Keeping Your Family Business in the Family

A successful family business can provide long-term financial security for you as its owner, as well as for your loved ones. To improve the chances that your company will continue to benefit your heirs after you’re gone, take steps now to keep…

Replacing a Business Vehicle

Although a vehicle’s value typically drops fairly rapidly, the tax rules limit the amount of annual depreciation that can be claimed on most cars and light trucks. Thus, when it’s time to replace a vehicle used in business, it’s not unusual…

5 Ways to Speed Up Collections

Turning receivables into cash is among the most important things a business must do. Of course, it’s easier said than done. Here are five ways to speed up collections: Streamline the billing process. You can’t collect what you don’t…
introvert

Can an Introvert be a Successful Entrepreneur?

We hate people. People we don’t know, people in big groups; we’re introverts. We appreciate the quiet, dread large networking events and consider our words carefully before we speak. We research a subject before offering an opinion, we’re…
building an organization

How Entrepreneurs Build an Organization

In Part 1 of this topic, we covered the definitions of leadership and entrepreneurial leadership, and listed qualities that business leaders share. In this post, we’ll explore how those skills help leaders to build their organization. How…
Leadership

Are All Entrepreneurs Leaders?

What is Leadership? There are many definitions provided by leading experts. The dictionary.com definition is very simply the action of leading a group of people or organization. One of our local business leaders in Detroit, Nancy Schlichtling,…
big fish little fish

Why Hire a Smaller Firm?

My previous post discussed the advantages of working for a small firm vs. a large company - now let's address the advantages of hiring a smaller firm. My experience is the the accounting world, but these points are true of most industries: You'll…
big fish little fish

Why Work for a Smaller Firm?

In the process of interviewing candidates for an open position at our firm, we encountered some misconceptions about working for a smaller firm, namely perceived limited opportunities, less structured training and uncertainty about the stability…
Annual meeting

The Benefit of an Annual Corporate Meeting

If your company is a corporation, you’re probably aware that your shareholders and Board of Directors must meet at least annually. For many entrepreneurs, the board and shareholders may only consist of a couple of people and this meeting requirement…