How to Write a Business Plan – Part I

Mapping Your Way to Business Success

(Part I of a 4-part Series on Writing Your Business and Marketing Plans)

“No one gets an iron-clad guarantee of success. Certainly, factors like opportunity, luck and timing are important. But the backbone of success is usually found in old fashioned, basic concepts like hard work, determination, good planning and perseverance.” –Merlin Olsen

You’ve heard the old maxim, “if you fail to plan, you plan to fail.” Perhaps you’ve spent hours dreaming about your business, imagining your achievements, and talking with friends and family about your goals, but without a business plan you haven’t given yourself the opportunity to truly plan all the necessary details and build a foundation for your success.

A business plan is a must if you’re seeking funding from investors or a lending institution in the form of a loan. The business plan illustrates how profitable your business will be and builds confidence in those who will give you the money to start that business. But even if you’re not looking for funding, writing a business plan will enable you to articulate all the necessary details of your business, planning for its success.

So What’s Required?We won’t tell you that writing a business plan is quick and easy. It requires study and thought; but all that will pay off in the end when you find that you have a solid business plan to lead you through the difficulties and unexpected surprises of starting a new business. But we can walk you through the process, giving you an outline for the most important document in starting your new business.

Executive SummaryThis is exactly what it sounds like, a one to two-page summary of your business plan. It should contain your mission statement, your objectives and your goals. Because it is a summary, it’s usually easiest to write once you’ve completed all the other elements.

Company DescriptionTake a few paragraphs to describe your company. If you’ve already started your business, detail its history. How did the business get started and list your profits, sales, and other important numbers. If you haven’t started your business yet, explain how you will start it. Will there be any partners? What business structure have you chosen and how is that the best choice for your business? Who are your competitors? What are current industry trends and how does your business fit within that industry?

Descriptions of Products and/or ServicesThis is where you examine your product and/or services. Who’s your target audience for those products and/or services? How do you plan to appeal to your target audience? How are you products and/or services different from your competitors’? How do you plan to best meet your target audience’s needs?

Market AnalysisObviously this will take some time and research; don’t fall short on this element of your business plan. If you don’t know your market, your business will fail. Go into the community and meet your target audience, see what they need and how much they’re willing to pay for it. Where’s your target audience located? What are your competitors doing to attract their business? How are your competitors’ responding to the needs of your target audience? Where are your competitors falling short? Becoming an expert on your market just might give you that edge you need.

Marketing PlanIn a few weeks, we’ll discuss the details of a marketing plan, but for now it’s important to know that it should cover the pricing of your services, your marketing objectives and strategies, advertising and promotional plans, and your marketing budget.Come back next week to read about the final elements of your business plan:

• Operating Plan
• Management summary
• A 3 to 5-year Financial Plan
• An Exit Strategy
• Appendices and Exhibits

If you take the time and do it right, your business will be well prepared to succeed. No matter how you want to use this business plan, it’s always a good exercise to plan the steps you are wanting to do in order to get to where you are wanting to go. When you take your business idea and put “legs on it” you will be able to see where the steps you will need to take, the benchmarks you would need to meet and the milestones that will gauge your progress through the process of building a successful business.

Building a successful business is the aim and goal that drives each one of Universal’s Programs. Take the opportunity, if you haven’t already and get more familiar with what’s all involved. Click Here to find out more.

Business Cards: The Trading Cards of Success

5 Tips to Making the Most of this Powerful Marketing Tool

So what do you think would get you the most business? A Super Bowl commercial? A full-color ad in a high-end magazine? A black and white square in the classifieds? How about billboards? Well, you probably wouldn’t guess, but the best dollar for dollar return on your investment is the business card. It’s amazing how a tiny 3½ x 2 inch piece of card stock can influence your business success. Not only is it economical, but it’s low-tech, compact, and can have a lasting impact on those you give them to. Here are just 5 tips to making the most of this powerful marketing tool.

