| How tough is it for a small business to compete | | | | than thought possible. |
| against the bigger corporate businesses out there? | | | | Accounting, bookkeeping, taxes, and cash |
| How hard is it for micro-businesses owners to take | | | | management are major issues for every business and |
| advantage of the same infrastructure opportunities as | | | | because of the limited cash flow and income of a |
| corporate America? Despite their size and limited | | | | small company; these issues are of particular |
| funds, small businesses need much of the same | | | | importance to a small business owner. Yet surprisingly |
| infrastructure as a major corporation. | | | | few small business owners have access to tax and |
| Running a business, even a micro-business, requires | | | | accounting advice and guidance from a professional. |
| more than an idea, a few dollars, and a lot of work. | | | | As with all other aspects of managing a small |
| And no matter the skill, experience, and wisdom of the | | | | business, cost is the major limiting factor. But the |
| owner, a small business requires the same advice and | | | | advice they don't believe they can afford can actually |
| support of specialists such as attorneys, tax specialists, | | | | significantly increase their both their cash flow and their |
| and business specialists as a major corporation. The | | | | profitability, not to mention protecting them from |
| difference between the two isn't in their needs but | | | | potential problems with the IRS. |
| rather in the resources available to meet those needs. | | | | The issue comes down to money. Each of the |
| Just as a major corporation must analyze and plan | | | | problems above require dollars to solve. Attorneys are |
| their tax strategy, so does a small business. And, just | | | | expensive. Accountants are expensive. Medical |
| as a major corporation must consult an attorney from | | | | expenses offer an opportunity to save taxes, yet |
| time to time to safeguard the company, so must a | | | | knowing how to take advantage of the tax code can |
| small business. Likewise, just as a major corporation | | | | be expensive. Even protecting one's office space and |
| needs advice and guidance from business specialists, | | | | equipment costs money the typical small business |
| so does a small business. | | | | doesn't really have. |
| How many small business owners can afford an | | | | Frankly, most small businesses simply do not have the |
| attorney every time they need one? Few. | | | | funds to protect themselves adequately. Nevertheless, |
| Consequently, the typical small business owner doesn't | | | | there is an answer. Joining a small business association |
| have documents that should be reviewed, reviewed. | | | | such as the National Association for the |
| Nor do they consult with an attorney about potential | | | | Self-Employed or another similar organization may |
| changes to their business. Nor, for that matter, do they | | | | provide the business owner many or even all of these |
| typically obtain advice about vendor, distributor, or | | | | benefits for no more than the cost of their |
| employee conflicts or issues. In today's litigation society, | | | | membership which is typically only a few hundred |
| it is imperative for every business owner, no matter | | | | dollars a year. |
| how small the business, to have access to a qualified | | | | Small business associations offer their members many |
| attorney. | | | | necessary business benefits, often free of charge. By |
| In addition to protecting themselves from legal | | | | banding together, these business owners, through the |
| entanglements, business owners must also protect | | | | association, have the financial power to acquire goods |
| their business space and equipment, which for many | | | | and services at tremendous savings. Through |
| small businesses means their home office. However, if | | | | negotiated contracts with legal, tax, and accounting |
| a business owner takes a tax write-off for their home | | | | professionals, the association can offer substantial |
| office, that portion of the home is no longer covered | | | | savings. Furthermore, if appropriate, the association |
| by their home owner's insurance since the space has | | | | can hire their own staff of professionals as a free |
| been converted to commercial use. That portion of the | | | | resource for their members. Associations use the |
| home and the equipment in it are no longer covered | | | | power of combined funds to help each member's |
| unless the business owner purchases a special rider | | | | company perform better and gain access to services |
| attached to their home owner's policy. | | | | the member firm may not be able to afford on their |
| For most business owners, taking every legitimate tax | | | | own. |
| write off is of primary concern. For many, their tax | | | | Rather than assume that these necessary but often |
| savings is a significant portion of their annual "profit." | | | | neglected services are out of your financial scope, |
| Yet, how many small business owners are deducting | | | | investigate your options. Speak with a representative |
| 100% of their health insurance premiums and their | | | | of a quality, reputable small business association and |
| non-covered medical expenses? Many believe they | | | | see if they might be able to offer you and your |
| are getting their full deduction without realizing that with | | | | company the services you know you need either at a |
| a properly designed health reimbursement | | | | rate you can afford or, even better, as a free benefit |
| arrangement, they may be able to write off far more | | | | of membership. |