How the Ohio BWC is Hurting Small Businesses

May 28, 2014 by

business (3)News about the Bureau of Workers Compensation and the illegal practices against small business, the cost to Ohio workers and the state as a whole is nothing short of abhorrent.  How many small businesses have scraped by or gone under because of the high rates imposed by the BWC? Small business with less capital are  at the mercy of these institutions, and the rates that have been historically and inexplicably high have certainly put a burden to the small business owner. Read more about this topic by following the links below.

BWC is hurting small businesses

The Ohio Bureau of Workers’ Compensation is hurting the majority of job creators in Ohio — the small business owner, like me. It overcharged me and Ohio’s other small business owner so it could give a few businesses, usually the larger companies, huge price breaks on their worker’s compensation coverage premiums. A court has ruled that the BWC overcharged me — to the tune of several hundred dollars a year, and the majority of other small business owners illegally. It is sitting on an $8 billion (that’s right billion with a “b”), but refuses to pay the judgment against it; even after losing the frivolous appeal it filed to try to overtune the judgment against it in favor of the small business owners it overcharged.

It’s time for the BWC to do the right thing, take responsibility, and pay the judgment against it in favor of the small business owners it overcharged. And every day the BWC refuses to honor its obligation, it is costing Ohio $2.3 million dollars a month. It’s time for the BWC to meet its responsibility to pay its obligation to the roughly 270,000 employers who struggled to pay the Bureau’s illegally inflated premiums when paid and who continue to thwart the same roughly 270,000 employers from investing on the future of Ohio’s economic comeback.

Ohio Senate approves bill to expand income, business tax cuts

COLUMBUS, Ohio — The Ohio Senate on Wednesday approved one-year expansions of state income and small-business tax cuts, as well as raising tax credits and exemptions for poorer Ohioans.

The Republican-sponsored measures in House Bill 483, which passed the Senate, 24-8, come as a result of higher revenues and lower state spending than expected.

Under the revised budget review bill, a 9-percent income tax cut previously approved for this year would be increased to a 10-percent cut. The move would save taxpayers an additional $94 million this year, according to state Sen. Scott Oelslager, a North Canton Republican.

Another change would give businesses making $250,000 or less a 75-percent business tax deduction for 2014, up from a 50-percent deduction in current law. That would mean $225 million in savings, Oelslager said.

System works against small businesses

For many years, the Ohio Bureau of Workers’ Compensation has favored some businesses and charged more for others (“Appeals court: Ohio businesses were overbilled,” Dispatch article, May 17). This ends up making the small mom-and-pop shops that employ many Ohioans the bearers of undue burdens.
Many of us go out of business due to these unfair practices.

The Bureau of Workers’ Compensation has lost its case in court, and again lost its appeal. It’s time for Ohio small businesses to get what is lawfully theirs.

We are Ohio. The bureau is here to serve us, not themselves.

JOHN ANDERSON
President/CEO
Anderson Computer Consulting
Marion

Regulators close small lender in Ohio

WASHINGTON — Regulators have closed a small lender in Ohio, marking the eighth U.S. bank failure of 2014 after 24 closures last year.
The Federal Deposit Insurance Corp. said Friday that it has taken over Cincinnati-based Columbia Savings Bank.
The lender, which operated a single branch, had about $36.5 million in assets and $29.5 million in deposits as of March 31.
United Fidelity Bank, based in Evansville, Indiana, has agreed to assume Columbia Savings’ deposits and to buy essentially all of the failed bank’s assets. Columbia Savings’ failure is expected to cost the deposit insurance fund $5.3 million.
U.S. bank failures have been declining since they peaked in 2010 in the wake of the financial crisis and the Great Recession.
Only three banks went under in 2007. That jumped to 25 in 2008, after the financial meltdown, and ballooned to 140 in 2009.
In 2010, regulators seized 157 banks, the most in any year since the savings and loan crisis two decades ago. The FDIC has said 2010 likely was the high-water mark for bank failures from the recession. They declined to 92 in 2011 and fell to 51 in 2012.

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Are You In The Right State To Start A Business?

May 20, 2014 by

business (8)The small business sector has been for many years an employment power in the United States, it accounts for more than half the jobs generated in this country since 1995. There are approximately more than half a million businesses generated each month and although of those businesses only 7 out 10 will make it past the 2 year mark, the entrepreneurial spirit of Americans is well deserved. The question now to ask is whether you are in the right state to start a business, or you need to think about the pros and cons of starting your business where you are.
Read more about this topic by following the links above.

