Five Best Selling Books on Business and Money

  Are you an avid reader?  Check out some of these best-sellers for your next reading adventure!  And let us know what you think when you’re done! The Millionaire Next Door Thomas J. Stanley, PhD, first published The Millionaire Next Door in 1996. The latest edition was published in November 2010. The book currently remains at the top of the Amazon bestseller list. Stanley debunks the myth that most millionaires…  Read more

Is your Restaurant Profitable?

Curious to know if a new restaurant will be profitable?  Take annual sales & divide by the total square feet of the restaurant (including the kitchen, dining room, storage areas & restrooms).  Because sales per square foot is the most reliable indicator of the potential profitability of a restaurant, you should crunch these numbers sooner rather than later. Here’s the formula (hello 8th-grade Algebra!): Sales per square foot = Annual Sales/Square…  Read more

Minimum-wage rates adjusted for inflation as of Jan. 1, 2019

Minnesota’s minimum-wage rates will be adjusted for inflation beginning Jan. 1, 2019, to $9.86 an hour for large employers and $8.04 an hour for other state minimum wages.  As of Jan. 1, 2019, an estimated 219,000 jobs (not including jobs in Minneapolis) will pay the $9.86 or $8.04 state minimum-wage rates. “This is great news for Minnesota’s lowest-wage workers and will help them keep up with inflation to better provide…  Read more

Avoid These 5 Costly Accounting Mistakes

A recent survey of over 500 small business owners revealed some of what we already know: flexibility and feeling in control ranked first in the “love” category of ownership.  Bookkeeping on the other hand?  60% say it’s their most hated task.  Hated or not, these 5 costly accounting mistakes can cause even more drama. Most business owners understand that effective financial management is key to their success. But lack of…  Read more

Eight Characteristics of successful small businesses

Running a successful small business can sound daunting when you’re first beginning your journey in entrepreneurship. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies. The eight characteristics are: 1.   Leading by example The owner or manager leads by example. He or she is usually the first to arrive and the last to leave. The owner…  Read more

5 Common Bookkeeping Pitfalls — and How to Avoid Them

Although most entrepreneurs recognize the importance of careful financial management, few do their bookkeeping on a frequent basis. Unfortunately, not keeping a close eye on your income and expenses can be very costly for a business. Here are five of the most common bookkeeping pitfalls, and some simple tips for getting back on track. Mixing business and personal All too often, entrepreneurs adopt a “buy now, sort later” approach to…  Read more

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