In late October of this year, I was a guest speaker at a one hour seminar in El Paso, Texas. The subject matter was the economy and how to survive it.
I talked about: 1) Government regulations; 2) Operating expenses; 3) Marketing strategies; and 4) Payroll expenses. The basic idea is to control expenses during these hard times.
Some highlights of the seminar are below:
.....For instance under Government regulations, once you start making a profit running your business, consider becoming an "S" corporation. Since 1959, corporations have been exempt from self-employment taxes on their profits. Self-employment is basically the same as payroll taxes. This can save some tax dollars. Also, corporations are generally exempt from 1099s. This can save some paperwork.
.....As for Operating expenses, it is important for you to understand how to read financial statements such as a Profit and Loss Statement which tells you how much you are earning. Generally the three largest expenses are: cost of goods sold, payroll, and rent. If you do not have a good understanding of basic bookkeeping, you could be losing money without your paying attention to the problem. This could result in a business failure.
.....Marketing strategies are also important. If you do no marketing your business will not grow. You must market every day. Word of mouth is always good. Be aggressive. Join a networking group like BNI (Business Networking International) where word of mouth is extended by the members of the group. Their motto is "Givers Gain".
.....Payroll expenses if left unchecked can bankrupt a company. You need to make sure that your employees and yourself are productive. You cannot carry unproductive folks in this tight economy.
.....If you like to learn more, attend one of my seminars held around the country. There is no charge for the event. Call my office at 850-914-0054 and speak to my secretary Marlo, about attending or creating a seminar.
Henry (CEO)
