Magnolia Tribune

Batting Cleanup: Little things can make your business shine

Published

1 year ago

August 7, 2023

In this final installment of his series on starting a new business, Stephen Burrow discusses the little things that often help small businesses succeed in the long run.

This article is the last in a series about starting a new business – the dream of many independent, ambitious people.

In Part 1, we discussed a small business having a well-devised plan and sufficient capital. In Part 2, I outlined some of the steps necessary to bring your business plan to reality. Now I want to go over some of the little things which, in my experience, help small businesses succeed in the long run.

As I said before, you do not have to have an attorney or an accountant to perform any of these steps. However, they certainly may be advisable given your resources or aptitude for these tasks. Some of these will seem like common sense while others may even be unnecessary. Regardless, I am always amazed at the number of supposedly savvy businesspeople who do not take some of these very elementary precautions.

Speaking of precautions, once again a reminder: I am not your lawyer. This article is not legal advice. My suggestions/recommendations are for general information only. They cannot possibly cover every circumstance or situation. If you want advice tailored to your specific needs, you should contact an attorney or certified public accountant.

Let’s get into it.

1. Get a separate bank account for the business

I am amazed at the number of people who use a personal checking account for tracking business income and expenditures. I have even seen people operate businesses on a full-time basis for years running everything out of a personal account, sometimes a joint account with their spouse. Marriage is a foundation of our society built on mutual love and trust – not accounts receivable and payroll taxes.

While this may seem unnecessary if your business simply receives revenues with few expenses, in my opinion having a separate account for your business is not a debatable decision. A separate account allows much easier tracking of your business-related transactions come tax season. It will also come in very handy if you ever receive one of those fun audit letters from the IRS or Mississippi Department of Revenue.

I cannot imagine the circumstance in which operating a business out of a personal account is preferable to having a separate account. Almost every financial institution will allow you to have a free checking account, provided you have either an established banking relationship with it or keep a minimum amount on deposit.

2. No business contracts or other form documents

Business forms can be a good starting point for establishing the relationship between you and a customer/client. It is easy to overlook when your business is first starting and your attention is focused simply on getting your operations going (and money coming in). However, having a set of basic contracts or other forms can potentially save you tens of thousands of dollars down-the-road.

A simple written contract should set forth what you propose to do or sell in exchange for a promise by that customer/client to compensate you. Most importantly, that document should describe what everyone’s rights and remedies are in the event one of the parties fails to perform under the agreement. The best example is having a provision that if the client fails to pay you, then you not only have the right to sue them for damages, but also recover attorney’s fees, litigation expenses, court costs, etc. If you do not have a contract or have a written contract which does not specifically reference attorney’s fees, and you have to sue your client for non-payment, then your legal fees will come out of the amount the client/customer owes you. Having provisions in written contracts regarding attorney’s fees is absolutely vital especially when the unpaid amounts are relatively small. In those cases, attorney fees and court costs may often exceed what you might recover, dissuading attorneys from taking the case and forcing you to abandon any collection efforts.

Another important term in these agreements is a governing law/jurisdiction clause. If you are performing services for a customer in Alabama and he/she fails to pay you, you may be forced not only to sue them in Alabama but apply Alabama law which may or may not to be as favorable to you as Mississippi law. A common contract provision is to apply Mississippi law and designate the county where your business is located as being the exclusive jurisdiction for any future disputes between you and the customer.

3. Marketing

I am not expert in marketing. However, businesses just getting started have got to get themselves known through means other than just referral by family and friends. So many people have no idea how to get their business known to potential customers. They just assume customers will start coming to them automatically.

How your marketing is done will depend greatly upon the type of business you have and the geographic scope of customers you want to attract. While marketing is often part of a well-developed business plan, with sufficient capital set aside to implement it, consulting with someone experienced in this area, even if for only an hour or two, will be beneficial in helping you to achieve your goals.

4. Read before you sign

As part of your business, you will also be required to sign various contracts with suppliers, consultants or others whose goods and services you will need in order to take care of your clients/customers. Just as important as it is for you to have your own contracts, you need to be aware of the obligations you undertake when signing certain agreements with your vendors.

One of the biggest mistakes I see small businesses make is signing long-term contracts which obligate the business (and often you personally) to a vendor. Understand that during the start-up phase of any business, you may not have much leverage to negotiate better terms than on a vendor’s form. However, it never hurts to attempt to negotiate to remove onerous terms or seek out a vendor who may not require a personal guaranty or a vendor maybe willing to engage in a shorter-term obligation. Otherwise, should the business be unsuccessful, or you wish to make a significant change in terms of location or suppliers of goods/services to the business, you may find yourself trapped in an agreement the obligations of which may extend long after the business has closed.

