Entrepreneur Series – Lesson 3 – Know Your Role As The Owner

As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager.   However, one of the biggest mistakes a young owner will make is not quickly clarify their role within the organization.   Far too often, new entrepreneurs will try to control every aspect of a new business which inevitably slows the growth of the organization.  In some cases, it can make hiring and training new people so difficult it can be destructive to the success of a company. One of things I recommend to new business owners is to draw a T chart with one axis being things you like to do and one access being tasks that you are good at.    What you should quickly try to figure out in the early stage of a new company is to list all of the items that you are good at and those tasks that you like to do.    After figuring out ...

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5 year-end tax strategies for your small business

It’s that time of year to start thinking about your 2011 taxes and what moves you might be able to make to save in taxes! Here are 5 ways to cut your 2011 business taxes: 1. Equipment Deductions – The legislation enacted at the end of 2010 already provides a very generous write-off for business owners in 2011. Buy your new equipment and place it in service before 2012. You can combine an enhanced Section 179 deduction with “bonus depreciation”. For 2011, the maximum deduction for qualified equipment is a staggering $500,000 and does not phase out until $2,000,000. The bonus depreciation for the equipment, which was previously 50%, increases to 100% for qualified assets acquired and placed in service before the end of 2012. Since it is expected that these two breaks will be downsized in 2012, take advantage of this tax break before 2011 is over! 2. Bad Debts – Most business owners have the most trouble collecting ...

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40 Year Old Business Virgin Radio Show with Tim McLellan, CPA Partner B2B CFO®

The BEST Business Radio Show TUNE IN LIVE – TODAY at Noon!!!! LISTEN ONLINE-Click Here Come join your hosts, Ted Jenkin and Kile Lewis; CEOs of oXYGen Financial EVERY Friday at 12pm as they interview local Atlanta Area CEOs to learn the do’s and don’ts of starting up, running, and growing a new business in today’s economy. Today’s Guests – Tim McLellan, CPA Partner B2B CFO® www.b2bcfo.com My Bio: www.b2bcfo.com/partners/tmclellan Phone 404.915.5539 Fax 800.264.9049 Tim has over 28 years of CFO and Controllership experience at companies ranging in size from $10 million to large Fortune 500 companies.  Tim spent his first seven years in the business world with Ernst and Young, a global Big 4 public accounting firms.  Tim then spent twelve years with a 60 location nationwide manufacturer and distributor of building materials as an internal auditor, tax guy, and Corporate Controller.  Tim’s final seven year stint in Corporate America was as the CFO for a network of commercial ...

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