7 Tips to Help Your Small Business Stay Competitive Against Big Retailers

7 Tips to Help Your Small Business Stay Competitive Against Big Retailers

By | Small Business Growth, Small Business Sales

  Small business changed forever once the Internet came on the scene in the early 1990s. The inability to stay competitive with such online shopping giants as Amazon.com forced many small businesses with brick and mortar locations to close for good. While some have panicked and assumed this meant the end of mom-and-pop type stores, that simply isn’t true. However, the businesses that remain must adapt to new ways of…

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Best Practices for Splitting Profits in a Small Business Partnership

Best Practices for Splitting Profits in a Small Business Partnership

By | Entrepreneurship, Small Business Operations

  Determining partnership profits in a business can be a huge source of strain, if not handled properly from the start. Before starting your business with one or more partners, make sure that you all agree on the structure of your business first. This can have a big impact of partnership profits as can the time and individual resources each partner contributes to the business. Business Partnership Structuring Options A…

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How The Latest Trends in Payment Methods Can Impact your Bottom Line

How The Latest Trends in Payment Methods Can Impact your Bottom Line

By | Small Business Operations

If you’re a small business owner who doesn’t pay attention to trends in payment methods, now is the time to start. With technology making new payment methods available to small businesses all the time, customers have come to have certain expectations. Your small business may lose customers to the competition if you cannot provide at least the same options. Preferably, you want to offer customers even more payment choices than…

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Meet Important Tax Deadlines to Avoid Unnecessary Fees and Penalties

Meet Important Tax Deadlines to Avoid Unnecessary Fees and Penalties

By | Business Planning, Small Business Operations

Paying your taxes once a year by April 15 is fine, when you work for someone else. However, this date is just one of many tax deadlines you must meet when you own a business. The types of taxes that the Internal Revenue Service (IRS) and your state government expects you to pay depends on the way you have structured your business. One example is whether you have official employees…

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Avoid These Red Flags That Can Trigger an IRS Audit

Avoid These Red Flags That Can Trigger an IRS Audit

By | Business Planning, Entrepreneurship, Small Business Operations

As a small business owner, you have enough on your plate already without worrying about how to defend yourself should the Internal Revenue Service (IRS) decide to audit your return. When the IRS audits someone, whether an individual taxpayer or a business owner, that person bears the burden of proof for whatever the IRS is questioning. The best way to avoid this situation entirely is not to take any actions…

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Profit Hides Lots of Mistakes

By | Business Planning, Entrepreneurship, Small Business Growth

As business owners become content and satisfied, they become less motivated to maintain optimal health in their organizations.  In fact, our research shows that over 80 percent of businesses suffer from this condition, and it is costing them significant profitability and cash flow opportunities. Read more about this phenomenon in my article on Missouri Business here.    

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Adopt These 10 Steps to Successfully Manage Business Finances

Adopt These 10 Steps to Successfully Manage Business Finances

By | Entrepreneurship, Small Business Operations

Starting a new business is exciting, especially if it’s something you feel passionate about and have dreamed about for years. While managing your business finances is less exciting, it’s something you must do nonetheless. Below are 10 tips to help manage your business finances well from the start. Maintain separate banking, credit, and loan accounts for personal and business use. You will need to do this immediately if you plan…

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5 Factors to Consider When Launching an Entrepreneurial Career

5 Factors to Consider When Launching an Entrepreneurial Career

By | Entrepreneurship

Being an entrepreneur can be extremely stressful, since pretty much everything depends on you accomplishing your objectives, but it can also be very liberating because you’re no longer working for anyone else, and you’re completely in control of your own destiny. Before you embark on your entrepreneurial career, there are some things you should consider about what to expect in the business world. Find your passion Whatever you become involved…

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4 Strategies to Help Increase Your 2019 Business Profits

4 Strategies to Help Increase Your 2019 Business Profits

By | Business Planning, Entrepreneurship, Small Business Growth, Small Business Operations

The end of a calendar year is a common time for business owners to reflect on how they can be more profitable in the new year. You might even feel discouraged because you don’t know how you can possibly take on more business and still have time for a life outside of work. If so, you will be happy to know that increasing profits doesn’t always mean taking on more…

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