Marcum LLP today released its 2019 Year-End Tax Guide.  The 54-page annual review discusses the first tax filing year under the Tax Cuts & Jobs Act of 2017 (TCJA). The report highlights 15 aspects of tax reform and its impact on individual and business taxpayers.

Topics include: 

• The Tax Cuts and Jobs Act: Observations and Strategies After One Tax Season
• Choice of Entity Under the New Tax Act: C Corporation
• Qualified Small Business Stock After Tax Reform
• Research and Development (R&D) Tax Credit:  Applicability and Benefits
• Opportunity Zones: A Year Later
• The “New” Tax Law: Construction Contractor Edition
• How Was Real Estate Affected by the Tax Cuts and Jobs Act?
• 2019 Year-End Tax Planning Strategies for Individuals
• Gift and Estate Tax Changes under the Tax Cuts and Jobs Act: Transfer More Wealth Tax-Free
• Deductibility of Assistive Reproductive Technology
• Modern Updates for the Modern Family
• TCJA: What Changed for Tax-Exempt Organizations
• State and Local Tax (“SALT”)
• Notable Provisions Affecting International Tax Transfer Pricing Update
• 2019 Tax Rates and Income Limits Reference Tables 

“Our Annual Tax Guide is merely a sampling of the rules and regulations that are prominent in tax compliance,” said Joseph J. Perry, Marcum’s national tax leader. “Knowledge and experience, coupled with a deep understanding of the complexities of the applicable rules and regulations, lead to better client outcomes and better client service. Even as the year comes to a close, there will likely be significant tax proposals to consider at both the federal and state levels. Tax extender bills for annually renewed tax credits and deductions, plus amendments for expensing of leasehold improvements, are still winding their way through Congressional committees. Campaign trail tax proposals include a wealth tax, raising income and/or estate and gift tax rates, reversing aspects of the TCJA, increasing the social security wage base, and reducing pension and retirement account deferral opportunities, among others. At the state level, nexus expansion to capture sales and business taxes continues apace. Stay tuned. What changes ultimately will be enacted are anybody’s guess.” 

“The new tax law’s full impact was felt this tax season. While compliance may have been easier for millions of Americans, entrepreneurs, business owners and executives have certainly experienced more complexity, more tax schedules, and more limitations than we can remember from years past. We provide the Year-End Tax Guide as a reference to be used as a quick refresher on certain tax aspects, whether for individual, corporate, international, or estate and gift tax planning application,” said Tax Partner Diane Giordano, editor of the guide. 

The 2019 Marcum Year-End Tax Guide may be downloaded at https://www.marcumtaxguide.com/2019-tax-guide.

Many credit cards offer additional benefits to small business users, reports CNBC.

Small business owners manage a lot of responsibility, and when first starting out, you’re just as likely manage the trash pick up as manage the payroll. 

Read the article on CNBC

The House Small Business Committee took Google and Amazon to task for impeding small business development, reports Bloomberg.

Big technology companies faced another congressional inquiry on Thursday, as the House Small Business Committee questioned executives from Amazon.com Inc. and Alphabet Inc.’s Google about whether their market dominance unfairly hinders upstart companies.

Read the article on Bloomberg

According to Small Business Trends, a new book helps businesses explore why their message is falling flat. 

Did your mother ever say “You’re not wearing that are you?” or maybe your dad said something like “Stand up straight” or “Give a firm handshake”.

Read the article on Small Business Trends

Have you ever tried to paddle a boat with no oar? Well, trying to operate a business without  proper cash flow management is like doing this. Even if you succeed, you will have faced an uphill task that is not worth it at all. Delays in paying your suppliers and employees and failing to collect cash from your customers on time can be a big issue to your business and the only way around it is to have a proper cash flow management.

Here are a few tips that can help you to keep your business cash flow healthy

1. Measure your numbers

Knowing where your business stands is a crucial aspect of managing cash flows. This entails always being aware of how your business is doing financially as it enables you to discover issues early, go around obstacles, and be aware of opportunities. Even if someone else is managing your books, always be informed by generating reports that are important to your company. Always review your cash flow statement and be aware of the amount of money that is coming and the spending of your business.

2. Project cash flow

For every new year, prepare a cash flow projection as this is an early warning for any possible hiccups that may occur. You can do this with the use of an Excel spreadsheet or accounting software of your choice. Highlight expected monthly cash flows and outgoing cash that include the expected expenditure on purchases. With this projection, you can anticipate slow periods at the right time and think of the ways you can address such challenging times.

3. Ensure you get paid

Always make sure you get paid for the work done and at the right time. Doing this means you need to have a foolproof system that allows you to send invoices and track all payments accurately. Doing this alone however is not enough. Make sure that you invoice your clients in time and give them a payment window that makes sense to both of you. Set automatic reminders and ensure that you follow up if payments are not paid on time. If your company is providing long-term service to a particular client, develop a multiphase payment method.

4. Do not drain your cash

A leading mistake that has bankrupted many organizations is spending all cash in buying long-term assets that end up holding cash and affecting business operations. Instead of spending the better part of your company’s money on long-term assets, you should consider getting financing. Even if you have adequate amounts in your accounts at the moment, spending a significant part of it may expose you and you can end up short on cash. Develop a cash projection plan to determine your financial needs ahead of time and not in the middle of a crisis where bankers may be afraid to lend you money.

5. Be proactive in taking on debt

Every business owner wants to avoid sudden cash-flow problems like unexpected debts and bills that get you cornered and scrambling for any cash you can lay your hands on. Instead of waiting for a disaster to strike for you to find a way of sorting it out, position yourself well by setting up access to credit so that you are ready to act whenever you have a financial problem that needs to be resolved urgently. Look for a bank or financial institution that is ready to help in hard times and have a credit card that can help you access cash whenever necessary. It is important that you choose a business card that has many benefits and rewards that can be helpful in your time of need.  

