Contributed by Roger Diez, CEO
Get It Write Inc.
Today just about every business needs a website. Even if you don't actually take orders and collect money online, people go to your website to learn about your business. What they find there makes them a one-time visitor, a frequent reader, or a customer. The difference is whether your content appeals to them. If it's just standard boilerplate about your company, the founder, products and services, blah, blah, blah, you probably won't have many return visitors and even fewer customers.
To truly engage visitors to your website, you need to appeal to their interests and tell a compelling story. Yes, tell a story. People read mysteries and romance novels because they get engaged in the stories and the characters. Your website content should do the same. Post some interesting stories about how customers solved a problem with your product or service. Feature unusual hobbies your employees are engaged in. Tell about your experiences with helping a charity or non-profit do great things in the community. And keep it fresh. If visitors find the same old thing on two or three successive visits, they won't be back.
If you don't have the internal expertise to create compelling content for your website, look around and see if you can find a writer to do it for you. It's perfectly OK if the writer doesn't know your business, because he or she will tend to avoid jargon and insider terms. Someone with a journalism background will be used to interviewing and getting to the heart of the story. Remember, interesting content draws interested visitors, who in time will either become customers or send customers to your site.
Contact Roger Diez directly if you would like assistance with your business writing.
Freelance writing/editing. Specializing in business writing, web content, newspaper/magazine articles, press releases, sales collateral, radio/tv commercials.
Mobile: (775) 721-6230 Fax (775)246-3432
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
About Us
“Carson City’s Business Achievement Center is a diverse coalition of businesses that work collaboratively to offer an array of resources, services and expertise locally, regionally and nationally to assist start-up, established and expanding businesses.”
Sep 19, 2012
Sep 18, 2012
Evaluating Efficiency for Next Level Expansion
Definition of Efficient-
1. well organized: performing tasks in an organized and capable way
2. able to function without waste: capable of achieving the desired result with the minimum use of resources, time, and effort
Starting and maintaining a business is definitely a challenging task- especially in today’s economy. If your business has survived for two years or more, you deserve to be congratulated for beating the odds.
So you’re ready to take it to the next level. Now what? You want to grow your business, but how are you going to handle the work load? No matter what business you’re in, you must always be prepared to:
Evaluate
Plan
Change
Evaluating your business requires an open mind. Clearly you have been doing some things right or your business wouldn’t have survived thus far. But is your business running as efficiently as possible?
If you’re hoping to grow and take on more business, you should do an efficiency evaluation well in advance. In fact, you should do that right from start. It should be part of your overall plan.
How do you make your business more efficient?
Take a look at how your employees are doing their work and get their input. They are your best inside resource. Ask them what problems they're having and get their ideas on how to fix them. They may not all be feasible, but you won't know if you don't ask.
Consider things such as new software and equipment. What you have may be working, but there may be better options that won't break your budget. Change has a way of finding us even when we're not looking for it, but you're better off being proactive versus reactive.
Pay attention to your management team. Make sure they understand the importance of managing resources for efficiency. They should be managing resources and leading people. Perhaps training is in order.
Utilize outside resources. Go to the experts. Henry Ford once said "I may not know how to run an automobile manufacturing plant, but I can hire people who do."
Here's an example of one successful service company did. They had developed what they considered "a fine tuned system" for producing their product. The clients purchased a “package” and it was delivered in a satisfactory and timely manner about 90% of the time.
Business was good and they began to expand in another state.
The expansion challenges
They needed capital and they needed to be able to take on the additional work load. The “processing phase” although previously successful from the clients perspective, wasn’t as efficient as it could be. The busier they got, the more employees they needed, but errors were increasing with each new hire.
More employee time was being shifted from customer service to fixing errors. The cost to produce it was devouring capital in both profits and customer service time.
Simply taking out a business loan at the time seemed risky until they got things under control. So they wisely took the time to do a complete evaluation.
What they found after evaluating the process
Why the increase in errors? The same data from new orders was being entered over and over on multiple forms as well as in their database. More business meant more entries. More new customers meant more telephone calls and more distractions, etc.
