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Writing a Book’s Marketing Plan for Maximum Profit

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Much has been written about book proposals. But less has been written about book marketing plans. This is wrong!
What happens after your book is published has a great deal to do with whether you become published and profitable… or just published.
A book proposal is a direct-marketing document intended to persuade publishers to edit, print and distribute your book. It’s a sales piece intended to communicate the inevitability of your book’s success.
Your book’s marketing plan, however, is intended for an audience of one – You! It’s not intended for your publisher. Rather, it’s intended to identify the revenue streams that you will develop after your book is published.
Your marketing plan should describe profits you will earn above and beyond royalties from sales of your book. It should describe in detail your market and the steps you will take to earn this income.
The reason to prepare your marketing plan now, before you sign a publishing contract or write your book, is that the success of your marketing plan depends on the way your book publishing contract is negotiated.
Coaching and consulting
Let’s assume, for example, that you plan to use your book as a way of enhancing your visibility and credibility among your target market. At the simplest level, you will want to include your web site address at several points in the book. Knowing this goal, you can insist that the publisher agrees in writing to include your web site address in specific locations in your book.
Remember: promises don’t make it! Let’s take the worst case scenario. You and your acquisition editor agree that you can include five mentions of your web site address in the book. However, as often occurs, the acquisition editor, after signing the contract, fades out of the picture.
The new development editor then informs you that author’s URL’s can only appear in one place, in the author biography hidden toward the rear of the book. When this happens, what happens to your coaching and consulting plans?
Likewise, you may have planned to buy books in case lot quantities for resale and/or distribution to your prospects and clients. Understanding this before you sign the contract, you can include the right to purchase books for resale at trade discounts in your contract, ensuring your ‘book pipeline’ won’t get turned off.
If you know you want to offer telephone coaching at $75.00 a call, for example, you can negotiate written permission to promote this service within the body of your book.
Remember: promises are written on air. Only written agreements count!
Other back-end profit opportunities based on your book’s title include:

Articles, columns, newsletters
Yearly updates
Special Reports
Teleclasses and seminars
Speaking and training
Audio/video recordings
Choosing a web site address based on your book’s title
Free downloads of sample chapters from your web site
Fee-based web site services

The possibilities are endless, but nothing can happen if, after signing the contract, the publisher limits your ability to promote your business and your website in your book.
Thus, it’s imperative that you start by preparing a marketing plan that analyzes post-publication profit opportunities and describes the steps needed to make them happen. Only then are you in a position to decide if the publisher’s ‘boilerplate’ contract meets your needs.
The stronger your book proposal and the more experienced your agent, the more likely you’ll get what you want (need) in your contract.
Jay Conrad Levinson says the first volume of his Guerrilla Marketing series earned him thirty million dollars. But only about $35,000 came from the book itself. All the rest came from back-end profits.
That’s how important this issue is!
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Is A Marketing Plan The Same Thing As A Communications Plan?

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How does a marketing plan relate to an organization’s communications plan? What are the differences? Is the marketing plan just one aspect of the communications plan? Should one consider combining them into a single document?

A communications plan is a PART of your marketing plan. A communications plan is a focused strategy you use to get the word out about your business, product or service.

You may use a variety of communications tactics such as public relations, advertising and speaking engagements. Yes, it does identify who you are communicating to and what your message is, and where and how you will get that message out, and often has goals or objectives you are trying to achieve.

Here’s the difference between the two

A marketing plan starts by creating a strong, strategic marketing foundation for your communications plan. It addresses the goals and objectives for your business, not just for your communications activities.

It addresses how you package, price and sell your product or service, not just how you talk about it. It takes into consideration your competitors and helps you develop a unique selling proposition to ensure your product or service is uniquely positioned in the minds of your prospects and customers.

And it ensures you have a way to track all of your marketing activities to create the greatest possible success for your business.

You need a marketing plan FIRST

The messaging part of your marketing plan is where your communications plan comes in. Once you have created a strong, strategic marketing foundation (which you will do as part of creating a marketing plan) you can determine a message strategy and tactics – this is your communications plan. And it most definitely can be a part of the same document.

When I write marketing plans for clients, the communications plan is part of the marketing plan. The only time it is not, is when the client has written their own business and marketing plans. But in those cases, I make sure I either get to review their plans or that I completely understand their business goals and strategy so I can develop a marketing communications plan to support them.

The success of your communications plan depends on it

If all you have is a communications plan, you are missing an important part of what it takes to make a business successful. A marketing plan is essential.

(C) 2005 Debbie LaChusa, 10stepmarketing

New marketing plan raises restaurant’s profitability

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The Frog and The Peach was established over twenty years ago and is known for its high-quality American cuisine and comfortable atmosphere. “Early on I saw a need to build a database of my frequent customers. Says Elizabeth Alger, owner of The Frog and The Peach restaurant in New Brunswick, New Jersey.

We utilized a custom-made database to gather information and to process our birthday and anniversary mailings. The problem was that we were gathering all sorts of information, contact information including email address as well
as dining habits of our guests, but never had a way to truly manage or use the information. By switching to the marketing software and by working closely with
my own personal marketing coach, we are now building a database that is easy to use and is a useful tool for implementing and tracking marketing campaigns,”
adds Alger. “My marketing coach has been a real saint-he is patient and knowledgeable. I know my particular market and I have a sense of which of the many marketing strategies is appropriate for my restaurant. My coach respects my perspective;he listens to what I have to say and then takes my ideas and goes from there. We’ve become a team. I don’t feel as though he is ubberstamping a packaged approach on my restaurant. It is customized.

Alger and her marketing coach, visit at least once a week (more often when needed) to discuss her marketing plans. In the last four months Alger has implemented a new birthday and anniversary marketing program. “It is considerably more efficient than my old program and it brings the Guests in much faster.” Alger is tracking her ROI (return on investment) for every marketing campaign she develops. I know with the additional areas that The RestaurantMarketingGroup has suggested that the ROI is going to be even better next month. RMG is focused on helping me assess the success of my marketing efforts. If the percentages appear to be lower than what they think I could do, my coach takes the time to suggest ways to bring them up. She continues, “Knowing exactly what each campaign has cost and how much return we get is really important. I like having that data at my fingertips. We have evaluated all of the marketing programs that I used previously and RMG helped me change many things that have made my marketing more effective.”

