Power Partnerships

• Usually evolve from Networking
• Meeting weekly builds:
• Trust
• Understanding
• Cooperation
• Commitment
• Synergy

Identify Power Partnerships

• People who share similar client universes
• They directly refer clients to you
• You directly refer clients to them
• Who are your competitors?
• Are they really your competitors?
• If you are an expert at one aspect of your field, and they are experts at another aspect you may be able to share clients
• Leads into Powerful Partnerships

The Best Power Partners

• Well Connected People
• Mutual Support of personal & business
• Diverse perspectives key to success
• Your B.R.A.N.D. should be similar
• Adopt each others core values

Key Questions To Ask

• What (Specifically) do you do?
• How do you do it?
• What is something someone might say that would lead me to think of you?
• What is a “Typical Situation” people are in when they realize they need your help?
• How can I introduce you?

Answer These Questions about Yourself (and Share)

Please come to the Schaumburg Business Association Coffee and Contacts. It is a great networking event AND include a presentation from GLM's own, Tom Gosche!

This Thursday October, 27th, 2022 at 7:30am
Coffee & Water Provided by Fairfield Inn & Suites
Breakfast provided by The Bear Family Restaurant, Schaumburg 

Location: Fairfield Inn & Suites, 700 National Parkway Schaumburg IL 60173

Fees/Admission: SBA Member $15, Non-Member $20

Click here for more information and registration:
https://members.schaumburgbusiness.com/events/details/coffee-contacts-build-your-sales-force-with-constant-connections-09-29-2022-3952?calendarMonth=2022-10-01

Topic:
From the bestselling book Masters of Sales, which Tom is a contributing author, he shares 5 secrets to creating dozens of sales volunteers for your company.

You will pick up 5 strategies that will help you grow your business from the inside out. There are ideas for creating and implementing effective business building strategies by developing your personal and business brand.

Speaker Tom Gosche is a Business Strategist dedicated to helping business owners be more profitable through customized business and financial strategy. His BRAND System™ is a process of creating and implementing effective brands, business building strategies, financial insight and business transition success.

Seeing Tom in action quickly impresses upon attendees his skills, knowledge and expertise in a lighthearted, even humorous, presentation.

Tom is a part of GLM, Inc. as a business consultant and business developer. He has formulated the idea of the BASiC Cycle of working with business owners. BASIC was formed with business owners in mind, by combining growth strategies, business planning and financial review on a regular basis.

When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation.

Generally, payers must file Form 1099-NEC by January 31. There is no automatic 30-day extension to file Form 1099-NEC. However, an extension to file may be available under certain hardship conditions.
Nonemployee compensation reportable on Form 1099-NEC is subject to backup withholding if a payee has not provided a Taxpayer Identification Number to the payer or the IRS notifies the payer that the payee provided a TIN that does not match their name in IRS records.

A TIN can be one of the following numbers:

• Social Security
• Employer identification
• Individual taxpayer identification
• Adoption taxpayer identification

​What is backup withholding?
Backup withholding can apply to most kinds of payments reported on Forms 1099 and W-2G. The person or business paying the taxpayer doesn't generally withhold taxes from certain payments; however, there are situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income. The payer's requirement to withhold taxes from payments not otherwise subject to withholding is known as backup withholding. The current backup withholding tax rate is 24%.

Fast facts to helps taxpayers understand backup withholding

Under the tax law, payers responsible for knowing who they are paying. To accomplish this, payers are required to collect the legal name and taxpayer identification number, or TIN, from vendors they pay. Generally, backup withholding is required when a service vendor does not provide the payer their TIN timely or accurately. This type of withholding can apply to most payments reported on certain Forms 1099 and W-2G.

Here’s what taxpayers need to know about backup withholding.
Backup withholding is required on certain non-payroll amounts when certain conditions apply.
The payer making such payments to the payee doesn't generally withhold taxes, and the payees report and pay taxes on this income when they file their federal tax returns. There are, however, situations when the payer is required to withhold a certain percentage of tax to make sure the IRS receives the tax due on this income.