Here’s where Ohio ranks on small business friendliness

A national small business advocacy group says Ohio ranks among the top 10 for its tax code’s friendliness toward business.

The anti-tax Small Business & Entrepreneurship Council ranks Ohio No. 8 for its tax system’s overall friendliness toward small business. Ohio’s neighbors, Indiana and Kentucky, ranked 11 and 32, respectively.

The “Small Business Tax Index 2014” looked at 21 different measures to determine a state’s tax friendliness. Those include the top personal and corporate income tax rates, top capital gains and dividends tax rates, property taxes, additional taxes on S-Corporations, unemployment taxes, and whether a state has a death tax.

“When it comes to state and local taxes – as well as levies at the federal level – the direction that policy should be pointed is clear. Keep the overall tax burden low. Preferably, do no [sic] tax income at all,” the group writes in its report.

Dayton No. 66 among best cities for small business

Dayton trumps Detroit, Las Vegas, Birmingham and many others when it comes to the best city to work for a small business.

The Miami Valley ranks No. 66 in the U.S. for small businesses, according to a new ranking from Wallethub.

Cities were evaluated by several metrics, including the number of businesses with fewer than 250 employees per 1,000 inhabitants, industry variety, net small business job growth, average monthly earnings for new hires and average number of hours worked.

Columbus was the top-ranked Ohio city at No. 23.

The top city on the list was Minneapolis, followed by Salt Lake City and Miami.

Stockton, Calif. ranked last.

NBC4 Investigates: Why Does Ohio Owe Businesses $1 Billion?

COLUMBUS, Ohio – As Ohio’s economy begins to recover, the state is clearly focused on jobs, and numbers show some growth, but did the state actually harm more businesses in the past?
An NBC4 investigation reveals how one state agency allegedly crushed thousands of small businesses.

While the jobs picture in Ohio is rebounding, a huge shadow is being cast by the past – and the bureaucracy in the Bureau of Workers’ Compensation (BWC).

Small businesses can’t operate without worker’s comp insurance, and in Ohio, they can only get that from BWC.

Unlike other states that carry private insurance, Ohio’s BWC is a monopoly.

In 2006, Ron Foreman owned a successful contracting company, which used to be located near downtown Ashville, and employed 40 people.

Freeman’s family, including his two sons at West Point, was prospering. His small business was a model of what state leaders say they want in Ohio.

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Why Your Employees Won’t Listen to You

May 15, 2014 by

business (10)Talk to any manager about the problems they’re having with their employees and one of the main complaints is, “They won’t do what I tell them to do.”  However, the problem is often with the supervisor and not with the employees.  Many mangers don’t want to do the job of managing; they want the employees to manage themselves.

But, if you’re a manager who wants to manage and are looking for ways to get your employees to respond better, the fact that you may be the problem is good news.  If it’s your problem then the solution lies with you, it’s in your control to change.  With coaching, some practice and a little introspection the problem of getting people to follow your instructions can be greatly reduced.  These are the 3 most common errors many supervisors make.

Poor communication skills – The biggest problem people have with communication is assuming it has taken place.  Effective communication skills don’t come naturally to most people, they must be learned.  An effective manager will make the effort to learn the skills.  Ultimately being a better communicator will make your professional and personal life easier.

Don’t want to be the “Bad Guy” – Many managers don’t want to be the bad guy, they want to be liked.  However, kindheartedness is frequently a pretext for weakness.  It’s more important to be respected than liked.  People will like you and still take advantage of you.

Poor or no follow through – Countless managers mistakenly believe, “I shouldn’t have to hold their hand. I should only have to tell them once and they should do it.”  This idea shows a poor understanding of human nature.  People learn through a repetitive 3 step process – instruction, supervision (manager, parent, teacher) and consequences for poor work or praise for good work.

After you’ve corrected your errors and have consistently implemented the changes, you‘ll find most employees will understand and perform better.  However, there will always be difficult employees who no amount of communication will help.  But, with your new skills and knowledge you’ll handle them more effectively.  You’ll be a manager who’s managing.

