In January’s economic news summary, I assert that we are in a “Milk Toast Economy.” I include many key economic indicators with historical graphs to prove my point. Here’s how I start:

My mother would always give me milk toast when recovering from a bout of stomach flu.  This temporary, bland remedy was meant as a transition to a better diet.  Yet after ten straight quarters of economic recovery, we are still eating “milk toast,” economically speaking.  The post-recession economic recovery from the 1982-1983 recession, after ten quarters, showed 13.4% growth in Gross Domestic Product.  Ten quarters into our current post-recession recovery that rate is a tepid 6.2%– less than half of our previous recovery.  Why do you think we are still eating “milk toast?”  Overall grade for January: D

Read the article: Milk Toast Economy

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1. Economic News: The Uncertain, Jobless Recovery
2. The Economy Still Feels Bad
3. Economic Summary for January 2010

How to Build Recognition for Your Unknown Brand

Learn how to increase advertising frequency without increasing your advertising budget.  Dave introduces you to Mike Michalowicz, the author of The Toilet Paper Entrepreneur, who believes the greatest business success come from underfunded, inexperienced entrepreneurs.  Read the complete article on the Wall Street Journal site.

Steve Forbes on Economics

Listen as Steve Forbes, Chairman and Editor-in-Chief for Forbes Media is Getting Down to Business® with Dave Weatherholt.  Forbes discusses his book How Capitalism Will Save Us, Austrian Economist Joseph Schumpeter, the “Brutality of Capitalism,” and more.

Listen or download below:

Steve Forbes on Economics

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A business incubator called VETransfer provides free mentoring and facilities to military veterans who start their own businesses.  The program is funded by the Department of Veterans Affairs and has a waiting list for their services.  Listen as Dave discusses the WSJ article.

SBA 504 Loan Program

When you need to get a job done right, the correct tool works best.  Listen as Barbara Gill, VP & Senior Loan officer with Evergreen Business Capital, describes the SBA 504 loan program.  If your business needs a new location, land, buildings or even leasehold improvements, financing with the 504 program maybe the right tool for you.

Go it Alone

Listen as Geoff Burch discusses the bargaining process and its potential negative impact in sales. Chapter 17 of Irresistible Persuasion provides great advice.

Listen or download below:

More Than Bricks & Mortar

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December’s Getting Down to Business® eNewsletter wraps up the year with some great articles – including marketing planning for 2012 from Amanda Cullen and economic news from David Weatherholt. Christopher Pobieglo advises on the sensitive subject of employee theft, while Tim White continues his series on computer back-ups.

Read the newsletter: Getting Down to Business® eNewsletter

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1. November 2010 – Getting Down to Business® eNewsletter
2. Mitigating the Risk of Employee Theft
3. October 2010 – Getting Down to Business® eNewsletter

As the year comes to a close, business owner’s minds turn to… cash flow. Use my article and included downloads to manage your cash flow and keep it positive!

Read the article: Go With the Flow

Get the Downloads

Projected Statement of Cash Flow (Adobe PDF)

Monthly Cash Flow Status (Microsoft Excel)

Business Risk Management is sponsored by Business Insurance Associates, Inc.

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1. Go With the Flow
2. Mitigating the Risk of Employee Theft
3. The Business of Risk Management

The House approved a bill that would let companies sell equities online.  Senator Scott Brown (R., Mass.) introduced a similar measure.  Listen as Dave discusses the overwhelmingly positive potential of this legislation.  And read the complete article on the Wall Street Journal.

Cash Flow

If your business is on a calendar year, then you are approaching the end of this year.  Have you been tracking your performance numbers or are you afraid to look?  If you have spent most of this year looking for cash, then chances are that you have not been very profitable.  Listen as Dave discusses cash management tools that work.

Download these tools here:

Projected Statement of Cash Flow (Adobe PDF)

Monthly Cash Flow Status (Microsoft Excel)

Tech Talk

What if your point-of-sale system went down during peak sales on “Black Friday”?  How much would that cost your business?  Tim White, our technology guru, discusses the inevitable but avoidable business risk– backing up your IT system.  Visit Tim at www.akcb.com.

Listen or download below:

Go With the Flow

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The NFIB’s “Optimism Index” gained 1.3 points, nudging the index up to 90.2.  Listen as Dave discusses the main reason the index remains mired in low readings.  Read complete article on NFIB’s website.

