Build Your Business Now – Cash In Later for Retirement
Growing Your Business Now For a Better Retirement
While your friends are saving a dollar here and a dollar there toward those “Golden Years” you can smile knowing that you’re building retirement assets as you build your practice. And the bigger your practice, the more enjoyable your retirement will be.Yes, I know, when you acquire clients you’re not thinking of retirement – but you certainly could be. Each client is an asset that can bring you a great return as you support them and do their accounting. Later, when you’re ready to trade in your calculator for a golf cart, you can sell that client to an anxious wannabe freelancer desiring a ready-made practice.
How Much Will Your Business Be Worth?
What type of practice do you own? If you add accounting services to your menu, you’ll increase the value of your practice, and increase the final return on your investment. The rule of thumb for valuing a bookkeeping practice looks at twelve-to eighteen-month’s billings. That translates to an asking price of $120,000 to $180,000 if you are currently billing out $10,000 each month. The difference between the upper and lower price depends upon how long you have had the client, and how much work you are willing to do to ensure that the client will stay with the new bookkeeper.The buyer will usually want a little help to get started. This might include:
- Seller financing for three to five years during which you should charge 9% to 18% APR interest, depending on the going rate; and/or,
- A two- to three-month training period, or overlap time, for the buyer to become acquainted with the clients and your office procedures; and/or,
- A promise that you will adjust the price in the event a client changes accountants within the first three or six months.
You also must be careful in determining who you sell to. You don’t necessarily want to sell to the first person bearing money. Your successor should have the fire, determination, and loyalty to your clients that you developed. Otherwise, the client may change accountants, causing the buyer to adjust the buying price, resulting in an unhappy ex-client and an unhappy you! Nobody wins.Working with clients can be rewarding and fulfilling. Improving your golf game can be a lot of fun. Work hard for your clients, and they’ll work hard for you when you retire. And if you’re interested in increasing the value of your practice, you should seriously consider increasing the services you offer.
Universal’s Professional Bookkeeper Program Can Help Anyone Build a Successful Practice
Every year over 500,000 new small businesses are opened. Each of these businesses needs to perform basic accounting functions; not only is it required to build a profitable business-it’s the law! You could be the individual who steps forward to offer valuable accounting services to small business owners. The Professional Bookkeeper Program will not only train you in small business accounting, but it will teach you how to market your services to this niche market. In just 60 hours you can earn the PB designation and be on your way to becoming a full-service financial provider with a specialty in small business accounting.
Our Early Christmas Gift to YOU!
Unlike any other program in the world, the Universal Accounting Center Professional Bookkeeper Program provides students with professional, follow-up support, enabling graduates to come to Universal whenever they encounter a problem, situation, or client they need help with. When you enroll in the Professional Bookkeeper Program you receive 6 months of professional coaching following your completion of the course. But when you enroll today you receive 6 more months for free, giving you one year of follow-up support. Consider this an early Christmas present! Don’t wait to take advantage of this special offer. A grand retirement depends on it!
How to Boost Profits With a Client Newsletter
Your Client Newsletter – One Part of a Total Profit Building Program
They are made, not born. Every business wants them. Where do you find them? I’m talking about loyal clients. Clients that come back month after month and year after year.Loyal clients don’t just appear out of thin air, you need to make them. In marketing terms, you need to “bond” with your clients. Big marketing companies all over the country run bonding campaigns with their customers all year long. Collectively, they spend millions of dollars, but you don’t have to.
Fortunately, a Professional Tax Practice is Perfect for Creating Long-Term Relationships with Clients
It’s the nature of the business. Just like your dentist and family doctor, a relationship with a tax professional has a number of reasons to make the relationship something that will last. Most businesses not only prefer working with the same firm each year, they prefer working with the same tax accountant. This is great news for your tax preparation business.Building long-term relationships is easy. Let me show you one very effective way to bond with your clients.
Regular Communication is Essential
Previously in this newsletter, we talked about how important it is to communicate with your clients. Click HERE to review what we talked about earlier.A client newsletter is a great way to communicate with your clients, keep them informed of valuable information and is a great way to bond.
