Time is in short supply, and with so many things vying for our attention, it’s important that we learn to communicate quickly and efficiently, especially when it comes to one’s business. If you don’t learn to tell contacts what you do in less time than it takes them to ride to the top floor in an elevator (also called an Elevator Speech), you’re likely to lose their interest and their prospective business.
In a recent article posted to Entrepreneur.com, author and communications coach Carmine Gallo explains “How to Tell Your Business Story in 60 Seconds or Less.” She explains, “Unfortunately, many small-business owners don’t think enough about their company’s story and how it comes across.” That’s why she’s developed four questions designed to enable business owners to develop an effective 60-second sales pitch.
- What do you do?
- What problems do you solve?
- How is your product or service different?
- Why should I care?
Your answers should be quick and to-the-point. The following is an industry-specific example:
My name’s Sharon West and I enjoy doing what most people don’t: I file taxes, helping individuals and small business owners maximize their returns. I’m a professional tax preparer [what your business does and what problems it solves]. You see, many paid tax preparers haven’t received any formal training in filing taxes and working with individuals on their tax planning. That’s what I do and I’ve been trained to do it [how it’s different]. And if business owners are concerned that my fees will eat up their profits, I can guarantee that what I charge will come back to them at least 100% in tax savings. Now how many tax professionals do you know of that come with that kind of guarantee? [why you should care]. Here’s my business card. If you know of individuals or small business owners who could use a trusted tax professional, please refer them to me.
Practice your delivery so that it doesn’t sound canned or monotonous. It should be exciting and engaging, communicating your passion for what you do and how well you do it. And it’s important that you not drone on and on; that’s why it should be no longer than 60 seconds. In fact, you may consider having two versions of your 60-second sales pitch: the 30-second version and the one minute version.
Ultimately, the 60-second sales pitch is designed for any networking situation where you can introduce yourself and your business to potential clients. This may be at a convention, a conference, the grocery store, or the dentist’s office. Remember that anyone can be a potential client or can refer you to a potential client. And with your 60-second sales pitch on the tip of your tongue, you’re ready to sell yourself in any given situation with comfort and ease.
What’s your 60-second sales pitch?
If you’re interested in learning more about securing and retaining new clients, watch our free video on marketing. It will forever change your business approach!
Resource
Gallo, Carmine. “How to Tell Your Business Story in 60 Seconds or Less.” 19 December 2011 Entrepreneur.com
The tax season is officially upon us, which means only one thing: you’re about to be sucked into the black hole of tax preparation!
Okay, so it’s not that bad, but it will consume the majority of your time for the next few months. So why not ensure that you’re making the most of that time?
A 2005 Microsoft survey found that professionals only average about three productive workdays every week. When you’re paid by the hour, that reduces your income by 40%. That’s a painful statistic for the self-employed.
But it doesn’t have be that way. When you apply effective time management techniques, you use the workday to your advantage, maximizing your income by using less time to accomplish more work-related tasks. Here are 6 tips we strongly recommend:
Delegate and outsource when possible. In a Small Business Review article, author John Egan lists this as his number one time management tip. In his article he references Dave Durand, a time management expert who says small business owners should never engage in “minimum-wage work.” He suggests handing those tasks off to someone else so the small-business owner can keep their “eye on the horizon.” Sometimes it just doesn’t make sense to do everything yourself. It’s wise to delegate and outsource some of those tasks that are too time-consuming for you, whether you partner with another professional to do them, or whether you assign the responsibility to someone within your organization.
Avoid time traps. No profession is immune to time leaks—interruptions, distractions, tangents that lead you off-task and make it difficult to be productive. And it is impossible to plug those time leaks unless you know what they are. Take a week or so to log interruptions, noting all those things that distract you from your core work tasks, specifically billable hours. Once you have the information, you can evaluate it. Which interruptions could have been avoided? Which were of no value? Perhaps someone regularly calls you for information that you could teach them to find themselves? While the teaching moment may cost you an hour now, it may save you hours in the end.
Avoid multitasking. Most time management experts agree that splitting your attention amongst a slew of tasks can lessen productivity while generating more errors. Focusing your attention on one task is the best way to accomplish more in less time and with greater accuracy.
