The Flying Pig Marathon: A Celebration of Cincinnati Culture and Community

Posted on May 5, 2024 by Diana Louiso

Cincinnati is buzzing with excitement this weekend as many prepare for and run the annual Flying Pig Marathon which has become an iconic and highly-anticipated event since its inception in 1999. We’ve culled a list of 10 fun and interesting facts about the epic event that everyone’s been talking about!

Origin: The marathon’s name comes from our fair city’s nickname, “Porkopolis,” due to its historical association with the pork industry (yum!). The term “flying pig” also references the idea of doing something impossible or unlikely- in this case, running a marathon!
Inception: The Flying Pig Marathon was first held 1999. It was created by Bob Coughlin, who wanted to showcase Cincinnati’s neighborhoods and provide a fun, inclusive event for runners of all levels.
Races: The marathon offers multiple race options, including a full marathon, half marathon, 10K, 5K, and 4-person relay. There is also a “PigAbilities” race for participants with disabilities to run, walk, or roll at their own pace; a “Flying Piglet” race for little ones aged 5 and under, and a “Flying Fur” race for dogs and their owners!
Courses: The courses wind through Cincinnati’s scenic riverfront, downtown, and historic neighborhoods, providing participants with a unique and memorable experience. The Pig is also known for a number of very challenging hills along the way, with a total elevation gain of over 1,000 feet! (That could make you breathless just thinking about it!)
Community Spirit: One of the most remarkable aspects of the Flying Pig Marathon is its massive community support and the strong spirit of belonging it offers. With over 40,000 race participants, more than 8,000 volunteers, and approximately 100,000 spectators, you are bound to feel a part of something much larger than yourself!

DL MoneyMatters Senior Accountant, Sarah Frick, fondly recalls her first Flying Pig Half Marathon 10 years ago. She shares that the energy, support, and excitement of the spectators, holding their handmade signs and shouting words of encouragement, made the race quite an emotional experience for her!

Local Business and Economic Impact: A 2023 study by Burke Inc. and Xavier University found that last year’s race weekend generated $22 million in economic impact for the city! That’s nothing to “snort” at! (Sorry! Pig pun alert!)
Charitable Impact: The Flying Pig Marathon has a significant charitable impact, raising funds and awareness for various local organizations and causes. Over the years, the Pig has raised more than $18 million for over 250 charities supporting community initiatives, health programs, youth development, and many other deserving causes!
Flying Pig Mascot: The marathon’s mascot, a flying pig named “Pigasus,” embodies the event’s whimsical spirit. Pigasus can be seen at various locations along the race routes, offering encouragement to participants.
Unique Features: The marathon is known for its quirky features, such as “flying pigs” along the course, themed water stations, and entertainment provided by local bands and performers. These elements add to the festive atmosphere of the event.
Celebrations: The Flying Pig Marathon is not just about running; it’s also a celebration of Cincinnati’s culture, food, and music. The weekend-long event typically includes a variety of festivities, including an expo, pasta dinner, and post-race party.

Overall, the Flying Pig Marathon has grown into one of the premier running events in the United States, attracting participants from across the country and beyond. Its unique charm, community spirit, and scenic courses continue to make it a favorite among runners of all ages and abilities. Today, let’s celebrate the runners, volunteers, businesses, and supporters of this incredible event that is a source of great pride for our magnificent city!

For more information, photos, or to follow your favorite runner, visit the Flying Pig’s official website at: https://flyingpigmarathon.com/

Preparing for Year-End Financial Statements

Posted on December 19, 2023 by Diana Louiso

As the year draws to a close, businesses everywhere are gearing up for the preparation of their year-end financial statements. These statements are crucial not only for assessing the financial health of the company but also for meeting regulatory requirements and making informed decisions for the upcoming year. In this blog post, we’ll delve into the importance of year-end financial statements and provide practical tips for ensuring a smooth and accurate preparation process.

