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Mid-Year Tax Planning for Your Business

Mid-Year Tax Planning for Your Business

General Business, Homepage, Small Business, small business owners, SMB Taxes, tax credit, tax planning, tax savings Thursday, June 29, 2023 5:17 am

Can you believe that half of 2023 is over? The first half of the year has been a rocky one economically speaking. There were several interest rate hikes from the Federal Reserve, inflation moderated somewhat, and the debt ceiling crisis was averted. But according to the NFIB Survey for May 2023, optimism among small business owners continues to be well below the historic average. There are still supply chain disruptions and labor shortages. Where does your business stand? In order to do any tax planning, you need to assess your business performance for the first half of the year. Tax […]
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Recession-Proofing Your Business: Plans B and C

Recession-Proofing Your Business: Plans B and C

business plan, contingency plans, General Business, Homepage, planning, recession, recession-proofing your business, Small Business, SMB Financial, supply chain Thursday, June 22, 2023 5:40 am

It’s common knowledge that having a business plan is helpful, if not essential, in running a successful business. But savvy business owners know that having backup plans to address anticipated or unexpected contingencies is just as important. Understand how contingency planning operates and what matters you should address so that you’ll be prepared to handle a recession if it should happen. How plans B and C work The concept of contingency planning is nicely illustrated by HUD’s approach to winter planning back when COVID-19 was a serious issue. Plan A covered the usual or normal projected needs of communities for the […]
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5 Business Lessons I Learned from My Dad

5 Business Lessons I Learned from My Dad

business lessons, Father's Day, General Business, Homepage, lessons learned, running a business, Small Business, taking risks Thursday, June 15, 2023 5:15 am

Father’s Day is a few days away and this day reminds me of the business lessons I learned from my dad at the dinner table each day while I was growing up. He was a co-owner of a machine shop—a small business—that made parts for such items as telephone equipment, helicopters, and the Minuteman missile. Needless to say, his lessons—spoken and unspoken—had a profound impact on me. This is a blog I’ve run before but wanted to honor my dad by re-running it now…with some modifications. Lesson 1: Running a small business is 24/7. My dad talked about the routine […]
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Lessons for Small Business Owners from Poor Richard’s Almanack

Lessons for Small Business Owners from Poor Richard’s Almanack

business plan, favorite quotes, General Business, Homepage, lessons, Small Business, small business owners, transparency Tuesday, June 6, 2023 5:14 am

Published annually by Benjamin Franklin from 1732 to 1758, Poor Richard’s Almanack was a compendium of weather predictions, advice, poems and stories, jokes, proverbs, and more. It was a best seller in its day. A number of the famous bits of advice, which arguably were “borrowed” from other sources, are still helpful today for small business owners. The following is some advice that holds true now and what I think it can mean for you. “Well done is better than well said.” Poor Richard’s Almanack, 1737 As a business owner, you need to walk the talk. This is true in […]
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What Are Your Sentiments about AI?

What Are Your Sentiments about AI?

artificial intelligence (AI), automation tools, decision making, General Business, Homepage, Small Business, small businesses, Technology Tuesday, May 16, 2023 5:22 am

Artificial intelligence or AI, a term coined in 1956, is in the headlines every day. It’s been touted as the best thing to come along and the worst thing as well. The reality probably lies somewhere in the middle. Will it mean the end of humans (as Stephen Hawking suggested), or at least a big job killer (replacing 300 million jobs worldwide)? Will it provide solutions for small businesses? Have you thought about AI and your business? Do you understand what ChatGPT can do (there are already more than 100+ million users)? It’s time to understand the technology and what it […]
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How Being a Mom Prepared Me to Run a Business

How Being a Mom Prepared Me to Run a Business

Business, business owner, celebrating mothers, General Business, Homepage, moms, Mother's Day, running a business, Small Business Thursday, May 11, 2023 5:38 am

Mother’s Day, the second Sunday in May, is an annual event to honor the sacrifices that mothers made for their children. For retailers, it’s an opportunity to sell gift items. For restaurants, it’s a time that moms are taken out for brunch or dinner. For me, it’s a time to remember my mom. And it’s given me pause to think about what being a mom has trained me to do when it comes to running a business. Here are my thoughts on what I learned from raising children. Set rules There are certainly different parenting approaches. I choose to be […]
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FAQs on Small Businesses in 2023

FAQs on Small Businesses in 2023

General Business, Homepage, National Small Business Week, self-employed individuals, Small Business, small business owners, small businesses, SMB Financial, Statistics Tuesday, May 2, 2023 5:50 am

Small Business Week 2023 runs from April 30 to May 6, so it’s a great time to be talking about small business. Often “small business” is a buzz word used by politicians and large corporations that want to look sympathetic to the challenges actually faced by self-employed individuals and small business owners. But it’s also a favorable status that can help businesses get a pie of the federal government’s procurement pie. The fact is: small businesses are statistically significant. The SBA’s Office of Advocacy released FAQs about small businesses. Note that the SBA usually defines small businesses as those with fewer than […]
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Recession Proofing Your Business Requires Inventory Management

Recession Proofing Your Business Requires Inventory Management

General Business, Homepage, inflation, inventory management, recession proof your business, Small Business, SMB Financial, supply chain Tuesday, April 25, 2023 5:08 am

In the last couple of years, the biggest concern for inventory-based businesses has been supply chain disruptions. Now, the focus is on managing inventory in inflationary times with the threat of a recession looming. It’s already been reported that there’s an oversupply of cars, which likely will lead to price wars. What happens when there’s an oversupply? Less demand usually means lower prices. As quipped on PictureQuotes.com, “talk is cheap because supply exceeds demand.” While a recession is not a certainty but surely a strong possibility, what should you be doing now to ensure your inventory meets the Goldilocks standard—not too […]
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Are You Properly Insured?

Are You Properly Insured?

business insurance, business interruption, business losses, business owner's policy, General Business, Homepage, insurance coverage, Small Business, small businesses, SMB Financial Tuesday, April 18, 2023 5:25 am

Insurance coverage is a must for businesses that hope to survive the impact of storms, fires, and other dramatic, unexpected events. There are certain types of occurrences for which you may think you’re covered, but on closer examination find you’re lacking. Or, even if covered, the extent may not be sufficient. Think about the small businesses in East Palestine, Ohio, who were shut down when the train carrying toxic chemicals derailed there on February 3, 2023. Residents were evacuated and told not to return until February 8, 5 days later—when businesses also began to reopen. But small businesses suffered considerable […]
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Expiration of the COVID-19 Public Health Emergency and Your Business

Expiration of the COVID-19 Public Health Emergency and Your Business

company policy and vaccines, COVID-19, General Business, Homepage, pandemic, public health emergency, Small Business, work arrangements Thursday, April 13, 2023 6:36 am

May 11, 2023, marks the end of the public health emergency for COVID-19. Many businesses for months have been acting as if the pandemic was long since gone. But the official end to the public health emergency on May 11th, an emergency that lasted more than 3 years, can have some impact on your business and require that you take certain actions. FAQs prepared jointly by the Departments of Labor (DOL), Health and Human Services (HHS), and the Treasury give guidance to employers on what to do now with respect to certain activities. Group health plans Group health plans are […]
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