With a myriad of responsibilities that come with running a busy restaurant, Alger has hired a part-time assistant to help with the data entry needed to build her database and assist with other marketing duties. “I never had the ability
to use the power of e-mail. The ability to send out emails is built into the software. We now send out messages to our guests via e-mail, which sometimes includes special offers and other times shares information such as announcing a special holiday menu. We are able to email particular information to those guests who are interested in a particular service or function niche such as monthly wine dinners or corporate dining. The feedback from our customers has been for the most part very positive,” says Alger. RMG has suggested ways that I could assure that my already Four Star Service was delivered more reliably to each and every guest during each and every visit assuring an outstanding dining experience.

My Coach has coached me on building customer loyalty and increasing the frequency of guest visits.” She continues, “We are currently doing a campaign to develop relationships with the businesses that are within walking distance to the restaurant. One of our employees is visiting those businesses, telling them about our Holiday Gift Certificate program that can benefit their employees and their preferred customers. RMG has developed programs that are directed to dramatically increase the Gift Certificate Sales. In addition, we’ve been networking with our vendors, something I would have never thought of. I sent each one of our vendors a letter offering our Holiday Gift Certificates to their employees and their preferred customers. It’s a brand new marketing campaign and it’s a little too early to assess its success, but it seems to be going very well. I have made a commitment to grow my business to a higher level. I am clear that RMG will provide access to attaining this goal,” says Alger. The RestaurantMarketingGroup has helped me better define my Target Markets and has the flexibility to have special events for different groups of customers.

The Advantages of Demographic Report Data in Your Marketing Plan

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Demographic information is easily accessible and it is based on information collected by the Census Bureau. If you are conducting research to start a new business or to enhance your marketing strategies then you should use this information to your advantage. It will help to ensure your efforts are going to be a success with your target market. Failing to use demographic report data can cost you time, money, and sales.

There is a significant amount of data you will be able to use for your marketing plan with a demographic report. It is going to tell you the ages of the people in that area, their level of education, and their income range. What you are marketing has to be something that these people are going to want. Taking their demographic information into account can help you find the right way to promote it by appealing to their emotions.

Rather than investing your time and money in a new business, opening the doors, and no one comes, you need to use the demographic information that is available. It will provide you with significant information on the trends and lifestyle of those in the area. This is even more important if your business sells goods or services that are considered to be luxuries instead of necessities. If the demographics tell you this is an extremely poor area then chances are not too many people will be coming to purchase what you have to offer in that area.

This is why you find certain types of businesses are able to thrive in any given location. They have the demographic information and they use it for effective marketing strategies. You will also find that some locations have one failed business after another. This isn’t due to a lack of skills or dedication on the part of the business owner. The fact is that the demographics of the area just aren’t parallel to the types of businesses being offered.

The use of demographic report data for marketing purposes has declined in recent years due to the popularity of online businesses. Since they are selling goods and services on a global scale, it doesn’t matter about the demographics because they aren’t selling in a particular area. They can sell it to someone that is 100 miles away or 10,000.

However, for traditional businesses that rely on people in the area being able to come in to make a purchase this type of information is very important. Starbucks is one of the leaders in the coffee industry. You may have noticed that their locations are always extremely busy.

One of the main reasons for this is that they engage in demographic report data analysis. They know the age group of those that are likely to drink coffee and they know the locations where those in that age group are likely to work. These are heavy foot traffic areas too so they can get sales from people going to work or taking a walk on a daily basis.

How to Get Started on Your Marketing Plan

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When developing or updating a marketing plan, knowing where to start is often a challenge. To better develop effective marketing strategies, begin by gathering information about both your business and the larger business environment (competition, trends, statistics, etc).
Internally, the amount of information you gather about your own business will depend on your company size. Information can include business strategies and plans; company marketing plans; pricing; and income statements. Employee knowledge is also a valuable resource. As you gather information, if you at first turn to internal sources then expand your understanding through external resources you will do fine.
External information about the business environment often takes the form of existing research, articles, competitive information, and industry news. While these are often available in both print and digital, the focus here is finding information online.
Gathering Information Online – Getting Started
The numerous news sources and billion or so Web pages available on the Internet make finding information much easier than in pre-Internet days. Before the Internet, gathering information meant trips to the library, purchasing expensive publications and reports, and commissioning your own primary research. Now, it is a matter of knowing where to search.
You can start searching the Internet by looking in each of the general areas below. Organize useful material as you find it. Purchase, bookmark, or file each resource so you can draw upon it during marketing plan development.
These external resources, together with your internal company information, will be your initial knowledge base as you develop your Marketing Plan. As you progress along the planning process and the specific information you need become clearer, these initial resources are likely to be jumping-off points for gathering more specific information.
Information Sources
Annual Reports and other SEC Filings. These documents are required by publicly held U.S. companies and often include statistics and other industry information.
Books. Books can often provide detailed insight and analysis you cannot find elsewhere.
The Government. At last count 100 U.S. Federal agencies had statistical programs, many with data available on the Web. You can find the complete list at fedstats.gov/agencies/index.html.
Message Boards and Newsgroups. You can pick up on trends, hot topics in the industry, and competitor information by following discussions.
News Articles. These often give clues to the business environment and can lead you to additional information sources.
Newsletters. By reading and subscribing to competitor and industry newsletters you can get insight into current promotional tactics and other activities.
Research Sites. Archives, press releases, newsletters, and executive summaries on these sites can provide relevant research findings and statistics.
Search Engines and Directories. Search by keyword or drill down into directory sub-categories to find information.
Subject Sites. There are some general sites – suite101.com, about.com, and business.com to name three – with numerous topic-specific pages. Check for pages relating to your industry or product.
Trade Associations and Publications. You will often find industry information, statistics, and membership lists online.
White Papers and other Company Publications. Companies will sometimes publish free white papers that summarize the industry trends or other information.
Search these resources and follow a sound marketing plan strategy for greater business success. For more about developing marketing plans read the articles at http://www.MarketingPlanArticles.com.
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Is Your Marketing Plan Ready for an Update?

