Does a New Business Need an Income Statement

The short answer is yes! The Income Statement provides a systematic method of recording estimates of sales, cost of goods sold, and expenses and deriving the profit or loss resulting from business operations. The Income statement is often referred to as the Profit and Loss (P&L) statement. Expenses include such items as wages and benefits, advertising, rent, utilities, insurance and taxes. For a business using the accrual method of accounting, additional entries must be made for accruals for payroll and other taxes, insurance, and the … 
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Marketing: Plans, Strategies and Mix Marketing Plans (Part 2)

Marketing: Plans, Strategies and Mix Marketing Plans (Part 2) Step Two of the Marketing Plan is Your Marketing Strategies Last week we focused on the marketing plan now it is time to plan your strategy and marketing mix. When establishing marketing strategies for your company, begin with a macro-view of your business, and then develop the supporting details. Your marketing strategies should address each of the following areas (where applicable): Business Description What are your products and services? How does each product or service benefit … 
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Marketing: Plans, Strategies and Mix Marketing Plans (Part 1)

Small business owners that don’t take the time to learn how to market and develop a plan are not preparing for success. Marketing plans contain the following seven topics: Situation Analysis (Based on existing conditions) Prepare a Strengths – Weaknesses – Opportunities – Threats (SWOT) Analysis. This is an assessment of the internal conditions of your business and the external conditions in the market. Business News Daily has a great reference for a SWOT Analysis. Target Customers: Analyze existing customers. Is this a customer base … 
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Starting a Consulting Business

Why work 8 hours/day for someone else when you can work 16 hours/day for yourself? Overview This post highlights the personal issues to be considered in becoming a consultant. What does it take? The two biggest surprises for a consultant are: 1)  You will only spend 1/3 of your time consulting with another 1/3 selling and the balance on administrative and wasted time. 2)  Your technical skills will not be your biggest asset. Technical skills are required, of course, and often help get you in the … 
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Starting Your Own Business

Want to start your own business? Our best advice to you is “Be careful!” Why? Because more than half of new businesses fail in their first five years of operation. And, with that failure, the owner incurs a significant loss of time, money, and credibility and, frequently, his good credit rating. What about those who do make it? What distinguishes them from the others who fail? Our experience tells us that to succeed, you need the following characteristics: A burning desire to succeed. You’ll need … 
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Tax Treatment of Business Start-up and Organization Costs

Ready to start your business? Be prepared to follow the tax codes from the beginning and not get yourself into hot water. Here are the details you must know from the start. When you go into what is expected to be a profit-making business, Business Start-up and Organization costs generally must be treated as capital expenditures. You can choose to deduct up to $5,000 of business Start-up costs and $5,000 of Organization costs as a current business expense. The $5,000 deduction is reduced by the … 
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Granting Credit to a Customer

Should business startups consider granting customers credit? Discover the key areas to evaluate before making the decision. Download the brief. Granting credit to a customer from ScoreCinci Need help establishing guidelines? Your Score Counselor can be a great free resource. Request one now.

Sample Business Plans and Guidance

A business plan is not simply for obtaining financing or investors. Regardless of where you are in your operation, you need a business plan. It gives you a roadmap to follow, a measuring stick to help determine whether you are on track. Paying attention to your progress, measured against the stated goals in your business plan, allows you to make corrections in your course if you are not obtaining the results you had planned for. While the idea of writing your own business plan from … 
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SCORE Women’s Networking Group – Vive la Difference!

SCORE Women Networking Group met March 23 and the spirited discussion reminded me of why SCORE is reaching out to attract diverse members and counselors in the first place – the value of many points of view and the particular value of women’s contributions to an organization like SCORE. Let me be more specific. Many of us grew up in an era when women were not found starting or running many businesses – and were not, in fact, in leadership roles in the world in … 
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Cincinnati Women of Score

The women of score met the last Thursday of February. It was a small gathering (due to weather and traffic accidents) of current and prospective Score members, featuring a spirited and congenial discussion of Score’s mission and purpose and the potential contributions of women to Score. If you are a SCORE woman mentor – or would like to be one – please join us at our monthly get-together at Parker’s Blue Ash Tavern (4200 Cooper Road) on the last Thursday of each month from 5:30 to … 
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