8 Things a Client Newsletter Will Do For Your Professional Tax Practice
- Keep clients informed and assist them in their tax, business and financial planning- It’s been said that the difference between tax planning and tax filing is the date. After December 31st, there’s no more time for planning. Keeping your clients up-to-date on tax laws and other changes that effect them throughout the course of the year make your tax services even more valuable. By giving your clients information that will save them money on their taxes, you’ll also create the kind of loyal clients that will come back year after year.
- Provide excellent customer service and direct new clients to your business- A newsletter is a great way to let your clients know that you are available to help with any of their bookkeeping or tax accounting needs. By engaging your clients in the content of your newsletter, you are increasing their awareness of the services and expertise that is available to them. For instance, if you operate both a bookkeeping and tax practice, you can cross-sell your services, add new clients and increase your profits. (This is a great way to make your tax practice extremely profitable all year long. Click HERE to learn what offering full-service accounting and tax will do to increase your income and provide better service for your clients.)
- Enhance your reputation as a professional- A timely and informative newsletter will improve your standing in the community as a trusted and experienced professional. A well written and crafted newsletter tells your clients that you are committed to providing excellent service and that you will be there when they have questions and need your help.
- Stay in constant contact with your clients- Unlike a brochure, your newsletter is a regular opportunity to make your client aware of new services you offer and how to contact you on a regular basis.
- Pique your client’s interest and prompt them to contact you- Most people put off tax planning until the end of the year. An easy-to-read newsletter will give your clients opportunity to contact you about the various subjects that you address within your newsletter. By keeping articles informative and interesting, your clients will discover potential tax savings and other issues that will elicit a phone call and the opportunity to provide additional services.
- Communicate complex concepts in an easily understandable manner- By using graphs and other effective visual elements, you’ll be able to better communicate with your clients. You’ll become their one-stop source for financial and tax information.
- Showcase your tax practice’s knowledge on taxes and other financial matters- The articles you write and the information you share with your clients provides the opportunity to demonstrate why you are the best choice for all their financial services needs. Not only will you reinforce your expertise, you’ll become the tax expert. (Not simply the guy who does their taxes every year.)
- Increase client loyalty to you and your firm- A client newsletter is a great way to bond with your clients. Similar to any relationship, regular communication builds and strengthens client relationships. As your relationships strengthen, you’ll find your clients willing to allow you to offer additional services that will make your relationship more cost-effective for them and more profitable for you.
You Client Newsletter Doesn’t Have to Be Printed
You can do the same things with an Internet newsletter. As the number of people who regularly use the Internet for business and personal use increases, it’s a great way to distribute a very effective newsletter without the expense of printing one.Just like printed newsletters, online newsletters need to be well-written and carefully edited. Let viewers know how often your newsletter is distributed so they are expecting it.Make sure you display your firms contact information on the opening page of the newsletter, along with each and every other page. Make it easy for your clients to contact you, and they will.
Preparing and Filing Taxes is only Part of the Equation
Unlike any other program I’ve discovered, the Professional Tax Preparer program includes instruction on how to effectively run a successful tax practice. You’ll learn easy-to-implement secrets that will put you head-and-shoulders above the competition. From how to set up an effective office and market your practice to how to ask the right questions to know just what your clients need.
12 Months of Support Upon Completion of the Program
Your first year as a tax professional, we expect you’ll have some questions. You won’t be alone. A personal coach will be with you each and every step of the way to make sure that you are prepared with the most up-to-date tax advice available. They’ll even be able to help you with marketing ideas and suggestions.We don’t consider ourselves a success unless you are. Expert tax advice, the best marketing expertise in the business and encouragement along the way are all Universal exclusives.
And Don’t Forget the Universal Accounting Guarantee
Universal Accounting’s Ironclad 100% Money Back Guarantee
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“If, after completing all of the learning activities, you do not feel that youhave received your money’s worth, simply return the materials toUniversal Accounting Center, for a complete refund.
