Tax Strategy

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At year-end, business owners look for ways to save taxes.  That often means buying equipment or vehicles to take advantage of bonus depreciation.  QUESTION: Does the tax saving purchase fit with your business strategy?  Do you really need the item? Will it generate revenue in the coming year? Do you really need the top of...

Persistence

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Once when I was a teenager I set a goal to swim across Chautauqua Lake in Western NY. It was a 3-mile swim and several friends had done it. It was a lot harder than I thought with the waves beating you up. Eventually I was exhausted and told the guys in the boat beside...

LOCATION?

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In retailing, it is said that the 3 keys to success are location, location, location. That isn’t true. In any business, the 3 most important things are preparation, preparation, and preparation. Finding the right location is part of preparation. Success happens when opportunity and preparation meet. All of us will have opportunities in our lives...

SMARTS

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You don’t have to be smart to run a successful business but you need SMARTS.  You’ve all heard about SMART goals (specific, measurable, attainable, relevant, time bound).  But this formula is incomplete.  All goals are but a wish unless there is a plan or strategy for achieving the goal.  So add the “S”, Strategy, and...

What You Have to Know To Run A Business

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In the book “Shark Tank-Jump Start Your Business” Robert Herjavec is quoted as follows: “Cash is the lifeblood of your business.  There are very few things in business that will kill you, but running our of cash is one of those things.  you can recover from almost any other mistake, but if you run out...

LinkedIn Tip #1

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LinkedIn is a form of social media – for business.  The key word here is business.  Here are a couple things you can do to improve your presence on LinkedIn: 1. Put your picture in your profile – most people want to connect with a person not an occupation. 2. Have your picture done by...

Time Management

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Control your calendar. If you don’t the world around you will control it. How? Simple: 1-Make appointments with yourself to work on your business. 2-Work on the most important thing rather than the easiest or most enjoyable task

DIY Mentality

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We all want to save money both in our business and personal life. One way to do that is Do It Yourself (DIY). But is that always a good idea? Could I do my own electrical, plumbing, car repair, website, signage, home inspection, legal, accounting, landscaping, HR, IT, marketing, counter tops, coach my own business,...

Who’s Driving?

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Would you drive your car but not look at the road? Many small business owners do that in terms of their financial information. They just turn things over to their bookkeeper, accountant or CPA and never look at the reports. No matter who is doing your accounting you still need to review what they are...

Adding Employees

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This is one of the toughest questions for small businesses.   How much can you afford?  How do you determine what your salary cap is?  How much money do you need to cover the cost of adding another person?  When you go from 5 to 6 employees you’ve increased your work force by 20%.  We...

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