Can Company Restructuring Save You?

When a business is struggling and repeatedly failing to give good profits, or even to break even, then it is time to do something drastic to try and make a change before you have to bow out of the market for good. It is clear that something needs to be done to change the way your business works and get the money coming in, so you have the funds to improve yourself.

One such way of going about a change is to try company restructuring, which moves the hierarchy of a company and makes sure that it is working in the cleanest and most efficient way possible. Wages eat up a lot of money each month, and have to be taken out of any more earned before you get to use it for anything productive. Thus, you need to make sure that your staffing is good. Do not take on too many people. It is hard having to let people go, but sometimes job cuts are necessary to make the most of a company, and when you are doing well you may be able to rehire people.

Look at the levels of jobs that you have. There will be management, middle management and then the more basic manual staff. Or at least that should be how it looks. There should be one or two high staff, a few more in the middle and then more again at the bottom, so everyone has someone to report to. Consolidate your businesses into these layers, and make sure that there are not too many on any level. Get people to use their skills wisely and maybe even rotate jobs on the same level to keep things fresh for employees. Good communication with their higher staff and being able to work towards targeted goals should keep people well motivated and doing the best to make your company the profit it deserves one day.

Restructuring means making sure that all job roles are suitable, necessary and beneficial to the company. Change the places that your money goes and building a good, hard working workforce (with training opportunities) will give you the opportunity to make your company efficient and means that you know no money is being wasted on staffing costs and suchlike, when it is better spent elsewhere, such as for marketing your business and bringing in clients to bring in more money, which can then be rerouted back into staff that may be needed to deal with this if you find that is the case.

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Basic Incorporation Services

Basic Incorporation Services -

For a nominal fee we will prepare and file your Articles with the Secretary of State. Included are the following: 1st year Registered Agent Service ($100), Incorporation Service fee ($125), Secretary of State filing fee ($100), Corporate Bylaws or LLC Operating Agreement Draft, and EIN Instructions.
$325

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The state of Wyoming does not levy a personal or corporate income tax.

Wyoming does not impose a tax on intangible assets such as bank accounts, stocks, or bonds, either. In addition, Wyoming does not assess any tax on retirement income earned and received from another state. Further, there is no legislative plan to implement any of these types of taxes. This is from the Wyoming Department of Revenue. Click here to visit their website.

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SBA Fees, Covered

SBA Fees, Covered

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Five Questions to Ask When You're Thinking of Starting a Business

With hundreds of thousands being laid off during this current recession many are starting their own business. Individuals are often attracted by the thought of more flexible working hours and financial independence.

But when they embark upon their new business venture, especially after sometimes spending many thousands of dollars, they are hugely disappointed with the return on their investment. Also people often have an unrealistic view of what running a business entails.

While setting up and running your own business can certainly be a great idea, even in this economic downturn, one has to tread carefully. People often choose a business that they have feel they have an affinity to and this can certainly have its advantages.

For example, some choose to go into the restaurant business because they enjoy good food and eating at great restaurants. However, being a guest at a restaurant and being a restaurant owner are very different.

Another mistake that people make is that they choose a business where essentially they're exchanging their time for money without any hope of ever being able to automate their business or at least elements of it. Hence, the time freedom which many dream of is not achievable. While starting any business will require a considerable investment of time to get the business off the ground, you should have a strategy whereby you can step away from the business and still have income coming in.

So here are five questions to consider when you're thinking of starting a business.

1. Is the business a good fit for you?

Do your due diligence and thoroughly research any business opportunity. Make sure that it is a good fit for you. Talk to other business owners working in the same industry to get a realistic idea of just what is involved in running the type of business you're considering.

2. How will it change your lifestyle?

Running a business will undoubtedly have an impact on not only your lifestyle but also that of your family and initially that impact may not be entirely positive. Ensure that you have the support and understanding of family members before you start out. This will help to ease the way forward later.

However, as your business becomes more established you'll expect your lifestyle to improve. So put in place clear indicators to let you know whether or not you're on target and adjust your strategy accordingly if not.

3. How much money will you have to invest?

Whatever your monetary investment you need to know how long it will take you to breakeven and how long it will take you to start making a profit. You especially need to know these figures if your initial investment is a large one. It's one thing to start a business with a couple of hundred dollars and quite another when you're investing many thousands of dollars.

4. Do the figures, etc. presented really add up?

Research any figures that are presented to you and, where possible, verify case studies that are presented to you. Unfortunately, it's all too easy to produce fake case studies, testimonials and even sales figures. Also remember that when case studies are presented it is usually the best case studies that are highlighted.

