Accounting

How to Avoid Bankruptcy in Year One of Your Business

The amount of businesses that cannot even survive for a single year is alarming. Depending on what statistics you look at, anywhere from 4% to 25% of businesses fail in their first year of business. Sustaining operation for a single year doesn’t seem like a long time, so how can one ensure the business they...


Financial Statements to Know and Love

Yes, of course! I both love it and hate it when something somebody else says seems obvious to me, but only after they’ve said it.  That’s resonance for you. And maybe it’s envy too, as in why didn’t I say that? Either way, it’s worth sharing. For example, this quote: Having a revenue goal isn’t...


Food Service: How Much Is That Broccoli in the Window?

High expectations and a vision of success dance in the heads of every new restaurant owner. Weeks of work goes into planning menus, finding your niche, costing out the food and hiring your crew. Failure is not an option! Except it is. And a very real one.


Use Tax Accounting to Inform Your Planning

Looking at your tax forms for the year gives you a detailed history of your individual income. If you’re a business owner, your corporate tax return should give you the same kind of assessment of your business revenue stream, deductions or exemptions, and costs. While it’s a favorite adage of ours here at Bplans that...


Establish a Records Retention Schedule for your Business

All of us know, or should know, that we need to save and safeguard our business records. When we start up it’s easy to hang on to every document, receipt, invoice, and business record. But after a few years we find that all these records we’ve been keeping are taking up more floor space in file cabinets...


Records Retention Schedule

All of us know that we need to save and safeguard our business records. And after a few years we find that all these records we’ve been keeping are taking up more floor space in file cabinets than work space for ourselves and our employees. The good news is that we really don’t have to...


Angel-Eyed Skepticism on Sweat Equity

I’ve bathed in sweat equity before. I went several years without salary at Palo Alto Software, once in the beginning and again when we hit the downturn in 2001. I didn’t have a choice; there was no money to pay me. You build a company, sometimes you have to settle for what’s possible. I made...


What Stinks About Sweat Equity

Entrepreneur, trust me on this: Do what I say and not what I did. If you’re working for your own company, your startup, for less than what your market salary rate would be, document it. Please. Like so many entrepreneurs, I worked without payment a lot in the early days of my company. I also...


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