Paying taxes is unavoidable, yet that does not mean you need to pay more than necessary. You can make smart decisions to minimize your tax burden, without running afoul of the IRS.

For small businesses and entrepreneurs, business structure impacts how you pay taxes, and potentially how much you pay as well. The biggest difference is whether the business is its own entity responsible for paying taxes or whether the business’ profits are passed along to the owners’ individual taxes.

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When it comes to retirement and succession planning, a recent Wells Fargo/Gallup Small Business Index survey suggests that business owners are not necessarily as prepared as they ought to be. Seventy percent of business owners surveyed say they do not have a formal written plan in place outlining what they will do with their business if they decide to retire or can no longer continue working.

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In a technology climate riddled with ransomware and other threats, there’s no room for complacency.

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Whenever we create digital content, we reference other web pages, either for further reading or to give a credit. In most cases, we link out in order to create better content and provide the reader with more information on the subject.

But did you know that links can provide further value for your business? If you approach it strategically, linking out can actually bring leads and business contacts.

How to Link From Your Content to Build Leads and Connections

However, a business exit strategy not only means having a plan for the unexpected - including financial hardship, injury, disability and even death - it also means having a plan for the succession or transfer of ownership of your business when it comes time to hang up your hat and retire.

How to plan an exit strategy for your small business

Have you procrastinated about setting up a tax-advantaged retirement plan for your small business? If the answer is yes, you are not alone. Even so, this is not a good situation. You are paying extra income taxes every year that you could easily avoid. However, you still have time to set things right and line yourself up for major tax savings for this year and beyond. This column explains the basics about your tax-smart retirement plan options.

When you cut through all the technical details, you’ll discover that tax-advantaged retirement plans come in two basic varieties:

Defined-contribution plans, which come in several different flavors.
Defined benefit pension plans.

How to choose a retirement plan for your small business

Networking skills: sometimes it feels like you either have them or you do not. Putting yourself out there at social gatherings comes so naturally to a lot of folks, while others struggle when forced to strike up conversations with strangers.

Networking can be especially overwhelming for small business teams, who usually do not have a safety net of colleagues at networking events — or a big company name in their back pockets. Yet networking has clear benefits that can help your company and career. Not only does it expand your network of contacts, it introduces you to new opportunities, advice and opinions. Put in a little practice, and networking makes you more visible and even helps boost your self confidence.

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While there are hundreds of thousands of brands competing online, there are a few e-commerce sites, like Amazon, that top the rest. Amazon is the big box store of years past. At one time, consumers would shop at several small businesses to get what they need, but later, larger stores like Walmart popped up, serving as one-stop shops for every consumer need.

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Roughly 60 percent of millennials want to increase sustainability efforts in business. Millennials make up the largest group of consumers besides baby boomers, and 72 percent are willing to pay more for products from businesses committed to sustainability.

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Intrepid entrepreneurs find a way to make their own success before they have the money. One way they do this is by acting as if they already have it, or the success that comes with it. While this idea sounds like fake it till you make it, it is actually rooted in fundamental concepts about consumption, perception, and scaling.

Here are some ways you can appear stronger, more successful and better funded than you might actually be.

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While two-thirds of Americans dream of opening their own small business, recent data from the Bureau of Labor Statistics reveals that approximately 20% of small businesses fail in their first year, and about 50% of small businesses fail in their fifth year.

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Email is not going anywhere. There are 3.7 billion global email users, and that number is expected to grow to 4.1 billion by 2021. What is more, this communication channel is supremely popular: People check their emails multiple times a day, and when you're trying to market your company, you can get your name into thousands of inboxes just by launching an email marketing campaign.

The cost? Email marketing is also super-affordable, which makes it great for small businesses.

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Overwhelmed leaders cringe at multiplying demands, such as identifying and recruiting talent, envisioning the next iteration of their product, or developing their public-speaking skills. There are only 24 hours in a day, they plead.

