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October 07, 2022

Q3 2022 Small Business Index

The MetLife and U.S. Chamber of Commerce’s Small Business Index for Q3 2022 (Small Business Index) found that due to inflation, more are seeing an uncertain future and report cash flow challenges. In fact, when it comes to inflation and price increases, 71% say the worst is still to come. In the last quarter, only 19% named inflation as their top challenge; this quarter it’s 50%. #IdeaoftheDay

Big Ideas For Your Business

Resources For Your Business
  • Year-end tax planning is always challenging due to uncertainties. Will your projected profit (or loss) for 2022 wind up as such? What will 2023 bring? Will Congress change tax rules—favorably or unfavorably (and possibly retroactively for 2022)? Will your state and local government make law changes affecting your business? Despite uncertainties, planning now is warranted to minimize your 2022 tax bill and position you favorably for 2023. In Part 1, I discussed ideas for planning with respect to your employees. Here are some ideas for your operations and strategic planning. Operations and strategic planning ideas: Manage your inventory For most […]

  • It’s never too early to think ahead, so now—the beginning of the fourth quarter of 2022—is a great time to begin year-end planning. The goal of this tax planning is to minimize 2022 taxes by taking advantage of tax breaks applicable to your situation as well as positioning your business for 2023 and the new tax rules that go into effect at the start of the year. As I’ve said before, the sooner you get a jump on things, the more options you’ll have and the less stressed you’ll be. The following is Part 1 of year-end planning ideas you […]

  • When you have machines that are continually breaking down, do you fix them or get new ones? When your vehicle experiences problems on a regular basis, do you replace it with a newer model? When property is damaged during a fire or natural disaster, will insurance pay to replace or only repair? In today’s recessionary environment, the answer can be challenging. When making a decision to repair or replace, consider the following: How long will the machine be needed? Repairs may be a temporary solution to a long-term need. Yes, it likely costs less to repair than to replace, but […]

  • Benjamin Franklin said it best: “Waste neither time nor money, but make the best use of both. Without industry and frugality, nothing will do, and with them everything.” What better motto for a small business owner to follow, especially during a recessionary period. This blog is based a previous post from a number of years ago, and presents 10 ways to avoid wasting your time and money. 1. Advertise through social media You can do free or low-cost promotions through Facebook and other social media sites instead of spending considerable dollars on traditional media (print, radio, and TV). Use favorable customer […]

  • As well as loyal customers, money is the thing that makes all businesses turn over. So, as a business owner, you know that your credit score is important – it’s the number that will help you scale up your operations, and support your success. A good business credit score can help you get approved for loans and lines of credit, get lower interest rates, and even lease office or retail space. It can also relieve you of having to personally guarantee loans made to your business. You may know your personal credit score, which is often used by lenders when […]

  • We are in the 21st century right now and artificial intelligence is more than simply a trendy term. Small and medium businesses, startups, and enterprises all want a piece of the AI pie, which is “THE!„ technology that everyone in business is asking for. Major corporations have fully embraced the artificial intelligence revolution, and small businesses Can benefit from it too. With a long number of AI usage cases related to business that shows how it is boosting organizations, AI is becoming the technological standard across all business sectors. But before doing that, let’s dispel some common misconceptions about artificial […]

  • Each year the SBA’s Office of Advocacy releases a Small Business Profile showing information about small businesses in each of the states, U.S. territories, and the nation as a whole. Here are some of the most interesting findings of this year’s release on the national profile of small business. Overview There are 33.2 million small businesses in the U.S., which account for 99.9% of all businesses nationwide. These businesses employ 61.7 million people, making them 464% of all U.S. employers. These statistics come from the U.S. Census Bureau, and it appears to be based on 2019 information. Openings and closings Between […]

  • September is National Preparedness Month and the theme this year from Ready.gov is prepare for disasters to create a lasting legacy for you and your family. Said another way with respect to your business…prepare so your business lasts. Recent massive fires and flooding acutely demonstrate the need to prepare, and 6 ideas for preparedness were covered in a previous blog. Hopefully, as part of preparedness you have sufficient insurance to cover your losses. But the reality is that many small businesses don’t have enough coverage and will sustain financial losses as a result of a casualty event or disaster. Here’s […]

  • Customers are looking for a frictionless experience when shopping on your website, which means providing a speedy checkout process with plenty of payment options. This is especially critical for business customers that may be more sophisticated than consumers. The best way to speed the payment process for customers—consumers and businesses—doing repeat business is to register with the ACH network. This allows them to pay for goods and services seamlessly. Getting started with ACH is simple and will help reduce fees and improve your website. What Are ACH Payments ACH (Automated Clearing House) is a digital network designed for processing payments […]

