Business Planning in Omaha, NE
Planning for what’s ahead — whether it’s tomorrow’s itinerary, benchmarks for the upcoming year, or forecasting for the next 5-10 years down the road — is a perpetual task at hand in the business world. This is largely due to the fact that it’s at the top of the list in terms of key things that must be done to set everything up for success, hand-in-hand with goal setting and evaluation/reviews. The beginning of the year is a popular time for business planning (although it’s generally a year-long endeavor); along with other strategic advantages, it’s simply a great opportunity for a fresh start.
Business Plan
You’ll want to look at the big picture as well as all of the smaller things that have an impact on your business, and when planning it’s also advantageous to incorporate goal setting so that you can measure your success of your decisions at the end of the year. Greater Omaha SCORE offers resources for those who are looking to take their business to the next level in 2016.
David Gregg – Greater Omaha SCORE
David Gregg, Chair of the Greater Omaha SCORE Chapter 40, advises, “It’s a good idea to write down your own 3-5 goals for the new year. These goals should be specific and quantifiable so the owner/manager can measure their degree of success throughout the year.
Once those are set, consider the following items in relationship to your goals:
Milestones — Businesses need tactics to achieve their goals. These tactics (known as milestones) are a breakdown of areas or activities necessary to achieve goals. Milestones would include the name of the activity, purpose, cost, deadline and person accountable.
Value Proposition — Make sure your business has a unique characteristic which differentiates it from the competition in some meaningful way. The customer must have a reason to buy from you, the business owner, which is different from all other forms of competition.
Validation — Don’t venture into business or roll out a new product line without ensuring the public will accept and purchase your offering. In other words, make sure ‘the dog eats the dog food.’ Do this by asking potential customers, offering samples, surveys, pre-orders, etc.
Greater Omaha SCORE offers an Entrepreneur Workshop on the first Wednesday and Thursday evening of each month. The Workshop is valuable for new and existing businesses because it offers education and business owner interaction on topics such as law, insurance, finances, business plans and marketing. The topics are covered by pros in their unique areas of business. The cost is $50 per person and also has a discount for veterans.
Moreover, SCORE offers one-on-one counseling at no charge. The counselor for these sessions is matched by the needs of the business owner and/or industry expertise. These counselors provide advice and guidance by sharing their own experiences. Popular topics are the mechanics of starting a business, business plans and finances.”
Business Finance
There are likely a group of key professionals that you utilize to ensure that your finances are in order—your accountant, tax preparer, insurance agent, payroll professional, benefit advisor, payment processor, and so on. As such, each of these individuals will be able to offer a different perspective in assisting you with evaluating your successes and shortcomings from 2015 in order to help you plan accordingly for the year to come.
Diva Mejias – Liberty Tax Service / M&M Insurance Associates
Diva Mejias, co-owner of Liberty Tax Service and a partner at M&M Insurance Associates, provides helpful tips for business owners in the areas of taxes and insurance:
Taxes:
“Most business owners have already consulted with a tax expert for advice prior to year-end to ensure they’ve minimized this past year’s tax liability and to strategize for next year’s taxes,” says Mejias. “Keep in mind that in your business, every decision that is made has a monetary effect from a tax perspective. The most overlooked area in the planning process is not planning correctly for what that tax impact will be and how it will play out during the planning process: expansions, deferring major purchases, monitoring productivity, payroll, cash flow, and so on.
Make sure to regularly review your tax calendars and ensure the 2016 tax year is well documented so you don’t miss federal or state tax deadlines. For taxes as well as insurance, you’ll want to verify that your business is in compliance with the Affordable Health Care Act in terms of number of employees and whether or not they have coverage.”
She adds, “Laws and regulations are constantly changing so it is important for the business owners to keep up with them. Even the most complex rule or law needs to be understood as it may gravely affect the business.
Some businesses fail in the first couple of years because business owners are focusing on areas that are not their expertise, such as accounting. It is best for them to spend hours and efforts in growing their business and letting the experts handle those areas that they’re not familiar with or trained on.
