After spending most of my time during the "Shelter In Place" on Zoom (and Free Conference Call, WebEx, Global Meet and my trusty iPhone),  I finally figured out what to do to make the podcast more of a regular feature and promote power partners GLM's clients should know and possibly utilize.  

The idea is to talk with a business associate I know very well. Maybe they have worked with a client, or I have learned of their outstanding reputation from others I trust. During the 10 Minutes interview I make sure to ask most of these questions:

• What (Specifically) do you do? 
• How do you do it?
• What is a “Typical Situation” people are in when they realize they need your help?
• What is something someone might say that would lead me to think of you?
• What is your Dream referral?
• How has your business changed recently?
• What advise do you have for people right now based on your industry?
• What will you do differently on the other side of this?
• How can I introduce you? 

Others have been posted on Social Media (Linked In, Facebook and Twitter) and all others can be found on our You Tube Channel: 

Networking events are all about, well, networking, yet some people seem to attend event after event without ever making a meaningful contact. Here are some useful tips you can use to network better.

Come early
Even coming in a 15 minutes to half-hour early means you have time to acclimate yourself to the room, the hosts and your surroundings. By the time the next early bird gets there, you already have something in common. Also, chances are good they’ll be grateful to have someone to talk to and your initial nervousness will already have burnt off.

Stay late
After a great conference, you might literally want to chew over the day’s speeches with a light bite or cocktail. Chances are good that people will be more relaxed or relieved at the end of an event. You also won’t have to struggle to make conversation, simply talk about the day and compare it to the experiences of the person you just met.

Tell someone about Exhibit booths you liked and to try specific food there
Exhibitors work hard to plan and prepare for the expo. Reward them by telling others about the booth.
Each aisle has a food vendor providing a free sample. If there’s something particularly delicious or beautiful, help yourself to a serving. Then start up a conversation with someone heading to the food vendor. Say something light or goofy that requires no pressure to respond and makes the person next to you smile and take a bite and then share their own experiences.

Most importantly: Listen
Exhibitors have not only spent a lot of time and preparing, they also spent money to exhibit, make give-a-ways and marketing materials. They have earned the right to tell you about their business. It is important to listen to them and see how you can help them.

• Do you need their product or service?
• Do you know someone who needs their product or service?
• What other types of business also work with the same type of prospects as this person?

If you can help them with referrals of introductions, please help them. If you cannot, not problem.
​
Don’t Sell
As I mentioned, the exhibitors have earned the right to tell you about their business. Please do not approach them to only sell your product of service. Yes, if they ask what you do, you can talk with them about your business, but don’t sell. Explain. They maybe asking so they can tailor their message to you more specifically. Please be respectful of the Expo.

Come and Network this Thursday March 5th from 2-6 PM. Learn more here: ​https://www.thegoa.com/expo2020.html

Typical Situation: Our client has to improve worker morale and avoid loss of productivity. Our client is also looking for ways for their employees reduce time away from work and reduce Training Expenses.     
Maybe there has been an employee Injury or death, news of worker (s) being injured on the job or equipment failure. 
 
When you hear a business owner say:

• “I need to reduce Worker Compensation Claims.”
• “I hate dealing with worker turnover.”
• “General: working Worker Safety/Prevention; Worker Safety Training “

 
They Provide FREE Safety Awareness to businesses with 2-250 employees within the U.S. 
Four and six hour, FREE courses on numerous safety topics.
 
How they Work: Harper provides free safety awareness courses from the Susan Harwood Training Grant. We provide high quality courses that instructed by OSHA Outreach Trainers. The courses are relevant as the training topics have been selected by needs of community that were surveyed. Courses offered until late Summer 2020.
 
You can introduce them:
“Harper College has FREE safety awareness courses taught by Safety Professionals and OSHA Outreach trainers.   These courses can reduce your business operating expenses, increase employee morale and turnover.  The website is:  www.harpercollege.edu/safety.”   