They were spending an exorbitant amount of time correcting errors and unfortunately, too many of them went unnoticed.
Their solution
The did a database modification that included built in forms that pulled the information from the client’s record. This included a database generated form to compare to the purchase order to double check for accuracy before documents were actually printed. The data was now entered only once.
The process involved consulting with the company that designed their original database, but the majority of the modification was handled in house.
The benefits
The company ulitimately saved hundred of thousands of dollars in labor and materials. They were able to reduce the average processing time from start to finish from two hours down to twenty minutes with 99% accuracy (the human component).
Referral sales increased dramatically. All of those happy customers were eager to tell their friends about the excellent service they received. This company has since gone on to establish multiple affilate offices.
Your business may or may not be in the service industry, but if you’re not currently doing so, you should take the time to evaluate your business efficiency on a regular basis. If your business is going to continue to survive and get to the next level, it is a must.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
1. well organized: performing tasks in an organized and capable way
2. able to function without waste: capable of achieving the desired result with the minimum use of resources, time, and effort
Starting and maintaining a business is definitely a challenging task- especially in today’s economy. If your business has survived for two years or more, you deserve to be congratulated for beating the odds.
So you’re ready to take it to the next level. Now what? You want to grow your business, but how are you going to handle the work load? No matter what business you’re in, you must always be prepared to:
Evaluate
Plan
Change
Evaluating your business requires an open mind. Clearly you have been doing some things right or your business wouldn’t have survived thus far. But is your business running as efficiently as possible?
If you’re hoping to grow and take on more business, you should do an efficiency evaluation well in advance. In fact, you should do that right from start. It should be part of your overall plan.
How do you make your business more efficient?
Take a look at how your employees are doing their work and get their input. They are your best inside resource. Ask them what problems they're having and get their ideas on how to fix them. They may not all be feasible, but you won't know if you don't ask.
Consider things such as new software and equipment. What you have may be working, but there may be better options that won't break your budget. Change has a way of finding us even when we're not looking for it, but you're better off being proactive versus reactive.
Pay attention to your management team. Make sure they understand the importance of managing resources for efficiency. They should be managing resources and leading people. Perhaps training is in order.
Utilize outside resources. Go to the experts. Henry Ford once said "I may not know how to run an automobile manufacturing plant, but I can hire people who do."
Here's an example of one successful service company did. They had developed what they considered "a fine tuned system" for producing their product. The clients purchased a “package” and it was delivered in a satisfactory and timely manner about 90% of the time.
Business was good and they began to expand in another state.
The expansion challenges
They needed capital and they needed to be able to take on the additional work load. The “processing phase” although previously successful from the clients perspective, wasn’t as efficient as it could be. The busier they got, the more employees they needed, but errors were increasing with each new hire.
More employee time was being shifted from customer service to fixing errors. The cost to produce it was devouring capital in both profits and customer service time.
Simply taking out a business loan at the time seemed risky until they got things under control. So they wisely took the time to do a complete evaluation.
What they found after evaluating the process
Why the increase in errors? The same data from new orders was being entered over and over on multiple forms as well as in their database. More business meant more entries. More new customers meant more telephone calls and more distractions, etc.
They were spending an exorbitant amount of time correcting errors and unfortunately, too many of them went unnoticed.
Their solution
The did a database modification that included built in forms that pulled the information from the client’s record. This included a database generated form to compare to the purchase order to double check for accuracy before documents were actually printed. The data was now entered only once.
The process involved consulting with the company that designed their original database, but the majority of the modification was handled in house.
The benefits
The company ulitimately saved hundred of thousands of dollars in labor and materials. They were able to reduce the average processing time from start to finish from two hours down to twenty minutes with 99% accuracy (the human component).
Referral sales increased dramatically. All of those happy customers were eager to tell their friends about the excellent service they received. This company has since gone on to establish multiple affilate offices.
Your business may or may not be in the service industry, but if you’re not currently doing so, you should take the time to evaluate your business efficiency on a regular basis. If your business is going to continue to survive and get to the next level, it is a must.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 17, 2012
Five Questions to Ask When You're Thinking of Starting a Business
With hundreds of thousands being laid off during this current recession many are starting their own business. Individuals are often attracted by the thought of more flexible working hours and financial independence.
