UPDATE 6/13/20: As of this week, I only have one client who has reported hearing back from this program at all. And that was just an email saying there were 1500 people in-line in front of them and funds were unlikely to be available.
From Crain’s Chicago today — The city’s Small Business Resiliency Fund has been swamped with about 7,000 applications since starting to receive them on March 31, and has approved just 10 applications as of yesterday evening, a city spokesperson said.
Warning: the rest of this is an op-ed vent, not my usual constructive information and advice.
Honestly, I’m heartbroken. I attended a webinar where the head of BACP told everyone to apply, even if you decide not to take the loan, because the program is designed to connect you with community development lenders who can advise you on the best combination of loans and grants for your business’s needs. These are places I trust, like Accion and WBDC. But to-date, not a SINGLE client has even heard back from the lender with whom they were paired. Not just that the applications are taking a long time — I mean, they haven’t even had an initial contact yet.
I understand the City is swamped and overwhelmed, and I truly believe they’re doing their best… but their best simply isn’t good enough. These were supposed to be the bridge loans that helped small businesses until they received their PPP or EIDL funding. I feel stupid for trusting them, embarrassed that I recommended this approach to my clients… and shocked that we have plumbing and traffic signals.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. This allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Each month the City of Chicago offers twice-weekly (Wed & Fri) FREE business education workshops presented by experts in private practice as well as representatives from various city departments. There are quite a few good ones this month — see the list below — and they’re all offered at City Hall (right downtown and near public transit). To register for any of them, email BACPoutreach@cityofchicago.org or call 312.744.2086.
City Inspections – Ask Questions, Get Answers Wed, October 2, 1:00 PM – 2:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the City of Chicago To operate a successful business in Chicago you need to know what it takes to maintain compliance. Officials from several City departments will provide insight on how to operate safely, stay compliant, help prepare for inspections and highlight the do’s and don’ts of operating a business.
The Nuts and Bolts of Small Business Funding Fri, October 4, 9:30 AM – 11:00 AM City Hall, 121 N. LaSalle St. – Room 1103 Presented by Hannah Fernandez, ROI Business Funding Access to capital continues to be a pressing challenge among small business owners. In this workshop, you will have a better understanding of the spectrum of funding options that exist for small businesses in the “missing middle” gap, where the capital amount the business owner is looking for is too small for a traditional bank or too big for a microfinance institution or nonprofit lender (typically between $50K-$2MM). You will learn how to identify which funding option(s) is most appropriate for your business and know what it takes to become fundable.
Negotiation Skills Workshop
Wed, October 9, 1:00 PM – 2:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Awatif Yahya, Founder, Awe Horizons LLC Think about the last time you bought a car, negotiated your pay, agreed with a customer on a price, or got consensus with your kids on where to dine. How did it go? Were you happy with the outcome? Did you get what you wanted? There is science behind a good negotiation. It is a skill that can be learned and mastered over time. The aim of this workshop is to develop and enhance your negotiation skills, be it in a business environment or a personal setting, to get to a win-win situation. This workshop will address what makes up a good negotiator, cover negotiation myths and mistakes, negotiation satisfies and dig into 5 negotiation tactics. We will close with practicing tips to help you master your negotiations.
Lending Tools for Small Businesses in Growth Mode
Fri, October 11, 7:30 AM – 9:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103 Presented by Jake Stern, SVP & Director of Economic Development at SomerCor Interested in taking the next step to expand your business? Learn about powerful lending tools that meet the capital needs of existing businesses in growth mode. Topics include SBA 504 loans, Small Business Improve Fund (SBIF) grants and Neighborhood Opportunity Fund (NOF) grants.
Forming Your Business: Choosing a Legal Entity
Wed, October 16, 1:00 PM – 2:30 PM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805 Presented by Agostino Filippone, Partner, Chokshi Filippone Law, LLC Whether LLC, Corp, or another legal entity, when starting a business, organizing your company the right way can significantly limit risk. Agostino Filippone, a Partner at Chokshi Filippone Law, LLC, will present on entity options, as well as provide information and material to help you navigate around common pitfalls faced by business-owners.
