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...
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:...
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...
A customer complaint presents you with three opportunities. One is to identify something that is not working right in your organization and the opportunity to get feedback. Another is converting a disgruntled customer into a loyal customer. The opportunity to head off...
If the IRS questions a choice made on your tax return, having well-documented corporate minutes can provide valuable supporting evidence. When related-party transactions are involved, such as payments, loans or distributions between the company and you or other...
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...
Attracting new customers requires a great deal of effort so you want to keep them as long as possible once you’ve attained them. One thing that can help keep your customers happy is good communication. You will want to keep your customer in mind at each stage of the...
When shopping for friends and loved ones during the holidays, gift cards are often a convenient option. According to a public service announcement issued by the Federal Bureau of Investigation they also give thieves an opportunity to make off with your money. Here...
1. Make a list of all the clients for whom you need to buy gifts. Look for gifts you can buy for multiple people and one store where you can buy these gifts. If you don’t like shopping, plan a single gift-shopping day and do it sooner rather than later to avoid...
Mutual funds can have a complicated effect on income tax and can create undesirable year-end surprises if purchases or sales are poorly timed. For mutual fund investors, taxes are based on activities within each fund (with the exception of qualifying retirement...
