We all know that referrals are the single most important source of growth.
Here's a few pointers.


Business Networking To Increase Profits
by Charlie Cook
1. For most independent professionals, effective networking should be a driving force, if not the central component of their marketing efforts.

It’s not what you know but who you know that gets you in the door. Over time effective networking can generate a steady stream of referrals and help your business grow.

Your networking strategy can largely replace cold calling, advertising and other less productive marketing efforts.

2. Most people lack an understanding of how to network to fuel business growth or further their careers.

The result is that most people spend too much unproductive time networking with friends and colleagues and have little to show for their efforts. If you’re an extrovert, meeting lots of people may be your idea of fun.

If you’re an introvert, it can be a struggle unless you understand how to network to get more clients. For most people, networking without a clear strategy is like investing by throwing darts at the stock page blindfolded.

3. The primary objective of networking should be gain an understanding of others’ concerns and problems.

Then you can make quick assessments as to whether they would have any interest in the solutions you provide. The objective of networking is not to expound on your credentials.
Most people waste the few precious moments they have with new and existing contacts by focusing on themselves. Better is to spend most of that time asking questions and collecting information.

4. There are many effective ways to network, some far more productive than the typical personal conversation. Its more useful to:

• Have a succinct “elevator speech”, a 30 second description of the problems you solve, is an essential networking tool.
• Use questions to identify individuals primary concerns and at least one piece of personal information.
• Refer your contacts to people in your network who can solve their problems. The benefit of this approach is twofold. First, you’ll be seen as a problem solver, and second, those people who benefit from your referrals are more likely to provide you with referrals in return.
• Provide valuable information on a regular basis for free. A weekly or monthly newsletter is one way to establish your credibility. When this missive provides solutions, it will be shared by people in your network, further lengthening your list of contacts.

5. Most people rely on serendipity for results. It certainly doesn’t hurt to let people you meet know about the types of problems you solve, but if you want to get better results and increase business, target your networking.

Identify the people you want to make contact with, whether prospects or potential marketing alliance partners, and make carefully researched efforts to build relationships. This approach takes more time on your part, but it gets results.

6. Your networking efforts will be a waste of time without effective data management. When you meet or contact people, enter the information you learn into your contact management software; make note of their interests, what you’ve shared with them, and when and how to contact them next.

7. People have short memories. Follow-up regularly with members of your network or they’ll forget you exist and more importantly they’ll forget that you are the best person to solve their financial, legal, human resource, design, or other problems. Contact the people in your network in some way at least once a month.

Did You Get This Email?

Here's an oldie but goodie that's been making the rounds since 2005.
Here is the message in question:
REMEMBER: Cell Phone Numbers Go Public next month.




REMINDER.... all cell phone numbers are being released to telemarketing companies and you will start to receive sales calls.


.... YOU WILL BE CHARGED FOR THESE CALLS



To prevent this, call the following number from your cell phone: 888-382-1222 ..
It is the National DO NOT CALL list . It will only take a minute of your time. It blocks your number for five (5) years. You must call from the cell phone number you want to have blocked. You cannot call from a different phone number.




HELP OTHERS BY PASSING THIS ON TO ALL YOUR FRIENDS... It takes about 20 seconds.

?Are telemarketers really chomping at the bit, waiting for cell phone numbers to go public next month? In a word, NO.

First of all: There's no such thing as a complete, nationwide directory of cell phone numbers. Several so-called "Wireless 911" services have tried to get off the ground, but without much success—and besides, Wireless 911 directories are opt-in only, meaning that callers who do nothing wouldn't be included.

Next: There's no deadline for registering your cell phone on the federal "Do Not Call" list, and thanks to recent legislation, all numbers on the list will stay there permanently, not just for five years.

Finally: Keep in mind that the FCC already bans telemarketers from using automated dialers to call cell phone numbers—and since automated dialers are "standard in the industry" (as the FTC puts it), that essentially puts the kibosh on 99.9 percent of cell-phone telemarketing calls.

