Time to Give Yourself a Raise?

Your business is stable and cash flow is good. You’re no longer undercapitalized and juggling to make financial ends meet. So is it time to give yourself a raise?

Building Your Retirement Plan

If you’re building your business for the long haul, it should support you (and your employees) when you’re ready to leave it. Fortunately, there are a variety of retirement plans built for small business owners.

The Lease You Can Do

As the economy continues to tighten, cash flow concerns mount for any business owner. If you’re thinking of sinking significant capital into any technology, communications or other office equipment, it might make sense to weigh the benefits of leasing.

Giving New Life to Old Receivables

If you have debts that you have determined to be uncollectible, you can donate them to charity through organizations like Collections with Causes. They’ll do the collections and send whatever funds they collect to a charity of your choosing, and you’ll get a tax deduction.

Look Before You Lease

Leasing might be just the right thing to help you improve your cash flow. But making sure you’re armed with the right information before you sign on the dotted line can help you make the best deal.

Friends, Family and Financing

Creative financing is a standard part of any business owner’s arsenal, and it doesn’t always involve banks. Today, there are several “social lending” sources you can choose from for financing.

Tax Planning for 2008 and Beyond

Now is a great time to put some plans in place for reducing your tax burden this year and going forward. This roundup of tips and tactics can help you keep taxes in check in the short and long term

Uncle Sam Reaches Out to Small Business

The $168-billion Economic Stimulus Package for the American People Act of 2008, recently signed by President Bush, is intended to help middle-class taxpayers. But small business owners may be the big winners.

The Government and Small Business

While we typically want less involvement in business on the part of government, Uncle Sam offers a wide range of ways to help start and grow small businesses, in particular. Here are a few of the key programs offered by the federal government.

What Being Green Can Mean to Your Business

Big businesses—Continental Airlines, Hewlett Packard, Wal-Mart and others—have been making waves lately with their highly publicized “green” programs. But as far as positively impacting the environment is concerned, small businesses have a much greater opportunity to do more.

Gauging Return on Marketing Dollars (ROMD)

We often think of any business function that involves use of time and expertise in terms of return on investment (ROI). If you break the functions down by discipline, it may be worth your while to measure your customer and prospect outreach activities based on ROMD, or return on your marketing dollar.

Cost Management as a Strategy

Cost-cutting and cost-containment tactics and techniques are common to any business. Although it’s often confused with those first two terms, “cost management” is another issue entirely. As a fundamental concept, strategic cost management means getting the most out of your resources as part of an overall approach

Back-to-Basics Cash Flow

“I’ve learned everything by trial and error,” says Ryan Carson, founder and Director of web applications provider Carsonified. “One of the biggest lessons I’ve learned is this: Your company cash flow may be the first thing to put you out of business.”

Credit: Your Financial “Safety Net”

Credit can eventually become more of a tool than a crutch—it can be a financial safety net that you can tap into if, for example, you get awarded a project for which you need to quickly buy equipment or obtain resources, or if you have a slow period.

Making the Budget Work

A “working” budget is exactly what it sounds like. Your business doesn’t stand still and neither will your spending and expenses. If you think of the budget you’ve worked hard to create as a best-case scenario, you’re in the right mindset to prepare yourself for the ups and downs it can present.

Keeping the Cash Flow Tap Open

If you’re looking to get back to cash flow basics, this “crash course” can help you build the knowledge foundation you need.

Staying Current with Your Coverage

There are several factors that go into determining the proper level of insurance coverage, such as the size and value of your company and the level of exposure you have. These circumstances change over time. The worst time to find out that you need to update your insurance policy is after you’ve had a loss.

Build Your Policy

Getting insurance can be tough—you have to ensure that you’re adequately covered and that you have all the information you need to make an informed decision. These resources will help you gather background on coverages and even find or check out an agent or broker referral.

Tax Planning: Take Advantage of Timing

Believe it or not, there are still several ways to ease your 2007 tax burden. Tax credits, deductions, retirement plan setup…there are still a variety of tactics you can take advantage of before year end.

Changes for the 2007 Tax Season

Every year, we see a wide range of tax changes and 2007 was no exception. Here’s a brief roundup of the key business and personal shifts for this tax year.

Accounting Software Update

If you’re a bookkeeping do-it-yourselfer, chances are you use a software package. For small business, each package offers its own advantages. Here’s what’s new for 2008 for the most commonly used small business accounting software.

What Drives What You Buy?

When it comes to the right deal on wheels, there’s a lot of division around the subject. Leasing can get you more car for your money, at least in the short term, but buying outright means you have something to show for your money when all is said and done. So which is the right choice for you?

Get Help Playing the Numbers Game

What happens when your business grows to the point that you need outside help with the numbers, especially when things get more complex at tax time? It may be time to move up to a bookkeeper or an accountant.

Tax Information Toolkit

There are few issues as daunting as taxes. With constant changes in tax laws and increasing regulation overall, it’s tough to keep up. This group of resources can help you stay abreast of the latest tax shifts and news.

Pull Yourself Up...

