Business Planning

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 – 35

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 – 516

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 – 714

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 – 595

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 – 785

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 – 748

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 – 711

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 – 749

By |December 22, 2015|

Before a Disaster Strikes, Safeguard Your Records

Disaster-how do you plan for it? We never know when they will strike. You can decrease the impact of a disaster if you do some planning. Do not wait. Instead of having to reconstruct personal and business records in the aftermath of an unexpected calamity, safeguarding documents before you suffer a loss will make

Views – 637

By |August 10, 2015|

Planning to start a business partnership with a friend? Prudence demands looking at the pitfalls

Planning to start a business partnership with a friend? Prudence demands looking at the pitfalls – as well as the potential strengths – of such relationships. Here are a few questions to consider.

* What will my friend contribute to the business? Does he or she have strengths that will clearly enhance the business –

Views – 682

By |August 6, 2013|