One company was interviewed and reported that they had both skilled and unskilled jobs that have been opened for some time and that the two primary disqualifiers of the applicants has been:

• Their inability to pass a drug screening
• Their seemingly lack of commitment to work/have a job

The latter of these really took me by surprise and raised some questions:

• Have we made it too easy for people to acquire/maintain unemployment benefits?
• Have people now categorized as “over qualified” simply lost their passion for their chosen careers as they’ve been victim to staff reductions years ago when the bottom fell out on us all?
• For our younger adults who might not have built a long employment history before the financial crisis hit, are they now victim to being seen as “not committed to working” due to the state of jobs over the last several years?

I recently asked Jill Ament, CEO of JBA Consulting Group, a local direct hire placement firm for accounting and financial professionals, for her thoughts.  “Ten years ago the market as we know was very different.  Most new grads found positions even before graduation and as a result, they had no plans to move back home with their parents.  Now, more new grads are moving home than any other generation in the past.”  Jill continues, “Our younger adults are not committed to working because they have been taught about hand-outs and because it is the norm now in their generation to move home and continue to live off their parents.  Because of the extended time that the jobs market has been so hard hit, it is no longer an embarrassment to be unemployed for over a year plus after graduation and we are seeing this stretch into two years or more now.”

And when JBA is working with employers in filling open positions, they are finding it becoming very difficult to find quality candidates as most individuals that are employed are not looking for another position, especially in such a volatile election year.  Job security at all levels is a major concern so therefore running an ad and hoping for a good response is not going to get companies the same results they became accustomed to even three years ago.

According to Jill, “I have been in this business through the highs and the lows but this is an all time low right now and we are looking forward to a bright new start in 2013.”

For Century Accounting, over the last several years, we have experienced difficulty in finding qualified bookkeepers/accountants.  We find that they are either over qualified or don’t possess the basic skills required.   And it was from that ongoing obstacle that we launched the Stokes Math Competition at our two local parochial schools – Our Lady of Grace School in Parkton and St. Joseph’s School in Cockeysville.  Each year, the middle school students at each of these schools take part in a Math Competition, no calculators are permitted.  This is one way in which we are making a difference to have the next generation of bookkeepers and accountants possess solid basic math skills as they are a necessary skill set for pretty much all careers and life in general.  If you would like to join us in this effort, we welcome your financial donations or donations of gift certificates.  We award 1^st through 3^rd place winners at each grade level for each of the two schools.

So, what are your thoughts?  What has been the impact on your business in managing employee turnover or filling open positions?  What resources have you engaged that assisted you in finding fabulous employees?  What can you do to assist those looking for employment and also assisting our next generation of employees?

So, what are you doing to grow your business?  Are there areas you are not paying attention to and taking care of?  In order for our plants to have new sprouts and buds, it requires the right attention.  So, too, with our businesses – so how can we generate new sprouts and buds to expand our businesses?

When was the last time you reviewed your “first impressions”?  From your stationery, business cards, email signature blocks, your “first point of contact” employees, etc.  We’ve recently “upgraded” our signature blocks, realizing that email communications have for a large part, replaced the days of traditional letter writing/printing/mailing.  Just as you would want that letter going through the mail to be professional; so too should your email communications be with your customers or prospective customers.  It may just be time for a good “garden tilling” makeover!

Of course, the hot topic for growing your business is through referrals and having a strong, consistent presence in the social media arena.  There are several membership organizations that promote the sharing of referrals:

• Business Networking International (BNI)
• Leads Club
• LeTip International, Inc.

By being active on the various social media sites, Facebook, Linked-In, Twitter, etc., you can quickly and easily spread information on your products or services, post specials you may be running, educate people on the value of your products or services, and network electronically.  You’ll also want to participate in or post new discussions in various Forum Discussions.  Linked-In is a great place for discussion forums.  You can also search the internet for “your topic + Forum” in Google to find relevant discussions.

Along these same lines, consider starting your own Blog.  The more frequently, the better; but starting with one blog post per week will get the ball rolling.  This is a great way to keep in touch with your customers and to convey more about your business – and an opportunity for them to “comment” back to your blog posting.   Give it a try here!  Click on Post A Comment at the bottom of this blog post!  Share with us some of the things you are doing or will start doing after reading this blog and checking out the links included.