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Purchase and complete the course, and if you don’t feel that you’ve received your money’s worth, you can return the materials and get a complete refund. All of us here at Universal Accounting are so confident that you will find this training to be of value that we all stand behind it, 100%.
Earn $100 Per Hour or More
Get paid what your worth and earn the kind of income professionals like doctors and lawyers earn by becoming a professional yourself. It doesn’t require a college education, but with the specialized education and training offered by the Professional Tax Preparer program, you’ll have all the skills you’ll need to start a professional tax preparation business.
Click Here to Learn How to Get Paid Like a Professional and Earn $100 Per Hour or More
The time has come. We’re just five days away from the New Year and you’ve probably had the chance to think a bit about your resolutions. More diet and exercise seems to be the obligatory resolution, one everyone feels “should” be on their lists. And while we don’t want you to feel guilty if it’s not, we do want to emphasize the strong connection between good health and a healthy business. Neglecting your health will come back to haunt your business at some point or another, either in sick time, lack of focus, or compromised workflow. And while we’re not suggesting you train for a triathlon, we are saying that taking better care of yourself will only benefit your business in the long run. Here are five things to consider as you make your list of New Year’s resolutions:
1. Plenty of sleepLack of sleep can make it difficult to focus and work efficiently. 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.2. Plenty of waterDehydration can cause migraines, diarrhea, back pain, hypertension, and even depression. Obviously all these effects can impair your health and impact your business. Doctors suggest you drink 32 ounces of water per day. Often overworked and stressed business owners rely on caffeine to boost their energy and alertness. That can give individuals the allusion of hydration; however, it does not satisfy the body’s need for pure fluids.3. Healthy diet Your body is a machine that requires fuel to function. The fuel, or food, you put into your body will affect its efficiency. When you eat well, your body will function well. When you fuel your body with fast food and junk food, your body will function accordingly. You’ll be amazed at the increase in energy you’ll experience when your body is given the nutrition it needs.4. ExerciseRegular exercise is another 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.5. MeditationIt’s important to set aside time everyday to think, ponder and reflect. Some consider prayer meditation. Whatever method you use to sit quietly and think about your life and what’s important to you, it will rejuvenate the mind and help motivate your every action as you move throughout your day.
You don’t need to loose 100 pounds or be bikini-ready in order to enjoy a healthier lifestyle. And you don’t have to make drastic changes in order for your physical health to begin impacting the health of your business. Take a moment and vow to take better care of yourself, not because you’re overweight or want to fit in those skinny jeans, but because you’re worth it. Consider it a personal investment that will reap big business returns.
What Your Clients Are Thinking But Not Saying
Interpreting Body Language
Did you ever wish you could read minds? How about when you’re sitting in a crucial meeting with that potential client who isn’t sharing much information? Or how about when you’re interacting with that contact that could refer countless potential clients your way? Understanding body language would not only help you to understand what individuals might be thinking or feeling, but it could also help you better navigate the conversation in your favor.It’s important to remember that body language makes up over 90% of communication. That’s why face-to-face interactions can be so important; they enable you to get a better understanding of how your message is being received. Gestures and facial expressions are always up for interpretation so you should never rely solely on the translation of body language. But, when coupled with an individual’s verbal cues, it can give you the edge in those personal interactions. Consider the following the next time you want to understand someone’s body language:
Consistency
It’s important to realize that the body doesn’t lie. While an individual may be trying to deceive you, their body will usually contradict their language. For example, they may tell you they completely agree while shaking their head. Or perhaps, they say your idea is fabulous, yet they frown and sit with their arms folded resolutely across their chests. When an individual’s body language mirrors their words you can usually rest-assured they’re being honest.
Eye Contact
When individuals maintain eye contract that usually means they are confident and honest. Struggling to maintain eye-contact can mean a number of things: it could demonstrate insecurity or shyness. Perhaps it means the individual feels uncomfortable with what’s being said. And in the case with which you should be most concerned, reserving eye contact could indicate dishonesty.
Hand-to-Face Gestures
This generally indicates that the person with whom you are conversing has reservations. Holding a chin or scratching the face is indicative of uncertainty. When you recognize this gesture you may want to pinpoint their concerns before moving forward.
