In What Areas Do Small Business Owners have to do a better job in the future in order to grow their businesses?

 a)           Most small business owners do not keep their BOOKS up to date – so tax planning is more difficult, if not impossible to do.

b)          Most small business owners do not have or have ever created a BUSINESS PLAN……. So if you suddenly want to bring in a partner, or you suddenly need get a significant loan to expand your business, or maybe you even want to or have to sell your business someday….. Without a business plan you will be without a vital piece of information necessary to do these things at a time when you want to do them.

c)            Most small business owners need to be made more aware of the NEW TAX LAWS - because there are more tax laws being passed these days than ever before and some of them do impact your business & can save you tax dollars now.

d)           Most small business owners fail to consistently contact their most natural source for new business- their historical list of past satisfied customers.

e)             A lot of small business owners are set up in the wrong LEGAL ENTITY and as a result these businesses pay a lot more taxes than necessary – Companies TAXED as Subchapter “S” Corporations almost always pay less income taxes, less self- employment taxes, less local earned income taxes, and less unemployment taxes than sole proprietors, partnerships, and LLC’s not taxed as Subchapter “S” corporations .

f)             Every small business owner should have some kind of business Pension Plan – Given a choice, I would rather pay my own pension plan and as a result pay less taxes to the government

  I belong to a lot of organizations and I try like most people to BUY GOODS & SERVICES from those organizations' members as much as possible. BUt I RARELY, IF EVER get any followup to buy more product or services or a even a THANK YOU EMAIL LETTER for that matter. What the hell is going on? Doesn't anyone really want to grow their businesses out there? Am I only a one-shot deal in everyone's mind? Has the Business world gone plan nuts? Tell me if have the same feelings out there in cyberspace?

  I am always amazed when I sense a fear of hiring a consultant from business owners whose failing businesses are actually screaming for attention from their masters.  It's not rocket science to figure out as a CPA or business consultant just why a business is failing. We consultants, if just given the chance CAN actually save a dying business. Sometimes a owner just refuses to see the REAL picture...he or she is too close to the situation to see the problem.

   Sometimes the solution is easy....

1) Stop paying yourself a payroll check each week...if you are losing money taxwise, the IRS does not require you the owner to take a paycheck & pay all those payroll taxes.

2) Stop renting a warehouse or office.........go home & do it from there.

3) Fire your Kids on the Payroll or at least cut their pay & require them to work & produce more business.

4) Website not bring in any business? Cut the monthly cost ... get an intuit one for $5/mth

5) Stop traditional mail & phone book advertising & start cheap internet marketing- What do you mean you don't have your clients and prospects email addresses?

6) Hire a consultant to review your books & cut the fat along with your stress.

Stress kills & sucks the life & enthusiasm out of you! 

          Linkedin, Linkedin, Linkedin! Stop asking me to join already! Big Deal - I can see all your joiners & you can see mine... But will it pay my grocery bill & rent for my business? Maybe for a few of us, but for the majority of local small business owners it will not. Not because of its concept, but because like most marketing tools it leaves out the human element. The odds are that their joiners are not really that close to the main contact person and therefore can't influence a customerenough to buy your goods or services. You still have to contact a new lead and hope that your pitch is good enough to get in the door. Yes, dropping a name your potential contact knows helps, but customers are more skeptical than ever today. Good old face to face meeting & connecting is still the sure fire deal maker for the local small business owner.  

My inspirational quotation that I either say to myself or to my clients or prospects to wake me or them up is:
" The Time for excuses is over, The
Time for action is NOW!"
This phrase is my rallying cry to wake me or my clients up. It's my call to action to snap me out of a funk.
Earl L. Sigmund CPA
www.NewBusinessLearningCenyter.com

What's your phrase?