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Small Business

Constructing an Income Statement

The income statement is another name for the small business owner’s profit and loss statement. This is our second section of the accounting series. We will give how’s to constructing an income statement with objectives as explain the format of the income statement, record transactions, and prepare a simple income statement.

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Don’t Forget to Do Business with Small Business

It’s common to focus most of our attention on trying to do business with government. In the process, though, it’s easy to forget about the direct impact we can have on our communities by partnering with small businesses. One of the simplest ways to do that is to outsource to small businesses, purchase, or contract with them. It throws business their way and helps your operations run smoothly, too.

According to, buying from an independent retailer supports local traders, their suppliers, and the people they depend on to run their businesses. Doing business with an independent retailer boosts the local economy, rebuilding confidence in the community and enabling local businesses to prosper and grow.

A Rupiah spent at an independent retailer is usually spent 6 to 15 times before it leaves the community.

From Rp12.000, you create Rp60.000 to Rp168.000 in value within that community. When you spend Rp12.000 at a national chain store, 80% of the money leaves town immediately. Therefore, when you shop with your local independent retailers you are doing your bit to keep your community ‘open for business.’

Here are five tips to invest in your community through outsourcing:

1. Know Your Niche and Hold Onto It

When outsourcing, you want to invest in a business that can accomplish tasks as well as you do—but you don’t want to give away the work you’re best at. Identify what you’re good at and hold on tight; you don’t want to outsource any of your core competency areas. There are so many things that go into running a successful business, and you don’t need to be a master of every single factor. Make one list of the aspects that you’ve got a firm handle on and another list outlining anything you struggle with, then consider small businesses in your area that you could outsource those tasks to.

2. Be Clear About the Outcomes

One of the best ways to keep your outsourcing in check is to be direct about what you expect. Make sure the business you choose knows exactly what tasks they’re responsible for, how they should be performed, what results you’re looking for, and how those results will be measured. It may help to create a manual that reviews your business policies and procedure so you have a physical outline and structure of what you expect from your outsourced companies.

3. Recognize Your Style and Your Strategy

Before you can effectively manage a team of outsourced companies, you must understand your management style. Are you direct and to the point? Do you prefer to chat over email instead of in person? Many factors determine the kind of management style you have, and understanding how you operate will be beneficial to the success of your outsourcing projects.

4. First Thing’s First—Check Credentials

Before you hire anyone to join your team, take a peek at their credentials. A lot of businesses build glitzy websites and market themselves well, but don’t have the experience or know-how to backup their claims. Look for key factors such as professional certifications and legitimate testimonials. Fact check the results they have achieved for other clients.

5. Develop a Communication Strategy

Let’s face it, you’re a busy entrepreneur. Outsourcing is one of the best ways to free up your time, but before you start assigning tasks, remember to first develop a top-notch communication strategy. Establish the best way to communicate and how often. Make sure all communication is well-documented and in line with your strategy style (see tip #3).

As small business owners ourselves, it’s important to invest in the small businesses within our communities.



This article originally written and posted by Jean Kristensen.
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5 Expert Tax Tips for Small Business Owners

There are many things happening in first quarter of 2017, promotions, resolutions, and other new beginnings. Not to forget the tax season that has officially begun, and like your grandmother, the Directorate General of Taxes (DGT) would love to hear from you sooner rather than later.

The Nav has reached out to a few experts to shed some light on the most helpful tips they’d give to small business owners. We have adjusted the tips to apply to Indonesians small business owners (UMKM) as they gear up for that all-important March 31 deadline.

Here are five things that you’ll want to consider as you prepare to contribute to what the nation’s needed the most:


  1. Consider hiring a tax professional

Service like OnlinePajak is tax deductible for small businesses, but depending on your situation, you may want a more customized experience. According to Avo Asdourian MBA, EA, AFSP, “hire a tax professional who specializes in the business industry.” Managing your taxes can be highly complicated.

While software like OnlinePajak will help facilitate the process, some business owners may opt to supplement that software with an accountant that is familiar with the intricacies of taxes for the business industry.

As your business grows and your accounting gets more complicated, hiring a certified professional accountant (CPA) might make all the difference. But don’t wait too long before scheduling your meeting with them (more on that later).

  1. Get all the deductions you qualify for

Austin Carlson, an associate at Gray Reed & McGraw and Certified Public Accountant, had this to say about deductions:

“Many small business owners don’t realize that when they use any of their personal assets for business purposes, such as a laptop, home office, or car, they can get a tax deduction for that business use.”

