From the category archives:
Most small businesses that have survived the Great Recession have emerged with serious battle scars. One of the areas that have suffered greatly is the quality of business credit ratings. As cash flow suffered from increasing bad debts and lower sales, many companies fell behind on their obligations to creditors and [...]
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Continue ReadingThe 2011 U.S. federal budget consists of approximately $3.82 trillion of expenditures. With a projected U.S. Gross Domestic Product of $15.3 trillion, federal government expenditures account for nearly 25 percent of our economy. As a business owner, if one customer type accounts for 25 percent of your potential sales universe [...]
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Continue ReadingBookkeeping is one of the least popular administrative tasks for small business owners. Many would rather go to the dentist for a root canal rather than make journal entries. What ends up happening in many cases is that the bookkeeping tasks are pushed aside and they pile up as the business [...]
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Continue ReadingA recent study published in Risk Analysis, an official publication of the Society for Risk Analysis, analyzes the impact of “near misses” on an individual’s protective responses to hurricanes. Authored by Robin L. Dillon, Catherine H. Tinsley (a former professor of mine) and Matthew Cronin, the study shows how past circumstances where disaster was avoided due [...]
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Continue ReadingFor years small business owners have sent a clear message to national elected officials: We need tax reform! The complexity of the tax code and the burdens it places on small businesses are tremendous. According to the non-partisan Tax Foundation in Washington, D.C., the average person has to work until Apr. [...]
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Continue ReadingCounterfeiting of goods is a huge problem for U.S. businesses. As more companies outsource production to foreign countries, they lose control of their designs, plans, processes, trademarks and copyrights. As I recently noted, China is clearly taking a leisurely approach to enforcing intellectual property protections—it should be no surprise that 66 percent of counterfeit [...]
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Continue ReadingIf you are in the business of renting property, the IRS is going to take a very close look at your tax return beginning this year and will continue to do so for the foreseeable future. In December, the Treasury Inspector General for Tax Administration (known as TIGTA) published an audit report analyzing [...]
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Continue ReadingMisconduct on the part of accountants and bookkeepers is an unfortunate reality. While most accountants and bookkeepers are honest and take their work seriously, the small number of bad apples justify taking a cautious approach.
Go to the article: How To Tell If Your Accountant Is A Crook
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Continue ReadingA “channel” refers to a method of distribution that puts your product in the hands of customers. There are many different sales channels. Most businesses start out selling their products through a single channel. This channel could be a store, a website, or a distributor. But as time passes and the [...]
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Continue ReadingBanking in the United States is about to change. Big time. Over the next five years, a revolution in financial services will take place. It’s already started, but unfortunately many big banks haven’t gotten the message. Consumers and small business owners are empowering themselves through technology to take more control [...]
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