True. But there are 168 hours in a week, 730 hours in a month, and 8,760 hours in a year. View time in that way and many of the larger-picture, often open-ended tasks that are crowded out by in-the-moment demands appear more feasible.

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Have you ever shared bad news with coworkers, employees or partners? As much as we don't want to shoot the messenger, sometimes we associate negative feelings with the person who tells us bad news.

Work is hard enough as is. You do not need a negative halo effect associated with you, especially if a situation was out of your control. For example, maybe you and a partner organization submitted a proposal and were waiting to hear back from a Fortune 1000 client. The client tells you that another company out-bid you with a lower quote.

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Behind every Google search, there is an intention. People are looking for something in particular when they are searching the web -- the answers to their problems, information about the services available to them or sources for the product they want. If you want your business to be discovered by users on the web, your content needs to be optimized for user intent.

Since Google can recognize user intent, it displays pages in search results that are most relevant to what the user is looking for. Because of this, understanding user intent and creating content with the user's intent in mind is essential to improving the relevance of your website pages and improving SEO.

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For businesses large and small, the annual holiday season really is the most wonderful time of the year, to quote the classic tune. Customers looking to spread a little cheer among their loved ones come out in droves to get the newest toys, try out the latest services and end the year spending more money than they did the previous year.

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The holidays puts everyone in a celebratory mood — or almost everyone. For small business owners, the celebration may be tempered by stress over unpaid invoices. My business is lucky: Lots of our clients are scrambling to issue payments before year-end to finish off their fiscal years. But for other small businesses, freelancers and entrepreneurs in the B2B world, getting paid this time of year is an ongoing struggle.

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Rising interest rates and high levels of corporate debt have lots of investors concerned. Should small businesses be worried?

The majority of small businesses (in most industries) are able to pay their bills on time. According to Experian/Moodys Analytics Main Street Report, overall delinquencies for businesses with fewer than 100 employees were slightly down in the third quarter of 2018. Credit utilization rates were also down slightly.

At the same time, that same research has found that rates for delinquencies of 31 to 90 days rose slightly. While it is not yet a cause for concern, the report points out that the period of consistent declines in delinquency rates for small businesses may be near its end.

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The beginning of the year is a great time to make resolutions for your small business. Whether you’re launching a new product or implementing a new technology, you are setting goals and working hard to achieve them. The New Year could also be the perfect time to fix internal issues that are holding you back from success. Below is a list of common business hurdles that arise in small business and how you can overcome them.

Hurdle #1: Trying to do everything yourself

There are a lot of tedious tasks involved in keeping a small business running smoothly – like running payroll, approving time off requests, and so on.

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Procrastination is an odd compulsion. Everyone has experienced it, but the underlying reasons can be tough to pin down.

After all, procrastination delays the very activities that bring people closer to their goals -- whether that is building a thriving business or stronger triceps. So why do not humans just sprint toward that brighter, fitter future?

The science.
Scientific studies of procrastination have spiked over the past 20 years. Researchers once considered the issue a basic time-management problem, but they now view it as a complex and highly individual phenomena.  

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Are you making big changes to your small business?

Whether you're entering a new market, eliminating services that your clients love but no longer work for you, or changing the structure of your business entirely, follow these three tips to shake up your small business without losing revenue or hurting your reputation.

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When done correctly, a tagline can become synonymous with a brand. A good tagline should communicate your companys message quickly and effectively, helping your target customers understand how you can help them in a way that’s easy to remember.

Since it is something that will likely appear in all of your companys marketing materials and may stick with you for years, your team should put a lot of care and consideration into crafting your tagline.

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As a (new) small business owner myself, I am very much talking from experience with these stay sane tips. You will find that you can never prevent work from piling up but you can lay down some strategies that will help you manage the work.

You need to consider your own state of mind and do what is best for you. Whatever your goal is in a business, your dream will eventually turn into an illusion when you become overwhelmed. There are a few secrets to staying sane by breaking up stress. Here are a few tips to get you started.

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Most small business owners today know that they need a website. But what many fail to realize is that their websites need to be more effective.

