Category Archives: Corporate Business Solutions Reviews

Is Income Protection Worth having if you are Self-Employed?

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For the self-employed in the US, you are the business. Every day you feel unwell and can’t go to work is a day when no income is generated.

Of course, that isn’t true for every self-employed individual. You may have staff who can continue working and generating income without you, so a day or two absences won’t matter too much.

But what if your illness or injury is more significant, and the period you will be unable to work could be several weeks or even months!

It won’t happen to me

Maybe you’ve always maintained good health so a scenario like that will never happen to you?

Maybe.

And maybe not. Up to a third of US, workers have a period during their working life when they are unable to work for three months or more.

How would three months of no income affect you and your family?

This takes us back to the question of whether Income Protection is worth having if you are self-employed.

What is Income Protection Insurance?

If you suffer from any illness or injury that stops you from working, you will receive a monthly payment until you are able to return to work.

There will be a stand-down period before you can claim, e.g., 4 weeks. A waiting period of 13 weeks may halve the cost of the insurance, but if you are off work for 12 weeks only, you would receive nothing.

On the other hand, most policies will keep paying right through to age 65. Although you can choose shorter payment periods, as little as two years. Again, that could almost halve the cost). Some policies may even pay for longer periods, beyond 65, recognizing that many intend to work longer these days.

Another key benefit of Income Protection insurance is around when payments stop.

If you are considered well enough to return to work, payments will cease.

However, most policies have an ‘own occupation’ definition.

Let’s assume you are a builder and spend 80% of your time doing physical building work, and 20% of your time doing paperwork or marketing duties.

If you suffer a back injury that permanently prevents you from ever doing physical work again, then even though you could return to work and do 100% just paperwork, the insurance company can’t make you. You can continue to receive your monthly payments until age 65 or whatever your payment period is.

You can choose to return to work part-time or even full-time and just do administration work, but that is your choice. If you earn the same amount as your monthly benefit or more, your payments will stop. But if you earned less, perhaps because you aren’t working full hours, the insurance may still pay you a pro-rata payment to top up your earnings.

How much will I get paid?

The amount you are paid may also be increased each year to keep pace with inflation.

The amount you can typically cover varies between a maximum of 50% to 75% of your income.

If self-employed, you may need to be able to show your three most recent years of income and ensure a percentage of the average income across those years.

If you take advantage of various tax deductions to reduce your taxable income, this does not help you with Income Protection, as you can only insure your taxable income.

Like all insurance, Income Protection is worth it if you become eligible to claim. You need to understand your policy and find the right balance between cost, what you would get paid at claim time, and for how long.

If you can ensure a suitable income, and you do suffer some illness or injury that has you off work long-term, then Income Protection guarantees ongoing income that could keep your business going until you can return to work. Alternatively, it enables you to close down the business, but still, receive a suitable ongoing income to pay your everyday ongoing family living expenses.

Corporate Business Solutions provides business analytical, consulting services and strategic tax planning to the owners of small and medium-size business throughout the United States.

3 Ways to Create Time for Your Side Hustle 

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Even if only for a short time, every person in this world has had a business idea. There are a plethora of people out there who have great business ideas that are destined to be good. You could even be one of those people. However, very few people continue the process to see their business succeed.

Perhaps they have been talked out of it, or maybe they just didn’t have the time. Whatever the reason is, every business deserves a decent chance at success. So, what is it that is keeping you from taking the next step? If it is time, we have you covered.

If a lack of time is to blame, check out these 3 tips from your Corporate Business Solutions Consultants that will help you create time for your side hustle.

Join groups

There is no better way to create time for your business than to find a group of like-minded people to discuss it with. Even meeting up once a month to discuss strategies and encourage each other will help to create valuable time for your side hustle. This works well because it holds you accountable to other people and that can give you the extra push you need.

It can be hard to gain and keep motivation if the only person holding you accountable is you.

Outsource

Many successful people outsource work to get help with their side hustle. For example, reaching out to platforms with freelancers or simply automating most of your social media can help drastically. Usually, it will cost you money, but it isn’t the worst when it comes to saving time.