Market Analysis

According to Celtic myths, there was once a magical cup.  This cup satisfied the tastes and needs of all who drank from it.  These myths led to the legend of the Holy Grail.  The business equivalent of the Holy Grail is the Business Plan. The real value of a business plan is the process.  Listen as Dave gets a rare opportunity to take you through the process of completing a “Market Analysis.”

Listen or download below:

Know Your Customer

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Even with 14 million people unemployed, 40% of small businesses complain about the dearth of qualified workers. Listen as Dave talks about a pressing problem for employers.  Read complete article at the Wall Street Journal.

Credit & Business Lending

Dave’s guest is Bill Cessnun, VP Commercial Loan Officer with Northrim Bank– a Alaskan community bank.  Listen as Bill talks about making a credit decision during the business lending process.  Bill provides great information to Dave and his listeners.

Go it Alone

Alice in Wonderland meets a Cheshire Cat at the beginning of her journey.  Listen as Geoff Burch explains how “measuring success” ties in to Alice’s journey. Intrigued? Listen to the show!

Listen or download below:

Through a Banker’s Eyes

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Listen as Dave talks about how an economic powerhouse “shackled” by federal regulators and rouge environmental group’s squeezes out some growth.  The first estimate of GDP beat all expectations coming in at 2.5%.  Read the complete economic news article here.

What is Alternative Business Lending?

Business lending is a business, and all lenders expect to make a profit on their loans.  Listen as Steven Bush, Commercial Loan Officer at Alaska Growth Capital. Find out why they are called an alternative business lender as Steven tells us about their history, goals, and how to start the loan process.

Listen or download below:

Alternative Business Lending

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If your business uses independent contractors, the IRS has a new plan that may cost you.  Their new program called “Voluntary Worker Classification Settlement Program” will be taking a closer look at how you classify contractors/employees.  Is this an attempt to raise money and increase employment? Read the complete article: “Price of Reclassifying Workers.”

Search Engine Optimization

Search Engine Optimization (SEO) experts Amanda Cullen (Zoo in a Jungle Marketing) and Steve Volz (Alaska Search Marketing) have an open discussion on the topic.  Listen to learn more about how to increase business and some of the basics of SEO as well as finding an SEO provider.

Listen or download below:

SEO Roundtable

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Listen as guest host Christopher Pobieglo gives a brief recap of key economic indicators.  The National Federation of Independent Business (NFIB) will be holding three free webinars.  Find out more at their website - nfib.com.

He also discusses traffic safety and potential business risks from a “Risk Management” standpoint.

Make Credit Card Transactions Easy

Today’s special guest Sushil Wanigantunga, president of American Credit Card Systems, provides great insights into the management of debit and credit card transactions.  Listen to find out how to take credit and debit cards in your business.

Marketing Matters

Listen as marketing expert Amanda Cullen, president of Zoo in a Jungle Marketing, discusses marketing on Facebook.  Amanda provides creative ideas to build a following.

Listen or download below:

Make Credit Card Transactions Easy

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In an “Atlas Shrugged” moment, Kingwood, Texas bank Main Street Bank gets out of the banking business because of federal banking regulations.  Listen as Dave talks about the frustration of the banks chairman and how they will handle excessive bank regulations. Read the whole article at the Wall Street Journal online.

Alaska Center for the Performing Arts

Listen as Nancy Harbour, Executive Director of the Alaska Center for the Performing Arts talks about the new 2011-2012 season.  Nancy tells a story about a fun topic that has a serious economic impact on Anchorage’s community.  And they’ve got a new website! Visit it at www.myalaska.com.

Go It Alone

Listen as Geoff Burch, author & business expert, talks about effective selling without the high pressure.  Geoff is in rare form and entertaining as always. It’s a delightful (and useful) segment you won’t want to miss!

Listen or download below:

Performing Arts New Season

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In this continuation of my series on surviving an audit, I tell you how to “Protect Your Pockets in 5 Steps.”

In a tax audit, the IRS Auditor’s job is simple: find errors in your return that will increase the amount of money you owe the government.  Your goal is also simple: keep their hands out of your pockets (or at least from going all the way to the bottom).

