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Forget Location: Tomorrow's Business is All About Marketing

In the past, when you opened a business, location was a vital part of the company's success. A good location would help draw in new customers, while a poor location could banish your business to the bleakest possible future. But with the internet and high level of connectivity available today, location is not nearly as strong a requirement to business success in today's world. Instead of being focused on location, being noticed is much more important to many of today's companies. Here's a quick look at the importance of marketing in today's business world. Today's business market is going through a strong cycle of disruption. Digitization is bringing new businesses into the market while olde

What's the Issue with Disruption and Business Models?

Everywhere we look new business models are springing up. Uber is one of the world's biggest taxi services, but doesn't own any taxis. Apple owns no songs but is one of the largest retailers of music. Airbnb owns no hotels but is one of the world's largest lodging companies. But what has made this trend so strong now when it hasn't been a possibility in the past? Disruption! As our world becomes more connected through digital channels, new opportunities are opening up. Companies that have been industry leaders for decades may be out of business within a matter of years. Over half the Fortune 500 companies in the year 2000 have disappeared, according to the World Economic Forum. New businesses

What information goes into a good business plan?

When you're starting a business, one tool that you'll hear people mention is a business plan. It's a commonly used tool in financial circles and helps get everyone at the company on board with your overall vision, mission and direction. But what is it, what goes into it and how can you use it to get everything moving in the right direction? Here's a quick look at a good business plan's content. Executive summary. This should be one of the last areas that is written, as it summarizes the rest of the plan. It will touch on each area below, but shouldn't be too repetitive of the later sections. You're giving the reader a taste, not an entire meal. Products/services. Though many people think tha

3 Worst Business Tax Mistakes You Can Make

Taxes! It's just one letter longer than a four-letter word, and just as despised in many cases. Why? We've all heard horror stories of people who have made honest tax mistakes and paid for it for years to come. But even though everyone knows somebody who has had a hard time dealing with a tax agency, there are some mistakes that really stand out. Here's a quick look at the worst business tax errors you can make and why it's important to avoid them. Not checking out friendly advice A bank teller once advised a dairy farmer, who was depositing just under $10,000, that it would be a good idea to keep his deposits under that amount to avoid federal scrutiny. What she didn't tell him was that doi

I Don't Really Need Accounting Services, Do I?

When you're operating your business, you know that every penny counts. But at the same time, many business owners wear many hats, including directing overall financial decisions for their company. Though most take advantage of accounting services to ensure their company's success, it's very tempting to simply skip that part of the process and take care of accounting in-house. Unfortunately, unless you have a CPA working for you, this can be a really bad decision. Here's why: The IRS audit. Every business owner lives in fear of getting an audit on their federal or state business income taxes. A good accounting service not only prepares your paperwork properly to lower your chances of an audit

What Do I Need to Do to Develop a Strong Business Strategy?

Whether you're starting a new business or simply continuing to run a business that's been in operation for years, having a strong business strategy is vital to your company's success. But what is a business strategy and why do you need to dedicate time to developing one? Here's a quick look at why it's so important and how to develop one: As you're operating your business on a daily basis, you need goals to keep from getting bogged down in the rush of daily operations. You need to provide direction to other people in your company so that everyone is working together towards a common goal. When you develop goals for your company, that's the "what" that you're trying to achieve. Planning a st

Why do I really need a business plan?

When you're getting ready to start a company, you've usually got a lot of time and energy to put into the process. You're also anxious to get started and want to jump right in. But before you do, you need to have a business plan in place. But why is it so important to have a business plan before you get your feet wet, especially if you already have a handle on how your industry works? Here's a quick overview of reasons: It gives you direction and a strategy. What sector of the market are you going after? How will you accomplish that? What about the competition? How are you unique? A business plan helps you lay out how you'll go about the business of starting and running your company. It hel

What are the benefits of different business structures?

When you're getting ready to start or change your business, one area to consider is what business structure you'll use. Though there are many different options available, some may not be the best choice for your situation, while others offer a wide range of benefits that can help you grow your business more quickly. Here's a quick overview of business structure types and the benefits and drawbacks of each: Sole Proprietor: A sole proprietor is created when one person goes into business and doesn't bother setting up any further organization. That's one of the reasons it's one of the most common in the United States. However, it also leaves the owner's personal property at risk of liability. I

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