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Here are year-end business tips to save you money, time and protect you and your business.

December typically brings many of us great joy and celebration. We are able to spend time with family, reflect on wonderful memories of past December holidays and look forward to the start of a new year.

As entrepreneurs there are certainly important tasks we need to do before the end of year to keep our business and personal life in order. Here are five tips that can help in ending the year on a positive note.

Tip #1 – Corporate Records, make sure you have all your corporation or LLC records in place. Every Corporation or LLC should have the following documentation prepared each year to protect the corporate veil and provide back-up documentation in case of a tax audit. One of the first things a tax agency will do in an audit is ask for these.

• Annual meeting minutes of the Board of Directors (Managers)
• Annual meeting minutes of the Shareholders (Members)
• Corporate Resolutions for non day-to-day tasks such as borrowing money, opening a checking account, etc.
• Stock Certificates filled out for all shareholders
• Stock ledger kept current and up-to-date

If you need a good tool for maintaining your corporate records I would highly recommend the BizDoc software. The software is an interactive program that isn’t just a bunch of word document templates, it can actually help track everything for you and provide guidance on what to do next.

Tip #2 – Financial Review. Pull together a Profit and Loss statement month-by-month for the entire year with a comparison against the previous year’s numbers. By doing a review of year over year results by month you can get a very good feel for where you business is going and what needs to be corrected. If you see sales overall drop, you need to look at the items you are selling and see if the drop was across the board or only in one area. You can also look at your advertising expense and see if the same amount was spent year over year.

You should also look at expense growth. Have you increased expenses or overhead that weren’t necessary?

Once the review is complete, write down key findings and action steps you can take in the New Year to correct them.

Tip #3 – Budget and Projections. Take time to layout projections in revenue for the New Year by month. What will sales be each month for the New Year and break it down by category of sales. With the projection in sales you should then be able to determine how much you need to spend in marketing to get to that number. This will start you on the budget. So next start a budget for what expenses will look like in the New Year based on the previous year’s results. Look at the key findings in your review from Tip #2 and be sure to correct the areas that need attention.

Once the budget and projections are complete make sure you use them as a tool throughout the year. This means you need to track your Profit and Loss statement on a weekly basis to be sure you are sticking to the budget and meeting the projections.

Tip #4 – Write down your goals. I never start a new year without writing out two sets of goals. I have one list of personal and one list for business. I found it was a lot easier to write the goals when I didn’t put my business into the overall mix. Personal goals need to include at minimum your physical health, financial situation, mental wellbeing and rewards. I love having rewards as part of my goal list so I am reaching to achieve the goals for more than the satisfaction of meeting the goal. I want to reward myself for doing it. I have trips, electronics, and simple rewards such as an extra day of golf.

Tip #5 – Create an Action Plan. Now that you have a list of corporate documents you need to complete, a review of your financial situation, budget for your business, projections of where sales need to be and goals written out you need to create your action plan.

Start at the end. Look in the future 12 months. Figure out what everything has to look like in order to reach your objectives. Then work backwards. For example, if you want to lose 20 lbs in the next year, you can break that down by saying I need to lose 1.7 lbs a month. In order to lose 1.7lbs per month you need to figure out how many calories you need each day and make sure you eat only the amount of calories you need and nothing more. Then determine how many days each week you need to exercise in order to lose the weight.

In the first month or two you will be able to determine exactly what those numbers are and can set out the action plan. The action plan should have in it what you need to do each day, week and month to accomplish the objectives.

When looking at the five tips, I start by protecting my business (where my income comes from). I want to make sure initially it’s protected from lawsuits and audits, and then make sure I have a good budget and projections in place. Once I have that I can create my goals and action plan to tell me what I need to do for the new year.

David Gass

Entrepreneurs and business owners alike are some of the most driven people you could meet. The passion in their eyes is almost blinding. The goals they set for themselves are remarkable! And now with the economy in such turmoil, I can see the hesitation becoming overwhelming.

A National Small Business Association survey of 500 small business owners found that sales and profits had dropped and job growth was at the lowest point in 15 years, problems that could have a significant impact on an already shaky U.S. economy.

The survey also found that 71 percent of business owners have a “negative outlook” on the economy compared to 43 percent a year ago; confidence in their business’ success dropped from a high of 81 percent a year ago to 70 percent now.

To keep your business from being impacted by any of the challenges the economy is facing there are 4 key points all business owners need to address once they have incorporated to maintain the positive mindset you started your business with.