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With summer vacations over and schools back in session, marketing plan “season” is fast approaching. This is a time when you reflect on the effectiveness of your business marketing programs. You will be planning to improve performance of some marketing programs, discontinue some, and try others for the first time.
Each Marketing Plan is Unique
For those writing a marketing plan for the first time, it is important to know that there is no “magic formula” to an effective marketing plan. Formats and procedures vary widely, and your marketing plan will be one-of-a-kind.
Your company, customers, competitors, and suppliers interact to create a unique and ever-changing business environment. Because of this, your marketing plan should also be unique and frequently changing. What worked wonderfully for one company may be a dismal failure for you. What worked yesterday for you may not be the thing for you to do today. By thinking of your plan as a unique and perpetual work in progress, you can be better prepared to change direction when the business environment changes.
A Plan Makes a Profitable Difference
Ultimately, your marketing plan is a compass by which you navigate your day-to-day business. As opportunities arise or your business environment changes, the objective and strategies in your marketing plan will point you toward the best action. Without a marketing plan, you are guessing what might be best for your business. And don’t forget to address your Web site in the marketing plan. Without a marketing plan your Web site may be a drain on your finances rather than a business builder.
Also, understand you do not need a marketing degree and a lot of experience to update or create a marketing plan for your business. Once you have a structure to follow, the rest is a matter of rolling up your sleeves and getting it done. There is no single approach to developing a marketing plan. There is a wide selection of books, toolkits, and software to help you through the planning process. Some approaches require a great deal of time and others are “quick and dirty.” All can be applied to your business as a whole, an individual product, or your Web site.
So, in all the hustle and bustle of everyday business activities, don’t forget to take the time to update an existing marketing plan or write a new one. Your future profits depend on it!
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Marketing Plan

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Creating a marketing plan for your business is crucial. Without one, it would be difficult for a business to generate revenue and successfully make a profit. It’s essential you devise a plan that will clearly define the value of your products or services, with the end result benefiting your customers.
Gathering What Counts
There are four major areas that you must have information about before creating a marketing plan: business resume`, target market, product message, and ‘how-to’ get the message to prospective customers (advertising).
Business Resume: Clarity is the objective of a business resume`. Within the text, list the strengths of your product or service. Think of it as molding your knowledge. After all, would you write a marketing plan about something you know nothing about?
Target Market: Five simple questions will assist you in identifying your target market. Who are they? What is their age? What is the average income? What is their status? Do they have children? It’s important that you evaluate your target market to determine ‘what’ product or service would sell the best.
Product Message: A product message is a ‘direct call to action.’ This message must create value in the minds of everyone, that hears it, and for every feature, you offer a direct benefit to the customer must be demonstrated.
Advertising: Advertising is an appealing and compelling invitation to buy your product or service. It is an investment that should never be an expense. Finding the right advertisement takes trial and error, what marketers` refer to as “test” advertising. First time out of the box and you can’t expect immediate results.
Every business needs an outline of how they plan to approach the market. Make certain that you address the following questions in the process.
1. What medium is the most popular among your target market? (TV or Radio)
2. What is the percentage of participants in watching or listening to these mediums?
3. Do they read the local paper or magazine?
4. Should you consider direct mail?
Think of writing a marketing plan as breaking down the important elements and charting a path to success. These strategies will be of great assistance when faced with possibility of failure. Business owners need to step into the world of marketing with confidence and knowing where to begin writing your marketing plan is a start.
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Marry Your Marketing Plan

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Make a vow to keep up your marketing schedule in good times and not so good times.
I have said it time and time again that marketing, no matter what type you choose, is a building process. Here is the whole thing summed up in one situation:
Assume for a moment that you had never heard of this thing called “Cola”. You go to your mailbox and get your mail only to find a postcard that says “New Fizzy Drink! You’ll Love It! A Taste Like Nothing You Have Had Before!” You might run right out and try it, but more than likely, not. Most people won’t.
So you get a second postcard.
Still you do nothing.
Then you are talking to you’re a friend from across town who says “Hey, have you tried this Cola thing?” It turns out that after he got his second postcard he went out and got a bottle to give it a try.
Now the Third postcard shows up and you’re thinking “OK, fine, I’ll give it a try.” And you do, and you do love it, and it is like nothing else. So now you have to tell your brother about it.
You see where this is going. If the makers of “Cola”, whoever they are, had sent cards to the whole town one time and then abandoned the marketing due to a lack of response they would have missed out.
So, now that you can no longer argue with the fact that you need to keep up a steady stream of marketing to the same people multiple times you are obviously thinking “How do I keep up with the whole thing while I am closing the customers that I am already getting?” The honest answer is get a direct mail company to help you.
Whatever size your mailing list is I suggest that you have enough pieces printed to mail to them at least three times. Usually once every 2-4 weeks is sufficient depending on your industry. You can set the dates for your mailings to go out and let the marketing company take care of the rest. That means that with one phone call you can take care of all of your marketing for 3 months or more. No worrying about remembering, no hassle-filled trips to the post office. All you will have to do is run your business the way that you know how and let them take care of your marketing.
Stop worrying about the steady flow of business that you need to survive. Do something about it. Create a marketing plan, date it for a while, then if it really works out, say “I do.”
If you need more information on testing out your new marketing beau, read my article Don’t Assume, Just Test and Track.
Best wishes and a prosperous life together!
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Massage Marketing Made Easy : Marketing Plan for Therapists and Bodyworkers

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Marketing is actually very simple. It involves telling people what you do….over and over and over. The key to successfully marketing your massage therapy business is consistency.
So, first, let’s take a look at the difference between marketing a service and marketing a product.
Products are tangible…. you can touch and feel and see them before you buy. However, when a prospective client is considering coming to you for a massage, until they actually work with you they don’t know for sure if you are the right person to help them with their specific situation or challenge.
It is for that reason that the first thing your prospect has to buy is YOU, before they decide to become a regular client or patient. It is important to remember this in all of your massage marketing endeavors.
Secondly, I would like to talk about the difference between advertising and marketing, because all too often when I ask therapists about their current massage marketing plan, they tell me about a classified ad in a local newspaper, or a display ad in the yellow pages.
Advertising is just that… the placement of an ad, whether on the radio, print or web-based, in the hope that a prospect will call you as a result. Marketing, on the other hand, is relationship based. It is about building a relationship between you and your prospective client or patient over time. It is about building rapport, confidence and trust.
So let’s look at the 9 elements of a simple yet effective massage marketing plan.
1. Define Your Goals
In order to put an effective marketing plan in place you first have to ask yourself, where are you now, and where do you want to be 6 months, or one, five, or even ten years from now.
2. Measure Your Progress
You have to decide how you are going to measure your progress. You could measure:
Your total number of weekly massage sessions.

The number of new clients or patients that schedule appointments.
The dollar amount actually deposited in your bank account
The dollar amount invoiced to massage clients and insurance companies.
Or some other measurement that you choose.

