finance Archives - Successful Blog

Is Your Small Business Firing on All Cylinders?

October 10, 2018 by Thomas

In running a small business, is it firing on all cylinders?

For some small business owners, they are missing out on one or more key facets of success. As such, it can leave their companies in peril if they do not tend to the matter sooner than later.

With that in mind, are you taking the steps to make sure your business operates at its greatest potential?

How Are Your Finances Going?

One key to piecing together a successful brand is making sure your money situation is good.

That said you want to do all you can to be sure you have the funds to keep things running as smoothly as possible.

So, when was the last time you sat down to look at your financial books?

In the event you are having trouble making ends meet, it may be time to consider small business loans.

Should you decide to consider a small business loan, where best to start?

For starters, know which loan providers are most worth your time.

One of the ways to go about doing this is by going online. Once on the Internet, you can research to see which loan providers would have your best interests in mind.

If you’re friends with some other business owners, ask them who they went to when they were considering a loan. The feedback you get from your friends in the small business world can prove quite fruitful.

Once you have a small loan provider you think you can work with, determine how much of a loan you in fact will be seeking.

Also take into account what the loan will be geared towards.

Among some of the reasons you would be seeking a small business loan:

Financial capital to grow your business
Money to pay down debts
Added funds to buy office equipment
Taking on more inventory

No matter the reason you could be seeking to take out a loan, be sure to do your homework. When you research different loan providers and why you need a loan, there’s less chance of making a bad decision.

Staying Up to Date on Employees and Technology

As important as a loan can be for you make it a point to not overlook the importance of employees and technology.

When it comes to your employees, do you do all you can to go about hiring the best out there?

Although you may make a mistake or two in hiring at times, you do not want to make it the norm. Too many bad hires can lead to a revolving door at your company. In the event you have investors, they do not want to see too much turnover. The wrong hires can also lead to issues as far as employee morale.

As it relates to technology, do your best to have the latest tech available to you and your employees.

Keep in mind that there are many savvy consumers out there. As such, they expect you to be a leader and not a follower in technology and the customer experience.

In doing all you can to make your business fire on all cylinders, are you coming out ahead?

Photo credit: Pixibay

About the Author: Dave Thomas covers business topics on the web.

Are You Investing in the Right Business Opportunities?

February 21, 2018 by Thomas

Trying to come up with the right commercial property investments can prove tricky at times.

Making the right calls more times than not is critical if you want to avoid financial issues now and later.

So, where do you turn for the best business commercial property investment strategies?

You can and should of course talk to the experts. You may also want to do research in business periodicals. Last, the Internet can be a great go-to source. No matter where you go for advice, be sure to do some careful listening to understand what is REIT investing.

With real estate investment trusts, investors can invest in sizable commercial property assets. Those assets would more times than not be unavailable to one to invest through their own doing.

So, will you be placing your money in the right commercial investment opportunities?

Have a Plan in Place Before You Invest

Before you invest one dollar in any commercial property, have a plan in place.

Among some of the key areas to understand:

What most grabs your attention? – Before investing in any commercial property, know what you have the most interest in. Would your dollars best go towards a shopping center, office building or warehouse? By knowing where your money is likely going to grow in time, you are better suited to make a sound decision.
What is the potential growth possible? – In the event you have interest in an investment for an office building, is there potential growth? The factors that go into that can be a handful or many. Be sure to sit down and see how other area properties are doing when it comes to a return on one’s money. While there are slow times in the market, you don’t want to be investing in an area that has seen steady decline.
What obstacles stand in the way of growth? – If thinking of investing in a shopping center, are there any obstacles that could stand in the way of its growth? An example of this would be if businesses have been pulling out of an area for one reason or another. This may be due to financial issues, higher crime etc. in the area. Although some obstacles can be overcome, you don’t want to be investing in areas where there is concern.
Where you are in life – Last, where you are in life can also play a major role in your business investment strategies. A younger investor can be more flexible. They have more time to recover from an investment should it not pan out. Meantime, an older investor doesn’t want bad investments cause issues for retirement.

As you look at investing in the right commercial business opportunities, be sure to do your homework.

When you do, you will more times than not come out on the winning end.

Photo credit: Pixibay

About the Author: Dave Thomas covers business topics on the web.

Is Your Small Business on Shaky Financial Ground?

June 21, 2017 by Thomas

As you sit back for a moment and assess where your small business is, are you happy with what you see?

For countless small business owners, there is much to be happy about. Hard work and smart financial decisions have left them with healthy businesses.

On the flip side of the coin, you have some small business owners who are far from running healthy brands.

For whatever the reason may be, they are struggling to make ends meet. As a result, times are tough to say the least.

That said how can you position your small business to be as healthy as possible when it comes to finances?

Lower Your Debts and Boost Your Income

So that you are in the best possible financial position you can be now, keep in mind these pointers:

Income

You want to be making as much income as possible as you run your company.

With that in mind, how do you get by when times are tough?

You have to figure on there being some down times throughout your business run. As a result, having the all-important rainy day fund to get you by is crucial.

