Staying organized can help owners keep operations running smoothly, according to the Houston Chronicle. The source notes that small businesses amass a sizable amount of paperwork in a given year. If these files go unchecked, it can create a mess for owners, which will make it difficult for them to track down important documents they may need down the line. 

To avoid that situation, the Houston Chronicle suggests that startup owners should set aside a block of time to focus on organizing files. Even after just a year, the amount of information that a company can amass is incredible. Filing documents by due date, topic or customer can be helpful, according to the source. Color coding is another good strategy, as is shredding or destroying any unnecessary documents. Finally, owners should be sure to repeat these steps with a company email account. 

Organize tax forms
Tax season can be stressful for small companies, as they are tasked with reviewing last year’s finances while preparing for the next 12 months. However, Fox Business notes that thoroughly organizing all tax-related documents at the end of every year can make the process much easier to complete. 

Unfortunately, tax audits do happen, even to firms that practice the best small business compliance methods. Making sure that the tax filings from the previous year are neatly organized is important. The source states that business owners should use a tub or bin to store all tax-related paperwork from last year. That way, they know where all important documents are in case the IRS comes calling. This includes receipts, expense reports and even a list of scheduled appointments from the previous year. 

According to Fox Business, the IRS requires all businesses to maintain files regarding payroll taxes for at least seven years. Not only should small business owners store tax statements, but they must also include timecards, W​-2s and tax return reports in one location.

The post Staying organized can help small businesses increase productivity appeared first on BuildMyBiz.

The Advocate reported that the Louisiana Small Business Awards were recently held by the Louisiana Economic Development (LED) department and the Small Business Administration (SBA). The event took place in the Governor’s Mansion in Baton Rouge.

According to the source, businesses in New Orleans, Lafayette and Lake Charles took home many of the awards. The lone winner from Baton Rouge was John Overton of Turn Key Solutions, who was named the NFIB Small Business Champion.

Throughout the state, small business sales have been thriving as a result of many of the initiatives and support measures that the LED has spearheaded in recent years.

LED’s website notes that the state has been recognized by many outlets for its dedication to growing local companies. Workforce training was lauded in the state by Business Facilities magazine, which names LED’s FastStart program as the top state-run training offering in the country. The magazine also ranked it as the best state for digital media performance. Additionally, Forbes named Lafayette the best mid-size city for jobs in 2011.

The post Louisiana awards top small businesses appeared first on BuildMyBiz.

Free Local Seminar

July 10, 2013
9:00 a.m. – 12:00 p.m.

Register Today

A 401(k) plan integrated with a payroll platform reduces time-consuming manual data entry and duplication that can result in costly mistakes and frustration. Learn how different plans can help you save time and improve administrative accuracy.

This portion of our free seminar will focus on:

• The benefits of offering a 401(k) plan for businesses of any size
• How payroll and non-payroll-integrated 401(k) plans work

Also Included: 8 Critical Areas of HR

Building a solid foundation for recruitment, management, motivation, and policy maintenance can be key to the success of your company. In addition, sound human resource practices can help ensure that you find and keep productive employees.

Attend this seminar to learn more about:

• Payroll
• Employee communications
• Benefits
• Worksite safety and loss prevention
• Regulations
• Interviewing and hiring
• Employee motivation and development
• Employee separation

These seminars are not eligible for CPE credit.

The post 401(k) and Payroll – Working Together appeared first on BuildMyBiz.

Free Local Seminar

July 10, 2013
9:00 a.m. – 12:00 p.m.

Register Today

Building a solid foundation for recruitment, management, motivation, and policy maintenance can be key to the success of your company. In addition, sound human resource practices can help ensure that you find and keep productive employees.

Attend this seminar to learn more about:

• Payroll
• Employee communications
• Benefits
• Worksite safety and loss prevention
• Regulations
• Interviewing and hiring
• Employee motivation and development
• Employee separation

Also Included: 401(k) and Payroll – Working Together

A 401(k) plan integrated with a payroll platform reduces time-consuming manual data entry and duplication that can result in costly mistakes and frustration. Learn how different plans can help you save time and improve administrative accuracy.