Use “50% of your time engaged in the thoughts, activities and conversations that produce most of your results.” This tip comes recommended by authors Joe Mathews, Don Debolt and Deb Percival in an Entrepreneur.com article entitled “10 Time Management Tips That Work.” It makes sense to focus your energy on those tasks that bring in the bacon. However, often what we focus on isn’t necessarily what produces results. Shifting your perspective on how you prioritize your time may be all it takes to put this principle into effect.
Plan each day. Mathews, Debolt and Percival recommend you take 30 minutes each morning to schedule your workday. Determine which tasks are most important and timely. That way you ensure that you’re not only productive but responsible, completing those jobs that need your attention first. Then, referring to that list of tasks, make a to-do list (and don’t forget, 50% of your day should be dedicated to those activities that produce the most results).
Plan for the big picture. While it’s important to plan your daily schedule, you should also look ahead and make plans for how you’d like to accomplish your vision. This includes the big picture on where you see your business going, taking steps that will ensure you get there.
UAC’s QuickBooks Training Program
The Professional Bookkeeper’s Guide (PBG) to QuickBooks is designed to help you master all the software’s features and shortcuts, enabling you to work much more efficiently. With 16 instructional CDs that contain 15 hours of training and an 800-page full-color instruction manual, you will have access to all you need in order to address your every client’s needs.
Upon completing the program you will be able to do the following:
- Pay bills quickly so that you and your clients never incur late penalties
- Be reminded when bills are due
- Write checks with one single click
- Create invoices quickly and effortlessly
- Become more organize by streamlining the process of tracking customers and vendors
- Keep on top of incoming and outgoing payments
- Access easy-to-read financial reports NOW
- Earn valuable certification as a QuickBooks Specialist
UAC’s Professional Bookkeeper’s Guide to QuickBooks (PBG) will enable you to master this accounting software, saving yourself time and energy as you work with your own and/or your clients’ accounts. To become more efficient by learning all the time-saving features QuickBooks offers, call Universal at 1-877-833-7909 to enroll in the PBG Program today!
Resources
–. “Survey Finds Workers Average Only Three Productive Days per Week.” 15 March 2005. Microsoft.com
Egan, John. “Time Management Tips.” SmallBusinessReview.com
Mathews, Joe, Don Debolt and Deb Percival. “10 Time Management Tips That Work.” Entrepreneur.com
In a recent Entrepreneur.com article, J.D. Roth, a self-proclaimed accidental personal-finance expert, suggests five tips in securing personal financial security regardless of the flailing economy.
And Roth should know. In 2005 he found himself overwhelmed by debt. He made a personal decision to change that and read everything he could on money and financial management. In 2006 he started the website Get Rich Slowly which quickly became a popular personal-finance blog. He now gives advice to a community one-half million readers strong.
This information could be invaluable to your own clients. Sure, you help them manage their business financials, but where they really might be struggling is in their personal financial management. One way you could assist them is in distributing a tip sheet on effective personal money management; in fact, you could send it as part of your holiday well wishes for them and their families. Consider including Roth’s proven strategies:
1. Stash savings. Many individuals have lost their jobs with no savings buffer to fall back on. While many different sources recommend how much money you should save in a fallback account, Roth says the exact amount doesn’t matter. It’s just important that you have enough to prevent unemployment panic.
2. Limit debt. Roth explains, “A mortgage isn’t a bad thing, and neither are student loans. A car loan is borderline, though, and borrowing to buy a television is foolish.”
3. Practice thrift. Some of the richest people in America are thrifty, so it shouldn’t be considered a poor-man’s practice. In fact, frugality is a good habit even in economically “fat” years when most individuals experience “lifestyle inflation.” To embark on a frugal life, Roth recommends starting by reducing regular monthly expenses.
4. Invest wisely. Roth says, “Don’t let the news lead you to make emotional decisions. …be sure your investment portfolio matches your risk tolerance.” Do the research and stick with those financial investments that best suit your financial philosophy.
5. Ignore financial news. Roth uses the example of the housing bubble during which time many individuals followed the media hype and invested in real estate only to encounter its collapse, a reality that has left many in foreclosure. As mentioned in tip number four, it’s important that you ponder your financial decisions and how they relate to your personal situation without giving in to the media hype, positive or negative.
If you’re interested in sharing other tips that will help your clients better manage their financials, consider the following two books which enable businesses to establish a healthy financial foundation:
In the Black—Written by Universal president and CEO, Allen Bostrom, this book will guide you in effectively increasing your clients’ profitability using improved accounting and business metrics – a must for organizations of all sizes. Are you In the Black?
