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Small Business Cents
In the market for a business loan? Heard about SBA loans but not really sure how they work or how to go about applying for one? The following are common questions that small business owners have about SBA loan programs and the loan application process. 1. How do SBA loans work? While the SBA does offer numerous loan programs to help small business owners finance their businesses, it doesn’t actually lend businesses the money. Instead, a bank makes the loan, which is backed by the SBA. This allows the bank to take a little more risk...
So, your business is growing. While you may or may not have an accountant on hand, what about your bigger financial picture? Is it time to hire a Chief Financial Officer? More than just a bookkeeper, payroll administrator or keeper of P&L and cash flow statements, a Chief Financial Officer (CFO) can help you plan, model, forecast and make better business decisions. A CFO looks at your business holistically–this includes people, processes and systems–and ensures that together you have accurate financial information to plan for...
Considering options for funding your start-up? Wondering if now is the right time to seek venture capital, but worried about losing control of your business? Here are some tips for weighing your funding options, finding the right venture capital firm for your needs, and working with them once you’ve received your first injection of seed money. Is Venture Capital Right for Your Small Business? If you are looking for funding under $200,000, smaller angel investors (this could include borrowing from family and friends) or peer-to-peer...
Securing small business financing can be challenging. Whether you are just starting out or looking to grow, banks and lending institutions can be rigorous in their lending review practices. For example, businesses with few assets to their name may find it hard to secure a traditional loan. Other business owners may not be able to provide the reassurance that lenders seek to alleviate their concerns that your business may fail and the loan won’t get repaid. So when you approach a lender, it’s just as important to understand the...
It’s that time of year again—W-2, W-3 and 1099 reporting season. The Affordable Care Act has changed things a little this year in terms of the information you must provide your employees on their W2s. Read on for an update and a refresher of other reporting obligations and how to file the right forms. Reporting Employee Wages and Taxes – What’s New on Form W-2 If you paid an employee any amount in wages in 2012, you must issue an annual W-2 form to report the wages, income tax, and FICA tax withholding, along with...
Did you start a business last year? No? Are you planning to start one this year? Did you know you can choose the tax year you intend to operate under? Choose well, because there are pros and cons for either method. A tax year is an accounting period for which you must report your taxable income and business expenses, and the law requires you to operate according to a consistent tax year. The most common is the most obvious: the calendar year. However, businesses can also report based on a fiscal tax year and a short tax year. Here...
Are you turning down work because you simply don’t have enough time or hands on-board to take it on? Thinking of hiring your first employee? Congratulations – your business is doing well! But before you advertise for a new employee, proceed with caution. Hiring staff is a commitment to the future, and should be made in the context of your long-term growth plan and whether you really want to be an employer. Here are some points to consider, plus some tips for determining whether you can afford to hire your first employee. 1. ...
As you look forward to a new year and new business opportunities, is the health and wellness of your employees at the forefront of your 2013 business plans? According to a new study of more than 1,000 small-business owners by Humana and the National Small Business Association (NSBA), 93 percent of small businesses consider their employees’ physical and mental health to be important to their bottom line, and 54 percent say it’s “extremely important.” But despite that, only a third of respondents are...
During the season of giving thanks and giving gifts, charitable giving can make a big difference to those in need and also shine a favorable light on your small business. But what’s the best approach and how do you claim that all-important tax deduction? Here are some tips for developing a charitable giving strategy and claiming the right deduction. Giving Back is Good for Small Business Research shows that giving back is not only important to small business, but also important to your customers. According to a 2010 philanthropic...
The holiday season is crunch time for all of us – whether you’ve got gifts to buy or gifts to sell. If you’re a small business owner facing the busy holiday shopping and dining days ahead, here are some last-minute tips to help you maximize your holiday sales. Fine Tune your Holiday Online Campaign ‘Tis the season of countless email offers, but there are still last-minute steps you can take to stand out from the crowd. Here are a few tips for an effective “holiday countdown” online marketing campaign:...
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by Caron_Beesley, Community Moderator on Tuesday, February 19, 2013 - 08:26