Let me tell you a story about Jack. Jack has been in this business a long time. Good guy. Lots of contacts. Sales typically less than $500,000 per year. Then COVID struck. Jack participated in webinars and learned about opportunities in PPE. Jack reached out to his contacts. He told them how he had the…
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I am hearing lots of news and talk about what percent industry sales are down. Some are saying industry sales are down 70 percent. Others are saying industry sales are down even more. If you listen to how much industry sales are down, you have a math problem. The problem is that it can sound…
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Ask the Accountant… Question: I was talking to someone at QuickBooks. They told me to try QuickBooks Online, and if I didn’t like it, it is very easy to switch back to QB Premier. Is that true? Answer: No, that is not true at all. QB is pushing QuickBooks Online (QBO) heavily. Its subscription income…
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These very different times call for a very different approach to my blog, Million Dollar Mindset. The main purpose of my blog is to help you develop the mindset to create your own million dollar success. Some of you were probably well on your way until a few weeks ago. Then our world changed in…
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Ask the Accountant… Question: Is there a way to know if my sales tax report is correct? Answer: I always suggest reviewing the information on your sales tax report before filing. The report is only as correct as the data you enter into QB. To begin, are you up to date with your bank and…
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Continuing to ask respected industry leaders to share their thoughts on success, I reached out to Paul Bellantone, president and chief executive officer of PPAI, to share his advice. Thank you, Paul Bellantone, for sharing your advice about financial success with me. Question for Paul: In your years of experience in our industry, what do…
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No matter what your faith, these words from John Lennon’s song “Happy Xmas (War Is Over)” are an awesome reflection for all of us at this time of the year. Take a few moments and reflect on these words: So this is Christmas And what have you done Another year over And a new one…
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Ask the Accountant… Question: I am downloading QuickBooks Premier. Which edition do I pick? Answer: QB Premier has multiple editions built into it. You purchase QB Premier, but select the edition when you are downloading the software. For our industry, choose the Manufacturing and Wholesale Edition. It best suits our business needs, and has a…
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Fellow distributor owners and sales reps, have you ever stopped to think how unbelievably fortunate we are to be distributors? We don’t need to own any manufacturing equipment. We don’t need to own any manufacturing plants. We don’t need to hire manufacturing employees. We don’t need to invest in any inventory. All we need is…
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Question: Should I put the real shipping or in-hands dates on the orders I send to suppliers? Answer: I always built in a cushion of a few days to prevent 11th hour heroics and to be prepared for client ignorance, like neglecting to tell me the event is at 8 a.m. or that they need…
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