Covering the Mouth
There are some individuals who cover their mouths while they talk because they’re self-conscious about their teeth. But in many cases, covering the mouth while talking, or at least having the hand close to the mouth, can indicate dishonesty.
The Crossing of Arms
Many feel most comfortable sitting with their arms crossed. But depending on the conversation, it can also indicate disagreement or resistance to an idea. When a person moves from a defensive positions-leaning back with their arms crossed-to something more accepting-leaning forward while nodding their head-you can feel confident that they like what you’re saying and have come to accept it.
Mirroring
When individuals feel comfortable with a conversation and believe they are on the same wave-length they begin to mirror one another’s body language. That’s why you’ll often see two people leaning together intensively or reclining backwards in a mirrored pose. This generally means they understand and agree with one another. You can often help someone along by mirroring their body language. But be careful, this must be subtle; you could severely damage a relationship by appearing to mimic the other’s actions.
Stance
It’s also important to recognize what your body language is communicating. When you stand tall and erect you communicate confidence and ease. When you stand with slouched shoulders while looking down, you communicate a sense of defeat and loss. When meeting with potential clients and business associates you want to do everything possible to communicate your confidence and capability.While this brief guide won’t enable you to read anyone’s mind, it could help you better understand what someone might be thinking or feeling, helping you move forward with questions and statements that better address their thoughts.
To Blog Or Not To Blog
What is Blogging and Can It Help Your Business?
Blog: Short for “weblog,” a blog is a journal or newsletter intended for public consumption. Updated frequently, they consist of posts listed in chronological order, and they generally represent the personality of an author or organization.
They’re everywhere these days. People have personal blogs, political blogs, travel blogs, health blogs, corporate and small business blogs, etc. (And here are just a few of what Forbes.com calls the best of the small business blogs: Duct Tape Marketing, Church of the Customer Blog, Small Business Trends, Small Business Brief). But do you really need a blog? They’re easy and inexpensive to set up; the difficult task is in keeping them updated. And the question remains: is the effort worth the benefits a blog can bring to your small business? You be the judge.BloggingBenefitsSmall business blogging is sweeping the country. For zero dollars, depending on the blogging system you choose, you can have your own blog up and running today. Most blogging publishing sites require no software installation, and maintaining a blog requires no help from tech support—creating a blog and adding posts is just about as easy as sending email. That’s why there are literarily countless blogs out in cyberspace. But the point is not just to get a blog out there; the point is to have it rise to the top of competing blogs. And that takes a bit more work (see “Blogging Basics” below).Besides next-to-nothing startup costs and easy maintenance, there are other benefits to blogging. If done right, it works as a great marketing tool. You can generate interest in your business, connect with potential clients, build stronger relationships with current clients, and demonstrate your expertise.Blogging BasicsTo start, all you have to do is visit a few blogging sites (Blogger, Moveable Type, WordPress, and TypePad). They all list blogs created with their blogging tools; take a tour and see which appeals most to your needs. Then follow their instructions and start blogging.But here are a few do’s and don’ts to help you do more than just start a blog, but start a successful one:Do:
Be yourself. Readers want to know there’s a human being behind the blog rather than some uptight business person. Infuse your voice and personality into the posts.Update frequently: people expect to find new information on a blog, so you’ll loose readers quickly if you neglect it.Build in numerous links. Not only do visitors find that useful, but those same sites just might return the favor by adding your link to their site, increasing your traffic.Include free and practical information for your readers. Not only does it demonstrate your expertise, but it shows professional generosity which current and potential clients will appreciate.Keep posts short and sweet. The nature of blogging is to abbreviate rather than blather on and on.Respond to comments. The great thing about blogs is that they are conversational. Readers can post feedback to the blogger and visa versa. Encourage that interaction.
Don’t:
Engage in shameless self-promotion. Most readers know that your small business blog is a marketing tool. Let the content promote your expertise rather than oozing on about yourself. Nobody likes a smarty-pants.Use elevated tax-lingo that will alienate your readers. Your content should be reader-friendly and directed to your target audience. Don’t worry about what other tax professionals will think of your site because you don’t want their business anyway.
