March 30, 2010 Category: Uncategorized [ 4 Comments ]
We all have personal key economic indicators we use to gauge whether the economy is heading up or down. Is yours how many resumes your company receives for a job posting? The price of class-A office space? Or perhaps something more trivial like the length of the line at Starbucks? Share yours with us here.
March 9, 2010 Category: Uncategorized [ No Comments ]
That is the age-old question business owners ask themselves every day, especially when times are tough. The simple and accurate answer is “it depends.” The value of a business is dependent on a number of complex issues. Some of the most important factors when determining a value of an enterprise, are the purpose of the value, the basis of value, and the premise of value.
March 9, 2010 Category: Uncategorized [ No Comments ]
Since their introduction in the mid 1980’s, defined contribution plans have moved from the status of supplemental retirement vehicles to being the primary source of retirement savings in the United States. Now more than ever, policymakers believe that workers are in need of the best plans possible to help them reach their retirement goals. As a result, Federal agencies and Congress have adopted tough new rules that place the responsibility of managing retirement plans squarely in the hands of company directors and officers. In today’s world, where legal issues and litigation related to retirement plans are on the rise, plan sponsors must focus on four key areas in order to avoid penalties and legal ramifications resulting from non-compliance and to help employees save and invest sensibly for a comfortable retirement.
March 9, 2010 Category: Uncategorized [ No Comments ]
On February 1, the President released his 10-year, $3.8 trillion budget proposal that expands the tax principles he has espoused since the 2008 presidential campaign: tax increases for upper-income individuals and corporations, tax breaks for working families and small businesses, reform of international tax rules, an end to tax preferences for large oil and gas companies, and closing of perceived corporate loopholes.
March 9, 2010 Category: Uncategorized [ No Comments ]
Each year, so many tax law changes come about that it’s nearly impossible to keep track of all of them. While many of the changes can be minor, there are some that warrant special attention. Below is a summary of some of the more important developments that have occurred recently that may have a significant impact on your particular situation.
March 9, 2010 Category: Uncategorized [ No Comments ]
By Lee Froschheiser
There’s nothing wrong with having “hope” but clearly “hope” is not a business strategy— a fact that’s become very clear in recent history, given these tough economic times. Nationwide, company owners who’ve casually relied upon “hope” as a viable way to manage or turn around business have suffered serious professional consequences. Some have faced cutbacks in terms of services, products and staff; others have closed their doors for good.
Fortunately, there is still “hope” for countless other leaders who are looking for a simple but powerful way to measure the health of their business. The strategy is based around setting “trigger points,” which are measurements specifically created to signal important changes in critical performance levels. Trigger points are established to align with a company’s Vital Factors — the specific, key indicators of a business’ health. By monitoring trigger points, leaders can take immediate corrective action and avoid the serious consequences of not acting quickly enough.
January 20, 2010 Category: Uncategorized [ No Comments ]
Tax Breaks Are Officially Ending This Year. Or, Are They?
On Decemeber 9, 2009, the House of Representatives passed “the Tax Extenders Act of 2009″ which extends for one year some 40-plus tax provision which were set to expire at the end of 2009. The Senate has yet to take up the matter and the final legislation may differ from the House version. We will either send a special edition of newsletter once the legislation has been signed or updated this article in the next edition
The end of the 2009 will signal the death of quite a few tax breaks for both individuals and businesses. Some temporary credits and deductions will be extended by Congress for another year or two at the last minute but most of them will be gone. So if you can take advantage of any tax breaks contained below in 2009; do it while you can.
January 20, 2010 Category: Uncategorized [ No Comments ]
As your year comes to a close, ask yourself, “Is my company just getting by, or it is getting better?” Consider “Are we just surviving, maybe even growing, or are we truly getting better at what we do?” “Are we repeating mistakes and spinning our wheels?” “Are we still learning year 2 lessons in year 10?” If so, something is wrong. While business planning isn’t a panacea, it certainly is one reliable way to help your company mature and improve as it grows.
As owners and executives of closely-held companies, we have all engaged in business planning and goal setting that has failed to deliver. All too often planning approaches are too complex to implement on a day to day basis or are too general to drive real action. As a result, the business owner tires of the planning process and moves on in search of shortcuts, silver bullets and magical formulas. The problem is that these shortcuts simply do not exist in the real world. Good companies know this and after much trial and error, have discovered that a laser like focus on their specific business fundamentals is the key to driving meaningful and profitable growth. Those fundamentals are what MAP Consulting calls “Vital Factors” (based on the book by the same name) or the critical component parts of a business. MAP, one of the nation’s leading management consulting firms, believes that when performance is measured, performance improves: When performance is measured and reported, the rate of improvement accelerates.
Vital Factors is a proven, easy-to-implement management system that can help every company improve its performance, execution and profitability. The Vital Factors program gives companies and individuals a detailed blueprint for success based on their unique situation, showing them how to clearly define their mission, values, and strategic goals, as well as how to achieve them on a consistent basis. When you have a moment, consider the past planning and management systems that your company attempted to employ in pursuit of growth. Then ponder whether it is time to try something different.
Click here for information on upcoming White, Nelson & Co. / MAP Consulting Business Planning Workshops and to register for a chance to win a free copy of the book “Vital Factors.”
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