Many entrepreneurs start their business with the goal of earning an income for themselves, but they often think of the business only in terms of them running it. In truth, there is a huge benefit to starting a business either with the goal of selling it or at least setting it up so it can be sold at some point in the future. You don’t have to plan on making… Read more
A year into the pandemic, and we’d all like to see it behind us. But there are disquieting signs that the virus may part of our lives for longer than we want. The longer the virus can spread through a non-immunized population, the more chances it has to mutate into strains that are more contagious or more dangerous. Although vaccination rates are still far below what is needed to slow… Read more
April 15 2021 Is Not Like Other Years Today is usually the day for people to have filed their individual tax returns without extensions. It is also the due date for California Corp and LLC min tax of $800. And the due date for the Q1 tax estimates if you have those to pay too. But – we are still addressing the issues with Covid related changes, and so the… Read more
We’ve been spending more of our time staring at electronic screens all day, and rumors abound about the possible negative consequences of that, as this piece in Lifehacker explains. Eyestrain is real, but the blue light from our screens won’t damage eyes. Simply holding your device a bit further from your eyes may reduce just as much blue light as expensive blue-light-blocking glasses. Practicing the 20-20-20 rule may help alleviate… Read more
Living a debt-free life is one of the dreams of many people. However, paying down your debt is easier said than done. Some people struggle to keep up with their monthly bills and become overwhelmed with the amount of debt they have to pay. In these circumstances, it’s easy to “stick your head in the sand” instead of tackling the issue head-on. This approach only means you’ll be off track… Read more
At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, lots actually. Below are the reasons why… Read more
Some small business owners find themselves in the difficult position of running a business that appears to be profitable, but still having no money in the bank. It’s an important situation to address. After all, a lack of adequate cash flow is one of the main causes of small business failure. Here are three reasons profitable businesses have little money in the bank, and what business owners can do to… Read more
Congratulations! You got the COVID vaccine! Now what can you do? As an article in The Atlantic describes, there’s no one-size-fits-all solution, but “When deciding what you can and can’t do, you should think less about your own vaccination status, and more about whether your neighbors, family, grocery clerks, delivery drivers, and friends are still vulnerable to the virus.” While the vaccines do help keep the vaccinated people from getting… Read more
Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired your business, and in the meantime you have to pay employees, cover fixed expenses, buy supplies and pay your own subcontractors. Here are… Read more
If you’ve just started working with Xero, it is normal to make a few mistakes while you’re learning. We see mistakes that are quite common – and unfortunately costly – so you should be aware of them if you want to get the most out of Xero’s powerful cloud accounting system. 1. Not connecting all the bank and credit card accounts dedicated for your business Make sure that you keep… Read more
Keeping people safe in the pandemic requires a comprehensive approach, as explained by Aaron E. Carroll, a pediatrics professor at Indiana University. By taking the pandemic seriously, “far from posing a risk to its host city or town, a university could become—by supplementing behavioral measures such as masking and social distancing with widespread surveillance testing—a model for detecting and suppressing the virus.” By the time IU’s 87,000 students return to… Read more
Everyone wants to achieve financial independence. However, until you have enough income-generating assets, you are unfortunately dependent on someone else such as your employer. Investing in properties, when done right, can provide an ongoing income stream and a cash lump sum when you decide to sell it. If you are a first time property investor, check out these five tips that can help you along your journey towards financial independence.… Read more
Because we know you’re busy, we’re keeping this issue extra short. Just in time for Christmas, Jupiter and Saturn appear in close alignment this week, forming what some have called a ‘Christmas Star.’ The last time this happened was in the spring of 1226, when Notre Dame cathedral was under construction. Their closest connection will be on the Winter’s Solstice, when they will look like a double planet. To see… Read more
Some big questions answered. A little bit. Ok – Congress finally passed a bill to deal with the pandemic relief, stimulus and extenders. And, I hear, it is the 2nd largest bill (by page count) ever to be considered by Congress. So – this post is not nearly as detailed and won’t have all your answers. But – I want to get some info out that has been keeping me,… Read more
Running a business isn’t exactly a walk in the park. It is definitely hard work, but a rewarding journey at the same time and you can probably attest to this yourself. Sometimes, things also don’t go as planned and you may find your business under financial distress. Suddenly you find yourself falling behind on due dates, suppliers are chasing for payments, and your stress levels are skyrocketing. Regardless of the… Read more
The National Spotlights Shines on Small Businesses The Saturday after Thanksgiving, November 28, 2020, the national spotlight will turn on an often overlooked engine of our country’s economic growth: small businesses. Small businesses, or those with less than 500 employees, now comprise 99% of all U.S. employer firms. Over 23 million strong, small businesses is a sector of our economy that continues to grow rapidly. According to the Small Business… Read more
We’ve said it before and we’ll say it again – this has been an extremely difficult few months (well, year) for all of us, but there is no better time to think seriously about your business. In this article, we have compiled a few tips to create value in your business. The key to building value in your business is to plan the process in a systematic way, whether you’re… Read more
When customers make a buying decision, they’re not just considering the quality and price of your products or services, they are also evaluating the ease and convenience of the whole buying process. As a business owner, you should offer different payment options to provide the best customer experience and to ensure you receive timely payments Here are four ways your small business can accept payments in 2020: ● Credit and… Read more
I’ll figure it out when I’m ready to retire, which is the day after never …. That is the response we get from small business owners when we ask how much their business is worth. The wealth of nearly two-thirds (70%) of all small business owners is tied up in their business. For many of those individuals, the business becomes the personal retirement savings vehicle. Those individuals, however, could be… Read more
If you are like most small business owners, you find it difficult to plan because your future has more unknowns than your non-business-owning counterparts. You might not know how much your business is worth when you should sell, where to find the right buyer, how to fetch the best price, or even how much insurance to carry. If you have a family business or operate with a partner, you also… Read more