1. Life After Incorporation
2. Establish Asset Protection
3. Financial Planning
4. Developing an Action Plan

Today I want to talk about the very first steps you need to take once you have incorporated.

First, you need to understand your company’s roles and who will fill them. Understanding the need for leadership within the organization and how to provide that is the key to the success of the business owner.

Second you must meet the legal requirements of running a corporation.

Third, regain control of your corporate records.

Fourth, get your company in compliance. Some of the things you will need to focus on include:

1. Open a separate bank account for your corporation.
2. Start a minute book for your corporation’s meetings.
3. Hold your first board of directors’ meeting.
4. Issue certificates to your corporation’s initial stockholders (if applicable).
5. Obtain business licenses and permits for your corporation from:
6. Follow all legal requirements for running a corporation.

Incorporating can be a long-term benefit to your new business in the long run, but the process can be complicated. To ensure that your new business complies with your state’s legal requirements at all steps in the incorporation process consider retaining the services of professionals who are experts in these processes.

The companies that see through these times of turmoil are the companies who come out significantly ahead of the rest.

One way to gain clarity and see past these challenging times is to learn from people who have actually achieved success. We have four of the Nation’s top business experts meeting in the Philadelphia area for three days in November, offering invaluable business insights, proven strategies and techniques on raising capital, building corporate credit, separating personal and business finances and protecting your assets. Our trainers, David Gass, David Francis, Mark Del Guercio and Scott Fritz have been featured in INC 500, Entrepreneur Magazine, Inc., Kiplinger and Business Week as well as business experts on radio and television.

By attending the ‘It’s Only Business’ Workshop: Business Strategies for Today, you will
discover the insider secrets on how to succeed in an economy that has been said to be putting consumers in greater trouble with banking woes, rising debt levels, and unemployment.

Wanting success isn’t enough. You have to take ACTION and NOW is the TIME! Seating is limited so you need to RSVP to secure your spot so don’t delay!

Register Now by clicking here:
www.itsonlybusiness.com/seminar

Last week I announced the sale of Business Credit Services to CSC (Corporate Service Company). There have been several of our readers who have congratulated us for the sale and a few with questions about what’s next for BCS and me.

First, I appreciate all of you who provided your comments about how you were genuinely happy for us and told us your stories about what BCS was able to help you with. (You can read a few of those comments at the end of this post)
Second, I want to provide some clarity about what’s next for all of us.

At Business Credit Services, everything is business as usual – for now. There are several projects underway to improve the quality of our offerings and also to add to them. For years, I have been asked by clients who graduate our Business Credit Builder program “What else do you have for me?” Soon enough we will have several answers to that question.

Over the next few months as projects are finished and rolled out we will announce them here in our newsletter and blog. You will be the first to see how the acquisition of BCS by CSC will change the landscape of the Business Credit, Small Business Financing and Incorporation industries forever.

I am extremely excited about the solutions we are putting together that will change the statistics for small business owners in the near future. No more 80% fail in the first year. Our goal is to change that statistic to the positive by providing quality solutions to business owners that improve the success rate of small business.

My new role in the company is to build those solutions with the resources of CSC. With the CSC experience of over 100 years in the market place as the leader in incorporation services and our teams small business entrepreneurial mindset we will provide a revolutionary package of solutions that entrepreneurs everywhere will benefit from.

We look forward to hearing the successes of small business owners as they join us in the effort to increase the likelihood of success for business with quality solutions .

David Gass

Think of the whole thing as cyclical: if you love what you do, then it’s not really “work”…

Have you ever wondered what separates the truly successful from the rest of the world???

If you are like 78% of the rest of the world, you ask yourself that question regularly!

When I have spoken with some of the most successful people from all over t he world, there was one common factor… their MINDSET’s. In a world of uncertainty, take Charge. If nobody knows what the future will hold, your vision of how to navigate it is as good as anyone’s. The future may as well belong to you!

Setting Goals Is Actually Where True Success Begins; Achieving Those Goals Is Where Success Happens! Setting Goals without Achieving Them Equal’s Failure.

There are key factors to effective goal setting which will give you the mindset needed to be successful.

Vision:

I am sure you have heard the word vision time and time again; but without knowing the importance of having a compelling vision; what a vision actually is and how it should be used you will be stuck in the beginning stages without moving forward towards success.

If you do not know where you want to be… How will you ever get there???