The concept of bootstrapping can apply to any area of your company: forecasting, hiring, technology, product development and more. This roundup of resources can help guide you as you explore the opportunities to bootstrap in your organization.

The Art of Bootstrapping

While bootstrapping is common in the start-up world, it also has a place in the way you run your business for the longer term. These “keys to bootstrapping” can apply to businesses at any stage.

Starting Your Budget from Zero

Solid expense control can help drive a number of decisions resulting in the
improved performance, productivity and profitability of your company. Zero-based
budgeting is one proven way to get there.

Not Just a Plan, It's a Plan with a Purpose

Business planning is more than just creating a roadmap or preparing for financing. If you use it right, you can do much more: attract top talent, obtain large contracts and develop strategic alliances.

Making a Good Time Out of Downtime

The summer vacation slowdown can be a killer. So while it’s here, why not make the most of it by planning activities that support the business in the longer term?

Creating a Retirement Strategy

It makes sense to take a timeout and work on preparing for the Golden Years—both for yourself and your employees. Based on your age and tolerance for risk, there are several vehicles that can work for you and your company, regardless of its size.

Benchmarking: How You Stack Up Against the Competition

Want to know how your business stacks up against the competition? One way to find out is through benchmarking. It’s not as complex as you might think.

Building Business Benchmarks

Once you understand benchmarking basics and the areas worth looking at when comparing your business with the competition, you’re ready to use them to grow your company.

Keep Tabs with a Flash Report

A “flash report” may be the least complex business tool you’ll ever use. It can work to keep you grounded regarding the ratios or other factors that may be lagging in the short term, so that you can fix them for long-term success.

Making the Most of a Cash Surplus

If you find yourself with a little extra cash in your pocket or you know you’ll have some soon, say $20,000 to $40,000, it might be a good idea to take a “mid-year” moment to decide what to do with those funds. What’s the best way to put them to work for you?

Building the Wall Between Business and Personal Finances

Separating your personal and business assets offers you a better sense of how your’ business is doing, and makes it easier to handle your taxes and get additional financing when you need it. And, should you ever come under IRS scrutiny in the form of an audit, the process will be made much easier.

Keep Your Records Straight: Moving Up to Accounting Software

If you’re running your business using your checkbook and a spreadsheet, it may be time to move up to true bookkeeping software. When you automate certain functions, you spend less time on administrative tasks and gain the ability to forecast future needs and revenues.

The Right Way to Set Up Your Home Office

A home office has a wide variety of benefits to recommend it. In addition to a commute that shifts from miles to footsteps, it offers a variety of tax advantages. But you need to ensure that you’re staying within IRS regulations, or that potential boon could turn into a serious problem.

Raising Prices without Guilt

At some point, market demands—higher cost of goods or services sold, price cutting by the competition, etc.—will force you to raise prices. It’s never an easy decision, but there are ways to make it work without too much strife for you and your customers.

Setting Your Business Benchmarks

In general, you know what you want to achieve. But the right kind of benchmarking can help you reach specific objectives and concentrate on the key areas in your operation where you want to see improvement.

Planning for Growth: Taking It to the Bank

At some point in the growth of your company, you’ll likely need a financial helping hand. You might want to expand, acquire a company, obtain a project that requires more resources than you have or have some other opportunity too good to pass up. In that case, it might be time to go to the bank.

Make the Most of Your Write-offs

Running at least part of your private life through your business can pose some advantages, especially when it comes to write-offs. You may not realize it, but there are a host of business-related write-offs you’re entitled to and not taking them is like leaving money on the table.

Business Plan Resources

If you’re thinking or revising your business plan or you’re starting from scratch, our roundup of articles and templates can help guide you through the process.

The Simple Cash Flow Model

The true measure of the ongoing health of any business is cash flow. Long-term planning matters and revenue is critical, but if you have no cash, you have no business. Period. And knowing what your cash position is at any given time is your best reality check. The best way to keep your fingers on the cash flow pulse? A solid (simple) model.

Why Liquidity Matters

While understanding and maintaining cash flow is critical to any business, liquidity—or the ease with which an asset can be turned into cash—can be just as important. Why? Should you ever need cash in a hurry, you’d better know where and how you can get your hands on it.

Short-Term Financing: Filling Cash Flow Gaps

Unfortunately, you can’t always fill in the cash flow gaps with cash. Enter short-term financing. Its speedy access to funds and flexibility can help you cover everything from payroll and accounts payable to inventory and expansion needs.

Outsourcing: Lightening the Load

Growing your business often requires more time and concentration than you can muster. One way to bridge the gap is through outsourcing. It gives you the opportunity to save on labor costs, overhead and benefits, all while tapping expertise you might otherwise not have.

Stretching Payables

Stretching payables has long been considered good cash management and can help grow the business. By holding payments longer, you get interest on those “free” funds. But you need to walk a fine line between paying in a way that helps you hang onto cash as long as possible, while maintaining good vendor relationships.

Accelerating Receivables

Accelerating receivables is critical to increased, improved cash flow. There are proven, “dollars and sense” techniques you can use designed to get the money in as fast as possible.

