At the beginning of each year, many businesses make plans for what the next twelve months will look like. In fact, sometimes a whole year’s budget, calendar, and strategy are decided in the first few weeks of January. This is a great time to review what worked and what didn’t in the previous year and serves as a transition period in which many decisions, small and large, are being made. Planning is essential for mapping out the direction you will take in order to move your business forward in 2014, and it doesn’t have to be a difficult process if you know who is best to consult and partner with in order to produce the best end result. After all, planning is crucial but implementation is just as important.
Your Business Planning Basics: Improving Existing Processes and Systems
If you need help with your business planning in general, Bell Business Solutions can help by providing the tools needed to effectively plan and analyze nearly every aspect of your business. Echo Bell, owner of Bell Business Solutions, says, “Our main services are Business Process Re-Engineering and Software Implementation. This unique combination of business services provides significant improvement in productivity, time management and cost through the use of integrated and customized software. Our solutions correct inefficiencies, streamline processes, eliminate double entry and data manipulation, provide answers to critical business questions and improve business communications. Your business data is all there…why not turn it into a powerful tool?” She adds, “Our services begin by helping organizations understand how well their existing processes and systems are working for them. This comprehensive approach not only improves business flow but delivers innovative technical solutions that create forward thinking and opportunities for growth in the future.”
Your Best Interests: Legal Advice
When planning, it is important to have a short term and long term business plan for your business. Christine Vanderford, of Vanderford Law, PC LLO emphasizes that setting forth these goals will ensure the future of your business. She advises, “In order to do this, a business owner should utilize professionals to create a financial strategy for growth, as well as a marketing strategy and a business succession strategy, whether the succession of ownership of the business is based on death, disability of owners and/or shareholders, or sale of the business. It is especially important for businesses to plan for and take care of these matters, not only to ensure the growth and success of the business but also to achieve the ultimate goal of getting the most out of your business as possible. As most business owners put a majority of their assets and effort into making their business sustain itself long term, it is of the utmost importance that they have the professional guidance so they are moving in the right direction and are free of costly errors and setbacks. Without proper legal advice, a company can get set up incorrectly, or without proper liability protection, threatening the future of the business. Ongoing legal support of the company can ensure the growth of the company continues to flourish with tax efficient strategies and limited liability.” She adds, “It is also imperative for business owners to review their estate plan periodically to ensure their estate planning documents reflect the current status of their business. This is essential to protecting the family if an unexpected death of the business owner occurs. It is really important that the estate plan of the business owner reflects any business succession plan and changes that might be made over time.”
Your Bottom Line: Increasing Efficiency and Profit Potential
Business planning for an upcoming year or fiscal period is very important, especially from a financial perspective. Aaron Newell, President/CEO of AR Solutions, notes that there are two major steps when financial planning, and more specifically accounts payable and receivable, are concerned. “First, it is crucial to analyze the prior period’s data, making any necessary changes for efficiencies or to correct any short comings. Second, you must make the decision to implement those changes internally or to utilize an outside vendor. One very important part of that is reviewing aging balances on past due receivables and knowing what is a healthy percent of gross revenue for your industry. Past due receivables, if neglected, can grow out of control and place a burden on your bottom line. Statistically on average, only 60% of past due receivables are collectable by the original creditor. So the sooner you can identify the 40% that are need to be outsourced to a trusted collection partner the higher the probability of recovering a larger percentage. The collectability of past due receivables declines dramatically after they are aged 120 days. In healthcare specifically according to the American Collectors Association recovery averages 12.5%.” Choosing a collections partner is a very important decision, as they are truly a partner of your business. Every contact they make on your behalf reflects on your business name. Consumer protection is a “buzz” topic currently, so choosing an agency that will handle your accounts ethically and with professionalism is paramount. AR Solutions was founded with a guiding mission “If you have integrity nothing else matters…If you don’t have integrity nothing else matters”. Call AR Solutions today at 402-817-3929 or find them on the web at www.arsolutionsinc.com to learn more or for a review of your current collections procedures.