Nicole Abbott – writer, educator and psycho-therapist

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The Benefits Of Having A Virtual Team

May 13, 2014 by

business (2)The integrated workforce experience page at Cisco tells us that the company sales force consists of 20,000 people in 87 countries, and keeping abreast of the new products, solutions and architectures is a critical task.  Although your company may have a smaller workforce than Cisco, the challenges and rewards of having a virtual workforce is indubitable.  Keeping your team engaged and collaborating with other team members may not be as easy as you would think.  The challenges of keeping your team members offering great customer service (if you are a service company) may not be easy to track if you do not have a good system in place. Training and engaging your virtual team is a must for your business and the rewards you can achieve with them can be beneficial for all parties.

Building an All-Star Virtual Team

Employers and managers are often skeptical when it comes to hiring virtual workers.

To build a virtual team of employees, trust and confidence factor into the hiring process. Indeed, some employers never meet candidates in person. Yet that employee is involved with building a company’s success; no wonder some managers are nervous when it comes to hiring virtual workers.

Apprehensive about hiring telecommuters? Consider current trends about virtual work environments: According to Forrester, nearly 34 million Americans are working from home and telecommuting is expected to rise 43 percent in the United States by 2016.

Virtual teams allow an employer to tap into some of the best talent available because recruiting is not restricted by geography. By opening up positions to candidates across the world, companies such as Upworthy, Buffer and Mozilla have experienced success with virtual teams, finding individuals who are truly passionate about what they do.

Smells like team spirit

A virtual workforce opens up access to a global talent pool, but needs special attention and a personal touch to build trust among members spread across geographies

The website that you use for online shopping or the aircraft that takes you places have most likely been built through the collaborative effort of teams dispersed across continents. Organizations are increasingly turning global to take advantage of diverse talent, achieve operational and cost effectiveness, and inculcate the ability to respond to market demands with swiftness to be able to thrive in a highly competitive environment.

Virtual teams are the order of the day and, this, of course, has been facilitated by the rapid advancement of technology which has helped transcend distance, time zones, cultures and organizational boundaries. Virtual teams embody a distinctive shade of group dynamics, along with their concomitant set of unique challenges. There are umpteen examples of teams that have outshone their collocated counterparts in terms of productivity and effectiveness, but there are plenty that have shrivelled and fallen apart. So what makes a virtual team tick?

Managing & Achieving Goals with a Virtual Team

Managing one or two remote workers can be difficult enough–never mind an entire team of virtual employees! Whether it’s for a short period of time or a long-term work situation, virtual teams are becoming a more common occurrence in the modern workplace. There are many benefits for both the team members and the employer, such as less time spent traveling to meetings and a reduced commute for employees. However, virtual work needs to be monitored closely to ensure quality and productivity. There are a number of available tools that make this task much easier.

1.  UberConference: UberConference is a hit among virtual workers and those who manage them. The rich interface is actually quite easy to use, and provides virtual workers with a number of tools and resources they need to easily complete a remote work assignment. This is a good option for those who need to participate in remote conference calls, as it allows workers to easily connect to and chat with others.

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Is Small Business Hiring Slowing Down?

May 5, 2014 by

business (10)A Washington Post article by J.D Harrison dated April 30th. talks about  how small business hiring has remain flat in April, and the belief that the projections of greater figures in the small business sector has fallen short. The news can lead one to wonder whether the rising costs of health care and the minimum wage increase has led small business owners to think about those issues first before hiring.

Read more about this topic by following the links below.

Small business weekly: Minimum wage, maximizing loans and expensive limes

A review of the biggest small business and startup stories from the past week, with a special focus on Washington.

SBA slammed: During a hearing last week, Democrats and Republicans on the House Small Business Committee ripped into the Small Business Administration for creating several new entre pre neur ship training programs that have not been approved by Congress while pulling back on some of its long-standing counseling programs. (OSB)

Nation’s job engine? While employers as a whole posted strong job gains last month, small businesses are still struggling to pick up the pace. Hiring by small companies was flat in April, according to the latest readings by ADP, while their share of the nation’s total job gains declined for the fourth consecutive month. (OSB)

Mimimum wage splits businesses: Senate Republicans last week blocked legislation from moving forward that would raise the federal minimum wage to $10.00 per hour. Some small business owners say the legislation would cripple their companies by driving up labor costs, while others strongly favor raising the floor on wages. (OSB)

Many Small Employers Face Rising Insurance Costs Under ACA

Size matters – when it comes to the impact of the Affordable Care Act on employers. For the next three days ideastream health reporter Sarah Jane Tribble will walk us through the differences. She starts the series today by going to a bar.

