Let's Talk with Leaha & Rhonda

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The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you may hear do not necessarily represent the views of K u and v. Las Vegas, the University of Nevada, Las Vegas, or the Board of Regents of the Nevada System of Higher Education.

Unknown Speaker 0:16
Good morning, Las Vegas. How are y'all doing? Good morning. Good morning. Good morning. Welcome to Let's Talk with Leah and Rhonda. I'm Rhonda Nolan. And she's Leah Cropper. And we're here today to talk to you about small business, small businesses, the ins and outs, the tips and tricks. We are here to give you some suggestions on how you can improve your business how

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you can improve your business and Rhonda COVID-19, I can just say over the COVID-19 COVID-19 COVID-19, this pandemic has either you got stronger, Yep, you got stronger. You identify where your weaknesses are. And you're able to pull it through. And if you're not there yet, get it together. Because we're pulling through this, we're pulling, pulling through it pulling through it. My My heart goes out, though, to those of us that have lost loved ones have lost people close to us. And I know it's hard, but just know that this is the season. This is the season. And once we get through the season, you know we're on to bigger and better things. You know, the fabulous thing is Las Vegas is opening back up,

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we're opening back Las Vegas is going to

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open back up. We need tourism, we need people we need people to be safe. Our small businesses, I mean, we really see that we are a society that social, we are, we're a social society. So we need we need the people, we need those bodies, we need those body, we

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need our bars or restaurants, our lounges, we need the outlet personally, we need to you know, be able to leave home and go somewhere, let our hair down, have a cocktail, have a meal, and talk to our friends talk to our bartenders who are also our therapists. The

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funny thing is, I know for me, I realized that my teacher, you know, the teachers weren't lying about our kids. Sometimes we saw firsthand how they act in school. I know for me, I had to tell my son, Hey, sit down, pay attention. Pay attention. I mean, I know you're looking at a computer screen, but act like you're in school. I mean, we want to simulate this the best that we can.

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So listen to your teachers at parent teacher conferences, they are telling the truth tell it

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is based on some facts about how to act at school. But small business owners, you know, the second round of PPP, they're actually funding now. They're funding the loan forgiveness is are coming out, they're given out they're giving those what I can say is from dealing with my clientele. We're filing extensions, though, yeah, we're filing extensions, on our tax returns and this thing because it's tax times Bibles and tax time, we're filing extensions, because there are still a lot of questions about how do we handle those funds. You know, they're, you know, we can we can get into accounting jargon. But there's still questions around it. And we want to do to return one time, we want to make sure that we have all the information that we've read all the different documents of how to handle certain credits. Because yesterday a client called me about ERC credit that you're eligible for as a small business owner that files no wait now for the wands, if you if you PPP funds ran out, and just making sure that we are giving our clients the best return that they are getting all the credits that they are eligible for, and that we had the documentation to back up the position that we took on their tax return. Right. And then I was also seeing guidance out there where I guess accountants are getting fed up with the with the tax preparer that comes in and sets up and sets up shop and and goes with the kind of getting frustrated with air. They're saying that, you know, these people are coming in, they're doing these false, no fraudulent returns, claiming these businesses that don't exist, and all this other stuff. And it's like, you know, some of us are out here really doing the work, right, and patronize those of us that are truly truly doing the work. You know, we got our we're set up when you get that letter from the IRS. You don't have to find us right where they're right. You know, the same. I'm on the same corner that I've been on for the past 11 years. I will be right there. We answer the phones every day. And will we days I should say for and we're there and we can if we took a position on your tax return right we can basically back up the position because we've done the work to understand the position that we took on a return so if there any questions, we can answer the

Unknown Speaker 4:43
question and make it easy for your tax a tax accountant get all your paperwork together before you come to see them. Get your documents together all of everything you any type of paperwork, you have your 1099 your W two your 940 ones, your 940 fours, whatever it is that you need to give them so they get Review the information and determine which direction to go in on your text

