It’s not news that more than half of all small businesses fail in the first five years. Most attribute that to a lack of demand, but the reality is that most fail due to financial mismanagement.     The good news? By understanding common financial mistakes, you can avoid costly errors and set your business up for… Read More

Just mentioning accounting can cause eyes to glaze. For most, it conjures a vision of endless spreadsheets and a sea of numbers. That’s unfortunate because one of the most renowned names in business, John D. Rockefeller, started his career in accounting, and investor Warren Buffett famously called accounting “the language of business.” Yet, many business… Read More

There’s no doubt that lifelong learning is part of honing business financial literacy, but does that fact entail pursuing a master’s in Business Administration? Currently, 183 MBA programs exist in the United States, and some reports suggest that graduates earn an average of $41,000 more per year than their peers. Before you dive in, there… Read More

A business owner who lacks financial literacy is like an expatriate who doesn’t know the local language. Sure, you can get by with the help of others, but you’ll never really thrive.  If that describes your situation, don’t worry.  You’re not alone. Plenty of legendary entrepreneurs like Steve Jobs and Richard Branson started that way. … Read More

April Fool’s Day seems like an appropriate time for an in-depth review of Profit First by Mike Michalowicz.  After all, it promises a radical departure from traditional accounting and will change the trajectory of small businesses in America. So, is it real or just another business book trying to trick readers into buying?  Today, we’ll… Read More

This month’s focus on business tax strategy has included posts about its importance, how to create one, and how to align it with business goals.  It all sounds great in theory, but how do you know they work?  That’s what this week’s post is all about. We’ll review two real case studies demonstrating the power… Read More

Last week’s post discussed how people and plans are the foundation of a good business tax strategy.  And while a strong foundation is integral to a good business tax strategy, so is aligning it to your business goals.  A tax strategy that is out of sync with business goals is like a car whose front… Read More

This month’s blog series on business tax strategy would be nothing if it didn’t include a method for creating one.  That creation comes down to two things: people and plans.  Without plans, there is no strategy. All your plans, like goals and acquisitions, will help drive your broader strategy.  So will people, because your strategy… Read More

A good tax strategy is to business what good nutrition is to a competitive athlete. You can get by without it, but ultimately, performance lags.  Even worse, it can be a point of failure.  With a good tax strategy, a business goes beyond mere survivability; it begins to thrive.  That’s why this month’s blog posts… Read More

Last week’s post talked about debt-based crowdfunding and the tax implications.  Some of them were much more favorable than their donation or equity-based counterparts. But not every tax situation is sunshine and roses when borrowing money.  So, today’s post will cover the good, the bad, and the ugly of taxes as they apply to any… Read More