read an interesting article recently in the CPA Practice Advisor and felt compelled to address some of the frightening statistics quoted.  I keep saying, where have all these people who have resigned during the great resignation gone?  How are they making a living?  As I suspected, they are opening their own businesses. “During 2021,…

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Systems Failures

By Sherry Lutz Herrington Every business needs systems as well as procedures.  The procedures are the “how-tos”:  the step-by-step guide on how to get anything done.  But the systems are the “what.”  They are the programs and apps you use to keep track of everything you are doing. There are many different systems and every…

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It’s Not About the Numbers

It’s Not About the Numbers

By Sherry Lutz Herrington It’s not about the numbers, it’s about the story the numbers tell. I say that all the time and I believe it. Of course, the numbers matter, but by themselves they don’t mean much. You have to put them into the context of what they mean to have them be useful. Tracking your…

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Incentivizing Employees

Incentivizing Employees

By Sherry Lutz Herrington It’s no secret that finding good employees right now is a challenge and keeping the ones you have is a must.  The question is, how do we do that?  In today’s labor market, following “the great resignation” as it’s been dubbed, there is high demand for job satisfaction.  You can no…

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The Real CEO

The Real CEO

By Sherry Lutz Herrington Many small business owners consider themselves to be the CEO, affectionately known as the Chief Everything Officer (thank you USP Store for that hilarious tagline).  In reality, we often are the chief bottle washer and cook, as the saying goes.  We have no choice (especially when we first get started) but…

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Transparency

Transparency

By Sherry Lutz Herrington When a topic surfaces repeatedly in my life, I always feel like it’s trying to tell me something. It’s time to examine it further and share the concept with all of you.   Lately, it’s been about transparency in companies. What is transparency and why is it important? Let’s unpack that a bit.…

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Impacting the Bottom Line – Part II of II

Impacting the Bottom Line

By Sherry Lutz Herrington Now that we’ve examined how to find the “true bottom line,” let’s take a look at ways to improve it. “Impacting the Bottom Line There are two basic pieces to the Profit and Loss. These pieces are income and expenses (including cost of goods sold). Changes in either of these variables…

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The True Bottom Line – Part I of II

The True Bottom Line

By Sherry Lutz Herrington When you own your own business, you tend to be obsessed with the bottom line.  You actually need to be in order to know what’s happening and to drive the success of the business.   Unfortunately, most business owners don’t understand what the “true bottom line” means or how to figure it…

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The Final Stretch

The Final Stretch

By Sherry Lutz Herrington I can’t believe it’s October already.  This year has gone twice as fast as 2020 did.  Although I am grateful that life has improved in a myriad of ways, I know we are not really out of the pandemic yet.  We may not have achieved a stable new normal yet.  Many…

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Outsourcing and Delegating

Outsourcing and Delegating

Running a small business means wearing a lot of hats.

Do you remember the UPS Store commercial that says “if you’re CEO, you’re Chief Everything Officer”? I met a small business owner last week who has that title on her business card.

It’s so true and yet it’s a bit of a trap.

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Defining Purpose: Your Vision and Mission

Defining Purpose: Your Vision and Mission

By Sherry Lutz Herrington As a business owner, it’s important to know where you’re going and how you’re going to get there. But it’s also important to know your why. Why are you in business? Defining the purpose of your business is paramount to setting the right course and staying true to your direction.  This…

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Celebrating Milestones

By Sherry Lutz Herrington When you’re running a business, it’s good to not only set goals, but to celebrate milestones.  Stopping to look at where you’ve come from is a good reminder of all that you’ve accomplished.  It’s easy to stay so focused on where you’re going and the day-to-day operations that you forget to…

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How to Build Company Culture with a Remote Team

By Sherry Lutz Herrington I love studying company culture. I believe it is paramount to the success of any company to build their company culture with intention.  Although we were a remote team before the pandemic, we were still able to get together in person occasionally.  We actually had our last team event the week…

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Overcoming Money Blocks

By Sherry Lutz Herrington Time and again I watch as my clients struggle with their money blocks, and I struggle with how to help them.  I believe we all have them from time to time.  The hard part is recognizing why we are having financial difficulties and figuring out how to overcome them.   Since my…

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Spring Cleaning Your Business 

By Sherry Lutz Herrington  When was the last time you deep cleaned your business?  I mean from top to bottom.  Everything from the old dusty filing cabinets full of paper that you’ve been meaning to digitize, to the back closet full of old supplies.  If you’re a service business, not a physical entity, then maybe…

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Being Prepared for Tax Season 

By Sherry Lutz Herrington  As Benjamin Franklin said, “In this world, nothing is certain except death and taxes.”   For small business owners, taxes are often the thing that drives us to keep our accounting clean.  If we ever face an audit and can’t support what we’ve done, we can be fined huge penalties.  Not to…

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Challenge Culture

In most small businesses, the decisions are made by the owner.  Where the company is going and how it’s going to get there are dictated from the top.  Owners need to be strong in their convictions and be willing to make tough decisions.  That’s what makes them successful.  That all makes sense.   Running a small…

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After Action Reviews

When was the last time something went wrong in your business? I know, don’t laugh, it was probably yesterday. Things go wrong. Frequently. That’s part of running a business.  The more important question is, what did you do to prevent that problem from happening again? The tendency is to move on, forget it happened, and…

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