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Dream It Tonight…. Achieve It Tomorrow!!!
What Does “The Bailout” Mean to Small Business
Presented by
Daymond M. Milam, MBA
Accountant / Consultant
www.1bettersolution.com
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The Problem!!!!!• The U.S. economy is at its
weakest point in over 30 years.
• The Real Estate is the hardest hit: Realtors, home builders, etc.
• Those other business that may be related to real estate attorneys, suppliers etc.
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The Facts
• Given the significant role small business plays in job creation—responsible for 93.5 percent of net new jobs since 1989
• 44 percent of small-business owners identified credit cards as a source of financing—more than any other source of financing, including business earnings.
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The Facts• Community banks fear becoming an
inadvertent casualty of the government conservatorship of Fannie Mae and Freddie Mac.
• 87% percent of small-business owners in stated that rising energy costs have had a negative impact on their business
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Do We Really Need A Bailout?
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Will The Bailout Help?
• 44% of small business owners simply didn't know if the bailout, would affect them positively or negatively.
• 67% of small businesses have been affected by the credit crunch!
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How the Bailout helps Small Business
• Help for community banks. These smaller institutions, which have been ravaged by the collapses of Fannie Mae and Freddie Mac.
• Fully fund the SBA. The focus is specifically on the SBA's flagship program, the so-called 7(a) loan guarantee.
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How to Survive Bailout or Not?• Look for ways to
secure alternative funding for your business, i.e. grants, joint ventures, expense reductions.
• Routinely review financials: Quarterly, Monthly, Daily (if possible)
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Tips for Survival
• Figure out what your cash flow requirements are in the event that your business turns down.
• Have at least six months of operating capital on hand.
• business owners need to make sure that their salaries and savings are part of the budget ''Pay yourselves first,'‘ ''Take a salary”
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More Tips for Survival
• Withdrawals from 401(k)s and other tax-deferred retirement accounts are treated as taxable income by the government.
• keep in mind where you want to end up• just as you wouldn't put all your money
into one stock, ''don't put all your money into the business.
• have an alternative plan
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If Your Accountant has not helped you answer these questions call us
1 866- I ACCT 4Uor visit us on the web at
www.1bettersolution.com
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What We Do?
• Monthly & Quarterly Financial Statement Preparation and Analysis
• Payroll Administration• Installation & Maintenance of
Computerized Accounting Systems and Networks
• Business Plans and Loan Packaging
• Corporate, Partnership, Fiduciary & Individual Income Tax Preparation.
• Business Set-Up, Acquisitions & Dispositions
• Grant Writing & Proposals• Incorporations (C-Corporations,
S-Corporations, LLC, LLP, PA)• Financial Analyses and
Forecasting• Efficiency Improvement • Other Services (designed to fit
your needs)
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Our Clientele
• Health Care (Hospitals & SNF)• Professional Services (Legal, Real Estate, & Insurance)• Retail • Not For Profits (Churches, Schools, Civic
Organizations)• Entertainment (Artists, Musicians, Producers)• Independent Contractors (Mary Kay, Avon, etc.)• Construction & Property Management• Investors (Real Estate, Stock, & Other)
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Our Contact Sphere
• Bankers (SBA Lenders and Business Bankers)
• Attorneys (Corporate & Tax)• REALTORS (Commercial &
Residential)• Commercial Loan Officers /
Mortgage Officers• Insurance Agents• Financial Advisors
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Referrals We LOVE
• Individuals and /or Business with Tax Problems (i.e. Garnishments, Levies, Liens, etc.)
• Businesses Experiencing Growth• Businesses with 3 or more employees on payroll• Businesses wanting to secure financing• Individuals desiring to go into business
• Anyone Required that wants a RELATIONSHIP WITH THEIR ACCOUNTANT!!!!
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Questions