Mazuma is now Vyde

Resources

Author: Jake Snelson

It’s inevitable really. When you run a small business, or any business at all for that matter, you’re bound to find an unhappy customer. It could be your product, your offered services, your shipping and return policies, or just the fact that they’re having a bad day – but when it comes to angry customers, there are right ways, and wrong ways, to handle it. So what should you keep in mind while handling a unsatisfied customer? Here are our top tips:

Set Up an IRS Payment Plan

Know your Return and Refund Policies Well

Although you should strive for a 100% satisfaction rate, it’s just not always possible in the world we live in. Some unhappy customers will be displeased enough that they might aim for more than what’s fair when it comes to returns and refunds.

But satisfying unmet (and often unrealistic) expectations isn’t worth going out of business or putting your bottom line at risk. Knowing your refund and return policies inside and out allows you to get creative when working to help unsatisfied customers. By doing so, you’ll know just how much you can give without losing money because no one ever stays in business by paying their customers.

Tip:  A good rule of thumb when managing poor reviews and complaints is to take it in perspective. If they’re complaining about something that you’ve heard quite a few times already, it might be something you really need to investigate. If it’s an issue you’ve never run into before, work to make amends, keep the issue at hand in mind, but don’t stress over a solitary complaint unless it’s something that warrants more attention (i.e. safety concerns on a product or service might be an exception)

Listen to Understand

No one likes to feel like their concerns are falling on deaf ears. If you have employees who might be the first person to make contact with an angry customer, make sure you let them know the approach that’s expected. A great phrase for an employee to follow up with after hearing a complaint is, “I can understand your frustration with fill in the blank. I’d love to introduce you to my manager so that we can make sure this issue gets resolved and we get you what you need.”

Always treat every customer as if their concerns are important to you. Listen to really understand, asking questions when needed. If an angry customer turns irate, simply address that you can see this is creating a large concern for them, and then ask that they lower their voice or suggest that you have the rest of the conversation in a quiet and more private location.

Communicate With Respect

With online review sites, social media rankings, and a myriad of other places for customers to log their complaints, it seems like you and your business might be under fire.  The anonymity that accompanies these methods often leads clients to believe they can say anything without hurting anyone. But it isnt’ true, individuals and businesses alike can suffer dire consequences from a lack of communicating with respect.  Here’s what we suggest:

  • Take a moment before you respond – how long you take depends on the situation, but it allows you to manage emotions and also think through what options you’re really to offer
  • Discourage inappropriate language or name calling – there are plenty of ways to communicate without these options and they should always be used when in a business or professional setting – by all parties
  • Keep venting to a minimum – talking through a situation with another employee or a manager is fine. Hashing out a bad customer experience with everyone is just fueling the fire.  If you’re having a hard time shaking it off, take a break, or ask your boss or business partner to handle the next few customer interactions. Then work to figure out a way that you can develop a thicker skin when handling customer complaints and put it into practice.

Impact of Retirement Accounts and Investments

Wow Them with Your Approach

So far, we’ve covered how to handle the basics of customer complaints. Now we want to cover how to turn a poor interaction into a good one so you leave your previously unhappy customer with a good taste in their mouth. Here’s a few ideas on how to make that happen:

  • Respond in like manner – we don’t mean match their tone or attitude, but rather communicate with them in like kind or one step above. If a customer leaves a bad review, promptly respond to the review online, but also consider calling or emailing them to follow up and see if their are additional concerns. If they come into your office or store to complain, discuss the concerns face to face – to step it up a notch, consider introducing your manager or the owner
  • Gratitude goes a long way – whether we like it or not, negative feedback is probably more effective for us as small business owners than any positive reviews we might receive. Why? Because with complaints we can start to explore ways to improve and grow our products and services. Saying a sincere thank you for helping you understand, improve, or make things right is going to make a major impact – and those customers often are the ones that become your biggest fans.
  • Make it known that you want to make it right – when conversations get heated or turn into a laundry list of complaints it’s easy to just jump to the quickest solution and hope that it stops the complaint dead in it’s tracks. But before you go to work on firing back excuses or solutions it helps to let the customer know that your top desire is to make it right. After you offer any retribution  or refund that you’re willing to provide, you can ask if there’s anything else that you can do. If they give you an answer you can’t say yes to, then simply apologize for the inconvenience and express again that you’re grateful that they were willing to communicate with you so you could do your best to make it right. There is no reason to make excuses or give details as to why you can’t fulfill their additional requests.

How else do you handle angry customers and negative reviews? We’d love to hear your ideas in the comments.

FAQs about Handling Angry Customers and Negative Reviews:

What’s the significance of knowing return and refund policies when dealing with unhappy customers?

Understanding policies helps balance customer satisfaction and business sustainability. It allows flexibility in resolving issues without compromising profitability.

How should businesses approach complaints that seem repetitive or unique?

Repetitive complaints signal systemic issues needing investigation. Unique complaints merit attention but shouldn’t cause undue stress unless safety or critical matters are involved.

How crucial is respectful communication when responding to negative feedback?