If you’re feeling overwhelmed or stressed, outsourcing work is completely okay. There is nothing to be ashamed of, so don’t be hard on yourself.

Make appointments

By making appointments, it doesn’t mean you should book appointments and lose even more time. What it means is that you should consider the time you work on your side hustle as an appointment. That way, you have a set start and finish time that you have to be held accountable for.

Try to make the most of this time. Emails, messages, and returning phone calls can wait. This is the time you want to spend working on your side hustle alone. How you prioritize your time will make all of the difference in the long run. Creating a list of tasks is also incredibly helpful.

With these three helpful ways to create more time for your side hustle, you will also have more time for friends, family, and play. Just a few hours every week to work on your side hustle will bring results and soon enough, everything will begin to fall into place for you. Even if you only have five free hours every week, that calculates to 260 hours per year that you spent wisely.

Your dream life isn’t too far away, so keep up the hard work.

How to Start A Business From Home

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With all the changes we went through in 2020, you may be wondering how you can make a business work that can withstand a global shutdown. Many home-based businesses were still able to operate in some capacity (with some not affected at all).

Home-based businesses are an excellent way to make an additional income or use it as your career option altogether. You may be interested in working from home for many reasons, so why not get one started?

Reviews for Corporate Business Solutions has five tips to help get your home-based business started and on the path to success.

Make a Note of Your Talents

Before beginning, it’s a good idea to jot down you’re talents. What are you good at?

When going into business, working on a path that uses your talents can help in many ways. For one, you’re more likely to enjoy the job if it’s something you’re good at, and it will show you if you’re suited for running a business.

Brainstorm Business Ideas

Next, spend some time brainstorming ideas that you could turn into a business. Start with ideas that use your talents already listed. Next, move onto any hobbies you have that you could sell as a product or service. Many home-based businesses begin from someone’s hobby.

Create a Business Plan Draft

Once you have an idea, you’ll need to ensure you can turn it into a business. Do that by starting your first draft of your business plan. Your business plan is something you’ll refer back to as your business grows and use it for any financing you may need.

When writing your business plan, start with a summary of what your company would look like. How would you operate and make a profit? What would your target audience look like and the competition in your field? As the business grows, you can start to include growth goals to move forward.

Do a Test Run

So, you have a plan in place and ready to open the doors. However, it’s a good idea to do a test run of your business with friends and family. Ask for their honest opinion about your plan, if they think the public would like it and if it’s something you can make a living from.

If you get positive feedback from that test run, you can then take your business idea into the public world as a beta. Beta is when you’re testing what your business sells to the public to get honest feedback. You can do this by creating a social media account and asking for a select amount of people to do a test run on what you’re offering. Provide them with a discount to entice customers.

Legalize Your Business

After you’ve gone through everything above and feel confident that you have a solid business idea, it’s time to legalize your business. That means applying for a business name, creating tax accounts, and getting any required licenses.

Upon legalizing your business, you can then create your website and social media accounts to promote your new home business.

Starting a home business has its challenges but can very rewarding when it takes off. Stay dedicated, work hard, and enjoy the journey of starting a home-based business.

Ready to Boost Security? 5 Cybersecurity Tips to Keep Your Business Safe

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Cybersecurity is crucial for all businesses, and small companies are no exception. In fact, a 2018 report (The 2018 State of Cybersecurity in Small and Medium Size Businesses) found that almost 70 percent of businesses in the study had fallen victim to a cyber attack. Unfortunately, nearly half of the respondents didn’t know how to protect their organization against threats.

Don’t let your business be another statistic of cybersecurity threats against a small business. Take action today to protect yourself tomorrow. Reviews for Corporate Business Solutions has five cybersecurity tips to keep your business safe.

Always Create Backups

Backups are your best friend if you save a lot of important information on a computer. Not doing so leaves all of that critical data vulnerable. If you have all your personal belongings stored in one garage that has minimal protection and it catches fire, you’ll lose everything.

Get in the habit of doing daily backups of your main devices. Most computers, tablets and even phones connected to cloud service or external hard drive allow you to set a backup schedule, so you don’t have to remember each day.

