Every new company should make an effort to updating a business plan. Generally, such a plan will comprise six sections: Executive Summary. Business Description. Industry and Marketing Analysis. Management Team Description. Implementation Plan. Financials. Now, ideally, you would comprehensively update each section every year. Have the size, shape and objectives of your company not changed … Continue reading “Updating A Business Plan: At The VERY Least, Update the Financials”
Month: October 2019
Accelerate Depreciation Deductions with a Cost Segregation Study
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider finding a cost segregation specialist for a study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the … Continue reading “Accelerate Depreciation Deductions with a Cost Segregation Study”
Deciding Whether a Merger or Acquisition is the Right Move
One of the best ways to grow rapidly, is by strategically doing a business merger or acquisition with another company. You might be able to significantly boost revenue, literally overnight, by acquiring another business. In contrast, achieving a comparable rate of growth organically can take years. By organically, we mean increasing sales of existing products … Continue reading “Deciding Whether a Merger or Acquisition is the Right Move”
Setting up a Health Savings Account for your Small Business
There is no hiding from the escalating cost of employer provided health care benefits. As such, it might be of interest to your business in providing some of these benefits through an Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to … Continue reading “Setting up a Health Savings Account for your Small Business”
6 Ways to Ensure Your Marketing Plan Drives Sales
Love and marriage,” goes the old song: “…You can’t have one without the other.” This also holds true for sales and marketing. Even the best of sales team will not see an improvement in sales if not accompanies by a well-researched and carefully executed marketing plan. Here are six ways to ensure your marketing plan … Continue reading “6 Ways to Ensure Your Marketing Plan Drives Sales”
Understanding & Controlling the Unemployment Tax Costs of Your Business
As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer … Continue reading “Understanding & Controlling the Unemployment Tax Costs of Your Business”
Laptop Battery Safety Is No Laughing Matter
It would be a surprise to find a business today that doesn’t have laptop computers among its list of assets. Large companies have hundreds of laptops. Midsize businesses generally issue them to managers to facilitate mobility. A lot of businesses are also following the “Bring Your Own Device“(BYOD) trend, allowing employees to do work on … Continue reading “Laptop Battery Safety Is No Laughing Matter”
The Chances Of An IRS Audit Are Low, But Business Owners Should Be Prepared
Many business owners ask: How can I avoid or prepare for an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited. However, overall, audit rates … Continue reading “The Chances Of An IRS Audit Are Low, But Business Owners Should Be Prepared”
Does Your Team Know The Profitability Game Plan?
Autumn brings falling leaves and the gridiron! Football teams, from high school to pro, are trying to put as many wins on the board as possible to make this season a special one. For business owners, sports can highlight important lessons about profitability. One in particular is that you and your coaches must learn from … Continue reading “Does Your Team Know The Profitability Game Plan?”