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…Read More
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.…Read More
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,…Read More
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…Read More
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…Read More
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…Read More
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…Read More
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…Read More
By Sherry Lutz Herrington Building a business is a bit like building a house. If you don’t start with a solid foundation, you’ll be building your business on shaky ground. The foundation of any successful business is solid accounting and financial responsibility. If you do not know how much you are making or spending, then…Read More
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.Read More