Top 10 Reasons to Join Your Local Chamber of Commerce

Article written by Eric Bank

As a small-business owner, your days are already too full, so joining your local chamber of commerce (CoC) may not foremost in your thoughts. Well, think again -- you really can't afford not to join the CoC. The benefits these valuable organizations provide are well worth the time you invest, and your company should profit through greater networking and timely information concerning your community and your business.

Here are the top 10 reasons for joining your local CoC:

1.      Credibility

The public at large regards the CoC highly, and being associated with one helps polish members' reputations. Membership will also boost your relationships with other CoC members.

2.      Visibility

You can increase you business' visibility by advertising in the CoC social media sites and newsletters, as well as in other CoC publications. You can also advertise at CoC fundraisers and events, which will help create goodwill within your community and provide a big lift to your public relations efforts.

3.      Networking

You can realize a good opportunity by enlisting in one or two CoC committees. You'll form important contacts with other local businesspeople and you may get to meet local political and civic leaders. Join a committee that will aid your business and also help the surrounding community.

4.      Democracy

Speaking of political leaders, joining the CoC helps you promote your business interests with regard to the vexing social and political issues in the news. Instead of just complaining about unfair taxes, red tape and useless regulation, you can fight for change by helping the CoC educate ill-advised representatives with the facts. CoC works to ensure equal treatment for all businesses, big or small.

5.      B2B

Membership in the CoC helps promote business-to-business relationships. Other business owners may soon seem like your extended family, and you'll probably boost your commerce with other CoC members. Joining CoC is a great way to enhance local networking opportunities.

6.      Information

A local CoC is a primary resource for all manner of local and national information vital to the success of your company. CoC distributes newsletters reporting community developments and information that can help you grow your business. The CoC community calendar lets you schedule your time so that you can go to significant events -- don't shortchange the promotional value of these occasions.

7.      Recommendations

One extra advantage of joining a CoC is all the recommendations you will get from other CoC members for vendors and consumers who need new business relationships.

8.      Special Events

Yearlong, you'll discover that the CoC sponsors many special programs that can educate you and provide additional networking possibilities. It's a great way to develop new leads for your companies.

9.      Advertising

Advertising in a CoC publication adds zip to your promotional and marketing efforts. Other CoC members acknowledge money you spend on ads in CoC media, because it helps the organization grow.

10.   Discounts

CoC members receive a variety of special discounts and services provided by other CoC members. You might save money on, for example, phone equipment or office supplies.

For small businesses, the CoC serves as powerful ally as you grow your company. Membership is a savvy way to improve your business prospects.

Know Your Numbers When Planning for Expansion

Know Your Numbers When Planning for Expansion

Article Written by Eric Bank

In the life of any small business, expansion is an exciting prospect. It signifies that your company is working well and will benefit from getting bigger. Expansion can be risky, but you can cut the risks by knowing your numbers -- sales and costs. You need to know your business' sales volume, its costs and the difference between the two -- margins. Knowing these will demonstrate that you are organized, confident and in command.

Sales

Sales drive all aspects of a business. If you are the owner, it's not reassuring if you are ashamed or vague about your sales. Couching the numbers with phrases like "more or less" or "approximately" causes second-guessing by the others participating in the expansion, including partners, lenders and employees. If you don't know your sales numbers, ask yourself:

·        Why don't you know, precisely? Lenders often say that owners of good businesses know their current sales figures almost to the penny.

·        Do your sales numbers depress you? Sometimes, an owner feels the company isn't doing well and is reluctant to think about the actual sales numbers. That's a troubling message to send to others.

·        Are you too busy to be effective? If you are disorganized and can't focus on your sales figures, expansion will only make things worse.

·        Do you realize that, as the business owner, you are the first one who will suffer from weak sales? Owners have to predict profits for the next period, so that they can pay for expenses and draw a salary. If you don't have a handle on your sales volume, you can receive an unwelcome surprise that forces you to make painful adjustments -- your business can't keep spending money when sales are going down the drain.

Costs

It costs money to make or merchandise a product or service. A business owner must grapple with all costs - direct and indirect, fixed and variable. Although a service-based business has revenues that are not necessarily directly tied to costs, a company that sells products expends costs in each unit produced or bought. Then there are the fixed costs, such as mortgage, utilities, rent and administration, which you must pay even if you lack sales. 

Tracking your costs is imperative, no matter whether your business is expanding or cratering:

·        If your company is growing, you want to make sure good feelings don't hide the fact that you're overspending, because you might suffer an unanticipated slowdown.

·        If your company is faltering, not pinpointing your costs is another kind of denial, which we've already named as a big red flag to others. You should be reducing costs so that they stay proportional to sales.

Your business expenses, direct and indirect, are tax deductible -- a good thing -- because you first have to spend money to make money. You need proper bookkeeping to record and allocate your overhead costs correctly. For instance, how many miles did you travel  order to meet with customers and complete sales? Travel expenses, including depreciation of vehicles, must figure into the cost of each product or service you offer. 

The bottom line: Use a small business accounting firm to take care of your bookkeeping.

National Small Business Week

Article written by Eric Bank

May 4 through May 8, 2015 is designated National Small Business Week (NSBW) by the Small Business Administration. If you are one of our clients, you are a brilliant small business and deserve special mention. You work hard all year long, building your company, pushing growth upwards, balancing your books and filing your taxes -- that is, letting Small Business Financials take care of those last two chores for you!

This is the 52nd  year that, by presidential order, a week has been set aside to honor the small business entrepreneurs like yourself that make this country work. We think it's a good opportunity to step back from the daily same old same old and participate in the festivities. If you can't make it this year, you can begin planning to join in next year.

