Year End Webinar

http://www.score.org/workshops/year-end-preparations-small-businesses Notes from WEBINAR: Year End Preparations PR -- Contact blogs and newspapers to do a PR -- Make sure you know about their column or blog -- keep the email short and sweet LinkedIn and Social Media -- Use linked in to get leads -- more direct as far as Corporate videos -- Update page to cater to that audience -- add testimonials -- creditable Forms W2- report employee income (staff) 1099-MISC - income paid to contract workers who you paid more than $600 in 2012) W4- used to collect name, address, TIN information for employee (W-2) W-9 - used to collect name, address, TIN informtion for non-employee (1099) recipients Check State requirements for reporting and deadlines States require a EIN Complie accting reports -W2 - total wages, taxes and benefits -1099 - Sum of total payments -forms need to be postmarked by 1/31 -Prep 941/940 to submit to the IRS for employees -- due 1/31 -file online Increasing your Cash Flow --Danger Signs: Seasonal businesses, sporadic incomes, lack of budgeting, large expenses, high overhead, pay as you go, not understanding the numbers --Keep customers coming back --1) Create a Budget or a Plan? Plan instead --2) Create a Recording System - What brings in your revenue? (who and how much) - Are you receiving your receivables ontime? -- 3) Record Outflows - Categories (Rent, Labor, Gas, Food, etc.) - track everything for a month 4.) What would you rather spend it on? - Plan for that Increases Sales (www.Businessmatchmaking.com) Options - Find Bigger customers - Get bigger contracts - 80 -20 rule (Find more of that kind of customer) Give yourself a Raise Pros -Increased Revnue -Keeping up with inflation and other price increases -Valuing what you do - to yourself and others Cons - Upsetting and Losing Customer - What is the comp doing? Solution: Test Random Note: List all Competition and Prices Is it time to upgrade your technology? -Cutting back on business technology your jeopardizing your business - Buy Used or Buy New -Leasing? -Cloud Based Solutions? Update Business Plan -Create a business plan and use it (update it) -Keeps everyone on the same page -Sharpens your saw -Gets you thinking about competition and advantage -creates focus -expansion opportunities *Think Week (Bill Gates), Seven Habits of Highly Effective People *SurveyMonkey, Blog to ask questions, Greatland.com (taxes) *Businesses that SP -- File Taxes, S Corp or LLC (Do that first of all, it protects personal assets legal, The File Corporate Taxes (S Tax Return and/or LLC) *Recommend having an accountant: *