Read the full article: “Protect Your Pockets in 5 Steps”

Read the 2nd article in the series: “Remember, It’s Your Pocket”

Read the 1st article in the series: “You Have Been Selected”

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As summer marches on, July’s Business/News & Views® brings some really hot articles for small business owners and entrepreneurs. First up, get some Facebook marketing tips from Amanda Cullen. While you’re learning about technology, check out our article on working wirelessly.

David’s articles are quite entertaining, even though they are on sober topics: surviving an audit and the state of the US economy. He encourages you to “Protect Your Pockets” while chiding the US government that helping the economy “Isn’t Rocket Science.”

Read the newsletter: Business/News & Views®

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In the eyes of the average small business, the U.S. economy is still in a recession and likely to stay that way through 2012.  A new survey, commissioned by the U.S. Bancorp one of several reports out in recent weeks painting a more dismal picture for American small businesses than previously perceived. Listen for my recap, and read the full article on the Wall Street Journal site.

How to prepare a business loan package

The American reserve banking system evolved from Goldsmiths.  In most early towns, the only vault belonged to the Goldsmith who began holding the valuables and money of others in the community.  Today’s bank lending evolved from these practices.  Andy Riddell, VP at Wells Fargo talks about the bank’s side of the lending process including explaining the 5 C’s of Credit.  Listen to find out the best way prepare a business loan package.

Alaska Economics

The U.S. economy is made up of all the individual state economies.  Listen as Dan Robinson, Senior Economist with the McDowell Group discusses the two common beliefs about the relationship between Alaska’s economy and the U.S. economy.  ”Historical data doesn’t really support either of those beliefs,” according to Dan. Listen for his view.

Listen or download below:

Creating a Business Loan Package

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In this continuation of my series on having your tax return selected for a review (that means “audit”), I encourage you to take charge of the situation and, “Remember, It’s Your Pocket.”

This year, auditors are really after those filing a Schedule C. Their goal is simple: find errors in your return that will increase the amount of money you owe the government.  Your goal: keep their hands out of your pockets.

Read the article: “Remember, It’s Your Pocket”

Read the 1st article in the series: “You Have Been Selected”

Subscribe to the Newsletter

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2. You Have Been Selected
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Two crucial forms of bank lending that remained stubbornly weak are finally showing signs of life, another indicator that the credit crisis is on the mend.  This uptick could help businesses expand and reduce unemployment listen to the summary.  Read the full article: “Uptick in Loans Could Aid Business.”

A Wild Ride

An entrepreneur is a person who wants to change the future.  Change involves more than talk.  The vision must be followed by action.  Following that vision is a great risk.  There is the risk of failure, a damaged reputation, the loss of time and money.  Listen as Dave describes what it took to follow his vision of a professional football team, Alaska Wild, in Anchorage.  Contact Dave  at david@WaConsult.com.

Listen or download below:

A Wild Ride

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Have you ever been audited by the Internal Revenue Service? Being selected for an audit is a nagging fear of every small business owner. “You Have Been Selected” is part one in my series of how to come out ahead (or at least not behind!) in an audit. I detail my recent experience with the IRS, how to get prepared and what to expect. It’s a must-read for any small business owner.

Read the article: You Have Been Selected

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Small-Business Optimism on the Wane: Optimism Index Dips for Second Consecutive Month

The Nation Federation of Independent Business (NIFB) has tracked business optimism since 1976, making this a reliable measurement of business optimism.  The month of April marked a second consecutive month of decline in small business optimism. Listen for Dave’s take on the news.

Council of Alaska Producers

San Francisco, Denver and Seattle have much in common.  Plenty of social amenities, fine dining, shopping, cultural and arts carters, and professional-level sports teams.  They also create lots of jobs with vibrant and diverse economies.  When they were fledgling communities, mining gave them a big economic boost.  Mining can be a game changer for the Alaska Economy.  The Council of Alaska Producers represents large mining companies and tracks their economic impact.  Listen, as Mike Satre, Executive Director of the Council discusses their role in Alaska.

Business Risk Management

The “Insurance Guy” Chris Poblieglo of Business Insurance Associates reveals an often overlooked business risk.  A company’s employees represent a risk to any business.  Managing employment practices and obtaining liability insurance can minimize this business risk.  Listen as Chris gives “advice you can use.”

