As your small business grows, you may find yourself playing more and more roles in its operation — marketer, sales rep, receptionist, bookkeeper, and even janitor. When you reach a point that you decide you need help, you will have to choose between hiring employees and contracting outside service providers. The pros and cons of [...]
Going into business with a partner can have many benefits. Partners often bring a complementary set of skills to a business that can make it stronger, and you can share the risks, stresses, and rewards. However, partnerships can also be problematic. Here are five potential trouble spots that can strain your relationship or even destroy [...]
Incorporation can be a smart decision for small businesses as they start to grow. Knowing when and how to do it, however, is sometimes difficult, and the process can be complicated. Here are four (often costly) incorporation mistakes that small businesses tend to make. 1. Incorporating Too Soon A common myth about incorporating your business [...]
Every small business needs to conserve capital and run its operations efficiently. Once you have employees, you have less direct control over your company and need to rely on a well-trained, efficient workforce. Although most employees are hard-working and align their interests with yours, some may take advantage of their positions and end up costing [...]
To start your small business, you may have given up a corporate job and borrowed money from your retirement savings. Forgoing a salary in your new role may be unrealistic and can damage your personal financial plan. Yet it can be confusing to figure out what to pay yourself as your company — and your responsibilities [...]
How do you measure the success of your company? If you’re like many small-business owners, you rely on two traditional financial reports: the balance sheet and the income statement. The first tells you what your business owns and owes at a particular point in time, and the second tells you what profit you’ve made over [...]
Tax mistakes can be costly for your small business. See the top 5 common tax mistakes that businesses make and to how to avoid them in your business.
When you develop a new product or service, it’s difficult to know whether customers will like it or how well it will sell. Large corporations typically hire research companies to test an offering before it goes to market with a sample of potential customers. These focus groups give honest feedback regarding what they like and [...]