Insightful planning is vital for nearly every business and nothing is too minor or abstract to be included. Actually, thinking outside of the box when planning may lead you to new systems or business relationships that will further your success or benefit you in ways you hadn’t expected. Jason Lasky, Senior Vice President of Corporate Services at Sadoff Iron & Metal, says that in his experience scrap metal recycling is one is one area that unfortunately is often neglected when annual planning is done. He states, “Every business type and size requires a unique scrap metal recycling process, with an ultimate goal of increasing profit potential. From industrial and manufacturing customers requiring regular scheduled pickups to small independent recyclers that appreciate quick in-and-out service, we believe recycling should be efficient and positively affect our customers’ bottom-lines. This customer-focused philosophy creates better recycling as well as boosting bottom-line results. On a deeper level, it’s about conducting business with integrity. Sadoff Iron & Metal believes in bold action for the benefit of customers, communities, employees, and the planet. In addition to recycling scrap metal, we’re proud to offer management programs that educate customers and improve efficiencies. With comprehensive planning and process improvements, Sadoff Iron & Metal proves to businesses that it’s more than an average salvage yard. Sadoff Iron & Metal offers a cohesive, comprehensive program, the [CO+]Efficient Program, to help organizations plan for efficient scrap metal recycling processes. It forces businesses to look not only at immediate needs, but also yearlong opportunities as needs may change. Specifically, the [CO+]Efficient Program helps a business analyze their production process, develop a sound pricing formula, and enhance environmental security and equipment. An in-house consultation and container service auditing create solid strategies to handle whatever scrap metal capacity is necessary.” He adds, “In today’s business world, it’s vital to streamline every process as much as possible, including scrap metal recycling. That’s why Sadoff Iron & Metal developed a cohesive, comprehensive program, the [CO+] Efficient Program, to help organizations fine-tune their scrap metal recycling processes. This in-depth program creates chemistry within an organization for better recycling and increased profit potential. Sadoff Iron & Metal also helps customers stay protected from litigation under the Superfund Recycling Equity Act. Every step is taken to help ensure companies are in full compliance with environmental standards and emissions requirements created by the DNR and EPA.”
To increase your profits, you must have a complete understanding of your finances and manage them according to what is in your best interest. The professionals at Nebraska Bank of Commerce, or better known by many Lincolnites as NBC Bank, are always willing to provide their knowledge and expertise to make sure you are headed in the right direction for the next year. Chris Hove, President and CEO of Nebraska Bank of Commerce, says, “While we don’t necessarily offer any structured financial planning, we certainly meet with many of our clients to talk about what’s happened during the year, what successes they’ve experienced, the challenges they’ve faced, and their goals for the next year. We can then offer our expertise in the areas we are most knowledgeable. This almost always includes budgeting, and often from a borrowing standpoint it involves what money they can allocate to paying down their existing loans in order to see benefits on their upcoming tax returns. During our consultations, collaboration is very important and from the ideas and concepts our clients present we strive to provide suggestions on what might help to improve their business or organization. This includes several different options or courses of action, and focuses on the future. What are you doing next year? Will you need to borrow for expansion? Do you just need to build your business more in specific areas? With respect to our role as an advisor, bankers are by nature conservative people so we try to look at the ‘what if’ and ‘what could happen’ scenarios in order to accurately evaluate risk. This perspective is especially important and valuable to business owners.”
If you are specifically looking for structured financial planning services, HBE Becker Meyer Love LLP is a firm composed of a team of Certified Public Accountants & Consultants that will guide you in the right direction.
According to the team at HBE, the following list details the most common mistakes or commonly overlooked items they see when it comes to business planning:
• Not being prepared for large taxes in a good year
• Book/tax differences that create hidden taxable income
• Lack of consideration for Alternative Minimum Tax (AMT) for individuals
• Added benefits of donating appreciated assets rather than cash
• Proper utilization of Health Savings Accounts (HSAs) and/or Flexible Spending Accounts (FSAs)
• Overall consideration for proper estate planning
There are also several big legislative changes that business owners should definitely consider:
• Affordable Care Act (ACA) changes. Specifically, the fact that Health Reimbursement Arrangements (HRAs) are no longer allowed without group healthcare coverage, overall premium increases, penalties for not offering employee healthcare coverage starting in 2015, and unknown health insurance Exchange rates.
