Blog

Directions in Accounting... (Notes from Doug Sleeter for Advisors)

Doug Sleeter recently spoke to a room full of accountants looking to advance their business.  Both Doug Sleeter and Edi Osborne often echo the same themes in their presentations as Corelytics does and this year's conference was no different.  So it's worth repeating. 

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20 Common (and Avoidable) Mistakes Business Leaders Make

Building a successful business isn't an easy task, especially in today's competitive environment. Business leaders have to be persistent and have a clear focus on where their company is headed. They have to recognize problems early because some problems can’t be fixed after they go too far.

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COGS Payroll – Secret Sauce

If you really want to understand how your business is working, you need to understand gross margin. And if you want to have a meaningful and correct gross margin, you need to separate direct (COGS) and indirect (overhead) expenses. And the toughest and most crucial COGS (cost of goods sold) item is payroll.

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Think Virtual – Think Field Nation

We are excited to announce a new partnership with Field Nation! Field Nation is the leading online work platform for connecting businesses and workers. Global enterprises to small local companies use Field Nation’s self-service web portal to find, manage and pay workers for any specific job on demand — whether that be 1099 independent contractors or W2 employees. The platform gives workers the opportunity to promote their credentials and work history and find work. Field Nation currently has over 40,000 service providers in its network and serves businesses globally.

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Prepare for 2014: Things Will Not Be the Same

Have you started planning for 2014? Have you defined your business goals? Does your team know what you want to accomplish? Does your planning line up with changes that are happening in your industry and in the general economy?

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New-Generation Benchmarks

What role do industry benchmarks play in your planning process? Most business consultants would tell you that you really can’t do meaningful planning if you don’t combine internal data and external data as your starting point. Without both it is impossible to create a meaningful and believable plan. Benchmarks are a key part of external data and can provide very helpful information about the market you are in. Benchmarks can help you see if you are performing at a level that is consistent with your peers and help you pinpoint where you need to make adjustments to be more in line with your market.

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Best Business Lenders: Finding the Right One for You

Navigating the many sources of business lending can be a huge trial and error maze with lots of dead ends and lots of paths that take you back to square one. As you may know, lending to small business has become extremely tough since the Great Recession, and it is taking a toll on the small business world.  Reduced lending to small businesses is tracking with the record drop in the formation of new businesses since 2006. But alas, don’t despair. There has been a recent uptick in lending and in new business formation. (Washington Post, New business formation bounces back; posts first increase since the recession, By J.D. Harrison, July 31, 2013)

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Predictive Analytics on Center Stage

Why all the noise about predictive analytics? Is it just another passing fad? How does it relate to Big Data and KPIs and all the other ways of measuring business performance?

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When Should You Sell Your Business?

Have you thought about selling your company? Do you have a game plan with specific time frames? Do you have specific financial goals? Are you going to get an adequate return for your personal investment?

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Building versus Operating a Business

For a lot of business owners, there is no difference between building and operating their business. They view these as the same thing. The truth is, these are very different and require a very different mindset.  I’m sure you have heard about the importance of “working on your business” rather than “working in your business.” This is very similar to build versus operate. They are both important concepts, but no matter how you slice it, too many business owners don’t put enough time into analysis and planning. Long-term building and short-term operations management can have a big overlap, but they require a different approach and a different way of thinking about the business. At a minimum they require a different set of questions. Here are some examples:

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Also see our Video Shorts with 2 minute overviews about using the dashboard