Tax season is upon us and deadlines are quickly approaching.  It’s the time of  year when we’re wondering what the figures will look like and where the life rafts are stashed.

For many of us, taxes are scary.  They’re confusing and frustrating.  We find ourselves staring at big, scattered piles of paper and wondering if we can find extra deductions and how to avoid red flags. 

The bad news is that even though you’d probably rather drop a zippo in the middle of the pile, you can’t.  You have to ‘git er done’.

The good news is that there might just be some extra deductions hiding in that pile for you after all.  And did you know that your tax return can help you plan a budget for next year?  Personally, I hadn’t thought of that. 

IAC-EZ delivered Ten Tax Tips that remind you of some nooks and crannys that you might find some extra tax deductions in.  They also give you some tips on planning for next year’s budget via your tax return and give you some deductions to consider for next year.

Karen J. for BestBusinessExpert.com

Remember when we talked about strategic plans? Well, many established businesses lack business plans as well. And many new businesses don’t know where to start when it comes to drafting one.

For something as important as your business plan, it is sometimes better to defer to the experts. A good business writer will likely charge $2,000 to $10,000 or more to write your business plan, depending on the complexity involved. There are writers who will charge less, but sometimes, you get what you pay for.

Of course, not all start ups or even existing businesses can afford that much. If you’re starting out, it’s quite a catch-22. After all, you need a solid business plan to get funding, and you can’t afford a business plan writer until you have funding. What is a business owner to do?

When you have no other resources, you can definitely complete a business plan yourself. You’ll need to do a lot of research, and have a lot of patience, and be ready to revise the plan as requested by your investors or stakeholders.

There are a number of pieces in a business plan, and many experts do them differently. Research the various formats and discover what you think is best. Some essential pieces of a business plan are:

• Executive Summary

• Table of Contents

• Introduction

• Marketing Strategy

• Financial Analysis

• Resumes of Principals

• Supporting Documents/Appendices

If you have an established business and think your business plan may be lacking, it is okay to revisit it to improve. Business plans are dynamic documents, and meant to be altered as the business and market changes.

Remember, we will consistently bring you the most recent, must-have information, so come back frequently. After all, we’re your Best Business Expert. You don’t want to miss what’s coming next.

Your Best Business Expert,

Lisa on behalf of Contemporary VA

www.contemporaryva.com

Part One of a Two Part Series……….. General Motors, having survived 100 years, may run out of cash this year. Fannie May and Freddie Mac are operating only because of governmental intervention. Other companies are reducing 401K matching contributions, laying off employees, are putting themselves up for sale and putting an end to all bonuses and incentives. If these larger corporations, with their teams of experts, movers and shakers, are thinking bankruptcy, how can smaller companies have a chance? The fact is that if any companies are going to succeed, smaller businesses have a higher chance of making it. Smaller businesses can more easily modify their business plan and create profitable custom offerings to their most successful clients. But to do this, companies must concentrate on three activities: Know the customers, know the finances and know the employees. Let’s start with knowing the customers. Know your customers Some customers are simply more profitable than others are. If you haven’t already done so, perform an ROI analysis on your customers. You may be shocked that you spent more money gaining some top clients than you actually get back in invoices. Know who these customers are, because, with the same analysis, you’ll identify your most profitable clients. Once you identify your most profitable customers, you can talk to those customers to find out what type of needs they have. Perhaps you can customize your offerings to increase the profitability ratio or perhaps you can collaborate with a complementary business to provide an all-in-one solution. In any case, learning what makes a profitable customer can help you roll out similar solution in different markets, geographies, or with bundled products. The rest of this article will be posted soon! Tune in for part two where we review knowing finances and knowing your employees. Linda for Contemporary VA