The combination of vision, gumption and hard work can bring small businesses to life. Keeping them going, however, can be more of a challenge, especially if management doesn't have a solid handle on financial reporting. That begins with accurate, timely and dedicated tracking of financial transactions and proper handling of various tasks that are essential for a business to thrive, such as invoicing customers, managing payroll and paying the firm's bills on time.

This responsibility is typically the job of someone with accounting or bookkeeping experience. Very often with small businesses, it ends up being one more thing that the owner takes on. For many, it's a task they're not exactly well equipped to do properly, even with the aid of online financial tracking software.

More than 40% of U.S. small business owners consider themselves financially illiterate, according to a study conducted by Intuit and Decipher Market Research. The same study found that 81% elect to handle their business' finances themselves.

Whether you have a financial professional on the job or are a business owner wading your way through, adopt these strategies to improve how you manage your firm's financial accounts and avoid costly bookkeeping mistakes.

Insist on Accuracy

Without accurate tracking of your business' activity, bookkeeping is of little use and can lead to costly problems like being late on bills and falling short on payroll. It can also complicate your ability to comply with tax laws.

To avoid this, insist on accuracy with every transaction from the person tasked with maintaining your books. Ask for weekly updates so that you can spot any problems before they get out of hand.

If you find an error, it's essential to get in the habit of fixing any discrepancies right away. It’s important to reconcile your accounts regularly because even a small error can become a needless distraction when it comes time to close out your books at the end of the month. Addressing errors quickly also ensures you have an accurate view of how your business is doing.

Using an integrated accounting system can simplify this process by handling a lot of the record tracking automatically. A key benefit of an integrated system is that you can more easily capture a comprehensive view of your business' costs, which is essential to growing and staying profitable.

Don't Mix Personal and Business Accounts

Mixing business and personal transactions often happens in the early days of a business, but it can become troublesome when it comes to keeping the firm's books in order.

It can make it more challenging to sort out your personal from business transactions, which could lead to missing an expense that you could list as a business deduction, for example. Blurring the line on your accounts can also be a problem when you apply for a business loan or line of credit as lenders expect an accurate tally of your business' finances when they consider a loan application.

Simplify how you or your bookkeeper tracks your business spending by opening a business bank account that you don't use for personal transactions. A business credit card can also be useful in that it often comes with highly detailed and accurate records of your transactions, which you can sync with your bookkeeping software.

Optimize Your Invoicing

Tracking when revenue is supposed to come in and when it actually arrives is a crucial aspect of bookkeeping. If your customers are accustomed to paying your invoices late, it can be challenging to rely on your accounts receivable figures to manage your cash flow.

It’s important to have your bookkeeper invoice your customers immediately after you've delivered on your end of the transaction. Use email or bookkeeping software that can send invoices directly. Tools like FINSYNC’s cash flow management system can send out invoices, as well as manage and forecast cash flow, among various other accounting tasks.

Maybe It's Time to Hire a Pro?

The do-it-yourself approach to bookkeeping may not be the best approach for your business, especially if you aren't able to set aside enough time to stay on top of your books, or if you're not comfortable navigating accounting software.

In that case, why not hire a professional bookkeeper? They will help minimize errors and give you peace of mind that your accounts are balanced properly.

Consider hiring a bookkeeper licensed by the National Association of Certified Public Bookkeepers. They mainly record your business' financial transactions, typically on an industry standard accounting software. Look for someone who is experienced and detail-oriented. They should also be comfortable using the latest online bookkeeping software.

Finding someone with online reviews is always a good idea so you can get a sense of intangibles not readily visible on a resume, such as work ethic, temperament and performance under pressure. Another differentiating point when deciding whom to hire should be whether the person has experience in your industry.

If you can't afford a full-time bookkeeper, hire one who will work remotely on a freelance basis. Some 14% of companies outsource their bookkeeping services, according to a survey of small businesses by Wasp Barcode Technologies.

A number of virtual bookkeeping marketplaces make it easy to find skilled financial professionals. Going with a virtual bookkeeper also costs less, because you don't have to pay for health insurance, sick days or other benefits. FINSYNC's virtual community of specialists provides businesses with support for bookkeeping, as well as accounting, human capital management, financial analysis and corporate strategy.

More Bookkeeping Best Practices

Get ahead of potential tax complications by ensuring you track employees accurately, depending upon whether they’re full time or freelance. You may also want to hire a company to process your payroll. They can make certain that you’re in compliance with employee tax withholding requirements.

Set aside time to do your bookkeeping tasks every week. It'll keep you from falling behind and losing track of something crucial. Using a business credit card can also help optimize this process because it automatically tracks spending.

Review whether your accounts are well organized. Bookkeeping can yield great insight into how your business is operating just by looking at your accounts, but only if they are organized efficiently.

Consider grouping any accounts that are part of your business' general expenses, such as the electric bill, rent and similar costs that go toward keeping your business running. Then, do the same for marketing, advertising and other expenses incurred as part of selling your goods or services.

This will help you more efficiently see how much of your revenue is going toward basic expenses that you may want to reduce or cut, and how much you're paying to win over customers.

Ensure that you have systems in place to regularly back up all of your bookkeeping files daily. Using cloud storage is ideal and easy enough to do so that if something happens to one of your devices, you’re covered.

Rely on technology to track employee hours. Time-tracking software has many benefits over the old-school timecard approach. For bookkeeping purposes, the biggest plus is it eliminates duplication of data entry and allows a clearer and more accurate snapshot of your labor costs, including any overtime. All of this data can be used in conjunction with payroll software to streamline your payroll process. 

Consider handling your bookkeeping on software that links up all your firm's accounts online. The key benefit here is to help you manage your business with a real-time view of your finances, which can save you time and money.

Eddie Davis is the VP of Business Development for FINSYNC, a consolidated cash flow management platform focused on helping businesses grow. FINSYNC’s intuitive online tools help automate payments and accounting, and provide valuable insight through cash flow analysis. The lending network gives businesses access to fast, affordable financing. FINSYNC’s virtual community of specialists provides unrivaled support with bookkeeping, accounting, human capital management, financial analysis and corporate strategy. Connect with Eddie on LinkedIn and follow @FINSYNC on Twitter.

