Lenders will want to see documentation that supports all of your information. There are many types of documents that can be included, but there are several that are considered to be the most common. Personal resumes should be included for all owners and anyone in management. Each resume should be a one-page document that includes work history, educational background, special …
Note: This portion of the business plan should not be completed until the organizational and marketing plans have been completed. The financial plan is the analysis of measurable figures for a business plan. The organzational and marketing plans are put together and from this we calculate the projected financing Ã‚ costs. The following two pieces of information need to be included only if you …
An effective marketing plan will address the details of sales, advertising, PR campaigns, and market analysis. Keep in mind that a plan in this technology age should include online strategies as well as traditional strategies. Who will be responsible for your in-house marketing, and who will you use for outsourced marketing campaigns? Identify your target market and competition, along with trends in …
We have previously discussed the importance of every business having a good business plan. This plan is of particular importance if you, the business owner, are looking for any type of financing and/or investors. The focus of the last blog was the summary and what information to include in the summary.  Today we will focus on the second part of your …
I want you to try and remember back to your days in junior high, high school and, if you attended, college. One of the things you probably dreaded most was a research paper. Do you remember doing all the reading and researching? Writing and corrections? The outline? In my last blog, we discussed the importance of having a business plan and business goals. For the …
Imagine building a house with no plans! The construction crew would have to guess where the foundation is supposed to go and the plumbers would have no idea where to lay pipes, so they could potentially put a bathroom in the middle of your kitchen. Not to mention what would happen with elecrical work or the sheetrocking. What a recipe …
Two things happen when you, a seller, offer credit to your vendors or customers: you raise your potential to increase revenue or you increase your chances for potential loss. By extending credit, your buyers will appreciate the convenience, as well as the ability to pay the debt at a later date. On the flip side of this appreciation, is that some of your customers may not pay …
“You’re being audited” is probably on just about everyone’s Top 10 List of Most Dreaded Things to Hear! But, there are 7 ways to lower your risk of being flagged by the IRS for an audit. And believe it or not, they are pretty basic things to do. 1. Do NOT round numbers on your tax return. It’s better to …
While many Americans will be getting a tax refund this year, many will be getting a tax bill from the IRS. These lucky people will owe the IRS money and many will be unable to pay the entire bill. What should these people do? There are several options that the IRS offers in this situation. In some situations, leniency is …
Here’s a cute joke about our topic for the day: What do accountants suffer from that ordinary people don’t? Depreciation. The definition of depreciation according to Webster’s Dictionary is: 1: A reduction in value, writing down the capital value of an asset over a period of time in a company’s accounts. Source: European Union. 2: The decline in the value …