Respectful communication is paramount for reputation management. It entails thoughtful responses, discouraging inappropriate language, and avoiding public venting, fostering professionalism.

What strategies can turn negative interactions into positive experiences for customers?

Respond promptly and considerately to complaints, showing willingness to address concerns personally. Express gratitude for feedback, emphasizing the commitment to rectify issues and improve.

How can businesses navigate customer demands beyond their capacity to fulfill?

Prioritize customer satisfaction while acknowledging limitations. Offer sincere apologies, express gratitude for communication, and strive to resolve within feasible boundaries, maintaining goodwill.

Every small business needs a tool belt.  Initially many small businesses start out with an idea, a plan, and then grow to crazy and out of control without knowing how to organize/fix the problem.  Many successful small businesses have learned that it’s important to devote resources (ie: time and money) to a few top tools. Small business ownership requires a customizable tool belt with different tools to do different things…

  • Coaching/Consulting companies need: CRM,  Emails Automater, Project Management, Images, Social Media Scheduler….
  • Online Sales companies need: Really great online shop and really great website…and then the other things mentioned above
  • Preschools/Dance Studios/Companies that offer classes need: really good online scheduler, website, online payment, online registration form, and all the other things mentioned above.
  • Restaurant/Bakery companies need: Great following on social media, Email blasts, pics of food, really great website
  • Blogger/Vlogger companies need: Great internet connection, microphone, upload speed, editing software, etc.

 

With these types of companies in mind, there are other adjustments to be made of course, however here are a few of our favorite tech apps and solutions and why we love them.  Don’t take our word for it, what are your favorites? What have you thought about these options?

  • CRM: Customer relationship management tool Hubspot is online, cloud based, free, but with options to move up with a larger company size.  This is ideal for tracking sales goals, information about prospective clients, current clients, and what calls/emails need to be sent and when.
  • Graphic Design Tool  Canva, Lets you easily create many free beautiful graphic design pieces for free, and they have stock photos for cheap/free as well.  Whether you need to create a post for social media, a Facebook cover image, a flier, or poster, this makes graphic design something very easy to accomplish in no time.
  • Project Management: Everyone needs a tool that tells them what to do and when, all while assigning tasks out to other people and being able to communicate/attach the pieces that go with that task.  I have a few favorites (remember, I am in LOVE with Project Management) Asana-very professional, sleek design, Trello, very similar but with a more casual design, Airtable-easily becoming a more popular option, made of spreadsheets that can do everything you ever wished a spreadsheet could do! ,
  • Team Communication: Slack, This is great when you want to chat about different pieces of a team project, send documents that you aren’t sure are ready for a project management board, and question your boss or employees about how they do their job (we all have those days 😉 )
  • Emails Automated: MailChimp – This software is like an onion, it has many layers.  In it’s most basic form, your team can send emails to your clients/potential clients.  In a more complicated form, your team can set up sales funnel email chains to send automatically, create lead pages, track SEO from different links created, send out invites to events, attach video, images, and audio all without (or with if you choose) using code and looking great while doing that!
  • Social Media Scheduler:  Hootsuite -Schedule multiple posts to go out through multiple social media platforms at different times of the day/night and then track who says what about those posts, what the current #hashtags are, and how your posts stack up in their SEO competition.  My favorite function is getting a whole month of social media posts scheduled to be sent out in a couple of hours.

Coaching/Consulting companies need

Here are two videos I made on my Facebook page previously that talk about these options and more in-depth.  Getting my contacts organized and Funnels and Favorite Small Business and Life Hacks .   Let me know what you think and what has worked for you.  Thanks for all you do to build the small business community in a STRONG way!

Frequently Asked Questions:

What essential tools do coaching/consulting companies need?

Coaching/consulting firms benefit from CRM systems, email automation, project management, and social media scheduling tools to manage client interactions efficiently.

What are the key requirements for online sales companies?

Online sales businesses require robust e-commerce platforms, high-quality websites, and tools like CRM, email automation, and project management to support their online operations effectively.

What tech solutions are crucial for preschools, dance studios, and class-based businesses?

These businesses necessitate a reliable online scheduler, website, online payment system, registration forms, alongside CRM, email automation, and project management tools to streamline operations.

How can restaurants and bakeries leverage technology for success?

Restaurants and bakeries can benefit from a strong social media presence, email marketing campaigns, appealing food imagery, and a well-designed website to attract and retain customers.

What are the essential tools for bloggers and vloggers?

Bloggers and vloggers require a stable internet connection, quality microphone, fast upload speeds, and editing software. Additionally, they can utilize CRM, email automation, and social media scheduling tools for audience engagement and growth.

 
 
 

When it comes to running, and owning, a small business, it seems like you have to know and be able to do just about everything. However, one thing that many entrepreneurs and small business owners don’t necessarily think of, is how to make their business operate (or get back on it’s feet quickly) when a disaster strikes.