• Less favorable depreciation for capital expenditures after 2013.
Jimmy Schulz, CPA, CVA at HBE, advises, “Key items that businesses should consider now as they relate to planning for the next year include taking advantage of higher Section 179 levels and bonus depreciation, bank and financial rations, year-end bonuses, and higher tax rates this year for high income earners as well as new surtax on certain investments and passive income. Our team possesses the experience and expertise on each of the items listed and can provide the guidance you need on all important tax matters, both for your business and for you as an individual. We also offer qualified valuation services, succession and transition planning services, estate and wealth management services, and a host of other services that can help businesses prepare for their future. Our firm is also very proactive in helping businesses identify state incentive program benefits.”
Schulz adds, “Our cloud-based accounting and financial outsourcing service, HBE 360, is the perfect solution for businesses that lack adequate accounting staff or don’t want the overhead associated with a full in-house accounting department. Often, these businesses also lack the clean and comprehensive accounting records needed to ensure proper financial planning. With HBE 360, these companies are able to focus their resources in areas such as business growth, operational efficiency and planning, while HBE’s trained experts provide the day-to-day financial management and accounting services the company needs to be successful.” In conclusion, Schulz states, “Tax planning is crucial, as business tax planning can be very complex. Careful planning involves more than just focusing on lowering taxes for the current and future years. Our team of experts can help you prepare for how each potential tax savings opportunity affects your entire business. In addition, we can help closely-held entities maintain a balance between planning for the business as well as planning for its owners. In preparation for next year, key tax/financial matters that we can help businesses with include budgeting for taxes and profitability, as well projections for future year profit. We can also provide guidance on how to implement and/or maintain clean accounting records, estimates for future profits or growth, and consideration of a capital expense budget or other possible expenditures.”
Your Image: Planning to Brand Yourself Effectively
When you present yourself to a potential client or business partner, it is important that the professional image that you are showcasing aligns with your brand, mission, values, and essentially who you are as a business in addition to creating awareness. This not only includes how you present yourself personally, but the materials you are introducing that showcase what you are all about and what you have to offer. Image branding is not just something to consider, it is a critical element of your business as a whole and a direct representation and extension of yourself. Utilizing print materials not only supplements your presentation, it acts as your ambassador whether you are present or not. A good example of this is printed tradeshow items in addition to brochures and business cards. These items introduce people to your business as well as creating top of mind awareness as your name is on something that they are likely to utilize more than once in the future, or even pass on to others. Matt Ashmore of Eagle Group explains, “We help our clients in several key areas. We provide many different types of business collateral; meaning that we make sure people have quality items that look great. More importantly, these items serve to brand your business. This directly affects how people see you and feel about you, which effectively creates your image. It is very important to plan ahead in order to have these materials, or especially business cards or supporting materials, on-hand right when you need them. Marketing mailings and promotional pieces are very popular and we have an extensive amount of experience with these types of materials. Additionally, as a production facility, we are experts at how to print at the highest level of quality available. We utilize items that print well, as well as the best equipment and materials for printing, and we have an excellent understanding of how graphic design translates into the final product. We often meet with clients to discuss much more than the actual process of printing, and we are happy to help wherever we can. Our main goal is to make you and your business look good.” He adds, “One major part of business planning that I encourage people to do is to set a goal, and then start to plan backwards from that goal to figure out your budget, materials, etc. and exactly what you need to produce to meet that goal. At Eagle Group, we work hard to make sure everyone is on the same page in order to make the production of your materials as smooth of a process as possible. We are not only invested in the quality and appearance of the materials we produce, we want to contribute to building your brand and the success of your business.”