3. Who Do You Want to Work With?
Who is your target market or ideal client? What are their ages? Are they male, female, or both? How much money do they make? What are their hobbies? What is the biggest challenge or problem that they face? What are the qualities that your ideal massage client possesses?
For Example: I work with female executives between the ages of 28-50, making $60,000.00 per year minimum. They enjoy athletic activities, but want to experience less stress in their life. They are interested and willing to pay for regular wellness care.
4. What Specifically Are the Benefits That Your Massage Services (or products if appropriate) Offer?
Remember, benefits are different from features. Benefits tell the prospective client how your massage services (and products) are directly useful to them or how their wellbeing will be improved if they come to you for a session.
A feature is a characteristic of your service, like the number of years you have been in practice, or the massage techniques and modalities you use. While features are important, people do not buy based on features. They buy based on benefits. They want to know “what’s in it for me”. A good way to know that you are focusing on benefits is to finish the sentence, “You get…”
Examples of Benefits: I help tri-athletes reduce risk of injuries, enhance concentration and increase flexibility. I work with executives to relieve stress and tension and to increase concentration and productivity.
5. Your Uniqueness
What makes you unique from the other massage therapists and bodyworkers in your area? What is your “signature style”? What do you do differently from your competition?
For example: “I do energy healing with people in hospice who want emotional and physical support through their final life transition.”
6. Choose Your Strategies and Massage Marketing Tools
In choosing which marketing strategies to focus on it is essential to choose things that you enjoy doing, otherwise you will find ways to sabotage yourself. So if you are terrified of public speaking, don’t pick that (unless you plan on doing some work in that area).
Think about your strengths and passions and take those into account when you are choosing your strategies. This is a time to have fun and get creative!
Strategies can be divided into a number of key areas:

Direct follow up and contact (such as sending personal letters, making phone calls)
Networking and referral building (such as working with key strategic partners like a Chiropractor)
Public speaking (for example, a brown bag lunch talk for busy professionals on stress reduction)
Writing and publicity (putting a press release in a local paper)
Promotional events (like chair massage at a sporting event)
Advertising (putting a display ad in the good ol’ “banana pages”)

7. Create a Budget.
Many excellent massage marketing tools are free. Instead of money, all that is required is some time, creativity and imagination. But some tools will require that you spend money. It is important to decide up front what your massage marketing budget will be and how you will spend it.
8. Develop Your Action Plan
Your Action Plan involves the specific marketing and sales actions you plan to make, for example, how many calls a day, how many personal letters or invitations a week. Remember, marketing is about simple effective things that you do consistently. It is a good idea to map out your massage marketing action plan on a calendar, and commit to it.
9. Have a Tracking System
It is important to have a system in place to track your efforts as well as your results. Having such a system in place gives you a clear sense of direction as to where you and your business are going. It also helps you to stay focused and on task.
A tracking system also gives you the evidence that what you are doing is actually working. This will motivate you to stick with it until you reach your desired goals. It also lets you know when things are not working so that you can make the necessary course corrections to get your marketing back on track.
You may choose to keep a record of:

The exact source of each prospect.
How many new prospects each massage marketing strategy produced.
How many of these prospects became regular clients.
The actual monetary value that these new clients produced.

Remember to periodically evaluate the results you are getting, and make any adjustments to your plan as necessary until you reach and maintain your client or patient goal, and the massage business of your dreams.
Adapted from the free 28-page workbook, 8 Steps to an Outrageously Successful Massage Practice. Available from the web site below.
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The Added Effectiveness of Promotional Products in Your Marketing Plan

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Recently, I stopped by a new car wash in my town and while preparing to insert my six quarters into the machine to start the cleaning process, the owner came over to me and thanked me for stopping in. He also handed me a pen that had the name and address of the car wash imprinted on it.
The fact that the owner was going around passing out free promotional pens to patrons impressed me. I stop at car washes all the time and never get free stuff. In fact, if the cleaning wand removes most of the dirt and the spot-free rinse is actually spot-free, Im pretty happy.
You may be thinking to yourself, Thats a nice gesture, but is it really very effective as a marketing tool?
Absolutely.
Not only are promotional products effective marketing tools, but they can actually foster goodwill toward your company or organization and its salespeople or representatives.
In fact, a study conducted by Baylor University suggests that customers who receive a promotional product with a sales letter will view your company and its sales reps 52% more favorably than customers who receive a sales letter without a promotional product.
Whats more, the study revealed that when compared to customers who did not receive a promotional product with their sales letter, customers who did receive a promotional product with their sales letter perceived the companys sales reps as being 16% to 34% more competent.
Did you catch that?
Despite the fact that none of the customers who received the sales letter and promotional product actually talked to or met with a sales rep, customers receiving the promotional product actually perceived the sales reps as being more competent.
With all the competition out there for your business to contend with, wouldnt it be great to have that kind of advantage over your competitors?
Promotional products can be an easy, affordable and profitable addition to your marketing plan.
For example, the carwash owner made an initial investment of about $1.30 for each of the pens he was passing out. The minimum amount of money I had to spend to wash my car was $1.50 (it took six quarters to start the washing process). Because no other carwash owner gave me a free pen, and because I was satisfied with the washing experience, Ive returned to that particular carwash on five other occasions in the past three months. Thats a minimum of $10.50 spent at the carwasha $9.20 return on the carwash owners original $1.30 investment. Of course, Ive spent much more than the minimum required to wash my car, so the return on investment is even greater.
Promotional products range in price from less than a dollar to several hundreds of dollars each, and there is virtually no end to the kinds of promotional products available.
Youre already familiar with promotional items such as pens, calculators, and key rings, but did you know you can get TV remote controls, microwave popcorn, and even executive leather desk chairs with your logo and contact information printed on them?
Given the variety of promotional products available, theres no reason you couldnt find a product to fit your particular marketing need and budget. If you spend a little time searching, you will find a great price on a great promotional product that will significantly increase the effectiveness of your marketing plangenerating sales and leads for your business.
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The Importance of a Marketing Plan

