... this month in NWAB2B ....
Should you hire a Payroll Clerk? CPA? Payroll Service? It pays to do the math. Many small business owners either attempt to do their own payroll, hire a payroll clerk, or they send their info to a CPA to handle their needs. Is this the right solution for your business? Let’s do the math. Read More >
The truth about financing your home Here's an important question: If what you believe to be about financing your home were not true, when would you want to know? Your home is probably the largest or second largest personal investment you will make. How you decide to pay for it may cost you unnecessary lost opportunities of which you are not even aware. Read More >
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Finding the Money Your Circle of Wealth® represents all the money that you will ever have. Your circle is larger than some people. Some others are larger than yours. Most of us have one thing in common though; we want our circle to grow. According to Don Blanton, creator of the Circle of Wealth® concept, there are three types of money. Read More >
5 Ways to Improve Your Cash Flow for 2011 Even if you didn't learn it in college, you soon learn it in the business school of hard knocks. Cash is king. Cash is the lifeblood of small business. Without it you can't buy inventory, pay your help, or turn on the lights. So how do you keep more cash coming in than going out? Read More >
Have you insured a paycheck for life?
Most of us have insured many important areas of our life. Perhaps you have health, homeowners, auto, long term care, and life insurance. However, have you insured your retirement income? What have you done to guaranteed a paycheck to last the rest of your life, no matter how long you live?
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Ever heard of Market-Linked CD? A market linked what?
There really is such an account as a market-linked CD. If you seek the safety of traditional CDs but desire the potential for better returns, the Market-Linked Certificates of Deposit (MLCD) may be for you. Read More >
Planning for retirement: What's the perfect account?
A retirement savings or investment account has at least five elements to it: risk, growth, liquidity, income and taxation. Each type of account emphasizes one or more of these elements at the expense of the others. Safety generally comes at the price of a low return on the investment. Conversely, a higher yield is typically accompanied by more risk or market volatility. Read More >
Keeping it straight: Filing W-2 and 1099s
If January 31 had you scrambling to file W2s and 1099s for your small business, your best bet is to make a new year's resolution not to do again next year. Here are the things you should know to get organized now and keep it all straight for now and later. Read More >
Planning for retirement: Will you be able to afford it? Here's shocking news: Approximately half of all U.S. workers have less than $2000 set aside for retirement. According to a recent survey, 36% of Americans say they don’t contribute anything to retirement savings. And, 35% over the age of 65 rely almost entirely on Social Security payments to meet their monthly living expenses. Are you one of those statistics? Read More >
5 ways to grow your business without spending cash If you are a local small business owner this column is for you. I want to share five ways you can gain new customers without spending your cash. Before we start, we need to determine if YES fits these questions. Read More >
Business & Economics: Buy local, help the local economy – Fact or Myth? There has been a lot of talk in recent years about how not buying locally hurts the local economy and locally owned and operated business. Is it fact or myth? Read More >
Alternate currencies go global I’ve just returned from the International Reciprocal Trade Association (IRTA) Convention in Pittsburgh. IRTA is the organization that promotes just and equitable standards of practice in modern trade and barter systems, and works to raise awareness throughout the world. There were more than 125 attendees representing some 42 barter exchanges from around the world. Trade partners from China, Singapore, South America, New Zealand, France, Portugal and England were there. So was Northwest Arkansas. Read More >
Building A Local Economy: Creating an Index of Proof How effective are ‘Go Local’ programs? There are several non-profit organizations and for profit businesses promoting the virtues and economics of buying locally. One of the most recognized is the 3/50 Project. They’ve gained much momentum espousing the impact we can have on the local economy when we spend our dollars local. Until now, there hasn’t been much of a way of measuring the effectiveness of these ‘Go Local’ campaigns. It’s a complicated, economic maneuver. Read Now >
The local currency index hits a spikeNorthwest Arkansas’ Local Purchase Index increased dramatically for the month of September 2010: .856 up from last month’s .538. Read More >
5 reasons outsourcing your bookkeeping can be a smart business solution I think about small business as a three-legged stool, with each leg having its own function: • Marketing brings customers in the door • Production builds client relationships, and maintains and improves products and services • Accounting gathers and interprets financial information from all aspects of the business. Read More >
Building character at your business bank: 5 tips for small business bankingDeveloping a good relationship with a bank is important for the success of any small business. One basic step in starting that banking relationship is to open a small business checking account. There are many benefits to having a small business account and features available that will both save time and money. Here are a few to look for when shopping for a small business account. Read More > Take your 5 C’s to the bank for cash Headed for the bank with a dollar amount in mind? It’s not a shoe-in for walking out with the money you need, but understanding the approval process is a great place to start. Not unlike choosing a fine diamond, here are the 5 C’s banks need to approve your funding request. Read More >
