Jake Snelson - Vyde

5 Organizational Habits for Small Business Owners

When you run a small business, the title, owner, translates to: head of marketing, inventory manager, customer service rep, etc. It’s impossible to stay on top of everything unless you develop organizational habits.

Learning to be more organized is essential to living a balance and happy life. However, there are a few direct benefits to becoming organized. First, being organized helps to lower stress. We don’t have to tell you what relieving a little stress can do for your health. Second, by developing organizational habits you can become more effective. Which means you can do more with your business and improve your life.

Conquering these 5 organizational habits can help you stay on top of all the tasks pulling at you and help you grow a successful business.

Organizational Habit 1: Prioritize Your To-Do List

The first organizational habit you should develop is utilizing to-do lists. A simple to-do list on your phone can free up so much space in your head.

A to-do list is a great place to start but in order to be more organized you’ll have to go beyond just listing things out. Learning how to prioritize your to-do list is going to simplify your life.

When you don’t know how to prioritize, you end up being overwhelmed by a long list of things to do and you don’t accomplish anything, at least not fully. You must be able to pick out the most important items on your list and do them first. Not only is a prioritized to-do list going to give you more direction, it can also free up some of your time.

Once you prioritize what you need to do, you can delegate any tasks that don’t require your attention to your team. Learning to delegate is a life saver as a small business owner.

Organizational Habit 2: Prepare for Tomorrow

Everyone wants to be able to leave their work behind and relax at the end of the day, even small business owners. However, there is always a list of things that need to be done. This organizational habit will help you leave work behind so that you aren’t constantly thinking about it.

Before you leave work for the day, take a couple of minutes to jot down any tasks that need to be done the next day. This will help you in two ways. First, a good brain dump will free up your mind. So, instead of spending all night remembering tasks that need to be done, you can spend five or ten minutes at work to think and jot them down. Now you can relax for the rest of the evening. Second, when you come into work the next day you won’t waste time trying to figure out what you need to do. You’ll already have a list of tasks to complete and you can prioritize those and get going.

Organizational Habit 3: Keep Things Tidy

There is a huge correlation between a cluttered space and a cluttered mind. In order to focus on your work you need to minimize other distractions, including clutter!

The first step in becoming tidy is having a place for everything. Look around your desk or office and determine what you can store away. What do you need within arms reach? Find a place for everything so that when you’re finished with it you know where it should go. Also, take this time to declutter. The less you have the better!

Once you have a place for everything you must be diligent in keeping things in order. Don’t procrastinate putting things away. It’s also a great to get in the habit of cleaning up your space for a couple minutes every day. Cleaning at the end of the day is a great way to decompress from a day’s work and set yourself up for success tomorrow.

Organizational Habit 4: Scan Important Documents

Being tidy can be relatively easy, until we get hit with a stack of paper. Paper tends to be the biggest contributor to clutter. The simplest way to clear your space and your mind is to get rid of the papers.

Instead of hanging on to every piece of paper learn to toss them. If you think it might be important later, scan it and save it on your computer. If you want to know how long to keep something you can use our guide, How Long to Keep Important Financial Documents.

Organizing Receipts

Receipts are a whole other mess to be tackled. You need to keep track of important receipts, especially anything you plan to use as a business deduction. Anything that isn’t going to be used for tax purposes can be tossed.

The IRS accepts digital copies of receipts, so any important receipts can be scanned and saved for future reference.

It’s good to get in the habit of scanning your receipts and organizing them within files on your computer. You can also add notes along with your receipt so that you know what the expense was for. This will come in handy if you’re audited and have to prove why that lunch was a business expense.

Organizational Habit 5: Keep Track of Your Time

We’re not talking about clocking in and out. You’re the boss. Your paycheck isn’t based on the hours you put in. What we’re talking about here is keeping track of how you spend your time.

There are a lot of different time organizational habits you can choose from. However, the most important thing is to learn how to focus on one task at a time. Whether you time block or use the Pomodoro method, or some other trick, you have to be able to stick to one thing if you want to organize your time.

An important aspect of time management is learning to minimize distractions. This means turning your phone on silent, closing Facebook and shutting your office door. If you allow too many distractions in your workspace then you won’t be able to focus on your tasks. You’ll spend more time doing simple tasks and you wont’ be able to accomplish nearly as much.

We hope these 5 organizational habits will help you improve your business. Let us know what works for you!

FAQs on Organizational Habits for Small Business Owners:

Why are organizational habits crucial for small business owners?

Small business owners juggle various roles, and being organized helps manage tasks effectively, reducing stress and increasing productivity.

