What Tax Documents Should You Keep?

And which ones should you shred?

If your filing cabinet is bursting at the seams, you’re not alone. As a small business owner, you have a lot of paperwork to keep track of – everything from business licenses, employee records, lunch receipts – the list goes on.

Some of the more challenging records to manage are your business’ tax documents and all of their supporting paperwork. Navigating tax document requirements is complicated and is often unchartered territory for a small business.

As a default, many business owners end up unnecessarily saving every last receipt for years and years. Or, they become overwhelmed and throw away important information. Continue reading

Should I take on a business partner?

Are two heads always better than one?

When it comes to taking on a partner to start or grow a small business, there’s no right or wrong answer. 

Partners can complement each other’s management skills and bring benefits such as special expertise and client relationships. 

As with any relationship, there are trade-offs that must be carefully considered before deciding whether adding a partner is a wise move, and then you have to find the right person for the role.

If it sounds a bit like marriage, you’re not far off. Having the right partner can be a terrific advantage for a business. Making the partnership successful takes as much energy, effort, and positive feelings for one another as it does to make a marriage work.

There are several important things to consider before choosing a partner and entering into a business partnership. Continue reading

COVID-19 Reopening Guidance for Businesses and Workers

For the latest COVID-19 information and resources visit coronavirus.wa.gov.

On May 4th, 2020 Governor Inslee signed Proclamation 20-25.3 and outlined the “Safe Start” plan, a phased approach to re-open Washington’s economy. Under the plan, businesses and activities will re-open in phases with adequate social distancing measures & health standards in place. Businesses may also need to meet additional requirements developed specifically for their industry.

Continue reading

The Impact of COVID-19 on Startups – April 2020

Infographic: The Impact of COVID-19 on Startups - April 2020

SCORE surveyed pre-startups and startups in early April 2020 about how they think how coronavirus could affect their business, and this infographic highlights the findings.

Data from a SCORE survey conducted from April 3-16, 2020. 492 business owners responded with 125 respondents identified as thinking of starting a business or in their first year of business ownership.

  • 65% of those surveyed are solopreneurs
  • 28% have 2 to 5 employees
  • 5% have 6 to 10 employees
  • 2% have 11 to 20 employees
  • 2% have 21+ employees

The respondents owned businesses in the industries below:

Continue reading

PPP or Paycheck Protection Program Q&A

The Paycheck Protection Program was established by the CARES Act. The US Treasury website outlines all of the policies on one page and it’s the best resource for getting questions answered. For a quick reference, I’m including all of the topics below including the  Frequently Asked Questions (5/6/2020) which you will find under the program rules.

Continue reading

How can I keep my business going during and after this pandemic?

by Ken Sethney, Volunteer Business Mentor, SCORE Kitsap

Every business owner I’ve had a conversation with in the last month or so is struggling to answer that question. It doesn’t matter what they sell, products or services, they are struggling to find answers to very difficult questions. Almost everyone in start-up mode has simply stopped. 

So, what should they do? What should you do? My suggestion is to keep moving forward. 

One of my SCORE clients owns a well established business with several employees. She and her team provide therapeutic services, but they don’t qualify as “essential.” 

Continue reading

Working Washington Small Business Grant

Apply for up to $10,000

Applications Due by noon this Friday, April 10th.

On Tuesday April 7, 2020, the Washington State Department of Commerce and Governor Jay Inslee introduced the Working Washington Small Business Emergency Grant program. The new grant program offers assistance to small businesses impacted by the COVID-19 pandemic. The Kitsap Economic Development Alliance (KEDA) is partnering with the Governor and the Department of Commerce to accept grant applications from Kitsap County businesses.

DOWNLOAD APPLICATION
Download application to your
computer before completing

  • To apply, download the application to your computer.
  • Open the downloaded application and complete as much of the information as you can.
  • SAVE the file by adding your company name (ie; ABC Co-WWSB Application)
  • Attach and email the completed form to info@kitsapeda.org

Apps must be received by noon on Friday April 10th!

Continue reading

SCORE clients find ways to deal with COVID-19 shutdowns.

For example:


Centering Massage
&    

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