Vision incorporates the aspirations of what outcomes are hoped for. An entrepreneur’s definition of success can go well beyond profit maximization to include a whole range of other factors, including employment in the community, ability to create balance with family responsibilities, bringing a needed service or product to the market, or creating a certain work environment for employees that is not available in other businesses.Initially a clear and compelling vision is critical to keep you focused. We often get tempted to pursue more opportunities than we can effectively handle. It is also an essential part of attracting employees, investors, suppliers and customers.

As your business grows, your vision becomes a compass to guide decision making both from a strategic and from an ethical perspective. It helps create order and meaning out of the chaos that so often part of a growing venture.

Personal Passion:

Think about what really gets you fired up, what drives your dreams. Your passions need to be able to get behind your list of goals and fuel the fire that makes you ACT.

Passion is a powerful emotion, such as love, joy, hatred, or anger.

When it comes to your life’s work what do you want to pursue? What do you want to do? In order to succeed in small business, and in all areas of your life, you need to follow your bliss, love what you do and live your Passion. The basic premise is fairly simple. Think of the whole thing as cyclical: if you love what you do, then it’s not really “work” and your productivity, job and personal satisfaction will go hand in hand. You will look forward to your day instead of the typical dread of the daily grind. If you are brave and take a risk, and accept your challenges ahead with passion and enthusiasm, then you are able to create new ideas and imaginative solutions for your problems.

Part of living your passion and having “boundless enthusiasm” is being the best person you can be. Striving each day to learn something new, even if it means learning from past mistakes, is something you can do every day. Perhaps one of the best ways to live your passion is to start today and develop an insatiable appetite for learning. Become a lifelong student. Stop by your favorite local bookstore or library and familiarize yourself with the business section.

Start small and browse through the vast array of business publications, magazines and newspapers. The best part is you don’t even have to buy anything (at first). The only limits are your own imagination. Simply put, “knowledge is power.” The more you know, the more you are able to apply that knowledge to your small business.

Think of all the innovative thinkers, did they stop learning? Your own personal journey is just beginning.

Ego:

Check Your Ego at the Door!

You do not need arrogance, defensiveness, or a desperate need for approval in your quest for entrepreneurial success, as these behaviors can only shut down dialogue, opportunities and decisions.

You may be brilliant, but you need to realize that you do not know everything; in fact, no one does. Hence, you may need collaboration and inputs from other people, which you can only maximize if you set your ego aside.

Honesty:

Your vision, passion and gifts that exist within you will carry you toward your goals; as Shakespeare wrote “To thine own self be true.”

Be Brutally Honest when setting your goals; know your strengths and weaknesses. Don’t pretend to have skills or talents that simply exist within you.

Achievable Goal Setting:

Set Goals that are YOURS to Achieve.

Make sure the goals you set are literally “Your Goals.” It doesn’t seem possible for you to be passionate about someone else’s goals. For you to achieve the goals you have set before you, you must believe deep within yourself that the goals are working toward will take your life where you want to go. Don’t take on goals for yourself that were designed by someone else. Look at your life and your vision then set goals that you will walk through fire to achieve.

Action:

Live a Life of Action!

Remember to spend less time on setting your goals than Acting on them.

Stay in Motion.

If you have a tendency to get stuck in the “planning” stage of goal setting, then start with setting smaller achievable goals each day that you make a priority to reach before the end of each day. If your goal is three home parties a week then set a goal that is yours to achieve within each day.

Can you Make someone book a home party? Of course not, but YOU can take the action (10 calls a day) that means you are taking this goal seriously and investing yourself in the process of reaching that goal.

What Is Your Why?

I’m sure you’ve been asked the question: why are you in *business for yourself? You’ve probably asked yourself that question more than once! Every once in a while I wonder what would have happened had I taken another route. In fact a couple of years ago I decided to go back to work for someone else. The opportunity to consult at some of the largest and most respected companies in the world spoke to my ego. It didn’t take long, however, to realize that
I made a mistake. I made a decision on ego that ran contrary to my “why” – my purpose and passion. I was miserable. Even though I had a steady paycheck and great benefits, I wasn’t happy. I’m not cut out for working for someone else.
There may be times when you wonder if you could make more money punching the clock for someone else. Circumstances may arise to question your will. At these times, you need to find your center. You need to be reminded about why you are in business in the first place. If you haven’t thought about this already, take some time to reflect. Write down your answer and keep it somewhere close. The day may come when you need to be reminded about your “why”.