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There aren’t many things in life that you would get into with out a plan. Marketing is no different. Your overall marketing plan should cover about a six month period, and should be made up of weekly and monthly marketing schedules.
This is how you do it:
1. Figure out how much money is in your budget.
As we all know, marketing of any kind costs money. How much money you are willing to commit to the cause is going to determine some key factors about how that money can be best spent. Remember, you want to be economical but you also need to be realistic on what it will take to pull in the leads you need to close new and repeat business.
2. Determine your target market.
Who is most likely to buy your product? Are they married? Are they business owners? What is their income level? These are the people that you want to target. One of the most common mistakes in marketing is answering “Everyone” to the question “Who is your target market?” It may be that you have more than one target market, but there is no product in the world that appeals to each and every person. Even Coca-Cola targets different people with different messages. Decide who is MOST LIKELY to buy what you have to sell and target them. Your message to teenagers will be different than your message to housewives even if the product is exactly the same. Different markets may require different mail pieces or advertisements.
2a. Using the Right Mailing List.
In making sure that your message is getting across to the right people – people who are in the market for what you’re offering usually comes down to finding the right mailing list.
There is a great deal to know about mailing lists. There are pointers you could follow when buying a mailing list that tell you what to watch for in a mailing list company to make sure they’re reputable. They are:

Get references. Talk to other people that have purchased mailing lists from that company.
Do they guarantee on delivery? That means due to the inevitable number of bad addresses there are in a list, can they still guarantee a high percentage of deliverable addresses. That number should be 90% or better. People move all the time so a mailing list company cannot guarantee 100% deliverability – but they should guarantee at least 90%.
How often do they update their information? They should be able to answer this question and should be updating their information monthly.

You can get burnt on mailing lists – it is the most expensive part of your campaign. Ask friends who own businesses. Don’t just purchase from the first person that tries to sell you mailing lists. Do your research.
3. Select what media to use. (i.e., Direct Mail, Television, Radio, etc.)
This decision will depend on both your budget and your target market. If you have not done a good deal of marketing in the past we recommend picking one media to start. This is much easier to keep track of and you will better be able to tell whether or not it is working. Also, since repetition is the key to marketing success, using one media to begin with will help you reach the same people multiple times. If you run a newspaper ad and send out a postcard, you run the risk of the majority of the people only seeing your ad once. However, if you send out the postcard twice you can guarantee that you get your message to the same people twice and you will start to build recognition.
Once you are getting the returns that you want from the first media, or if you decide that it is not working for you, you can branch out into another form of advertising. Over time you will build up a very diverse marketing plan.
4. Make a Schedule and Stick with It.
Figure out how many people you have in your target market. For this example we will use Direct Mail Marketing. If you have a mailing list of people in your target market that has 1500 names, figure out how many times per month you can mail a postcard to them and still stay within your monthly budget. Once you come up with this number, do it!
The importance of having a marketing plan cannot be stressed enough. Create one and follow it and you’ll start seeing the benefits.
ZZZZZZ

Company Structure

By | Business

Structuring a building or a business depends on the risk you are willing to shoulder. A building can be like PETRONAS TOWER or a solo concrete structure just standing high. There are four legal structures best chosen for incorporating a business. Enlisted below are the four structures with their advantages and disadvantages.

Sole trader:

This is the most common and simplest structure, which is popular for single business owners. It gives you the liberty of filing your expenses and income from your personal income tax returns. This way, any business loss that might occur offset by the income you have earned from other sources whenever it is needed.

Similarly, you are legally responsible for all business your debts and most likely to be sued or have your property seized in the event of bankruptcy. This structure is best for testing your business concepts or if you are bearing no personal assets. Type of firms like consultancy and other service providers were no-one or only a few employees are part of the organisation without investments in assets.

Partnership:

If you are confident in your idea but without capital investment then make sure you collaborate with someone. This structure is bifurcated in general and limited partnership. A general partnership offers any time farewell to a creditor after any or all the partners.

Whereas a limited partnership indulges a general partner with unlimited personal liability and limited partners complete, liability is generally limited to the amount they have invested. You need to report your profit and losses in an informational tax return and fill it with your personal tax return.

It is a low-cost venture. You can avail the advantages on taxes with sharing of profits and losses on the tax return. The only demerit is that the general partners who are always at the risk even if other partners sink the company. Best in real estate industry.

Corporation:

The most prominent and forming structure of today’s era. All the big corporations and big investors out there in the business world are the examples of this structure. It is an independent legal entity that is separated from its owners and you do not need to necessarily risk your personal assets beyond the limit of your investment in the corporation.

These corporations have S class and a C class that of Mercedes, the S-class is the most common with the limitation of 100 shareholders and C class is for high-profile ventures. A board of directors is held accountable for these corporations.

As with its size, it includes a big investment and with that, investment comes high risk. It accounts to more tax returns and other legal formalities. This structure suits the manufacturers and restaurant chains.

These corporations are either part of a large group of investors of ownership of Family Business or Private Limited Company. Therefore, those interested in the corporate life and entrepreneurial career. Then they must not shy away from the Private Limited Company Registration and begin their venture on a positive note.

Limited Liability Company:

This structure was evolved for the sole principle of avoiding the double taxation. It shares its merits with Proprietorship of profits and losses being passed through the owners and included in personal tax returns. It is better than a corporation in liability protection along with no limit on shareholders.

The only demerit it carries is paying on self-employment tax on your share of the draw depending on how the entity decides its taxation. This structure is encouraged and welcomed by the companies to welcome foreign investments. Special Designated Commercial Zones are the best place to land in these projects.

If investing in a foreign land then you need to collaborate a local citizen and make him the representative of all the drafting of your legal documents. S/he will be the partner of 51% shares in your company and the sole share of profits. Best for the startups who are willing to try their ideas with less risk and expense.

Every business has its risk factors involved, the careful planning, operational excellence and execution with detailed market research contributes to the success of the business. It is important for a business owner, sound decision that helps in covering the risks and minimising their impact on the company.

I hope this article would have covered all the spheres of business structures and will help you in choosing your best structure. For more assistance contact us and get professional help from the experts.

How Can Internal Controls Overcome Payroll Fraud?

By | Payroll

Payroll fraud occurs when employees get their employers to pay them more wages and compensation than is due to them by making false claims and falsifying records. By being more vigilant and adopting control policies, you can protect your business from the losses you might incur because of payroll fraud. The Association of Certified Fraud Examiners warns that internationally, businesses can lose up to 5% of their revenues every year because of fraud; and small businesses typically suffer more because they lack the elaborate internal controls that larger companies might implement.

Non-existent Employees

Your employees could be collecting wages in the name other employees who are not actually working for you; or who have worked for you in the past and have left your company. To overcome this problem, you must make sure that when an employee’s services are terminated, your records are updated right away. Also tally the actual number of present employees with the number of payments made. You could also get your employees to physically pick up their cheques and sign for them. Make sure, they provide you with proper identification such as a National Insurance Number that you can later verify with the authorities. Also check if your records have actual addresses and all payments show mandated withholding. If any of your employees complains that she has not received their pay, you might want to check your entire payroll process.

