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Congrats!
And, congrats to all of my other friends and C-U area people who have made the list.
How can the Pirok Financial Group, Limited help you?
Business Planning
It starts with an idea…a concept. You have a product or service that people want. And you know how to deliver. But, unless you have a plan to implement the concept, to attract customers, and to get the financing necessary, your business will never get off the ground. You need a map for your business operations. At the same time, you need a quality presentation showing potential investors and lenders how your business will succeed. Whether your business is new or old, a business plan is crucial because it will help you:
- identify your competitive advantage
- formulate plans, strategies, and goals to capitalize on your strengths and whatever it is that sets you apart from the competition
- find new customers and make sales
- make contingency plans
- use financial projections to predict cashflow, debt repayment, and return for investors
- secure financing for your business
We'll help you plan your business, or we can write the business plan for you. Ask about our business planning courses, where we'll teach you everything you need to know.
Finding Capital
Securing financing is likely to be crucial to the success of your project. That may mean bank financing or venture capital or something else. A professionally prepared presentation will result in a better rate and better terms, and it often spells the difference between getting or not getting the financing you need. We are experts in various types of financing:
- bank loans and debt financing
- SBA loans and grants
- venture capital
- angel investing
- lease financing
Considering Incorporation and Hiring Employees
How will you choose the legal form of ownership for your organization? Is it time to incorporate? There are many options from a sole proprietorship to an LLC to various forms of corporations. Each has certain tax and risk considerations. Are you ready to hire employees? You must register and withhold taxes for various governmental bodies. The Pirok Financial Group, Limited can work with you and your legal and tax professionals to determine the best legal form for your business. We can also help your business sign-up with each of the many governmental and taxing bodies that require registration.
Getting Started
There are so many questions and uncertainties about starting a business. Where should you locate? Should you buy or rent? How will you find employees? Who will train them? How is payroll handled? We have worked with businesses in every type of industry. We have learned from their successes and their failures, and we have the experience necessary to eliminate as much as possible any uncertainty about your business startup.
Accounting and Set-Up of your Books
Have you tried to use an accounting software package? Have you found its setup confusing or its intricacies frustrating? The Pirok Financial Group, Limited can help. We are experts who can guide you through the most advanced functions of your accounting software. Let us train you and your staff to perform accurate input of invoices, bills, and payroll. And, let us help you prepare financial reporting and analysis of your business and its profitability and value.
Profitability and Financial Analysis
On what do you base important business decisions—intuition…hunches? With a thorough understanding of your financial position, you’ll be able to make informed decisions based upon profit potential, not hunches. And, once we understand your company’s finances, we’ll make projections and incorporate them into your business plan.
Business Valuation
The Pirok Financial Group, Limited specializes in business valuation, whether you’re buying or selling. We provide an objective analysis based upon a variety of factors. You will even get suggestions on how to improve the value of your business.
Buying or Selling a Business
Have you thought about buying a business or buying another business? Let us help you find a business, determine its value, and negotiate a price and terms that are right for you. We can even perform a "due diligence" analysis, analyzing financial statements and auditing the books to determine whether you’re getting what you think you’re getting.
Are you ready to retire or sell your business now, but you just don’t know how to go about it? Is your business worth what it could be right now? We’ll help prepare your business for sale, and we’ll help you maximize its value. We can even help you find the right buyer or broker.
Investment Analysis & Feasibility Studies
Are you considering adding a new business unit or buying a piece of equipment or real estate? You will need to analyze the various investment opportunities. We’ll help you choose from various options, and we can also help you make lease or buy decisions. Whether you are buying a property to house your business or an apartment building as an investment, let us help you make your next real estate investment. We’ll help you work through the numbers, prepare accurate projections, and even help determine and negotiate the best possible price.
Contact the Pirok Financial Group, Limited Today!
We do things a little differently by allowing you to tailor our services to meet your specific needs. For example, we can look over your business plan and provide suggestions with a fresh outlook, or we can prepare your entire plan from scratch and even introduce you to potential financing sources. We provide as much support to your business as you need.
Whether you’re starting a new business or growing an existing one, we’re confident that you will benefit from the sound financial services provided by the Pirok Financial Group, Limited. For more information, or to arrange a free one-hour consultation, please call us at (217) 840-7726. If you have a question or idea, then please make a comment to this entry. Maybe it will become our next topic.
Is Entrepreneurship Growing?
Article about How Banks View Commercial Mortgages
Here is the URL: http://blog.ruggieriteam.com/2009/06/banks-are-still-making-loans.html
Tax Deduction: Mileage
For 2009, the standard mileage rate for the cost of operating your car for business use is 55 cents per mile.
