Time flies when you’re busy - and running a business means you're busy all the time! Although we are still a few months from the New Year, it's not too early for to start doing some business strategic planning for next year. Here are a few ways to get started.
Many companies now offer Health Reimbursement Arrangements (HRAs) in conjunction with high-deductible health plans (HDHPs). HRAs offer some advantages over the better-known HDHP companion account, the Health Savings Account (HSA). If you’re considering adding an HRA, you might assume that, as a business owner, you can participate in the HRA.
If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement. Without one, an owner’s death can have a negative effect on the surviving owners. If one of your co-owners dies, for example, you may be forced to go into business
One of the biggest benefits a company can provide to employees is a good retirement plan; however, they are not all equal. If you could grade your company’s retirement plan, what would you give it in preparing its participants for retirement? Benchmarking can tell you. Mark the Basics You probably
Most businesses have a variety of physical assets, including production equipment, office furnishings, and a number of technological devices. Typically, however, your largest physical asset in the business is your real estate holdings, i.e., your building and the land it sits on. So, why should you separate your business from
We are halfway through the calendar year and it’s an opportune time for businesses to assess how things are going thus far. While sales may be up, there are some other good key performance indicators (KPIs) to analytically help you evaluate how well you’re doing. Here are four that can
If you read the Internal Revenue Code (and you probably don’t want to!), you may be surprised to find that most business deductions aren’t specifically listed. It doesn’t explicitly state that you can deduct office supplies and certain other expenses. Some expenses are detailed in the tax code, but the
Have you recently started a new business or are thinking of starting one? A new venture is exciting and as you know, you generally have to spend a lot of money just to open the doors. Expenses may include training workers, rent, utilities, IT, marketing, and more. Many new business
As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn into a vulnerability when he or
How do profits and cash flow differ? Business owners sometimes mistakenly equate profits with cash flow. Here’s how this can lead to surprises when managing day-to-day operations — and why many profitable companies experience cash shortages. Working capital Profits are closely related to taxable income. Reported at the bottom of
