Setting Stretch Goals Goal setting should be more of an exercise than it is. How did you set your goals? Did you pick a number and then do the math needed to get there? You need to set a numerical target, but goal setting should be a session that makes you think. It should lead…
Building Value Businesses exist to enable your family to live, but it is more than just money. They are a source of personal interest and financial stability for employees. The business provides needed services or products of value for your customers. Along the way, owners often get sidetracked with items that consume their time and…
The Impact of Sales Acceptance Policies Every dollar seems incredibly valuable to every business, but not every dollar has equal value. The easiest sale to make is one that typically fits into one of these three situations: This could be intentional by applying a discount for either strategic reasons or because the sales skills of…
Increasing Cash Flow Cash flow is vital to any business. The primary reason any company has a loan or a line of credit is because they did not have the cash. Some capital to buy large equipment, a facility, etc. is needed rather than tying up working capital. The question to ask related to your…
2019 Illinois Tax Amnesty Program For a limited time, the Illinois Department of Revenue is offering amnesty to taxpayers who have outstanding tax liabilities relating to tax periods ending after June 30, 2011 and before July 1, 2018. Penalties and interest will be waived on such tax liabilities if payment is made in full between…
Transition Planning – Option 2 Family Succession Owners need to understand that conducting a family succession requires a very different path than an owner who is looking to sell to an outside party. Most family successions involve some form of gifting in order to begin transferring family wealth. It’s a different mindset than trying to…
Transition Planning – Option 1 Selling Your Business When it comes to selling your business, there are more issues to address than most people think. Here are a few key items that impact an exit strategy: Understanding the value. Value is unique to each company, dependent on your performance, economic conditions, competition, etc. You need…
Supplies and Consumables Used in Manufacturing are Exempt from Illinois Sales and Use Tax Beginning July 1, 2019 Recent tax legislation has expanded the manufacturing exemption to once again include production related tangible personal property. Illinois gives manufacturers a sales tax exemption for purchases of machinery and equipment used in manufacturing or assembling. The new…
Fake Direct Deposit and Wire Transfers The IRS issued a fraud alert about a scam involving company expenses. An email requesting changes to payment instruction is sent from a company or name you will recognize. These changes often contain new bank account information for direct deposit, wire and ACH transfers, invoice payments, expense reports, etc.…
Align Your Strategy Was Your Organization Successful This Past Year? The answer depends on how you define success. Publicly traded companies and nonprofits can answer it easily: higher equity value and achievement of their mission. Every owner of a private company will have a different answer based on their core objective. It could be profits,…