NEW! Business Tips
August 15, 2016
At the end of a great performance, whether theatrical, oracle, or musical, an audience will clap and continuously call out, “Encore, Encore, Encore!” a gesture asking for an additional curtain call.
One would like to think that the same is true when someone retires from working in their career job. “Encore, Encore, Encore!” But when you retire, it also opens other opportunities, including starting a business. This group, over 50 years of age, are known as – Encore Entrepreneurs.
The U.S. Small Business Administration and AARP have formed an alliance to help this burgeoning group seeking assistance in starting their own small business. “With years of valuable work experience, maturity and plenty of energy at their disposal, today’s older workers are increasingly finding financial and personal fulfillment in running their own small businesses,” as stated in Business USA.
July 28, 2016
I am sure you have heard the saying “Happy wife…Happy life” I think we can apply this same saying to any business with “Happy employees…Happy business.” Often times we think the only way to retain good employees is by offering them a monetary incentive but in this case the old saying is also right: “Money doesn’t buy happiness.” The main reason is this, not even the best employees will stay in an environment that doesn’t feel right, where they don’t feel part of the team.
The article “11 Secrets to Keeping Employees Happy (Without a Raise)” by Nicole Fallon Taylor from the Business News Daily discussed this issue and referred to different key influences that can be used with employees to keep them content when salary isn’t the driving factor. I encounter the following 5 concepts most suitable for all businesses.
July 19, 2016
The new rule from the U.S. Department of Labor affecting overtime for white collar workers goes into effect December 1, 2016. It may have a profound effect on many small businesses and organizations who have salaried employees. Below is a brief overview of the new rule and the resources available to help.
Currently, white collar salaried workers who meet one of the five categories of eligible exemptions: executive, administrative, professional, outside sales and some computer employees, and are also paid $23,660 a year ($455 per week) or more, are exempt from overtime pay. The new rule effective December 1st raises the required level of pay to $47,476 per year ($913 per week) to remain exempt from overtime for those salaried workers meeting one of the categories of exemptions just mentioned.
July 05, 2016
Many small businesses struggle with cash flow problems. For some businesses, it is the number one problem of concern. Cash flow can be described various ways. One way is this: how cash moves or “flows” from the time the business pays for the expense of cost of goods or service (cash out) until the time it is collected by the business from the customer (cash in). The length of this process can determine the extent of the problem a business has with its cash flow. The longer the period of time from expense to collection, the larger the cash flow problems the business may have. The longer it takes the more cash a business will require to cover cash needs. What causes cash flow issues? Your cash may be tied up in your customer’s “pockets” through aging of accounts receivable or tied up in inventory that is not moving fast enough. In addition, your prices may be too low causing your gross profit dollars to be less than they should. Gross profit dollars are used to cover overhead expenses. Finally, your overhead expenses may be too high. It could be one of these reasons or it could be a combination of these reasons causing cash flow problems.
June 20, 2016
Cash flow and accountability are what makes or breaks many small businesses. Accurate recordings of transactions, along with proper assessment and processing, give small business owners a firm base on which to make decisions and create opportunities for growth.
Understanding and recording the sales, expenses and other basic business financials should be easy enough for small business owners. Understanding the accounting needs of a business is not always so simple. What type of activity is considered bookkeeping, and when do you need an accountant instead? What is the difference between the two?
There is, and it is a simple but important one. Bookkeepers record a small business’ daily transactions, while accountants verify and analyze that information. A bookkeeper’s area is daily financial transactions, which include purchases, receipts, sales and payments. Recording these items is usually done through a general ledger or journal. Many small businesses use software to keep track of their entries, debits and credits. These efforts culminate in a trial balance, which means the final total of debits and credits match.
Business Tips Archive
The most current Business Tips article is available on the San Angelo Standard Times online newspaper The following Business Tips articles are provided for you in an Adobe PDF format.
- Seven Questions Asked in a Borrowing Situation
- Starting Your Own Business Part 1
- Starting Your Own Business Part 2
- Starting Your Own Business Part 3
- Starting Your Own Business Part 4
- Positive Thinking
- In-home Service Providers
- General Partnerships
- Five C’s of Credit
- Emotional Intelligence is Not an Oxymoron
- Emotional Intelligence #3
- Contribution Margin
- Buying a Business