Listen or download below:

Produced in Alaska

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May’s Business/News & Views® brings some encouragement amidst continuing dour economic news – that the US is still a powerhouse. David Weatherholt keeps it upbeat as he details his recent experience with auditors, while marketing expert Amanda Cullen advises businesses with tips for creating that great first impression. In our tech section, learn 9 ideas for managing files and folders on your computer.

Read the newsletter: Business/News & Views®

Subscribe to the Newsletter

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2. Business/ News & Views – June 2011
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Hiring Up, But Optimism Down in March

The Index of Small Business Optimism fell again in March.  This index has been tracked by the National Federation of Independent Business since 1976, making it a great measure of business optimism.  According to the NFIB chief economist, “Today’s recession-level reading is, all in all, a real disappointment.”

Anchorage Tourism Update

Julie Saupe, President, and CEO of the Anchorage Convention & Visitors Bureau joins Dave to talk about the upcoming visitor season in Anchorage.  Julie also discusses their volunteer program and its role in assisting visitors by matching them to services and tours.

Business Risk Management

The third segment in our series “Workers Compensation Uncovered,” Chris Poblieglo discusses job classifications and how they can affect your bottom line.  Chris also describes three bills now before the Alaska State Legislature: HB-12, 13, and SB-116, and their effect on workers’ compensation in Alaska.

Listen or download below:

Anchorage Tourism 2011

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April’s economic news summary, Cost of a New Suit, documents the rising prices that will cause our shaky economic recovery to falter. I explain how key economic indicators, such as the Consumer Price Index and Industrial production tell the story of our economy now and in the future. Here’s an excerpt:

Daily, the price for basic commodities is on the rise– oil, corn, cotton; gold…all have reached or are headed to all time highs.  November 2010, the price of cotton hit 155.4 cents per pound, moving past the previous high of 141.9 cents per pound set in 1864, a 146 year record, WOW! The price is now 229.6 cents per pound.  We are witnessing similar record high prices for corn, oil and gold.  This leads to a great question: are we witnessing a new normal or a simple aberration in pricing, creating unsustainable bubbles?

Read the full article: Cost of a New Suit

Subscribe to the Newsletter

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2. Economic News Summary: Have We Already Been There?
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To keep your business healthy, you need to do a business health checkup. In my article, I explained the 7 steps to a healthy business, starting out:

Take a deep breath, clear your head, relax, and then take stock of what you have.  How is your business performing now?  Have sales slowed?  Do you have enough cash?  Is your business ready to face a future where business growth is not the key to success?  What is the overall health of you and your business, both mentally and financially?

In 2008, the United States and the world economies went into a steep downward tailspin.  This economic downturn, despite earlier confusion, misstatements and missteps is very real and had a significant impact on your business.  This sudden shift changed what we considered “business normal”– signaling that the old way we operated as a business will not work in the future.

Read all 7 steps: 7 Steps to a Business Health Checkup

Subscribe to the Newsletter

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March’s Business/News & Views® has very informative business tips and advice to help you with finances, marketing and technology. First, get the scoop on Pay-Per-Click Advertising as Amanda Cullen explains Google, Bing and Facebook.

Get your business in shape with David Weatherholt’s “7 Steps to a Business Health Checkup.” Learn the state of the economy with David’s economic news summary and learn how to increase browsing speed with our technology article.

Read the newsletter: Business/News & Views®

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1. Business/News & Views – January 2011
2. Business/News & Views – July 2011
3. Business/News & Views – April 2011

Later in the show is our “Business Risk Management” segment with Christopher Pobieglo, CRIS and President of Business Insurance Associates, Inc.Chris joins David to talk worker’s comp. He has great advice for Alaskan businesses on how to manage worker’s compensation insurance and claims.

Listen or download below:

Stone Horn Ridge

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The economic recovery continues, limping toward recovery. We are finally shaking-off the dazed state that resulted from the jarring, vertical economic drop.  Economic indicators were mixed over the past year. They grudgingly moved to higher levels, indicating a solid economic recovery.  Economic growth is good, even when that growth is anemic creating what may be called the “New Normal.”  My overall grade for February: C+ (January was a C).

Read the full article, including graphs of key economic indicators: The New Normal

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Dan Robinson, Senior Economist for the McDowell Group joins the show for his segment “Financial Help for Small Business.”  Dan brings expertise to the topic of gold prices, the abundance of precious and semi-precious metals in Alaska- even talking about the modern resurgence of  individuals running a gold mine!

