The company car. The company computer.  The  office furniture. The stuff in the shop. Phones. Signs.

You know, the stuff that makes up the structure of your company?

Assets.

There are tangible and intangible assets.  Either way, they need, or should, be accounted for. Examples of assets you need to account for on your balance sheet:

• Buildings and office equipment and other things not consumed during the course of doing business.
• Depreciable assets like machinery and vehicles that are used as part of the business process.
• Current assets including on-hand inventory and accounts receivable.

And while you can’t put them on the balance sheet, there are things that have value that could be converted to cash in this information economy:

• Reputation, know-how and industry knowledge.
• Brands and trademarks.
• Formulas, patents, inventions and creative communication.

The point of all this is that your company is made up of stuff that has value.  You need to account for this value to ensure the stability and ongoing health of your company.

This list is just a starting place.  However, it should help you sort out value as you communicate with your finance team (CPA, accountant, bookkeeper) when managing your company’s finances.

We love numbers.  If you are looking for help with your finances, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the board room.

*Photos courtesy of Unsplash (photographers Denny Muller and Scott Graham)

The economy is cyclic.  So it is only a matter of time before you and your business experience a downturn.  But there is good news: things will come back.

Or so says history. And, at the moment, we are living it. A war in Europe. High gasoline prices. Supply chain issues.

As the saying goes ”if you fail to plan you are just planning to fail.” In other words, just make sure you are thinking about a downturn before it happens.

What should you do? Here’s a short list:

• Create a 5-yer plan for your company.
• Talk with your contractors and suppliers to help share the workload.
• Let your employees in on the coming crisis.
• Manage inventory and your supply chains.
• Build an emergency fund.
• Cut out waste or things that are not necessary.
• Pay down debt.
• Don’t be afraid to ask for help.
• Consider helping others.

History shows us that downturns turn back up.  We survived 1987 and 2008 and other downturns before then.  Fact is, that we all need to think for the long term.  That’s where that 5-year plan fits so well with this concept of survival.

We love numbers.  If you are looking for help with your finances, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the board room.

*Photos courtesy of Unsplash (photographers Luke Chesser and Towfigu barbhuiya)

Simplicity.  Unnecessary complexity. Overthinking things.

Applying the KISS principle to our business lives can pay dividends.  Originated in the 1960s by US Navy design engineers, it emphasizes that simplicity should be the key goal in design.

Carry that over from fighter jets to business, think about all of the things that could benefit from being looked at from an uncomplicated point of view: operations, marketing, sales, finance.

That last one really could benefit from simplicity.  And actually pay dividends.

Uncomplicating things could mean simplifying processes.  Do you have the latest software that manages your?

• Accounting
• Payroll
• Project management
• Email campaigns
• Social media

Having plug-and-play options makes your implementation of things work more smoothly and efficiently.  Fewer steps can eliminate work and even reduce errors.

While getting to simple could be harder in the beginning, once you get there, it could (and will) pay dividends.  The process to get there will uncover things and reveal simple options to you.

We love simplicity.  If you are looking to simplify the financial aspect of your company, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

*photos courtesy of Unsplash (Tim Mossholder and Etienne Giradet, photographers)

We all want to be successful—in life, our career, business, relationships.  It is a desirable state and one that is quite achievable.

And, like just about everything, it is either a process or the result of a process.

What are you doing to set yourself up for success?

To get to be where you want to be, try taking these steps.  You can make up the order, but the individual elements are important, so you can reach the success you want.  Usually to be successful, we each need to:

• Set a goal or goals
  • Make them achievable and quantifiable
• Know your strengths
  • And your weaknesses, too
• Stay healthy
  • You can’t get there if all systems aren’t working
• Be a risk taker and be fearless
  • It is impossible to live without failing at something
• Think long term, be methodical and process oriented
  • Take small steps in a well-thought out order
• Follow your gut
  • “The intuitive mind is a sacred gift, and the rational mind is a faithful servant,” –Albert Einstein
• Use your network; ask for help
  • It really is who you know in addition to what you know
• Do what you love, and the money will follow
  • What would you do if you knew you couldn’t fail?

Success is within reach for all of us.  Sometimes it is one thing, sometimes it is the culmination of many things. Success powers us.  Be empowered.

We’ve worked with many successful people and we’d like to work with you. Call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

**photos courtesy of Unsplash (Chris Curry and the blowup, photographers)

Mom used to always say, “if you don’t ask, you won’t know.”

Still true today.  If you want to know something, get something, give something, meet someone, try something new or just want to start a conversation, you have to ask.

Seems way too simple, right?

We run into this all the time with our clients.  Truth is, we spend a lot of time asking questions of them to pry the information we (both) need to get things done.  And, like most everything in business and life, there is a simple process:

1. Identify what you need or want.
2. Formulate or identify the request.
3. Make the ask (“Would you be willing…”)

What you will also find is that the process will help you weed out whether you really wanted or needed the stuff, thing or action you wanted. You might stop at step one.  Or in trying to put the want into a request, it starts to crystalize what you really are looking for.  And then there are those things that make it to step three and beyond.

And it all started with having the gumption to ask.

Keep in mind asking for something isn’t always about tangible stuff and goodies we want.  It can also be for information, data, things we need to know to run our business, make a decision, or to take the next step in another process.  We are always asking questions of our clients to get information from them that benefits them.

Maybe next time we will talk about giving versus receiving.  But that’s another topic.

In the meantime, for more on how to ask for what you want and how to get it, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

**photos courtesy of Unsplash (Ana Municio and Artem Maltsev, photographers)

Victory. Success. Achievement. Knockout. Capturing the prize.

No matter how you express it, a win is important in business.  From the big ones (that big, new contract) to the small ones (the keys work in the door!), a win is a win is a win.

Celebrate them.

Because even small victories lead to the achievement of larger goals. By celebrating your wins you note the advancement and growth of your company.  It also helps with your attitude and the demeanor of the whole enterprise. It also influences your company culture and helps create a forward-looking business.

Having success in any activity you didn’t think you could finish is a win! Consider these thoughts on celebration.

• Notice things. Talk with your staff. Ask them about their achievements.
• Get excited. Be happy about the small things.
• Let people know—staff, friends, family, customers, prospects.
• Look at how you accomplished the win and figure out how to do it again—form a habit!
• Live in the moment.
• Reward yourself and those who achieved the goal.
• Relate the small wins to the larger goal(s).

You can do this.  You have to walk before you can run. You have to crawl before you can walk.  Step by step, inch by inch, you will achieve your bigger (and biggest) goals.

For more on how to get into the win column more often, call or write to us.  TFO Solutions is dedicated to helping entrepreneurs and business owners with their financial strategy from the back office to the boardroom.

**photos courtesy of Unsplash (Jimmy Conover, Drew Beamer and Anne Nygard, photographers)