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FINANCIAL ADVICE

Is Your Business Prepared for the Increase in Minimum Wages?

By The BIDaWIZ Team on December 5th, 2011 at 5:45 pm

Small businesses in eight states may want to start thinking about a strategy to offset the wage increases they may have to shell out to non-salaried minimum wage workers. Beginning on January 1, 2012, small businesses across eight states or 17% of the country will owe an additional $0.32 on average per hour or $665 per year for each minimum wage worker. This means that those with several employees in this category will owe several thousand dollars a year in additional wages. Is your business prepared for this wage increase? Read More.

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FINANCIAL ADVICE

What’s The Best Way To Determine E-Commerce Shipping Costs?

By Susan Ladika on October 28th, 2011 at 11:30 am

As anyone who runs an eCommerce site can tell you, calculating shipping costs can be one of the most complicated aspects of the entire transaction. Charge too little, and you won't be able to cover your costs. Charge too much, and you can drive shoppers away. In fact, a survey done for PayPal earlier this year found that more than 40 percent of online shoppers had abandoned their carts in midstream, most frequently due to high shipping costs. The average price of the goods that were abandoned exceeded $100. .
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FINANCIAL ADVICE

Am I Selling my Goods and Services for the Right Price?

By Susan Ladika on September 30th, 2011 at 3:30 pm

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At a time when consumers are concerned about every penny they're spending, it's imperative that your products be priced properly. While it might be tempting to set a low price, that can be just as dangerous as pricing your product too high. If you don’t establish a high enough price, you may not be able to make enough to cover your costs, let alone turn a profit. Too low a price also can give the impression that what you're selling is of poor quality. .
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FINANCIAL ADVICE

What Should Small Businesses Know About Virtual Phone Systems?

By Susan Ladika on September 16th, 2011 at 4:15 pm

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A virtual phone system or virtual PBX is a low-cost alternative to traditional telephone systems that still allows small businesses to project an impressive image to clients and business partners. There’s no need to maintain and install extra hardware, and you can get features like a professional greeting when the phone is answered, have calls routed to various extensions, receive unlimited fax service and have calls routed to mobile phones and online voice mail. .
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FINANCIAL ADVICE

What’s the Best Bank For Small Business Checking and Savings?

By Susan Ladika on July 14th, 2011 at 4:06 pm

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With the Fed continuing to hold the line on interest rates, you’ve no doubt seen slim returns on your personal savings and checking accounts, and it’s not any better on the small business side of things. Many financial institutions pay below what you can earn with a personal checking, savings or money market account. .
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FINANCIAL ADVICE

How Should I Select a Cell Phone Plan for My Business?

By Susan Ladika on June 30th, 2011 at 3:42 pm

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While cost may be a prime consideration when choosing a cell phone plan for your small business, it's not the only thing to keep in mind. Your first step should be taking a good look at your business to determine what exactly will meet your needs. .
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FINANCIAL ADVICE

Should I Launch A Doggy Daycare Center?

By The BIDaWIZ Team on December 19th, 2010 at 4:03 pm
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A doggy daycare business sounds like a fun and fast growing venture. We performed preliminary market research online to get a sense of the opportunity and will share our findings with you below. Please note that when performing market research it is critical to use multiple sources to improve the reliability of the data in your financial model. Read More.

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FINANCIAL ADVICE

What Financial Advice Should I Know When Launching a Business?

By The BIDaWIZ Team on September 17th, 2010 at 11:45 am

finance and accounting systems for a startup
Finance & accounting are crucial elements in all businesses. As basic as it may seem, a lot of entrepreneurs jump into a venture without thinking about how they will 1) make money (i.e. be profitable) and 2) account for that money. .
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FINANCIAL ADVICE

Growing a Business During a Recession

By The BIDaWIZ Team on March 9th, 2010 at 8:00 am

Going forward, set a collection policy that you know will work in both a bull and bear market. Specifically, it would be wise to run a scenario analysis with the elements of working capital to see what terms work under various financial conditions. Read More.

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FINANCIAL ADVICE

Setting Salary in a Husband & Wife Business Plan

By The BIDaWIZ Team on February 19th, 2010 at 8:00 am
This is a common question when a husband and wife are preparing a business plan. Before we get into the accounting aspect of this scenario, let's first discuss the importance of understanding the financial model of the business. .
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