Category: Running a Business

5 Tips for Running a Family Business

5 Tips for Running a Family Business

The family business, whether it be a startup or a generational institution, is part of an idyllic American dream for some. Whether or not a family business owner plans or hopes to pass the business down to their children, they have to deal with the challenges of working with family. While hiring a family member or working with your spouse gives you the immediate benefit of working with someone who has equal interest in the economic success of the business,… Read More
Sorry Parents, Your Kids Don’t Want Your Small Business

Sorry Parents, Your Kids Don’t Want Your Small Business

Family businesses have a rich history here in the U.S. In fact, 90% of American businesses are family-owned or controlled. Parents generally consider their children to be the first in line to inherit both the assets of a business and the management. Plumbers, farmers, food truck operators, and even franchisers are quick to look to their next generation of the family name to carry on the tradition – and the operation – of their carefully-built business empire. More Are Saying “No,… Read More
6 Tools to Help Automate Payroll

6 Tools to Help Automate Payroll

Running a small business includes so many tasks. From marketing to manufacturing to customer service, it can be easy to let payroll get lost in the shuffle. Thankfully, things have changed quite a bit from those paper ledgers and handwritten checks of the 70’s. First, it’s important to understand the benefits of adopting a new system. While automation can sometimes be accused of lacking personalization and being unresponsive to change, nothing could be further from the truth. In fact, today’s… Read More
7 Things You Can Do If You Can’t Make Payroll

7 Things You Can Do If You Can’t Make Payroll

If you’ve experienced a sudden change in cash flow or an unexpected expense, it can throw off your plans for your business. In some cases, it could impact your long-term goals. But in a worst-case scenario, it can have immediate ramifications, including not being able to make payroll. Not only would a late paycheck anger your employees, but it could also be a violation of the Fair Labor Standards Act (FSLA) and incur legal penalties. What’s more, employees may also… Read More
Should You Take Out a Loan for Payroll?

Should You Take Out a Loan for Payroll?

When cash flow slows, becomes stagnant, or is otherwise disrupted (large purchases, overdue accounts, etc.), business owners can become vulnerable to a variety of financial woes. Bills can go unpaid, vendor relationships can become strained, and, if the problems persist, your credit can take a quick slide downward. Unfortunately, cash flow problems can also impact another essential part of your business – payroll. Aside from leaving employees disgruntled, failure to meet your payroll obligations is considered a violation of the… Read More
Do I Need a Will? – Why Small Business Owners Should Have an Estate Plan

Do I Need a Will? – Why Small Business Owners Should Have an Estate Plan

With the passing of Aretha Franklin a few short weeks ago, the world lost a musical legend and cultural icon. Dubbed the “Queen of Soul,” she’ll leave behind a legacy that will shine through history, impacting music for decades to come. The famed singer also left behind a considerable fortune, with some estimating her estate to be worth $80 million. However, while family and friend grieve a tremendous loss, they also must contend with another reality – the absence of… Read More