Category: Business Principles
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The Sole Proprietorship – The Basics
Of the four business entity types, the sole proprietorship is by far the most flexible and easiest to manage. There are very few drawbacks. In the world of business, the key is to maximize profit with the least amount of risk.
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Who is Your Customer?
You would think this is a simple question with an easy answer. But for most folks, they can’t identify their customer. It seems elusive or undefinable. If you are in business, you need to answer this one question. You need to know who is your customer.
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What is a Contract?
Article 1 of the Uniform Commercial Code copyrighted by the American Law Institute is considered the primary source for the definition of a contract. All of the 50 states have incorporated all or most of the definition of this code as statue. A contract is defined as a legal obligation between two or more parties. A…
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Small Business Tax Depreciation – Section 179
The Internal Revenue Service sets the depreciation allowance based on the Code as promulgated by Congress. The most commonly referenced section is 179. This is a form of accelerated depreciation allowing the small business owner the opportunity to take a large expense deduction and reduce their tax obligation immediately.
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What is ‘Cost of Goods Sold’?
Simply put, ‘cost of goods sold’ equals the direct costs of materials, human resources, and equipment needed to produce the item sold. However, this can be confusing because there are many marginal cost items that affect the real cost of producing and selling the item.
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How to Find Investment Capital – The Vendor Connection
All vendors look for avenues to expand their market share or maintain their market share. Many times it is to their benefit to provide start-up capital to potential point of sale opportunities.
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A Story About Great Production
What I learned was that equipment didn’t call in sick, it didn’t back talk me, it never got upset about how much it was paid and it just kept on humming. It was making us money and I didn’t have to deal with personnel issues. Boy, if only all production could be like this. Turn it on…
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Production – Where the Rubber Meets the Road
All the rest of the business issues I write about mean zilch unless you have great production. This is the one area that you as the business owner need to devote your energy towards over any other.
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Introduction to Human Resources Management
Matching the right person to the right job is the primary objective of any human resource manager. If you had a company of highly trained, well informed, and happy staff, you would control the best place to work in the whole wide world. To me, the best place to work is Santa’s Workshop.
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How to Find Investment Capital – The Family Connection
There is one responsibility of all business entrepreneurs that is loathed more than any other. It’s asking for money. First off, you have to find financial resources and then you have to ask for investment capital.