Individuals must know how to manage their money to become rich so you also need to know how to manage your business money to be successful.
Just like an individual, your business also needs to pay for the cost to survive. How to spend money effectively without getting caught in debt or going into debt?
Individuals must know how to manage their money to become rich so you also need to know how to manage your business money to be successful. With businesses, you will have to work with employees, suppliers, tax authorities. How to work with them, you always take advantage of the money you spend.
Here are 5 rules to help you manage money for your small business:
1. Minimise The Cost Of Life
If you are managing your own small business for the first time, the above principle is extremely important in the first few years. Calculate how much money you need to cover your monthly living and withdraw the right amount of income from your business. With the remaining profit, invest back into the company. Let that money serve growth.
It will be exciting to make money from a business, but many new business owners use it on expensive vacations or homes. Resist those impulses. Wait until the business has gone through a few years, then you can start taking those profits to enjoy yourself.
2. Do Not Hire Employee Early
In a fledgling business, the biggest expense, by far, is employee salaries. As the business gets busier and you seem to be overloaded, it’s time to hire a new employee right away. However, make sure it is essential.
Never hire staff until you need them. Always ask your current staff to work hard to make sure they work to the best of their ability.
3. Strategic Use “Jit”
JIT is an abbreviation of “Just In Time”. This is a strategy to reduce the cost of loans and inventory in all business forms.
For example, if you estimate you need to cover your expenses for next year, there’s no need to borrow the entire amount at once. Because if you do that, you’ll have to pay interest on the entire amount when you don’t use it up until the end of the year.
Instead, you will borrow that estimated amount in the first 2 months of the following year (except for the month of the new year holiday). Then borrowed it again for the next 3 months. Following this rule, you will reduce the total amount of interest payable to the bank. So that money will increase and you save a large amount of money after a long time.
4. Agreement With Supplier
When dealing with external contractors or suppliers, such as delivery services, food delivery, electricity, security services, do not hesitate to negotiate contract terms. Choosing a provider that allows you to pay after 30 days of receipt of service bills instead of paying immediately.
That grace period allows you to better manage your money and organise your bills in order of priority. Many peers always allow this but need to be willing to ask when they want to pay immediately.
Year: Do Not Pay Money To Wage Payments
State tax law requires business owners to deduct an amount in addition to employee salaries such as Social Insurance, Health Insurance, Union Funds and Unemployment Insurance for each payment period. Businesses will have a certain extension period before they have to submit this fund report. As a business owner, it’s important to keep those funds separate from other funds. Don’t use this money to invest or cover daily expenses.
Instead, put the money in a separate account that you cannot touch. This will help you avoid spending money that you don’t have to. It’s a good habit to keep your business free from violations at the end of every month. State fines will not tolerate such cases. Nowadays there are a number of maintenance planning training and maintenance planning courses were available online from that you can get more ideas for maintaining your business easily.
John Maselli joins Corporate practice in Northern California
/1 Comment/in People Moves /by News DeskDLA Piper announced today that John Maselli has joined the firm’s Corporate practice as a partner in Northern California, based in the San Francisco office.
Maselli advises private equity sponsors, venture capital firms, portfolio companies and strategic acquirers and targets in connection with planning and executing domestic and cross-border mergers and acquisitions, including leveraged buyouts, asset sales, tender offers, spinoffs and carveouts, take privates, and growth equity and early-stage investments. He also advises clients in connection with joint ventures and leveraged recapitalisations, as well as general corporate, securities law and commercial matters.
“John’s broad M&A and private equity experience will make him an invaluable resource for our clients,” said Victoria Lee, global co-chair of DLA Piper’s Technology sector. “He has handled complex cross-border transactions across a range of sectors, including technology, healthcare, cybersecurity, life sciences and real estate, and his wide range of industry experience will deliver important value to domestic and international companies alike.”
“John adds significant depth to our transactional capabilities in Northern California and will help us better meet the needs of clients engaging in strategic transactions across our global platform,” said Bradley Gersich, co-chair of the firm’s Northern California Corporate and Securities practice. “We are excited to have him on our team.”
Maselli is the latest addition to the firm’s Corporate practice, which has also recently welcomed partners Thomas Gaynor, Jinjian Huang and Khoa Do in Northern California, as well as Stephen Ballas and Stephen Reil in Los Angeles.
