Before starting a new business, any entrepreneur knows to do their research. From timing and location, to product and target clientele, entrepreneurs know to cross their t’s and dot their i’s before taking the plunge into business ownership. This kind of consideration helps to ensure a business has the best chance at being a success.
Read More »One of the risks of owning a business is ending up with excess inventory. There are a number of reasons that holding excess inventory can be detrimental to the business. However, there are several ways in which holding excess inventory can be a calculated decision that yields a profit. Here are a few of the pros and cons of hanging on to extra inventory.
Read More »When it comes to owning a small business, it seems the list of responsibilities is endless. Hiring, ordering, scheduling, managing, pricing, stocking – the list goes on. Because of this, one of the most crucial and fundamental aspects of being a business owner sometimes suffers due to the overwhelming nature of trying to do everything yourself. However, letting this one area deteriorate can ultimately lead to other issues that can result in profit loss, fines, and even insolvency and liquidation. We’re talking, of course, about the importance of bookkeeping.
Read More »As the owner of a small business, you are most likely always on the lookout for ways to stay ahead of the curve, grow your business, and strengthen your networking. As a professional liquidation company we, unfortunately, see what happens when businesses fail to make ends meet because they didn’t have the network of support or the resources to make informed decisions. Fortunately, small business owners don’t have to go it alone, so to speak. There are a number of networks, foundations, and organizations dedicated to providing support to small businesses and their owners.
Read More »After a business has suffered a devastating event like a flood, fire, or hurricane one of the last things a business owner wants to do is to go through the remains. Dealing with insurance, suspending business until repairs are made, and wondering how to make ends meet in the meantime are all the necessary evils of getting back on track. Fortunately, business owners don’t have to go through it all alone. By working with a professional liquidation company like Ideal Trading, business professionals who have suffered a loss can benefit from the years of experience gained from buying and selling…
Read More »Whether you’re hoping to retire or you’re simply ready to move on to your next endeavor, the decision to sell your business is one that every business owner should make under great scrutiny. The desire alone to sell a business is simply not enough to make it the right move. There are a number of important factors to consider before reaching the conclusion as to whether or not selling your business is a financially sound decision.
Read More »Being employed by a company that has recently announced that they will be declaring bankruptcy can present some unique challenges. After all, what does that mean for your employment? How much time do you have to find a new job? Will there be a severance package? There are several things to consider if you find yourself in this unfortunate situation. However, there are steps you can take as an individual to make the transition as smooth as possible, as well as ensuring financial stability throughout the process.
Read More »Falling into debt as a small business owner is, unfortunately, all to common in today’s economy. Despite the best efforts, many business owners find themselves heavily indebted to multiple creditors. Options like debt counseling, negotiating with creditors, or liquidating portions of the business should all be attempted as alternatives. When each of these options has been exhausted then, and only then, should bankruptcy be considered as an option.
Read More »While the words bankruptcy and liquidation are often used interchangeably, they are actually two different occurrences. Because they are both so frequently associated with business failure, it is easy to see why one may think they are the same thing. The truth of the matter, however, is that they are not interchangeable and they both serve two very different purposes.
Read More »Throughout many of our blogs we’ve outlined many of the different causes of bankruptcy as a type of roadmap for businesses to avoid insolvency. However, one area that we have yet to cover is oftentimes overlooked but can be devastating to a business’s financial well being. This problem can be tough to spot and, once spotted, difficult and uncomfortable to mange. The problem: employee theft.
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