Use Strong Passwords

A password is your first line of defense for your device and any accounts you have access to. Slacking on creating a password puts everything at risk. A strong password is something not easily guessed and includes numbers and special characters.

For devices and accounts that hold critical information (think of customer info that could expose banking information), you may want to add extra authentication steps. Multi-factor authentication is when you need to input a number code sent to you via email, text or having to scan a thumbprint or your face to gain access.

Train Your Employees

If you’re a small business with a few employees, then cybersecurity is vital to everyone, not just you as the owner. That is why you should spend time investing in training for everyone related to your business.

Ensure that all your staff know how to create strong passwords for all devices, red flags of phishing scams or websites that look suspicious, and even how to protect their devices when they take them home for the day.

Keep All Devices Updated

Regular updates are a crucial step to security. Ever wonder what happens when your device does it’s the tenth update of the month? The chances are that quick update contains valuable coding that is filling gaps in its security.

Hackers and threats are continually evolving, so that means your device’s security abilities also need to evolve. Each time your device updates, it’s likely providing a solution to a potential security exposure due to the latest threat evolution.

Download Security Software

You’re not alone when it comes to cybersecurity. Many companies provide top-notch cybersecurity software for individual and personal use. If you’re new to security or not overly interested in it, downloading one of these programs is necessary.

Browse through the available security programs to find one that best suits your needs. Look for ones that include firewall protection and password management. They’ll all come in handy.

Small businesses don’t need to take drastic steps to protect their company from cyber threats. Even small actions, like updating your device and regularly changing your passwords, can provide valuable protection to all of your important data.

Social Media Marketing 101: 5 Tips for Running a Successful Facebook Ad

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Small businesses often look for cost-effective advertising methods. That’s because your advertising budget (and overall budget in general) tends to be a little slim. You may not have the same amount of money as a large corporation does to spend on marketing. Luckily, Facebook has the option of posting and boosting ads that can go as cheap or expensive as you want.

Facebook ads can reach a wide range of audiences. However, if not done correctly, all that time and money spent creating the ad will get lost in news feeds that aren’t relevant to your current clientele. That is why the following five tips provided by reviews for Corporate Business Solutions will help you get the most out of your next Facebook ad.

Make it Eye-Catching

The goal of your ad is to grab the attention of your targeted audience. That is easier said than done. With social media, you need an ad that will stand out amongst all the jumble on an individual’s newsfeed – making an eye-catching and visually appealing ad will do that.

Use online services that allow you to design a graphic or short video to start. Especially if you’re new to social media advertising, getting help from online services will point you in the right direction.

Include a Call to Action

A call to action is a simple tool, yet often overlooked in any ad, not just a Facebook one. Adding a call to action is directing the audience to go precisely where you want them – a particular step that results in a sale for you.

Do not underestimate the value of an excellent call to action. Think of a short phrase (“click here now” or “learn more here,” for example) that tells the reader exactly what to do.

Narrow Down Your Target Audience

It’s crucial to have a defined target audience before you run an ad. That’s because if you pay for an ad without one, you’re wasting money on reaching for an audience that isn’t relevant to your business. Instead, if you narrow down to a more specific audience, your money will go further with your ad.

Track Your Progress

It doesn’t matter how much research and time you put into an ad. You’ll never honestly know how it will perform until you test it. That is why it’s essential to track the progress of your ad.

Facebook offers analytics to your ad. It can be overwhelming at first, but once you learn the basics of these analytics, you’ll be able to adequately track the ad’s performance and make tweaks where necessary.

Always Have a Goal in Mind

As with most aspects of running a business, you need to have a clearly defined goal in mind when creating an ad. Your goal helps narrow down what the ad will be, what details it needs, who you’re targeting, and even when you’ll post the ad.

Don’t let Facebook ads overwhelm you to the point of not even trying them. Yes, they can be challenging at first. However, with a little time and practice, you’ll be able to create an ad that draws in more customers, which eventually equals more sales.