Matching Ideas with Resources:

Gathering records before preparing tax return makes filing go smoother
As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return.
It’s important for folks to have all the needed documents on hand before starting to prepare their return. Doing so helps them file a complete and accurate tax return. Here are some things taxpayers need to have before they begin doing their taxes.

• Social Security numbers of everyone listed on the tax return. Many taxpayers have these number memorized. Still, it’s a good idea to have them on hand to double check that the number on the tax return is correct. An SSN with one number wrong or two numbers switched will cause processing delays.
• Bank account and routing numbers. People will need these for direct deposit refunds. Direct deposit is the fastest way for taxpayers to get their money and avoids a check getting lost, stolen or returned to IRS as undeliverable.
• Forms W-2 from employers.
• Forms 1099 from banks and other payers.
• Any documents that show income, including income from virtual currency transactions. Taxpayers should keep records showing receipts, sales, exchanges or deposits of virtual currency and the fair market value of the virtual currency.
• Forms 1095-A, Health Insurance Marketplace Statement. Taxpayers will need this form to reconcile advance payments or claim the premium tax credit.
• The taxpayer’s adjusted gross income from their last year’s tax return. People using a software product for the first time will need their 2018 AGI to sign their tax return.  Those using the same tax software they used last year won’t need to enter their prior year information to electronically sign their 2019 tax return.

Forms usually start arriving by mail or are available online from employers and financial institutions in January. Taxpayers should review them carefully. If any information shown on the forms is inaccurate, the taxpayer should contact the payer ASAP for a correction.

​Typical Situation: Our client has customers who owe outstanding bills for many months. Before classifying it as Bad Debt, send it out to Collections.
 
When you hear a business owner say:

• “I have some customers/ clients not paying their bills.”
• “I've got good customers but they're paying my invoices slow/beyond terms”
•  “I'm not getting returned calls about client outstanding bills”

 
An Accounts Receivable Consultant provide strategic financing solutions for business to business companies.  Complete end-to-end solutions provide you with the results you need across the entire credit-to-cash continuum, all while enhancing your valued customer relationships.
How they Work The Consultant delivers results by utilizing a proprietary predictive analytics platform that drives recovery operations. More than just a debt collection agency, they offer strategic end-to-end accounts receivable management and debt collection solutions that make your cash flow.
 
You can introduce them:
“It sounds like you should really talk to someone about your outstanding invoice and get your money.  I know someone that can provide some results for your accounts receivable so you can make it.”
 
Matching Ideas with Resources:

Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful.
Here are some things small business owners should remember about recordkeeping:

• Good records will help business owners:
  • Monitor the progress of their business
  • Prepare financial statements
  • Identify income sources
  • Keep track of expenses
  • Prepare tax returns and support items reported on tax returns
• Small business owners may choose any recordkeeping system that fits their business. They should choose one that clearly shows income and expenses. Except in a few cases, the law does not require special kinds of records.
• How long an owner should keep a document depends on several factors. These factors include the action, expense and event recorded in the document. The IRS generally suggests taxpayers keep records for three years.
• A good recordkeeping system includes a summary of all business transactions. Businesses usually record these transactions in books called journals and ledgers, which business owners can buy at an office supply store, or keep them electronically. All requirements that apply to hard copy books and records also apply to electronic business records.
• The responsibility to validate information on tax returns is known as the burden of proof. Small business owners must be able to prove expenses to deduct them.
• Business owners should keep all records of employment taxes for at least four years.
• Businesses that keep paper records should keep them in a secure location, preferably under lock and key, such as a desk drawer or a safe. 
• Businesses that keep records electronically on a computer should always have an electronic back-up, in case the hard drive crashes.

 wTypical Situation: A manufacturing company has surplus or idle machinery that is not is use and therefore not making them any revenue. Or they are looking to expand operations and are in need of equipment. They can save tens of thousands buying quality used equipment that is ready to go versus brand new equipment that may take months to get.
 
