Route 422 Business Advisor

From the Editor's desk at Route 422 Business Advisor — Relevant news and information of interest to business owners and operators along the Route 422, Route 100 and Route 30 corridors in Southeastern Pennsylvania. Please visit www.422bizmag.com

 

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Should you payoff debt or save more for the future?

The answer is “it depends.” It depends on your goals, income, expenses, stage of life, the interest rate on your debt, the term of the debt, the return you are receiving on your cash in the bank, the return you are receiving from your long term investments and other various factors. Consider that the best case scenario is doing both in order to get ahead financially.

Many Applications for “Chatbot” Automated Assistants

Hureka has built a new app for restaurant owners. Talking with Roopak, I hear the excitement in his voice when we discuss the new chatbot. From many conversations we’ve learned the average restaurant owner is having a tough go of it — miniscule margins, high rent, staff retention, spoilage and numerous challenges to keep the customer engaged and to encourage repeat customers. The new restaurant app can solve these issues. Consider it an automated service executive, with zero downtime which takes milliseconds to answer customer queries.

Starting a Business, What You Need to Consider

If you’re thinking of starting a business, congratulations, as this can be one of the most rewarding experiences you could ever have. However, to have a successful business there are several factors to seriously consider before taking that first step.

You should consider a team of professionals to help your business get started on the right foot.  A good accountant and lawyer are critical in the beginning. 

Here are a few initiatives that you want to get right… from the start.

TAX & ESTATE PLANNING Charitable & Gifting Strategies

The Tax Cuts and Jobs Act passed in December 2017 preserved tax benefits associated

with charitable giving to qualified charities. Common charitable organizations include:

❏ Religious - church or other affiliations

❏ Charitable - hospitals, Alzheimer's association, Multiple Sclerosis Foundation, etc..

❏ Education - private high school, college or university

❏ Scientific - medical research, such as the Cancer Research Institute, etc..

❏ Veterans - Wounded Warrior Project, Hope for the Warriors, etc..

What is Sequence of Return Risk?

Greg Koch's picture

Sequence of returns risk can affect your long-term income the most in your early-retirement years. That is the timespan just before and right after you retire. You may have heard of that period called the “retirement red zone,” or generally the 10-year spread prior to and after retirement.

Thinking About Owning or Growing a Business?

Owning or growing a business is certainly challenging. The level of responsibility on the business owner is tremendous, increasing as the business grows. Availability and accessibility are key and absolute critical elements in growth. Hiring employees to help diffuse the pressure by means of delegation brings on its own new set of challenges and difficulties.

How Machine Learning Can Improve Small Business Operations?

One way is real time advertising.  Ads served up on Facebook or the same ad showing up on the next website you visit… because of your search behavior moments ago.

Hurekatek.com recently listed five ways to use chatbots for marketing to assist any business regardless of size. Customer support, digital assistant, research assistant, marketing automation and email marketing were covered because of published research indicating the need for all businesses, large and small, to take some form of action to employ at least one of the methods named.

Retain Clients — Grow Your Business

How much time and money do you spend trying to get new customers? How much time and money do you spend keeping your existing customers? Ray Kroc, founder of McDonalds was quoted as saying “It is much more profitable to sell multiple products to one customer than to sell just one product to many customers.”

What is a 1035 Exchange?

Greg Koch's picture

Do you have a current annuity or insurance policy that doesn’t fit your needs? If you are on the lookout for a new policy, a 1035 exchange may be a good option for you.

How a 1035 Exchange Works

Identity Theft

Greg Koch's picture

On Thursday, September 7th, Equifax, one of the largest credit-reporting companies in the US, said 143 million people could be affected by a recent data breach, involving credit card companies, banks, retailers, and lenders.

In 2017, data stored by hospitals, cell phone companies, health insurance and government agencies is being targeted more than ever. And the reality is, no matter how safe we are with our information, we can’t control the security of these databases. So, it’s only a matter of time before we’re personally affected by a serious company or government breach.

Workers’ Compensation File Basics

In the last two articles, we reviewed Personnel and Medical file basics including what should and should not be in these files, where and how they should be stored and who has access to them. Medical documents, including documents about workers' compensation, should not be kept in the personnel file. Instead, a separate filing system to manage the workers' compensation process and materials should be set up and maintained.

Let’s look at a physical filing system option for managing the files:

Economic Development in Pottstown Gaining Momentum

Pottstown has been rediscovered and is being appreciated for all that it has to offer.  Businesses are moving into and choosing to stay in Pottstown due to its increasing assets. One such asset is the diversity of properties that are available for development.  There are many buildings that still have the beauty of original architectural features that display craftsmanship not found today. There are traditional office structures in an office park setting and lots which are blank slates.

Employee Personnel File Basics – Part II: Storage and Access

In the previous article, we reviewed the basics of employee personnel files – what should and should not be filed in the personnel files. Items such as W4’s, performance appraisals, applications and resumes are all to be maintained within the employee personnel file. Any document of a medical nature should not be contained in the employee personnel file. Rather, a separate employee medical file should be created to hold items such as doctor certificates, disability related documentation, and completed Family Medical Leave forms.

Must You Pay Income Tax on Inherited Money?

Greg Koch's picture

The good news is, generally inheritances are not taxed as income.

An inheritance can be a windfall in many ways—the inheritor not only gets cash or a piece of property, but doesn’t have to pay income tax on it. Someone who inherits a $500,000 bank account doesn’t have to pay any income tax on that amount.

Employee Personnel File Basics — Part I

Many small companies, for purposes of this writing, small refers to companies with 125 employees and under, do not have a Human Resource Department. The HR responsibilities generally land on someone in management, or sometimes even an employee in a clerical position, to contend with. In these cases, the most common basic mistakes are within the files. Oh, the dreaded employee personnel file. For some, the personnel file represents the catch‐all file where every document, paper, note, etc., from the employee, finds its final resting place.

The Next Healthcare Reform — The American Heathcare Act (AHCA)

Much anxiety and concern surrounds the proposed changes to healthcare in the United States. This is easily understood considering healthcare has already gone through significant changes over the last several years. Some of these changes have been helpful while other changes have caused hardship to Americans.

In addition to anxiety and concern, there is also confusion surrounding the current House Bill. Let us take a look at a few of the most predominant features of the Bill:

Documents Everyone Must Have

Greg Koch's picture

Once you become 18 you are now considered an adult and can make your own decisions. There are certain documents that everyone must have. If you don’t, it could cost you dearly in several ways. These must-have documents are: a Living Will, A Durable Power of Attorney for Finance, and for Health, also called a Health Care Directive or DPOA.

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