“For more savvy business owners, understanding the rules between business and personal purpose for travel can help maximize deductible travel fully within the DGT rules. Finally, the biggest tax benefits can often be found in taking advantage of the huge tax deferral opportunities for small business owners offered by the DGT for retirement planning.”

  1. Prepare all year long by saving receipts and tracking expenses

Let’s think about doing taxes in a bit of an abstract way for a minute and compare it to a race. But not just any race–doing taxes can feel like a marathon. You wouldn’t try running a marathon a week after starting training, and you shouldn’t put off preparing your taxes until the last minute. Just because taxes aren’t due until March 31 doesn’t mean you should think that’s the only time of the year you should think about them.

In this article covering the basics of bookkeeping, several topics are covered, including how to understand your business profit and loss. Jennifer Lobb from on her article talk about bookkeeping as a year-long event, and that means you’ll need to keep track of your expenses and other transactions over that 365-day period.  Sometimes, particularly if you’re a new business owner, you may not know what receipts you should keep or which expenses can be deducted come tax time.

“Saving receipts, no matter how small they are, will help you track your expenses and will help your accountant or bookkeeper get a clear and concise picture at the end of the year.”

“Tracking and analyzing these expense receipts, preferably using an app made specifically for businesses, will also enable you to understand labor costs or costs associated with specific clients or projects.”

Don’t forget that running a business is a marathon, not a sprint. Instead of ignoring taxes all year long and scrambling in March, take small strides all year long so that you’re never caught unaware.

  1. Get accounts exclusively for your business

Be sure you’re not in the 20% of business owners who make this mistake. Avoiding mixing accounts makes things easier at tax time–but more importantly, it makes things easier in the long run. Crystal Stranger, EA, President of 1st Tax gave us an inside look at an issue holding business owners back:

“I’d say the biggest mistake I see is commingling of funds: when business owners use personal bank accounts to pay for business expenses or pay personal expenses out of business accounts. Sorting out which items really were business-related creates a mess at tax-time, and if you’re audited years later, it’s even tougher to work through.”

“This is especially challenging if the business is structured as an S-corp because the money transferred to the business is deemed capital contributions, and the amounts transferred back to the taxpayer are sorted as being general distributions, rather than repayment of a loan. This means the taxpayer can end up with a deemed “wage” even if the business did not make a profit, and owe thousands in payroll taxes on the money transferred out of the company.”

Of course, you can avoid this issue before it ever begins by separating your personal and business finances. In addition to helping you keep your accounts straight, getting a credit card that you use exclusively for business-related purchases also helps you build your business credit score.

  1. Anticipate how much you’ll owe

Prognostication isn’t just for wizards and merpeople anymore–you too can predict the future! Alright, that’s not really what we’re talking about, but there are steps you can take to be well-prepared and have a good idea of what awaits you in tax season.

Once again, Jennifer Lobb has some advice that applies to tax season, this time covering how you can anticipate long and short-term expenses:

“You can’t determine future revenue, but you can predict it by reviewing past revenue cycles and tax returns to help you get an idea of what you may owe. Additionally, you’ll want to review revenue on a regular basis (monthly or quarterly, for example) and calculate taxes owed.”

As you review your income throughout the year, you’ll be able to better predict–and set aside–your anticipated taxes. When done correctly, there should be no sticker shock when the time comes to file.

Keep these things in mind as you prepare for this year’s taxes, and it’ll feel like another regular day instead of an DGT-led apocalypse. Even if it seems like an insurmountable task, remember that there are plenty of things you can do today to get the process started.

Official LinkedIn Page

This article is modified with moderation and originally posted on by Joshua Jonstun.

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5 Pillars of Online Business

The business world is slowly shifting online. Entrepreneurs have begun to realise the profitability of building a brand on the internet, primarily for its three key-factors: limitless reach, growing pace, and cost-effectiveness.

Laptop on coffee table --- Image by © Kate Kunz/Corbis

Laptop on coffee table — Image by © Kate Kunz/Corbis

As someone looking to build an online business, you need to understand that you’re venturing into the most competitive market there is. To ensure that your brand name stands out as clearly as a poodle in a restaurant (it’s happened!), you have to master the basics before incorporating the game-changers.

Despite the plethora of industries which have set up camp on the internet today, there are still some basic factors, or pillars, that (almost) all online businesses are structured around. These are:

Basic Technology

“I did write some code in Java once, but that was the island in Indonesia.” – Richard Stallman

While it isn’t necessary for all online business holders to be ‘Anonymous’ level hackers and coders, they do however need to be well-versed in basic technology. This usually involves a three-step process: acquiring a domain name, hosting an account, and creating a website. The first two follow the standard procedures of registering the domain and then connecting it with the host. The last can be executed through any blogging website, such as WordPress, which can be connected to your official site once its theme is selected.

