Anyone who owns or is thinking about opening a restaurant should familiarize themselves with the Southfork Kitchen story, and use it to guard themselves against failure.
Over the weekend I had a very pleasant conversation with a stranger on a plane, smart person, pushing to start a business, and yet also making his life way harder than it should be, and way more stressful, over the apparently frightening and loathsome phrase “debits and credits.” Come on, this isn’t that difficult. If you [...]
I’m going to offer a few alternatives to tools and services that are the cause of countless business headaches. All of these tools are made to help you work faster and think about what you’re working on rather than how you’re doing it. Revising Documents by Email Some of the greatest headaches I’ve experienced in [...]
I just read J.D. Roth’s A Quick Guide to Crafting a Budget on Entrepreneur.com. Although I think he’s aiming mostly at personal budgets, there’s a lot there that applies very well to business budgeting and the business planning process that every business can use. The difference between the basic numbers in a useful business plan and [...]
According to the IRS, each year millions of taxpayers overlook deductions and credits resulting in overpaying their taxes. Here are seven tips so you won’t become one of the statistics. Section 179 Deduction. If your business acquired assets in 2011 either through a lease or by purchasing them out right, you may be eligible to [...]
This question was in my e-mail (I’m protecting the identity and leaving out some of the details): I’m fairly confident on the business strategy I’ve written, but I am not very well-trained in the financial P & L planning side. I can create a sales plan, but below the margin line seems a little fuzzy [...]
Words have meanings. Communication has the message, the message sent and the message received. We’re stuck with that. We don’t get to redefine words easily, for convenience. We need to respect the meaning in the other person’s head. What am I talking about, you ask? (I know–it isn’t obvious.) I’m talking about . . . [...]
To counter Microsoft’s free offering of small business accounting software, Intuit now has a free version of their Simple Start accounting package. While not nearly as full-featured as Microsoft’s offering, it’s a great way to get out of Excel or manual book keeping and into a proper accounting package.
This is not a joke. Microsoft is actually offering it’s basic small business accounting package (Office Accounting Express) for free. Obviously, they are looking to eventually up-sell users to their more comprehensive accounting package, but this offering is a great option for small businesses that just need to graduate from keeping all their receipts in [...]