Small business budgeting

Small business budgets come in many formats, types and degrees of complexity. In most cases though they serve three purposes. The first purpose of a budget is to establish performance targets over a specified period of time. Usually a budget plans for revenues and expenditures on a monthly, quarterly, annual and multi-year basis. Company managers and employees can then devise action plans to achieve the targets provided by the budget. The second purpose of a budget is to measure … [Read more...]

How a 1031 exchange works

1031 exchanges offer business owners and real estate investors a solution to a “good” problem. When you buy an asset like a warehouse, office building, rental apartment or piece of land, it will likely increase in value over time. When you sell it for a profit, there is usually a hefty tax bill that must also be paid. Those taxes eat into the money you earned on the transaction which in turn leaves you with less cash available to reinvest in a new property. To solve this problem, Congress passed … [Read more...]

The most profitable way to sell online

Family Partners Small business

Alibaba, the Chinese e-commerce giant expects to facilitate the sale of $420 billion worth of goods this year, up from $170 billion in 2012.  The company founded by Jack Ma in his apartment 15 years ago has become the largest online seller on earth, dwarfing companies like Amazon and eBay. Their main business – the Alibaba marketplace – connects small and medium sized businesses with buyers inside and outside of China. While Alibaba’s success is unique, the form part of a largely trend – namely … [Read more...]

Where will the economy be this fall?

financial markets

As the summer starts winding down, it’s a perfect time to evaluate the health of the economy. Chances are that your business will perform better if the economy improves. Knowing what will happen over the remainder of 2014 and 2015 will help you make better decisions related to pricing, sales, hiring and borrowing. You don’t need to be an economist or get bogged down in reams of data. Just focus on these 5 key signals: Interest rates Since the financial crisis of 2008 the Federal Reserve has … [Read more...]

How to make an extra $5,000 per month

earn 5000 dollars

Most consultants that I meet aren’t expecting to make $10 million per year offering their services. As professionals they want to make a healthy six-figure income. But the constraints on their time – both selling and executing their consulting – make it difficult to scale their businesses. They reach a sales-plateau with little hope of generating more revenues beyond that maximum level. This can lead to frustration and disenchantment; especially if that plateau isn’t enough to support the … [Read more...]