Category Archives: Blog

• 86,400 is a Magical Number

  Posted on 12/23/2013 in Blog

  86,400 is a magical number.  Boy that’s a big number.  What’s so special about 86,400? That is the amount of seconds that are in each day.  With every passing second we lose the opportunity to have that time again.  Time is our most valuable asset.  How we use our time will determine where we go in life, the accomplishments we get, and the relationships we have.  Everything that we value in life can be obtained by using our time for its highest and best purpose. I’ve read a lot of books about people that climbed to the top of Mount Everest, the tallest mountain in the world.  Many people tried to reach the summit and failed.  Finally on May 29, 1973 Edmund Hillary and Tenzing Norgay reached the roof of the world.  It’s fascinating to read about a pioneer that reaches their lofty goals. I’ve run over 6 marathons and the key to completing a marathon is to put one step in front of the other and repeat for 26.2 miles

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• Be Weary of IRS Telephone Scam

  Posted on 12/18/2013 in Blog

  Internal Revenue Service has issued a warning to all taxpayers.  Information on the scam can be found at http://www.irs.gov/uac/Newsroom/IRS-Warns-of-Pervasive-Telephone-Scam There is a telephone scam currently where thieves are pretending to be IRS agents.  Like any other scam, they are trying to separate you from your hard earned money. Don’t fall for the scam.  The thieves will tell you that you owe money and they’ll tell you that it must be paid immediately. Components of the scam include: Thief using fake names and IRS badge number Telling you the last four digits of your Social Security Number Thief sending you emails from IRS Threats of jail time With any scam, do not believe it.  Your best course of action is to refrain from sharing any of your personal information.  Get off the phone with them.  Call the IRS directly at 1-800-829-1040 and talk with an established IRS employee. If you get emails from IRS, you should ignore these as well.  IRS will not communicate with you through email.  Typically the first contact you get from IRS will be a letter you receive in the mail. You can also report this person to Treasury Inspector General for Tax Administration at 1-800-366-4484.  

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• The Customer You Choose Is Your Most Important Decision

  Posted on 12/16/2013 in Blog

  If you look at an income statement the top line item is always revenue. Think about that for a moment.  The first piece of information on an income statement is revenue.  Why of all the information that could be on the income statement do we begin with revenue? Well the answer is quite simple… Revenue is the engine that brings money into a business.  Revenue is a very important number for a business owner. If you don’t have revenue, you don’t have any reason for being in business. In fact if you don’t have revenue for long enough you have to close your doors. So let’s discuss the all important line item of revenue. Why do we get revenue? We get revenue because we are able to provide a good or service to a customer. In other words Good/Service + Customer = Revenue We have three variables good/service, customer, and revenue. Which one of these three variables is the most important? Many would say that the revenue is the most important.  Others would say that their good/service is the most important. If you guessed either of those items you would be WRONG!! Yes, the customer is the most important component…

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• Instructions on New NC-4 EZ Form

  Posted on 12/13/2013 in Blog

  NC Department of Revenue is requiring all NC employees to submit a new NC-4 EZ or an NC-4 to their employer prior to year end.  Watch this video for instructions on how to complete the NC-4 EZ form. Download NC-4 EZ

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• The Most Important Business Concepts

  Posted on 12/11/2013 in Blog

  Let’s discuss the most important concept in business.  That concept is the break-even point.  This is the point where you break even.  To explain this further.  The break-even point is the point where revenues exactly equal expenses.  There is no profit.  There is no loss. Why is this important?  We want to run a business at a profit.  We can’t afford to run a business at a loss.  At a very minimum a business needs to pay for itself.  The business needs to break even plus provide a profit for the owners. Once you figure out your break-even point, then you can determine how much revenue is needed to earn the desired profit. Under example one, Dunder Mifflin has achieved the break-even point.  Their revenue exactly equals their expenses.  Thus they are at their break-even point.   Now that we know the break-even point we can then determine revenues needed to earn a profit.  So let’s say the owners of the company want to earn a profit of $500.  Then we just simply do some easy math and we determine that revenues need to be $1,500 in order to have a profit of $500.   But let’s not forget that…

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• Got Your New Year’s Resolutions?

