OK, so Ann Taylor and Macy’s are closing down stores as well as Zales Jewelry (limiting my opportunity for a diamond tiara for the holidays), but should I panic? Probably not. Should I tighten my receivables, should I cut costs, should I watch inventories and downsize when necessary? STRONG. yes. If we maximize cash in then the yin yang of that is to minimize cash out. Now is the time to think strategically and act tactically.
At SCORE we have always promoted entrepreneurism, which we still do, but now our emphasis is more directed to helping our clients conserve resources and focus on cash flow for the next 3 to 6 months. Panic only prevents a good night sleep; creative strategic planning gets us through the tough times and keeps us running for the good times ahead. In America, we have always bounced back and so we will again. What are your immediate business concerns? Do you have a SCORE mentor? If not, why not? Call your local SCORE office and get one. Let me know what is happening in your world.
Thanks to the Wall Street Journal’s online site wsj.com, Entrepreneur.com and Kiplinger.com for bringing such current and valuable tax information to the Web. Find six favorite resources below:
1.Tax Center: New to Small Business
Get a start here. Learn about taxes.
2. WSJ How To Brace for Higher Taxes
Looking to the future. Get a sense of where taxes may be in 2009.
3. Smart Year-End Tax Moves
Own a business? This link will help you make those December tax decisions and act now.
4. Tax Filing for Freelancers
Are you a freelancer? If so, plan ahead for taxes and prepare to pay what you owe on Schedule C.
5. Most Overlooked Tax Deductions
Tax deductions you don’t want to miss. Tax deductions for 2008.
6. Deducting Charitable Gifts
Charitable giving is a wonderful way to support the community and causes you believe in. Plus, there is a tax deduction benefit. By the way, SCORE is a charitable organization. If you would like you can donate to SCORE. Learn about documenting a charitable donation deduction.