Many business owners would rather do just about anything else instead of creating a budget. At the same time, they know how essential it is to reign in expenses and ensure that the company remains profitable. Setting priorities for the business is another important aspect of creating a budget. It lets all employees know with one glance which things are the most important things to spend money on as well as the things that can wait until cash flow improves….
When you decided to start a business, you did so because you felt passionate about offering a unique product or service. It might have never occurred to you how much accounting and bookkeeping work you would need to do as well. Unfortunately, some new business owners become so overwhelmed by financial tasks that they ignore them or do them incorrectly. Not only can this lead to prompt business failure, it can cause tax problems with long-term implications. Separate Your…
It’s very important that you choose the right company structure when starting out in the business world. There can be a great many impacts on your company which are all devoutly derived from the structure that you choose to do business under. For instance, your taxes will be strongly affected, your ability to raise money for the company will be affected, and if you happen to be sued, company structure will have strong implications there also. In order to make…
There are a number of great questions you can ask a prospective employee, and there are number of not-so-great questions as well. The kind of questions you should avoid as an interviewer are those which permit a one-word response, such as ‘yes’ or ‘no’. This tells you very little about the candidate, and forces you to ask a lot more questions in order to find out anything relevant. On the other hand, questions which are far more useful are those…
Most small business owners have some regrets about how they tried to get established, and the approach they used to achieve business growth. In some cases, goals and objectives fall by the wayside as an owner becomes overwhelmed by the day-to-requirements of conducting business, and as a result, you can slip into the trap of simply reacting to circumstances as they arise. Here are some recommendations on how to avoid this common business pitfall. Don’t compare yourself to rivals…
If you’ve never seriously considered it, there are some significant advantages to outsourcing. Most types of businesses would benefit a great deal by at least some level of outsourcing. For starters, you can maintain much better control of your operational expenses, you can achieve greater continuity and predictability for your business, you can manage risks better, and you can even improve the balance between your work life and your home life. In most cases, you’ll also find that it costs…
Ask any small business owner what their biggest sources of frustration is and you’re likely to hear the words “cash flow.” If you don’t have the working capital you need, unplanned expenses and simply purchasing inventory can leave you constantly playing catch-up. Improve Your Business Cash Flow with A Revolving Credit Line A revolving line of credit is one possible solution to this common dilemma. Revolving credit differs from a lump sum loan in that you access the line of…
If there’s one thing you can count on as a small business owner, it’s that tax and business laws change every year. Although 2018 is just weeks old, it has proven to be no exception so far. The first is the Tax Cuts and Jobs Act that affects both business owners and individuals. Because this law went into effect on January 1, 2018, it does not affect your tax returns for 2017. Here are the main provisions you need to…
Every company desires to have a positive company culture for employees, but many don’t know how to make that happen. A lack of clear direction and transparency can breed many workplace issues. The most common ones include: Management that makes decisions in secret and then demands employees abide by them with little to no input from them. Management shares little information with employees that would help them understand the company’s vision and current performance. Rewarding poor or unethical behavior while…
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