5 Ways to Make Your Company Go Bust

businessYou’ve probably know what you should do to make your business a success but do you know what you shouldn’t do? No one wants their business to fail or fall into financial difficulty so it’s important to ensure you avoid the traps before it’s too late. Following the five pointers below is a sure-fire way to put your company out of business.

1. Never change

If you’re unfamiliar with the term ‘change’, then you’re heading for trouble. With technology and consumer markets changing all the time, it’s crucial to keep up so you know exactly what your target market wants. This helps you stay one step ahead of competitors and ensures you plan for the future. Stay focused by keeping in mind business goals and strategies to ensure your business evolves. Ever heard of that saying, ‘failing to prepare is preparing to fail’?

Don’t forget to regularly update the company’s website, blogs, social media channels and overall design. If your website still looks like it did in 1999, then to many visitors, it will look outdated and off-putting, regardless of how great your products or services are.

Continue reading

Share!!!

4 Recovery and Restructuring Solutions Used By Small Businesses

By Keith Tully

In some situations a bit of creativity will be needed to facilitate a turnaround and get your company back to operating in a profitable manner. However, more often than not you won’t need to be an innovator to save your business, you’ll just need to consider some of the commonly overlooked recovery and restructuring options that are applicable and readily available:

1. Using Assets as Leverage to Obtain Financing

Even if you have poor credit you may be able to obtain financial assistance by using some of your assets (i.e. – equipment, inventory, real estate, etc.) as collateral in obtaining approval for a secured loan. However if you were to default on such an agreement then the lender would potentially have the right to seize the assets you used as a security, so keep that in mind before you put your home on the line.

Continue reading

Share!!!

How Small Business Owners Can Achieve Debt Stability Without CARD Act Protections

Odysseas Papadimitriou, CEO of CardHub.com

Small business owners are basically living in the dark ages.  No, I’m not referring to the aversion many mom and pop stores seemingly have to the power of web-based marketing or even how tough it is to become successful in the currently gloomy economic climate.  Rather, I’m talking about the fact that politicians and financial regulators don’t seem to think that small business owners are worthy of the same rights and protections as the general consumer population.

While the CARD Act of 2009 has proven to be a huge success – adding transparency and fairness to the personal finance industry – it doesn’t apply to credit cards branded for business use.  That’s alright, you might be thinking; small business credit cards are just different, right?

Continue reading

Share!!!

Should You Pay Down Your Debt or Invest in Your Business?

You want to pay down your debt, but your income has been about the same amount for the past two years. Ideally, you’d like to redesign your website, hire an employee to assist you at your business, buy a MacBook Pro, and begin establishing a social media presence. But your credit cards and any other outside debt are killin’ you. Much of this may be linked back to the fact that you could be spending around $200 a month in additional interest which could be going towards trademarking a logo design or buying some software you really need.

You feel stuck because you are not sure what to do – pay down the debt or invest in your biz? If you rack up more debt, you will just dig a bigger hole for yourself. If you make the minimum payment on your debt, you won’t chip away at reducing it. Total deer in the headlights moment. Continue reading

Share!!!

Guest Post: Three Company Entities Explained

The type of business entity that you choose can impact the taxes you are liable to pay and also your legal protection. This makes it especially important to ensure that the entity you choose is right for your business.

Here we give a balanced snapshot summary of three of the key business entities – Limited Liability Company, sole proprietorship and general partnerships – to help you consider which could be most suitable for your business needs. Continue reading

Share!!!

5 Tips on Getting Out of Business Debt Fast

Today’s credit market has become a water-tight financial area where there is no room for delinquency, even for a penny. Creditors take to arms if they find a single default in the monthly payments and go all out to seize every last cent these borrowers may have. As a result, entrepreneurs both big and small are struggling to make monthly loan payments for their start-ups while simultaneously keeping their business above water so that they don’t have to declare bankruptcy.

This is the time for entrepreneurs to begin revisiting their business strategy and customize their daily activities to suit their requirements in order to stay afloat financially. Entrepreneurs should be at the forefront of these developments and lead others to the right direction by actively engaging in the following six things: Continue reading

Share!!!

C is for C-Corp

For our third installment of the ABC’s for small business, we decided that we liked the letter “C” so much that it had to stay in our word of choice – literally! C-corps are organization structures for businesses that provide non-tax benefits with profits taxed separately from its owners. Beyond just taxing profits separately, c-corps also have the distinction of being separate entities from their owners entirely in both control and management and as such, may go public and raise investment capital, engage in business, and initiate lawsuits.

Last March we did a post on C-Corp 101 and the four considerations to making your business tax efficient, provided below for a quick recap: Continue reading

Share!!!