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Entrepreneur Tips

Beware the Dangers of the Sunk Cost Effect

Have you ever stayed in a relationship longer than you should have? Forced yourself to go to an event you were dreading because the tickets had already been paid for? Held onto clothes you don’t wear because they were expensive? All of these are examples of the “sunk cost effect.” Also known as the sunk…

10 Early Warning Signs That Your Business is Failing

  It’s every entrepreneur’s worst nightmare: a failed business.  Unfortunately, that “nightmare” is all-too-common a reality for new business owners, as evidenced by a 2019 study showing that 11 out of 12 startups fail. Put another way, your chances of succeeding as an entrepreneur are a little less than one in 10. Ouch!  Of course,…

A Positive Way of Looking at Market Competition

Generally speaking, entrepreneurs do NOT like competition! And can you really blame them? As a business owner, competition makes things a lot more… let’s just say… challenging. But what if that’s not necessarily a bad thing? In fact, what if (bear with us here) the challenges brought on by competition lead to better products and…

What is Due Diligence? A Full Explanation

  Have you ever purchased something—whether that be a car, a TV, or a computer—only for it to turn out to be a total dud? That regrettable outcome could have very well been avoided had you practiced what is known as “due diligence.” In a general sense, due diligence refers to the process of exercising…

Why Every Brick & Mortar Store Should Have an Online Shop

  FOMO. If you haven’t seen the acronym before, it stands for “fear of missing out.” And when it comes to e-commerce, every brick and mortar store should have FOMO.  That’s because, as the latest statistics show, e-commerce accounts for approximately 18% of all retail sales worldwide. In other words, if you operate a brick…

Common Tax Deductions for Small Business Owners

  They say that knowledge is power, but in the world of taxes, it’s more like knowledge is money!  Take it from us. As professional accountants, we’ve seen small business owners lose out on thousands of dollars in tax breaks because they didn’t know they could deduct certain expenses. We don’t want to see that…

Bookkeeping Checklist for Small Businesses

  As a small business owner, you have a lot on your plate. Not only are you the CEO, you’re also the head of marketing, finance, sales, customer service, and human resources. With so many responsibilities to juggle, it’s easy to let bookkeeping fall to the wayside.  And that’s understandable—to an extent. After all, there…