by Patty Lawrence | Business Management, Financial Analysis, Financial Processes, Leadership, Uncategorized
That’s why I always say trust…and verify. Trust and verification go together. When we automatically trust someone due to their profession or degree, we can get in trouble and give our trust when it hasn’t been earned. Trust is the foundation of relationships that...
by Patty Lawrence | Budget & Forecasting, Business Management, Financial Analysis, Financial Processes, Profitability, Uncategorized
Your banker is your friend. But a lot of entrepreneurs don’t think that. They think the bank is their enemy, and they need to bribe their enemy or do something to gain their favor so they’ll work for them. Recently, I was teaching an audience of small and mid-sized...
by Patty Lawrence | Business Management, Cash Flow, Financial Analysis, Knowledge, Risk Mitigation, Uncategorized
“The thief, as will become apparent, was a special type of thief. This thief was an artist of theft. Other thieves merely stole everything that was not nailed down, but this thief stole the nails as well.” ― Terry Pratchett To a lot of business owners, theft seems...
by Patty Lawrence | Business Management, Financial Analysis, Risk Mitigation, Uncategorized
According to a 2016 study by Hiscox, 80% of embezzlement and fraud occur in small businesses – which they define as fewer than 150 employees, for reference. 30% of these fraud cases involved a loss greater than $500,000. A 2018 update of that same survey found...
by Patty Lawrence | Accounting Services, Business Management, Cash Flow, Employee Management, Financial Analysis, Uncategorized
Are you cool with hiring people who simply don’t know how to do their jobs? Of course, I can’t speak for everyone, but I’m assuming most of us would say….no. No, we want employees and contractors and any professional we trust with the functions in...
by Patty Lawrence | Budget & Forecasting, Business Management, Cash Flow, Financial Analysis, Financial Processes, Knowledge, Uncategorized
Not every business starts out with a pristine financial management department. Likewise, most mid-size businesses can’t afford to hire one person for every tiny task related to finance. But you still need the kind of financial help a seasoned pro brings with them. Too...
