Unethical Behavior

We had a couple of client interactions this week that were less than satisfactory. One vendor broke a long term commitment without notice. The other tried to pay an employee directly, thus going around my company. Both of these were great reminders for us of how really important it is to be ethical which each

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The Three Types of Financial Statements

Often, we here at Geek Central encounter students that are struggling to understand financial statements. Here is a great way to differentiate the three. Profit and Loss (Sometimes referred to as an Income Statement)- What you earned and what you spent Balance Sheet- What you own and what you owe Statement of Flow- What money

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The Keys to Success

Many people expect instant success as an entrepreneur. Just like any other occupation or calling, entrepreneurship is a learned skill.  Writing business plans, reading financial statements and running an operation takes a lot of skill and dedication. So instead of berating yourself for not being an instant success, give yourself credit for what you have

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Half of An Accounting System

Man small businesses will only use a small portion of their accounting system. The will use the check register or the invoicing, but ignore the rest. This is a grave mistake. Finances are the backbone of any successful business. Without solid numbers, it is difficult to make sound business decisions. In addition, tax season becomes

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Effectiveness vs. Efficiency

Every business owner wants to be efficient. This includes working massive numbers of hours and getting lots of stuff done. But this efficiency can be a trap. 100% efficiency often means 0% availability and 0% downtime. If a crisis arises, the business owner must put off something that is of urgent importance. And being 100%

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Being Present

As a CEO or Founder of a Start-Up, it is easy to get distracted. Wherever you turn, there seems to be more to do. But often, it is easy to see clients and employees as just another check off on the to do list. But this is a mistake. People can often sense when you

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Checks and Balances

Providing a quality product is key in business, especially service-based businesses. One of the best ways to do this is through a Quality Control Process. Any quality control process should include the following: A second person not involved in the project or job reviewing what has been done. Doing follow-up with the client after the

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Managing by Process or Managing by Exception

Many people manage by exception. This means that the manager goes from crisis to crisis, spending all day putting out fires. Often, many of these issues can be addresses through processes. For example, a solid quality control process can prevent shoddy work from creating a client crisis later on. It is also possible to have

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Knowing Your Financials

Being an entrepreneur can be difficult. There are lots of demands on your time. Besides clients, there are vendors, employees, marketing, and day to day operations. Financials are often overlooked. But understanding financial statements is critical to any business’ success. If you are an entrepreneur, take 10 minutes out every day to review financials. It

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Likeability

Likeability is essential to successful entrepreneurship. Customers like working with companies that they know and trust. They will come back again and again. And as any entrepreneur will tell you, repeat customers are the lifeblood of any business. But there are a few misnomers about likeability. The first is that if you are likeable you

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