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and be honest, yeah, be honest. And be honest. Because I know for me, I get for my clients, when you leave out of my office, you understand, at least I believe you understand, because we've had a conversation about it. And we have, you've had the opportunity to ask questions will Lea, why is this number there? What does that mean? Why is this number there? What does that mean? So that you can have an intelligent conversation? Because if you are trying to buy a house, guess what you need tax returns. That's right. If you are, well, buying a house is the biggest thing. buying houses, you need tax returns, if you are getting small business loans, you need tax returns any kind of loan

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filing to get any type of certification, you need tax returns, and you

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need to understand what those numbers mean. Because what you don't want to happen is later on, you know, five years from now, you gotta Well, three years from now, you got to pull this 2020 tax return, because they always ask for three prior to three prior years, right? And you don't know what is on your return. Right? And you're like, Well, I didn't know this person schedule. No, put me as a small business owner. Okay, I know, for us, when they come into our office, and they had the Schedule C, you know, these small businesses, where's your business license? Right? You know, go get the business license, right? How are you conducting this business without the proper licensing? And I used to get gets a little you know, a little bit wary about asking people to really You ask too many questions. No, I asked the questions, because if we're ever asked later on, we got the backup documentation. That's right, got the backup documentation. If you have an LLC, you know, did you file your annual fees. And if you didn't file your annual fees, I love the state of Nevada, just go file them and pay the fee. Just go file a file and do it

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due 30 days early,

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don't best practices were the days when the Secretary of State's and you didn't notice, just pay it

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and they started sending out notices 90 days in advance 60, then 30, then

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32 People just pay the people, pay the people pay the people because you're in business. That's right. And it's a small price to pay if you're in business, or you know, like for me, because I get a lot of questions to about people that want to go into business, and what should they do. And my first suggestion is do a Schedule C, pay the cheap license, see if it works first, before you start investing money and setting up corporate structures and stuff like that. And then depending on what type of business it is certain businesses, you want to do that in the beginning, but for the most part, I want to say you know, for me best practices about maybe 70% of the time, jump out there and see if it's gonna work. If that little knickknacks you want to sell if people are going to buy

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it widgets, candles, bottle openers, whatever it is, you come up with whatever it

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is you come up with start out as a sole. Last one, I got what somebody wants to do bracelets, Oh, love, they want to sell bracelets, and they can and they can I was like just set up a schedule C and just figure out what you're gonna do? And how you're going to do it? Do you really want to be a business owner? Because being a business owner, the pandemic was I know harder for us, because what we work for is how we eat. Correct, you know, and as as what you kill is what you eat. Right? You know, I didn't have a paycheck coming in, right every other week, you know, not eligible for unemployment and all that other stuff. So for the just the thought I remember March 16, which is my birthday, march 16. Like, oh, my God, we shut down. Well, what does that mean?

Unknown Speaker 8:23
And what we have to work on a small businesses, and this is something that the big businesses always have is they have reserves. So if something goes awry, they can keep the train on the track. With small businesses, we tend not to have reserves, we tend to live day to day, week to week paycheck to paycheck, we have to change our mindset. So what we learned from COVID-19, as a small business, is that you need to have reserves

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and then what does that what does that reserve so how do I build it? And I think we've had this conversation before, how do I build that reserve? Well, you know, on a monthly basis, how much and now with the extra stuff, right? How much does it cost for you to operate your business? Correct? What is your rent payment? What are you paying your what are the salaries, what are your utilities, supplies? What are if you had to go bare minimum? What if you're a minimalist? What would it take for you to survive, and best practices with that is minimum six months. So if you know that your business takes $10,000 a month to survive, you multiply that times six, and you're gearing towards 60,000 somewhere sitting right 60,000 Some were sending me and I know some financial some some some financial advisors might say something different, but you want money that's sitting somewhere or have access to 60,000. So in six months, you can change the trajectory of your business.