How to Use Networking to Build Your Business Fri, October 18, 7:30 AM – 9:00 AM City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by Anna Maria Viti-Welch, The Viti Companies Anna Maria will discuss different ways to network, as well as how to begin networking, where to find the best networking opportunities for your business and how to make the most of your networking efforts.
How to Write a Business Plan – What you need to know!
Wed, October 23, 1:00 PM – 2:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Donna R. Rockin, Managing Partner at Rockin Enterprises, Inc. Learn how to create a comprehensive business plan. It’s easier than you think when you understand all the components that get included. You’ll receive a complete list of what to include to demystify the process. Writing a solid business plan is your roadmap to business success.
Identifying Your Optimal Marketing Tactics
Fri, October 25, 7:30 AM – 9:00 AM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by Rainier de Ocampo, MBA (Adjunct Marketing Professor at UCLA Extension and Cal State University, Los Angeles) There are many digital channels and marketing tactics to choose from that it can be overwhelming and difficult to know which ones will work best for your business or brand. This session will unpack and help integrate the following marketing tactics: Social media; Email marketing; Digital advertising; PR & media outreach; Blog content; And more!
Fighting Cybercrime and Meeting Your Cyber Security Challenges in 5 Steps Wed, October 30, 1:00 PM – 2:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the Better Business Bureau (BBB) Cyber crime targeting businesses is on- going and continues to be a major concern. Learn how five steps can build awareness and an action plan to deter cyber criminals and help avoid the problems that could destroy a business. This presentation uses the latest information about hackers and data breaches to educate businesses how to protect themselves. Better Business Bureau teamed with National Cyber Security Alliance and National Institute for Science & Technology, along with local cyber security experts to create a scale-able program that any size company can use to create an individualized cyber security program. This workshop is in recognition of National Cyber Security Awareness Month.
Also, in case you weren’t aware, BACP offers a Business Start-Up Certificate Program, designed to give business owners the essential elements in starting and growing a business. Attend nine workshops at BACP and learn the essentials of business planning, financing, marketing, legal issues, technology and more. Complete the program workshops within six months and earn your certificate, as well as get free advice on your business plan. You can register for the Business Start-Up Certificate Program at any BACP workshop. Learn about the full set of BACP offerings here.
One of my favorite clients is an artist who runs a neighborhood cafe — coincidentally, also my favorite cafe in Chicago. She recently came into the role of CFO, and we’ve been crunching some numbers together, looking at trends. After a lengthy evening of meeting, training, analysis and instruction (keep in mind she’d already worked an entire shift at the cafe; I’m frequently amazed at my clients’ commitment to what they’ve built) she then went off to do some investigation and problem-solving of her own. After a couple of astute and insightful questions from her the following day, via email, I happened to see the amazing post above on instagram.
I often laugh about how in my line of work, consulting with small business owners, I’m either friends with the client first, or we become friends through working together. Either way, I’m a pretty lucky CPA to have as many friends as clients as I do. An amusing side effect of this is that I see their posts on social media and they see mine — sometimes I’ll be complaining about my hard day at work, and I have to think twice about who will see the post. Sometimes it happens the other way around… for example, the client who posts about hating QuickBooks or procrastinating on a job I need them to get done.
To go back to the initial post — I call it the Poetry of Numbers. How do you know which ones to trust? How can you identify patterns if your mechanisms are faulty? What to trust and what not to trust is a never-ending problem of bad data. As accountants, we try to put systems in place to make sure the numbers are reliable… to do so helps the client create and then read a story about their own business.
But when you see a story that doesn’t make sense, or your gut tells you it can’t be right, or you can’t find a reason for the storybook characters to do what they’re doing, then you have to ask a different set of questions, starting with, “how did this data get here? where did it come from? how was it generated? did systems or procedures change at some point?” Otherwise you’ll become overwhelmed by interpreting data and connecting it with reality.
I love this work of art and accompanying statement. It describes links that suggest order and yet imagery that defies meaning. The dreamlike surrealism, broken images and weird connections all contribute to the sense of being lost inside your own data, inside your systems, your head. It wrestles with trust.
