Not Good with Numbers? Are You Good with That?

How many times have you heard someone say, “I’m just not a numbers person”? Have you ever been that person? It’s a common expression and an easy escape hatch to fall through when you’re staring at spreadsheets full of numbers and formulas. But it’s a phrase, and an attitude, that’s ultimately unproductive and stopping you from taking your business to the next level. Continue reading

Make 2017 Your Best Year Yet with an Annual Plan – PART 2

Many businesses have been in business 3, 8, 12, or more years, yet each year is a repeat of any other prior year.  Why?  Because everyone is so caught up in the day to day work of the business (working IN the business) that they don’t take the time to step back and take an assessment of where the business is  and intentionally do things differently to move forward toward the vision for their business (working ON the business).  Continue reading

Retirement Options

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As the April 15 personal tax deadline looms, you’re likely overwhelmed with short-term concerns about your business budget and your personal finances. You should also be considering two crucial longer-term questions: What are you saving for retirement, and where are you saving it? Continue reading

A Cash Mob?

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What are Cash Mobs?

Cash Mobs are flash mobs, but instead of singing and dancing, people spend money as a group!  They target the small, local businesses that make each community special in order to give the business owners an economic stimulus.  They help businesses grow, they make people happy, buyers find something to buy, people have a great time and get together to celebrate afterward! Continue reading

It’s Beginning to Look a Lot Like Numbers…

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The season where we all start to look at our numbers will quickly be upon us. The end of the year. The context that those numbers are in matters, so take a deeper look this year until you understand what your numbers are really telling you.

Let’s say you brought in $200,000 of revenue this month. Is that good or bad? It depends. If you brought in $100,000 last month, it’s good. If your expenses were $400,000 this month, it’s bad. Everything in context. Continue reading

Personal Guaranties & Business Loans

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Business loans – particularly those for new startup businesses – often require the borrower to provide a personal guaranty for the bank to proceed with the loan.  A number of the clients that we speak with aren’t clear that if the business is unable to make the loan payments that they are personally liable to pay the business loan back even if the business closes.  In short, you promise to pay the loan back even if the business no longer exists – from your personal assets.

The following article, written by an attorney, helps explain the personal guaranty…     

Personal Guaranties: What Small Business Owners Need To Know

BY JOSEPH F. KOLB

Why do small business owners need to know about personal guaranties? Because personal assets – homes, cars, checking accounts – are on the line, not just business assets.

As a small business owner, it’s likely you’ve been asked to sign a personal guaranty agreement.  If not yet, you will be. Personal guaranties are staples of small business financing.  Consequently, it’s to your benefit to know a few things about them. Continue reading

A New Twist for Gift Cards

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Gift cards are big business. Each year $400 billion worth enter the market. About 30% of gift-card values go unspent annually, in part because it’s so easy to forget about that piece of plastic you’ve tucked away somewhere. At 23 George Bousis started his Chicago-based company, Raise, offering gift-card holders the chance to sell the cards they don’t want and buy others they do want at a discount. With the new mobile app, Raise lets consumers grab discounted cards as they wait in line to make a purchase. Continue reading

Business Taxes for the Self-Employed: The Basics

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Posted by the Internal Revenue Service

FS-2015-22, August 2015

For anyone starting a small business, especially those who are self-employed, the Internal Revenue Service offers some basic information on filing, reporting and paying taxes.

Generally, one is self-employed if they:

  • Carry on a trade or business as a sole proprietor or independent contractor, or are otherwise in business as an individual, including a part-time business
  • Own an unincorporated business

Continue reading

What Do We Do?

Logo resaved Have you ever been so busy with the work of your business that you felt like it was time to stop and take stock of what it is you do?

Bonnie reminded me that it’s probably time we do just that. I thought I would share with you what I came up with. Continue reading

5 Reasons You Should Pay Someone to do Your Accounting

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Many small business owners start out thinking they will do everything they possibly can in their business to keep costs low, including doing their own accounting.  Some have learned the hard way that small errors can add up to a big mess. Continue reading