If you own a small business, you likely know that business insurance is a critical consideration. Not only does insurance protect your company from various forms of liability and risk, but it also helps ensure you’re complying with state and local regulations. This blog will show you everything you need to know about business insurance, and how to protect your company.
Business succession is the process of choosing someone to take over your business, and developing a plan to make it work. While lots of business owners overlook business succession planning until the last moment, it’s a critical part of ensuring the future success of the company.
One common strategy for companies that want to expand is growth by acquisition. Other acquisitions may include acquiring a competitor, expanding a brand globally, or expanding a company’s product line. No matter what type of company a business chooses to acquire, there are advantages and disadvantages to this type of growth strategy.
Business owners are always thinking of new ways to expand their business, and one opportunity to consider is vertical integration. A company is vertically integrated when it controls more than one level of the supply chain. This can include owning or acquiring its upstream suppliers, owning or acquiring its downstream distributors or a combination of both.
Successful businesses are always looking for ways to expand and increase their power in the marketplace, and one strategy that will help you get there is vertical integration. When a company is vertically integrated, it controls more than one level of the supply chain, such as owning its upstream suppliers and/or its downstream distributors.
Retained earnings are the income that has stayed in your business from the startup phase to the current reporting period. Thriving businesses have a variety of expenses, such as supplies, equipment, maintenance, repairs, research, labor, insurance, advertising, and taxes. Learning how to manage your retained earnings is an important part of financing and growing your business.