Posts by Bill Wortman
Consultant’s Corner: How Much Should You Budget for Marketing?
Q: How much should I budget for my marketing costs? General Marketing Expense Ratios For established businesses, the general guideline for a marketing budget is a percentage of sales. However, for a startup business with no sales history, the considerations are: What marketing methods are identified in a business plan? What marketing methods will be…
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Consultant’s Corner: 15 Reasons to Write a Business Plan
Question: I have been in business for a year. Is it worth my while to prepare a business plan since I am not borrowing money? The two basic purposes of a business plan are to raise funding and effectively plan new business ventures. Below is a list of 15 common reasons, including the first two…
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Consultant’s Corner: Bank CDs for Small Business Financing
Question: I have many friends and family who want to invest in my business, but would like a secure place to do so. Should I have them invest in a bank CD that I utilize as a secured loan for my business? In our opinion, having investors buy a bank CD (or CDs) to secure…
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Consultant’s Corner: Serving on a Corporate Board
Q: How does a person go about getting considered to serve on a corporate board, or as an advisor to other corporate boards? The approach, qualifications, and other considerations for getting a board of directors, or advisory committee, seat vary somewhat based on the type of corporation—nonprofit, privately-owned, or publicly owned. Having contacts and relationships…
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Consultant’s Corner: Protecting Your Business from Employee Theft
Q: I’m looking to start a new mobile auto detailing business. My biggest concern is protecting my business, particularly from employee theft. What can I do in my hiring procedures? Effective hiring procedures are important for every employer; however, since you will have employees taking company assets off premise, handling customer cash payments, working on…
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Consultant’s Corner: Do I Need a Separate Business Bank Account?
Question: Medicare and other insurance take direct deposits into my account. Is it better to use a different bank for business and personal so as to limit any errors or confusion? Should I open two accounts: one for direct deposit from the insurance companies and another to pay bills? Regardless of the business structure (sole…
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Consultant’s Corner: Business Interruption Insurance and Vehicles
Q: One of our trucks was involved in an accident where the other party involved was at fault. Their insurance company is dragging their feet in the matter. What are we entitled to in regards to loss of income and property damage, and what action should we take? The car that hit our truck is…
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Consultant’s Corner: Why You Need an Employee Handbook
Question: I run a small business and have less than 10 employees. Why should I have an employee handbook? An effective employee handbook that lays out all company policies can be a great benefit to your small business. Although there’s no kind of legal requirement forcing you to develop a handbook, experts have found that…
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How New Tax Cuts Impact an LLC
Q: How do the new federal tax rules impact the taxation of my LLC business? The recently enacted Tax Cuts and Jobs Act of 2017 (TCJA) took effect January 1st, 2018 and will have a significant impact on the federal income tax treatment of business pass-through entities, which for the TCJA are defined as sole…
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Consultant’s Corner: Finding Corporate Sponsorship
Question: How should I approach potential sponsors for an event that seats about 550 people per month and reaches thousands through online marketing? Is there such thing as a sponsorship proposal form? If so, what type of information should be in there that would be intriguing to a sponsor? Each sponsorship opportunity will be different…
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