False Time Sheets

Another method of claiming undue compensation is by clocking in extra hours than the employee has actually put in. If you have an electronic time card system in place, you can assign a supervisor to punch cards. You can also implement new technology by which employees have to add in a password or a code when checking in to work. Scrutinise overtime payments carefully and put in a system of rotation by which supervisors are reassigned from time to time. Separate payroll duties so that supervisors are not the same personnel who add up the time clocked and make payroll. If your bonuses are based on work hours, you could take it upon yourself to authorise them.

Bank Statements and Taxation

You can keep a close watch on the wages you are paying by studying your bank statements. For instance, if you see any similar bank details it could be an indicator of double payment. On the other hand, if details of a particular payment are missing, you might want to investigate the recipient. Also, be on the alert for any payment codes that were dormant but have suddenly been activated. In case an employee changes his bank account number, you might want to verify and ask for reasons. You could also verify your bank payments against your list of employees. Above all, you could monitor the taxes you are deducting and remitting to the HMRC for inconsistencies.

Sales Commissions

Your employees can also add false entries to sales records and commission statements to claim added pay from you. To protect yourself, check your sales revenues against the commissions you are paying. Also, confirm if you are paying for sales that did not actually materialise. If your sales figures are going down but the commission charges are constant or even rising, you might want to investigate the issue. Further, carefully study reports of customers not wanting to honour their payments. When making payroll, check the percentages of the commissions your employees have requested from you against the sales they claim.

Understanding the Profitable Contents of Online Accounting Services

By | Book keeping

Among range of critical aspects that a small business entrepreneur has to deal with, proper maintenance of regular financial accounts is one. Yet, they are found neglecting this sector by believing on a false premise that it can be managed later. Then, there is a belief in the corporate world that for small business, there is no need to appoint skilful accounting and bookkeeping service providers either. It is a fundamental mistake indeed! That is because a minimal error in this segment may lead to huge losses and regaining a proper prospect in this competitive corporate world from such situation is simply impossible.

No wonder, with such incredible significance, appointing the best firm is equally essential too. In this respect, nothing can be competed with the brilliance and excellence of online accounting services.

Surrounded by numerous supportive reasons, these sorts of bookkeeping services is actually beneficial in every possible way for the small business owners. Let’s go through some of the most effective and constructive reasons, such as:

  1. Convenience of using these internet based solution services is simply awesome for its industriousness. That is the reason why, more and more entrepreneurs and managerial heads are vehemently depending on this solution process.
  2. Uploading correct records of bank statement, payroll, invoice management and several other aspects gets automatically executed with the help of updated technology. Eventually, to remain updated thus becomes achievable by business owners.
  3. Talking proper financial decisions and processing with confidence becomes easier and gets actualised in a more prominent way with such updated results. This again is immensely helpful for small business processes where taking prompt financial decisions becomes vital.
  4. Safety and security maintenance is highly essential for administering appropriate and accurate way of accounts management for business entities. Needless to state, excellent safety measures that such service providers grants to its esteemed clients are capable to meet with such essential necessity too. This results comes with the assurance to receive accurate results without error.
  5. Payroll and cash flow management are two of the most critical aspects of a business entity that can never ever be avoided by any means. That all these features get mentioned in best possible way also gets well met by online bookkeeping services. Thanks to the skill of online bookkeepers for which bookkeeping and accounting services gets easily achieved.
  6. Cost of appointing the same and the return that it delivers is also different. These are profitable features also beneficial to business owners. How? Well the cost of hiring these service providers are comparatively less than any other human resources.  On the other hand, the outcome that it delivers at any time is paramount compared with others.

With this array of beneficial aspects, it is clear that these helping hands are of true help for business owners in every possible way. By looking at these beneficial aspects, it also got transparent that abiding by these solving agents is a must. After all, no one else can support with adroit accounting consultants and technically updated software for a constructive assistance like these.

Revenue Management

By | Business

Revenue management is the application of well-organised analytics that forecasts consumer behaviour at the retail level and boosts product accessibility and price to enhance revenue growth.

In an internationally competitive business environment, firms are constantly trying to enhance their profitability.

A revenue management system is an effective tool to accomplish the objective with comparatively low technological investments and at present, has extended to several sectors.

The way revenue management instills within the organisational framework relies on the kind of sector and the particular organisation. Certain firms have it as part of the marketing department while some place it within the finance department.

In certain organisations, a Chief Accountant or Financial Controller manages various functions – marketing, product development, and brand management.

Supply chain management and revenue management have many basic harmonies. Supply chain management  is a crucial process in several organisations and is getting interfaced with a revenue management system.

Business Intelligence systems have also been combined with this process. These platforms provide data that can be used for informed decision making.

An organization must evaluate its demand structure and segment its clients on the ability to pay. After the segmentation, the pricing strategy for each segment must be determined, and then the statistical demand for distinct segment must be estimated.

The operating scenarios of production and services sectors differ to a large extent.

For several financial personnel, managing revenue efficiently is extremely challenging. In the context of the amalgamation of uncontrolled regulations, changing guidelines and stringent penalties for non-compliance, revenue management can be very complex for the capabilities of finance personnel.

In the context of these obstacles, firms are thinking about automating revenue management processes to enhance efficiency, augment compliance, and improve transparency.

The strategy to simplifying it begins with processes developed from the top down method, on the basis of information from various stakeholders and activities.

The capability to establish the technology that simplifies and centralises the revenue management process is also very critical. Cloud-based technology enables finance personnel to link with systems, automate processes, and review business performance.

The four critical complexities are as follows:

Regulatory Compliance

The regulations are complex and difficult to infer because firms implement multiple non-standard agreements with the clients.

Internal Controls

According to experts, revenue recognition is one of the most prominent Financial Reporting Standard  102/105 internal control issues reported by auditors.

Forecast Visibility

Revenue forecasting is not easy to determine. Again, a normal income statement cannot differentiate between once and frequent revenue.

Employee Productivity

Currently, several organisations are utilising user-friendly spreadsheets for key revenue accounting activities. Simple and complex spreadsheets used by one person need extraordinary endeavour to construct and manage. Even then, all advanced spreadsheets have errors. They are not easily auditable.

In certain sectors such as IT, this system is very complex since it is difficult to allocate revenue across elements and the duration of revenue recognition.