The rate for January 1, 2008 through June 30, 2008 was 50.5 cents per mile, and the rate for July 1, 2008 through December 31, 2008 was 58.5 cents per mile.
If your business operates as a separate legal entity, such as a corporation, partnership, or LLC, then the easiest way to take the deduction is to simply write yourself a check for the dollar amount of the deductible mileage.
If you are a sole proprietor, then deduct the mileage on your Schedule C and Form 4562.
Should you require up-front deposits from clients?
New!
www.financialstatementschool.com if you are a beginner, or
www.commercialloananalysis.com if you are an expert.
Associations
When Damon Hackleman first started a carpet cleaning business called KleenRite in 1998, he and his partner concentrated on operations instead of whom they associated with. That all changed when one of their customers, a property manager, suggested that Hackleman join the local association of apartment owners.
"Based upon the relationships I have developed, I can honestly say that the Central Illinois Apartment Association can take credit for increasing our gross sales by at least twenty-percent over the eight years we have been in business."
If there was an association of apartment owners, then there must be an association of carpet cleaners too. Hackleman then found Ethical Services, a directory of 30,000 carpet cleaning businesses with a serious code of ethics guiding their work. Members can face expulsion for knowingly violating the code.
KleenRite is now a member of no less than five professional and trade associations. Hackleman says, "All of these organizations have their place within our company." Some memberships involve networking, while others provide trade information that is invaluable to his business.
These days, there is an association for just about any profession or trade that you can name. Carpet cleaners and dog groomers have associations, as do computational biologists and those in the field of "textile technology." There is even a National Chicken Council.
And, of course, an association exists for associations, themselves. The American Society of Association Executives or "ASAE" is the membership organization for associations. Their membership represents nearly 11,000 organizations, and their website states that there were a total of 86,054 trade and professional associations in the United States as of the year 2004.
Associations typically provide education, information, and networking opportunities. Many also provide certifications or codes of ethics to provide credibility. Some even perform lobbying on behalf of their members.
Many associations, like the apartment association Hackleman joined, allow special memberships for businesses providing products or services to their members. Some even host trade shows allowing vendors to meet and greet the members.
Where do you find about associations? The ASAE website, www.asaecenter.org, has a searchable database of associations. If you subscribe to trade magazines, look for associations there, or contact your local Chamber of Commerce. You may also simply ask your customers whether they belong to associations that you might join or visit.
Accounting for Apartments & Commercial Real Estate Seminar
Getting Yourself and Your Business Listed and "LInked In"
I also joined LinkedIn recently. It's a social networking site for professionals. I signed up, and the system was able to upload my contacts and automatically send a message to each of them who was already signed up on the site. I instantly had a network of twenty or thirty people. You can then use their networks to make new contacts. You can also post a pretty extensive description of yourself, your career, and your business on the site. Some of the people in my network have some really good connections to people with whom I hope to work in the future.
The SBIR and STTR Programs
How Much is Your Business Worth?
Year-End Accounting
Questions to answer before you start planning your business
Business Plan Outline
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Executive Summary (Entice them to read on! Include all financing and investments being requested. Write this part last.)
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Business ownership (List all partners who will own 20% or more. What form of ownership is used? (corporation, partnership, etc.))
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Product or service description
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Product or service life cycle location (innovation, growth, maturity, decline)
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Pricing
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Market definition (Do you sell to individuals or businesses? Do you sell to end users, resellers, or manufacturers?)
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Market size (total potential customers in target geographic area)
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Market share (current and anticipated percentage share of market)
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Marketing
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Advertising (List media and costs.)
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Sales and sales goals (Surveys, contracts, and orders as quantifiable evidence)
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Customers or Clients (List them.)
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Concentrations (Identify customers comprising significant shares of sales.)
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Seasonality
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Cyclicality
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Industry and industry analysis
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Suppliers (List them, and include payment terms.)
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Competition (Has your idea been tried here or elsewhere? Did it work? Why? Can you visit a similar business? Are their demographics the same? Include indirect competition or substitute products or services.)
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SWOT Analysis (Strengths & weaknesses-internal; 0pportunities & threats-external)
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Research and development
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Location
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Local market analysis (Use local Chamber of Commerce, Board of Realtors.)
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Operations and Management
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Operational goals (Specific, measurable, tied to incentives)
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Cost‑cutting goals/Cost Containment
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Labor and local labor market
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Key employees and managers
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Management structure (Include resumes, organizational chart.)
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Management succession (plans for death, disability, retirement)
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Board of directors
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Board of advisors
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Financing requests
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Financial statements (Income statements and balance sheets for three to five prior years; income statements and balance sheets for this year-to-date; personal financial statement not less than three months old)
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Projections (Income statement and cashflow statement by month for first year; income statement and balance sheet for first three years)