Counterfeiters are a huge problem for U.S. businesses. As more companies outsource production to foreign countries, they lose control Counterfeiting of goods is a huge problem for U.S. businesses. As more companies outsource production to foreign countries, they lose control of their designs, plans, processes, trademarks and copyrights. As I recently noted, China is clearly taking a leisurely approach to enforcing intellectual property protections—it should be no surprise that 66 percent of … [Read more...]
Audit Red Flag To Watch Out For
If you are in the business of renting property, the IRS is going to take a very close look at your tax return beginning this year. Here is the one audit red Flag to watch out for. If you are in the business of renting property, the IRS is going to take a very close look at your tax return beginning this year and will continue to do so for the foreseeable future. In December, the Treasury Inspector General for Tax Administration (known as TIGTA) published an audit report analyzing the income … [Read more...]
How To Tell If Your Accountant Is A Crook
Misconduct on the part of accountants and bookkeepers is an unfortunate reality. While most accountants and bookkeepers are honest and take their work seriously, the small number of bad apples justify taking a cautious approach. As a business owner, any level of misconduct places your entire business at risk. How to tell if Accountant Is A Crook Warning signs Here are some warning signs that your accountant may be engaging in misconduct. Being evasive or difficult to … [Read more...]
Take it Personally When Pitching to Investors
When it comes time to pitching to investors, most business owners play it safe. They have their traditional PowerPoint presentation that includes the Mission, Vision, Product description, management team experience, sales strategy, financial projections and competitive advantages. That’s fine, but it isn’t enough to convince investors to write you a check. Experienced angel investors and venture capitalists evaluate dozens or hundreds of potential investments each year. Most of them have the … [Read more...]
Understanding the Economics of Your Product Distribution Channels
A “channel” refers to a method of distribution that puts your product in the hands of customers. There are many different Distribution Channels. .Most businesses start out selling their products through a single channel. This channel could be a store, a website, or a distributor. But as time passes and the business expands, new channel opportunities present themselves. When selling through multiple channels, sales and marketing decisions become more complex. Without a proper understanding of … [Read more...]
Small Business Banking in 2016
Banking in 2016 in the United States is going to change. Big time. Over the next five years, a revolution in financial services will take place. Banking in the United States is about to change. Big time. Over the next five years, a revolution in financial services will take place. It’s already started, but unfortunately many big banks haven’t gotten the message. Consumers and small business owners are empowering themselves through technology to take more control of their money. Welcome to … [Read more...]
Use the Equity Simulator When Raising Money
When a small business goes through the process of raising money from investors, it’s far from painless. It is one of the most stressful events in the growth of a company. If the owners aren’t prepared for what fundraising entails, they run the risk of losing control of the company they are fighting so hard to grow. In many cases, it could lead to the complete disintegration of the professional and personal relationships among the owners that allowed them to succeed in the first place. The … [Read more...]
Getting Finance and Sales departments to Collaborate
Many companies – even small companies – have communications problems between their finance and sales departments. How to get the finance and sales departments to collaborate Even if each “department” consists of only one person, they still have a hard time talking to each other. The problem can be even worse at smaller companies that don’t have sophisticated feedback or evaluation mechanisms and can’t afford expensive consultants to help them work through the problem. Stereotypes The … [Read more...]
When You Start Thinking Small, It’s Over
As a business owner, you know that life is full of contradictions. A bank will lend your company obscene amounts of money…exactly when you don’t need it. But what happens when your business desperately needs financing? It’s the hardest thing in the world to get. Suppliers tell us they “value our business” and in the same breath tell us they don’t deliver after 5:00 p.m. on Friday when you ask them if they'll be there at 5:15 p.m. Another example of a contradiction: You reading this article. Let … [Read more...]
Should You Cut Costs Like Barack Obama or David Cameron?
Cut Costs and slashing spending has become all the rage lately. State governments, the federal government, even foreign governments have come to the realization that you can’t keep spending money you don’t have forever. Deficit spending requires a number of willing partners. Trading partners, foreign central banks, and institutional investors will very soon reach a point where they no longer want to keep financing this type of activity. Two countries that are facing this situation are the … [Read more...]
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