But when they embark upon their new business venture, especially after sometimes spending many thousands of dollars, they are hugely disappointed with the return on their investment. Also people often have an unrealistic view of what running a business entails.
While setting up and running your own business can certainly be a great idea, even in this economic downturn, one has to tread carefully. People often choose a business that they have feel they have an affinity to and this can certainly have its advantages.
For example, some choose to go into the restaurant business because they enjoy good food and eating at great restaurants. However, being a guest at a restaurant and being a restaurant owner are very different.
Another mistake that people make is that they choose a business where essentially they're exchanging their time for money without any hope of ever being able to automate their business or at least elements of it. Hence, the time freedom which many dream of is not achievable. While starting any business will require a considerable investment of time to get the business off the ground, you should have a strategy whereby you can step away from the business and still have income coming in.
So here are five questions to consider when you're thinking of starting a business.
1. Is the business a good fit for you?
Do your due diligence and thoroughly research any business opportunity. Make sure that it is a good fit for you. Talk to other business owners working in the same industry to get a realistic idea of just what is involved in running the type of business you're considering.
2. How will it change your lifestyle?
Running a business will undoubtedly have an impact on not only your lifestyle but also that of your family and initially that impact may not be entirely positive. Ensure that you have the support and understanding of family members before you start out. This will help to ease the way forward later.
However, as your business becomes more established you'll expect your lifestyle to improve. So put in place clear indicators to let you know whether or not you're on target and adjust your strategy accordingly if not.
3. How much money will you have to invest?
Whatever your monetary investment you need to know how long it will take you to breakeven and how long it will take you to start making a profit. You especially need to know these figures if your initial investment is a large one. It's one thing to start a business with a couple of hundred dollars and quite another when you're investing many thousands of dollars.
4. Do the figures, etc. presented really add up?
Research any figures that are presented to you and, where possible, verify case studies that are presented to you. Unfortunately, it's all too easy to produce fake case studies, testimonials and even sales figures. Also remember that when case studies are presented it is usually the best case studies that are highlighted.
While the fact that one person achieves great success with a particular business model is proof that, given the same opportunity, someone else can achieve a comparable level of success the fact remains that many people don't. You certainly want to have high expectations of any business you embark upon but you also want to have realistic expectations so do your due diligence.
5. What additional training will you have to do?
If you're going into business for yourself you'll need to undertake training. In some cases the training will be a pre-requisite of the business you're going into. For instance, if you decide to buy a franchise then you'll have to undergo the training that company offers. However, there are so many new developments in the world of business that you have to keep your skills up-to-date.
So conduct a skills audit to determine what training you need and then seek out the necessary training. There's lots of training available and it can also be easy to get distracted so remember that it's important not only to learn new skills but to put them into action as well.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
But when they embark upon their new business venture, especially after sometimes spending many thousands of dollars, they are hugely disappointed with the return on their investment. Also people often have an unrealistic view of what running a business entails.
While setting up and running your own business can certainly be a great idea, even in this economic downturn, one has to tread carefully. People often choose a business that they have feel they have an affinity to and this can certainly have its advantages.
For example, some choose to go into the restaurant business because they enjoy good food and eating at great restaurants. However, being a guest at a restaurant and being a restaurant owner are very different.
Another mistake that people make is that they choose a business where essentially they're exchanging their time for money without any hope of ever being able to automate their business or at least elements of it. Hence, the time freedom which many dream of is not achievable. While starting any business will require a considerable investment of time to get the business off the ground, you should have a strategy whereby you can step away from the business and still have income coming in.
So here are five questions to consider when you're thinking of starting a business.
1. Is the business a good fit for you?
Do your due diligence and thoroughly research any business opportunity. Make sure that it is a good fit for you. Talk to other business owners working in the same industry to get a realistic idea of just what is involved in running the type of business you're considering.
2. How will it change your lifestyle?
Running a business will undoubtedly have an impact on not only your lifestyle but also that of your family and initially that impact may not be entirely positive. Ensure that you have the support and understanding of family members before you start out. This will help to ease the way forward later.
