Top 5 Essentials for Closing Out Your Fiscal Year

It’s that time of the year again. Are you prepared to close out 2010? Do you have your financial records ready for your CPA or tax preparer? If your answer is a resounding NO, then keep reading.

You told yourself after last year’s year-end fiasco that you wouldn’t let that happen again, but the next thing you know, it’s December 31st. Then it’s March 15th and your CPA or tax professional is screaming for your financial records. You’re stressed and end up having to file for extensions, which results in penalties and interest. Take charge this year! Break the cycle and take control by using the following “5 Essentials for Closing Out Your Fiscal Year.”

1.) Make an appointment with your CPA or tax preparer, and meet with your in-house accounting staff. Your CPA or tax preparer should provide you with a list of items that they will need to start working on your taxes. The sooner you and your accounting team can get started, the easier your year-end closing process will be.

2.) Organize your financial records, preferably by month. Make sure you have back-up for all transactions. Your files should be organized with financial reports on top, followed by bank and other statements with reconciliation reports, and your transaction back-up (check stubs, receipts, deposit slips, etc) attached.

3.) Do an inventory of your equipment and other assets. If any items were added or removed, your CPA or tax professional will need to know so they can properly account for them.

4.) De-clutter. Toss any items marked for follow-up that are not significant to your accounting. They are most likely expired or no longer relevant. If you are not sure, place them in a separate file to be reviewed by your CPA or tax preparer.

5.) Review your current accounting system with your team and make adjustments to put in place for next year. The point of this is to avoid the stress for next year by planning now; you will eliminate the hassle and create a system that puts you in control of your business.

Not sure where to start? Management Consultants of America, can help. We specialize in systems development. We can take your drawers full of financial records and prepare them for year end. Call (866) 380-0745 now for your free consultation or visit us at www.bookkeepingonsteroids.com

 

LaVonne Shields

QuickBooks Expert and Consultant, LaVonne Shields has over 10 years of experience working in several industries (including banking, real estate, construction and non-profit). Her specialized training and consulting services help to provide peace of mind and relieve stress when it comes to bookkeeping and accounting all while improving the bottom line. She is the author of “Bookkeeping on Steroids,” and an instructor for the Inland Empire Women’s Business Center in San Bernardino.

 

Customer Service Gives Little Guys Edge over Big Companies

“Economic recovery will be powered by small businesses. Period," wrote Tina Loza, current president of the local chapter of the National Association of Women Business Owners (NAWBO), upon returning from the National Conference in Washington, D.C. She said, "The message during the conference was clear and coming at us from all sources, Nancy Pelosi, Valerie Jarrett, and Karen Mills. They all had one clear, unwavering message...." Small businesses are the answer.

But small business owners need to start believing it and acting like it!
 
Recently after conducting a workshop on the topic of Small Business Marketing, a young woman approached me about a business she wanted to start. I was encouraging her with statistics and information, when she let out a big sigh and said, " Yes, but who will want to do business with my little company, when they can go to the big established company in town?" With a mixture of surprise and mild scolding, I warmly asked, "Girlfriend, have you not heard anything I've said in the last two hours?" She muttered, "I know, I know."

I pondered her comments as I drove home that night. It's one thing for business owners to hear all the "shoulds" of marketing techniques - the importance of having a plan, conducting research, formulating a target audience, determining your niche and value, and serving your customers through knowing their expectations. But it's quite another to actually apply and live it.

Let me enlighten you with the grim statistics: 50 percent of small businesses fail within the first five years. That's not even counting the hundreds more that never even get off the ground. Several reasons contribute to their failure. Lack of planning is a major factor. And business owners don't fully grasp that they have a major competitive advantage: their small size. This becomes the basis for providing personalized customer service.

Small businesses do themselves and their businesses a disservice by not knowing enough about their customers and what those customers expect. A few years ago, Bain & Company conducted a study of 382 companies, revealing some interesting findings: 80 percent of the companies surveyed believed their customer service was already exceptional. And did their customers agree? In fact, only 8 percent of these same companies' customers rated their customer service experiences as "superior." It sounds like someone is out of touch --and it's not the customer.

Small businesses have the opportunity to learn from this study to leverage their competitive advantage. Here's how:

• Understand that everything you do as a business owner shows your commitment to customer service, from answering the phone to delivering the invoice.
• Learn what customers want; learn what they expect. Remember that a basic, human need is to feel important and respected. How can you deliver this for your customer --even in a small way? A handwritten Thank You card produces a big impact.
• Apply the "WIIFM" concept: know that your customers are asking "What's In It For Me if I continue to do business here?" Ask yourself, "Would I want to do business here?"
• Deliver consistency of product and service. Train your employees. Use yourself as the model.
• Create systems and standards so that excellent customer service becomes the norm. Customer loyalty is the reward.
• Document great customer service moments. Use these to inspire your staff.
• Embrace customer service. Adopt these practices and begin building a stronger reputation with your customers. Those who provide world-class customer service will stand out from the crowd.
• Be a part of jumpstarting the new economic recovery.