Paul Siperke is the co-owner of Fat Heads – a popular brew pub in North Olmstead. He has fewer than 50 full-time employees, so he’s classified under the Affordable Care Act as a small business.

He doesn’t have to provide health insurance to his employees. But that’s what he’s been doing despite some pretty crazy volatility in rates.

“They just seemed to keep going up every year.  One year we got a 38 percent increase, another year we got 11. One year we got 3,” Siperke says.”

This year, under the Affordable Care Act, he saw another hike – this one for about 20 percent.

“It just seems odd that we get such a drastic price increase when nothing has really changed with us as far as our employees and health issues,” he says.

Until now, if employees were healthy and claims were few, premium prices were relatively good. But, for a small business, if even one employee was in a car accident or was diagnosed with cancer, insurance costs could skyrocket the next year.

Advice for small businesses navigating Obamacare

Serving as a partner in a health care staffing and consulting firm, health insurance costs were the second largest expense only to employee salaries.

We maintained a commitment to providing health benefits to our team, but each year the cost would climb often by double digits, forcing tough decisions on whether to reduce benefits, increase employee shares or take a bite out of the bottom line.

As a business owner, the decision to offer health benefits is critically important particularly in light of the roll out of the Affordable Care Act.

Health benefits help companies recruit and retain talent in their workforce. A recent survey by Towers and Watson found that more than half of employees surveyed identified the health plan offered as a major reason to stay with their current employer.

Small business has traditionally been at a disadvantage providing these benefits facing higher premiums and administrative costs than large employers.

Much attention on the Affordable Care Act has been on the individual health care coverage options and the technical challenges with the exchange website. Depending on where you stand on the issue, the act has been a great success at enrolling millions of uninsured into coverage, or complete failure in both concept and implementation.

Filed Under: Ohio Business News Tagged With: , , , , , , , ,

What Does Your Small Business Need?

April 30, 2014 by

business (8)It takes a different kind of person than the average Joe to start a business.  The demands and challenges a small business or a startup have are numerous, and the rewards sometimes are not as glorious as one imagined.  Small businesses in the state of Ohio in 2008 totaled 902,369 according to the SBA, and although there has been a shift in employment by the small business sector, the improvement in the economy will surely have a good impact in job creation in the state of Ohio.

Read more business news by following the links below.

Legal-Ease: Small business needs team of advisers

An owner’s intelligence or work ethic is not always dispositive of a small business’s (including a farm’s) success.

In fact, the “advisory team” for a small business can disproportionately affect that business’s success or failure. That advisory team consists of more than the attorney. There are five crucial “partners” for each entrepreneur: attorney, accountant, insurance agent, lender and financial adviser.

A good attorney will help a small business owner minimize liability and make the business practically workable. Very few attorneys can lawfully claim they are specialists because there are limited subject matters for which there is lawful certification as a legal “specialist.” However, some attorneys limit their practices to specified aspects of the law or have deeper passions for certain subject matters over others.

Ignore that Accounting Problem — At Your Own Risk

Show me an entrepreneur who says they’ve never encountered an accounting problem and I’ll show you a liar. That may sound a bit extreme, but the point is simple: from a lost invoice to overlooked write-offs to something perhaps more nerve-wracking (audit, anyone?), perfection in accounting is pretty much a myth. And that’s OK.

But just because perfection is a myth, it doesn’t mean that as you discover an accounting issue, you can shrug it off and chalk it up to the imperfect nature of the universe. Why not, you ask? Because accounting issues are like wounds: untreated, they fester. And they can get nasty — quickly.

Let’s say you do some car detailing and repair out of your garage. It’s a side gig — sort of. You quote jobs verbally and “invoice” the same. After all, you’ve only done work for friends and neighbors, although you have started gaining a few referrals to folks you didn’t previously know. When you collect payment, you prefer cash, but will take a check and deposit it into your personal checking account. You’re now pulling in a nice chunk of change each month from your “side gig.”

The 6 People Every Startup Needs

There’s no magic bullet for startup success, but your team can often make-or-break it, says entrepreneur Bernd Schoner.