However, as your business becomes more established you'll expect your lifestyle to improve. So put in place clear indicators to let you know whether or not you're on target and adjust your strategy accordingly if not.
3. How much money will you have to invest?
Whatever your monetary investment you need to know how long it will take you to breakeven and how long it will take you to start making a profit. You especially need to know these figures if your initial investment is a large one. It's one thing to start a business with a couple of hundred dollars and quite another when you're investing many thousands of dollars.
4. Do the figures, etc. presented really add up?
Research any figures that are presented to you and, where possible, verify case studies that are presented to you. Unfortunately, it's all too easy to produce fake case studies, testimonials and even sales figures. Also remember that when case studies are presented it is usually the best case studies that are highlighted.
While the fact that one person achieves great success with a particular business model is proof that, given the same opportunity, someone else can achieve a comparable level of success the fact remains that many people don't. You certainly want to have high expectations of any business you embark upon but you also want to have realistic expectations so do your due diligence.
5. What additional training will you have to do?
If you're going into business for yourself you'll need to undertake training. In some cases the training will be a pre-requisite of the business you're going into. For instance, if you decide to buy a franchise then you'll have to undergo the training that company offers. However, there are so many new developments in the world of business that you have to keep your skills up-to-date.
So conduct a skills audit to determine what training you need and then seek out the necessary training. There's lots of training available and it can also be easy to get distracted so remember that it's important not only to learn new skills but to put them into action as well.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 14, 2012
Tax Benefits of Medical and Dental Reimbursement Plan
UTILIZATION OF THE TAX BENEFITS AFFORDED BY A MEDICAL AND DENTAL REIMBURSEMENT PLAN
In recent years one of the more common tax benefits utilized by closely held corporations was the Executive Medical and Dental Reimbursement Plan (Section 105(h) of the Internal Revenue Code). Section 89 of the Internal Revenue Code enacted by the Tax Reform Act of 1986 would have repealed section 105(h) and replaced it with a more complex set of rules. Congress repealed Section 89 in 1989 and reinstated Section 105(h). The plan must meet certain eligibility and benefits requirements, otherwise the plan is deemed discriminatory, and all (or a portion) of the benefits paid thereunder would be included in the gross income of the employees so benefited.
Eligibility Requirements
A plan satisfies the nondiscriminatory eligibility requirements if it meets either of two standards, which are similar to the nondiscriminatory eligibility requirements applicable to pension plans prior to revision of the 1986 Tax Reform Act. Under the first alternative eligibility standard, a plan must benefit at least 70% of all employees (or 80% percent of all employees if at least 70% percent of the employees are eligible). Under the second alternative eligibility standard, a plan must benefit a classification of employees set up by the employer and found by the Secretary of the Treasurer not to be discriminatory in favor of employees who are highly compensated individuals. In applying the alternative eligibility standards, the act provides that there may be excluded from consideration any employee who: (1) has not completed 3 years of service, (2) has not attained the age of 25, or (3) is a part time or seasonal employee.
In addition, employees in a collective bargaining unit can be excluded from consideration under the rules similar to those provided for qualified pension plans if there is evidence that accident and health benefits were the subject of good faith bargaining. Similarly, the Act provides for the exclusion of nonresident aliens, under pension plan rules.
Benefit Requirements
The act further provides that benefits must not discriminate in favor of employees who are highly compensated individuals. A plan does not meet the requirement of nondiscriminatory benefits unless all benefits provided for employees who are highly compensated individuals are also provided for all other employees. In testing plan benefits for discrimination, all facts and circumstances are to be taken into account. Consequently, if a plan, or a particular benefit provided by a plan, is terminated, the termination would cause plan benefits to be discriminatory if the limited duration of the plan or benefit has the effect of discrimination in favor of the highly compensated. This situation could arise, for example, where the duration of a particular benefit roughly coincides with the period during which a highly compensated employee utilizes that benefit. The requirements of the act are not violated merely because benefits under an employers plan are offset by benefits paid under a self-insured or insured plan of the employer or another employer, or by benefits paid under Medicare or Federal or State law.