This portion of our free seminar will focus on:

• The benefits of offering a 401(k) plan for businesses of any size
• How payroll and non-payroll-integrated 401(k) plans work

These seminars are not eligible for CPE credit.

The post 8 Critical Areas of HR appeared first on BuildMyBiz.

Previously, limitations restricted the size of the contracts that female owners were able to receive as part of the program. Manufacturing deals were capped at $6.5 million while all other contracts could not exceed $4 million. However, the new ruling means that limits will no longer be placed on the value of these government contracts.

Successful women entrepreneurs have become more common in the United States in recent years and the latest development may indicate that growth is set to continue.

According to the National Women’s Business Council, 11.7 percent of female-owned firms have paid employees, accounting for 7.5 million workers in the country. Their total payroll is $217.6 billion. 

Overall, the source noted that 30 percent of all companies in the United States are owned by women. These lucrative companies combine for $1.2 trillion in annual sales.

The post Funding reform to help women business owners appeared first on BuildMyBiz.

However, since 2009, there has been a large discrepancy between job growth and small business outlook. Despite a notable spike in job creation, small businesses seem to remain pessimistic about the future. 

As Quartz notes, the long-term outlook for small business finance may be better than most small firm owners believe it to be. Pending economic policies and a recovering economy could be the reasons for the dichotomy between the two measurements. 

For example, the pending online sales tax has some small business owners worried about the future. As noted by U.S.News and World Report, certain company leaders believe that the tax will adversely affect small companies while benefiting large corporations.  

Whatever the reason for the lack of optimism among small firms is, Quartz’s analysis appears to show that the economy is rebounding. That alone should be a good sign for the fortunes of America’s small business owners.

The post Small businesses are doing better than expected appeared first on BuildMyBiz.

Now, the internet has changed crowd​-sourcing, with online communities playing a role in the lending practice, according to Bloomberg Businessweek.

The latest website to get into the peer to peer game, the source says, is Funding Community. Based in New York City, investors can contribute between $25 and $1,000 to help startups. Borrowers are able to apply for loans worth up to $10,000 that must be paid off in nine months or less. 

It’s a novel approach to promoting small business finance. However, Forbes states that it won’t be a complete game-changer. Instead, Tim Worstall, an expert contributor to the source, believes that banking institutions will remain the primary source for financing America’s small firms. 

Even so, peer to peer loans can help fund small purchases or expansions to companies that may not require traditional long-term bank loans. 

Small business owners should consider both options and consult with financial experts to decide which lending source fits their needs.

The post Peer to peer lending good for short term small business loans appeared first on BuildMyBiz.

The latter, as Bloomberg noted, uses sophisticated algorithms to pinpoint businesses to fund that tend to be shunned by big banks. Data regarding payroll for small business is accounted for in On Deck’s formula, as are credit processing records. The process allows the company to provide small, manageable loans to business owners.

Lending Club is aiming to access Google’s massive information database to help expand its operations. Google Wallet, a mobile payments program, may allow consumers and small business leaders to apply for loans via smartphones as well. Bloomberg reported that Lending Club recently announced plans to begin providing loans to small businesses by the year’s end, showing that the Google partnership may be designed to promote America’s local companies.

The two investments Google recently made are the latest examples of the company’s dedicated efforts to help small businesses grow. With assistance from the Small Business Administration, the company launched a free online resource in 2011 that offers small business marketing tips for online promotion. From suggestions on paid online ads to how to interact with customers on a website, the resource provides useful recommendations for small business owners.

Strategies to establish presence
Google Places, Yelp and other business review services on the web are often underused by America’s small businesses. Google and the SBA suggest that owners make sure their profiles are fully completed on these sites, with no field being left empty. Also, contact information should be highlighted and clearly visible to visitors. All companies should have a functioning website as well, regardless of its size. It doesn’t need to be flashy or over the top. It can be simple, but it needs to describe the business and provide contact information. Once these initial tasks are competed, small business owners can begin to grow their footprint on the internet.

Engage with customers
Setting up social media platforms is also recommended by the source. There are simple yet effective small business marketing tools that can put owners in direct contact with customers. Also, post as frequently as possible about upcoming sales or promotions to help drum up business.

