Coffee Break Chat

Virtual workshop from IRS can help with small business tax preparation

The IRS’s has put up a Virtual Small Business Tax Workshop online to help new and long-standing small business owners learn about their federal tax rights and responsibilities. The online workshop is also available in CD format. The workshop contains 9 lessons that can be taken ala carte and in any sequence, so that users can customize their experience based on their needs.  It can be taken at any time. The IRS says this workshop is the first in a series of video products that the agency has designed for small business taxpayers.  The IRS expects to release “Your Guide to an IRS Audit” some time later this year.

Businesses owners can meet directly with heads of NH state agencies March 19

New Hampshire’s Governor John Lynch has announced that his state agency heads will be available at a series of business outreach sessions to give business leaders a chance to hear from and question them. The first session will be Friday, March 19 at 7:30 a.m. at the Courtyard Marriott in Lebanon.  Another session is planned for April 16 in Laconia, and more will be announced soon.

Attendees can ask the state agency heads about regulations and make recommendations on how to improve state government. State commissioners present at these sessions will include those from the Departments of Employment Security, Resources and Economic Development, Labor, Insurance, Environmental Services, Administrative Services and Revenue Administration, along with officials of the Community College System of New Hampshire.

A brief review of the pros and cons of owning a business

If you’re already in business, you may not need to review this handy list of the pros and cons of business ownership, but it probably won’t hurt either. If you’re considering starting a business, this short article gives and excellent overview of all that you may accomplish—and the risks you’ll take—in running your own small business. One key point: Small business owners are more likely than others to have high pay.  Now that may not be reason enough for you to give it a try, so review this list.

If you’re already a New Hampshire business owner, write us here with your own list of “pros and cons”. Just click onto "comments" right below.

Marketing, marketing, marketing

It’s all well and good to have a great service or product to sell, but if nobody knows about it, your idea is going to die on the vine. That’s why any successful business owner has to market with a vengeance—or hire someone who will do it for you. The Business.gov website has compiled an excellent online list of marketing articles and resources, including how to conduct market research and how to comply with advertising laws.

Key tip: Learn as much as possible about your potential customers.

Webcasts offered by NH-DRED for business owners

Want some professional development training without going anywhere?

New Hampshire’s Division of Economic Development is offering a new monthly series of free business-centered webcasts called NH BizCast.

  The upcoming webcasts are:

• Feb. 17, noon to 1 p.m., "New Mediums, New Messages - How Social Media is Transforming Communication," presented by Allen Voivod of Epiphanies, Inc.;
• March 17, noon to 1 p.m., "Best Business Practices for the Next Century," presented by Dr. Russ Ouellette of Sojourn Partners;
• Other webcasts will be announced on the NH BizCast web site.

To participate in the live audience at the Comfort Inn, pre-register with Leslie Sherman at 271-2591 or leslie.sherman@dred.state.nh.us.

A checklist of sorts to plan not to fail in your small business

This article gives quite a succinct view of the elements that go into making any business a success.  It may serve as a handy checklist as you think about starting a business or as you undertake a review of what you are already doing. The basic premise is that success in a small business takes more than just a good idea or service to offer—you need a solid plan, adequate resources, good management skills and perseverance.  How to Avoid Small Business Failure: Avoid the Pitfalls and Become a Successful Entrepreneur lists these key ingredients to avoid failure. Some of them may seem obvious, but it’s always good to brush up and reassess.  Click through to the full article for the full scoop:

·        Know the business in depth

·        Prepare a business plan (See NHSBDC resources for doing this.)

·        Manage financial resources

·        Understand financial statements

·        Learn to manage people effectively

·        Set the business apart from the competition

·        Maintain a positive attitude

What types of things do you do every day to ensure success? Send us your tips and tricks here, by clicking onto "comments" just below.

The new year is a good time to conduct a business review

The new year is a good time to conduct a thorough review of your business, with a focus on the previous year’s activities. It may help you plan for and position your business for the year ahead and, in this case, for the potential economic recovery that is to come.

This article recommends starting by focusing on your accomplishments to give yourself a virtual pat on the back. (Read more on this idea here.

Next, here are the steps to follow to give your business a thorough, annual review:

1. Assess your Core Activities (i.e. what you do and who your market is)

2. Conduct a sales and marketing review. An efficient way to do this is to conduct a SWOT analysis—something we often suggest each new business do before starting and when planning for new products/services or new markets. 

3. Evaluate your employees. This is something you should be doing annually anyway.

4. Review your business' finances, including budget, cash flow, profit, borrowing, taxes.

This might be a good time to review your existing business plan and make adjustments or write an entirely new one.  NHSBDC management advisors would be glad to talk with you about your vision and business plan review.  Contact them at the office nearest you:  North Country (444-1053), Keene (358-2602), Seacoast(330-1929), Manchester (624-2000), or Nashua (546-1551).  Be sure to mention that you read about this service in our blog.

Do you make it a point to do an annual review of your business? Write us here with your comments.

Do sweat the small stuff if you’re a small business owner

A new book on business management suggests 12 effective methods of the day-to-day role of an effective leader, including sweating the small stuff.

The book -- "Ordinary Greatness" by Pam Bilbrey and Brian Jones -- makes the case that there's no single "magic bullet" to making a business great; rather, there are things you must do each day to make a business great and carry it forward.

Here, drawn from the book, are a dozen good habits, as outlined by Business Management Daily:

1. Walk your talk
2. If you make a promise, keep it
3. Do sweat the small stuff
4. Plan for the worst
5. Align yourself with the other “greats"
6. Always act as if someone is watching you
7. Surround yourself with people who don’t think like you
8. Be known for your integrity
9. Know when to ask for help
10. Read at least six books a year
11. Keep your curious spirit
12. Be a risk-taker

Go to the site to read the full details on how you can implement this plan for your business.

New IRS tool aids pension planning

The Internal Revenue Service has introduced a new tool to help employers choose and maintain a pension plan for their employees.  Called the IRS Retirement Plan Navigator, it compares four types of pension plans: Plans with IRAs, 401(k) and profit-sharing plans, defined benefit plan, and tax-exempt plans.

"The Employee Plans (EP) Office of the Internal Revenue Service understands that it's easy to get lost in all the information about retirement plan options allowed by the law. We created this Web site to help you find the retirement plan information that's right for your business," said an IRS statement about the Navigator.

The Navigator provides a checklist and suggested resources for maintaining compliance. Pension laws change frequently and employers can minimize problems by doing a once-a-year review to ensure they maintain compliance, the IRS writes. If an employer makes a mistake, errors can be corrected by notifying the IRS and the Navigator provides options for bringing retirement plans back into compliance.

The Retirement Plan Navigator is aimed at small business owners, but can also help mid-size businesses review their options as well. Individuals who want to better understand their employer’s plan may also find it useful.

Doing business in NH? You may want to join new forum NHBR Network

 
NHBR Network, a new online business-to-business networking site, has been launched by the New Hampshire Business Review as a place where the state's businesspeople can share resources, information, ideas and opinions.

Modeled on LinkedIn and Facebook, NHBR Network gives members their own page from which they can post blogs, seek advice from or offer help to other members, form discussion groups, add events to our live interactive calendar, post videos and photos – in short, it's a great tool for networking and doing business.

NHBR Network membership is free. To get started, visit www.NHBRNetwork.com, fill out a simple form and then enjoy the benefits of being a member of the NHBR Network.