Affiliate Marketing Program – Why It May Be Worth Introducing

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Have you ever logged onto your social media account to see someone posing with a new product, telling you how awesome it is? If you look at the description, chances are they have a discount code you can use to get a percentage off.

This is a style of affiliate marketing.

Affiliate marketing is an excellent way to get the word out about your products and services to a broader audience – more than you likely could with regular marketing. It’s a massive market worth over $12 billion and shows no signs of slowing down.

So, how does affiliate marketing work, and is it worth setting up for your business? Our Corporate Business Solutions reviews break down affiliate marketing and why it’s worth considering.

Affiliate Marketing 101 – How It Works

At its core, affiliate marketing is when you have someone who advertises your products and services to their following. It can be through their social media accounts, blog posts, YouTube channels, and other platforms that reach a following.

A typical affiliate will either purchase your product at a discounted price or receive something small for free to begin. Then, they share their personal experience with your product, which would draw in others to try it themselves.

An affiliate would have his or her discount code that they would share with their followers. You often see the discount code as their name for 15 percent off the purchase price. It’s enough to entice someone to buy, but not too steep that you’re losing money. When someone uses this code, the affiliate will gain a small commission from the sale (think of it as their paycheque for bringing you in more sales).

It doesn’t have to be a discount code, though. You can also provide the affiliate with a unique URL that they share with their followers. When someone uses said link to make a purchase or sign up for a service, the affiliate will receive a commission that way.

Is It Worth Having an Affiliate Marketing Program?

For starters, affiliate marketing is probably one of the least expensive forms of advertisement out there (besides word of mouth, which is free). The great thing about it is that you only pay the affiliate when a sale is made. If the affiliate doesn’t generate any leads, you don’t pay a cent.

Another benefit is that your affiliate marketer reaches his or her established audience. There’s a decent chance that many of their following doesn’t know about your business. As the affiliate shares posts about your products and services, your brand awareness increases. It’s a way for you to reach a wider audience, gain new clientele, and establish relationships you may otherwise not have gotten.

Of course, one of the main benefits of affiliate marketing is a boost in sales. Even after you pay out the small commission, you’re still increasing your sales. Not only that, because you’ve gotten the word out to a new client, but you also increase your chance of having a repeat customer and having them share with their following too.

Affiliate marketing is a win-win for both sides. The affiliate earns a few bucks as you gain brand awareness, customers, and sales.

If you go this route, create criteria for who can be an affiliate of your brand. You’ll want trustworthy people that will help positively promote your business.

Busting the Myths Of Strategic Tax Planning

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Some people have the misconception that when it comes down to strategic tax planning, this is just something that big companies need to worry about. Yet the time has come to bust that myth. Large organizations are indeed able to afford plenty of legal support to find ways of paying less tax. However, owners of small businesses can also reap identical benefits if they get the right professional advice.

Big Companies Have Financial Advantages

Major organizations have an extensive team of professionals on board, all strategizing to find the optimal tax saving solutions. This makes it easy for big businesses to leverage all of the benefits the tax code offers so they pay only the minimum tax required. Large companies also understand that, if they’re going to leverage the tax code’s benefits, they need to take action. They need to make a plan in advance and think ahead. This is something that SMEs can do too as long as they seek out professional help from companies like CBS-CBS.com. With the right kind of support, even small businesses can find strategies that allow them to ethically and legally lower their tax burden.

Making A Plan

Taking a higher-level look at your business’ tax strategy couldn’t be more important. As an entrepreneur or small business owner, you may not have easy access to extensive advisory teams or expertise, and so it’s likely you’re overpaying when it comes to taxes. After all, no small business owner knows everything there is to know about tax code, so it stands to reason that you are probably making tax mistakes that could easily be avoided and are paying more tax than you’re ethically or legally required to pay. Here at Corporate Business Solutions, we are experts in the field of strategic tax planning for small and mid-sized companies, and we can help you to develop the right plan for your organization so you can reduce your taxation costs as much as possible.

Reviewing Your Tax Situation

The key to devising the right strategic tax plan for your business is to carry out an in-depth review of your tax and financial situation. Your operating structure and business goals need to be fully assessed while your revenue sources, previous years’ tax filings, and current tax plans need to be examined. Only then can a strategic plan be drawn up that suits your circumstances but that avoids any high-risk techniques.