  • The saying “less is more” is attributed to Lugwig Mies Van Der Rohe, one the founders of modern architecture. He promoted simplicity of design. The concept of simplicity may be a good one in this period of recession. Simplicity in your business can give you more time to do needed activities, reduce stress, and help you weather the economic challenges faced today. Here are some ways you—the small business owner—can use this philosophy in your business now. Make time Making time is a weird expression, since time can’t be created. What can be done is optimizing the time you have […]

  • Most small business owners use their personal vehicle for business driving. And some small businesses own vehicles used exclusively for company driving. If your current car, truck, or van is aging, is now the right time to buy an electric-powered vehicle (EV) or a plug-in electric-powered vehicle (PHEV)? There are many considerations to factor in—pricing, tax breaks, and concerns about your carbon footprint. The following are some things to think about, and when EV is mentioned, also keep PHEV in mind. What to consider about buying an EV Pricing Currently, it’s hard to go green on a budget. The average […]

  • If your business is a sole proprietorship, partnership, limited liability company, or S corporation—all pass-through entities—you report your share of business net income or loss on your personal federal tax return. Being a pass-through owner has its rewards…and punishments. Reward for profitability If your business is profitable, you may be able to claim the qualified business income (QBI) deduction. This is up to 20% of your share of net income from the business. This is not a business deduction; it’s a personal one that has the effect of reducing the tax rate on this business income. The Tax Foundation says […]

  • Big corporations have departments for various aspects of their business, such as departments to handle legal, accounting, IT, and HR. They also have a board of directors to advice and vote on certain corporate activities, such as whether to take loans, buy property, offer fringe benefits, and expand into new locations and new markets. Small businesses don’t have all of these advisers on hand. They have to assemble a team of advisers that they can call upon as needed or work with on a regular basis.  The following are some team members to consider. Your outside team of experts As […]

  • This year Labor Day in the U.S. falls on September 5th. It is a federal holiday created in 1894 in response to unions’ urgings. This year marks the 20th annual World Day Against Child Labor. Labor Day is also the unofficial end to summer, with children returning to school, summer vacation spots closing up, and people preparing for the rest of the year. My thoughts as we celebrate Labor Day this year: Labor shortages continue It seems that post-pandemic, the U.S. is at or near full (maximum) employment. This is deduced in part by measuring the maximum number of people […]

Multimedia

Resources For Your Business

Is It Time to Start Exporting?

Mental Health In the Workplace: What Can Employers Do?

Environmental, Social, Governance (ESG) Reporting for Your Business

5 Ways to Have a Healthier Workplace

barbara’s books

  • J.K. Lasser's Small Business Taxes 2022

    A complete guide to taxes for small businesses, brought to you by the leading name in taxes

    If you own a small business, this comprehensive guide explains in easy-to-understand terms the essentials of business taxes to prepare you to work better with your CPA or other tax adviser or handle tax responsibilities on your own. Whether you’re a sole proprietor or have organized your business as a corporation, partnership, or limited liability company, the information is tailored for your business. Up-to-date information is keyed to the 2021 tax return as well as providing evergreen tax planning to improve your bottom line. A free supplement available in February 2022 updates the information so you won’t miss out on any tax-saving opportunities.
    Buy from Amazon (link will open in a new window or tab).
  • J.K. Lasser's 1001 Deductions & Tax Breaks 2022

    The definitive guide to all income-tax deductions and credits for the everyday taxpayer.

    The fifth edition of this popular book has been fully updated to reflect the latest rulings and laws, allowing the reader you to easily refer to the appropriate deductions for their your particular needs. A free supplement available in February 2022 updates the information so you won’t miss out on any tax-saving opportunities.
    Buy from Amazon (link will open in a new window or tab).
  • 500+ Big Ideas for Your Small Business

    Ideas you'll use everyday!

    With only so many hours in the day, it’s impossible to stay on top of key developments and opportunities to help you run your business better and smarter. 500+ Big Ideas for Your Small Business gives you quick access to resources and tips you can use every day. Whether you’re a seasoned entrepreneur or just starting out, you’ll find actionable ideas to help you with your finances, your operations, your staff, your marketing, your taxes, your technology, your environment, and your personal growth.
    Buy from Amazon (link will open in a new window or tab).
  • Home-Based Business Start-Up Guide

    A Step-By-Step Road Map--with Checklists--to Get You Started Up, Profitable, and Successful 