Here are a few additional ways to grow your business compliments of Bradley J. Sugars, President of ActionCOACH, the world’s number one business coaching firm.

• Host-Beneficiary Relationships – This option is you and another business owner entering into a loose partnership to help each other make extra profits.  For example, a hairdresser might offer a free style and cut to the beauty salon’s database.  The hairdresser gets new clients, the beauty salon gets more customer loyalty, and the customer appreciates the gift from the beauty salon owner.
• Strategic Alliances – This option is you and another business owner entering into a loose partnership for referring customers to each other’s products or services.  For example, a tree cutter may refer work to a lawn mower and visa versa.
• A Referral Strategy – It is a way of enrolling your existing customers to promote your business for you, a way of getting them to introduce their family, friends and colleagues to your product or service.
• Have a Unique Selling Proposition and Guarantee – What is your unique selling point, that which sets you apart from your competitors.  Be sure to have this as part of any marketing campaign.

The bottom line is - there are SO MANY options out there today to assist all of us in promoting and growing our businesses.   The key is to take action!

As you consider some of the options laid out here, check out this site for 75 Big Marketing Ideas for Small Businesses.

Hopefully some of these ideas have sparked “fresh air and sunlight” into some actions you’ll want to take to grow your business buds.  We encourage you to take advantage of Brad Sugars Instant Success Series available in our “Lending Library”.  You can read about them on our website. 

AND, I’d love to be your sounding board and do some brainstorming and collaborating with you!  Give me a call anytime!

One of those organizations is located in Parkton, Maryland, and has been our client since 1996.  If you’ve never visited Genesee Valley Outdoor Learning Center, or looked into their services, I hope you will after reading about them here.  Genesee Valley is an educational non-profit organization that has been serving children and adults for over thirty years.  I recently talked with Christi Kramer, Genesee Valley Director, about what their mission is and how they accomplish it.  She says, “We practice what we preach - to really know how groups work together in having a common goal.  We help them realize their strengths in a goal-driven mentality that can be taken back to their workplace.”  Christi also sees Genesee Valley as a resource to help their attendees focus on their goals AND just enjoy a day outside in their beautiful surroundings.  As a business owner, we all know how hard it is to do what you need during the day, pay all the bills, put out the fires AND be expected to have enough energy to rally your team.

"We take a lot of pride in how we run our organization,” says Jane LaMonica, Genesee Valley Business Manager.  “Our positive reputation is extremely important to us, and we consider our business decisions and partnerships as a reflection of our values.  Working with a smaller firm, we know we can call at any time, and we appreciate the personal attention Alan and all the staff at Century Accounting give us.  With the variety of different experiences we offer our community -- team-building and adventure programs, summer camp, agricultural education, and athletic field rentals -- life can get pretty hectic around here. We couldn't be happier with the support and peace of mind that comes with working with accountants that truly understand our business, as well as our mission."  

It is through partnership that we and our clients enjoy success and support each other as community business owners.  I see Genesee Valley as a great place for management, business owners and employees to become that ultimate team. With all that their programs and property have to offer, they serve nearly 10,000 individuals annually.

Having a strong, effective team can make a huge difference in your bottom line!  So shake off your winter blues and take a ride out to Genesee Valley and check them out.  When you drive down their driveway, you’ll feel the spirit!  Trust me.

Where does one look to find more optimism?  My first answer was to search out others that have it.  It is contagious.  Surround yourselves with people that speak a different language than fear, I can’t and I don’t believe.  The other part of that is my feeling that we need to give back and to be a part of something bigger than ourselves.  As my friend, Ginny put it, “being in service to others.”

Well, I’d like to share with you an organization that I am a part of that I feel represents the above – The Optimist Club of Timonium, Inc., which is a small part of Optimist International, lovingly referred to as a “Friend of Youth.”  I joined that organization over 2 years ago, and I jokingly tell people that I joined because I needed to be more optimistic.  But all jokes aside, that’s what I find by being a part of this worthwhile organization.  Although running a business full time doesn’t allow me much time to jump in with both feet, I try in my small way to be involved. 

This is part of their motto that drew me.  Check out www.timoniumoptimist.org for the rest of the story. 

“Promise Yourself . . .

            To be so strong that nothing can disturb your peace of mind.