A website is meant to attract consumers to your business. But what do those consumers do once they land on your website? Maybe they give you a call or pop into your bricks-and-mortar location some time. And, sure, that’s all fine and dandy. But even better than that, your website itself can actually generate leads and sales for you with just a few simple tweaks.

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If you want to change your circumstances, you need to change the way you think. You have to stop believing that you are stuck in your situation and passively accepting that you’re incapable of doing anything about it.

Many people allow themselves to be caged by their fear and anxiety. For these people, an inner critic always seems to be whispering in their ears, keeping them from succeeding. The truth is, negative thinking will shackle you to a life that’s both mediocre and unfulfilling. If you want to stretch yourself to your fullest potential, you need to escape your self-imposed prison of negative thinking.

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Every year, more than 400,000 entrepreneurs launch small businesses in the United States, many driven by the desire for ownership and independence. Local mom-and-pop shops, online services, food trucks — the skys the limit.

But taking on a new business is a lot of work and risk. According to the Small Business Association, over 20% of new small businesses fail during the first year of operation.

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Statistics show that cybersecurity is a legitimate threat to small businesses, but small businesses don't always act on that knowledge. According to the 2018 Small Business Cybersecurity Report, 47% of small businesses experienced an attack in the past 12 months. Cybersecurity is a serious concern, yet the report shows only 52% of businesses have a cybersecurity strategy.

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When running a small business, there are a lot of things to focus on. Making sales, finding new customers and motivating your employees are among them; however, keeping your business secure from cyberattacks might take precedent over of all of them.

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If you want to ensure new customers are able to find your business, then you need to know how to optimize your business for voice search, which is becoming one of the most popular ways of searching.

Voice search is not quite taking over the search world yet—but it is getting closer. Last year, more than half (58%) of consumers used voice search to find local business information, according to BrightLocal’s Voice Search for Local Business Study 2018. Almost half (46%) of voice search users searched for a local business daily; 28% used voice search to search for a local business about once a week.

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If you own or are employed by a small business—and are among the approximately 38 million people in the U.S. with no access to a retirement plan at work—you may be interested in a new U.S. Department of Labor (DOL) rule set to take effect Sept. 30, 2019.

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By now, you have probably heard of 23andMe, the biotech juggernaut that is revolutionized the DNA-testing industry. Though the company has its fair share of critics, one thing is for sure: 23andMe has experienced tremendous growth, claiming more than 10 million worldwide customers as of this writing.  A lesser-known fact is how much its employees love working there. In fact, it was named among Glassdoors Best Places to Work for 2019.

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How do you hire, onboard, and retain a great team?

You start by viewing your company through the EQ lens to discover your organizational obstacles―the elephants standing in the way of your company's success.

Attend this webinar, How to Attract, Hire, and Retain Unicorn-Level Talent, as headhunter and executive coach Caroline Stokes delivers a blend of recruiting and emotional intelligence strategies essential to helping you identify and tackle your elephants and acquire and retain key hires―those unicorns―that will help your company stand out, stay resilient, and drive growth.

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Millions of small business owners will be turning to the government, seeking help for an individual and nationwide cataclysm, the economic devastation caused by the coronavirus outbreak.

The government says it will begin disbursing loan money to company owners and freelancers Friday under the Paycheck Protection Program, part of the $2 trillion relief package signed into law last week. For many companies, it may be the quickest way to rebuild the lifeblood of any business: the cash flow that enables a company to pay its bills.

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Make communication a priority
In response to the restrictions temporarily in place, companies large and small have made changes to the way they do business. Restaurants are offering curbside pickup. Many retailers have closed their brick-and-mortar stores but are ramping up e-commerce with free delivery and 24-hour customer support. Grocery stores have introduced new cleaning protocols and special senior shopping hours.

No matter your industry, be proactive in sharing this information with customers and keeping them updated. In this digital-first era, all types of businesses are much better equipped to reach customers, both existing and prospective. By using multiple platforms — posting on social media, sending mobile messages, and updating your website and directory listings such as Google My Business — your business has the ability to connect with customers quickly and easily.  