    Whether you want to start up a part-time home-based business or jump in full throttle and work on it full time, you need a start-up guide. A road map! Home-Based Business Start-Up Guide will help you chart your course to work-from-home success. Written by industry expert Barbara Weltman, our Start-Up Guide is broken up into easily digestible chapters that cover the key areas of a new business launch. We outline 10 fundamental steps to succeed in running a home business. These include selecting a business; determining business fit; establishing your business organization; business protections; marketing and selling; setting up a productive home office; managing your business; achieving success; business growth and more. Jim Blasingame, Host of The Small Business Advocate Show, and author of the award-winning books, “The 3rd Ingredient,” and “The Age of the Customer” says:  "At a time when working from home is becoming the norm, why wouldn’t right now be a perfect time to start a home-based business? If you’re still with me, here’s the next logical question: Why wouldn’t you want to learn how to do that from someone who was home-based before it was cool? Someone who was making being home-based look good before technology made it easy. Well, that person is my friend, Barbara Weltman, and she’s put all of her experience, wisdom and perspective in a new book, “Home-Based Business Start-up Guide.” It’s a by-the-numbers tutorial on how to launch a successful home-based business. Let Barbara help you get your home-based business going with her book, and all of the other awesome resources she produces in support of small businesses. She’s the best."
    Buy from Amazon (link will open in a new window or tab).
  • The Delivery Driver Tax and Business Guide, Kindle Edition

    Your GPS to Get You Where You Want to Go in Your Business

    Do you enjoy driving and being your own boss with flexible work options? Are you looking for a part-time (or full-time) activity that earns good money? Maybe you’ve already discovered that there are great opportunities for making money with your car. Or, you’d like to become a delivery driver driver but uncertain how to begin. This guide, "The Delivery Driver Tax and Business Guide" is your answer!
    Buy from Amazon (link will open in a new window or tab).
  • Guide to Self-Employment: Taxes, Strategies, and Money-Saving Tips for Schedule C filers, 2nd Edition

    What every self-employed person needs to know about their taxes!

    If you’re self-employed, chances are the majority of your time is spent finding new customers or clients, servicing existing ones, and handling each and every aspect of your business. Freelancers, independent contractors, gig economy participants, and other individuals working for themselves need to be aware of their responsibilities when it comes to paying their taxes. Even if you have an accountant or use tax preparation software, you may not be aware of all the deductions and credits you are entitled to. That’s where the experts at J.K. Lasser come in. The second edition of J.K. Lasser's Guide to Self-Employment helps you file your taxes correctly, accurately, and on time. Using clear, jargon-free language, this bestselling guide explains the legal and financial implications of self-employment and shows you how to keep as much of your hard-earned money as legally possible. A reader says: "This book, Guide to Self Employment, is an excellent tax resource for all freelancers & self employed people, including small business owners. Barbara Weltman is a knowledgeable tax attorney & small business specialist."
    Buy from Amazon (link will open in a new window or tab).
  • The Uber/Lyft Driver Tax & Business Guide, Kindle Edition

    Created for Uber and Lyft drivers as their GPS -- to help them get where they want to go in their business, safely and securely.

    Note: This e-Book has been updated with a new title and revised content (shown). Do you enjoy driving and being your own boss with flexible work options? Are you looking for a part-time (or full-time) activity that earns good money? Maybe you’ve already discovered that there are great opportunities for making money with your car, and you’re a business owner driving for Uber, Lyft, or other platform. Or, you’d like to become an Uber or Lyft driver but uncertain how to begin. This guide, "The Uber/Lyft Driver Tax & Business Guide," is your answer!  
    Buy from Amazon (link will open in a new window or tab).
  • Smooth Failing
    Presenting a recently-launched, updated, paperback edition!  Barbara Weltman takes an inspired look in Smooth Failing at the hard lessons learned when things go wrong. Through extensive interviews with entrepreneurs whose ventures failed for a variety of reasons — some stunningly unexpected, some painfully inevitable — Barbara gleans valuable insights about the small mistakes that can lead to large scale catastrophe.  Smooth Failing seeks to save readers from similar disaster — while empowering those who are learning from failures and adversity to bounce back stronger and wiser on the often rocky road to success.
    Buy from Amazon (link will open in a new window or tab).
  • Small Business Survival Book

    Small Business Survival Book

    12 surefire ways for your business to survive and thrive! Owning a small business can be a fulfilling and financially rewarding experience, but to be successful, you must know what to do while the business is up and running, and, most importantly, what to do when the business runs into trouble. This book is definitely part of what you need to succeed!
    Buy from Amazon (link will open in a new window or tab).
  • The Rational Guide to Building Small Business Credit
    As Vicki Raeburn of Dun & Bradstreet notes in the forward, "...the successful creation of credit by small business has a significant effect on one of the most important business drivers, namely cash flow. ...     [This book has] the information needed to understand and build business credit."
    Buy from Amazon (link will open in a new window or tab).

