Tax Strategies & Preparation Articles

Tax season is over, but you may still be waiting to recover from the stress and anxiety associated with that hectic time.  In order to be your best professional self, sometimes you have to hit the reset bottom.   Here are three things you can do to strengthen your focus and rejuvenate your efforts:

Move

From January first to April 15^th, tax preparers spend hours upon hours sitting at a desk.   Often these hours stretch long into the evening with no opportunity to move around and exercise.  Getting back into or starting a regular exercise regime is a great way to boost your energy level.  It’s no secret that exercise increases your metabolism as well as your self-image.  When you exercise regularly you feel better about yourself, are more confident, and work with vigor and vitality.  And even if you don’t follow a specific exercise plan, try to inject a little more activity into your life.  This means taking time everyday to do something that makes you feel good, like cycling, gardening, walking or playing the Wii.  This gives you the opportunity to unwind and release tension, which helps you work at an optimum level and give your business the best you have.

Sleep

Tax season can knock any sleep routine out of whack.  And if you practice sleep deprivation for long enough, you may come to struggle with insomnia as well.  You owe it to yourself and your business to get enough sleep.  Experts suggest you get approximately eight hours of sleep per night.  Unfortunately many people are currently running on a sleep deficit, in need of catching up on sleep in order to function properly.  In order to get your body back on track, try refraining from caffeine and alcohol for a week and consistently getting seven to eight hours of uninterrupted sleep per night.  On the seventh day let yourself sleep in.  If you sleep longer than eight hours, you’re functioning on a sleep deficit and your body has some catching up to do.  If not, you should continue to get those eight hours of valuable sleep.  In the end, this one act can improve your performance at work, thus improving your business.

Vacation

What good is it to have your own business and work hard to bring in more income if you don’t occasionally enjoy it?  In order to truly refresh yourself and spend quality time with your family, you need to take a regular vacation and enjoy one another’s company.  Whether you cruise the Caribbean or go camping, it’s important that you spend dedicated time away from work.  In fact, a good time to plan for that vacation is right now.  Get out your calendar and schedule a celebratory summer getaway!

It’s important that you take the time to relax and recover from yet another stressful tax season.  By engaging in more activity, ensuring your body gets enough sleep and planning a relaxing vacation, you can give yourself the opportunity to revitalize your efforts and avoid burnout.

A Good Read

If you’re looking for a good book to enjoy as you try to schedule more R&R into your work week, consider one that will enable you to increase your business’s profitability. In the Black by Allen Bostrom, President and CEO of Universal Accounting Center, is filled with 9 straight-forward and proven principles that will make your tax practice more lucrative.  It’s been on Amazon Japan’s bestseller list and is a quick read that will give you valuable principles that you can begin applying immediately!  For less than $20 you can change the course of your business while enjoying a little downtime.  Order your copy today!

It can be difficult to plan during a recession when uncertainty is often the only predictable factor.  So what do you do?  Bnet, a professional website offering business advice, suggests a framework for Discovery-Driven Planning, developed by Wharton professor Ian MacMillan and Columbia Business School professor Rita Gunther McGrath.  Their six-step process is intended to gather the information necessary to best navigate through uncertain situations.

1. Framing

This first step requires you to ask a lot of questions regarding your business and its purpose.  For example, in order to be profitable, what type of bottom-line must you achieve?  How many clients do you need in order to realize that bottom-line?  And is your current (or anticipated) business model able to facilitate profitability.  The purpose of framing is to articulate your goals and then work backwards to see what steps are required to achieve them.

2. Competitive market reality specification

In order to make the best business decisions you must attain a realistic view of your competition.  Benchmarking compares your business with competitors of equal size in order to identify areas of improvement for short and long-term action.  Without this data you’re flying blind through an economic storm.

3. Specifying deliverables

This is where you articulate what you want your business to achieve.  Your deliverables should not only be realistic but specific.  How many clients will you add?  How much income will that generate?  Once you have a list of specific deliverables you can determine what’s necessary to achieve your desired results.

4. Assumption testing

Whether or not you acknowledge it, your deliverables come with certain assumptions or expectations that must be managed.  As you move forward on your action plan, you must take note of these assumptions, and then prepare to test them.

