Articles

What Do Your Company Financials Tell You?

What Do Your Company Financials Tell You

Let’s look at how to understand your company financials to better drive growth. There’s been a lot of discussion recently with business owners who are trying to make sense of their financials over the last few months so they can better plan for 2021. I recently spoke with a client about the ‘stuff’ hidden between the lines of his company’s financials. Sometimes the way things look on the outside or on the surface just aren’t what they really are underneath. This is true with your financials especially when delving into the balance sheet. I still contend that the balance sheet is one of the most misunderstood and underused tools in business. Hidden gems can be easily revealed by reviewing it. Here’s a great example. What company would you rather have? […]

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Batter Up! Hitting for Wins in Business

Hitting for Wins in Business

As we excitedly anticipate the late start of Major League baseball, I’m reminded of my days playing as a boy.  No matter what team I was on or what the score was, when it was my turn at bat I always aimed for a homerun.  In my young mind, hitting a homer was the pinnacle of success. The average number of home run hits in a major league game in 2018 was 1.13. Obviously, hitting a home run at each bat is nearly impossible. So why do so many entrepreneurs, like me, consistently vie for the home run in business? You know what I mean; trying to land an improbable account that will quadruple revenue, seeking that one superstar who could take your company to the next level, or counting […]

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The Visionary Conundrum – Business Succession

The Visionary Conundrum - Business Succession

Heard this story before? A successful business owner is preparing to retire. He has a daughter that’s already in the business who he desperately wants to succeed him as CEO/Visionary but something is holding him back. The business owner can’t put his finger on it, but he feels that she may not be ready to take over. What gives? It’s what we call “The Visionary Conundrum.” For those unfamiliar with the EOS® term, a Visionary is the leader of an organization (CEO, President, or Founder) who is responsible for generating ideas about future opportunities and creative ways to expand. Visionaries are most likely entrepreneurs who are big picture, forward thinkers. We have found that in certain instances the angst that business owners feel about giving up the reigns to the […]

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Understanding How Others Perceive Your Leadership Style

Understanding How Others Perceive Your Leadership Style

Are you curious how others perceive your leadership style? I recently came upon the quote below from Warren Bennis that really intrigued me. Without getting too philosophical, how does one become oneself? What are the factors that shape us? Nature vs. Nurture? Opportunities vs. Struggles? If experiences play a part, then aren’t we always evolving? “Becoming a leader is synonymous with becoming yourself. It is precisely that simple and it is also that difficult.” – Warren Bennis Here’s what I do know. The person we tell ourselves we are can be very different from the person others perceive us to be, especially in the workplace. If you’re a leader in business, it’s important to know how you are perceived by others. So, the question to really ponder is not “Who […]

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Understanding the Updated PPP Loan Criteria

Understanding the Updated PPP Loan Criteria

On this week’s Trilogy Town Hall Call, we discussed The Paycheck Protection Program Flexibility Act (PPPFA) that was passed on June 5th, allowing businesses more flexibility in using the loan funds. We thank our guests, Jim Haefele, CPA – Partner at Haefele Flanagan, Doug Brown, Esq. – Partner at Norris McLaughlin and Trilogy Alliance Partner Christine Connolly who graciously donated their time to help business owners understand and navigate the changes during our one hour Q&A. Q&A: What are the changes as a result of the Payroll Protection Program Flexibility Act (PPPFA)? The minimum maturity of PPP loans (for the portion not forgiven) is extended from two to not less than five years. This applies only to PPP loans originated on or after 6/5/2020. The period during which the PPP […]

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Creating Strategic Plans That Work

Creating Strategic Plans That Work

Strategic Plans (aka Roadmaps) are useless. There, I’ve said it. How many times do companies spend the effort, energy, and money on building a strategic plan only for it to collect dust on someone’s desk within a month of its conception? Don’t get me wrong, as we approach the halfway mark of an unprecedented 2020, now is a great time to generate a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis along with Critical Success Factors (CSF’s) and 1-3-5-year goals. Understanding what makes your company thrive, recognizing its shortfalls, exploring new ventures and possible downfalls is a great exercise for a team. It not only educates and creates insight, but it also motivates. However, the unfortunate reality is that motivation alone cannot bring a strategic plan to life. Motivation must go […]

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What’s Under the Disguise?

Are You in Control or Hiding Behind a Disguise

I’m a control freak. This comes to no surprise to the many people I have worked with throughout the years. I like making decisions and guiding my own destiny. It’s one of the reasons why I started my first business at the age of 27 and continue to be an entrepreneur. So, can you imagine how difficult the uncertainty of Covid-19 is for me? If you run a business, I’m sure you can relate. Many business owners, even those who are not fully self-aware, admit to possessing this characteristic. Actually, if you define being controlling as wanting to realize a particular outcome, then all of us should label ourselves as control freaks. As with any personality trait, however, there’s a dark side hidden under the disguise. Often, owners (and their […]

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COVID-19 Professional Resources for Your Business

COVID-19 Resources for Your Business

We thank the following professionals for providing guidance during this unprecedented time as subject matter experts on our weekly Town Hall calls. If your company needs a financial or legal resource, you can feel confident reaching out to any one of our trusted resources (listed alphabetically): Accounting & Advisory Haefele & Flanagan CPAs & Advisors Jim Haefele, Partner: james.haefele@hfco.com PragerMetis CPAs Rich Feld, Partner: rfeld@pragermetis.com Princeton Financial Group Jim Colitsas, CPA: jcolitsas@tcacpa.com Tarlow & Co., CPAs | Advisors Mark Lenski, Partner: mlenski@tarlow.com Withum Tax & Audit Advisory Rick Coyne, Partner: rcoyne@withum.com Mike Yarrow, Partner: myarrow@withum.com Banking Dogwood State Bank Matt Putnam, Business Lending Specialist: mputnam@dsbnc.com Provident Bank Matt Flannery, Senior Vice President, Team Leader SBA Lending: matthew.flannery@provident.bank Legal Greenwald Doherty, Counsel for Employers Joel Greenwald, Managing Partner: jg@greenwaldllp.com Mandelbaum Salsburg, Attorneys […]

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Keep Calm & Carry On – Leading Under Stress

Keep Calm & Carry On - Leading Under Stress

Since mid-March, all our lives and companies have been affected by COVID19. The change was quick and disruptive, resulting in varying levels of anxiety. This is particularly daunting for business owners and management who are expected to be a steady light through uncertainty. On this week’s Town Hall call, Trilogy Alliance Partners, Dr. Marc Celentana and Bill Ehrhardt, led an insightful discussion on how to be a more effective, focused, and empathetic leader during stressful times. Q & A: How can I manage my own stress levels?  Recognize that stress is a natural response to things out of norm. Acknowledge that you have stress and don’t try to mask. Don’t deny how you feel from a health perspective. “Manage” is synonymous with practicing good techniques: – Eating – includes meal […]

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Are You Confused About the PPP Loan?

Are You Confused About the PPP Loan

Now that most companies have received the PPP loan, there are still unanswered questions about how to utilize the funds, the forgiveness process, timing, etc. On this week’s Trilogy Town Hall call, we asked our guests, Jim Haefele, CPA, Partner at Haefele Flanagan and Dennis Alessi, Esq., Partner at Mandelbaum Salsburg to provide some guidance around this complex issue. Questions for Our Guests: When does the 8 weeks start? When I applied for the loan, when I was approved, or when the money was deposited into my account? 8 weeks begins as soon as you are funded, and the money has hit your bank account. What is the rule about accepting the loan and/or loan forgiveness if you are profitable during this period? It is unclear yet unlikely that being […]

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