testimonials

  • " Always an excellent newsletter from you, Barbara!
    Barbara's newsletter and the information she shares are always useful and topical. Always an excellent newsletter from you, Barbara!”  -- Bob Benowitz ”

    - Bob Benowitz

  • " Love your articles!
    I love the simplicity of your articles. ”

    - Marie Porolniczak, CB

  • " Let Barbara help you get your home-based business going!
    Jim Blasingame, Host of The Small Business Advocate Show, and author of the award-winning books, “The 3rd Ingredient,” and “The Age of the Customer” says:  "At a time when working from home is becoming the norm, why wouldn’t right now be a perfect time to start a home-based business? If you’re still with me, here’s the next logical question: Why wouldn’t you want to learn how to do that from someone who was home-based before it was cool? Someone who was making being home-based look good before technology made it easy. Well, that person is my friend, Barbara Weltman, and she’s put all of her experience, wisdom and perspective in a new book, “Home-Based Business Start-up Guide.” It’s a by-the-numbers tutorial on how to launch a successful home-based business. Let Barbara help you get your home-based business going with her book, and all of the other awesome resources she produces in support of small businesses. She’s the best." ”

    - Jim Blasingame, Host of The Small Business Advocate Show

  • " I Love Your Ideas of the Day!
    I love your ideas of the day! They have become an instrumental part of my learning! ”

    - Gina Bertoletti

  • " You should sign up for the Idea of the Day®
    You should sign up for the "Idea of the Day®" by Barbara Weltman. This will give you great tips and help you with your daily business needs. She writes every article with consummate skill. ”

    - Lesley

  • " Your blogs contain information that everyone can use!
    As a tax attorney and small business specialist, Barbara has a lot of great information to share. Barbara, your blogs contain information that everyone can use!  Your newly-expanded ebook, "175+ Big Ideas for Small Business" ebook has lots of great recommendations for small business owners. ”

    - Lisa Rubenfeld

  • " Best information for a small business owner!
    For a small business owner, the information [in your book] is absolutely one of the best I’ve come across! Thanks so much for the break-down of information. ”

    - Michelle Joe

  • " I don't want to miss it!
    I just wanted to reach out and give you a very big, truly heartfelt "thank you" for all the work that you do to help small business owners grow and succeed. More specifically, I wanted to offer you some praise for your blog posts and Idea of the Day®. My email inbox gets so very cluttered. And honestly, on most days I will do a wholesale delete of many, many messages. But I literally stop and specifically look for your name and your small business Idea of the Day®. I don't want to miss it! In fact, I look forward to reading it daily (even on weekends!) because I know I'm going to learn something new that saves me money, time or just adds to my professional knowledge in a way that helps me help others too. So thank you, thank you, thank you for your efforts! ”

    - Lynnette Khalfani-Cox, The Money Coach

  • " Getting your daily email is like getting an MBA in small business!
    Thank you for finding this important information. Getting your daily email is like getting an MBA in small business. ”

    - J. S. Budnik

  • " Thank You, Barbara!
    "Thank you, Barbara Weltman, for all of your articles and tax advice to small business owners! All the best." ”

    - Shane Madigan

  • " Thanks for providing such useful information!
    I follow your blog religiously for the great tips you provide. I love the new look. It makes me smile to see that your blog got an update.  Thanks for providing such useful information. ”

    - Lee Drozak

  • " Barbara Weltman is an Advocate for Small Business
    She has been an advocate, public speaker, and resource for small business news since the release of her first book, J.K. Lasser’s Tax Deductions for Small Business, in 1995. Since then she has run her website, her Big Ideas for Small Business® newsletter, and her blog, not to mention written over a dozen books. Ms. Weltman is on this list twice because for many business owners, it is easier to scroll through her Twitter feed for trending topics and news events than search her website. However, if you don’t take a minute to read her newsletters or blog — you’re missing out. ”

    - Meredith Wood, Fundera Ledger

  • " Great segment!!!
    Barbara Weltman is one smart cookie - I follow her on Twitter, and her content is always interesting and informative. ”

    - An eBay Radio listener - purplejaime1976

  • " Absolutely love your Idea of the Day®
    it’s BRIEF, concise and timely. Funny, I do a quick scan of my bloated mail box, quickly deleting what I feel is a time waster. But I NEVER delete Idea of the Day® until I've first opened it. Both you and Napoleon Hill's Thought for the day ALWAYS get read. You’re in terrific company. Thanks. ”

    - Don Aronowitz