Why Year-End Financial Statements Matter:

Year-end financial statements, including the balance sheet, income statement, and cash flow statement, offer a comprehensive snapshot of a company’s financial performance over the past year. These statements serve as valuable tools for stakeholders, including investors, lenders, and management, in evaluating the company’s profitability, liquidity, and solvency. Additionally, they play a crucial role in fulfilling tax obligations and regulatory reporting requirements.

Steps to Prepare for Year-End Financial Statements:

Review and Reconcile Accounts: Begin by conducting a thorough review and reconciliation of all accounts, including bank accounts, accounts receivable, and accounts payable. Address any discrepancies and ensure that all transactions are properly recorded and categorized.
Accruals and Adjustments: Make necessary accruals and adjustments to ensure that revenues and expenses are recognized in the appropriate accounting period. This may include recognizing revenue for services rendered but not yet invoiced or accruing expenses for which invoices have not yet been received.
Inventory Valuation: If your business carries inventory, assess the valuation of inventory on hand and adjust for any obsolescence or impairment. Accurate inventory valuation is essential for presenting a true and fair view of the company’s financial position.
Depreciation and Amortization: Review the depreciation and amortization schedules for fixed assets and intangible assets, respectively. Update these schedules to reflect any changes in asset values or useful lives.
Engage Professional Assistance: Given the complexity and importance of year-end financial statements, many businesses opt to enlist the expertise of accounting professionals. Companies like DL MoneyMatters offer comprehensive financial statement preparation services, ensuring accuracy, compliance, and peace of mind.

Conclusion:

As we approach the end of the year, it’s crucial for businesses to prioritize the preparation of their year-end financial statements. By following the steps outlined in this blog post and enlisting professional assistance when needed, companies can ensure that their financial statements accurately reflect their financial performance and position. Remember, thorough preparation now sets the stage for success in the year ahead.

Top Small Business Mistakes

Posted on November 1, 2023 by Diana Louiso

We all make mistakes, it’s human nature. As a small business owner, certain mistakes can slow growth or decrease your chances of success.

Losing Focus. Experts agree that the most detrimental mistake is loss of focus. With all the daily tasks in front of us, most being the daily routine of performing the tasks of ownership like managing employees, overseeing production, working with customers and clients, paying the bills, and growing the business, we tend to focus on a narrow set of tasks instead of devoting time to help the business grow and succeed.
Wearing Too Many Hats. When business owners think they have to do everything themselves, productivity suffers. Great managers are great delegators, whether it’s knowing which tasks staff can handle or simply outsourcing time-consuming tasks that can and often should be done by someone (Hint: DL MoneyMatters) else.
Failing to Strategize. Running a business takes time. Business owners often work much longer hours and more days in a year than the average worker. And never having time to quietly analyze where the business is now, where you want it to go, developing a roadmap to success, and documenting a set of strategies that can take you there…well, this too often takes a back seat.
Doing Everything Yourself. Whether it’s brainstorming with a management team, a partner, a client, or a mentor, you have a much better chance of growing the business and meeting goals when you don’t try going it alone. Delegation also makes employees become better thinkers and more loyal to you and the success of the company. When you do what you are good at, and delegate the rest, you have more time to brainstorm how to set your business apart from your customers and gain important market advantages.
Underpricing. Since the advent of the Internet, savvy buyers (your customers) can easily get an idea of what to pay for your product or service by searching similar offers online. Buyers often say that competitive pricing is the most crucial feature influencing a purchase decision of good or services. Include this fact in any decision to drop prices. Better to determine to keep prices fair so you can deliver a better product or service. This doesn’t mean you can’t discount unused or outdated inventory when appropriate, just don’t drain your margins or tarnish your brand with too many sales and discounts.

Promotions get attention and may attract new customers, but discounting during an inflationary economy, like these current times, can be bad for business. Try other ways to increase sales like: announce a price increase, bundle goods or services, create community on or offline. Rather than a sale price, consider a free trial period. Finally, believe in your people, customers, clients, and especially yourself.