So no, your cell phone number is NOT going public next month, and the next time someone forwards you a warning that it is, please nip that message in the bud.
(paraphrased from Yahoo.tech)

It is still a good idea to get your phone registered to prevent those unwanted calls.
You can go to the Federal Trade Commission site to read about it for yourself.
You can visit the National Do Not Call Registry to register on-line.

Read more at About.com: Urban Ledends

Quickbooks at ECC and payroll tax audit warning

My associates Jose and Janett are Quickbook ProAdvisors and received an invitation to attend a Chicagoland ProAdvisor group meeting on January 26th at Elgin Community College. Last month Jose and I attended a meeting in Chicago at which Quickbook experts gave us an introduction to the features of the 2010 version, and we felt that presentation was excellent. I've asked Janett to ask the hostess for next week's meeting if I can come along. I mention these meetings in case any readers have purchased or are considering purchasing Quickbooks, and are concerned about whether customer support is available. My experience indicates that Intuit is well aware of the need for excellent customer support services, and will be available at every opportunity to assist customers. Besides local meetings such as I've described, on line and phone assistance is also available.

On a not so pleasant note I came across this article at Idomenei Enterprises web site:

"Payroll Tax Audit

The IRS is launching a nation wide employer audit in February 2010. Are you prepared?

What are they looking for?

Accurate records and payment of Federal withholding taxes, such as Social Security, Medicare and Federal Unemployment.

Worker classification – are your workers properly classified. Independent contractor status will be closely reviewed.

Fringe benefits – health plans, life/accident benefits, educational assistance, meals, transportation benefits. All will be carefully reviewed for proper documentation and determination as to whether they are considered taxable wages.

Reimbursed expenses – your expense policy and process is subject to audit.
Compensation of Owner Employees – proper payment to owners of closely held corporations.

Forms – completeness and accuracy of various forms, including W-2s

6,000 employers will be randomly selected for this initial audit. And, as Federal and State agencies look for additional sources of funding, the frequency of audits is expected to increase dramatically.

In September the US Government Accountability Office (GAO) released a report urging the US Department of Labor and the IRS to increase ‘their efforts to probe the improper classification of workers” as independent contractors."

You're welcome to call us at (847) 401- 2431 if you are uncertain or concerned as to whether you would be vulnerable to such an audit.

The IRS and the ARRA

Here's a link to the IRS publication explaining provisions of the American Recovery and Reinvestment Act which explains the act's importance to individuals and business taxpayers. I've copied the front page of the publication below for readers to review for items of possible interest. Expansion of Sec 179 allowance for the deduction of purchases of new and used equipment is one item worth reviewing. Extending the roll back period for losses is another. If you visit the linked site and click on captions of interest you may learn more. Feel free to give us a call for guidance in areas you think might apply to tour 2002 tax return.

The American Recovery and Reinvestment Act of 2009: Information Center

Updated Nov. 6, 2009: The newly-enacted Worker, Homeownership And Business Assistance Act Of 2009 extends and expands the first-time homebuyer credit.

Información en Español

Information for Individuals
Some of the provisions of the law primarily affect individuals.

Making Work Pay Tax Credit. This tax credit means more take-home pay for many Americans. To make sure enough tax is withheld from their pay, taxpayers can use the IRS withholding calculator. See Making Work Pay for more.


First-Time Homebuyer Credit Expands. Homebuyers who purchase in 2009 can get a credit of up to $8,000 with no payback requirement. New legislation extends and expands this credit.


Money Back for New Vehicle Purchases. Taxpayers who buy certain new vehicles in 2009 can deduct the state and local sales taxes they paid or other taxes and fees they paid in states with no sales tax.


Education benefits. The new American opportunity credit and enhanced benefits for 529 college savings plans help families and students find ways to pay higher education expenses.


Enhanced Credits for Tax Years 2009, 2010. Find details on the earned income tax credit and the additional child tax credit.


Increased Transportation Subsidy. Employer-provided benefits for transit and parking are up in 2009.


Up to $2,400 in Unemployment Benefits Tax Free in 2009. Individuals should check their tax withholding.


