Here are the best articles we found for the month of July:
After working in construction, you may be thinking about starting your own construction business. Although starting a construction business can be risky, many factors could affect your company’s performance. Construction businesses that have few employees and have been in business less than a year have a higher chance of failure.
That is why it is important to conduct thorough research. Develop a business plan prior to starting your own construction business. The more details you compile and research before starting will help you prepare.
Here are some steps to take to start your own construction business. Read more here.
Knowing your customers and putting them first is fundamental to any growth strategy. More and more, companies use approaches like dynamic segmentation to learn who their customers are and to market and communicate in highly targeted and more cost-effective ways to specific groups. Those types of strategies make it obvious that not all buyers are created equal and show how important it is to measure what matters. Yet, sometimes customers are unhappy even when you’ve done everything well.
However, it is possible to improve customers’ attitudes and get them back in your court if you proactively address the problem. Remember that your customers are always looking to be delighted, but they do want interactions to be fast, easy and accurate every time. Read more here.
When a business sets the sales price of a product or service, it calculates the cost of materials and overhead. These costs are taken into account when determining the price to charge.
It is important to properly calculate your labor cost. You may need to cut some costs if your business becomes less profitable.
One of the most important costs to determine is your labor cost. Read more here.
The word “audit” likely sends shivers up the spines of most small business owners. Audits are worrisome, time consuming, and very expensive in terms of professional fees and possible taxes, interest, and penalties.
1. The chances of being audited are very low.
According to the 2020 IRS Data Book that provides statistics on IRS audit activities during the government’s previous fiscal year (September 30, 2019, through October 1, 2020), only 0.1% of S corporations were audited. The percentage for partnerships was even lower. The rate for C corporation with a balance sheet of $5 million was only 0.3%. There are no separate statistics for Schedule C filers. Read more here.