Business · April 08, 2024

Starting or expanding a small business brings critical financial decisions, notably choosing between a business line of credit and a bank loan. Each option serves different needs: lines of credit offer flexibility and repeated access to funds, ideal for managing cash flow or unexpected expenses, but often come with higher interest rates. On the other hand, bank loans provide a lump sum with lower interest rates, suitable for significant, one-time investments but lack borrowing flexibility.

Business · March 22, 2024

Selecting your business successor is more than a choice—it's a future-defining moment. Ensure your legacy flourishes by steering clear of common yet critical mistakes in the process. It's not just about replicating your leadership style but finding someone with the right vision, adaptability, and ability to connect with your team. Dive deeper into how to make this pivotal decision without compromising your business's future. As your trusted LIFTed Business Advisor, let me guide you through a sea

Business · March 15, 2024

As tax season rolls in, it’s crucial for small business owners to navigate the complexities of tax filing with precision. This blog highlights three common tax mistakes to avoid: miscalculating payroll taxes, misclassifying employees as contractors, and improperly deducting personal expenses as business expenses. With detailed examples and solutions, including the importance of clear payment policies and maintaining separate financial accounts, it provides actionable advice to ensure compli

Business · February 12, 2024

Building a business is a journey filled with passion and dedication, mirroring the love you have for your family. But have you pondered the future of your enterprise and the well-being of your loved ones in your absence? Our latest blog delves into the essence of succession planning, a crucial step not just for the longevity of your business but as a profound gesture of care for your family. It outlines the necessity of a clear strategy to ensure smooth transitions, safeguarding your legacy and

Business · February 05, 2024

Incorporating your children into your family business isn't just a smart financial move; it's a valuable life lesson. This strategy not only fosters work ethic and financial literacy in your kids but also offers significant tax savings. With the right setup, their earnings up to $13,850 are tax-free, fostering early savings while reducing your tax bill. It's a win-win: your business gains dedicated helpers, and your family enjoys more quality time together.

Business · January 29, 2024

Boosting your small business goes beyond just products or services; it's about crafting a brand that resonates with authenticity and professionalism. This blog article explores the pivotal role of cohesive branding and robust business structures in attracting serious clients, emphasizing the importance of transparency and the human element behind your venture to foster trust and connection, ensuring a loyal client base through genuine engagement and open communication.

Business · March 09, 2023

Want to safeguard your personal assets from business risks? Learn how to form an LLC with our concise guide. Discover the benefits of an LLC: separation of personal and business finances, reduced personal liability, and management flexibility. Follow our expert advice to select the right state, draft an operating agreement, and register your LLC. Don't leave your assets exposed; take charge with an LLC today! Read more...

Business · March 02, 2023

Managing your small business finances is crucial for success, but bookkeeping mistakes can be costly. Our article outlines the top 10 small business bookkeeping mistakes and offers tips to avoid them. Whether you're a seasoned business owner or just starting out, this information is invaluable. Stay on top of your finances and avoid common pitfalls by reading our essential guide to small business bookkeeping. Learn more...

Business · February 23, 2023

As a business owner, you've put a lot of time and effort into building your enterprise. But have you considered what would happen to your business if something were to happen to you? Estate planning is crucial for business owners, and in this article, we'll explore four key reasons why. From protecting your assets to ensuring a smooth transition of ownership, estate planning can provide peace of mind for you and your loved ones. Read more.

Business · February 16, 2023

To manage your business finances effectively, it's crucial to understand the difference between a cash flow statement and a profit and loss statement. While the profit and loss statement shows profitability, the cash flow statement reveals the actual cash flow in and out of business. Both statements are essential for informed decision-making, avoiding financial trouble, and maximizing your business's cash flow. So, it's vital to give both statements equal importance. Read more...