5. Managing milestones

Once you determine what your assumptions or expectations are, you can plan to test them in the form of milestones.  In the description of their Discover-Driving Planning process, MacMillan and McGrath explain, “A milestone is a critical, identifiable point in time at which key assumptions are tested. In discovery-driven planning, you plan in detail as far as the limits of current knowledge make sensible, then stop, revisit your assumptions, and replan at each milestone.”

6. Parsimony

As much as possible, you should keep costs down until your assumptions are tested.  MacMillan and McGrath suggest that you “think of this step as spending your imagination before your money.”

In today’s uncertain economic environment, it’s important that you use as much information as is available to make strategic business decisions.  In order to help you achieve that, Universal Accounting Center offers customized business assessments designed to help you compare your business with the competition, fulfilling step two of the Discovery-Driven Planning process.

UAC Provides Customized Business Assessments for Businesses

Universal Accounting Center (UAC) is in the business of seeing small businesses like yours succeed.  And we know one of the ways to accomplish that is to provide you with all the valuable information of a customized business assessment.  How does it work? From several of your company’s key business metrics, we will run a full analysis of your organization’s financial health. This includes a follow-up counseling session with one of our profitability coaches to help get your business on the fast track to increased profitability.

Universal’s reports will interpret and explain your industry benchmarks and provide the following customized features:

• Executive Summary highlights strengths
• Industry percentile rankings for 20 major financial ratios
• Interpretation of variances from industry norms
• Bold graphs that show comparisons
• Profit improvement “what if” financial capabilities
• “Discussion Ideas” section that provides a springboard for action

Click here to view a sample business assessment performed by Universal Accounting Center.

You owe it to your business to get a complete financial picture of how it compares to others in the industry. It’s a tool that will enable you to better navigate through the recession.  Add to the detailed analysis provided in your business analysis an hour of business consulting, and you have an amazingly great value.  Call UAC at 1-(800) 343-4827 for more information about getting your own customized business assessment!

Resources

Girard, Kim.  “Three Tools to Manage Uncertainty.” BNET
MacMillan, Ian and Rita Gunther McGrath.  “Using Discovery-Driving Planning in Business Building.” October 2002   Wharton@Work

Have you been thinking about launching your part-time tax practice into a full-time venture?  Don’t let the recession intimidate you.  For many, this economic downturn presents the perfect opportunity to inject their businesses into a depressed market and experience a strong showing as a result.

While startup mistakes are common, and expected, you can take measures to avoid the greatest pitfalls by avoiding the most common mishaps.  In this article we share 4 of 9 mistakes you can avoid in order to enjoy greater success more quickly.

1.  Not researching the market before entry

Not even your enthusiasm can make up for a lack of research regarding your prospective practice and its intended market.  Before launching your business full-time, do a little research to ensure your intended niche can sustain your practice.  If you plan to service small businesses, your “research” can include a drive down your main street, or you can thumb through the yellow pages of your local phone book.  How many small, local businesses can you find?  Consider that these don’t even include the countless entrepreneurs working from their homes.  This potential client base is huge and continues to grow every year.

2. Focusing on a narrow niche

It’s always good to specialize-be it restaurants, construction companies, retailers, etc.; it can help your business to have an industry-specific focus.  However, if you narrow your focus too much, you may eliminate many prospective clients.  We suggest you focus on small business and then, perhaps select a specialty within that venue.  That should keep your niche wide enough to attract the clients you need sustain your business.

3. Launching too slowly

There’s a risk in launching too quickly (for example, without having done the necessary research), but the risk for launching too slowly is even more common.  Once you’ve done the necessary research, have developed your vision and business goals and have determined the best time to enter the market, you should move forward with your undivided attention and energy.  Doing so will ensure your business the greatest likelihood of success.

4. Forgetting about branding, marketing, and sales

Stuart H. Britt said, “For a business not to advertise is like winking at a girl in the dark.  You know what you’re doing but no one else does.”  As a tax professional, you may think that focusing on your craft is the most important strategy in launching your full-time business.  While that is important, your expertise will get you nowhere if you don’t have any clients.  You must dedicate some of your time and energy to promoting your services.