 

Carolyn Ortman is owner of CKO Marketing & Training Group and is a 17-year member and past president of the American Marketing Association - Inland Empire. She can be reached at 951-784-9174 or www.ckogroup.com. Carolyn also teaches Customer Service Management at UC Riverside Extension.

Events Manager vs. Do It Yourself

When there is a need for a significant event that relates to your business relations such as promoting products, services, recognitions, fundraising, and even supporting a foundation cause, the question will inevitably arise: Do I hire an event manager, use an assistant or do it myself?

Deciding on whether to hire an event manager versus doing it yourself requires critical thinking before making a decision.

Doing It Yourself

Due to economic reasons, many companies are looking at areas where they can cut costs and some executives believe they can put together an event themselves and eliminate some costs. Sure, you can choose a venue and get that secured, but what about all of the other important details? Did you get the necessary permits and approvals? You can search the Yellow Pages for vendors such as caterers, but can the resources advertising in the Yellow Pages capture your vision and purpose of the event? Will the service provided produce an event that saves time and makes the most of your money invested?

Getting Assistance from an Assistant

Assigning assistants and volunteers to handle social gatherings, whether large or small, is an option. However, managing an event is typically difficult for these individuals because they may lack the knowledge, skills and ability to succeed in producing an event within the budget. Often these individuals are assigned the task to plan an event and they do just that--they plan. They use unknown resources without knowing the vendor’s track record or their performance of previous events they serviced. Businesses are looking for an event to be produced effectively and efficient. Many times due to the lack of skills and experienced executive assistants end up exceeding the budget or under estimating services and supplies. These deficiencies ultimately can cause a stressful atmosphere that leaves a negative experience that is not memorable.

Outsourcing to an Event Manager

First, it is important to recognize the significant difference between an event manager and an event planner. Managers execute and planners plan. Event managers specialize in the execution and management of an event from beginning to end. Second, be cognizant of the fact that event managers are experienced professionals. Assets to their clients are their organizational skills and keen attention to minute details involved for producing large and small events. Effective communications skill with the key ability to listen for the client’s needs is extremely valuable. Certification in the field of event managing is a plus, but it is not always required. Other positive attributes include being sociable, friendly, efficient and creative.

Business clients and individuals use event managers for various reasons out of both desire and necessity. Definitely time and money investing is the main reason to have a professional event manager. The first reason is the simplicity of using one point person to organize, execute and implement an event. Planning large detail-oriented event needs assistance in managing from the beginning to the end is the second reason.

When weighing the pro and cons of hiring an event manager or doing it yourself, keep in mind that your company reputation could be at stake. Attendees remember excellent event as well as really bad events. So, you can assign an assistant or recruit volunteers or you can even use the yellow pages for your next event. But ask yourself, can these individuals and the yellow page service provider capture my vision and produce a memorable event? Can the resources, people and companies be trusted to use your time and make the most of your money invested?

Lynnette Coachman is a special event consultant and owner of enTRUST Event Management & Design. She has vast experience in helping organizations plan, organize the details and meticulously execute from beginning to end. enTRUST Management captures the client’s vision of an event, offers trusted resources, applies dedicated time and energy, while making the most of the client’s money. Need an event manager for your next event? Contact Lynnette at lynncoach@verizon.net

Revolutionary Nutrition Program Designed to Combat Illness, Disease and Obesity

Riverside-based company Necessary Nutrition has created a revolutionary nutrition program designed to combat illness, disease, and fight obesity. The Necessary Nutrition University and Nutrition Program is a comprehensive program that takes a holistic approach to inspire lasting change.

Necessary Nutrition has collaborated with skilled professionals in the health, wellness and personal development industry to offer a program that integrates nutrition education, personal development and an action plan. The personal development side focuses on the discovery and management of self.

The Necessary Nutrition University begins with a full day interactive live seminar and continues for at least six weeks thereafter. After the seminar participants will begin their nutrition and accountability program. Each participant receives six weeks of custom nutrition plans, an accountability coach and six additional educational classes delivered online. In addition to the education and nutrition plans, attendees receive “Necessary Recipes,” a recipe book featuring healthy alternatives for common foods.

“The state of American health is outrageous and becoming more deadly as the days go by,” says Robin De-Ivy, founder of Necessary Nutrition. “If we remain on the current path healthcare costs will continue to skyrocket, death rates will rise and disability from mental and physical illness will become immeasurable. This program has been designed to address the many reasons why the majority of Americans are overweight.”

The next kick-off for the six week program will be Saturday, September 25th. During the actual seminar participants will receive four full meals, a live cooking demonstration, fitness class, education sessions and course materials.

According to one of the participants Kristi Cooke, “this program has had a significant impact on my weight battle. They addressed my emotional eating and helped me to uncover roadblocks I didn’t realize were holding me back. I have learned so much and by following the nutrition plan my weight is down, my sleeping patterns have improved and my energy level has increased.”

For additional information on the Necessary Nutrition University and Nutrition Program visit www.NessyNutri.com or call 1-866- 320-4164.