Maselli received his J.D. from the University of Pennsylvania Carey Law School and his B.A. from the University of Southern California.
5 Rules Of Money Management For Small Businesses
/1 Comment/in Exclusive /by News DeskIndividuals must know how to manage their money to become rich so you also need to know how to manage your business money to be successful.
Just like an individual, your business also needs to pay for the cost to survive. How to spend money effectively without getting caught in debt or going into debt?
Individuals must know how to manage their money to become rich so you also need to know how to manage your business money to be successful. With businesses, you will have to work with employees, suppliers, tax authorities. How to work with them, you always take advantage of the money you spend.
Here are 5 rules to help you manage money for your small business:
1. Minimise The Cost Of Life
If you are managing your own small business for the first time, the above principle is extremely important in the first few years. Calculate how much money you need to cover your monthly living and withdraw the right amount of income from your business. With the remaining profit, invest back into the company. Let that money serve growth.
It will be exciting to make money from a business, but many new business owners use it on expensive vacations or homes. Resist those impulses. Wait until the business has gone through a few years, then you can start taking those profits to enjoy yourself.
2. Do Not Hire Employee Early
In a fledgling business, the biggest expense, by far, is employee salaries. As the business gets busier and you seem to be overloaded, it’s time to hire a new employee right away. However, make sure it is essential.
Never hire staff until you need them. Always ask your current staff to work hard to make sure they work to the best of their ability.
3. Strategic Use “Jit”
JIT is an abbreviation of “Just In Time”. This is a strategy to reduce the cost of loans and inventory in all business forms.
For example, if you estimate you need to cover your expenses for next year, there’s no need to borrow the entire amount at once. Because if you do that, you’ll have to pay interest on the entire amount when you don’t use it up until the end of the year.
Instead, you will borrow that estimated amount in the first 2 months of the following year (except for the month of the new year holiday). Then borrowed it again for the next 3 months. Following this rule, you will reduce the total amount of interest payable to the bank. So that money will increase and you save a large amount of money after a long time.
4. Agreement With Supplier
When dealing with external contractors or suppliers, such as delivery services, food delivery, electricity, security services, do not hesitate to negotiate contract terms. Choosing a provider that allows you to pay after 30 days of receipt of service bills instead of paying immediately.
That grace period allows you to better manage your money and organise your bills in order of priority. Many peers always allow this but need to be willing to ask when they want to pay immediately.
Year: Do Not Pay Money To Wage Payments
State tax law requires business owners to deduct an amount in addition to employee salaries such as Social Insurance, Health Insurance, Union Funds and Unemployment Insurance for each payment period. Businesses will have a certain extension period before they have to submit this fund report. As a business owner, it’s important to keep those funds separate from other funds. Don’t use this money to invest or cover daily expenses.
Instead, put the money in a separate account that you cannot touch. This will help you avoid spending money that you don’t have to. It’s a good habit to keep your business free from violations at the end of every month. State fines will not tolerate such cases. Nowadays there are a number of maintenance planning training and maintenance planning courses were available online from that you can get more ideas for maintaining your business easily.
City law firm RPC comments on Saracens fine
/1 Comment/in Sports /by News DeskDuring November, the Premiership Rugby fined UK Rugby champions Saracens with a 35 point deduction and £5.36 million for breaching salary cap rules.
Commenting on the Premiership Rugby’s decision and its wider impact on the sports industry, Jeremy Drew, Head of the Commercial Practice at the City law firm RPC said:
“The biggest surprise from a legal perspective is the severity of the sanction – simply because it is unprecedented for the Premiership. Saracens will no doubt have technical arguments around possible precedents for co-investments in relation to the cap, but as is the case with rules in a number of sports, the regulations are purposefully written to preserve the spirit of the rules not just the letter. A good example is Leeds United’s sanction for Spygate which focussed on a breach of the duty to act in good faith to other clubs, rather than an express obligation not to spy.
The case is a timely reminder that the objectives of the regulations are of critical importance, as is clear by the express obligation on the Salary Cap Manager to notify Premiership Rugby of any potential loopholes / lacunae and the clear references to the general principles of the regulations.
The big hurdle for the club now is its challenge of the Disciplinary Panel’s decision which will not take place as an appeal, but will challenge the decision in a form consistent with a Judicial Review (as is standard in many sports related arbitrations). Consequently the bar that Saracens has to reach to overturn the decision is a challenging one.”
