SERIES 4 – DAY 2 NATIONAL PRESS CLUB Welcome to Series 4 where we will talk about taxes and the economy but before we begin make sure that you get a chance to read Small Business Leadership Summit Mixer (Series 1), Access to Capital (Series 2) and Technology and Minority Entrepreneurship (Series 3). As we are heading midway through the series we want to say thank you to the Small Business Majority team for such a great honor in being a part of the Small Business Leadership Summit 2015. The Summit provided the business owners a wealth of information that has been instrumental in helping us to scale up in our business efforts.
On Day 2, we are still at the National Press Club as the series continues and we are halfway done with our day. Let’s hear what is being said about taxes and the economy from a business owner’s perspective in Panel 2. Panel 2: Taxes, Budget and the Economy: Creating the Environment for Small Businesses to Thrive facilitated by J.D. Harrison, Small Business Reporter, Washington Post and including Mike Roach, Co-Owner, Paloma Clothing; Mike Brey, Owner, Hobby Works; Bill Beach, Chief Economist Senate Budget Committee, Republican Staff; Professor Caroline Bruckner, Executive in Residence, Accounting and Taxation Managing Director, Kogod Tax Center, Kogod School of Business, American University; and Evan Schatz, Staff Director Ranking Member Patty Murray, U.S. Senate Committee on Health, Education, Labor & Pensions.
Each legal business structure (sole proprietor, limited liability and corporation) has its benefits and it all depends upon several factors from State location and type of goods or services provided, to your vision and goals for the business. This panel addresses a concern that Sam Hughes, President, Capital Real Estate Group had in his letter to me for the Summit, the tax rate. Here are some highlights of what was discussed in Panel 2:
- Mike Roach, Co-Owner, Paloma Clothing indicated that sole proprietors should be treated like any other business structure because they are operating similar to other business types;
- The national tax codes should be changed to be beneficial to all business types and to help level the playing field. We as business owners know that these codes are put in place to do the opposite and are more beneficial to big businesses. Do your part and get your voices heard by contacting your State representative;
- Several major online retailers are getting benefits due to the Marketplace Fairness Act while small business owners are being taxed heavily for the goods or services that they provide;
- What is the Marketplace Fairness Act (MFA)? According to the MFA Website: The Marketplace Fairness Act provides the authority for online and catalog retailers-despite its location-to collect sales tax at the time of a transaction – as in a storefront retailer transaction. The caveat is that States are only granted this authority after they have simplified their sales tax laws. To see more visit http://marketplacefairness.org/what-is-the-marketplace-fairness-act/
- States have fiscal pressure by raising taxes but should it be on the backs of small businesses that in some cases can’t hide behind corporate tax laws?
For economic growth and development what type of CRM or SAP tools are you using? If you don’t know what CRM or SAP tools are you should? Systems Applications Products (SAP) is the umbrella in which other software components such as Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) reside. These software systems are designed to help your business run efficiently. Especially if you are a mobile company and continually on the go or working in the field. Having access to these types of resources are ideal. The type of software that you need depends upon your business type. Here are some benefits for using these types of tools:
- Sales management
- Human Resources
- Supply Chain Management
- And Much Much More
In today’s market it is best to work smarter and not harder, why not start today with a simple adjustment beginning with your tablet or even your smart phone. Tell us what tool that you are using to incorporate into your business to scale up? We would love to hear from you. Of all of the submittals we will choose a few comments to post, will it be yours?
Connect with us @JEGroupBiz on Twitter, or Jabez Enterprise Group on LinkedIn or Facebook to see what we are doing next or to see your post. For economic development for your business’ growth don’t forget to pick up your copy of Get the Cheese, Avoid the Traps: An Interactive Guide to Government Contracting today.
All photos courtesy of Vernita Naylor, Jabez Enterprise Group (JEGroup) Unless Otherwise Noted.