Growth always requires cash. Why? Many business owners are seeing a rapid increase in the demand for their products and services. The additional revenue, while good, can be a mixed blessing because it cost money to ramp
Trying to get a line of credit? Frustrated with the bank process? You’re not alone. Navigating the banking landscape can be a very time consuming process. There are two questions you need to answer before you start. Ar
If you’re a service firm, how do you control direct labor costs? This is an area where I see many firms struggle. Direct labor tends to be the most significant cost for service firms. Most firms use a timesheet and recor
We’ve had a lot of interest in the prior line of credit (LOC) articles on choosing the right type of LOC and mistakes to avoid, so I wanted to continue discussing that topic since it seems to be pertinent. Watch out for
One of my mentors told me a long time ago, “the path of least resistance is what makes men and rivers crooked.” This is true when it pertains to getting a line of credit for your business. Sometimes our path of least res
So, you’re getting ready to shop for a line of credit. What type do you need? How much and for how long? Are you OK with a borrowing base? If you don’t know the answers to these question, you could easily find yourself i
If you spend more time poring over financial statements instead of running your business, it’s time to make a change. Let the profitability coaches at McDermott Financial Solutions show you which levers to pull to drive profitability forward. With nearly a century of combined business management and commercial banking expertise, we’ll help you find and fix what’s holding you back and get you on your way to growth and profitability.
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