While the fact that one person achieves great success with a particular business model is proof that, given the same opportunity, someone else can achieve a comparable level of success the fact remains that many people don't. You certainly want to have high expectations of any business you embark upon but you also want to have realistic expectations so do your due diligence.

5. What additional training will you have to do?

If you're going into business for yourself you'll need to undertake training. In some cases the training will be a pre-requisite of the business you're going into. For instance, if you decide to buy a franchise then you'll have to undergo the training that company offers. However, there are so many new developments in the world of business that you have to keep your skills up-to-date.

So conduct a skills audit to determine what training you need and then seek out the necessary training. There's lots of training available and it can also be easy to get distracted so remember that it's important not only to learn new skills but to put them into action as well.


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Growing Your Business: If You Build It, Will They Come?

Each year when NFL Season approaches, many teams will examine future prospects in an attempt to add value and talent to their organizations. The days of a first-round-draft pick getting four years to learn their position is an extinct luxury. Any player drafted this year will have to exceed expectations this year or their selection will be considered a bust.

There is a striking parallel of the NFL yearly draft and predicting the best time to expand your business. If you're overly conservative in your expansion strategy then you will miss the opportunities to add needed revenue to your bottom-line. If you expand too quickly, then you run the risk over strangling your existing entity.

Peter Cennamo of the Alternative Funding Group says knowing the perfect time to expend your business can be very difficult to predict. Many of times new business owners jump at the opportunity to expend in an attempt to increase their bottom line only to find that they have over extended their resources.

There is such a thing as counterproductive growth. Counterproductive growth ties to the theory that just because you have the ability to do it, doesn't always mean that you should. I am sure you have heard countless stories of business that competed in a race to dominate market share only to find that they are now floating long term debt.

When it comes to deciding if you should expand your business I would like you to consider two simple facts as you compile your strategy.

1. Have you placed enough money in your escrow in order to deal with all of the contingencies?
2. Is your decision to expand a based on a need or a want?

I am reminded of the executive decision of the late Al Copland who built a fried chicken empire called Popeye's Fried Chicken and Biscuits. At the time of his decision to buy Church's Fried Chicken Al Copland had position himself comfortably as one of the more dominate franchises in the country.

The opportunity presented itself to buy the then struggling Church's Fried Chicken Franchise and this proved to be disastrous for Popeye's. Despite the fact that Popeye's was financially feasible at the time of the acquisition, the Church's Fried Chicken brand on the other hand was drowning in debt.

This decision to buy Church's was the key factor in Al Copland filing for Bankruptcy and losing his majority ownership of both franchises in Bankruptcy Court.

In the example of Al Copland's decision we can clearly see how expansion out of want leads to the destruction of a more financially stable enterprise. There is nothing wrong with slow steady growth. Success in the early stages of your development can lead to a sense of bravado that can also lead to overly aggressive business decisions.

Please keep in mind that conservative is the way especially in these uncertain economic times. I ask that you apply what I call the 3N3 rule to all of your business decisions. The 3N3 rule will help your determine if your decision to expand is based on need, or want. Please allow yourself either three months or three years to determine if the direction that you're contemplating is in the best of your business.

At the completion of the 3N3 rule, ask yourself if the decision is still in the best interest of your company. What you will discover at the conclusion of this principal is that time has a way of magnifying or revealing elements that could affect the outcome of your future decision to expand.

The ultimate goal is to operate a profitable business no matter the size of the entity. Your plan for expansion should include a sales projection that will add revenue to your bottom line only moments after the ribbon cutting ceremony. If not, then you have just selected a first round bust.

About the Author: Tom Mckenzie - This article is part of a series of articles called "Growing your Business". Please contact us if you would like to receive the rest of the articles in the series. http://www.bromotcapital.com

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Small Business Admin Wyoming - Helpful Information

Worth looking at:

Small Business Administration Wyoming: Click here!

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Obama Urges Increase To Clean Energy Tax Credits

Obama Urges Increase To Clean Energy Tax Credits

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Audit Triggers: The Biggest Red Flags to Watch Out For

All in the family. When employing a spouse, child or close relative, be careful not to give them any extra-special treatment. Make sure the responsibilities of their job description are commensurate with their age and experience. Pay them the same salary you'd pay anyone else doing the same job.

In the money. An excessively high income compared to previous years can stand out and trigger an audit. And high-income taxpayers are more likely to be audited since they're more likely to be involved in complex transactions and have partnerships, trusts or businesses.