Unknown Speaker 9:45
Correct. And when we say sitting somewhere, we don't mean sitting somewhere taking a nap. We mean sitting somewhere and it's making some money is sitting in a savings account. It's sending a high interest account, it's sitting somewhere but it's making money so you're 60,000 is making money. So if an emergency occurs and you have to go in there and get handed and get a say

Unknown Speaker 10:03
exactly because you have to because you need to have access to have access to that have access to it in case something happens. And I guess, learning all learning this because you should also do that personally. That's right. Know how much it takes for you personally to survive. So if you know your rent or your mortgage is X amount of dollars, and then you have to pay your utilities, you know, utilities don't go anywhere. Utility, right, and you have to buy food. How much is that? So for the average person, it might be about $3,000 a month, right? Tom? Six, that's $1,800. So if you're a small business owner with Yeah, how 18,000 18,000 Okay, I'm sorry, $18,000. So $18,000, plus the 60. From the business, you know, you need about $80,000,

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sitting in a bank account somewhere, somewhere sitting somewhere, you need to

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assess, you need to have access to about 18,000. And then we were talking about, I mean, we never really talked about managing debt on this show as a small business owner, because you're right, we, we operate, check to check on what's coming in. And to change that mindset. It takes work, it takes work. So how I started because I started changing my mindset about that about three years ago, how I started was if I make $100, I'm saving X percentage, my operating expenses are X percentage, my my paycheck is X percentage, and working those percentages out until I got to 100%. And every $100, I'm doing this, let me tell you what it did. It helped me get to that reserve, right, slowly. It was a slow walk. But I also realized that shiny things weren't as shiny. Right? I had a different thought about it. Because before it was, well, I want this. So I'm gonna go ahead and say the money to get that now was okay, so I want this, I have these percentages, it might take me a little bit longer, but how do I work to get there and working out working on a true financial plan, and it was reading a bunch of books. Then taking it in and understanding it, after I understood it, and was like, okay, but you still want to live this life? Know, what's the lifestyle that, that you want to live and looking in the mirror and being really honest about the lifestyle you want to live? Right? How much does that lifestyle cost? Right? You know, is it feasible? You know, what can you cut back. And what I can tell you is, you walk a lot differently when you got money in the bank, right? You negotiate a lot differently when it's not when we're not coming from a place of scarcity, but a place of abundance. And being in that place allows you for me more loving, more caring, and really to give a good service, a good service, because I'm not just trying to get the client because I need the money. I'm getting the client because I truly, truly want to do business with you. I want to provide you the best service, I want to do the research, and I'm not compromising on my fees, right. And

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in my circumstance and like, like many small businesses out there, we work for corporate companies, and they pay on net 30. Net 60 days. Wow, what did we learn last year? Well, first of all, you have to put systems in place to make sure you get your money from your clients. And I learned this way before 2020. Before I would take on a contract and not even ask for a deposit, I would let the person pay me at the end of the event that I wouldn't do for them no more, no more. I learned that lesson. Now. You know, I learned this too, that in 2019, I changed my business model. If I'm doing an event for you, I need 50% of the money upfront and then 50% of the money when the event is done period in the story

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I see from my main business because his taxes his cash and carry. Right. Well, that's good for you. But I had to change it because at one time, you know, people will come up with a sob story. Oh, I don't have the money right now. Well, guess what? Now Oh, you don't have the money. But you can file it,

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people spend money on what they want. So if it's important enough for them to get their taxes done or any other service, they will come with cash. But

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I also realized that when I changed my philosophy about how I do business, right, so did they, I started getting paid. I was like well who knew

Unknown Speaker 14:02
right? In addition, another thing we learned from last year, as small business owners is know your banker is very key to know your banker, whichever bank you do business with, you need to know your banker and bankers, you need to know the manager of the bank, you need to know the people that help out the business section of the bank. Your banker should know your name, or at least know your

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face and know what business you're in because you never know we were your referrals.

