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Business credit is something that every business owner should care about. Business credit is simply a financial profile of a business based on its financial history. It is determined by how a company handles its loans, credit cards, trade lines, and lines of credit and it is tied to the business’s Employer Identification Number (in contrast to an individual’s credit score which is tied to his/her social security number.)  Why is Business Credit Important?  Business credit is important because it allows a…

As the old expression goes, “There is nothing more certain than death and taxes.” Of course, taxes play an important role in our civil society. But regulations and tax payments can be a big burden on small businesses. Hence, Missouri tax reforms are taking a step forward to relieve small businesses and help preserve their future.  The Importance of Tax Laws It is important for small business owners to understand federal, state, and local tax laws and requirements so that the…

Every business owner knows how much time, effort, sacrifice, and investment of the heart and mind it takes to start and operate a business. But there may come a time when selling your business becomes appealing. Know that you are not alone in facing this difficult decision. In fact, in 2021, 8,647 business sales transactions were closed according to bizbuysell.com.  Why Selling Your Business May be Right for You  At some point, a business owner may need to consider selling…

If you are a seasonal business owner or operator, you know that you face some special challenges. Sales may slow down significantly during certain times, yet you must manage through the “troughs” to stay profitable (and sane.) But don’t despair. There are many other seasonal business types and many other owners facing and conquering their seasonal challenges.   What is a Seasonal Business?  A seasonal business is a business that generates most of its sales during more limited time periods of a year….

Business growth, progress, and improvement are vital to the long-term success of every business enterprise. Business growth must be a deliberate choice, fired by passion, planning, and solid effort. Did any successful business owner ever say, “Let’s stagnate to success,” or “Let’s shrink greatness?” No, not ever.  What is Business Growth  Business growth can be noted by several different measures, including increases in sales, profits, number of customers, number of employees, and company value. Not every aspect needs to increase or even increase at…

For a small business owner, paying taxes can be painful and challenging, unless you make a wise move to secure the services of a professional CPA. It is important to know that the government tax option for small businesses depends on the business structure.  Types of Business Structures and Their Tax Option  When a business is started, the owner (or owners) must select a specific type of business structure. Choosing a business structure has a direct impact on whether a business will be…

Many small business owners from time to time and for various reasons may ask themselves, “How much is my business worth?” The answer is not found in palm reading nor in some dartboard activity. Rather, it is found in a methodical small business valuation, which is simply the process of calculating the economic value of a business.  What Are the Reasons to Do a Small Business Valuation?  A small business valuation may be undertaken to obtain a bank loan, better assess a business’s…