How can I prioritize tasks effectively using to-do lists?

Prioritize tasks based on urgency and importance to streamline workflow and ensure crucial tasks are completed first, enhancing productivity.

Why is preparing for tomorrow important for small business owners?

Preparing tasks in advance allows for a clear mind and efficient workflow, minimizing wasted time and maximizing productivity the following day.

How can I effectively manage paper clutter and important documents?

Scan and digitize important documents to reduce paper clutter, ensuring easy access and organization. Utilize digital receipts and categorize them for efficient record-keeping.

What is the significance of tracking time for small business owners?

Tracking time aids in optimizing productivity by focusing on one task at a time and minimizing distractions. Implementing time management techniques enhances efficiency and task completion.

What is the Rehabilitation Tax Credit?

The rehabilitation tax credit is a federal tax credit that encourages real estate developers to renovate or restore older buildings. Buildings built before 1936 are the target of the rehabilitation tax credit.

Any renovations made on buildings from 1936 or earlier are eligible for a 10% tax credit. Any buildings that have historical status are eligible for a 20% rehabilitation credit. The tax credit only applies to buildings being restored for business purposes. Buildings with historical status must work with the National Parks Service and meet their requirements.

Contractors cannot claim the tax credit. In order to claim the rehabilitation tax credit you must be the title holder of the property.

The purchase of a building is not eligible for the rehabilitation tax credit. It also cannot be used for landscaping, or repairs to sidewalks or parking lots. You must make improvements to the structure in order to qualify for the credit.

If you want to qualify for the rehabilitation tax credit you must meet certain requirements. You must also meet project deadlines and hit the completion date on time in order to qualify.

Rehabilitation Tax Credit Scenario

Jonathan recently purchased a building in the historic downtown portion of his town. The building is registered as a historical site through the National Parks Service. Because of it’s age, the building needs a lot of updates and repairs.

Jonathan is planning to make those repairs and wants to take advantage of the rehabilitation tax credit. However, since his building is already a historical site, the National Parks Service has to review all of his plans.

The first step Jonathan takes is to contact his local State Historic Preservation Office. He’ll start the process with them. They’ll provide all the forms he needs. Next, the National Parks Service will review his application and see if the repairs Jonathan intends to make conform to the standards set by the Secretary of the Interior.

Once the National Parks Service approves the project, Jonathan can begin construction. Throughout the project the State Historic Preservation Office will make site visits.

Jonathan will claim the rehabilitation tax credit on his taxes for the year in which the project is completed. On the return, Jonathan must put the project number the National Parks Service issued to him. The Rehabilitation tax credit will cover 20% of the qualifying expenses.

Frequently Asked Questions

What is the Rehabilitation Tax Credit?

The Rehabilitation Tax Credit is a federal tax credit that incentivizes real estate developers to renovate or restore older buildings. Buildings constructed before 1936 can receive a 10% tax credit, while those with historical status are eligible for a 20% credit. The credit applies to structures restored for business purposes.

Who is eligible to claim the Rehabilitation Tax Credit?

Only the title holder of the property can claim the Rehabilitation Tax Credit. Contractors are not eligible to claim this credit. The credit applies to renovations or restorations of buildings, not to the purchase of the buildings themselves.

What types of buildings qualify for the Rehabilitation Tax Credit?

Buildings built before 1936 are eligible for a 10% tax credit. Buildings with historical status, as recognized by the National Parks Service, are eligible for a 20% rehabilitation credit. The credit is applicable only to buildings restored for business purposes.

What kinds of improvements qualify for the Rehabilitation Tax Credit?

To qualify for the Rehabilitation Tax Credit, improvements must be made to the structure of the building. The credit does not apply to landscaping, sidewalk repairs, or parking lot repairs. The renovations must meet certain requirements and project deadlines to be eligible.

How does the process work for claiming the Rehabilitation Tax Credit?

To claim the Rehabilitation Tax Credit, you must first contact your local State Historic Preservation Office. They will provide the necessary forms and guide you through the application process. The National Parks Service will review your application to ensure compliance with the Secretary of the Interior’s standards. Once approved, you can begin renovations. After completion, you will claim the credit on your tax return, including the project number issued by the National Parks Service.

5 Branding Tips for Small Business Owners

Branding is the way your company presents itself to the world. It comprises a lot of different aspects like: image, voice and audience.

We’re going to go over what you can do to build your brand and create a better company.

1. Create a Brand Identity

Although the look of your brand isn’t everything when it comes to branding it’s a good place to start.

When you’re creating a brand identity, you’ll want to figure out how you want to make people feel. Once you’ve decided that then you can start to design your image.

