Is your sales force too small? Too large? Find out by using the incremental method suggest by expert Mike Periu. I recently had coffee with the owner of a distribution company that has enjoyed success in the past and has been trying to rekindle sales. We were talking about the key challenges he faced trying to increase revenues given the current state of the economy and afterwards he invited me to see his operations which were only a few blocks away. I agreed. When he opened the door to his … [Read more...]
5 Questions To Ask Before Using A Tax Shelter
The idea of a smaller tax bill for your business can be appealing. Remember, not all tax shelters are created equally. Tax shelters are once again facing aggressive scrutiny by tax and law enforcement officials. The former CEO of BDO Seidman, one of the largest accounting and consulting firms in the country, was recently convicted along with several high profile co-defendants of “conspiring to defraud the IRS and to evade taxes and of corruptly endeavoring to obstruct and impede the Internal … [Read more...]
American Recovery and Reinvestment Act of 2009
Did the American Recovery and Reinvestment Act of 2009 work? Some experts say no. Did The Economic Stimulus Create Jobs? In February 2009, the American Recovery and Reinvestment Act of 2009 (“ARRA”) was enacted. The law contained approximately $787 billion in economic stimulus consisting of new government expenditures and some tax incentives. It was a response to the serious challenges facing the U.S. economy as a direct result of the crisis in the financial sector. The logic beyond the law … [Read more...]
Changes To Look For In 401(k) Loans
Are you aware of the changes that may be coming to 401(k) loans? And what if means for your business? You should be. Like all tax-deferred retirement accounts, 401(k)s exist to incent individuals to save for retirement. Given the state of our nation’s entitlement programs, it is more important than ever to invest the absolute maximum possible in defined contribution, tax advantaged accounts like 401(k)s and IRAs. Funding these accounts, however, is only half the battle. The other half consists … [Read more...]
4 Ways To Manage The Financial Risk Of A Sweepstakes
If your business wants to offer a billion dollar sweepstakes to attract customers, you better know the right way to manage it. In 2003, Pepsi ran a sweepstakes competition that was mind-boggling in scale. The grand prize was nothing less than $1 billion. Yes billion. The publicity associated with this astronomical prize generated tremendous value for the company. Have you ever wondered how a company can offer such a prize? It doesn’t have to be that extreme for you to raise an eyebrow. What … [Read more...]
Raising Financially Responsible Children
Like all good things in life, financial success is a double-edged sword, especially if you have kids. Here is a guide on Raising Financially Responsible Children. Most business owners want to achieve financial success. If you have already achieved it, then congratulations! Feel free to invite me for a spin in your new Lamborghini Aventador. Like all good things in life, financial success is a double-edged sword, especially if you have kids. Wealthy entrepreneurs face a tremendous dilemma: how … [Read more...]
5 Ways To Axe Avoidable Behavior
Avoidable behavior can keep you from getting your most important tasks done. Here are a few ways to kick the bad habit. I’ve been meaning to write this column for a long time. But I just couldn’t get around to it for some reason. That reason? Avoidable behavior. Some people own up to it. Others don’t. But it’s more common than you think, especially among business owners. I’m not a psychologist and I want to clarify that I’m not talking about Avoidant personality disorder which is something else … [Read more...]
Protecting your data From Critical Data Leaks
Sometimes the boring details that we overlook could mean the difference between success and failure in our businesses. Protect Your Company From Critical Data Leaks Sometimes the boring details that we overlook could mean the difference between success and failure in our businesses. When it comes to protecting your data, not every threat takes the shape of a sensational international network of hackers or a rogue employee turned mole. Sometimes something as innocent as e-mailing a draft of a … [Read more...]
Economic Outlook: What Can We Learn From GDP Numbers?
Business owners spend most of their time analyzing their own numbers. But it's also important to look at the bigger picture. Gross Domestic Product (“GDP”) is one of the most important measures of the condition of our economy. Both GDP in dollar terms and changes over time to GDP can help us understand where things stand today and where they will most likely go over the next several years. As business owners, we spend most of our time analyzing the numbers of our company. But every once in a … [Read more...]
How To Calculate The Size Of Your Sales Force
Growing your sales force too quickly can lead to wasted time, and money. Have you thought about the size of your sales force lately? If you grow your sales force too quickly it can be a huge problem. For starters, you may not have the expertise to manage it, and there may not be an established market or sales process in place for them to follow—leading to wasted time and money. It can also lead to frustration and disenchantment, which sooner or later morphs into high turnover. On the flip … [Read more...]
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