Be transparent
We are living through a period of uncertainty in which nearly every American is affected by this pandemic in some way. It’s important to acknowledge that publicly. Practicing sensitivity and transparency in light of our current economic climate is not only appropriate — it’s necessary. Soften the tone in your messaging and infuse empathy in recognition of what’s happening all around us.

How people usually do elevator pitches
Among those who put thought into their elevator pitches, there tends to be two basic formulas:

Formula A: Introduce oneself and the name of the company, then describe the product or service in the context of the customer or industry’s pain point. Then, at the end, make the ask.

Formula B: Identify the pain point before introducing oneself and the name of the company. Then describe the product or service, followed by the ask.

While I am adamant that the only hard and fast rule of communication is that there are no hard and fast rules, I favor Formula B. People are most likely to embrace a solution when it is provided within the context of a problem they care about solving. By starting with a pain point, the entrepreneur is speaking to what an uninformed audience cares about right away thus making sure that the first thing their audience hears has intrinsic value to them. This helps the audience become immediately invested in solving the problem, which helps the entrepreneur to build some momentum.

The food and beverage industry is a tough game. Sixty percent of restaurants don’t make it past their first year, and 80 percent go out of business within five years. Those are hard odds.

Franchising takes some of the risks out of the equation by giving you a proven model to work with. But being a franchisor with a proven model under your arm does not mean you’re suddenly bulletproof or immune to the laws of economics. If you start making unforced errors, you are going to fail.

Here are the five reasons most people fail as the owner of a franchise. Avoid these deadly sins at all costs:

Sin 1: Financial complacency
Sin 2: Operational obtuseness
Sin 3: Poor hiring choices
Sin 4: Myopic risk management
Sin 5: Mediocre offerings

Practice Your On-Camera Speaking Skills
Nothing is worse than having a boring presenter be it in person or on camera. Just like public speaking, presenting on camera is a learned skill anyone can achieve if they have the right guidance. Here are 10 tips to speaking on camera

Dress to Impress
Even though no one can see what you are wearing below the computer desk, you want to suit up.

Use the 8% Rule
As Michael, the CEO of Teambuilding explains Any Zoom meeting should have at least 8% of its time dedicated to non-meetings activities.

While telecom carriers are continuing to expand coverage areas and add cellular towers, most cell phone users still experience dropped calls and spotty coverage at times.

Many external factors and things out of your control can inhibit cell phone reception. Fully understanding the variety of factors that can cause poor cell signal may assist you in knowing how to improve a poor cell phone signal.

The following can all impact the strength of a cell signal:
How to Improve Cell Phone Signal

Whether your cell phone has a broken screen, is no longer the latest technology, or you are simply itching for the latest cell phone model, it is important that you take appropriate care in disposing of your old cell phone.

Retain and Protect Your Data
Cell phones are a treasure trove of information; think of the panic that strikes each time you mistakenly misplace your cell phone. The information contained in our cell phones is meaningful and it is important that you backup any data on the phone that you wish to retain. The data you backup would include: any music, photos, messages etc...  If you are moving to a new cell phone you can often transfer the data you wish to retain to the new cell device.

How to Dispose of Old Cell Phones

With the Corona virus not far from everyone's minds and the precautions that individuals took to protect their health. It is not a far stretch to consider the possible germs and bacteria that have potentially taken up residence on our cell phones. Mobile devices are never far from most individuals. They are constantly being touched, placed down, picked up and placed near the face. A study published in 2017 found that cell phone screens were host to multiple viruses and bacteria including: E. coli, Staphylococcus aureus, and Streptococcus.  Depending on the temperature and relative humidity, cold and flu viruses can survive from a few hours to up to 9 days.

You should make an effort to keep their cell phones clean, germ-free and "safe". You do not need harsh chemicals or abrasive scrubs to properly clean your cell phone. Prior to beginning the cleaning regiment be sure to turn the cell phone off. If you are using a 3rd party protective case or housing, remove the case from the phone and clean it separately.