It’s no secret that over half of small businesses close their doors within the first five years. One of the critical problems that often occur has little to do with the innovation, ingenuity, or work ethic of the small business owners themselves, but rather the lack of access to sufficient capital to cover the ebbs and flows of their operation and its associated costs. Scaling any idea or enterprise, to me, is less often about “entrepreneurship” —and other catchy terms we can print on a business card— and more about meeting the demands of others, like payroll and customer expectations. Simply put: small business owners need capital resources— they need cash.

Historically, small businesses have had limited options to access capital: savings, friends and family, credit cards, traditional bank loans, or the occasional SBA loan. Enter the financial crisis of 2008-2009, which ushered in a new regulatory environment that contracted these historic capital resources, thereby creating the market-driven need and demand for non-traditional banking options.

Consequently, we find ourselves operating in a new era, one in which enterprising nonbank funders have brought novel and different capital products to the small business market. This has been largely accomplished through an ambitious mix of fintech and financial innovation. These previously unavailable financing options give small businesses more resources to consider than ever before. Now their next step is to explore them and consider how their small business might decide on the best option for their specific needs.

As we contemplate these innovations, here’s a quick list of some of the best financing options available to small businesses in 2019:

1 Business Term Loans: Best for businesses looking for working capital, equipment purchases, or to purchase inventory or other fixed assets. For short-term loans, it can often be matched to a specific project and repaid to coincide with the completion of that project in 6 to 12 months. For longer-term loans, the repayment can be stretched out to 3 to 10 years, but these often require higher levels of collateral coverage or a personal guaranty by the business owner.

Pros: Great product for larger one-time investments with targeted cash flow that payments can be matched. 

Cons: Larger dollar amounts and a longer payback term will require increased time, energy (think: bank meetings and interviews), and documentation.

2 Equipment Financing: Best for one-off purchases like restaurant equipment and machinery.

Pros: no upfront spend; if the business owner has impaired credit the fact an asset is involved as collateral can make it easier vs. purchasing the equipment; and tax-deductible. 

Cons: Overall cost is usually more expensive in the long-run; cost inclusive of fees if the lease is terminated early can be substantial; and must take into account all terms and conditions that can be complicated (who handles and addresses a break-down in the equipment? etc).

3 Small Business Administration (SBA) Loan: Best for business owners who need capital for a variety of longer-term business expenses. It is government guaranteed so the process can be daunting and is processed through a bank that has an SBA loan program.

Pros: Cost and longer-term repayment; great product for owner-occupied real estate.  

Cons: Requirements are strict; process is time-consuming (60 to 180 days); high upfront fees; and requires strong personal credit scores.

4 Business Line of Credit (“LoC”): Best for businesses with more volatile sales and cash flow. Flexibility to drawdown and repay based on the needs of your business.  Often secured by accounts receivable and inventory. Some LoC’s offered by FinTech operators do not require business collateral but do require a personal guaranty. 

Pros: Can access quickly (assuming facility is in place) to solve urgent issues or expenses; and great for managing working capital needs and the business’ short-term cash flow needs. 

Cons: Reporting can be much more intensive vs. other products available; upfront and ongoing fees can be expensive, especially if the LOC is rarely drawn down. 

5 Revenue-Based Financing: This is a financing option where the repayment schedule is tied to the future revenue of the business. The genesis of the product is that the funder operates as more of a partner and is taking some level of “equity-risk”. If the revenue decreases or the business fails, the repayment is either stretched out or in the case the business fails the funder has no recourse. Small businesses can utilize this product for project financing, working capital, growth investments, or short-term needs.

Pros: Quick access; repayment risk mirrors the revenue; no business or personal recourse except in the case of fraud.  

Cons: Products are generally 12 months or less; more expensive given level of risk with limited recourse; reporting can be intensive as changes to payment schedules requires bank and financial verification.

6 Invoice Factoring: The business can turn its unpaid invoices into immediate cash. The invoice factoring company collects directly from the customers and distributes capital to the business, net of its fee.

Pros: good for managing cash flow; typically a short-term financing product (30 to 90 days).  

Cons: cost can be expensive, especially if repaid much quicker than anticipated; can be disruptive notifying customers to change their payment instructions to the factoring company; requires technology integration or higher level of reporting and the business’ customers will be dealing directly with your funder if they delay payment - not you as the business owner.

7 Angel Investors/ Venture Capital: Best for small businesses who want to scale quickly.

Pros: entrepreneurial background provides increased insights and foresight vs. dealing with alternative finance providers, banks, or the government; larger investor network to leverage for additional funds or additional business; and capital remains in the business (vs. interest costs). 

Cons: Higher rates of returns expected (typically at least 5x their investment); requires giving up equity in the business; process will be intensive; typically reserved for high visibility, disruptive companies pursuing large addressable markets on a national or global scale; and will require operating agreement additions to governance to protect their investment in the case of underperformance.

8 Bootstrapping: Best for businesses with principals that have savings or expendable income who want to preserve equity ownership and cash in the business.

Pros: maintain ownership position and keeps all cash generated either in the business or available for dividends. 

Cons: Growth limited to the owner’s cash position; risk missing market opportunity because thinly capitalized; challenging if a short-term need requires more cash than available.

While the pros and cons of this list provide a guide to financing in 2019, any financing decision should ultimately come down to your assessment of the cash flows of the business (today and in the near term), demonstrated capacity to handle credit, costs versus profit opportunity (positive ROI), and repayment thresholds.

The good news is, enabling technology allows small business owners to access various forms of capital quickly and efficiently. There is no day like today to explore options to fund entrepreneurial dreams.

Vincent Ney is a founder and CEO of Expansion Capital Group, a business dedicated to serving American small businesses by providing access to capital and other resources so they can grow and achieve their definition of success. Since inception, ECG has connected over 12,000 small businesses nationwide to approximately $350 million in capital

Whether your fiscal year matches the calendar year or ends in the middle of September, at some point, you must close the books on this year and open them on next year. What’s the best way to prepare for the transition from last fiscal to the next fiscal year? That depends on the goals for your business.

