Is It Time For Spring Cleaning Your Business?

March 20, 2014 by

business (4)Spring cleaning for business requires something more than mopping the floors or airing the office. It is a time when the paperwork from the previous year can be organized, receipts for expenses tallied and summarize for your taxes, the health plan for you and your employees should be reviewed and renewed if you haven’t done so by this time of year. Organizing your business for the incoming one is a good habit that can pay off in the long run. To read more about how to organize your business or spring clean your business this year, follow the links below for more information.

Spring cleaning for small business owners

With January and February behind us, most small business owners are likely off to a good start in terms of their first quarter operations, budgeting, and outlook for the rest of the year. However, with spring upon us, there is no better time for business owners to dust off their finances, organize quarterly plans, and prepare for the future. Using the idea of spring cleaning and applying it to a business can fix “messes” in a timely fashion and have a meaningful impact throughout the rest of the year.

Reviewing business plans over the coming weeks is beneficial since it is early enough in the year that budgets can be reworked, yet implementation is still well under way. From a human psychology standpoint, businesses often experience a slow down during summer months, and winter months/end of year are typically reserved for wrapping up, squeezing in last minute profits, and planning for the next year.

Below, we outline several areas that owners may want to consider “cleaning” this season:

3 Spring Cleaning Tips for Small Business

Spring cleaning is not only for households. For small business owners, springtime is a reminder to get things in order. From an aesthetic standpoint, cleaning up a messy office not only injects a sense of order that might desperately be needed, it also provides a sense of accomplishment. From an operational standpoint, small business owners can clean up their books from 2013, store receipts, tax returns and other important documents electronically, and close out old inventory to greet the arrival of warm weather.
Clean Up 2013 Receipts
Unfortunately, April 15th, Tax Day, is a rite of spring. As many entrepreneurs are meeting with their accountants during the upcoming weeks, it is important to close out the books on 2013. Make sure you have all the receipts you need for write-offs.  Some of them may be stuck in your pocket or buried under catalogs in your inbox. Now is the time to look for them. You don’t want to be frantically searching for receipts from major purchases on April 14th. It is easier to find things when the pressure is off. You may have forgotten the receipt from the computer you bought last February. Neglecting to do so could cost you thousands of dollars in business expenses that you could have deducted and saved yourself substantial dollars on your tax bill.

10 Spring-Cleaning Tips for Small Business

Organize your office and your processes with these tips.

Spring cleaning your small business requires more than just scrubbing and dusting.

Tackling your to-do list is easier when you have a clean office, uncluttered desk and clear mind. Beyond vacuuming and dusting, here are 10 tasks to add to your spring-cleaning checklist.

1. Evaluate your systems, processes and vendors, and eliminate or streamline things that aren’t working.

2. Create a filing system according to how you think, and get rid of old, unnecessary files.

3. Go digital—scan, save and purge hard copies of files.

4. Clear your desktop of anything you don’t use regularly.

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Why Must You Have 90 Day Goals for your Business?

March 17, 2014 by

business (11)Why Goals Are a Must-Have for Any Business

We all love to dream big for our companies. That is, after all, why most of us started our businesses. One day, we had a dream that we decided to turn into something real. The fact of the matter is that we all love dreaming more than doing. Dreams aren’t worth much without some serious hustle. Without doing the work, you are not going to see your company grow or succeed. That’s why setting goals and working toward those goals is such an important part of running a business.

Research has proven time and time again that people who set goals have a much higher likelihood of reaching those goals and succeeding in whatever they’re trying to accomplish than those who don’t set goals. The problem for many of us, however, is that we either don’t know where to start when setting goals or we set our goals unattainably high and give up when we don’t reach them. So how do we set goals that will help us move our businesses in the right direction consistently? Here are a couple quick tips:

1. Don’t try to create too many goals at once
Researchers on productivity have found that you really can’t focus on more than about 5 things at once. Creating goals with several sub-goals will only cheat you out of your productivity.

2. Keep your goals “smart“
Your goals need to follow these five guidelines:

  • Keep your goals specific. Instead of saying “grow my business”, say “increase my customer base by 10%.”
  • Make your goals measurable. “Make 10% more in profit over the next 90 days.”
  • Every goal should be actionable. They should start with an action verb. “Call two more customers a week.”
  • Be sure to keep your goals realistic. Instead of trying to double your sales, aim for a 15% increase.
  • Your goals should always be time-bound. “Gain 5 customers by April 1.”

Make goals, write them down, keep them few in number and make them “smart” and your business will be on its way to being the company of your dreams.

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Whirlpool To Add 400 Jobs In Ohio

March 14, 2014 by

business (3)Although the government shutdown last year delayed some issues in Washington, we cannot postpone the filing of taxes for 2013.  The deadline is still April 15 whether you are filing your taxes or want to file an extension.  The good news for Ohio small business owners is the changes in legislature last year that will give them a tax break for 2014 and for Ohio residents, an increase in jobs announced by Whirlpool Corp. for the next year onward.