As you pursue your dream of owning and operating your own full-time tax practice, you can avoid failure by avoiding common startup mistakes.

Return next week when we’ll be sharing the final 5 startup mistakes:

5.    Being short on passion

6.    Spending too much money

7.    Bringing in unnecessary partners

8.    Lacking clarity in long-term business goals

9.    Refusing to receive further training

Attracting Even More Clients

One thing to consider when marketing your business is how to leverage all your skills in order to attract as many potential clients as possible.  You may not realize just how much business you  could get when properly promoting your QuickBooks expertise.  From setup to consultations to help services, you could increase your offerings with no effort at all.  It just depends on how you promote it.

Increase your clientele using a skill you already have. To learn how to promote your QuickBooks expertise in order to gain more clients, order QuickBooks Made Profitable today.

There are countless entrepreneurs who have paved the way to success with fortitude and perseverance.  In this article we examine a handful of great minds whose journey to success may provide a good example for others, like you, to follow.

Bill Gates

“As we look ahead into the next century, leaders will be those who empower others.” – BG

Known as a revolutionary in the computer world, Bill Gates became successful largely because he was able to anticipate market needs.  Whether or not you like Gates, you have to acknowledge his widespread success and fame.  More than a nerdy computer techie, he has an expansive vision that includes a strategic approach to both product marketing and distribution.

Henry Ford

“An idealist is a person who helps other people to be prosperous.” – HF

Henry Ford is known for making the horseless carriage affordable enough for the masses.  Once he had accomplished that he went on to increase production with the use of the assembly line.  Ford’s great success came in his vision of a limitless prospective client base.  He would continue to wonder how he could make his product more accessible to customers.

Mark Kay Ash

“I think the biggest legacy we are going to leave is a whole community of children who believe they can do anything in this world because they watched their mamas do it.” – MKS

A cosmetic giant, Mary Kay Ash built a company that has promoted the entrepreneurialism of women around the globe.  Her desire to upturn stereotypes and afford women the opportunity to work independently has made her famous for not just her pink Cadillacs, but her undying spirit and unwillingness to follow social conventions.  And in providing her consultants an appealing business opportunity, she has become one of the most prominent businesswomen herself.

George Lucas

“You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you.  If you don’t have that kind of feeling for what it is you are doing, you’ll stop at the first giant hurdle.” – GL

Known mostly for his success as a film director and producer, George Lucas’ true staying power as an entrepreneur was found in believing in a product no one else, at the time, believed in.  In order to retain ownership of the Star Wars sequel and merchandizing rights, Lucas cut his directorial fees by $500,000.  In the end, that half a million dollars exploded into tens of millions as Lucas became the forerunner of film merchandizing.

What can you learn from these prominent entrepreneurs?  You must believe in your vision enough to pursue it relentlessly, regardless of what others may think of your tactics.  You must also believe in your prospective customers and work tirelessly to give them a valuable product and/or service.

Let Universal Lift Your Entrepreneurial Spirit

If you need a little inspiration to kick your entrepreneurial spirit into high gear, we suggest you consider working with UAC’s motivation speakers.  Universal Accounting Center has some exceptional speakers on staff who can motivate you and your team to excel.  With a number of individuals experienced in a variety of topics, they can help you better serve your clients, better market your practice, and better grow your wealth.  Learn more about Universal Accounting Center’s speaker and book one for your next event!

Resources

“Great Minds in Business.”  Entrepreneur.com

“The best effect of any book is that it excites the reader to self activity.” – Thomas Carlyle

“I often feel sorry for people who don’t read good books; they are missing a chance to lead an extra life.” – Scott Corbett

“There is more treasure in books than in all the pirate’s loot on Treasure Island.” – Walt Disney

Whether you have an established tax practice or you’ve been thinking about starting one, you can benefit from the advice of others who have gone before and, in one way or another, achieved success.  Once again, we’re helping you find books that will enable you to achieve your business goals.  This week we took a cue from Entrepreneur.com to supply you with 5 book recommendations that others have found helpful, in no particular order.

