By Heather Gurewitz
Mendocino Women's Business Center Director
Let's face it, taxes don't exactly whip people into a frenzy of excitement, but, bringing Keith Hall virtually into our conference room last month to share his wealth of knowledge is one of the most important things we can offer. While you need your accountant to help you with all that tricky depreciation stuff, and figuring out those home office deductions, there is one simple truth you should always remember at tax time:
"Your accountant is only as good as the information YOU give them."
I will emphasize some of the key points I got from TaxTalk:
1. Do The Paperwork - I know, it isn't fun, but hey, if you think about all those deductions you can take, you can save a lot of money. But if you don't have the documentation you could end up owing more in the end (don't forget penalties). If you are guesstimating that you drove 6,000 miles in your personal vehicle for the year, you had better have something to prove it to an auditor. Your accountant won't make a mileage log for you, you have to do it.
2. Red Flags - Lately I have had clients coming in saying they are hesitant to take a deduction because they heard it was "red-flagged" by the IRS. Yes, there are some things that are red flagged by the IRS, and you don't want the IRS to accuse you of FRAUD, which is why you only claim what is legitimate and what you can document. The long story short being, yes, you should be careful with deductions, and if you have a legitimate deduction, see #1 above.
3. It Doesn't Matter If You Have an Accountant - Okay, it does MATTER if you have an accountant, but not in regards to how you organize your finances. You are not the only person who walks into your accountant's office on April 1st with a box of receipts or a book full of penciled in numbers and a sheepish grin. Well, okay, maybe you went in February 1st, but still, your accountant is now sitting at their desk with piles of receipts, books, and a looming deadline for them all. You are essentially telling them to set your financial management system for the last year and expecting them to know how you operate and manage your business. If something goes wrong, you are responsible. In fact, you will have to pay your accountant again if you want them to help you through an audit, and if you don't have the proper paperwork, it won't do any good.
So, do you have that sinking feeling in your stomach, like, maybe you should have gone to TaxTalk? Well, have no fear, by popular demand, we are bringing Keith back on Wednesday, March 30th from 10am-12pm to both Ukiah and Fort Bragg. This is not a class on how to fill out a Schedule C (we give you a book that tells you how to do that and the IRS provides a virtual workshop and information resources on filing). This is a class on how you can save money and protect your personal and business assets. Try our new easy on-line registration system, and save your space now!
Friday, March 18, 2011
Thursday, March 3, 2011
Let's face it, you're busy!
by Heather Gurewitz
Mendocino Women's Business Center Director
So, in addition to making your products, delivering your service, you also have to track your finances, manage your books, and well, make your business run. Not much time left for marketing is there? And now, with the "infinitely expanding" marketing universe, it's even harder to figure out whether you should be running that newspaper ad or simply creating a Facebook page. While the economy may be starting to rebound a bit, things are still tight, and as a business owner you have to make the most of every minute of your time. You don't have time to dink around with a blog every week, or spend hours sifting through Facebook. Sure, setting up a Facebook page or a LinkedIn profile is easy. It is even fairly easy to set up a blog and a website these days, but the question remains....
Zero Budget Marketing on Wednesday, March 16th, from 5:30-7:30 is a 2-hour workshop for existing business owners that want to maximize the use of the free marketing tools available. Just because everyone else has a Facebook page for their business, does that mean you should too? Come find out. We will use a decision making model to compare the various avenues you can use to market your business, and come out with some clear actionable goals. And, to make it easier, attendees are eligible for one-on-one consulting (all consulting by West Company is covered through our WBC and SBDC programs at no cost to client) to help you refine and implement your strategy! This workshop is a great investment, its two hours of time that can save you hundreds of dollars and hours.
CLICK HERE TO REGISTER with our new online registration system!
Disclaimer: This class is NOT a "how to" class. We won't show you how to create a Facebook page, or tell you how to set your privacy settings, information specific to each business and program will be covered in one-on-one consulting sessions (again, at no cost to client).
