When it comes to growing your business, it often takes money to make money. However, as important as it is to invest in your small business, there will inevitably be times when you don’t have the necessary capital. So, who do you as a business owner turn to for financial assistance? In episode #121, Gene […]

When it comes to growing your business, it often takes money to make money. However, as important as it is to invest in your small business, there will inevitably be times when you don't have the necessary capital. So, who do you as a business owner turn to for financial assistance? In episode #121, Gene Marks and Elizabeth Larkin offer advice on how to find the best loan options for your small business.

Executive Summary

1:11—Today's Topic: Where Do I Get a Small Business Loan?

2:29—If possible, try to avoid getting a loan in the first place. Instead, try to finance your business from your own financial reserves or savings.

3:48—One of the most popular sources for loans are your own family and friends because they don't require a previous credit history.

5:14—If you choose to work with a traditional bank, be sure that it is affiliated with the SBA (Small Business Administration) since they guarantee loans from these banks. The most popular loans for small business owners are 504 loans.

8:32—Retail payment services, such as PayPal, Square or American Express, offer working capital loans based on your business's cash flow.

9:59—While online lenders, like Kabbage, Cann Capital and Fundbox, make it easy for small business owners to get a loan, they also tend to charge extremely high interest rates.

12:42—You can also get assistance from nonprofits, such as Accion. These organizations will help you find the most affordable option to your problems, prior to providing you the actual loan.

17:44—Gene discusses how “pawternity leave," or paid time off to train a puppy, is becoming a new benefit among small businesses to attract new employees.

Links

Small Business Administration

PayPal

Square

American Express

Kabbage

Can Capital

Fundbox

Accion

Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast. Gene, how are you?

Gene: I am doing great, Elizabeth. How are you doing?

Elizabeth: I'm good, so this is the first one we're recording as a Facebook live, which is very exciting.

Gene: We're on Facebook live. Hi, everybody.

Elizabeth: Yay, really exciting.

Gene: Mm-hmm (affirmative).

Elizabeth: Today we're gonna be talking about where you can get a small-

Gene: By the way, a little tour of the studio just while we wait. It's a small space here that we're going back and forth on. This is The Hartford logo is behind us, so it's very, very official that we've got. There's a room that I'm told even behind it that I have no idea what goes on in this room.

Elizabeth: You don't wanna know.

Gene: Something that we're gonna have to figure out.

Elizabeth: Something about insurance.

Gene: I'm glad we're stepping into the 19th century. We're going video, we're gonna get this information out in all different platforms and I think it's really important. Thank you for joining us.

Elizabeth: Thanks for watching. Today's topic, and I know you love this topic. We've talked about this before, and today we're gonna really tighten it up and give a short, clear answer on this. Where are the best places to get small business loans? If you're a small business owner, you wanna buy a new piece of equipment or you need to expand your business in some way, you're looking for a tiny loan or a big loan,

Whether you need someone to see how well your business stacks up against the competition or you simply need someone to manage your finances, having a capable and responsive accountant can make a world of difference. So, how do you find the right accountant for your small business? In episode #120, Gene Marks and Elizabeth […]

Whether you need someone to see how well your business stacks up against the competition or you simply need someone to manage your finances, having a capable and responsive accountant can make a world of difference. So, how do you find the right accountant for your small business? In episode #120, Gene Marks and Elizabeth Larkin advise business owners on where to find a reputable accountant.

Executive Summary

0:48—How Do I Find the Right Accountant for My Small Business?

3:01—The best resource for finding an accountant is personal references from family, friends or fellow business owners. Be sure to also check with your local industry association and see who they recommend.

4:47— If your small business is still in its early stages, your main criteria for an accountant should be that they are responsive and reliable.

5:44—Once your business is more established, you need to find an accountant who has knowledge of your particular industry so that you can understand where your business stands in the current marketplace.

7:13—Small business owners can also check with their local chapter of Certified Public Accountants to see who might be a good match for their business.

8:44—Gene encourages business owners to provide free coffee in their office because caffeine is proven to foster productivity and collaboration among employees.

Links

National Society of Accountants

Transcript

Elizabeth: Welcome back to another episode of the Small Biz Ahead podcast.

Gene: Excited to be here.

Elizabeth: I'm Elizabeth Larkin. I'm here with Gene Marks.

Gene: You know, since we started these Facebook videos, we're not doing any like bantering back and forth. Have you noticed that?

Elizabeth: I know. Well, you know what, at the word of brilliance today-

Gene: I don't think they care.

