{"id":29114,"date":"2017-01-06T22:18:22","date_gmt":"2017-01-06T22:18:22","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=29114"},"modified":"2017-01-09T17:24:58","modified_gmt":"2017-01-09T17:24:58","slug":"good-business-plans-reasonable-expectations-important-facets-starting-business","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/01\/good-business-plans-reasonable-expectations-important-facets-starting-business\/","title":{"rendered":"Good Business Plans, Reasonable Expectations Are Important Facets Of Starting A Business"},"content":{"rendered":"
\"Paul
Paul Dowen, CPA, is a partner at Whittemore, Dowen & Ricciardelli LLP.
Courtesy Whittemore, Dowen & Ricciardelli LLP<\/em><\/figcaption><\/figure>\n

By Susan E. Campbell<\/p>\n

What determines whether a start-up flies or fails? A well thought-out business plan, reasonable expectations and enough capital to get through some down times are key factors, say some experts.<\/p>\n

\u201cTo secure a start-up business loan, the lender requires the principals to provide a written plan,\u201d said Paul Dowen, CPA, partner at Whittemore, Dowen & Ricciardelli LLP (WDR) of Queensbury and Saratoga Springs.<\/p>\n

This need not be a formal 40-page document, but must provide research and details about what the company will need for its initial capitalization, he said.<\/p>\n

\u201cIt should address, how long will it take me to make the first sale? What are my expenses and<\/p>\n

\"William
William Brigham is the director of the Small Business Development Center.
Courtesy Small Business Development Center<\/em><\/figcaption><\/figure>\n

debts? Who are my customers going to be? Am I targeting the right markets? How will I attract customers? If I think I can make $100,000 in sales the first year, how will the business get there month to month?\u201d Dowen said.<\/p>\n

These are questions WDR\u2019s consultants ask their clients. The answers inform the plan and the plan not only launches the business, but also helps to keep it on a successful course.<\/p>\n

\u201cI had been talking to one client in the beverage industry for a full hour when I asked, how long will it take you to sell this product?\u201d said Dowen. \u201cHis answer was 18 months, although his business plan showed sales posting in month six.\u201d<\/p>\n

\u201cFacilitating a business plan is a process that makes business owners think,\u201d said William Brigham, director of the Small Business Development Center affiliated with University of Albany\u2019s School of Business.<\/p>\n

The center serves as a public agency, offering no-cost consultation and training for companies and individuals around 11 cities in the Capital Region including Saratoga Springs. About 1,300 individuals a year use these services from its 24 centers in New York state.<\/p>\n

Under-capitalization is a sure route to failure, according to both Dowen and Brigham, and is related to planning and financial projections. Either there were inadequate resources to start with, or sales did not happen as forecast, or expenses were underestimated, or a combination of the three.<\/p>\n

\u201cYou have to ask yourself: If I have cash flow issues, how am I going to sustain myself on the personal side as my business gears up,\u201d said Dowen.<\/p>\n

Some tap into savings and retirement plans, often paying income taxes and hefty penalties to access the money.<\/p>\n

\u201cThere is no turning back from that, and some later say it was a big mistake\u201d to liquidate retirement assets, said Brigham. \u201cThey get enthusiastic and feel there is no way their new business can fail.\u201d<\/p>\n

Excitement about your product or service may be the first requirement for success, but Brigham has a more realistic approach in mind.<\/p>\n

\u201cThe solution is to write an ultra-conservative estimate of the capital needed,\u201d said Brigham. \u201cIt\u2019s very difficult to go back to the bank once you\u2019ve said what you are going to do. I\u2019m not a believer in reparational writing.\u201d<\/p>\n

\u201cWriting a business plan is about making the best estimates you can,\u201d said Dowen. \u201cUnfortunately, once the plan is written, many business owners never look at its pages again. You need to go back and analyze when has happened.\u201d<\/p>\n

Brigham concurred. \u201cProblems occur when people circumvent the planning process,\u201d he said. \u201cWe discuss with them the need for plans and projections, but they don\u2019t want to do the work.\u201d<\/p>\n

But businesses have resources in both the non-profit and private sectors to help, as Dowen said, \u201cstimulate the conversation\u201d that can lead to a healthy business.<\/p>\n

