POST CATEGORY : Finance

Loan Consolidation Can Save Your Business

Measures To Control Costs

Business is cutthroat today. You’ve got to deal with taxes, you’ve got to deal with economic booms and busts, and you’ve got to deal with technological development silhouetting your competition. Additionally, you’ll have to continually expand operations to remain competitively viable. If you don’t, your business will implode.

SMB CEO navigates business boat in stormy sea

The thing with most modern business is that within the first five to ten years, you’re likely going to have to expand beyond your immediately available means, and that means going into debt. There are multiple reasons this can happen.

You may have to spend thousands for an increased influx of product as a result of increased demand, you might have to build a new storage warehouse, you may have to upgrade your technology systems to remain competitive—in short, the reasons your business may have a pressing need to take out a loan are numerous.…

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5 Accounting Tips for New Restaurant Owners

One thing’s for sure: you’re getting into the restaurant business because you love it. For many people just like you, opening a restaurant the ultimate dream — combining a love of food, hospitality, people and entrepreneurship. It will be a lot of work but it will be worth it.

Restaurateur

But while passion is the glue that will hold it all together, we’ve already mentioned the most important ingredient: hard work. It’s not just about choosing great staff or even about coming up with a great restaurant business plan (though of course, both help) — opening a restaurant also requires fantastic accounting.…

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4 Ways Small Businesses Can Reduce Workers’ Compensation Costs

Workers’ compensation costs extend far beyond the cost of your insurance policy. The costs of a workplace accident also include time lost, attorney fees, disruption to your daily operations and medical costs.

Injuries – no matter how minor or severe – can be time-consuming and costly for any business.

Hardhats help preventing costly injury compensation costs

Here are four ways you can reduce workers’ compensation costs.

1. Make Safety a Priority

Failure to make safety a priority can lead to more accidents and higher workers’ compensation costs.

Instead of looking at safety as an expensive choice, look at it as an essential part of your company’s mission and daily practice.…

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Tips for Insuring Your Car When You Have a Disability

If you or any of your employees are categorized as a driver with disability, you should be aware of a thing or two about insuring your business vehicle.  Read on for some tips.

Driver with disability

You may not be aware that insurers are not allowed to refuse cover or charge more for disabled drivers. However, it it is essential that any motorist with a disability is aware of how to find the right policy and also if there are any ways that they can reduce their premium.

Insuring an Adapted Automobile

The key factor impacting the amount you pay will be the adapted automobile that you drive.…

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Budget Planning: Why Every Fitness Business Owner Needs to Plan Their Finances

If you are the owner and operator of a small business such as offering your services as a personal fitness trainer it can be all too easy for your personal and business finances to mingle.

It can sometimes be the case that a number of small business owners won’t create a budget that creates a distinction between their personal and business finances, but that is not a scenario to be recommended.

Fitness class

Here is a look at why you need to create a budget for your fitness business, including how it helps you to control your spending, plan for emergencies, and see exactly how profitable your business really is.…

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Managing Your Cash Flow Online: The Key Considerations

Make no mistake; cash flow is king for modern, small businesses.

Cash flow management

Referring to the flow of money in and out of your accounts and the net difference between incomings and outgoings, cash flow has never been more important to the growth of your business. With consumer spending down in the UK and the nation’s growth forecast having been reduced to just 1.7% for 2017, it is crucial that entrepreneurs maximise the flow of capital that runs throughout their business.

Managing it online a key component of this, but it is by no means the only one. Here are some tips on how to manage your cash flow in 2017:

1.

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Policy Protection – Which Types of Business Insurance Are Right For Your SME?

Starting a business exposes you to certain risks. Fortunately, however, all businesses have access to a wide range of insurance types, to protect them from the dangers that could wipe out a small business before it has had a chance to take off. An experienced Business Insurance Broker, can assist you in reducing your exposure to risk, and find an insurance program that is aligned to your specific needs and objectives.

business insurance

There is no one-size-fits-all insurance solution for small businesses. Your insurance needs will vary according to the industry and type of business you are operating.

Here are the types of business insurance that every small to medium business owner should have.…

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4 Ways to Protect Your Business from Product Liability Claims

No product is truly safe from risks, but it’s your responsibility to strive for that goal whenever you design and manufacture your products. Liability insurance is one way to protect your business against claims, but there are other steps you can take to lower your risk.

Liability insurance

1. Test Products Thoroughly

Products go through an exhaustive amount of testing before they launch, but testing shouldn’t stop once these products hit the shelf. Consistent and continued testing can help you pinpoint potential defects on the design or manufacturing of your product.

Without continued testing, you may miss a potential defect or design flaw that can lead to negligence claims.…

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How Personal and Business Credit Can Make or Break Your Business

“The Nav American Dream Gap Survey, 2015, revealed of small business owners surveyed, 45 percent did not know they have a business credit score, 72 percent did not know where to find information on their business credit score and 82 percent didn’t know how to interpret their score,” reports the U.S. Small Business Administration.

Credit score

Despite the important role business and personal credit play in owning a business, many business owners aren’t aware of the credit factors that influence their businesses. These factors can make or break the future of a business: their ability to grow, receive funding, acquire partners, etc.…

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