As we move into spring, business owners have a golden opportunity to clean up their books, fine-tune their financial strategies, and set the stage for success in the months ahead. Whether you’ve just wrapped up tax season or are gearing up for the next quarter, now is the perfect time to refresh your business finances.

1. Review Your Financial Statements
Start with a deep dive into your profit and loss statement, balance sheet, and cash flow statement. Understanding where your business stands financially will help you make informed decisions for the rest of the year. Look for trends, identify areas for improvement, and ensure your numbers align with your business goals.

2. Clean Up Outstanding Invoices & Payables
Unpaid invoices and late payments can disrupt your cash flow. Now is the time to follow up with clients on outstanding payments and reconcile your accounts payable. If late payments are a recurring issue, consider setting up automated reminders or offering small discounts for early payments.

3. Evaluate Your Budget & Adjust for the Year Ahead
Your business goals may have evolved since the start of the year, and your budget should reflect that. Take a fresh look at your expenses, revenue projections, and upcoming investments. Adjust your budget to optimize spending and ensure you’re on track to meet your financial objectives.

4. Maximize Tax Deductions & Plan for Next Year
While tax season may be behind you, now is the best time to plan for next year’s tax filing. Review your expenses to ensure you’re maximizing deductions and consider strategies like increasing retirement contributions, investing in business improvements, or adjusting your estimated tax payments.

5. Assess Your Business Growth Strategy
Are you planning to expand your team, invest in new technology, or explore new markets this year? Take a financial pulse check to see if your business can support these growth initiatives. If funding is needed, now is a great time to explore financing options like SBA loans, business lines of credit, or grants.

6. Refresh Your Payroll & Employee Benefits
Spring is also a great time to evaluate your payroll processes and employee benefits. Are you offering competitive salaries? Do you need to adjust for upcoming wage changes? Take this opportunity to ensure compliance and employee satisfaction.

7. Streamline Your Accounting Systems
If you’re still managing your books manually, consider switching to cloud-based accounting software that integrates with your business banking and payroll systems. Automating repetitive accounting tasks can save time and reduce errors.

8. Get Professional Guidance
​Business finances can be complex, and a second set of eyes can make all the difference. Consider working with an accountant or financial advisor to fine-tune your strategies and ensure you’re making the best financial decisions for your business.

Spring is all about renewal, and your business finances should be no exception. Take the time to clean up, plan ahead, and set yourself up for a strong and profitable year!

In an era where consumers are bombarded with choices, one of the most powerful ways a business can stand out is by emphasizing its local roots. Customers love to support businesses that contribute to their communities, understand their needs, and create a personal connection. But simply saying “We’re local” isn’t enough—you have to prove it. Here’s how your business can genuinely leverage its local status to build trust, loyalty, and long-term success.

1. Get Involved in the Community
Being local isn’t just about geography—it’s about participation. Sponsor local events, youth sports teams, or community initiatives. Attend town hall meetings, collaborate with neighborhood organizations, and support local charities. The more visible and engaged you are, the more people will recognize and trust your brand.
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2. Partner with Other Local Businesses
One of the best ways to reinforce your local identity is by teaming up with other businesses in the area. Offer cross-promotions, bundle products or services, and co-host events. When local businesses work together, they create a network that strengthens the entire community.

3. Highlight Local Employees and Stories
People connect with people. Introduce your team members in your marketing, tell their stories, and showcase how their local ties make your business unique. Feature customer testimonials from area residents who appreciate your services. The more personal and relatable your brand is, the stronger the connection with your audience.

4. Showcase Local Sourcing and Suppliers
If you source ingredients, materials, or products locally, let your customers know! Consumers appreciate businesses that invest in their local economy. Whether it’s a restaurant using locally grown produce or a retail shop selling locally made goods, transparency about sourcing can enhance your credibility.

5. Leverage Social Media to Share Local Content
Your social media should reflect your local pride. Post about local events, shout out other businesses, and engage with community discussions. Share pictures of your team at local landmarks, promote area happenings, and use location-based hashtags to reinforce your local presence.

6. Use Localized Marketing and Messaging
Your advertising and branding should reflect your community. Reference local landmarks, traditions, and culture in your content. If you have multiple locations, tailor your marketing to the specific neighborhoods you serve. A personal, locally focused approach resonates more than a generic message.

7. Offer Special Deals for Locals
A great way to strengthen your community ties is by rewarding local customers. Consider offering resident discounts, loyalty programs, or exclusive promotions for those in your area. This not only encourages repeat business but also reinforces the idea that your company is truly part of the community.

