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.
Why ESG Should Be in Your Strategic Business Plan
When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?”
A General Look at Generative AI for Businesses
If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives.
One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content when prompted.
5 Strategies for Improving Collections
Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal, and customers go on their merry way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it’s often not as simple as “pay up or hit the road.”
Why Some Businesses Choose to Execute a Pivot Strategy
When you encounter the word “pivot,” you may think of a politician changing course on a certain issue or perhaps a group of friends trying to move a couch down a steep flight of stairs. But businesses sometimes choose to pivot, too.
Under a formal pivot strategy, a company consciously changes its strategic focus in a series of carefully considered and executed moves. Obviously, this endeavor should never be undertaken lightly or suddenly. But there’s no harm in keeping it in mind and even exploring the feasibility of a pivot strategy under certain circumstances.
Research Credit: Better Tax Breaks on Payroll Taxes
The credit for increasing research activities often called the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.
But in addition to the credit itself, be aware that two additional features are especially favorable to small businesses:
Starting a Business? 9 Tax Tips for Sole Proprietors
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations:
Is It Time to Upgrade Your Business’s Accounting Software?
By now, just about every company uses some accounting software to track, manage, and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs.
7 Common Payroll Risks for Small to Midsize Businesses
If your company has been in business for a while, you may not pay much attention to your payroll system so long as it’s running smoothly. But don’t get too complacent. Major payroll errors can pop up unexpectedly — creating massive disruptions costing time and money to fix and, perhaps worst of all, compromising the trust of your employees.
Tax Tips for Growing Your Business with a New Partner
There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business. Assume that your basis in your partnership interests is sufficient so that the decrease in your portions of the partnership’s liabilities because of the new partner’s entry won’t reduce your basis to zero.