Out with the old, in with the new—It’s time to examine the past year’s results and craft a fresh budget for the year ahead. “In January, we look at the products or services where we spend our time and from that review we make decisions,” says Lisa Crisalle, who, with husband Lucho, owns Exercise and Nutrition Works, a nutrition certification program in the sports and fitness industry. At the beginning of 2011, the couple made a profitable discovery—the online segment of their business had...

By Cindy Waxer. Most small businesses understand the value of smart payroll practices. But many fail to anticipate the negative impact of this business-critical activity if poorly executed. While a solid payroll system can keep employees happy and the government satisfied, poor payroll practices can create tax-related nightmares, send labor costs skyrocketing, and prompt an employee exodus. Fortunately, small businesses need not invest millions in high-end software programs or...

How small businesses can watch their bottom line more closely by Christopher Freeburn Small business owners quickly learn about the necessity, particularly in this economy, of having a well thought-out business plan, doing the right amount of market research, and keeping excellent records. Good bookkeeping and adherence to proper account forms and standards often distinguish small businesses that succeed from those that fail. Part of the importance of maintaining good financial records...

Renegotiating your existing business contracts is an excellent way to keep revenue consistent in an economy that can be anything but By Max Berry While you may not feel like you have the leverage to redefine the terms of a business agreement, doing so can help keep you in the black during tough economic times and open a mutually beneficial dialogue between you and your partners. And besides, it never hurts to ask. What can be renegotiated? The first step toward redefining the terms of your...

In this three-part series, we describe the primary methods a small business can use to pay its bills and examine the advantages and disadvantages of each Part II: Credit Cards By Christopher Freeburn Credit card use is rising not only among consumers, but among small business owners as well. According to the 2009 National Small Business Association (NSBA) survey, 59 percent of small business owners had used credit cards within the past 12 months to fund the ongoing operation of their...

In this two-part series, we examine how to start a business without a bank loan or venture capital Part II: Family and Friends, Peer-to-peer lending, Future customers By Reed Richardson Family and friends Tapping into your network of friends and relatives is a tried-and-true method for raising money-today, roughly one in ten Americans report having an outstanding loan with a relative or friend. Your friends and family are predisposed to care about your success and so are willing to listen...

Part I: Personal Funds, Home Equity, Credit Cards By Reed Richardson Entrepreneurs contemplating a business launch in today’s tight credit markets and scuffling economic climate are often plagued by one overarching problem: How will I finance my business? For a small but growing number of small business owners, who refer to themselves as bootstrappers, the solution lies in fostering a newfound self-sufficiency, one that foregoes traditional sources of business capital like banks and venture...

Why it pays to think about how often you pay your small business's employees By Reed Richardson For many start-ups and even some established small businesses, just being able to pay the bills and generate a little extra profit is a big enough challenge. As a result, seemingly innocuous questions like when and how often to pay out that money in salary-to owners, partners, and employees-often doesn't get much thought. But it should, because a company with a poorly executed pay system can easily...