Financial Reports

Population Growth The United States Census Bureau projects the United States population will be over 332,403,650 by Jan. 1, 2022 A.D.. Representing a 0.21% increase in population. Population increased 0.29% since Census Day. In January 2022 A.D. the United States is expected to experience a birth every nine seconds and one death every 11 seconds. International migration is expected to add one person to the U.S. population every 130 seconds. The combination of births, deaths and net international migration increases the U.S. population by one person every 40 seconds. The projected world population on Jan. 1,by 2022 A.D. is projected to be 7,868,872,451, an increase of 74,235,487, or 0.95%, from New Year’s Day 2021 A.D., during January 2022, 4.3 births and 2.0 deaths are expected worldwide every second. Source: United States Census Bureau

Use market research to find customers. Market research blends consumer behavior and economic trends to confirm and improve your business idea. It’s crucial to understand your consumer base from the outset. Market research lets you reduce risks even while your business is still just a gleam in your eye. Gather demographic information to better understand opportunities and limitations for gaining customers. This could include population data on age, wealth, family, interests, or anything else that’s relevant for your business. Then answer the following questions to get a good sense of your market Demand: Is there a desire for your product or service? Market size: How many people would be interested in your offering? Economic indicators: What is the income range and employment rate? Location: Where do your customers live and where can your business reach? Market saturation: How many similar options are already available to consumers? Pricing: What do potential customers pay for these alternatives? You’ll also want to keep up with the latest small business trends. It’s important to gain a sense of the specific market share that will impact your profits. You can do market research using existing sources, or you can do the research yourself and go direct to consumers. Existing sources can save you a lot of time and energy, but the information might not be as specific to your audience as you’d like. Use it to answer questions that are both general and quantifiable, like industry trends, demographics, and household incomes. Check online or start with our list of market research resources. Asking consumers yourself can give you a nuanced understanding of your specific target audience. But, direct research can be time consuming and expensive. Use it to answer questions about your specific business or customers, like reactions to your logo, improvements you could make to buying experience, and where customers might go instead of your business. Here are a few methods you can use to do direct research: Surveys, Questionnaires, Focus groups, In-depth interviews, For guidance on deciding which methods are worthwhile for your small business, the U.S. Small Business Administration (SBA) provides counseling services through our resource partner network. Use competitive analysis to find a market advantage. Competitive analysis helps you learn from businesses competing for your potential customers. This is key to defining a competitive edge that creates sustainable revenue. Your competitive analysis should identify your competition by product line or service and market segment. Assess the following characteristics of the competitive landscape: Market share, Strengths and weaknesses, Your window of opportunity to enter the market, The importance of your target market to your competitors, Any barriers that may hinder you as you enter the market, Indirect or secondary competitors who may impact your success. Several industries might be competing to serve the same market you’re targeting. Source: United States Small Business Administration Need a SBA Loan? Visit: secafunding.com/sba

Boechler P.C. v. IRS In April 2022 A.D., a unanimous Supreme Court stopped the Tax Court from refusing to hear a taxpayer’s challenge to an IRS assessment. The Supreme Court agreed with the amicus brief filed by NFIB in November 2021A.D.. The case focused on the time period during which individuals can file petitions with the Tax Court to review decisions and determinations from the Internal Revenue Service (IRS). NFIB argued, and the Court agreed, that the 30-day deadline to file a petition in the Tax Court for review of an IRS collection assessment is not an ironclad deadline if injury from the IRS decision was discovered after the 30-day window. This means that the Tax Court should function like any other court and allow its judges the discretion to extend deadlines in certain cases. The Supreme Court’s ruling ensures that taxpayers and small business owners have ample time for their day in court.  Source: NFIB

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The Three Financial Points To Always Remember 1: After you graduate from school, no one is going to ask to see your report card. No one cares what your GPA was or if you belonged to any honor society, fraternity or sorority, club or social group. They might care about what school you went to, if you went to any private or Ivy League such as Harvard or Yale. But for most people in the world, it doesn't really matter to the majority of people about your education. #2: What matters to people is your balance sheet. That is your financial report card when it comes to your financial health. While this is by no means what should matter most in your life, it is what will matter the most to those analyzing your financial standing, and yes your business financial statement is much more important than your credit score. The 5 types of financial statements you need to know • Income statement. Arguably the most important. ... • Cash flow statement. ... • Balance sheet. ... • Note to Financial Statements. ... • Statement of change in equity. #3: When it comes to your skill set the more specialized you are, the more valuable you are. The more of a wide open space that you're in business wise, the more that you can out learn and outwork others. Read and study a lot of good materials. The very successful billionaire businessman Mark Cuban likes to say, "It's about the willingness to outwork and out learn everyone." Robby Evans CCFC

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