Mendocino Women's Business Center Director
So, in addition to making your products, delivering your service, you also have to track your finances, manage your books, and well, make your business run. Not much time left for marketing is there? And now, with the "infinitely expanding" marketing universe, it's even harder to figure out whether you should be running that newspaper ad or simply creating a Facebook page. While the economy may be starting to rebound a bit, things are still tight, and as a business owner you have to make the most of every minute of your time. You don't have time to dink around with a blog every week, or spend hours sifting through Facebook. Sure, setting up a Facebook page or a LinkedIn profile is easy. It is even fairly easy to set up a blog and a website these days, but the question remains....
Are they generating any sales?
Are they a valuable use of your time?
Are they a valuable use of your time?
Zero Budget Marketing on Wednesday, March 16th, from 5:30-7:30 is a 2-hour workshop for existing business owners that want to maximize the use of the free marketing tools available. Just because everyone else has a Facebook page for their business, does that mean you should too? Come find out. We will use a decision making model to compare the various avenues you can use to market your business, and come out with some clear actionable goals. And, to make it easier, attendees are eligible for one-on-one consulting (all consulting by West Company is covered through our WBC and SBDC programs at no cost to client) to help you refine and implement your strategy! This workshop is a great investment, its two hours of time that can save you hundreds of dollars and hours.
CLICK HERE TO REGISTER with our new online registration system!
Disclaimer: This class is NOT a "how to" class. We won't show you how to create a Facebook page, or tell you how to set your privacy settings, information specific to each business and program will be covered in one-on-one consulting sessions (again, at no cost to client).
Tuesday, February 22, 2011
Show me the money?
By Heather Gurewitz
Mendocino Women's Business Center Director
There has been a lot of buzz in the news lately about financing, SBA loans, non-profit intermediaries, and getting businesses the capital they need. Locally, a number of loan and alternative financing opportunities are available for local businesses looking to start, grow, and expand. From micro-loans to SBA 504 loans, there are a lot of opportunities. So, how do you decide what to pursue. Here are some basic guidelines to follow:
First off, this isn't "easy" money. Anyone looking to get even a micro-loan must demonstrate that they are financially responsible and will be able to pay back the loan. If it is an existing business, they should have three years of financial statements, showing good profit margins and ability to take on new debt. If it is a start-up business, they should have a well thought-out business plan with 2 years of financial projections with good back-up information to justify the numbers.
Most people assume the first step is to go to the potential lender, but if you don't know how much you need or how much you can pay back, you are wasting time (yours and theirs). Start with a business plan. Unless it is a personal loan and you are collateralizing personal assets with a commercial bank or credit union, your lender is going to require this, and you are wasting time trying to get money without it. Does this sound scary and intimidating? We can help.
Once you know how much you need, it's time to "go shopping." Getting a traditional commercial business loan right now is still a tough, but some alternative financers can't work on a package unless the loan has been turned down by a regular bank, so it may still be worth asking. Depending on where the funds are from, terms will vary greatly. For example, some Community Development Block Grant (CDBG) Program loans range at 2%-5% interest for a micro-loan, whereas an SBA Community Express loan is going to be at about 7% with traditional banks coming in around 8-9%. (these are examples not actual numbers). Also, the terms are different, as well as the processing time frame, and requirements. (Another reason you should visit with us first, we can help guide you through the programs that are out there so you can make an informed decision about which one to pursue.)
Special note: If you have or will start a business in the City of Fort Bragg, you may be able to take advantage of the City's CDBG MicroLoan program which offers loans up to $15,000 for start-up or expansion of existing businesses. The terms on this are variable, and the loan fund is designed to assist those with low or moderate income. For more information about this program contact Heather at 964-7571.
Now it's time to actually fill out the loan applications and start developing a relationship with the lender. If you can go to them organized and ready to answer questions and support your request, it is much more likely that they will want to lend you their money and consider you a lower risk (which usually means better terms).
If you are thinking about getting a small business loan, a West Company consultant can provide neutral and objective expertise to help guide you through the process and find the option that will build success in your business. Our consulting services are covered by our funders and there is no cost to our clients. Click here to get started!
Mendocino Women's Business Center Director
There has been a lot of buzz in the news lately about financing, SBA loans, non-profit intermediaries, and getting businesses the capital they need. Locally, a number of loan and alternative financing opportunities are available for local businesses looking to start, grow, and expand. From micro-loans to SBA 504 loans, there are a lot of opportunities. So, how do you decide what to pursue. Here are some basic guidelines to follow:
First off, this isn't "easy" money. Anyone looking to get even a micro-loan must demonstrate that they are financially responsible and will be able to pay back the loan. If it is an existing business, they should have three years of financial statements, showing good profit margins and ability to take on new debt. If it is a start-up business, they should have a well thought-out business plan with 2 years of financial projections with good back-up information to justify the numbers.
