Category

Blog
08
Jan

Power Team versus Contact Sphere

Everyone has a contact sphere, but not everyone develops those into a power team.  According to Ivan Miser who coined the term, “a contact sphere is a group of symbiotic professions who have a good opportunity to provide referrals to each other.”  A power team takes this a step further.  A power team is a...
18
Dec

Weirdest Speed Limit

The Ferry Ride This summer, we were out and about in Hampton Roads exploring the area.  My fiancée decided to surprise me with a short day trip to the Jamestown-Scotland Ferry.  This was my first time taking a car onto a ferry!  We took the trip across on the ferry named Pocahontas.  Pocahontas, the newest of...
11
Dec

Important Tax Dates

Important dates for taxes are found below. Making timely estimates based on accurate data is important to your cash flow and business.  By having accurate, up-to-date information, you can make a better estimate for your taxes.  If you notice, the Quarterly Tax Estimate to the IRS is cumulative of the entire year’s data.   If you...
04
Dec

Are you protecting your most valuable asset?

What is your most valuable asset?  Great question, but the answer can go in many directions.  Do you think it is your physical assets or intangible assets?  What’s the one thing you can’t replace in your business?  That is your most important asset.  I think you would agree that human resources (you) are the business’...
27
Nov

Scrabble Lessons in Humility

  I am bit of a Scrabble Freak. There, I admitted it. If you have been following my posts and watching the pictures, you may have noticed that I like to use the Scrabble tiles. My first job at McDonald’s while in high school gave us each a gift during the holidays. It was a...
20
Nov

STOP MIXING PERSONAL AND BUSINESS FINANCES

Many have written about co-mingling finances, however many business owners continue to do it.  Therefore, you get my version of the lecture.  Stop mixing your personal and business finances.  Some business structures REQUIRE you to keep business and personal separate, and while this may seem obvious, it is practiced less often than you’d expect.  Today, I want...
13
Nov

Should you Lease or Buy?

When looking to purchase equipment, the lower monthly cost of a lease may be enticing, but what is that lease truly costing you and your business when compared to a loan?  Below you have a calculator which can help you determine just that.  Let’s look at the information you will need to fill out. Total...
Diesel mechanic bookkeeper professional
06
Nov

Who is doing your books? A bookkeeper?

When a business starts out, the owner tries to control costs by doing everything themselves including being the bookkeeper. This can result in someone unqualified performing the bookkeeping.  While this may work on the short term, it may be costlier in the run. Let’s take an example of your truck needing an engine overhaul.  What...
self employed owner operator love work
30
Oct

Do What you Love….

  One of the biggest lies of owning your own business per Inc. Magazine is as follows: “Do what you love and the money will follow…. often times, a person’s love for doing something becomes their Achilles heel because instead of running their business, they just focus on delivering the service they enjoy so much,...
23
Oct

Fixed Assets: Is your balance sheet showing an accurate picture of the business’ financials?

Definitions First things first, there are a few terms we need to make sure everyone knows just from the title! Fixed Assets are the things that you own which are the touchy, feely things, for example buildings, vehicles, furniture, computers, fixtures.  The costs of these are spread out over the useful life of the asset...
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