When you engage in proactive strategic tax planning, you’ll be able to reap all of the benefits that big companies can enjoy but without needing to spend a fortune. With the right strategists on board, you’ll immediately save on your taxes and you’ll also benefit from the confidence of knowing you’re taking a strategic, instead of a reactive, approach to handling your taxes.

Now that we’ve busted the myth that only big companies can profit from strategic tax planning it’s time to take active steps for your business to reduce your tax burden and boost your bottom line.

Transitioning a Company To A New Owner – A Basic Checklist

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If you’re taking over a business from an existing owner, transitioning its ownership is the selling process’s final phase. You have closed the deal, the sale and purchase agreement is now signed, and the purchase price has been paid to the seller by the buyer. The last step is to complete the final few actions.

What Must Be Transferred To New Owners Once The Business Has Been Sold?

The previous owner must give their successor all key information that they will need to run their business. This includes:

  • Safe combinations
  • Alarm codes
  • Software, online access, and computer passwords and codes
  • Client list
  • The keys for the filing cabinets, vehicles, and buildings
  • Personal contact details
  • Manuals for the equipment
  • Distributor, vendor and supplier lists

Must The Business Entity Be Dissolved Following The Sale?

Any business structured as an LLC or corporation must be dissolved. This can be done by meeting with the partners or board members and passing a resolution to dissolve the business. The IRS must be notified via form 966, and Articles of Dissolution must be filed with the state in which the business was set up.

Taking Professional Advice

It’s important to take professional advice about how to proceed with the closure or transfer of a business. Professional consultants can advise about these steps, but take care to choose a team with extensive skill and experience in the industry. If you read Corporate Business Solutions reviews, you’ll see how important it is to choose the right business analysts who can offer you the vital advice that you need at this key stage of transferring a business.

Which Other Steps Must Be Taken To Close Or Transfer The Business?

An attorney will also be required to cease the operations of the business. Any business which was established as a sole proprietorship will automatically close after the completion of these steps:

  • All contacts for every contract assumed or assigned by the buyer must be notified
  • All creditors must be notified to explain the way in which bills will be settled
  • All business licenses or permits will be canceled along with other registrations and assumed business names
  • Cancellation notice must be given on the lease
  • Any insurance policies which aren’t being taken over by the buyer must be canceled
  • All bills must be paid off and all amounts receivable that aren’t being taken over by the buyer must be collected
  • All remaining assets must be distributed after the closure of the sale
  • The Employer ID number must be closed with the IRS
  • The business’s lines of credit must be closed
  • Final wages must be paid to employees together with payroll fees and taxes
  • All necessary tax forms must be filed

Completing The Post-Closing Process

With help from your broker, attorney and business consultant, you should have plenty of guidance to get you through the post-closing final process. Once all of these steps are complete, the deal is finalized. The employees can now be notified together with suppliers, customers, and the public. You’ll now be ready to move forward with your new venture.

 

Key Questions You Need To Ask Yourself When Planning A Business Exit Strategy

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If you’re planning your exit strategy from your small business, it can be difficult to know how to get started. While a lot of the planning is bound to be unique to your own company, there are some questions you could ask yourself that will help to get you started with developing your business exit plan and avoid some common mistakes.

Will You Want To Remain Involved With Your Business Forever?

When you start up a business, you’re probably not thinking about a time when you no longer want to be involved with it. However, even at the earliest stages of your endeavor, you need to be realistic about the future. Even when you dedicate your whole career to running one business, eventually you’ll probably be planning to retire at some point. So, you need to set up the business from its earliest days to ensure this will always be a possibility at some point. You should also revisit this question on a regular basis as your plans and life evolve to make sure that you’re moving towards the right goals for you.

What Financial Goals do You Have?

Everyone has their own financial goals that they hope to achieve. Even if you love your business idea, to be truly committed to it you will almost certainly have financial goals and needs that play into your business plans. Whatever yours are, they will have a key role to play in the outcome of your business exit strategy plan.