5. Peer-support

Whether you are starting a new business at 26 or 62 years of age, we all need someone to whom we can go for advice or guidance. While there is certainly nothing wrong with having an attorney or CPA help, many times he or she will not have the experience in your specific industry to help you avoid traps, pitfalls or common mistakes.

For example, I certainly can help a new engineering firm with the legal requirements of bidding on a public works contract. Yet, I have no experience in how that engineer’s bid should be worded or priced. Finding someone in your industry who is retired or established (but not a direct competitor) can go a long way towards helping your business succeed. That person should know the proverbial “tricks-of-the-trade.” If that person is retired, then he or she may introduce you to potential customers/clients or tell you which industry resources are most effective at helping your business grow. While you should certainly offer to pay this person for his or her time in helping you, you would be amazed at how many retired people may be willing to help for no other reason than someone helped them find success when they are were first starting out.

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There are many more nuggets of advice which can help you succeed, but that is certainly enough for now. Like most things in life, your chances of success are directly related to the amount of time and effort you devote to your new business. There is simply no substitute for you devoting your attention and labor as opposed to relying primarily on others to make your business successful.

The post Batting Cleanup: Little things can make your business shine appeared first on Magnolia Tribune.

…

By: Stephen Burrow
Title: Batting Cleanup: Little things can make your business shine
Sourced From: magnoliatribune.com/2023/08/07/batting-cleanup-little-things-can-make-your-business-shine/?utm_source=rss&utm_medium=rss&utm_campaign=batting-cleanup-little-things-can-make-your-business-shine
Published Date: Mon, 07 Aug 2023 14:00:00 +0000

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Magnolia Tribune

Staring mortality in the face at Christmas

Published

11 months ago

December 16, 2023

Staff Editor

My friend Jarrod is dying after an eight year battle with cancer. He’s lived a life worth celebrating, one that has drawn people to Christ.

I was going about my business this week when I received a text that stopped me in my tracks. A college friend was being moved to hospice care.

Jarrod Egley was diagnosed with colorectal cancer in early 2017. In the fall of 2018, tests revealed the cancer had spread to his lungs and Jarrod’s cancer was classified as Stage IV.

For almost eight years from the date of the original diagnosis, he’s fought. Through surgeries, radiation, endless rounds and cycles of chemotherapy, and experimental immunotherapies, he’s fought.

Last year, I flew out to California and spent some time with Jarrod and his wife, Emily. We sat outside one night. He acknowledged to me that it was not a question of ‘if’, but ‘when’ the cancer would claim his life. I told him I was sorry, because what else is there to say?

We talked about our faith, about the trials of Job, about Jacob wrestling with God, about Paul’s affliction. But mostly we reflected on our time together in school, on the good things, and the mundane things, that happened since.

Jarrod and I met at Tulane University. One Sunday morning in the Spring of my freshman year, I rose from my dorm room bed, dressed, and began walking down Saint Charles Avenue in New Orleans with no particular agenda. I walked until I came across First Baptist Church and the thought flickered in the vacuous recesses of my brain to enter.

Some would say it was a lark. The Calvinist in me says providence. The walk that morning changed the trajectory of my time at Tulane and my life on the whole. Intervarsity Christian Fellowship and the Baptist Collegiate Ministry became central to my life and put me in regular league with Jarrod. I met him first at the BCM and we ultimately ended up attending church together.

Jarrod was a faithful servant on and off campus. He helped organize a group of us that would weekly make our way down to the Esplanade seawall on the backside of the French Quarter to feed the homeless. On Friday nights, he could be found at chapel with a small cadre of students foregoing Bourbon Street for early 2000s worship music.

Jarrod was a loyal friend in those years. Never rude or biting. Not prone to an insult for an easy laugh. Persistently encouraging. An engineering student, his mind worked linearly and was oriented to problem solving. There were never a lot of wasted words — always a lot of deliberative questions when he disagreed or did not understand a point. He exhibited intelligence, empathy, and the kind of moral conviction that sets someone apart.

He also had a wry and dry sense of humor and a penchant for beating people at Madden football. He was fair-to-midland on the ultimate frisbee pitch. Along the way, there were crawfish boils, Mardi Gras outtings, poorly attended Tulane football games, and more than a decent amount of wing eating.

