Finance expert Mike Periu on a free foreclosure review program which expires at the end of this year. Homeowners who lost their homes to foreclosure in 2009 or 2010 have until December 31st to request a free, independent review to ensure that they were treated fairly and that the process was handled legally. Many small-business owners mortgaged their homes to fund their businesses and ultimately lost one or both. This free review is overseen by the Office of the Comptroller of the Current … [Read more...]
Create a Budget-Oriented Culture in Your Business
Finance expert Mike Periu on how to Budget-Oriented Culture in Your Business. Create a budget-friendly business for your employees. Early stage businesses govern their operations more by vision than by a budget. This makes sense, because without a track record it's difficult to develop a credible budget. But over time as the business expands, it needs structure to grow successfully. If your employees are not accustomed to working with a budget, it could lead to culture shock and the false … [Read more...]
Small-Business Owners: What to Expect in the Next Four Years?
Finance expert Mike Periu on the financial challenges that may lie ahead for small-business owners. What to Expect in the Next Four Years? The next four years may prove challenging for small-business owners. According to Dr. Jeffrey Cornwall, the Jack C. Massey Chair in Entrepreneurship and Director of the Center for Entrepreneurship at Belmont University in Nashville, Tenn, it is a near certainty that taxes on small businesses will increase. This includes the potential approval of a Value … [Read more...]
Small Businesses Investing More in Social Media
Finance expert Mike Periu on how small-business owners are spending more time and money on social media. November 08, 2012 According to a recent survey by Vertical Response, two-thirds of small-business owners are spending more time on social media, with 90 percent using Facebook and 70 percent using Twitter. Social media budgets are increasing at twice the rate of overall marketing budgets, indicating that social media is consuming a larger portion of overall marketing expenditures among … [Read more...]
What Does Re-Election Mean for Investors?
Finance expert Mike Periu on What Obama's Re-Election Mean for Investors? With the 2012 elections now over, one major unknown for investors has been answered. Obama's re-election will have a significant impact on many industries and investors need to take this into account when making investment decisions. It is now likely that income tax rates on dividend income will increase dramatically. This will hurt stocks, like utilities, that investors seek out for their dividend income. Technology … [Read more...]
Are Your Payroll Taxes Being Paid?
A recent court case shows why you shouldn't assume your business partner or bookkeeper is making the proper payments to the IRS. Are Your Payroll Taxes Being Paid? Imagine waking up one morning and finding an envelope in your mailbox from the IRS. Upon opening it you see it contains a letter indicating that you owe nearly $190,000 in taxes that were due but never paid. The worst part about this nightmare is that the tax liability is not yours but the law still requires you to pay. Could this … [Read more...]
Your Business-Interruption Insurance May Not Cover Losses From Sandy
OPEN finance expert Mike Periu on Business-Interruption Insurance coverage for small businesses affected by Hurricane Sandy. Business interruption insurance provides compensation to businesses that are forced to shutdown temporarily. It covers the revenues that you would have generated during the time you are closed so you can keep paying your expenses. Typical policies, however, require that physical damage to your building be the cause of your interruption. In the case case of Hurricane … [Read more...]
U.S. Is Once Again Approaching the Debt Ceiling
OPEN finance expert Mike Periu on the U.S Approaching the Debt Ceiling. The debt ceiling refers to the maximum amount of money the U.S. Federal government can owe and it currently stands at $16.4 trillion. Based on current projections by the Treasury Department and the Congressional Budget Office, we will hit the limit by the end of the year. In order to keep financing its operations, the Federal government needs Congress to pass a bill authorizing an increase to the debt ceiling. The last time … [Read more...]
How to Decide if It’s Time to Quit or Keep Going
Finance expert Mike Periu on determining whether it is time to quit or keep going. According to Harvard Business School Professor Rosabeth Moss Kanter "everything can look like a failure in the middle." As a small-business owner it can be difficult to gauge whether you are just going through a rough patch and need to persevere, or if there is a fundamental flaw with your business and you need to shut it down and move on to something better. Either case will feel the same "in the middle" and you … [Read more...]
New Tool to Stop Cyberattacks
OPEN's finance expert, Mike Periu, on a new cybersecurity planning tool to Stop Cyberattacks. During the first six months of 2012, over one-third of all cyber-attacks were targeted at small businesses. This trend is expected to increase as more hackers realize that small companies are easier targets for theft compared with larger companies that are spending more on cybersecurity. To help deal with this threat, the Federal Communications Commission (FCC) has launched an updated version of the … [Read more...]