26 Jun

GOOD ENOUGH ISN’T GOOD ENOUGH

Your business is more than finance.  Your business is a combination of things.

Running your own business can be fun, or it can be painful.  If you understand that Revenue minus Cost of Goods Sold equals your Gross Profit (some people call this Gross Margin), that is a good start.  From that gross profit, you must pay your other employees, your rent, utilities, taxes, insurance, etc.  Then, by the way, you must pay yourself and have money left over to set aside for reinvestment in your business or those times when your revenue isn’t where you want or need it to be AND MAKE A PROFIT

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22 Jun

Don’t confuse Advertising with Marketing

I see it all the time, and the confusion it creates can cause you to waste budget dollars that should not only be a fixed component of your budget but also an important component of a sustainable business.  When asked the question, “What is your marketing strategy” most small business owners will state “I have an ad in, on or with…” 

Advertising is a tool of a marketing strategy.  It targets specific industries or groups you want to ultimately sell you product or services to.  It is not your marketing plan or strategy.  However, many small business owners will be sold on advertising that will not support their product or service. 

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09 Jun

Are the New FLSA Requirements Really a Problem for Small Business?

The US Wage and Hour Division announced sweeping changes to the regulations that define exemption rules from the overtime provisions under the Fair Labor Standards Act (FLSA).  Many Small Business owners understandably have concerns as it relates to the new requirements, specifically the salary requirement of $47, 476 a year or $913 per week.  While the new rules do not take effect until December 1, 2016, let’s take a quick look at them and how they will impact a small business. 

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