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3 Ways to Reduce Small Business Costs Part 1

3 Ways to Reduce Small Business Costs Part 1

Leverage Technology Nearly every year new integrations and software bring artificial intelligence capabilities to your business. Often so many redundant tasks can be outsourced to a software or a company with an expert in a specific software. Phone services for example have amazing capabilities without having a landline. Allowing you to be accessible anywhere and have virtual assistants keeping your business running without you. Forecast and Budget Its safe to say among sma

Word of the Week 'Roth IRA'

Word of the Week 'Roth IRA'

DEFINITION of 'Roth IRA' Named for Delaware Senator William Roth and established by the Taxpayer Relief Act of 1997, a Roth IRA is an individual retirement plan (a type of qualified retirement plan) that bears many similarities to the traditional IRA. The biggest distinction between the two is how they’re taxed. Traditional IRA contributions are generally made with pretax dollars; you pay income tax when you withdraw the money from the account during retirement. Conversely, R

Word of the Week 'Entrepreneur'

Word of the Week 'Entrepreneur'

What is an 'Entrepreneur' An entrepreneur is an individual who, rather than working as an employee, founds and runs a small business, assuming all the risks and rewards of the venture. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services and business/or procedures. Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to anticipate current and future needs and bring good new ideas t

Word of the Week 'Federal Funds Rate'

Word of the Week 'Federal Funds Rate'

Federal Funds Rate What is the 'Federal Funds Rate' The federal funds rate is the rate at which depository institutions (banks) lend reserve balances to other banks on an overnight basis. Reserves are excess balances held at the Federal Reserve to maintain reserve requirements. The fed funds rate is one of the most important interest rates in the U.S. economy since it affects monetary and financial conditions, which in turn have a bearing on critical aspects of the broad econ

3 Ways to Improve Labor Efficiency Part 2

3 Ways to Improve Labor Efficiency Part 2

In most businesses their labor represents their biggest expense in producing the goods or services they provide. Consequently a businesses use of labor can make or break a business. Labor management is a ONE THING priority for most business owners. Schedule to a forecast If you are not forecasting for your business, hire or contract someone ASAP. Knowing how and where you should finish each month allows you to predict labor costs, price appropriately, pay the owner appropr

Word of the Week 'Liability'

Word of the Week 'Liability'

What is a 'Liability' A liability is defined as a company's legal financial debts or obligations that arise during the course of business operations. Liabilities are settled over time through the transfer of economic benefits including money, goods or services. Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues and accrued expenses. BREAKING DOWN 'Liability' Liabilities are a vital aspect of a company bec

3 Ways to Improve Labor Efficiency Part 1

3 Ways to Improve Labor Efficiency Part 1

Quit Multitasking "There is nothing more irritating than reviewing a job post that requires the skill of multitasking. Multitasking is a lie. Countless studies have proven the decline in work productivity and quality of work from these supposed talented multitaskers." Set your employees up to focus on the most important tasks at hand first with limited interruptions. Fewer distractions with strict deadlines produce quality work. Take Exercise Breaks The average person can d

Word of the Week 'Current Assets'

Word of the Week 'Current Assets'

What are 'Current Assets' Current assets is a balance sheet account that represents the value of all assets that can reasonably expect to be converted into cash within one year. Current assets include cash and cash equivalents, accounts receivable, inventory, marketable securities, prepaid expenses. and other liquid assets that can be readily converted to cash. In the United Kingdom, current assets are also known as current accounts. BREAKING DOWN 'Current Assets' Current ass