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17 Apr

Posted at 09:58h in Business Resources, Office and Cubicle Resources
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Climb the Corporate Ladder of Your Small Business: Tips from a SMB Owner

 

You are a diligent worker. Your natural talent and strong work ethic enables you to shine in the office. Yet, you still can’t seem to snag that promised promotion. Something’s got to give. The fact is, no one is entitled to a promotion or raise—you must earn it. Remember, everyone is working towards the same goal. Consider these few steps in order to exceed expectations in the office and climb the corporate ladder of your small business.

Look for an Opening in the Company
Always be willing to jump on the opportunity to fill an opening in your company. Studies show that about 80% of jobs are never advertised. So, stay on the lookout and do your research. If you want a change, make it happen. Look on your organization’s homepage to see what the Human Resource department has to offer in terms of training, or make an appointment to discuss your interest personally—more training, more promotions!

Scout Out a Mentor
In any business, experience is key. Aim to ascertain a suitable mentor, which will help you grow in your area of business. Observe your superiors in order to see who has significant experience in the area that you are interested in pursuing. When searching, look for the employee who has the respect of his/her boss, staff, and peers. Ask them to mentor you. A mentor will help you identify your own strengths and weaknesses while navigating the political land mines of most organizations.

Pick up the Slack
Differentiate yourself from your colleagues by aiming to complete the tasks that are commonly overlooked or put off. If given a project to be submitted in two weeks, try to complete it in one. Take initiative. A little extra effort won’t go unnoticed. Everyone is busy and can use a helping hand now and again. If a colleague is under a time crunch with a project, go out of your way to help them manage it. Time management will help you immensely when balancing multiple projects and tasks. Get to work early and leave late. Remember, this may be a distinguishing factor between you and another employee.

Keep Yourself Visibly Organized
This not only pertains to the way in which you dress and carry yourself professionally, but also the extent to which you care about keeping your desk and personal space clean and organized. Of course, appearance may not be a distinguishing factor, but it is important to put yourself together well. Put in conscious effort to stay groomed and avoid looking like you just rolled out of bed. Presenting yourself in this way sends the message that you take both yourself and your job seriously. Think of your cubicle or desk space as a reflection of yourself as well. Don’t leave a mess. Utilize your filing cabinet, and sort through digital clutter, saving and filing documents regularly.

Learn Something New and be Open to New Activities
Be curious about learning new things, and always ask questions. Never underestimate how much people enjoy talking about what they do.

Ask for feedback and accept constructive criticism. Be energetic in the office and project positive energy. Join activities to connect and network with the staff at all levels. Participating in the corporate run, or other such activities, is not only good exercise, but will possibly benefit your career as well.

Know Your Stuff
Remain up to date on relevant news and events pertaining to your industry. Send out any interesting information to your colleagues. During meetings, grasp the opportunity to speak up and showcase your knowledge. Have an educated opinion. Don’t be afraid to disagree. Fresh viewpoints are always welcomed, as long as they are informed. Show your boss that you have a solid grasp on the inner-workings of the business and an understanding of the “bigger picture.”

Cubicle By Design has over 25 years of experience aiding small businesses with their office furniture solutions. We not only provided services and products, but spent the years listening to our customers vent about all of their small business needs. These are helpful tips based off of their input and what we have learned. You can find more small business tips on our CBD Blog.

13 Apr

Posted at 11:43h in Business Resources, Office and Cubicle Resources
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Things to Consider When Starting Your Small Business

 

Have you always dreamed of starting your own business? Do you believe in your vision and feel confident in making it a reality? The fact is, you can. Take action. Be motivated and aim for a strong start.  Starting a business may be your pathway to financial security. It is important, though, as a budding entrepreneur, to take necessary precautions. Keep these tips in mind when taking off.

Plan before you begin a new venture
Many good ideas are not profitable—think, then act. All businesses begin with a personal vision. However, it is important to be realistic and adapt appropriately to the market. Although it is important to be passionate about your endeavor, consider what people want to buy, not simply what you want to sell. Will your business create a steady income? Research the market and similar businesses to determine their success-rate. Craft a basic business plan identifying the product or service, the target market, what the product or service will cost you, and how much you will charge for the product or service. Then, plan your method of action.

Identify target market and convert them to customers
Of course, in order to sustain any business, you will need customers. Thus, attracting their attention must be your number one priority. Begin with a list of 50-100 potential prospects and take the necessary steps to reach them. Spread your company’s message through direct phone calls, flyers, and word of mouth. Be sure to utilize all social media platforms to engage directly with your target market and promote your service or product regularly. Find creative and innovative ways to attract interest.

