Hilliard Management Group

12/21/2023

12/14/2023

End of Year Tax Planning Basics

Planning is important in all of your business activities, and tax planning is no exception.

There are few key items that you will need for an effective tax planning meeting.

-Have your accounting system and financial reports reconciled through the end of November.

-Have a forecast for what you expect to receive and what you expect to pay out for December, most small businesses are filing their taxes on cash basis.

-Have a list any new equipment which you will need to purchase in the first three months of the next year, in order to determine if it would be more beneficial to purchase it in December in order to take advantage of bonus depreciation, or wait until next year.

-Have a record of any retirement plan payments which you made during the year.

-If you have an S-corporation, have your latest pay stub available to see how much in State and Federal income taxes were already paid during the year.

-Have a record of any estimated tax payments which you made during the year.

For your personal tax information, make a checklist of what you give to your tax professional each year, and make necessary updates as things change in your life.

Remember to get on your tax professional’s schedule for December to review your tax situation to have time to optimize tax savings.

11/16/2023

Make the Holiday Season Less Stressful:

Be flexible: There is no law that mandates the holiday party needs to be held in December, people may be more relaxed to have it in January when they have less personal obligations.

Be generous with “Thank you”: Saying “Thank you” should be a priority all year long and not just during the holiday season. Monetary compensation is only a part of why employees are working with you, notice their hard work and their good work and say thank you.

Involve your team in decisions: Involving your team in the company decision will make them feel more important and give them the confidence that you value their opinion. Examples: Will we decorate the office this year? Will we have the annual pot luck or will we bring in Pizza?

Help employees prioritize projects: Managing projects and being able to prioritize can minimize a lot of stress for employees. This may mean having project meetings or simply checking in with employees in a not intrusive way to make sure they do not need additional assistance.

09/29/2023

Come join us for Business Accounting with SCORE - https://www.score.org/eastbay/event/business-accounting-7

09/14/2023

How to Successfully Train Employees
Employee training is one of the secrets to the long-term success at the workplace. The opportunities employees are given to grow and develop allow them to do their best work and advance their careers. Employee training opportunities will also keep a company competitive as its industry changes and evolves.
Train at the Individuals Level While Knowing Your Teams Level
The whole point of employee training is to give the team the skills and information they need to perform at their highest level. However, not everyone starts out at the same level or even needs to know the same skills. By knowing the strengths and weaknesses of individuals and the overall team, employers can implement more effective training. When developing your training systems, consider the different ways people learn. Some people learn better through hands-on methods, while others learn better independently.
Confident, Efficient, Happier Employees
Training your staff unlocks their potential, improves their skills and gives them the confidence to make a difference. It also shows them that you care enough to invest in them. Seeing that you’re willing to do that makes the employees feel important, and that boosts their motivation. Having confidence and motivation increases their moral - another important ingredient in business success!
When you have confident, efficient, and happy, employees this will also help you keep your competitive edge. You need to act fast to keep up in this fast-moving world. You need to make sure that your employees are ready for that new piece of software, or that exciting new product you are releasing. Successful training will assist in their readiness.
Reduces Turnover
Most people leave a job because they don’t think they have enough of a chance to grow. Employee training creates growth opportunities and shows the paths ahead. When they see a path, they can make plans, they can get excited about new ideas and they can feel more positive about their work.
Taking the time to individually train staff at their own pace will lead to successfully trained employee that become confident, efficient, and happy employees. These employees will be willing to face any challenge that may occur within your organization and will become loyal. That will reduce your turnover, and increase the success of your business.

08/10/2023

How to Set Target Sales Goals as a Small Business

As a small business owner setting a clear, realistic sales goal is crucial to your success. To do this you need to conduct a thorough analysis, make a plan and then be willing to modify the plan as needed. Remember the success of your business relies on the sales your business achieves.

Analysis

In your analysis you will look at your revenue, customer retention, total new deals or new customers brought in during the previous year. Then you will look at your last year’s financial analysis and determine first what is your bottom line to maintaining your business.

The Plan

You have your goal that you want to make this year set, now it’s time to break down that goal in smaller segments. One way to do this may be to break down the goal as weekly, monthly, or quarterly goals. You may want to break down the goal by revenue source such as new business versus current customers or break down the goal by product or service offered. By breaking down the goal into smaller and smaller segments this will allow you to be more specific with your team in what they need to do to help you meet the overall goal.

Modifying the Plan

Be prepared that you may have to modify the plan. Example: You have your plan completed and the 1st quarter goes by, but you do not see the increase in sales that you were expecting. That is ok, this is when you get back with your team and modify the plan. Look at your predetermined segments and determine where is there revenue growth and where is there not. Take that information and modify your sales process. Remember as times change your processes will need to change also. Be open minded, willing to adjust and continue to do analysis on your business sales so that you can reach those goals.

Overall, working with realistic sales goals will give a solid foundation to growing your business. Doing a thorough analysis and using that to plan out your sales process will help to succeed. Then being ready to adjust goals as times change will help you to make your business successful.

07/14/2023

Are you ready to learn more about QuickBook?

06/22/2023

Do you use QuickBooks, do you want to learn more about the program?

06/08/2023

How to Successfully Train Employees



Employee training is one of the secrets to the long-term success at the workplace. The opportunities employees are given to grow and develop allow them to do their best work and advance their careers. Employee training opportunities will also keep a company competitive as its industry changes and evolves.

Train at the Individuals Level While Knowing Your Teams Level

The whole point of employee training is to give the team the skills and information they need to perform at their highest level. However, not everyone starts out at the same level or even needs to know the same skills. By knowing the strengths and weaknesses of individuals and the overall team, employers can implement more effective training. When developing your training systems, consider the different ways people learn. Some people learn better through hands-on methods, while others learn better independently.

Confident, Efficient, Happier Employees

Training your staff unlocks their potential, improves their skills and gives them the confidence to make a difference. It also shows them that you care enough to invest in them. Seeing that you’re willing to do that makes the employees feel important, and that boosts their motivation. Having confidence and motivation increases their moral - another important ingredient in business success!

Reduces Turnover

Most people leave a job because they don’t think they have enough of a chance to grow. Employee training creates growth opportunities and shows the paths ahead. When they see a path, they can make plans, they can get excited about new ideas and they can feel more positive about their work.

05/24/2023

Are you looking to hire?

Hiring Tips for Small Business Owners

Having the right employees is essential to the success of every business. In a small business setting it is crucial that your new employee is able to fit in your unique business culture.
Some Tips to Remember:
Don’t rush hiring the first person that comes through the door.
Think hard about your needs.
Know what you have to offer. Including: Salary, Benefits, Flexibility
Ask specific questions based on the skills that you are trying to confirm during the interview process.
Be distraction free during the interviews, focus 100% on the interview.
Utilize existing relationships.
Don’t take their word for it, back ground check are essential.
There is no guarantee that the person you choose to hire will be a great fit or be as qualified as you first thought, but when you are thorough during the hiring process you will minimize the risk of hiring a scam artist that will cost your company money that could be otherwise used.

05/05/2023

We hope to see you there! https://www.score.org/eastbay/event/business-accounting-6