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•Retirement Plans For Small Business Owners
While every small business owner would like to believe that they will sell their business at retirement, this is in reality not the case for most. In fact, a very small majority of small business owner are able to sell their businesses at retirement. This means that a small business owner will need to take their retirement future into their own hands by establishing and saving into retirement plans.
But, with several options to consider, many small business owners find the proposition of self...
•Is Cash Really King in Small Business
Although cash is critical, most small business owners put emphasis on profits instead of cash flow. The dot-com bust is a painful reminder that profitability does matter – but that “cash is king”. I’ll even go one step further – managing cash flow is THE most important financial measure in any business. Knowing how much cash is coming in versus the amount required to go out, not only helps you understand what amount can be re-invested into the business, but can also determine whether a company...
•12 Overlooked Strategies to Boost the Cash Flow of Your Business
Did you know that you are likely overlooking simple ways to boost the cash flow of your business? In any business, and in particular small businesses, cash flow is king. Cash flow is directly linked to the profit of a business and bottom line, to your pocketbook. Consider the following 12 strategies as possibilities to boost the cash flow of your business.
1. Speed up Your Accounts Receivable Process - One of the largest issues for many small business owners is the length of time that it takes...
•10 Mistakes to Avoid When Starting a Small Business
While we all make mistakes, in small business, there are a variety of mistakes that are common. Learning from other people's mistakes can enable you to avoid many of them. These are 10 mistakes that you should work to avoid when starting a small business:
1. Not Doing Market Research - When selecting a small business to start, it is vital to research the industry and the current market for the products or services to be offered. Search online, research at your local library and talk with your...
•13 Items to Address When Hiring an Employee
While many companies seek to hire new employees every day, many do not take the proper steps to protect themselves and their businesses. Employers need to become familiar with the hiring process, the required documents for their area and any associated taxes required to be withheld or paid by the business or the employee.
To learn more about hiring employees, review this list of 13 items that must be addressed:
1. Employer Identification Number (EIN)- Each new hire must be associated with an...
•Top 10 Small Business Start Up Mistakes
Millions of people each year start up small businesses around the world. And, the vast majority of them will encounter challenges along the way. By learning what the most common mistakes made by new small business owners, you can work to avoid them as you establish your own small business.
Here are the top 10 small business start up mistakes to avoid:
1. Lack of Market Research- Before you start a new business, be sure that you complete a thorough market analysis of the industry, the local...
•Why CPAs Must Keep in Touch With Clients and How
As the owner of an accounting business, you know that finding clients is an important task, but retaining those clients—especially once you’ve started to tap your ideal market—is just as important.
You can have the best marketing system in the world bringing in new clients but if you don’t have a client retention system in place, you will not have much growth.
Client retention can be challenging: if you knew a problem was developing, you would fix it. So by definition, when you lose a client,...
•The Top 10 Bookkeeping Mistakes Made by Small Businesses
Keeping accurate records for your business is a crucial task. But, many business owners fail to take the necessary steps to ensure that this task is completed properly. Bookkeeping is essential for ongoing record keeping, legal protection and accurate tax filing. By understanding what the most common bookkeeping mistakes are, your small business can work to avoid them.
Here are the 10 most common small business bookkeeping mistakes:
1. Poor Receipt Record Keeping- Many businesses keep...
•What Does Your CPA Practice Have in Common With the New York Yankees
We talk about businesses being teams, but it’s rare that I meet an owner of a CPA business who really trusts every member of his or her “team” to do what they should do, all the time, whether the “boss” is in the office or not.
Sports teams can’t work that way. When the members of any athletic team are focusing on their individual tasks, they have to trust that their teammates will do their jobs, too. If the pitcher is busy supervising the outfielders, he can’t do his job. In order to be able...
•How Effective Are Small Business Owners at Utilizing Their Time
The main reason I have found why so many small businesses do not perform to their appropriate level is because the owner does not properly use his or her time; that is, they don't prioritize which of their efforts create their best results so that they know where to focus their time. Without knowing who your best customers or clients are or what the best use of your time is, you inevitably waste time on things that don't produce desired results.
Let me give you an example. Say you want to earn...
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