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PARO: End-of-Year Checklist

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Now that we start a New Year it is important to reflect on our past year’s performance and set a plan for success in the years to come.

Below, please reference PARO‘s End-Of-Year checklist for small businesses. These 6 steps can help your business become successful in 2017:

  1. Review accounts receivable and payable
    Accounts Receivable: To ensure that your cash flow is accurate be sure that your accounts receivable is up to date. If a payment is owned collect ASAP, collect in the next year- but file as a cash or accrual basis, or write it off as a loss.Accounts Payable: Be sure to record your bills on a monthly basis. If you do have a system in place review your accounts payable to see if it is accurate.
  2. Review you inventory (if applicable)
    It is important to keep an accurate record of your inventory quarterly and if you can monthly is even better. This can help you plan in the next year so you know if you are holding too much or missing out if you are holding to little.
  3. Verify 1099 / W2 information and send out forms
    Accurately obtain the personal information from your vendors and contractors to send their 1990s and W-2 forms.
  4. Close your books and prepare for tax filing
    Before you reflect on 2016 your books must be closed. Your bookkeeper or accountant must reconcile your bank accounts, credit cards, and credit facilities. Finally, then can you can review your financial year of 2016 more accurately.
  5. Review your P&L Key Performance Indicators (KPIs)
    Review your key performance indicators by identifying 2 or 3 indicators that drive your business. Over the course of tracking these indicators you are able to see what areas are doing well. From there you can assess the low indicators to help improve your business.
  6. Create a budget for the new year
    Now that you have finally reviewed your financial statements you can plan on working on your businesses’ yearly budget. Since you have gained a financial insight you can budget accordingly.

Click to download PARO’s End-of-Year Checklist

Upcoming Events:

  • Stop by for PARO’s Lunch & Learn Event! January 18th at 12pm, 225 W. Washington , Floor 22.
  • See more upcoming events

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Networking Is a Dirty Word

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Word of mouth networking is one of the most powerful (and affordable) marketing tactics to help grow your business. Not only will you build awareness about your company or practice, but you will also get opportunities to make lasting impressions by building relationships in relevant circles. Yet, due to pushy vendor tactics, networking has become a “dirty word” in some circles. Included in your Amata membership are live events and online resources that provide such opportunities at each Amata Office Center location. Whether you connect in the café, knock on each other’s door, or meet in the comfort of the cognac room, Amata members have many points of contact and venues to build working relationships and identify potential referral sources.

Put Yourself “Out There”

After 16 years of creating shared office space in downtown Chicago, Amata makes it incredibly easy to get to know your neighbors. To create a friendly exchange of ideas, you need only change your surroundings.

  • Open-Up: Stop by the café for a refreshment, or to work from one of the comfortable booths, seats, or couches. Helpful and intriguing conversations often begin in passing or when you look up from your work.
  • Show-Up: Attend, host, or even sponsor events at your center. This will allow you to interact with your neighbors and identity potential synergies.

“AmataNet” – The Exclusive Online Community

Your Amata Membership, gives you access to AmataNet, a members-only community where you can

  • See member profiles and company names
  • Talk shop with any of Amata’s 1,300 Chicago members and demonstrate your knowledge to potential referral sources
  • Get discounts and updates on member perks
  • Display posts and blog articles for members and prospective customers to understand your talents
  • Reserve conference room time and pay your bill

Help for Attorneys

More than 60% of Amata members are attorneys, so we developed support services specific to their needs:

  • Get New Clients: Attorneys at Amata frequently refer new clients to each other when they can’t help them for any reason. We help get attorneys talking to each other outside of work and free from stress through simple gatherings for drinks after work, free breakfasts and lunches, as well as appetizers after work.
  • Talk About Law: You can catch up with CLE credits for ethics or get free lunch and learn opportunities with other Amata attorneys in the convenience of your office suite. In the process, you may create a helpful relationship while working.

Discover our networking events for Chicago lawyers.

Guest Blog: Why You Should Join Team Morning Workout

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Find out how to get the most out of every day with Amata member Jim Lenger. Read his post about why you should join a Team Morning Workout. As a music instructor and triathlete, Jim notices that people who exercise prior to their guitar lessons are energized and ready to face challenges.

