For a couple of decades or so now, companies have been urged to “get on the cloud” to avail themselves of copious data storage and a wide array of software. However, some businesses are learning the hard way that the seemingly sweet deals offered by cloud service providers can turn sour as hoped-for cost savings fail to materialize and dollars left on the table evaporate into thin air.
3 Areas of Focus for Companies Looking to Control Costs
Cost control is fundamental for every business. However, the location and method of addressing this challenge can change over time based on various economic and logistical factors.
Strategic Planning for Businesses Needs to Include Innovation
When the leadership teams of many companies engage in strategic planning, they may be inclined to play it safe. And that’s understandable; sticking to strengths and slow, measured growth are often safe pathways to success.
Tax Secrets: Optimizing Business Website Expenses
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted.
However, there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to IRS guidance on software costs. Here are some answers to questions you may have.
Be Aware of the Tax Consequences of Selling Business Property
You should understand the tax implications if you’re selling property used in your trade or business. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, which you have held for over a year.
Closing a Business Involves a Number of Tax Responsibilities
While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If this is your situation, we can help you, including taking care of various tax responsibilities.
The Importance of Buy-Sell Agreements for Co-owned Businesses
Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things:
- Transform your business ownership interest into a more liquid asset,
- Prevent unwanted ownership changes, and
- Avoid hassles with the IRS.
Vroom Vroom: What Businesses Should Know about Sales Velocity
Owning and running a company tends to test one’s patience. You wait for strategies to play out. You wait for materials, supplies, or equipment to arrive. You wait for key positions to be filled. But, when it comes to sales, how patient should you be? A widely used metric called “sales velocity” can help you decide.
How to Keep Control Over Inventory
Many businesses need to have some inventory available. However, having too much inventory is expensive, not just to purchase but also to store, safeguard, and insure. So, keeping your inventory as lean as possible is critical.
How Family Businesses Can Solve the Compensation Puzzle
Every type of company needs to devise a philosophy, strategy, and various policies regarding compensation. Family businesses, however, face additional challenges — largely because they employ both family and nonfamily staff.