When you hear a business owner say:

• “I have stuff taking up space in my facility
• “I need some new equipment to meet demands.”
• “What is my equipment worth?”

 
The Consultant offers a free comprehensive assessment of your current equipment. How much it is worth, and what type of demand or market there is for it. They can also help you find the manufacturing machinery you need.
 
How they Work: They have customized programs to offer you unique, proactive approaches to maximizing return on your company’s surplus, idle or soon to be idle assets. They have 55+ years of experience and use that to expertly market your assets to a worldwide audience. By combining knowledgeable staff with hyper-aggressive, targeted marketing, they are able to find buyers who are willing and able to pay top dollar for your used assets.
 
Matching Ideas with Resources:  www.perfectionglobal.com ​

​New tax law allows small businesses to expense more, expands bonus depreciation
The Internal Revenue Service reminds small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service.
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes that will affect virtually every business and individual in 2018, 2019 and the years ahead. Among those for business owners are tax rate changes for pass-through entities, changes to the cash accounting method for some, limits on certain deductions and more.

Section 179 expensing changes
A taxpayer may elect to expense all or part of the cost of any Section 179 property and deduct it in the year the property is placed in service. The new law increased the maximum deduction from $500,000 to $1 million. It also increased the phase-out threshold from $2 million to $2.5 million. These changes apply to property placed in service in taxable years beginning after Dec. 31, 2017. For most businesses, this means the 2018 return they file next year.
Section 179 property includes business equipment and machinery, office equipment, livestock and, if elected, qualified real property. The TCJA also modifies the definition of qualified real property to allow the taxpayer to elect to include certain improvements made to nonresidential real property. See New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act for more information.

New 100 percent, first-year ‘bonus’ depreciation
The 100 percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify. The law also allows expensing for certain film, television, and live theatrical productions, and used qualified property with certain restrictions.
The deduction applies to business property acquired after Sept. 27, 2017, and placed in service after Sept. 27, 2017, and before Jan. 1, 2023. In general, the bonus depreciation percentage is reduced for property placed in service after 2022. See the proposed regulations for more details.
Taxpayers may elect out of the additional first-year depreciation for the taxable year the property is placed in service. If the election is made, it applies to all qualified property that is in the same class of property and placed in service by the taxpayer in the same taxable year. The instructions for Form 4562, Depreciation and Amortization, provide details.

Business owners can refer to the Tax Reform Provisions that Affect Businesses page for updates.

More resources:

• Publication 535, Business Expenses
• Publication 946, How to Depreciate Property
• Additional First Year Depreciation Deduction (Bonus) FAQs
• Tax Cuts and Jobs Act: A Comparison for Businesses

Typical Situation: Our client is growing and are unsure if they are legally complaint with employees. They feel they have been "winging it" in the area of HR, for too long and want to formalize processes. Or simply, they have many questions about employee issues and need answers we cannot provide (Legally and we just don’t know)
 
When you hear a business owner say:
 

• “I need to fire this person, but I don’t want to get sued”
• “There are so many laws changing, and I don’t know if our policies and practices are compliant.”
• “We’re having a hard time finding and retaining qualified candidates.”
• “We don’t need a full-time HR professional, but we need occasional help with employee relations issues.”

 
HR Source Provides

• HR Hotline: With unlimited access to the HR Hotline, members can talk to HR experts and employment law attorneys any time they have a question or concern.
• Benchmarking Surveys: Keep your organization competitive with the market’s most robust and timely data on wages, salaries, polices, benefits and executive compensation.
• Newsletter Updates: HR Source’s weekly newsletter keeps employers current on HR compliance issues and best practices.
• Training and Education: HR Source offers training programs focused on HR best practices, employment law compliance, leadership development and more.

 
How they Work
HR Source is a not-for-profit employers' association serving more than 1,200 companies and organizations. They provide human resources and legal support, publish compensation and benefits surveys, conduct HR and supervisory training, and more.
 
Matching Ideas with Resources: