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Considering Retirement? Don’t Just Shut Down Your Business, Sell It!

Considering Retirement? Don’t Just Shut Down Your Business, Sell It!

business owners, exit planning, General Business, Guest Blog, Homepage, Retirement, selling your company, Small Business Tuesday, August 29, 2023 4:22 pm

It’s a well-known fact that most business owners pour their heart and soul into their business ventures. When the time comes to retire, closing down the business may seem like the easiest way out. However, shuttering your business might not be the most profitable decision that you can make. Selling your business is a probably better option. Here’s how to prepare for a successful business sale when you feel it’s time to move on. Should You Close Your Business? Before delving into the details of selling a business, there’s a fundamental question: should you close your business? The answer is […]
The post Considering Retirement? Don’t Just Shut Down Your Business, Sell It! appeared first on Barbara Weltman.

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Recession Proof Your Business Using AI

Recession Proof Your Business Using AI

AI, AI ethics, AI tools, General Business, Homepage, recession proof your business, Small Business Tuesday, August 29, 2023 5:24 am

Are we going to have a recession or not? Ask 3 economists and you get 3 different answers. The best course of action is to prepare and if we don’t have a recession, the business is in a better position anyway. One way to prepare is to deploy generative artificial intelligence (AI). It’s been reported that over half of businesses have already experimented with AI. If you haven’t tried, you may well do so soon. Here’s what using AI can mean to you and how it can help you if a recession occurs. Generative AI Generative AI is defined as a […]
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10 Ways to Borrow Money for Your Business Now

10 Ways to Borrow Money for Your Business Now

borrowing, business financing, business loans, Crowdfunding, General Business, Homepage, Small Business, Small Business Loans, SMB Financial Thursday, August 24, 2023 5:25 am

You may need money for your business, but interest rates are high right now. It’s been reported that small businesses are paying the most for loans in 16 years, with the average rate on a short-term loan at 9.2% Still, you may need money to renovate your facilities, hire additional employees, invest in technology or expand to another location. If you need capital to make your vision a reality and you don’t have cash on hand, borrowing may be your only option. Here are 10 places to look for loans, and the upside and downside of each type of borrowing: 10 […]
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New Federal Reporting Requirement for Small Businesses

New Federal Reporting Requirement for Small Businesses

business ownership, Corporate Treasury Act (CTA), federal regulations, Homepage, information reporting, red tape, Small Business, small businesses, SMB Legal Tuesday, August 1, 2023 5:20 am

If you asked most small business owners, they’d say that paperwork and red tape are the hallmarks of government and the bane of their existence. Well, it’s about to get worse.  Starting January 1, 2024, a new reporting rule takes effect. What the rule is all about and what you need to do: Background Back in 2021, Congress passed the Corporate Transparency Act (CTA) to help the Treasury learn more about business owners as a way to prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activities. Small businesses that are formed under state law—corporations, limited liability companies, […]
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Recession-Proof Your Business by Diversifying—5 Ways to Do It

Recession-Proof Your Business by Diversifying—5 Ways to Do It

diversify, General Business, Homepage, new technologies, Online Selling, recession proof your business, Small Business Thursday, July 20, 2023 5:52 am

The pandemic taught a valuable lesson—the need to adapt and diversify. Those that did—restaurants that launched take-out orders and outdoor dining, bricks-and-mortar stores that began online selling—were the ones that survived that crisis. If and when a recession hits, diversifying your business now can cushion you and help you survive. Even if there’s no recession, diversifying can certainly increase your revenue. Here are some ways to diversify. They’re not new ideas, but may be new to your business plan. 5 Ways to Diversify Your Business 1. Expand your product line Whether you provide goods or services, you can add to […]
The post Recession-Proof Your Business by Diversifying—5 Ways to Do It appeared first on Barbara Weltman.

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10 Things to Do for Your Business Now

10 Things to Do for Your Business Now

Business Growth, business operations, General Business, Homepage, save money, slow summer, Small Business, tax planning, vacation Thursday, July 13, 2023 5:23 am

For many businesses, summer is a slow time. Customers and clients may be on vacation, and you may have time on your hands. Don’t waste this time. As Miles Davis said: “Time isn’t the main thing, it’s the only thing.”  Here are 10 things—in no particular order—that you can do now to save you money, improve operations, and position you for growth in the future. 1. Take stock of your business. With half the year over, look at your numbers year-to-date. Have you been as profitable as you anticipated? What problems did you have and how did you solve them? […]
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Employment Taxes: 4 Problems with Solutions

Employment Taxes: 4 Problems with Solutions

employment tax rules, employment taxes, FICA, Homepage, independent contractors, Payroll, Small Business, SMB Taxes, tax deposits, worker classification Thursday, July 6, 2023 5:27 am

If your business has employees—including yourself—there are employment tax obligations imposed on the company (the “employer”) by the federal government. There are also state and local employment tax rules, such as paying unemployment taxes. The failure to follow the rules can result in penalties for the company, or even for you, personally, as the owner. The following are some  problems related to federal employment taxes…and what you can or should do about them. Problem 1:  Misclassifying workers to avoid employment taxes If workers are independent contractors, there are no employment tax responsibilities on the company. This is a substantial cost […]
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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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