It may seem a little crazy to plan for natural disasters and freak accidents, but if you think back across the last few years, we’ve had plenty of big snow storms, hurricanes, and flooding to make you rethink how crazy planning for a disaster is. (yep, not crazy at all!) Even something as simple as a large semi rolling over on a busy street, a fire, or a chemical spill in your local neighborhood can keep your business shut, for a few hours or even days – so it’s time to take disaster planning for your business seriously because doing so can help you minimize losses and emerge relatively unscathed in case you’re in the path of whatever disaster might strike next.

Make a List… or Several

Taking inventory of what you have and what you might need is crucial and it’s an easy place to start. We’ve bulleted all the items we think you should either currently have a list or should make one below:

  • employee names, numbers, and emergency contact information
  • a list of the mandatory equipment that you’d need to keep your business running
  • any first aid and office essentials that you have or might be needed in case you need to house employees for a time
  • a list of important documents/things you’ll take with you in case you have to leave your building quickly (client list, employee contact information, etc.)
  • what your protocols are for fire, flood, natural disaster, shooter, etc. and any appointed leaders to oversee them

Use Multiple Ways to Communicate

Technology is almost constantly at our fingertips, but deciding on a few ways that you’ll communicate with employees in case of a disaster makes life a whole lot easier. Sending email blasts, text messages, and voicemails to employees is a great way to alert everyone of what’s happening. You may even want to have an official company social media account and encourage all your employees to follow it. We highly recommend establishing and using multiple channels so that everyone is on the same page. Making sure to inform everyone of the channels your business uses, and then also establishing a protocol for what will happen during an emergency ahead of time will make executing it easier as well as keep your employees safe and looking for additional instructions from you.

Move to the Cloud

When it comes to making things accessible to everyone, a cloud based storage system for data and files seems to be a no-brainer. Yet many small businesses choose alternatives because it’s an easy way to cut costs. We understand the need for budget-friendly options, but we also believing that killing 2 birds with 1 stone might be the better choice. Moving to the cloud means that your information is safe, secure, and easily accessible. But it also eliminates the extra strain that might occur if your building floods or burns to the ground damaging every piece of technology you have and the server that contains all your work and client files. Cloud storage also provides your company to run from virtually anywhere you can get internet access and that means employees can work from home, or even from an alternative location for a time without a lot of headache for you.

Ensure Workers Safety

Thinking through what you and your staff may need during an emergency is one of the best ways to prepare and can be as simple as cataloging what you currently have in your office and walking through some safety procedures during your next company meeting. Here are a few things to think about:

  • is there enough food and water on the premises that you could stay comfortably?
  • are first aid kits, flashlights, extra bathroom supplies, and petty cash on hand?
  • do you encourage your employees to exchange personal cell numbers and do you have updated emergency contacts for everyone in your office?
  • if it’s not you, who has been appointed to “call it” sending workers home before large storms hit or making sure everyone stays in place until it blows over?

What other items would you add to make your emergency planning bullet proof? We’d love to hear your ideas in the comments.

1. Why is disaster planning important for small businesses?

Disaster planning is crucial for small businesses to minimize losses and ensure quick recovery. Planning helps businesses operate smoothly during and after natural disasters, accidents, or emergencies, reducing downtime and financial impact.

2. What should be included in a disaster planning checklist?

A disaster planning checklist should include employee contact information, mandatory equipment lists, first aid and office essentials, important documents to take during an evacuation, and protocols for various emergencies such as fire, flood, or active shooter situations.

3. How can businesses effectively communicate during a disaster?

Businesses can use multiple communication channels such as email blasts, text messages, voicemails, and social media to keep employees informed. Establishing and communicating these protocols in advance ensures everyone knows where to look for updates during an emergency.

4. What are the benefits of using cloud storage for disaster planning?

Cloud storage provides safe, secure, and easily accessible data and files. It protects against data loss due to physical damage to the office and allows employees to work from anywhere with internet access, ensuring business continuity even if the physical office is compromised.

5. How can businesses ensure employee safety during an emergency?

Ensuring employee safety involves having enough food, water, first aid kits, flashlights, and other essentials on hand. Regularly updating emergency contacts, encouraging the exchange of personal numbers, and appointing someone to make critical decisions during emergencies are also vital steps.

Part Time Businesses You Can Start Today

If you’re like most people, starting a part time business isn’t about becoming rich. It’s about doing something you love, making a little money on the side, and adding some flexibility to your already existing lifestyle. Part time businesses are also great for growing long-term wealth and providing a sense of security in case your current full-time job doesn’t pan out like you might like. in the end it might become your dream job and leaving your current 9 to 5 will be your choice, but for now, here are 6 part-time businesses you can start today:

