Seven things to consider for 2015
- Scrutinize your margins- Can you find department where you can increase them 1%-2%- Reduction in energy costs have created some upward price elasticity
2. Evaluate the security of your systems and take the necessary steps to protect your data
3. Have a plan in place with your POS provider to ensure your hardware and software will be EMV compliant by the 3rd. quarter of this year
4. Evaluate your customer marketing strategies- are you properly utilizing social media. Your goal is to become more social.
5. Provide better customer service- This aspect of your business should be evaluated every. There’s always room for improvement.
6.Think mobile: Most (79%) adult smartphone owners have their devices with them 22 hours a day, according to IDC Research. Additionally, 80% of adult consumers said they check their phones within 15 minutes of waking up every morning
7. If you plan to make expenditures in new software or hardware this year check with your account to see if Section 179 of the date code is extended for 2105
Section 179 is one of the most useful tax deductions for small businesses. It allows smaller businesses to deduct in a single year (instead of depreciating over time) the cost of tangible personal property they purchase and use for business at least 51% of the time. The overall investment limit reduces the amount you can deduct in any year by reducing the annual limit by the amount by which the cost of qualifying property exceeds $2 million for the year. Historically, the annual Section 179 limit was a fairly low $25,000. In an attempt to help businesses during tough economic years, Congress increased the amount that could be deducted under Section 179—from $128,000 in 2007 to a whopping $500,000 in 2010 through 2013. The limit automatically went back down to $25,000 on January 1, 2014 because Congress failed to pass a bill extending it to 2014.