Highly Compensated Employee
A highly compensated employee is: (1) one of the five highest paid Officers, (2) a Shareholder (owning more than 10 percent of stock, directly or indirectly), or (3) one of the highest paid 25% of all employees (other than employees who may be excluded from consideration).
Excess Reimbursement
Excess reimbursement to a highly compensated employee during a plan year under a self-insured medical reimbursement plan is included in the gross income of the employee for the taxable year in which the plan years ends. Reimbursement is an excess reimbursement if it is a discriminatory benefit, that is, if it made under a plan benefit which is provided for an employee who is highly compensated, but not to all employees who are not highly compensated.
In addition, a portion of the total amount reimbursed during a plan year to each employee who is highly compensated is an excess reimbursement if the plan does not meet the nondiscriminatory eligibility requirements. The excess reimbursement portion is determined by multiplying the total amount reimbursed to the employee during the plan year by a fraction, the numerator of which is the total amount reimbursed during that year to all employees who are highly compensated and the denominator of which is the total amount during that year to all employees. In computing the amount of an excess reimbursement because a plan does not meet the nondiscriminatory eligibility requirements, however, discriminatory benefits are not taken into account.
Regulations promulgated by the Secretary of the Treasury provide that reimbursements for certain medical diagnostic procedures do not have to be considered part of a plan, and are not subject to the nondiscrimination requirements of Section 105(h). Included with your new Corporate Kit is a copy of a plan together with a special set of minutes adopting the plan. To set the plan in operation, the papers need only be completed.
For assistance with incorporating your business contact
American Corporate Enterprises, Inc. Toll free (888)274-1130
http://www.americancorpenterprises.com
For assistance with bookkeeping and taxes contact
Elite Bookkeeping & Tax Services, Inc. Toll free (800)416-3820
http://www.elitebookkeeping.biz
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 13, 2012
Five Great Questions to Ask Your Vendors
How easy are you to fool? Most of us tend to consider ourselves savvy professionals. After all, if you own a business, you clearly have some level of aptitude when it comes to the business world around you. Yet there are still situations where we may end up taken in, tricked, misled, or just plain romanced. The problem is, all around in the world there will always be some new technology or feature that could help change your business.
If you are smart, you at least take the time to listen to new ideas... but the downside of that openness is that you might unintentionally open yourself up to being the victim of a scam of some sort. Not every scam stinks the first moment you see it, because not every one is malicious in nature. But your time and money are valuable and you need to be able to protect yourself from those who might waste one, or both — whether they realize they are about to do it or not.
Here are five questions you should ask anyone who might be selling you something to test whether they will be a good partner to work with or if they might just be full of hot air:
1. How will you measure if our partnership is successful? Most people will be ready to answer a question of how to measure success for you and your business — or at least they should. The more challenging question is about what makes entering a relationship with your business successful for them. The answer they give you will tell you a lot about how they see the relationship they are about to enter with you.
2. What else will I need to budget for next year? Many technology buyers are familiar with a concept commonly abbreviated as TCO — or the Total Cost Of Ownership. This simply refers to your overall cost of buying something over time. Asking the question about budgeting for the next year, though, can get a sales person to open up about ongoing costs in a way that asking about ongoing costs might not, because they can see dollar signs for future money. And the upside is that you will get real info on what your total cost of ownership will be.
3. Who else will I be working with (or what other products will I need to buy)? One of the oldest tricks in selling services professions is bringing the "A-team" to a first meeting with you and getting you to fall in love with the stars on the team (who you may not necessarily work with). To make sure you are not getting romanced by one superstar, insist on meeting more of the team members and individuals who will actually work on your business. If you are buying a product, make sure you see the other products in the range that you may need or want to purchase at some point in the future.
4. Where will I be in your range of customers? It is a fair question to ask to find out how important your business is likely to be to a new company that you will be working with. This does not, however, mean that you always need to find a company as a partner where you will be a big part of their customer list... it will just give you a sense of what you might expect and also help you ensure that you are not paying a premium for service when you know you are just a small part of the overall portfolio of customers for who you decide to purchase from.
