{In} Focus Newsletter Business Newsletter / December 2016
Welcome!
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Welcome to Fox Communities Credit Union’s business newsletter, {In} Focus. The holiday season is here, and before we know it... a new year is upon us! Have you thought about your business plans and goals for next year? Many entrepreneurs reevaluate their business plans and set goals as they head into a new year. Before you get distracted, take time to document your top three goals using the SMART method. SMART (an acronym for the five steps of Specific, Measurable, Attainable, Relevant, and Time-based goals) is one of the most effective tools used by high achievers to reach their goals - realistically! Do you have questions on how to make your business goals happen? Fox Communities is here to turn your goals into reality. We “Make Business Happen”, for people just like you! We have a dedicated team that is here to help you get to that next step... call and schedule a meeting today! Begin to prepare for an even stronger year, but take time to re-energize and enjoy this time of the year with your friends and family. They will thank you for it! From all of us at Fox Communities Credit Union, we’d like to wish you a happy new year,
The Business Services Team
Featured business members Joe Zeamer (left) and Gary Leick Sr. (right), SCG-Solutions Inc. co-owners, and Heather Jones, office manager. Learn how Fox was able to help their growing business, on page 2.
In this issue: Fox Sponsored Events • Featured Business Member • Surviving the Holidays Featured Business Product • Score Corner
Featured Business Product Shop & Save using our new Mobile App Coupons! As part of our commitment to support and promote local businesses, we have launched a FREE, new mobile coupon section to our mobile banking App. Within this App, members have access to over 1,500 national merchants, as well as LOCAL merchants, like you! This connects your business with thousands of Fox Communities Credit Union mobile banking members. Your customers can easily find your business and see the promotions you are running. Promote your business, post coupons, or run daily specials. You have the capability to manage these coupons all on your own! This is a FREE service to Fox Communities Business Members... the only requirement is that when our members show the offer on their mobile device, that they must use their Fox Communities Credit Union debit or credit card as form of payment to get the offer. We simply ask that you honor those terms. Benefits for local businesses: • Promote your business to thousands of Fox’s local mobile members for free. • Fox members can easily search for your business by store name, product or services. You choose the keywords. • Be as creative as you want with your offers. • Create multiple offers or onetime use offers. • Track results/analytics in our free metrics panel. • Fox becomes your mobile marketing partner.
Visit www.foxcu.org to learn more about Fox’s many Business Products.
Featured Business Member “SCG-Solutions continues to expand and our customers are seeing the benefits. God has blessed our company with intelligent partners and we have been blessed with Fox Communities believing in us from the start. They have made the adjustments we have needed, as we are growing. Susan Nagel and her team are very accommodating and have answered all our needs. Our office manager Heather loves the personal touch she receives from the staff at the Ashland branch in Green Bay, especially people like Naomi that goes the extra mile. Thanks for being a great partner FCCU!” - Joseph Zeamer, President of SCG-Solutions, Inc.
Futures Grow with Fox’s Experienced Business Services Team Appleton 920.993.9000 • Green Bay & Lakeshore 920.490.2900
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Surviving the Holidays 4 Tips for Small Business Owners - by Liz Gulsvig, Forte It’s here: the bustling, frantic time of year that can mean big profits for some retailers, but also big headaches. Here are some tips for small business owners, so they can manage the stress of a busy season.
Tune Out: - Do only one thing at a time and give it your full attention. Filter out the noise, whether it’s
inter-office friction, compounding what-ifs and worst-case scenarios, or your digital life. It might be a good time to unplug, check email less often, and give yourself a break. Don’t feel guilty for checking out early.
Set Boundaries - If you’re a small business owner, chances are you run yourself pretty thin most of the year.
Set some serious boundaries for yourself so you don’t get too overloaded. Delegate responsibilities to savvy partners and employees and be sure to just say no to some things. Don’t take on too much, and be realistic about how much you can single-handedly accomplish. Be sure to carve out plenty of breathing room: the holiday season can tend to drag things out, so spacious blocks of time will come in handy.
