Know the VERY important numbers

March 26, 2015 by
Image courtesy of Stuart Miles at freedigitalphotos.net

Image courtesy of Stuart Miles at freedigitalphotos.net

In business you must know your numbers, always. It is the heart beat of your business. If you don’t know them, your business could flat line.

At the very least the following need to be kept updated:

  1. Balance sheet which consists of the total assets and liabilities. It can also be known as the statement of financial condition.
  2. Income statement which states the revenue or gross income, minus the cost of goods sold in order to determine the gross profit of a business. This report can also be known as the profit and loss statement or P&L.
  3. Cash flow statement which summarizes how much cash is going in and out of the business. Be sure to draft a projected statement for anticipated income and expenditures so you have a fiscal road map to follow.

Keeping these reports updated at least monthly is a great way to keep the pulse on your business, ensuring a strong, long life.

How frequently do you update these reports?

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How much should you pay yourself?

March 19, 2015 by
Image courtesy of David Castillo Dominici at freedigitalphotos.net

Image courtesy of David Castillo Dominici at freedigitalphotos.net

Well, it depends. If you have ever been a business owner you know what we mean. Technically speaking you should get paid what you are worth but as a business owner there are many variables that need to be considered.

One very important consideration is to pay from the profits, ONLY. It can be difficult to watch the money come in and think WOW I got it made! But if your expenses are large you really don’t. So be careful to only pay from the revenue minus the expenses or the profit.  Remember to include TAXES in your expenses.

In some legal business structures the business owner’s pay might be restricted. For instance, if the business is incorporated and there are stockholders, usually the business owner is on the payroll, like an employee. Conversely in a sole proprietor situation you can pay yourself whatever you want!

As a business owner, do you feel you are paid enough? Please comment.

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Out of website ideas? Watch this from The Idea Garage!

March 12, 2015 by

Great information regarding business websites from Beau Esby at The Idea Garage!

Watch this great interview from someone who knows how to build professional, eye catching websites.  You will be glad you did!

Please comment on your favorite tip below!

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One of the most important tools for your business…

March 5, 2015 by
Image4 courtesy of Stuart Miles at freedigitalphotos.net

Image4 courtesy of Stuart Miles at freedigitalphotos.net

Where does everyone look to find a business for what they need? The phone book? Not any more…it is the INTERNET! If you don’t have a website, you don’t stand a chance at staying competitive in the market place.

Join our webinar tonight at 7:30pm when Beau Esby, CEO of www.TheIdeaGarage.com will discuss her business of creating and maintaining one of your most valuable assets in business, your website. If you haven’t signed up yet, click here to receive a link to join the discussion. Don’t miss it!

Is your website important to your business?  If so, click the like button.

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Want to sell to the government?

February 26, 2015 by
Image2 courtesy of Ambro from freedigitalphotos.net

Image2 courtesy of Ambro from freedigitalphotos.net

To help businesses cut through the confusing world of government contracts PTAP is there.  PTAP stands for Procurement Technical Assistance Program and is FREE in every state to provide direct services to business.  They provide workshops and seminars on a wide range of government contracting topics.  Want to get connected to other small businesses and agency officials who might need what your business has to offer?  PTAP can help.  They even provide one-on-one counseling tailored to your business’s needs.  Did I say all of this is FREE?  Why yes it is check it out!

Please comment and share your experiences with PTAP.

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Want to increase viewership, engagement and subscribers?

February 12, 2015 by

Just one word ANNOTATIONS!  They are text overlays can be added to your YouTube videos. Did you want to add or highlight a point in your video?  Add an annotation.  Do you want to ask a thought provoking question in print to emphasize a point?  Add an annotation.  Do you want to add a clickable link to your website from your video to join your mailing list?  Add an annotation.  Do you want to add a link to subscribe to your YouTube channel?  You guessed it, add an annotation!  The list goes on and on.  This is a fantastic tool to help your business grow.  Use it today!

Please comment on how you could use annotations in YouTube to help your business grow.

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Don’t have a small business? Create one and reap the rewards!

January 29, 2015 by
Image by imagerymajestic from freedigitalphotos.net

Image by imagerymajestic from freedigitalphotos.net

Even if you have a JOB (Just Over Broke) open a business!  You will earn extra income AND get to keep more of what you make with some tax deductions.  **Disclaimer!  Please ALWAYS consult your tax professional regarding tax matters.  We are not tax professionals!**  One of those is the home office deduction but be honest, you should be able to defend your deduction in an audit.  Meals and entertainment when you conduct business with a person you are entertaining during the meal or event.  Be sure you keep good records of what the activity was, when, with whom and how it relates.  Another possible deduction is internet and phone directly related to your business.  Vehicle deductions for local business trips can be deducted either by the standard mileage rate or your actual expenses.  Education for yourself can be deducted as well.  The list goes on and on.  Another VERY helpful benefit of a small business is being able to contribute to a Self-Employed Retirement Plan and the tax benefits you can recognize.  These are a twofer!  They are particularly valuable for reducing your tax bill now and racking up tax-deferred retirement savings for later.

Can you share more benefits of having a small business?  Please comment.

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Taxes; The Good, The Bad and The Ugly

January 23, 2015 by

Just in case you missed it…A fantastic webinar, Taxes; The Good, The Bad and The Ugly with Kim Landry, CPA from Landry and Associates.  Kim gave us some great tax strategies and planning techniques to be able to keep more of what you make.

What is a tax strategy that has saved you from paying more taxes than necessary?  Please share.

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Worth their weight in gold!

January 22, 2015 by
Image courtesy of digitalart from freedigitalphotos.ne

Image courtesy of digitalart from freedigitalphotos.ne

A CPA can be a very important member of your investing team who can guide you through the labyrinth of taxes.  They are worth their weight in gold to you and your business.  A true CPA professional can ease your stress and save you lots of money you may have given Uncle Sam because you didn’t know any better.  Here are some tips when working with a CPA to make the most of your time and money.

Form a good relationship.  Once you find a good CPA, stick with them.  They become familiar with your business and they will ask important questions to lead you to a lower tax bill.  Of course, telling the truth is very important because it may make your CPA terminate your relationship and will hurt you if you are dishonest.

Lower your annual bill by being organized.  If you hand over a shoe box fill of receipts instead of a categorized report of expenses, your bill will most certainly be much higher.

Use your CPA in making decisions.  Be sure to consult your trusted CPA regarding purchases and don’t make assumptions.  Those assumptions could be very costly.

We are proud tonight to have our trusted accountant and friend Kim Landry, CPA with us tonight for our FREE webinar to go over the topic of taxes.  Don’t miss it!

 

Please comment on what you learned from the webinar.

 

 

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6 Sensational Businesses to Start (even in a recession)

January 15, 2015 by
Image courtesy of Tina Phillips from www.freedigitalphotos.net

Image courtesy of Tina Phillips from www.freedigitalphotos.net

Candy – When times are bad we all need something to sweeten our day.  Candy can be affordable and is commonly bought impulsively.  That is why you see it at every checkout counter around!

Veterinary services – Most pet owners have very strong connections with their animals.  They will always make sure they have the care they need.

Thrift stores – No matter how much people are spending they always like to shop and spend less.

Death care services – Unfortunately it happens to all of us and we need it no matter what the economy is.

Cosmetics – Put on a little color and it can brighten your world.  Makeup helps people feel good about themselves.

Home health care services – With the hospital stays getting shorter but costing more, home health care services will continue to grow with the need.

Can you share other businesses ideas that could thrive under any economic condition?  Please share.

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