In order to clean the surface of a touchscreen, use a soft lint free or micro fiber cloth, similar to those used to clean eyeglasses or camera lenses. A micro fiber cloth will remove the oil from fingers and smudges from the screen. Do not attempt to use any type of abrasive or patterned cloth or towel, as they could potentially scratch the cell phone's screen. Most cell phones have an oleophobic coating on the surface of the screen that repels the oils from hands. The effectiveness of the coating will degrade and lessen over time, using harsh chemicals or abrasive chemicals will hasten the degradation of the oleophobic coating.  

Be sure to never apply sprays or cleaners directly to the cell phone or touchscreen.  Cotton swabs are fantastic for reaching corners and crevices.

How to Clean Cell Phone Screens?

There is little more frustrating than annoying and unsolicitied phone calls to your cell phone. In many cases these calls are also illegal. How do you stop and prevent these unsolicited phone calls and robocalls to your cell phone?

There are a wide array of tools and options that you can deploy to diminish the number of robocalls you receive.

Register Do Not Call Registry
Cell phones can be registered in the FTCs Do Not Call Registry. You can also  call 1-888-382-1222 from any phone to add it to the do not call registry.  The Do Not Call list takes you off the for-profit business call lists, but it isn't immediate. Telemarketers update their listings only periodically, so it can take up to 31 days to see results.
donotcall.gov

3rd Party Applications
There are a whole host of third party applications that strive to end robocalls and telemarketing calls. You can download applications like NoMoreRobo, RoboKiller or Spam Block.

Block Specific Phone Numbers
If you are receiving a large number of unsolicited phone calls from the same number you can block that specific cell phone number on your phone.

How to Stop Robocalls on Cell Phones

Whether your cell phone has a broken screen, is no longer the latest technology, or you are simply itching for the latest cell phone model, it is important that you take appropriate care in disposing of your old cell phone.

Retain and Protect Your Data
Cell phones are a treasure trove of information; think of the panic that strikes each time you mistakenly misplace your cell phone. The information contained in our cell phones is meaningful and it is important that you backup any data on the phone that you wish to retain. The data you backup would include: any music, photos, messages etc...  If you are moving to a new cell phone you can often transfer the data you wish to retain to the new cell device.

Protect Your Personal Information
Cell phones often contain sensitive personal data, including passwords, bank information, payment methods, messages, contacts, videos, account numbers and much more. After transferring the data to a new device, information is still retained on your original cell phone.  Providing this type of sensitive information to strangers could put you at risk for identity theft, other other types of fraud, or simply leave you very uncomfortable.

How to Dispose of Old Cell Phones; Protect Your Data and Privacy

Arguably the most critical aspect of digital transformation, digital payments ensure that small merchants or kiranas can continue to accept or send money and preserve cash flow in an increasingly contactless world.

The Covid-19 pandemic caused an unprecedented financial ripple effect in nearly every industry but hit the small businesses that define America the hardest. Throughout the first six months of the pandemic, more than 60 million Americans filed for unemployment insurance. That’s 23 million more than the 37 million who filed claims during the 18-month Great Recession.

By now, many small-business owners who made the difficult decision to shrink or temporarily pause are rebuilding. As they have already learned, though, rebuilding your business is not as easy as flipping a switch and watching your business rebound to its pre-Covid-19 state. As a small-business owner, your plan to rebuild should focus on rehiring employees who can fulfill your immediate needs while simultaneously paving the groundwork for growth in the new norm.

In Part 3 of our series of studies on 'The Holy Spirit', we investigate some biblical and practical steps to receiving the power of the Spirit, the power that you need to live the Christian life and serve Jesus effectively. We'll also consider some hindrances to the Spirit's power in our lives and churches as we learn 'How To Receive'. This message is available at https://www.preachtheword.com now in MP3 audio format and in HD video on our YouTube Channel (https://youtube.com/PreachTheWord)...

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