Oatly: A Shining Example of What an Entrepreneur Can Accomplish
According to one recent study, plant-based foods are now available in about 53% of households in the United States. Roughly 35% of Americans say that they’ve consumed some type of plant-based food in the last year, and of that number, 90% say that would happily do so in the future. All told, searches on engines like Google […]
Protect your company from cyberattacks by adopting zero trust
Some organizations struggle to prevent cyberattacks because they rely on cybersecurity tools and techniques that protect only their perimeter. Perpetrators who make it past a single line of defense (such as with a username and password) can gain unfettered access to the company’s network. They can then use ransomware to block access to data or […]
Expanding succession planning beyond ownership
Business owners are regularly urged to create and update their succession plans. And rightfully so — in the event of an ownership change, a solid succession plan can help prevent conflicts and preserve the legacy you’ve spent years or decades building. But if you want to take your succession plan to the next level, consider […]
Get serious about your strategic planning meetings
Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of their element and […]
Prevent conflicts of interest from costing your business
Without trust between you and your employees, your business probably wouldn’t be very successful. Delegating responsibility, sharing ideas, working as a team — all require a certain level of trust. However, too much trust can lead to occupational fraud and conflicts of interest. To maintain the proper balance, establish a policy that outlines your disclosure […]
Are you liable for fraudulent credit and debit card charges?
Credit and debit card fraud was already a big problem when COVID-19 hit. Although how much payment card fraud increased in 2020 depends on the source, most experts agree that, like most types of fraud, it flourished during the pandemic. COVID-19-related prevention and treatment scams and increased online shopping likely contributed to this rise. If […]
Contemplating Refinancing Your Home Mortgage? Things You Should Consider
With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and even when your friends, relatives, and coworkers are bragging about the low interest rates they got with their refinance. This is because a […]
EIDL program retooled for still-struggling small businesses
For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Economic Injury Disaster Loan (EIDL) program to offer targeted relief to eligible […]
5 ways to take action on accounts receivable
No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five […]
Back-Door Roth IRAs
Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred, and distributions are generally taxable. Anyone who has compensation can make a contribution to […]
7 Different Types of Income Streams for Your Business
No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you’re going to be in trouble. Having more than one income stream is an insurance policy against economic disaster. It […]
Travel – and travel scams – are back
Although COVID-19 remains a concern, many people have started traveling again — both for business and pleasure. Unfortunately, as travel demand has increased, so has travel-related fraud. For example, some fraud perpetrators posing as airline employees call would-be victims to try to elicit credit card numbers. Other scam artists send phishing emails that appear to […]
Leave tax credits are available for employees who help others get vaccinated
In News Release 2021-160, the IRS recently made an important announcement related to COVID-19 vaccinations. That is, wages paid for leave taken to accompany someone who’s getting vaccinated, or to care for someone recovering from a vaccination, may be considered: Qualified family leave wages for purposes of the qualified family leave wages tax credit, and Qualified […]
Exit Strategy: How to Create One for Your Small Business
Owning your own small business is a dream that few are fortunate enough to realize, but even those new to the joys of entrepreneurial self-determination need to spend time thinking about how you’re going to eventually leave the business. No matter how far off it may seem, the best way to ensure that your time […]
Are your company’s job descriptions pulling their weight?
At many businesses, job descriptions have it easy. They were “hired” (that is, written) many years ago. They haven’t had to change or do anything, really, besides get copied and pasted into a want ad occasionally. They’re not really good at what they do, but they’re used again and again because everyone assumes they’re just […]
Don’t assume your profitable company has strong cash flow
Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes. A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. […]
3 Reasons Paying Your Bills Early Will Benefit You
If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can take to minimize the stress you feel in its aftermath. […]
Preventing ransomware attacks on manufacturers. 😲 Businesses other than manufacturing are susceptible to cyber crime!
The world’s largest meat production company was recently sidelined by a ransomware attack. The hack forced the company to temporarily shutter plants in the United States, Canada and Australia, affecting the U.S. meat supply and even hurting commodity prices. If it seems like cybercriminals often target manufacturing (including food processing) and distribution companies, that’s because […]
4 Ways to Stop Your Overspending
If opening your credit card bills, your checkbook, or your wallet are traumatic events, you may have a problem with overspending. It’s nothing to be ashamed of, and you’re certainly not alone, but there’s a good chance that it is keeping you from achieving some of your goals. If you have a dream of buying […]
Here’s What Happened in the World of Small Business in June 2021
Here are five things that happened this past month that affect your small business. 1) There’s a tight labor market nationwide these days, and it’s giving workers more leverage. The economy’s recovery is giving low-wage workers more leverage, as “ballooning job openings in fields requiring minimal education” combine with a shrinking labor force. For some, […]
The risks — and rewards — of accepting cryptocurrency payments
To use their ill-gotten cash, criminals must make it appear legitimate. That’s the job performed by money launderers, who increasingly use cryptocurrencies. According to digital currency analytics company Elliptic, crooks use them to launder $3 to $4 billion per year. With over 4,000 digital currencies to choose from, they gain access to a liquid asset […]
The long and short of succession planning
For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve builtup […]
Recordkeeping Tips to Keep the IRS Away
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records. Receipts – Even though the IRS does not require […]
Cash talks — and fraud experts are listening
Fraud perpetrators take whatever they can get their hands on. But they generally prefer cash because it’s virtually untraceable. Fortunately, fraud experts have the expertise and tools to trace even cashbased theft. Multiple opportunities According to the Association of Certified Fraud Examiners, there are three main categories of cash fraud, which includes checks because they’re easily converted […]