Schoner, who has a Ph.D. from MIT and was co-founder of RFID technologies startup ThingMagic, sold his company to Trimble Navigation in 2010 for an undisclosed sum.

ThingMagic had an original team of five co-founders. But by the time the company was acquired, Schoner says only two were remaining – leading him to think more closely about team dynamics.

“There are certain roles that people assume in a typical tech company or startup that make sense and I think if you are careful about that, then your odds of success go up,” says Schoner. He is author of the upcoming book: ‘The Tech Entrepreneur’s Survival Guide.”

While some companies start out with just one or two employees, Schoner says there are six key personality types he believes make for a great team. Here is the recipe for his dream lineup:

No. 1: The prima donna genius
“I think it’s commonly accepted in a tech startup that you better have someone with technical knowledge,” says Schoner. “You want to have someone be able to lead the technical agenda of the team.”

No. 2: The leader
Typically the CEO, Schoner says it’s important to have one person calling the shots.

“For larger founder teams … It can get very tricky if there are five opinions and all have equal weight. Democracy is great, but not in a startup,” says Choner. “The leader or CEO doesn’t always need to be right, but if [he or she] is a leader figure that others can look up to, then that’s a good thing.”

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New Funds For Small Business In Ohio

April 22, 2014 by

business (3)The U.S Department of the Treasury announced Thursday that it will transfer $18.1 million to Ohio to help small business lending to companies and small business entrepreneurs.  These funds will provide Ohio small business owners the available resources to help create jobs thus improving the Ohio economy.

Read more about this by following the links below.

Ohio offers more money for small business loans, using once-controversial funds

WASHINGTON, D.C. – Ohio just got more than $18 million to loan to small businesses, which officials say should seed $180 million in private loans from banks.

The $18.17 million is being transferred from the U.S. Treasury Department to Ohio’s Development Services Agency, which will work with businesses and bankers to expand or start small companies that are deemed credit-worthy and promising but need help meeting collateral or other underwriting standards.

In some cases, this is because the value of their inventories or real estate declined during the economic downturn, creating a shortfall between their collateral and their financing needs. Bank rules require them to have more money on hand or more value before a loan can be issued.

The federal money, through the state’s Collateral Enhancement Program, can help make that up. It also will help businesses through related programs: the Ohio Capital Access Program and the Targeted Investment Program. The state previously received $12.4 million for these programs and stands to get $24.5 million more once the new amount is put to use, according to Treasury Department figures.

Fed transfers $18M to Ohio small business lending program

The U.S. Department of the Treasury on Thursday announced the transfer of more than $18.1 million to Ohio to support the state’s small business lending program.

Through the State Small Business Credit Initiative, the funds will support Ohio’s Collateral Enhancement Program, Ohio Capital Access Program and Targeted Investment Program.

Officials said Ohio will use the funds to leverage greater levels of private lending and investing in small businesses located in the state, often by partnering with local community banks.

“Ohio continues to leverage federal State Small Business Credit Initiative funds to attract new loans and investments to the state’s small businesses,” said Cliff Kellogg, director of the State Small Business Credit Initiative, in a statement.

“These funds are intended to continue the state’s partnership with local entrepreneurs and small business owners to provide new sources of capital, help create jobs, and improve the economy,” he said.

Playhouse Square seeks to fill empty retail spaces through small-business grant contest

New signs, including archways like the one pictured here, have popped up in downtown Cleveland’s Playhouse Square district during the past few weeks. As the theater district finishes a $16 million transformation of its public spaces, the Charter One Foundation and the Downtown Cleveland Alliance are running a grant contest to revive empty storefronts on East 14th Street and Euclid Avenue. (Marvin Fong, The Plain Dealer)

Small businesses seeking space in downtown Cleveland’s theater district will have a shot at $1,500 to $20,000 in grant funding through a program that has helped fill other empty storefronts in the city.

The Charter One Foundation and the Downtown Cleveland Alliance announced Monday that they’ve teamed up with Playhouse Square to launch a grant competition that ends May 16. The money, $20,000 in all, could help a handful of businesses or a single entrepreneur cover start-up costs such as rent, equipment and fixtures.