Feeling very grateful to have clients who are able to illustrate — quite literally — the poetry inherent in the work we do.
It’s near-impossible for me to choose a favorite client, as well as a pointless exercise — I have so many wonderful folks in my life! Plus, I am lucky enough that the line between clients, friends, business associates and vendors (the people and places where I choose to spend my hard-earned money) are constantly and magically blurred.
But if I had to make a list, there’s no question in my mind that Shirley Kienitz, who runs both the Bruiser clothing line and local retail shop Wolfbait & B-Girls, is in the running for Number One. She’s an inspiration, she’s organized and responsible, she’s community-minded, and she practices what she preaches. And she’s very respectful of the role that accounting and business consulting plays in running a successful small business. Plus, she’s even more energetic and relentlessly awesome than I am!
So of course it was a joy to see her interviewed for Six Degrees of Inspiration by Credstyle Films. Take a watch and be inspired.
I’ll be giving a presentation this Wednesday, June 26th at 5:30 pm at Ampersand Cowork in Logan Square (Chicago) for their series Drink & Think: Entrepreneurship @ Ampersand! The topic is, “Thinking About Starting a Small Business – Side Business – Freelance Gig? Here’s What You Need To Know First.”
Insightful Accountant just released their annual awards list of the Top 100 ProAdvisors, and it reads like a who’s-who of the QuickBooks accounting industry. Many congratulations to my many colleagues and friends who are featured this year! The Categorical Winners and “ProAdvisor of the Year” will be announced during one of the Main Stage Events at next month’s “Scaling New Heights” conference in Salt Lake City.
Insightful Accountant identifies and recognizes the Top 100 QuickBooks ProAdvisors each year in its annual Top 100 ProAdvisor awards program. This awards program recognizes the leading ProAdvisors and ultimately the ProAdvisor of the Year based on a thorough vetting.
Humblebrag: I was honored to be nominated this year for my first time (no, I have no idea how many total nominees they had to choose among) and was shocked and humbled to be held in such highly-esteemed company! My very warmest wishes to all the winners. You really are the best of the best!
Each month the City of Chicago offers twice-weekly (Wed & Fri) FREE business education workshops presented by experts in private practice as well as representatives from various city departments. There are quite a few good ones this month — see the list below — and they’re all offered at City Hall (right downtown and near public transit). To register for any of them, email BACPoutreach@cityofchicago.org or call 312.744.2086.
City Inspections – Ask Questions, Get Answers
Wed, February 6, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the City of Chicago
To operate a successful business in Chicago you need to know what it takes to maintain compliance. Officials from several City departments will provide insight on how to operate safely, stay compliant, help prepare for inspections and highlight the do’s and don’ts of operating a business.
Create Your 2019 Social Media Plan
Fri, February 8, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Business Bragger
Set goals each quarter for 2019, determine which platforms are best for you to use your business, create a messaging concept and set KPIs to track your results.
New Food Code Workshop
Wed, February 13, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Gerrin Butler, City of Chicago Department of Public Health
This workshop will provide information for retail food establishments to prepare for the City of Chicago new food code requirements. These requirements are based on the latest science, conform to federal guidelines, state and local laws.
Get Capital for Your Small Business with Kiva and Accion
Fri, February 15, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805 Presented by Kiva and Accion
Hear from Kiva, a nonprofit that provides 0% interest loans of up to $10,000 to small business owners and entrepreneurs, and from Accion, a small business lender with loan ranges of up to $100,000 for small and existing businesses.
How to Open a Concession at O’Hare or Midway Airport
Wed, February 20, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805 Presented by Chicago Department of Aviation – Concessions Department
Are you interested in operating a restaurant or shop at O’Hare or Midway International Airport, but don’t know where to begin? Come and learn about the Request for Proposals (RFP) process, how to operate a business at the airport, and a summary of the Airport Concessions Disadvantaged Business Enterprise (ACDBE) program.
What You Need to Know About Your Business & Taxes
Fri, February 22, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the Internal Revenue Service (IRS) and Ladder Up (LU)/Center for Economic Progress (CEP)
Topics include: Are you required to file a tax return? Is your worker an independent contractor or an employee? What will the IRS request during an audit? Are you required to make estimated tax payments? What resources does the IRS have for small business owners?
