(Guest Post: Robert Beige) Key Ingredients in Starting A Business

In this audio post, veteran banker Robert Beige explains what prospective business owners need to do in starting a business. The audio runs a little over 40 minutes. Enjoy!

Six Points of Advocacy and Knowledge of Small Business Funding

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Accounting is a Boring Subject…

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Not everyone will master the art of accounting.

An art is the study of implementation of techniques and methods. Accountants are the artist that turn the scientific method into practical use. The art of accounting is taking those diverse ranges of human activities, studying them, and presenting the financial findings by following and implementing GAAP.

Having an accountant can drastically influence the success of your business or your finances. TaxAssurances specialize in bookkeeping, payroll, tax return preparation (both business and personal) and IRS and state tax relief.

Check our Yelp reviews to see the experience other clients have had with us. Also we’re TAKING $50 OFF TAX RETURNS FOR THE NEXT 5 NEW CLIENTS.

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You Need a Team to Grow Your Business

You can’t do it all alone. When you look at the success of any individual or business, you quickly realize that they didn’t get there alone. They had help.

That help came in the form of accounting, sales, IT or any other areas that are important in running a business.

Many times, solo entrepreneurs start off on their own and keep it that way. And that strategy can work well for awhile. However, eventually they’ll hit a ceiling.

How does this occur? There are but so many hours in the day and but so many things they can be doing at one time. That’s where the team comes in. And with that team, comes a much better chance at success.

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Our 5 Year Anniversary!

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I never just dreamed about success. I’m working for it. This is my start up story.

I remember when TaxAssurances was just a thought. I was supposed to start a franchise with H&R Block but it didn’t work out. Later that day I talked to a friend who told me that I could do it myself, and that’s where my dream began. December 1, 2011 TaxAssurances opened, and by January 2012 my dream was alive.

-Kolonji Murray

The Partner That Ruined the Business

timthumbIf you have a business with a partner or partners you need a fully funded buy sell agreement. It should be set up before any partners pass away, become disabled or find out they have cancer, diabetes, or other ailments that can limit workable solutions. Doing so is not only cost effective but it provides peace of mind.

Why? Do you want your current partner’s spouse and children as your new business partners? Nice enough people, but are they qualified and willing at the drop of a hat to run the business?

Moreover, what will happen to the value of the business if something happens to a partner? A business valued at $5 million can quickly drop to $2 million without proper planning.

Then what happens when a partner passes away, the estate is valued incorrectly and the IRS comes looking for more then what was paid in estate taxes by the heirs? I’ll tell you. Litigation with the heirs.

And of course, divorce never happens to business owners. In all of these scenarios, doing nothing ahead of time is a bad business decision. I can’t tell you how many calls I’ve made to owners who don’t have fully funded agreements. They’ll say, “I’m all taken care of.” But when you look at what happens to many businesses after a life event, you realize they were just blowing me off.

The real blow off was on them. They blew off serious business planning they never even thought about because they were busy running the business. Fair enough. But they can’t do that or bury their heads in the sand because they still need to address the complex issues that arise when life events happen. Otherwise, like it or not, a business may be forced to close.
The main reason owners want to have the agreement fully funded is because for most businesses, using cash on hand, a sinking fund or financing through a bank loan may be undesirable or unavailable as a solution. Therefore work with the right team to provide the best funding solution.

Now after you set this up, get back to marketing and selling!

 

For more on TaxAssurances, check out our reviews, photos and links on Yelp.

The Power of Distribution

Global communicationsOne of the overlooked and sometimes challenging parts of a business is its distribution. But it is vast and efficient distribution that can propel a business and its owners to phenomenal success. Whether the product or service is computer software, oil, institutional money management or popular entertainment, distribution is what allows the owner and manager to achieve great financial success.

With each of these businesses they are able to take a product or products and put them into a network that can have millions of individuals support the products or services at approximately the same time.

Software firms distribute through online and offline retailers. Money managers use money from large retirement plans for civilian employees and entertainment providers use online and offline distribution networks as well.

So as business owners look to grow their business, a focus on distribution of that product or service may be challenging but a search that none the less can bear profitable fruit.

 

For more on TaxAssurances, check out our reviews, photos and links on Yelp.