As a small business owner you will, more than likely, encounter a customer who never pays his bill. It would be wonderful if that were not true, but if you talk with your small business owning peers, you will find everyone has a story to tell. But when it happens to you – at least for the first time – you might be a little baffled. NOW what do you do? (more…)
Posts Tagged Grace Walker
Way back in 2015, we wrote a blog about the Pros and Cons of Hiring Contractors vs. Employees. In this article we shared that experts predicted by 2020 contractor workers or freelancers would make up half of the full-time workforce. This trend, now commonly referred to as the “Gig Economy” is on track to meet that prediction by 2020 or before. Are you on board? (more…)
While most clients understand the importance of paying their bills in full and on time, some clients inevitably will pay for goods and services late. Unpaid invoices and the effort to get them paid can be a huge challenge for a small business’ profitability – in time and money.
Did you know there are over 28 million small businesses in the United States, according to the Small Business Administration? If your business is succeeding, that’s great! Good job! Because, unfortunately, only about 50% of small businesses survive – and only one-third survive 10 years or more. Why do you think that happens in such numbers? (more…)
In business, you must keep an eye on your cash flow. Because, if you’re like most small business owners, how much you have in the bank depends on the speed in which your customers pay you. But how do you get your invoices paid faster? Here are some simple tips from The Payroll Department to help you get prompt customer payments. (more…)
If you’re like most small business owners, you didn’t start your company because you loved working on the administrative details in the back office. You opened shop because you have a passion or a specific skill set, and you want to earn money utilizing your interests. (more…)
Have you thought of running a franchise? Or, maybe you currently own one – or more. Running any small business – even a franchise – isn’t easy. However, a franchise does come with certain built-in advantages. It’s basically known as a business in a box, because the business has already been developed by the franchisor. For instance, a franchise already comes with brand name recognition, so, theoretically, getting customers should be a little easier. Also, in some cases, the franchisor provides franchise owners with detailed manuals to help them run their business. While these things are helpful, running a franchise is still hard work and can be overwhelming, especially when starting out.
Occasionally, at networking and other events, we hear small business owners grumble about not getting paid for jobs they’ve done. At The Payroll Department, we understand their frustration. Often, the problem really comes down to not having an accounts receivable process in place. Many entrepreneurs “leave money on the table” by not telling their clients what their terms of payment are, not following up for payment, and worst of all, not even sending an invoice. (more…)
Congrats! You’re a successful small business owner, but now you’re starting to think about moving on or retiring. Whether you’ve been in business for one year or 25 years, you need to plan your exit strategy. What do you want to do with your small business? Walk away from it? Sell it to someone else? Merge with another business? (more…)
I trust you made it through another tax season. There is always a collective sigh of relief – and it’s not just the accounting firm employees – it’s the small business owners, too. (more…)