You’ll want to create an identity that is easy recognizable. Think of some of the big brands. What do you think of when you see red and yellow? McDonalds. What about when you see the green M for Monster? Create a logo that is distinctive and uses colors that represent the feeling you want to convey.

2. Define Your Audience

Audience is an important aspect of branding. How can you draft your message without knowing who you’re speaking to?

When you’re determining who your target audience is here are a few things to consider.

Who does your product serve?
What demographic do you want to reach?
What is your company’s mission?
Can my audience afford my product or service?
What values are important to you?

Once you’re able to determine who you want to target you can begin to brand a message.

3. Develop Your Voice

Now that you know who you want to talk to, you need to develop your voice.

Voice is the way your brand expresses who it is, usually in writing. A brand’s voice helps keep things consistent across all branding efforts.

When you’re developing your voice, you should consider what feelings you want to portray. Do you want your brand to be funny, serious, friendly? Once you’ve decided on that you can start determining your what your voice sounds like.

Next, you can find key words or phrases that will help define your voice. When you use these words or phrases consistently it will help build an association between your brand. Your audience may even start using these phrases in their own lives, which will help grow your brand.

4. Be Consistent

The biggest part of building a brand is consistency. Make sure the brand identity you’ve developed is consistent throughout all parts of your branding.

If you decided that your brand wants people to feel happy and excited, then you’ll want your image and your voice to match that. A black website that has a convoluted voice isn’t going to achieve your goal. Instead, you’ll want to use bright colors in your design and have an upbeat voice.

5. Develop a Branding Strategy

Nothing can move forward without a concrete strategy and branding isn’t any different. In order to create a successful brand you need to determine how you’re going to do it. Here are a few things to consider when you’re developing your branding strategy.

Use Social Media

Social media is an essential tool in marketing and it’s a perfect place to implement your branding strategies. People are going to recognize your visual branding first. You want them to be able to know something is yours right when they look at it. Then, you’ll want to connect with them using your voice. Social media is great because it can connect your brand identity like nothing else can. Plus, it gives you a chance to interact with potential customers and win them over.

Reward Loyalty

Whether you’re creating a new brand identity or improving on the one you have, it’s important to make your customers a part of your brand.

When you’re starting out new, make sure you find a way to thank each person who supports your business. Or, if you’re rebranding and already have a strong customer base, then find ways to show them you’re still there for them while you’re also taking on new clients. Check out this post on customer appreciation for ideas.

Include Emotion

Humans aren’t completely rational and your branding shouldn’t be either. Using emotion in your branding is a surefire way to get your clients to really connect with your brand.

Go back to your brand’s identity. How do you want to make people feel? What can you do within your brand to bring those emotions to the surface? Perhaps you’re a dentist and you want your patients to feel comforted and relaxed. You’ll want to include photos of people smiling while talking with a dentist. You’ll use colors that are peaceful. And your voice will convey assurance and peace. Emotion can be and should be used in every aspect of your branding.

Do you have any other questions about branding? Let us know!

Frequently Asked Questions (FAQs) about Branding

What is the first step in building a brand?
The first step in building a brand is creating a brand identity. This includes designing a logo, choosing colors, and crafting a visual image that conveys how you want people to feel when they interact with your brand. It’s important to create something distinctive that is easy to recognize.
Why is defining your audience important in branding?
Defining your audience is crucial because it helps you tailor your message to the people you’re trying to reach. Without knowing who your target audience is, you won’t know how to communicate effectively. By understanding who your product serves, their demographics, and their values, you can create a brand that resonates with them.
What role does “voice” play in branding?
A brand’s voice is how it expresses its personality and values, typically in writing. It helps maintain consistency across all marketing efforts and builds a connection with the audience. Whether you want your brand to be funny, serious, or friendly, developing a consistent voice ensures that your message is clear and relatable.
How can I ensure consistency in my brand?
To ensure brand consistency, make sure that your brand identity—such as your logo, colors, and voice—is aligned across all platforms and materials. For example, if your brand aims to make people feel excited and happy, everything from your website’s design to your social media posts should reflect that through bright colors and an upbeat tone.
What should be included in a branding strategy?
A successful branding strategy should include the use of social media to showcase your brand’s identity and engage with customers. Rewarding customer loyalty and using emotion to connect with your audience are also essential. Think about how you can evoke emotions that align with your brand’s mission and values to build a deeper connection with your audience.

The Power of Customer Surveys

Customer surveys aren’t a priority to a lot of businesses. Business owners wonder if it’s really worth the effort, and sometimes money, to survey customers. We’re here to tell you it’s definitely worth it!

