by Barbara Weltman on January 3rd, 2008
It’s no secret that the cost of most types of insurance is on the rise–from liability coverage for your business to car or health insurance. You can’t afford to go without coverage because an incident can put you out of business. But you can fight against price hikes back by taking certain steps.
Property and liability coverage
Protect your equipment and other business property as well as insure against claims by third parties for injury on your premises with a business owner’s policy (BOP). Shop around for adequate coverage at the lowest price. Before your policy is up for renewal,... Read more »
by Barbara Weltman on January 2nd, 2008
Making sure you have the funds you need to start or grow your business is one of the most important things you can do as a small-business owner. Unfortunately, many loan seekers don’t do the preparatory work necessary for getting a "yes" on the loan application.
Step 1: Write your business plan. Whether you’re seeking commercial financing or a loan from an angel investor, you must be clear about how much you want, what you want the money for and how you plan to repay the loan. The answers to these questions should be spelled out in detail in your... Read more »
by Barbara Weltman on July 17th, 2007
Credit cards are a small-business owner’s best friend. They’re easy to obtain and convenient to use. More than one-third of small businesses use business credit cards (also called "corporate cards" whether or not the business is organized as a corporation) and nearly one half of small-business owners use their personal credit cards for business.
The Uses
Purchasing power. Businesses that are experiencing tight cash flow can obtain the goods and services they need by charging items on a credit card. For instance, say you have outstanding receivables but need to purchase something immediately. You can charge it today with the... Read more »
by Barbara Weltman on June 25th, 2007
Unless you have an all-cash business, you may not receive the payments you expect. Bounced checks, credit card chargebacks, and even scams can keep you from getting paid. Here are ideas to ensure payment.
Other than the corner hot dog truck, most companies today transact business with checks, credit/debit cards, PayPal, gift cards ("smart" cards), or electronic transfers. According to February 2007 statistics from FreshBooks , 16% accepted Visa, 7.8% MasterCard, 4.3% Amex, 6.5% PayPal and 65.5% other payments (checks; account credit). These seemingly "secure" payment methods can be anything but secure. Merchants bear the financial risk for fraudulent credit... Read more »