However, there is still plenty of opportunity for planning. At Liberty Tax Service, we provide consultations and help ensure that tax liabilities are being minimized and tax filings are up-to-date.”
Insurance:
Mejias advises, “Business owners should review their insurance policies to ensure they have enough coverage for their business. Questions should be asked in areas such as:
• If an owner or key person gets injured or dies, the business could suffer a tremendous loss. Do you have coverage in the event of death or disability, and if so have you recently evaluated that coverage?
• Has your staff increased or decreased? Based on your current payroll you may need to adjust your worker’s compensation insurance.
• Are the business assets adequately covered? Did you buy a piece of equipment or make a large capital asset purchase that isn’t yet included in your current policy?
• Are you aware of how the Affordable Health Care Act affects your business? Do you have mandatory requirements? Is it time to research group health plans?
Our role at M&M Insurance Associates is to evaluate the business plan to ensure that the business owner or entrepreneur has adequately covered all insurance needs for the business based on the specifics of that plan.
Especially with respect to insurance coverage, it’s important to evaluate price versus value. Many times I see business owners go price shopping for what is the least expensive policy alone versus finding policies that ensure the correct coverage and then comparing them by price.”
Payment Processing:
Jim Barnes – American Payment Systems
Jim Barnes, President/CEO and owner of American Payment Systems, offers his expertise on planning for the coming year from a payment processing perspective:
“When it comes to credit card transactions, a major part of planning for the coming year will be to look into being able to process cards with the new EMV chip. As the technology was just introduced, only about 30% of merchants are actually capable of accepting them currently as it does take an equipment upgrade or adding hardware to existing equipment in order to do that. All of the various terminal types need specific software upgrades as well, so it’s been a complicated transition and something that we’ve stayed out in front of with our clients.
The major advantage of being capable of accepting cards with the new EMV chip is not being solely liable for fraudulent transactions. As of October 1, 2015, the liability as to who is responsible for fraudulent transactions and stolen cards has shifted to the merchant in the event that they don’t have the proper system in place to accept cards with EMV chips. So by upgrading, you’re protecting yourself from any of those potential situations, which unfortunately aren’t rare these days. We’ve seen it happen already – if a customer disputes a charge and the merchant doesn’t have chip-enabled terminals, they are the ones who take 100% of the loss. It’s important to note that being able to accept EMV-chipped cards doesn’t mean that your system can’t be breached; it’s simply a measure to cut down on fraudulent transactions and use of stolen cards. Also, it only pertains to face-to-face transactions where the actual card is being physically swiped. If this is your major way of accepting payments, it’s critical to get on board as soon as possible.
You’ll also want to evaluate your relationship with your current payment processing company and the terms of your agreement when planning for the coming year. Review your statements for hidden charges and look at areas where you could improve and save money. Also, if you’re deciding whether to purchase or lease equipment, first assess what you are really paying for and weigh your options accordingly. At American Payment Systems we take service and transparency very seriously, particularly because payment processing is unfortunately an area where businesses have been taken advantage of for years. We are a local, family owned and operated company and instead of contracts and cancellation fees, our business model allows our customers to continue choosing to do business with us on a monthly basis. You’ll also benefit from 24/7 local support; you can always get a hold of us and we’ll pay you a visit if your terminal is out of service instead of sending it in the mail, which could take more than a week. Payment processing is one of those things that’s absolutely critical to a business, so even being down less than an hour could have a significant impact on your revenue.
Furthermore, particularly for merchants in the retail and restaurant industries, there’s been a major movement away from the old cash register and stand-alone terminal set-up. In planning for the coming year, make sure you look into the technology that’s available and how you could incorporate that into how you do business. Many of the new POS systems incorporate the use of mobile devices along with applications for payroll, time clocks, tracking inventory, processing transactions, and more—when you save time, you also save money! These systems have become so affordable that it’s well worth at least checking out the possibilities.