Customer surveys hold a lot of power. They give your happy and unhappy customers a chance to let you know what you’re doing right and what you’re doing wrong. Plus, it gives unhappy customers an productive outlet to express their frustrations. Did you know, that a dissatisfied customer will tell 9-15 people about their experience, according to a study by the White House Office of Consumer Affairs. Instead of having them tell other potential customers about their experience you can have them tell you directly, which gives you a chance to fix it!

These four tips will help you craft a great customer survey!

Include Your Branding

The first thing you want to do when you’re creating your customer survey is add your branding to it. You want your customers to know that they’re interacting with your business.

Going above a basic template and including your brand’s images and colors will help keep your customer focused on you during the survey. This is also a great chance to use your voice. Remember, this is another interaction between your business and your customers, so treat it just like any other interaction. Make it a great experience.

Ask the Right Questions

Great customer surveys are short and to the point. At most there should be 10 questions. Most of these questions should be multiple choice, or on a rating scale, but you have to include space for people to give feedback in their own words.

Here are a few things you should consider when you’re generating questions for your survey.

The interactions between the customer and your business
How your team’s performance has been. Include back office staff as well!
Overall satisfaction
Value of your products or services

One thing you should avoid when crafting your questions is asking leading questions. If your questions are worded so that it makes you sound amazing, then it really turns people off to your business. Customers want to know that you’re humble and open to criticism, whether it is good or bad.

Allow for Open Feedback

Allowing open feedback is how you can get real opinions and suggestions on how to improve your business, or learn if what you’re doing is really working.

You can add a spot for feedback after each question with a rating, so that people can expand on why they gave you the rating they did. Or you can ask open ended questions so that your customer can respond with their opinion. However, you don’t want to make too many questions open ended because it may turn people off to your survey. Remember, this shouldn’t take up too much of your customer’s time.

Follow up

Here’s where you take a customer survey and use it to blow every other business out of the water. It’s great to send out a generic thank you email after taking a survey, but when you follow up with something of value to someone who has taken the time to finish the survey that’s what really counts.

If someone has complimented your business, take the opportunity to show them how much you appreciate their business. Sending a note or even a gift card can show them how much you appreciate them.

Now, if someone has given you bad feedback, it’s critical that you follow up. This is where you can turn their experience around. First, apologize that their interaction wasn’t anything but satisfactory. If they gave you any specifics on how you could improve, tell them that you’ve read their suggestions and are going to try implementing them into your business. If there is anything else you can do to change their opinion, do it. There are so many people who hate a company but their opinions are completely changed by good customer service! It’s worth the effort.

Frequently Asked Questions

Why are customer surveys important for businesses?

Customer surveys are vital because they provide insights into what your business is doing right and wrong. They offer unhappy customers a productive outlet to express their frustrations, which can help prevent negative word-of-mouth and allow you to address issues directly.

What are the key elements of a good customer survey?

A good customer survey should include your branding, be concise with a maximum of 10 questions, mostly multiple choice or rating scale, and allow for open feedback. This structure ensures the survey is engaging, focused, and provides valuable insights.

How should businesses handle negative feedback from customer surveys?

Businesses should follow up with dissatisfied customers promptly. Apologize for their unsatisfactory experience, acknowledge their feedback, and inform them of any actions you plan to take based on their suggestions. This can help turn a negative experience into a positive one and show that you value their input.

What type of questions should be included in customer surveys?

Include questions about customer interactions with your business, team performance (including back office staff), overall satisfaction, and the value of your products or services. Avoid leading questions to ensure honest and useful feedback.

How can businesses maximize the effectiveness of customer surveys?

To maximize effectiveness, follow up with customers after they complete the survey, especially those who provided negative feedback. Show appreciation to those who gave positive feedback through personalized notes or small gifts. Use the survey results to make tangible improvements in your business operations.

6 Best Budgeting Apps for Personal Finances

Everyone knows that budgeting is a good practice, but for most people it’s hard to stick to. Most budgeting methods are outdated and make it too hard to keep track of all your expenses.

Luckily, nothing makes budgeting easier than a good app. These 6 budgeting apps will help you keep track of your personal finances so that you can reach your financial goals.

Pocket Guard

In a day and age where we use a card to pay for everything instead of cash, it’s hard to determine how much money we have “left in our pocket.” That’s where Pocket Guard comes in. Pocket Guard tracks daily spending, bank accounts and bills.