Currently, vendors and buyers are leveraging the software as a service (SaaS). Revenue recognition issues happen when various components and discounting relate to a SaaS contract.

SaaS firms depend on metrics like monthly recurring revenue, which are different from normal IT businesses.

In service-oriented businesses – technology execution, law, and accounts, this system is affirmed on specialised contracts and distinct terms.

In these cases, project-delivery results are connected to recognising revenue. The revenue recognition method requires the firms to document chargeable time/expenses and monitor project performance to link proceedings back to the contract types.

Hence, firms are seeking to automate revenue management to accomplish enhanced compliance, better visibility, and reduced costs. It encompasses every function in an organisation, the process automating does not begin with IT.

The process of automating the revenue accounting management can deliver substantial results – quick period closes and cost control.

In order to streamline and optimize the system, firms must leverage the technology that enables the finance personnel to link systems, automate processes and evaluate the business on time.

Interface Systems

Streamlining the process eradicates data duplication that occurs between finance and other departments, thereby decreasing errors and reducing time.

The most optimal accounting systems link key business systems – CRM, services management to develop a robust ecosystem for revenue management.

Automate Processes

Every organisation’s revenue recognition process differs based on the distinct business model, products, and market conditions.

In order to automate the rigid process, revenue stakeholders must have the capability to arrange the relevant procedures that replicate the complexities of the business operations.

The automation of revenue recognition process can significantly reduce workload for personnel, decrease spreadsheet errors, and enhance efficiency.

Business Performance

Top quality revenue management systems deliver an insight into both existing/deferred revenues by projecting accurately the future revenues. They enable organisations to evaluate the effect of changes to products and pricing on revenue.

The process of comprehending the system begins with efficient top-down processes. It is only afterwards that technology should be used to automate the revenue management process.

Get Nurtured With Online Accounting Services for Small Business

By | Book keeping

Small or medium business, no matter what the state is; entrepreneurs to managerial heads are always searching for helpful information that ensures proper functionality of an entity. Easy performances without any hassle, time and risk management process are some of the mentionable aspects in this respect. No wonder, such attributes are eligible in a more flexible and confident way if the financial supervision is done with accuracy and appropriate measures.

Daily records of financial transactions are always helpful and at the same time beneficial too. But this is not the only reason behind employing the best kind of accounting and bookkeeping services. Such assistance is profitable for getting associated with adept consultants and advisors too. But, it cannot be denied either that hiring the best human resource in this respect means huge investment. It is of real hassle for business entrepreneurs.

Productive role of online accounting services for small business needs are an out of the ordinary appreciation here. After all, software to the persons involved in making it lucrative investment by every means is into some active business. Furthermore, entrepreneurs get to enjoy the facility of 24 hours, 7 days services for managing available capital of respective entities. Such development is of impressive assistance in the corporate world.

Safety and security factors matter a lot for maintaining finance of an entity. Then is the importance of dealing with the database in a confidential way. Service solutions engaged with Xero bookkeepers are of magnum help here. After all, dynamic resolving agendas followed by them are advantageous in every other way. Today, it is counted for the exceptional user-friendly features too. One cannot neglect its cost and energy efficiency features either.

It must not be forgotten that those who are new in the world of trade and commerce, of any sorts, have to go through numerous hectic problems. In such situation, getting involved with the crucial aspects of accounts management is not a positive facet to invest-in. However, there must not be any loopholes for accounting and bookkeeping either. Furthermore, such essential necessity needs to be solved with full-on cost efficient way too. Thanks to the responsible performing excellence of online bookkeepers and their dynamic service system, all the essential components are taken care of with their assistance.

Payroll, TAX, invoicing, bank statement management, etc., are some of the other fields that are user friendly with their assistance. All one need is to implement their systematised and methodological work process from the preliminary stage only. Understanding their brilliance becomes easier with it.

This gets easily approved with the most effective factor attached with such service system. That is, there is no need of any paper or office work. This has been made possible because entire functionality is done with the help of internet and is based online. Hence, a person in need can access the necessary information anytime and anywhere. All one need is a hi-tech device like, smartphone, tablet, laptops, etc. Thus to go with such assistance is always appreciable and profitable.

Real Time Accounting Benefits

By | Book keeping

Real time accounting is said to happen when data is available as they occur, without having to wait for the end of the day, let alone end of the year for getting to know about the figures of business. This is made possible by a number of factors, the chief of which is accounting applications. Cloud storage if used by the application will result in making known the real-time information anywhere, and not just in the premise of the office.

Real time accounting has a number of benefits. With this, time is saved, thus helping the management take decisions in time. Opportunities can be grasped when they arrive and books are kept in real time. Organising and reorganising of the business can happen as and when needed, without having to eagerly wait for the results at the end of the fiscal year (or when quarterly reports come out).

Comparison with corresponding time period can be done easily. This helps in making a decision regarding any change that can be made to optimise the profitability. Faster calculation of figures means fewer people involved in this and more time getting advice from the accountants for the conduct of business. Reacting to any anomalies can be done faster than it would have been possible.

Internal controls are also aided by real-time accounting as it helps in controlling fraud – otherwise, some fraud may happen in the business that may later be covered by the perpetrator. An accountant, for example, may be pilfering some amount and deposit the difference when closing the books at the year-end. This and some of these sorts will not be possible under real-time surveillance.

Another aspect how this helps in internal controls is the way it checks errors, which may accumulate over time and become difficult to either check or even correct. This also helps lower the cost that is associated with the errors. Margins can be added or reduced to sales when the necessity arises thus yielding better figures. Also, it is easier to find offers by vendors quickly thereby reducing the cost associated with purchases.

Conducting business is also easier thanks to information that can be obtained with a click. This means you can communicate with concerned parties – be it vendors, debtors, auditors or other members of management themselves. Communicating, in turn, helps in finding out any pertinent issues and finding that on time helps the business a lot.

While a business can benefit from quarterly or monthly time limit than when closing books annually, it is better if they can go all the way to accounting applications make real-time accounting possible. What’s more, the data is available for viewing in its dashboard in graph or figures, as the management wants it.

5 Tax Tips Every Small Business Owner Should Know

By | Taxation

Our firm provide our clients advice which is in line with the advice their tax professional give them.

As part of that guidance, there are a few tax advantages that most business owners either do not know about or simply do not t take advantage of. There are also some “deductions” that should be avoided due to misguided tax information. Here is a list of the five most common.

