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Small Business

A business owner examines sales data from sales forecasting techniques.
Small Business

4 Sales Forecasting Techniques

Sales are the lifeblood of every business. Sales generate cash flow, and businesses can’t operate without cash flow. Sales drive profits, they drive business growth, and they have a major impact on attracting and retaining quality employees, as well as contributing to a healthy business culture. One of the ways business owners maximize profits and…
Palmetto Payroll
June 15, 2024
Better business understanding is why financial literacy matters to this small business owner who examines accounting documents.
Small Business

Why Financial Literacy Matters as a Small Business Owner 

Financial literacy is an essential ingredient in achieving small business success. As former Minnesota Governor Tim Pawlenty stated, “Financial literacy is an important part of avoiding financial mistakes and planning for a strong, secure financial future.” Digging deeper, Daymond John, CEO of FUBU and a Shark Tank host said, “Many entrepreneurs struggle to understand payroll…
Palmetto Payroll
April 15, 2024
A work team looking at documents trying to streamline your business processes.
Small Business

11 Ways to Streamline Your Business Processes

Every business leader should want to make his/her business as efficient as possible. It is a matter of better business results. It just makes sense in today’s ultra-competitive world to streamline your business processes.  Why You Should Streamline Your Business  Streamlining is the process of simplifying or eliminating work-related tasks to improve the efficiency of…
Palmetto Payroll
March 15, 2024
Business owner looking at business financials undergo asset impairment testing
Small Business

Should You Undergo Asset Impairment Testing?

Businesses require assets to function, generate cash, produce profits, and provide a return on investment for their investors, owners, and stockholders. Assets are a key element of each business’s net worth, meaning it may be time to undergo some asset impairment testing.  A business asset is something of value that generates revenue and creates value for…
Palmetto Payroll
February 15, 2024
Salaries vs. wages how to pay employees
Small Business

Paying Employees Salaries vs. Wages 

No business runs magically by itself. Rather, businesses operate with highly valuable human talent. And that talent costs money. Labor costs are a significant percentage of each business’s cost structure, generally ranging between 15-30 percent, but varying based on industry. A key cost consideration for business managers is to determine the payment of salaries vs. wages for…
Palmetto Payroll
January 15, 2024
Business owner talking with a lawyer about employee sue claim
Small Business

8 Most Common Reasons Employees Sue Their Employers 

No business owner should want to have an employee lawsuit to deal with. But unfortunately, we live in a lawsuit-oriented age and lawsuits are sometimes unavoidable, even with good business practices. Employees sue for varying reasons, especially when they get fired. In every case, a lawsuit can be disruptive, time-consuming, costly, and can negatively affect company…
Palmetto Payroll
September 15, 2023
W-2 employees vs. 1099 contractors business owners hire workers payroll systems tax forms
Small Business

Understanding W-2 Employees vs. 1099 Contractors 

It has frequently been said that employees are an organization’s greatest asset. Anne M. Mulcahy, former CEO of Xerox Corporation has added to that expression, “You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission.” But, the workforce…
Palmetto Payroll
March 15, 2023
Small business owner handing holiday bonuses money wrapped in bow gift
Small Business

Should Your Company Give Holiday Bonuses? 

No matter the state of the economy, most employees generally desire holiday bonuses and annual raises. But as a small business owner, there are many considerations to examine before giving bonuses. So, should business owners give their employees holiday bonuses?  How Often do Companies Give Holiday Bonuses  The data indicate a range of possibilities. A report from…
Palmetto Payroll
October 14, 2022
Stacks of coins supporting chess pieces financially stable
Small Business

How to Make Your Small Business Financially Stable 

Every small business owner aims to create and build awareness, secure a loyal and growing customer base, generate increasing revenues, and become financially stable. There are so many things to do to make a small business successful, but in truth, becoming financially stable is the thing that can make or break a business.  Why it is Important…
Palmetto Payroll
September 29, 2022