Red to Black in 30 Days—The recession is hitting small businesses hard, and many are failing right and left. Red to Black in 30 Days, also written by Allen Bostrom, will teach you the Universal Project Management Model, enabling you to help save failing businesses. Using this valuable book as your guide, you can add turnaround services to your offerings. Buy your copy today.
Share your financial tips for clients here in our comments section!
Resources
GetRichSlowly.com
Roth, J.D. “How to Regain Control over Your Personal Finances.” 1 November 2011 Entrepreneur.com
Over the past 20 years, the office workplace has dramatically changed. The days of paper piles, staplers and tape dispenser appears to be dwindling, while email, instant messaging and electronic documents have become the norm. Why has this change occurred? Efficiency is one reason why the technological boom is embraced by the workplace. Businesses are accomplishing more in a shorter amount of time.
The typewriter has long been a staple in the workplace since its inception in the 1800s. Writers stuff a sheet of paper into the machine and fill the page with ink as they type. Mistakes were permanently stuck to the page until the advent of White Out and typewriter correction tape. Even with these tools, the process often left writers wanting a more efficient and less permanent way to put their words onto paper.
The personal computer has been the answer to the cries of office writers. Before a drop of ink hits the page, writers can easily backspace over mistakes and do a full review of the paper. Spell check and grammar check are tools inaccessible to most typewriters. I think we all can attest to the beauty of this particular technology.
Where does your paper go once it leaves the computer (or typewriter)? Most offices still have the space hogging metal file cabinets. These archaic beasts not only became the depository for thousands of sheets of paper, but also have wreaked havoc on the lower back of movers! Those working in a paper environment have witnessed the “disappearing paper” syndrome too, where the filer of the document swears it was placed in the proper place. However, the document later disappears. Personal computer hard drives have now become the archives for documents.
If you’re having a hard time finding the electronic file, you can easily sort through the storage space by date or by file type. Products like ArkWorks have made the e-file cabinet a reality. It’s much easier digging for those files on a computer then digging through mountains of paper.
It hasn’t been that long that we’ve had the luxury of digital products in our age of electronics. You can count on computers becoming faster, and office efficiency being greater. In 20 years from now we’ll reflect on how archaic our technology was in the 21st century. What about the typewriter? It won’t be long until it sits in a museum or antique shop.
To find help for getting organized visit online at http://www.1040works.com/.
We invite comments on how you’ve managed to electronically organize your professional documents.
Starting and maintaining a successful partnership can be tricky business. Entrepreneur.com writer Toddi Gutner explores what makes some partnerships work while others flounder. Whittling down to the most common characteristics, Gutner asked members of one partnership what made them successful: the CEO and the executive vice president of the Campbell Soup Company. Here’s what they said has enabled them to maintain a thriving partnership against the odds:
1. Trust
Executive vice president Denise Morrison describes the importance of trust as followings: “Trust implies that both parties participate in the relationship [where] both ‘gives’ and ‘gets.’ The attitude of giving a full commitment to the partnership will usually result in getting the same commitment in return.”
2. Mutual Respect
It’s important that partners bring complementary strengths to the table. When that happens, it becomes easier to respect each individual’s contribution to the practice. Recognizing that all contributions are not necessarily equal, it becomes easier to focus on how you’re building the business together rather than keep score on what each of you is contributing.
3. Shared Vision and Values
All partners must have a clear understanding of where they want their practice to go, including the type of clientele they’re trying to establish and the service suite they wish to offer. Assistant professor at NYU’s School of Continuing and Professional Students, Lee H. Igel, PhD explains, “What cripples famous partnerships to a point of failure is when, after achieving success, the partners have the interest and opportunity to take on new projects. New project can require new missions and objectives that take partners in different directions, and so the elements of the relationship that made them successful ends up frittering away.”
4. Honest and Open Communication
Unless you’re able to discuss pertinent issues openly and honestly, your partnership will fail. Doug Conant, CEO of Campbell Soup Company explains, “It’s extremely important that you let people know where you stand—what motivates you, how you operate, what your expectations are, et cetera. I make it a practice to meet with everyone on my team very early on and tell them everything they need to know about me. At the end of the meeting, I encourage them to tell me what I need to know about them. It makes for a more productive partnership.”
