Awards & Engraving

April '19

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Stephen Capper, along with his wife, Nora, and their daughters, Jami and Toni, owns and oper- ates A-1 Awards, Inc. in India- napolis. He has been associated with the awards and recognition industry since 1958, and has given numerous seminars since 1979. PEOPLE BUY FROM PEOPLE by Stephen L. Capper, CRM 44 • A&E APRIL 2019 How you leverage your labors in effi- ciently honing your business skills far outweighs any other area of your overall operation for success. Remember that out of 100 businesses, only four will be in business at the end of 10 years. That ratio is only 4 percent. I do not want to mini- mize any area of your business, because it took your entire team to go to the next level. But there are many areas of business that are imperative to our survival. ACCOUNTING Tip: Accounting, including credit and taxes, is a priority. Your greatest expense personally may be your total taxes, and most of us spend only a small amount of time concerning ourselves with taxes (we pay others to do them). This is because we don't learn to understand them and use them to grow, partially because taxes are confusing and no fun. But taxes are important to every small business and one of the most vital hats you wear. Paying attention to your accounting department is the difference between keeping the boat afloat and it sinking. Learning to leverage your tax bill and when to buy products, inventory, and equipment are just a few of the ways to make taxes work in your favor. Take the time to sit down with your tax accountant and make a plan in advance as to how you are going to make taxes work for you. Most of us delay thinking about taxes because we just don't want to tackle the hard subject, but when you see the results of what a good plan can do for you, you will be glad you took the time to plan. T hroughout the past few articles, we started looking at various areas of our business: storefront importance, funding, equipment needed/making decisions, health insurance, inventory, and strengths in suppliers. Tips for the One- or Two- Person Shop: Part 4 Budget and Financials

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