The Product

“Great companies are built on great products.” – Elon Musk

While this holds true for any business, it is all the more relevant to online business holders considering the sheer intensity of the market they cater to. The limitless resources and reach of the internet allows a dozen other players existing in the same market to offer the same kind of products. As a result, it is important for those looking to strengthen their brand online (exclusively) to make sure that their product is both attractive and beneficial to its potential users. At the same time, they also have to ensure that these same targeted users prefer their products to its many counterparts being offered in the same market.

The Right Online Marketing Model

“Never let your campaigns write cheques that your website can’t cash.” – Avinash Kaushik

In the online world, businesses run the risk of failure if their owners don’t know how to market them the right way. The challenge of getting people to recognise a brand online is (arguably) greater than doing the same offline. As a result, online business holders have to determine the kind of marketing model they wish to imbibe, which includes factors like digital advertising, SEOs, online referrals (via links), social media, and more. The aim should be to adopt a marketing model which will perfectly fit the brand in question.


“In today’s information age of Marketing and Web 2.0, a company’s website is the key to their entire business.” – Marcus Sheridan

‘Google it’ has become a commonplace verb for today’s generation. People rely on Google and other popular search engines to receive information. The same principle applies for online businesses. A note to all online business holders: the best way to raise numbers is by generating and driving traffic to your website. And one of the most effective ways to achieve this is by creating innovative strategies which will help your website rank high on the search-engine pages.

Customer Rapport

“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” – Sam Walton

As an online business holder, you have one great advantage – the internet! Today, the unchallenged reach of social media itself can bring you the maximum number of potential users to form your required customer base. You can use platforms and tools like Facebook Groups, Facebook Page, Twitter, Pinterest, LinkedIn, and Instagram to reach out to their several thousand users, to convince them – through attractive incentives, pitches and otherwise – to become your customers.

Many may argue about the reasonable subjectivity of these factors, which, as stated earlier, are bound to produce differential results for different brands. However, they still function as the pillars to any online business – forming its base and allowing it to grow.

Source: Your Story
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Starting a Small Business in Indonesia : For Foreigners

In the previous post, we have tell the tips for starting a small business in Indonesia for the locals. Now we are on to the last part of this series, tips for foreigners who want to begin their venture in Indonesia.


 For Foreigners

  1. Understand the regulations

Having a legal venture is important for both Indonesians and foreigners who are interested in conducting a serious business. And it can be slightly trickier for non-Indonesian citizens. For foreigners, it may therefore be easier if you can get an assistance from a local partner or through a consultation with a local advocate who can guide and help you initiate a legitimate business in Indonesia.

  1. Share your culture

Generally, Indonesians are always curious to new things they never experienced before, and that could be new cultures coming from various countries around the world. To get a good grasp of the market before starting up you new venture, you may consider to conduct a market survey that could you explore the of products that can be best introduced to potential customers in Indonesia.

Another option is to target the expat market, which may consist of people originating from the same country as yourself. One example is a restaurant that serve the delicacies of your country of origin, where people from the country can also gather and interact to talk about home while they are in Indonesia.

  1. Location

If your business requires a physical presence, determining location is very crucial. Keep in mind that in Indonesia, every territory is different. The easiest locations are in the bigger cities such as Jakarta, Bandung, Surabaya, and Makassar where diversity is a common phenomenon and the residents are already accustomed to it. Therefore, shall there be the need to introduce new ideas that are not originated from the locality, it is wise to pay more attention to more details such as how the locals will react to these new ideas. This also include performing a through strength, weakness, opportunity and threat (SWOT) analysis so that you can narrow down the possibility of a business failure.

All in all, no matter your nationality is or what kind of business you want to establish in Indonesia, be prepared and calculate everything in detail. Be persistent so you can achieve your goals. Good luck!


Source: Global Indonesian Voices

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Peranan Pemerintah untuk Mengembangkan UMKM di Indonesia

Di salah satu tulisan saya sebelumnya, saya menyatakan bahwa untuk menjadi negara maju, pemerintah kita perlu memberi dukungan dan menstimulasi tumbuhnya wirausaha atau pemilik UMKM (Usaha Mikro, Kecil dan Menengah).

Kok begitu? Kenapa untuk maju, Indonesia perlu banyak wirausaha atau UMKM? Apa hubungan antara banyaknya jumlah wirausaha atau UMKM di Indonesia dengan pertumbuhan ekonomi (pendapatan) negara kita? Bukannya malah dengan semakin banyaknya wirausaha / UMKM, ekonomi kita akan semakin beresiko? Bukannya banyak wirausaha yang bangkrut dan akhirnya malah menyusahkan negara? Pertanyaan-pertanyaan diatas mungkin muncul di pikiran kita pada saat saya bilang untuk menjadi negara maju, negara kita perlu memperbanyak jumlah wirausaha.

