Fraud is a serious concern for small businesses, with 1 in 4 falling foul to some form of fraud. The digitization of more areas of business has also led to sharp increase in cybercrime. We trust employees and partners to have our best interests at heart, but SMEs still lose tens of millions of dollars every year.
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Small business owners never get a break – at least, it often feels that way. This is especially true when it comes to taxes as it often feels like the tax man gets small business owners coming and going. Examples of this include sales taxes, property taxes and then omnipresent income taxes. However, saving money on your small business taxes is not an impossible dream and below are some tips to make sure you end up with more money in the bank even after tax season.
It is common knowledge in the business world that approximately 50 percent of new businesses don’t make it past the first year. Starting a new business requires a lot of dedication, hard work, as well as a thorough understanding of what needs to be considered before launching to the public. From hiring a high-quality workforce to ensuring that you have a sufficient marketing strategy in place, that can be aided by companies like Polkadot Communications, there is a lot to think about. However, one bad business decision could land your business belly-up, so it’s important to do your research while your business is still in the planning stages. Poor financial management and lack of sufficient capital are at the top of the list of reasons new business fail. By educating yourself about the top mistakes new business owners make, you can find ways to avoid making those same mistakes yourself.
Sales are the driving force to business success.
In any business, the cash flow is important, and when sales aren’t producing as much as we’d like or when business costs outweigh income, it’s probably time to re-evaluate where the money is going. So, maybe we can help you out with that.