The post Google continues small business support by funding lenders appeared first on BuildMyBiz.

The $40 million initiative would provide entrepreneurial education opportunities to owners of well-established firms who may not have the necessary training or resources for expanding employment. However, the companies the program would target are slightly larger than the small businesses that the SBA is tasked with supporting. The Washington Post said that participants would take part in a nine-month course if chosen for the project. It will reportedly be similar to current programs the SBA already conducts with small business owners. 

Some lawmakers have expressed opposition to the proposal, however, as they believe it will take much-needed resources away from small businesses that are just now rebounding from the Great Recession. 

Due to the project, more than $9.8 million in funding would be stripped from the Small Business Development Centers (SBDC) next year. Additionally, the Service Corps of Retired Executives (SCORE) would see a $500,000 reduction in funding in 2014 if the provisional budget is approved. 

At a recent House Small Business Committee hearing, SBA Administrator Karen Mills defended the program, but Democratic Representative Kurt Schrader of Oregon expressed various concerns. He noted that with many people attempting to get their own startups off the ground after the recession, now may not be the time to cut small business funding for the SBDC. 

Several other members of the House - Democrat and Republican alike - expressed skepticism toward the idea that cutting funding to the SBDC and SCORE would be advantageous to small businesses. Many remarked that it would be unwise to limit the aforementioned programs that had proven to be successful in the past. 

Small business does big things
Data from the Small Business Majority shows that America’s small firms have a massive impact on the national economy. The source notes that 42 percent of people with private sector jobs are at companies with less than 100 employees. Also, during healthy economic periods, small companies create about 75 percent of all new jobs. 

Various lawmakers and business leaders hope that the SBA’s $40 million program helps promote job growth. However, some of their colleagues believe it could be at the expense of America’s small businesses which could ultimately harm the economy in the long term.

The post Small Business Administration funding shift questioned by some lawmakers appeared first on BuildMyBiz.

If you have employees, may have them in the future, or are one yourself, check out the video below:

The post Video: The Evolution of Hiring and Employee Motivators appeared first on BuildMyBiz.

Overall, small business owners believe the job market will stabilize this year. In 2012, 26 percent believed the unemployment rate would increase, however, this year just 24 percent of owners forecast a declining job market. Still, the numbers don’t show much of a difference from year-to-year sentiment. 

“These results tell us that there has been practically no increase in enthusiasm, confidence or optimism in the small business market,” said Barry Sloane, CEO of the Small Business Authority. 

As small business goes, so does the American economy. The Small Business Administration notes that 70 percent of new jobs are created by main street. 

Although the current sentiment expressed by many small business owners is not particularly optimistic, it’s not overly negative either. The current predictions are similar to last year’s, and 2012 was a year of rebound for the economy, which may bode well for the coming months.

The post Outlook remains the same for small business employment appeared first on BuildMyBiz.

The value of these for-sale companies has also grown year-to-year. The source noted that the median asking price for businesses sold in 2013′s first quarter was $199,000, a 10.6 percent increase from the previous year. 

“Small business financial indicators have been on the rise for some time now and with many of the metrics reaching levels not seen since the 2008/2009 downturn, there is little doubt the improved health is helping push the jump in small business exit transactions,” said Curtis Kroeker, general manager for BizBuySell.com. 

Kroeker also noted that small business trends in general appear to be on an upward trend and fortunes should improve for small firms this year. 

The Kansas City Star reported particularly strong growth across the city, with robust business values driving the B2B sector. In the city, listed companies had a median price of $287,000, up from $235,000 during the first quarter of 2012.

The post Small business sales, a good indicator of economic strength appeared first on BuildMyBiz.

Wired noted that the act would affect small businesses that sell products online. What small enterprises need to realize, however, is that they should be fine as long as they adapt accordingly.

The real pinch that small companies will feel has nothing to do with a potential loss of business that may result from increased prices. After all, the expiration of the payroll tax cut at the beginning of the year did little to curb consumer spending. In fact, data from Bankrate showed that 48 percent of American consumers didn’t even know the payroll credit disappeared. An uptick in prices due to standard state taxes is unlikely to hurt web-based consumer confidence.