Be smart about your spending
The key is to bring in more money than you spend. Starting out, it is important overestimate expenses and underestimate revenues. When launching a start-up, you must keep costs down. Aim to save money by strategically budgeting. A service business is much more inexpensive to maintain than a product business where it costs money to create a certain product. Being conservative in your spending will only benefit your business down the road. Once in a business be sure to keep the benefits of your employees in mind. Set up a pension and profit sharing program to ensure a prosperous retirement for you and your employees.

Keep in mind the employee vs. independent contractor issue
You must understand that utilizing workers is a responsibility and the government is becoming more aggressive on the manner in which workers are compensated. Both on the federal and state level, there are strict guidelines regarding the treatment of workers and harsh penalties if these rules aren’t followed. Workers are classified as either employees or independent contractors depending on behavioral control, financial control, and type of relationship. Both employers and workers may ask the IRS to determine whether a specific individual is an independent contractor or an employee by filing a Form SS-8. This classification is important, as employers who misname their workers may end up with a hefty tax bill.

Look to helpful resources
There are a number of resources available to help your business get off to a great start. Your local Small Development Business Center (SBDC) and SCORE offices, associated with the U.S. Small Business Administration (SBA), are useful assets when developing a start-up. You may also contact the IRS to receive free assistance in accounting, record-keeping, and organizational endeavors. The IRS stresses that it is imperative to keep good records in order to monitor the progress of your business and prepare accurate financial statements.

Cubicle By Design has over 25 years of experience aiding small businesses with their office furniture solutions. We not only provided services and products, but spent the years listening to our customers vent about all of their small business needs. These are helpful tips based off of their input and what we have learned. You can find more small business tips on our CBD Blog.

09 Apr

Posted at 15:22h in Business Resources, Office and Cubicle Resources
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Tips From A Pro: Tackling Tax Season For Small Business Owners

With the dreaded April 15th tax deadline quickly approaching, it is important for small business owners to consider options and plan ahead. In addition to gathering and organizing paperwork, it may be difficult to master all the intricate rules of tax. However, small business owners, in particular, must educated themselves regarding the “ins and outs” of paying taxes and receiving tax deductions in order to successfully tackle tax season.

In an interview with founder of R.J. Centrello, CPA Robert Centrello, we came up with the following advice for tackling this tax season.

Prepare accurate contemporaneous records and take steps to keep them confidential.

You must remember that your security, specifically online, is at high risk. Make sure to utilize passwords and security precautions to protect your data.

R.J. Centrello stressed the importance of maintaining flawless records when trying to raise capital, as the various taxing jurisdictions may request a review of your records to ensure that you are paying your appropriate share of taxes and fees. Reinforcing the importance of orderly records, Centrello warned that “state and local jurisdictions have become much more aggressive in determining tax liabilities and collecting what is due.”

In addition to keeping these general tips in mind, for some small business owners there are certain special deductions, in which they may be able to take advantage of.

Is your business a start-up?

You may be able to deduct expenses. First, calculate the expenses paid to start your business. These expenses may include transportation, training for employees, or any kind of advertising costs. These deductions are typically considered capital taxes and, therefore, the deductions must be spread out over a certain amount of years.

Do you use your vehicle for business?

You may be eligible for tax deductions as well, such as the costs of maintaining and operating the vehicle. The IRS’s standard rate is 56 cents per mile. Or, you can deduct your actual expenses, including things gas, tolls, and parking fees. According to the IRS, you can still take a deduction if you use your vehicle for both business and personal endeavors. You simply must divide the expenses based on the mileage used for each.

Do you run your business out of your home?

You may be able to collect a home office deduction. However, this is only an option if a portion of your home is used solely for managing business. If you qualify for the deduction, you have two options—to deduct actual expenses or use the IRS’s system. Only expenses acquired from the business portion of the home will qualify for full deductions. Other expenses like insurance, utilities, and repairs can be deductible based on the percentage of your home used for business. In using the IRS’s method the deduction may be determined by calculating the square footage of the area of business in your home by five dollars.

Did you know that your office furniture is tax deductible?

Your office furniture provides another chance to trim your taxes. Items such as desks, chairs, tables, and other office-related equipment may qualify for deductions. You have two choices—deduct the entire cost of the furniture during the first year of your purchase or deduct a percentage of the expense over the course of seven years. Either way, your saving money!

(In addition to considering these helpful tips, we advise companies to consult with a qualified business accountant).