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Tuesday, August 15, 2017

How to lose customers


Recently I had the need to check the air in the tires of my car. I attempted to use an air machine installed at a local gas station. The machine took my credit card and charged $1.50 for a few minutes. On the first tire it became obvious that the machine was not functioning.

The attendant in the convenience store at the gas station, to which the air machine is attached, said they had nothing to do with the air machine and refused to either take note of the failed machine or provide a credit. I left and went to another gas station/convenience store with yet another air machine that functioned properly, for a fee of $0.50. That’s right one third of the cost and it worked!

Guess where I buy my gas and other items now. Want to guess where I tell my friends to stay away from?

I also found a local ‘service’ station with free air.

How about your business?


Steve Koenig, SCORE Counselor


 

 

 

 

Thursday, August 10, 2017

You Get The Business


Here is a case of the early bird winning the race.

My wife noticed that the washing machine water mixing valve was leaking. I checked and we determined that the valve needed replacement. We felt it was best to have a plumber handle the task. We called the plumber normally used by our association and were told they could get to it in about three weeks! Our Property Manager suggested two other plumbers. We called. One said they were not taking on any new clients! Two had answering machines on which I described the job and requested a return call. One of the answering machines had a recorded message: “we respond to emergencies and normal repairs”. Eight hours later, neither returned my call. But we did not wait around. We found a plumbing franchise that said they could do the job. They also had their technician call to determine if he had the part on his truck. He did! We possibly paid a bit more, but the job was done with a one year warranty on parts and labor. We called back the firm that schedule us for three weeks out, and told them to cancel it. We also left a message for the firm that said they did emergency work and told them then needed to delete that.

How responsive is your business?

 
Steve Koenig, SCORE Counselor

 

Thursday, August 3, 2017

Accounting Periods



Taxable income is computed on the basis of a taxpayer's tax year.

Tax Year of 12 Months

A tax year is the annual accounting period regularly used by a taxpayer in keeping books and records to compute income.

There are two common accounting periods.

1-Calendar Year (a period of 12 months ending on December 31).

2-Fiscal Year (a period of 12 months ending on the last day of any month other than December).

Short Tax Year

A short tax year is a period of less than 12 months and is common when a new business comes into existence after January 1 of its initial year and or when a business closes sometime during its last year in existence other than on December 31.

Keeping Business Records

A taxpayer should keep business records based on the accounting period used for computing taxable income when filing income tax returns.

Certain business entities MUST use a specific accounting period prescribed by the IRS

An S Corporation or a Personal Service Corporation must use a calendar year unless the entity can establish a business purpose for having a different tax year. A Partnership must use the same tax year as that of its owners, unless the entity can establish a business purpose for having a different tax year.

 
This article was written by Donald M. Scherzi, CPA, CFP, LLC
Mike Lupo, SCORE Counselor
Visit us at: www.scoresouthflorida.net

 

Tuesday, August 1, 2017

Marketing Tip of the Month


#3  LESS IS CHEAPER, MORE IS BETTER

OK, this street runs North AND South. Here are 2 choices for you to ponder in your marketing. ONE:  Offer a simpler/cheaper/smaller version of your product or service. TWO: Just the opposite: Offer a fancier/bigger/more expensive version of your product or service. Think about it: Is what you’re offering now absolutely the only and best way? This one trick could change your whole business.
 
Martin Kahn, SCORE Counselor

 

Saturday, July 15, 2017

Stop The Pressess


It's not every day when an American company gets elected to the "Inc. 5000"., but this year, right now, one of our very own clients has been selected for this honor, recognizing  his company as "one of the fastest growing private companies in America."

The honoree is Ankit Jain, and his journey began right here, in our Boca office, when he walked in a few years ago to say he had left his very good job because he wanted to start a company selling ear buds.

The Counselor he met that day, who has nurtured him, coached him, guided him, is our own HerbDouglas, who, aided  by various colleagues thru the years, has guided "The Ankit Company" to national and international recognition and growth, with a growing catalog of items..

This is an extraordinary honor, and we all salute Herb for being the Man behind the Scenes, helping make it all happen.

SCORE South Palm Beach Shines Today, Brighter Than Ever.


Martin Kahn, Score Counselor
Visit us at: www.scoresouthflorida.net

 

Thursday, July 13, 2017

Business DANGER signs


I came across a good article by Rhonda Abrams in USA Today that I thought would be of interest. The article focused on Danger signs that your business could fail. So, I list those signs here:

1. You cannot pay your bills

2. Sales are dropping

3. Employees quit

4. There is no competition

5. Large competitors are showing up

6. You cannot handle the growth

7. The business is in turmoil

 
Any one, or a combination of these, are signs that the end may be near.

Seek Help ASAP

 

Steve Koenig, Score Counselor

 

 

 

 

 

Monday, July 3, 2017

Mixing Business and Personal Accounts Don't Do It!

 

The tax law requires all businesses to maintain an accurate and complete set of business records that clearly reflects business income and business expenses only.

Too often though, business owners commingle their business and personal accounts.  And this can lead to all sorts of problems, including tax, non-tax, and legal problems down the road.

Business owners must keep separate business income and expenses from their personal income and expenses, and here's why:

1-To file accurate and complete tax returns that clearly reflects business income and expenses only.

2-To minimize a potential tax audit and unfavorable outcome.

3-To avoid potential legal issues with customers, vendors, creditors and other related parties.

4-To avoid having the business involuntarily dissolved and or challenged in a court of law.

5-The tax law requires it.

6-To prepare proper financial statements (and obtain clean audits and reviews is applicable).

7-To present to prospective buyers accurate and complete financial statements and tax returns.

8-To present to possible creditors to obtain financing.

9-To avoid potential legal issues between the business owners themselves.

Thus, all businesses must give careful consideration to proper record-keeping day from day one to ensure they meet their obligations to society as a whole.

 
This article was written by Donald M. Scherzi, CPA, CFP, LLC
Mike Lupo, SCORE Counselor
Visit us at: www.scoresouthflorida.net