Business Planning

Incorporate or Not: What’s Best for Your Business?

As a new business owner, you may be wondering if you should incorporate your business.

The greatest advantage of incorporating is that your legal liability is limited.  Generally, responsibility for debts and other liabilities incurred by the corporation will be limited to the business assets.  Although there can be exceptions, your personal assets are not

Views – 125

By |May 14, 2018|

Six Tips To Hiring a Business Attorney

There is a Venn diagram on the back of my door. One circle has “what lawyers put in their biographies.” The other has “what clients look for in lawyer biographies.” In the intersecting area are only two things: email address and phone number.
Below are some considerations for hiring an attorney for your business, based

Views – 176

By |April 10, 2018|

Five Reasons to Incorporate Your Business

As your business grows, you may want to consider the benefits of incorporating.  Many start a new venture with no thought about the legal structure for their business. The IRS considers “sole proprietor” to be the default structure in which your business profits are taxed on your personal tax return. While this can serve

Views – 543

By |July 12, 2017|

Economic Incentives You Do Not Want To Miss

There are State and Local Government economic incentives that are often missed by growing new businesses because they do not apply early enough.  Or companies think their project was not large enough or important enough to warrant said incentives.

There are specific conditions and events that act as key triggers to help companies determine whether

Views – 873

By |January 26, 2017|

When Disaster Strikes, Will Your Business Be Prepared?

Do you know how your business would be affected in the event of a disaster?  It may be time to begin planning if you’re not sure.  The following is a quick look at how you can prepare as well as what relief might be available following a disaster.

BEFORE DISASTER STRIKES

Identify key issues. Begin a

Views – 1037

By |July 20, 2016|

Follow These Suggestions for Better Pricing Decisions

Every aspect of your business, including long-term viability, short-term profits, market share and customer loyalty are all affected by the prices you set for your products and services.  There is no perfect answer to this important decision, but you can use the following tried-and-true principles as a guide.

Cover costs. At a minimum, the cost

Views – 962

By |June 8, 2016|

Lack of Diversification Makes for Risky Business

Don’t put your business at risk by relying on too few customers, vendors or key employees.  To ensure your business is adequately diversified, consider the following:

Customers. Being dependent on only a few customers for the majority of your sales could cause trouble.  Imagine what will happen if your largest customer requests a major price

Views – 1197

By |March 28, 2016|

Smart Review Tactics Lead to Long-Term Business Success

If you are a business owner the majority of your day is likely spent monitoring operations and dealing with everyday problems.  Nevertheless, a comprehensive review can benefit your business so make sure you set aside some time and consider the following key areas:

Insurance coverage. It may seem convenient to opt for automatic renewal but

Views – 1116

By |March 14, 2016|

Sunk Costs Could Lead to Bad Business Decisions

Are you afraid that pulling the plug on a failed contract would be “wasting all the money” your business has spent so far?

That could mean sunk costs are causing you to make your decision based on emotion.  Expenses spent on non-performing contracts, for example, are sunk costs.  They are past expenses that are irrelevant

Views – 1024

By |February 25, 2016|

How to Reduce Inventory Risk in Your Business

Examine the balance sheet of most retail or manufacturing businesses, and near the top of the asset list you are going to find inventory.  Raw materials, supplies, work in progress, and finished goods are all included in an accountant’s definition of inventory.  This includes merchandise that managers expect to sell in the normal course

Views – 1266

By |December 22, 2015|