  • Service businesses – no matter what people are always needing hair stylists, barbers,  house sitters, pet sitters, tutors, dog groomers, property managers, virtual assistants and so on. And the best part is that everyone is looking for one of these that fits their current lifestyle and budget so you’ll not be short on potential customers.
  • Consulting of all kinds – maybe you know something about marketing, small business, or want to be a life or fitness coach. Whatever you specific topic, there’s someone interested in learning from, and paying, a coach/expert to share their knowledge.
  • Tradesmen – it might seem like learning a trade is old-fashioned, but in a world where custom details and quality are becoming what set us apart, tradesmen skills are in high demand. Masons, tilers, cabinet makers, painters, seamstresses, etc. are easily trackable online so you can find one in your area.
  • Design – looking for someone who has an eye for color and layout. Whether you’re good at landscape, graphics or interiors – demand for those with creative flair and an eye for trend is high.
  • Direct selling – there are so many direct selling companies available, that it’s easy to find one that fits your personality and lifestyle. Odds are you’re already currently using a product from one of them! Make sure to do your due diligence as some direct selling companies are actually illegal business schemes. According to a recent study Monat, Scentsy, and doTerra are the top 3 MLM (multi-level marketing) companies of 2018.
  • Start a blog – you’d be surprised how many people want whatever information you might have on a certain topic. Are you an avid foodie, do you love exercise and know a lot about nutrition? Maybe you’re a rockstar parent and have read every book out there on the topic. Whatever your passion is, it’s possible to share it with the world and earn a income through blogging.

start your business

Looking for something bit more seasonal? Here’s our short list of season side hustles that will earn you some extra dough:

  • irrigation and sprinkler repair
  • tour guide for your local area
  • paddle board, paddle boats, kayaks rental
  • yard maintenance
  • food truck or snow cone shack
  • seasonal sports instructor – golf, tennis, swim, ski
  • bed and breakfast
  • air B’nB
  • snow or leaves removal

Ready to start your business but not sure what you need to be legal? We’ve got you covered. Check out licenses & permits, bookkeeping for small business here.

 

Summer is here. You’re ready to hit the beach, enter the theme park gates, jump on a jet plane or even just hit the open road. We hope you get a chance to relax wherever your journey takes you, but we wanted to share a little expert advice about how your summer vacation plans might offer some financial bonuses for your small business.

Ben Sutton, CPA and co-found of Vyde, gives his expert advice on what expenses you can take from your vacation plans this year and turn them into write-offs for your business in this episode of Live With Ben. Grab a pen, paper, and your favorite beverage and get ready for these useful tips!

Have questions? We’d love to answer them and talk to you about setting up a strategy for bookkeeping and taxes for your business. Contact us here. 

 

Business Costs

Business costs, taxes, and all that financial stuff might take some time to understand or even a class or two, but you can understand the simple nuts and bolts version within just a few minutes. The important thing, is that you grasp the big picture, so that you can understand the details once it comes tax time or you need to sit down with your accountant. Read on for a brief overview of how business taxes work.

We’re going to cover 3 aspects to business taxes today – with these, you’ll have a firm grasp of what your accountant is talking about (or how to handle the do-it-yourself tax software you’re using) a little bit better. In any business, you’ll need to address the following when it comes to finances and taxes:

  • general business costs
  • tax deductions
  • asset depreciation

General Business Costs

When the say it takes money to make money – they’re talking about business costs. It’s fairly easy to see that to run a business there is always going to be some expense involved. Even if you’re goal is to keep a low overhead, you’re going to have to pay a little to make sure you can keep your shop’s doors open. So lets talk about general business costs.

If you’re just getting started with your business it most likely will fall into one of these 3 categories: 1) brick-and-mortar, 2) online, or 3) service providers. These business types are different than your business entity – you can read more about that here.  

Each business may vary a bit in startup costs, but everything on the list below should be considered. If it is an expense for your business, record it. If it isn’t, simply cross it off and make a note on why it’s not an expense for you.

  • licenses & permits
  • insurance
  • lawyer services
  • accountant and bookkeeper
  • office space
  • equipment & supplies
  • utilities
  • communications – internet and phone lines
  • inventory
  • employee salaries
  • marketing & advertising
  • market research – for either promotion or product creation
  • printed marketing materials
  • website

Once you’ve recorded down the price for those expense which apply to your business, you’ll want to add them all up to get an idea of how much you’ll need to invest to make your business run.  Some items have well-defined costs, others are a little more flexible. The most important thing you can do is to estimate (and even estimate a little high) so that you’re not scrambling for cash later.

If you’re in the planning stages before actually starting your business, you’ll want to include details on each of the costs and be as accurate in your figures as you can. You’ll even want to put it in a formal presentation that’s easy to understand if you’re looking to acquire startup funding or secure a loan from a bank or other lending institution.

Looking for ways to cut business costs? We give 20 Quick and Easy Ways to Cut Business Costs here.

General Business Costs

Tax Deductions

Odds are you’ve already heard about tax deductions and what they can do for your business. Truth is, tax deductions can be a business owner’s best friend. If you’re wondering what a exactly a tax deduction is, the simplest definition is that it’s a credit that is subtracted from your income and therefore lowers your taxable income.

The IRS allows you to take either a standard deduction or an itemized deduction. With a standard deduction the IRS allows you to deduct a specific amount without requiring an y record keeping or proof of deductions. But standard deductions are only available on personal taxes.  An itemized deduction allows you to calculate all of the deductibles you qualify for  (which can often be much higher than the standard deduction) and subtract that from your income.

