It seems like some of the most common mistakes in job interviews are those that are repeated over and over again. BNet today has a ton of great interview tips:
Ask questions about what really matters to you. Focus on making sure the job is a good fit: Who you will work with, who you will report to, the scope of responsibilities, etc. Interviews should always be two-way, and interviewers respond positively to people as eager as they are to find the right fit. Decide what is important to you and ask; there’s really no other way to know you want the job. And don’t be afraid to ask several questions. Interviewers get sick of asking questions. As long as you don’t take completely take over, the interviewer will enjoy and remember a nice change of pace.
Some quick, inspiring Friday fun: Zappos CEO Tony Hsieh and tennis legend Serena Williams join together to take crowd-sourced questions via twitter.
What would you ask either of these powerhouses if you could?
As a small business owner, you are at risk more than large corporations for a tax audit by the IRS. Though this is a common practice that often turns out to be fine, many business owners will find themselves panicked at the though of reading a letter stating their business is under audit. An audit can be a scary experience, especially for a business that is unprepared. In the event your business is being audited, you must gather up your evidence to prove your company’s legitimacy and ensure that your company does not fall victim to any further fees.
Document Storage
Every business, big or small, should have ample document storage. These records should be kept back up to seven years and include items such as bank statements, cancelled checks, receipts and other items used to claim both income and loss on a tax claim. For retail business owners, the carbon copy for cash machines should always be kept in the event an investigator will need to verify daily revenue for a company.
Business Revenue
The entire purpose of an audit is to find unreported income. This is why it is important for a small business owner to have a separate bank account than their own personal account. This includes sole proprietor businesses too. Any income should be deposited immediately into business bank accounts and every deposit needs to be accounted for by who it was received from, its purpose and any receipts that correlate a loss with that particular income. An agent will usually compare reported income on your tax return with bank deposits and records. Therefore it is important that small business owners account for every dollar deposited into their accounts.
Deductions
Often small business owners are able to deduct numerous items on their tax return, but with those deductions comes speculation and need for evidence in the event you are being audited. In order for deductions to not be overturned by the IRS, a small business owner must prove that the item is a legitimate business expense through a bill or invoice and proof that they actually paid the invoice through credit card statements or cancelled check records. Big deductions such as travel expenses, entertainment and even usage to an automobile are very suspicious to the IRS. Small business owners that work from home and write off a portion of their home expenses are automatically looked at by the IRS. When writing off expenses such as mileage, a business owner should keep a detailed auto log that can be purchased at office supply stores such as Staples or Office Depot, of the job in which the mileage was used for and the date it was used.
Employee Clarification
An area where most small business owners get into trouble is classifying their employees. There is a 20 point test run by the IRS that every employer should use to determine whether or not their employee is an independent contractor or a real employee. For employees that are considered independent contractors, Form 1099 should be filled out properly and only when an employee meets the 20 point test to be considered an independent contractor. Since independent contractor wages are not subject to state, local or social security tax through the employer, many small businesses have fall victim to hefty fines for classifying employees as independent contractors rather than employees.
As a small business owner, it is your responsibility to mange employees, manage paperwork and protect your business from being audited by the IRS. An audit can be a scary thing for any business owner to go through and often deductions can be overturned leaving a business with a hefty balance to pay back with an unforgivable interest rate. To prevent this from happening to your business, there are a few steps every small business can take to avoid being audited.Hiding Your IncomeIf your business deals with a lot of cash transactions, it can be easy enough to not claim a particular income. Though that is easy to do, hiding this income will eventually lead to an audit by the IRS. Be sure to account for all cash transactions and never hide income.Grossing Over $1 MillionSmall businesses that gross over $1 million dollars in a tax filing year have the highest chance of being audited. If you know your business will gross over $1 million this tax year, ensure that your paperwork, bank statements and any deduction receipts or cancelled checks are kept in impeccable order. That way in the event your business is audited you are able to account for every dollar that came in and out of your company.Personal and Business ExpensesIt is easier for a small business owner to simply combine expenses between personal and business use. Though this may make it tempting to write off expenses such as furniture for your home or a trip out of town as a business expense, these will ultimately lead to your business being audited. Be sure that you only deduct legitimate business expenses and account for each expense with a receipt or cancelled check.Entertainment DeductionsThough a business can deduct entertainment expenses, they need to be legitimate business expenses that have nothing to do with personal use. If your company is deducting lavish parties, trips to other countries or extensive meals the IRS will ultimately begin to look over your records. Always keep in mind that as a business owner you can only write off 50 percent of your entertainment expenses. This by no means that you cannot wine and dine your customers – every business should, but before writing off any entertainment expenses ensure that you have appointment records and receipts to prove the expense was business related.Home Office DeductionsA lot of small business owners run a portion or all of their business from their home. This is where the home office deductions are allowed to be used when filing a tax return. In order to write off a portion of your home as a home office, you must use that portion of your home solely for business purposes.Losses Three Out of Five YearsEvery small business is bound to suffer losses the first few years in business. However, when a small business reports multiple losses three out of five years the IRS will begin to scrutinize. The IRS wants to see that a business is making an actual attempt to profit and not simply take a loss each year to avoid paying income tax.Procrastinate Your ReturnBelieve it or not, the longer you take to file your return and the closer to the April 15th deadline you are, the less chances of being audited. This is due to the fact that the IRS is overloaded with last minute returns and do not have the ample time to go over each return for items to audit.
