What Increasing Healthcare Costs Mean for Small Businesses The good news about healthcare costs in the United States is that they have decreased from 6-7% per year to just around 4%. The bad news is that healthcare costs continue to rise faster than workers’ incomes. This increase in healthcare costs is a recipe for disaster…
Women Entrepreneurs Continue to Grapple with Gender Disparity in Business Capital Accessibility The small business sector is a major force in the American economy, responsible for two-thirds of jobs in the private sector. But despite significant progress, female business owners continue to suffer from a gender gap in factors that influence small business financing. Specifically,…
Consider a shareholder for any type of business If you are considering going into any type of business with others and are looking for some protection and peace of mind about your future relationships and protecting your assets with them, you should consider a shareholders’ agreement. What is a shareholder’s agreement? A shareholders’ agreement is…
Small Business Challenges and Operational Strategies As with so many things in life, some of the same qualities that help small businesses succeed, can also lead to their demise. Fortunately, many small business challenges can be lessened through operational excellence. For example, the owners and managers of small businesses often know each other before they…
How to Stop Employee Poaching by Competitors Due to the use of online marketing, business competition is fiercer than ever. This hypercompetitive environment causes many business owners to wonder how to prevent employee poaching by business competitors.. Obviously, this is best accomplished by treating your employees great, paying wages on the higher end of the…
Your Family Business Legacy Matters Enough to Do These Three Things Your family-owned and run business can be the greatest gift or the greatest burden to the people you love, if and when something happens to you. If you’ve planned well and properly for your family business legacy to be continued, managed or sold, it…
Broaden Your Business Market Landscape: Venture Overseas! Today, we live in a truly global economy, so much so that it is often natural to consider expanding by doing business overseas. The Internet helps make this quicker and easier than ever before. Before moving to global operations, however, it is important to consider how that decision…
The Benefits of a Business Succession Plan When most people think about planning for death, they envision personal estate planning. But even if you are already proactive in that area, you may not be finished if you own a business. A business succession plan is at least as important as a personal estate plan, maybe…
Family Business and Divorce If you co-own a family business with your spouse and you are facing divorce, a likely concern is how your business will be handled through the separation proceedings. The good news is, it’s really all up to you. And, so much of it depends on the legal counsel you have representing…
DIY’d a contract? It could come back to haunt you. Imagine this. You’re in a courtroom getting sued. You’ve done nothing wrong, except sign a contract you did not fully read nor comprehend. Now, your choice to DIY a contract has come back to haunt you, causing expensive litigation. This unfortunate scenario is not a…
This Partnership Agreement Will Become the Cornerstone of Your New Enterprise Starting a new business can be an exciting time, but one of the most important steps in forming a partnership should never be rushed. The partnership agreement will become the cornerstone of your new enterprise and needs to both define everyone’s roles and responsibilities…
Work-Life Balance: A Personal Perspective Pick up the latest copy of just about any business magazine, and you’re likely to find at least one article on work-life balance. Employers all over the country are talking about how to retain employees, particularly millennials, by enhancing work-life balance. But the conversation really can’t stop or start with…
The Downfall of Sports Authority Just last month, the nation’s former largest retailer of sports apparel and equipment, Sports Authority, filed for Chapter 11 bankruptcy protection. What can small business owners learn from Sports Authority’s failed business plan? After all, if the retail giant that owns the naming rights for Denver’s Mile High Stadium can’t…
Keeping Track of Tax Deadlines While Owning A Business If you own a business, particularly if it is a new business, you are probably concerned about how to track tax deadlines. Fortunately, the Internal Revenue Service has developed several methods to help with this very problem. First, though, you must know which taxes you are…
Most of us have been exposed over the years to discussions in the media around the issue of diversity. The concept is applied to most of the structures of our society — schools, employers, governmental bodies, and so on. For businesses, the interest in diversity stems largely from legal mandates such as the federal Civil…
As a business owner, you likely spend most of your time thinking about money, profit margins, and cash flow. But, your most valuable resource is actually your time and it’s time for you to invest a lot more of your energy using the money, which is infinitely renewable, to free up what’s nonrenewable your time,…
If you have a newly incorporated LLC or Corporation, you only have until March 15 to elect S-Corporation status for the 2016 tax year, using IRS Form 2553. This is important because there could be significant tax consequences to you, if you do not elect for S-Corporation status. As the owner of an LLC interest,…
The inclusion of older employees in the workforce benefits companies, the economy, and the employees themselves. More people are choosing to work later in life, sometimes to delay retirement and boost their Social Security check. Often, however, mature workers choose to work as a means to remain engaged and relevant. Contributions of Mature Employees Hiring,…
If you are relatively new in business, you may find that one of your biggest challenges is facing the reality that the people in your life aren’t taking your entrepreneurial endeavors seriously. How to Get Respect For Your Business Ventures This can show up in a variety of ways which undermine your success, including: Interrupting…
As the Baby Boom generation moves on to retirement and Millennials increase their presence in the consuming world, more companies are including Corporate Social Responsibility (CSR) in their business plans. According to the World Business Council for Sustainable Development, CSR is “a continuing commitment of business to contribute to economic development while improving the quality…
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