Running a business means spending money. And, starting a business means spending money before you begin earning money. That’s where the saying, “You have to spend money to make money,” comes from, after all. The idea of spending money to earn money comes into play with sunk costs. So, what is a sunk cost?Read More What Is Sunk Cost, and How Does it Impact Your Business?
Your Guide to the Minority Business Enterprise and MBE Certificate
Although you may have a minority-owned business, you must meet specific criteria for formal recognition as a minority business enterprise (MBE). And if you meet the criteria, there are business benefits to receiving an MBE certificate.
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When it comes to your business, you want to know if your investments were worth it. To do that, you may need to calculate some business ratios, like return on equity. But, what is return on equity, and how does it work? And, what is the return on equity formula? Let us give you the […]Read More What’s the Deal With Your Investments? Calculate Return on Equity to Find Out
Just about everything you do in your business comes with a cost. Whether it’s time, money, effort, or something else, you pay a price. But, what happens when you set a limit for production and have to produce more than your set limit? You encounter what’s known as marginal cost. What is marginal cost?Read More What Is Marginal Cost?
As a business owner, you likely deal with invoices on a regular basis. Maybe you send them to your customers. Or, maybe you’ve received them in the past for making purchases. Regardless, if you’re planning on invoicing your customers, you need to come up with solid invoice payment terms.Read More Everything You Need to Know About Invoice Payment Terms (+ 8 Tips)
If you have more money at the end of the year than you expected, you might think you have a budget surplus. But, is that what a budget surplus actually is? Keep reading to find out what is a budget surplus, the budget surplus definition, and more.Read More The Ins and Outs of a Budget Surplus
Thanks to the COVID pandemic, 58% of employees sometimes or always work remotely now. Unfortunately for those employees, they can no longer claim the home office tax deduction (talk about an unlucky sequence of events). But lucky for you, you’re a business owner. And that means this tax deduction is still available.Read More Home Office Tax Deduction Available for Business Owners. Employees? Not So Lucky
Accounting can be a daunting task when starting out, especially if you’re not an accountant. And depending on your business, how you must handle accounting can change. So, what are the accounting methods, and how do you choose which method to use for your business’s bookkeeping?Read More Accounting Methods: How to Pick the Best Option for Your Business
From time to time, you may need to raise prices in your business to keep up with production or offset business expense increases. But what if you’re hit with a price increase? What do you do?Read More If You’re Hit With a Price Increase, Take These 6 Steps
As a business owner, your goal is to make a profit. Generally, you may turn toward your accounting profit to see how your company is doing. You also need to consider other types of profit, such as economic profit. But, what’s the difference between accounting profit vs. economic profit? Keep reading to get the scoop.Read More How Do Accounting Profit vs. Economic Profit Differ?