As a business owner, there are a lot of bases you have to have covered. Getting your financial aspects squared away, keeping the business productive, and even maintaining your employees. The last thing a business owner may think about is protecting their business against identity theft. Every year, more and more businesses are becoming a popular target for identity theft. Why? Simply because most business owners do not monitor their company’s credit profile or even think to protect the actual company against identity fraud.How it WorksOften these identity thieves will use a company’s credit profile to open vendor accounts, purchase goods, or even start-up their own company. These start-up companies can have rental or lease agreements, utilities and even equipment leases all under the stolen identity of a particular business without the business having any idea. These scam artists can get extensive lines of credit, even access cash reserves, and start building business relationships fraudulently. Unfortunately, the biggest target for this type of business identity theft falls on small to mid-size businesses. Larger corporations are typically protected by trademark laws, copyrights, and other federal laws that offer a harsh punishment to those who would attempt to steal their identity; therefore deterring these criminals to the smaller or mid-sized businesses that are not as protected.How to Protect Your BusinessAs a small to mid-size business, you need to be able to safeguard your company against these forms of identity theft and ensure the credit and financial stability of your company. Some ways that a business can safeguard themselves against business identity theft are:
Credit Monitoring – For the business owner that does not have time to monitor their company’s credit, they may find it more beneficial to sign up with a credit monitoring service. These services will pull credit reports on a daily basis and notify the business owner of any new accounts, address changes or even lease agreements that show up under the company name. A company can also monitor their own credit by accessing their credit reports at Experian.com.
Credit Freezes – A credit freeze can be a difficult form of protection, especially for a business. A credit freeze will do just like it sounds – freeze your company credit. That means that no one, including the owner, can access the company’s credit without the credit freeze being lifted. Though this may sound like a hassle, this can guarantee that a company’s credit will not be used fraudulently while it is under a credit freeze. To place a credit freeze on your company account, you will need to review the regulations for your state by visiting ConsumersUnion.org.
Monitor Credit Card Usage – Just like your own personal finances, a business owner should monitor their credit cards. Often identity thieves will order credit cards in a company’s name and run up the charges without the company ever noticing. Review monthly credit card statements for any suspicious activity and avoid using company credit cards over the internet and telephone.
Pharming Sites – Often there are identity thieves that will set up fake websites similar to a company’s. These sites will be used to capture consumers that type in an address incorrectly or that use internet searches to find a web address. Scan the web for web sites that may be posing as your company under a fake address.
Identity Theft Assistance – Though you may think your company has become a victim of business identity theft, often you will find that getting help from institutions such as the US Secret Service or even the FBI can be a difficult task. These firms receive over 300,000 complaints a month from company owners. It is often recommended that a business owner report any suspicious activity or business identity theft directly to the Federal Trade Commission instead.
Being a small business owner can be overwhelming and many times you’ll want to bring on hired help. While it’s not always practical to have full time, salaried employees, the internet makes it easy to locate and hire freelance labor. However, there is no shortage of freelance horror stories. Let’s look at how your business can get the most out of utilizing freelance labor.
Having a positive experience with a freelancer, starts with hiring a freelancer with a proven reputation. This can be established in one of two ways. First, you can begin hunting for freelancers by asking friends in your industry about freelancers they’re had good experiences with in the past. Word of mouth is one of the best ways to get reliable, freelance labor. Another excellent method is to look on the popular freelnace boards such as Freelnacer.com, Elance.com, Guru.com and oDesk.com. Each of these sites have a “review” profile of each freelancer on there. The most effective way to select a freelancer is to see who has reviews that were left on work completed that is similar to what you are looking to hire for. For example, if you are looking to hire a designer to create a logo for you, their ideal reviews should mention previous logos created for their clients. Chances are is people were happy with their logo creation in the past, you will be too. On top of looking for relevant previous jobs, check if anyone had a very unpleasant experience with the freelancer in the past. If they have reviews indicating things like failure to meet deadlines or poor communication, you may want to look elsewhere.
Starting with a freelancer who has a proven reputation is a great way to maximize the potential of a positive experience. Another very helpful trick is to outsource only tasks that don’t require an in-depth understanding of your company’s goals or processes. Ideally, the projects should have a limited scope and duration. This will help you assess the freelancer on a per-project basis and limit your risk associated with the job. In this case, if you are underwhelmed by the efforts your freelancer puts in, you can select a new one for work in the future.