1. Always keep them handy.This little piece of your business has all the information a potential client needs to contact you. And ANYONE can be a potential client; anyone can pass your card on to a potential client. So you should keep your business cards at-the-ready. Carry them in your purse or wallet, keep them in the glove compartment of your car, put some in the bureau by your front door, and slip a few in your laptop case. You never know when you might meet someone to give one, two or ten of these traveling advertisements. And be sure to take note when you need to order more. Being cardless for days at a time allows countless referrals to walk away without your contact information and could result in losing that account that can make all the difference.

2. Give them freely.Don’t hoard your business cards. The funny thing about this marketing tool is that it’s only effective when it’s out of your pocket and in someone else’s. Never second-guess a potential pass-off. You can send them with your bill payments, give them to the cashier you see regularly at the bank, or hand them out to your neighbors. Just be sure to use a low pressure approach. Say something like, “Could you do me a favor and refer my services to your friends and family?” That doesn’t put anyone on the spot and only leaves your contact with the ability to help you out; and who doesn’t want to do someone a favor every now and then?

3. Put yourself in exchange-friendly situations.Once you see the potential of the business card, you’ll begin to recognize exchange-friendly situations. Seek out conferences where you could present on tax preparation, consider volunteering for your community teaching a tax preparation class, attend social gatherings. Your local Chambers of Commerce, and regional leads clubs are excellent ways to get that card out. Even local Toastmaster groups, entrepreneurial associations and conferences are good to hand out your card. See each correspondence as the opportunity to present your business card.

4. Practice business cardiquette.Your main objective is to distribute your business card. But it’s also important for you to take others’ cards graciously. And the manner in which you receive a business card speaks louder than words. In Japan it’s considered rude if you take someone’s business card with just one hand. A truly respectful exchange is two-handed and comes with a bow; that’s how you show your respect for an individual and their occupation. While American cardiquette isn’t that severe, it does require you to respond appropriately when given someone’s business card. You should take a few moments to look at the card rather than shoving it into your planner without a glance. Ask a question or two of their business, perhaps they are a potential client but don’t yet know it! And you shouldn’t jot any notes on their card unless it’s notes about their business; you wouldn’t want to know someone was using your card as scrap paper. Give others the same courtesy.

5. Be creative.Think of new ways to distribute your business card. Ask local businesses, especially those that might attract potential clients, if they would let you keep a stack at their front desks. Pay for someone’s parking and tell the attendant to give the driver your card as they follow you in. When you hear of someone receiving special recognition, send them a congratulatory letter with your card.

In addition, utilize the whole card. By being creative with your card, using phrases, colors, promotions, or any other design ON BOTH SIDES of the card you double the space on which you can leave a lasting impression on those receiving your cards, take advantage of the whole marketing ability of the business card!

There are many ways to get your card from your own pocket into someone else’s. Once you realize the power of this tiny piece of paper, you’ll begin to think of new and exciting ways to distribute more of them. So until you can afford that Super Bowl commercial, consider the business card your best bet.

The Business Roller coaster

Avoiding the Downs While Maintaining the Ups

A small business venture, especially in the beginning, is prone to feel like a rollercoaster ride, with countless ups and downs. It’s important to maintain a positive disposition regardless of which part in the ride you might find yourself. And it is possible to level your experience a bit by avoiding the downs while maintaining the ups. Here are a few pointers on doing just that.

Avoiding the Downs

Don’t resort to excusesIt’s easy to start pointing the finger of blame when you encounter difficulty. But this creates negative energy which is counterproductive. If you made a mistake, take responsibility and learn from it. And if someone else makes a mistake, see what might be learned from that as well. But don’t dwell on it.Adjust your attitudeWhen things are looking down it can be difficult not to get down yourself. Stand back and look at the big picture (and if you’re not sure what that big picture is, create one). And adjust your attitude! Most accomplished business owners are positive and upbeat. You don’t find many Negative Nellies basking in business success.Practice the Law of AttractionPlainly stated the Law of Attraction goes something like this: your life is a reflection of what you think, what you focus on, and what you expect to happen. Regardless of the current state of affairs, expect good things to happen to your business. A positive attitude is an amazing thing that can draw more and more positive experiences to you like a magnet. Populate your mind with positive thoughts and envision your success as often as possible.Be productiveRegardless of what’s going on around you, keep busy and never give up on your business.

