In a business, every time a product (defined as a product or service or both) is delivered to a customer there is a cost for that product.

Here are some key areas to enhance your relationship with your bank.

A strategic plan is a roadmap for the managed growth of a company. This process can be managed by an experienced CFO or other outside facilitator.

To illustrate this situation, we will discuss the actual story of a small automotive repair and towing business. The business had a regional towing contract with AAA Auto Club, which gave the business top priority on all service calls.

A common concern with business loans is covenant compliance. Does my business loan have covenants? If so, what are the compliance requirements? Smaller loans under $100,000 may not require collateral and are usually free of any covenants. As businesses grow, however, so do their financing needs.

Every business owner will, at some point, exit their business in some way. Most, however, do not think about how they will exit until they are almost ready to do so.

You’ve heard the saying “What gets measured gets done.” While this is true in all businesses, it is especially important in manufacturing.

It looks like COVID-19 issues will continue to affect business for the foreseeable future. In our previous column, we introduced a cash-flow management tool. We hope you were able to download the tool and instructions.

It is amazing how a crisis like COVID-19 can pressure-test all your business processes. Now, more than ever, understanding your business cash-flow forecast is critical.

Creating an effective annual budget that is aligned with a clear vision for the future of the company is a goal any business owner will agree on.