Maximizing Profits

When shareholders or investors are involved, then maximize your profits for this fiscal year by pulling sales forward. Work with your customers; ask them to take the first week of next month’s sales a little early. Be transparent with them and flexible when it’s their fiscal year end to help them out as well. If you have a good relationship with them, there’s a good chance that you’ll bolster your numbers a bit.

Conversely, push payments out with suppliers. Let them know that you’re going to pay late. Delaying accounts payable by a week or two makes your final numbers look a little healthier, even if your balance sheet doesn’t change (AP is still listed as a liability there). Your income statement and cash flow don’t show those payments.

If you’re on track to hit or exceed the numbers already, then let the dice roll. Care should be taken to avoid pulling too much cash forward or pushing too many liabilities because you could adversely affect next year’s numbers.

When To Minimize Profits

There are also times as you approach the end of your fiscal year when you don’t want to show stellar numbers. Some businesses want to show minimal profits at the end of the year. In this case, you can pull payments forward (ask for a discount for paying early!) to reduce your cash flow a bit.

While you should never delay orders or stockpile inventory, you can write off defective, excess, and obsolete inventory. Scrapping defective goods or obsolete parts is a loss that takes away from your bottom line. If it’s taking up space and is no good, then using it to balance things out at FY end is as good a use as any.

Watch Out For Inventory

Managing your inventory levels is something you should do all year long, but it becomes more important in the run-up to fiscal year end. It’s not something that can be done last minute. Several months in advance of year-end, pay attention to any work-in-progress, finished goods, and spare parts. Inventory ties up a surprising amount of money that you could affect your final numbers either up or down.

Follow The Rules

Even though it’s acceptable to make adjustments, never operate outside the guidelines of financial reporting rules. There are many acceptable methods to either maximize or minimize your reported profits or loss for a fiscal year without risking fraud or worse. Also, it is important not to overdo anything that could affect your business in the next fiscal year, so your finance team or financial advisor should be looking ahead at the same time that they’re closing out the year.

Now that 2020 is in full sight, it’s the perfect time for SMBs to start preparing for the year ahead. With industries constantly in flux with new technologies and solutions, as well as rising challenges, it’s important to stay on top of emerging trends and keep one step ahead of potential obstacles.  

Here are some things that SMBs should place on their IT radar while planning for 2020:

#1: Subscription-based Office Services
Small businesses are known for their ability to react to market changes with agility. However, IT planning and purchasing hasn’t always been their strong suit. The main reason? Major IT purchases can be expensive and usually involve a long-term commitment. One trend we’ve seen gaining steady ground in 2019 that is sure to also have a huge impact in 2020 is subscription-based office services.

Cloud solutions that at one time only made financial sense for large companies or enterprises are now affordable and very much within reach for SMBs. Currently, though, many SMBs are tied to perpetual licenses for multiple office services, with some licensing being very expensive and causing organizations to keep legacy versions of programs. This can lead to lackluster performance and security vulnerabilities. By moving to cloud solutions, you can set up whatever type of application you're looking for with a couple of clicks and an affordable monthly payment. Whether Microsoft Office 365, QuickBooks for accounting, Salesforce or Dynamics for CRM, it’s only one click away.

Other benefits of cloud-based subscription services include savings on infrastructure costs, maximized uptime and centralized management of applications. Specifically, Office 365 combines the advantages of cloud technology with the traditional foundation of on-premise software offerings, allowing Office applications to be available to numerous computers or devices.

Bottom line, subscriptions are a more affordable and hassle-free option compared to trying to keep up with the latest software versions and paying perpetual licensing fees. And, with the flexibility to scale up or down as businesses adjust to changing economic climates, it’s a solid solution. One added benefit is being able to collaborate with teams and share files via Microsoft OneDrive—a feature many SMBs don’t typically have in their existing solution sets. The fact that Microsoft’s entire business model is evolving toward subscription-based services over perpetual licensing should tell us something.

#2: The Move from CapEx to OpEx Hardware Investments
Another big shift we’re seeing heading into 2020 is an increasing number of SMBs transitioning from capital expenditures (CapEx) to operational expenditures (OpEx). Traditionally, companies have relied on having on-premise structures for data centers, something that requires a huge CapEx investment to purchase equipment and pay for perpetual software licensing fees as well as employees to run and maintain the system. This provided them peace of mind that their data was secure and that they could monitor it all. But at what expense? Today’s SMBs require the same security and oversight, but also need more cost-effective and affordable solutions. Where do they find that combination? Once again—the cloud.

Having on-site servers and IT equipment can be costly, to say the least, which is why companies are looking more at OpEx expenditures such as cloud hosting services. Cloud computing has changed the way SMBs function, and now cloud hosting companies can put SMBs on a level playing field with some of their biggest competitors. This is not only big, it’s game-changing. The cloud offers a solution that eliminates costly purchases of physical processors and databases.

And, because the actual physical IT infrastructure exists off-site, storage is also no longer a concern. Further, your requirements to service those units are also eliminated, so your IT team can focus on other issues at hand. If and when there is a problem, the cloud computing host will react to it within seconds of it happening, maximizing uptime.  

By switching from a large upfront IT spend to a pay-as-you-go cloud hosting model, companies can reduce CapEx expenses while reaping other rewards. What’s more, the transition is easy. The cloud hosting companies will do the heavy lifting.

#3: Security Consciousness

Over the last couple of years, we’ve seen companies becoming more and more security conscious—and it is well-founded.  

We’ll see a continuing trend in 2020 around improved security that will also include such things as training employees to recognize scams like phishing and to be more conscious of how they are interacting through email and collaborative materials outside their network. This is especially important as many companies move toward a more remote workforce where workers don't have the ability to turn to the person next to them to ask, "Did you see this? Is this really legit?”