If you want to read more about tax deductions and what the IRS will accept you’ll want to visit this post. 

Want to know what tax deductions you might be missing, read the Top 5 Missed Deductions here.

Asset Depreciation

Many businesses rely on at least some physical assets to stay operational. Even if you’re a solopreneur, you’re bound to use a computer, office equipment, a car and so on to accomplish the tasks of your business. But these pieces of equipment don’t last forever, so it’s important that you show that they lose value over time in your company’s books.

First lets cover a bit of vocabulary, so we’re all on the same page.

Depreciation – the act of quantifying the loss of value for a specific item or the portion of an asset’s cost that is consumed during a certain accounting period. As an item depreciates, some of it’s value or profit now becomes an expense, because you’re using up that portion. If you imagine a copy machine that can only give you 5000 copies before it won’t work, the value of that machine would depreciate in value with every copy made until all 5000 copies were used. The same goes for any piece of equipment.

Amortization – refers to intangible assets like contract rights, and intellectual property that has a fair market value. If you were the company that made the 5000 copies copy machine, the blueprints for how to make the machine or the rights to be the sole manufacturer of that machine would be things that might amortize.

It’s easy to confuse the 2, but it’s important to know the difference and even more so to understand how to calculate depreciation. To do so, you’ll need to define the following three things:

  1. Useful life – the time period the asset can be used before it stop functioning. (for the copy machine it would be 5000 copies)
  2. Salvage value – the amount of money a company could hope to recover if they sold the asset. (If you were to sell the copy machine before the 5000 copies were up, how much could you make? More if there were more copies available, and less if there were few, etc.)
  3. Obsolescence – when the asset will become obsolete and need replacement. (in our simple example of the copy machine, it becomes obsolete when the 5000 copies are made; however in real life, we know that copy machines can make more copies if they receive regular maintenance, employees don’t abuse the machine, and we replace the ink cartridges and clean the rollers, etc.)

You’ll then define these values against your asset’s purchase price.

A few things to note:

  • depreciation is figured based on the historical value of an item and it’s likely lifespan, as opposed to the cost of replacing it now. For things like cars, computers, and machinery – market value tends to be less than the recorded amount, but for things like property, the market value can be higher than what’s listed in your balance sheet.
  • Not all assets depreciate – items that are predicted to last a year or less don’t qualify for depreciation (our 5000 copies copy machine may fall in that category if the company tends to make more than 5000 copies in a year)
  • You have to actually own the asset to claim depreciation – so leases on big machinery, buildings, cars aren’t allowed.

The straight-line method of figuring depreciation value is simple:

Depreciation expense = (asset purchase price – salvage value) / useful life

Asset Depreciation

FAQs for Business Costs, Taxes, and Financial Management

1. What are general business costs, and why are they important?

General business costs refer to the expenses necessary to operate a business. These costs include items such as licenses and permits, insurance, office space, equipment, utilities, inventory, and marketing. Understanding and tracking these costs are crucial because they help you budget accurately, ensure your business runs smoothly, and prepare for potential financial challenges. Properly managing these expenses can also impact your tax deductions, as many business costs are deductible.

2. How do tax deductions work for businesses?

Tax deductions reduce the amount of income that is subject to tax, thereby lowering your overall tax liability. For businesses, deductions can be itemized, meaning you list specific expenses such as office supplies, travel, and salaries, which are then subtracted from your income. The IRS allows for these deductions to encourage investment in business operations. Proper documentation and understanding of eligible deductions can significantly reduce the amount of taxes you owe.

3. What is asset depreciation, and how does it affect my business taxes?

Asset depreciation is the process of allocating the cost of a tangible asset over its useful life. This accounting method recognizes that assets like machinery, computers, and vehicles lose value over time. Depreciation reduces taxable income by treating the loss in value as an expense. It’s calculated using the asset’s purchase price, its useful life, and its salvage value. Accurate depreciation accounting can provide tax benefits by reducing your taxable income.

4. Why is it important to estimate business costs accurately?

Accurately estimating business costs is essential for financial planning and stability. It helps you budget effectively, avoid cash flow issues, and ensure that you have enough funds to cover all necessary expenses. Overestimating costs can prevent financial shortfalls, while underestimating can lead to unexpected financial strain. Accurate cost estimation is also crucial when seeking funding or loans, as it demonstrates thorough planning and financial responsibility.

5. What are some common ways to reduce business costs?

There are several strategies to reduce business costs, including:

  1. Outsourcing non-core activities: Hire freelancers or external firms for tasks like accounting, marketing, or IT support.
  2. Negotiating with suppliers: Secure better deals or discounts on bulk purchases.
  3. Reducing utility expenses: Implement energy-saving measures and switch to cost-effective service providers.
  4. Utilizing technology: Invest in software that automates tasks and improves efficiency.
  5. Remote work: Allow employees to work from home, reducing the need for office space and associated costs.