How Does Planning For Your Exit Work?

Working with professionals like Corporate Business Solutions Consultants is the best way to make the right decisions for you. You will have to work on executable items like deal structure and taxes, and you’ll also need an understanding of your company’s full value so you can work out all your available options.

Planning Ahead

If your business exit is looming on the horizon, it’s important to choose a strategy and stick to it. However, if you’ve got sufficient time to plan in advance you should usually set up for several options. The earlier you start planning, the more options you’ll have to pick from when you’re contemplating your company’s future.

No Single Perfect Solution

Just like all other aspects of running your own business, there’s no single perfect exit strategy that fits everyone. In the end, finding the right strategy for your business and you as an individual depends on several different factors. It may also develop or change as you move through your business’s lifecycle. The best thing to do, therefore, is to plan for your business exit strategy at as early a stage as possible. Seeking professional advice is always the best idea so you can devise a plan that meets all your unique requirements. When you think proactively about the process – how it could look, how it could be carried out, and what kind of consequences there could be – it’s more likely that you’ll achieve success when the time comes to part ways.

Ten Top Tips for Increasing Your Productivity

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The key to making your business more successful is to improve your productivity. Achieving more in less time is the best way to ensure higher revenue and greater profits. However, while it might sound simple to say “be more productive”, it isn’t always easy to know how to achieve that goal. Here are ten expert tips that should help you get started.

  1. Plan to Check Your Emails

Rather than leaving your email notifications on 24/7, try switching them off. Constantly having to stop the task you’re working on to respond to a notification makes it difficult to concentrate and delays your progress. Instead, try to schedule certain times of the day when you’ll check your emails and reply to any which need a response.

  1. Plan Your Day to Suit Your Working Style

You know best what works for you, so plan your day around your individual working style. For example, if you’re more focused in the morning, plan to do the hardest tasks before lunch. When you plan your schedule around your energy cycles and personality you can get more done in the most efficient way.

  1. Try Batching

Batching is a great productivity technique that helps you to maximize your concentration by focusing on similar tasks at the same time. For example, if you’re writing a newsletter, why not write them for the next few months as well to save you time in the long-run. If you’re already in the flow, it makes sense to stick with the task in hand.

  1. Establish A Routine

If you do certain activities at a regular time, it removes the time-consuming decision-making process which is involved with determining what you should do next and when you should fit in specific tasks.

  1. Outsource to An Expert

You can hugely increase your productivity by outsourcing tasks that you find time-consuming to those who specialize in them. Not every business owner is an expert in every field, so it makes sense to use professionals who offer those services and who can carry them out to the highest level. For example, check out our Corporate Business Solutions reviews to find out how outsourcing to experts can be extremely helpful to small and medium-sized businesses.

  1. Stop Checking Your Phone

Evidence shows that we check our phone an average of thirty times during a standard working day. That means that you’re losing up to two and a half hours of every business day, not to mention interrupting your flow and disturbing your concentration on the task in hand. Put down your phone in a drawer and leave it until you hear it ring!

  1. Try The “Pomodoro” Method

The Pomodoro method involves setting an alarm and focusing on a single task until the alarm sounds. Plan 25 minutes for each task and focus on it until you hear the alarm go off. This helps you to avoid getting distracted by other things you need to do and helps you to stay productive. Take a five-minute break in between each 25-minute session.

  1. Lot Your Activities on A Timesheet

It might sound ridiculous, but if you log your activities on a timesheet over the course of a week, you’ll be surprised to see exactly how you’re using your time. Once you know what you’re actually doing, you can make an informed decision about where optimizations can be made.

  1. Harness the Power of Technology

There are lots of helpful apps, pieces of software and technological solutions that can save you time, effort and energy when running your business. Identify your pain points then find an appropriate technological solution to improve your productivity.

  1. Improve Your Processes

Take the time to write down all your processes and the way in which you carry out certain tasks. Are you tackling things in the best way? Are you doing more than you need to? Could you automate any step of the process? Once you’ve carried out a review, you can see where improvements can be made and action them.