Writing off equipment and vehicles is easier now

September 1, 2018

Last December’s Tax Cuts and Jobs Act (TCJA) not only slashed tax rates, it also enacted rules that allow businesses to treat as an expense and immediately write off more—including 100 percent temporary expensing for certain assets. This means adding needed equipment, vehicles or even a new shop building is now a lot more affordable. …

Finding affordable tax and accounting help

July 1, 2018

How to find affordable, professional help when you need it. While most owners of small- and medium-size businesses know the details of their companies intimately, there are often highly technical matters of law, accounting, management and marketing that are best handled by outside experts. Attorneys, accountants, and management and marketing advisers have specialized knowledge about …

Savvy cash management helps your bottom line

May 1, 2018

Cash flow—the amount of money flowing into and out of your shop—is an easy concept to understand, yet not always well managed. Not every owner is aware of the impact skillful cash management has on net income, probably because the importance of managing revenue is far easier to recognize in some types of businesses than …

Word-of-mouth marketing still works

January 1, 2018

Mathew Rice was frustrated last year when he couldn’t find anyone near his Fremont, Ohio, home who could make an enclosure for his Maxum 2800 Sport Cruiser without at least a three-month wait. So Rice decided to purchase the necessary equipment, get some training and do the job himself. “I told my wife, ‘I’m going …

Avoid pitfalls during layoffs

September 1, 2017

It’s an unwelcome responsibility, but almost every business owner and manager will eventually come face-to-face with the disagreeable task of terminating one or more employees. “Firing people is one of the toughest, most unpleasant things you do as an employer,” says James Walsh in his book Rightful Termination (Merritt Publishing 2006). “Your stomach tightens and …

How to control workers’ comp costs

July 1, 2017

If yours is a typical manufacturing shop, workers’ compensation costs—or the threat of them—can quickly become a major expense. Almost every business in the United States that has employees must deal with the cost of workers’ compensation, so you’re not alone in this potentially damaging liability. Fortunately, there are steps you can take to help …

Pre-employment background checks

May 1, 2017

These days every new employee brings a possible threat to your business, including theft, sexual harassment, physical violence, identity theft, fraud and drug use. The potential for ruinous legal actions is higher today than ever before. That’s why a background check before you hire an applicant could save your business. It’s essential that background checks …

Good people, bad choices

March 1, 2017

Ask an average person, “Would you voluntarily do something that is unethical or illegal?” Generally, he or she will reply something like, “Heavens, no!” People naturally prefer to do the right thing. However, when faced with enough pressure, some people will be tempted to cross the line. In my work as a professional ethics consultant …