Getting ready for a loan: Five questions your banker will ask Banking relationships are personal, and finding the right loan officer is important to the financial success of your business. One key factor is to choose a bank that has experience lending to businesses in your industry. When bankers are familiar with your industry, they are in a better position to provide insightful advice or suggest products tailored to your needs. Read More >
Eeenie Meenie Minie Mo: Loan Terms
What kind of loan do you need? It’s a more detailed process than picking one from a hat. Here are common business loans defined. Read More >
For Good (Business) Health: Get to Know Your Cash FlowMany small business owners mistakenly believe that talent, determination, and hard work will ensure success. While these are important, success also requires sound financial management: understanding a balance sheet, monitoring a profit-and-loss statement, and managing cash flow through the business. Read More >
Five real time tips to grow your cash flowHow well you manage your company’s cash flow can make or break your business, especially in today’s tough economy. When sales are sluggish and credit is tight, having cash on hand boosts your bottom line and provides a cushion against adversity. Read More > Gets the facts on FACTAIt’s newsworthy, confusing, and full of uncertainty, but the FACTA law provision has definitely established a higher level of responsibility for small businesses. Your business is now liable for identity theft under FACTA, and the liability could cause financial ruin for companies without a proactive measure in place. How can you hedge your liability? The gist: establish a privacy policy; someone to oversee it; train your employees about identity theft; and establish a mitigation plan. Read More > Is Payroll outsourcing your solution? If you’re like many small business owners, you’re still processing your payroll in-house. Do you know there is an alternative that could actually save you money, time, and frustration? Dealing with other people’s money– your employees’– is serious business, with reams of restrictions, tax tables and deadlines to follow. According to Business Week, there are 54 steps in the process of payroll, and even in a small office that can chew up 40 to 60 hours of tedium. According to the IRS, every year 40% of small businesses pay a penalty of $845 on average for improperly filing their payroll taxes. Read More >
Leasing vs. Buying: 7 Advantages to consider Name a type of business and you can name an occasion when you’ll need something you don’t have. In tough economic times, buying improvements, capital and equipment may be out of reach. And yet, you may not be able to do without. With 20 years experience in the truck and trailer rental business, Rick F. Whittle, President of Whittle Family of Business, offers these seven advantages for leasing or renting over buying. Read More >
Cost-segregation can free up capital and tax liabilities
If you own a commercial facility, you may be able to gain significant tax advantages by applying a cost segregation study to your building. Cost segregation is a term for an IRS-approved application that maximizes depreciation expense on commercial property and reduces the amount of income tax owed. Read More > |  | A look at IRAs, 401(k)s, and other ticking tax time bomb Thinking about retirement? There’s no need to read any further if you believe Federal income tax rates will be reduced going into the future; particularly by the time you are ready to retire. If, like me and many others, you think tax rates will be going up, this could be a “must read.” Read More >
Creating income for life Here’s a good question: How much have you been able to save from birth until now? And another: How long would it last if were you to retire today? Could you live on your nest egg or the income it would generate? It probably comes as no surprise that small business owners are notorious for having no retirement plan. If they do, it is probably grossly under funded, often because of the cash demands of the business. Read More >
5 things every small business owner should know
Many people go into business with a dream to make lots of money. The harsh reality is that in small business, making money is much easier said than done. The starting point is for business owners to understand their break-even point. Break-even analysis is a tool small business owners can use to understand when their business will be able to cover its expenses and begin to make a profit. Here are five steps every small business owner should complete in order to understand their break even point. Read More >
Small business banking in Northwest ArkansasWhether starting a business, looking to expand, or managing your finances and cash flow, your bank is an important business alliance. The relationship can be as important as product offering, location, and market strategy, so choose your bank carefully. Read More > Banking on Business: Opt in Opt-in or Opt-out? What is that about? If you have a bank account and use your ATM/debit card, you have probably received correspondence recently from your bank informing you of new federal rules. Read More >
Four documents that maximize productivity
To maximize productivity and profit, every business needs to have a clear reason for existing. These four recommendations help business owners define that “reason.” Read More >
Keeping it all Straight: Effective Habits of a Business Owner In keeping it all straight, here are 10 more habits business owners should practice. Not only will these help you at tax time and keep your accountant happy, they are part of the accurate financial statements you need to develop smart, profitable business strategies. Read More >
Banking on People, FORGEing ahead in businessYou may be familiar with the breads and baked goods created by husband and wife team Ben Gitchel and Hannah Withers, but you may not know their Little Bread Company started in a renovated garage in Eureka Springs. Now, several years later, the couple has a rising business and happy customers at their retail bakery on Block Street in Fayetteville. Read More > |