5. What do I need to do to get a better deal in the future? Once you understand the costs that are involved in whatever you are purchasing, you should also get an answer for the future on how you might be able to negotiate a better deal. This will be valuable to know because if your business increases and you end up purchasing more, you need to know the thresholds to get more preferential pricing, or how else you can improve your contract moving forwards.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 12, 2012
What is a "Non Profit" Organization?
A Non Profit organization (NPO) is a business entity where making a profit is not a primary mission. Typically, Non Profits are engaged in charitable, educational, religious, or artistic activities of public or private interest. Since Non Profit organizations cannot distribute profit to their directors, officers, or members (those who participate in the management of the Non Profit) any income generated by the Non Profit must ultimately go back into the organization. However, Non Profits can hire and pay staff to carry out operational and administrative functions.
If you choose to incorporate your Non Profit as a 501(c) corporation, you can choose from 26 types – 501(c)(1) to 501(c)(26). Section 501(c)(3) is the most common federal tax exemption for Non Profits, which exempts the Non Profit from taxes on income directly related to the organization’s mission. Therefore, many Non Profits are often referred to as 501(c)(3) corporations. Refer to IRS.gov to learn more about other types of 501(c) incorporation.
Forming a Non Profit 501(c)(3) Corporation
Incorporation for Non Profits is very similar to creating a regular corporation, but with the extra steps of applying for tax-exempt status with the IRS and your state tax department. Becoming a Non Profit corporation requires some paperwork, but for many groups the benefits of Non Profit status outweigh the complications.
Here are the steps you must take to incorporate your Non Profit:
Choose a Business Name. Your business name (1) must be different from an existing corporation registered in your state’s office and (2) must indicate that it is a corporation by ending with the words: “corporation,” “incorporated,” “limited,” or a variation of those designations.
File your Incorporation Paperwork. You must next file formal paperwork, or articles of incorporation, and pay a small filing fee to your state. These "articles" contain basic structural information, such as the Non Profit name, its registered agent and office address, and membership structure, if any.
Create Corporate Bylaws. Corporate bylaws outline the rules of operation for your Non Profit corporation, which includes procedures like holding meetings and electing directors. Tax regulations and other state laws are often covered in the bylaws to ensure that the Non Profit is running legally.
Appoint Directors and Hold a Board Meeting. Depending on your state, your Non Profit must appoint at least 1 or sometimes even 3 directors to make major decisions in the corporation. Some states require that you appoint directors before filing your articles of incorporation. Afterward the appointment, directors formally adopt the bylaws and elect officers at the board meeting.
Obtain Licenses and Permits. You must obtain relevant business licenses and permits like any other business. Regulations vary by industry, state and locality. Use the Licensing & Permits tool on Business.gov to find a listing of federal, state and local permits, licenses, and registrations you'll need to run a business.
Start Fundraising. Now that your NPO is officially established you'll need to pay attention to its bread and butter - fundraising. State offices of the National Association of State Charity Officials* (NASCO) provide local fundraising regulations. While individual donors amount to the largest contributors to Non Profits, federal, state and local governments offer grants, loans and programs to fund NPO projects. Learn more about funding opportunities for your Non Profit on USA.gov.
Hiring Employees. If you are hiring employees, read more about federal and state regulations for employers.
Taxes.Most businesses will need to register with the IRS and state and local revenue agencies, and obtain a tax ID number or permit.
Non Profit organizations are not automatically exempt from federal and state taxes. Therefore, Non Profit organizations seeking tax-exemption must formally apply for federal recognition and in many cases state recognition. Before you apply, make sure that your Non Profit organization satisfies the following requirements from the IRS.
Eligible Non Profits can file for federal and state tax exemptions once their articles of incorporation are registered with the state. The instructions below outline the application process for Section 501(c)(3) status, the most common federal and state tax exemption for Non Profits:
Apply for Non Profit Federal Tax Exemptions. Submit an application to the IRS for your federal Non Profit status as a 501(c)(3) organization. You must file a Form 8718, User Fee for Exempt Organization Determination Letter Request and Form 1023, Application for Recognition of Exemption with the IRS. It's best to file within 27 months after the date of your incorporation. Learn more about the application process and other requirements and responsibilities of 501(c)(3) Tax-Exempt Organizations from the IRS.
