Taxes

One of the most dreaded words of the small business owner.

I wanted to share a few tips we have found to pass on along with some other links that may help some of you.

First tip: Get some professional help. I do not mean to have to pay a fortune for this help but too many small business owners think they can do it themselves and find out only years later after an audit, that they either owe money they don't have or wasted money they could have gotten back, but is now too late to recover it.

Even if you just read up on the subject, go on line for a self help like at Entrepreneur.com or pay for a tax filing program you will be ahead of the game.

Here is a link to a great lady I know Diana Crawford. She did these tax audit videos for a client and it has helped many people. Besides just being an accountant with a CPA degree she is an Intuit QuickBooks expert. So if you use QuickBooks (I suggest you use some type of computer program) and have a problem give her a shout. She will help anyone or at least steer them to a local person that can. She teaches QuickBooks small business classes for free and does Beta testing for Intuit on new versions of QuickBooks and is an Intuit Trainer. If you already have QuickBooks there is a wealth of free information just through Intuit on line.

http://www.expertvillage.com/expert/2239.htm (cut and paste the link)
dcrawford@cmccpas.com This is her e-mail. Please indicate on the subject line or in your e-mail you are a Soap Warehouse customer. She is also available to do any ones businesses taxes, her firm handles clients across the country.

Right now we are planing to start recording her free "How to set up your small business with QuickBooks" sessions so she will have more time to devote to hosting other advanced classes. We are also discussing with her to possibly make a video just for pressure washing businesses to address their specific needs to put on our site. I will let everyone know as soon as new sessions are available.

Next make sure you are tracking every expense. Do you give out coupons or give discounts for services to customers? You need to track that money as cost of advertising, this expense is to be taken against the money you made. If you list your total income minus cost of labor and supplies but forget this amount it could be costing you hundreds of dollars a year in tax savings.

Mileage vs actual cost: Always keep a log book in your company vehicle listing the beginning millage on Jan 1. on the first page and then keep a millage log to and from every customer or stop. List every dollar spent on gas, oil changes, tires, tune ups, repairs etc. I also suggest putting this information into a spreadsheet at least once a week or so. This way at the end of the year you can evaluate if you should take the flat mileage rate of the miles you drove for work or the actual costs of using your vehicle for business. Don't forgot the mileage on your personal vehicle either especially if it is used to do other errands like deposit money in the bank or pick up office supplies. Keep an estimate book in your family , so if you meet someone, hand them a card and give them an estimate, you can write off some of that mileage as well.

Even something as simple as doing your laundry can save you money. If you spend the few extra dollars to put a company name patch on your clothes you are then able to write off not only the cost of the items, but the cost of the patch and cleaning them for the entire year. Because they are then considered a uniform not just personal apparel, but I suggest wearing them sometimes even when you are not working to promote your business name. I will sometimes wear our Soap Warehouse business tag out just to try and start conversations and get new leads. Even putting a sign with your business's name and number on your personal car will allow you to write off the costs it takes to do it plus gives you the added advertising. I have even lent a set of magnetic signs to friends to put on their vehicle when I know are going on a long cross country trip to generate calls. I never know where my next customer may be coming from.

Good Luck dealing with Uncle Sam this year.

Changes for the year.

First I would like to say we had a lovely time in Savannah GA for the PAMA Seminar (Professional Aviation Maintenance Association). We where a Bronze Supporter of this event and it was very nice to meet Aviation Maintenance personal from all over GA and the South. Some knew of our product "Top Gun" but many were introduced to it for the first time. We look forward to work with as many of these great people and companies as we can in the future.

We want to congratulate Mr. Charles Wilson of Luthersville, GA on winning our "Top Gun" product package at our booth. We also want to thank the attendees that bid and won our "Top Gun" product in the PAMA silent auction.

I hope that at least some of our Northern customers get to attend this weekends Pressure Washing Seminar in NY. Soap Warehouse is a Silver Sponsor at that event.

(ADDED LATTER: We wanted to congratulate the four winners of our 5 gallon product door prizes at the Seminar and to Joe Torres the winner of our Exterior sample pack in our drawing from the fax entries we received after the Seminar.)

We are also looking forward to our next event that should be in May over in Charleston SC for a local PWNC (Pressure Washers Network of the Carolina's).

