5 Smart Steps to Better Fiscal Fitness

Transcription

1 Issue 2 Feb Smart Steps to Better Fiscal Fitness The most common New Year s resolutions are: lose weight, exercise more and save more money. While your business may not need to shed pounds, most small business owners can agree that saving more money -- that is, cutting costs and keeping more of what you make your own, rather than writing a check to Uncle Sam -- is a smart resolution to make any time of year. So how can you achieve this goal? Here are five steps to take now that will put your business on the path to better fiscal fitness: 1. Enlist employees. Employees who are on the front lines of your business -- dealing with customers, processes and systems -- often have ideas for ways you can cut costs. But do you listen to them? Get departments or teams together to brainstorm ways that costs could be cut without sacrificing quality. Up the ante by offering a percentage of the savings to the people who come up with ideas that you actually implement. 2. Pay attention to detail. Often, businesses fritter away substantial sums on recurring expenses that they don t pay attention to. This could be a subscription you signed up for a year ago, insurance that you no longer really need, or a monthly membership fee to an organization you re no longer involved with. With auto-billing so common, these fees can get rolled into your monthly credit card bill to the point that you no longer notice them. And little sums do add up. Go over all invoices and bills in detail and cut out anything you don t really need. Want more financial management tips? Check these out: * How to Achieve Your Financial Goals * Comparing Competitive Costs - The Way to Win * How to Raise Capital for Your Business 3. Stay on top of your invoices. One of the biggest cash flow headaches for a small company is slow-paying customers. To speed up the process, make sure your invoicing system is working smoothly. Your invoices should be clear, easy to read, and simply state what is due and when. Make sure you re meeting any special requirements of each customer, such as including P.O. numbers, and that your invoices are going to the right person at the right address. This may sound basic, but simple errors like putting the wrong suite number on an invoice can cause endless delays. 4. Enable customers to pay invoices faster. Once your invoicing system is up to par, look for other ways to encourage customers to pay you even faster. Depending on your industry and financial situation, this could mean offering a discount for cash payments or early payments. Or it could be as simple as enabling e-payments, which not only enables faster payment, but saves processing time on your end. (And we all know, time is money.) 5. Partner with your accountant. Sure, you have an accountant, but do you only get together with him or her at tax time? A good accountant can help shape up your business s finances all year long. Enlist your accountant to give your company a checkup. What could be improved? Where could you cut costs, free up cash, or make more by putting profits back into the business? Check in with your accountant once a month to follow up on results, fine-tune systems, and make sure your company is on track. Getting your business in good financial shape at the start of the year ensures you ll be ready to take advantage of the opportunities that come your way all year long.

2 MAIN STREET AWARDS BANQUET AND ANNUAL MEETING 2010

3 Issue 2 Page 3 Community Calendar February 8, 2011 Healthy Woman presents The Vital Signs with special guest speakers Dr. Ahmed Habib, Cardiologist and Victoria Minnelia, National Organization of Professional Organizers. From 6 until 8 p.m. at the Moberly Municipal Auditorium. This is a DRESS RED affair. RSVP to February 9, 2011 Valentines For Vets The Moberly Public Library invites school aged children from K-5th grade to come and make valentines for veterans on Wednesday February 9th from 4p.m. until 5 p.m. The Valentines will be distributed at Harry S. Truman Hospital in Columbia on Valentines Day. For more information call Paula at ext. 14. February 11, 2011 The Kansas City Streetband at the MACC Auditorium at 7pm. Adults $10 and students $5. Tickets available at the Moberly Area Chamber of Commerce. Sponsored by Moberly Area Council on the Arts. Valentine Tea Senior Circle and Meadow Ridge Estates presents A Valentine Tea from 2 p.m. until 3:30 p.m. at Meadow Ridge Estates. Enjoy gormet teas and chocolates. For ages 50 plus. RSVP to February 14, 2011 Blood Drive-American Red Cross Moberly Chapter will have a blood drive at the Central Christian Church from 12:30pm-5:30pm. February 17, 2011 Shape up Randolph County-Eight Week Program. Weekly weigh in with weekly male and female winners. Three great challenges, nutrition, fitness and endurance. For more information call ext 3050 or ext February 18, 2011 Mister Stinky Feet-Children s Concert, 7 p.m. at Central Christian College of the Bible. Free and Open to the public. Sponsored by Parents as Teachers and the Moberly Area Council on the Arts. Chamber Business Breakfast at the Best Western Moberly Inn 7 a.m. $10 per person. The topic will be the pending legislation regarding The Fair Tax. The Guest Speaker will be Patrick Bonnot, staff associate and legislative liaison for the Missouri Municipal League. For reservations, call the Chamber office at February 26, 2011 Miss Moberly Scholarship Pageant and official Miss America Pageant at the Moberly Municipal Auditorium at 8pm. For more information call Erma Jean Armstrong at Chili Vegetable Soup Dinner/Fundraiser sponsored by the Randolph County Extension and Randolph County 4-H 11 a.m. until 2 p.m. at West Park United Methodist Church, corner of Myra and Diltz. Handicap Accessible on Myra Street. $5 per person. Kids under 5 free. February 2011 SUN MON TUE WED THU FRI SAT Organization Meeting for fundraiser 8:00a.m Valentines Day Cookie Festival Board Meeting 8:00 am

4 NRF welcomes Obama s pro-retail business proposals in State of Union address Washington, D.C. -- The National Retail Federation welcomed President Obama s recognition of the importance of the retail industry to job creation in Tuesday night s State of the Union address, and pledged to work with the White House on initiatives to promote continuation of the nation s economic recovery. We are pleased to see that President Obama recognizes that jobs in the retail industry are good jobs and important to the economy, NRF president and CEO Matthew Shay said. It was significant that he voiced his continued support for commonsense safeguards like the limits on swipe fees he signed last year, which will help retailers innovate and support the consumer spending that is crucial to job creation. Obama offered a number of proposals that would benefit the retail industry, including a reduction in corporate tax rates in return for eliminating many current tax breaks. NRF has long supported a broader corporate tax base with lower rates because it would allow businesses to make decisions based on the economic results of investment rather than tax consequences. Comment or Suggestions? We would love to hear your comment or suggestions regarding any of the events or happenings in the downtown area. We just completed one of our biggest promotion events of the year (Living Windows). What did you think? How would you improve it? What was your favorite thing? Which window would you like to see every year? Contact us at or us at mainstreet@mcmsys.com. Main Street Moberly, Inc Board of Directors Valentines Day Cookie & Candy Festival Monday, Feb. 14th 400 W. Reed (formerly USA Styles) 10 a.m. till all gone FILL A SPECIAL BOX WITH YOUR CHOICE OF DOZENS OF DIFFERENT RECIPES PROCEEDS SUPPORT FUTURE MAIN STREET MOBERLY PROJECTS President Emma Williams Vice President Liz Sosniecki Secretary Elvina Cunningham Treasurer Gary Bowman Jim Whelan, Dan Larimer, Bill Reid, Tom Sanders, Carrie Mulch, Lisa Casey Shellye Stansel, Tammy Krammer, Carolyn Goff, Peggy Swan, Marcie Olivas, and Charles Tolson Committee Chairs Promotions Lisa Casey Economic Restructure Jim Whelan Organization Liz Sosniecki Design

5 Main Street Moberly, Inc. 208 N. 4th Street PO Box 616 Moberly, MO Phone: Fax: Downtown Snow Removal 2011