Pocket Guard can help with budgeting by telling you how much you have left to spend for each month. It sets aside the money you need to pay for your monthly bills and any purchases made on credit cards so that you don’t over spend. Pocket Guard will let you know when you need to slow your spending down. It can even help you find savings on your monthly bills! They also use the same 128-SSL bit security that banks use, so you know your information will be secure.

Pocket Guard is a free app for iOS and Andriod.

Mint

Mint is more than just a budgeting app, it focuses on your entire financial life. Like most budgeting apps, Mint helps you keep track of your income and expenses. It alerts you when you have bills to pay, so you don’t miss a payment.

However, it goes beyond basic budgeting and gives you more features. It keeps track of your retirement accounts and your investments. And, it shows your credit score so that you can keep track of your overall financial health.

Mint is free for iOS and Andriod, and it’s available on your desktop too.

Wally

Wally hopes to provide high-level financial tracking to the everyday man. They focus on savings, expenses and budgets so that you can meet your financial goals. Wally also allows you to take photos of your receipts for your records.

A unique aspect of Wally is that it isn’t just for the United States. It can be used in almost every country and they plan to add currency conversion, which will make it a great traveling tool.

Wally has separate versions for iOS and Andriod, but both versions are free. Wally, is the iOS version and Wally+, is the Andriod version.

Level Money

Level Money is a great tool for budgeting because it can help connect to all of your different bank accounts. It also can predict your balances based on recurring income and payments.

The best part of Level Money is that counts your money like your Fitbit counts steps, showing you how much money you’ve spent and how much you have left to go. It gives you a monthly spending budget (after deducting your bills) and levels off where you should be at each day in your spending. Another great feature is it’s financial tracking. It can show you what you’ve spend on different categories throughout the year so you can find ways to cut expenses.

Level Money is free for iOS and Andriod.

Mvelopes

Mvelopes takes the traditional envelope budgeting systems and makes it high-tech. When you make your budget you put money for each category in an “envelope” then when you make purchases Mvelopes subtracts the money from each envelope so that you know how much you have left to spend.

Mvelopes boosts the fact that they’re more than just a budgeting app. They have other tools that can help you manage your debt and save money.

Mvelopes is free for iOS and Andriod.

Prosper Daily

Prosper Daily, formerly known as BillGuard, helps to keep track of your expenses, but it also helps you manage your credit and identity. Prosper Daily’s unique feature is that it has you approve your spending. It flags any purchases that look out of the ordinary and has you approve them or you can mark it as fraudulent. If a charge is fraudulent it allows you to file a claim from the app.

Prosper Daily is free for iOS and Andriod.

What are Pretax Earnings?

Pretax earnings can be applied to individuals or businesses. In each case, pretax earnings refer to the amount of money an individual or business earns before income tax is taken out. Pretax earnings are also referred to as pretax income or earnings before tax.

In order to determine the pretax earnings for businesses you have to do a little bit of math. To calculate the pretax earnings for a business, you should subtract all of the operating expenses, including interest and depreciation, from the total sales or total revenue.

It’s helpful for businesses to understand what their pretax earnings are so that they can compare revenues across areas where corporate taxes may differ.

Pretax Earnings Scenario

Individual Pretax Earnings

Mollie is an employee who receives a regular paycheck. When she looks over her paycheck she can see that her employer has paid her income tax for her. Employers will typically pay the state and federal income taxes, social security and Medicare for their employees. This means that the check Mollie receives and deposits in the bank is her after tax income. In order to determine what she made pretax, she can check her pay stub for her gross earnings.

Business Pretax Earnings

Frederick is the Chief Financial Officer at his company. The company has locations in three different states. The corporate taxes differ in each state. In order to determine how much revenue each location is bringing in Frederick needs to compare the pretax earnings of each store.

Frederick asks the store managers to submit reports with all of the operating costs and total revenues for their store. Once Frederick receives the data he can determine which stores are making the most profits. The numbers would be skewed if he looked at the after tax income, since the tax laws in each state are different.

Glossary: Accounting and Tax Terms

This glossary of accounting & tax terms will hep you understand basic accounting vocabulary. Click on any of the terms for a expanded definition and examples.

Accounting & Tax Terms

After-tax income: The amount of disposable income that a person or company has left over after all federal, state and withholding taxes have been deducted from the taxable income. You can spend your after-tax income on future investments or on present consumption.

Business Tax Credits: Business Tax Credits are a group of credits available to business owners. These tax credits are grouped together and submitted through IRS Form 3800. There is a limit on how many credits you can claim. It is based on your tax liability. Use IRS form 6251 to find out how many credits you can claim.

