Business is about taking risks to earn a profit. However, there are some risks that can creep up on you slowly or swiftly that can either destroy or greatly damage your business. Health Issues: As we get older, health issues become a larger risk. Common and sudden issues can include heart attacks and strokes. The […]
Expenses
Are You Tired of Overspending on Christmas?
Even with the best of intentions, almost everyone overspends on Christmas. Here are a few ideas to keep overspending to a minimum: Go easy on electronics: Electronic devices, aside from TV’s, are usually the smallest, most expensive items to purchase. Top of the line smart phones cost more money than computers and laptops. Also go […]
I Was Scammed
Even the smart professional gets scammed every now and then. I’m supposed to be impervious to anything related to parting with money foolishly. How humbling . . . Fortunately, I didn’t fall for a huge scam, but I fell for it nonetheless. How did this happen? The scam penetrated my ultimate weakness; not thinking clearly […]
Before You Open Up A New Location
It’s not a crazy idea, but now may be the time to open another location. Before you do, here are a few things you should consider: Do you still have capacity at your existing location? It’s much, much easier and less expensive to utilize your existing location to increase your sales and profits then to […]
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 […]
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 […]
The Secret Formula for Financial Happiness
Is there really a secret formula for financial happiness? If so, it would look like this: Income = $100 Spending = $90 Result = Financial happiness Alternatively: Income = $100 Spending = $110 Result = Not too happy financially (at least not for long) Simple, but true. If you like what you just read then […]
Some Horrible Ways to Lower Your Tax Bill That are Not Recommended
I don’t think that I ever met anyone that likes to pay taxes. Everyone feels better when their taxes are paid in full with no outstanding balances, but not actually paying them. Sometimes this hatred of paying taxes can go too far and here are a few examples of what not to do: Understate your […]