Lack of experience can also inhibit small business growth. Most new businesses start with a really good idea. But knowledge of the industry, its customers and competitors is also needed, said Brigham, along with basic accounting and bookkeeping.<\/p>\n

\u201cWDR helps clients get set up on some basic accounting software by wading through the charts and screens the client needs to track expenses and sales,\u201d said Dowen. \u201cIf not set up correctly, the owner will never have the correct information about what their business is doing.\u201d<\/p>\n

The problem is how to post the data.\u201cUsers are not coached. There\u2019s no manual for this,\u201d said Dowen. The system looks overwhelming and perhaps the job goes undone.<\/p>\n

That is why some administrative functions, like human resources and payroll, are often best outsourced, freeing the business owner to do what he or she does best: run the company. These industries are complex and ValueWise Corp., can provide expertise on the nuances of reporting and compliance.<\/p>\n

\u2018The human resources and payroll components can be challenging for the first-time business owner,\u201d said Frank Grant, CEO. \u201cThe minute the business employs people they need to comply with regulations and do filings.\u201d<\/p>\n

Setting up payroll tax, FICA and Medicaid, workers compensation, disability, and unemployment insurance all must be filed correctly and on time with both the federal government and the state to avoid penalty, Grant said.<\/p>\n

Even something as simple as posting the minimum wage and health insurance information can be overlooked by the new business owner.<\/p>\n

\u201cMany business owners don\u2019t realize they have to post the workers\u2019 compensation policy,\u201d said Grant. \u201cGovernmental agencies are aggressive about enforcement and inspectors will collect penalty fees for the state coffers\u201d if found to be non-compliant.<\/p>\n

Some chose to perform these functions on their own to keep costs down. But, said Grant, \u201cYou run the risk of spending more time and money down the road if you have to fix things.\u201d<\/p>\n

How frequently one must do filings is a function of the size of the payroll.<\/p>\n

\u201cIf the payroll is $100,000, liabilities have to be filed the next day, and the frequency goes down from there,\u201d said Grant. \u201cOur software handles the tracking, whereas humans are prone to error.\u201d Especially newcomers.<\/p>\n

\u201cOutsourcing payroll and the HR functions, such as maintaining employee manuals, company policies, ACA (Affordable Care Act) reporting, vacation time and the like, allows you to focus on your core business functions and what you\u2019re passionate about,\u201d said Grant.<\/p>\n

The Small Business Development Center offers training that covers some of these administration functions. The intense courses are part of the center\u2019s micro-loan funding program that can give a business owner up to $35,000, if qualified.<\/p>\n

\u201cThe goal is to lower their risk of default,\u201d said Brigham. \u201cThey may not ultimately receive the loan, but the training is very valuable in getting otherwise \u2018unbankable entrepreneurs,\u2019 who have no cash, credit or collateral, up to speed.\u201d<\/p>\n

\u201cEach individual needs to ask, am I being reasonable about what I need to do as a business owner,\u201d said Dowen. \u201cFor example, if I\u2019m doing payroll instead of selling, will I get behind? If I get behind in paying my sales tax, there will be a big penalty.\u201d<\/p>\n

There are other legal aspects to consider. When filing for an employer identification number or EIN, Dowen says, \u201cyou have to know what you\u2019re applying for.\u201d<\/p>\n

How one completes the form will determine the nature and timing of future filings. Check the wrong box, and the federal government will look for reporting on employees a company doesn\u2019t don\u2019t have yet.<\/p>\n

\u201cYou need to be real savvy to read and do it all,\u201d said Dowen. \u201cGetting professional advice can save you money in the long run.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Susan E. Campbell What determines whether a start-up flies or fails? A well thought-out business plan, reasonable expectations and enough capital to get through some down times are key factors, say some experts. \u201cTo secure a start-up business loan, the lender requires the principals to provide a written plan,\u201d said Paul Dowen, CPA, partner […]<\/p>\n","protected":false},"author":89,"featured_media":29116,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-29114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-tax-business-planning"],"yoast_head":"\r\nGood Business Plans, Reasonable Expectations Are Important Facets Of Starting A Business - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2017\/01\/good-business-plans-reasonable-expectations-important-facets-starting-business\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Good Business Plans, Reasonable Expectations Are Important Facets Of Starting A Business - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Susan E. Campbell What determines whether a start-up flies or fails? 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