Charitable Donations: Charitable donations are gifts given to nonprofit organizations. Common gifts include: money, real estate, vehicles, clothing, securities, jewelry or other assets or services. Most charitable donations are tax deductible. It’s important to get a receipt from the organization that you donate to in order to claim it on your taxes.

Tax Credit: A tax credit reduces the amount of tax a business or individual has to pay. The government uses tax credits to encourage or reward behavior that they find beneficial. For example, the government can give a tax credit to people for replacing old appliances with new, energy efficient ones. Most tax credits are given to benefit the economy or environment; however, the government can create tax credits for any reason.

Tax Deductions: A tax deduction is a credit that is subtracted from your income, which lowers your taxable income. The Internal Revenue Service (IRS) allows taxpayers to take a standard deduction or an itemized deduction.

Earned Income Credit: The Earned Income Credit (EIC) is a tax credit for low to moderate income earners. In order to qualify for the Earned Income Credit, you must file a tax return, even if you are not required to file taxes. Those who file for an Earned Income Tax Credit may receive a tax refund if their taxable income is less than the credit.

Federal Tax Lien: A federal tax lien is used to put a lien on property, or any other assets, as collateral for unpaid back taxes. The Internal Revenue Service (IRS) can issue federal tax liens to secure payment of those unpaid back taxes.

Gifts of Equity: A gift of equity is when family members sell property to other family members for less than market value. The gift of equity is specifically the difference between the market value and what the buyer pays. A gift of equity can be for any amount, up to the total value of the home.

Hobby Loss Rule: If your business goes too many years without making a profit it can be classified as a hobby. When it becomes a hobby you can no longer claim losses as business deductions.

Itemized Tax Deduction: An itemized tax deduction is the alternative to taking the standard tax deduction. An itemized deduction counts all of your tax deductions in order to lower your taxable income. It requires more work than claiming the standard deduction, but it can also pay off if your itemized tax deduction is greater than the standard deduction

Kiddie Tax: The Kiddie Tax is a tax applied to a child’s unearned income. When children under the age of 18 make $2,100 or more in unearned income, that income is taxed at the guardian’s tax rate. Unearned income is considered any gifts of stock or other investments. The Kiddie Tax does not apply to earned income (income made through employment.)

Mileage Allowance: The Internal Revenue Service (IRS) allows people who use their vehicles for business, charity, moving or medical expenses to take deductions on those expenses; this is called mileage allowance. The IRS deducts a certain cent-per-mile; the IRS determines the deduction each year. This is also referred to as the “standard mileage rate.”

Nanny Tax: The Nanny Tax is a federal (and sometimes state) tax paid by people who have household help and pay them over a certain threshold. The nanny tax applies to nannies, housekeepers, gardeners or any other household help.

Pretax Earnings: Pretax earnings can be applied to individuals or businesses. In each case, pretax earnings refer to the amount of money an individual or business earns before income tax is taken out. Pretax earnings are also referred to as pretax income or earnings before tax.

Rehabilitation Tax Credit: The rehabilitation tax credit is a federal tax credit that encourages real estate developers to renovate or restore older buildings. Buildings built before 1936 are the target of the rehabilitation tax credit.

Sales Tax: Sales tax is a consumption tax on goods and services. State governments, along with county and local governments, set the sales tax; however, not every state has sales tax.

Underwithholding: Underwithholding is when you haven’t had enough income taxes withheld during a year. If a tax payer’s incomes taxes are underwithheld, it does not mean that tax payers doesn’t have to pay the taxes. Tax payers pay the underwithheld taxes when he or she files a tax return.

Withholding Tax: Withholding taxes are a form of income taxes. These taxes are taken out, or withheld, from an employee’s paycheck, which the employer pays directly to the government.

Customer Appreciation: How taking the extra step can bring in more business

Most business owners think that big marketing campaigns are the best way to bring more business in; however, there is a little secret that can beat any marketing campaign: customer appreciation. Customer appreciation is the best way to maintain clients and bring in new ones. The best part is that it can be done at a very low cost.

Why is Customer Appreciation Important?

Think about your relationships with businesses. Which ones are your favorites? Why are they your favorites? Probably because they take an interest in you, or they strive to make you happy. That’s exactly what customer appreciation is about.

As businesses scale, they typically stop focusing on making individuals happy and they focus on numbers. When this happens they end up losing business because they don’t care about the people anymore. In fact, 68% of customers leave a business because they believe the business doesn’t care about them. That is a huge percentage!

In order to keep those people, and have them refer you more business, you have to show your customers that while you’re growing, you still care about the individual.

If you want to stay ahead of your competition, you need to focus on customer satisfaction.