After college, I lost touch with Jarrod. He moved back to his home state of California. He got married to his college sweetheart, who could not have anticipated her husband’s journey, but has been a steady and constant helpmate throughout. Jarrod became a very successful engineer and a bourbon connoisseur. One of his bucket list trips took him to Kentucky, where he got to meet and became friends with bourbon “Hall of Famer” Freddie Johnson of Buffalo Trace acclaim.

Jarrod at Buffalo Trace Distillery (Spring 2022).

Sitting in his backyard nearly 20 years after graduating from Tulane, I saw many of the same qualities I had grown to admire when we were students together. I saw a husband who doted on and supported Emily’s passions. But I also saw someone whose body had been beaten to hell and back, who was tired, and who, like Jacob, had been wrestling with God. We quickly fell back into friendship, which perhaps is the mark of good friendship.

We all have aspirations in our youth — for the kind of spouse or parent we might be, for what we might accomplish, for what we might experience. Along the way, dreams are satisfied, modified, or they die on the vine. The clock inevitably works against all of us. That night in Oceanside, California, Jarrod, a numbers guy, saw that time was not on his side. He believed, as we all would, that he still had more to give, more impact to be made, and more things to see and experience.

After that trip, Jarrod and I stayed in touch, most frequently triggered by news of his cancer. It has been mostly the bad variety in recent months. Now spread throughout his body, down to his bones, he has lived in constant pain for months. Not even a steady diet of morphine and an implanted pain pump solve for it. Jarrod’s been hospitalized twelve times just in 2023.

But his matter of fact sense of humor and way of seeing the world remains in tact. So too does his faith that despite these trials, he has always been safe in the hands of Christ.

There are people in the world who believe that life is random, disordered, and without reason. I am not among them. I think my friend is staring mortality in the face at Christmas for a reason.

For thousands of years before Christ came, there was darkness and despair. Sin and shame gripped the hearts of men. Until one holy night, God, in His infinite love, mercy and wisdom, sent His son to save. Jesus is the light of the world and the hope of man. He has won victory over death and Jarrod’s will not be the exception. Jesus came for Jarrod, and for you.

For thousands of years since Jesus’s death, burial, and resurrection, His disciples have been used as divine instruments to point the way to God. Jarrod is among them. If life expectancies were the measure, Jarrod would be at the midway point for most people. He’s made a lifetime of impact for the Kingdom and on other people.

So, to my friend Jarrod, you were placed here with a purpose. You have run your race. You are loved. And when this chapter closes, you will hear “well done, my good and faithful servant.” There is no greater evidence of a life well lived.

While Jarrod and Emily have been fortunate to have health insurance, their portion of the medical bills so far in 2023 have eclipsed $30,000, and Emily is facing additional uncovered expenses during Jarrod’s hospice care, including a night nurse that costs over $400 a night. If you would like to help defray the cost, a contribution can be made at their Go Fund Me page.

The post Staring mortality in the face at Christmas appeared first on Magnolia Tribune.

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By: Russ Latino
Title: Staring mortality in the face at Christmas
Sourced From: magnoliatribune.com/2023/12/16/staring-mortality-in-the-face-at-christmas/?utm_source=rss&utm_medium=rss&utm_campaign=staring-mortality-in-the-face-at-christmas
Published Date: Sat, 16 Dec 2023 15:05:22 +0000

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Magnolia Tribune

Magnolia Mornings: December 15, 2023

Published

11 months ago

December 15, 2023

Staff Editor

Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.

In Mississippi

1. Laurin St. Pe’ named CEO of Singing River Health System

The Board of Trustees of Singing River Health System announced the immediate appointment of Laurin St. Pe’ as the Chief Executive Officer on Thursday.

“We are thrilled to announce Laurin St. Pe as the new CEO of Singing River,” said Steve Ates, Board President in a statement. “His wealth of healthcare experience and proven track record make him the ideal leader to steer our health system toward its next phase of growth and success.”

St. Pe’, who has been serving as Interim CEO since July 2023, said he is honored to assume the role of CEO at Singing River. He has worked at Singing River as Administrator of Singing River Health System’s Pascagoula Hospital and Gulfport Hospital, in addition to overseeing program service lines throughout the entire system to his subsequent appointment as Chief Operating Officer of Singing River.

The health system says St. Pe played a crucial role in the financial revitalization of Singing River Health System while steering the organization toward financial stability.

2. Gulfport-Biloxi airport, Stennis evacuated after threats

The Gulfport-Biloxi International Airport was evacuated on Thursday morning “out of an abundance of caution,” airport officials said, after receiving an emailed threat to certain transportation entities across the state.

The airport was thoroughly security swept, cleared and reopened in just over two hours. Gulfport-Biloxi is now operating regularly.

