Header Right

Admin

Taking on a Larger Competitor and Winning

by

JW Enterprises - Taking on a Larger Competitor and WinningRunning a small business isn’t easy. You probably wouldn’t have it any other way. The ability to survive and thrive is a source of great pride for small business owners. So when a competitor moves in — especially a big one — it can feel like battle lines have been drawn.

Sharpen Your Edge

Before you do anything, accept the fact that you can’t compete on the same level as a large national chain. But that doesn’t mean you can’t win the battle. Study what the competition does and how they do it. Then use that information to define — and sharpen — your company’s competitive edge.

A large competitor will almost certainly have lower prices and a deeper inventory. But you can connect with customers in ways the competition can’t. You can add value to every customer interaction by being attentive and providing expertise and personalized service.

Perhaps your biggest edge is your size. Being small means you can respond to market trends and customer requests more quickly. You can also change and adapt policies and procedures faster.

Rally the Troops

You have another big advantage; you have an established customer base and you know what they need. Establish a timeline to reach out to your customers directly via snail mail or e-mail (or both) with special offers. If you have a loyalty program, consider doubling rewards for a period of time that overlaps with the competition’s opening.

Look for Advantages

Having a big competitor move in may have some unexpected benefits. The new company validates the need for what your business offers and may do a fair amount of advertising. If your marketing budget allows, this could be a good time to do some strategic advertising of your own.

The competition also may create some unexpected opportunities in the future. The new company will change the dynamics of the marketplace, which may lead you to steer your business in a new direction.

Don’t get left behind. Contact us today to discover how we can help you keep your business on the right track. Don’t wait, give us a call at 702-658-9535 to learn more, or request a free initial consultation online.

How to Keep Your Company’s Email Safe

by

JW Enterprises - How to Keep Your Company's Email SafeWhether you use a desktop computer, a laptop, or a smartphone, you have probably come to rely on e-mail to communicate with vendors, customers, and business associates. It’s just as likely that many of your e-mails have attached files that contain confidential information or some other highly private data. Unfortunately, private, important data can be stolen, accidentally forwarded, or leaked through malicious software programs. That’s why you need to focus on enhancing your security measures. Here are some enhancements to consider.

Encryption. Encryption scrambles the data in e-mail messages so that they cannot be read if they are intercepted. Many off-the-shelf and downloadable products use a variation of public-key cryptography (which uses one key for data encryption and another for decryption). Businesses can also access secure e-mail services online.

E-mail gateways. Some businesses secure external e-mails and leave internal e-mails unsecured. Businesses that take this route use e-mail gateway security products that capture outgoing e-mails and ensure that they are sent securely.

Access and usage privileges. Another layer of security involves e-mail users setting access privileges by specifying that a confidential e-mail is accessible only to a particular recipient.

Expiration dates. E-mail users can set expiration dates on their e-mails and other documents so that documents are deleted from a recipient’s inbox on a specified date.

Firewalls. Firewalls are designed to separate one network from another and are often used to separate an internal network from the Internet. Firewalls can also identify and filter out potentially damaging data entering or leaving the network.

Antivirus protection. Installing antivirus software on all company computers protects against viruses that attempt to slip through firewalls by posing as legitimate e-mails or programs.

Give us a call at 702-658-9535 today to learn more, or request a free initial consultation online.

Filing Taxes for Businesses: What Are the Options?

by

JW Enterprises - Filing Taxes for BusinessBusinesses and self-employed taxpayers have many options for filing their taxes. Click through for an introduction to the requirements and the pros and cons of different methods.

Filing taxes doesn’t have to be time-consuming. The IRS wants it to be as easy as possible for taxpayers so that they can pay their taxes on time. For business owners and self-employed individuals, e-filing (otherwise known as electronic filing) makes the task simple and efficient.

e-File Options

The various e-file options are on the IRS site. First, you must know under what business entity you will file. Are you filing as a partnership, LLC, S-corporation or another business entity? Each type calls for its own forms.

The IRS e-file forms can all be filled out online. To make the process easier:

  • Gather all the necessary materials to e-file before you sit down at the computer. This includes your corporate EIN or taxpayer EIN, income statements and other financial information.
  • Make sure you have a secure Internet connection.
  • Create your accounts and security questions, if necessary.
  • Complete the forms.
  • Check them for accuracy.
  • Print a copy for your records.
  • If you feel the forms are complete, submit them online.

You will need to create an e-file account. These accounts are free and secure. The first time you use the IRS site, it will take an additional 10-15 minutes to set up your account. It’s a good idea to create a folder on your computer and for your paper-based records to store all of your e-file document copies and other pertinent information. Many companies only use this information quarterly, and it’s easy to forget it after a while, but having a file makes it simpler to remember account numbers and other identifying information.

It’s Free

There is no cost to file your tax information or Social Security or Medicare payments electronically. If you encounter a website that wants to charge you to complete this information, leave immediately. It’s either a phishing scam or an unnecessary expense!

We invite you to request a consultation online now or call us at 702-658-9535 to learn more about how we can help you save money on your taxes.

Map Out Your Journey with a Business Plan

by

Businessman standing in the mountains watching the distanceMuch like a map or a GPS provides clear directions to your destination, a business plan can help define your goals and spell out the steps your business must take to achieve them. It can also establish a set of benchmarks to measure your progress. A business plan is critically important when it comes to obtaining financing. Here are the key sections that a business plan should include.

Executive Summary

Your executive summary outlines the primary points in the subsequent sections and touches on your company profile and goals.

Company Goals/Mission Statement

This section summarizes your company’s purposes and goals. It defines who you are and what you want to achieve.

Market Analysis

Here you can demonstrate your industry knowledge and present conclusions based on your assessment of the industry, your potential market and its demographics, and your main competitors.