Benefits of Customer Appreciation

Increase Market Value

In a day and age where you can easily be replaced by an online option, you have to show people why they should choose you. Companies who put customers first often have outstanding reviews. Those reviews are what drive more business to you.

Increase Customer Loyalty

Customer loyalty cannot over stated. Loyal customers not only bring you a steady stream of business, but they are likely to recommend your business to family and friends. And a recommendation from someone you trust is more powerful than any other type of marketing.

Increase Profits

Showing your customers that you appreciate them encourages them to buy from you time and again. Which is great for you for two reasons. First, it’s six to seven times cheaper to sell to a repeat customer than to acquire a new one. Second, once they trust you they’re more likely to spend more money at your business.

Customer Appreciation Ideas

Now that you understand the importance of customer appreciation, we want to give you a few ideas on how you can show your customers how much they mean to you.

A Handwritten Note

Whether it be a thank you note, or just a random note telling your customers what they mean to you, a handwritten note always goes a long way. The key to this is that your note must be handwritten. An email doesn’t have the same level of thought to it. A great way to include a note is in any packages you send, or maybe even a card for their birthday.

Gift Cards

A gift card is a great way to show your customers that you appreciate them. You can send a small amount like $5 or a large amount, either way getting a gift card is exciting. If you work with other businesses, support them by giving out gift cards to those businesses.

Spotlight Customers

Everyone loves a shout out! Show customers how much they mean to you by telling everyone you know about them. Link to their website and social media accounts when you can. This helps them gain exposure and can help build their businesses as well!

Reward Repeat Customers

A lot of companies offer deals for new clients or customers, but what about the people who are always there? Make sure you show them that you appreciate their continued support. Give them 10% off their next purchase!

Listen To and Implement Feedback

When your customers take the time to give you a suggestion or compliment, show them that you appreciate it by replying. Let your customers know that you appreciate their input. If you can implement their idea, let them know how it made a difference in your business. Maybe even reward them if you can. (Any of the suggestions above would be great to combine with this!)

Hold a Customer Appreciation Event

Nothing says “Thank you” like food! If your clients are mostly local hold an event where they can bring their families and mingle with your business. When you get the whole family involved it really shows that you appreciate their support. If you can’t do a local event, try to host something online! The possibilities are endless.

Frequently Asked Questions (FAQs) about Customer Appreciation

1. Why is customer appreciation more effective than big marketing campaigns?

Customer appreciation builds personal connections, fostering loyalty and positive reviews, which are powerful in attracting and retaining business.
2. How does customer appreciation increase market value for businesses?
Prioritizing customers creates outstanding reviews, enhancing your market value. Positive feedback attracts more business and sets you apart from online options.
3. Why is customer loyalty crucial for business success?
Loyal customers provide a steady stream of business and are more likely to recommend your business to others. Trust from loyal customers leads to increased profits.
4. What are some customer appreciation ideas to implement?
Ideas include sending handwritten notes, offering gift cards, spotlighting customers on your platforms, rewarding repeat customers, and hosting customer appreciation events.
5. How can businesses show they appreciate customer feedback?
Respond promptly to feedback, implement valuable suggestions, and consider rewarding customers for their input. Building a feedback loop strengthens customer relationships.

What is Withholding Tax?

Withholding taxes are a form of income taxes. These taxes are taken out, or withheld, from an employee’s paycheck, which the employer pays directly to the government.

The IRS determines how much to withhold from your paycheck using the W-4 form you fill out when you’re hired. The number of deductions you take determines how much the IRS withholds. The W-4 form will ask the following questions to see how much should be withheld.

Whether to withhold at the single rate or at the lower married rate.
How many withholding allowances you claim. (Each allowance reduces the amount withheld.)
Whether you want an additional amount withheld.

The amount of taxes withheld determines if you get a tax refund each year. If you withhold more than you need to, you’ll get a refund. If you don’t withhold enough, you’ll owe more income taxes.

After you do your taxes, if you realize that you haven’t had enough taxes withheld, or have a life changing event that changes your deductions, then you can fill out another W-4 claiming fewer deductions. This will help so that you don’t have to pay more taxes during tax season.

It doesn’t really matter if you have the correct amount withheld from your paycheck. If you prefer to get a refund then you’ll want to take fewer deductions. However, if you don’t mind paying taxes later, then you can take fewer deductions and have more take-home pay.

The IRS also withholds taxes on other income such as pensions, bonuses, commissions, and gambling winnings.

Withholding Tax Scenario

Jack Taylor is employed and filled out a W-4 when he first started at his job. However, his wife recently had a baby and quit her job. So he needs to readdress his withheld tax deductions.