Whether you’re interested in launching a business with a partner or adding a partner to your current business, it’s good to establish some standards for operation, including those ground rules that will best ensure your success. Hopefully, this list has given you something to consider.
Universal’s Training Will Help You Build a Solid Tax Practice
Tax professionals charge 100 + an hour providing planning and preparation services to clients. In the course of one tax season, many tax preparers earn what others take an entire year to bring in. Universal’s income tax training, the Professional Tax Preparer (PTP) Program, will enable you to help your clients save enough money in taxes to more than cover your fees. And what you earn in one tax season will more than cover the registration fee for this course.
Become a Professional Tax Preparer (PTP) before next tax season. Universal’s online tax course will not only give you hands-on training in completing full individual (1040) and business returns, but it will also enable you to be in compliance with new IRS regulations. Invest in training that will enable you to increase your knowledge and skills while building your home-based tax business. Call 1-877-833-7909 and enroll in the Professional Tax Preparer program now!
Resource
Gutner, Toddi. “Building a Business Partnership That Lasts.” 16 August 2011 Entrepreneur.com
Recognizing Four Different Thinking Styles Can Help You Be a Better Manager
The question is not what you think, but how you think it. In a recent BNET.com article, Kimberly Weisul, author of the column Leadership Lab, suggests that knowing the thinking styles used by yourself and those you work with can help you run a better business.
According to Thunderbird professor Denis Leclerc, the fact that individuals use different thinking styles can be problematic, especially when it results in poor communication and sometimes even hostility. Recognizing these thinking styles and being able to anticipate the questions from different thinkers can, according to Leclerc, save your sanity. So what are they?
Deductive Thinkers
Apparently Sherlock Holmes is classified as a deductive thinker, always questioning why before plowing forward. In fact, deductive thinkers are the least likely to follow a boss’ orders without question. They need to understand the logic underlying the tasks they’ve been asked to complete. Questions they are likely to ask: Why are we doing this? Why is this project more important than others? Why should I care?
Inductive Thinkers
These thinkers are most likely to ask “how” rather than “why.” They like to work with lots of specific information in order to create general knowledge. For example, Charles Darwin, a famous inductive thinker, gathered an incredible amount of information regarding the finches of Galapagos in order to create his more general theory of natural selection. Questions they are likely to ask: How did we make this decision? How will we change? How did we do this last time?
Linear Thinkers
While you may think your lectures about vision inspire everyone in the office, you’re missing the mark with these thinkers who simply want to know how they’re going to get from A to B to C which means they want detailed instructions on how to accomplish assigned tasks. Questions they are likely to ask: When is it due? What needs to happen first? Who does what?
Systemic Thinkers
These thinkers don’t ask many questions simply because they’ve got their eye on the prize with little concern on what it’s going to take to get there. Steve Jobs is a good example of a systemic thinker. Apparently when he instructed his team on creating the first iPod, his vision of the end product was all he provided. He told them he wanted something that 1) didn’t use any screws, 2) could be controlled with the thumb and 3) changed the way people listened to music forever.
Recognizing the thinking style used by colleagues, clients and employees can help you engage in more meaningful discussion about goals, tasks and even prospective problems. What kind of thinker are you?
Unassuming topics like this can help you better manage your business and advance your career. Consider how Universal can help you sift out what will and won’t help you become a better professional. Join our free accounting and tax forums, follow us on Twitter and like us on FaceBook. You’ll be surprised at how community encourages creativity and career enhancement.
We welcome your feedback in our comments!
Resource
Leclerc, Denis. “Embrace Four Thinking Styles to Save Your Sanity.” 25 July 2011 Thunderbird Knowledge Network
Weisul, Kimberly. “Four Styles of Thinking, and Why You Need to Know Them.” 11 August 2011 BNET.com
Whether you’re older or younger than prospective clients, you have a prospective problem, but it doesn’t have to stay that way. Recognizing the potential gap is half the battle; closing it is the other half.
In a recent Entrepreneur.com article entitled “How Young Entrepreneurs Can Bridge the Generation Gap,” author Matthew Toren suggests three remedies to this problem, especially for those who may appear young and inexperienced to a more ‘mature’ clientele:
1. Know what you’re talking about.
The truth is, if you’re a true industry professional, your knowledge about tax preparation is all you need to demonstrate your expertise. When you try to wing it, you’re perceived at a flippant upstart, and that won’t get you anywhere. If you need training, get it. If you lack knowledge, acquire it. Once you do, it becomes much easier to talk the talk and walk the walk.
