Recall that your P&L, or income statement, is like a movie in that it covers a period of time within your business. Your balance sheet is more like a snapshot in time since it is taken on a particular date in time (for example, December 31, 2019). The balance sheet is a record of the… Read More »
Net Income Is NOT Cash
Many business owners tell me they are making money, but they have no cash in their accounts to work with. Too often business owners look at the net income (profit) on the bottom of their P&L and think they are making money and have cash in their business. Reality says otherwise. Remember that profit is… Read More »
Cash is NOT King
We have all heard that “cash is king.” The origin is unclear, but it has been attributed to Pehr Gyllenhammar after the global stock market crash in 1987. At that time Mr. Gyllenhammar was CEO of the Swedish car group Volvo. The maxim is used to reflect the belief that cash is more valuable than… Read More »
Are you struggling to survive in your business?
Many businesses are currently struggling to survive as a result of the pandemic. Often there are many reasons for this condition but one of the most important is the lack of adequate cash flow. Without cash your business is destined to struggle and eventually die. There are only four ways to get cash in your… Read More »
The Virus Is Changing Our Shopping Lists
I read an article in the April 24th issue of the Wall Street Journal that examined the way that the pandemic has changed not just the experience of grocery shopping but what we buy. It reminded me of a joke I heard recently: I have discovered a new restaurant—it’s called the kitchen. But I… Read More »
Don’t Let Uncertainty Paralyze You
We are currently facing tremendous uncertainty as a result of the economic impact of a nationwide shutdown of business. This uncertainly about the future creates a great deal of stress and causes us to focus on the immediate situation rather than the broader possibilities that may become available to us. In his recent article for… Read More »
How Bank Ties Are Impacting Federal Aid
Several news outlets, including the Wall Street Journal on Tuesday April 21st, have reported about the aid businesses received under the federal government’s Paycheck Protection Program (PPP) and the fact that many of the businesses that received aid were not the ones with the greatest need. It looks as if receiving PPP was heavily influenced… Read More »
How to Face Uncertainty
Last week I posted an article written by my oldest son, Nathan Furr,* for Harvard Business Review, which you can find here or on my website. Nathan discusses his interview with Nobel Prize winner Ben Feringa, who shares his wisdom about uncertainty. Mr. Feringa says that we need to be resilient in the face of… Read More »
You’re Not Powerless in the Face of Uncertainty
These are uncertain times and the path forward is not yet clear. Many times in business and life we find ourselves dealing with issues outside of our circle of control. How we deal with those issues has a tremendous impact on our businesses and our lives—and even the lives of those around us. One approach that… Read More »
Setting Your Business up for Recovery
The Seattle Shrimp Tank Covid-19 Expert Panel This global pandemic is already having a profound impact on small- and medium-sized businesses, but now is the time to prepare strategies for recovery. Listen to this podcast produced by Dan Weedin in Seattle where he interviews business experts from Seattle, Portland, Miami, Canada, and Australia on what… Read More »