Maintaining the Ups

Be gratefulGratitude is a powerful force that enables you to appreciate good things when they happen. And if you believe in the Law of Attractive, gratitude is one of those positive thoughts that will attract more good fortune and experiences your way.Avoid arrogance Arrogance is a debilitating characteristic that is unattractive to clients and other colleagues. It also tends to make us oblivious to the work of others and their contributions to our success. Gratitude is a great deterrent to arrogance.Don’t overspendJust because you’re making more money these days doesn’t mean you should spend it! In fact, now is the perfect time to save for the next rainy day (or dip in the rollercoaster ride). Remember the big picture and reward yourself with a little spending money, but don’t go crazy; you’ll regret it later.Be productiveObviously this step is a constant, regardless of where you might be. And your business is all about doing business. The more you do, the more focused you’ll be on seeing it succeed.

It’s important to maintain an even disposition regardless of where you might be on the business rollercoaster. The more level-headed you are, the more likely you’ll be to see the big picture and continue to work your way to success. You’ll also be more likely to rise to greater and greater heights.

Picking a Name For Your Business

A Rose by Any Other Name Could Be a Stinker

Picking a Memorable Business Name

Don’t let anyone try and convince you that name doesn’t matter. A rose by any other name may not get the attention it deserves. Choosing a business name is equally important; it’s the manner in which you define your tax practice and could be the difference between making your business memorable or forgettable. As you brainstorm possibilities, you’ll want to assess your options and decide which name could attract the most attention and enable you to stay out in front of the pack. Here are eight questions you can ask to determine how successful your business name will be:

1. Do you plan on changing it?Don’t come up with a business name now if you anticipate changing it later. You want to brand your business, and the more prominent your business name, the more difficult it will be to change later, especially if you want your business reputation to transfer with the name change.2. Is it easy to spell and pronounce?While it’s important to be creative as you put together a business name, you don’t want it to be so eccentric that potential clients can’t spell or pronounce it.3. Is it memorable?You want people to be able to access your contact information later, and if they can’t remember your business name there’s no chance they’ll be able to look you up online or in the phone book.4. Does it imply the services you offer?People appreciate being able to recognize a business type simply by reading the name. It also contributes to a potential client’s ability to remember the name and corresponding services later.5. Does it limit you from expanding your services later on?While you may be completely comfortable only offering tax preparation services right now, you may choose to expand your services to include accounting at some point in the future. You don’t want your business name to limit your ability to expand your services at some point in the future. The same applies with including a city or state in your name; it may limit your ability to either expand your services or move them elsewhere.6. It is original?You want your business name to be catchy and unique.7. Does it stand out against the competition?Your business name should draw attention to itself in a positive and throught-provoking way. Imagine how it might read with the other tax preparers in the phone book. Does it stand out? You want it to.8. Is it easily confused with another local business name?You don’t want your name to be so close to another’s that potential clients call the wrong number or show up at the wrong business front.

It’s important that you find the right name for your business. You need to achieve a good balance between being unique and memorable. Once you do that you’ll find your business name is getting your tax practice the attention it deserves.

Business Manifesto

What’s Your Business Manifesto?

A Quick Way to Get Some Focus

A manifesto is a public declaration of an organization’s intentions, principles, and direction. Political parties are the most common authors of manifestos. Not many businesses write them, so it’s by no means a requirement. But it can be a great way to find some focus and better direct your efforts as you run your business.There’s no set formula for creating your manifesto. It’s less defined than a mission statement but can still work as a guideline when making crucial business decisions. It can be a simple list of your core values. Charles Massimo, founder and president of CJM Fiscal Management in Garden City, N.Y, works according to his manifesto, “family, trust, loyalty, and discipline.” Or your manifesto can be a personal slogan. The Sloan brothers, founders of StartupNation.com, follow this manifesto: “Work as Freedom. Work as Family. Work as Fulfillment.” Whatever you choose, your manifesto should represent your own business intentions. Here are some things to consider when creating your own manifesto:

List Your Core Values

Without realizing it, your values influence your decisions. Why not lay all your values on the table so you can be more conscious of what’s directing your efforts? Even more important, why not decide which of those values you want to direct your efforts.Sit down and give yourself five minutes to list your values. Your values should each be one or two words that represent a concept that’s important to you. Integrity, responsibility, discipline, family, reliability, hard work, ambition, and faith are all examples of values. Once you have your list, you can narrow them down to those four or five that you want to drive your business forward.

