Having a disagreement with your company’s investors is one of the most difficult challenges that any small business owner can face. It’s stressful, time-consuming and the stakes can be very high. It’s quite common to see the founders of successful businesses kicked out of their own companies due to disagreements with their funders. Like any challenge you face, it’s important to understand your options and take a careful, gradual approach to resolving the conflict as amicably and as quickly as … [Read more...]
The most profitable way to sell online
Alibaba, the Chinese e-commerce giant expects to facilitate the sale of $420 billion worth of goods this year, up from $170 billion in 2012. The company founded by Jack Ma in his apartment 15 years ago has become the largest online seller on earth, dwarfing companies like Amazon and eBay. Their main business – the Alibaba marketplace – connects small and medium sized businesses with buyers inside and outside of China. While Alibaba’s success is unique, the form part of a largely trend – namely … [Read more...]
Tax inversion: How incorporating abroad can lower your tax bill
The United States has one of the highest corporate income tax rates in the world. Multiple studies confirm that even if you take into account credits and deductions, the effective rate (what companies actually pay) continues to be among the highest. Corporate profits between $100,000 and $335,000 are taxed at a 39 percent rate, with higher profit levels taxed between 34 and 38 percent. Add state and local income taxes to the mix and a corporation could pay half of its profits in income taxes. … [Read more...]
How Warren Buffett Can Help You Protect Your Investments
The Dow Jones Industrial Average, Nasdaq Composite Index, S&P 500 Index and the Russell 2000 Index are at record or near-record highs. Fast-growing startups are running as fast as they can to IPO. Mergers and acquisitions are on the rise. Anyone caught up in these trends could easily assume that the worst economic times are behind us and that “champagne wishes and caviar dreams” are all that lay ahead. But some people – like the third richest man in the world Warren Buffet – know … [Read more...]
Are you ready to put the family in family business?
Tim Horton was a Canadian national hero and hockey player with a career that spanned 24 seasons, 4 Stanley Cups and millions of fans. When he wasn’t on the ice, he was an entrepreneur. In 1964 at the age of 34 he started the Tim Hortons Doughnut Shop. By 1967, he had grown it to over 40 locations with partner Ron Joyce. Using franchising as a growth strategy, the company expanded aggressively, becoming a multimillion-dollar business in a few short years. That’s when things got … [Read more...]
Get ready to throw out your old POS system
Credit card fraud is a massive problem. More than a quarter of all credit card holders in the world have been the victim of fraud during the last 5 years. 42 percent of U.S. credit card holders have been victims, the second-highest rate in the world (Mexico is first). Credit card fraud is easy to perpetrate for several reasons but it’s mainly due to a card’s underlying technology – the magnetic stripe. Using magnetism to record information was first invented during World War II and IBM developed … [Read more...]
Where will the economy be this fall?
As the summer starts winding down, it’s a perfect time to evaluate the health of the economy. Chances are that your business will perform better if the economy improves. Knowing what will happen over the remainder of 2014 and 2015 will help you make better decisions related to pricing, sales, hiring and borrowing. You don’t need to be an economist or get bogged down in reams of data. Just focus on these 5 key signals: Interest rates Since the financial crisis of 2008 the Federal Reserve has … [Read more...]
How to make an extra $5,000 per month
Most consultants that I meet aren’t expecting to make $10 million per year offering their services. As professionals they want to make a healthy six-figure income. But the constraints on their time – both selling and executing their consulting – make it difficult to scale their businesses. They reach a sales-plateau with little hope of generating more revenues beyond that maximum level. This can lead to frustration and disenchantment; especially if that plateau isn’t enough to support the … [Read more...]
How open should you be about your company’s finances?
Some years ago I hired an attorney to represent me on a small matter. He was young and very successful, expanding and running television commercials promoting his exploding law practice. After we agreed to work together it came time to pay him his fee. At that point his elderly father came in to collect my payment. I was a little perplexed, since there were dozens of employees just outside his office. The attorney looked at me and said “What? You don’t think I’m stupid enough to actually trust … [Read more...]
Should a small business barter?
Cash is king but what do you do if your business needs something desperately and can’t afford it? Take a cue from the past and barter your way to what you need. Bartering has existed since the beginning of history, where people exchange goods or services. It predates the existence of money and is still used extensively today with billions of dollars worth of time and products changing hands every week. Should a small business barter to pay for what it wants? Should a small business barter … [Read more...]
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