Although there are no longer Obamacare penalties at the Federal level starting 2019, the State of New Jersey has implemented its own penalties for 2019. What are some of the requirements, exemptions, and penalties regarding this new law? Requirements: The law requires you to have minimum essential health coverage or qualify for an exemption of […]
Expenses
The 3 Pillars
A business has many moving parts that must all be coordinated to ensure smooth and profitable operations. Usually, there are aspects of a business that are either completely ignored or not given the time, energy and focus that they need. These moving parts can be broken down into 3 major areas: operations, marketing, and financial. […]
What If Your Spouse Is Reckless with Money?
Did you take a financial compatibility test before you got married to your spouse? I am sure the answer is no and even if you did, people and circumstances can change over time. If one spouse is more cautious with spending and one is reckless, then this will not only cause tension, but the financially […]
Why Does a Fast Growing Company Bleed Cash?
The irony of growing a company quickly is that it tends to bleed cash, and a lot of it. Why is this so and what can you do to prevent a cash crunch to keep the momentum going? A fast Growing company is likely to spend more money to feed the growth of the business […]
You Get What You Pay For
I like a good deal when I see one, but be careful about going for the “cheap” price. Generally, you get what you pay for and many times it ends up costing you more and you either don’t realize this or realize it once it’s too late. Even commodity type services and products are not […]
The One True Business Formula for Success
There are dozens of formulas and ratios that a business can use to determine success and profitability. However, there really is one that is most important and should be used repeatedly . . . Sales – Expenses = Profit Keep on repeating this formula over and over again and you will do just fine. […]
What Keeps Business Owners Up at Night?
Aside from worrying about everything, there are really just a few timeless concerns of most business owners. If you don’t have at least one of these concerns then that is probably a concern. Here they are with a few solutions: Employees: No matter how well you run your business, it will always be a challenge […]
Follow Your Emotions and Go Broke
According to dictionary.com, one definition of emotion is “an affective state of consciousness in which joy, sorrow, fear, hate, or the like, is experienced, as distinguished from cognitive and volitional states of consciousness.” Emotions can be complex and if you make business and financial decisions based solely on how you feel at the moment without […]
What is a Growing Business Doing Differently than a Struggling One?
There are major differences between the actions of a business owner with a growing business versus that of a struggling business. There seems to be a recurring theme for growing and struggling that closely mimics those who are fit and healthy versus those who struggle with their weight. The accumulation of certain actions will greatly […]
5 Traps to Avoid When Growing Your Business Rapidly
Growing your business, especially growing rapidly, can be a really great accomplishment, but there are dangers when growing too quickly. Here are several traps to avoid to ensure successful growth: Cash flow: Quite often, a small business will have cash flow issues when growing too rapidly. This is due to a delay of getting paid, […]