Posts Tagged ‘year-end’

This Summer, Grow Your Business and Refresh Yourself

June 5, 2015

Summer is the time for growing your small- and medium-size business, not slumbering away hot days.

For many, summer is the time for slackening efforts in the face of hot days and vacation schedules.

For smart small- and medium-size business leaders these months can be used to add sales, expand operations and prepare for year-end efforts.

While competitors slumber in the summer doldrums; it may be an opportunity for your business to steal sales.

At the least, July and August workdays can be used to plan fall campaigns, review year-to-date results, recharge employees, and make changes necessary to close year-end business ahead of plan.

Here are five suggestions for making your business more productive this summer:

  1. Review your business’ first six months results and identify what worked and didn’t work during this period. Include, expand the best performing efforts in the final year-end push.
  2. Take advantage of the slower period to reach out to current and former customers with new ideas, promotions. There is less clutter during this period and the message may stand out better.
  3. Develop a business program for hitting the bricks in September. Customers view this month as a fresh beginning, offer them something innovative.
  4. Use this time to refresh the company’s inner-communications with informal gatherings and perhaps a picnic. Casual Fridays are nice but perhaps a Thursday pizza party or adding flex hours will appeal to your staff.
  5. Above all, for small- and medium-size business leaders used to 24/7 work weeks it is important to recharge their own batteries. Leave the business alone for one day a week and let others take charge. The results will most probably surprise those leaders.

Happy Summer!

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Some Year-End Tax Reduction Strategies For Small Businesses

December 9, 2009

For everyone:
• Take charitable donations by the end of the year and make sure you have receipts for all contributions above $250.
• Take advantage of the $13,000 gift tax exclusion which can be done without reporting to the IRS for any number of individuals and not pay a gift tax.  
For business owners there are some things that can be done:
• Some expenditures (business equipment, supplies, etc.) qualify for the up to $250,000 business property Section 179 expense of assets bought and placed into service this year.
• In a partnership or S corporation, you can take advantage of business losses for 2009.
• If you are self-employed or own a small business, you can set up a retirement plan and take advantage of making payments toward the plan, which will reduce your 2009 taxable income.
• Consider extending your subscriptions to professional journals, paying union or professional dues, enrolling in (and paying tuition for) job-related courses, etc., to bunch into 2009 miscellaneous itemized deductions subject to the 2 percent-of-AGI floor.
Also you should consider making changes that will reduce your income tax for the 2010 tax year by taking the following actions:
• Increase the amount you will set aside for next year in your employer’s health flexible spending account (FSA, HRA or HSA), especially if you set aside too little this year. Be sure to include costs for over-the-counter drugs, such as aspirin and antacids.
• If you become eligible to make health savings account (HSA) contributions in December of this year, make a full year’s worth of deductible HSA contributions for 2009.