Consistency is key. The IRS will notice if your federal return is disproportionate to your state return, so be careful to ensure they're consistent.

Stay on the up and up. People who've filed frivolous lawsuits in the past are most likely always going to be audited. Considering not filing your taxes at all? Here's something that may cause you to re-think your decision: People who haven't filed their federal taxes can be picked up for fraud, hit with a felony and do jail time. Even if you don't have the funds to pay off everything you owe, Brown strongly suggests filing anyway--it's better to file and not pay all you owe than wait until you have all the funds and risk getting hit with penalties or worse.

Know your preparer. More and more, the IRS is using a software program to check up on tax-return preparers. If they notice a high error rate, they'll not only audit the return-preparer, but they'll also audit that person's clients as well. So do your homework before choosing a preparer. And if you ever have any doubt as to whether they're guiding you in the right direction, seek an outside opinion before proceeding.

Protect yourself. If you are selected for an audit, Brown recommends standing up to the IRS by getting representation. As a former IRS insider, Brown says that these days, the IRS is "a bit out of control--they aren't enforcing the tax law with professionalism."

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Recommended Reading: Wyoming Secretary of State's Business Division:

Recommended Reading: Wyoming Secretary of State's Business Division:

Click here for the link.

Welcome to the Wyoming Secretary of State's Business Division. The Division has the responsibility of filing a variety of documents including registration of business entities, issuance of trademarks and trade names, filing of liens under the Uniform Commercial Code (UCC), filing of notices under the Central Filing of Agricultural Products Act and other statutorily required filings. From this site you can search and access filed information for business entities, lien notices, forms, fees and frequently asked questions. The Secretary of State's Office provides 24-hour access to online filing of annual reports and UCC financing statements.

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What is a "Non Profit" Organization?

A Non Profit organization (NPO) is a business entity where making a profit is not a primary mission. Typically, Non Profits are engaged in charitable, educational, religious, or artistic activities of public or private interest. Since Non Profit organizations cannot distribute profit to their directors, officers, or members (those who participate in the management of the Non Profit) any income generated by the Non Profit must ultimately go back into the organization. However, Non Profits can hire and pay staff to carry out operational and administrative functions.

If you choose to incorporate your Non Profit as a 501(c) corporation, you can choose from 26 types – 501(c)(1) to 501(c)(26). Section 501(c)(3) is the most common federal tax exemption for Non Profits, which exempts the Non Profit from taxes on income directly related to the organization’s mission. Therefore, many Non Profits are often referred to as 501(c)(3) corporations. Refer to IRS.gov to learn more about other types of 501(c) incorporation.

Forming a Non Profit 501(c)(3) Corporation

Incorporation for Non Profits is very similar to creating a regular corporation, but with the extra steps of applying for tax-exempt status with the IRS and your state tax department. Becoming a Non Profit corporation requires some paperwork, but for many groups the benefits of Non Profit status outweigh the complications.

Here are the steps you must take to incorporate your Non Profit:

Choose a Business Name. Your business name (1) must be different from an existing corporation registered in your state’s office and (2) must indicate that it is a corporation by ending with the words: “corporation,” “incorporated,” “limited,” or a variation of those designations.

File your Incorporation Paperwork. You must next file formal paperwork, or articles of incorporation, and pay a small filing fee to your state. These "articles" contain basic structural information, such as the Non Profit name, its registered agent and office address, and membership structure, if any. You can find information about filing articles of incorporation by state on Business.gov’s Business Incorporation page. You can also look up your state office through the National Association of State Charity Officials* (NASCO).

Create Corporate Bylaws. Corporate bylaws outline the rules of operation for your Non Profit corporation, which includes procedures like holding meetings and electing directors. Tax regulations and other state laws are often covered in the bylaws to ensure that the Non Profit is running legally.

Appoint Directors and Hold a Board Meeting. Depending on your state, your Non Profit must appoint at least 1 or sometimes even 3 directors to make major decisions in the corporation. Some states require that you appoint directors before filing your articles of incorporation. Afterward the appointment, directors formally adopt the bylaws and elect officers at the board meeting.

Obtain Licenses and Permits. You must obtain relevant business licenses and permits like any other business. Regulations vary by industry, state and locality. Use the Licensing & Permits tool on Business.gov to find a listing of federal, state and local permits, licenses, and registrations you'll need to run a business.