Once you know how much you need, it's time to "go shopping." Getting a traditional commercial business loan right now is still a tough, but some alternative financers can't work on a package unless the loan has been turned down by a regular bank, so it may still be worth asking. Depending on where the funds are from, terms will vary greatly. For example, some Community Development Block Grant (CDBG) Program loans range at 2%-5% interest for a micro-loan, whereas an SBA Community Express loan is going to be at about 7% with traditional banks coming in around 8-9%. (these are examples not actual numbers). Also, the terms are different, as well as the processing time frame, and requirements. (Another reason you should visit with us first, we can help guide you through the programs that are out there so you can make an informed decision about which one to pursue.)
Special note: If you have or will start a business in the City of Fort Bragg, you may be able to take advantage of the City's CDBG MicroLoan program which offers loans up to $15,000 for start-up or expansion of existing businesses. The terms on this are variable, and the loan fund is designed to assist those with low or moderate income. For more information about this program contact Heather at 964-7571.
Now it's time to actually fill out the loan applications and start developing a relationship with the lender. If you can go to them organized and ready to answer questions and support your request, it is much more likely that they will want to lend you their money and consider you a lower risk (which usually means better terms).
If you are thinking about getting a small business loan, a West Company consultant can provide neutral and objective expertise to help guide you through the process and find the option that will build success in your business. Our consulting services are covered by our funders and there is no cost to our clients. Click here to get started!
High Speed Internet for Everyone!
By Hannah Alexander
Administrative Support
One of the things that makes Mendocino County a unique (difficult or wonderful, depending on the day) place to run a business is our very rural setting. While there are many advantages to doing business in Mendocino County, there are some disadvantages. One of them is access to high-speed internet, which many residents of Mendocino County lack. According to the Association for Enterprise Opportunity, 75% of businesses in Mendocino County are self-employed persons. As Heather pointed out in her last blog post, the digital marketing universe is steadily expanding. The same could be said of the digital banking universe, the digital researching universe, and the digital networking universe. Many of these opportunities are best realized over a high-speed internet connection, and this puts rural entrepreneurs trying to conduct their business over a dial-up connection at a significant disadvantage.
The Federal Communication Commission (FCC) is engaged in an effort to identify areas in the United States which either lack high-speed (broadband) internet access completely, or have limited and perhaps unreliable options for broadband access.
Here at West Company, we are very interested in seeing more access to broadband internet for rural areas, so we are encouraging people to send information to the FCC to help identify broadband “dead zones”.
They have even made it easy by offering a short form to fill out. You can respond via the website, also by email, fax or postal mail….
Administrative Support
One of the things that makes Mendocino County a unique (difficult or wonderful, depending on the day) place to run a business is our very rural setting. While there are many advantages to doing business in Mendocino County, there are some disadvantages. One of them is access to high-speed internet, which many residents of Mendocino County lack. According to the Association for Enterprise Opportunity, 75% of businesses in Mendocino County are self-employed persons. As Heather pointed out in her last blog post, the digital marketing universe is steadily expanding. The same could be said of the digital banking universe, the digital researching universe, and the digital networking universe. Many of these opportunities are best realized over a high-speed internet connection, and this puts rural entrepreneurs trying to conduct their business over a dial-up connection at a significant disadvantage.
The Federal Communication Commission (FCC) is engaged in an effort to identify areas in the United States which either lack high-speed (broadband) internet access completely, or have limited and perhaps unreliable options for broadband access.
Here at West Company, we are very interested in seeing more access to broadband internet for rural areas, so we are encouraging people to send information to the FCC to help identify broadband “dead zones”.
They have even made it easy by offering a short form to fill out. You can respond via the website, also by email, fax or postal mail….
Monday, February 14, 2011
The universe is expanding...
by Heather Gurewitz
Mendocino Women's Business Center Director
They say that the universe is infinitely expanding, and while I'm not much of a science buff, I can tell you that the marketing universe is definitely following this trend. Facebook, blogs, and twitter; social media is now deeply ingrained into mainstream, but it is still changing and expanding. Between Smart Phones and easily affordable net books the digital world is dominating consumer behavior, including that of tourists.
