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How to Increase the Value of Your Small Business 

By Small Business Advice

Every small business owner has many things to plan and many functions to manage. It can all be overwhelming. But one critical thing that guides many of the priorities is focusing on ways to increase the value of the business.  What is Business Value?  The value of a business is defined as the total value of its tangible and intangible elements. The tangibles include real estate, buildings, equipment, inventory, monetary assets, and stockholder equity. The intangibles include the strength of the brand, trademarks, goodwill, and public benefits.  …

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10 Things to Know About Your Small Business’s Finances 

By Small Business Advice

Thousands of people start new businesses every year in the U.S. in pursuit of their entrepreneurial dreams. According to the latest census, there are 32.5 million small businesses, defined by the Small Business Administration as those that have fewer than 500 employees. But running a small business isn’t a “cakewalk.” There are many functions to manage, risks to deal with, time commitments, and mastering your small business’s finances.  What a Small Business Owner Needs to Do  To succeed, a small business owner…

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9 Financial Trends Your Small Business Needs to Know 

By Small Business Advice

Small businesses are critical to the U.S. economy with more than 32 million small businesses in operation according to the SBA Office of Advocacy. And U.S. small businesses employ almost half of the workforce. The COVID-19 pandemic affected all businesses and today they continue to face many challenges. Thus, it is important for small business owners to understand financial trends to create a solid path to continuing success.  Why It is Important to Understand Financial Trends   To use an analogy from the…

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Selling your small business packing office supplies in boxes

9 Things to Know Before Selling Your Small Business

By Small Business Advice

Selling your small business isn’t likely to be the first thing on the mind of an entrepreneur when he/she decides to start a small business. After all, there are dreams of great success ahead. But sooner or later that likely will become a reality. According to smallbiztrends, 8,647 small businesses were sold in the U.S. in 2021, up from the 7,612 sold in 2020.  Why Do Small Business Owners Sell Their Businesses  There are many considerations that may lead to the possibility of selling…

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How to Prepare Your Small Business for Financial Uncertainty 

By Small Business Advice

Is financial uncertainty a possibility for a small business owner? Yes. Indeed, financial uncertainty can occur for any enterprise. The key thing is to prepare for that possibility. As Thomas A. Edison said, “The object of all work is production or accomplishment and to either of these ends there must be forethought, system, planning, intelligence, and honest purpose, as well as perspiration.”  What is Financial Uncertainty  Financial uncertainty refers to the lack of sureness of a business’s financial future; the inability to…

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Business Savings: How Much Should You Have?

By Small Business Advice

Everyone likely understands the well-established principle of having a personal savings account to prepare for “a rainy day.” The same principle applies to businesses that should have a business savings account. A business savings account is different from a business checking account in that a business checking account is used for regular transactions such as paying bills and making various purchases while a business savings account is used for storing funds safely.  Benefits of Business Savings  A business savings account offers these benefits:  To deal…

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The Role of Data Analytics in Accounting 

By Accounting Advice

Once perhaps thought of simply as drudgery and relegated to the “back office” of most businesses, accounting has strongly stepped onto “center stage,” due in part to the increasing role of data analytics. Accounting is more than keeping records and providing a “scorecard” to measure how a business is doing.  Why Accounting is Important  Accounting plays a crucial role in running every business. Accounting provides vital information to the stakeholders of a business by measuring and summarizing its financial activities. Business managers…

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Business person looking at paperwork for small business tax write-offs

How do Small Business Tax Write-offs Work?

By Accounting Advice

Taxes are a fact of life for small businesses. Fortunately, there are many possible small business tax write-offs, also called tax deductions, that can lower the tax burden and save money for owners to use in other ways to grow their businesses.   How do Small Business Tax Write-offs Work?  Small business tax write-offs are those deductions that are considered by the IRS to be legitimate and claimable expenses that will lower the business’s taxable income. A key role of a professional tax…

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