Monday, February 1st, 2010
Dave interviews Andy Riddell, VP and Business Banking Manager at Wells Fargo Bank. The discuss how important it is for a small business to develop a relationship with a bank. Andy provides advice for how to reach the business expert at your bank and how to start the relationship.
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
Posted in Finance, Getting Down to Business® Podcast | No Comments »
Wednesday, January 27th, 2010
The diversification principle has long been accepted as an important investment strategy. Can the diversification principle be applied to your business as well?
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
Posted in Business Planning, Finance, Innovation | No Comments »
Thursday, January 21st, 2010
The January issue of Business/News & Views® contains great advice for your business in the new year.
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
Posted in Economy, Finance, Getting Down to Business® eNewsletter, Innovation, Marketing, Technology | No Comments »
Wednesday, November 18th, 2009
In the November 2009 issue of Business/News & Views®, David Weatherholt brings us good news about the economy in a thorough analysis of the quarter’s economic indicators. In his editorial, Dave writes on entrepreneurs, heroes and the power of necessity.
Amanda Cullen writes about relationship marketing and how developing relationships with your customers encourages them to buy more and refer more.
Read Now: Business/News & Views® – November 2009
Posted in Economy, Getting Down to Business® eNewsletter, Marketing, Recession | No Comments »
Tuesday, September 8th, 2009
Change seems to simply just happen. Malcom McLean, the trucking entrepreneur, revolutionized the cargo industry by introducing metal shipping containers. The barcode transformed inventory management; desktop publishing revolutionized the printing industry, and now Extensible Business Reporting Langue (XBRL) is about to transform the accounting profession.
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.
Posted in Finance | No Comments »
Sunday, July 19th, 2009
Financial ratios sound intimidating, but Dave reassures listeners that it’s just, “Looking at the story behind the numbers.” After his regular news update, Dave helps Sunburst Coffee learn the importance of industry standards, ratios and other financial concepts. Dave makes these tools easy to understand and apply to your business.
Listen or download below:
Financial Rations: The story behind the numbers
Posted in Business Planning, Finance, Getting Down to Business® Podcast | No Comments »
Friday, May 15th, 2009
Do your managers have the right financial tools they need to make sound decisions? Find out which tools are crucial in May 2009’s Business/News & Views®.
Also in this issue, David Weatherholt weighs in on the Chrysler bankruptcy and what effects it will have on the future of bonds. Internet Tips & Tricks provides some trend-spotting advice for your business.
Read Now: Business/News & Views® – May 2009
Posted in Finance, Getting Down to Business® eNewsletter, Recession | No Comments »
Wednesday, April 15th, 2009
Building a blog with WordPress, crafting a road-map for your finances and computing the value of a customer– it’s all in the April 2009 issue of Business/News & Views®.
Read Now: Business/News & Views® – April 2009
Posted in Finance, Getting Down to Business® eNewsletter | No Comments »
Sunday, March 15th, 2009
David Weatherholt provides some great financial knowledge for the March 2009 issue of Business/News & Views®. He explains income statements in detail and discusses key economic indicators and why they matter.
Read Now: Business/News & Views® – March 2009M/a>
Posted in Economy, Finance, Getting Down to Business® eNewsletter, Recession | No Comments »
Monday, December 15th, 2008
December’s Business/News & Views® answers a lot of questions for your small business, such as:
What is a cash flow statement?
Does my business need a check up?
What is LinkedIn and how can I use it for my business?
Read Now: Business/News & Views® – December 2008
Posted in Business Planning, Finance, Getting Down to Business® eNewsletter, Social Networking | No Comments »
Sunday, October 12th, 2008
In the October Business/News & Views®, David Weatherholt has assembled a stellar group of articles for your small business. From topics of relationship management to the economy to the importance of financial management, you will find a tip to help your business.
Read October Business/News & Views® now.
Posted in Finance, Getting Down to Business® eNewsletter, Recession | No Comments »
