A troubling statistic from Forbes reveals that a whopping 75% of small businesses lack a Buy-Sell Agreement. That’s like playing Russian roulette with your future and the future of your loved ones. Let’s face it, nobody wants to think about…
A cashflow budget is an important tool that every business owner should have. It helps to ensure that your business has enough cash to meet all its needs, including payroll, inventory, and other expenses. A cashflow budget can also help…
Variance report is an essential tool for small business owners to gain insight into their financial performance and keep track of their expenses. It is a report that compares budgeted amounts to actual amounts, highlighting areas of over or under-spending.…
Starting a small business is an exciting journey, but it comes with many challenges, especially when it comes to financial planning. Budgeting is one of the most crucial aspects of any small business’s success, yet many small business owners skip…
Annual budgeting is a crucial process for any business, big or small. It involves creating a financial plan for the upcoming year and helps in determining how much money needs to be allocated to different areas of the business. This…
Benchmarking is a technique used to compare the performance and quality of products, services, or processes against industry standards, competitors, or other organizations. It can help identify areas where improvements can be made and provide guidance on how best to…
On Jan. 5, 2023, the Federal Trade Commission (FTC) announced a proposed rule that would prohibit employers from imposing or enforcing noncompete clauses on workers. The proposed rule was published in the Federal Register on Jan. 19, 2023. The public…
Inflation typically has a negative connotation associated with it, however, this does not mean doom and gloom for the Entrepreneur or small business. There are opportunities to increase margin and cash holdings. Begin with the end in mind.– Stephen Covey…
In the final days of 2022, Congress passed a new set of retirement rules designed to make it easier to contribute to retirement plans and access those funds earmarked for retirement. The law is called SECURE 2.0, and it’s a…
Even in the best economic times, it’s not uncommon for clients and buyers to seek business discounts on your products or service solutions. From their perspective, there can be many reasons to ask for better pricing: lack…