suber & company, llc newsletter may 2017 / vol. 2 n2 the 7...
TRANSCRIPT
In
This
Issue
S
C
O
N
E
W
S
The 7 Financial Habits of the Most Successful Small Business Owners. (Entrepreneur.com)
For the first time ever, there is data to clearly illustrate seven financial habits of highly
effective small business owners. Based on a comprehensive study of 1,700 small busi-
ness owners in the U.S., fewer than one in four owners of small businesses currently
adopt all seven financial habits.
Those who follow the best practices consistently outperform other small businesses
based on annual revenue and report higher levels of satisfaction with their decision to be
a small business owner. These seven financial habits will equip small business owners
with a new perspective to better help them prepare for the future, without sacrificing their
client relationships, craft or team
1. Regularly review finances -- 69 percent of small business owners do this.
Every business has a natural ebb and flow, a rhythmical pattern of income and expens-
es. Sometimes it’s due to seasonality. Sometimes it’s due to the duration of projects and
the contract terms. In any case, weekly and monthly financial reviews are an exercise in
understanding the frequency and scale of your business operations and the extent to
which your business may be growing or at risk due to clients who pay late.
2. Maintain a budget -- 47 percent of small business owners do this.
A budget is simply an expectation for business results. At the beginner level, make a
budget on the first day of the month to estimate how much income you’ll receive that
month and how much you’ll pay out in expenses. Then review the budget compared to
actual results at the end of the month. Rinse and repeat. You’ll get better at budgeting.
And because of budgeting, you’ll make more informed decisions and identify potential
problems before they occur. (Continues on Page 3)
Suber & Company, LLC Newsletter May 2017 / Vol. 2 - N2
SUBER & COMPANY, LLC Management Solutions for Growing Business...
• Feature Article • Client Feature—Life Insurance
You Don’t Have to Die to Use • Upcoming Events
• SCO Relocation Updates • New Clients & Client Spotlight • SCO Team Note
Welcome New SCO Clients!!
APEX NURSING SERVICES
Nursing and Medical Assistant
Staffing Solutions
BEREAN INVESTIGATIONS
Employment & Individual
Background Screening
www.bereaninvestigations.com
BROOKS BRANDING
Marketing & Branding Services
ECONOSHIPPERS, LLC
Global Overseas Shippers
www.econoshippers.com
GT SOLUTIONS, LLC
General Contractor
JACKSON PUBLISHING
Financial Management &
Publishing Services
www.tayvonjackson.com
LANGUAGE ON DEMAND
Language Translation, Interpreta-
tion, Instruction and Transcription
www.visitlod.com
LEVERAGE NOW CONSULTING
Legal, Identity & Theft Consulting
leveragenowconsult-
RHINO SQUARED EXCAVATION
CONTRACTORS, LLC
Gen. Construction & Excavation
Life Insurance
You Don’t Have to Die to Use SCO Client - Jeanna Pryor - Pryor Financial Services
Many people have visceral emotions when the words life insurance is mentioned, mostly because they think of death, cost, and a waste of money. However, times have changed. Individuals purchase auto, home, appliance, and even cell phone insurance with the hope they’ll never use it. They don’t usually question the cost. Still, ask about indi-vidual (not employer provided) life insurance and there is an immediate hesitation. One thing is guaranteed, unlike the other insurance products mentioned, if you buy life insurance, you can/will use it. If you could buy a product that guaranteed you would not lose money, you could borrow against it for college funding, down payment on a home, purchase a vacation home, pay for a wedding, or give some to a child just because, would you buy it? Hey business owner, what’s your business exit strategy? Are you like most business owners who pour all their funds into their business anticipating they will sell at a profit and that’s how they will fund their retirement? Wouldn’t it be better to have something guaranteed? If there was product that allowed you to put as much as you want aside for retirement without making an employee match, would you? Well, there is a product, and this is what it has done since its inception in 1997 and so much more…it’s Indexed Universal Life (IUL) insurance. IUL is life insurance you don’t have to die to use. It can enhance your lifestyle while you are living as well as augment your loved ones’ lifestyle when you die. It’s life and death insurance. If you want to more about the many ways you can use IUL or other life insurance products while you are living, let’s talk. Call me, Jeanna Pryor of Pryor Financial Services, at (301) 500-9764.
Pryor Financial Services
OWNER
Jeanna Pryor COMPANY BACKGROUND & SERVICES
Veteran passionate about helping clients achieve generational wealth. Financial plan-ning, advice and resources provided for wealth management, debt elimination, retirement plan-ning, insurance protection, college funding, estate planning, business exit strategies and succession planning. Seminars and workshops pro-vided to churches, businesses, organizations, associations, family gath-erings, lunch & learn, and more. WEB SITE & SOCIAL MEDIA
https://www.linkedin.com/in/jeannapryor/
SCO Offices Relocation Update
As some of you may know from re-
cent visits to the office, our new pro-
posed suite (Suite 200) within Hamil-
ton Centre I in our current building
was flooded.