Necessary Nutrition, LLC was founded by Certified Nutrition Specialist, Robin De-Ivy Allen. Since 2007 Robin and Necessary Nutrition have helped hundreds of people drop more than 5000 pounds using food and education as their weapon.

Corporate Sponsor Southern Calif. Edison Presents Upcoming Workshop

NAWBO-IE Corporate Sponsor, Southern California Edison, is hosting a high-value workshop as part of its 2010 Business Edge Workshop Series in the Inland Empire

How to Prepare a Winning Marketing Plan

Speaker: Michael J. Scotto

A "living" marketing plan is an important management tool of every business owner.

The workshop will cover:

• A "how-to" approach to a sound marketing plan
• Understanding the marketing "process" to effectively market any business
• Tips and techniques on building a competitive edge
• Establishing objectives, strategies, tactics...and more

Date: Wednesday, September 1, 2010

Time: 5:30 PM to 9:30 PM

Cost: No Charge--Dinner Provided

Location: Doubletree Hotel Ontario

222 N. Vineyard Avenue

Ontario, CA 91764

RSVP by August 30, 2010

To Supplier Diversity & Development at supplierdiversitydevelopment@sce.com or call 800-275-4962

Accessing Capital in a Tight Credit Market

Many business owners and prospective business owners are discussing how difficult it is to access capital in this market. The fact is the credit market is tighter than it has been in a number of years. Banks are concerned about regulators; therefore, they are requiring more documentation and standards are tightening. However, accessing capital for growth and expansion, for commercial real estate purchases and for business acquisitions is achievable. Consider the following to position your business for accessing capital:

• Know Your Financial Health – Know what’s coming into your business (revenue) versus what you are spending (expenses). No longer can that responsibility be solely delegated to a bookkeeper. Business owners must be clear on their company’s financial health and projections for the future. A healthy balance sheet and income statement that shows positive trends or clear adjustments for sales shortfalls is essential. In this market, don’t hesitate to make adjustments that will improve your bottom line. Waiting too long could negatively impact efforts to access capital.
• Be Attentive to Accounts Receivables (A/R) – Business owners often obtain credit from suppliers and provide credit to customers. Today, CEOs must be attentive to the accounts receivable cycle of their customers. When A/R has not been received in 15 days in a 30-day cycle, a call should be made to the customer. Reducing the A/R cycle improves a business’s cash flow, which is essential in accessing capital.
• Explore SBA Resources – The U.S. Small Business Administration (SBA) has several programs to assist small businesses in working with banks. SBA provides a guaranty program and a direct lending program. The guaranty program provides a 75-85 percent guarantee to banks for providing capital to small businesses and the direct lending program funds up to 40 percent of project costs for real estate, equipment or tenant and leasehold improvements. In this market, this proves to be a valuable resource to lessen the credit risk to banks.
• Take Advantage of the Market – Commercial and industrial real estate prices are down 25 – 30 percent. If you currently rent space, now is the time to explore being an “owner” versus a “renter.” Real estate owners are able to reduce their tax liability and could create additional income with rental space. The SBA 504 loan program allows owners to rent up to 49 percent of their real estate; requires only 10 percent down versus 30-40 percent conventionally, provides low and fixed interest rates; and provides longer terms so that monthly payments are manageable.

Business owners can access capital in today’s economy and there are numerous resources available to help. To find out more information about SBA programs and other resources for small businesses, contact AmPac Tri State CDC, a non-profit certified SBA lender at (909) 915-1706 or visit our website at http://www.tristatecdc.com/.

 

Peoples Choice Staffing, Inc. Escapes the Recession

Corona, CA – July 6, 2010 – Despite the nation's economic downfall, Peoples Choice Staffing, Inc. has continually exceeded projected sales goals on an average of 30-40% annually and is in process of moving toward national expansion.

The growth pattern for 2010 of Peoples Choice Staffing, Inc. appears to be on target as YTD revenues are trending toward tripling that of 2009. In addition, PCS opened a second company that serves as a Managed Service Provider, Choice Workforce Solutions, LLC that is estimated to produce an additional $65 million in revenue on an annual basis.

"There might be a recession, but we refuse to participate,” says Denise Peoples, President and CEO of Peoples Choice Staffing, Inc. “We wouldn’t allow our employees to buy into a recession mentality; we just knew we had to work three times harder and smarter.” PCS Chairman & COO Wendell Peoples continues, “Our management and employees are collectively committed to represent this company brand in everything we do."

Peoples Choice Staffing focuses on developing mutually beneficial partnerships with handpicked companies that drive results and heighten client interest. Previously this strategy was focused on accommodating clients just in Southern California but with current growth into five states and continued expansion moving across the United States, PCS in on the verge of providing client benefits on a national basis.

Denise Peoples, President and CEO of Peoples Choice Staffing, Inc., brings more than 22 years of knowledge and in-depth experience in the staffing industry, making her one of the leading experts in Human Capital Management. She is a member of NAWBO-IE and serves on the Board as Mixers Chair.

Contact:
Denise Peoples, President and CEO
Peoples Choice Staffing, Inc.
1269 W. Pomona Road, Suite 107
Corona, CA 92882
Ph: (951)735-0550