Senior Moments

According to the US Census, almost 13% of Americans are age 65 and over. With Baby Boomers retiring on a daily basis, thisstatistic will certainly increase. Boomers are simply enjoying getting older. In everyone’s book of life, you slowly move through each chapter. Early in yourlife book you have childhood and grow into your teenage years. A chapter or twolater later, you build a career and maybe raise a family. You settle into themiddle of this story working, saving, growing and graying. But that is okay!

Many of you are now in the “Senior Moment” of your lives. Your career and years of hard work are heading in a new direction, maybe even coming to a close. You are focusing on the possibility of retirement andyears of this new lifestyle, enjoying your families and friends in a new more enjoyable way. You have earned it.  You are in your senior moment! What a way to continue your life story.

At AABS Inc, we are ready to help and support this new and exciting chapter.  We have enrolled agents who represent you with your critical retirement factors. All of your needs: personal, business, accounting, and bookkeeping are managed so you can focus on what is important
to you. With face-to-face personal and private appointments, we can discuss an array of variables that make things just a little better. Care and home services, for both the elderly and the physically challenged, are all part of the discussion and assessment portfolio.

We also offer personal finance taxes, estate and trust planning, as well as provide to you personal executor services.

We want to provide as much information as we can to you as you assess your new direction.

At AABS, we are there for you. Call us for an appointment at 919 303 3345, or e-mail us at info@aabsinc.com

Like and recommend us at https://www.facebook.com/AABSaccounting

Visit www.aabsinc.com

We are there for you when you need us!

 

 

Savings Challenge- Homework answers

As I am on my journey to save money both personally and professionally i have answered the questions from yesterday.

Where Do I want to be 1, 5 and 10 years from Now?

1 year from now I would like to have 5 new monthly clients (thus spending will be an issue for advertising)

5 years from now I would like to be debt free and 10 monthly clients

10 years from now I would like to have money in a reserve savings account.

In my current situation where am I over spending?

With out looking at your books your intuition tells you where you are at. Mine are the following:

• I am $10 to death with subscriptions
• Bank Fees
• Advertising avenues to many
• Eating out with clients and entertaining

What simple things can I start on Monday?

• cancel all unnecessary subscriptions
• make a plan to not eat out with every invitation. A coffee meeting will be just as good.
• and Finally actually look at my books. I bet I can find other simple stuff.

Print your answers and post them. Look at them daily. Start simply. Together we can achieve. I am looking forward to seeing some of your answers.

Savings homework

In an effort to assist small business succeeding in this tough economy, I am going it give you some home work to think about this weekend.

Being a small business myself and having been hit with the bad economy and loss of clients, I have had to re evaluate my business and business future. As with my indivudual finances I am going to have to buckle down on the business

No writing I just want you to go outside sit in your favorite spot and THINK. Only Think.

Where Do you want your business to be in 1 5 and 1o year?

In my current situation where am I over spending?

Answer this from the Heart You KNOW where you have spent and where you can save.

What simple things can I start on Monday?

This is it for this weekend.

Simple Tips For businesses to start Saving today!

So how can small business cut cost without cutting services? As with individuals there are many ways to save without sacrificing. Living Lean both in business and your personal life will reap benefits later.

Here are some tips that can be used and the cost savings will be show in your checking account immediately.

Overhead

• Reduce your variable expenses.
• Get a freelancer. Hire freelancers, consultants or contractors to work for you from home.
• Keep a close watch on energy consumption. Set your thermostats to a lower temperature, turn off all appliances when they’re not in-use and encourage staff to shut down their computers when they’re out of the office.
• Sublet office space. You’ll always need to pay rent, regardless of the economy. But try to avoid any additional bills and contracts that will come with having your own office. Subletting is a great way to accomplish this.
• Keep it in the family. Got kids? Hire them! You’ll get cheap help, your kid will learn responsibility and you may get some tax breaks, too.
• Hire college students or interns for credit.

Advertising

• Word-of-mouth marketing works.
• Create an e-newsletter
• Communicate on online forums and message boards.
• Start a blog.
• Use email..
• Get to know your neighbor businesses..
• Get your clients to advertise for you. Ask them to write a testimonial on your Web site or tell their colleagues about your products or services.
• Join trade associations.
• Be an early bird.
• Shop around for an overnight courier.
• Piggyback your advertising. Include advertising material in mailings such as invoices and sneak announcements or coupons into newsletters and other promotional fliers.

Insurance and Finances

• Re-evaluate your insurance coverage and policy costs.
• Consider a four-day work week.
• Consider outsourcing your HR, benefits and payroll to an external provider.
• Order your checks from a printing company.
• Consider raising your deductibles.
• Ask about cash management or sweep accounts.
• Time your payments.
• Commission your sales force. Overhead, salaries, incentives, training costs, fringe benefits and expenses add up when you’re hiring your own sales representatives. Contracting independent manufacturers’ sales reps, paid on commission only, is less expensive and often equally effective.
• Don’t overlook crucial tax deductions.
• Temp it out.
• Get the best business credit-card deal.

Technology

• Go green!
• Switch to open-source software.
• Consider a smaller ISP.
• Check out VoIP.
• Switch from a merchant account to an online payment service like Paypal.
• Look for cheap or free web hosting.
• Buy recycled printer cartridges.
• Eliminate unnecessary lighting.
• Turn off equipment when it’s not being used.
• If appropriate, use laptop computers.
• Stop paying for software. Visit sites like Download.com
• Do it online. Do all of your sales calls need to be in person? Internet-based technologies like Web conferencing
• Share printers.

Saving is not just for the personal Budget

In today’s economy everyone is pinching the pennies. This should go for the small businesses as well.

Many businesses free spend depending thinking

• That big account will come in.

• If I build It,  it will come (yes from Field of Dreams)

• You have to spend money to make money.

These cliques’ have some validity, but be a smart business owner and do it moderation. When businesses subscribe to this line of thinking 100%, they are headed for failure not Success.

Why don’t businesses use the same tack as individuals do?

• Money IN money OUT.

• Plan , plan plan

• Always put some money aside

The First step in good money management is Plan for the future. This means if you know you have to buy a big capital expenditure like computers, buildings, equipment or inventory, Plan For it. Always put some away in a separate interest bearing account. Pay for most of it with cash.  I personally subscribe to Dave Ramsey’s idea “CASH IS KING”.

Yes I know many businesses buy on credit and or lease and that is not ALL bad but do it in moderation.  You never know when you will lose that big client. (Don’t’ put all your eggs in one basket). The roll of thumb is Don’t Finance anything over 25% of the total cost.

I will be doing a series on budgeting and Savings for the Small business Person. Please watch for more. Ideas and follow my website for great financial tips and calculators to help with your savings goals.