We have been working over the last
two weeks to secure a second and
larger office suite that would be an
even greater fit for all of you while
keeping within our move timeline of
June 1st.
Our new office location will be locat-
ed in Hamilton Centre II. The large
brick building directly behind our cur-
rent building. This office suite fea-
tures even more offices, meeting
rooms, large training room, a kitch-
en/café area, and a large balcony.
The building features a beautiful atri-
um and is home to the College of
Southern Maryland Waldorf Center
and several other professional and
medical offices.
Who will this impact? This will
most impact those of you who are
currently using the Hamilton Centre I
addresses. We do apologize for the
inconvenience, and are willing to
reimburse you for print materials
purchased after we announced the
relocation last month.
Those of you who have full-time of-
fices will have the opportunity to
view the new suite and select a new
office that meets your needs start-
ing Monday, 5/13. We would just
need to schedule viewings in ad-
vance. We are very confident that
this office suite and building will be
more to everyone’s liking.
(Continues on Page 4)
The 7 Financial Habits (Cont.)
Entrepreneur.Com 3. Save appropriate amount for taxes -- 52 percent of small busi-ness owners do this. Money you set aside for taxes isn’t really your money. It belongs to the government. That’s why it’s best to set it aside immediately and not get it confused with your remaining business income. For federal taxes, the safe harbor rule is your friend. Set aside at least 90 percent of your prior year’s taxes, and you’ll be penalty-free. A common heuristic is that 30 cents of every dollar you earn from your clients is owed to the govern-ment. 4. Proactively reduce debt -- 50 percent of small business owners do this. Sometimes debt is good. You take on debt in the short-term to enable longer-term health and growth for your business. However, unnecessary debt is a drain on your business. And more importantly, once you have business debt, it’s important to make consistent payments, and proac-tively reduce the principal amount. 5. Pay yourself a salary from business earnings -- 49 percent of small business owners do this. The term “salary” may not apply to your business. You don’t have to send yourself a regular bi-monthly paycheck. Instead, you can pull mon-ey out of your business account at regular intervals to set aside your per-sonal income. When you pay yourself, it forces you to think about your business and your personal income separately. The final two habits consider legal and tax considerations for the future of your business. You can’t escape liability and taxes but there is an opti-mal path for your business that will mitigate risk and put more money in your pocket. 6. Establish an optimal business structure for liability and taxes -- 64 percent of small business owners do this. Common business structures are sole proprietorships, partnerships and corporations. Each structure has different legal and tax requirements. While more self-employed professionals are choosing to incorporate, a corporation might not be the best structure for your business. If you’re not sure which structure is best for your business, you may want to seek professional advice because of the expense involved in changing and maintaining a business structure. 7. Maximize tax write-offs and deductions -- 65 percent of small business owners do this. Take advantage of every tax benefit available to your business. If not doing so, it’s a disservice to your business. Write-offs and deductions reduce your taxable income and therefore reduce the amount you pay the government. I know from talking to many small business owners that tax planning can feel like “gaming the system,” but it’s important to re-member that it’s perfectly legal and adopted by all large businesses. If you’re new to the game, you may want to seek out a tax professional as an investment in the future of your business.
A Personal Note to Our Dearest Friends in Business... While I will admit to some initial disappointment and even stomach dropping fear when we discovered our original relocation office was flooded, I am so glad that all things do indeed work together for the good of those who love Him. It is always amazing to see how something that should be a negative factor or obstacle, actually turns out to be a blessing.
I viewed half of the Hamilton Centre II suite six years ago, and despite knowing it was great fit for our service, I decided we could not afford it. I viewed that same half again three more times in the past four years and came to the same conclusion. However, God has made a way for us to secure the entire suite and still keep our current service rates.
That said, I am hopeful that even with some of the inconvenience this last minute location change may cause, you will be just excited about the newer and even better office we have secured in lieu of the original one. We are psyched for you to see it and are already working with the new proper-ty management team to start a phased move in by the end of this month.
With genuine love and affection, Tasha!
SCO Offices Relocation Update (Cont.)
All SCO Clients will have to cease using the Hamilton Centre I, Suite 200 address by June 12th, 2017. Please
ensure you update your business registrations and set up mail forwarding to the new address: Hamilton Centre II,
3261 Old Washington Road, Suite 2020, Waldorf, MD 20602. If you need any assistance from our team to set up
mail forwarding and/or updating business registrations, please let us know!