Successful Small Business

It’s no small feat to build a small business. Most entrepreneurs and small business owners invest time, money, and passion into their ventures. But it’s not just that investment, and their commitment to it, that makes their business a success. If you’re looking for long term success, you’ll need to consistently invest, building habits and work flows that build rather than create chaos. Today we’re covering 5 daily essentials for building a successful small business. Their items that the pros use to make sure they’re keeping on track and reaching their goals. Put these in place from day one, or even start implementing them today and we’re pretty sure you’ll see positive changes coming your way.

1. Check in With Your Vision & Goals

It may seem simplistic to say remember your vision and goals – everyday. But that’s exactly what you should do. The hard part isn’t the remembering it’s holding yourself accountable and getting achievable goals and a clear vision set in the first place. There are lots of ways to get a vision for your business, but the best one we know of is to simply take some time and ask yourself what you want to accomplish. Not sure? Answer these questions:

  • what do you want to accomplish this year?
  • where do you see yourself in 5 years?
  • what type of problems does your business solve?
  • what type of person are you helping?

After you’ve done this for your business, list out specific products and/or services and do the same. Who are you helping with this product? What would you like to see happen with this product during the year? How are you going to make it happen?

As you check in daily on your vision and goals, you’ll notice that your goals may shift over time – your vision however, should stay pretty much the same. Realigning yourself to your vision and refocusing on your goals on a daily basis helps you to stay accountable and keeps you focused on what’s important in your business.

We share some ideas on how to stay inspired on your goals and build your business here.

2. Review your Books

For many entrepreneurs and small business owners the idea of checking the books daily is overwhelming. When we mention reviewing the books on a daily basis, we’re not suggesting that you spend much time reviewing all the tiny details – that’s a process that’s more effective if done monthly. Instead a daily review of your books should be a few moments where you focus on the financials of your business. You should know if you’re making or losing money at any given time during the month. You also should have a good idea of what products/services are selling well and what seem to be lagging. Even if you’re a solopreneur or you manage the majority of your business happenings – keeping a ‘Review the Books’ mindset means that you’ll be wise in making business decisions because you’re aware of where you stand financially at all times. The daily process should take only a few minutes and be empowering, for example: “Today I’m going to see if I can market, sell, or promote Product X and keep moving towards my goal of increasing my monthly net income by XX amount.”

If bookkeeping isn’t really a thing for your business, we’d suggest getting it established. You can check out our secret formula for getting started here and learn some simple strategies for effective bookkeeping here.

Strategize with Employees or a Business Ally

3. Touch Base With Customers

Some of the most successful entrepreneurs still spend a ton of time talking to clients. Why? Well, without them there wouldn’t be much of a business to begin with. Taking a few minutes to touch base with customers every day is one of the best things we can think of to create a successful business. Here’s a few reasons why:

  • learning from customers helps you hone your current offerings
  • customer service is responsible for more than half of customer satisfaction – reaching out and making sure you’re getting it done for those that do business with you is just plain smart
  • expressing a little gratitude towards those you work with/for goes a long way – you’re putting a little bit of gratitude out into the universe, but it also helps build life long customers

You’ll find a lot of direction can be found in talking to your customers. Plus, the info you glean from these interactions should fuel you to create additional offerings, improve current services, or spend more time promoting the products you have. Interacting with customers takes time, but it also can provide some of the most valuable information out there.

4. Strategize with Employees or a Business Ally

Small business owners often operate in silos because they’re more invested in their work than those that they employ. That’s not to say that your employees don’t care about the work they do, but that they’re not as invested because it’s not their ideas, money, or passion they’re implementing. If you’re a solopreneur it’s a good idea to find a business ally – someone that’s also spending time on their own ventures – to bounce ideas off of. If you’re employing workers, we suggest spending a few minutes to strategize with them because as you brainstorm better ways to do things with those you employ, you’re utilizing the skills they bring to the table as well as empowering them to be more invested in the work they do because they helped create the plan.

5. Step Away & Unwind

Taking a moment to step away and unwind from your business ventures is vital to being successful. No one builds an empire overnight, and they definitely don’t accomplish it if they’re burned out. Taking at least a few minutes (we’d recommend at least 1 hour) to take a walk, have lunch, pursue a hobby, or spend time with family and friends actually fuels your passion rather than depletes it. Whatever you do, make sure you’re balanced in the time spent between being hands on  and stepping away. We find that some of our best work happens when we head back to the office after we’ve taken an hour or two to refuel our passion and unwind from the pressures of work.

Step Away & Unwind

What other things do you do daily to ensure your business success? We’d love to hear about them in the comments.

FAQs About Building a Successful Small Business

1. Why is it important to check in with my vision and goals daily?
Daily check-ins help keep your business aligned with your long-term vision and ensure you stay accountable to your goals. Regularly reassessing your objectives allows you to adapt to changes while maintaining focus on what truly matters.

2. How often should I review my financials?
While a detailed monthly review is essential, a brief daily check of your financials can empower you to make informed decisions. Spend a few moments each day to understand your income, expenses, and which products or services are performing well.

