Planning to pass on ownership: The equity in a privately held business is usually the largest asset in the owner’s personal estate, and many owners fail to maintain and update documents that coordinate the business with their personal financial plans; make sure that doesn’t happen to you.
Spending tax season at the zoo: Remember the party game where you asked, “If you could be any animal, which one would you be?” In honor of the spring tax season, here are a few glimpses of the Internal Revenue Service, morphing into the roles of different animals.
Planning and philosophy: In the first two parts of this series, we looked at the components of profit calculations, including markup and margin, break-even and contribution; no formula or calculation takes the place of strategic thinking, so the underlying foundation for profitable business is the p
Don’t fall asleep at the wheel of your business No matter how well you plan and manage your company, you cannot guarantee that you won’t be one of the 40,000 companies filing bankruptcy in a given year. Not all factors resulting in business failure are under your control.
Improve written communication by following the rules Have you ever written a letter like this? “Dear Owner/Contractor: We have been in business for 20 years and never encountered the problems we have with this job.
Financial awareness for employees IF YOU THINK THAT IT IS ENOUGH for you and your managers to understand your cost structure and financial statements, then you may want to consider sharing this information with your entire staff.
Why don’t electrical contractors spend more time reviewing their financial statements? How much time does it really take to do a financial self-examination? Do you have to be an accountant or financial wizard to evaluate the status of your financial health? It might be easier than you think.
The first two parts of this series have explored the concept of the Employee Stock Ownership Plan (ESOP) and the potential advantages of establishing one for your contracting business. This month, we will discuss some of the possible pitfalls.