Next we are moving closer to putting our new web site on line. It will have new tabbed features to make navigating through the web site easier. It will eventually allow customers to place orders, choosing the products, sizes and amounts they want with us following up by contacting them back with the total including shipping and expected delivery date.

You will be able to see what the product total will be when you send the order to us and we will then calculate any shipping charges according to the filled out request.

You will also be able to see MSDS info for each product on their product page or find it in the MSDS table listing. Prices will be listed with each product but an inclusive price list will still be available only by logging on to the customer only area or by a request that we send you one by mail, fax or e-mail.

We will have this Blog, Links and other information available to help our customers.

If there is any thing you would like to see on our site please contact us and request it.

Time to Stock up

I can not believe this is March already!

We have been very busy planing for this year.

We are currently working on designing a new web site that we hope improves our customers enjoyment of our site.

This has been a very cold snowy Winter for many of our customers and as such a slow start to the new year. But with signs of Spring finally peaking through now is the best time to make sure all of your equipment and supplies are ready for the Spring boom.

If you are reading this blog and have not yet given us your e-mail address, please take time to do so. You miss out on so many opportunities when we can not keep you up to date. E-mail your address to soapwarehouse@hotmail.com, subject: add address.

Last December we started a monthly Newsletter which includes information on special offers, contests as well as things you should be aware of such as price changes, up and down.

This year we plan to get out as much as we can to meet current and new customers. We are supporting both the Mid America Truck Show the middle of this month & the Northeast Pressure Washer Seminar in NY at the end of this month. We plan on attending a PAMA seminar in Savannah, GA on the 21st of this month, going to and exhibiting in the PWNC meeting mid May in Charleston, SC and later in the year going to TX to exhibit in the 2nd largest Truck Show in the country; The Great American Truck Show in Dallas TX, Aug 20,21 & 22nd. And if we are lucky we will finish out our show year in October exhibiting at the PWNA meeting and supporting again the AOPA Expo in November. Please make plans to come and see us and attend these great events. We will send out more info as the year goes on.

Here is wishing you all a great month and start to the beginning of the pressure wash year.

New Year, New Prospective

Happy New Year!

Sorry I am a bit late but we have been busy planing great things for the new year for our business and you should be doing that as well.

I know how everyone is down and depressed about how last year went, the economy, a new administration and the uncertainty of what this new year will bring for us all.

So let us make plans on the positive side. How many of you know what a SWOT Analysis is?

Well a SWOT is a very simple but helpful tool for you and your business.
S - Strengths
W - Weaknesses
O - Opportunities
T - Threats

Now that you know what the letters stand for let me explain how to use this to analyze your business or any problem or question you come across during the year in running your business.

SWOT analysis provides insight at a point in time - like a snapshot, of whatever you want to analyze. It could be business as a whole, like whether you should add another rig to your business, or even if you should stay in the business line you are in, say house washing or maybe expand by adding window or deck washing, reduce it by doing gutters only or change all together like going into kitchen exhaust work.

This is how it is done: start by dividing a page into four quadrants with a vertical line and a horizontal line.

The top two analysis quadrants are Strengths and Weaknesses. The bottom two quadrants are Opportunities and Threats. Let us say the Question is "Should I add a new rig this year?"

So then with what ever your question is, start to list the things that belong in each section.

You could list in the Strengths that having another rig can increase the number or kind of jobs you do. So in the Opportunity box you could then figure exactly what that number could be and the income opportunity that would bring. Then in the Weaknesses area you may list the extra personal it may take to run it or the limit of use you could get out of it during the year and in the Threats of course would be the cost of the rig, also its cost of operation including the cost of the personal to run it.

This way you can see what this could do for your business or if it would be even a good idea at all. And the question does not have to be a large one. It could be as easy as should I increase or change my cell phone plan or carrier?

Too many times the small business person sees what somewhat else is doing thinks "Hey I can do that", or "That is a great idea" and goes off spending time and money without really taking into consideration all the facts.

Here at Soap Warehouse we have lots of big new plans for you and our business this year, but with each one there are steps we have to take to be sure we are getting the results we want and need from these changes.

I wish all of you a very good new year and I hope all your plans are fruitful.

Happy Holidays

Hello All and Happy Holidays!!

I hope everyone had a good year. That despite the down turn of the economy and that you will continue to be in business this coming year and are looking forward to it.