3. How can I effectively connect with my customers?
Touching base with customers daily is key to building strong relationships. It allows you to gather feedback, improve your offerings, and express gratitude, all of which contribute to customer satisfaction and loyalty.

4. Why should I strategize with my employees or business allies?
Collaborating with employees or fellow entrepreneurs can lead to innovative ideas and improved processes. Involving your team fosters a sense of ownership and investment, making them more engaged and motivated in their work.

5. How important is it to take breaks from work?
Taking time to unwind is crucial for maintaining long-term success. Stepping away allows you to recharge, preventing burnout and enhancing creativity. Regular breaks can lead to more productive work sessions and renewed passion for your business.

 

Every business needs to perform a 6 month check up on their company.  If you are good, you perform those along the way as well, monthly, weekly, daily, but a 6-month check up should consist of 3 different areas:

  1. Value Chain Analysis

  2. SWOT analysis

  3. Revisit Quarterly & Yearly Goals

1.What’s a Value Chain Analysis?

This is where you look internally at the process piece of your company and see how you can improve in each area of running your business.  This is very tricky to do impartially, but you need to be honest for your business’ sake. What bottlenecks do you see right now (don’t allow yourself to say, “that doesn’t count because we’re waiting for a part to solve that bottleneck, so we already know about that”–no!  Be honest and write everything down. Remember, this is merely a survey and not a “To Do List.”

Areas of Analysis:

Support Activities:

  • Firm Infrastructure: Systems/Routines

  • HR: Recruitment; Formation

  • Technology Development: product design

  • Procurement of Resources: ensure resources availability

Primary Activities:

  1. Inbound Log: Reception, warehousing, distribution of tasks

  2. Operations: how administrative tasks get accomplished

  3. Outbound Log: Storage, transportation, product distribution

  4. Marketing & Sales: CRM, advertising, social media, email blasts, etc.

  5. Customer Service: warranty, maintenance, referral rewards, discounts, etc.

2. What are your company’s Strengths Weaknesses Opportunities and Threats?

These questions are also hard to be impartial about, but this is very important to be honest here as well!  Strengths and Weaknesses have to do with your company’s skills and abilities.  Opportunities and Threats have to do with what is going on in the industry and marketplace and how can your company be benefitted or deterred due to Social, Legal, Environmental, Political, and Technological changes that are here or upcoming.

Why revisit Quarterly and Yearly Goals

3.  Why revisit Quarterly and Yearly Goals?

Yearly goals have to do with benchmarks, financial forecasts that you’re company wants to meet. Quarterly goals are more the month to month operational/sales goals your company has created in conjunction with smaller financial goals in order to meet the Yearly goals.  If those goals are in a file that is never brought to light, what are the chances that your company will be able to meet them? Something important to remember is that those goals can change. When planning out a whole year many things change, Marketing, Technology, the best Processes for your product funnel, etc.  Don’t feel bogged down and embarrassed to look at those goals. Be honest about where your company is with those. If you have decided to do something different, put the old goals in your “backlog” for later. If the industry has changed and there’s a new way that works better to accomplish your goals, don’t continue to follow the old plan just because you worked hard on it.

Outline of Quarterly/Yearly Goal Meeting:

  • Review:

    • Vision: why your company does what it does

    • Mission: who your company provides services/products for

    • Strategy: how your company provides those services/products

    • Yearly Goals: financial/operational goals

    • Quarterly Goals: marketing/technology/process

  • Are you meeting those?

  • Do any changes need to be made?

  • What are the top priorities?

  • What can be pushed to the next year/6-months?

identify my company's Strengths, Weaknesses

After this assessment, don’t start searching for a paper bag.  This is not meant to be overwhelming but can even SAVE you TIME believe it or not!  You’ll need to take your assessment and decide which pieces of your business need to change right away, which are right on track, and which can wait until the next quarter or year.  Personally, I have a hard time with reevaluating because I feel like I’m throwing away hard work. Putting projects into a “backlog” where I can still call them back to attention when I need ideas is a great way to make sure your business is running at top efficiency and not wasting time spinning wheels when ideas are needed.  As you get used to taking these steps every 6 months, your processes will be streamlined and you will not have huge, hair pulling out bottleneck issues that have gotten worse over time. You CAN DO THIS!!!

Frequently Asked Questions:

What is a Value Chain Analysis and why is it important?

A Value Chain Analysis assesses internal processes to identify areas for improvement within your business. It’s crucial for enhancing efficiency and productivity.

How do I identify my company’s Strengths, Weaknesses, Opportunities, and Threats (SWOT)?

Evaluate your company’s skills and abilities for Strengths and Weaknesses, and consider external factors like industry changes for Opportunities and Threats. Honesty is key.

Why should I revisit Quarterly and Yearly Goals?

Quarterly goals drive month-to-month operations and sales, while Yearly goals set financial benchmarks. Regular review ensures alignment with company vision and adaptability to industry changes.

What should I consider during Quarterly/Yearly Goal Meetings?

Assess your company’s Vision, Mission, and Strategy alongside financial and operational goals. Determine if adjustments are needed, prioritize tasks, and update plans accordingly.

