09-21-2017 Columns

Five tips for women business owners

Women are an integral part of the workforce, but they have had to overcome many obstacles along the way. Of course, challenges still remain, but women’s success in the working world is worth commemorating – which will happen on American Business Women’s Day Sept. 22.

Are you a woman considering “setting up shop” on your own? If so, here are five tips to consider:

Balance your goals. It’s possible – perhaps even likely – that your business goals will conflict with your personal financial goals. After all, if you’re purchasing new equipment or services for your business, you’ve got less money – at least for the time being – to put away for your own retirement or your children’s education. Hopefully, your investment in your business will pay off in greater income, but, in any case, you will need to balance your personal and professional goals.

Create a retirement plan. As mentioned above, your ability to contribute to a retirement plan may be affected by the amount you put into your business – but that certainly doesn’t mean you shouldn’t have a retirement plan. In fact, for your future financial security, it’s essential that you launch such a plan. Fortunately, small-business owners have a choice of plans, including an “owner-only” 401(k), SEP-IRA and SIMPLE IRA. Although the various plans have different requirements and contribution limits, they all offer tax-deferred earnings, which means your money has the opportunity to grow faster than if it were placed in a vehicle on which you paid taxes every year. (Taxes are due upon withdrawal, and withdrawals prior to age 59-1/2 may be subject to a 10% IRS penalty.) Plus, your contributions to a retirement plan may be tax deductible.

Arrange for “backup.” Virtually all working women are familiar with the conflict between their careers and their roles as caregivers. Women are still more likely than men to drop out of the workforce for an extended period of time to care for young children or elderly parents. And your care giving responsibilities won’t end just because you are now a business owner. Consequently, you need to have someone you trust available to step in for you when your family obligations call you away from work.

Design a succession plan. When you want to retire, would you like to keep the business in your family? If so, you’ll need to create a succession plan that works for you and whomever you’d like to take control. Such a plan can be complex, so you will need to work with your legal and tax advisors – and you’ll want to give yourself plenty of time to work out the details.

Build an emergency fund. Maintaining an adequate cash flow will always be a key task – one that involves your sales, billing cycles, inventory and other elements of your business. One way you can help yourself avoid troubles is to maintain an emergency fund consisting of a few months’ worth of your business expense. You’ll want to keep this fund in a liquid, low-risk account.

Running your own business can be extremely rewarding, but it’s never going to be an easy road. However, with perseverance and careful planning, you can smooth out some of the bumps along the way — and give yourself reason to celebrate American Business Women’s Day.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

SepticSmart Week 2017

Berrien County Health Department in partnership with the U.S. Environmental Protection Agency is observing SepticSmart Week (September 18-22) and encouraging residents and communities to properly maintain their septic systems. What can you do to help?

Protect It and Inspect It: Homeowners should generally have their system inspected every three years by a qualified professional or according to their local health department’s recommendations. Tanks should be pumped when necessary, typically every three to five years.

Think at the Sink: Avoid pouring fats, grease, and solids down the drain. These substances can clog a system’s pipes and drain field.

Don’t Overload the Commode: Only put things in the drain or toilet that belong there. For example, coffee grounds, dental floss, disposable diapers and wipes, feminine hygiene products, cigarette butts, and cat litter can all clog and potentially damage septic systems.

Don’t Strain Your Drain: Be water-efficient and spread out water use. Fix plumbing leaks and install faucet aerators and water-efficient products. Spread out laundry and dishwasher loads throughout the day – too much water at once can overload a system that hasn’t been pumped recently.

Shield Your Field: Remind guests not to park or drive on a system’s drain field, where the vehicle’s weight could damage buried pipes or disrupt underground flow.

Pump Your Tank: Routinely pumping your tank can prevent your septic system from premature failure, which can lead to groundwater contamination.

Test Your Drinking Water Well: If septic systems aren’t properly maintained, leaks can contaminate well water. Testing your drinking water well is the best way to ensure your well water is free from contaminates.

