People, myself included, are generally more hesitant with taking credit cards for business on anything major… and I don’t blame them! There’s typically a 2% charge on sales. However, if you use your credit cards the correct way, it may be worth considering. To save you time and risk, here’s a few things that we learned from using
You need capital, but you’re having trouble securing the financing you need. So how to get a loan when banks aren’t lending? This situation reminds me of the famous NBC Television show, “The Office”, the hilarious documentary-style show that comments on the life of a standard corporate office. If you haven’t seen the show, I’d
So your cash is tight and your loan renewal is approaching, but sales are picking up and you need additional capital to keep up the pace. You approach your banker about increasing your line or obtaining new financing and they aren’t willing to take the risk. What now? This isn’t a new story. In fact, if you’re in finance, either
What is GAAP? GAAP stands for Generally Accepted Accounting Principles. It is the set of rules and guidelines for U.S. companies to follow. GAAP regulates financial reporting for public companies, private businesses, non-profits, and government authorities. This means that GAAP outlines the procedures to make sure that businesses are recording their financials in the same
Do you ever have those thoughts that haunt you in the middle of the night? Well, for me, it was 2 AM one night and I thought to myself, “Why on earth do I have two bank accounts?!” As time passes and technology progresses, the need for multiple bank accounts seems irrelevant. Think about it
With oil prices the lowest they’ve ever been in recent memory, business owners and financial analysts are predicting either an economic downturn, or possibly another recession in oil producing states. Bad news for oil and gas companies? Maybe not… Recently, I spoke with several Houston area bankers and learned that there seems to be a general
It’s almost that time again… quarterly debt covenant reporting. Is your company going to have some explaining to do? If so, you’re not alone. Banks generally set 3-4 key covenants on their loans. These covenants serve as “tripwires” that alert the bank to potential trouble ahead. Most companies don’t bust all of them, but many find themselves
What is the debt to equity ratio and does it apply to all business? The short answer is that investors and creditors use it to see if a business is likely to pay back its debt and sustain a decline in sales. This applies to most business, but it is not relevant to companies that
In a recent post, I talked about a conversation I had with our banker and the three questions she’d most like answers to. In case you missed it, her questions were… How are you feeling about your business and the local economy? What is the outlook for the rest of the year? What are you
Recently, I had lunch with our banker. During the meeting, I asked her what she wanted to accomplish when meeting with her customers. She said that she wanted to know the 3 questions your banker wants answered… 3 Questions Your Banker Wants Answered 1. How are you feeling about your business and the local economy?
The end of the first quarter of 2015 is approaching, and quarterly debt covenant compliance certificates are coming due. If your business is like many in our area, this thought probably fills you with dread. With so many businesses in Houston tied to the energy industry, the effects of the free fall in oil prices
You may have heard the term “Black Swan Event“, particularly recently. But what exactly is a black swan event and what can, and should, we learn from them? The notion of black swan events was first set forth by Nassim Nicholas Taleb. Taleb, a finance professor and former Wall Street trader, wrote about this concept
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