The threat was also sent to Stennis International Airport. Their staff and personnel were also evacuated until the facilities could be swept and cleared.

Any passenger whose travel was affected by the evacuation is encouraged to contact their respective air carrier.

3. Cassidy arrested in Iowa for beheading Satanic Temple statue

Former Mississippi congressional and legislative candidate Michael Cassidy was arrested this week in Iowa for beheading a statue at the state’s Capitol erected by The Satanic Temple.

Cassidy reportedly decapitated the statue and turned himself to police on Thursday. He was charged with fourth degree criminal mischief. He then started an online legal defense fund where he’s raised upwards of $20,000 as of Thursday night, according to his X account.

4. “Serial fraudster” ordered to cease offering investments into companies

According to the Mississippi Secretary of State’s office, on October 26, 2023, Secretary Michael Watson and the Securities Division issued an order against Stephone N. Patton. The SOS says Patton is a serial fraudster with multiple criminal convictions in Mississippi and Florida.

Through business filings with the SEC and Mississippi, Patton has held himself to be the CEO of various companies, including Star Oil and Gas Company, Inc., North Gulf Energy Corporation, Inc., Patton Oilfield Services, Inc., and Patton Farms, LLC.

The SOS says using these business filings and company websites, Patton claimed to have raised hundreds of billions of dollars through investment opportunities. Through investigative efforts and collaboration with the SEC, the SOS discovered none of Patton’s companies are operational, have any assets, or generate any revenues. Account records show Patton spent investors’ funds almost as soon as he received them on personal expenses. The total amount of known investments made to Patton’s fraudulent companies is over $80,000. Further, none of Patton’s investment offerings have been registered or notice filed with the Mississippi Secretary of State’s Office.

The SOS order requires Patton to cease and desist from offering investments with his companies, requiring Patton to permanently deactivate his companies’ websites to prevent any further dissemination of his false or misleading information. Patton is also ordered to pay an administrative penalty of $25,000 to the Mississippi Secretary of State’s Office for these violations, in addition to restitution owed to all his Mississippi investors.

National News & Foreign Policy

1. Congressional retirements mounting as 2024 election cycle nears

Retirement and departure announcements are piling up ahead of the start to the 2024 election cycle. The New York Times has developed a Retirement Tracker that currently shows 22 Democrats and 11 Republicans who are in Congress now will not be seeking re-election next year.

“Dozens of members of Congress have announced plans to leave their seats in the House of Representatives, setting a rapid pace for congressional departures, with more expected as the 2024 election draws closer,” the NY Times reports. “Given Republicans’ razor-thin House majority, the wave of exits has the potential to lead to a significant shake-up next year.”

You can find the tracker here.

2. Texas, Daily Wire, The Federalist sue U.S. State Department over media censorship

The U.S. State Department’s Global Engagement Center has come under fire as Texas Attorney General Ken Paxton along with The Daily Wire and The Federalist have filed a federal lawsuit alleging that the department funded technology that could “render disfavored press outlets unprofitable.” They claim that the department has helped social media – Facebook, YouTube and X (formerly Twitter) – to censor free speech while funding technologies used to censor right-leaning news outlets such as theirs.

New Civil Liberties Alliance is representing The Daily Wire and The Federalist. Paxton and the outlets claim the Global Disinformation Index (GDI), a British think tank, received a $100,000 grant from the State Department in 2021, and NewsGuard, which rates the “misinformation” levels of news outlets, received $25,000 from the State Department in 2020, according to the lawsuit.

According to the State Department’s website, the Global Engagement Center’s mission is to direct, lead, synchronize, integrate, and coordinate U.S. Federal Government efforts to recognize, understand, expose, and counter foreign state and non-state propaganda and disinformation efforts aimed at undermining or influencing the policies, security, or stability of the United States, its allies, and partner nations.

As reported by Reuters, the lawsuit cited a GDI-produced list from December 2022 that ranked The Daily Wire and The Federalist as among the 10 “riskiest sites” for news while the least-risky included The New York Times, Associated Press and NPR. Reuters notes that the lawsuit alleges such “blacklists” are reducing revenues to The Daily Wire and The Federalist along with their visibility on social media and ranking results from browser searches.

Sports & Entertainment

1. SEC releases 2024 schedules

Wednesday evening, the Southeastern Conference released the 2024 football schedules for its member schools, including of interest in the Magnolia State the schedules for Ole Miss and Mississippi State.

It is the first schedule that includes new conference members University of Oklahoma and University of Texas, bringing the conference to 16 schools. Each SEC team will play eight conference football games plus at least one required opponent from the ACC, Big Ten, Big 12, Pac 12 or major independent, each team will have two open dates.