Take a look at it and see how this would fit in to what you are doing for your community and how it would benefit not only you, but others who will be ultimately reading what you have to say. Key to having success with this marketing tool is to have it benefit everyone who reads it.
Once you get your blog up and running, share the URL with current clients, have it printed on your business card, include it in your email signature, and provide a link to the blog from your website. You may discover that blogging might be one of the best marketing tools you’ve used in a long time.Last week we highlighted Allen’s Blog and what’s been on his mind, perhaps in the next following weeks we could be highlighting yours and your success with the blogging for clientele.For more ideas in marketing your Tax Practice, consider Universal’s DVD, “The Art and Science of Getting Clientele” Click here to order your copy right now! Don’t delay!
May 19th, 2008 in
Web Marketing |
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Who Wants to Be a Millionaire?
Tips on Achieving Substantial Wealth
Who doesn’t want to make a million dollars, right? But it’s more of a possibility than you might imagine. There are countless motivational speakers who would tell you that a positive attitude and a few key steps could help you achieve more wealth than you have ever dreamed of. Does that appeal to you? It appeals to us! So we’ve gathered a few tips that could make you a millionaire.
1. Set a goal to make a million dollars.I was once in a class where my teacher asked everyone to make a list of 100 things they would like to do in their lives. That’s a lot of dreams. I remember getting very specific about my desires and included whale watching, traveling to Europe, and publishing a book. You’d be surprised at how creative you must be to come up with 100 dreams. The teacher’s point was that if you want to experience a lot in your life, you have to set a lot of goals-specific goals. So if up to this point of your life you’ve wanted to make “a lot of money” you need to get more specific than that. Set the goal to make a million dollars in three years, five years, seven years. Then, with your eyes on that goal, manage your business and watch your income. Make changes that you feel will make you more profitable, and celebrate when you notice improvements.2. You’ve got to spend money to make money.It’s a familiar concept. So familiar, in fact, that many may roll their eyes when they hear it. But let’s break it down and see if it’s possible. You know that in order to go into business you have to expend a little money. As a tax preparer your startup costs were probably minimal. Perhaps you needed software, a new computer, a printer, a file cabinet. But you recognized that every purchase would enable you to better perform your job and, ultimately, make money. So you can appreciate the concept that spending money often equates to more money coming in.Now you need to look at your ratio of dollar out to dollar in. As long as that ratio is more than one, making a million dollars is simply a matter of spending enough money to see it happen. Do you spend 1 dollar on your business for every 5 you make? That’s a pretty good ratio. That means that in order to make a million dollars you must spend $200,000. Of course, you don’t have to spend as much if you can increase that ratio. If you make ten dollars for every dollar you spend, you only need to spend 100,000 to make your million. You see how it works. Increasing your productivity decreases the amount you must spend in order to enjoy great wealth. So when looking at this formula you can justify your spending and be encouraged to spend even more, as long as your ratio continues to be profitable.3. Adhere to a budget.Of course there’s a hitch to the previous tip. You must spend your money wisely and on things that bring more money back to you. While some millionaires may spend a lot of money, you may be surprised to discover that even more are very frugal. That’s because the wise and wealthy watch where their money goes and watch it closely. If you don’t already, you should have a strict budget that you adhere to as closely as possible. And if you track your money well, you’ll be able to see which elements of your business are bringing in the most profit. Then you can focus more of your money on those elements in order to increase that dollar out, dollar in ratio.4. Invest.Whether it’s stocks, bonds, real estate, or your marketing efforts, you must invest some of your money in order for it to grow significantly. Once you notice an increase in profits, that’s the perfect time to invest. Research different investment vehicles before picking one, two or more that will help you accomplish your million-dollar goal.
It’s not rocket science and it’s nothing you haven’t heard before which should make working towards your millions a less intimidating and imposing task. And one thing all these tips have in common is the keen attention to the comings and goings of your money. As a financial professional, that should come naturally, which begs the question, aren’t you a natural millionaire?
