Make Business Plans Realistic and Useful

All business have varying degrees of success. But all successful businesses have a realistic, useful and dynamic business plan in place. It’s more than a pointless exercise. Your plan should help you make attainable financial goals and formulate time-tested strategies to reach those goals. Have you started drafting your business plan?

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Six Mistakes to Avoid in Selling Your Business

Time to sell your business? Unfortunately, it’s a little more complicated than signing some paperwork and watching a large sum of money appear in your bank account. Many entrepreneurs make mistakes when selling, and the same mistakes can be seen repeating in every industry. We picked the most common six mistakes to avoid.

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1099s: A Little Form With a Painful Bite

If you fill out your own 1099, it always seems less daunting than other tax forms due to its shorter length. But did you know one little mistake can cost you $100 per infraction? Don’t let this “little form” bite you with expensive penalties later on. All mistakes are easily avoidable if you’re thorough.

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Beware of Fraudulent Electronic Funds Transfers

Ever since wire transfers moved online, both personal and work bank accounts are more vulnerable to fraudulent electronic funds transfers from tech-savvy thieves. Avoid malicious attacks by recognizing the tell-tale signs of a fraudulent wire transfer.

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Record Retention: Keep It or Toss It

Keeping records of important paperwork is a necessary evil, especially when preparing¬†to do both personal and business taxes. But it doesn’t have to be a necessary headache. Let’s narrow down which documents you should hang on to versus ones you can throw away for good.

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Avoiding the Pitfalls in Business Succession

We don’t mean to paint a bleak picture¬†– but what would happen to your company in the event of your own disability or death? No one likes to think about these things, but it’s extremely important to have a succession plan of who, what, why, when, how just in case. If you want your business to survive in your absence, don’t let it suffer from a lack of planning like 30% of small businesses do.

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Working Capital Management Strategies

Unless you’re a manager in an accounting or finance firm, working capital may be a foreign term to you. With today’s ever-shifting economy, it’s important to understand the benefits and complications that arise from managing working capital.

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