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Greetings!
In this Journal, we begin a two part series on taxes
in addition to providing other articles of interest.
Thank you for taking time to read the Journal. We
encourage you to share it with others who might
benefit.
| A Dose of Inspiration |
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Rosalind Sims-Donson is the owner of D & D's
Virtuous Designs in Arkadelphia, AR, but just 4 years
ago she and her 2 children were homeless.
While living in a shelter in Arkadelphia, she realized
she needed to complete her college degree to make
a better life for herself and for her kids.
While attending classes, Rosalind worked for Martha
Dixon, who owned a successful business in downtown
Arkadelphia. In February 2006, when Ms. Dixon lost
her business to fire she maintained a piece of the
business that she could manage from her home.
Because
of a strong commitment to minority business
development, Ms. Dixon gave Rosalind the local
uniform business.
Although she had been given a
wonderful
opportunity, Rosalind did not have the funds she
needed to get the business started. alt.Consulting
helped her obtain an investment of $500 from our
partner TrickleUp. She received the investment in
May 2006 and used it to purchase inventory. Since
then, Rosalind has purchased a resale shop in
Arkadelphia and moved her business from her home
to the store. She is working with alt.Consulting to
implement an accounting system and a marketing
plan.
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| Pine Bluff Entrepreneurship Collaborative |
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On June 1, 2006 the Little Rock Branch of the
Federal
Reserve Bank of St. Louis hosted a Community
Roundtable in Pine Bluff, Arkansas on
Entrepreneurship, which led to the creation of the
Pine Bluff Entrepreneurship Collaborative.
The first meeting of the Collaborative was held on
June 27 at the new Business Support Incubator in
Pine Bluff with 47 participants, including bankers,
public and private leaders, representatives from state
agencies, service providers and entrepreneurs,
coming together to create positive change.
Task Forces were established to address the top four
issues identified by the Collaborative:
- Mapping of Existing Resources - Identifying gaps
and coordinating the existing resources for
entrepreneurs
- Promoting Resources to Entrepreneurs - Reaching
out to entrepreneursh with a consistent message
- Creative Financing - Developing a financing model
that addresses the existing gaps in small business
financing to attract, grow and start businesses.
- SafetyNet - Connecting Businesses to health
insurance for employees and other
Resources
You can read more about the
Collaborative by
clicking on the link below. The next meeting will be
held at 8:00 a.m. on Tuesday, September 19, 2006
at the Business Support Incubator.
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| Thank You Regions Bank |
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Three years ago Charles Stewart, Senior Vice
President of Community Development for Regions
Bank, demonstrated his support for alt.Consulting by
providing a three year, 0% loan that could be used
to finance one-on-one assistance to small businesses.
alt.Consulting re-lent the funds to
17 small businesses to help them pay for the
managerial assistance they needed, resulting in 100
new jobs.
This year, alt.Consulting repaid its loan and Regions
Bank re-invested a portion of the money in the form
of a grant to maintain the Technical Assistance Loan
Pool.
With these funds, small businesses that cannot
afford the one-on-one assistance will be able to
finance that assistance with a 0% loan for 2 years.
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| Small Business Tools |
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When alt.Consulting started in 1998, we found few
easy-to-use and affordable management
tools for small businesses. Most of the available
systems had been created for larger businesses and
did not meet the needs or the budgets of small
businesses.
alt.Consulting responded by developing 38 proprietary
tools and methodologies that can be customized to
meet the needs of each client and provide affordable
solutions.
This year, responding to clients' needs, alt.Consulting
has added three new tools. They are:
- Manual Bookkeeping Tool - Easy to implement and
- Pricing Tool - Used to make bidding on contracts
- Operation Manual - Provides polcies and
procedures
If you are interested in learning more about our work
or implementing any of our tools, please call to
schedule an appointment. Our phone number in
Memphis is 901.312.9797 and in Arkansas it is
870.535.0011 or you can email us
for more information.
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| Strategic Planning Article in Memphis Business Journal |
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After an initial article about strategic planning
appeared in the January 2006 edition of the
alt.Journal, we were contacted by the Memphis
Business Journal to provide a comprehensive article
on this important business issue for their June 30,
2006 edition.
If you are interested in reviewing the article, please
click the link below.
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Bookkeeping and Taxes - Facts and Fiction |
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A good bookkeeping system is not just important for
a small business - it can mean the difference
between success and failure.
Sharen Lightsey, owner of Numbers to Numbers, Inc.
in Pine Bluff, Arkansas knows that many
entrepreneurs have cashflow problems because they
have no bookkeeping system in place and do not fully
understand the extent of their tax liabilities when
starting a business. "The frequency and number of
taxes due surprise many small busines owners.
Payroll taxes are generally due monthly, but the
employer bears the cost of certain payroll taxes such
as state unemployment taxes, which are due
quarterly and federal unemployment taxes that are
generally due annually depending on a company's
payroll."
In addition to payroll taxes, entrepreneurs
who operate retail stores or certain service
businesses must pay monthly sales taxes.
Understanding tax obligations and planning for them
before starting a business is crucial for the business
owner's success and longevity.
Small businesses can avoid the "tax trap" through
good recordkeeping and planning. We help clients
implement either computerized or manual bookkeeping
systems as well as addressing back tax issues.
Click here to read the full
article
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The new FastTrac GrowthVenture starts in Memphis
this month with 2 training options. The two
day 'Setting Direction' will be held this Friday and
Saturday, August 4 & 5, 2006 at EmergeMemphis
(516 Tennessee Street). The new 7 week
course, 'Taking Action' begins August 17, 2006 also
at EmergeMemphis. It is not too late to register for
either course or for both. For more information or to
register, call today - 901.312.9797 or click on the
link below.
Register Today
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Update - SBA Community
Express
alt.Consulting has now closed 62 loans for a total of
$535,000 through Innovative Bank's SOHO loan
program. Innovative Bank has just announced they
are increasing the maximum loan amount as follows:
- Startup businesses can apply for up to
$25,000
- Existing businesses with 2 years of experience
can apply for up to $50,000
Click here to apply for a loan
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