Think about What Excites You

Something excited you enough to start your own business. Reflect back on those things that impassion and motivate you. Again, sit down and list them. Try not to censor or edit yourself as you write. Looking back on your list, you’ll find key words and phrases that might fit well into your manifesto.

Consider How You Want to Fuse Your Business and Personal Lives

When you’re an entrepreneur, sometimes that line between your business life and your personal life blurs. Before you let the momentum of your business dictate its impact on your personal life, take the time to decide what you want that relationship to look like. Once again, sit down and write about it. How much do you want them to intermingle? Many family businesses are run from the living room with everyone pitching in to answer phones, distribute flyers, and sell products. Some feel strongly about keeping them separate, and the priority becomes setting and keeping firm boundaries between the two. Explain how you want them both to ebb and flow together in order to achieve the desired outcome.Once you’ve had the chance to think through some of these ideas, the time comes to actually write your manifesto. Remember that with a manifesto, simplicity is key. It should be no longer than one sentence, and that one sentence should be succinct and direct. And never write your manifesto in stone. You should allow it the flexibility to change and evolve as your business does. Hopefully you can post your manifesto somewhere visible so that you can allow it to direct you as you move forward and grow your business. And the final test? Your manifesto should move and inspire you.

Need More Help with Marketing? UAC Can Help

Knowing what you’re about will definitely help you market your business, and a business manifesto can help get you in the right frame of mind to market your services. But do you find yourself wanting a little help actually promoting your business? It can be difficult to know where to focus your marketing efforts. >Universal Accounting Center can help. Their two-day Universal Practice Builder Workshop is a turn-key marketing solution for small business owners like you. You’ll not only learn 12 proven marketing strategies in just 48 hours, but we guarantee you’ll make $30,000 in annualized billings in just 12 months as a result of your attendance. Don’t wait another day to grow your business. Enroll today!

Incorporation: The Pros and Cons of Different Business Entities – Part II

Read Part 1It’s important to take the time to consider which business entity best matches your particular business situation. Last week we talked about the importance of looking at limited liability entities when considering your liability, your creditors’ access to your assets, and your tax obligations. We looked specifically at C and S-Corporations and how they might benefit you and your business. This week we’ll look at limited partnerships (LP’s), family limited partnerships (FLP’s) and limited liability companies (LLC’s).

Limited Partnership (LP or FLP)

A partnership is a business organization in which two or more persons together own the assets of the organization and share in the organization’s profits. Maybe you and your brothers own the business, or perhaps you’ve decided to partner two or more good friends who also do accounting and bookkeeping. In a general partnership, all partners are equally and personally liable for all business debts and liabilities. In a limited partnership, however, limited partners are not liable for business debts. A limited partnership is a partnership comprised of at least one general partner and one or more limited partners.A limited partnership with family members as partners is often called a “Family Limited Partnership” or FLP. The general partner is liable for all of the business debts. The general partner of a limited partnership generally owns a very small percentage (let’s say 1%) of the partnership assets, but has complete control of the activities of the limited partnership. As you can see, while a limited partnership provides limited liability for the limited partners, the general partner will always have unlimited personal liability.Pros

• Limited liability for the limited partners.
• The partnership is not taxed; profits and losses “flow through” to the partners, and each must report their income on Form K-1.
• Flexible asset protection.

Cons

• Filing an FLP is more expensive than filing a general partnership.
• Limited partners are not allowed to participate in the management of the limited partnership.
• The general partner remains personally liable for the obligations of the limited partnership.

