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

 

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

Visit us at: www.scoresouthflorida.net

 

 

 

 

 

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

 

 

 

 

Special Mentor of the Month

We are delighted to shine the spotlight on a distinguished member of our staff who by his or her efforts brings great credit to our organization. This month we are honored to salute:

 

JOHN ANKERMAN

 

 

 

John has been an exemplary Mentor with our Chapter ever since joining in December 2008. In that time he has shared his extensive business expertise with hundreds of SCORE clients, always assisting them with care and understanding. And it is those hallmarks that we salute in John, as we honor him as our Special Counselor of the Quarter, for July, August, and September.
At the same time we would be remiss were we not to extend a very big Thank You for the yeoman service John has provided to our Chapter every year he has been a Mentor with us, by being the “guy to go to” to make our Annual Business Conferences the major successes they have been. It is John, more than any other person, who has handled a myriad of tasks at each of those events over the past 8 years that we have been doing them. It is John who has gone to the site in the very early hours of the morning, before sunrise, to see that important signs are placed in strategic locations to direct attendees arriving on campus. It is John who has run the vital errands to get and transport the cases of water, the many trays of food, the cases of soda, safely bringing them onsite, then carrying them to point of use, many times all by himself.
At the office you will often find John at the computer, entering his notes and observations about his clients, after first gathering all the needed information sought in our Global Profile, and doing it in a way that has earned him the admiration of his fellow Counselors. Even when his outside business commitments demanded much of him, John has always found time to be of service to others.
In the long history of our Chapter, which was founded in 1977 in a little storefront in Delray Beach, we have been blessed with the outstanding services of many fine men and women. It is to that Pantheon of leaders that we now proudly add the name of our friend, dedicated Mentor, and superb human being, John Ankerman.
 
Take a bow, John, you have richly earned the designation of our Counselor of the Quarter for July, August, and September 2017!
 

 

Marketing Tip of the Month

 

#2. Q & A WITH YOUR CLIENTS

Do you REALLY know why your customers chose you? Was it price, service, quality, all 3? ASK them: Why did you choose me and how can I serve you even better? Wow, so simple. Talk to your customers!

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