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For Business (6)

Why You Need to Update Your Business Plan

Your company’s business plan is a living document that can act as a guiding light. In addition to helping you strive for concrete goals, a business plan can help employees and investors alike quickly understand what your company is all about. Despite the importance of a good business plan, it’s easy to neglect this document once you’ve gotten your enterprise up and running. Here’s a look at a few reasons to invest time into updating your business plan.

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Benefits and Drawbacks to Selling Part of Your Business

Owning your own business presents new challenges every day. Some challenges may require unique reactions, including selling off part of your business to a partner or partners. If you’ve considered selling a stake in your business, weighing the potential positives and negatives will help you make an informed choice.

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Navigating the Proper Use of Your Business Credit Card

You’re holding the bill as you reach for the business credit card in your wallet. Do you charge the expense to your company’s line of credit or use your personal card? This can be a tricky judgment to make — especially if you’re an entrepreneur or business owner. To help you decide, here is some advice on when you should and shouldn’t use your business credit card.

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Determining a Fair Salary Range for Employees

It’s no secret that your small business relies heavily on the hard work, dedication, and expertise of your workers. To attract, motivate, and retain these employees who make your company’s success possible, you’ll need to pay them well. Establishing fair salary ranges will help you accomplish this, and here are some tips to guide you through the process.

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Strategies to Secure Your Supply Chain

The pandemic has and continues to put significant strain on the global supply chain, making security an even greater priority. As you continue to grow your business in the years ahead, you can enact strategies that secure your supply chain and keep the momentum moving in the right direction.

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What to Look For in a Third-Party Vendor

As an entrepreneur with a growing business, you may reach the point where it’s more profitable and efficient to outsource some of your company’s operations to a third-party vendor. Since this is a major decision that impacts multiple aspects of your company, it’s important to do your due diligence before signing any contracts. Here’s a look at a few factors to consider before you pick a third-party vendor.

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Financial Risk vs. Business Risk: What’s the Difference?

Just like everything else in life, owning and operating a small business can be risky. Typically, your risks will fall into two different categories: financial and business. Understanding both of these risk types will help you run your business as responsibly as possible and plan ahead for any complications that might arise.

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How to Properly Handle a Business Tax Audit

Receiving a letter from the Internal Revenue Service informing you that your business is being audited is enough to stop you cold. But if you have taken the proper steps to prepare and work with your auditor to the best of your abilities, you shouldn’t have anything to sweat about.

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