Bill & Dave: How Hewlett and Packard Built the World’s Greatest Company by Michael S. Malone (Portfolio, 2007)

This book follows the rise of corporate giants William Hewlett and David Packard, examining those characteristics that made them both successful.  The San Francisco Chronicle calls it “a lesson plan for managers…” while Businessweek calls it “…a biography, management guidebook, and business history, all in one.”  What sets this book apart from others is that Malone focuses on the honesty and integrity upon which Hewlett and Packard built their empire.

New Ideas from Dead CEOs: Lasting Lessons from the Corner Office by Todd G. Buchholz (Collins, 2007)

Author Todd Buchholz follows the lives of 10 successful CEOs, including Estee Lauder, Ray Kroc, Walt Disney and Mary Kay Ash.  Buchholz himself describes the book’s purpose upfront: “I dare you. Search this book for the solitary secret that will guarantee riches while protecting you from being flung against the wall by competitors. You won’t find it.  Not because I have failed to divulge the lives and lessons of great CEOs, but because I tried to reveal the simple truth about making it big: It does not take a village, a Harvard MBA, or even a rich uncle. It takes passion, and obsession with turning a great idea into a sweeping revolution.”

Your Management Sucks: Why You Have to Declare War on Yourself…and Your Business by Mark Stevens (Crown Business, 2006)

This book enables anyone in a management position to reevaluate his/her approach and identify weaknesses that must be overcome in order to run a successful business.  In fact, this book presents a week-long “battle plan” that, in Stevens’ own words, “challenges assumptions about success and provides a road map for taking your business to the next level.”

Buddha: 9 to 5 – The Eightfold Path to Enlightening Your Workplace and Improving Your Bottom Line by Nancy Spears (Adams Media, 2007)

This book takes the Buddhist practice called the Eightfold Path and gives it a corporate spin, complete with practical exercises and case studies that enable readers to see the Eightfold Business Path in action.  Focusing on the Buddhist concepts of intention, mindfulness, and right action, this book provides a very zen approach to better managing your business, your employees and your work environment.

Red to Black in 30 Days by Allen Bostrom (Universal Accounting Center, 2008)

Small businesses are failing right and left; we hope yours is not one of them.  Red to Black in 30 Days enables readers to learn the Universal Project Management Model that will enable them to save failing businesses.   This book is a guideline for financial professionals who work with disheartened small business owners in need of a good turnaround plan.

Each chapter focuses on a crucial aspect of the turnaround process. Simple steps are outlined from initial contact through stabilization and profitable growth. This can be the guide through your first turnaround experience or it can enhance the management skills of even the seasoned tax preparer.  You may find that in offering turnaround services your business (and those of your clients) will be the few that thrive in these difficult financial times. For the cost of this one book you can enhance your value to current and prospective clients.  Order your copy now.

Resources

Edelhauser, Kristin. “10 Biz Books to Read This Summer.” 31 May 2007  Entrepreneur.com

7 Easy Ways to Streamline Your Business

The ability to simplify means to eliminate the unnecessary so that the necessary may speak. – Hans Hofmann

To simplify complications is the first essential of success. – George Earle Buckle

Managing a small business can be overwhelming.  If you’re not careful, you can be overrun by paperwork, appointments, and countless finite details.  The one way to focus your business’s efforts is to simplify.  Here are seven quick tips in streamlining your tax practice:

1. Pay small bills in advance.

When you’re able to cut back on the number of bills you’re paying, you streamline your accounts payable and simplify one important accounting process.  Focus on those bills that are smallest and pay them off as quickly as possible.

2. Maintain a business bank account.

Another tip for streamlining your accounting processes is in establishing a business account.  In this, you avoid the hassle of trying to distinguish personal transactions from business transactions.

3. Use a business credit card.

This will not only simplify your accounting process, but it will enable you to get a snapshot of your spending all on one statement.

4. Perform an organizational overhaul.

Precious time is wasted when you operate in a cluttered office.  The time you spend looking for files could be better spent on preparing tax returns.  When you find a place for everything and put everything in its place, you are able to operative your business more efficiently.

5. Practice good time management.

Be militant in managing your schedule.  Don’t plan more meetings than necessary. Prioritize your tasks so that you spend more time on profitable endeavors.

