Category Archives: Financial Planning

Analyze Customer Reports For Maximum Profit Potential

July 10, 2015 | Accounting Standards, Business Plans, Financial Planning

As a Maine-based small business owner, it’s important to be aware of two things. One is the break even point for every customer or client. The second is the status of all business prospects. If these two things are unknown, it might be time to consider the following steps. Small business owners and their managers  Continue Reading »

Testing the Waters Before Jumping in

June 12, 2015 | Business Plans, Financial Planning, Valuations

It seems obvious that the best time to find out about possible culture differences between two companies considering a merger is before the deal is complete. One of the most common reasons for mergers or acquisitions to fail is concern about cultural integration. It has become a high priority for companies considering these transactions to  Continue Reading »

SEPs: A Quick and Easy Retirement Plan Option

June 11, 2015 | Business Plans, Deductions, Financial Planning

A simplified employee pension (SEP) is a good way to start securing a small business owner’s retirement, and the business can gain tax advantages right away. An added advantage is that setting it up and maintaining it is not very difficult. SEP Basics The SEP is mainly intended for self-employed people, including sole proprietors, partners,  Continue Reading »

Keeping Payroll Records is a Daunting Task

May 30, 2015 | Business Plans, Financial Planning, IRS Regulation, Tax Planning

Paying employees involves more than just issuing checks. Sometimes small business owners don’t realize how many specific records must be kept. For each employee there has to be records including details such as name, address, and Social Security number, but also information about pay rate, tips, payroll taxes, fringe benefits, and any other pertinent payment  Continue Reading »

The Market Approach: A Touchstone in Valuation

May 29, 2015 | Financial Planning, Valuations

Using the market approach, appraisers use comparable guideline companies to help reach an estimate of the value of a business. It has become a long-standing valuation touchstone. There are two primary valuation methods that fall under the market approach: Guideline public company method. With this method, appraisers select companies that actively trade stock or partnership  Continue Reading »

A Strategic Plan Should Also Include a Succession Plan

May 15, 2015 | Business Plans, Financial Planning

Many small businesses owners are aware that they should have, and regularly update, a strategic plan. They may not, however, realize that part of the process should involve having a succession or exit plan. The Anatomy of a Strategic Plan The best way to start working on a strategic plan is to skip to the  Continue Reading »

When Does an Employee Qualify as Exempt From Withholding?

April 30, 2015 | Accounting Standards, Business Plans, Exemptions, Financial Planning

Often a Maine-based small business will be asked by staff members if they can be exempt from federal withholding. There are a few different things to keep in mind when considering this question: If the staff member had no liability the previous year, i.e., they received a refund of all federal income tax paid, they  Continue Reading »

Project Cash Flow to Protect Company’s Future

April 16, 2015 | Accounting Standards, Business Plans, Debt & Financing, Financial Planning

Small business owners often prepare a projected cash flow statement. These set a prediction of the company’s available funds over a specified period of time. The primary goal is to determine whether the business will have enough cash to pay the bills. These statements show, ahead of time, whether it will be necessary to find  Continue Reading »

Successful Strategies Create Successful Mergers

April 15, 2015 | Accounting Standards, Business Plans, Financial Planning, Tax Planning

Small business owners want their companies to grow. An efficient way to do this may be to acquire and merge with another company. But it’s not a sure thing, and usually when it doesn’t pay off, it’s because of management issues, and not market conditions. Read these eight key strategies that could make the difference  Continue Reading »

Keep the Barn Door Closed

April 6, 2015 | Business Plans, Financial Planning

As a Maine-based small business owner, you’ve probably spent a lot of time and money developing unique ideas, products, and services. But the more people who are in on your plans, the more you risk losing your secrets. To help protect your vital assets, it’s important to require confidentiality agreements. Sometimes referred to as non-disclosure  Continue Reading »