8. Celebrate Local Milestones and Events
From town anniversaries to local parades and festivals, being part of community celebrations is a great way to reinforce your local status. Decorate your storefront for local holidays, participate in parades, or create promotions that align with town events.

9. Show Authenticity—Not Just Marketing
Playing the “We’re Local” card works best when it’s authentic. If your local presence is just a marketing gimmick without real involvement, customers will see through it. Genuine connections, community engagement, and a commitment to local success will always be more effective than just slapping “Shop Local” on an ad.

Final Thoughts
Being a local business is an asset—when done right. By actively engaging in the community, collaborating with other businesses, and showcasing real connections, you can turn your local presence into a powerful brand advantage. So, don’t just tell people you’re local—prove it in everything you do.

As winter winds down and the days get a little longer, something else begins to bloom--networking season. Spring is prime time for business owners to get out from behind their desks and start making meaningful connections. Between industry conferences, community expos, and local business mixers, the opportunities to grow your network (and your business) are everywhere this time of year.
But here’s the thing: just showing up isn’t enough. If you want to make the most of these events, you need a plan. Here’s how to turn spring networking into real results:

1. Choose Your Events Wisely
It’s tempting to say yes to every invite, but your time is valuable. Look for events that align with your goals:

• Want new clients? Prioritize community expos or trade shows.
• Looking for partnerships? Find niche industry events.
• Trying to stay visible locally? Attend chamber events and business association mixers.

✅ Tip: Block off time now on your calendar for the most promising events. Spring fills up fast!

2. Update Your Elevator Pitch
After a few quiet winter months, it’s easy to get rusty. Before your next event, refresh your 30-second intro. Focus on:

• Who you help
• What problems you solve
• Why people should work with you

And keep it conversational—no one likes to be pitched at a happy hour.

3. Bring the Right Tools
It may sound basic, but don’t forget:
✅ Plenty of business cards (yes, people still ask for them!)
✅ A digital way to connect (LinkedIn QR code is a lifesaver)
✅ Something memorable if you’re exhibiting (small branded giveaways or a unique handout)

4. Follow Up Like a Pro
Networking doesn’t end when the event does. Within a few days:

• Send a quick LinkedIn connection request.
• Follow up via email with anyone you had a meaningful conversation with.
• Offer something of value—an introduction, an article, or a coffee invite.

The goal is to keep the conversation going, not just collect contacts.

5. Track Your ROI
If you’re spending time and money attending events, track what’s working. Ask yourself:

• Did I meet anyone who became a client or referral partner?
• Was this event worth the investment?
• Should I attend again next year?

Being intentional with your networking helps make sure it’s driving real business growth.

Ready to Get Out There?
Spring is the season of new beginnings—so make it the season you grow your network and open doors to fresh opportunities. Pick your events, polish your pitch, and make the most of every conversation.
Your next big connection is out there. Go find it.

👉 Looking for great events to attend?
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Check out our Networking Events Calendar for upcoming opportunities to connect:
https://www.glm-accounting-bookkeeping.com/networking-calendar.html

As of January 1, 2025, several legislative changes in Illinois have introduced new accounting and financial reporting requirements for businesses in the Chicagoland area. To ensure compliance and maintain accurate financial records, consider the following key updates:

1. Destination-Based Retailers' Occupation Tax (ROT)
Illinois has shifted to a destination-based ROT system, affecting how sales taxes are collected and remitted:

• Previous System: Retailers collected tax based on the location of the seller.
• New System: Taxes are now based on the location where the purchaser takes possession of the goods.
  
  

Action Steps: Update your accounting systems to calculate sales tax based on the customer's location. Ensure that your invoicing and point-of-sale systems reflect the correct tax rates for each jurisdiction.

2. Vendor's Discount Cap and Interchange Fee Prohibition
Changes affecting cash flow and transaction processing include:

• Vendor's Discount Cap: The discount for timely filing sales and use tax returns is now capped at $1,000 per month.
• Interchange Fee Prohibition: Effective July 1, 2025, interchange fees on the tax and gratuity portions of credit card transactions are prohibited, provided merchants inform banks of these amounts.

Action Steps: Adjust your financial projections to account for the capped vendor's discount. Coordinate with your payment processors to comply with the new interchange fee regulations, ensuring your systems can communicate tax and gratuity details appropriately.

3. Pay Transparency Requirements
The Illinois Equal Pay Act mandates that employers with 15 or more employees include pay scales and benefits in all job postings.

Action Steps: Review and update your job posting templates to incorporate salary and benefits information. Ensure that your payroll systems are aligned with the advertised compensation to maintain consistency and compliance.

