The Business Owners Financial Checklist

business owners financial checklist

You may feel like April 15, 2015 is light-years away. It’s not. Start preparing for your tax bill and take stock of your business’s financial situation now. Small actions now could prevent the need for bigger, costlier actions later. Here are 10 simple steps business owners can use to improve a business’s tax and financial readiness.   1. Re-evaluate your business entity Many small businesses start out as sole proprietorships or partnerships, but eventually transition to another entity. For example, if your business is not incorporated, you may want to consider incorporating (either as a C Corp, S Corp, or LLC) to shelter you from […] Read more »

Does Your Business Reward Employee Performance?

Google “Five Guys Burgers and Fries Articles” and you’ll get 86,300 results. Five Guys is a huge business success and it’s still a family-run business with the mother, father, and five sons in charge. I find it fascinating to read that two key elements of the restaurant chain’s success (a billion in annual sales) relate directly to people issues. You and I can learn from their example. Reward Employee Performance First, Five Guys rewards employees liberally for outstanding performance. Rather than spend on marketing or advertising, Five Guys collects 1.5 percent from every franchisee and distributes that money to the work crews who score the […] Read more »

Business Owners: Stick with What You Do Best

Business owners can reach higher levels of success by studying what other companies do to succeed. That’s one reason I recently did some research about the family-owned, highly successful restaurant chain, Five Guys. Why use Five Guys as a model? Family Business magazine calls them one of the restaurant industry’s largest family-owned businesses. Five Guys has 1,000 restaurants and 2012 sales of $1 billion plus. That’s a pretty high level of success. Make Only Quality Products An article in Inc. magazine says that Five Guys attributes much of its success to producing a high quality product and only doing what the restaurant does best. The […] Read more »

Business Lessons from “Five Guys Burgers and Fries”

They’ve been featured in many of the major national media outlets including Forbes and Inc. magazines. A Family Business magazine feature calls them one of the restaurant industry’s largest family-owned businesses with some 1,000 restaurants and 2012 sales of $1 billion plus. You’ve seen the growth they’ve had here in Connecticut. So I thought you and I could certainly learn from Five Guys Burgers and Fries. Imagine: Their success began just 27 years ago with a single location in Arlington, VA. When two of Jerry Murrell’s sons chose not to go to college Jerry told them he’d use their college education fund to open a […] Read more »