When your business forgets or cannot afford to pay taxes to the IRS, they can file a lien against your company. What is a tax lien? It’s a government claim on your assets over other creditors. Failing to file on time and failure to pay your…
Tag: business planning
Business Essentials: How to Create a Business Invoice
This is Part 1 of a Business Essentials Series: Part 2 If you are a business selling to other businesses on credit terms, you will be issuing invoices. At minimum, a business invoice details: what you are selling, how much you are selling it for, when you…
Financing Unexpected Business Costs
Doing business isn’t always perfect. Much like the real world, there are unexpected costs. Maybe your daughter breaks her arm climbing a tree, or maybe your landlord increases the office rent by 10%. Both scenarios may require extra capital that isn’t available. Maybe all your personal…
How to Improve Your Business Cash Flow
There are so many reasons why you need to improve your business cash flow. It takes money to make money, so you need to have cash on hand to afford supplier costs, labor costs, overhead, and marketing. When it comes to growing your business, you need…
Grow Your Small Business in 2021
In this episode of #TheMoneyFactor, CEO Ian Varley discusses how to prepare to grow your small business in 2021. Watch the video or read the transcript below. Obviously 2020 has been a very difficult year for many companies and the uncertainty that the pandemic has caused…
3 Ways to Survive Recession as a Small Business
It’s no secret the economy is in recession. Small businesses are closing in waves. There is waning hope for additional government funding to support small business. How can you make it through with your small business intact? There are three main steps you should take to…
Overcoming Current and Future Small Business Challenges
I’ve been in the industry for almost 30 years like my guest, Kris. I can honestly say we’ve been through a lot of recessions before, but I don’t think either of us have ever experienced an overnight shutdown of the economy quite like this one. I…
Is There a Small Business Vaccine?
Many folks have their hopes resting in a vaccine in order for life to return to normal. Unfortunately, the situation is a bit more complicated than that. Even with a vaccine, small businesses have been closing left and right. Many small business owners don’t know how…
What Happens If Your Business Fails?
This week over 80 years ago, Frank Sinatra cut his first single as a vocalist in the Harry James Band. It flopped. Big time. The song sold only 8,000 copies, but Sinatra continued in his music career and has now sold over 150 million records worldwide.…
What to Do if You Cannot Repay a PPP Loan?
The Paycheck Protection Program is aimed at keeping small businesses and nonprofits afloat during harsh economic times caused by COVID-19. The main selling point of this program is that the loan is up to 100% forgivable. The downsides, however, is that many business owners will have…