Every year around April 15th, many new entrepreneurs receive shocking and unexpected news from their tax preparer. They owe a lot more tax than they have cash available. Why does this happen? When you receive a paycheck, taxes are withheld automatically, but as an entrepreneur you are paid a gross amount of money without accounting for taxes. The IRS wants ...
The first tip I have for startup businesses is to “Recognize when you’ve become a business.” My youngest daughter didn’t intend to start a business when she began posting social media videos. As millions viewed her videos, suddenly money was deposited into her account for becoming a “social media influencer.” It was time for her to recognize that she had ...
In this series, we are looking at five traits common to successful entrepreneurs and how unconventional business leaders should approach each. Today’s focus is Complete Humility. Successful entrepreneurs recognize their weaknesses and gaps, look for partners that can fill those gaps, and negotiate to get what they need in a win/win approach. You might call this “humility,” but the Bible ...
Recently, Kathy and I had the opportunity to tour the facilities of Vermeer Corporation in Pella, Iowa. One of the more impressive parts of the tour was witnessing the thought given to developing efficient processes in all parts of this enormous plant. Vermeer’s pursuit of continuous improvement has no bounds. They even chose to analyze the processes around their company ...
Mackenzie Scott, Jeff Bezos’ former wife, recently announced that she is giving $2.7 billion to 286 charities. That’s on average almost $10 million per charity. Too often organizations who receive a large one-time gift find ruin when they add expenses based on the new gift, hoping to replace the funds in later years. Many businesses also find themselves in trouble ...
Years ago, my family took a raft trip down the Colorado River. As we hit rough water, one person went overboard. Everyone worked to pull him back in and then relaxed for a moment - until we rounded a curve into another round of rapids. One thought helped me remain calm. Our guide knew what was coming next. We have ...
In this series, we’re discussing how to inflation proof your business. When expenses increase due to inflation, your net profit will be negatively impacted unless you increase revenue. In my experience, small businesses are more reluctant to implement price increases than most large businesses. There is certainly reason for concern, but price increases are usually less traumatic than most realize. ...
In this series, we’re discussing how to inflation proof your business. A friend owns a chain of restaurants. He was concerned when he discovered that people were selling large quantities of ketchup packets on eBay. He realized a shortage of ketchup and increased prices were coming. He called his suppliers and asked for all the ketchup they could find. He ...
In this series, we’re discussing how to inflation proof your business. For most businesses, payroll costs are their largest expense item. Recently, President Biden signed an order requiring all federal contractors, including any subcontractors, to increase their minimum wage from $10.95 an hour to $15 per hour in 2022. This action will drive wages higher and force the private sector ...
According to new research from Bank of America Securities, mentions of inflation by CEOs have exploded 800% year-over-year. With age comes some added responsibility to share experiences. As inflation discussions have increased dramatically, I realized I have some experiences that many leaders have not had. If you are under 50 years old, you have never experienced inflation above 5% in ...
Equipping Others to Do Work Differently