            To talk health, happiness and prosperity to every person you meet.

            To make all your friends feel that there is something in them…….”

Many have found inspiration in “The Optimist Creed.”  In hospitals, the creed has been used to help patients recover from illness.  In locker rooms, coaches have used it to motivate their players.  It was originally published in 1912 in a book titled Your Forces and How to Use Them.  The author, Christian D. Larson, “believed that people have tremendous latent powers that could be harnessed for success with the proper attitude.”

Here is an example of only one of the many youth programs that the Optimists are committed to. 

Shop with a Cop  was developed to help make the holidays brighter for disadvantaged youngsters in Baltimore County. It is made possible by the cooperation of the Baltimore County Police Department and Optimist Clubs in the north county area. The Timonium Optimist Club was the first to participate and still takes the lead in coordinating the event and supervising the all important raising of funds. Donations are sought from businesses, organizations and individuals. 

Great opportunities to help others seldom come, but small ones surround us daily. 

Click the "Post a Comment" link below and share your story of what you do to stay optimistic and do you think being in service to others helps you in that quest?  And share what ways you choose to be in service to others and any service organizations you would like to share with others.

Meet Jerry and Janet – two amazing crafters and a client of Century Accounting for 3 years.

For Alan and I, one of the best parts of being self employed is all the wonderful and talented people we meet along with way and sometimes are lucky to have as clients too!  I wanted to give a big thanks again to Janet and Jerry Beaumont of Beaumont Pottery, located on Jarrettsville Pike in Phoenix, MD.  Check them out on www.Beaumontpottery.com.  They lovingly created our Christmas gifts this year – the “Focus on Today” mug. 

Gerard 'Jerry' Beaumont founded Beaumont Pottery, Inc. in 1970.  He spent several years as the village potter at the Strawbery Banke Museum in Portsmouth, New Hampshire, before landing in Maryland in 1998. 

Jerry began making pottery at the age of ten when his mother, Alice, took him to a ceramics studio near their home on Long Island.  Throughout high school, Jerry sold his ware in many stores.  He attended the New York School of Ceramics at Alfred University with a major in ceramic art and design.   

Something very unique to every piece of Beaumont pottery is a cross on the bottom, symbolic of the role their belief in Jesus Christ as their personal Lord and Savior.  Each piece of pottery they produce is signed with the Cross, Jerry’s initials, and the year.  You can see this on the bottom of the beautiful mugs. 

When I initially stopped by their shop back in 2009, I was so impressed with what they have created and their unique story.   Do visit their website for more of their wonderful story.  But they tell me they were also impressed when I personally showed up at their door and were able to tie together what they needed but didn’t know how to go find it in running their business.  They loved our emphasis on affordable services for a small business.  “The biggest benefit is not having to worry at the end of the year; all those rules and regulations that constantly change,” says Janet.  Together, we now keep their business on track.  Janet says she’s good at what she does, and is relieved knowing we are making sure they are taking advantage of all the tax benefits and also staying out of trouble with the IRS.  They are free to focus on their pottery!.

So, as you look back on 2011, what would you change?  I know the most popular answer would be “to do more business.”  Maybe it would be to be more organized in your financial records, or to do a better job at delegating business responsibilities.  Whatever it is, the question is now “what will you do differently” to achieve those “wishes” in 2012.  Because if you just wish for it, and do nothing differently, you will end up with the same result.

Here’s a great tool for you to use to set yourself up for success in 2012 – Primary Area Focusing.  This practice consists of the following steps:

• Identify the Primary Areas of Focus – What do you feel are the 3 most critical aspects of your business?
• Identify Goals for each of these critical areas.  
• Set specific Objectives/results you want to see for each goal.
• Determine the Strategy for achieving the Objectives.
• Create the specific Tactics (action steps) that will be necessary.

Now, let’s look at these in the context of being the owner of a local, community based restaurant.

Step 1:  Primary Areas of Focus

Think of the 3 primary areas of your business.  For example, as a restaurant owner, your three areas might be Customer Relationships, Food Quality, and Customer Experience.