Do Your Best - Chances are, especially if you’re a retailer, you’ve already initiated your plans for discounts,
specials, and promotions over the holidays. If there are hiccups or things fail to run smoothly, it can feel extra climatic during this time of year. If you’re particularly perfectionistic, things can feel out of control and stress levels can peak. Remember all you can do is your best. Respond to customer concerns and maybe even alter your policies slightly to offer some leniency to buyers: the effort can go a long way in securing trust and building future business.
Find Meaning - The holiday season is a perfect opportunity to step back and focus on what really matters. Seek out a purpose that can help lift your spirits and maybe volunteer or make charitable donations. In looking at the big stuff, you may also find that you want to cut some holiday hours to offer your employees a little more time with their families or throw a festive party to instill some togetherness.
Hopefully these four tips can help bring a little peace and calm to your season.
Fox Sponsored Events Small Business Saturday:
150+ small businesses around the city of Appleton and Green Bay participated in Small Business Saturday, November 26. They offered a “Shop Small Business Passport”as a way for customers to receive rewards such as specials, and discounts as they “shopped small”. This was the third year in the Appleton area, and the first year in Green Bay. What a huge success! Over 1,000 passports were turned in with over $4,000 worth of prizes awarded. Interested in learning about participating next year? Call Heather Wessley at 920.993.3735
Bike to the Beat:
This super cool event is held during the weekend of Mile of Music. Leisurely bike ride a distance of anywhere between 10 and 50 miles. Along the course are stops including food, drinks, and Mile of Music musicians! Next year’s date is Saturday, August 5, 2017. Register today! Go to www.foxbiketothebeat.com for more information.
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Score Corner: Bringing you FREE Business Expertise! Back to Basics in Substantiating Your Charitable Contribution - by Bob Freese, CPA - Schenck Do you have the proper documentation to substantiate your charitable contributions? Most people would answer yes, but are surprised to learn what they have might not be enough.
What documentation do you need to satisfy the substantiation requirements? - The nature of the required substantiation depends on
the size of the contribution and whether it is a gift of cash or property. Any taxpayer making a contribution of property worth less than $250 must retain a receipt from the donee organization, except where doing so is impractical—in which case the donor must maintain reliable written records. The reliable written records, with respect to each item of donated property, must include the name of the donee, the date and location of the contribution, a description of the property and the method used to determine its fair market value.
Contributions of $250 or more - Generally, you must obtain a contemporaneous written acknowledgment from the donee. This acknowledgment must include a description (but not value) of any property other than cash contributed.
Non-cash contributions in excess of $500 - You are required to maintain written records that must
include, among other things: The approximate date the property was acquired and the manner of its acquisition; a description of the property in detail reasonable under the circumstances; the cost or other basis of the property; the fair market value of the property at the time it was contributed; and the method used in determining its fair market value.
Contributions of property valued in excess of $5,000 - You must satisfy the substantiation requirements
discussed above and must also: Obtain a “qualified appraisal” of the items and attach a fully completed appraisal summary to your return. A qualified appraisal must be completed no later than the extended due date of the tax return claiming the deduction.
Separate contributions of less than $250 - These aren’t subject to the above requirements, regardless of
whether the sum of the contributions made by you to a donee organization during a tax year equals $250 or more. For contributions exceeding $500 and $5,000, similar items of property are aggregated for purposes of the substantiation rules.
Travel expenses may also apply - If you donate your services to a charity and travel as part of the service, some travel expenses may be deductible. In order to deduct your costs, your volunteer work must be for a qualified charity. Your charity work has to be real and substantial throughout the trip. You can’t deduct expenses if you only have nominal duties or do not have any duties for significant parts of the trip. Find more business information at www.score.org
Federally Insured by NCUA. Equal Housing Opportunity.
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