Finance
If you’ve been reading the financial news magazines and newspapers in recent weeks, you may be a little worried about where things are heading. With financial giants toppling, and the word recession becoming more prominent, what does that mean for your small business?
If you are like many companies, you’re already looking for ways to trim off a little fat. That could come in the form of not ordering as much inventory, looking for employees to lay off or any other cost-cutting measures.
As a matter of fact, many small business owners are already in a panic, with doomsday visions... Read more
Tags: Accounting, economic downturn, Finance, Finance and Accounting, Leeia Ladipoh, money, money management, recession
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Q: I am starting a green business but lack sufficient startup capital. Are there federal grants for such a business, and if so are they realistic or even plausible?
Rachael
A: I would have to say, I get more variations on this question than any other: "Where the heck can I get some of this free government startup money?"
I’m not exactly sure where this urban myth comes from, this idea that there are government agencies out there just waiting to give out free money to start a business.
I suspect that the main culprit is Matthew Lesko. You know,... Read more
Tags: Accounting, capital, expert advice, Finance, Finance and Accounting, going green, green business, MrAllBiz.com, small business expert, startups, Steve Strauss
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When credit cards were invented, they were touted as a way to help people get the things they needed that they otherwise wouldn’t have the money to pay for. The idea was to get a little jump on the purchase, but to then pay it off. It was supposed to be money for a ‘rainy day’.
Once millions of Americans began applying for and getting credit cards, the credit card companies began seeing dollar signs - and out of greed, destroyed something that was meant for good.
While the concept of having a credit card may be great, once you... Read more
Tags: Accounting, advice, credit cards, Finance, Finance and Accounting, Leeia Ladipoh, tips
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Published April 29th, 2008
Unless you have been under a rock or living on another planet, you are aware that the president has signed an economic stimulus plan. This means that the government is going to give $130 million back to taxpayers.
This is supposed to help boost the American economy. The obvious question is how you and your business are going to spend your share of the stimulus check.
Put It Back Into the Business
As a small business owner, you want to invest the money. Buy something that is going to make your business earn more income, and help the economy.
Equipment... Read more
Tags: Accounting, business tax rebate, Finance, Finance and Accounting, Leeia Ladipoh, spending, tips
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Published April 28th, 2008
If you run a retail business, you may be very well aware of how the rising value of the Chinese Yuan is affecting your bottom line. Many products for sale on the U.S. retail market are purchased from China. It used to be that purchasing these items was always a great deal, because the U.S. dollar was strong while the Chinese Yuan was weak.
However, times have changed.
The Yuan has been creeping up over the past year and is continuing to gain strength, while the Dollar is struggling in the world market.
For retailers, the impact is crystal-clear. It... Read more
Tags: Accounting, china, economics, Finance, Finance and Accounting, Leeia Ladipoh, small business, yuan
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Published April 24th, 2008
In the same way that people get into financial tough spots, so do businesses. In many cases, the solution for the business is taking out a merchant cash loan. A merchant cash loan is basically the same thing as a payday loan.
When a business gets into financial trouble, they can contact a merchant cash advance provider, or MCA. Getting these loans is easy and you do not need collateral to get them, as you do with banks.
Why Business Owners Resort to MCAs
The reason most business owners go to a MCA is that they cannot get a loan... Read more
Tags: advice, Finance, Finance and Accounting, Leeia Ladipoh, loans, merchant cash loan, small business loans, tips
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Published April 17th, 2008
One of the most difficult parts of any small business is to have the funding you need. Whether it’s start up costs or the need for new equipment, the cost can often be more than you can afford. One way around this is to take out a business loan - yet what happens if you don’t have the relevant credit, or your business hasn’t been trading long enough to qualify? This is where peer-to-peer business loans come into the equation.
Working much the same way that a more traditional business loan works, the big difference with a peer-to-peer loan is... Read more
Tags: advice, business loans, danny brown, Finance, Finance and Accounting, peer to peer loans, small business loans, tips
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Published April 10th, 2008
How would you feel about hiring an accountant who puts the interests of the IRS before those of you or your business? What’s that you say? You wouldn’t like it? That’s what I thought you’d say…but what if I told you you had to?
Unfortunately, that may be the case.
(I mean, I won’t force you to but a much stronger influence might…what was their name again?…..oh right! The Government.)
The Small Business and Work Opportunity Tax Act of 2007 stipulates that those who prepare returns containing an understatement of tax due - which the preparer "knew or reasonably should... Read more
Tags: Accounting, Finance, Finance and Accounting, government, legislation, Rebecca Button, small business, taxes
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Published April 9th, 2008
After you build your business up and are successful you might be tempted to consider selling. The problem many business owners run into is that finding someone to buy their business is difficult. Many times people are interested in purchasing the business but they lack the cash to make the purchase, or have credit that isn’t quite good enough for standard financing. Although everyone dreams of a quality business person with cash and financing to walk in that doesn’t happen very often.
The bank is going to check on the history of the potential owner to see what their financial... Read more
Tags: advice, Finance, Finance and Accounting, larry Slusser, loans, selling a loan, selling your business loan, tips
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Published April 8th, 2008
One of the most difficult parts of owning and running a business is collecting on accounts receivable. While nobody likes to be the bad guy, you need to have an established procedure to collect the money your company is owed.
The first and most important part of your accounts receivable process is to decide just who you want to extend credit to. With credit cards, debit cards, and EFTs, the customer who needs to have credit really must demonstrate a need for you to establish a line of credit for them.
While you want your company easy to do business... Read more
Tags: Accounting, advice, collecting payment, Finance, Finance and Accounting, Generating More Sales, larry Slusser, non-paying customers, Sales, tips
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