In order to do this, Jack asked his employer for a new W-4 form (it can also be found online and then submitted to your employer). Jack will follow the personal allowances worksheet on the W-4 to find out his new deductions.

According to the Personal Allowances Worksheet on the W-4 Form Jack is eligible for 6 deductions. However, if Jack takes all of those deductions he may not have enough taxes withheld. Instead of taking all those deductions Jack chose to only take 2 deductions in the hope that he would get a tax refund. After he does his taxes for the year he can reassess if he needs to take more deductions.

Your Best Summer Sales in 4 Easy Steps

For many businesses, summer can be the slowest sales time of the year. With people spending more time and money on vacations, summer sales tend to go down.

However, with the right summer sales strategy it’s possible to keep your sales up. These five tips can help you keep your numbers up throughout the summer season.

Talk Vacation

There’s one question that will help increase summer sales: “Where are you going on vacation?” People love talking about their vacation plans.

When you’re going to ask about their vacations, don’t ask if they’re going on vacation, assume that they are. Then, be prepared to listen. After they’ve told you all about their summer plans, let them know that you can help them prep for their vacation by getting everything they need before they go.

When you take the time to listen to people, they are more likely to buy from you because they have a personal connection.

Contact People Early in the Day

You can blame the gorgeous weather for not being able to make afternoon summer sales. When all people can think about is getting out of the office and into the sun, they don’t want to spend the afternoon stuck on a call.

Try to make all of your sales calls before noon. People will be more focused and have more energy in the morning, so it’s best to get in touch with them when they’re focused on work. If you wait until the afternoon, they’re going to be more distracted and it will be harder to make the sale.

Use Email

Email campaigns are a great way to reach out to your customers and let them know about what’s going on with your business. You can use email to announce any sales or promotions you are running, or just to send out a newsletter.

If you want to make the most of your email campaigns you’ll have to take a few extra steps. First, you’ll want to personalize your campaign. Anytime you can use your customer’s name, do it. It helps to connect with the customer on a personal level. Second, make sure you create a visually pleasing email. All of the information should be easy to spot so that when people glance at the email quickly they can find everything out. Finally, focus on your subject lines. A subject line can be the difference between a sale and the virtually trash can. Highlight your offer so that people are more likely to open the email.

Teach Customer Service

Now is the best time to train your team on customer service. Despite your best efforts, there will still be down time, so use that time to invest in training.

Customer service is an important aspect of sales because people are more likely to buy from someone when they feel comfortable with them. You should train all of your employees the basics of customer service.

Teach them to ask questions and listen to the customer. Taking the time to get to know the customer can be a powerful sales tool. Another great sales tool is learning customer’s names. If you have repeat customers, learn their names so that when they walk in you can call them by name. People love hearing their own name, and when you use it with your customers they feel like you’re friends not just sales people. Finally, teach your team to do everything with a smile. Whether a customer is happy or upset with your business if your team can remain upbeat and serve them happily (or with a smile) then it leaves a lasting impression. They’ll tell everyone how pleasant your business was to work with, even when there was an issue.

Resources

Author: Jake Snelson

Organizational Habit 1: Prioritize Your To-Do List

Organizational Habit 2: Prepare for Tomorrow

Organizational Habit 3: Keep Things Tidy

Organizational Habit 4: Scan Important Documents

Organizing Receipts

Organizational Habit 5: Keep Track of Your Time

FAQs on Organizational Habits for Small Business Owners:

What is the Rehabilitation Tax Credit?

Rehabilitation Tax Credit Scenario

Frequently Asked Questions

1. Create a Brand Identity

2. Define Your Audience

3. Develop Your Voice

4. Be Consistent

5. Develop a Branding Strategy

Use Social Media

Reward Loyalty

Include Emotion

Do you have any other questions about branding? Let us know!

Include Your Branding

Ask the Right Questions

Allow for Open Feedback

Follow up

Frequently Asked Questions

What are Pretax Earnings?

Pretax Earnings Scenario

Individual Pretax Earnings

Business Pretax Earnings

Accounting & Tax Terms

Why is Customer Appreciation Important?

Benefits of Customer Appreciation

Increase Market Value

Increase Customer Loyalty

Increase Profits

Customer Appreciation Ideas

A Handwritten Note

Gift Cards

Spotlight Customers

Reward Repeat Customers

Listen To and Implement Feedback

Hold a Customer Appreciation Event

Frequently Asked Questions (FAQs) about Customer Appreciation

What is Withholding Tax?

Withholding Tax Scenario

Talk Vacation

Contact People Early in the Day

Use Email

Teach Customer Service