Business Advisory Archives » Page 2 of 5

05May 2015 by William Simi

Focusing on Overhead: The Nonprofit Circle

Business Advisory, FREE Business Tools: Learn the Secrets, Non Profit Principles: Steering You in the Right Direction

Think about how you donate to charities; do you focus on the percentage of your dollar that will actually go towards the cause? If for every one dollar donated 50% of the amount goes towards the cause, would you still donate? How about 40%? 30%? 10%? Here is some food for thought. Overhead expenses and the cause or goal of the nonprofit can be two good measurable indicators of success within a nonprofit organization. The Bill and Melinda Gates Foundation point out that they use many measurable indicators to prove their cause is a success without limiting themselves to JUST the overhead metric. Their causes or goals are measurable, attainable, and set within a time limit to encourage continued movement towards the goal/cause. SMART goals, as you might have heard them referred to in…

27Apr 2015 by Fred Crooks

Ten Things to Know about IRS Notices and Letters

Business Advisory, Tax

Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons. Here are ten things to know in case one shows up in your mailbox. 1. Don't panic. You often only need to respond to take care of a notice. 2. There are many reasons why the IRS may send a letter or notice. It typically is about a specific issue on your federal tax return or tax account. A notice may tell you about changes to your account or ask you for more information. It could also tell you that you must make a payment. 3. Each notice has specific instructions about what you need to do. 4. You may get a notice that states the IRS has made a change or correction to your tax return.…

08Mar 2015 by Fred Crooks

Can Professional Business Succession Planning Deliver Value?

Business Advisory

For most family and closely held business owners, planning for succession is the toughest and most critical challenge they face. Yet succession planning can also be a great opportunity to maximize the value of the business. For the majority of them, a significant portion of their wealth is tied up in this very non-liquid asset. The Sacramento Business Journal recently published an article on business succession planning in which I discuss several factors relevant to the importance of exit planning. Unlocking the cash behind the business, while maximizing its value during the ownership transition has always been a challenge. It is even more so since the economic slowdown that has and is currently affecting our economy. In the United States, it is estimated that there are approximately 9.2 million owners…

02Mar 2015 by Fred Crooks

Who Qualifies as an Angel Investor?

Business Advisory

By Fred Crooks Finding the "real deal" angel investor can be a hard proposition. In the past, there were three categories of investors that people joked about: - Friends - Family - Fools As time went by, the population has started to see good investments payoff and the idea of being an angel investor has blossomed. Now because EVERYONE wants to be an angel investor, we have moved further into the family, friends, and fools category. Many angel investors make their investment based on the "Get Rich Quick or Easily" premise. They lend money to new start-ups without understanding what they are really investing in, causing them to lose money and become dejected micromanagers who focus their extra energy getting in your way as you try to run the company. So how do…

13Dec 2014 by William Simi

Keep Your Equity: Expanding Your Business Without Outside Investors

Business Advisory

By: Bill Simi If you are trying to grow your company, you know it takes two things: time and money. Your time is limited to the number of hours you, personally, can invest. Then you need money to hire people – essentially buying more time. How can you generate enough money to buy peoples’ time without getting outside investors involved, and losing equity in your company? When you need to bring money in right away, there are two ways to do it: offer equity or assume debt. By offering equity, you gain immediate funding, but you lose future profits and some control of your company. Assuming debt may be a better “investment” for you. Opening a line of credit or getting a loan from a bank may cost less long…

29Nov 2014 by William Simi

10 Questions

Business Advisory

As with many situations in life, entering into a relationship with a financial advisor, is about asking the right questions. Our guest blogger this week, Brad Harsch of Lighthouse Strategic Advisors, shares with us the 10 crucial questions investors should always ask - Choosing an advisor to help manage your money is one of the most important hiring decisions you'll make. But even those who hire competent individuals for their businesses struggle when it comes to selecting and retaining the right financial advisors to grow and protect their wealth. Even the most discerning investors often don't know which questions to ask or what the position actually entails. These 10 questions should help you identify those advisors best suited to properly guide you on a successful financial journey. 1. What is your educational and professional background? Look…

04Nov 2014 by Fred Crooks

Avoid Tax Surprises

Business Advisory, Tax

Still Time to Act to Avoid Surprises at Tax-Time Even though only a few months remain in 2014, you still have time to act so you aren't surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you'll owe when you file your tax return: Adjust your withholding. If you're an employee and you think that your tax withholding will fall short of your total annual tax liability, you may be able to avoid an unexpected tax bill by increasing your withholding. If you are having too much tax withheld, you may get a larger refund than you expect.…

17Sep 2014 by William Simi

Identifying and Building Core Competencies for Success

Business Advisory

By Fred Crooks Core competencies for success are a unique set of skills and abilities that can guide you in your quest to reach your career goals. Knowing what these competencies are and identifying them within yourself can help you gauge your skillset and create goals for personal and career success. 1. Identify. Identify your skills and determine which ones are most valuable. Determining the value of your skills will require knowledge of what the value of the skill is in the workforce (Is it sought after? Is it rare?), your mastery of the skill, and most importantly, how much you enjoy using that skill. If you dislike using the skill but you are very good at it, the value changes because you are less motivated to use it, and…

05Aug 2014 by William Simi

How to Write a Business Plan

Business Advisory

Business Plan Definition What is a business plan? A business plan is a formal document which describes the business, details the goals of the business, and describes how those goals will be attained as well as the risk factors that may present problems. There are a number of resources available to help assist you in preparing a business plan. Too many business owners think they have a good idea and decide that a good idea warrants starting a new business. If business owners take the time to prepare a business plan, they might find that risk factors, become evident in the business plan and decide against starting a new business. It is far better to invest the time in writing a business plan than to invest more time and money…

25Jul 2014 by Mike Giotto

Tips for Employers Who Outsource Payroll Duties

Business Advisory, Tax

The IRS has released the following reminder with regard to an employer’s responsibility for payroll taxes even when the employer uses a payroll service. Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers (PSP) and reporting agents (RA). Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities. Though most of these businesses provide very good service, there are, unfortunately, some who do not have their clients’ best interests at heart. Over the past few months, a number of these individuals and companies around the country have been prosecuted for stealing funds intended for the payment of payroll taxes. Examples…

Category: Business Advisory