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Maintaining Control in Your Business: 6 Crucial Areas to Focus On

In being a small business owner, you are well aware that there are many areas to focus on to keep your business operating efficiently and growing; however, there are certain areas that you should be paying closer attention to. There are six important areas that should be constantly monitored, these six areas are: sales, accounts receivable, accounts payable, human resources & payroll, and physical assets.

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The Average Annual Revenue Small Business Owners Make

According to a recent insight summary report by Mercator Advisory Group called the "Consumers and Personal Finance: Primary Financial Institutions Can Help", has shown that the average annual revenue for small business owners is $78,000. Owners 18 to 34 have an average annual revenue of $81,300 while owners 35 to 64 years old average $76,500 in annual revenue.

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How HIPPA Violations Can Impact Your Small Business

One of the most important types of confidential information is medical records. HIPAA (Health Insurance Portability and Accountability Act of 1996) was created to protect people's medical information. The fines for voilating HIPPA can greatly impact small businesses, as the cost for non-compliance of the Act can range from $100 to $50,000 per violation/record.

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