Should you pivot your business and what exactly is a pivot? There are right ways and wrong ways to pivot. Pivot Defined A pivot is a change in the direction of your business. It can relate to the type of services you offer, clients/customers served, your role, and the overall business model. Right Way to […]
Employees
Personal Financial Planning for Business Owners in 3 Steps
Financial planning for business owners differs from regular W-2 employees and should be handled differently. These are 3 steps business owners should take: Step 1: Plan for Volatile Earnings This is especially true if you operate a business that ebbs and flows with economic cycles, such as construction and real estate. However, company specific changes […]
How Will IRS Job Cuts Impact You?
There was a recent announcement regarding staffing cuts at the IRS. How will this impact you and should you be concerned? Background Information The IRS hired approximately 22,000 people during 2022, 31,000 during 2024, and approximately 20,000 during 2024 for a total workforce of more than 100,000 employees. This has been the largest number of […]
Be Aware of These Upcoming Tax Due Dates
The IRS issued a 14-page tax calendar publication, which is useful for helping with insomnia. Instead, here are some upcoming, common due dates that you should be aware of: January 31st March 17th (normally it is the 15th, but it falls on a Saturday this year) April 15th June 16th September 15th October 15th January […]
Why You Should Know Vilfredo Pareto
According to Wikipedia, Vilfredo Pareto was born during 1848 and was an Italian polymath. I know it sounds boring, but his observations are so important to business, finances, and virtually all aspects of life. Let me explain . . . Background Pareto had an interest in sociology, civil engineering, economics, political science and philosophy. One […]
Overlooked Financial Maneuver
I’ve noticed a recurring theme over the years, and it’s more common than you would think. It’s helpful to do this one thing, especially as a business owner, and I’ll explain why. Because it’s simplistic it is often overlooked, but I’ll tell you why it is so important. The one overlooked financial maneuver is to […]
Know These 4 Economic Terms to Sound Like an Economist
Do you want to better understand what is happening in the economy and sound extra smart? Here are 4 terms you should know and understand. Inflation: Inflation is the decrease of purchasing power of your money. What used to cost $10 now costs $12 because your money is not as valuable. Good economists know that […]
PPP Deadline Approaching
The deadline for the PPP loan is March 31st, so do not wait to apply if you qualify. Some tips are as follows: Apply through your existing bank You must have 300 or fewer employees Have already used or plan to use your original PPP funds Can demonstrate at least a 25% reduction in revenue […]
Increase & Conserve Your Mental Energy in 5 Ways
What exactly is mental energy? A good definition can be found at PubMed.gov and can be described as “ . . . the ability or willingness to engage in cognitive work.” Why is this important what can you do to manage your mental energy? Importance of Mental Energy Using your mental energy wisely can help […]
PPP2 Overview
Questions about PPP2? Here is an overview: How much is the loan amount? The amount is 2.5 times your average monthly payroll during 2019 or trailing 12 months. For hotels and restaurants the amount is 3.5 times average monthly payroll. How to qualify? You must have 300 or fewer employees Have already used or plan […]