How can performing a 6-month check-up benefit my business?

Regular assessments prevent inefficiencies from escalating, saving time and resources. By evaluating and adjusting processes every six months, businesses can maintain optimal performance and adapt to changes effectively.

 

We may be living in tech-savvy world, where email, text message, and other forms of digital communication seem to be king. But when it comes to businesses, every style, shape and size of business seems to rely on physical mail to function. It might be new business cards, invoices, or deliveries of stock and supplies, but whatever it is, there are just some things that can’t be taken care of digitally.

It’s a common question among business owners – what type of mailing options are out there and what’s going to work best for your business? And although there are supporters in every camp, we firmly believe that any of the options could work out fine for your business – as long as you weigh the pros and cons and are informed on what each option has to offer. That said, we’re talking mailing options and why you might want to consider either a home address, P.O. Box, or a mailbox for your small business.

Legally What Type of Address is Needed for My Business?

When it comes right down to it, you’ll need at least a physical address to complete the paper work to legally start your business and obtain your licenses and permits. The addresses you may want to use beyond that in your business are up to you.

Many businesses, mostly home-based businesses, use their home address on their business cards, stationary and as their mailing address for invoices and the shipping of supplies. Although that doesn’t sound like a bad option, it does raise concerns when it comes to security as well as the logistics of changing addresses in case you move from your current home.

P.O. Boxes are a good options and are available at almost every postal office across the country. However, over time, the personal side and transparency of our businesses have become more important in attracting clients. Because anyone can obtain a P.O. Box and it’s a fairly common belief that many P.O. Boxes sit untouched for days, even weeks, at at time – the use of one can actually invoke distrust with some clients and make them wonder about the legitimacy of our business. When it comes to marketing our business, we want to do everything we can to promote trust, transparency, and passion for the work we do for our clients.

Mailboxes are another option, often provide a physical street address for your use, and include additional services that the traditional P.O. Box may not offer.

When it comes right down to it, any of the options may be just what your small business needs. But the best business decision you can make is one that is informed on the options. As you consider your business needs, budget, proximity, and marketing tactics, you’ll be able to pick and choose from the address options and make a pick that will fit your business to a T. We’ve compiled the basics on all three options for your use:

Reasons to Use a Home Address for Your Small Business

  • convenience
  • doesn’t incur additional cost
  • provides you with a proper mailing address, rather than a impersonal P.O. Box as your address
  • keeps things simple – one address for everything – your licenses, marketing materials, shipments, and a searchable location listing for Google and other search engines

Reasons to Use a P.O. Box for Your Small Business

  • usually the low cost option
  • provides a level of security for your personal life because your home address isn’t made public
  • provides continuity if you ever have to move and cuts down the hassle of informing clients of a change of address or an interruption in your deliveries
  • you mostly receive mail that’s delivered by traditional mail carriers (the post office)  rather than specialty mail delivery services (i.e. UPS, FedEx, etc.)

Reasons to Use a Mailbox for Your Small Business

  • you often receive from multiple carriers, providing greater versatility and reliability
  • need a mail forwarding option because you travel often or for work
  • notification options – many mailboxes provide a phone call or text message whenever an item arrives, so you can stop spending time checking the mail and get back to business
  • round-the-clock access – many mailbox providers offer 24-hour access to your mail and deliveries, so you can pick up your mail when you want instead of arranging your schedule around their hours

So which option fits your business best? Are there additional needs you have that don’t seem to fit between a home address, P.O. Box or Mailbox? We’d love to hear about it in the comments.

Welcome to Small Business Accounting School – school is now in session and it’s time to start building your business. We know that small business owners everywhere have passion for what they do. They put in countless hours, keep track of the dollars and cents and are more than willing to invest back into the biz when they know it will grow and they’ll make a profit. Small business owners are savvy, but they’re also sometimes short on time. We get that, because we work with small business owners everyday, and we’re even small business owners ourselves.

Every small business owner seems to have their speciality. They’re good with the books (that’s us), or stellar with the creative, or super savvy when it comes to influencing and marketing. But it seems that none of us can do it all. We figured we’d pull our best resources and advice on accounting and put it all in one place. That way small business owners everywhere could gather, read through the posts, try their new found knowledge through the quizzes and then go forth to build a better business by putting our bookkeeping advice and financial savvy to use. If you have questions – we’d love to talk. Contact us and we’ll happily answer your questions and see if we don’t make a good fit for you and your business.

And now… on to this session of Small Business Accounting School.

If there’s one thing we get as accountants, its that bookkeeping and accounting for a small business can create a lot of paperwork. For us, running the numbers and tracking the receipts is no big deal, but we get that not everyone loves numbers or getting it all organized in the books. That said, tracking receipts and handling the books is a part of small business life – so we’re sharing our secrets.  This week, we’ll be covering: Conquering the Paper Pile-Up: Tracking Your Receipts

Test Your Knowledge with this Quiz

Missed last session? No problem. You can catch the post and take the quiz here