It’s been reported that 25% of employees want to seek new employment following the pandemic and that 52% are thinking of changing the type of jobs to seek. It’s been called the Great Resignation. So how do you keep valued employees on your payroll? Consider golden handcuffs, which are defined by Merriam Webster as “special benefits offered to an employee as an inducement to continue service.” Small businesses usually can’t afford to offer the menu of benefits offered by large firms. But they can get creative and offer some desirable golden handcuffs. Read More

The pandemic has been such a strain on many small business owners that some matters have been pushed into the “do it later” file. Now’s the time to get up to date with various matters. It requires you to put in some time, but actions now can save you time and problems down the road. Here are some ideas for getting caught up on various business matters. Read More

Are you thinking about getting a car, truck, or van now? Hybrid or electric-powered vehicle? Buy or lease a vehicle? And in who’s name (the owner or the business)? Your choice is usually based on business needs, fuel efficiency, your budget, financing options, and insurance costs. But whatever choice you make affects your taxes, which ultimately impacts your bottom line. Read More

Kiplinger forecasts that the child tax credit payments being sent to parents each month from July through December will support more consumer spending at holiday time this year. Nonetheless, Clutch predicts that will be much harder for small businesses to compete with large companies (last year the top 100 online retailers accounted for 74.1% of all e-commerce growth) and small businesses will have to work harder. Get started now. Read More

For the past decade, inflation has been very modest (only 1.23% in 2020, 1.81% in 2019, and 2.44% in 2018). But things are changing. In June, the Consumer Price Index (CPI) for All Urban Consumers rose 0.9% for the month, producing an inflation rate over the last 12 months of 5.4%. Some may remember double-digit inflation, which peaked in 1980 at 13.55%. While experts aren’t predicting these high rates, nonetheless inflation is now a factor with which to contend in your business. In fact, two-thirds of small business owners fear that inflation will hurt their recovery. Here are 5 areas to examine. Read More

A month from now, on September 30, 2021, a number of business tax credits end. Others are scheduled to expire at the end of the year. Of course, any of these credits may be extended by Congress. But in case they aren’t, here’s a list of business-related tax credits (and a few income tax rules) set to run out soon. In some instances, you are stuck with the end of the break and there’s not much to be done. However, in other cases, you may be able to act now and capitalize on an opportunity that is soon to end. Read More

During the government’s 2020 fiscal year (ending September 30, 2020), there were 1.8 million C corporations and more than 5 million S corporations. While we don’t know how many of them were small corporations, we can estimate that most fit this category because the SBA says that 99.9% of all businesses are “small.” Win or lose, using a corporation for business start-ups may produce tax breaks for owners.  Read More

Supply chain shortages. Inflation (which grew in May at an annualized rate of 5%). Higher wages to fill job openings (up in April and May at an annualized rate of 7.4%). Higher prices at the pump (gas prices rose 49.6% compared with last year). All of these factors and more combine to require many small businesses to raise their prices at this time. How you do it may go a long way in retaining customers. Read More