According to Wired, the hit to small business finance will come in the form of attorney fees, lost time addressing taxes and navigating the regulations of the 46 states that collect sales tax.

Tax professionals
Simply put, small companies conducting business online would be wise to use a certified tax preparer once the law goes into effect. Attempting to address the change in regulation without a professional could result in filing mistakes that could lead to litigation down the line. This year more than ever, using the resources that professional tax personnel provide is important. It may provide for an added expense, but it’s a necessary investment.

Attorneys are useful
As Wired noted, attorneys will see an uptick in business if the proposed legislation passes. Lawsuits and tax squabbles will certainly ensue as states will try to make retailers pay tax for conducting business across state lines. Legal precedents will be set and much will be open for interpretation by various courts. Finding a successful and reputable attorney, preferably one well versed in tax law, will help small businesses combat tax litigation that may come their way.

Although Business Insider noted that the bill will face stiffer opposition in the House of Representatives, being ready for the potential change is important. If possible, consult will tax and legal professionals in the near future. The time to get ready is now - not later.

The post How small businesses should navigate online tax changes appeared first on BuildMyBiz.

During the end of last year, the median investment for halo loans was $690,000, which was up from the third quarter mark of $620,000. The bank’s annual Halo Report also indicated the median round size of angels that co-invest is $1.5 million. 

“Angel investors continue to play an important role in funding startups,” said Rob Wiltbank , an official with Silicon Valley Bank.  “The steady valuation, growth in investment size, and wide geographic activity among angel investors is more evidence that angels are a reliable and a critical part of growing the next generation of great new companies in this country.”

Six of the nine regions listed in the report saw an increase in small business funding from halo loans during 2012. California and the Southeast were the only two regions that saw a decline in halo share. 

Despite the steady increase, angel investors are responsible for funding a small percentage of new companies. Alternative lending outlets are usually the best option for entrepreneurs to fund their startups. Also, outsourcing many administrative aspects of business operations can help young firms get started.

BuildMyBiz is a one-stop online resource for owners who want to learn more about a variety of topics including information about small business funding, small business marketing tips and other elements.

The post Angel investor activity remains stable for startups appeared first on BuildMyBiz.

Through various experiments he conducted, Dan Ariley – a Duke University psychology professor highlighted by Business Insider – found that acknowledging work is key for small business HR and management. Even a short or small amount of attention will show employees that their manager or boss sees the value of their work.

In one test he conducted, workers were paid a given rate for circling pairs of letters on sheets of paper. One group’s work was briefly looked at, another had its papers immediately placed into a pile and a third had its finished work put directly into a shredder. Unsurprisingly, the workers that had their work acknowledged kept working longer. Workers want to find meaning in their jobs. By devaluing work in front of employees, it shows that their tasks don’t really matter.

The Wall Street Journal noted that rewarding employees when they accomplish a goal is also a great way to help motivate the workforce. It makes that worker feel that his or her contribution matters and helps other members of the staff feel confident that they will be recognized for future success.

The post Recognizing progress and impact motivates small business employees appeared first on BuildMyBiz.

FastCompany reported on a study by Mark Pagel, an evolutionary theorist at the University of Reading, who with his collaborators discovered two dozen words that were spoken in the stone age much the same as they are today. Among those words: “mother” and “give”.

So, as our cards and messages of love travel to Mom’s loving arms, consider that our distant relatives may have faced the same dilemma. History’s sons and daughters, the same as us, except maybe a little dirtier and hairier (Didn’t their mothers insist they wash?), may have obsessed over the perfect wildflowers, bead necklaces, and which small woodland creatures to serve for supper. And even though the words “business”, “marketing”, and “money” didn’t exist then in their current forms, it’s not hard to imagine sharp-thinking entrepreneurs on the scene as well, helping to point out the perfect gift.

The post A Mother’s Day Dilemma 15,000 Years in the Making appeared first on BuildMyBiz.