Ohio small businesses want online stores to charge sales tax, too

CLEVELAND, Ohio — John Shulan is tired of hearing arguments that requiring buyers to pay sales tax on online purchases is unfair or too complicated. Shulan, president of Shulan’s Fairlawn Jewelers, is one of more than 1,000 small-business owners who have signed a petition urging Congress to require out-of-state sellers to collect the same state and local sales taxes they charge their customers.

“It’s not a new tax; it’s not a tax increase. It’s closing a blatant and growing tax loophole,” Shulan said. “We’re subsidizing Internet businesses by not requiring them to pay sales tax.”

The House Judiciary Committee is scheduled to consider online sales tax proposals, — including the Marketplace Fairness Act the Senate passed last year — at a hearing Wednesday morning in Washington, D.C. Both Ohio senators voted for the MFA.

Shulan and other Ohio businesses say they hope this is the year that Congress updates outdated tax laws that now favor online-only retailers such as Amazon.com and eBay. Current laws do not require retailers who don’t have a store, warehouse or other physical presence in Ohio to collect and remit sales taxes, giving consumers the impression that such purchases are “tax-free.” Although state law requires consumers to keep track of and pay taxes on what they buy online, few people actually do.

Whirlpool To Invest $40M, Add 400 Jobs In Ohio

Appliance maker Whirlpool Corp. is planning on making a major announcement later today for its plant in Greenville, Ohio, according to Dave Elliott, general manager of Whirlpool’s KitchenAid small appliances business, in an interview with the Wall Street Journal. Employment at the plant is expected to rise from 1,000 to 1,400 by 2018.

The plant currently makes KitchenAid mixers and other small kitchen appliances, and Elliott said the investment is in response to more demand for those types of high-end cooking gadgets. The company’s chief executive, Jeff Fettig, said that growth of small appliances has grown 10 to 15 percent annual in recent years, and that the Greenville plant has simply run out of capacity.

Whirlpool is expected to hold a press conference later today to announce the news, with Greenville Mayor Mike Bowers and Ken Hossler, plant leader, on hand to celebrate the investment. Gov. John Kasich was expected to attend as well.

The company has a complicated history with U.S. manufacturing. In 2009, the company shuttered its Evansville, Ind. plant and cut 1,100 employees to move production of refrigerators with freezers on top to a location in Mexico, where they were cheaper to produce. The move shocked and disappointed many, who felt as if buying a Whirlpool appliance was a safe bet in ensuring they were buying a “Made in America” product. And in 2011, the company announced the cut of 1,200 salaried positions, and the closure, of its Fort Smith, Ark., plant.

Kasich cabinet touts tax cut, other business-friendly changes

While Gov. John Kasich signed the small-business tax cut into law in June, it is affecting people now, Ohio Tax Commissioner Joe Testa said Monday.

With tax season in full swing, small-business owners are seeing results in their pocketbooks of a 50 percent tax cut on the first $250,000 of Ohio net business income. That means if a small business owner earns $100,000 in net income, he is taxed only on $50,000

Testa and other representatives of state agencies spoke at a “Cutting Taxes and Growing Ohio Small Business” event Monday at Veterans Memorial Civic Center. The session was held jointly with Lima Rotary Club and Lima/Allen County Chamber of Commerce. Cabinet level directors are traveling the state talking about the small-business tax cut and other policies and programs to help small businesses.

The tax cut is helpful, Testa said, because most small-business owners report their business income through their personal income tax. In addition to the small business cut, the state is also cutting individual income tax 10 percent for all income tax payers.

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Small Business Financing And Opportunities

January 6, 2014 by

business (5)There are approximately 22 million small businesses in the United States. And there are 543,000 new businesses that get started every single month, but unfortunately, the life expectancy of those 543,000 businesses is not very long. According to The Bureau of Labor Statistics only 44% of those businesses make it past the 4th. year of operations.  And by making it past the 4th. year, these small business owners are under a lot of financial hardship just to keep the business going.

If your new year’s resolution is to start a new business, or have an idea you want to explore, the statistics about starting a new business are not pretty. Failure and financial hardship are ever present for a new business, but being prepared and researching every single aspect of starting a business can be beneficial for you and your new enterprise.

How to Research a Business Opportunity

Protect yourself by learning what a business opportunity really is, how the government regulates them, and the steps you should take to ensure you’ve found the best opportunity available.

Just what is a business opportunity? That question has plagued a great many people trying to decide whether to buy a current independent business, a franchise, or what we’ll refer to in this text as a business opportunity. To allay the confusion, we offer a simple analogy. Think back to elementary school when your teacher was explaining the difference between a rectangle and a square. A square is also a rectangle, but a rectangle isn’t necessarily a square. The same relationship exists between business opportunities, independent businesses for sale and franchises. All franchises and independent businesses for sale are business opportunities, but not all business opportunities meet the requirement of being a franchise nor are they in the strictest sense of the word independent businesses for sale.

Making matters even more confusing is the fact that 26 states have passed laws defining business opportunities and regulating their sales. Often these statutes are drafted so comprehensively that they include franchises as well.

