The Small Business 2017 Year in Review – Small Business Show 151

2017 Small Business Year in ReviewJoin us for our last episode of 2017 where we share Small Business tips from our favorite shows of the past year. Dave and Shannon both have their favorite guests, topics and advice from episodes of the Small Business Show that aired during the year.

We hope you’ve been able to live a Charmed Life during 2017 and we wish you the best for 2018!


First Year Small Business End of Year Checklist – Small Business Show 150

first year small business end of year tasksIt’s your first year in business and with just a couple of weeks left in the year, what tasks should you be working on? Join Dave Hamilton and Shannon Jean for this episode of the Small Business show that is dedicated to helping new Small Business owners close out their first year of business.

Listen in and learn about making sure you select the right type of entity for your business – should you choose an LLC, S corp or something different? Dave spends some time discussing how Pass-through business entities work and ways to protect yourself while saving on taxes with the entity type you select. We also spend time discussing multi-member LLC companies vs. single member and why you might select one over another.

We then jump into a discussion about meeting with or finding a good accountant, identifying and tracking expenses and if you work out of your home, what type of deductions you may be able to take. All decisions that are important to discuss with your accountant, before they get busy with tax season.

It’s also a good time to start thinking about what types of insurance you might need for your new Small Business. You’ll hear some tips on selecting an insurance broker and why you will want to add them to your Board of Advisors.

We wrap of today’s show with a discussion about reviewing and negotiating supplier contracts and being sure to give yourself some credit for everything you’ve achieved and learned during the past year.

Join us today for episode 150 of the Small Business Show and then visit the Support Group to share your story, get your questions answered or help another Small Business Owner.


  • 00:00:00 Small Business Show #150 for Wednesday, December 20, 2017
  • 00:02:24 Welcome to your first year in business
  • 00:02:53 What type of entity should your business be?
  • 00:06:03 What is a Pass-through business like an LLC or an S-Corp
  • 00:06:58 Multi-member vs. Single-member LLCs
  • 00:09:01 Meet with – or find – your accountant
  • 00:10:00 What are profits and losses and expenses?
  • 00:12:42 Expenses for working out of your home?
    • Internet Access
    • Home office deduction
    • Insurance
    • Maintenance
  • 00:13:36 Managing Freelancers
  • 00:16:15 Administrative Fees are Fair Game
  • 00:18:38 Find your deductions!
  • 00:21:09 SPONSOR: gets you their Triple Bundle for just $149
  • 00:24:05 Insurance
    • Find a good insurance agent!
  • 00:29:00 Negotiating any existing suppliercontracts
  • 00:30:03 Pay all bills with your credit card
  • 00:30:40 Inland Marine Insurance
  • 00:31:25 Give yourself some credit
  • 00:32:18 Don’t be afraid
  • 00:34:59 SBS 150 Outtro

The Entrepreneur Ethos – Interview with Jarie Bolander and Mihir Shah – Small Business Show 149

Jarie Bolander & Mihir Shah interviewed on The Small Business Show Podcast 149

Timing plays a critical role in the success of your business. When you launch your products, when you hire new employees, and in the case of Jarie Bolander, when you publish your book. Join us this week on the Small Business Show as we meet Jarie to discuss his new book,The Entrepreneur Ethos along with his good friend, Mihir Shah CEO of Drobo.

Listen in and hear why Jarie felt compelled to create a roadmap for entrepreneurial success by building more ethical, inclusive and resilient companies.

We also have a bonus today with Mihir Shah adding his comments to the discussion about the “why” of being an entrepreneur and how stepping in to solve problems can be rewarding far beyond any financial gains.

Listen to the show, then join us on the Small Business Support Group to ask more questions and to add your voice to the discussion!


  • 00:00:00 Small Business Show #149 for Wednesday, December 13, 2017
  • 00:02:17 Mihir Shah – from VC to CEO… always turning things around
  • 00:03:32 It’s fun to strategize, but more fun to be hands-on
  • 00:04:25 Jarie Bolander – the classic, patently-unemployable entrepreneur
  • 00:06:17 The Entrepreneur Ethos
  • 00:07:45 What’s the “why?” behind being an entrepreneur – Speak your truth
  • 00:09:33 “If you want to be the best entrepreneur in the world, you need to aspire to the ethos”
  • 00:10:44 The importance of timing – Patience vs. Procrastination
  • 00:12:18 “I’ve always wanted to run my own business”
  • 00:13:24 Failure is an option, but never the end result
  • 00:14:03 SPONSOR: gets you 20% off your first year
  • 00:17:28 SPONSOR: gets you their Triple Bundle for just $149
  • 00:19:36 Always stepping on landmines and learning how to diffuse them
  • 00:22:39 The Drobo 5C – first USB-C product of its kind in the marketplace
  • 00:23:56 The meeting of two minds, focusing on the positive
  • 00:27:21 Unacceptable behavior is (finally) being called out
  • 00:29:36 Stay away from the hardware business
  • 00:32:23 Self-awareness matters!
  • 00:35:33 Focusing on how to grow “You”
  • 00:39:34 SBS149 Outtro

End of Year Small Business Tasks to Complete – Small Business Show 148

It’s that time of year! With just a few weeks left before the end of the year, there are some important tasks to take care of for your Small Business. Join us on episode 148 of the Small Business Show to hear our take on what you should be doing before the New Year starts!

We begin the show by discussing the importance of getting your financials (PL, BS, Cashflow) in order so you can review the data that will guide you in making end-of-year decisions that can impact your profitability, tax liability and much more. Without good data, you’ll have a much tougher time making decisions.

If your Small Business carries inventory, now is the time to get your counts straight. You may want to write-down slow moving or old stock that can help to lower your tax liability – but you need to know what is actually on your shelves before you can see what you’re working with.

Dave and Shannon then spend time talking about collecting on any overdue Accounts Receivables and making any last minute purchases that you may have been putting off. Both can impact your financials and taxes. If you’ve had a great year, is it smart to let some customers defer paying their bills? Listen and find out what we think of that tactic!

It’s also time to do an HR review and think about bonuses and other rewards for your employees. But, how do you handle it if things have not been that great and you don’t have the funds to hand out this year? You guessed it, we have some tips on dealing with this situation that is sure to come up during your Small Business’ lifetime.

We wrap up the show with a discussion about maxing out retirement accounts for both you and your employees, holding your annual LLC or Corp meeting and working on your annual Executive Summary. But wait, there’s more! Don’t forget to relax, reflect and recharge during this time of year with family and friends!

We hope you enjoy this episode of the Small Business Show that is brought to you by Storyblocks! After the show, visit our Small Business Support Group to let us know what you think and to join the conversation.


  • 00:00:00 Small Business Show #148 for Wednesday, December 6, 2017
  • 00:01:39 In two weeks, SBS 150 is specifically for first-year business owners
  • 00:03:11 Your financials – P&L, Balance Sheet, Cash Flow Reports
  • 00:04:22 Inventory
  • 00:08:26 Recapturing Profits
  • 00:10:35 Patching up mistakes later
  • 00:11:30 Matching your risk aversion with your accountant
  • 00:12:49 SPONSOR: gets you their Triple Bundle for just $149
  • 00:15:55 Accounts receivable
  • 00:17:33 Cash vs. Accruals
  • 00:20:20 Review your team – to Bonus or not to Bonus!
  • 00:23:44 Executive Summary – Accomplishments, Mistakes, Expenditures, Income changes
    • Make sure to have your Annual Meeting
  • 00:26:39 Finding great ways to share revenue with your employees
    • Pension, profit sharing, 401k
  • 00:30:24 Just relax!