Unknown Speaker 14:27
That's right. So basically, to me, in my opinion, doing banking online is convenient. But you need to walk into your bank and know the people who work there because when PPP first hit last year when they when we

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do we have we had a couple of bankers. Now let me just say

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I had been with my particular bank for 10 years and didn't have a banker didn't know who didn't know anybody in the bank. So when I had questions on how do I feel this out? What do I need? There was nobody to ask because I didn't have a friend. Now on the other hand, another good friend of mine who banks at this same bank knew everybody in the bank and they had walked her through the whole situation and helped her. And I was like, you've got to be kidding me. She's like, well, Rhonda, have the relationship with the banker. I talked to them every time I go in there, I'm like, Oh, I don't know what to make. I do everything online. Well,

Unknown Speaker 15:13
and same thing that Well, for me it was, and multiple banks, having relationships with multiple people, right? You know, the one in my bank where you know, I'm on the phone at night applying for my PPP. She's on the phone with me, right, right. At another bank, where a lot of my clients bank having that person there, say, Lea, we're not really that good at it, send your client somewhere else, because we haven't mastered that yet. Right. And then having another relationship with somebody that was working with the policy, and they were, you know, just given me, you know, heads up, this is how you do this, this is how you do that. And relationships became just so important, very important is very important. And not only that, but the relationship is not who, who you know, it's who knows you correct. And then the thing about being ethical, having integrity, and then knowing the type, just the type of people that you're dealing with, because you've already you know, you've done the work, you've done the work. And like we've seen a lot of stuff during PPP, we have we've seen a lot, we've seen a lot of stuff, and we've had to turn some people away we have, we've had to turn some people away, we have gone on and above to help some people that we couldn't help because it was just out of our control. It was too late, right. But what I can tell you is I love the fact that we that we're there, and we're willing to I mean, we we've cried, we've laughed, we've done all I think we've felt every emotion during this pandemic we've even have, we've even tested positive for the virus and had to do things a little bit differently yet, but what I can say is my name, me and Rhonda, have worked hard have worked hard through this. My name is Leah Crawford, that is my co host, Rhonda Nolan. And we we are here for you as small business owners, because with large companies, they got a team of accountants, right as small business owners, you know, if you don't, if you don't know an accountant, have one on your Rolodex or not just somebody to do your taxes, but an accountant, somebody that understands the number somebody that has access to the codification system that can understand how you do transactions help you grow your business, because as a business owner, you know, you're you're working on in the business, right? You're trying to make sure that you're making money, right? You know, and you just need to have that that squat, right? To help you work on the business. That's right, looking at your marketing, looking at your promotions, you know, the professional that that's what they do all day. So they can tell you, or explain to you exactly what you need to do have an accountant. So when those numbers come in, they can go in and push those those ratios out and look at people in your industry.

Unknown Speaker 17:44
And as soon as we think we are We cannot do everything we can you have to you have we all need help. So you have to have a team, you have to have a squad. So like I always say when we're on this show, you have to have your accountant, your bookkeeper, your lawyer, you have to lie. Yeah, you have to have those people in your corner, you know,

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and in different types of lawyers because they are, because all of them are not made to say or not. They and they all do different things. And what I love about the attorneys that are in our network is if they don't do it, they can refer you to who does. That's right. And they've already they know well, nope, I don't do that. But this person does. And I, I appreciate that the same thing with like, for me doing tax resolution, we do taxes and all that stuff. But my thing is, is resolution if you have bad tax issues you have not filed and all those years, we try to make it comfortable for you working through that process because of the anxiety that comes when you get this letter from the Internal Revenue Service. And you know, good and well you haven't done what you're supposed to do. Or you have this large balance and you're sitting there like I we know, and I work with you so that you don't get the other notice that says United States of America versus, you know, right, we work with you beforehand.

Unknown Speaker 18:56
We don't want you to be there. Yeah. But before we get those

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notices, right, because we've even in my in my office, you know, being there for 10 years, we've seen some businesses flourish, we've seen some businesses not but all in all, it is the attitude, the perspective of you know where you're at, we're here to give you good tax returns and to help you grow that business. Now, I don't have control over you know, what you do, I just can give you feedback on ways to grow the business, you know, just know positive feedback, right?