Start Fundraising. Now that your NPO is officially established you'll need to pay attention to its bread and butter - fundraising. State offices of the National Association of State Charity Officials* (NASCO) provide local fundraising regulations. While individual donors amount to the largest contributors to Non Profits, federal, state and local governments offer grants, loans and programs to fund NPO projects. Learn more about funding opportunities for your Non Profit on USA.gov.

Hiring Employees. If you are hiring employees, read more about federal and state regulations for employers.

Taxes. Most businesses will need to register with the IRS and state and local revenue agencies, and obtain a tax ID number or permit. WE CAN HELP!

Non Profit organizations are not automatically exempt from federal and state taxes. Therefore, Non Profit organizations seeking tax-exemption must formally apply for federal recognition and in many cases state recognition. Before you apply, make sure that your Non Profit organization satisfies the following requirements from the IRS.

Eligible Non Profits can file for federal and state tax exemptions once their articles of incorporation are registered with the state. The instructions below outline the application process for Section 501(c)(3) status, the most common federal and state tax exemption for Non Profits:

Apply for Non Profit Federal Tax Exemptions. Submit an application to the IRS for your federal Non Profit status as a 501(c)(3) organization. You must file a Form 8718, User Fee for Exempt Organization Determination Letter Request and Form 1023, Application for Recognition of Exemption with the IRS. It's best to file within 27 months after the date of your incorporation. Learn more about the application process and other requirements and responsibilities of 501(c)(3) Tax-Exempt Organizations from the IRS.

This information is meant to aide you in your business and tax needs. Contact us today! For more information, contact Elite Bookkeeping & Tax Services at (800) 416-3820 or (775) 884-6188 Address: 123 West Nye Lane, Suite 103, Carson City, NV 89706. Visit our website at www.elitebookkeeping.biz

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Guidance for the Self-Employed and Sole Proprietors

There are two basic tax concepts new business owners need to add to their vocabulary: business expenses and capital expenses.

Business expenses are the cost of conducting a trade or business. These expenses are common costs of doing business, and are usually tax deductible if your business is for profit. For example, costs of renting a storefront, business travel, and paying employees are all deductible business expenses.

Capital expenses are the costs of purchasing specific assets, such as property or equipment, that usually have a life of a year or more and increase the quality and quantity of products and services. For example, if you own a landscaping business and you purchase mowers and excavating equipment, these costs are capital expenses and do not qualify as deductible business expenses. However, you can recover the money you spent on capital expenses through depreciation, amortization, or depletion. These recovery methods allow you to deduct part of your cost each year. In this way, you are able to recover your capital expenses over time.

READ ENTIRE ARTICLE BY Business.Gov - In association with the IRS

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Business Council Gets New Board Member

CASPER, Wyo. (AP) ― A businessman from Gillette has taken a seat on the Wyoming Business Council's Board of Directors.

READ REMAINDER OF STORY HERE

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US Small Business Relief Bill Stalls

Legislation which would extend tax breaks available for small business in the US will now not be considered until September after Congress failed to agree on a number of new amendments before the summer recess.

The Small Business Jobs Act of 2010 was introduced in Congress in June, but was first delayed as lawmakers rushed to complete the Wall Street regulation bill and then stalled as Democrats and Republicans argued over a number of amendments added by both sides.

The main thrust of the bill is towards the creation of a new lending facility to assist small firms trying to obtain credit from banks, many of which remain reluctant to lend to small businesses and start-up companies. However, the bill also contains a number of important tax breaks, measures which attracted broad Congressional support.

The legislation seeks to encourage investment in small businesses by allowing investors to exclude the gains from the sale of certain small business stock from their income for tax purposes if the stock is held for more than five years. The bill would also reduce the tax burden for small businesses by allowing them to carry back general business tax credits to offset their tax burdens from the previous five years. Additionally, small businesses would be able to count the general business credits against the Alternative Minimum Tax.

Another section of the bill would permit taxpayers to write off more of the cost of purchases for their business, such as equipment and machinery, in the year the purchase is made, and increase the types of purchases that would qualify for special expensing to include some types of real property, such as leasehold, retail and restaurant improvements.

Other proposals offered in the bill would double the amount of start-up expenditures that may be deducted by someone starting a small business, and allow self-employed individuals to deduct health insurance costs for tax purposes.

In his recent weekly radio address, President Obama accused Republicans of "holding America’s small businesses hostage to politics" by refusing to allow a vote on the bill.