In the workplace and in guitar lessons, Team Morning Workout will enhance your day.

James "Jim" Lenger, Amata Member and Founder of Guitar Cities

Author: James “Jim” Lenger, Amata Member and Founder of Guitar Cities

My life revolves around music and sports. Literally. When I am not training competitively for Team USA in the Pentathlon and Triathlon, I am instructing music and running my Guitar Cities music schools in Chicago, San Francisco, New York, and London.

I have instructed approximately 70,000 people and have noticed many things that have changed positively as they have pursued music and fitness together. These changes have been primarily twofold. First, on a personal level, those who have pursued both areas together strive to learn more, and have more energy and enthusiasm for this.

As a business owner, there is a reason that I market guitar lessons to triathletes, and why I see people that have a budding interest in music start pursuing athletics. They are both roads to bettering themselves, both physically and intellectually.

Second, these changes can affect the workplace productivity, especially if done in the morning.

Why You Should Join Team Morning Workout

I have a number of students that will do their workout prior to their 8 AM lesson and I notice when this is true, these “Team Morning Workout” students are already energized and ready to dive into new challenges head on.

Even the student that starts their day with a guitar lesson is already leaving engaged and prepared to “hit the ground running” as they get into work. Findings from a study published in the Harvard Business Review showed:

“People whose performance peaks in the morning are better positioned for career success, because they’re more proactive than people who are at their best in the evening.”

Basically, attack the day early with something physical and creative; your body, mind, and job will thank you for it!

5 Tips To Make Morning Workouts Easier

Have an accountability partner.

This can be a coach, instructor, or friend that will be expecting you to be there, whether physically with you or via text or phone check in.

Have goals.

If you’re picking up running, perhaps wanting to enter into a 5K, have something to build towards. If you’re picking up an instrument, pick a song to learn and understand the steps necessary to get there.

Start with a reasonable schedule.

Don’t expect to get up super early every morning of the week, especially if that wasn’t a part of your normal schedule before. Start with a few days, and as you gain comfortability with the early hours, add more!

Sleep.

If you are planning on getting up early the next morning, be sure to get a reasonable amount of sleep. You will perform better, both in athletics and music, if your body is rested. Set a few alarms for yourself prior to when you need to get to sleep to aid in the unwinding process.

Keep it simple.

Don’t try to jump into too much at once. Many people make the mistake of modifying a big list of things in their technique, both on guitar and in swimming, for example. Start with the big things, then work your way to the small things, don’t be too concerned with minute details right away.

For more morning workout motivation, be sure to follow James’s training journey on Instagram, check out his Team USA bio, connect with him in the music instruction space, and visit his website for tips on how to stay active.

This article originally appeared on the FFC blog on October 10, 2016 and was reposted with the permission of author and Amata member James Lenger.

Photo Source: TeamUSA.org

Attention Amata Members — Interested in submitting your articles or blogs to appear on our website? Contact us at [email protected] or 877-262-8204. We’d love to hear from you!

Discover our networking events for Chicago lawyers.

What’s the No. 1 Key to Increasing Employee Productivity?

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sleeping-on-the-job

Forget cool office perks like ping-pong tables, Friday happy hour and employee gym memberships. According to a recent Harvard Business Review article, the No. 1  key to increasing employee productivity is giving employees control over their work environment, which helps boost their overall happiness, motivation and performance in the workplace.

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3 Tricks For Small Business Cash Management

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3 Tricks For Small Business Cash Management

Cash is king. Most beginning entrepreneurs think that growing revenues is the key to a successful business, but cash management will often save a struggling business despite the amount of revenue. Here are three ideal opportunities to create value for your company when you need it most.

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Types of Flawed Decisions

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Obviously, the most important service you offer your business is leadership and making decisions. Decisions are tough and often times do not turn out the way you planned. So, it begs the question, how do we get better at decision-making? Believe it or not, there is plenty of research about this.

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The 3 Critical Elements Of The Elevator Speech

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As an entrepreneur, you must be able to communicate your business ideas in a succinct and captivating manner. It is the most important skill in raising capital. The idea of an elevator speech is communicating the idea of a company during an elevator ride. This means it must be about 60 seconds.

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