Business Trends

SAM Alert August 2022

August 3, 2022 By Jan Triplett

SAM, BSC small and mighty watchdog — SAM, the small and mighty, alerts small business owners

SAM, BSC’s Small and Mighty LEGISLATIVE WATCHDOG points to:

Pass-through businesses should pay attention to the BIG bill going through the Senate!

BUILD BACK BETTER bill is not just about climate change. It also includes the potential of a new higher tax rate coming your way if you are a sole proprietor, Partnership, S Corp, or LLC, i.e. a pass-through business.

Read about both sides of the issue, then decide your POV and take action (including making sure your tax advisor is following this):

• Benefits to business: https://www.legalzoom.com/articles/what-are-the-benefits-of-pass-through-taxation
• WSJ commentary on Shumer-Manchin Bill and the IRS: https://www.wsj.com/articles/the-irs-is-about-to-go-beast-mode-chuck-schumer-joe-manchin-audit-taxes-middle-class-joe-biden-11659477320?mod=hp_opin_pos_1
• Disadvantages: https://taxfoundation.org/house-democrats-pass-through-business-tax/
• Implications of the change to your pass-through business: https://www.cbpp.org/research/federal-tax/repealing-flawed-pass-through-deduction-should-be-part-of-recovery-legislation

Pass-through income is only subject to a single layer of income tax and is generally taxed as ordinary income up to the maximum 37 percent rate. However, certain pass-through income is eligible for a 20 percent deduction, which reduces the top tax rate to a maximum of 29.6 percent. The 2017 Tax Cuts and Jobs Act (TCJA) created a new 20 percent deduction for certain pass-through income through 2025, after which the measure is scheduled to expire.
https://www.taxpolicycenter.org/briefing-book/how-are-pass-through-businesses-taxed

Networking 2022: Trends and Tips

January 27, 2022 By Jan Triplett

If you weren’t able to attend this BSC Wisdom webinar, you missed a great discussion and work session led by Jan Triplett, Austin’s Mother of Networking and author of The Networker’s Guide to Success and co-author Thinking Big, Staying Small with input and examples from attendees.

Here’s what this webinar/work session was all about:
• What’s the difference between Networking, Mentoring, and Prospecting?
• Your three types of networks and how to improve them in 2022
• Making better quality choices of how, where and with whom to network
• New networking roles and responsibilities
• When and how to say “No” plus “red flag” warnings
• Why your networking efforts don’t pay off

Here’s a link to the recording and transcript. https://bit.ly/WisdomWebinar-Networking-1-20-22

What’s better for growth: a partner or a strategic alliance?

May 19, 2020 By Jan Triplett Leave a Comment

Partner or Strategic Business Alliance? Photo by Giorgio Montersino.

Get a partner or set up a strategic alliance — which is better for your business growth? Many business owners want a “partner” to share the load. Partners exert a lot of control no matter how little of the business they own. Use a strategic alliance instead to grow your business and keep more control.

What is a Strategic Alliance?

“If we are together, nothing is impossible. If we are divided all will fail.” Winston Churchill

The most accepted definition of a strategic alliance is that it’s “a formal or informal agreement between two or more individuals or entities to achieve a common goal”.

In 2005, companies reported that 18% of their revenue was generated through strategic alliances. The economy has changed but there are still thousands of alliances formed each year and are critical as we re-think business post COVID-19.

According to Ard-Pieter de Man and Dave Luvison, authors of Collaborative Business Models: Aligning and Operationalizing Alliances (from Business Horizons Volume 62, Issue 4, July–August 2019, Pages 473-482), “the big challenge is to align company interests with alliance interests”. This peer-reviewed article is definitely worth reading and thinking about especially for larger organizations.

It pays to know more and think more before deciding that a strategic alliance is right for you.

[Read more…]

Repositioning Makes Old Products New Again

November 6, 2013 By Jan Triplett 2 Comments

Dogs have slept with humans for years. Now it’s used as a repositioning reality™ for Serta. Photo from Commons at flickr.com

Repositioning helps customers think of your product or service in a new way.

Sometimes it works. I grew up with $10 tennis shoes. Nike told younger generations they were “training tools” (with appropriate tool and endorsers names) not just shoes. Nike got it right and made big profits. [Read more…]

Federal Contract Opportunities Shrink by 18K+ in October

October 13, 2012 By Jan Triplett Leave a Comment

Small Business Administration Office of Advocacy supports small business.

Are you a small business? Do you provide goods or services to the federal government or want to? Starting October 24, 2012, you will have over 18,000 new competitors for federal contract opportunities with the potential of even more competitors after November.

According to the Small Business Administration Office Of Advocacy, the Small Business Goaling Report, 2012 reported that in fiscal year 2011, 21.7 % of federal government small business eligible purchases went to small businesses.

Now, contractors will have to work even harder because their competitors are larger and stronger. That’s because effective October 1, 2012, Federal agencies and programs must use the United States Small Business Administration (SBA) small business size standards that are based on “NAICS 2012″. These are modifications adopted by the Office of Management and Budget. They include 76 new industries and changes to 11 sectors. Oddly, the public can comment on this “adopted requirement” until October 19, 2012. This has big implications for federal purchasing, loans, etc. [Read more…]