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Savvy cash management helps your bottom line

January 1, 2018

Cash flow—the amount of money flowing into and out of your shop—is an easy concept to understand, yet not always well managed. Not every owner is aware of the impact skillful cash management has on net income, probably because the importance of managing revenue is far easier to recognize in some types of businesses than …

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New IRS accounting method changes

October 1, 2017

The tax returns of many businesses in the specialty fabrics industry have been—and will most likely continue to be—extra thick. Thanks to newly issued “repair regulations,” tax return filings for last year included more work on “Form 3115, Application for Change in Accounting Method” than usual. Fortunately, the IRS recently made it easier for small …

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Smart documentation is key to selling your business

September 1, 2017

No matter where in the world we run our businesses, we aspire to be successful, profitable and happy. We have either started the business from nothing, purchased an existing enterprise or taken the reins of the family business. Often, we begin with limited skills, have minimal formal industry training and largely “learn by our mistakes.” …

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How to attract and hire exceptional employees

August 1, 2017

In the buyer’s market of recent years, it was probably easy for you to attract top-notch job candidates. Not so much today. With new job creation being healthier than expected in 2016, and further increases so far this year, finding and hiring the best candidates for your shop will no longer be a slam dunk. …

Understand your customers’ personalities for better sales

July 1, 2017

Elemental keys to staying in sync and making the sale. The first thing you need to know is that your customers are different—from each other, and from you. You may feel that you already know that, but I can tell you that many business owners and professionals have lamented to me that the client they …

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Sustainability: good business

June 1, 2017

Rainier Industries succeeds with a light footprint and a firm handshake. For Rainier Industries Ltd., sustain-ability is more than just a buzzword—it’s a way of doing business. Although often associated with high expenses, Rainier president and CEO Scott Campbell considers sustainability an initiative that makes business sense. “It’s actually pretty easy and saves money,” he …

Driving business during the slow season: entertaining clients

Everyone appreciates the time of year when things start to slow down. But after a recuperation stage, tent rental companies may find themselves twiddling their thumbs, waiting for clients to call. What do you do to drive business at these times? Many operations host a showcase or an open house, blending strategy and celebration. One …

Handle with care

May 1, 2017

Layoffs or firings can mean trouble for everyone involved. It’s an unwelcome responsibility, but almost every business owner and manager will eventually come face-to-face with the disagreeable task of terminating one or more employees. “Firing people is one of the toughest, most unpleasant things you do as an employer,” says James Walsh in his book …

U.S. trade policy

April 1, 2017

Last year was both a momentous and a productive year for the U.S. Industrial Fabrics Institute (USIFI) and the Narrow Fabrics Institute (NFI) divisions’ efforts in Washington, D.C. The text of the highly controversial Trans-Pacific Partnership (TPP) limited damage to the U.S. textile industry to the greatest degree politically achievable; now the election of Donald …

Pre-employment background checks

You may need them, but be careful. These days every new employee brings a possible threat to your business, including theft, sexual harassment, physical violence, identity theft, fraud and drug use. The potential for ruinous legal actions is higher today than ever before. That’s why a background check before you hire an applicant could save …