The 2024 season will be the first year the SEC will play a schedule without divisional competition since 1991. The top two teams in the league standings based on winning percentage will play in the 33rd SEC Football Championship Game in Mercedes-Benz Stadium in Atlanta on Saturday, December 7.

2. White, Jesiolowski, Jones honored by MAIS

The Midsouth Association of Independent Schools (MAIS) in Mississippi, comprised of non-public schools, announced this week that Madison-Ridgeland Academy’s senior quarterback John White was named the 6A Player of the Year while Hartfield’s Reed Jesiolowski and Hartfield Chris Jones were named the MAIS 6A Offensive and Defensive Players of the Year, respectively.

All three have committed to play college football at the University of Mississippi.

White is Mississippi’s all-time leader in career passing yards with 15,259 yards, a record he broke during the 2023 season.

MAIS, like the Mississippi High School Activities Association (MHSAA) for public schools, is broken down into classifications, from 1A to 6A. However, MHSAA added a 7A this season.

Markets & Business

1. Consumer retail sales up as energy, gas prices move down

The U.S. Bureau of Labor Statistics reported this week that the Consumer Price Index rose 0.1% in November after being unchanged in October. Retail sales rose 0.3% in November after rising 0.2% in October, meaning consumers continue to spend at the start of the holiday season.

The CPI or inflation rate is 3.1%, higher than the Federal Reserve target of 2% but below the 9% peak in 2022 which reached a 40-year high.

As for the energy index, BLS reported that it fell 2.3% in November after decreasing 2.5% in October. The gasoline index decreased 6% in November, following a 5% decrease in the previous month.

The index for fuel oil fell in November, decreasing 2.7%. However, the natural gas index rose 2.8% over the month after rising 1.2% the previous month. The index for electricity also rose 1.4% in November, after increasing 0.3% in October.

The energy index fell 5.4% over the past 12 months. The gasoline index decreased 8.9%, the natural gas index declined 10.4%, and the fuel oil index fell 24.8% over this 12-month span.

2. Week’s market rally continues into Friday

At close of trading on Thursday, the U.S. markets continued the week’s rally, pushing the Dow up 158 points to 37,248 while the Nasdaq and S&P also made gains, 27 points and 12 points, respectively, to close at 14,761 and 4,719.

The record high for the Dow on Thursday moved futures up 102 points.

According to CNBC, the major averages are headed for their seventh straight positive week. As of Thursday, the Dow is higher on the week by 2.8%. The S&P 500 is up by 2.5%, while the Nasdaq Composite rose 2.5% this week.

Stocks rallied after the Federal Reserve left rates unchanged this week while members look towards cuts in the new year and beyond.

The post Magnolia Mornings: December 15, 2023 appeared first on Magnolia Tribune.

…

By: Magnolia Tribune
Title: Magnolia Mornings: December 15, 2023
Sourced From: magnoliatribune.com/2023/12/15/magnolia-mornings-december-15-2023/?utm_source=rss&utm_medium=rss&utm_campaign=magnolia-mornings-december-15-2023
Published Date: Fri, 15 Dec 2023 13:00:00 +0000

Magnolia Tribune

New water rates expected in Jackson come 2024; those who don’t pay face shut off

Published

11 months ago

December 15, 2023

Staff Editor

Interim Third-Party Director Ted Henifin said this week that only about 59% of the City of Jackson’s water customers are paying their bills.

JXN Water has announced new rates and fees coming in 2024. Those who are not paying will be at risk of shut offs.

The company, which was established by federal appointed interim Third-Party Director Ted Henifin, has been overseeing the city’s water system for the better part of a year.

Officials estimated that the average cost for water in the city was $76 per month for residents. Henifin clarified that JXN water will not attempt to recoup any charges prior to November 29, 2022, and will work with those who have failed to pay since that time.

He said only about 59 percent of the city’s water customers are paying their bills.

“You can’t forgive bills, so we have to be creative in how we part that,” said Henifin in reference to Mississippi’s laws that prevent giving away water.

According to a release by JXN Water announcing the rate changes, residents in single family households with small meters that use up to 748 gallons daily would see a bill increase of roughly .30 cents per day. Research indicates that the average U.S. family uses 300 gallons per day.

SNAP customers will have a new rate tier that could lower their bill by up to .69 cents per day, on average.

“Those who need to save the most benefit from saving money by drinking tap water. This new rate structure makes water affordability possible for 12,500 JXN Water customers who receive SNAP benefits,” said Henifin in the release.