Unknown Speaker 19:28
We'd like we want everybody to win. So we always listen to all of our clients. And then we give them honest feedback. You know, sometimes it's extremely positive. Sometimes it could be a little negative, but it will be the truth. What we will not do is we will not sugarcoat it well you know

Unknown Speaker 19:45
what what I love is that it's never I don't look at it as negative I look at it as honest. Sometimes it's honest because it's not negative if you can't do it, right i mean you right now are not you're not able to write and I love when client when when when potential clients Call us and they're, they're like, you know, they want to start these businesses. And number one have never started a business before have no idea what it entails. And then a summer I got $2. And we're like, how you gonna? You know, just how are you going to do that? Because the reality of it is, most businesses have a start. No, they have startup costs, correct that you have to have in order to do it. And have you even thought through, you know, just because you can cook a meal for your family, and it's good. Does that mean you need to have a restaurant?

Unknown Speaker 20:30
Sometimes it does, and sometimes it doesn't. And so those are the questions you have to look at what I do admire about home chefs that are very, very good, that start their food trucks. That's the way to go. You start small and then you grow. You don't become a home cook today and then open up in the Bellagio tomorrow. It doesn't work like that. So you have to have realistic expectations. Before you gotta crawl before you welcome have realistic expectations. What I always tell my clients when they come in, and they meet with me, and they have a great idea for something new, I first find out do you have the experience? In this in this experience category? Yeah, I think that if you if you want to open up a restaurant or bar, you should have worked in one, in my opinion. So did you know how the business runs, if you want to open up a floral shop, I believe you need to work in one I believe you need to be educated on your business. And the only way to be educated is to have done it for a period of time. So you can take what you learn, then you go on you open up your own business and you run it the way that you want to. But and then sometimes don't get me wrong, you come up with a great idea about something new this on the cusp. Now if you come up with some great new technology, well, of course, you don't have any precedents for it. Right? If you come up with some new technology, or some new apps or something new, something new, it's gonna help people that's a little different, right. But when you're coming up with, you know, with new companies where you know, you have to know the business, be personable and hire other people, you need to have that experience first.

Unknown Speaker 21:58
But I can save more information. 70238257377023825737 We're here for you

Unknown Speaker 22:08
we are and if you want to see what we look like, you can visit our page, our Facebook page. Let's talk with Leah and Rhonda. And you can see our smiley faces, you

Unknown Speaker 22:16
know, I had to get on Ron, because Brian does marketing. And we've been working on this for some time. And I'm like, Oh, are we ready? Are we ready? Are we ready? Are we ready? I'm like your marketing he, I mean, just I love being able to have someone that I can work with. And we are involved in each other's lives on so many different levels. And we bring out the best in each other. And it makes it it makes it work because we we have different experiences. But when we come together, it's like everything multiplies and grows. Right. And, you know, both of us went to Howard University lived in Washington, DC, the lives and other cities around the country. And now we are residing here in Las Vegas. And making the best of it.

Unknown Speaker 22:59
Yep, we really are. And we're and we're enjoying our time here and enjoying our time meeting new people and talking about new and upcoming things. So that

Unknown Speaker 23:08
yeah, and doing stuff together because she has marketing and she gets in marketing and events. And that's what she does marketing events, and actually personal styling. photoshoots just just doing all of it putting it together. She'll make you look fabulous. Because I was saying I was like Who was that? She was like, that's you. I was like, Okay, let's move forward. But I and we have a good time. We have a good time.

Unknown Speaker 23:33
And all small businesses, you should be happy and have good times in your business. Because you spend so much time working on it. It should be something that's more than a business, it should be your passion. It should be something that when you wake up every day, you're excited to go into your office and do whatever work that it is you do

Unknown Speaker 23:49
because that excitement changes the dynamics of the business. Because if you're looking for something if you Oh, what was me, Dennis, oh, this business, but if you Hey, what was hey, we will make this happen. Every day is fabulous. Every day is amazing. And you look at the problems and you handle them differently. That's right, and you walk through them differently. But what I can say is Rhonda, thank you for everything I actually am enjoying the show and join working with you and even working with you through PPP. It was It was exciting. We learned a lot. We met a bunch of different people we learned about a lot of different industries. And I can tell you that as a small business owner, this is not an

Unknown Speaker 24:27
easy feat. No.