Limited Liability Company (LLC)

An LLC has some of the characteristics of a corporation (enjoying limited liability) and some of the characteristics of a partnership (pass-through taxation). One or more persons form and own the LLC, becoming its “members.” They can either manage the LLC themselves, or hire managers to oversee day-to-day operations. One person can create an LLC, although it will be taxed as a sole proprietorship. However, you can still enjoy the benefits of limited liability.Pros

• Limited liability.
• Fewer formalities are required.
• The partnership is not taxed; profits and losses “flow through” to the partners, and each must report their income from Form K-1 on their IRS Form 1040.
• Depending on the state, an LLC can be formed by one member.

Cons

• Possible dissolution of company due to a partner’s death, retirement or bankruptcy
• It’s more expensive to file an LLC than a general partnership.

Any of these business entities are fairly easy to establish, but requirements vary state to state; visit your local state website to see what you need to do. The most important part of the process is determining which entity is best for you. After that, the rest is business as usual.

Incorporating: Pro’s and Con’s of Business Entities – Part I

To Incorporate or Not to Incorporate:

The Pros and Cons of Different Business Entities (Part One of Two)

Read Part 2Have you ever wondered if being a sole proprietor is your best business option? Maybe you should create an LLC (limited liability company), an LP (limited partnership), or an S-Corporation. There’s no one right or wrong answer when matching your business to just the right business entity. And the business entity you choose depends largely on your personal situation and circumstances. But we don’t want to imply that your decision isn’t a weighty one; the type of business entity you choose will affect your liability, your creditors’ access to your assets, and your tax obligations. So it is a decision that requires pertinent information and considerable thought. Sometimes just a little knowledge can ensure that you make the best choice for you.

Sole Proprietorship

A sole proprietorship is a business owned and operated by one person. This is the most popular business type for new, small business owners, especially if they work from home. Perhaps you already decided that a sole proprietorship is the perfect match for your business right now. While there are many benefits in having a sole proprietorship, the one drawback is that you have unlimited liability for any debts or obligations incurred by the business. The business is not an entity separate from its owner, and if the business is sued, all of the business owner’s personal assets are at risk. If the business becomes insolvent, the sole proprietor must declare personal bankruptcy to avoid business debts.However, that may not a problem you expect to encounter.Cons If you work from your home office, you’re probably not incurring much business debt. But if you’ve grown your business enough that it requires a rental property with staff that you manage, then you might want to look at other options.

Limited Liability

The business entity you choose can greatly affect your personal liability. When shareholders or owners of a business are not personally liable for any business debts or obligations, they enjoy “limited liability.” The last thing you want to do is create a business where the negligence of a partner, or even an employee, puts your personal assets at risk. This week we’ll discuss the limited liability of C-Corporations and S-Corporations.Corporation. Owners of a corporation are issued shares of stock and are thus called shareholders. A corporation exists independent of its shareholders, and is viewed as a separate entity, which can generate income, incur debt, and be sued. Corporations are commonly classified according to their taxation status as either C-corporations or S-corporations. Unless the corporation elects otherwise, its income will be taxed at the corporate level at corporate rates.

C-Corporations

Following are some of the pros and cons of C-Corporations:Pros

• Limited liability
• Shareholders are not required to manage the corporation.
• Continues to exist after a shareholder’s death, retirement, or bankruptcy.

Cons

• Filing a corporation can be expensive.
• Corporate formalities are required (shareholders and directors meetings, corporate minutes book, employer identification number (EIN), etc.)
• Because the corporation’s income is taxed, and the shareholder’s income is taxed, corporations experience “double taxation.”

S-Corporation

If a corporation meets certain requirements, it can elect to be taxed as an S-corporation, with the profits and losses passing through to the shareholders to be taxed at the shareholders’ rates. Unlike a C corporation, the S corporation itself is not taxed, although an informational return (IRS Form 1120S) must be filed with the IRS. And S-corporations are limited to one class of stock and cannot have more than 75 shareholders. An S-corporation enjoys the same limited liability as a C-corporation and has some of the following pros and cons:Pros

• Limited liability.
• Shareholders are not required to manage the corporation.
• Continues to exist after a shareholder’s death.
• Only shareholder’s income is taxed.

Cons

• Filing a corporation can be expensive.
• Corporate formalities are required (shareholders and directors meetings, corporate minutes book, employer identification number (EIN), etc.)

