Managing the “family” part of a family business can be complicated — especially as the guild grows. Multiple generations mean added challenges, from ambitious siblings jousting for a position to the older generation crusading against health and succession issues. Mix in marriage, divorce, children, and more children, and suddenly the family business is much different [...]
Business plans can be overwhelming at the onset. However, if you answer some simple questions before beginning, then you will avoid major headaches and save on your Tylenol expenses. So take time to consider the below money-saving parameters for business plan creation. What is the purpose of the plan? Identify the purpose as briefly and [...]
Regulations and red tape can sometimes rip the fun from running a business – regardless of the size of the entity. Just like a large corporation, small businesses risk fines, penalties, and negative tax implications if they do not stick to the necessary rules. So read on for our tips and tricks regarding four major [...]
Help your business ring in the New Year with a strong financial and operational foundation.
Walk into the offices of any Fortune 500 company, and you may see a mission statement — words that define the company’s vision, values, and purpose – prominently displayed. It may be in the lobby. It may be in the boardroom. But you more than likely will find one. Nike’s mission is to “bring inspiration [...]
Let's discuss the importance of customer base diversification. The saying “don’t put all of your eggs in one basket” might be out of pace with modern society, but the wisdom behind the statement still stands. For businesses, it’s similar to putting all sales expectations and company potential into a single large client. When a company [...]
A California Labor Commissioner recently ruled that a driver for Uber Technologies, Inc. should be put in the lane of an employee of the company versus an independent contractor. Meanwhile, in a separate worker classification matter, a U.S. District Judge allowed a lawsuit by two Uber drivers to proceed in court—rejecting Uber’s arbitration attempts. Uber [...]
In an attempt to simplify accounting for smaller private companies, the Financial Accounting Standards Board (FASB) created the Private Company Council (PCC) to determine accounting alternatives. Private companies may be able to save time and money by taking advantage of accounting alternatives related to goodwill, interest rate swaps, common control leasing arrangements, and [...]
Now that the echoes of “Auld Lang Syne” have faded away, it’s time to get back to the business of building your business. As you’re making your list of New Year’s resolutions, consider these recommendations for the 15 priorities that will help keep your business healthy. 15 Business Finance Tips Plan now for your exit.Your [...]
All too often, the competitive efforts of many companies are internally focused. These businesses seek to develop better products and services without knowing enough about their competition. To truly hone an advantage, business owners need to constantly evaluate their competition. And the best way to get answers is through the practice of competitive intelligence. Assess [...]
Someone break out the champagne! The American economic landscape is finally bubbling along once again, and many businesses are finding reason to celebrate. Further, most are getting serious about growth and additional investments in the company - leading to questions about business loan qualification. According to the 2014 Capital Markets Report generated by Pepperdine University, 89% of [...]
Family business owners often face some difficult decisions when setting a pay scale that’s fair to both family and nonfamily member employees. To help ensure everyone is a winner, owners should follow the Milton Bradley rule book approach to compensation package guidelines. Understanding the Fair Compensation Game Board Compensation issues in a family business are [...]
Those dreaded five words: Let’s do a corporate minutes review. While that idea may rival in excitement with cleaning out the break room refrigerator, letting them slip could unnecessarily expose your business to significant risk. So let's prepare now for a corporate minutes review. For a C-corporation, S-corporation, or limited liability company (LLC), state laws may [...]
As with all good marriages and lasting friendships, the relationship you have with your CPA is a two-way street and its success is based upon regular communication. To maximize the benefits of your CPA relationship, make your CPA an integral part of your management team. Don’t let tax time be the only time you see [...]
Business insurance renewal is probably not your favorite subject, but one that’s extremely important if you’re a business owner. After all, without the right kind and level of insurance, your whole business might be at risk. This riskiness means that when it is time to renew your insurance, it often pays to not just automatically [...]
Your time is at a premium: pressing business decisions to be made every day, employees needing your leadership, and clients or customers demanding your attention and input. Every hour of every day is a balancing act of work and life, so why (with everything else on your plate), volunteer? The first step is viewing becoming [...]
Running a profitable business is not typically “easy.” And in these challenging economic times, keeping your company in the black means making even smarter decisions, working harder, and maybe employing the help of business advisors such as CRI! We have outlined five fairly simple steps to potentially improve the profitability of your business. Examine all [...]
There is a tidal wave approaching. Well, a tidal wave of baby boomer retirees – and it may leave some employers dry of a good portion of their current workforce unless they take the necessary steps to ensure that they hire, train, and retain the talented young people currently in the employment pool. It’s estimated [...]
Once upon a time, handshakes and scribbled napkins were valid business agreements. Those days are long gone. If you need to make a business agreement – even if it is with your spouse or your best friend since kindergarten – then put it in writing to avoid putting your business at risk. To help you [...]