Unknown Speaker 24:28
I look at it as as I would say baptism by fire. That's right, that tourism by fire. And it's not for the weary. No, it's not for the weary. If you are if you're passionate about being a business owner, and you're willing to work as hard for you as you would for anybody else because you are I mean you said like for me being a small business owner. The attractiveness to me was setting my own calendar right and being able to have the flexibility already because I had young a young child at the time. And we still need we still needed to eat. But I couldn't go anywhere sit from nine to five, I had to, you know, drop off at school pick up from school. And I wanted the flexibility to be able to do that, because of my relationship with my child was very important. And it seems to have worked out because next month, we can talk about monopoly because now I'm not serious new thing is monopoly. So he's learning how to play Monopoly. And at amazing, he's 10 years old, but what I love is by him learning to play Monopoly, learning how money works, learning the importance of how you move the pieces around the board, and the different emotions that go with when you got to pay your mama, you know, 1500 hours because you landed on a property, you know, just just just a differences in emotionally, how you deal with stuff. And being a small business owner, sometimes it's the you know, you got to deal with the emotions, you got to deal with vulnerability. You got to I mean, it's just all these things that come up, and you got to have a healthy mind. Yep. As a small business owner, you have in your health, you have to be healthy. That's right. You know, you got to take care, you self care. We talked about that before. And I think we went but we kind of good at self care. We were great and amazing at self care. But all those things are important. Talking about the whole person, and being an entrepreneur, but until next month, because I know we're we're about to get off the air. It's been amazing Saturday morning. I'm glad that we are here with you.

Unknown Speaker 26:27
Yeah, yeah. I'm glad that we've had this time to spend with you today. As a small business owner, and we're very happy to talk to you. And again, you have any questions for us, hit us on the Facebook page,

Unknown Speaker 26:42
Facebook page. Or, or 70238257377023825737. Yeah,

Unknown Speaker 26:54
because remember, we want all of our small businesses in Nevada to grow and prosper. We are about what 60 days away from being open. 100% I'm very excited about that countdown. I'm very excited that the death rate regarding COVID 19 pandemic has gone down. People are still testing positive and that's okay. Because people are beating it now. People know how to fight so they know how to defeat COVID-19 vaccinations and the last time you talked right? And then you know, did the vaccinations are available for people who want those. So for people who want them they're available, you know, you see you see the commercials I mean, there's several different places that are given them out. And then I understand that Walgreens has started to give them out that's what I was told. So anyway. Be healthy, be healthy, be safe, you mask wear your mask on, stay strong. We can survive. We can survive. We're almost there. And

Unknown Speaker 27:47
then Happy Birthday to me next month. Happy birthday to ya. We're

Unknown Speaker 27:51
a little early. But what Happy Birthday to miss Leah next month, March 16. It's gonna be so much better than 2020 because 2020 We were crying because we closed close our businesses but now this year, we are going to celebrate we will be celebrating the businesses still open. And we've had you know we dealt with everything that's thrown at us this last year when I was still standing.

Unknown Speaker 28:16
I'm gonna try something different than I think I'm gonna celebrate the whole month of March. I think you should from March 1 In my case, I

Unknown Speaker 28:20
think we'll start on March. All right, march 1 Start. You can send the cards candy and flowers. She will accept them during March 1 But Las Vegas thank you so much. Thank you for joining us today this beautiful Saturday morning, and we look forward to seeing you soon say bye Leah bye Peace and blessings.

Unknown Speaker 28:40
You have been listening to a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you heard do not necessarily represent the views of K u and v Las Vegas, the University of Nevada Las Vegas or the Board of Regents at the Nevada System of Higher Education

Transcribed by https://otter.ai