6. Reduce processes.

As much as possible, you must streamline your business operations.  Look for repetitive tasks that can be eliminated or combined in order to simplify your processes.

7. Determine your benchmark.

Have you established any benchmarks for your business?  When you’re able to compare your practice with others in your area, you become better equipped to compete and operate both efficiently and profitably.  You are also able to establish reasonable goals for your business that will enable you to accomplish the success you dream of.

Universal Accounting Center (UAC) is in the business of seeing small businesses like yours succeed.  One of the ways to accomplish that is by providing you with all the valuable information of a customized business assessment.  How does it work? From several of your company’s key business metrics, we will run a full analysis on the financial health of your organization. This includes a follow-up counseling session with one of our profitability coaches to help get your business on the fast track to increased profitability.

You owe it to your business to get a complete financial picture of how it compares to others in the industry. Add to the detailed analysis provided in your business assessment an hour of business consulting, and you have an amazingly great value. It’s time your business’s health was examined; it will ensure your business enjoys a longer, more vibrant life.  Call UAC at 1-(800) 343-4827 and order your business assessment today!

The Art of Asking for What You Need

Entrepreneurs are a unique breed.  We are brave, bold, and optimistic.  We have to be in order to start a business from nothing and see it through both the good times and the bad.  And while we may be in a recession, as small business owners, we are the most flexible businesses, the most mobile and rebound-able entities you can imagine.  So much so that our ability to thrive through these difficult economic times may help the nation as a whole rebound more quickly.

However, in order to see your way through the recession you must be willing, more than before, to speak up and ask for what you need.  Here are four simple things you can ask for:

A deal. Whether you’re looking for a computer, office furniture, a year’s worth of supplies or a new cell phone carrier, you must be willing to pursue the best deal, and often that requires that you ask for it.  Don’t be afraid to admit that you’re a small business owner looking for a discount.  In fact, these days more retailers expect some good old fashioned bartering anyway.  Either way, you’ll never get what you don’t ask for.

A sale. Wouldn’t it be nice if all prospective clients asked to retain your services without the least provocation?  You’ll be lucky if that happens a handful of times in your career.  Typically you must explain the advantages of retaining your services to a prospective client.   That conversation should never end without you asking for a sale.  It can be as simple as, “Would you be interested in having me prepare your tax return this year?”  The thought may not occur to them until you ask.  And the worst thing they could say is “no.”

A favor. When you are involved in a professional community you will often extend and ask for favors from colleagues and other professionals.  The favor could come in the form of referrals, business advice, a mentorship, or a networking opportunity.  You shouldn’t feel self-conscious to ask for favors; the business community is all about exchanging them.  You just need to be ready to give as willingly as you receive.

An audience. Much of your business will be the result of you talking about what you do.  This can occur in the line at the grocery store, at a local convention, or at a tax seminar you organize.  Regardless of the forum, you will be required to request an audience, either by interacting with confidence or formally inviting attendants.  Regardless of the method, you must take initiative and speak up!

Those are just four ways you can enhance your business by determining what you need and asking for it.  You’ll be amazed at what that one simple principle can do to improve your business.

Now It’s Our Turn

Your business becomes more appealing when you offer complementary services.  More than 80% of small business use QuickBooks software to manage their books.  Mastering QuickBooks will make you a QuickBooks authority, enabling you to offer QuickBooks seminars and attract more potential clients by demonstrating how they can use this product effectively.  The Professional Bookkeeper’s Guide (PBG) to QuickBooks is designed to help you accomplish that.  And we wouldn’t be a good example of smart business tactics if we didn’t ask you to enroll, for the good of your own business!

The Professional Bookkeeper’s Guide (PBG) to QuickBooks is a self-paced program that enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the program for years, the PBG teaches you shortcuts and methods you may not have known. You will be impressed by the simple flow and completeness of the PBG; it will teach you how to do the basic transactions, reconcile accounts, as well as a basic understanding of fundamental accounting principles. Use this product to enhance your service offerings and your bottom line.  Purchase the Professional Bookkeeper’s Guide to QuickBooks today!