Apply for Non Profit State Tax Exemptions. Laws from each state vary. Some states require a separate application, while others automatically grant you tax-exempt status when you obtain federal tax-exempt status. Other states require a copy of the letter from IRS that you have obtained federal tax-exempt status. Contact your state tax agency to find out what steps you must take.
Annual Filing Requirements. Once your Non Profit is deemed 501(c)(3) tax-exempt, you must file annually Form 990 Return of Organization Exempt from Income Tax, Form 990-EZ Return of Organization Exempt From Income Tax, or Form 990-PF Return of Private Foundation. Learn more about annual filing requirements for exempt organizations at IRS.gov.
For incorporation assistance contact American Corporate Enterprises, Inc.
Toll Free (888)274-1130
Web site: http://www.americancorpenterprises.com
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 11, 2012
Is my computer infected?
By Credo Computer and Repair Services
There's nothing quite as scary to a business as having a virus spread through your office computers. The cost of down time, computer replacement and lost data can be astronimical. If you don't currently have an IT maintenance plan for your business, you should consider it.
Read about Malware, Trojan Horses and signs that your computers may be infected at this post by Credo Computer and Repair Services. Continue reading.
For assistance with your computer needs contact Eric Johnson at (775) 636-8378.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
There's nothing quite as scary to a business as having a virus spread through your office computers. The cost of down time, computer replacement and lost data can be astronimical. If you don't currently have an IT maintenance plan for your business, you should consider it.
Read about Malware, Trojan Horses and signs that your computers may be infected at this post by Credo Computer and Repair Services. Continue reading.
For assistance with your computer needs contact Eric Johnson at (775) 636-8378.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Quick Overview of Corporate Record Keeping
Contributed by Deanna Kelly, Office Manager
American Corporate Enterprises, Inc.
Corporate Record Keeping is very important. It’s the difference between being a Corporation or not. At the least you would need Minutes for an Annual Meeting. Minutes are very simple: Who, What, When, Where, Why.
Who was at the meeting?
What kind of meeting (Special or Annual)?
When was the meeting?
Where was the meeting?
Why did you have a meeting (what was discussed)?
You write or type this out and place it in your corporate book behind the Minutes tab. Minutes should be in chronological order.
Day to day business does not require a meeting or minutes. Anything outside of day to day minutes (ie. purchase of property or vehicle by the corporation) requires a meeting, minutes and a resolution. All to be filed in your corporate book.
You should have a meeting each year to elect new officers & directors. The resulting minutes should be filed in the corporate book as discussed previously.
Even though LLC record keeping requirements are not as stringent as for Corporations, you should still maintain a Company Record Book. If you don't have a Record Book for your Corporation or LLC, we can provide one for you. Just give us a call toll free at (888) 274-1130.
For more information about American Corporate Enterprises,Inc. visit their web site at http://www.americancorpenterprises.com.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
American Corporate Enterprises, Inc.
Corporate Record Keeping is very important. It’s the difference between being a Corporation or not. At the least you would need Minutes for an Annual Meeting. Minutes are very simple: Who, What, When, Where, Why.
Who was at the meeting?
What kind of meeting (Special or Annual)?
When was the meeting?
Where was the meeting?
Why did you have a meeting (what was discussed)?
You write or type this out and place it in your corporate book behind the Minutes tab. Minutes should be in chronological order.
Day to day business does not require a meeting or minutes. Anything outside of day to day minutes (ie. purchase of property or vehicle by the corporation) requires a meeting, minutes and a resolution. All to be filed in your corporate book.
You should have a meeting each year to elect new officers & directors. The resulting minutes should be filed in the corporate book as discussed previously.
Even though LLC record keeping requirements are not as stringent as for Corporations, you should still maintain a Company Record Book. If you don't have a Record Book for your Corporation or LLC, we can provide one for you. Just give us a call toll free at (888) 274-1130.