Small Business Person of the Year

One deserving individual will be singled out by the SBA as the Small Business Person of the Year. While it's too late to enter this year, how about getting a jump on 2016? Here's how it works:

1.      You first must be nominated, by a professional trade group, business organization, another entrepreneur or even yourself -- hey, no need to be modest!

2.      The nominations are sent to the SBA where they go through a multi-level review process. The winning nominees must have a good record of accomplishment, have shown the ability to withstand reversals, have increased the headcount of their organizations and have made meaningful contributions to their community.

3.      One winner is picked from each state and territory, and then a finalist group of six worthies is chosen.

4.      All six finalists attend a White House ceremony on May 8 in which the grand winner is announced.

You can bet that the grand winner will enjoy a year in the spotlight and will be sought after for advice and interviews. It's also great publicity for the winner's company, that's for sure.

Here Comes the SBA Administrator

During NSBW, the SBA Administrator crisscrosses the country to commemorate the festivities. This year, the administrator, Maria Contreras-Sweet, will pop up in:

·        Miami/Boca Raton

·        Los Angeles

·        San Antonio

·        New York

·        Washington, D.C.

Each city will hold national events and all business people are invited to attend, but you need to register in advance. For all those unable to attend in person, the SBA has arranged for each event to be live streamed -- you can tune in at www.sba.gov.

"Dream Big, Start Small"

That's the theme for the 2015 commemoration. In addition to the five national venues, the week will see many local events in which experts will impart advice on a number of important topics, such as getting an SBA loan or bidding on a government contract. Parties and networking will enliven the week, and it's a great opportunity to get your small company's name out there. Some cities will host events later in May. For example, San Francisco will hold a seminar on May 16 about doing business in that city. 

The contributions of small-business owners to the American economy can't be overestimated. Small company growth spurs employment and wealth, and many small businesses become medium- and large-sized ones over time. The NSBW is a fitting tribute to the hard work of entrepreneurs who deserve recognition for all they do. So don't be a wet blanket -- join in and enjoy, you've earned it!

FREE SBF Webinar - How Do I Manage My Business Finances

Please register for How Do I Manage My Business Finances on May 13, 2015 9:00 AM MDT at: 

https://attendee.gotowebinar.com/register/1240633211809069826


"A lot of small business owners/managers muddle through rather than knowingly manage the financial affairs of their business. They have a good overall business model and they manage other aspects of their business fairly well. But when you start talking about financial topics, they get sweaty palms." This Webinar will offer solutions to these issues! 

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This webinar will be presented by Jim Crimmins, a national speaker on taxes for small businesses. Mr. Crimmins has been a small business owner for over 30 years, starting 4 businesses from scratch. Previous to that he was in corporate America as an executive for two large NYSE companies. You will enjoy hearing his presentation and the personal experiences he will discuss with you.

After registering, you will receive a confirmation email containing information about joining the webinar.

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SBA Webinar - How Online Payments Can Drive Small Business Growth

Thursday, May 7, 2015
How Online Payments Can Drive Small Business Growth

PayPal and the SBA present a special National Small Business Week webinar about payments as a trigger for small business growth. Tune in to an interactive discussion featuring Crisloid, a PayPal merchant, and hear how simple steps like adding a payments button to your website can spur growth.

2:30-3:30 p.m. (EDT)
SBA and PayPal
Register here

www.sba.gov/nsbw/webinars

SBA Webinar - Voluntary Benefits: Not Just For the Big Guys

Wednesday, May 6, 2015
Voluntary Benefits: Not Just For the Big Guys
Many small businesses do not offer benefits. Many business owners don’t think they can afford them, don’t know that their business is large enough to qualify, or think they’re too much of an administrative hassle. But the truth is, you can offer a strong benefits package to your employees, even though your business is small. Join this webinar to learn more about voluntary benefits and how can they help your business.

4-5 p.m. (EDT)
SBA and Colonial Life
Register here

www.sba.gov/nsbw/webinars

SBA Webinar - What Small Business Owners Need to Know about Liability for Counterfeit Fraud on Chip Card Accounts

Tuesday, May 5, 2015
What Small Business Owners Need to Know about Liability for Counterfeit Fraud on Chip Card Accounts
Liability for counterfeit fraud on chip card accounts will shift from the chip card issuer to business owners who have not upgraded to chip-activated terminals. Visa will bring together experts to help you understand how new payment technologies impact your business’ bottom line.

3-4 p.m. (EDT)
SBA and Visa
Register here

www.sba.gov/nsbw/webinars

SBA - National Small Business Week hosting training webinars May 4-7

National Small Business Week hosting training webinars May 4-7

Release Date: 

Thursday, April 30, 2015

 Release Number: 

15-41

Contact: 

Terry Sutherland (202) 205-6919

Internet Address: 

http://www.sba.gov/news

WASHINGTON, D.C. – As part of National Small Business Week (May 4-8), the U.S. Small Business Administration and co-sponsors will be hosting numerous training webinars from May 4-7.  The webinars cover a variety of common business topic areas regarding pay, digital footprints, new chip card payment technologies, benefits packages, and online payment strategies.

Monday, May 4, 2015
Do I Have to Pay My Employees for That?
Common and Not-So Common Workplace Scenarios
Join us as we discuss some of the common pay and time-tracking questions ADP's HR HelpDesk fields every day. Participants will learn about the Fair Labor Standards Act (FLSA), correctly classifying employees as exempt, non-exempt or as an independent contractor, and more.

4-5 p.m. (EDT)
SBA and ADP
Register here

www.sba.gov/nsbw/webinars