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Salt Lake City Bookkeeping Blog

When and Why Should You Expand Your Small Business

Posted by Thomas Liquori on Dec 2, 2016 9:00:00 AM

Many business owners who launch a new company dream of one day making it big, which usually means growing. Before you decide to take your new venture to the next level and start growing your small business, though, you need to get the timing right. When you time your growth well, the process can run much more smoothly and your chances of success are improved.

How can you know when it is time to start thinking bigger? There are a few indications:

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Topics: Small Business Bookkeeping, Small Business Growth, Small Business

Restaurant Overhead and Setting the Prices

Posted by Thomas Liquori on Nov 30, 2016 9:00:00 AM

One of the most difficult steps to opening a restaurant is calculating your overhead and then setting your prices. Knowing your overhead before you get started can help you to decide if you are opening in the right market, if your target consumer can afford the prices you will set, and if you are going to turn a profit.

Planning and preparing before jumping into an opening can set your foundation for serving happy costumers, while keeping you afloat.

Calculating Your Overhead

The term “overhead” is thrown around a lot in the business world. In short, it refers to the operational costs not related to your direct materials and labor. What are you spending apart from food expenses, waiting and dish staff, and your cooking staff? Some expenses you will want to consider include:

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Topics: Restaurant Bookkeeper, Restaurant Management, Restaurant Business

Risks Associated with Opening a Franchise Business

Posted by Thomas Liquori on Nov 25, 2016 9:00:00 AM

Franchise owners enjoy many benefits. Rather than going into business by themselves, franchise owners have the backing and the marketing power of a larger company behind them right from the start. In addition, franchise owners are able to take advantage of offering a service or product that already has some brand recognition. Most franchises also offer support to new owners, since their success helps, the overall company grow.

Even with all these advantages, however, there is no ignoring the fact that opening a franchise business comes with some risks. Some of them include:

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Topics: business, Business Tips, Franchise Business, Opening a Business

24 Hours To Improving Your Leadership Skills

Posted by Matt Roberge on Nov 23, 2016 9:00:00 AM

For the small business owner, leadership skills are not just a nice-to-have, they’re an integral part of running a successful company - whether you’re responsible for one employee or one hundred. Managing others and actually leading them however, while often confused for the same thing, are two very different talents. We can’t all be natural born leaders, but we can learn to develop the skill set that defines one.

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Topics: Small Business Management, Business Leadership, Business Management, Delegating, Growth Coach

5 Surprising Items Required To Run A Small Business

Posted by Matt Roberge on Nov 18, 2016 9:00:00 AM

Do you ever wonder what tips and tricks other successful business owners are using? What are they doing differently?

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Topics: Business Efficiency, Small Business Management, CEO Advice, Growth Coach

When Is the Right Time to Expand Your Small Business?

Posted by Joe Mazur on Nov 16, 2016 9:00:00 AM

There’s nothing as thrilling as starting a small business and watching your best ideas take flight. But just because you’re busy doesn’t mean you’re ready to expand — or even that you should expand. Here’s what you need to consider before you take the expansion plunge.

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Topics: Small Business Growth, Small Business

Bookkeeping Tips for Contractors

Posted by Thomas Liquori on Nov 11, 2016 9:00:00 AM

Independent contractors are an option many people choose for employment when they go into business for themselves. Rather than working as an employee for a business, contractors offer a service under contract. They do not enjoy some of the benefits of employment, such as insurance or employee-sponsored 401k accounts, but they do enjoy independence and generally can command a higher per-hour salary when compared with salaried workers.

Many people dream of the day they become an independent contractor in business for themselves. In reality, while there are many benefits to being a contractor, there are risks as well. You will have less of a safety net and may have fewer legal remedies outside of civil court if professional relationships with clients sour. Your bookkeeping needs may also be complex since you may have multiple clients and potentially even multiple streams of revenue. Here are some tips for contractors on how to keep things straight.

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Topics: Bookkeeping, Small Business Bookkeeping, General Contracting Bookkeeping

Common Expenses for Restaurants

Posted by Joe Mazur on Nov 9, 2016 9:00:00 AM

Long hours, high overhead, wasted ingredients and difficulty making profits are some of the barriers to success for restaurant owners. Yet, for those who love the business or who dream of having a place where everyone knows your name, there’s no other opportunity that comes close. For the best chance of success, do your research, partner with a mentor and hire experienced employees — and read up on the most common expenses that restaurant owners pay.

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Topics: Restaurant Bookkeeping, Restaurant Bookkeeper

The Lighter Side of Bookkeeping: 5 Fun Facts You Probably Never Knew

Posted by Matt Roberge on Nov 4, 2016 9:00:00 AM

Think bookkeeping is all work and no play? It’s true that accounting doesn’t always make the biggest splash when it comes to exciting careers, but you might just find yourself delightfully surprised by the rather unexpected side of this suit-and-tie industry. Here are 5 fun facts to keep you entertained the next time you sit down to tackle your own small business bookkeeping.

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Topics: Bookkeeping Business, Bookkeeping Blog, Bookkeeping Service, Business Accountant

Why Small Businesses Need Social Media

Posted by Joe Mazur on Nov 2, 2016 9:00:00 AM

Why Small Businesses Need Social Media With people ignoring real life to focus on what’s happening online, and tales of social media-driven bullying abounding, it’s easy to write off platforms like Twitter and Facebook as unimportant for your business. Yet, the effectiveness of social media as a way to reach and connect with customers and influencers cannot be denied. It’s true that nasty comments and false rumors can cause problems, but with thoughtful posts and habitual attention, you can become known as a thought leader in your field.

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Topics: Small Business, Business Tips, Social Media