Your Internet and Social Media Presence: Search Engine Optimization
Planning for web and social media presence is emerging as another must-do for businesses. This includes creative ways to drive visitors to these pages as well as increase your Search Engine Optimization (SEO). An excellent example of how to do this is by utilizing corporate videos. Dark Room Cinema offers plenty of expertise in this area, as their main focus is providing professional corporate videography services. Randy McGinnis, owner of Dark Room Cinema, states, “The use of video is an effective way to improve a company’s search engine optimization. Search engines like Google reward companies that put regular fresh content on their websites, and the best way to add that content is through video. Search engines love to see video content on sites and when that video is regularly updated those search engines will rank your site higher, making your business more quickly found by potential customers.” What kind of videos should you post? McGinnis says that how-to videos are wildly popular. “Put up a video showing your customers the benefits of your product or service and how they can be used is an excellent way to build interest in what your business has to offer. You will be surprised how many people will want to watch those videos. Using video is an effective branding tool for your company.” Video also is a great tool for your social media marketing. Research shows that visitors to your Facebook page will watch a video much more than read a simple text posting. Using video regularly will get more people looking at your Facebook page, which equates to more engagement and more shares. McGinnis adds, “Dark Room Cinema specializes in corporate videos. We can make video commercials or shoot how-to videos or video blogs. Anything you want to see videotaped, we can do it. Video editing is our specialty, and we are able to use any special effects you want on your video. Turnaround time is amazingly fast, and our prices are very affordable. Contact us at (402) 770-5198 to get your project planned.”
Your Business Environment: Presentation and Safety are Crucial
When people walk into your place of business or office, first impressions are everything. You may not notice certain odors as you are there every day or they may not bother you, but scent recognition is very powerful and you definitely don’t want your visitors to experience anything that may be unpleasant or that will give them a negative impression. Additionally, high traffic areas can host a myriad of nasty germs and bacteria and can be very difficult to maintain from a sanitary perspective. Since 2007, Sniferz has provided routine and specialized deodorizing services to the Lincoln community and surrounding areas. Using environmentally friendly, safe and reliable processes, Sniferz services the commercial, institutional, residential and transportation markets. If you are looking for a fresh, clean smell that will last for a long period of time, Sniferz offers a variety of services that are guaranteed to get the job done. Owner Jim Hunt says, “One service that we have added recently is called BioSweep Surface Defense. BioSweep Surface Defense is an antimicrobial solution that binds with any treated substrate rendering the entire surface antimicrobial. It provides an effective, long lasting kill zone against germs, bacteria molds and viruses such as Staph, MRSA and E.coli. It’s non-toxic, safe for ALL surfaces and disinfects for up to 12 months when applied properly. No special cleaning practices are required after application of BioSweep Surface Defense. Businesses that would be a candidate for this product are almost too numerous to list but a few would be health care providers, workout facilities, daycares, retirement homes, offices, schools, churches, etc. Any business that serves the public with high traffic flow would be creating not only a more sanitary environment for their clients, visitors, students or employees but could also experience fewer sick days or an outbreak of infections such as MRSA or impetigo.” When planning for the application of BioSweep Surface Defense, Hunt advises, “One of the main aspects of planning a BioSweep Surface Defense application is to determine the area or surfaces to be treated. As a general rule we treat as high on the wall as an adult can reach and then determine which surfaces (desk tops, countertops, chairs, computers, printers, door handles, light switches etc.) have the most human contact in an average day. If there are a lot of small items such as toys in a daycare or treatment apparatus in a health care office then we take that into account also. Once this is done I can quote a firm price. Another feature of our service is pre and post treatment ATP testing. ATP (adenosine tri-phosphate) is the universal unit of energy in all living cells and is present in all organic material. ATP verification instantly provides measurable data on the cleanliness of environments and surfaces. Sniferz tests for ATP both before and 90 days after treatment to verify the effectiveness of the Surface Defense. This follow-up makes us unique and gives the customer some confidence that their work area continues to be protected even though you can’t actually see, feel or smell the product once it dries.” He adds, “Other questions I get on planning a treatment have to do with when is the best time of year and how long does it take to treat an area? I always say today is the best time to lay down a durable antimicrobial surface to give protection and peace of mind that your business is disinfected and will remain that way regardless of whether you follow everybody around with a can of Lysol or religiously apply hand sanitizer. Most offices or clinics can be treated in a few hours or in an evening. The product dries quickly and the slight residual smell is gone in a few hours so the next day it is business as usual. In the case of a large facility or multiple zones in a building, different arrangements can be made to accommodate each specific area. We really strive to make our services easy and affordable by taking the time with the client to make sure we treat only the areas that truly need it and work with their schedule to not interrupt their daily work routine. With a greater public awareness of what the CDC calls “superbugs” (antibiotic resistant germs) the advantages of having this kind of protection are obvious and could be of great value and comfort to a business’s clients or employees.” To learn more about BioSweep Surface Defense or schedule an estimate or treatment contact Sniferz at (402) 429-9984 or visit www.sniferz.com.