Track All Expenses Consistently

Track all of your expenses including the ones you pay for personally. Business owners always ask me “what about the purchase I paid for on my personal credit card?” Yes, it is all deductible; you just need to get it on the accounting records and account for it. Keep in mind that the credit card is personal so do not add that account to your chart of accounts. They will count as owner or shareholder contributions. TIP: Record these charges monthly so you do not forget at the end of the year.

Avoid Money Leaks

As a small business owner, you are sometimes faced with cash flow issues. As a result, you get behind on paying your bills and your taxes. While your suppliers may not assess late fees, you better believe the HMRC will in the form of penalties and interest. And these my friend are non-deductible. They are not even the interest portion. TIP: Fix this money leak by paying your taxes on time and use those funds on an expense that is deductible.

Maximise Retirement Contributions

Most small business owners are so busy working in their business that they never stop to think about what they will do once they retire. I am not even sure you think about retiring at all. But the fact is you will — one day. So you have to make sure to have something to fall back on. There are several retirement plan options that will allow you to put aside some funds tax free for your retirement and they are all tax deductible to the business. Yes, you can have your own company retirement plan.  TIP: Contact your tax adviser and your financial adviser to discuss retirement plan options.

Expenses Paid Personally

I cannot say it enough – stop co-mingling your personal expenses through the business. They are not tax deductible and us accountants — we know when you try to do it. Believe it or not we are smarter than the average bear. TIP: Don’t co-mingle.

Buying Fixed Assets

The HMRC allows you to expense the purchase of a fixed asset all in the first year instead of depreciating it, baring certain qualifications. You can deduct up to as much as original cost and reduce your taxable income to zero. TIP: Hold off buying any and all equipment until towards financial year end if you can so you can buy just enough and not too much.

What tax tips have you taken advantage of to help keep more money in your business?

Basic Tax Saving Tips for New Business Owners

By | Taxation

Congratulations on your business! Here’s to its success! You must be celebrating right now. All your years of hard work and consistent money-saving have now started to pay off! Your dream to be an entrepreneur is starting to be fulfilled! Now, are you ready for a big change in your life? You should be! Have you planned all the techniques and approaches that you’re going to do to sustain your business? Most probably! Are you ready to earn big money? Of course! And lastly, are you ready to pay a large amount of tax? Ooops! You know that big income equals large tax bill. You know it’s going to hurt your wallet in way, but what can you do? You prepared yourself to earn big money, so you think you should be ready to pay a big amount for taxes, too. Well, have you been educated about tax savings? Dear, you need to be knowledgeable about it. Yes, there are proper ways to reduce the amount of taxes that you pay, and you need to be in the know of those.

Let’s Talk About Taxes!

So, how is the above mentioned term defined? How do you save on taxes? To answer both questions, the aforementioned term means the amount of taxes you pay is reduced due to an investment income that is non-taxable or taxed at a low rate. It also happens when only a part of your particular investment is taxable and if you have expenses that are tax-deductible.

How Is It Applicable to Your Business?

Review the explanation above. It presents different examples of situations when you can pay a reduced amount of tax. The very last example – that’s the simplest and most applicable one for you! Did you know that it has something to do with merely keeping a record of your daily business-related activities?

• Transportation

Need to attend a business conference out of town? Need to pay for parking? Need to rent a cab for a long travel? Just secure an official receipt; a certain percentage of the total amount that you spent can be deducted from your tax bill.

• Meals

Scheduled to have a series of lunch meetings with various clients? You know what to do with your receipts!

• Investments

Planning to buy a business phone and other business tools? Yes, they can also help you save on taxes.

These are just some of the many examples of tax-deductible expenses. In a nutshell, business-related activities are legitimate means of reducing the total amount of money that you have to pay for taxes. Be in the know of which activities are valid based on the type of business that you have, for they may vary.

Now, are you ready to earn big and reduce your tax bills in all proper ways possible? Most probably! Go on, feed your mind more. But take note of the proper ways, at least. For sure, you would not want to be in trouble. Keep in mind that a brilliant entrepreneur knows how to earn large sums of money, knows his or her rights, and only engage in rightful activities. Nothing unlawful; just purely good measures and strategies to sustain the business.

Tax Accountants: How to Choose the Right One

By | Business

When tax season comes around, many businesses recall that they wanted to engage a new accountant, and new businesses are often hit with the sudden realisation that they are desperate need of some assistance with their finances. Dealing with business finances on your own can be a nightmare, and can result in businesses missing out on important deductions that could save them a lot of money in the long run. Finding the perfect specialist for the job may take some extra time, but it is important to realise that not all professionals are created equally. Before spending all of your profit just to be left disappointed, take the time to read these tips that will guarantee that you wind up with a tax accountant that is perfect for both you and your business.

Shop Around

When you take the time to shop around, it guarantees that you find an accountant with the experience that you need. Hiring a specialist that is experienced in your area of concern is vital to the success of your business, and can help save you money. For example, you would not want to engage an individual that has limited or no experience in handling business situations if you own your own business, just like you would not engage a professional with no audit experience to handle your audit situation. Experienced professionals are aware of important rules, regulations and deductions that other professionals may not be.

Ask Questions

If an individual is fresh out of school and you are their first client, it is highly unlikely that they will be willing to divulge that information. Enquire about previous clients, issues that they may specialise in, ask for vague examples of previous clients and do not forget about their education. As you ask questions, it may seem a bit like you are interviewing your possible candidates in an effort to find the perfect one to hire, and that is exactly what you are doing. The end result will be the perfect professional for you and your business.

Get to Know Them

Hiring a new accountant is a bit like hiring a person for your wedding. If you hire a professional that you simply do not like or are not comfortable around, for any reason, it will make an already stressful situation much worse. Schedule free consultations when possible, and then use them as an opportunity to get a feel for the person behind the desk. If your personalities are compatible, it will make it easier to delve deep into your situation and work together as a team.

Affordability

Take the cost into account before hiring your next tax accountant. Often, specialists will make vague promises of saving you money on your taxes, and use that as justification for charging more to help you file them in the first place. Unfortunately, these scams do not always, if ever, work out in favour of the business. Be wary of companies that overcharge for their services. If one professional offers similar services at half of the price, it may be a wise idea to give them a chance.

Hiring a new financial specialist at the spur of the moment may seem a bit easier, and it is in the beginning, but the end result may not be as satisfying. Take the time to shop around and get to know the person or company that you may be hiring to make sure that you are hiring a specialist that will be able to help you for years instead of one that will leave you feeling disappointed after just a few months.

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