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The Value of Delegating Work to Your Employees

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If you’re like most small-business owners, it’s very likely that work is your life. In this current economic climate, it almost has to be; business leaders simply can’t afford to slow down, or they may end up falling behind. Still, there are times when as the boss, you can take on too much work. And when that happens, the reality is that you’re actually hurting your organization more than helping it. Here are three reasons why delegating some of your work can actually be beneficial to ...

5 Ways to Expand Your Small Business

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Expanding a Business Is a Delicate Process and Needs to Make Sense When the time comes for you to expand your small business, it can be both an exciting and stressful period. After all, there is a good chance that the business will enjoy even greater successes, yet there is still an underlying amount of risk in getting there. In truth, expanding your small business is a delicate process. If you extend the business too much or in the wrong direction, then your business might suffer. But on the ...

Hiring is Difficult, Even With High Unemployment

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High unemployment should lead to a large pool of potential hires, but many businesses are finding applicants lack the skills they need. Quality Differs From Quantity Finding the right person to fill a vacancy should be easier when there are a large number of potential applicants. However, that will not always be the case. Most businesses need their employees to possess certain skills, and many applicants, in any environment, will not possess those skills. Success in business requires having the ...

Hiring Overqualified Employees Could Help or Hurt

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Some applicants may seem overqualified for a position. It is important to consider the pros and cons of hiring an overqualified candidate. Advantages Include Knowledge Someone who is overqualified for a position will usually have a great deal of knowledge to offer. They may be overqualified because their education or experience exceeds the requirements of the position. That education or experience could be valuable to a small business that usually operates with a minimum number of employees. If ...

A Business Lesson From Abercrombie & Fitch

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Although his message may have been unwelcome, a retail CEO made news when he explained what his ideal customer looks like. Not Trying to Please Everyone Some businesses make no effort to please everyone or to attract the broadest possible customer base. They develop a product or service that is designed for a specific type of individual, and they market only to that demographic group. This is common in sports-themed businesses, for example. Bike stores are stocking products and displaying them ...

Tax Planning for Small Businesses

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Small businesses should consider taxes when making decisions, but taxes should rarely be the factor that drives a decision. Taxes Impact Profits One of the undeniable truths in business is that taxes will usually be a cost of doing business. Small businesses often collect sales taxes that need to be forwarded to state and local authorities on a regular basis. These taxes generally require no planning since they are based on sales activity, and the amount owed is collected at the time of the ...

How to Recover From Bad Business Credit

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In the business world, not everything always goes according to plan. Sometimes, key clients pay their invoices late, which can put a major strain on a business’s cash flow. Other times, a crucial piece of business equipment fails, resulting in a substantial unforeseen expense. New competitors may challenge a business’s ability to turn a profit; the list of potential mishaps goes on and on. And sometimes, these events can put a small business in a position where they have no option ...

Bloomberg Demonstrates Value of Customer Data

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Data on who your customers are and how they use your products could be one of the most valuable assets of a business. Customer Data Could Drive Innovation Businesses profit when they deliver products or services their customers need. Bloomberg LP provides information that its customers find indispensible. Bloomberg terminals have been described as “the lifeblood of Wall Street trading shops, particularly those that mine their endless reams of data in making daily trading decisions.” Wall ...

Business Success and Income Taxes

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Taxes are an inevitable part of business success. Business owners should plan for taxes payable to local, state and federal governments. Understand Tax Requirements Small businesses are subject to a number of taxes. At the local level, there could be sales taxes, property taxes, and other bills that must be paid. States may have an income tax or other taxes that are based on the size of the business. Many states also require businesses to collect sales taxes. The federal government will require ...

Should Regulations Impact Business Decisions?

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Regulations at all levels seem to be increasing, and small businesses must make decisions about how to adapt in this environment. Regulations Carry a Cost Governments at all levels seem to be increasing the number of regulations that businesses must comply with. The federal government is adding requirements for employers related to health insurance, which has attracted a great deal of attention, while other rules attract less attention but also impact businesses. Some states are more active in ...