4. Personnel Record Disclosure Obligations
Amendments to the Personnel Record Review Act require employers to provide employees access to various employment-related documents upon request, including benefits-related records, employment contracts, handbooks, and policies affecting employment qualifications.

Action Steps: Implement a process to handle personnel record requests efficiently. Maintain organized and up-to-date records to facilitate timely compliance.

5. Minimum Wage Increase
The state minimum wage has increased to $15 per hour as of January 1, 2025.

Action Steps: Update your payroll systems to reflect the new wage rates. Review your budgeting and financial planning to accommodate the increased labor costs.

Staying informed about these legislative changes is crucial for maintaining compliance and ensuring accurate financial reporting. Regularly consult with accounting professionals to adapt your practices to the evolving regulatory landscape.

Read more: www.dailyherald.com/20250222/business/new-year-new-laws-affecting-businesses-in-2025/

What’s Shaping the Future of Small Businesses
As we step into 2025, small businesses are navigating a landscape of rapid transformation, innovation, and resilience. Emerging trends from 2024 continue to evolve, setting the stage for new opportunities and challenges. From the growing influence of AI to a heightened focus on cybersecurity and customer-centric strategies, here are the key business trends shaping the year ahead.

1. AI-Powered Efficiency and Personalization
Artificial Intelligence (AI) is no longer just an experimental tool; it has become an integral part of small business operations. In 2025, AI-driven automation is streamlining processes, enhancing customer insights, and optimizing marketing strategies. Businesses that harness AI for predictive analytics, personalized customer interactions, and workflow automation will gain a significant competitive advantage.

2. Cybersecurity: The New Business Imperative
With cyber threats becoming more sophisticated, digital security is a top priority for businesses of all sizes. Small businesses, often viewed as easy targets, are investing in advanced cybersecurity measures such as AI-driven threat detection, multi-factor authentication, and proactive defense strategies. Cyber resilience will be a cornerstone of business continuity and trust-building with customers.

3. Workplace Evolution: Hybrid and Flexible Work Models
The workforce revolution continues as companies adapt to hybrid and flexible work environments. Employees expect more than just a paycheck; they seek meaningful benefits such as mental health resources, remote work options, and professional development opportunities. Businesses that prioritize workplace culture and employee well-being will attract and retain top talent.

4. Entrepreneurial Boom: The Rise of Lean, Tech-Savvy Startups
The startup landscape is thriving, with an increasing number of entrepreneurs leveraging digital tools to launch and scale businesses efficiently. Low-overhead, tech-powered startups are gaining traction, offering innovative solutions with agile operations. The ease of access to AI, cloud computing, and automation tools is fueling this entrepreneurial resurgence.

5. Economic Optimism Amid Market Uncertainty
Despite inflation concerns and fluctuating economic conditions, small business owners remain hopeful about growth. Diversification of revenue streams, adoption of adaptive strategies, and enhanced customer relationships are key factors driving resilience. Businesses that focus on innovation and agility will be better equipped to navigate economic uncertainties.

6. Customer-Centric Strategies: Building Loyalty Through Experience
In a world where competition is fierce, exceptional customer service remains a key differentiator. Small businesses are doubling down on personalized experiences, fast problem resolution, and meaningful engagement. Relationship-building and customer satisfaction will continue to be powerful drivers of brand loyalty and long-term success.

7. Sustainable and Socially Responsible Business Practices
Sustainability is more than a buzzword—it’s a necessity. Consumers are increasingly drawn to businesses that prioritize eco-friendly initiatives, ethical sourcing, and social responsibility. Small businesses that integrate sustainability into their operations will build stronger connections with conscious consumers.

The Path Forward: Innovation Meets Adaptability
2025 is shaping up to be a year of transformative growth, driven by technological advancements and a renewed focus on resilience. By embracing AI, strengthening cybersecurity, fostering workplace flexibility, and prioritizing customer relationships, small businesses can thrive in an evolving market.

Prepare for 2025: Stay Agile and Visionary
The key to success in 2025 lies in adaptability. Small businesses that innovate, remain flexible, and invest in smart strategies will turn bold ideas into tangible results. As we move forward, the entrepreneurial spirit will continue to drive growth, creating new opportunities for businesses to excel in an ever-changing landscape.

https://www.dailyherald.com/20250112/business/hot-business-trends-in-2024-that-will-continue-to-shape-2025/ 

Running a small business requires more than just offering exceptional products or services; it demands effective management across various domains. Here are some essential tips and tools to help small business owners thrive:
1. Prioritize Organization
Effective organization is foundational to business success. This includes:

• Time Management: Set clear deadlines and develop detailed timelines to achieve them. Assign tasks with transparent instructions and ensure your team has the necessary resources to meet these deadlines.
  
