The Tax Goddess Blog

What else can you do to keep your business afloat?

1)  have you tried running discounts?  Sales? 

2)  What about attending more free networking events, getting your name out there?

3)  What about putting up free adds?  On places like Craigslist?

4)  Do you have any outstanding receivables?  When was the last time you called them?  What about going to their location and asking for your payment?

Just some more ideas!

Your Tax Goddess~
Shauna~

What can you do to keep your business afloat?

So, everyone is trying to figure out ways to handle the down-turn in the economy.

I figured perhaps I should, as a consultant to many of my business clients, publish a list of the ideas that I have seen for keeping your business afloat in these times.

1)  Are you overstaffed?  Many people, when times are good, fail to look at their human capital expenses.  They are paying huge medical premiums, paying their staff at salary raises that were put into place in boom times, and are failing to look at the business' real need for the staff person themselves.  Be careful that you only have on staff those people that you need!

2)  Owner's, what are you doing?  Are you doing the work in the business, or have you stepped back and let your managers run the business. What about some of the actual technical work?  Have you thought about your own time and if your time would be a good contribution to the output of your company?

3)  What about your banking and financing?  Many businesses have thought about calling the banks and credit card companies to see if they can get better payment terms, or rates.  But have you thought about calling your vendors?  Can you switch from a Due on Receipt to a term of 15 or 30 days out?

I will post some more ideas in my next blog post, but thinking about it this way - As Dan Kennedy says - when times get tough, think tougher - have you sat down and figured out the possibilities?  What would happen if you had to fire your secretary today?  Who would handle her job? And when you figure out the answer to that, is that answer better than the way you are currently running?

Thoughts to get you going in the morning,

Shauna~  Your Tax Goddess.

Being tied in to your business,....

So, the other day I was speaking with a business / life coach.  He was telling me about how many business owners begin taking on their business as if it were a child.  Becoming emotionally attached to the people, the business, it's outcome as if it were their own flesh and blood (not saying it's not!) but almost too much, emotionally rather than looking at it as if it were a business.

One of the main things that my family always told me was fire quick and hire slow.  There are too many businesses that get dragged down by their employees (or held up by them) but more because the owner wouldn't make a fast decision when there was no money to let go or cut hours on the employees.

Now, in these times of economic hurt, i urge all business owners to at least LOOK at what and where they are.  Look for thins that you could do better, if possible, involve outside opinions and thoughts, someone who has a tremendously successful business, and ask their opinion, use other peoples knowledge.

As small business owners people often believe themselves to be an island - NOT TRUE!  There are hundreds if not thousands of other business owners out there who are in the same place you are, just ASK!

Anyway - if anyone needs some help and feedback, I would always be happy to oblige -

Best of luck to all the owners out there - remember this is business, not personal!

Your Tax Goddess,

Shauna~

International Business Openings

So, Friday morning I went to a meeting of AZIGG, an organization dedicated to helping Arizona businesses grow internationally.  I was VERY impressed by not only the size of the crowd that attended this event - a panel of speakers on how to break out into foreign countries - but also by the quality of the people there.  Many attendees were from large corporations (or at least what smaller Arizona only businesses look at as large) and there were also many political and state people in attendance, so and so from xyz board, etc.

The thing that caught me the most was the real drive to help Arizona businesses.  Kahala hosted the event (Cold Stone Creamery) and the head of International Operations was there.  He was great, very kind, and knowledgeable, and even offered his contact information as a way to move into international waters if anyone had any questions.

So, I am writing this not only because international tax is a section of something we all deal with, but also because you never know who you are going to meet by trying new things!

Don't forget to get out and network!

your Tax Goddess,

Shauna~

$7500 "Tax Credit" for new home buyers? Interesting Phrasing.

Well,

The government has passed another new bill that is supposed to help the American public to buy homes (you know, the ones that most people cannot afford but are buying anyway!)

The new "tax credit" (and please notice that I am putting this name in quotes) is more like an interest free loan rather than a tax credit - you have to pay it back over the next 15 years. You will owe the payback on each years tax return or when you sell the property as a tax out of your gain on the property (if you have one, at a loss, there is no payback or if you die no additional payback from your heirs).

At least you are getting up to $7,500 per couple on this thing, interest free,..  that's a good start.  Of course, when you ask people what they are doing with the $7,500 that they had started to save up to use as a down payment, most of them are talking about spending on goods (new TV's, Cars, Etc.) (now I wonder if the government knew that additional spending was coming ::said sarcastically::?).

Another interesting thing about this is the date range for which this applies - homes bought between April 9th, 2008 and July 1st, 2009.  Tough Bananas if you bought your home earlier in the year,...  So now would be the time to start planning!

Anyway - I normally don't like being so tough and sarcastic, but sometimes the push to fix the economy, instead of working for the money, saving, and having like minded goals as people did in the 50's I feel is driving our economy into a new pit, only farther to crawl and fight our way back up.

Reporting on new tax news!

Your Tax Goddess,

Shauna~
PS - If you can get this $, by all means go for it - it's still $7,500 interest free!  :)

hat tip to: mymoneyblog

Retirement Options - TALK TO YOUR FINANCIAL PLANNER (OR HIRE ONE!)

If you don't have a financial planner (or even a plan!) now is the time to get one.  Many people, especially those who are young, put off retirement planning because they believe that someone else will take care of them (social security - which I believe will be long gone before we get there (the 20-30 somethings)) or that they will save money later,....

It never fails to amaze me how if you put just a dollar a day away now (or even stop drinking starbucks everyday and maybe just 6 days a week!) how much that could translate to in 30 years when you are ready to retire.  (Millions if you do it right, and I hope you realize that is what you are going to NEED in order to live in the future - millions to pay the electric bills, and mortgages, etc.!)

I believe FIRMLY that every one needs a financial planner.  Everyone needs a specialist who knows this stuff and can help you organize for the best and brightest future,....

INTERVIEW people, lots of people.  Ask them questions.  Are they interactive?  Or are you going to find yourself, 20 years later, no more in the bank, and some "financial planner" who has done nothing for you and hasn't called you in years (except to remind you that you need to pay a fee to update your account each year!)

Anyway - enough with the rant.  I just want people to think about it.  I know everyone says think about it, but do you really want to be the transient walking on the streets at 70 who no one helps and you were earning 100k+ in your 30's?

Just a thought,

Always,

Your Tax Goddess!
PS - if you need a referral, I've got a few Great Financial planners that I trust immensely!