As a local restaurant, your primary clientele is your local community.  They are the ones who regularly frequent your restaurant.  They get to be your “raving fans” spreading the word about how much they love having a meal “in your home”.  How many of them do you know by name?  Welcoming people in to “your home” by name has them feeling welcomed and valued.  Of course, people only return when they’ve had a good food experience.  Without quality food, a restaurant will not succeed.  And finally Customer Experience – is the restaurant maintained in a way that is clean, organized, staff focused on quality service, etc.

Step 2:  Identifying Goals for each Area

Now, what specific goals will you set for each of these critical areas?  Let’s look at Customer Relationships.  One goal may be to establish/increase the number of people in your database or your Facebook Fans. 

Step 3:  What are the Objectives you wish to achieve?

Your specific objective may be to have 500 customers in your database by the end of March 2012. 

Step 4:  Determine the Strategies for Achieving your Objectives

One strategy may be to build your marketing database by offering a monthly Customer Appreciation Coupon available for download from your website when they register with you.

Step 5:  Create the Specific Tactics

• Create a slip for the wait staff to give to each customer to complete their electronic contact information.
• Post on your social media sites the availability of coupons through registering with you.
• Implement Electronic Contact slips by January 1^st.

So, I challenge you to take some time (an hour would be the minimum) and follow the 5 steps above.  This is a great way to have a clear direction and a plan for creating something greater in 2012! 

Successful planning is not in hoping things will be better.  I can sit by the phone all day and “wish” that someone will call that needs an accountant.  But I can change that by doing a variety of things that will introduce us to new clients.

It could be as simple as putting up an up-dated sign to attract business, a web-site that puts you out as an expert in your field, or attending a networking event and getting involved in the community by giving back.  We must each take the time to create a plan and to then take committed action to make it happen!

Season’s Greetings to All!

What is your breakeven point?

Most of the business owners we talk to do not know the answer to that question.  In other words, what does it cost you to operate each day - from the time you turn your lights on vs. the amount of revenue you bring in on that day?

For instance, if at the end of the day you did $1,000 in actual revenue, and on that particular day, with employees, rent, utilities, etc. it cost you $1,200 in expenses, you did not make enough money to cover your expenses.  Now, if that happens every single day for a month @ $200 in the red, 5 days a week, 4 weeks out of the month, you’re coming up short $4,000 for the month.  Then the problem arises, is it only that month, or is this a trend?  It's a scary thing that many times business owners don't want to know.  Maybe they think that if they ignore it, it will go away. Not the approach that will support a successful business or even staying in business for long.

The better approach is to first know your breakeven point.  With that knowledge you will know what action to take and when to take it based on the frequency of landing below your daily breakeven point.  If ignored, that $4,000 each month could become $48,000 by the end of the year.  If addressed when it was only $4,000, then it is likely that correction actions could have turned this around and greatly limited such result to one or two months vs. the whole year.  Knowledge is power!

So, if we had this information on a timely basis, we could focus on what the real problem(s) is:

1. Is the loss of revenue a consistent result?  What is the trend over the last year?
2. In looking at the business expenses, do they fall in line with industry averages for that type of business?
3. What is the business' cost of sales vs. total sales and are prices/fees set appropriately. 

In closing, these questions alone may raise your blood pressure, and get a familiar knot in your stomach.  After all, it's much easier to just ignore what's happening in your business and keep your figures crossed that everything works out, right?  But my argument would be, "wouldn't it be great to actually know what your breakeven point is, set and reach goals each and every month, review them with your current advisor/accountant and have your business running in the black!  And if I remember correctly, making a PROFIT in your business was the original goal when you decided to be self employed?

I'll leave you with this quote that was taken from the May/June 2011 issue of NFIB Magazine, www.mybusinessmag.com "Running a small business means expecting the unexpected."

1. That you are committed to making it work;
2. You wake up in the morning and are enthusiastic about going to “work”;
3. You believe in yourself and your “product;”
4. The glass is half full vs. half empty;
5. Although you still worry about your business, you work through your issues;
6. Your customers know that you love your work and are committed to helping them;
7. That you are always looking for ways to make your business better and are open to advice. 

Now, let’s talk about the other side of that….. are you just surviving?  You’ve got to ask yourself a lot of other questions if you answer yes to ‘you are just surviving’.  And this also tells a lot about your business.