Elizabeth: They totally don't. In the word of brilliance, I'm going to ask Gene to give a TV show recommendation. So if you care about that, that'll be the end of the video.

Gene: Now you know to switch off at that point in time. Great job, Elizabeth.

Elizabeth: But, before that, today we're going to be talking about how to find the right accountant for your small business. Gene is a CPA.

Gene: Yeah.

Elizabeth: He's not a practicing CPA because as he always says, he's not a very good CPA.

Gene: No.

Elizabeth: So after we hear from our sponsor, he is going to tell us though, how you can find a really reputable, great accountant for your business.

Gene: Right.

Our Sponsor

This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability and worker's compensation insurance, check out The Hartford's small business insurance at TheHartford.com.

QUESTION: How Do You Find the Right Accountant?

Elizabeth: So, today's topic is finding the right accountant for your business. This was actually a question sent in by a listener anonymously. They didn't tell us what their name is, where they're located, or what their business is. So, we will make that up. I'm gonna say-

Gene: Okay. I actually did a little digging, and it turns out it was Bernie Madoff that made that request. So, if you're listening Bernie, I know where you are, and hopefully this helps you.

Elizabeth: Okay. So, I'm going to make up a business. I'm going to say, I don't know why bakeries have just been on my mind.

Gene: You always talk about bakeries.

Have you ever considered hiring your son or daughter to work for your small business? While many business owners might balk at this idea because they don’t want to be accused of nepotism, hiring your kid to work at your office offers a number of personal and financial benefits. In episode #119, Gene Marks and […]

Have you ever considered hiring your son or daughter to work for your small business? While many business owners might balk at this idea because they don’t want to be accused of nepotism, hiring your kid to work at your office offers a number of personal and financial benefits. In episode #119, Gene Marks and Elizabeth Larking discuss the advantages of hiring your child as an employee.

Executive Summary

0:22—Today's Topic: Is it a good Idea to Hire Your Kid to

Work at Your Small Business?

2:10—Due to recent reforms in tax deduction laws, you could

conceivably pay your child up to $12,000 to work for you and still qualify for

a deduction; this means your child would have a taxable income of zero.

4:20—While there is no required age minimum for a child to start working, your kid should at least be in middle school before you hire them.

5:01—Allowing your kid to work with you not only instills a strong

sense of work ethic in them, but it also allows you to spend more time together.

(However, be sure that your don't offer them any special treatment.)

5:27—While it doesn't make a significant difference whether

you hire your child as a full-time employee or an independent contractor in

terms of tax deductions, you need to be aware of the different legal details regarding those

positions.

6:05—There is no financial advantage to calling the child's position

an “internship."

7:05—As a courtesy, you may want to let your current

employees know that your son or daughter will be working alongside them.

9:41—Gene advocates offering paid time off to do charity

work as a means of attracting potential employees.

Links

Six Reasons You Should Hire Your Child

Salesforce.com

Transcript

Elizabeth: Okay this episode is called "Should You Hire Your Kid"?

Gene: My kid? You don't want to hire my kid. Stay away from hiring my kid. End of episode. [laughter]

Elizabeth: So you have three kids. There's one of them you would hire, right?

Gene: Ya, I rank my kids every week. My daughter is going to vet school. I would hire her right now. She's number one.

Elizabeth: Really?

Gene: They're all doing good. Let's not talk about my kids. It's not fair. They're all doing fine.

Elizabeth: I thought you had one that was an accountant.

Gene: Ya I have an accountant as well and I have an engineer.

Elizabeth: Oh my gosh. An accountant, an engineer, and a vet. Alright cool.

Gene: All certified by the state.

Elizabeth: So Gene recently wrote an article for Small Biz Ahead and it was talking about, you know, it's coming up on the holidays and you need some extra work in the office. And you're thinking maybe I should hire a temp, but you've got a teenager. Or maybe it's right before school vacation and they want a job for a couple weeks.

Gene: Right.

Elizabeth: Or maybe they're a teenager and they want a part-time job and they want to come to your office two or three days a week. Should you hire a temp? Or should you hire your kid? A lot of times - I know a lot of people would say I want to hire a temp because I can actually manage a temp. I can tell them what I want them to do and what I don't want them to do and that gets a little trick...

