Predicting Net Income with Confidence
For the most part no one likes surprises; unless it’s your birthday! Same goes for a business owner who thought they had a good month, then see the profit & loss statement, and “surprise,” you’re in the red! OUCH! You can minimize surprises and predict, with a level of confidence, your bottom line if you […]
Customer Analysis – Staying in Touch with Change
Every business has customers, clients or patients; they are the life blood of a business and the reason a business exists. Often we see successful businesses that have been around a while have a tendency to become complacent and take customers for granted. They have a steady dollar flow of business they’ve built up over […]
What are you BUSY with?
Here at Michigan CFO Associates, we are in the midst of the “busy season”; the period from mid-January through April. Not because we prepare tax returns (because we don’t do taxes – and I feel compelled to repeat that as part of my “mantra”). Rather, we’re busy assisting with year-end work needed for CPAs to […]
Michigan CFO Helps Engineering Services Firm Get Back on Track
In the Fall of 2016, Michigan CFO was engaged to work with an Engineering Company that had drawn significant concern from its bank. We were referred to the owners by the company’s strategy consultant who we’ve known for many years. In 2014, the company started using the Percentage-of-Completion accounting method to determine how much revenue […]
The Marketing Plan: A Small-Business Essential
Guest blog by Alisha Lucido, Marketing Coordinator In small businesses, marketing often gets placed on the backburner, yet many times the primary focus is on getting new leads. But how do you get new leads? By marketing! Small-business marketing guru Dan Kennedy says it best, “If you’re looking for the answer that turns your time […]
Now That It’s Working, Let’s Stop Doing It
Most of the time when we start a new engagement with a client the first phase involves some level of clean up or prep work. Some require more, some less, but almost all require some. Cleanup can be any number of things: in extreme cases, bank accounts haven’t been reconciled in years or the company […]
CFO Tips … Understanding and Managing Credit Card Processing Fees
If you’re a typical business chances are you accept credit cards as a form of payment from your customers or clients for a variety of reasons. Easy, fast, convenient are just a few reasons for accepting plastic payment but the astute business owner knows that convenience comes with a catch. The catch is, you have […]
Three Measurements of a Company’s Financial Health
We help a lot of different businesses setup and manage their financial reporting. The purpose of this reporting is to ensure that you’re on the right track, making progress, and financially healthy. There are a lot metrics that help determine financial health in 10 to 15 different areas. For those of us who like numbers, […]
Don’t Take the First Dime!
Guest blog by Martin Hilker, Consulting CFO Working with small, privately held clients is rewarding due to the variety of opportunities and challenges we face and our ability to implement change in a relatively short time frame. Having worked with many different businesses over the years, we occasionally come across a business owner who’s willing […]
Why You Didn’t Get the Job:
Thoughts from the Hiring Managers Prospective For the last few months we have been advertising to fill a position. We’ve posted on various paid internet hiring sites as well as undergraduate and graduate business schools. Each day we review about 10-20 resumes. Time was taken to setup each site with brief questionnaires in hope that […]