1. You wake up every day dreading going to work;
2. You feel you have no other options, but are constantly wishing your situation would change;
3. All you think about is how to get out of what you’re doing;
4. Your customers are secondary to your concerns, worries and thoughts;
5. You keep on repeating the same pattern everyday and getting the same results; 

If the 2^nd description fits you, I have to ask you – WHAT DO YOU INTEND TO DO ABOUT IT???   If you are just surviving in your business every day, what good are you doing for yourself, your health, your well-being and ultimately your financial reality?  What happened to your dream – your business? 

My suggestion is to take a walk down memory lane (and it would help to actually write it down) and re-discover why you went into business in the first place.  If you mentally take your mind back to all the details of those months that led up to you opening your business, all the planning and excitement that went into it, the blood, sweat and tears (happily),  the relationships your developed, all the new things you learned and never did before and all the great things that were happening, it may help.  

I still remember, very vividly, the day my husband went away for a month of training before he opening the door to our very own accounting firm.  I remember missing him so much (we had never been apart that long) but I also remember lovingly setting up his first home office in our little den on the second floor of our small duplex home in Perry Hall.  We bought a used desk, a filing cabinet, painted the room, set up our business phone with a voice message for our business.  Wow!  We were really going into business for ourselves and we had goals and dreams.  It stirs up a lot of emotions about why we did choose self employment over the good old W-2 job. 

My 2^nd piece of advice is - Don’t hold it all inside and think it’s going to change.  Look for a mentor, advisor or trusted friend that you can confide in.  Be prepared before you talk to them and use the time wisely.  Don’t go to complain.  You ultimately have to make a choice to make your business thrive.  Make your current situation work and get your old enthusiasm back for your business, which requires that you stop doing the same thing that you’re doing now every single day and getting the same results.  Life is too short.  Get moving!

                                                                                                  Going back to 1991, you probably would agree that things were much different back then. 

It was the time that a gallon of gas was $1.12 and an average cost of a new house was  $120,000.  Of course the income average was only $29,430.00. 

Events that stand out in 1991 were:

Popular films included Terminator 2: Judgment Day, The Silence of the Lambs, Beauty and the Beast and Father of the Bride. 

Popular musicians during 1991 include Pearl Jam, Guns N’ Roses and Garth Brooks. 

Another major event that occurred in 1991 (August 19^th to be exact) that has made a huge impact on our world at Century Accounting and Financial Services is the hiring of Ken Hrica, CPA.  

We read everyday about major world events that for the most part don’t impact us greatly in our little corner of the world.  The real life changing experiences are the things we are a part of everyday.  Alan and I are truly grateful that Ken answered our little ad in the Baltimore Sun Paper for an intern, while he was attending Loyola College.  After graduating from Loyola, he was hired by Ernest & Young.  He passed his CPA while employed there, and returned to us in 1991 -  20 years ago.  (So really he has been with us more than 20 years!) 

Ken has grown with our company, contributed greatly to its success and stood by us through many changes and challenges during these years.  It has been said that behind every great man, is a great woman.  But we also believe behind every successful business are employees that care and commit themselves to that success.  Ken’s knowledge goes well beyond some tax laws and the stuff he learned at Loyola College.  With now more than 20 years of experience behind him, and many stories and advice that he could share, Ken is a wealth of knowledge for the small business person.  We are very happy that he continues to be a part of our team and thank him for so many things.  We hope you will join with us in congratulating Ken – Happy 20^th anniversary! 

 Be aware!  The new slogan for the Comptroller of Maryland is…..

“DON’T LET UNPAID TAXES SLOW YOU DOWN!”  What does that mean you ask?

The Motor Vehicle Administration, Department of Labor, Licensing and Regulation (DLLR) and the Comptroller are now partnering to make sure that everyone pays their fair share.  Effective June 1^st of this year (2011), Maryland state law requires that individuals and businesses that have unpaid, undisputed state tax liabilities and/or unpaid unemployment insurance contributions, satisfy the debt(s) prior to renewing a Maryland driver’s license or vehicle registration.   So be aware and make sure  your taxes are up to date.

However, there is also some good news!  The IRS has announced that the business standard mileage rate will increase to 55.5 cents a mile for all business miles from July 1, 2011, through December 31, 2011.  This is an increase of 4.5 cents a mile from the 51 cents rate for the first six months of 2011.  Check with your accountant on changes for medical and moving mileage rates.