Of course, while hiring the most qualified people and designating them only limited tasks can help minimize your risk, you will still want to maximize on labor that they are completing. Doing so requires management, and sometimes even micro management. The best way to get the most out of your freelancer is to require CONSTANT communication from them. If you are paying hourly, require hourly status updates. If you are paying on a per project basis, require the freelancer to communicate each milestone they accomplish. In the event they are unable to meet a deadline, require them to communicate this before hand so you can always be on the same page. Indicate to your freelancer how important deadlines and communication is and how it can break the deal with them if they are unable to do one or the other well.
On top of hiring qualified freelancers, making them aware of, and accept your terms from the get go is a surefire way to maximize your success of hiring a freelancer. Of course, keep your expectations realistic to ensure that you are going to have them met every step of the way.
Many Americans make it their goal to start and run their own small business. What could be better and more satisfying than to work for yourself, rather than to slave for your boss or someone else’s company? It would be great to set your own schedule, and to take days off when you so chose.
However it does require hard work and often times significant risk to start up your own small business. There may be high initial start-up costs, perhaps for licenses or property. Also, depending on the business there may be certain equipment or supplies that need to be purchased so that the business can be successful as soon as possible. As time goes by money may also be needed to further expand your small business. In all these situations you might be considering a small business loan. Let’s first consider some factors you may want to keep in mind before obtaining a small business loan, as well as the different types of loans.
First, you will want to consider your ability to repay the loan, along with your credit. The bank will certainly seek this information at the outset of any lending transactions. This ability can be shown by a detailed, solid business plan. Evidence of cash flow will need to be expressed realistically in this plan. Other factors that may be considered by the lending institution will be the character and management ability of the borrower. In addition,any collateral provided by the borrower would be an important factor. Remember, in the current economic climate, banks will refuse a small business loan to anyone that seems to be a high risk for non-payment. Make sure to do plenty of research so that you only apply for the amount of money you really need at the time.
There are two different types of small business loans. They are secured and unsecured. For a secured loan, the business owner can provide an asset or assets that the lender may take possession of in the event that the borrower is unable to pay back the loan. The bank could then sell these assets to recoup their money. These assets are called collateral. Secured loans are an attractive option because they have lower interest rates. On the other hand, unsecured loans require no collateral on the part of the borrower. The interest rates on unsecured loans, though, are higher.
Small business loans are extremely useful for many businesses just starting out, or in need of expansion. Obtaining one should not be taken lightly, as it requires discipline and responsibility to fulfill the obligation to repay the loan. Make sure to have a business plan to show the lending institution. This plan should contain measurable milestones, to show the lender that you are determined to keep your business on the right track to profitability. As a reminder, do not attempt to borrow more money than you can realistically pay back in a reasonable amount of time. When put to proper use, obtaining a small business loan will be an easy, rewarding experience.
Many Americans make it their goal to start and run their own small business. What could be better and more satisfying than to work for yourself, rather than to slave for your boss or someone else’s company? It would be great to set your own schedule, and to take days off when you so chose.
However it does require hard work and often times significant risk to start up your own small business. There may be high initial start-up costs, perhaps for licenses or property. Also, depending on the business there may be certain equipment or supplies that need to be purchased so that the business can be successful as soon as possible. As time goes by money may also be needed to further expand your small business. In all these situations you might be considering a small business loan. Let’s first consider some factors you may want to keep in mind before obtaining a small business loan, as well as the different types of loans.
First, you will want to consider your ability to repay the loan, along with your credit. The bank will certainly seek this information at the outset of any lending transactions. This ability can be shown by a detailed, solid business plan. Evidence of cash flow will need to be expressed realistically in this plan. Other factors that may be considered by the lending institution will be the character and management ability of the borrower. In addition,any collateral provided by the borrower would be an important factor. Remember, in the current economic climate, banks will refuse a small business loan to anyone that seems to be a high risk for non-payment. Make sure to do plenty of research so that you only apply for the amount of money you really need at the time.
There are two different types of small business loans. They are secured and unsecured. For a secured loan, the business owner can provide an asset or assets that the lender may take possession of in the event that the borrower is unable to pay back the loan. The bank could then sell these assets to recoup their money. These assets are called collateral. Secured loans are an attractive option because they have lower interest rates. On the other hand, unsecured loans require no collateral on the part of the borrower. The interest rates on unsecured loans, though, are higher.
Small business loans are extremely useful for many businesses just starting out, or in need of expansion. Obtaining one should not be taken lightly, as it requires discipline and responsibility to fulfill the obligation to repay the loan. Make sure to have a business plan to show the lending institution. This plan should contain measurable milestones, to show the lender that you are determined to keep your business on the right track to profitability. As a reminder, do not attempt to borrow more money than you can realistically pay back in a reasonable amount of time. When put to proper use, obtaining a small business loan will be an easy, rewarding experience.
I am unable to wrap my head around the fact as to why any
entrepreneur in NYC would not be in this building
considering the price and networking opportunities.
Alex van Klaveran
Founder, LifeStageMedia Inc.
We will certainly never find a better price and I would be surprised if we will ever find the same service we get at Sunshine.
It seems like some of the most common mistakes in job interviews are those that are repeated over and over again. BNet today has a ton of great interview tips:
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