  Posted on 11/29/2013 in Blog

  Have you got your New Year Resolutions yet? Why is Damon talking about New Year’s Resolutions?  We’re in November.  Why are you talking about New Year’s resolutions in November? Don’t you know that New Year’s Resolutions are for January? THE NEW YEAR!!! If you’re like most people, you wait until January to set up your New Year’s resolutions.  You’ve just finished the holidays with December.  You’re starting the New Year.  You say to yourself, “Hey this is a New Year and I’m going to do things different.  I’m going to do things better!” If you wait until January to go through the process of developing your New Year’s Resolutions, you are going to be like most people.  You’ll work on your New Year’s Resolutions for about two to three weeks and then you’ll slide back into your old habits and ways of doing things. There is a certain amount of preparation that is needed to work on your New Year’s Resolutions. Here is a better way to work with New Year’s Resolutions. At the beginning of November, review the current year and determine what changes or new things you want to do in the New Year. Throughout the month of…

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• The Most Important Lesson I Learned in Business School

  Posted on 11/27/2013 in Blog

  When I was in business school we studied a lot of things.  We studied price elasticity of demand, capital markets, marketing, managing employees, strategy, and financial statements.  We even had a class on how to be a CEO. The most important lesson I learned in business school was taught by Dr. Lynda Aiman-Smith.  She told us, “All business is built on personal relationships.” That’s so important that I’m going to repeat it again. “All business is built on personal relationships.” You see there are a number of phases that people go through when they are learning about your business. First they have to learn about your business.  They have to see it.  Shake the tree.  They have to see what you are all about Next they move on to getting to like your business and your brand. Finally they will trust your brand. Until your customers trust your brand, trust you, and what your company is all about, you will always be a commodity. I’ve worked with a lot of companies.  The ones that I trust, I know that they are going to do me right.  They are going to charge me a fair price.  I’m going to get a…

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• 5 Tips for Retaining Your Best Employees

  Posted on 05/17/2012 in Blog

  Every business owner has at least one employee that they wish they could clone. You know, the one that always clocks in on time, goes the extra mile, and is loved by your customers. Retaining your best employees is simply a smart business move. Turnover is costly on many levels, so it’s worth the extra effort to ensure employee satisfaction. The following 5 tips will help you. Your Employees Should Feel the Love—A key reason for voluntary termination by employees is that they feel management does not recognize or care about their contributions to the business. Make the effort to praise your employees on a regular basis. Good employees will stay if they feel they have a positive relationship with their supervisor. Understand Your Employees’ Potential—It’s your responsibility to identify the unique talents of your employees and make sure that their assigned duties match their skills. Employees feel better about their job when they are successful at it. Don’t set employees up for failure by assigning tasks outside of their skill set. Offer Awards and Incentives—Spotlight your best employees and offer incentives to keep them engaged and happy. For example, display their name on the bulletin board where it’s visible…

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• Seven Tips for Early Tax Preparation in 2013

  Posted on 05/02/2012 in Blog

  The tax deadline may have just passed, but preparing for next year can start right away. Being organized and planning ahead can save you time, money, and the stress associated with scurrying to get organized at the last minute. The following are seven tips offered by the IRS to get you going with your 2013 planning efforts: Adjust Your Withholding—Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you’d prefer more money in each paycheck this year. If you owed at tax time, perhaps you’d like next year’s tax payment to be smaller. Contact our office for help calculating your withholding. Store Your Tax Return in a Secure Location—Put your current tax return and supporting documents somewhere secure so you’ll know exactly where to find them should you receive an IRS notice. This will also allow you to easily access your return and use it as a helpful guide for next year. Organize Recordkeeping—Establish a central location where everyone in your household can put tax-related records all year long. Be consistent to avoid a scramble for misplaced mileage logs or charity receipts come tax…

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• Tips for Improving Customer Service

  Posted on 04/19/2012 in Blog

  There’s never a bad time to improve customer service, but for some reason, spring always feels like the right time. It must be that feeling of renewal. Whatever the reason, we want to offer you a few good tips on how you can elevate service for your customers.Make a Great First Impression—First impressions count…setting the stage for the customer experience. The first impression someone has of you can be the result of a phone call, email, or a visit to your business. Make sure you are putting your best foot forward in every instance. Always introduce yourself, be friendly, and offer to help in any way you can.Don’t Rely Solely on Email—Email is convenient, but don’t hide behind it. Be willing to pick up the phone and return phone calls. Treat Others the Way You Want to be Treated—It’s the Golden Rule…and still applies today. Be sure that you are treating customers with the same respect and courtesy that you want and expect from others.Proactive Beats Reactive Every Time—Don’t wait for the customer to ask for help. Be proactive and approach the customer first. Proactive also means being willing to find the answer to a customer’s question when you don’t…

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