The Basics of Startup Financing

So you’ve come up with an idea for a business? Congratulations! Now you need startup financing – that initial infusion of money needed to turn the idea into something tangible. And that’s where it becomes tricky.
When you are just starting out, you’re not at the point yet where a traditional lender or investor would be interested in you. So that leaves you with selling cherished assets, borrowing against your home, maxing out credit cards, dipping into a 401(k), and asking loved ones for loans. There is a lot of risk involved, including the risk of bankruptcy with your personal finances and soured relationships with friends and family.

This is the hard part behind starting a business — putting so much at risk. But doing so is the rite of passage to both success and failure. It’s what sets entrepreneurs apart from people who collect paychecks.

A major key is to ramp up initial operations as quickly as possible to get to the point where outside investors can see and feel the venture, as well as understand that you took some risk getting it to that point.

Some businesses can also be bootstrapped. They can be built up quickly enough to make money without aid from investors who might otherwise come in and start calling the shots.
With so much at risk, it is important to have a strong business plan in place, and to seek out advice from experienced entrepreneurs and experts — people who might also invest in your business someday.

Learn How An App Helps Small Business Owners Focus On Growth

As owners of the online stationery and gift boutique The Paper Cottage, entrepreneurs Beth Kneebone and Michelle Lease handle everything from operating their website to managing social media and corresponding with customers.

But for small-business owners, details like tracking expenses and filing receipts can be overwhelming — “all those little things [that] used to put small businesses out of business,” as Lease puts it. Watch this video to see how Kneebone and Lease use the App from Ink, a mobile expense-management app, to simplify their lives and grow their business.

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Why Do I Need a Business Coach?

May 29, 2013 by

business (4)Why Do I Need a Business Coach?

 A good business coach can add a wealth of knowledge and experience without the need to give up equity in your company or pay someone a senior executive’s salary and benefits. Considering all that a business owner can learn from a business coach… a very high value exists for a low cost. However, obtaining the right business coach for the unique needs of your business can sometimes be a bit more challenging than randomly selecting someone from online listings or the phone book.

So what do you look for?….

Remember business coaching is an investment in your business. Here are a few benchmarks to consider when you are considering investing in a coach.

1 – Experience Your Industry

This is perhaps the easiest of questions to answer. While industry experience is valuable, remember that you are working “ON” your business. You are the industry expert! If you’re looking for manufacturing line redesign or process changes to the production line, you should be looking for a consultant who specifically does that type of work.  A business coach will help you to build value and systemize your business.

Online research is also helpful when deciding on a business coach to help you with your business.
Look over the business coach’s portfolio of past and present clients. Check the success of those companies. Walk into a few and ask about things that you like and dislike.

2 – Methodology and Business Philosophy

Are you investing in a coach whose philosophy you can see yourself emulating in the years ahead? Moreover, does this business philosophy connect with your long-term business goals?

Although no business coach should have to describe in detail his entire methodology in a preliminary interview, a business owner should not be afraid to ask general questions about how a coach expects to help achieve results for the company. The coach’s answers should be in line with the long-term goals of your company and your personal aspirations.

3 – Longevity

Is this person someone that you can see consulting with for a long period of time? Business coaching is a long-term investment. You need someone that you can communicate with on an open and honest basis. They must be able to explain things to you in terms that you can understand.

 

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How To Build Effective Teams

March 28, 2010 by

Mastering a new skill is rarely easy. If you have been looking to get the details on how to build effective teams and have been searching all over on the Web, you have come to the right place. The following information is a beginners guide to Team Building Learning and building effective teams. But do not stop here. You want to go on to research the topic and continue to read information and watch expert videos because this is not an easy subject to learn.

The 1st step anyone will want to find out about how to build effective teams is communication. Communication be the basis of all other things you do. It is also the basis of Team Building Coaching.Without this it will be very difficult to move ahead in related areas.

Next you must know about teaching your team to think smarter. This is important to your success. The use of this in conjunction with effective communicaation should help you get much better results.

Keep in mind that there are possible difficulties you could find challenging as you do more. As an example, you may be challenged by your team’s inability to accept change and that can slow you down. Just don’t let that stop you. You must continue working at improving to develop the skills you need to manage change in your organization.

The third thing is just about the building team trust. Not learning about this could have a negative effect on your team affect its productivity in a big way. Many people have difficulty with change, which impact team trust. Finding ways to counteract this must be a part of your Strategic Business Plan.

 

If you want to be sure about it, you must start to learn varied aspects of the topic. Visiting lots of differnet Web communities can give you great knowledge of all the details of the issue. For example, you can go out on the Web and get to know the topic better by reading in depth pages that cover build effective teams and maybe you can review the relevant subjects concerning team dynamics. Consider outside help such as business coaching By learning the ins and outs of the topic grasping so you can prepare your team change. Building effective teams is not easy. But it is critical to the successs of your company.

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Why Coaching?

March 12, 2009 by

A business coach is one of the few people you can hire and will be honest and direct with you – and tell you things you may not want to hear.

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