By Elayne Lieberman
For a decade or more, I’ve watched businesses close left and right throughout my community. Then new businesses move into the same locations and within months, they, too are out of business. Sometimes the empty store fronts remain empty for years.
Do you see the same thing in your community? I’m guessing you do.
I’ve asked myself why some businesses survive and others, many others, don’t make it. Of course, there are many reasons. Cash flow problems. Wrong market for the products or services being offered. Ineffective marketing and advertising. Not understanding the financials and how these numbers help guide and direct the business toward their goals.
A big challenge as a business owner, especially in the first few years, is trying to do everything yourself to save money. The problem with trying to do it all yourself is that you are not the expert in all aspects of running a business. Trying to keep all the plates spinning and all the balls in the air is crazy-making.
Until you realize that you need a team of professionals and experts to help move you forward into success, you will likely continue to struggle. And likely continue getting bogged down in the daily drudgery of keeping your doors open.
As a business owner myself and specifically as a business consultant, I have been searching for ways to help our local business community gain an economic foothold and reach levels of success they have been struggling so hard to attain.
Something caught my attention just after the 2016 Presidential election. It was the decision made by Carrier Corp to close their factory in Indianapolis, MO and move to Monterrey, Mexico. This would have impacted 1400 American employees whose livelihoods depended on their jobs at Carrier.
The decision to move the plant was based on the U.S. trade policies that made it less cost-effective for Carrier to stay in the U.S.
So, what happened that Carrier, almost magically, was able to keep their doors open and save jobs in Indianapolis?
The answer may surprise you: Congressionally mandated tax credit programs they apparently had never known about.
Businesses of all sizes and from many industries routinely perform work that qualifies them for significant business development tax credits. Many may qualify for On-The-Job Training programs. There are State and Federal hiring credits. There are Work Opportunity Tax Credits. And these are just a couple of examples.
Tax incentive programs were created by the U.S. Congress to keep American jobs on American soil. When the economy is stimulated with cash flow, it supports and encourages reinvestment back into the U.S. economy. These programs stimulate innovation and growth within the business sectors and ultimately into our local communities. And, most importantly in my opinion, supports and encourages entrepreneurship.
There are over 700 of these congressionally mandated tax incentives, rebates and credits available to ALL businesses.
So, Carrier was suddenly saved, most of their employees kept their jobs and Carrier could keep their plant open in the U.S.
And magic can happen for you, too.
Unfortunately, most small and medium sized businesses simply don’t know about these programs. And apparently neither did the executives at Carrier.
We know how they did it and can help you get the tax rebates and credits that you deserve.
Learn more next time.