Listen or download below:

An Amazing Company

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Our resident sales expert Geoff Burch talks about his new book Irresistible Persuasion, and he gives listeners lessons from the early days of door-to-door salesmen. As always, he peppers his tips with plenty of humor.

Listen or download below:

The Business of Risk Management

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The optimism can’t last though, with David Weatherholt’s economic news summary telling us about, “The Uncertain, Jobless Recovery.” At least January’s economy receives a grade of C.

Read the newsletter: January’s Business/News & Views®

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Stay tuned for sales and business guru Geoff Burch in his segment for entrepreneurs, “Go it Alone.” As always, Geoff is insightful and entertaining – with a bit of biting wit.

Listen or download below:

Alaska Econ 101

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The economy has been expanding slowly but steadily, reaching an estimated annual rate of 2.5%, GDP, well below the 3% to 4% rate needed to increase employment and further strengthen the economy.

For my full analysis, complete with economic indicator graphs, read my article: Economic News Summary: It’s Pedal to the Metal Time.

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In the news, David has some small business stats from around the world and why entrepreneurialism is growing globally.

Listen or download below:

Business Impact of Title 21

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Will we stop flunking or head back into a recession?

Read the article: Quantitative Easing

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Value of a Customer (Microsoft Excel)
Value of a Customer (Adobe PDF)

I write in the article:

These are scary times to be in business, and determining the real cost of doing business may be something you would rather not know.  The good news is that we can closely examine our costs and focus on methods for identifying controllable costs and minimize those costs.

Read the full article: The Value of a New Customer

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In the news, David summarizes and explains an article on micro-lending, and how your business might be able to take advantage of it.

And back to business, sales expert Geoff Burch comes on the show to discuss his new book, Irresistible Persuasion. He explores what sales used to be… starting before World War I and going all the way back to the pharaohs.

Listen or download below:

Living in Alaska

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Amanda Cullen of Zoo in a Jungle Marketing for small business weighs in with marketing tips for this recovery that doesn’t quite feel like one. When marketing money is still tight, how do you grow your business? Listen for her answers.

Listen or download below:

Keeping Good Employees

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Sales expert and London resident Geoff Burch joins the show to engage listeners and promote his new book Irresistible Persuasion. Dave has been spreading the word in Anchorage about Geoff’s promise of showing readers “The secret way to get a ‘yes’ every time.”

Interestingly, the book has been selling well in the United States – better than in the U.K. Geoff posits that his country-men just aren’t as hungry for success. His book gets to the heart of sales, persuasion. Geoff says, “You can trace every business failure to someone failing to persuade somebody else to do something.”

Listen or download below:

Consider a Credit Union

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In the news, David informs of a business that started with the intent to sell and how planning succession early on can make the transition smooth and pain-free.

Listen or download below:

Business for Sale

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The first special guest is the head of the Small Business Administration – Karen Mills, Administrator. She has a Harvard MBA and a background in venture capital. In her home state of Maine, she was instrumental in developing the “cluster approach” to grouping businesses together. David asked her some great questions.

David has the opportunity to interview a recipient of an SBA award – Marty Weisner, from Marty’s New York Bagel Deli. His funding was made possible by the American Reinvestment and Recovery Act (also known as the stimulus bill)

Listen or download below:

A Small Agency with a Big Mission

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As I explain in the article Become a Peerless Competitor II,

Becoming a “peerless competitor” means building a solid company modeled after a pyramid that is broad at the base and sharp at the apex.  Providing great customer service will not go very far without the proper foundation.  Financial resources must be sufficient to support the company, followed by putting in place the kind of financial controls and accounting systems that safe guard your financial resources.

Read the full article: Become a Peerless Competitor II

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3. Business/News & Views – April 2010

Later in the show Dave is joined by Amanda Cullen founder of Zoo in a Jungle Marketing, who specializes in small business marketing. Amanda gives her 5 rules for small business marketing and delivers a pop quiz to listeners, challenging them to put their business to the test. Here are the rules:

1. Be easy to do business with.
2. Communicate with your customers in ways that are meaningful to them.
3. Know where you want to go.
4. Involve your team.
5. Keep at it.