I know that even with tough situations we faced this year we managed to stay afloat and in the black even if not nearly as well as in years past.

We are looking forward to making changes and offering new things that we hope will keep you, the current customer, happy and bringing new business in the upcoming year and years ahead.

If you have any ideas or comments please let us know. We still need some customer’s current e-mails in order to keep everyone informed. Please forward us an e-mail if you have not received a newsletter or other e-mailed correspondence from us this year.

Thank you and see you next year.

Getting the right business exposure.

This is a list I got from Entrepreneur magazine a while ago.

Top 11 things to get exposure for your business:

#11. Be reachable - Have a clear and concise business card. Have a press contact listed on your web site that can answer questions and be reached on the first call.

#10. Get on-line. As I had in a previous entry this is a #1 need in today's market. Add articles even if just links, showing that your company is in the news as a leader.

#9. Perfect your elevator pitch. You should always be able to tell anyone in just a sentence or two what you and your company does, and have a business card ready as a follow up.

#8. Show your face. Have a press folio made up and photo's available to be used for any print article. Also good to use the same ones on line to let the contact know on site they have the correct company they are looking for or saw info on.

#7. Establish yourself as an expert. Speak at meetings (even if just the Rotary Club), become a media contact.

#6. Do not send sloppy copy. Have a pre created standard press release about you and your company, even if just the same as on line that can be used by anyone in the media.

#5. Know your audience. Make sure where the press release is going is where you want your future customers coming from.

#4. Tell the whole story. Think as if you had to write a headline and two paragraphs about your company. What would it say. Be complete, brief and concise with your info.

#3. Plan ahead. Check with publications you read or would want to see your story in. Find out what their upcoming issues will be covering and see if you can write a story or give info that they may want to use and quote you on.

#2. Distribution channels: These are ones that the media go to when looking for information. PRWeb, Business Wire, PRNewswire, Market Wire. If you can get your business story on one or more of these it will work for you.

And #1. Respond Promptly. Most writers are on a time line and will move on to their next contact if you are not immediately available for comment or with a story.

Good luck.

End of year check list.

Welcome to a new month and the last quarter of the year.

With the year winding down I wanted to touch on things to do before the end of this year to get ready for next year especially if this is a slow time for you.

A great idea is to do a Business Wellness Check.

First take a look at the increases you have had during the past year and make sure that your prices are still in line with the changes. If not now is the time to make the rate chart changes for next year. You may be able to make the sales pitch for next Spring to get a contract now is for the company to lock in today's pricing before next years inevitable price increases. Just be sure you can still make even a modest profit at this price. It never makes sense to work just for works sake it, you must be able to make a living at this.

In fact price adjustments are something that you may need to do twice a year or quarterly depending on how volatile the year is for your vendors. Even if the new pricing is to just new customers during the year.

You need to see where your major increases were and make the needed adjustments now. If it was in supplies are there ways you can save? Can you make better purchase decisions that will help you next year? For example is there anyway to maximise your purchases? Can you buy 3 or 4 kits of product instead of 1 or 2 at a time and save some on the rising fuel costs? Are there more affordable options for your supplies? Have you been using your products at their optimum? For example are you sure you are using the right concentration for the job or are you using more than you need there fore are wasting money? Are you able to buy in bulk for consumables at discount or bulk shopping locations like Sam's, BJ's or similar companies.

Next evaluate your equipment needs. If you have had to make repairs repeatedly on a piece of equipment during the last season, now maybe the time to consider replacing it. Many times Winter is the time of year when equipment vendors have sales or give discounts on end of year models getting ready for next years models just like the car manufactures. It is hard to stick to a busy schedule when equipment failures put you behind and possibly lose you jobs and money.

One thing to not forget to put on your business wellness check list is to make sure your business stays in compliance with your local, state and the federal waste water regulations.

Here is a link that I think will be helpful to many of you: http://www.washwater.org/. This will allow you to find links and the information you need at one site.

In these days or increased awareness with droughts, water restrictions and tighter regulation you need to be in the know instead of on the receiving end of a warning or worse a heavy fine.

These are just a few items to put on a check list. Make yours as long or short as you need but be sure it covers all of the areas that effect your bottom line. Even down to the cell phone use and insurance policies. Every cost to you and your business makes a difference in the end.

Have a good month and next time will be about increasing your business exposure in the community.