Vol. 13  No. 7  
July 2014 
Big Ideas for Small Business Newsletter
"Whether you think you can or think you can't, you're right."

~ Henry Ford (1863 - 1947), American Industrialist

Closing Your Books on the First Half of 2014: What Now?   

June 30 is the end of the second quarter in 2014 for most small businesses that operate on a calendar year; July 1 starts the third quarter. Now is the time to assess your results year to date, reassess your projections for the remainder of the year, and put your plans into action.

Assessing results
Has the first half of the year been profitable, or as profitable as you'd hoped? The only way to know is to review your revenue and expenses to date. Compare the results with your expectations from your business plan. What the results mean:
  • If you hit your target, congratulations! You've obviously got a good handle on your sales, and expenses haven't exceeded your budget.
  • If you exceeded your target, determine the reason or reasons why. You must be doing something right and you need to identity this so you can capitalize on it going forward. Did new marketing efforts pay off? Did you implement new technology that significantly cut costs?
  • If you fell short of your target, determine the reason or reasons why. Was revenue too low? Were expenses too high? Did you experience an unusual event, such as a catastrophic storm?
Keep Reading...

 

Making Safety Pay Off for You


Creating a safe workplace is not only the right thing to do. It is also a smart financial move. It saves the costs that can result from workers' injuries and avoids penalties that can be imposed by the Occupational Safety and Health Administration (OSHA).

Compliance with OSHA can ultimately create a safer work environment for your employees and help your bottom line. What can you do to improve your business' safety and profitability?

For this article I interviewed Nicholas Fortuna, an attorney and principal in the NYC law firm of Allyn Fortuna who litigates employment-related matters.

Understanding your risks
If you don't pay attention to safety, workers may be hurt. (According to OSHA, 4.1 million workers suffer serious injuries on the job each year.) What's more, sooner or later you're likely to be inspected by OSHA (or a state inspector if your business is located where OSHA-approved plans give states the primary responsibility for inspection and enforcement). Failures found through an inspection can result in substantial government penalties.

Keep Reading...


Solo Retirement Plan Options  
If you're a sole proprietor, independent contractor, freelancer, or solopreneur with no employees, you still have the ability to save for your retirement above and beyond what IRAs and Roth IRAs permit. This is important because you can't rely on a sale of your business to provide financial security in retirement.

Essentially, you can use any type of retirement plan that would be possible if you were a big company with employees. Thus, you can have a profit-sharing plan or a defined benefit (pension) plan. All plans offer similar tax advantages.

Here are some options well-suited for those who work alone:

SIMPLE IRAs
For a SIMPLE IRA, as a self-employed individual you can make both the employer and employee contributions to the plan, even though you're neither an employer nor an employee. For 2014, you can make a salary reduction contribution up to $12,000 (plus another $2,500 if you're at least 50 years old by year's end); this is the so-called employee contribution.

Keep Reading...

Our Readers Ask

Q:  I live outside the U.S. If I start a business in the U.S., can I gain entry into the U.S. as a legal resident?

A:  It's not so easy to obtain an immigrant visa. There is no U.S. citizenship or residency requirement for owning a business that operates in the U.S. But owning a business that operates in the U.S. is not a specific pathway for an immigrant visa. Still, depending on what you do, there may be a visa option to explore. Check USCIS's Entrepreneur Visa Guide for details.

book_review

Book Reviews

 

Brian Tracy is a prolific author on marketing and other business topics.
Here are three of his recent books to note:


The Standout Business Plan
 ~ AMACOM ~ Paperback: $19.95
Written with Vaughan Evans, an expert on business planning, the book shows how to create a business plan to get the funds you need to start up or grow a business. Case studies illustrate factors for success. The book also has examples of common mistakes to avoid.


Management ~ AMACOM ~ Mini-Hardcover:  $9.95
The most recent addition to The Brian Tracy Success Library is a guide to becoming an excellent manager who can achieve superior results. The book offers 21 keys to success as a leader. It shows how to motivate others, establish performance standards, and excel at the two prime functions of a leader: planning and organizing.
   

Unlimited Sales Success
~ AMACOM ~ Hardcover:  $22.95
Written with his son Michael Tracy, the book lays out 12 simple steps for selling more than you ever thought possible. As with all Tracy books, in addition to specific techniques you can use to ramp up sales, considerable motivation is also provided.

 



In This Issue
Closing Your Books on the First Half of 2014: What Now?
Making Safety Pay Off for You
Solo Retirement Plan Options
Our Readers Ask
Featured Book Reviews
It's a Fact!


For critical, year-round tax advice and important planning, this Self-Employment Guide is exactly what you need. You'll find a copy available on Amazon today.


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It's a Fact!

Industry Types Impacts Failure Rates

Statistics show that startups have a better chance of being in business after four years if they're in the finance, insurance, or real estate (58%) compared with those in construction or retail (47%). On average, only 50% were still in business after four years.

Source:  Statistic Brain




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