Category: Business Information

The primary benefit of good succession planning for small businesses is that it facilitates a seamless transition. According to statistics, small businesses tend to have less than 500 employees.

Therefore, proper succession planning is crucial because it helps small businesses to retain their employees. Consequently, this reduces or prevents the disruption of business operations.

For family-owned small businesses, succession planning allows a continuous flow of income. This is because a small business owner can choose a successor to run the business instead of shutting it down.

However, succession plans aren’t always developed to cushion the business from retiring employees. They’re also designed to protect small businesses from sudden unforeseen changes such as death or sudden resignation.

What is Succession Planning?

Succession planning is a strategy most organizations use to ensure that no positions are left unoccupied at any given time. For it to be effective, the organization has to fill

So you want to start your own business in 2023? Well done. Today you get started as a sole trader and operate your business independently without other people.

Sole traders are often referred to as ‘self-employed’ because they run their own businesses rather than being employees of a larger organization. They are responsible for everything that happens within their business, which includes paying taxes and keeping records.

There are other entities you can use for your business; however, in this BusinessBlog article, we’ll explain the ins and outs of being a sole trader, including:

• Sole Trader explained
• Legal stuff
• Getting paid
• Tax requirements
• Taking on employees
• Other considerations

Ins and Outs of Being A Sole Trader

Let’s commence with explaining the sole trader status.

What Is a sole trader?

A sole trader is someone who owns and runs their own business. As a sole trader, you’re in charge of all

How far does a university degree get you? If you think you’ll automatically earn a better job, status, and higher pay, congratulations. You’ve bought into the myth.

Higher education in America is a bubble. There are exceptions, of course. What Big 3 consulting firm can argue with a Harvard MBA? But by and large, the trend is clear.

This bubble, according to Agora Financial’s Eric Fry, is rooted in a belief:

Once upon a time, a college education in America was a one-way ticket to a high-paying job and a lofty socio-economic status. Part of its value derived from the fact that a college education was relatively rare. In 1950, only about 5% of all Americans held a bachelor’s degree.

Since this 5% tended to fare so much better than the rest of the American population, lots of folks began to ask themselves, “Why not send as many kids

Labor is the largest cost in a business, and it makes up as much as 70%, says Paycor. Cost savings with labor may include hiring methods, wages, benefits, use of freelancers, and where everyone works.

There are other actions businesses can take to cut costs besides labor too, including reviewing suppliers and vendor agreements, using automation and other technology, and reviewing product and service costs.

Growing and making a profit in 2023 may be challenging for most businesses; therefore, reviewing where costs can be reduced without compromising sales and customer service makes sense. This business blog article looks at how organizations can cut costs in the following ways.

• Labor
• Suppliers and vendors
• Marketing
• Workplaces

Labor

If your business is performing well but needs to shrink costs to ensure it gets through the next recession, then it can not look past its labor investment. It’s not a given that you’ll