When you are facing various types of financial difficulties or are in the midst of undergoing a major financial change in your life, consulting with a CPA you know and trust can make any situation easier. Read more
When the COVD-19 pandemic hit, thousands of small businesses were shutting their doors, laying off workers, and wondering if they would ever open up again. However, once Congress passed the CARES Act, businesses could take out loans that would prop them up and survive the pandemic. Best of all, these Paycheck Protection Program (PPP) loans were set up to be forgivable. However, forgiveness is not set in stone with these loans, meaning business owners who perhaps let deadlines lapse may be on the hook for whatever amount of money they borrowed. If you took out such a loan and have questions as to how PPP loan forgiveness works, here are some things to remember.
If you are a business owner and have thousands of customers buying your product or service on a daily basis, this sounds like a great formula for success. However, there’s more to the success formula than sales. You need to pay attention to your customer acquisition cost. If it costs too much to acquire your customers, this will cut into your profits. If your customer acquisition cost is too high, you and your business have a serious problem that needs to be corrected as quickly as possible. To keep your business growing, you need to carefully calculate your customer acquisition cost and reduce it as much as possible.
While only a few months ago it may not have seemed possible, most states are now lifting mask and social distancing mandates, meaning life where you live and elsewhere in the nation is slowly but surely returning to normal. However, the COVID-19 pandemic took quite a toll on businesses, yours included. Therefore, while you’re optimistic about the future, you know you have plenty of work ahead of you to re-energize your business. Since the ball is in your court now, it’s time to be proactive and start thinking about what it will take to get your business back to pre-pandemic levels in terms of customers, sales, and profits. If you’re ready to kick COVID-19 to the curb and get your business going once again, here are some effective ways to make it happen.
People become small business owners through several methods. Some inherit a family business when a parent or relative retire. Others launch an innovative new product and find themselves running a company without ever planning on it. But for some, those with money to invest upfront, they intentionally enter the small business world by becoming a franchise owner.
Your customers are the lifeblood of your business. You exist to provide them with the products and services that fulfill their needs, and your success depends on how well you identify and meet those needs. But your customers are not a monolith.
Many businesses are still struggling due to the financial restrictions imposed due to COVID-19. The severely reduced income combined with ongoing payroll responsibilities has led to many businesses having to shut down entirely. Those that are left standing are hanging on by a thread. Yet, hope is on the horizon. The “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act” was recently passed by Congress. This Act reauthorizes the original PPP (Paycheck Protection Program) loans that came to an official end in August of 2020. There’s a lot to know in 2021 about PPP loans. Read more
Since a lot of employees are working from home now, it makes sense that employers are looking for efficient ways to track employee time. Even though employees do have more autonomy over their working time, you still need to ensure that you’re not paying for excess idle time. Most professionals can be trusted to work when they’re supposed to, but there will always be some people who try to take advantage of the working from home situation. Following are some considerations to keep in mind and some ideas about various ways to track employee time.
When making staffing decisions, it’s important to consider all the variables. You may be hiring support growth, or bring in new clients. Other times, the role in a cost center, and you’ll need to evaluate if existing revenues can support added costs.
Charging it has become part of the American way of life. Whether it’s because they want to delay payments, don’t have the money currently, or simply want the convenience, consumers expect to be able to pay their bills with plastic. For a small business owner, this can present a challenge.