5 Tips in Boosting Your Practice during the Economic Slump

Has your business taken a turn for the worst?  Or perhaps you’re just noticing a decrease in your practice’s profits.  Regardless of the reason, the economic slump is causing many business owners to revisit their financial standing to see how they’re faring.  The following five cautionary steps can make or break your business.

1. Write/Update your marketing and business plans

If you haven’t written one yet, shame on you.  We’re just kidding.  But it’s never too late to benefit from solid business and marketing plans.  And if you have one, an annual revision is in order.  Your business and marketing plans will assess your current standing and consider how to improve things this year.  A clear vision and a plan to accompany it will enable you to keep on track.

2. Meet with employees

If you have employees, it’s good to present your business and marketing plans to them and ask for input.  You may be surprised at the quality feedback you receive.  Also, depending on your situation, you may need to reevaluate just how much each employee contributes to your business’s profitability.  At some point you may need to let employees go in order to see your practice through a successful turnaround.

3. Meet with clients

Your clients may be privy to rumors that your business is failing.  It does you no good to ignore the rumor mill.  Meet with clients and be honest with them about your business and any steps you’re taking to rectify problems.  In fact, this is a good time to ask clients for suggestions.  Taking this one measure may prevent them from leaving your practice to look for a more stable accountant.

4. Streamline your expenses

When business gets bad it’s time to look at your spending.  Can you cut back and leave more money in the business?

5. Invest in your business

This may be the best time for a change in course.  And investing in your business may be just the answer.  Consider earning adding complementary services and getting professional marketing help.  Both will inject your business with a profitable infusion that’s sure to help you ride out the recession in comfort.

The Professional Bookkeeper Program

As a tax preparer, we already know that numbers come naturally to you.  Now all you need to do is find your inner accountant.  If your client roster currently contains small business owners, becoming an accountant would prove more lucrative than you can imagine.  These individuals need help analyzing their financial data so they can make more profitable decisions and achieve true success.  They’ve already trusted you with their financial information so it wouldn’t take much to convince them that you could also work as their accountant.

The four modules in this training program will enable you to target your services for the very valuable small-business market.  From creating books from scratch to growing your accounting practice, this program has it all.  Not to mention, you’ll receive 6 months of free follow-up support and a customized website for your business.  Upon completion you’ll also be able to test for certification as a Professional Bookkeeper (PB), a designation you can include in all your marketing materials as evidence of your expertise.

The Universal Practice Builder Program

Your business will never become profitable if you are unable to successfully market your services.  For over 25 years Universal Accounting Center has trained financial professionals like you in small business accounting.  In all our years working with accountants, bookkeepers and tax preparers we’ve come to understand that most don’t know how to promote their services to this niche market of small businesses.  Fortunately, we do.  Not only that, but we know which strategies and approaches will grow your business to the point where you will become so busy you may just have to start turning clients away.

When you enroll in the Universal Practice Builder (UPB) Program, you’ll receive a guarantee of $30,000 in new annualized billings in only one year, 12 marketing strategies that you can implement immediately, and a process which can produce 15 to 25 qualified leads per month.  And that’s just the beginning.

If your business is failing, don’t despair.  The best thing you can do to advance your practice is take action!   Invest in yourself and your business to increase your profitability now.  Enroll today!

You should periodically increase your prices in order to remain competitive and profitable.  And now that we’re in the middle of a recession you may be considering a reduction in your current fees.  However, don’t let that be the motivating factor.  While you should never be embarrassed by your prices, there are those rare instances when you should lower them.  In Paul and Sarah Edwards’ book Home-Based Business for Dummies, they provide 5 circumstances when lowering your prices just might save you in the end.

1. You’ve overpriced your services.

This can easily happen, especially when first starting your business.   We strongly recommend that you set firm prices upfront.  But everyone makes mistakes, and you can easily revisit your pricing list in order to set more reasonable fees if you find you’ve overpriced yourself.

2. Your expenses have decreased.

You can pass your savings on to your clients, if you would like.  Or you can see this windfall as your reward for cutting your own expenses.  Either choice can benefit your business.

3. You want to reward long-term clients.

There’s no doubt about it; this makes for good customer service.  You want to retain long-standing clients and offering them reduced fees for certain services may be one way to ensure that happens.