Playhouse Square is targeting the Hanna Building, the Hanna Building Annex and the Keith Building — two office buildings and a residential redevelopment where the upper floors are largely full but some street-level retail spaces sit vacant. The empty storefronts, on Euclid Avenue and East 14th Street, range from 420 square feet to 3,257 square feet.

 

 

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Small Business Lending And Other News

April 17, 2014 by

business (6)According to the United States Small business Administration $3.5 billion were invested in small businesses in 2013 alone.  Although the Small Business Administration does not provide the investment directly to businesses, it partners with private investors that manage the funds that finance small businesses.  One of the banks that is leading the way in providing loans to small businesses in Ohio is Huntington National Bank, with a 46% increase from last year.  For this and other news follow the links below for more information.

Huntington Bank on track to become nation’s largest small-business lender, but profits dip in first quarter

CLEVELAND, Ohio — After several years at No. 3, Huntington Bank is on track to become the No. 1 small-business lender in the United States.

Through the first six months of the federal fiscal year, Huntington has the greatest number of SBA loans. This is especially interesting because Huntington is the nation’s 33rd largest bank by assets and it does SBA loans only in the six states where it has branches: Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky.

Huntington has catapulted to No. 1 because its SBA lending has increased by about 20 percent, while lending at other banks has fallen, Craig Street, head of SBA lending for Huntington, said in an interview.

In the Cleveland district, Huntington’s lending has soared even more, with a 46 percent boost. Huntington made 396 loans for $38.2 million in the six months ending March 31, 2013, and 580 loans for $54.7 million for the six months ending March 31, 2014.

Small Business Administration, AARP can help business owners older than 50

Are you older than 50 and looking for your next career? New research shows that one in four people ages 44 to 70 are interested in starting their own business or nonprofit in the next five to 10 years.

Did you know you aren’t alone? There are 76 million people older than 50 in the United States. That’s why the U.S. Small Business Administration and AARP are teaming up in April to host National Encore Entrepreneur Mentor Month.

Together we will provide events to help connect encore entrepreneurs with mentors, such as those from SBA’s network of Small Business Development Centers, Women’s Business Centers, and SCORE chapters who can help with strategies to grow an entrepreneur’s business.

We know that kind of training can be critical for the success of a small business. It can help folks bring their experience, knowledge and skills to a new venture, and that can create exciting new opportunities and jobs.

BigCommerce Increases Reach Into Small Business Commerce

BigCommerce is known for the big brands that are using it to get eCommerce sites up and running quickly. Clients include Gibson Guitar, YETI Coolers and many others.

But the company says that BigCommerce isn’t exclusively for major national brands. Small businesses can and should be taking advantage of what the eCommerce platform can offer.

In an interview with Small Business Trends, BigCommerce CPO Westley Stringfellow said:

“The reality is BigCommerce is built for business, large or small. Our vision is to power small business. Our role is to amplify the merchant.”

If your business is in the market for an eCommerce platform, BigCommerce appears to be a powerful option to consider. Having your own store online can help you to build your brand and break free from other services like eBay or Amazon.

Stringfellow says:

“It’s very clear that as we grow, merchants want to have their own presence. They want to grow their brand. It’s hard to do that on eBay.”

BigCommerce users have access to dozens of store design templates, many of them free, as well as hundreds of apps to help you manage your store. Many of these apps are also free.

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How To Keep Score For Your Business

April 10, 2014 by

business (4)Many small businesses – and small teams in large ones – work hard without working smart. More effort is exerted than necessary and the results are that the business is less efficient.

So how do we work smarter and more efficiently?

The answer to this is dashboarding. A dashboard is a tool many newer businesses are using as a means of charting the work they do and projecting future outcomes where applicable, such as in sales and the green energy sector.

Among the common programs to create a dashboard are Microsoft Excel and the Numbers app.

How to Create a Dashboard

Using a spreadsheet, the top rows should title the tab. Below that, the columns for important data need to be input. The rows on the left hand side that run from top to bottom will note the project, customer, or prospect.

Using a Dashboard to Track Sales

For sales professionals, the dashboard not only helps you stay on track, but also enhances your progress and increases your income. When you dashboard, you’ll not only have your customers’ information in one place, but you’ll also note important information such as:

  • When you called last
  • When you’ll call next
  • The reason for calling
  • Notable information

Additionally, many sales people like to note how many “points of contact” they’ve made so as to track just how many times they have to call someone to make a sale.

