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Survive a
Challenging Economy
By: Renee
Daggett
If you had 100 pennies in your pocket, how many
could you spend without going into debt? The obvious answer is 100!
 Yes,
the economy is challenging right now; however, we are seeing business
owners sabotage their own business by failing to be good managers of their
business.
Here are a few good tips so your business can
not only survive, but be successful!
1. Organize your receipts by month – it will
save time in filing!
2. Determine where you are overspending and cut
costs wherever you can.
3. Find the same service for a better
rate. For example transfer your insurance policy to another
broker for the same plan for less money or increase your deductible.
Also, verify you are on the right telephone plan and change it if you are
not using services or going over or under your minutes.
4. Be willing to make tough decisions.
For example, do you need to move out of your office to a smaller office,
share an office with someone or possibly set up a home-office? Be
courageous to keep your business alive by cutting employee pay rates
or hours rather than laying off.
5. Know and pay attention to the profit
formula: Income minus profits equals expenses. What is your profit
goal? Treat that amount like an expense so that you can budget other
expenses around your goal. Live within your means and spend less
than you earn.
Be successful!
Did You Know?
 •For travel
and entertainment expenses (other than lodging) receipts
are generally NOT required for expenses below $75. You still need to
show the time, place, amount and business purpose.
•If you own a sole proprietorship and are
making good profits, consider incorporating. You will eliminate the 15.3%
self-employment tax.
•If you're treating your business associates to dinner,
make sure you have a business purpose geared toward generating income.
Our Featured
Client:
The S'Cream Truck
We
have some fabulous clients that have amazing businesses.
As an added value of working with Admin Books, clients are highlighted in
our newsletters.
See their answers to our interview questions below.
 1.
What is your industry?
Food truck, catering and events.
2.
What is unique about what your business offers?
As two single moms, we wanted our children to have a healthier ice
cream alternative from what was being served on regular ice cream trucks,
so we used all of our savings and raised money through
investments to open our own ice cream truck business, The S'Cream
Truck. We offer all-natural and hormone-free 'fun' ice cream products
and have a trademarked item, "The S'Cream Ball." We have
become known for our exceptional customer service, fantastic ice cream
and professional attitude that we bring to each and every experience.
 3.
Who is your ideal client?
Anyone that would like a delicious and healthy ice cream, all ages
are welcome! We also cater for private parties, photo shoots,
festivals, etc.
4.
What is the best business advice you can pass on?
Go for something you want to do. Simply jump in and tackle a few things at
a time and don't let fear hold you back.
 In a moment of DECISION
the best thing you can
do is
the RIGHT thing.
The worst thing you
can do is
NOTHING."
~Theodore Roosevelt,
26th U.S. President
Our Business Corner
Do you have questions on home office rules,
auto deductions, charitable donations, etc.? Here is some
information on those HOT TOPICS.
Take advantage of this helpful guide full
of important BUSINESS TIPS.
Looking forward to
connecting with you,
408.782.9640
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