Company Description

Provide information on what you do, how you do it, the markets your business serves, and what differentiates your business from the competition. You can include examples of recent projects that were completed and, if advisable, the names of some of your major clients.

Organization and Management

Here you can outline your business’s organizational structure and identify the company owners, management team, and board of directors.

Service or Product Line

This section provides the opportunity to explain what you sell and how your products or services benefit customers.

Strategy and Implementation

It’s important to summarize how you plan to market your business and what your sales strategy is. This section should include information on how you will reach target customers and penetrate the market and should provide details about pricing, promotions, and distribution.

Financial Plan

This is where you present an overview of your finances. It is where you lay out your assumptions about revenue growth, operating costs, and cash flows. Include balance sheets, income statements, and cash flow schedules as well as details about capital requirements.

We invite you to take advantage of our free initial consultation to discuss the accounting and bookkeeping demands of your business. Call 702-658-9535 now to schedule an appointment.

Get Your Business Costs Under Control Today

by

business costs dollar signIncreasing your profits requires selling more and/or spending less. While building up your sales may require an extended effort, business costs are often very ripe for a quick trimming. Here are some possibilities.

Supplies and Other Purchases

Usually, in any business, relatively few items represent a very large share of all outlays. The first step in cutting expenses is, therefore, to identify your highest costs. You may be able to trim many of these costs by making sure you always bid out significant purchases or by more actively seeking less expensive alternatives.

For many companies, inventory carrying costs are a very significant expense. Focusing on matching your inventory quantities more closely to your short-term needs could result in significant savings.

Telecommunications and Other Services

The ongoing services you buy may also offer the potential for cost savings. Revisit your choice of telecommunications vendor and your usage.

Look carefully at your costs for financial services. If you borrow or maintain a line of credit, always compare the rates from more than one financing source before you commit. Make sure you are not paying higher-than-necessary fees for your company’s checking and deposit services.

Cash Management

To control cash outlays, take advantage of discounts for early payment whenever possible. And look to delay payments for as long as you can without giving up discounts.

On the receiving side, deposit all receipts daily. And always actively pursue collection of any invoices that are past due. To help control your working capital needs and, therefore, your credit costs, try to match any new liabilities to your anticipated cash flow.

Fixed Expenses

One other category worth examining is fixed expenses that are long-term commitments. While you usually can’t change these quickly, be aware of when a window for change will open and prepare well in advance by considering lower cost alternatives.

To learn more ways to control your business costs give us a call today. Our trained staff of professionals is always available to answer any questions you may have.

We invite you to take advantage of our free initial consultation to discuss the accounting and bookkeeping demands of your business. Call 702-658-9535 now to schedule an appointment.

Small Business and Insurance: Know the Score

by

small business team meetingThere is no lack of options when it comes to insurance for your small business. Not every business needs every kind, but you should know what’s available. Click through to get started thinking about business insurance.

Have you thought about the insurance your small business might need? Whether it’s a one-person outfit you run out of your home or a family corporation with dozens of employees, you need to protect yourself and your company. Review the following list to see what might apply to you.

  1. General liability insurance — Even for home-based companies, liability insurance tops the list. The policy both defends against and covers damages for alleged bodily injury or property damage to a third party by you, your employees, or your products or services.
  2. Property insurance — This is for your building or business personal property of office equipment, computers, inventory or tools. Consider a policy to protect against fire, vandalism, theft and smoke damage. Think about interruption/loss of earnings insurance as part of the policy to protect earnings if your business is unable to operate.
  3. Business owner’s policy — This packages all required coverage a business owner would need, including business interruption, property, vehicle, liability and crime insurance. You have a say in what you want to cover in a BOP, which often costs less money as a package than if coverage were bought individually.
  4. Commercial auto insurance — Protect your firm’s vehicles that carry employees, products or equipment. You can insure work cars, SUVs, vans and trucks from damage and collisions. If employees drive their own cars on company business, you should have non-owned auto liability policies to protect your company in case your employee doesn’t have enough coverage. Non-owned auto insurance can be part of your BOP package.
  5. Workers’ compensation — This provides insurance to employees who are injured on the job, and it includes wage replacement and medical benefits. Employees therefore forfeit the right to sue the employer. This then protects you and your firm from legal complications. State laws vary, but they typically require workers’ comp if you have W-2 employees. Penalties for noncompliance can be very stiff.
  6. Professional liability insurance — Also known as errors and omissions insurance, this coverage in the form of defense and damages is provided for failure to render or improperly rendered professional services. This insurance is applicable for such professionals as lawyers, accountants, consultants, notaries, real estate agents, insurance agents, hair salon owners and technology providers.
  7. Directors and officers insurance — This coverage protects against actions by directors and officers that affect the profitability or operations of your company.
  8. Data breach — If you store sensitive or nonpublic information about employees or clients on your computers and servers or as paper files, you’re responsible for protecting that information. For electronic or paper breaches, the policy protects against loss.
  9. Life insurance — This provides money to beneficiaries in the event of an individual’s death. You pay a premium in exchange for benefits. This insurance gives peace of mind, allowing you to know that your family/friends will not be burdened financially when you die. Although technically this is not business insurance, if you are essential to a business you own, you’ll want this to protect your family.

You, as a business owner, have been exposed to risks from the day you opened the company. One lawsuit or catastrophic event could be enough to wipe out your business. Fortunately, you have access to a wide range of insurance to protect your company against danger. Call us, and we can help you sort through your choices.

We offer a variety of tax planning services to both businesses and individuals. Conscientious tax planning throughout the year can save you money and make tax time easier. Call us at 702-658-9535 and request a free initial consultation to learn more.