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When starting a business, I recommend the following:  

CAS Buck·         Business plan                                  

·         Mission statement

·         Motto

·         Code of ethics

A business plan is a formal written document that outlines your business - usually on a five year basis.  Your plan will consist of the following:  organizational costs, start up costs, budget and marketing strategy.  This is how you are going to develop your business.  The likelihood of obtaining a business loan from a bank is nil.  However, if you have a written plan to review, it gives you something to keep yourself in business balance.

A mission statement gives your business an identity or a creed similar to those used by the military.  It should be published on your website, social network, and/or sales brochures.  Your clients should know where you stand and your staff should know the direction and purpose of your company.

A motto (slogan) is a simple phrase that describes your business.  Do not take this lightly.  This phrase not only illustrates your company, but it is linked to your personality. So do not sell yourself short, your customers will notice.  The late comedian Redd Foxx once said, "If the husband won't, there is a neighbor who will."  As a business owner, you are competing with other business owners - if you do not provide the service that customers are expecting, then someone else will!

A code of ethics is a formal decree of how you, your staff and your suppliers are going to conduct business on a daily basis.  Everyone thinks he or she is quite ethical, but the code keeps you in business balance.  It is not about being right or wrong, it is about keeping our business up and running and providing overall customer satisfaction while allowing employees to feel like thay are not only working for a paycheck, but working to make a difference in someone's life.  Your code should be fair and kept in the highest regard - this is your solid foundation and it should be kept close to the core of your business.   Remember, it is not what we do in the light, but the honor and integrity we cherish close to our bosom in the dark. 

These are baby steps in starting a business, but this is why so many owners fall short.  Sometimes the smallest steps are overlooked.  Here I have provided you with very little in the way of information, but overlooking this seemingly simple information is what is knocking small business owners into financial distress.

 CAS Buck

Who's Hiring? 

 

Sign up on the social network and post what your needs are.  We need to pull our resources together.  According to KNX radio station 1070AM, last year over 119,000 small businesses are now gone due to bankruptcy.  Newly graduating lawyers are working as servers in restaurants!  Competition is tough and education and motivation is our key to moving out of these fiscally troubling times.  Some may say college is a waste of time, but if lawyers are taking those jobs, where does the high school graduated stand?

 
Spirit of Giving CAS Buck
 

  I also want to offer up the spirit of giving.  Once a month do something nice for someone who is not close to you without any expectation of receiving something back.  You may actually find yourself feeling more fulfilled than the person you assisted.  Remember the movie Pay It Forward? With a closed hand nothing can be received, nothing can be released - it can only keep what is has.  Try it, you just may like it.

 

 Frog Theory

CAS BuckA story about a frog:  If you put a frog in hot boiling water, it will jump out.  But if you put the frog in the water and slowly start to turn the heat up, the frog will adjust.  As you gradually keep turning up the heat, the frog will keep adjusting to the point where it will die.  The writing is on the wall.  We are experiencing the largest exchange of wealth in human history.  The gap between the rich and poor is mirroring a caste society.  If we doing nothing, then we will be the "dead frog."  Take time to read or listen to financial books or discs.  If you do not have the time, your blood line may suffer.  Use this as an opportunity to have a family meeting and educate all the members of your family.  Financial education is the key.  Think about this, how many people can name the three forms of financial statements?  If we do not understand how money is presented, then how can we understand money as a tool for obtaining financial freedom?  Just a thought... just a thought.

 
 
 
 
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  Each month I am going to have an article featuring members of my team and how they can be of assistance to you.

 
Tax Tip
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For those who are in the process of settling their credit card debt.  The unpaid balance of that debt will be treated as taxable income.  For example, if you have a balance of $10K and settled for $5K, the remaining balance will be reported on a 1099-C (Cancellation of Debt).
 
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