Category

Business Advice

business plan

9 Key Elements of an Effective Business Plan

By Business Advice

For any entrepreneur starting a business, there are many necessary activities and documents to prepare to maximize success. A well-written and detailed business plan is one of the most important documents for a business owner. It will give you guidance on where you’re going and how to get there. According to Investopedia, “A business plan is a written document that describes in detail how a business—usually a startup—defines its objectives and how it is to go about achieving its goals….

Read More
accurate financial statements

Understanding the Need for Accurate Financial Statements for a Business

By Business Advice

Financial statements are critical to a business owner. They provide much-needed information on the financial status of the business and provide input into wise and timely decision-making. Financial reports are usually prepared at the end of each quarter and fiscal year.  These financial statements are used by management, stakeholders, investors, creditors, and debtors to gain insight into the financial status of your company. They are the basis for making decisions on purchases, loans, and other activities related to the growth…

Read More
income statement

4 Reasons Income Statements Are So Important

By Business Advice

As a small business owner or entrepreneur, your business is your livelihood. Monitoring the financial health of your business is essential. It’s common for small business owners to focus on the cash flow statement, since that’s something they need to consider on a daily basis to pay overhead expenses. But if you’re ignoring other reports, you may not have a clear understanding of your true financial position. What Is an Income Statement? An income statement is one of three major…

Read More
small business structure

5 Small Business Structures and What They Mean

By Business Advice

Selecting the legal structure for your business is one of the most important decisions you will make as a small business owner. Your business structure will define your company’s legal structure, tax obligations, and compliance requirements. It will also have a significant impact on your personal liability as it relates to your business. A structure that worked well in the early years of your business may not meet your needs as you expand or seek potential investors. Changing your business structure…

Read More
outsource bookkeeping

6 Reasons to Outsource Your Bookkeeping

By Business Advice

As a small business owner, you have many responsibilities. You are the one in charge; everything falls back to you. But that doesn’t mean you have to DO everything. In fact, no one person should be doing all the tasks needed to run the business. Firstly, you don’t have enough time; secondly, you may not have the expertise; thirdly, you may not have the desire. Of all areas required to operate a business, there is one that most business owners…

Read More
early retirement

5 Financial Tips for Early Retirement

By Business Advice

You may love your job and enjoy going to work every single day. Or you may just be going through the motions until the time comes to retire. Either way, most people don’t want to work forever. Even if you love what you do now, you will eventually want to relax and enjoy more leisure time. Making sure you can afford a fun and secure retirement requires careful planning. Regardless of your age, if you are working now you should…

Read More

Tips for Managers Leading Remote Teams

By Business Advice

Whether the employees you manage recently started working from home due to the coronavirus pandemic or your company has had this arrangement in place for a while, you face unique issues managing a team remotely. As a provider of supportive services for small businesses in Milford, Ohio and the surrounding communities, Orcutt & Company is here to help you succeed in any business environment. Below we offer several tips for managing a remote team as efficiently as possible. Choose the…

Read More

Is It Worth the Money to Have a Second Job?

By Business Advice

The past year hasn’t been kind to many small businesses and workers. It hasn’t been uncommon for people to step outside the box, or at least consider other options, to earn more.  The gig economy has become an incredibly popular choice as a way to earn part and even full-time income. People drive for ride-sharing services, deliver groceries, walk dogs, and rent out spare rooms in their homes. But, is a second job like this something you should pursue? Before…

Read More

How Do I Get My Business Started?

By Business Advice

More than 600,000 small businesses open in the U.S. each year, but not all are successful. The thought and planning you put at the beginning of your journey can have a lot to do with the success or failure of your enterprise.  If you’re worried about how best to start your business, this is a valid concern. According to the Small Business Administration, just over half (51%) of small businesses last past the five-year mark. So, what are some of the…

Read More

8 Important Accounting Services That Will Help Your Small Business Succeed

By Business Advice, Tax Advice

Unless your small business is in the tax, accounting, or finance space, you may not have the in-house experience and expertise you need to achieve your goals. According to a recent Small Business Accounting survey, just 40% of small business owners believe they are extremely or very knowledgeable about finance or accounting matters.  Most businesses need help, and there’s more involved than recording a few numbers in some columns. The truth is that an accountant can do much more for your…

Read More