Negotiating a Better Lease

If you’re moving into a new space for the first time, evaluating new space or dealing with a lease coming up for renewal, you can negotiate better terms. Whether it has to do with rent or the way in which you use the space, you can always find some wiggle room to get your best deal.

Outsourcing Resources

Outsourcing may work for your business, but you have to do your homework. When you clearly understand the overall benefits, how you can make it work for your specific needs and what the possible downsides are, you put yourself in the best position to find the right outsourced resource.

Be the Squeaky Collections Wheel

To make your collections as effective as possible, you first have train your customers to pay from the start, and second, don’t be afraid to be the “squeaky wheel.”

Should You Incorporate?

As your company grows, one consideration that will inevitably arise is your professional structure: When, if ever, is it appropriate to incorporate? S Corp. status, the most common small business structure, offers liability protection and potential tax benefits. But a sole proprietorship gives you more freedom to juggle money and it’s cheaper to administer.

Is It Time for a New Accountant?

If your accountant can’t keep you out of hot water with the government or give you the reports you need in a timely manner, those are clear signs that the growth and complexity of your business might be overwhelming him or her. It may be time to look elsewhere for help.

Health Savings Accounts: Affordable Health Care

HSAs are an excellent alternative for small-business owners, their employees and their families because they provide a more affordable alternative, but still allow owners to get, and provide, the health care coverage they want.

How Uncle Sam Supports Small Business

As a small business owner, it’s good to know your taxes are at work to give you a boost. Among the many resources at your command are those from the U.S. Small Business Administration (SBA) and U.S. General Services Administration (GSA), both of which offer small business-specific support, including funding, business management help, information about how to find government contracting opportunities and much more.

Basic Budgeting as a Management Tool

Think of a budget as your roadmap. If you’re planning for the upcoming year, the budget will help you set expectations and account for potential shortfalls and the impacts of unexpected opportunities. Once you’ve created your budget, it shouldn’t be written in stone, but updated on a regular basis so that you can make the most of it.

Online Help from Uncle Sam

Uncle Sam offers a broad range of opportunities for small business owners. Here is a series of links to different government programs and services featuring access to government contracting opportunities, sites specific to women and veterans and more.

Take Advantage of Tax Credits

If you’re looking for a good way to ease your tax burden, consider tax credits. Tax credits let everyone win: you get to take a direct-dollar subtraction from your taxes and the federal government gets to jump-start its goals for “social engineering” and economic growth.

What’s New? Changes for the 2006 Tax Season

Several tax code shifts have been helpful to small business owners, from both business and personal aspects. The key changes impact everything from how much your business can expense to your personal income tax bracket.

Depreciation Basics

In terms of equipment, real estate and other business property, depreciation offers often overlooked tax benefits. That said, it can be confusing. Here’s what you need to know.

Lease or Buy?

Leasing offers the promise of lower monthly payments and tax benefits, and it can ease cash flow concerns. But buying may the better way to go depending on the use of the equipment. So which makes the most sense?

Credit Lines vs. Credit Cards

Both lines of credit and borrowing money on your credit card can be effective ways to finance small business operations. This breakdown of differences in cost, convenience and risk can help you decide which works best for you.

Leasing Resources

The question of whether to lease depends a great deal on the equipment you need and the length of time you think it will be in service. These resources can help you determine if leasing is the right way to go, understand what to expect in a lease and gain a perspective on what a standard equipment lease looks like.

The Added Protection of Umbrella Insurance Policies

As far as insurance goes, an Umbrella or Excess Liability policy goes the extra mile. If you’re looking to bolster key policies, an Excess Liability policy can provide you with additional coverage at reasonable rates.

Financing Primer: Taking It to the Bank

If you’re getting ready to head to the bank for financing, here’s how you need to prepare.

Preparing for an SBA Loan

If you’re considering applying for a U.S. Small Business Administration loan, this is how the process works.

Finding Alternative Sources to Grow

Looking for ways to finance outside standard banking and SBA channels? This roundup of viable alternatives can help.

Critical Numbers, Critical Trends

The one thing you need as a small business owner is likely the one thing that’s toughest to come by: predictability. Tracking your key metrics can help you predict certain life-cycle events in your business.

Cash Flow Makes the Business Go

You may have a lot of invoice or net income on the books, but without real cash on hand, you might not have a business. Managing cash flow gives you have the ability to access cash when you need it.

Leveraging Your Accountant

If you think of your accountant as simply a number-cruncher, you’re missing out on the potential of a valuable partnership—one that could help grow your business in a variety of ways.

Record Retention: What to Save, How Long to Save It

Retaining certain records does more than help you out at tax time. It can support you if you’re audited by the IRS, help protect you against fraud and in resolving disputes and assist you when employees, vendors or clients seek copies of certain records they may have lost.

Why Investing Is Different for You

As a small business owner, investing has a different meaning for you. Here’s how you can invest with an eye toward growing your wealth while hedging your risk.

Cash Flow Management and Projection Tools

If you need help managing or forecasting cash flow, this roundup of resources can assist you in understanding and mapping both for your business.