It’s fun to be in charge, but it also means you’re responsible for making the tough decisions. There’s no doubt that finances and managing your business’s finances is essential to the success of your business. You can’t be afraid to dive deep into your business money matters, and you have to take control. Here are […]
A financially secure small business. Does that sound like an oxymoron? It doesn’t have to be if you set yourself up correctly and if you practice good financial business habits. Here is how to build a financially secure business. Okay, so it is going to be dicey for a while because of the COVID-19 pandemic. […]
Customers go through a journey before they commit to a purchase. As a small business owner, it is your duty to engage and interact with them until they do so. And when they do, you continue to nurture them so they become your brand’s advocates. With content marketing, you can convert random online searchers to […]
In today’s world, change is constant in life and business. How you and your sales team manage this flux will determine your bottom line — regardless of whether the change involves emphasizing a new product lineup, introducing new services, or adjusting your mix of customers. Most companies adhere to an “X-to-Y” change model when implementing […]
I know. We don’t want to think about taxes. The fact is, it’s never too early to start preparing your taxes and looking for tax deductions for entrepreneurs. Previously, we recommended that entrepreneurs should actually work on their taxes before the end of the year. Starting early will save you time and prepare you for how much […]
It’s no longer taboo for people to leave the daily nine to five lifestyle behind and start their own business. In fact, it’s never been easier, and cheaper, to start your own business. But, it’s one thing to start your own business and it’s another to become a millionaire from that idea. The good news is […]
There are a number of factors that can make entrepreneurs successful. At the forefront are hard work, drive and constant self-improvement. However, one factor that’s frequently overlooked are the types of people entrepreneurs associate with. This isn’t a revolutionary idea. After all, Jim Rohn famously said, “You are the average of the five people you […]
The world around us is changing rapidly. Robot production is increasing each day, genomics and cancer research are progressing, and self-driving cars are slowly working their way into our reality. One of the best ways to prepare for the changes that are coming is to understand them as best as we can. This means not […]
The road to acquisition entrepreneurship is hardly quick or easy. The hunt for a good buy can easily take as much as two years, during which time hundreds of prospectuses might cross your desk. The key is knowing how to differentiate between true and fool’s gold. And that takes patience and a little know-how — […]
You’re an entrepreneur who is excited about growing your small business. Maybe you’ve identified the perfect niche market designing websites for local restaurants or installing high-end home security systems. You’re passionate about your company’s services, growing your business, and polishing your brand. Your focus on those elements of your business is really important to your […]
Even if you are a solo-preneur or freelancer, the new expanded regulatory and compliance environment can impact you. Any business must consider the federal, state, and local laws that govern how a business is formed and managed as well as being knowledge about how to deal with taxes, deductions, and disclosures - among the many things covered under the area of regulations. While the business environment has added many opportunities to create and run a successful business of any size, especially with the advent of online marketplaces for selling and exchanging goods and services, the level of complexity has skyrocketed. In fact, many regulations are still being worked out when business transactions involve online transactions or those that cross geographic territories and then involve other governments and varied regulations.
One of the most frequent mistakes a business owner makes or can make is to unknowingly break a law or be ignorant of a regulatory or compliance issue. It's understandable to lack specific information about regulations given the differences across federal, state, and local lines as well as in regards to what can be done legally online. Since compliance and regulations continue to change -- some quite frequently -- it is easy to see how these types of mistakes can happen. Then, there are external factors beyond a business owner's control like retailers that were held responsible for accounts being compromised through their debit and credit card payment systems. The new health insurance regulatory environment means that even the self-employed like freelancers have to prove to the federal government that they are in compliance with paying for an insurance plan. On all levels, regulations can become problematic for a small business owner.
The result of these mistakes can be very costly as many business owners have discovered. From fines and penalties to tarnished brands and business failure, not following the letter of the law on every aspect of business hurts. Rather than compliance killing your business, we recommend regularly turning to our blog category dedicated to information regarding Regulations to help you stay updated on the regular changes and updates to various business functions and processes. Using our own team and individual experiences with compliance and regulatory issues we use a systematic investigation and research system to provide you with the increasing regulatory changes that occur in the government. With our business partners, we have put together a library of regulatory articles, blog posts, and guides that cover a wide range of topics.
These topics include tax compliance issues like whether you need to issue a 1099-MISC or not to a subcontractor, allowed tax deductions for a freelancer, and what to make sure you do not overlook with business taxes; PCI Compliance fines and how to avoid them; the evolution of financial compliance; how to keep customers safe when they use credit cards to purchase goods or services from you; how to get health insurance as a self-employed person; things to think about with sponsored content and the use of anyone's intellectual property online; and disclosure during employee promotions. These examples of topics from our Regulations category provide an overview of the type of relevant and beneficial information we seek to deliver to our customer base. We look forward to also hearing from you about specific compliance issue that you face and would like us to cover in future posts.