Your balance sheet is a snapshot of where your business stands at any given point in time. This information is extremely important; small business owners should be checking their balance sheet frequently. Specifically, this report presents your assets (what you own), your liabilities (what you owe) and your equity (the difference between the two). This blog explains what a balance sheet is and why it is critical to your small business. Read more

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Owners of small businesses will be the first ones to tell you that the job title you give yourself does not necessarily mean that it is your job. Someone who opens a homemade candy shop may spend only half of their time actually making the candy. Another person who opens a small auto mechanic shop may only spend part of the day actually working on cars. Why? Because the small business owner is also doing many other things. Usually when the company is very small, the owner also has to write the checks, balance the books, take care of the payroll, collect the debts owed, etc. Often owners pay an accountant to file taxes or do other tasks for the business, but of course, then that payment means less profit for the owner. Often small business owners create their own budget with no previous experience. Is this a good idea? Fortunately, you have options. Read more

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As a follow-up to our last blog (How to Set Up a Customer Billing System) we’d like to help you understand what to do if you’ve tried everything, and your customer refuses to pay you or disappears. In this case, you only have one recourse: you can take a tax deduction for the problem. But you must be able to prove it. And here’s how: Read more

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When you become a small business owner, one of the first things you must do is decide how you are going to collect money from your customers. If you are not going to be dealing with credit cards or cash, here is the other option: Read more

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You should be aware that several deductions and tax benefits that were available in 2011 will NOT be available in 2012. If you used these deductions or benefits to your tax advantage in previous years, you may have to rethink your tax strategy starting this year. Here are some changes that are worth your while to consider…. Read more

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Just as we sometimes feel overfed and sluggish after the holidays, imagine how your computer feels after years of hoarding documents, catching viruses, and getting dragged around from place to place! If you made a new year’s resolution to diet and exercise, maybe you should think of ways to make your computer healthier as well. Here are some tips for cleaning up your computer that should keep it working for you years longer! Read more

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The world economic situation is not terrific right now. Of course we imagine that everything will turn around sooner or later and we will be back in prosperous times. But right now some of us are having a hard time paying our bills. Others are losing their homes and cars. Many small businesses are closing. What can you do in the meantime to maintain your mental health and understand how to improve your financial situation? Here are some tips that might help see you through these tough times. Read more

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One of the most exciting moments for a small business is the day you realize you’ve paid all your bills, settled all your debts and lo and behold – you have money left over! You are profitable for the first time! This is a powerful milestone for a small business and one of the best motivators…and many small business owners want to take the extra money and invest it immediately. This may be a great idea, UNLESS you decide to invest your money by doing this… Read more

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As small business owners, we know that it is not good to rely on one customer for most of our revenue. If that one company decides to leave, your business can be in big trouble. Unfortunately, the reality is that some of us are in the unenviable position of having only one or two big customers. So what do you do when the competition is nipping at your heels and you notice a difference in your relationship with your #1 client? Dealing with competition is a normal part of business, but any of us would be upset about another company aggressively trying to take our clients away. Here are some ways to counteract the threat of losing your best customer. Read more

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