Better Time Management: Creating an Action Plan so Things Get Done
Most professionals feel overwhelmed at their jobs. There’s so much to do and so little time to do it in. If you’re running your own business, either full or part-time, that sentiment is probably one you can empathize with. Most small business owners have a daily To-Do list that plagues them with worry and stress.David Allen is a productivity trainer and consultant as well as the founder of the David Allen Company, which offers executive and productivity coaching. In 2002 he published a book, Getting Things Done (GTD), which details his time-management system of the same name. GTD consists of a 5-step system designed to help professionals accomplish more. Here’s a quick summary:
1. Collect
The first step in this process is to gather everything that requires some action on your part. David suggests taking at least two days to round these things up and try to physically place them in some type of “inbox.” These items can be anything from scratch paper, post-its, emails, files cluttering your desktop, mail, business cards with notes scribbled on them, voice mails, and random items in a junk drawer. If you can’t physically place the item in your inbox (say, a vehicle in need of registration), create some type of note so it can be added to your complete To-Do List.Now you must record all these items, and those still clinging to the rafters of your mind, in one place. In chapter five of his book, David lists 200 topics to help you remember all those commitments you’ve either made or would like to make. Included in this list are the following: policies/procedures, forecasts/projections, training/seminars, community/civic duties, etc. [Note: included in this collection process should also be pleasant commitments like a vacation, pottery lessons, or attendance at your kid's soccer games.]
2. Process
This requires you to go through your complete To-Do List and process each item. Determine the desired outcome you wish to see and the next step or action you must take in order to move closer to that outcome. This doesn’t mean you must complete the action then (although David suggests you do if it takes less than 2-minutes), only that you articulate and note that next action. At this point you may be able to eliminate some of those items you’ve collected.
3. Organize
Now you must organize all these items and action plans in places where you can easily access them. Remember, at this point your organizing those action items that will help you fulfill all your commitments. “Take load of garbage to the Goodwill,” “Consult with lawyer about starting an LLC,” “Make lunch reservations for meeting with Client X,” etc. David suggests finding a method that fuses both a calendaring system and a list of action reminders.
4. Review
Once you set-up this system by doing steps one through three, a weekly review of action items will help you keep it up-to-date. This will require you to update and revise tasks or add new items to your list. If you don’t take the time to review you’ll find yourself getting stuck in the first three steps, never reaching the step where you actually “Do” your action items.
5. Do
All the steps build to this one final step: DO! After you’ve reviewed the list you can begin to fill in your weekly planner (or daily To-Do List) with actions items. David says this should be determined by a variety of factors, including which you feel is most important, which you have the time to do, and whether or not you currently have the energy required to complete particular tasks. As you schedule in these action items, you’ll find your big list of commitments will become smaller, allowing you to add more and take an active role in determining how you spend your time.Initially, this process will take some time to establish. But once you’ve invested that time, and continually work to update your lists and run through these five steps, you’ll find yourself saving time and purging your life of unnecessary stress and anxiety. Maybe you, like many of David’s clients, will find that you’re getting more done in much less time
Are You a Perfectionist?
How This Little Quirk Could Be Holding You Back
Are you a perfectionist? Many perfectionists believe that managing everything perfectly gives them an advantage. Unfortunately, taking this little quirk to the extreme can actually turn you upside-down, making it difficult to run your business, and your life, effectively.Rob Wollard, author of “Life Planning: Conquering Perfectionism” states, “I believe this admonition about perfectionism applies to all aspects of life – business included. People who tend to set extremely high standards and are dissatisfied with anything less than perfect are difficult to be around and horrible to work for. It’s particularly bad if you work for yourself and YOU’RE the perfectionist!”If you find yourself stressed by your own perfectionist tendencies than you need to ease up and let some things go. Here’s a quick guide to channeling that perfectionist energy more efficiently:
Determine what’s motivating you
You may be surprised at what’s really driving your need to be perfect. Are you trying to please yourself or someone else? Often perfectionists developed a need in their childhood years to please their parents and believed being a perfectionist will help them accomplish this; unfortunately many carry this need with them long after they leave home. It’s important that you work to please yourself. Also, recognize when you’re motivated by the desire to impress those around you or keep up with the Joneses.
