Category

Small Business Operations

How to Avoid and Resolve Conflict with Your Business Partner

How to Avoid and Resolve Conflict with Your Business Partner

By | Small Business Operations

Starting a business with one or more partners can be an excellent way to combine resources and draw on the different strengths that each partner brings to the venture. As with any relationship that involves human beings, however, you must be prepared for the potential of conflict with a business partner. It may be inevitable, but that doesn’t mean it needs to ruin the business relationship or the relationship the…

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Follow These Tips to Reduce Small Business Expenses

Follow These Tips to Reduce Small Business Expenses

By | Small Business Operations

The whole reason you started a business was to have greater control over your earning power. That’s why it can be so frustrating to see your profits disappear to cover a multitude of expenses. While it’s impossible not to incur small business expenses, following some of the tips below can prevent too much of your business revenue from slipping away. Outsource Irregular of Repetitive Tasks When your small business only…

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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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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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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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Next Generation of Small Business Owners Increasingly More Diverse

Next Generation of Small Business Owners Increasingly More Diverse

By | Entrepreneurship, Small Business Growth, Small Business Operations

As we head towards the third decade of this millennium, small business owners are increasingly reflecting the diversity found in the larger society. The most dramatic change exists between business owners of the current generation and those in the process of starting a business of their own. While white males still make up the majority of small business owners, there is a greater representation of women, African Americans, Hispanics, Asians,…

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7 Marketing Strategies to Help Your Business Grow

7 Marketing Strategies to Help Your Business Grow

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

As a business owner, you put so much thought and energy into mapping out the path for your business to grow. One step you can take to increase your return on investment is to develop a solid marketing strategy. A good marketing strategy will increase your brand recognition, and will take into account all marketing channels which will help to grow your business. By developing a really good marketing strategy,…

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