Summer is just around the corner, and if you want to make the most of your summer sales, you don't just need to stock inventory, set new menus, or order new sheets for the beds, but you need to make sure that you are digitally prepared for your visitors. Now, as I mentioned, the marketing universe is infinitely expanding, so how do you figure out how to spend your already limited time? After all, you have to order your inventory, hire your staff, prepare the bds, and run a business. Who has time to follow the let latest marketing avenues? Well, West Company of course. It's our job to stay on top of the tools available for small businesses, and if you have met with me regarding marketing, you know that I am all about spending as little as possible of your hard earned dollars on advertising when you can do it for free! So, of course I have a suggestion for how to make very good use of your limited time:
Join us for Zero-Budget Marketing! on Wednesday, March 16th from 5:30-7:30 pm in Fort Bragg. Learn how to unleash the power of free marketing tools on and off the web. This 2 hour workshop will give you the tools you need to successfully generate sales and create returning customers even if your marketing budget is zero! We will cover a range of marketing opportunities both on and off the web as well as looking at how to distinguish good marketing opportunities from bad investments. Register now, using our new easy and fast online registration!
Mendocino Women's Business Center Director
They say that the universe is infinitely expanding, and while I'm not much of a science buff, I can tell you that the marketing universe is definitely following this trend. Facebook, blogs, and twitter; social media is now deeply ingrained into mainstream, but it is still changing and expanding. Between Smart Phones and easily affordable net books the digital world is dominating consumer behavior, including that of tourists.
Summer is just around the corner, and if you want to make the most of your summer sales, you don't just need to stock inventory, set new menus, or order new sheets for the beds, but you need to make sure that you are digitally prepared for your visitors. Now, as I mentioned, the marketing universe is infinitely expanding, so how do you figure out how to spend your already limited time? After all, you have to order your inventory, hire your staff, prepare the bds, and run a business. Who has time to follow the let latest marketing avenues? Well, West Company of course. It's our job to stay on top of the tools available for small businesses, and if you have met with me regarding marketing, you know that I am all about spending as little as possible of your hard earned dollars on advertising when you can do it for free! So, of course I have a suggestion for how to make very good use of your limited time:
Join us for Zero-Budget Marketing! on Wednesday, March 16th from 5:30-7:30 pm in Fort Bragg. Learn how to unleash the power of free marketing tools on and off the web. This 2 hour workshop will give you the tools you need to successfully generate sales and create returning customers even if your marketing budget is zero! We will cover a range of marketing opportunities both on and off the web as well as looking at how to distinguish good marketing opportunities from bad investments. Register now, using our new easy and fast online registration!
Tuesday, February 1, 2011
Getting the word out with West Company!
by Heather Gurewitz
Women's Business Center Director
Just the the other day I received a call from the paper. They were getting ready to produce the annual "We Live and Work Here" insert and wanted to know who might be an interesting story. It was exciting to open the insert and see great promo pieces on the businesses that we recommended.
Most recently our regional lead office for the Small Business Development Center called to say they are doing promotional stories on SBDC client and asked for a recommendation for a unique business that has been successful 
with the services of SBDC. This resulted in a video shoot and soon to be promo video for Liquid Fusion Kayaking. Filming was great fun, and I even got to be a kayak movie star for a morning! Click here to see more pictures of the filming.
Women's Business Center Director
Beyond all the great things we do with clients (improving financial management, marketing, increasing sales, increasing profits, starting businesses, buying/selling businesses, hiring employees, etc.), there have been some really great things happening to promote our clients. Through our connections and partnerships we have been able to offer great exposure on a broader scale for some of our clients.
We've also been working on some exciting media projects. In July, 2010 I had my first foray into the world of YouTube video stories about our clients and our work. My "guinea pig," Becky Ahmadi's story got picked up by the SBA who wrote a press release that was featured in the first business section of the year in the Fort Bragg Advocate News.
