A lot goes into owning and operating a small business. It’s for those who dream, yes, but it’s not for the faint of heart. Among the many necessary business functions are the production of goods or services, marketing, sales, human resources, and accounting. Each of these has a connection to finances and there are two key truths about finances. First, you can’t be casual with finances. And second, personal and business finances, like oil and water, don’t mix well. To…
Innovative marketing, quality products and services, and soaring sales are all factors in measuring the success of your business. But who makes that level of success possible? The answer is happy, dedicated employees who are committed to your company’s mission and values. Your employees are the foundation of your operation. If they aren’t satisfied, your business will suffer. But, if they are engaged and feel supported, they’re more likely to be dedicated to excellence, and you’ll attract even more high-quality…
It’s no secret that every great business is backed by a strong team of leaders and employees. There are plenty of apt sayings: two heads are better than one, or a bundle of sticks can’t be broken. But what those sayings fail to take into account is that those heads (or sticks) may not always see eye to eye or work in harmony. But, when they do, some magical things can happen for your business. So, what’s the best way…
When it comes to gifting, it may make more sense to do it now than wait until later. Gifting an heir now, rather than at the time of your death, can benefit you when it comes to tax time. Enjoy the lifetime exemption for an estate tax exemption when you give a gift. Giving away monetary gifts now reduces what you can transfer tax free when you die. Planning to give someone a gift? Here’s what you should know: There…
As business climates become even more competitive, small and large businesses alike need to adapt by creating powerful strategic plans that will help them attract business and grow. If you want your business to thrive and remain relevant instead of merely surviving, you’ll need to take some time to create and follow one of these vital road maps. What is a Strategic Plan? A strategic plan is a document that outlines your business’s long-term goals and your strategy for achieving…
With a brand new year upon us, getting your company in shape for success begins with cash flow. For any business offering seasonal services, such as construction, home remodeling, or landscaping, work slows down during the cold months. This makes cash flow planning especially important. If you don’t have a positive cash flow, you will have difficulty financing your operations, paying your vendors, or meeting your payroll when business starts to slow down. The Importance of a Cash Flow Statement…
As the owner of a small business, you are solely responsible for preparing for your own retirement. And, if you have employees, you would probably like to assist them in planning for their retirements. Of course, you may think that you’ll just sell your business and retire on the proceeds. However, a better way to go is to set up retirement accounts for yourself and your employees. Here are some options. SIMPLE (Savings Incentive Match Plan for Employees) IRA. Under this plan,…
Is your business growing, and you want to bring it up to the next level? Or perhaps you seem to be stuck on a financial plateau and are wondering how to climb out of it? Here are six ways that will help increase your business profits in 2020. 1. Invest In Sales Training Increased sales mean increased revenue, so think about revving up your sales team. Consider enrolling your salespeople in a training course and holding frequent follow-up sessions. Aspects of…
If you own or manage a small business, it’s important to meet your tax deadlines to avoid costly fees and penalties. Which taxes you are required to pay depends on your business structure and other factors. Here are five types of business taxes to be aware of: 1. Income Tax If your business is not a partnership, income taxes (federal and state) need to be filed by April 15. In a partnership, profits and losses are passed through to the partners who…
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