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…
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…
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…
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,…
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