Preparing for Recovery
Most American’s are aware of the recently passed Economic Stimulus Plan called the American Recovery and Reinvestment Act of 2009 (ARRA). While it’s expected to cost $787 billion dollars and span over a 10 year period, the ARRA will likely impact individuals, government agencies as well as small and medium size businesses on a variety of levels.
If you’re a business owner, you’ve probably taken action to comply with some of the short term conversions such as implementing the New Wage Withholding and Income Payment Tables. You may have also inquired about tax incentives and small business loans being offered courtesy of the ARRA. But what have you done to prepare your business for long term success?
Recovery versus Success
In today’s fluctuating economy there are no guarantees. Success in business, as in life requires hard work, dedication, and a massive amount of planning. In order to achieve more, business owners are thinking strategically about outsourcing some of their general accounting and marketing services.
These savvy business owners are using reputable organizations to provide IT, business development, and human resource services, while sparing the expense of employing and managing an entire department. Commonly, contract providers are blending sophisticated, top notch professionals with modern efficiencies and state-of-the-art technology to produce a high-quality product at a fraction of the in-house cost.
Not only are the businesses outsourcing, they’re working to identifying pieces of the Stimulus Plan, specific to their industry, that can aid them in the recovery process.
The Power of Resources
- Tax incentives for small businesses
- New COBRA rules
- Provision for implementing energy efficiencies
- Work Opportunity Tax Credit for employers who hire members of a targeted workforce
Another noteworthy resource is the U.S. Small Business Administration. The organization has created a list addressing some of the most frequently asked questions by small business owners.
If you’re still unclear on what your next steps should be, Esteemed Consulting can help. We specialize in affordable business and marketing consulting solutions that are designed to quickly and efficiently produce results so that your business doesn’t just recover; it succeeds.