Save money in 2011 on Telecommunications

I believe that this subject is near and dear to the hearts of many of our readers. We must have phone and fax lines in order conduct our business, yet each phone line is an expensive fixed cost, and in the case of Fax Machines, there are also equipment and supplies cost, and perhaps some maintenance cost as well.

Virtual Fax Lines For many of us a conventional fax line is going to cost about $40.00/month, plus long distance charges, the cost of a fax machine, paper, toner or ink cartridges, and more. The cost can easily hit $60 to $80 /month. If you have a new year’s resolution to save your businesses a few hundred dollars per year, then we all need to look into Fax to Email services. For as little as $5.00/month I get a virtual toll free fax number that I can send and receive faxes by email. There is still a small charge for usage but I rarely go over my plan limits. Best of all if you already have a fax number you may be able to port your existing number over to the virtual phone service thus saving you money on re-printing your stationary.

Virtual Voice Phone Lines I also have a virtual Toll Free Phone number that costs me only $2.00/month plus usage. If you are a business that has clients that are out of town you owe it to your clients to provide them the convenience of inbound toll free services. My toll free number rings through to my cell phone so I am always in contact with my clients, but I can forward the number as need be to any phone number as my requirements dictate.

Many of us are mobile service providers, and frequently we are the receptionist as well as the service provider. I have just recently come across a service that now allows you to receive your calls at all of your phone numbers simultaneously, if you do not answer, an automated attendant takes a message and the message is transcribed and emailed to you in addition to being stored in a traditional voice mail service. The advantage is that you can publish just one phone number on your business stationary and be assured you will always get your calls even when you are away from the office, or even at home. The cost for a service of this type starts at $12.95/month and includes a professional automated attendant, and you can have multiple extensions.

In addition to traditional phone numbers your business must also consider new communication types such as Skype.

For more information please contact www.bizanalytics.biz. If you would like to learn more about business please visit our new blog at http://businessanalyticsnews.blogspot.com/

The Final Sale

This is a Former Experts Article Published in July 2009

I was talking to a business owner who advised that he was retiring in three years. His sales plan was simple, one day just stop taking new orders. It amazes me the number of small business owners that do not see the value that they have built up in their businesses over 30 - 40 years. It may not be possible to sell some businesses, particularly those that sell intangible services, but not to try is a big mistake. Selling your business can release the years of sweat and tears that you have put into the business, the customer list alone is worth money as well as the brand name & reputation. By financing part of the sale yourself through an earn-out you may be able to retire years earlier while still providing a stream of income from the business.

Business Analytics represents Sunbelt Business Brokers in the Central Alberta Marketplace. If you are thinking of retireing from your business and would like to explore all of your options please contact us. www.bizanalytics.biz

Accounting Knowledge Required

Welcome back and Happy New Year to you all. Originally I had another topic in mind but meeting with an old friend over the holidays prompted me to choose a new topic, that of CRA Compliance.

My friend lost his $2.5 million/year business in the last year due to non-compliance issues with the Canada Revenue Agency. In short, he took his records to his accountant annually and when the accountant was done, he signed off of the paperwork and it was filed on his behalf. The problem is that he did not understand what the accountant was preparing on his behalf, and had he, he would have been able to identify the errors that his accountant was making. The errors, related to the years of 2000 to 2002 and first came to light in 2004, when the CRA requested certain document from him, which he provided, then the issue when quiet until last spring when a dozen police officers and 15 CRA agents showed up his front lawn in Calgary at 6 am to execute a search warrant. Between 2004 and 2010, different CRA agents had been assigned to the file, and then finally it seemed that the issue was resolved, at least according to my friend’s accountant; meanwhile the fees and penalties continued to mount.

The management lesson is simple, know what your accountant is doing, and understand your financial statements from the ground up. If you don’t have a basic understanding of your financial statements you too could end up in a similar situation. The CRA has put more businesses out of business due to owner non-compliance than poor management and weak business plans combined.

When I have permission from my friend I will write more extensively on this specific case.

For more information please contact www.bizanalytics.biz. If you would like to learn more about business please visit our new blog at http://businessanalyticsnews.blogspot.com/