Tag: Business Management (12 articles found) - Clear Search


Resilience And Business Growth

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"Creativity is the answer. I always prefer the creative solution to an expensive solution." -Keenen Ivory Wayans

The Wall Street Journal released an article at the beginning of March, and the subject matter was bad news.

To be clear, the article highlighted how tax professionals and accountants deliver bad news ... something more prevalent this year than many years prior. You and/or your business may have already felt the weight of some big tax changes this year. You are not alone in what the changes have meant for your tax refund, but the article brought up an interesting point: Read More...


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Tracking Your Key Business Metrics

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"With acceptance comes opportunities. And with opportunities come numbers and, most importantly, hope." - Julie Foudy

If you are involved in making decisions for your business' growth, then you know: it's a numbers game.

There is inherent value in creating sales and marketing goals, and there's also value in measuring those goals on a week-to-week basis. At quarter's end, sales and marketing results will indicate if quantitative data was left out of your organization's process. In other words, if you fail to track numbers at the beginning of the quarter, you won't be happy with your numbers at the end of the quarter.

I want to discuss how your team can begin measuring numbers with consistency, because the reality is that numbers are too important to ignore.

One of the hardest things about tracking your numbers (read: growth or decline) is transparency. It's hard to let others in on the reality of your business' sales and marketing efforts, especially if there's underperformance. But that's exactly why you should press for such transparency. Read More...


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Outlining What Occurs During A Business Audit For Salt Lake County Businesses

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"The best preparation for tomorrow is doing your best today." - H. Jackson Brown Jr.

The issue we're tackling today might overwhelm you because of what it means for your business. But there's a simple, helpful solution -- have us handle all of it for you. Please reach out if you find out the IRS is auditing your business. We'd love to help in any way.

Before I dive into some ways you can prepare for a business audit, allow for a quick refresher:

IRS audits are often not initiated at random. The IRS will likely audit businesses with glaring errors from business taxes filed the year before (i.e. when they sense something is up). These tax audits cover a number of areas such as employment and income tax. They are comprehensive and not something to take lightly. Read More...


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Three Key Reasons You Should Consider Offering Unlimited Paid Time Off (PTO) For Your Company

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"It is not more vacation we need - it is more vocation." Eleanor Roosevelt

There is a lot of discussion these days surrounding employees taking time off. Specifically, a number of organizations have enacted "Unlimited Paid Time Off (PTO)" as company policy.

No limit to vacation days ... for all of their employees.

If this concept is foreign to you, it's reasonable to ask how these companies meet their quarterly objectives, and finish the fiscal year above and beyond their goals.

But although there can be setbacks, I want to give you a few reasons why Unlimited PTO might be an interesting conversation to drum up with HR ... all you'll need to bring is a cup of coffee and wide open mind. Read More...


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Four Key Steps For Effective Customer Care

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"Humility is attentive patience." -Simone Weil

In April of 2017, NPR conducted a survey which produced some eye-opening stats on Americans' beliefs about the tax code. Among those stats: nine out of 10 Americans, across party lines, believe the tax code is too confusing.

Let that sink in ... 90%.

But rest assured, that is why we are here -- to help Salt Lake County individuals like you who have any type of question regarding your personal or business taxes. As you can imagine, we've heard every kind of question (about which, let me say, there are no dumb questions when it comes to this stuff), and we have all the answers to help guide you. Read More...


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Janet Behm's Three Simple Steps Towards a Better Business Budget

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"We must consult our means rather than our wishes." - George Washington

Preface: Your budgeting team should schedule a recurring meeting at the beginning or end of each month to discuss what's going well, what needs to change, etc.

That's the first thing you need to do.

1. The Costs You Count On

Once your meetings are set, and you've created a budget document (Excel, Sheets, Quickbooks, etc.), record income and fixed costs which you'll revisit every month. Those two items are crucial to surviving and thriving as a business. Read More...


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How to Eliminate Workplace Gossip in Your Business

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"Be warned: A person content to sit with you and criticize others will speak critically of you out of earshot." - Richelle Goodrich

There are clearly some big problems going on in our world today. And on the nightly news, we often get the 1,000-foot view of how divided our nation is. Yet a topic like gossip is a bit more up-close and personal to us because it's something many of us face everyday. How should we respond to it?

"Everyone thinks of changing humanity and nobody thinks of changing himself."

- Leo Tolstoy

You see, this topic is touchy. Why? Because no one wants to admit that they are partaking in workplace gossip. Instead, men and women across the country will instead refer to gossip, if not verbally than at least rationally, as confirmation. Here's what I mean...

Jonathan in Sales

When fellow employees get on your nerves regularly, it's easy to keep those feelings inside. Why start drama with him or her when your team has too much to get done?

But because Jonathan in sales is regularly late on reporting data, which helps you do your job, you may start to seek confirmation that Jonathan is doing his job poorly -- this way, others will know why your job might be suffering as a result. Read More...


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Janet Behm's Updated Tax Preparation Checklist for 2019

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"Right actions in the future are the best apologies for bad actions in the past." - Tyron Edwards

With all of the changes every year (and, of course, that's especially true THIS year), filing your taxes on your own is not for the faint of heart. That's even with nice-looking software on the market which purports to make it easy for you.

But that's what we're here for. Let us make it easy for you.

Below is a list of what you will need during the tax preparation process. Not all of them will apply to you -- probably MOST will not. Nonetheless, it's a useful checklist.

Before you get overwhelmed: yes, this is a long list -- but it's the unfortunate reality of our tax code that it's not even comprehensive. But these items will cover 95% of our clients. Really, this is for ensuring that we're able to help you keep every dollar you can keep under our tax code. Read More...


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The TCJA And What It Means For Your Business

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"Tax complexity itself is a kind of tax." - Max Daucus

A, B, C, D, E, F, G ... something, something ... T, C, J and A.

Remember when the alphabet meant singing songs in class? We don't really either...

But now, thanks to those last four letters, it means small income tax rate reductions for individuals, and larger ones for corporations. The Tax Cuts and Jobs Act (TCJA) was signed on December 22nd, 2017 and brought many new provisions with it.

As far as Salt Lake County businesses are concerned, the new law is worth looking into. If you have yet to do so, my goal below is to highlight some specifics before your eyes glaze over ... I do remember that from school. Read More...


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Strategizing Your Business's Cash Flow Plan For 2019

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"Education is the key to unlock the golden door of freedom." - George Washington Carver

If I've learned anything by watching hundreds of businesses succeed and fail during the course of running my business, it's this: the lifeblood of any business is its ability to collect cash and pay bills as well as pay its employees, particularly its owners.

However, many Salt Lake County small businesses are profitable on paper, but they do not have enough operating capital to meet their current needs. Consequently, they may be forced to sell out to a stronger competitor, sell a portion of the company to investors at an undesirable price, or close the doors and put the company out of business. None of these alternatives are typically what the owners intended when they started their business.

They're working without a map, and as they say: cash is king. Not knowing how to plan for it could be killing your business.

Any cash flow plan prepared by the management of the company or an outside consultant can be no more than a guess as to when your customers will pay. It is a little easier to forecast when your business obligations are due, but many variables interfere here as well. Hopefully, the more effort that is put into cash forecasting, the better will be the educated guess and the more accurate the resulting picture of the future operations of your business. Read More...


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