4. You want to get new work.

This is an age-old incentive in attracting new clients to your practice.  By offering a one-time discount you can build your client roster rather quickly.  Also consider offering your clients a similar discount for referring any of their friends and family to you.

5. You want to extend a professional courtesy.

Many professionals offer colleagues a special discount.  You might consider doing the same.  Perhaps you might do this for other home-based business owners.  While you may lose a little money upfront, consider all that you might gain in referrals later.

Cutting prices, when done for the right reasons, can be good business.  If you have considered reducing your fees as a result of the recession, think again.  There are better reasons for discounting your services as listed above.  When implemented properly you may find yourself with even more clients as a result.

UAC Provides You with Valuable Business Tips

If you’re interested in more business-building advice, you will greatly benefit from UAC’s video library which contains all the following DVDs:

If you are looking for ways to better promote your business, consider our DVD, “The Art and Science of Getting Clients.” You’ll learn how to access effective marketing techniques that can help you grow your tax practice by $30,000 to $125,000 per year!

But don’t stop there.  Consider learning about expanding your business by adding bookkeeping services to your menu.  Learn more about our Professional Bookkeeper Program and order our DVD “Introduction to the Professional Bookkeeper Program.”

And if you do that you’ll also want to know how to “Start Today and Have Your Own Bookkeeping Service”; this video will let you know how you can build your own accounting practice.

Finally, learn how to introduce your services to potential clients by using the “‘Yes’: Sample Marketing DVD.” Use this to role play, watch with clients or pass out to prospective clients.

If you order these DVDs the worst-case scenario is you will add valuable materials to your professional library for a very small cost.  But the best-case scenario is that you will change the course of your career and enjoy a lucrative business with an unending stream of clients who find your services to be priceless.  Don’t wait to boost your business potential.  Order our special DVD 4-pack today!

Resources

Edwards, Paul and Sarah.  Home-Bases Business for Dummies.  New Jersey: Wiley Publishing, 2005.

Letting People Know You Really Are in Business

Some are under the misconception that because you work from home, your time is up for grabs.  You may get calls from friends and family to babysit, run errands or just talk on the phone because they don’t yet value your time as a business owner.

But as you already know, time is money, and you’re not home because you’re independently wealthy; you’re home because that is the most economical way to run your business.  In order to communicate that with your family and friends, you need to establish firm boundaries that let them know you’re serious about your tax practice.  Once you do, you’ll find that others are more respectful of your time.

The following 5 tips will help:

1. Set regular business hours.

Whether you work from 9 to 5, from 6 to 2, or 7 to midnight, you need to establish regular business hours, and then communicate those business hours to friends, family and clients.  Once you do, it’s important that you honor them, politely informing personal callers that you’re on the clock and would happy to return their calls later.

2. Use a business line.

Depending on your situation, it may be easier to avoid those personal calls altogether by using a separate business line.  Do not answer your home phone during your regular business hours, and don’t distribute your business number to friends and family without telling them it is only to be used in times of emergency.

3. Be honest.

If someone places a personal call during business hours, remind them that you’re working.  The only way you’ll get people to believe that your home business is a priority is if you remind them.  When you deviate from the boundaries you set, by casually talking to friends when you should be working, you’re sending the wrong message and will continue to have people interrupt you when you could be making money.

4. Just say “no.”

If someone asked you to watch their kids while you were scheduled to work at a full-time job, you wouldn’t hesitate to say no.  Just because you are your own boss now doesn’t mean you have to say “yes” every time someone calls asking for a favor.  While there’s nothing wrong with helping a friend out now and then, if you get into the habit of agreeing to help everyone, you’ll have no time to invest in your business.

5. Ask for support.

Let your friends and family know that you want your business to succeed and will need their help to see it happen.  Requesting their support may help them feel responsible, in part, for your success.  You may find that your request will be honored simply because you asked for their help.

Your business can succeed as long as you make it a priority.  Once you establish firm boundaries with family and friends, and ask for help when necessary, you’ll find that they will respect your intentions and perhaps become your greatest allies.

For other resources in helping you establish a thriving tax practice, visit Universal Accounting Center.