Your income is also of course affected by how much outreach you do. This is especially the case in trying to get new customers to come aboard. If you are doing very little in marketing and advertising, how can you expect consumers to know about you? Even if you have to trim your promotional budget from time to time, do not drop it altogether.

Also make it a point to encourage your current customer base to help you recruit new customers.

By providing the former with loyalty rewards, they are more likely to spread the word.

Debts

Although you would love to be clear of all debts, you more than likely can’t say that is the case. As such, it is important that you manage your debts.

One of the ways to go about this is by making sure all your business and personal taxes are up to date. There’s nothing worse than owing a lot of money to the Internal Revenue Service (IRS).

One means in discovering such unpleasant news is to do a free federal tax lien search online.

Such a search allows you to discover if you do in fact owe the government money. If that is the case, paying it off as soon as possible is your best move. Otherwise, you could end up in a worst-case scenario of losing everything.

Once that online search does in fact show you owe money, do your best to set up a payment plan. By doing so, you show the IRS that you are not walking away from your financial responsibilities.

Growth

Knowing when the right time may be to grow your small business can of course prove a challenge.

With that in mind, always have a focus on what your industry trends are. This includes if there is current growth, decline, and some mergers and acquisitions. By being adept to what is going on, you are better suited to make decisions about your own company.

If you do decide now in fact is the time to grow your brand, be sure to have the financial assets necessary.

In the event you are tight on money, you may consider asking a family member or friend to invest in your business. If so, be sure to do it in a professional manner as you would with a stranger. By keeping everything professional, there’s less chance of a breakdown in the relationship.

For you to do as much as possible to keep your business from being on shaky financial ground, be smart.

The better you are in making financial decisions, the better odds your business has in sticking around.

Photo credit: Pixabay

About the Author: Dave Thomas covers business topics on the web.

Get Your Career Back on Track after a Serious Incident

May 6, 2017 by Thomas

For many workers all across the nation, their jobs are their lifelines.
Stop for a moment and think about where you would be if you were not working.
Among the factors to consider:

Money – How would you support yourself without a regular job? For most people, the answer is they would not be able to. Even if they are in a low paying job or jobs, that works keeps them off the streets.

Career – Any significant breaks in your working life can lead to more problems. Many employers will avoid individuals who have sizable gaps on their resumes. As a result, it can be hard to get back into the working field.
Trouble – Without a regular work routine, would you end up getting into trouble? For some folks, too much free time on their hands can be trouble.

For you to avoid your career get sidetracked, you need to see that your work life stays together.

That said a serious incident in your life can derail your career at the snap of a finger.

If that happens, will you be able to rebound?

What Kind of Events Can Derail You?

Among the types of serious incidents in life that can derail your work life:

Accident

If you’re hurt rather seriously in an accident, the ripple effects can be tough to overcome.

You are trying to get your physical and mental health back, two tasks that can be difficult to achieve.

Making matters worse is when the accident wasn’t even your fault.

For instance, did the driver who injured you get away?

Unfortunately, hit-and-run accidents are all too common nationwide.

If there is no police report, you already are behind the eight ball. Were there any eyewitnesses or video evidence? Again, if you can’t find either, where do you turn for help?

If you were able to catch the vehicle plate of the hit-and-run driver, you at least have something to work with.

License plate searches following a vehicle accident can help you out. In finding the other driver, police can look for damage to their vehicle. They may have also sought medical attention right after the accident.

Even though it may seem at first like a long-shot, be sure you exhaust all your options.

Not only has someone hurt you and, they may have put your career on hold for a significant amount of time.

Illness

A serious illness is another obstacle you might need to overcome to get back to work.

Examples of this can include treatments for cancer and other life-threatening diseases.

While many employers will work with employees, some may choose otherwise.

If you find yourself dealing with that latter, you may have to fight for your job through the legal system.

As if the physical suffering from cancer isn’t bad enough, now you’re dealing with the mental stress too.

The best thing you can do is focus on your health.

Yes, your ability to work is important, but how can you do a good job if your health is far from what it should be?

If you do get a serious cancer diagnosis, take time to sit down with your employer and discuss your options.

By being upfront, there’s a good chance you two can come to an understanding to benefit both parties.

Death

Losing a loved one can be one of the hardest things many people deal with on a regular basis.

Not only is there the physical loss of having that person in your life, but also the emotional fallout.

Any point in the day can remind you of that person. When that occurs, the thoughts are happy ones. Even when they are, yet, it can give you a sense of grief and loss.

Although some people are able to immerse themselves in their jobs to dull the pain, many others can’t.

If you are having trouble focusing on or even going to work after the death of a loved one, don’t be afraid to seek help.

By getting things off your chest, you can bring some comfort to the situation.

Sure, you will likely never get over losing that individual.

That said you will be able to get back some semblance of normalcy in your life, including in the workplace.

Photo credit: Pixabay

About the Author: Dave Thomas covers business and career topics on the web.

Is Your Small Business on Solid Financial Ground?

April 28, 2017 by Thomas

Does anything scare you when it comes to managing your small business?