Listen or download below to take the test and see how your business stacks up!

Marketing and Taxes

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Julie Saupe, CEO of the Anchorage Convention and Visitors Bureau, joins the show to give a tourism update for Anchorage. They talk about the 30-year history of the ACVB. While last year was the first year tourism declined in Anchorage, Julie is hopeful for the future. She shares her community report with listeners, and what that will mean for Anchorage tourism.

Dave’s second guest is Sam Dickey, Deputy District Director of the Small Business Administration. SBA programs are changing, and Sam has the details. He is hopeful that Congress will keep funding some programs, but deadlines for stimulus money have passed. They discuss trends and facts related to small business lending and what this could mean for your small business.

Listen or download below:

Alaska Tourism Update

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In the next segment, Dave brings in Jason Stralka to discuss taxes for non-profits and answer listener questions. Jason is a tax expert for Carter Tax, Inc. Dave discovers that he has a passion for taxes. Jason knows that taxes are more than just filling out the forms– he loves finding loopholes and saving his clients money. However, he realizes the importance of being accurate and paying all the taxes that are due to the IRS.

Listen or download below:

Non-Profits are Businesses

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In Dave’s news update, he talks about Congress’s recent changes to the SBA loan program and other stimulus package details affecting small businesses. There might be good news for small businesses struggling to obtain loans.

Listen or download below:

Building a Banking Relationship

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In this article from the January 2010 Business/News & Views®, I advocate that businesses should start thinking differently about their business structure. It is dangerous to put all your financial eggs in one basket, just as it is dangerous to have only one stock in your investment portfolio.

For my recommendations on how to start this analysis and implement the changes you need, read the full article: Diversify Your Business

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David Weatherholt encourages you to “Diversify Your Business” — using the proven investment principle of diversification to look at your business in an innovative, risk-reducing way.

In David’s Economic Summary, he discusses the Federal Reserve’s approach to handling the recession, along with presenting his interpretation of important economic indicators.

Amanda Cullen weighs in with advice on “How Not to Treat Your Customers,” and our Internet Tips and Tricks provides tips on “How to Get Repeat Visits to Your Web Site.”

Read Now: Business/News & Views® - January 2010

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1. Do they ask you about you and your business?
2. Do they have a background in finance?
3. Are they savvy with marketing?
4. Do they have experience in business?
5. What are their academic credentials?
6. Do they have business writing skills?
7. Are they reliable and ethical?
8. Are they experienced and proficient at market research?
9. Do they talk about success in business and have your best interest in mind?

These are the nine essential personality traits that are critical to success in business planning. The first is the ability of the consultant to look at you as an individual. Can they look you in the eye and meet you face-to-face? Are they able to be genuine when asking you questions about your desires, hopes and passion for your business? Make sure you are comfortable with your consultant and able to communicate effectively. Be sure your values and theirs are compatible.

Does the potential consultant superhero have a background in finance? When hiring someone to lead you in your business planning, you want a person who can develop meaningful financial projections. This means knowing what investors and lenders look for in solid business ventures. The financial section of your business plan provides the most critical data within your plan. It is necessary to hire someone who has the capacity to fulfill this need in your business plan. When you start with solid market projections and use this data to drive the pro forma financial projections and the breakeven analysis, you can begin to see the value of working with a person who has a solid financial background. The success of your plan hinges on the ability to link market data to strategic financial performance.

Has your potential superhero consultant had any business experience? It is so important for your consultant to have been involved in a start-up business in the past. Have they had any businesses themselves or been involved with other ventures which have grown into successful and thriving businesses? They must understand this as well as customer relations. Is your potential superhero consultant prepared to answer such questions as how the mind of your customers affects whether they will buy your product or service?

Another essential personality characteristic necessary is experience with quality goods and services. Has your potential consultant been involved in companies that have stood the test of time? And do they have experience with both large and small organizations?

What are their academic credentials? Real world experience is important but so is education. What degrees do they hold? Do they have a graduate degree and any professional certifications? Check them out and see what they have done with their education.

Largely a forgotten talent, it is important that your potential superhero consultant have experience with business plan writing. Can they write? Can they provide samples of plans they have written? What are some examples of other documents that they have written?

Are they reliable and ethical? Do they understand the real world and deadlines? Get a feel for how down-to-earth and grounded in experience they are. Can they help implement the plan? Do they provide high quality work? Can they provide benchmarks that are practical and consistent?

