In Adding Value to Your Business Model, One Thing Should Lead to Another
Focus on finding value improvements that open the doors to further value improvements, and your business model will improve its profitability in exponential ways.
As you consider the type of value you want to add to your business model, you should also examine the longer-term consequences. Otherwise, you may create short-term solutions that offer limited benefits.
For example, adding new variations on a fad toy, like a hula hoop, will extend its life. Yet, at some point, the fad will be over no matter what you do. The rewards of offering those variations will not continue to expand into the future.
In Adding Value to Your Business Model, One Thing Should Lead to Another
Focus on finding value improvements that open the doors to further value improvements, and your business model will improve its profitability in exponential ways.
As you consider the type of value you want to add to your business model, you should also examine the longer-term consequences. Otherwise, you may create short-term solutions that offer limited benefits.
For example, adding new variations on a fad toy, like a hula hoop, will extend its life. Yet, at some point, the fad will be over no matter what you do. The rewards of offering those variations will not continue to expand into the future.
Federal 941 Payroll Tax Payment Guidelines
Many business owners don’t realize how important it is to get payroll tax payments made on time. If a late payment is made, once the IRS catches up to it, the penalties are quite stiff: 10% off the top, plus interest. Try earning that at a bank today! Resist the temptation to pay late, because it’s not a money saver, it’s a money loser. Plus, penalties are not deductible.
Quick Tip: the IRS uses the term “tax deposit” to mean “tax payment”, and uses the term “monthly depositor” or “semi-weekly depositor” to mean “monthly payer” or “semi-weekly payer”, respectively.