If you are like many other small business owners, you know all too well how things can change in a heartbeat.

At one point and time, things are humming along. Take a look a couple of months down the road and you’re nearing or in the red.

So, how do you go about doing all you can to keep your small business on solid financial ground?

While there are many ways to approach this, some work better than others.

Are You on Top of Your Business Needs?

To do your best to keep your small business running along, file away these tips:

Expenditures

One area of major importance is of course your office expenditures.

Are you spending too much money, money that can be saved with some ingenuity on your part?

Always look to see where you can cut costs without cutting performance.

Areas to scale back on include supplies, transportation, and how many hours the office is open.

With that last one, letting employees work from home one day a week can lessen your need to be open five days a week. How much could you save with an extra day a week having the office closed?

Also, go back and review what you spend for office supplies.

In many instances, you are not doing needed things like recycling or buying supplies in bulk.

And when it comes to transportation needs, think how you use any office vehicles.

For instance, if you have to make deliveries to and/or meet with customers, think about how you schedule them.

Try and get with several customers all in a period of time the same day, avoiding running in and out of the office.

Growth

Understanding when to grow your small business is important.

While you might be timid, know that increasing your company’s capacity can be what the doctor ordered.

In doing this, you might need some fast cash for your small business.

If you do need some cash infusion, be sure to research the options available to you.

Knowing where that money will be coming from, what to expect in return etc. are both quite important.

Take the time to think about any growth plans.

The worst thing you could do is rush into an expansion. This would be one in which you were not prepared on many fronts.

Security

Even if wanting to grow moving forward, don’t fall asleep on your company’s security.

As an example, has your company ever faced a security breach? If not, consider yourself lucky.

Too many companies over the last decade have in fact suffered security breaches. They can be even more impactful when it is the small business owner taking the hit.

To keep on solid financial ground, be sure to invest in whatever security needs are necessary.

From your online efforts to what you do as a small business owner offline, never think it can’t happen to you.

So, as you move forward this year, do you consider your small business to be on solid financial ground?

Photo credit: Pixabay

About the Author: Dave Thomas covers business topics on the web.

Your Business Can’t Afford a Tax Disaster

July 13, 2016 by Thomas

Do you ever stop to think about how many hours you truly put into running your business? In the event you do, the numbers could possibly be mind-blowing.

As most business owners, overseeing a business oftentimes means working more than the typical 9 to 5 routine. In fact, it can mean long hours and the feeling at times like you will never quite get ahead.

Now, imagine what your business life would be like if you throw a tax problem into the mix. Think it can’t happen to you?

For too many business owners, issues with the Internal Revenue Service can prove both financially and mentally taxing.

That said how will you make sure that your business avoids disaster when it comes to your taxes?

Tax Attorney Can Mean All the Difference

For those business owners running into taxing issues, it is crucial that they try and not go it alone.

When hiring the right tax attorney to stand up and fight for you, you improve your odds of having any potential financial losses go against you and your company.

So, how do you go about hiring the best tax attorney out there?

Remember, you need someone skilled enough to know the various tax codes, rules, and regulations on the book.

You also require someone willing to take your case because they want to assist you; simply not get a payment due to your misfortunes.

When it comes to finding the best and brightest tax attorneys out there, be it MCC4Tax or another such business, keep these tips in mind:

Selection process – The key is always to weed out those tax attorneys best not suited to meet your needs. How much experience do they have? Are they experts at predicting what the government will try and prove when going after business owners? In such efforts, can they shoot down any arguments by the other side, allowing their clients (possibly you) to come out a winner? Do they come highly recommended from other business owners (see more below), owners that relied on their legal expertise to win their cases? Those are but a few of the questions you should expect to have answers for before you choose your legal representation;
Client testimonials – As a business owner yourself, do you at times rely on client testimonials to enhance your business reputation? If the answer is yes, then apply that same line of thinking in searching for a tax attorney. He or she should be someone who comes highly recommended by others. If you view and/or listen to client testimonials, make sure you clearly hear what others are saying about your prospective tax attorney. What sets him or her apart from the others in this profession? While you likely will have to pay a little more for better legal representation, it may be the best spent money you will discover over time;
After the selection is made – Once you have your tax attorney working for you, make sure he or she is totally up to speed on your case. You may have made a simple error on your taxes, an error that can be easily corrected. On the other hand, a more notable mistake or mistakes can involve much more work by your attorney. Be sure to provide them with all pertinent details about your business, your tax filings etc. The ultimate goal is to have any and all charges during an audit reversed to go in your favor. If they are not changed, your business can take a hit on several fronts. First, the financial hit alone can prove quite damaging. Secondly, word oftentimes spreads quickly in the business community. Consumers hearing about your “questionable” business practices may be deterred from wanting to do business with you the next time around or even the first time around.

Knowing your business simply can’t afford a tax disaster, it is important that you carefully select your tax attorney.

Remember, he or she will try their best to save you a financial headache, a headache that can have implications beyond just finances.

When you are in need of a tax attorney, vet them properly, choosing the one best suited to get you a victory at the end of the day.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business topics on the web.