The last and final talent separates many an amateur writer from a truly gifted business-planning consultant that is the ability to do competent and reliable market research. Does your potential consultant have knowledge and ability to conduct effective and accurate market research? Will they provide you with accurate data that will be critical in assessing the competition and aid in the growth of your business?

Success in business requires planning, focus, execution, hard work and a little luck. Business planning is a key component of any business’s success. For example a properly developed breakeven analysis will provide a visual picture of the risk and reward your idea or concept faces. This is why choosing the right consultant is so important. When you choose one that is a superhero, you know his skills are based on strong business philosophy, financial analysis, and projection experience. The real superheroes have an understanding of broad general business concepts and a rich array of industry specific knowledge. This alleviates the possibility of industry-specific blind spots, and allows your superhero consultant to objectively analyze the industry and provide innovative solutions. Getting a high quality business plan starts with hiring a business planning superhero consultant!

Related posts:

1. You Need a Damn Good Business Plan
2. Business Plan: Market Analysis
3. Nuts and Bolts of Business Planning

November 10, 1494 is a significant day in the history of accounting. On this date, Luca Pacioli, a Franciscan monk and mathematics professor, published the first book on double-entry accounting. Friar Pacioli’s book described the financial transaction process used by merchants in Venice during the Italian Renaissance period. His book laid out the basis of the double-entry accounting system still in use today; the source of the beloved debits and credits.

The advent of computerized accounting software marked a dramatic shift away from paper and hand recording of business transactions-the first significant change and a big step in the automation of the accounting process. This shift, after 470 years, automated what had been an extremely labor intensive process by reducing the number of steps; the need for multiple bookkeepers, ledgers, and journals and, ultimately, the overall size and cost of an accounting department.  While this automated process brought significant changes, the accounting industry still has not really deviated from the basic system described by Friar Pacioli.

August 1, 2009 is another significant day in the history of accounting.  The U.S. Securities and Exchange Commission (SEC) mandated that XBRL format be used for all quarterly reporting. The Electronic Data-Gathering, Analysis, and Retrieval (EDGAR) system website reported there were “no major complaints, though a couple of issues have understandably surfaced for companies filing for the first time in this format.”  The use of XBRL represents a significant advancement and further refinement in the automation of accounting.  This step in the accounting automation process still leaves Friar Pacioli’s system intact and will ultimately place control of financial reporting in the hands of management, owners, and investors-not just accountants or financial management.  XBRL will open the door to imaginative and innovative refinements that empower entrepreneurs who will further define and drive changes in the accounting world.

XBRL is a computer readable format used for data tagging that is more easily understood by comparing it to the UPC labeling used for barcoding of products.  Like barcodes, each piece of financial data is tagged and stored in a database for later use. Data mining will then retrieve financial data for use in financial analysis and reporting, opening the way for microscopic or telescopic examination of this information, thus producing the ability to “slice and dice” financial data for utilization in more informative and useful ways.  The significance of this kind of change may not be readily apparent to all, but believe me it will have ramifications equal to that of containers on shipping or barcoding on inventory management.

The XBRL bonus for management and owners of all small businesses will be the ability to retrieve real time financial data in a management friendly format.  This will eliminate many of the historical financial unknowns plaguing your current decision making process.  How many times have you made important business decisions without the benefit of supporting financial information simply because accounting could not get you timely and useful data?  We are on the precipice of big changes that will impact us all.

Related posts:

1. Business/News & Views – August 2009
2. Financial Ratios
3. Traits of a Business Plan Superhero

David Weatherholt introduces readers to XBRL, the revolution in accounting. Amanda Cullen provides tips for increasing traffic to your website.

Read now: Business/News & Views® – August 2009

Related posts:

1. Business/News & Views – June 2009
2. Business/News & Views – July 2009
3. Business/News & Views – December 2009

Dave’s guest on “Getting Down to Business” is Mitch Jacobs, founder and CEO of On Deck Capital.

And in the news, Dave talks about the issues around mandating small businesses to provide health insurance for their employees.

Listen or download below:

Alternative Lending Sources

Related posts:

1. Alternative Business Lending
2. Minimizing Business Risk
3. Business Plan: Creating a Loan Package