For many years, desktop-based programs have been the standard when it comes to bookkeeping. However, as technology continues to evolve, more and more small businesses are utilizing cloud-based apps to maintain their records. So, how do you decide whether a cloud accounting app is more beneficial for your business? In episode #118, Gene Marks and […]

For many years, desktop-based programs have been the standard when it comes to bookkeeping. However, as technology continues to evolve, more and more small businesses are utilizing cloud-based apps to maintain their records. So, how do you decide whether a cloud accounting app is more beneficial for your business? In episode #118, Gene Marks and Elizabeth Larkin discuss the merits of different cloud-based accounting apps for small business owners.

Executive Summary:

1:51—Today's Topic: The Latest Cloud Accounting Apps for Small Businesses

4:10—While not a requirement, it is important to note that desktop accounting programs will become obsolete in the years to come.

4:33—Cloud-based accounting apps offer easy access from multiple devices as well as automatic updating.

6:19—If only one or two employees require access to your books or if your business only requires the most basic functions, a free accounting app will suffice.

6:43—Xero is ideal for business owners who would like an accounting app that will integrate well with multiple systems, including their CRM system. Your employees can learn to use it easily, without any major training.

8:44—The online version of QuickBooks allows the users of its desktop version to easily transition to a cloud-based platform.

10:25—Originally an app for invoicing, FreshBooks has evolved to provide a comprehensive range of accounting capabilities as well.

11:20—Your data is more susceptible to security breaches if it is saved on your desktop than when it is hosted externally because the companies behind these cloud-based apps specialize in protecting your business records.

12:48—Regardless of which cloud-based service you use, you will always have legal ownership of your data.

13:54—You can easily provide your accountant with access to your books from multiple platforms.

18:50—Gene explores some of the unnecessary stress that “unlimited vacation" can actually place on your employees.

Links

Xero

QuickBooks

FreshBooks

InTacct

InDinero

Will an Unlimited Vacation Policy Work For Your Small Business?

Reasons Why Your Small Business May Be Losing Customers

Submit Your Question

Submit Your Question

Have you ever wondered whether the jobs or assignments that your small business takes on are actually profitable? While it’s easy to assume that the abundance of work is generating enough revenue, business owners need to make sure that all their capital isn’t being lost on resources or overhead. In episode #117, Gene Marks and […]

Have you ever wondered whether the jobs or assignments that your small business takes on are actually profitable? While it's easy to assume that the abundance of work is generating enough revenue, business owners need to make sure that all their capital isn't being lost on resources or overhead. In episode #117, Gene Marks and Elizabeth Larkin discuss how small business owners can accurately calculate the cost of each job they perform.

Executive Summary

1:57—Today's Topic: How Do You Determine How Much a Job is Costing You?

3:44—Begin by looking at a sample of jobs every month. Then, examine how many hours it takes to complete a specific job; the rate per hour of each employee working on that particular task; and the cost of all the necessary materials. The final amount will provide you with the total cost of that job.

5:48—Once you calculate the total cost, you need to compare it to the actual revenue that the job generates in order to determine whether it is actually profitable.

6:17—Your final step is to incorporate overhead into your calculations. If the results still yield profit margins of 10-20%, you can deem this particular job successful.

9:34—While professional assistance is helpful, you don't need an accountant to do this work for you. Given how simple and integral this process is to your business, there is no excuse for not doing so.

10:27—Be sure to apply the 80/20 rule, which states that 20% of your jobs will generate 80% of your profits. This rule will help you find out which assignments truly serve your small business.

12:54— Gene explains how some businesses are utilizing “un sick days" to prevent employee illness in the long run.

Links

Salesforce.com

Microsoft Dynamics

Submit Your Question

Submit Your Question

Leave Us a Review on iTunes

Transcript

Elizabeth: Welcome back to the Small Biz Ahead Podcast. I'm Elizabeth Larkin. I'm the managing editor of Small Biz Ahead, the blog. I'm here with Gene who is a small business owner, a writer, a speaker, and a consultant to other small businesses.

Gene: A renaissance man.

Elizabeth: A renaissance small business person.

Gene: That's what everyone calls me.

Elizabeth: Gene, just because we have a lot of new viewers because we're now publishing these episodes on Facebook Live, can you just give everyone a background on your business?

Gene: Oh, yeah. My company, it's called The Marks Group PC and what we do is we're a technology management consulting firm. I'm a CPA as well, you didn't mention that. I'm not a very good-

Elizabeth: Nerd.

Gene: Yeah, I'm not a very good CPA. For me, if it's close enough, it's good enough. How many times have you heard that joke? But, no. My company sells sales and marketing software, primarily customer relationship management software, CRM software. Some of the big names you've heard of like Salesforce.com and Microsoft Dynamics-

Elizabeth: Zoho.

Gene: ... and Zoho, right. So we implement,