The latest numbers from the Department of Labor show that 165,000 jobs were created in April. Experts expected just a 148,000 increase in new employment offerings across the country, the Los Angeles Times reported. 

Another positive development for American workers is the decline of the unemployment rate. At 7.5 percent, the Department of Labor noted that unemployment has dropped by 0.4 points since the start of 2013. 

Retail outlets led the charge in job growth last month by adding 29,000 new workers in April. The health care industry was next on the list, creating 19,000 jobs during the last month. 

On average, the amount of time workers spent on the job decreased in April, while hourly earnings jumped by $0.04 to $23.87. 

During March, job growth was disappointing, the Los Angeles Times noted, as just 88,000 jobs were created by U.S. companies. However, the source also stated that number had been revised to 138,000, a much more respectable figure. 

Although economic indicators have been mixed recently, the upward trend in job creation is certain to spread optimism among small business owners.

The post April job growth a good sign for small business appeared first on BuildMyBiz.

More impressive is that 13 percent of the 1,873 business owners surveyed by the NFIB said they added an average of 3.2 new jobs in recent months.

“April was another positive, albeit lackluster month for job creation—but small-business owners are expressing a bit more enthusiasm in hiring plans in the months to come,” said Bill Dunkelberg, chief economist for the NFIB.

Despite the growth, owners are still having trouble finding talent. Eighteen percent of respondents said they had difficultly filling openings last month. This may simply be a by-product of a hike in expansion plans, as the percentage of small businesses looking to hire new workers jumped six points.

Although Dunkelberg was cautious to express optimism, the latest jobs report from the Department of Labor backs up the belief that the job market is improving. In April, American companies added 165,000 jobs, while the unemployment rate dropped to 7.5 percent.

The post NFIB data shows small businesses are helping job growth appeared first on BuildMyBiz.

The committee’s overarching goal is to promote employment and limit inflation to two percent over the next two years. It hopes to do this by keeping borrowing rates as low as possible, Yahoo reported. 

Also, the source stated that the Fed will continue to buy government issued bonds, in particular, to help keep long-term loan rates down, which should encourage spending. Mortgage-backed securities worth $40 billion per month and Treasury securities valued at $45 billion per month will be purchased by the Fed. The low federal funds rate, which applies to loans and commodity trading for banks and large institutions, is aimed at keeping short-term rates down.

Fed officials believe that the rate will boost small business funding by giving banks more flexibility to grant loans. The Fed hopes that small firm owners will also be encouraged to seek loans due to the low interest rates.

The post Fed keeps stimulus going to help small business jobs appeared first on BuildMyBiz.

Biz2Credit’s Small Business Lending Index for March showed that big banks may be pumping the breaks on small business lending. In February, 15.9 percent of all small business loan applications were approved but that number dropped to 15.7 percent in March. 

Despite a recovering economy, small business funding can be difficult to obtain from major banking institutions. Improving upon that trend may depend on main street owners gaining a better understanding of what banks want to see in small business owners.

What lenders want 
One disadvantage small firms have compared to large corporations when applying for loans is that character is taken into consideration. When banks pass out funding to big companies, character is hardly a factor, VOXXI notes. However, when it comes to small businesses owners, personal character is equated with the character of a company. Although the source notes that good character probably won’t change the minds of most lenders who might deny a loan due to tightening financial restrictions, it doesn’t hurt to be courteous and considerate during the loan process. 

For startups, getting loans may be even more difficult. In the current market, lenders are closely analyzing the cash flow of businesses that seek to borrow. VOXXI states that lenders are looking for a cash flow that is, at minimum, 1.2 times the value of the loan being taken out. Banks are looking for applicants to be in good financial standing now more than ever. In large part, sub-prime loans were responsible for the onset of the Great Recession, as high-risk borrowers defaulted on payments, costing banks millions.

The collateral that borrowers need to provide has also become greater as a result of the Great Recession, according to VOXXI. Business owners need to understand that they may have to risk property or other assets to guarantee loans. 

Without bank loans, it’s difficult for small firms to expand. Preparing for what the loan process requires in the changing economic atmosphere is necessary for all small business owners.

The post What lenders look for in small business owners appeared first on BuildMyBiz.