Elements of a Good Business Partnership
Like a bundle of sticks, good business partners support each other and are less likely to crack under strain together than on their own. In fact, companies with multiple owners have a stronger chance of surviving their first five years than sole proprietorships, according to U.S. Small Business Administration data. Yet sole proprietorships are more…
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Overlooked Business Metrics
Revenue, gross margin, net profit — these are the basic metrics every small business owner watches closely. But there are also some often-overlooked metrics that can deepen your insight into your business and inform your decision-making. Here are a few: Check Customer acquisition cost. Divide the total amount of money you’ve spent on marketing over…
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Tips for when your employees are family members
Working with family can be a pleasure. It can also be a pain, especially if you have to terminate a family member’s employment. Here are tips to help you ease the strain of mixing your family and employee relationships. Hire for the right reasons. Make your hiring and firing decisions based on the skill sets…
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Navigate the Small Business Tax Maze
Small business owners face a continual headache dealing with government mandates for a jumble of federal, state and local taxes. Complying means endless paperwork, ongoing deadlines and ever-looming threats of audits and penalties. Here are some of the most common twists and turns in the small business tax maze. Employee requirements Employers must withhold federal…
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