Many believe that businesses require a large number of shareholders in order to incorporate. But in most states you only need one shareholder and one director to form a corporation, and that shareholder and director can be the same person. And while that may be something you aspire to in the future, you may not feel either of these entities is the best match for your current business. But there are two more limited liability entities that may work for you: limited partnerships (LP’s), family limited partnerships (FLP’s), and limited liability companies (LLC’s). Come back next week and learn more.Read Part 2

Universal Accounting Center Can Help Your Start a Tax Practice

If you have your own tax practice or are considering a change in the type of business entity you run, you should consider earning the Professional Tax Preparer Certification as evidence of your expertise. The Professional Tax Preparer Certification can help you better manage your business, giving you the confidence and expertise necessary to file personal and business returns.  Become competent in the preparation of personal and business taxes by enrolling in the Professional Tax Preparer program. Order now!

Benefits of a Business Assessment

A Business Assessment Can Improve the Health of Your Tax Practice

It’s important to get a regular physical examination. It helps you maintain your health and better manage any physical conditions you might have. But what about the health of your tax practice? Is there a financial exam that could help you maintain and even improve the health and profitability of your business? There sure is, and it’s called the business assessment.But first, what is a business assessment? It’s a study that compares your business to successful competitors of equal size in order to identify areas of improvement for short and long term action. Another word for it is “benchmarking.”

The Benefits of Benchmarking

Ah, yes, benchmarking. One of those great business buzzwords. But it’s a buzzword for good reason. A “hot” management technique that survived the boom of the 1990′s, it’s the best way to uncover performance gaps in an organization. When you benchmark against competitors it helps you and your managers remained focused on your markets and takes the guesswork out of competitive analysis. It also provides a yardstick for improving competitiveness, because it helps you compare your business with your competition to see how its profitability can be improved by taking very specific measures.Here are just a few more things benchmarking can do for your business:

• Diagnose strengths and weaknesses compared to your industry.
• Learn which of your financial measurements need the most improvement.
• Create profit projection scenarios to improve your competitive position.
• Train your managers to take action based on performance results.
• Position your company name more favorably for financing.

UAC Provides Customized Business Assessments for Your Tax Practice

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

• Executive Summary highlights strengths. Weaknesses and key point.
• Industry percentile rankings shown for 20 major financial ratio.
• Interpretation of variances from industry norm.
• Bold Graphs that show comparison.
• 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 your business compares to others in the industry. Add to the detailed analysis provided in your business analysis an hour of business consulting, and you have an amazingly great value.It’s time your business’s health was examined. It may not be what the doctor ordered, but it sure will give your business a longer, more vibrant life. Order your business assessment now!

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Building Trust

Trust: The Great Equalizer

5 Tips in Building a Trustworthy Business

Trust is the easiest thing in the world to loose, and the hardest thing in the world to get back. – R. WilliamsIt’s better to be trusted than liked. Underpromise – Overperform. - Unknown

A local plumber has spent a lot of money marketing their services. Being new to the area I called this plumber at the first sign of problems in my home. After an $800 bill and unresolved plumbing problems I knew that I could not trust this business. One year has passed and I have heard nothing but bad things about this plumber and their services; I have found no one, from other professionals to previous customers, with good things to say about them. I predict that regardless of their intense marketing efforts, it won’t be long before their business fails.Trust can often determine the longevity of a business. While small businesses may be able to advance for some time using aggressive marketing tactics, customers will not look back after they loose trust in a small business, especially it it’s a financial service provider. As you build relationships with clients it’s important that you do all you can to maintain their trust. Here are five steps to securing a client’s trust in your and your services.