2. Admit that you don’t know everything.
Only God is omniscient. No one else can be expected to know everything. Once you admit that to yourself, it becomes easier to admit it to your clients. Toren explains, “Most young entrepreneurs try to overcompensate for inexperience by talking as though they’ve got it all figured out. The only thing worse than not knowing all you should know is not knowing, and then acting like you do.” He suggests finding a mentor to help walk you through those trouble spots you encounter; that way, instead of telling clients you don’t know something, you can instead say, with confidence, “I can find the answer to that for you.”
3. Clean up.
Regardless of what you think is trendy, the truth is that current and prospective clients will judge you, and possibly your professionalism, by the way you present yourself. While this may not be fair, it’s expected. So if you want to be taken seriously, you’re going to have to dress the part.
You may think the age gap won’t impact your ability to perform well for clients, and you would be right. But their perception that it will is where your problem resides. Following these three simple tips will help you eliminate those concerns.
Universal Accounting Will Help You Walk the Talk
If you find your skills and knowledge lacking, Universal’s tax training will help you acquire the expertise you need. UA’s Professional Tax Preparer (PTP) program will also enable you to hone your skills and comply with the new IRS tax preparer regulations while establishing your home-based tax business. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s income tax training will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner, one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 to enroll today.
We want to know what you think! Please post feedback.
Resource
Toren, Matthew. “How Young Entrepreneurs Can Bridge the Generation Gap.” 5 August 2011 Entrepreneur.com
Global Warming
Over the last few years, it has become more and more popular to Go Green. There has been increased evidence of global warming and with it, increased awareness of how to help the problem. A lot of companies have focused their advertising on the environmental benefits their products offer, actors have endorsed products that save energy, such as low energy light bulbs and hybrid cars, and even the former Vice President of the United States, Al Gore, starred in the documentary film, An Inconvenient Truth, which addresses the harmful effects of global warming.
Paper Waste
Evidence suggests that CO2 emissions are the cause of global warming. The development and use of paper products is contributing to the CO2 emissions problem. According to MDF Systems, the average US office worker generates 2 lbs of paper waste per day. A midsized company with 1,000 employees produces 30 million pages of paper per year, which is equivalent to cutting down 1,369 trees–approximately 300,000 pounds of CO2 per year.
The needless use of paper in offices not only expends natural resources by way of cutting down trees (which includes the energy used for tree cutting tools and for manufacturing paper), but also wastes a large amount of energy with paper processing machines. A copier, two printers, and a fax machine consume 1400 kilowatt-hour (kWh) of energy each year. Offices are full of these machines. Captaris Corporation claims that an estimated 80 percent of the greenhouse gas emissions in New York City are generated by office buildings.
Paperless Solution
The obvious solution to reducing emissions produced by paper and paper processing machines is to reduce the use of paper in the office. Paperless office software allows offices to securely file and transfer documents without printing a thing. Documents can either be stored as PDF files or remain in their original format, such as Microsoft Word or Excel.
Paperless Benefits
The benefits of going paperless go beyond saving money on paper and energy. They can also save a lot of time, which equates to saving more money. A paperless filing system brings all documents in the system to your fingertips. If you need an invoice for a specific customer, even if it is from ten years ago, you can do a quick search and email the document in minutes or less. Paperless office software provides many other features that prove its superiority to a traditional filing system. For example, audit trail records who has viewed or moved documents. Security features keep documents from being seen by unauthorized eyes. A maturity date feature easily controls how long documents are retained. And much, much more.
The Best of Both Worlds
Every office can make a positive impact in the fight against the planet’s growing problem of global warming while saving time and money by using paperless office software.
To find help for getting organized visit online at http://www.arkworkspro.com.
Small Business Week may have ended on May 20th, but in celebration, the IRS gave a gift that keeps on giving: free resources and information. Faris Fink, IRS Commissioner for the Small Business and Self-Employed Division explained, “When you’re running a business, you don’t need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive. There are many tax credits and deductions currently available. So now is a good time to learn about the tools and services the IRS offers.”