For more information about American Corporate Enterprises,Inc. visit their web site at http://www.americancorpenterprises.com.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 10, 2012
Making Expense Management A Priority
Always be internally-driven: Keep improving your process. Have a good employee suggestions program that works, that is, all suggestions are carefully evaluated and those that are implementable are actually implemented, and if they work out well, the employee is suitably rewarded.
Always be externally-driven: Stay on top of changes in technology and process. Even when a technology is not directly targeted at your application/process, you need to evaluate it to see if you can use it for cost reduction.
Competitor-driven: Benchmarking against your competitors is ideal. You must have real time data on your competitors' cost position. If you find that your competitor is doing better than you, immediate action is needed.
Always be Implementing a cost reduction program: After you have compiled the data from competitors and other industry benchmarks, set realistic goals first, though it is perfectly fine to have ultimate goals as well. Ruthless cost cutting can have negative consequences.
Develop a cost reduction program in consultation with each and every employee who could potentially contribute. Do not limit the team to managerial types. In many cases, the floor staff has a better understanding of what works and doesn't and how to make the process better.
Always do a ROI analysis. No cost reduction program should be undertaken until the ROI justifies it.
Explore all options for cost reductions and not just those related to business process redesign or technology/equipment upgrades. Some of the other options that can be considered are outsourcing or off-shoring.
Business process redesign - A simple framework for small and medium-sized businesses While growth is a preferred mode of creating value in almost all cases, an enterprise still needs to focus on operations management, or more specifically, on the robustness of its business processes. Business processes, therefore, may need to be redesigned from time to time for the following reasons:
1.Existing process are broken, or in other words, performing at sub-optimal levels
2.New technology/equipment/systems are available
3.Competitors have better business processes putting you at a competitive disadvantage
4.Business model transformation is being implemented
5.Customers expect you to align your processes with theirs
While business process redesign (or reengineering or revamping or overhaul) may initially seem overwhelming, it shouldn't be. In fact, most businesses should be able to do a large part of BPR on their own. We believe that no one knows an enterprise's processes better than their own employees. However, there are areas where an external advisor can create value:
1. Employees are often reluctant to identify broken systems, inefficiencies, errors, etc. because it is likely to make them look bad
2. Consultants and advisors, through their work with other companies, have a better
3. understanding of what works and what doesn't. Thus, by tapping into their knowledge base, you can not only save time and money, you are also ensuring that you are using the best practices available in the industry. They also have better idea about benchmarks and may, therefore, help you set realistic expectations from BPR
When an organization decides to outsource, reducing costs is always one of its main objectives. Then 'reducing' costs evolved into the need to 'control' them. And today, the financial aspects are often not even listed among the key points. It's true that cutting costs remains an important factor, but rather as a consequence of the main requirements: nowadays when an organization embarks on an outsourcing project, it is looking above all to safeguard its operation (thanks to state-of-the-art Data Centers, industrialized processes and formal, guaranteed levels of service), to make sure it has easy access to the expertise it needs to manage complexity within its information systems, to access technological innovations more quickly and to be in a position to respond to fast-changing business practices.
What customers presented to their service providers followed quite a simple formula: "do the same thing, but better, faster and at a lower cost". At that time, outsourcing often consisted very largely of taking over existing systems. But for the past five years, IT Departments have had to face a dual, and clear-cut acceleration: within business itself on the one hand, which has led their internal customers to expect their information systems to be much more responsive.
And, on the other hand, on the technological front, especially with Web technologies now reaching maturity (including those operating at back office level) and the growth in consolidation and virtualization.
Today's outsourcing contracts take this change into account and as a result they are including much more development work rather than simply operational tasks. Which is why costs no longer take center stage in the list of requirements for the contract: before doing things in a less costly way, you have to start by actually doing it in the first place!
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Sep 7, 2012
"Learn from the CEOs"
Don't miss our upcoming event on Sept. 20th. Seating is limited so call today!
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
Find out more about the Business Achievement Center at our web site http://www.BusinessAchievementCenter.com. Our group of Strategic Partners are here to help businesses from start-up to expansion with our experience and expertise.
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