In addition to their wide range of fire prevention and safety equipment available, General Fire & Safety Equipment Company also places a huge emphasis on educating business owners about the necessary safety features that are not only required by law but a good idea to have present in your place of business. Because the lives and assets of their clients are at stake, they are committed to the flawless execution of Fire Alarm Systems, Fire Suppression Systems, Fire Extinguisher Service, and Safety & Security Equipment. Leslie Lipert of General Fire & Safety Equipment Company provides consultations for local businesses where she evaluates the site and makes recommendations about what is necessary to be compliant with applicable laws and what would make your business a safer place. In fact, it is an OSHA requirement to conduct this training and education in most cases. OSHA 1910-157(g) states: Training and education (1) where the employer has provided portable Fire Extinguishers for employees in the work place; the employer shall also provide an educational program to familiarize employees with the general principles of Fire Extinguisher use and the hazards involved with incipient stage of firefighting. According to Lipert, “It is very important to conduct training in the workplace, not only because it is an OSHA requirement but also because it has the potential to save lives, builds confidence, and promotes awareness. Our training provides actual hands-on experience and demonstrations in addition to classroom instruction and training videos. Furthermore, our inspection services cover anything you may need to be up to code or compliant with the law and we give you the knowledge to manage this in the future. Some of these items include proper fire extinguishers and their placement, exit and emergency lighting and exit inspection, and a complete inspection of your existing safety equipment and systems. It is also mandatory by law to have a First Aid kit at your place of business, and we provide different types of kits tailored to the type and size of your business. Additionally, we offer automated external defibrillators (AEDs) which are portable devices that can save lives in emergency situations. Not only do we carry AED devices, we also provide the necessary training to ensure you and your employees can operate them properly. Our main priority is to make sure you have the knowledge and tools to keep yourself and your employees safe and your assets protected.”
Also regarding office space, sometimes you just need more! If a move to a larger space is not in your near future, you could also consider planning to utilize a storage facility until that becomes feasible. Strong Box Storage is Lincoln and Omaha’s premier storage facility, offering a secure, state-of-the-art facility complete with extra amenities such as climate controlled unites, 24/7 digital surveillance, drive-up storage rooms, and there are also a U-Haul dealer so in addition to providing many sizes of moving vehicles they also offer a wide variety of moving supplies to help you tackle the project. Their on-site office is open six days a week and offers helpful, friendly staff. Thomas Friedman, owner of Strong Box Storage, says, “We have a lot of clients who store items from their businesses. Some businesses use our facility as overflow, some for seasonal storage, and some companies use our facility as their main point of storage. For example, we see a lot of construction companies store valuable equipment in our larger units. In fact, quite a few of our units are utilized by businesses, both short and long term. We offer a range of sizes from 5×5 to 10×40, and we always try to find the right size that fits the customer’s needs. We also provide unique keypad codes so our customers have access to their unit 365 days a year. While we can get walk-in clients right into a unit, often times we like to meet with people to show them a few different sizes and strategize as to which one will fit accommodate the space and features they require. We are glad to offer our time and expertise in this way, and I highly recommend briefly touring the facility when planning for offsite storage to see the full extent of options available at our facility.” He adds, “At Strong Box Storage, security and convenience for our clients is very important to us. We are set up to accommodate just about any requests you may have, and we also make it very easy to pay on time which helps businesses plan ahead to cover costs related to storage. You can pay whatever way you choose, including automatic withdrawal to eliminate fees associated with late payment, and you can also pay ahead for additional discounts. Whatever your needs or goals are, we can come up with a plan to make them happen.”