$250 for Social Security Recipients, Veterans and Railroad Retirees. The Economic Recovery Payment will be paid by the Social Security Administration, Department of Veterans Affairs and the Railroad Retirement Board.


Energy Efficiency and Renewable Energy Incentives. See what individuals can do to reap tax rewards.


Health Coverage Tax Credit. The credit increases from 65 percent to 80 percent of qualified health insurance premiums, and more people are eligible.
Information for Businesses
Some of the provisions of the law primarily affect businesses.

Making Work Pay Tax Credit. Businesses should use the new withholding rates for their employees. For pension plan administrators, new optional withholding procedures are available to supplement the February withholding tables.


Work Opportunity tax credit. This newly-expanded credit adds returning veterans and "disconnected youth" to the list of new hires covered by the credit that businesses may claim. Businesses have until Oct. 17 to request certification for the tax credit for some new hires.


COBRA: Health Insurance Continuation Subsidy. The IRS has extensive guidance for employers, including an updated Form 941, as well as information for qualifying individuals.


Energy Efficiency and Renewable Energy Incentives. See what businesses can do to reap tax rewards.


Net Operating Loss Carryback. Small businesses can offset losses by getting refunds on taxes paid up to five years ago. Information on the carryback, an expanded section 179 deduction and other business-related provisions, is now available.


Municipal Bond Programs. There are new ways to finance school construction, energy and other public projects.
2008 and 2009 Tax Returns
The law could affect some 2008 tax returns due in 2009. However, most of the changes in ARRA will affect 2009 individual tax returns filed next year and due April 15, 2010.

Way to go, Kids

FromNBCChicago.com

Local Community College Beats Yale
Elgin Community College takes down Ivy League school in mock trial competition
By DICK JOHNSON and ANDREW GREINER
Updated 7:08 PM CST, Tue, Nov 10, 2009


They might object to a David and Goliath comparison but, then again, as their twitter message said yesterday ...

"WE BEAT YALE!!!!"

Elgin Community College’s Mock Trial team didn’t win the Harvard Crimson Classic this year, but they did trounce a practiced Ivy League competitor -- no mean feat, considering Elgin completed its first full mock trial season just last year.

"What allowed the students to [beat Yale] was dedication," said coach Ron Kowalczyk. " That's the bottom line. Hard work."

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ECC was one of 11 teams participating in the annual two-day event, which usually pits Ivy League types against each other in a faux courtroom setting.

The team from ECC wasn’t even allowed into the tourney until a regular team dropped out and they got a call to fill in.

So ECC made the best of it during their weekend run, beating Villanova in the first round, losing to Brown in the second round, beating Yale in the third round and losing to Princeton in the finals.

Brown, which barely beat ECC in the second round, went on to take the tournament.

For the coach who put together the Elgin team, the victory was a shocker.

"I would say we were stunned. You never know in the end how the judging is going to come down,” Kowalczyk said.

Kowalczyk has good reason to be amazed. Two years ago he didn’t even have a team – an interested student asked him to create one in 2007 – and he wasn’t even on Harvard’s radar.

But that didn’t stop him from writing letter upon letter until the stodgy university put his team on the waiting list.

And once that happened, Kowalczyk – and students Anastasia Toufexis, Jennifer Rieger, Rebecca Day, Jessica Bianchi, Elizabeth Martzel, Eleni Bala, Robert Dalin, Rita Russo and Mary Burke – shocked the upper crust with their come-from-nowhere performance.

"I was beaming thoughout this whole period and I still have not gotten my face back from the beam!" said Elgin president David Sam.

ECC's team celebrated with a nice dinner in Boston.

Overall, they had a better record than Boston College's "A" team, Wake Forest, Boston University, Dartmouth's "A" and "B" teams, and Wellesley's A&B teams. ECC also tied Penn State, the Herald notes.

The ECC squad has a few more tournaments before heading to the American Mock Trial Association regionals in February.

As for Yale, a spokesperson said ECC's victory was "impressive."

"I'm sure their reputation will precede them next time."