Your small business does many things. It supports the community by providing goods and services. It supports the local government by paying taxes and fees. And it supports your employees by providing their livelihoods. Your business provides for you, too, now and for the future. But don’t count on that just “happening.” You need a … Read more
Your company’s profitability depends not only on sales but also on effective cost management. Are you adequately addressing the cost side of the business equation? Analyze Your Cost Structure You probably can readily identify the products and/or services that are generating your greatest sales volume. But can you identify all the costs associated with providing … Read more
Anyone who spends a significant amount of time traveling for business purposes will tell you that living out of a suitcase is no fun. Despite routinely traveling to destinations many people only hope to visit, many business travelers dislike having to leave home on an extended business trip. Taking a spouse or the whole family … Read more
Are your customers frequently late in paying their bills? If so, you may have considered charging late fees to encourage timely payments. While this strategy can be effective, weighing the pros and cons and ensuring your approach aligns with your business values and customer relationships is essential. The Pros of Charging Late Fees: Encourages Timely Payments: Late … Read more
There is zero wiggle room when it comes to handling the federal income taxes and FICA taxes withheld from employees’ paychecks. The taxes are government property, which employers hold “in trust” and then remit to the IRS on a set schedule. Employers are not permitted to use this “trust fund” money for other purposes. Serious … Read more
If profits are up and the projections look good for the next month or two, should you kick back and relax? Maybe not. No matter how positive other signs may be, if you’re not keeping a close eye on your company’s cash flow, things could go haywire. Even a temporary crunch resulting in late debt … Read more