Lastly, if you have any questions or concerns re: the change in the move location, please fee free to contact Natasha
directly via email, the office line, or cell. We want to make this as smooth a transition as possible even with the unex-
pected location change. That said, our rates have not changed, client business phone numbers will not
change and there will be no interruption of office hours during the move. Just so you have an idea of what our
new office location looks like, below are a few pictures. We can’t wait for you to visit the new office!
Upcoming Events
IGNITE CHARLES COUNTY BUSINESS RESOURCE FAIR: Hosted by the Charles County Economic
Development Department. Friday, May 12, 2017 from 8:00AM to 3:00PM . For more information, visit http://
www.meetcharlescounty.com/index.php?
src=events&srctype=lister&category=IGNITE+Business+Resource+Fair.
NIGHT AT THE BLUE CRABS STADIUM: Please join Berean Employment Screening Solutions and BNI for
food and fun during our Employee Night celebration on Saturday, May 13, 2017 at 6:30PM at the REGENCY
FURNITURE BLUECRABS Stadium, We will be in Suite number 8. If you need a ticket, we have a special rate
of only $9.00! There are a limited number of these tickets so please RSVP to: hel-
[email protected]. Also, during this event, we will have a raffle to support our charity: “Walk to
End Alzheimer’s” Please go to: http://act.alz.org/goto/TEAMPURPLERAIN, for details.
PREPARE TO MEET YOUR LENDER: Hosted by the Southern Maryland Small Business Development Cen-
ter, Thursday, May 18, 2017 from 9:00 AM to 12:00 PM, . Details: This free event is geared to help you present
your business or business idea when looking for start up or growth financing directly to local lenders. The
SBDC has developed a template as a cheat sheet for you. You do not have to hand this document to the lend-
er, it is your own personal worksheet, however feel free to customize it into a one page handout that you can
give to the lenders when you sit across from them. You only have 3 -5 minutes to tell each lender what you
need your money for, how much you need, and how you are going to pay them back! For more information visit
https://prepare_for_lender.eventbrite.com.
CHARLES COUNTY COMMISSIONER TOWN HALL MEETING: Commissioner Vice President, Amanda M.
Stewart, M.Ed. (District 3), Monday, May 22, 2017 at 6:30PM at the Waldorf West Library, Room A. For more
information visit http://www.charlescountymd.gov/coadmin/clerk/public-forums-town-hall-meetings.
BLACK OWNED BUSINESS SMALL BUSINESS SPRING EXPO: Saturday, May 27, 2017 from 9:30AM to
4:30PM at the Waldorf Culture Center 109 Post Office Road Waldorf, MD 20602. For more information visit
https://www.eventbrite.com/e/black-owned-business-small-business-spring-expo-tickets-26891997689.
IDENTITY THEFT WORKSHOP: Hosted by SCO Client Leverage Now Consulting, Wednesday, June 7, 2017.
For more information please contact Jeannette Boulware at [email protected].
SUNSET AT MT. AVENTINE, CHRISTMAS IN APRIL/REBUILDING TOGETHER ANNUAL FUNDRAISER:
Saturday, June10,2017 from 6:00PM to 9:00PM, Chapman State Park, 3452 Ferry Place, Indian Head, MD.
Cocktails & Hord’oeuvres. For more information visit http://christmasinaprilcharlescounty.com.
BEYOND ALL LIMITS SMALL BUSINESS CONFERENCE: Hosted by BluPrint LLC. Thursday, June15, 2017
from 8:00AM to 4:00PM at the Colony South Conference Center, Clinton, MD. For more information visit https://
www.bluprintbal.com.
Let us know about an event you would like to post in the June 2017 Newsletter!
Contact Us
Please give us a call for more information about our
services/products.
Suber & Company, LLC
Hamilton Centre I
3200 Crain Highway, Suite 203
Waldorf, MD 20603
Phone: (240) 518-8016 * Fax: (240) 518-8076
VISIT US ON THE WEB
www.subercompany.com
FOLLOW US ON SOCIAL MEDIA
www.facebook.com/suberandcompany
https://twitter.com/SuberCompany
https://www.linkedin.com/company/5155307
Classifieds
CAREERS:
Suber & Company is seeking independent contractor professionals for the following roles that are contingent
upon contract award:
Technical Writer (Acquisition & Contract Mgmt. Background)
Senior Master Scheduler (MS Project)
Agile Scrum Master
Social Media & Communications Summer Intern
Please contact Natasha Perry at [email protected] for more information.
FOR SALE:
AT&T, Two-Line Office Phones (6), ML17929, $10/Each. Please contact Natasha/Sonya for more information
at [email protected] or [email protected].
Let us know about any classifieds you would like to post in the June 2017 Newsletter!
May 2017 Office Closures
We will be observing Mother’s Day and the Labor Day Holiday this May. The office will be closed on the fol-
lowing days:
Sunday, May 14, 2017
Saturday, May 27, 2017
Sunday, May 28, 2017
Monday, May 29, 2017