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Popular Posts

Just Say No to Venture Capital

There is a constant stream of entrepreneurs that ask me to invest in their idea or ask me advice about how to raise venture capital for their business plan.  In many cases, they should just say no to venture capital. There are a lot of benefits to raising venture capital such as the ability to fund a big capital need in a company’s early stages, the ability to tap into the investor’s savvy business advice…

How to Improve the Profitability of a Conference

Q: My family has planned and managed a Christian family conference each year now for several years, but we end up losing quite a bit of money on each conference. We really feel it is of the Lord and that the conference is a blessing to many families, but it has turned into a painful financial experience for us. Do you have any advice you could offer us? A: There are two ways to improve…

How to Read an Income Statement

Q: What expenses comprise the differences between the terms “total revenue”, “operating income”, and “net income”? A: The easiest way to explain that is to walk through an Income Statement with you. Let’s use a really simple fictitious statement as the one shown below. Even though accounting is far more science than art, there are many terms for the same items and it can be confusing. For several of the main categories, I’ve shown in brackets and…

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Just Say No to Venture Capital

There is a constant stream of entrepreneurs that ask me to invest in their idea or ask me advice about how to raise venture capital for their business plan.  In many cases, they should just say no to venture capital. There are a lot of benefits to raising venture capital such as the ability to fund a big capital need in a company’s early stages, the ability to tap into the investor’s savvy business advice…

Problems with Family Employee Not Producing

Q: I have watched the Venture Academy videos and I have a question regarding our family business. I have a family member who has been working in our family business and the goal was that he would help grow the business, but since I put him on salary, he is not producing enough to justify his pay. Please advise. A: I would recommend moving your family member to a “Pay for Performance” type of compensation plan where…

How to Improve the Profitability of a Conference

Q: My family has planned and managed a Christian family conference each year now for several years, but we end up losing quite a bit of money on each conference. We really feel it is of the Lord and that the conference is a blessing to many families, but it has turned into a painful financial experience for us. Do you have any advice you could offer us? A: There are two ways to improve…

How to Read an Income Statement

Q: What expenses comprise the differences between the terms “total revenue”, “operating income”, and “net income”? A: The easiest way to explain that is to walk through an Income Statement with you. Let’s use a really simple fictitious statement as the one shown below. Even though accounting is far more science than art, there are many terms for the same items and it can be confusing. For several of the main categories, I’ve shown in brackets and…