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Choose a Business Structure- Partnership

7/30/2018

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The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability.

Partnership
Partnerships are the simplest structure for two or more people to own a business together. There are two common kinds of partnerships: limited partnerships (LP) and limited liability partnerships (LLP).

Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability. The partners with limited liability also tend to have limited control over the company, which is documented in a partnership agreement. Profits are passed through to personal tax returns, and the general partner — the partner without limited liability — must also pay self-employment taxes.

Limited liability partnerships are similar to limited partnerships but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won't be responsible for the actions of other partners.
Partnerships can be a good choice for businesses with multiple owners, professional groups (like attorneys), and groups who want to test their business idea before forming a more formal business.

​Limited liability company (LLC)
An LLC lets you take advantage of the benefits of both the corporation and partnership business structures. LLCs protect you from personal liability in most instances, your personal assets — like your vehicle, house, and savings accounts — won't be at risk in case your LLC faces bankruptcy or lawsuits.
Profits and losses can get passed through to your personal income without facing corporate taxes. However, members of an LLC are considered self-employed and must pay self-employment tax contributions towards Medicare and Social Security.
LLCs can be a good choice for medium- or higher-risk businesses, owners with significant personal assets they want to be protected, and owners who want to pay a lower tax rate than they would with a corporation.

Set up recordkeeping processes
Being organized helps businesses owners be prepared for other tasks. Good recordkeeping helps a business monitor progress. It also helps prepare financial statements and tax returns.

​GLM is here to help you get this set up. We recommend QuickBooks and have other tips for setting up your "Back office." You can also see IRS.gov fo
r recordkeeping tips.

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Choose a Business Structure- Sole Proprietorship

7/23/2018

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The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability.

Sole proprietorship
A sole proprietorship is easy to form and gives you complete control of your business. You're automatically considered to be a sole proprietorship if you do business activities but don't register as any other kind of business.
Sole proprietorships do not produce a separate business entity. This means your business assets and liabilities are not separate from your personal assets and liabilities. You can be held personally liable for the debts and obligations of the business. Sole proprietors are still able to get a trade name. It can also be hard to raise money because you can't sell stock, and banks are hesitant to lend to sole proprietorships.
Sole proprietorships can be a good choice for low-risk businesses and owners who want to test their business idea before forming a more formal business.

Set up recordkeeping processes
Being organized helps businesses owners be prepared for other tasks. Good recordkeeping helps a business monitor progress. It also helps prepare financial statements and tax returns.

​GLM is here to help you get this set up. We recommend QuickBooks and have other tips for setting up your "Back office." You can also see IRS.gov fo
r recordkeeping tips.


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Business Development- Sales Training

7/16/2018

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What is a “Typical Situation” people are in when they realize they need your help?
Sales have plateaued or are starting to fall. They may not hit their goals and recognize they need to do something to change it. This can mean taking less money, laying off employees, and is often accompanied by lots of stress about the business and their future. Clients have an aggressive growth goal. They are looking to grow and need a plan and strategy to get there.Clients are expanding a new product, service, branch etc. They need to ensure sales support this new facet of the business.  

What is something someone might say that would lead me to think of you?
  • “I hate selling, it is so uncomfortable, difficult and takes up too much of my time”
  • “I know I need to be doing X ( social media, email, SEO, my website), but I just don't have the time”
  • “Marketing is confusing, I am investing dollars, but I have no idea if it is working. “
  • “My employee has been great at getting our marketing up, but they don't really know what to do next or have a strategy for it all.”

What they do:

Sales training and coaching: 6 or 12-month sales classes, training and coaching in a permission-based and relationship-focused sales process. 

How they do it:
Weekly sales training in a classroom like environment with a cohort of peers.
 
Matching Ideas with Resources:
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2018 Check Up- How's Business ?

7/9/2018

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it is said doing the same thing over and over and expecting different results is the definition of insanity. Yet business owners continue to do business as usual year after year.

Business planning is very important to help change the status quo. Whether you had a great 2015 or not, putting together a business plan is a big part of making those changes.

It starts with asking yourself some questions.

Where are you now? Actually writing it out what the situation you are in currently helps you to see and read the situation better. It is easy to keep the information in your head and know where you are however, once you write it, you can realize where you are. You can also share it, so you can get help from others.

Where are you 5 years from Now? Go crazy and dream big with this. When someone has trouble thinking about this, I ask them to imagine they are at a banquet in their honor 5 years from now and someone is introducing them as “Person of the Year.” What are they saying?

What are your strategic objectives? This is more specific then the above question. They can be financial or growth goals. It could also be specific strategies you want to have implemented in your business or life.

What are your Strengths? This is what you are currently good at doing well. Maybe you are good at getting appointments with prospects. It could be you are great with financial analysis. List them and write about them.

How can you build on those Strengths? We are already strong enough to overcome any obstacle by working on improving what is already strong. It is easier and more fun to become better at something you are already good at doing. If you wake up in the morning dreading what your weaknesses are and working on improving that, you tend to not work as hard. If you wake up in the morning and know you are already good at something and you just want to get better, you tend to do it with more enthusiasm.

This is just the beginning of can become a great workable business plan.
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Metallurgical Engineering Consulting and Training

7/2/2018

1 Comment

 
What is a “Typical Situation” people are in when they realize they need your help?
Here are situations for which a metallurgical engineer can help people:
  • High costs associated with manufacturing or supplier quality problems
  • Can’t ship product because struggling to meet product requirements
What is something someone might say that would lead me to think of you?
  • "High costs of metals used in products"
  • "High costs and delays associated with supplier and manufacturing problems"
  • "Not able to ship enough product (low accounts receivable) because of delays due to supplier, quality, or reliability problems"
  • "Spending too much time dealing with customer complaints" 
What Specifically a Metallurgical Engineering Consultant Does 
They offer metallurgical engineering consulting and training to help companies who make or use metal components make better design, manufacturing, and supplier decisions, reduce quality problems, and solve quality problems faster 
How do they do it?
They meet with clients and review the products they make and discuss the metal alloys being used, the problems they’re having, and the steps to fix the problems.  Then work with them to take the steps to fix the problems. This can be ongoing or on a project basis. 
Matching Ideas with Resources:
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    GLM's Blog

    In true blog fashion, the last parts are at the top of the page. Scroll all the way down and work your way back up to read them in order. 

    Tom Gosche

    Tom is the Business Development Manager for GLM. If you are interested in learning more about GLM's services, contact him:

    630-675-8971
    tomg@goglm.com
    View my profile on LinkedIn

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GLM, Inc.
 
300 N. Martingale Rd., Suite 750
Schaumburg, IL 60173-2097
 
Phone: (847) 884-1781
Fax: (847) 884-1830
E-mail: info@glmfinancial.com
Website: www.goglm.com 

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