A business bank account is one of the most important financial tools you will use to manage your company’s finances. It helps you keep accurate records, prepare reports, make deposits, and separate your business banking from your personal banking. Once you decide which type of bank will best serve the needs of your business whether it is a major commercial bank, credit union, or community bank, you should then focus on establishing a favorable bank rating. Your company’s bank rating is different from a business credit rating...
It’s August and soon enough, school will be in session for millions of children across the nation. If you don’t have children, you may think this doesn’t mean anything to you. Well, think again. The nation’s schools are rapidly becoming a marketing venue for businesses large and small. And if your small business targets local customers, there could be a way for you to take advantage of this trend. Why are schools such a great place to market your business? Well, although the recession has officially been “over...
Last year, more than *565,000 businesses were started in the U.S. The majority will make it – at least for a number of years – some will not. Unfortunately, many owners believe certain myths about starting and running a business and these beliefs can be their undoing. If you’re thinking of starting a business or have recently begun one, make sure you know fact from fiction so you can be a good statistic! Myth 1: You can do it yourself. When getting started, many owners try to save money by doing everything they can by...
There’s a lot of excitement leading up to the purchase of a franchise business. Searching for the right franchise business to invest in involves many steps, and they all have to be done right, in order to minimize financial risk. One step has to do with the money; setting a budget for the franchise business, and arranging a small business loan. (Hopefully, the SBA can get involved!) All franchise buyers need *a plan. Most forget to do the following though, even with all the planning in the world; They forget to set-aside money for living...
First off, let me assure you this isn’t a judgmental post. I’m not going to claim you’re doing your social media outreach wrong or proclaim I’m all knowing in all that is Twitter. What I’d like to do here is just provide some food for thought and some best practices for representing and promoting your business on Twitter as inspired by an interaction I had with a recent aspiring entrepreneur. For the sake of this post we’ll call him Ted. Ted has an account on Twitter. Ted also has a new product he would like...
Increasingly, we small businesses are coming face to face with the realities of the Web. After all, customers expect to find our businesses online – for many businesses it is NOT optional. Buyers are now researching purchases and service providers online before ever setting foot in a place of business. And more and more types of transactions are being handled online or with a combination of online and telephone. If you can’t be found online easily, your business could be losing money while your competitors...
By Bill Gormley Acquisitions and mergers are a part of business – especially for a small company. Let’s say you’re a small company with a GSA Schedule contract and you’re bought by a larger company, or merged with another small company. What happens to your contract? This is an important question not only from the perspective of continuing to do business with the government, but also from the perspective of continuing to get paid by the government. Here are the rules, according to Carolyn Alston, General Counsel at...
I travel every week, and I often schedule a car service to go to the airport. The last several times I’ve gotten the same older gentleman who is charming without being over-bearing with conversation. (I don’t like too much chit-chat.) When we get to the airport, I ask “What do I owe you?” Each time I get the same response, “Pay me whatever you like.” I thought he was joking at first, but when I asked him again and got the same answer, I realized he was serious. I...
Former president and military strategist Dwight D. Eisenhower said it best: “The plan is useless; but planning is essential” And that’s as true for businesses as it is for armed combat. Whether or not you need a formal business plan document for your business, you can always benefit from good planning. This post is about five principles of good planning that can help every business. Including yours. 1. It’s about results The purpose of business planning is better business: More money, better management, teamwork...
Did you know that over 65% of all small businesses use credit cards on a regular basis but less than 50% of those cards are actually in the business name? Are you putting your personal credit and personal assets at risk too? Let’s review some of the most compelling reasons why you should apply for a business credit card for your company. First, co-mingling personal resources like credit can jeopardize the protection of the corporate veil. If you believe you are fully protected because you are incorporated think again! The alter ego...
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