Furthermore, as companies move activities to the cloud, they’re realizing they now have their data off-site and are wondering how to keep it from being exposed. To better secure their networks, we’ll continue to see a big push toward solutions like Microsoft 365, which is a bundle of services including the aforementioned Office 365 plus several other things like Windows 10 Enterprise. The solution provides SMBs with the ability to use mobile device management within the Microsoft ecosystem. They can make it so employee laptops have an agent that runs on them that limits access with levels of protocol around who can access what data. You can think of it as a premium version of Office 365 with added security features. Mobile workforces that don't necessarily always have a VPN can access and join their work domain without causing additional security concerns for companies.

Overall, it’s time to think outside the box to lower costs, improve performance and mitigate risk. Subscription-based services and cloud-based solutions offer SMBs powerful tools that historically were cost-prohibitive, but are now within their reach. Just think of the flexibility, collaborative abilities and increase in capabilities they can bring to your business. Make 2020 the year that your SMB starts reaping the benefits of these enterprise-level solutions now available at small-business pricing.

Tiffany Bloomer is the President of Aventis Systems, Inc., a leading provider of information technology hardware, software and services. Learn more by visiting

https://www.aventissystems.com/.

Many companies have adopted digital technology to transform their business. But the transition can be a challenging process, and studies show that digital transformation projects often fail to reach company expectations. This happens for a variety of reasons, says J. Eduardo Campos, co-founder with his wife, Erica, of Embedded-Knowledge Inc. (www.embedded-knowledge.com) and co-author with her of From Problem Solving to Solution Design: Turning Ideas into Actions. 

“It’s often due to ineffective communication between the IT department and business teams,” Campos says. “But overall it really comes down to an inability to problem-solve and a tendency to lose sight of teamwork and the big-picture business plan.

“To have a successful digital transformation depends greatly on employees working together, but too many organizations are siloed, thus hampering the communication and creating obstacles in the process.”

Campos offers three ways company leaders can deal with problems in digital transformation:

• Define the essential problem. Campos says digital transformational programs fail when company leaders don’t grasp the root of the problem they hope digital transformation will solve. “Beware of solving the symptoms instead of the problem,” Campos says. “To define the essential problem, you first need to step back, reflect, and clearly define what you are trying to address. Detaching yourself from a problem and trying to see it from a different perspective, you then will have a better view of how things interact with each other. There are often multiple layers to why a problem exists, so ask a series of whys that drill down to the answer.”
• Design solutions. Once the problem is identified, setting goals and assessing options come next. ”It’s not unusual to find yourself in a situation where the problems you identified are part of a dynamic environment, affected by constant changes that require you to revisit your goals and options regularly,” Campos says. “This is where technology and software can be very helpful in making sure everything is being tracked appropriately without any information getting lost. in addition to technology, using risk management concepts can be a very effective way to help keep consistency throughout the solution design process.”
• Engage stakeholders. Digital transformation often represents a massive change for personnel. Campos says it’s vital for the decision-makers to craft a stakeholder engagement plan that addresses all aspects of a recommended solution. “Clearly identify whom will be impacted by the solution, either positively or negatively, and how to handle stakeholder reactions,” Campos says. “You want them to be willing to commit to your recommendation because they indeed want it, not because you are selling it to them. And when you are influencing the decision-making process, be sure to show your stakeholders your appreciation of varying opinions.”

“Achieving success in digital transformation brings together people, process, and technology,” Campos says. “Many businesses never get far past the launch point of their digital transformation because that triad of people, process and technology isn’t in sync, and problems that could have been solved were not.”

Eduardo Campos is co-author with his wife, Erica, ofFrom Problem Solving to Solution Design: Turning Ideas into Actions. Campos spent 13 years at Microsoft, first as a cybersecurity advisor, then leading innovative projects at the highest levels of government in the U.S. and abroad.  His consulting firm, Embedded Knowledge Inc. (www.embedded-knowledge.com), works with organizations and entrepreneurs developing customized business strategies and forming partnerships focused on designing creative solutions to complex problems.

When running your own business, you often find yourself with a lengthy to-do list. You often end up getting pulled in various directions that gives you little time to focus on things that matter the most to your business such as making executive decisions and thinking about how you can market your company. If you are having such challenges, it is about time you start thinking of getting help from someone. This is exactly where virtual assistants prove their worth.

Who is a virtual assistant?

A virtual assistant is a person who offers assistance to companies or individuals from a remote location. They can do tasks such as:

• Social media management
• Calendar management
• Drafting and replying emails
• Making appointments
• Preparing reports

While the above are just a few things that virtual assistants can do, the truth of the matter is that they can do almost anything.

Why you need a virtual assistant

A virtual assistant can help you address various tasks in your to-do list within a short time, especially tasks that anyone can complete in your list. They will help you do things that you intended to do but lacked time and perhaps skills to complete. Having a virtual assistant you can rely on to do some of your work can change the trajectory of your business for the best by increasing your concentration and by extension making your professional life enjoyable. He or she will come in handy in assisting you grow your business by spearheading growth strategies that your business needs to compete accordingly. They will also be critical in preparing reports on a daily or on on-demand basis.

Cost advantages

Since every business wants to reduce the cost of operations, going for a virtual assistant would be a great thing. One of the reasons why people hire virtual assistants is that it costs less. You can only pay for work that has been done as opposed to employing a worker on a permanent and pensionable basis where you have to pay regardless of the work done. Instead of hiring a person on full-time basis, you can decide to outsource work on hourly basis.

Business owners can also avoid a lot of training costs by hiring VAs. Usually, companies are mandated to train their employees regularly to keep up with the new trends in the market. However, in the case of a virtual assistant, companies can hire people who are already experts and save a lot of money as a result. Business owners, therefore, don’t have to worry about how trained their employees are because they can hire and fire virtual assistants whenever they feel they are not knowledgeable enough.

Time or money

Any serious entrepreneur knows that time is money. This means that every business owner always thinks of ways that they can save time and make maximum profits. Hiring a VA enables a business to get the right experts who can carry out a specific task without wasting time training and cost. A qualified VA can handle many tasks at once within a short time and with minimal costs because they can only focus on tasks given to them and timeline they are required to hand in the job.

