Innovation serves as a cornerstone of growth and competitiveness for businesses of all sizes. Small business owners play a pivotal role in nurturing a culture of innovation within their organizations.… Read more »
The post Top 15 Ways Small Business Owners Can Foster a Culture of Innovation appeared first on Noobpreneur.com.
Does it pay to be highly successful? From a personal and professional viewpoint, sure. You get satisfaction from helping your clients and customers and achieving milestones, as well as financial rewards. But from a tax viewpoint, success has its downside. Federal tax rules may penalize your efforts. Higher income tax rates aren’t the only things applied to owners who are very profitable. There are additional tax costs, all of which contribute to a significant tax bill. While taxes won’t dampen the drive for success, they do cut into what can be pocketed. Understand how these additional tax costs work. Added […]
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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.
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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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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Financial experts suggest that people have a savings account to cover 4 to 6 months of expenses in case of an emergency. Yet, according to Bankrate, only 43% of Americans have $1,000 saved for an emergency. This can lead to stress and anxiety for employees who are in the other 57% of the population, which in turn can adversely impact productivity. To help alleviate the situation, if your business has a 401(k) plan, you can allow for a pension-linked emergency savings account (PLESA) beginning in 2024. Here are some considerations to help you decide whether to go forward and get […]
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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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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 […]
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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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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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