Today, many people and small businesses are operating in survival mode. In addition to managing the effects of the pandemic, they’re now struggling with skyrocketing inflation and other financial concerns. In November, the consumer price index (CPI) was up 6.8% over the prior year, the…
Wining and dining customers can provide tax deductions. In fact, the deduction for business meals has been doubled from 50% to 100% of the cost of restaurant-provided food and beverages for the 2021 and 2022 tax years. The temporary deduction includes sales tax, delivery charges and tips. Recent IRS guidance extends this favorable tax treatment to the meal portion of travel per diems paid or incurred for the 2021 and 2022 tax years.
Don’t wait one moment longer. Succession planning for family businesses is often complicated and even emotional. Creating a clear and cohesive plan for how ownership will pass to the next generation is critical to avoiding conflicts that could harm or even end the company. This article discusses strategies that family business owners should consider when developing a solid succession plan.
What are the ingredients of a great workplace — the kind of place where employees stick around and work hard? They may not be what you think, and you don’t have to be a huge “hip” company like Google or Apple to make it happen. The Gallup Organization has been studying the question for years, and has come to some conclusions. Read on to find out what Gallup has discovered — and what you can do to leverage the research firm’s insights.
Don’t rock the boat! This rather trite saying has been in use for generations, and many family business owners take it to heart. But maintaining outdated practices or continuing to employ under-performing family members are generally detrimental to the bottom line. This article urges family business owners to take an objective look at their operations and make adjustments accordingly.
Water and air might be the only specific “products” that everybody wants. Unless you’re selling those, and don’t have an unlimited marketing budget, targeted marketing is the way to go. But are you pursuing that strategy effectively? It might be a good idea to review your marketing practices.
Accidents can happen. It’s not fun to think about, but an unexpected incapacitation such an accident or an illness can happen to anyone. Family business owners must be prepared. One step toward doing so is creating a buy-sell agreement. A second, and often overlooked step, is adding a disability insurance component to the agreement. This article addresses both concepts.
Outsourcing: Eight Steps to Help Mitigate Risks
In today’s business world, many companies outsource some tasks, often sending the jobs abroad. Outsourcing can save money, and in some cases even save some companies from going out of business. But whether you outsource outside the country or up the street, there can be risks. This article looks at some of the potential problems and offers eight ways to help mitigate the risks.