Starting the New Year Right
Usually at this time of year we all make a list of New Year’s resolutions. I challenge you to make some resolutions for your business as well. Following is a list of some of the most important ones to help get you started. 1. 1099 forms. Go to your local IRS office today and pick up as many copies of IRS Form 1099 as possible and send one to anyone you paid more than $600 last year. The deadline for sending these is Jan. 31. The IRS runs out quickly and they can’t be downloaded. 2. Review all employees. Make sure you are getting the most out of your employees and if not make corrections to fix that. 3. Have an online presence. If you are a retail business or service provider you must have some type of online store or information about your business 4. Update your website. If you are a consultant or professional, print out all pages of your website and update them. Make sure your information is current, add any articles you wrote last year and post at least five new testimonials from satisfied clients with their photos and email addresses 5. Fix your tax mistakes. Talk to your accountant or bookkeeper and find out all the “mistakes” you made last year that need to be fixed now. Don’t wait until February, because then he’ll be too busy doing people’s tax returns. Also, if you pay estimated taxes, open an interest-bearing savings account, deduct 30% of your gross sales from your checking account each week into your savings account and use the savings account to pay your estimated taxes when they come due. 6. Get rid of distractions. Go to your office computer, look at all the software programs you have, and delete those that are personal or don’t relate to your business so you can stay focused. 7. Measure your home office. If you have a home office, call a local contractor and have him do a professional measurement of your home office and get a letter stating the exact square footage of your home office. That letter will save you if the IRS ever audits you. 8. Get your Corporate Papers in Order. If you have a corporation or limited liability company (LLC), call your attorney and offer to pay him or her an “annual retainer” to do all your corporate and LLC paperwork this year and act as the registered agent for your business. This will save your life if you are ever sued. 9. Make work fun. People just want to have fun no matter what they’re doing. Find three ways you can inject a little fun into your business so your customers look at you as an “experience” rather than just a place to buy stuff. 10. Have a happy New Year knowing you have begun the New Year right!
Montrose-Verdugo City Chamber of Commerce: Your source for all things local! Our mission is to actively support and enrich the community, vitality and pride of Montrose, to help preserve the historic district and small town atmosphere, to promote economic stability and positive, productive relationships within Montrose and the surrounding communities.
2016 Installation Dinner on Thursday, Jan. 28 at the Oakmont Country Club, 3100 Country Club Dr., Glendale 91208