Choose new, healthier measures of success
If you’re driven by wealth or fame, you may want to revise your measures of success so they include healthier measures that are certain to help you feel better about yourself and your personal life. Consider evaluating your relationships, the way you spend your personal time, client satisfaction, or the quality of services you offer. Any of these could help you direct your focus on more fulfilling measures.
Lighten up
Most perfectionists are uptight and stressed. If that describes you then it’s time to lighten up and enjoy your life more. A great way to eliminate anxiety is to laugh; look for opportunities to release those endorphins that will get you smiling, and hopefully, belly-laughing. You’ll feel healthier and happier.Also take the time to participate in activities that energize and inspire you. You’ll find that enjoying your personal time will make you a better business person.
Watch what you say to yourself
Negative self-talk is often what inspires perfectionists to drive themselves to death trying to be perfect. Watch what you’re saying to yourself and repeat positive affirmations that will drive those defeatist comments from your mind.
Learn how to take criticism better
Once you learn to drive those self-critical comments from your mind you find yourself better equipped to take criticism from others. Often what you initially thought was criticism was really a constructive suggestion intended to help rather than hinder your work. As you try to achieve a healthier perspective you’ll find yourself better equipped to manage your business.
Recognize that overcoming perfectionism is a process rather than an event
“Overcome perfectionism” isn’t something you can schedule in your day planner and check off before you leave the office. It’s something that you continually have to work on in order to lead a more balanced life. Congratulate yourself when you make progress and don’t beat yourself up when you find that you’ve slipped. Take a deep breath and move forward.ReferencesWollard, Rob. “Life Planning: Conquering Perfectionism.” StartupNation.com
Nothing Happens Until You Make A Sale
One of Nine Principles That Will Make Your Business More Profitable
Under the Universal Business Model (UBM), there are three business functions that must work well together in order to increase profit: accounting, marketing, and production. Any of these business functions that acts independently of the other two can doom a company.
The function we would like to focus on today is marketing; marketing is the function of business that brings customers to your door, and culminates in some sort of sale. And when marketing works well with production and accounting, profits increase.
As a business owner, you must assess the accounting to see which services are making you the most money. With a tax practice, you must clearly define specific services you offer: tax planning, business taxes, personal taxes, consultations, etc. And once you determine which services are most profitable, you should focus some energy on better marketing those services. If the marketing’s done right, you will produce more of those profitable services and make your business more lucrative.
If you don’t have a marketing plan, and a way to put it into effect, don’t go into business! That seems logical. Doesn’t everyone have a marketing plan? The reality is that thousands of businesses are started everyday by people who simply cross their fingers, hoping that customers find them, either randomly, or perhaps by Divine means.
Great customers do not just appear; they are made! Look at it this way: You have an amazing service that people are willing to pay for, and it has a great profit margin. Would you stop telling people about it? Marketing informs customers about your services, and brings them through the door.
One principle can make your business more profitable: nothing happens until you make a sale! This concept is critical to the success of any business. What do you have to sell? How does that product or service meet your customers’ needs? How do you get customers to your door so you can show them your product or service? If you do not have a method to sell, then there is no need to have a business. Everything starts with the sale. Summarized below are the key concepts that support this first principle:
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Every asset should be engaged in making sales. Whether you’re a business of one person or several, everyone in the company must have a marketing mindset! Every employee should be involved in the sales process in some way. If he or she is not involved on the front line with customers themselves, then he or she should be supporting someone who is (and that includes you, the business owner!).
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Sales training is essential! Take the time to assess what’s working, and what’s not. Consider changes in your sales techniques to enhance everyone’s skills. And if you have them, invite your employees to hear their input, and remind them that sales make the business flourish. The goal is to increase sales every day.
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Every customer is a new customer. What works with one customer may not work with the next. Great sales people identify the needs and point of view of each new customer before they give the customers their own point of view. Then they meet the customers’ needs with the products and services they are selling. These skills can be learned and transferred to others. That is the reason you should meet with all the members of your team, regardless of how small or large it is.
