Archive for the ‘Risk’ Category

How many of you look forward to talking about numbers (really)?

The truth is that most entrepreneurs only have a very rudimentary understanding of finance. The problem is that having little or no skill in gathering, organizing or interpreting your company’s finances can lead to less-than-perfect, and sometime disastrous, decision making.

That’s why Robert — a longtime believer in helping entrepreneurs gain financial intelligence — and I are constantly looking for tools and resources that breathe life into the “numbers side” of your business.

And, that’s why we’re so happy to have identified “Financial Intelligence for Entrepreneurs“. In BusinessCast #98, Financial Intelligence, we interview co-author Joe Knight. He shares some nuggets but, perhaps more importantly he demonstrates his commitment to developing a truly practical resource.

What impressed me — and, I’m not a “numbers person” — is how well this book is written. It’s clear, concise and really, well…very human! Meaning, it doesn’t feel anything like a finance or accounting text book that speaks down to you. Nor is it so dry that you’re just aching to get to the end of the next paragraph.

The authors quite successfully convey fundamental and complex ideas in a way that you’d wish your CFO could! If you’re running a business and you’re the least bit uncomfortable with business numbers, read this book….and read it, now.

BTW, we have several free copies of Financial Intelligence for Entrepreneurs so, read an excerpt and then send Robert an email (robert@businesscast.ca) and we’ll send you a free copy. You’ll be glad you did!

Other resources to help you tackle your finances include:

BusinessCast Podcast #69 – Business Success By the Numbers – to help you get straight-forward answers to these common numbers-focused questions:

1. Should you buy or lease your car?
2. Should you invest available cash in your mortgage or an RRSP (IRA)?
3. Who should you sell your business to?

Also, find below some focused resources to help you work through these questions and get you more comfortable dealing with financial issues critical to your business -

A Lease or Buy Your Car Calculator

A Contribute to Your Mortgage or RRSP Calculator

A Video on Finances for Business Leaders (Note: The video providers will prompt you to register before you will be able to view this video.)

BTW, if you have a ‘numbers’ question, let us know. We’ll address it in an upcoming show.

Don’t forget to enter the contest to win a Blackberry Bold!

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Robert and I are offering our BusinessCast podcast listeners (and blog readers) leading-edge business resources — for FREE!

Currently the BusinessCast Podcast ‘Great Book Give-Away‘ includes the following titles — mostly from the folks at McGraw Hill:

• The Four Pillars of Profit-Driven Marketing (2009) – Leslie Moeller and Edward Landry
• Turn Small Talk Into Big Deals (2009) – Don Gabor
  
• How to Talk to Anyone: 92 Little Tricks for Big Success in Relationships (2008) – Leil Lowndes (OUT OF STOCK)
• Financial Intelligence for Entrepreneurs (2009) – Karen Berman and Joe Knight(OUT OF STOCK)
  
• Sales Coaching: Making the Great Leap from Sales Manager to Sales Coach (2009) – Linda Richardson
• The Inspiring Leader (2009) – John Zenger, Joseph Folkman and Scott Edinger
  
• Blogging for Fame and Fortune (2009) – Jason Rich (OUT OF STOCK)
• Business Lessons from the Edge (2009) – Jim McCormick and Maryann Karinch
  
• Smart Networking (2009) – Liz Lynch
• The Customer Rules: The 14 Indispensable, Irrefutable and Indisputable Qualities of the Greatest Service Companies in the World (2009) – C. Britt Beemer and Robert L. Shook
• Groundswell: Winning in a World Transformed by Social Technologies (2009) – Charlene Li and Josh Bernoff (OUT OF STOCK)
  
• The Extraordinary Leader (2009) – Joseph Zenger & Joseph Folkman
  
• Get Content Get Customers (2009) – Joe Pulizzi and Newt Barrett
• Am I the Only Sane One Working Here (2009) – Albert Bernstein
  
• The Organizational Champion (2009) – Mike Thompson
• The Purpose Linked Organization (2009) – Alaina Love and Marc Cugnon
• Every Family’s Business (2009) – Thomas William Deans
• Performance Intelligence at Work (2009) – Julie Bell
• Databases: A Beginner’s Guide (2009) – Andy Oppel
• Digital Strategies for Powerful Corporate Communications (2009) – Paul Argenti
• Winning Sales Letters (2009) – Ralph Allora
• PowerPoint Presentations That Sell (2009) – Adam Cooper
• Mastering Communication at Work (2009)
• Fearless Leadership (2009) – Loretta Malandro
• Click: 10 Truths for Building Extraordinary Relationships (2009) – George Fraser
• Financial Statements Demystified (2009) – Bonita Kramer and Christine Johnson
• Upstarts: How Gen Y Entrepreneurs Are Rocking the World of Business (2009) – Donna Fenn
  
• Succession and the Family Business (2009) – John Geddes
  
• Loops: The Seven Keys to Small Business Success (2009) – Mike Chaet and Stephen Lundin
  

Some of these books or so new they aren’t even available in stores yet! So, why not get a jump on your competitors by sending an email to Robert (Robert@BusinessCast.ca) to get a FREE copy of one of these business tools.

*Note: These titles are among the BusinessCast Business Book Essentials List.

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Every business gets rocked by crises – at least once. And, truth be told, usually more often than that!

Sometimes the crisis comes in the form of a key person leaving. It can take the form of a strong competitor blanketing and sustaining a heavy promotional ‘push’ or dramatically underpricing your offerings. Alternatively, crises may come in the form of a very public error in judgement or processes.

The consequences of your next business crisis can be minimal or potentially disasterous. For example:

• Losing short- and/or long-term sales
• Lengthening the sales cycle
• Employees leaving
• Investors cashing-out
• Law suits

The rule of the thumb is to devote time, energy, and resources to crisis planning directly proportional to the potential seriousness of the consequences you would face.

Robert and I have found that most entrepreneurs are very aware of potential crises and often, they have even identified likely time frames when crises could hit them! However, entrepreneurs — who tend to be very enthusiastic — are equally as unlikely to plan for crises to avert or minimize their consequences.

This ability for entrepreneurs to foresee crises and yet not prepare for them strikes us as highly problematic. So, let us know about your state of crisis planning. And, we’ll share the results in an upcoming BusinessCast podcast.

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