As busy as you may find yourself as an entrepreneur, the best way out to get you jobs done in a cost-effective and efficient manner is by seeking services of a virtual assistant. You will save time and money as you will be able to find a cheaper solution while at the same time getting your crucial work in your to-do list done by a professional.

Hurricanes, Tornados, and Wildfires, oh my! There are any number of natural disasters that occur, and we all think, ‘it won’t happen here.’ Truly, there isn’t a place on Earth that is 100% safe from catastrophe. While these disasters may not be likely, if one strikes, it’s as severe as it gets. How is your business protected from these catastrophic events? Specifically, how is your data protected?

Immediate Protection

The first step of any business should be to keep critical computers and servers on UPS, or Uninterrupted Power Supply, systems. These come in both small and large footprints to give a single computer a few minutes of backup to keeping servers up and running for hours. In the event of a power outage, UPS systems will keep your in-process data from being lost. However, these systems still won’t prevent data-loss if there is physical disruption to your building(s).

Data Loss Prevention

Many companies make the mistake of keeping their data back-ups on-site. While certainly the most inexpensive option, storing back up data on-site, even on different drives or servers, is a significant risk. Effective if the primary system fails for any reason, this is not so effective if your office is suddenly under 3 feet of water. If you can, be sure to secure data off-site. 

If your company is large enough to have two separate sites, you can manually create an off-site back up system. However, this type of solution is best implemented if your multiple sites are geographically separated; it does no good to have your data sent across the street to avoid the effects of a hurricane.

Choose an alternate site that can house everything that’s on the primary server and manually store backups of your data at this secondary site. With a few macros set up by your IT team or an outside consultant, data can be transferred from your primary to backup server at a regular interval (usually in the middle of the night) when the impact of sending all of the data from site to site won’t even be noticed.

If your company is housed in a single location or you want a sure-fire way to keep a backup safe, then look to cloud servers. Storing a backup of your critical data in the cloud may be an ideal solution for a small business or any business interested in preventing data loss. Neither rain nor sleet or snow or wind catastrophes will halt operations with a cloud-based backup system. Data management companies exist to provide services to store data and keep your files so that you always have secure backups.

Act Now

Data management is critical to any company. No one plans for an accident to happen or predicts disaster. The best solution is to act now so that you’re ready just in case. Your choice to mitigate the risk of data loss due to natural disaster can vary based on your budget, impact of lost data, and appetite for assuming that risk. There is no ‘one-size-fits-all’ solution, but there are multiple options out there for any business.

Good retirement planning takes many factors into account, but with so many costs to consider it can be overwhelming. Thus, people may forget some retirement expenses that are less visible now or downplay others that they think will be unlikely or infrequent. But the retirement expenses you miss, dismiss, or underestimate in your planning could prove costly.

“Even for those who prepare thoroughly for retirement, they can’t predict with complete accuracy across the board how much they’ll spend,” says Clayton Alexander (www.retireteton.com), an investment adviser and founder of Teton Wealth Group. “The retirement expenses you forget to plan for or ignore could seriously cost you and help sabotage the kind of retirement you were otherwise planning to have.”

Alexander goes over some key retirement expenses that may fly under the radar years in advance of retirement but nonetheless should be planned for:

• Long-term care. This can be one of the most expensive costs during retirement. Many people don’t plan adequately for it because they’ve been healthy throughout their life. But the statistics point out the importance of planning for long-term care. The U.S. Department of Health and Human Services lists the average cost of a semi-private nursing home room at $6,800 per month. The HHS also says that 70 percent of retirees will need long-term care at some point. Medicare won’t cover long-term care, and if one doesn’t qualify for Medicaid, the patient is responsible for the bill. “It’s easy to ignore the thought of needing long-term care when you have many years of working left and have been healthy,” Alexander says. “But it’s a reality for many in their last years. One way to prepare is building the expenses into your retirement fund by using a Health Savings Account. Or you can buy long-term care insurance before you retire in order to get better rates.”
• Caring for family members. Retirement ideally is a time to relax and enjoy one’s newfound free time, but nearly one-third of seniors say they serve as a caregiver. That can strain the budget, so Alexander says it’s important before you retire to think about how much you’re able to help family members and budget that amount annually.
• Home repairs and renovations. These aren’t the everyday costs you plan for when creating a retirement budget, but they’re inevitable and could take a large bite out of your budget. The U.S. Bureau of Labor Statistics reports that the average person 65 and older spends about $2,300 per year on home repairs and maintenance. A major expense such as a new roof is a big hit. “Building an emergency fund is essential,” Alexander says. “It’s prudent to put aside two or three thousand dollars a year in your retirement budget for home repair and maintenance costs.”
• Transportation. Retirement planners say this is a sneaky expense that is easy for retirees to underestimate. Transportation costs represent 16% of expenditures for adults 65 and over according to the Bureau of Labor Statistics. “It’s one of the most under-planned items in retirement, but the costs can really bite you,” Alexander says. “It goes beyond buying a car — gas, maintenance, insurance, repairs, and public transportation. Even if a retiree no longer has a car payment, financial advisors need to factor in these types of costs.”

“It’s difficult to cover every scenario,” Alexander says, “but adhering to a careful plan laid out well before the retirement years can help one handle the unexpected costs as well as the ones that are easy to overlook and add up.”

Clayton Alexander (www.retireteton.com) is an investment adviser and founder of Teton Wealth Group. A graduate of Dixie State University with a B.A. in administration, Alexander also worked at Northwestern Mutual and Goldman Sachs. He is licensed for life and health insurance in the state of Utah and has passed the Series 65 securities exam. Alexander focuses on building holistic retirement plans, and with the launch of Teton Wealth he developed the four-step Ascent Plan – a system to help clients gain clarity and perspective on creating a financial plan for safe, secure and tax-efficient retirement income and estate transition.