A merchant’s awareness of how to gain new customers and keep them coming back is something that can also be taken into account in planning for 2016. Rewards and loyalty programs have become far more popular because they are a great way to do exactly that. Customers have access to these programs on their phones and mobile devices, making it much more easy for them be utilized. These programs are a powerful tool because they provide an incentive for people to choose your business. For those in the Omaha area, if you don’t have the Pinpoint app on your phone you should because it’s FREE! As soon as you sign up you’ll get an invitation with over 150 different locations around town offering discounts.”
Business Transactions:
The buying and selling of businesses happens regularly, and as such, many people will be planning to do one of the two, whether it will be happening in a few months or in a few years. This can be a complicated matter, so it’s important to have the guidance in place so that you’re doing exactly what you need to do at the appropriate intervals so that you stay on the path to the ultimate goal.
Jason Wollen – No Coast Business Advisors
“With respect to business planning, our expertise lies in helping our clients prepare for turning over their business,” says Jason Wollen, co-owner of No Coast Business Advisors. “Whether it be selling the business or passing the torch on to the next generation, we join forces with our clients’ team of accountants, financial advisors and lawyers to plan for the transition so everything goes as smoothly as possible.
If you are thinking about selling your business in the next couple of years, it’s crucial to focus on the financial records now. This alone will play a major role in the business’s value when it comes time to sell. It’s important to track all transactions, especially purchases, as a part of the profit and loss statements. Having a legitimate paper trail for all of the business’s finances can actually increase the value of the business because you have quantifiable proof to show potential buyers. Moreover, it is wise to begin paying yourself as an employee as opposed to taking your cut of the business’s profit. It’s all about strategizing to get the most for your business, so presenting the most accurate reports of overall revenue (and profit) of the company is critical.”
Jethro Hopkins – No Coast Business Advisors
Jethro Hopkins, co-owner of No Coast Business Advisors, adds, “Especially for someone who is already busy, it can seem like a lot of work to track all of their financials. However, that is why it is always important to have a very good accountant. Then as the business owner you simply need to save the invoices and hand them over to your accountant, who will put it all into your profit and loss statements as well as filing the invoices and keeping the books on your business in order and up-to-date. You’ll avoid spending the time doing it yourself along with any number of costly mistakes that could be made in the process.
For those who may not be planning to sell in the near future, market valuations are still the most critical of our offerings to have done. This provides a benchmark of its value which can be referenced for all sorts of things, such as loans, future planning, partners, dividend payout estimates, and much more. We recommend that any business get one done annually at the very least.”
Business Communication
With the growth of a business comes more avenues of communication – for customer service purposes, business transactions, meetings, client communication, responding to incoming calls, and so much more. This is an area where you should evaluate your current equipment along with the methods you have in place and pinpoint the ways in which you could improve in the coming year.
Utilizing an answering service is one way to increase your level of customer service offered without having to hire additional staff to cover phone calls outside of the normal hours of operation. Executive Answering Service offers friendly telephone receptionists who can answer your phones whenever you cannot – whether you are on the other line, out of the office, with a client or spending treasured time with your family/friends. Many callers will hang up and call someone else when they receive a voice mail or busy signal, resulting in what could be hundreds of dollars of lost business!
Megan Lipert-Murphy – Executive Answering Service
“Hiring, training and then the overhead cost for a friendly and customer service oriented telephone receptionist – including salary, benefits, etc. – is expensive!” says Megan Lipert-Murphy, owner of Executive Answering Service. “Our operators can obtain messages and/or seamlessly transfer calls to you or your staff, just as if they are working directly in your office. They are trained to be the best virtual receptionists in the industry. We don’t want to be just your answering service, our goal is to be a part of your team and your customers are our number one priority. Executive Answering Service is able to offer the quality of service that is aligned with your reputation and the communication technology that your business requires.”
Chelley Baack – Headsetters™
Incorporating wireless devices is another way to improve communication in the coming year. Those who are always on-the-go don’t want to have to worry about connecting to their devices, which is why wireless solutions continue to evolve. “Bluetooth technology is always advancing, so you’ll want to plan accordingly,” explains Chelley Baack with Headsetters™. “The range of the devices is always growing farther, batteries are lasting longer, devices are getting more comfortable to wear, strength and durability continues to improve, technology is becoming more sophisticated, and so on.
