A proposed Senate bill designed to extend protection on small business bank accounts. December 12, 2012 Senator Harry Reid introduced Senate Bill S. 3637 to extend the Transaction Account Guarantee (TAG) program through 2014. TAG is administered by the Federal Deposit Insurance Corporation (FDIC) and provides protection for non-interest bearing accounts held by small businesses or municipalities at participating banks. TAG launched in October 2008 at the height of the financial crisis and has … [Read more...]
21 Percent of Small Businesses to Cut Jobs in 2013
Finance expert Mike Periu on a recent survey that says over 20 percent of small-business owners plan to cut jobs in 2013. December 12, 2012 The Wells Fargo/Gallup Small Business Index plunged 28 points to -11 according to its latest survey of owners held Nov. 12 to 16. The quarterly survey asked business owners about their present situation and their expectations for the next 12 months with regard to their overall financial situation, cash flow, revenues, capital spending allocation, hiring … [Read more...]
Banks Losing Dominance in Providing Financial Services
Finance expert Mike Periu discusses the decrease in popularity of traditional bank accounts as payment alternatives have evolved as Financial Services. Technological advances and changes in consumer behavior have effectively taken away the banking sectors dominance in the provision of many financial services. There are millions of households in the U.S. who don’t have traditional bank accounts. This has generally been seen as a problem with efforts focused on making them “banked". But now … [Read more...]
The Key Skills of a Successful Entrepreneur Revealed
Finance expert Mike Periu on the top five, learnable skills leading Successful Entrepreneur Target Training International recently conducted a multivariable analysis of successful serial entrepreneurs to determine which skills, traits and abilities they have in common and played a central role in their success. The results identified five skills that were most indicative of the entrepreneurial mindset, which set these winners apart from the control group. The five skills are: Persuasion, … [Read more...]
How to Deal With Objections Using Verbal Aikido
Finance expert Mike Periu on an innovative way to handle client complaints, known as Verbal Aikido. December 11, 2012 In the course of running a business, owners continually deal with objections. Potential customers object to the terms of an agreement, existing clients object to prices and financial partners object to requests for additional funding. According to successful entrepreneur, professor and author Conor Neill, we are not taught how to deal properly with objections. Our schooling … [Read more...]
Maximize Your Flexible Spending Account
Finance expert Mike Periu with a reminder to maximize the dollars in your flexible spending account before the year is over Flexible spending accounts offer a way to set aside pre-tax dollars for spending related to your health care. For many FSA holders, December 31st is an important deadline because unused FSA money can't be rolled over into next year—if money in the account isn't spent before the end of the year, you'll lose it entirely. If you have money in your FSA, there are a number of … [Read more...]
Finding a Strategic Buyer for Your Company
Finance expert Mike Periu on things to consider when looking for a strategic buyer for your company. Many small-business owners expect to exit their business through a strategic sale. Once the decision is made to sell the business, it's important to find potential suitors. This isn't always an easy process especially if you plan to sell to a private company yet to be identified. The first step is to grow the pool of potential suitors by ensuring that your business is well-organized and can … [Read more...]
Diagnosing Risky Business Assumptions
Finance expert Mike Periu shares advice on how to Diagnosing Risky Business and to help minimize the chance of failure when starting a small business. According to Diana Kander, Entrepreneur-in-Residence at the Kauffman Foundation, most start-up companies fail because they run out of time or money. This failure doesn't just happen out of the blue—it's usually predicated upon a set of assumptions by the founder or founders that turn out to be mistaken. Growing a business requires that owners … [Read more...]
End of Year Tax Tips for Small Business
Finance expert Mike Periu on Tax Tips: how a little tax planning now, before the year ends, can save your small business money. It's not too late to make financial decisions that can minimize your tax liability for the current year and future years. Even though you are busy with other end of year activities, a little tax planning can be quite a valuable investment. Consider the following tips: Take a section 179 deduction which allows you to expense the purchase of equipment for your … [Read more...]
Small Business Payroll Processing Could See Major Disruption in 2013
Finance expert Mike Periu on the upcoming complexities of Small Business Payroll Processing. The American Payroll Association has warned that further delays in Congress to determine future tax rates could lead to widespread confusion in early 2013 among small-business owners who need to calculate withholding taxes on their employees' pay. According to the APA, the majority of small-business owners process their own payroll. If a decision isn't reached by December 14th, it's unlikely that owners … [Read more...]
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