Your Planning Session: The “Where” is Important Too
When you think of the setting of a business meeting, often times you think of a sterile or windowless conference room. These areas do not provide the necessary get-away essential for focused and inspired team building and cohesiveness—they don’t get you out of your normal environment, which is optimal to get you thinking outside of the box and with a clearer focus. Often times when planning for business retreats or meetings, the destination gets chosen as a byproduct of the need for a space to gather and little focus is placed on why that particular place or venue is optimal to host your gathering. However, planning for these types of events should require careful consideration of the place and surroundings as well as the ground you need to cover or the mission of your meeting.
Sometimes your office may not offer the ideal space for planning, especially if you are organizing a meeting that requires collaboration with several different businesses or professionals. Finding a neutral space that is convenient and fits your specific needs is often the best solution. Hyatt Place Lincoln/Downtown-Haymarket is a different kind of hotel designed around you, and their mission is to help you bring people together for meetings and events in new and innovative ways. They offer outstanding facilities and services, including the absolutely necessity of free WiFi throughout the hotel, that are perfect for small corporate and executive meetings, training classes, group gatherings, and hosting out of town guests if necessary. In addition to the essentials such as WiFi and a personal meeting concierge that will ensure you have exactly what you need when you need it, they provide flexible configuration of your meeting space, state-of-the-art audiovisual equipment and capabilities, and all-inclusive meeting packages with complimentary breakfast items to make sure you have enough energy to think and perform at an optimum level. In fact, Hyatt Place is ranked as the #1 Select-Service Brand by the Business Travel News as a result of their 2013 Hotel Chair Survey for the second year in a row. If you want your business planning session to be as comfortable and effective as possible, Hyatt Place has the experience and innovative solutions to make it happen.
Additionally, the Lied Center offers wonderful options for meeting space and is also in a central, convenient location that is in very close proximity to the downtown area, the University of Nebraska-Lincoln campus, and the Historic Haymarket. You may not directly think of it when planning a business meeting, but at a theatrical venue anything is possible! The Lied Center is especially great if you need to have a meeting that requires the attendance of a lot of people. They offer the Lied Commons, Steinhart Room, Carson Theater, Katherine Hendy Parker Lobby, and Main Stage auditorium. All of these spaces can be set up specifically to accommodate your guests comfortably, from 95 -120 people in the Steinhart Room all the way up to 2,192 people in the Main Stage Auditorium. This allows you to bring all of your resources together in one place at one time in order to collaborate on your planning for the year if that is the approach you desire. They also offer plenty of catering options if you are turning your planning session into a full day or evening event, or if you simply want to make sure that as the host everyone who is helping you plan for the coming year is well taken care of. Bill Stephan, Executive Director of the Lied Center for Performing Arts, states, “Few venues in Lincoln share the distinctive culture, prime location and picturesque views that the Lied Center can provide for a special event or business meeting. Our venue is often described by guests as elegant and distinctive, yet friendly. We also offer top quality audio systems and many technological capabilities on a larger scale. Additionally, seating capacity ranges are vast to accommodate everything from a large corporate gathering to an intimate planning session.”
Proper planning is crucial to ensure the optimal functioning of any business or organization, and therefore directly contributes to their measurable success in the upcoming year. A plan, by definition, is a scheme, program or method worked out beforehand for the accomplishment of an objective. And subsequently, planning is the formulation of the means for reaching your objectives…and achieving your goals! So, it is very important to have your objectives clearly outlined and set in the beginning stages of your planning. Once you have your goals and objectives finalizes, it is incredibly beneficial for you to find experts in those areas that can provide you the means for the most direct path from where you are now to your desired end result. Think of it like putting together a puzzle. You can see what you want the end result to look like from the picture on the box. You work to piece the outline together first, and then fill it in afterwards by building upon the outline and referencing the photo of the finished product. We must constantly reference what we want our end result to be, and review our processes and work towards our goals to ensure we are effectively working towards them and making progress in the right direction every day. This requires a great deal of accountability, and when you have experts who specialize in their respective fields working to guide your planning and progress that also adds accountability for both yourself and those who you have hired for their expertise and products/services. Once you have plans in place to guide you to where you want to be, and the best people helping you along the way, success becomes far less difficult and even more exciting. So when you are planning for 2014, consider utilizing some quality, local professionals as outside resources to assist you and we assure you that you won’t regret it!