The IRS reminded small business owners and their tax preparers of the Small Business Tax Center. The center provides links to useful IRS tools like their Video Portal which archives copies of all webinars intended for small business and tax professionals (the one that ran last week entitled “Small Business Advantage” will be posted two weeks after it originally aired). There you can also find a downloadable tax calendar, common forms, instructions on securing an Employer Identification Number (EIN), information on starting, operating, or closing a business, and more.
The IRS also used the opportunity to remind business owners about important tax credits they can claim, including the small business healthcare credit which encourages small businesses and tax-exempt organizations to offer their employees affordable health care. Tax relief can also be found in Depreciation and Amortization: Form 4562, through which small businesses can deduct most of their costly purchases in new property and equipment. Small business owners can take advantage of these benefits when filing their 2011 returns.
Universal Accounting is Also a Valuable Resource
Now that tax season has ended, you might have some extra time to invest in yourself and your tax practice. UA’s Professional Tax Preparer (PTP) program will enable you to hone your skills and comply with the new IRS tax preparer regulations. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s PTP program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner,one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to enroll today.
We welcome your feedback and comments. Please post!
Resources
–. “IRS Marks Small Business Week by Showcasing Tools, Resources; Spotlights Tax Benefits Available in 2011.” IRS.gov
IRS Small Business Tax Center– http://www.irs.gov/businesses/small/index.html
IRS Video Portal—http://www.irsvideos.gov/SmallBusinessTaxpayer
If you prepare taxes on the side, tax season is a profitable time for you. And depending on your goals, your little tax business could become even more profitable if you took some of the following steps to increase your clientele and your bottom line.
1. Consider Full-Time Self Employment
Don’t quit your day job just yet. However, we would encourage you to consider whether or not you’re genuinely interested in launching your own full-time tax practice. If so, it’s important for you and your family to know that this transition won’t put you out on the street. And while it will require sacrifice, take the time necessary to ensure that you have work enough to sustain you when your business goes from being a part-time endeavor to a full-time one.
Consider how long it might take you to grow your business to the point where you’d feel comfortable quitting your job. 3 months? 6 months? One year? And don’t work blindly towards that deadline. Determine “readiness indicators,” or symptoms that your business is healthy enough to go full-time. Will you need at least 10 year-round clients? 15? 20? Look at your current client base and calculate how much money each brings in. How many more would you need in order to compensate for your current full-time income? And don’t rush yourself. Give yourself the necessary time to prepare for this most important career shift.
2. Add Tax Planning Services.
There is a notable difference between tax planning and tax preparation: THE DATE. Tax planning must occur before the year ends, and tax preparation begins after January 1st. Tax planning is an important step in reducing taxes. Throughout the year, tax professionals can discuss with clients various tax strategies that could potentially save them thousands of dollars. This also enables them to make any needed adjustments before the end of the year to effectively lower their tax liability. Universal’s Professional Tax Preparer Program will help you accomplish this.
3. Offer more services.
Last week we discussed the importance of expanding your offerings. This is sound advice because the more services you offer, the more valuable you become to current clients and potentials clients. Consider adding accounting services to your menu in order to increase your value and become that one-stop financial shop. You’ll find that people may need an accountant more than they need a tax professional, and visa versa. Only when you’re prepared to do both are you able to secure both types of clients. And for the clients who need both accounting and tax services, you’re able to increase your billable hours, and thus increase your income.
4. Fine-Tune Your Marketing Approach.
It’s difficult to grow a business no one really knows about. With just a handful of proven and effective marketing techniques, you could increase your clientele significantly. Universal Practice Builder Program, otherwise known as Marketing on Steroids, will teach you how increase your billable hours and earn the monies you deserve by leveraging your time with techniques proven to get clients. Your practice can become the premier service in your area for tax planning and preparation. Your ability to market your business and network with key community players will promote your business to those who need and appreciate it most.
If you get started now, you may find 2012 better than you could have ever imagined! But first, call Universal Accounting at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to see which of our programs could help you best prepare for a more profitable future!
Time is in short supply, and with so many things vying for our attention, it’s important that we learn to communicate quickly and efficiently, especially when it comes to one’s business. If you don’t learn to tell contacts what you do in less time than it takes them to ride to the top floor in an elevator (also called an Elevator Speech), you’re likely to lose their interest and their prospective business.