Untuk itu mari kita coba kupas satu-satu, kenapa, apa dan bagaimana peranan pemerintah kita seharusnya untuk menumbuhkan dan mengembangkan kewirausahaan dan UMKM di Indonesia.


1.   UMKM mendominasi perekonomian Indonesia

Data Kementerian Koperasi dan UMK di tahun 2012 menyebutkan bahwa sektor UMKM itu menyumbang sekitar 59.03% dari GDP Indonesia dan menyerap 97.16% tenaga kerja (sekitar 107 juta tenaga kerja).

Sumber : Kementerian Koperasi dan UMKM (2012)

Dari data diatas kita bisa lihat betapa pentingnya kontribusi UMKM untuk perekonomian Indonesia. Namun sayangnya besarnya peranan UMKM ini belum didukung oleh pemerintah Indonesia yang bisa dilihat dari belum meratanya akses UMKM ke lembaga keuangan, hanya sekitar 25% (13 juta) pelaku UMKM yang mendapatkan akses ke lembaga finansial (bank).

Padahal dengan dukungan pemerintah dan program pengembangan keahlian yang tepat, UMKM Indonesia tidak hanya dapat menyerap tenaga kerja dalam jumlah yang besar tapi juga menciptakan tenaga kerja yang berkeahlian dan berpenghasilan tinggi


2.   Faktor kunci pertumbuhan kewirausahaan / UMKM

Setelah tahu kalau wirausaha itu memang penting untuk ekonomi Indonesia, pertanyaan selanjutnya mungkin hal – hal apa sih yang harus diperhatikan untuk menumbuhkan kewirausahaan di Indonesia?

Menurut Monitor Deloitte, perusahaan konsultan manajemen terkemuka dunia, untuk menumbuhkan kewirausahaan ada 4 (empat) faktor utama yang diperlukan yaitu : (1) tenaga kerja, (2) modal yang tidak harus selalu dalam bentuk uang, namun bisa juga dalam bentuk asset intangible seperti merk atau pengetahuan / penemuan yang inovatif, (3) teknologi penunjang seperti internet, dan (4) dukungan regulasi dari pemerintah.

Sumber : Monitor Deloitte


3.   Regulasi untuk Pengembangan UMKM

Dukungan regulasi dari pemerintah sangatlah penting untuk pengembangan UMKM. Namun, jenis regulasi seperti apa yang perlu dikeluarkan oleh pemerintah agar dunia kewirausahaan bisa tumbuh pesat di Indonesia?

Menurut Monitor Deloitte, untuk menumbuhkembangkan kewirausahaan, ada empat hal yang harus diperhatikan oleh pemerintah Indonesia yaitu

  • Aset Kewirausahaan, pemerintah mengatur agar UMKM bisa meningkatkan aset yang mereka miliki melalui akses ke pembiayaan, peningkatan kapabilitas / keahlian serta penguatan infrastruktur pendukung & teknologi  
  • Layanan Bisnis, pemerintah menyediakan layanan penunjang berupa program pendampingan, pengembangan bisnis dan komersialisasi teknologi
  • Akselerasi Bisnis, pemerintah membantu UMKM untuk mengakselerasi pertumbuhan bisnis melalui pemberian insentif pajak / fiskal, menumbuhkan iklim persaingan yang sehat dan memotong biaya administrasi yang tidak perlu
  • Motivasi, pemerintah merubah / membentuk pola pikir yang positif tentang wirausaha.

Sumber : Monitor Deloitte

Nah, setelah pemaparan diatas, saya harap semakin banyak orang mengerti tentang pentingnya UMKM untuk Indonesia dan memiliki pengetahuan yang lebih mendalam lagi tentang inisiatif-inisiatif yang perlu dilakukan pemerintah untuk menjadikan Indonesia menjadi negara maju. #IndonesiaBisa #UMKMKuat #YukBerwirausaha

Artikel ini pertama kali ditulis di laman LinkedIn resmi Apung Sumengkar.


Tentang Penulis

Apung Sumengkar adalah praktisi dengan spesialiasi di manajemen strategi dan kewirausahaan. Lulusan Teknik Industri Universitas Indonesia, International MBA program dari RSM – Erasmus University, dan saat ini sedang mengikuti program Doktor Manajemen Stratejik di Universitas Indonesia.
Twitter: @apungsumengkar LinkedIn: Apung Sumengkar

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