• Document Management: Maintain accurate records of financial transactions, employee information, tax returns, and vendor payments. Keeping thorough documentation aids in bookkeeping and simplifies tax filing processes.
  

2. Develop a Unique Brand Identity
Distinguish your business by showcasing its unique personality:

• Customer Engagement: Implement personalized touches such as handwritten thank-you notes, complimentary gifts with purchases, or exclusive loyalty discounts.
  
• Authentic Content: Share behind-the-scenes glimpses of your operations, introduce your team through photos or videos, and highlight your core values to build a genuine connection with your audience.
  

3. Stay Adaptable to Market Changes
Remaining flexible is crucial in a dynamic market:

• Market Research: Stay informed about industry trends and be receptive to customer feedback.
  
• Business Model Evaluation: Be prepared to adjust your business model or pricing strategies in response to market shifts to better meet customer needs.
  

4. Leverage Technology for Efficiency
Utilize various tools to streamline operations:

• Customer Relationship Management (CRM) Systems: Use CRM platforms to analyze customer data, helping you tailor your marketing efforts effectively.
  
• Accounting Software: Automate daily accounting tasks to reduce manual data entry and minimize errors.
  
• Payroll Management Tools: Simplify payroll processes to ensure timely and accurate employee compensation.
  
• Marketing Automation: Deploy automated marketing campaigns to reach your audience efficiently while focusing on other strategic tasks.
  
• Project Management Applications: Organize tasks, assign responsibilities, and monitor project progress to enhance team collaboration.
  
• Artificial Intelligence (AI) Tools: Implement AI solutions like chatbots to provide prompt customer service and support, even beyond regular business hours.
  
• Financial Management Platforms: Consolidate financial records, manage invoices, and process payments seamlessly.
  

By embracing these strategies and tools, small business owners can navigate the complexities of entrepreneurship more effectively, paving the way for sustained growth and success.

https://www.dailyherald.com/20241222/business/tips-tools-and-advice-for-small-business-owners/

As the calendar flips to a new year, it’s the perfect time to reimagine and refine how we engage with our audiences. Inspired by Malcolm Gladwell’s idea in The Tipping Point—where the smallest nudge in the right place can create monumental change—marketers can use this principle to identify their most effective “touchpoints.”

What Are Marketing Touchpoints?
Touchpoints are the interactions and experiences that connect your business with your audience. These can take many forms, from social media content and newsletters to handwritten notes and meaningful in-person conversations. They represent the moments where you meet your audience in ways that resonate and inspire action.

The key to effective touchpoints lies in understanding your audience. What moves them? Where are the moments of opportunity in your marketing efforts? By consistently placing yourself in the right place at the right time, you can transform fleeting interactions into lasting impressions.

Types of Marketing Touchpoints
Here are some examples of touchpoints that can help your business stand out:

1. Consistent Digital Presence: Regular, thoughtful newsletters or emails that provide value to your customers.
2. Authentic Communication: Handwritten notes or personalized messages to your clients.
3. Earned Media: Getting published in trusted outlets or sharing testimonials from happy customers.
4. Community Engagement: Participating in local events or creating experiences that connect with your audience on a personal level.
5. Word-of-Mouth Marketing: Encouraging satisfied customers to share their experiences.

The Secret to Success? Showing Up
As Woody Allen famously said, “80% of success is just showing up.” But as marketers, we must go beyond mere presence. It’s about showing up well—prepared, enthusiastic, and aligned with what your audience needs.

This means paying close attention to how your audience interacts with your brand and adapting your messaging accordingly. Thoughtful marketing is not a one-size-fits-all approach; it’s about crafting tailored interactions that feel like small, timely gifts.

Looking Ahead to 2025In today’s crowded marketplace, repetition and consistency are vital. You may feel like you’re saying the same thing over and over, but remember: your audience is often distracted and may only catch bits and pieces of your message. Stay patient and persistent.

Here’s how to refine your approach this year:

• Segment Your Audience: Pay attention to what matters to different groups within your customer base.
• Refine Messaging: Adjust your touchpoints to reflect current customer needs and trends.
• Focus on Timing: Position your brand to deliver value at just the right moment.

Closing Thoughts
As we move into 2025, think of your marketing efforts as a series of strategic nudges that guide your audience toward your brand. By focusing on meaningful, personalized touchpoints, you can transform casual observers into loyal customers.