Category Archives: Financial Planning

Is This Your Situation: Kids Work in the Business?

October 7, 2014 | Accounting Standards, Business Plans, Exemptions, Financial Planning, Tax Planning

If you operate your Maine-based business as a sole proprietorship, a single-member LLC (which is treated as a sole proprietorship for tax purposes), or a husband-wife partnership, here’s a great family tax planning deal: Hire your under-age-18 children as legitimate employees of the business. It doesn’t matter if they work part-time or full-time. This idea  Continue Reading »

5 Collection Mistakes to Avoid

September 22, 2014 | Accounting Standards, Business Plans, Financial Planning

When dealing with accounts receivable, it can be easy to put off having a policy in place to protect your business. As unpleasant as it can be do deal with customers who aren’t paying their bills, it is far worse for your small business to do nothing and hope the issue doesn’t come up. Here  Continue Reading »

Successful Bill Collecting Begins with Information

September 19, 2014 | Accounting Standards, Business Plans, Financial Planning

As a small business owner, you are always going to have customers who don’t pay their bills on time. Due to unique relationships with customers as well as the varied responses they have to collection efforts, trying to collect the money owed to your business can be a difficult situation. Customizing guidelines for each account  Continue Reading »

Profit Audits Can Revive the Bottom Line

September 17, 2014 | Accounting Standards, Business Plans, Financial Planning

It isn’t necessarily true that to increase profits a small business needs to increase sales. Extra cash could already be available. A thorough profit audit can uncover those dollars in every department of your Maine-based small business. Here are five ways to start looking for extra cash:  If you’re interested in borrowing money, you may  Continue Reading »

Disclaim Responsibility in Contracts

September 5, 2014 | Business Plans, Financial Planning

All small business owners should realize the importance of contracts, since they are part of everyday business, whether it’s the tiny print at the bottom of a bill or an agreement to buy office equipment. Depending on how complex the deal is, contracts with customers may be letter agreements or much larger documents. The key  Continue Reading »

Is This Your Situation: Poor Cash Flow?

August 26, 2014 | Business Plans, Debt & Financing, Financial Planning

When a small company if forced to shut down, it usually isn’t because they haven’t made profits. Most small businesses face closure because they lack quality cash flow, not because they lack profits or assets. So what should a business owner do? They will face many different situations and be prepared for all of them.  Continue Reading »

Starting a New Business or Organization?

August 12, 2014 | Accounting Standards, Business Plans, Financial Planning, Tax Preparation

When starting a new Maine-based small business, there are a variety of entity choices. Some will be easily ruled out based on the business’ operation. The six basic entities are: 1. A sole proprietorship This is a business owned by one person, who may be the only employee. A sole proprietorship is not a separate legal  Continue Reading »

Invest Excess Company Cash Wisely

August 8, 2014 | Business Plans, Financial Planning

Maine-based small business owners often face a balancing act when it comes to deciding how much cash to keep in their regular checking accounts. On one hand business owners want to keep the money available for an emergency or great opportunity. But on the other hand, it doesn’t generate any extra income, as banks are  Continue Reading »

How to Negotiate with Edgy Lenders

August 7, 2014 | Business Plans, Debt & Financing, Financial Planning

It’s one thing to read about other companies facing tough financial times. It’s quite another to experience the pressure yourself. The fact is, however, that many companies are having trouble paying their debts. And small business owners are called daily by lenders who want to collect. Here are some recommendations for talking and negotiating with  Continue Reading »

Develop a Strong Hand to Negotiate Loan Covenants

July 24, 2014 | Accounting Standards, Business Plans, Financial Planning

Small business owners almost always have to ask for a loan at some point. It’s important to remember that when requesting a loan, you will have to deal with the issue of covenants. These are constraints lenders impose on your company to keep it operating within specified financial ranges, and to prevent your small business  Continue Reading »