Everything you do in business is related to marketing. Accounting should play an integral part of the marketing effort. How can an accounting system help in marketing? Your accounting system should collect critical information for you. Your accounting system should provide the answers to the following questions which will support sales growth:
What information from each sale needs to be collected to help in making future sales, and in responding to the customer’s specific needs?
“Nothing Happens until You Make a Sale ” is just one of nine principles that will make your business more profitable. Allen Bostrom, president of Universal Accounting Center , has written the book In the Black: 9 Principles to Make Your Business Profitable to help small business owners like you succeed. If this one principle has helped you, order the book to read 8 more tried and true principles that you can apply immediately! For less than $20, you can take the necessary steps to build a more lucrative business today.
Marketing is Not an Intrusion; it’s an Opportunity to Provide Additional Benefits
Look for opportunities to help your clients and marketing opportunities will present themselves every day.
Education and An Ear to the Grindstone (Part II of II)
Two weeks ago we discussed the items you would need to get you started on the road to being a Tax Advisor to those you do business with during the tax season. We chatted about the tools you will need and the education that you can gain from Universal in the Professional Tax Preparer Certification. Getting the right education is the foundation you need to excel in your own business pursuits, and to be the best benefit to those you serve.
There is a concept in the field of marketing, called guerilla marketing. The essentials behind this type of marketing is to be always on the look out, or keeping your ear to the grindstone for every opportunity to get, place, find, gather, or brand your company’s marketing efforts and information. Anything that will help you out in accomplishing your marketing objectives without compromising the integrity of the company is what you search to do when you are undertaking guerilla marketing tactics.
The same holds true when it comes to being the best Tax Advisor for your contracted clientele. Look for those opportunities where you can get the information you need to be the best. Scour trade periodicals that come out in your area. Seek out those feature stories in newspapers like the Wall Street Journal or the national economic magazines. Just be voracious when it comes to getting that tax information.
If you hear of a tax law that may be coming down through local and federal legislative channels, keep on top of that. Figure out how those potential changes could effect the companies and their business owners. Make them aware of the likelihood of the proposed tax law coming down and the changes that they may feel within their business as a result.
Gather into your tax information coffers and folders what could be a benefit to the business owner if they change this way of doing things or if the bill their projects in such a way that would be most advantageous to paying taxes. Do the research, and be looking for all the breaks that are honest and fair before the IRS.
Why do this? Why go to this extent in providing this type of service to those businesses? Quite simply, when you are truly looking out for the benefit, and for the sake of their company, (a company that they more than likely have built up from scratch with blood, sweat and a few tears) and keep showing how much you are doing for them, they will return your efforts accordingly. It will result in a long-term business relationship that you can bank on month after month, and year after year.
As a Tax Advisor you can make the difference in the operations of the companies you work for. Often times the difference between a dismal failure and a huge success financially could be a day late in filing the right tax papers (with all the consequent fees and levies from the IRS) and you could possibly be the edge they need to keep their doors open. When you keep doing that for businesses in your community, the word is going to get out and you will not be able to handle all the referral business that will come your way from those incredibly satisfied customers of yours. And wouldn’t you like to have that problem?
The best way to keep yourself busy is starting out with the right education. Having a program, that trains you in the intricacies of small business tax preparation as Universal is offering in their Professional Tax Preparer Certification is vital to your education process. You can turn that once per year interaction (and money) into a once per month advising relationship (with the additional money that comes with it!).
Are You Ready For The Next Step?Be in business for yourself, but not by yourself getting paid what you’re worth! Are you tired of thinking, “Why not me?” You have gotten this far in your search to do what you want to in your chosen career, take the next step. The time is now to be able to get the training and the change you desire in your professional life. Click here to find out if Professional Tax Preparation Certification is a fit for you.
Be the Profit Expert Professional for Small Business! Don’t hesitate another day in getting the Accounting and Marketing Training that makes the difference. Click here to get more information on what you need to know about becoming the Profit Center Expert for small business accounting and tax!