Secure Your Future With a Dashboard

David Katz was an intern with a green energy company in New York City when he was preparing to graduate from Columbia University. The position was only meant to last the summer, but during that time, Mr. Katz did a complete overhaul of the company’s energy measurement and billing methods via dashboard.

When the summer ended, the dashboard was deemed too valuable to lose, as was its master. Mr. Katz is now one of the top players at this company that may go public in the next five years.

If this wasn’t enough, the dashboard also added to the young man’s legacy. Those in his circle have replicated his actions and dubbed the process he enacted as “pulling a Katz!”

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Taxes, Penalties And Your Business

April 9, 2014 by

business (9)The cost of starting a new business depends on the business model or the industry you are entering. A home based, consulting home business or free lance is much cheaper that opening offices some place, and buying office furniture, installing new phones, electric, insurance, etc. The cost of starting a home based business could be only a few thousand dollars, compared to the figures of the small business administration a few years back that estimated the opening of a new business as $30,000.  The cost associated with opening and running a small business is high, but there are many expenses that you may be able to postpone or even get by without worrying too much about it.  One of the expenses that you can absolutely not postpone is getting an accountant that will take care of the taxes and government filings your business needs to do to avoid penalties that you could incur otherwise.

Read more about this topic by following the links below.

Small Business Owners Have a $4.5 Billion Payroll Tax Problem

Every month, employers across the U.S. send money to the IRS to cover payroll taxes—levies drawn from employee pay to cover Social Security, Medicare, and unemployment insurance. Many botch the process. The IRS issued 6.8 million penalties totaling $4.5 billion related to these employment taxes for the year ending last September, according to recently published data from the IRS (PDF).

Those numbers are down from 2009, when the IRS issued 7.9 million penalties for $7.1 billion. The government doesn’t say what share of the fines were handed out to small businesses, but large employers are generally better equipped to stay current on ever-changing tax rules.

Why are businesses incurring enough in annual penalties to pay for a new Navy destroyer?

As companies get bigger or smaller and hire different types of employees, the rules they must follow can shift. Tax collectors often change rules on their own accord, meaning a business that paid payroll taxes on a monthly basis one year might be expected to pay every two weeks in the next. “There are so many little rules for a small business owner to stay on top of,” says David McKelvey, a New York-based partner at accounting firm Friedman.

McKelvey advises his clients, which generally have at least $1 million in annual sales, to outsource payroll services. Companies such as ADP (ADP) and Paychex (PAYX), to name two of the largest payroll firms, have the resources to stay current on tax rules and in many cases will guarantee customers against payment of IRS penalties, McKelvey says.

Small Businesses in Limbo Again on Tax Breaks

Small businesses are in limbo as they wait for Congress to make decisions that could save them a lot of money.

Bills in Congress would extend tax deductions widely used by small businesses making equipment or property purchases. One, known as the Section 179 deduction, has shrunk to a maximum $25,000 this year from $500,000 in 2013. Another, called bonus depreciation, expired at the end of last year.

The deductions are a big deal for small companies, saving them thousands or even millions of dollars on capital investments. But because Congress decides every year how big the deductions will be, owners can’t plan their equipment budgets until lawmakers vote. And in recent years, worried about the ballooning federal deficit, Congress has put off those votes, sometimes until late in the year.

The annual uncertainty hurts small businesses looking for a break when their combined federal and state tax rates run as high as 40 percent, says Doug Bekker, a certified public accountant with the firm BDO in Grand Rapids, Mich. They don’t know if they should make the purchase in the current year or defer it. And as the economy gets stronger and businesses are more profitable, they’re concerned about tax bills.

“If you talk to the typical small business out there, there’s a very high level of frustration,” Bekker says.

It’s getting cheaper to buy a small business in Baltimore

The cost of buying a small business in Baltimore has dropped by more than 11 percent during the last year, according to BizBuySell.com.

The website reports that the median asking price of  businesses for sale in Baltimore is $255,000, a $33,000 decline (11.6 percent) from the end of the first quarter in 2013.

Meanwhile, small businesses are generating more revenue than they were a year ago. BizBuySell reports business had median revenue of $496,654 during the first quarter, up from $480,000 during the first quarter last year.

BizBuySell compiled its numbers based on listing data from 248 businesses.

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