Backup withholding is set at a specific percentage.
The current rate is 24 percent.

Payments subject to backup withholding include:

• Interest payments
• Dividends
• Payment card and third-party network transactions
• Patronage dividends, but only if at least half the payment is in money
• Rents, profits, or other gains
• Commissions, fees, or other payments for work done as an independent contractor
• Payments by brokers
• Barter exchanges
• Payments by fishing boat operators, but only the part that is paid in actual money and that represents a share of the proceeds of the catch
• Royalty payments
• Gambling winnings, if not subject to gambling withholding
• Taxable grants
• Agriculture payments

Examples when the payer must deduct backup withholding:

• If a payee has not provided the payer a Taxpayer Identification Number.
  • A TIN specifically identifies the payee.
  • TINs include Social Security numbers, Employer Identification Numbers, Individual Taxpayer Identification Numbers and Adoption Taxpayer Identification Numbers.
• If the IRS notified the payer that the payee provided an incorrect TIN; that is the TIN does not match the name in IRS records. Payees should make sure that the payer has their correct name and TIN to avoid backup withholding

Direct from Andrea Biwer, Executive Director of the Des Plaines Chamber of Commerce:

I am writing to inform you that the Source Grow Grant, designed to help small businesses who have been affected by the COVID-19 pandemic, application is NOW OPEN.
 
The Cook County Small Business Source Grow Grant provides capital integrated with business advising to small businesses, prioritizing historically excluded businesses – those owned by Black, Latino(a), other people of color, Women, Veterans, and Persons with a Disability – to close racial wealth and other opportunity gaps. http://cookcountysmallbiz.org/growgrant/ 
 
Awarded businesses will receive $10,000 each. The application will only be open from 10/3 – 10/31.
 
To apply for this grant, businesses will need the following:

• Photo ID
• 2019 Tax Returns
• W-9 (signed and dated by owner in 2022)

 
Eligibility Requirements:

• Must have been opened as of 2019
• Must be in Cook County
• Must have made at least $10,000 revenue in 2019
• Must have less than 19 full time employees

 
Our partners at the Berwyn Development Corporation will be leading outreach across west suburban Cook County. They will be hosting informational sessions at their office in Berwyn/ zoom in the coming weeks to share eligibility requirements and for a step-by-step walkthrough of the application.
 
At these sessions, you will also be able to schedule a one-on-one session with someone from their team to help with your application submission. 
 
Register to attend the informational session:
 
Tuesday, October 18th from 4 – 5 PM
 
Can’t attend a session?
Contact Paola at [email protected] or (708) 749-6582 to schedule a one-on-one consultation.
 
If you have any questions, please contact Andrea via email ([email protected]) or at 847-824-4200. If you are ready to apply, see below for links etc. you have until October 29, 2022 to apply.

From Lisa Gilbert, President, Schaumburg Business Association:

The second is through the Comcast Rise program to help small businesses owned by women and/or people of color.  Cook County is one of five locations in the nation participating.  They will be distributing $10,000 grants as well.  You can learn more at www.ComcastRISE.com

One of the largest issues facing manufacturing companies today is not being able to find or retain a labor force.

Denice Gierach, Gierach Law wrote a great article in the Daily Herald on Sunday October 2, 2022.
https://www.dailyherald.com/business/20221002/attracting-and-keeping-a-strong-labor-force-in-manufacturing

​Locally, the Rotary Club of Schaumburg Hoffman Estates continues to help businesses and students in the area into the Applied Sciences. Rotary has provided Tool Kits for High School Graduates heading to  an Autos program at the next level. You can help by sponsoring the Club. See the Brochure below.

Also, The Northwest Educational Council for Student Success (NECSS) partners provide students in Chicago's northwestern suburb with opportunities to acquire the knowledge and skills to be successful in their careers. You can learn more about this at: ​www.necsspartnership.com/