Customer Service
Wed, February 27, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805 Presented by the Better Business Bureau (BBB)
One element of every successful business is Customer Service. It’s importance should never be underestimated. Nor should it be assumed employees understand it. This presentation by the Better Business Bureau uses the latest research to help businesses understand how customers themselves view customer service, and how a “better business” is defined by customers.
Also, in case you weren’t aware, BACP offers a Business Start-Up Certificate Program, designed to give business owners the essential elements in starting and growing a business. Attend nine workshops at BACP and learn the essentials of business planning, financing, marketing, legal issues, technology and more. Complete the program workshops within six months and earn your certificate, as well as get free advice on your business plan. You can register for the Business Start-Up Certificate Program at any BACP workshop. Learn about the full set of BACP offerings here.
I recently received the honor of being named one of the Top Accounting Influencers of 2018 by Fit Small Business. As part of the interview process, they asked me for a list of three “top accounting tips” — and they picked one for their article. I figured in announcing the award, I should share all of the tips I provided in a related post, so here you go!
1) Involving an accountant in your business should be one of the first steps a business-owner takes, well before taxes are due. (I’m not saying this just because I’m a CPA; I’m saying it because I see the results of this oversight regularly.) This doesn’t mean you can’t file your own taxes… but if you take the time to consult with an expert first, you’ll make way fewer mistakes when you do. A qualified accountant who specializes in your industry can help you with so many of the key issues that otherwise might come back to haunt you at tax-time — from entity choice to software selection to funding your business.
2) Selecting the right type of entity (sole proprietor, LLC, partnership, S-Corp, etc.) can make a huge difference in both liability and taxation issues. It’s important to understand the rules of the entity type you choose — for example, if you’re an S-Corp, pay yourself “reasonable compensation” via payroll; it’s the law. With the changes in the new tax law, this piece of the puzzle has become even more complex and more important.
3) Technology should play a role in every aspect of your business — accounting, tax and bookkeeping are no exception. Find a CPA who understands and embraces the ways in which tasks can be automated, with an eye toward improving efficiency, accuracy, and audit-proofing your company. The right technology stack can improve inventory and ordering, point of sale, collections, payroll, workflow, forecasting and cash-flow. Almost every system can be leveraged such that the books become a daily source of information for making real-time management decisions… not just a requirement for tax compliance.
Follow these three tips, and in my opinion — the rest will follow.
I have three initial reactions to this extremely high compliment:
I am humbled and honored to be in the same space as some of my most respected colleagues. Just recently at a retreat for bookkeeping professionals, Cindy Schroeder introduced one of the speakers — Geni Whitehouse — in the context of how long she had admired and respected her. Cindy shared the experience of when she once discovered she was on the same list of conference speakers as Geni… and how in that moment she felt she had really “made it”. I can now second that wonderful feeling, as Geni is listed immediately next to me on the Accounting Influencers article.
I could not do what I do without the incredible support of an amazing staff. Jessie Goldbaugh takes care of the lion’s share of bookkeeping and staff accounting services in the firm, and Ali Szymanski and Heidi Jacobson provide all the administrative support (and in Heidi’s case, probably most of my emotional support as well). My husband, Mark McClelland, is my personal IT guru and help-desk. Without the dedication of these hard-working folks in my life, I could not spend nearly as much time researching, pursuing continuing education, consulting and writing up related findings.
Ultimately, it all comes down to providing services for my fabulous clients. It is their needs that cause me to constantly push forward, always learning something new, continually taking continuing education webinars, attending conferences and retreats, and researching — and then synthesizing and publishing, in the form of my blog — what I have learned. Were it not for them, there would be no point in it, and I would not be able to take a passion and turn it into a living. So, thanks to all the beautiful small businesses who give us the opportunity to be on your team.
P.S. In the interview process, Fit Small Business asked me for a list of three “top accounting tips”, and they picked one for the article. I figured in announcing the award, I should share all of the tips I provided in a related post — here. Enjoy.