For more information, visit www.epa.gov/septicsmart.

Listening to our veterans

As Americans and Michiganders, we are exceptionally blessed to have had generations of men and women who have answered the call to defend our great nation at home and abroad. We enjoy the blessings of freedom because of their commitment to our country and their sacrifices. One of our most important duties as their fellow citizens is to continue to find better ways to serve and assist our veterans.

With that goal in mind, I am pleased to announce that on Monday, October 2, I will be hosting a veterans roundtable from 9:00-10:00 a.m. at the Paw Paw American Legion Hall located at 115 N. Niles Street, Paw Paw.

Director James Redford of the Michigan Veterans Affairs Agency (MVAA) will also be joining me. He will share information about the MVAA, what it can provide, and who Michigan veterans can contact to get more information specific to their situation. My hope is that having an open forum for veterans to share their ideas and concerns will help to drive improvements in how state government serves Michigan veterans.

All veterans are encouraged to attend and to ask questions that they may have regarding veteran benefits and state services. Veterans who would like to attend are encouraged to RSVP to my office via email to BethGriffin@house.mi.gov or by phone to 1-800-577-6212.

Tele-town hall meeting focuses on pocketbook issues

More than 1,600 Southwest Michigan residents were able to share with me their priorities for the future during a recent tele-town hall meeting.

Throughout my time in the state Legislature, I have held a series of tele-town halls to provide a forum to talk with thousands of hardworking families and job providers about what we have been doing and hear from them about their goals and concerns.

It was wonderful to answer many smart questions from residents and to get real-time feedback about how we can continue to improve our state.

Eight people asked me questions on a series of issues facing our state and region, including auto insurance rates, school vouchers, criminal sentencing and public transportation.

Residents also actively participated by submitting responses to five poll questions on auto insurance rates, veteran’s issues and their families.

It’s clear that pocketbook issues and preparing our children for success are still our top priorities.

When asked what the top issue to them was, 30 percent of respondents said auto insurance rates, 25 percent said education and 20 percent said Second Amendment rights.

The shift in focus from worries about jobs to discussions about reducing family costs and enhancing our way of life is a positive sign and an illustration of how much we’ve achieved to improve our economy and help create new opportunities.

I want to thank everyone who participated in the tele-town hall and encourage those who could not participate to contact my office.

As always, I look forward to hearing your comments and feedback on the important issues facing Michigan. You can contact me at 517-373-6960.

Standing up for our Great Lakes

Last week was big for our Great Lakes. I sent a letter to Enbridge Inc. urging action and improved transparency as it relates to the Line 5 pipeline, which runs under the straits of Mackinac, and voted down an amendment that would strip funding for the Great Lakes Restoration Initiative (GLRI).

As I discussed in my column last week, we need immediate action and increased transparency in dealing with the erosion of protective coating on the Line 5 pipeline. We can’t risk the line rupturing and I’ve demanded answers to questions about how and when it will be fixed. The Great Lakes are a precious resource, not just for their beauty, but also for our economy in Michigan and the Great Lakes region. A spill would be a catastrophe.

This is the same reason I voted against an amendment that would have cut funds to the Environmental Protection Agency (EPA) by nearly $2 billion, or close to 25 percent of its budget.

This was a nonstarter from the very beginning. If the EPA were to stop funding the GLRI, a variety of vital programs for the protection of the Great Lakes would be decimated, ranging from protecting our drinking water, the fight against Asian Carp and other invasive species, investments in Michigan jobs, and way of life. I have consistently stood against attempts to undermine this program and will continue to do so. This amendment failed by a vote of 260 to 151.

To learn more about this and other important legislative issues, please visit my website: upton.house.gov or call my offices in Kalamazoo (269-385-0039), St. Joseph/ Benton Harbor (269-982-1986), or Washington, D.C. (202-225-3761).