If you would like to find out more information, please visit: https://www.rpc.co.uk/
Pinsent Masons advises S.R. Smith on its acquisition of Sunbather
/1 Comment/in Acquisitions /by News DeskInternational law firm Pinsent Masons has advised S.R. Smith on the acquisition of Sunbather.
S.R. Smith LLC, a world leader in swimming pool deck equipment, has acquired Sunbather Pty Limited, Australia’s leading manufacturer of solar pool heating and pool covers.
Pinsent Masons worked closely with S.R. Smith’s US Counsel, Pepper Hamilton on both the diligence and the transactional documentation on S.R. Smith’s third acquisition in Australia.
The Pinsent Masons’ team acting on the transaction included partner Ewan Robertson, associate Lucy Carter and lawyer Lisa Meyer on M&A and due diligence matters, along with partner Katie Williams and lawyer Patrick Williams advising on employment aspects of the deal.
Transaction partner, Ewan Robertson, said: “We are delighted to have assisted S.R. Smith with what we are confident will be a really successful acquisition and look forward to continuing to work with them in the future.”
If you would like to find out more information, please visit: https://www.pinsentmasons.com/
Jorge Jiménez to join Dentons’ Global Board
/2 Comments/in Global /by News DeskJorge Jiménez has been appointed as a member of Dentons’ Global Board.
Jiménez, a partner in Dentons’ Mexico office with significant Energy and Natural Resources and Manufacturing practices, has been focussed on fostering connection and integration in Dentons’ fast-growing Latin America and the Caribbean region.
“I am delighted to be joining my talented colleagues from around the globe in helping Dentons to continue to challenge the status quo to serve clients better,” said Jorge Jiménez.
“Our Global Board members work together in the critical role of driving innovation and delivering value to our clients,” said Joe Andrew, Global Chair of Dentons. “Jorge understands the importance of collaboration and connection, and will no doubt make a valuable contribution in helping the Global Board to meet its agenda.”
“Our polycentric approach means that all Dentons’ regions have a voice on the Global Board,” said Elliott Portnoy, Global CEO of Dentons. “Jorge will make a strong addition to the Global Board and help to drive the continued success of our Latin America and the Caribbean region and the Firm.”
If you would like to find out more information, please visit: https://www.dentons.com/
Cabotage gains new incentive with cost reduction
/1 Comment/in Member News /by News DeskThe Federal Government reduced the import tax for vessels destined for cabotage operations in Brazil. With this, the expectation is to reduce by 40% the cost to import a specific vessel for this segment. The measure is part of ‘BR do Mar’, a plan that aims to boost maritime cargo transportation along the Brazilian coast.
Today, the import tax rate for vessels is 14%. But with the plans to encourage cabotage, which should be revealed with the disclosure of the BR do Mar, the issue has been analysed by the Foreign Trade Chamber (Camex), which approved the elimination of the tax.
The measure was announced and celebrated by the Minister of Infrastructure, Tarcísio Gomes de Freitas. For him, the Government’s decision is “a huge nod to those who are willing to invest in the sector, create jobs, move the entire production chain and contribute to expand the participation of the cabotage matrix in Brazil’s transport matrix”.
For port consultant Fabrizio Pierdomenico, the measure is also welcome. “This is the first step in making cabotage an important modal. I always say that it competes directly with the road mode. So as long as it is not cheaper, faster, more efficient, more competitive with freight and road documentation, cabotage will be at a disadvantage”.
On the other hand, the consultant points out the risk of the measure having side effects. The idea, according to Pierdomenico, is that the tax exemption lasts from 12 to 24 months.
“The problem is to stop using Brazilian shipyards to manufacture these vessels. But I don’t see how not to do that in the short term”, said the expert. He points out that the measure is valid since, “if the intention is to give a supply shock in lines, it is necessary to have ship”.
Other measures
Pierdomenico believes that BR do Mar has to resolve other issues to boost cabotage. One of them is the issue of bunker oil, the fuel of navigation, considered one of the obstacles to the development of the modal. “The bunker represents a huge cost. There has to be different treatment for cabotage”, he said.
The BR do Mar may be published through a bill or a Provisional Measure (MP).The idea is that ships carrying cargo through cabotage will have a differentiated treatment, which can guarantee a reduction in bureaucracy and agility compared to long-haul shipping, which will not have a revision of standards and regulation.