Do you take rejection personally? Do you start the negative self-talk immediately after getting rejected? Do you find yourself triggered by rejection and start piling on past rejections in your mind? If you do, you are not alone! Research shows that 90% of our self-talk is negative. Nothing triggers negative self-talk like being rejected.

In the book The Four Agreements, one of the agreements is “Do Not Take ANYTHING Personally.” When Ellen DeGeneres’ sitcom was canceled after she came out, she talked about how this book helped her. In her usual funny way, she said, “It is hard not to take the show being canceled personally, since the show is named Ellen and I’m Ellen.”  How Ellen handled this rejection is a lesson in resilience we can all use for our own careers. She continues to face criticism on her talk show from time to time, but she doesn’t let any of her stop her.

Getting rejected is part of life. We get rejected when we ask our parents as kids to buy us something we want. We get rejected when we interview for a job and don't get it. If you’re in sales, you know rejection is part of the game. How do you learn to keep going and not take it personally?

Tip One

Let go of being afraid of the word NO. Getting a no now does not mean no forever. Children learn this at a very early age and keep asking for what they want from a toy or candy store. When you’re in sales if you are afraid of “no”, you are afraid to ask for the order. When you reframe your mind to see no as the starting point of a negotiation, then you let go of your fear. Tell yourself “Let the Games Begin” when you hear a “no”. Follow up the “no”, with a question such as what would it take you to reconsider?

Tip Two

Never Reject Yourself. When I was selling advertising for Conde Nast and a client would say to me no we are going with another brand, I would ask myself “Could another salesperson have gotten a yes? What did I do wrong? Why didn’t they see why my solution is the best choice?”  None of this negative self-talk is helpful. Instead of taking the “no” personally and rejecting yourself and your skills, remind yourself you are good at what you do. Don’t let one “no” define your day, month or your year. 

If a client says “We like you but not what you are selling” it is so easy to agree with them and reject your product or service. Don’t do it! Never agree with their assessment of your product not being good enough or the best. Instead reframe it to yourself, that right now this is not the best fit for them and that is a great fit for others. Remind yourself of the other sales you have made.

The best way to hit the reset button after a “no” is to call someone who bought from you and ask them how they are enjoying the new car or home. After giving a keynote to Land Rover and Redfin, the real estate firm, I gave this tip and they found it really helped them let go of getting a no. When you do this, you get reignited in your passion and it is great customer service. Just calling someone to ask how they are enjoying the product takes all the pressure off of you. Many times, it results in a referral or testimonial!

Tip Three

Get Back Up After The No. When I was giving my TEDx Talk Be The Life Guard Of Your Own Life I was able to hear Bonnie St John’s TEDx on resilience. Despite losing part of her right leg at a young age, she went on to win medals at the Paralympics in downhill skiing wearing a prosthetic leg. She told the story that each skier had to go down two different mountains. The winner would be the person with the fastest combined times. She went down the first mountain and came in first place. The second mountain was much icier and everyone was falling. Sure enough, she fell too and got back up and finished that race. She ended up with the 2^nd place medal. While she had been the fastest skier she was not the fastest at getting back up after falling.

How fast do you get up after a no?  After giving keynotes and workshops to real estate companies, I noticed that the top performers let go of a “no” much faster than other agents. Other agents say they let rejection go, but they keep talking about it in the office for weeks after and it impacts their energy and passion for the next potential sale.

To recap, the key to rejection is to not take it personally. Let it go and never reject yourself. Then let go of the fear of hearing a “no” and remember “no now is not no forever.” Get back in the game as fast as you can after you hear a “no.” If you apply these tips to rejection, your attitude and your revenue will soar!

JOHN LIVESAY, aka “The Pitch Whisperer™,” is a highly sought-after keynote storytelling speaker and a Forbes columnist.  During his talks, he shares the life-changing lessons he’s learned from his award-winning sales career at Conde Nast to help people become revenue rockstars by forming emotional connections with clients through stories. Livesay is the host of “The Successful Pitch” podcast, which is heard in over 60 countries. These interviews make him a sales keynote speaker with fresh and relevant content. Livesay’s engaging and energetic TEDx talk, “Be the Lifeguard of Your Own Life,” has over one million views. His popular topic, "How To Ask For What You Want And Get A Yes" has also made him a sought after guest on dozens of broadcast outlets including "Breakfast with Larry King."

Learn more about Livesay on his website, https://johnlivesay.com and his YouTube channel. You can connect with him on Twitter, LinkedIn, and Facebook.  Better Selling Through Storytelling is available October 8, 2019, in hardback, ebook and audiobook through Amazon, Barnes & Noble, and other retailers.

People are living longer, and as wonderful as that news is to many, there’s a possible downside: outliving your money in retirement. “It’s a very large fear many people have,” says Alexander Joyce, president/CEO of ReJoyce Financial LLC (www.ReJoyceFinancial.com) and author ofReJoyce In Your Retirement: Everything You Need To Know To Get Everything You Want.

“Most retirement plans have not incorporated the longevity risk. And without mitigating that, many middle-class retirees could exhaust their 401(k)s and be left with only Social Security and a little equity in their homes.”

The financial worries about retirement and the planning options can be overwhelming. One of the concerns people have is getting appropriate advice and finding a financial advisor who puts the client’s interests above his or her own. That type of retirement planner is defined as a fiduciary, and according to a survey by Financial Engines, 93 percent of Americans think financial advisors who provide retirement advice should be fiduciaries — legally required to put their clients’ best interest first.

On the other hand, 53 percent of those respondents mistakenly believe that all financial advisors are fiduciaries.

“Trust is imperative, especially where a client’s retirement is concerned,” Joyce says. “An advisor working as a fiduciary is held to a high standard of honesty and full disclosure to the client. And there are three critical aspects of retirement planning in which a fiduciary can help guide the client to both protect their retirement assets and prosper.”

Those three areas are:

Reduce sequence-of-return risks. This refers to the order of annual investment returns, and it becomes a concern for retirees who are living off the income and capital of their investments. “The danger comes when an investor receives lower or negative returns due to withdrawals made from their investment,” Joyce says. “The timing of taking those returns impacts wealth. A planner who’s a fiduciary has multiple ways to reduce sequence-of-returns risk by allowing the portfolio to stay ahead of inflation. You utilize other income-producing vehicles in the portfolio.”

