Potential Financial Concerns for the New Small Business Owner and How Local Tax Consultants Can Help

A locally owned small business is one of the best ways citizens can contribute directly to their local economy and create a positive impact. Small businesses are responsible for 66% of overall new jobs created and amount for 55% of all jobs in the United States. As large corporations downsize and cut jobs, small businesses have been creating employment for members of local communities at twice the rate that corporate competitors can eliminate them. In other words, for every job lost at a large company, two jobs have been generated in a small business.

It is easier than ever to create and run a small business, no matter the size. Sales websites provide artisans a store that can be accessed from anywhere in the world so a customer base can expand the globe immediately upon launch. Even the novice business owner whose main facility is their personal residence has the ability to gain international clientele with ease. Crowdsourcing websites enable anyone with limited financial backing to pitch their idea to the general population and see if it is a product or service consumers are excited to have the ability to purchase. This also is a great way to gain capital to launch businesses and fund the necessary costs to meet the demand and be fully prepared upon entrepreneurial commencement.

A common fear of the potential small business launcher is the financial management of their new operation. Personal tax management is stressful on its own. Having to account for a new form of income and the income of any persons employed in the business is an obstacle. Outsourcing these necessary tasks to a tax consultant, especially once the first of the year occurs and dues to the Internal Revenue Service are looming, will ease the pressure and allow owners to continue running their business and growing their customer base.

A high-quality tax consultant should be found relatively early in the process of small business introduction. They can help with licensing and classification so all paperwork is filed and in order to make the tax payment process a breeze. A tax consultant will also help find any breaks, benefits, and refunds the federal, state, and local governments have established for small business owners to encourage growth and profitability.

Locally sourcing a tax consultant from the area in which business headquarters are located is the safest route to take. Many larger corporations have branches nationwide and often transfer their consultants back and forth across the country to meet local demand during the busiest time of year. A small, local tax consultant has lived in the area and stays up to date on the constant change in tax law on all levels. They have a personal investment in the well-being of the economics of the community that translates that into a high-quality resource that should be used. It is important for local businesses to utilize each other and encourage strength in their home communities.

Three Tough Questions to Ask Your Wealth Management Company

Here are some important and challenging questions to ask your wealth management company.

Are You a Registered Investment Advisor (RIA)?

Wealth management companies usually specialize in the ability to connect you, the consumer, to all of the potential investment options that are available. They will then narrow down your options based on your particular age, risk tolerance, and general preferences. Brokers can usually help you achieve relative success simply by using a large number of tried and true industry standard practices. However, they are under no obligation to ensure your investments are actually sound, worthwhile, or for that matter, affordable.

A registered investment advisor, conversely, is bound by law to act with what is called “the fiduciary standard.” This is a rigorous series of guidelines that ensures that each aspect of your individual investments is compared to alternatives in the industry. While certainly not a guarantee of any kind, this added layer of security will give you the peace of mind that their team is truly dedicated to your fiduciary well-being. Certified Financial Plannerâ„¢ practitioners, while not legally obligated, act in a similar fashion with restriction and concern.

Are Your Professional Service Fees Compounding?

The technical language often leaves most who attempt to read it feeling lost in their lack of understanding. This often leads to a sort of “blind signing” which can result in paying significantly more money in fees that you might be expecting.

In 2011, the SEC has required many of the documents to be re-explained in plain language for the average individual. The key here is to have your advisor walk you through each aspect of these plain language forms so that you can find out if there are any fees you weren’t expecting.

Are You Interested in More Than My Portfolio?

Believe it or not, good wealth management is about a lot more than which stocks, holdings, and assets are in your portfolio. A great consultant will offer you targeted advice about your financial choices as they relate to your lifestyle. They will give you input on how to plan for large purchases like a home or a child’s college fund. Even more, they are interested in your overall financial well-being. A lot of this process is their ability to balance tax laws with your income distribution and personal goals.

They should be the type of advisor to ask you the hard questions, too, such as, “Are you saving up for that college fund?” If you want to maximize your experience with a portfolio advisor and sum up all of this advice, then you need to establish a relationship of mutual trust. By getting honest feedback, you will be able to make smarter decisions, which will lead to a truly fruitful investment career.

Why Businesses Should Utilize Manufacturing Consultants

A competitive organization exhibits a strong sense of time-management and motivation for goal-achievement, so as to be the leader in their marketplace. For an organization, it is important to attain their targeted goals of production and sales and do it repeatedly. An organization should remember that capital investment is not enough; one has to keep several factors such as production, time, cost, and products in mind while streamlining their business processes. And such streamlining can only be achieved by proper planning and by keeping abreast of technological advancements, market trends, and changing demands.

For all these reasons, every management should have a team of experienced and competent managers in an organization. In today’s leaner organizations, it is very difficult to have on staff all of the expertise required to navigate global markets, complex supply chains and the latest trends in technology and distribution. But if you lack the support of such a workforce, you should leverage manufacturing and distribution experts.

Manufacturing & Distribution Consultants are professionals who specialize in advising manufacturing organizations on how to streamline their processes, limit production, minimize waste, reduce cost and manage human resources to optimize their profits. These consultants ensure that all manufacturing and distribution processes get streamlined and become efficient by eliminating unnecessary production stages and significantly cutting costs. In other words, these consultants have the ability to examine a business, understand its manufacturing processes, observe other related workflows, and provide strategies to improve an organization’s production processes. Great consulting organizations also work with your teams to implement these new strategies.

The consultants precisely analyze functions of various departments of an organization and suggest different technologies or models-such as Total Cost of Ownership and Lean Business Programs-to optimize their performance. They facilitate operational excellence and bring holistic organizational improvements.

Here are some of the duties of an adviser specializing in manufacturing and distribution:

Growth Strategies

If you are involved in manufacturing, you need to envision and suggest innovative products and solutions to differentiate your company in the marketplace. They help you identify strategic and operating gaps and help you plug them so that you can successfully achieve your growth targets.

Lean Operations

The secret of continuous improvement lies at the core of lean manufacturing. The concept of lean manufacturing is easy to deploy in a small unit but when it comes to larger manufacturing companies with multiple production processes, the implementation requires detail plans, change management expertise and program management.. Here, consultants use proven methodologies to build the continuous improvement business case, create and implement the plan and monitor its progress without negatively affecting production and distribution. They can demonstrate how projects they have done will often reduce costs by more than 10%, decrease inventory by 40% and improve quality by over 25%.

Supply Chain Optimization

Manufacturing and distribution consultants have extensive expertise in managing not only the manufacturing processes but also the supply chain which consists of a complex network of businesses and business processes. Consultants who excel in Supply Chain Optimization understand the relationship between vendors, cost reduction, increasing inventory turns, lead time reduction and logistics through models such as The Total Cost of Ownership.

These consultants will also be able to showcase their capability to significantly improve the performance of the vendor base in a company’s supply chain.