Most recently our regional lead office for the Small Business Development Center called to say they are doing promotional stories on SBDC client and asked for a recommendation for a unique business that has been successful 
with the services of SBDC. This resulted in a video shoot and soon to be promo video for Liquid Fusion Kayaking. Filming was great fun, and I even got to be a kayak movie star for a morning! Click here to see more pictures of the filming.With the success of viral marketing and video stories like that of Penny Ice Creamery in Santa Cruz, the story of small getting big is an opportunity for "mom and pop" shops with a unique story. Do you have a good story to share and want to know how? Contact us for our no-cost-to-client aka free consulting services to find out how you can tell your success story.
Thursday, January 27, 2011
Good Books and Tax Time...
by Heather Gurewitz
Mendocino Women's Business Center Director
I know that we talk a lot about book keeping and maintaining good finances a lot on this blog. Any guesses why? There are no words to describe the importance of numbers in a business. Tax time is quickly approaching, and with that, finances are on everyone's mind. I am already working with clients that are coming in with a number of interesting scenarios, which always lead me back to the same thing. If you don't understand your finances, you don't have control of your business.
Knowledge is key in this arena. If you are so fortunate that your business generates enough profit to hire a book keeper or CPA, that is fantastic, but this doesn't exempt you from managing these aspects of your business and at least knowing how they work. If you don't understand your books, how do you know the person you have entrusted them to, is doing them correctly? And let's be honest, we all have bad days and make mistakes, don't assume your book keeper or CPA is exempt from that.
On this point, the single most thing people seem to not understand is that: If you get audited and the IRS comes knocking at the door, no matter who else signed your tax return, you have the ultimate responsibility. It is yours, the buck stops here, etc. They won't take your book keeper's house, and they won't take your CPA's car. If you are not paying your taxes in the correct amounts and at the right times, YOU are the one responsible, and you are the one at risk to lose everything. And believe me, the IRS can seize a lot more than a bank or a collection agency. It is not the place you want to mess with.
So, it's your business, and (hopefully) your asset. That means that you had better be sure you know what your book keeper is doing, and you had better make sure that you have the information to keep yourself out of trouble. Speaking of which...
On February 8th from 10:00 am - 12:00 pm in both Ukiah and Fort Bragg, West Company will be hosting a semi-webinar, "TaxTalk" with Keith Hall, CPA and National Tax Advisor for the National Association for the Self Employed. Keith is a wonderful presenter that will be joining us for a live web presentation that will include: how to have an audit proof tax return, how to save money on your taxes, and changes to the tax code for 2010. I've seen Keith give this presentation in the past, and it is a must for anyone who is a sole proprietor or self-employed. He is not only very knowledgeable, but a great presenter. All participants get a free copy of "Schedule C from A to Z" co-written by Mr. Hall. The cost of the workshop is $25 and you can sign up online at www.westcompany.org. Don't wait space is limited and filling up fast!
Mendocino Women's Business Center Director
I know that we talk a lot about book keeping and maintaining good finances a lot on this blog. Any guesses why? There are no words to describe the importance of numbers in a business. Tax time is quickly approaching, and with that, finances are on everyone's mind. I am already working with clients that are coming in with a number of interesting scenarios, which always lead me back to the same thing. If you don't understand your finances, you don't have control of your business.
Knowledge is key in this arena. If you are so fortunate that your business generates enough profit to hire a book keeper or CPA, that is fantastic, but this doesn't exempt you from managing these aspects of your business and at least knowing how they work. If you don't understand your books, how do you know the person you have entrusted them to, is doing them correctly? And let's be honest, we all have bad days and make mistakes, don't assume your book keeper or CPA is exempt from that.
On this point, the single most thing people seem to not understand is that: If you get audited and the IRS comes knocking at the door, no matter who else signed your tax return, you have the ultimate responsibility. It is yours, the buck stops here, etc. They won't take your book keeper's house, and they won't take your CPA's car. If you are not paying your taxes in the correct amounts and at the right times, YOU are the one responsible, and you are the one at risk to lose everything. And believe me, the IRS can seize a lot more than a bank or a collection agency. It is not the place you want to mess with.
So, it's your business, and (hopefully) your asset. That means that you had better be sure you know what your book keeper is doing, and you had better make sure that you have the information to keep yourself out of trouble. Speaking of which...
Subscribe to:
Posts (Atom)
top
1988-2013 West Company 866-604-9378
Join us on Facebook