Prioritize a tax plan. “Understand that in retirement you’re creating your own income from qualified money — money that’s never been taxed before,” Joyce says. “It’s vital to have a tax plan that can fit into your portfolio. For example, the Required Minimum Distribution at age 70½  is something many people are not prepared for in terms of tax impact. The RMDs have never been such a concern in our economy than they are now, because such a large percentage of baby boomers are over 70½. Having a reallocation plan or a Roth conversion conversation is important to avoid higher tax burdens.”

Create an estate plan. Procrastination is an obstacle for many when it comes to estate planning, Joyce says, and it’s important to differentiate between a will, which goes through probate, and a trust. “Understand how those things fit in the portfolio, and the difference between live-on money and leave-behind money,” he says. “You need to establish goals for the assets. A lot of people want to leave a legacy, but they don’t know how large, or how, or when. A fiduciary can help you leverage technology and look at a realistic rate of return, based on your  projected longevity.”

“Having all these planning tools under a full-service fiduciary roof is powerful,” Joyce says, “because the baby boomer generation doesn’t like change. They need a sense of security before reaching retirement; solid options to make their financial fears and uncertainty go away.”

Alexander Joyce is CEO and president of ReJoyce Financial LLC (www.ReJoyceFinancial.com), a full-service retirement income planning firm in Indianapolis, Ind. He’s the author of ReJoyce In Your Retirement: Everything You Need To Know To Get Everything You Want. Joyce holds the NSSA (National Social Security Advisor) and CRPC (Charted Retirement Planning Counselor) designations. He hosts informational and educational seminars as well as the radio show Retirement Halftime Show. He can be seen monthly on Money Monday as well as Your Money on the IndyStyle program, broadcast by WISH-TV, myINDY-TV and WTHR in Indianapolis.

It’s been a common occurrence in recent years: Company downsizing or restructuring has left skilled professionals looking for a job. Or, feeling constrained, they jump to a better growth opportunity.

But, with the era of lifetime jobs at a single firm or company long gone, many doctors, dentists, lawyers and other professionals also are opting to work for themselves, becoming entrepreneurs and launching their own start-ups.   

Some who already started small practices have expanded into several locations. As dentists and business partners Dr. Seth Newman and Dr. Efstathios Giannoutsos can attest, the learning curve of running and growing a business in multiple offices — while still practicing their profession — can be challenging but also rewarding.

“It was never my plan to run a practice, or even co-run one,” says Giannoutsos,  (www.asktheorthos.com), an orthodontist and co-author, with Newman of Giving It To You Straight: Everything You Ever Wanted To Know About Orthodontics But Were Afraid To Ask. “But then the financial crisis of 2008 happened, and a lot of the opportunities that had been available before were now gone.

“But we were able to flip those circumstances on their heads and use them to our advantage.”

“The biggest challenge initially was finding clients,” Newman says. “But we learned to use different resources and educate ourselves in the business side as we did in our chosen career.”  

Newman and Giannoutsos offer five tips for professionals transitioning to running their own business:

• Be passionate. Entrepreneurs tend to be extremely passionate about their work. They need to incorporate the same passion for running a business. “Think about how running your own business could transform your career, send it soaring,” Newman says. “That kind of spirit energizes you and all those around you.”

• Be bothered by inefficiency. Entrepreneurs don’t have a high tolerance for inefficiency, and the bonus is they don’t have corporate red tape to cut through. “You can fix problems that come up quickly because of your expertise and the freedom of not running into typical corporate obstacles,” Giannoutsos says. “If  you or your business partner are mired in work processes that are too slow, analyze the inefficiencies and consider the places you could implement solutions.”
• Don’t be afraid to take on more risk. One thing that sets many entrepreneurs apart from the average professional is their appetite for risk. “A business owner knows the risk-reward possibilities, and by taking well-calculated shots, bigger rewards can come,” Newman says. “Set aside time to strategize, and listen to the best-qualified people working for you to develop a precise plan.”
• Brainstorm more. Constant innovation is crucial to a business’ long-term success, so entrepreneurs have to take time to let their minds be loose and creative. “Set aside time each week for brainstorming sessions with your staff — and remember to have fun doing it,” Giannoutsos says.
• Don’t limit your dreams. “The most important aspect of the entrepreneurial spirit is being limitless – the sky’s the limit,” Newman says. “Many people are conditioned in the workforce to be realistic and practical, but dreaming big sets the mission for your company, and it’s why you became a business owner.”

“It can be daunting at first, performing the myriad tasks of a business owner,” Giannoutsos says, “but if you believe in what you do and those you’ve hired around you, it’s so worth the effort.”

Dr. Seth Newman (www.asktheorthos.com) is an orthodontist and co-author, with Dr. Steve Giannoutsos, of Giving It To You Straight: Everything You Ever Wanted To Know About Orthodontics But Were Afraid To Ask. He owns orthodontic practices in the New York City area. Dr. Newman completed his dental training at Stony Brook School of Dental Medicine, where he was a member of the National Dental Honor Society. He was a clinical instructor of the Invisalign system at the NYU School of Dentistry.

Dr. Efstathios Giannoutsos, or “Dr. G.” as he is commonly called, was born in Astoria, Queens, just outside of New York City. He graduated from St. John’s University in Jamaica, Queens, with high honors and a BS in Biology.  He is also the co-author with  Dr. Seth Newman of Giving It To You Straight: Everything You Ever Wanted To Know About Orthodontics But Were Afraid to Ask (AskTheOrthos.com). He completed his dental training at NYU, where he graduated with a Doctor of Dental Surgery (DDS) degree. He was also accepted into NYU’s highly competitive orthodontic residency program. During that time, he also discovered a passion for treating children and adults with facial deformities. Coinciding his passion, his research thesis to attain specialty certification involved children with cleft deformities.