“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the spring of hope, it was the winter of despair.” Such is the tale of the 2018 tax return filing season. The tax savings promised by the Tax Cuts and Jobs Act (TCJA) helped many small business owners, while a few did not realize any significant tax savings, and a smaller few failed to take advantage of the deductions offered. Here's a list of a few tax savings that helped small business owners:
Successful companies evolve over time. It may be necessary to restructure your business to make it more profitable. Typical problems businesses face include acquiring additional capital, shrinking profit margins, unhappy customers, inefficiencies or adopting in an evolving industry. In an effort to address these issues, you may need to add or remove owners, modify ownership interests, change your legal structure, expand operations into other states, sell assets, refinance loans, change operations, add new verticals, remove unprofitable ventures, reorganize business functions, renegotiate contracts or some combination of all of these actions.
While business owners in all industries have different objectives and visions for their companies, nearly all of them share one common goal: to grow their businesses and see them become more profitable.
But as the saying goes, a goal without a plan is just a wish.
In fact, a business owner who isn’t sure how to plan and measure growth is building his or her business on shaky ground. In order to see steady growth, business owners need to create a plan and monitor their progress toward their goals. That's where benchmarking comes in.
In the last article, we looked at what information companies in the Hit and Quit and the Short Range-Long Term needed in order to be successful. In part two of our series, we will discuss the final two categories of the question, How Long Do You Plan to be in This Business?
Before we begin discussing what is needed from a financial standpoint for each of these categories, let me clarify how companies in these categories think. Their thinking is different from the first two categories we discussed in the last article.
Topics: business management
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A trademark is a word, name, logo, symbol or design that identifies and distinguishes a product from goods or services developed by other companies. Technically, a “trademark” is used to identify goods and a “service mark” is used to identify services, although the term “trademark” is often used as a generic term to refer to both types of marks.
A trademark registration grants you exclusive ownership rights to use your trademark in connection with the goods or products you sell. It also enables you to prevent other businesses or entities from using your trademark.
Topics: best business practices
Earlier this year, I presented on a topic called Be the CEO. That presentation mentioned certain questions that should be discussed with your trusted advisor, i.e. your Certified Public Accountant (CPA), Fractional Chief Financial Officer (CFO), or CFO, at the beginning of the engagement. One of those questions will be the topic of a two-part article series, How Long Do You Plan to be in This Business?
It is common to use the assets of the business as collateral to secure payment of a business loan. A Uniform Commercial Code (UCC) lien filing, or UCC filing, is a notice lenders file to inform others of their claim in the assets owned by the borrower in the event of default. Even though the business owner allows the lender to secure the payment of a business loan with the assets of the business, in many cases, the business owner never sees a copy of the filed lien.
This week marks our firms 20th anniversary. In 1999 my naïve business plan for a “fee-only” and “fiduciary” investment management firm fit on a cocktail napkin. It was me, a phone and a computer. Thankfully, much has changed since inception and hopefully I’ve learned a bit in the process that may be helpful to others.