Bluetooth devices are so popular among business owners and professionals because they make it easy to talk on the phone or connect to another wireless device without worrying about cords or wires. Some of our headsets even have the capability to allow ‘multi-connections’ where the headset can connect to a computer, a landline, a VoIP and a mobile phone all at once. Furthermore, all it takes is the push of a button to tell it which one to make a call from. In addition to offering wireless solutions for our customers, Headsetters™ also offers mobile access to our products and services. Even when we’re closed on nights and weekends, our clients never have to be out of info or out of contact.”
Business Travel
Businesspeople are most commonly on the go and this not only takes them everywhere in the Omaha area but to various destinations across the United States and even abroad. Travelling specifically to do business may be how you’d consider utilizing a travel agency, and you’d certainly be correct that these professionals are a tremendous help and using them as a resource is the best way to guarantee that you’ll have a worry-free trip, but there are also other ways that you can plan to incorporate their services.
Kris Reddy – The Vacation Store & The Cruise Company
“Assisting in planning destination meetings and team building events for our corporate clients has been among our increasingly popular services over the past few years,” says Kris Reddy, owner of The Vacation Store & The Cruise Company. “These work really well for getting your team out of the office and into a different environment where they can be productive and also share a memorable experience with one another. We can even schedule a member of our team to act as a meeting concierge throughout the entire trip as needed. Aside from meetings and corporate retreats for groups, you may also incorporate a nice getaway into an incentive package or program. Travel packages can be planned for client or member appreciation too, as a memorable way to maintain your relationship. We’ve also planned successful seminars as well as consortiums, or a gathering that connects multiple businesses, organizations or unions. These are all examples of creative ways to incorporate travel into the coming year that you could potentially write off for tax purposes, generally claimed as travel and meeting expenses incurred to help businesses meet their goals, so I also highly advise consulting with your accountant to see what your options are.
Above all, the expense of travel is well worth the opportunity for training, networking, goal setting, team building and so on in a unique environment that is still conducive (and many times optimal) for producing the results you seek. We’d be happy to help you plan any of these types of events, and also tune into Travel Tuesday on KMTV’s The Morning Blend for more ideas on how you can incorporate travel in 2016.”
Business Promotion
To effectively market your business in 2016, you’ll want to take a look at the big picture at the beginning of the year, evaluate where you are at and where you want to be, and then strategically plan out your efforts so that they will have the most impact on your target audience over the rest of the year.
Joseph Frost – Frost Media Group
“With the new year just around the corner, it’s time to start thinking about strategy, and how to get the most ‘bang for your buck’,” advises Joseph Frost, owner of Frost Media Group. “It’s critical to stay top-of-mind, whether your goal is to bring in new customers, clients, or donations. A solid plan today can help you stretch your budget to cover the entire year.”
He continues, “One idea is to look for efficiencies through annual contracts. A yearlong marketing strategy is often less expensive than relying on a series of one-off projects, and if you can sit down once and outline a strategy for the year, you’ll avoid spending countless hours in planning meetings and sifting through proposals. For example, Frost Media Group offers 30 to 40% off an annual video contract versus onetime projects. You can get the same quality content, stay in front of your audience with engaging videos, and save some serious money by planning ahead.
Another great idea is to sit down with your calendar and plan your marketing strategy around the events you already know about. Have a big fundraiser in the fall? Grab people’s attention in the months leading up to it, pull at their heartstrings while you’ve got a captive audience, and then make sure anybody who didn’t attend wishes they had with fun social media content that day and a recap afterward.
Frost Media Group provides video solutions and creative strategies for its clients. Our One Minute Video annual packages included annual and quarterly content planning to maximize return on investment from video marketing campaigns.”
As you can see, there are so many things to be considered when planning for the future of your business. Fortunately, there are plenty of opportunities for business owners to take advantage of when it comes to assistance with this planning. Enlisting the help of professionals is key to your success as a business owner, so don’t hesitate to reach out and get feedback as to how you can move your business forward in 2016.
The post Business Planning in Omaha, NE appeared first on Strictly Business | Omaha.