"It’s a bill that includes provision after provision authored by both Democrats and Republicans," he said. "But... the Republican leaders in the Senate once again used parliamentary procedures to block it. Understand, a majority of Senators support the plan. It’s just that the Republican leaders in the Senate won’t even allow it to come up for a vote."

Senate Republican leader Mitch McConnell, however, countered that if anyone is to blame for holding up the bill, it is the Democrats.

“Our friends on the other side have outdone themselves," he stated. "We first got on this bill in late June, and since then, Democrats have set it aside six separate times to move to something else. So from the beginning this bill clearly wasn’t a priority to them."

With unemployment stubbornly high across the US, debate on the legislation, which Democrats claim will create an additional 500,000 jobs, is likely to form a key battle ground in the run up to the mid-term elections, and President Obama would be keen to put his signature on the bill before the November vote.

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Understanding Features vs. Solutions

It is two elements that will always, separate the successful entrepreneurs from those who struggle. Successful entrepreneurs know the difference between features and solutions. The second is that they features and take action only on solutions.

So what is the difference between features and solutions? A feature is an important part or characteristic of something. A solution is simply an answer to a problem. In most cases it will be a prominent part or characteristic of something that can solve the problem. Put simply, it is a feature that will provide a solution.

When a person makes a purchase or takes an action based on a feature that doesn't solve a pre-existing problem for them, they are wasting resources because they are solving problems that do not exist. The most important aspect of a feature providing a solution is that the solution must be to an existing problem.

I have OCD. I am the most organized person I know. When I was an entrepreneur just starting out, I was the most organized business owner I knew. There were two main reasons for this. The first was that I spent all of my time organizing everything. The second was that because I spent all of my time organizing, and no time gathering clients, I never actually did any real work that would mess up my perfectly organized system. My problem was not disorganization. My problem was a lack of clients. Being organized was a feature and a waste of my effort at that point. I should have put my energy into solving the problem of not having any clients. After that, once I was generating an income, I could solve the problem of disorganization if and when it came up.

Successful entrepreneurs have a specific goal and solve problems on their way toward completing that goal. Anything that doesn't move them toward their specific goal is a waste of time and money.

Most people suffer from consumerism. The "new features" seemed very appealing on TV so now they feel compelled to spend money. They are spending money to solve problems that they do not have. Money is a limited resource and the more they spend solving problems they don't have, the less they have to spend on solving problems they do have.

Some of us suffer from analysis paralysis. This is the difference between overloading yourself with information and actually getting to action. One of the greatest tools for research and the greatest cause of never actually starting projects in our time is the internet. You can find information quickly and easily. The problem is that there is so much information that some people never take action as they think they need to read and digest everything. Successful entrepreneurs read just enough to start taking action and then solve problems as they occur. They know that a person can only win the game by actually playing the game (taking action). They know that the game is not won by knowing every feature but by knowing how to find any solution.

Managers know that employees are suckers for features. An employee will inquire about getting a raise (a solution for not having enough money) and what will the manger do? The manager will give them a new title. The employee will walk into the office a "supervisor" and walk out a "regional supervisor" with the same pay, a slightly increased workload, and a promise that his next "promotion" will include a pay raise. The employee just got screwed. And what happens if the employee figures the title game out? Then he gets a parking space with his name on it. It's just another feature for the employee that doesn't solve his problem of needing more money. How much did this parking space cost the company? Zero. For the company it's a solution because it solves the company's problem of quieting the employee without any cost.

Have you ever seen an advertisement from Ferrari talking about more miles per gallon? Nope, and you never will see one. The entrepreneurs who buy Lamborghinis have money by the truckloads and don't have a problem paying for gas no matter what the cost. Fuel efficiency for the rich is a feature as it solves no problem that they have. Successful entrepreneurs tend to ignore features.

Now if you visit the office of a successful entrepreneur who actually owns a street legal space ship, you will find that all of their decisions are solution based. If you are attempting to sell something to the owner of that company, sell solutions, not features. Proposition to solve an existing problem for the company at a fair price and you will have a sale. Present him with the idea of a hot tub to be installed in the lunch room because "it would be so awesome" and expect the idea to be rejected.

This game is all about ignoring some of the comforts (features) and using your resources to solve problems that keep you from your goals. This game is about living a few years of your life like most people won't, so that you can spend the rest of your life like most people can't. And exactly how is that done? I am glad you asked. Click on the below web-link to download my free eBook and start learning now.

About the Author

Drawk Kwast is a life coach. His methods are unconventional, and he makes no apologies as he tells you how to dominate the competition at work.

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