Expanding overhead can be poisonous to small businesses, especially when it goes unnoticed. As businesses grow, they’re bound to spend more on upgrades, inventory, salaries and more. Unfortunately, all too often, overhead costs become bloated due to a lack of oversight or inefficiency. As seemingly minor costs add up, profits inevitably go down, until the company is struggling to stay compet... »
The probability of a person being audited is around one percent; seems pretty low, right? Well, if you’ve ever been audited before, you’d want to lower those odds as much as possible. To be fair, being audited by IRS is not the end of the world (unless you have something to hide) but it’s still time consuming. An audit can be a headache and cause of a lot of unwanted stress, so you may... »
There are many factors that can make your products either a success or a failure once it hits the market. One important variable to take into consideration is the price. Pricing a product is never a straightforward task as you need to consider both internal and external factors. Here are five things that you, as a business owner, need to think about before pricing a product. 1. How Much Does It C... »
Are you able to file corporate taxes for your clients in your sleep but struggling with ways to market your accounting firm or convert your web traffic? Don’t feel bad. Marketing your business locally and properly designing a website so it’s firing on all cylinders can be a challenge. Local marketing isn’t always about SEO and optimizing your site so it grabs leads from every small business ... »
There is no doubt that cash is key for every successful business and turning your sales into cash is not as easy as it might sound. A lot of companies have customers that are usual and loyal but pay late. So, is there something that you can do to “make” your customers pay on time? Before getting into that, it will be useful to mention that the most important thing is to prevent being i... »
You spent a lot of time and energy planning and organizing but you forgot to make a plan for one thing. What happens if things go wrong? What can you do when you only have some days to pay your suppliers and your bank and you have no cash? That’s a tough scenario, right? It might make you feel better to read that a lot of companies go through that. The good news is that there are a lot of th... »
Preparing a budget is a common exercise for companies no matter what their size is. Budgets can also benefit small companies or even individuals. Budgets can help us to be prepared, to review our performance and to control our costs. Budgets are broadly used not only for internal reporting purposes but third parties can often rely on them. For example, a bank can ask a company that is seeking fund... »