The Office of the Chief Actuary of the Social Security Administration provides projected guidance each May for what we can expect in changes to the wage base for social security taxes. In their 2013 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, the projection for the wage base in 2014 is estimated at $115,500. … Read more >
Geographic constraints can work in a firm’s favor or create a very competitive marketplace.
A few years ago I was CFO of a very successful ready mix and aggregate operation in Las Vegas. Ready mix concrete is fungible. It can be suspended with chemicals but absent those additives the product will harden and be unworkable in less than an hour. … Read more >
The concept of selecting customers may seem strange. Many businesses will sell to all those who want their products and services. What is your ideal customer? What types of customers drive you crazy?
Who you target with your marketing and promotional programs can help in your customer selection. I have a friend at the local PBS radio station who has explained to me the demographics of their listeners and the range of their signal. … Read more >
The mix of products you sell, whether services or products, is based on customer demand. But the products you market and promote can expand your offerings and improve your profits.
When you have a dominate product that is in a competitive pricing situation, look to complementary lines to expand your offerings. … Read more >
Every business wants higher profits, the question is how best to improve profits and how to manage the resultant growth. Over the next few weeks this blog will focus on various areas to address in your search for a more profitable business.
Value is the most important component to improved profitability. … Read more >