Research from the U.S. Bureau of Labor Statistics shows that approximately 20% of small businesses fail within the first year. This is primarily due to financial mistakes. As a small business owner, it is important to understand that your first year in business will make or break you. Below, we’ll explain 8 of the most common financial mistakes that entrepreneurs make within the first year of business. Top 6 Financial Mistakes Leasing Too Much There are two possible outcomes for this…
Every small business owner in the United States is required to pay taxes. The exact amount varies based on your business structure and the state you are in, but this is one of the largest business expenses you will have. On average, small businesses pay a 19.8% tax rate. In addition to being one of the largest expenses, it’s also one of the most important. If you don’t pay your taxes or you pay them late or inaccurately, the consequences could…
You’ve been dreaming of starting your own small business, but you’re drowning in debt and don’t think it’s possible. However, the truth is, personal debt doesn’t necessarily mean that you can’t start a business, it just might take a little more time and effort. If you are in or near Cincinnati and thinking of starting your own business, contact Orcutt & Company. For more than three decades, we have been helping small businesses, entrepreneurs, individuals, and families plan for their financial…
Your number one goal as a business owner should be to ensure the success of your small business. Therefore, you should be able to identify problems and areas where you could make improvements and then enact those improvements. If your business is located in or near Cincinnati, let Orcutt & Co. handle your business finances. We exclusively work with small businesses and believe that accounting shouldn’t have to be complicated. This is why our service model is designed to handle all of your financial…
Most small business owners must borrow the money they need to get started or engage in business-related tasks such as new product testing, acquisitions, and more. Fixed-rate loans are predictable, so you can move your business in the right direction while maintaining control. You may find a need later on to refinance your business debt. In the future, refinancing that business debt will allow you to take out a larger loan to cover the existing debt, as well as new…
On average, approximately 50% of small businesses fail within the first year and 70% fail within the first 10. Of these failing businesses, 82% of the time, the failure stems from small business cash flow issues. Even growing businesses may have cash flow issues, resulting in an inability to pay staff, pay overhead, and keep inventory stocked. When these things are not done, your small business will fail. However, you don’t have to panic. If your business is located in…
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