Does your business ask your customers for their credit card numbers at any time during the sales process? If so, it’s essential that you honor the privacy of your customers’ private data as well as stay in compliance with the Payment Card Industry rules. Every business that has an account with a merchant services vendor is required to follow PCI (Payment Card Industry) compliance when collecting and storing credit card data. There are many different
When you pay a bill in your business, are you 100 percent comfortable that the bill payment is correct and justified? Is there ever a chance that that bill is fake or fraudulent? What about duplicates? With so many fake bills being mailed to businesses these days, it makes sense to think about controls you can put into place to reduce the risk that you might write a check out of your hard-earned profits that
One of the most important parts of managing a business is making sure there is enough cash to keep the business going. As a business owner, you probably have a very good idea how much cash you have in the bank at any time. The smaller your business is, the more likely you are to keep a close eye on cash. Checking your cash balance is a daily function you should be on top of.
As an entrepreneur, you likely place a high value on freedom. When the word “budget” is mentioned, you might cringe and feel like it hampers your freedom. But it’s really the opposite. Here’s why. According to a 2019 article in Small Business Trends, “Startup Statistics – The Numbers You Need to Know,” 82 percent of businesses that fail do so because of cash flow problems. Even if your business is no longer a startup, the
More and more small businesses are finding virtual meetings useful. Virtual meetings have many advantages: No travel time is needed for participants, so you’ll save on gas and auto maintenance. They create an ability to visually connect with remote employees, customers, vendors, partners, job candidates, and other stakeholders. They are better than a phone call because of the visual element. Before you climb into the car or book a flight, think about whether a virtual