1. Remember that honesty really is the best policy.If your client ever catches you in a lie, or what they perceive as a lie, you have lost their trust forever. It doesn’t matter how small or big the lie may be. Nothing erodes trust more quickly than dishonesty. As you interact with clients you must practice the utmost integrity; it will leave a lasting impression that will secure their loyalty in your services.2. Practice good listening.Consider how you feel when someone gives you their undivided attention while you’re talking. You feel respected and valued. As you show empathy and listen to your clients, you’ll demonstrate a genuine interest in their needs which in turn helps build trust.3. Practice open communication.When you practice open communication you are really demonstrating the unwillingness to withhold information from your clients. In so doing, your business practices become transparent, a quality that reveals your honorable nature.4. Follow through.There are some business owners who will make all sorts of promises, believing the promises alone will win customers. Unfortunately, customers soon loose interest in a company that doesn’t follow-through. If you tell a client you will do something you are bound to do it. Otherwise trust is lost.5. Don’t gossip.Clients will watch everything you do and make character judgments based on what they observe. People with integrity do not gossip. If your clients catch you speaking ill of someone else, they’ll begin to wonder how long it will take before you start gossiping about them.

When you build a trustworthy business, you earn a level of success you can really feel good about. Not only that, but in doing so you build relationships with clients that are based upon loyalty and respect. And that will enable you to retain clients more than anything else you may offer.

Build Your Business in Twelve Months

For Want of a Nail

King Edward III didn’t take chances. In 1363, in an effort to make sure his archers were always prepared for battle, he commanded the obligatory practice of archery on Sundays and holidays! A conqueror throughout Britain and the European Continent, Edward’s military ambition and his claim to the French throne through his mother, Isabella, began the first stages of the 100 Years War.Consistent with King Edward’s desire to be prepared, in 1390, John Gower wrote a rhyme that is familiar to most school children. “;For Want of a Nail.”;

For want of a nail the shoe was lost.For want of a shoe the horse was lost.For want of a horse the rider was lost.For want of a rider the battle was lost.For want of a battle the kingdom was lost.And all for the want of a horseshoe nail.

In any small business, often the small measures reap the biggest results. Unfortunately, we often overlook the very practices that will lead to success because of the smallness of the task.

8 Simple Things and 12 Months-Make Your Business Grow

Enjoy more profits and grow your business over the next twelve months. Follow these eight steps and watch your tax preparation business grow. Troy Waugh, a leading sales and marketing strategist to the accounting industry suggests 8 things you can be doing right now that will grow your tax preparation and accounting practice over the next 12 months.

1. Focus on the Clients’ Profits, Not Your Own. Your clients are looking for professionals who will enable them to improve profits. Become the profit expert for their businesses and your services will be in demand.
2. Don’t Hibernate During Compliance Season. Clients are never more interested in help with their business than when confronted with last year’s financial results or with their tax liability. Plan now for cross-selling to each client you meet with during this filing season.
3. Build Relationships with Your Clients’ Team Members. This year, plan to meet with your top 10 clients’ other professionals. These people are the movers and shakers in your community. By creating a team working for your client, you will also have created a referral team that works for you.
4. Develop a Unique Selling Proposition, and Quit Talking About Fees. When meeting with prospects, focus on the value you can offer, and on what makes you different from your competitors. Fee terms should almost be an afterthought.Click Here to Learn More About a Unique Selling Proposition
5. Learn to Ask Better Questions. Knowing how to ask good questions is the foundation of being an effective advisor. Through questioning, you learn what you need to know to help your clients.
6. Help Clients Prepare for the Future. Clients are more interested in today and tomorrow than they are in yesterday. Help your clients use your services as a foundation for making better judgments and business decisions.Click Here to Learn More About How You Can Help Your Clients Make Better Business Decisions
7. Prepare a Services Matrix. Prepare a matrix of your largest clients and services used. Probably 5% of your clients (including families and controlled groups) make up over 50% of your revenue. Use the matrix to determine your best opportunities.
8. Always Give More than You Promise. Always exceed your client expectations by 1% and you will have a continuous flow of delighted clients. Sometimes, under pressure, you may promise delivery of a report before it can realistically be done. Learn to manage expectations by promising outside the date, not the earliest. Then deliver earlier.Click Here to See How Managing Your Time and Efforts Produces Great Results

Turn On the Power In Your Business

I agree with Mr. Waugh, and when you purchase the Professional Tax Preparer Certification, you’ll not only learn everything you’ll need to know to file both personal and business tax returns, you’ll learn how to find and keep clients, build relationships and ask the right questions. All that and you’ll be able to charge $100 or more per hour for your services. Don’t wait another day to build your business. What better resolution to have this New Year? Order now!