Do you think women need different characteristics or behavior than men to succeed as business owners? As a woman in the business world for 50 years, I still can’t answer this question. I’ve never tried to be different from my male counterparts; I just did what I did and moved forward. But there’s certainly a lot of discussion on social media about this question. Here are some of the answers I found and you can draw your own conclusion. Lists of qualities for a successful female entrepreneur Entrepreneur lists 8 qualities to drive success as a female entrepreneur: Integrity Humility and […]

During Women’s History Month, there are many topics that relate to women business owners. One of the big challenges for many women owners is achieving a good work-life balance. A study by Mastercard found that 3 in 10 (29%) female entrepreneurs say they are struggling to maintain a work-life balance, compared to 17% of men. Of course, women business owners face the same challenges in running a business as their male counterparts. But many women face additional challenges in childcare, spousal care, or parental care. This adds another layer of responsibility and demands on time. What are women entrepreneurs to do? […]

Direct-to-consumer (D2C) is a marketing strategy that allows businesses to sell directly to the consumer without going through a wholesale or distributor. It enables business owners to establish one-on-one customer relationships and gain loyalty. D2C is more cost-effective than traditional marketing strategies because it eliminates unnecessary intermediaries and markups. D2C is also more efficient because it gives you direct access to your customer’s feedback, which can improve your products and services over time. In addition, D2C allows consumers to learn about new products in a fun way, which can increase engagement with your brand. Consumers are increasingly turning to the […]

If you’re a big reader, you likely find inspiration in the biographies of famous people. If you’re not a big reader, you might want to sample a book or two during Women’s History Month to better appreciate how women have struggled and triumphed in the business world. The following, which is excerpted from the Library of Congress and other suggested reading, is a list of biographies of women in business. Many names may be familiar to you, while others may not. Some are modern and still on the scene, while others are from years past. There are, of course, numerous […]

According to the World Economic Forum, 49% of all businesses being started in the U.S. today are by women. And women already own 42% of all U.S. businesses. Are there any special programs that present opportunities for women business owners? Consider the following: Federal contracting The goal of the federal government is to award 5% of all federal contracting dollars to women-owned small businesses each year. Given that federal contracting totals about $100 billion, this is a lot of contracting dollars. Women who own businesses that meet certain qualifications can join the Women Owned Small Business (WOSB) Federal Contract program to […]

According to The State of Women in the Labor Market in 2023, three quarters of women ages 25 to 54 are employed; with 84% of them working full time. Despite Equal Pay Act of 1963 which was enacted 60 years ago to require employers with at least one employee to give male and female employees equal pay for equal work, the “pay gap” still exists. Women earn less than men for the same work. Those age 25 to 54 earn 16% less than men, and the pay gap grows for older working women. In addition to the Equal Pay Act, […]

March is Women’s History Month and a good time to reflect on how women are doing in business. Women now account for more than 10% of the CEOs of Fortune 500 companies. But many women also own and run their own companies. The numbers have been growing year after year. But how are they doing? This can be gleaned from reports as well as anecdotal stories from women entrepreneurs. Statistical evidence According to the 2022 Annual Report from National Women’s Business Council (NWBC), what follows are the most recent facts (although statistics don’t reflect the prior year). Of employer businesses, women […]

Many organizations have begun to recognize the long-term value of cloud computing, including increased security and cost savings. It’s a move that’s very much become a go-to solution for companies, but many are still reluctant and would prefer to keep their IT estate onsite. Many have invested heavily in legacy IT infrastructure, with migrations and exports presenting risks, complications, glitches, and a knock-on effect on productivity, in the eyes of many IT experts. Migrating a business to the cloud sounds like an arduous task – and in some cases, it can be – but the long-term payoffs can be immense, […]

It’s Women’s History Month so I’d be remiss if I failed to applaud the contributions of women to business. When we think of women entrepreneurs, it’s easy to identity those in cosmetics (Madam C.J. Walker, Elizabeth Arden, Estee Lauder, Mary Kay Ash), fashion (Coco Chanel, Sara Blakely, Tory Burch, Sara Blakely), food (Martha Stewart, Ruth Fertel of Ruth’s Chris Steak House), and the entertainment industry (Lucille Ball, Oprah Winfrey, Beyonce). They’ve changed our world. But many women entrepreneurs made their mark in other industries and are what we may think of as unconventional. The following is an update to a […]

If you need to hire additional employees, it means your business is good. You’re probably well aware of the additional costs for each new employee—wages, employment taxes, insurance, and employee benefits. But also take into account the fact that having more employees could trigger your becoming subject to federal and state employment laws that you’ve been exempt from until now. Look for those triggering points so you can decide whether to cross the threshold, and if you do, what steps you must take for compliance. The following discussion is based solely on federal law; state laws may have different obligations. […]

The quotation taped to my monitor from Benjamin Franklin reads: “An investment in knowledge pays the best interest.” What is learning? The dictionary says it is the acquisition of knowledge or skills through experience, study, or by being taught. What are the benefits of learning? For your business, employees who learn stay more engaged, likely become more productive, and can acquire new skills to be used on the job. Employees also see personal benefits, such as keeping their brain agile, fighting boredom, and staving off dementia. The final question…how to learn. Set a time for learning For me, I find […]

This year’s book, J.K. Lasser’s 1,001 Deductions and Tax Breaks, reflects the tax rules as they stood on December 1, 2022. But tax law is not static and new legislation, IRS pronouncements, and court decisions continue to tweak tax rules. They impact reporting on 2022 returns as well as tax planning for 2023 and beyond. This Supplement updates this year’s book for these late-breaking developments. The Consolidated Appropriations Act, 2023, which included SECURE Act 2.0, was signed into law on December 29, 2022. It sealed the rules for 2022 returns and created some rules to be taken into account for […]

This year’s book reflects the tax rules as they stood on December 1, 2022. But tax law is not static and new legislation, IRS pronouncements, and court decisions continue to tweak tax rules. They impact reporting on 2022 returns as well as tax planning for 2023 and beyond. This Supplements updates the book with these late-breaking developments. The Consolidated Appropriations Act, 2023, which included SECURE Act 2.0, was signed into law on December 29, 2022. It sealed the rules for 2022 returns and created some rules to be taken into account for estimated taxes in 2023. But it also failed […]

For more than 25 years, I’m proud to say my tax book for small businesses has been the go-to guide for owners and their tax advisers. The 2023 edition for preparing 2022 returns as well as tax planning for 2022 has been updated to incorporate changes from the Inflation Reduction Act as well as other new laws, court decisions, and IRS pronouncements. As has been my practice, I’ve written my own book review to explain the purpose of the book, what’s new, and what’s ahead. (The following is an update to previous blogs about my book.) Why small business owners […]