Build a Better Business - Vyde

How to Grow Your Business: Find Your Audience

As a business owner, it can be easy to see dollar signs on things that aren’t actually going to drive revenue for your business. Identifying the markets that are going to be lucrative for your business will help you to define your niche and—more importantly—nail it. It’s tempting to try to reach every customer who could possibly be interested in your products, but taking the time to find your perfect fit will help you to iron out your offering and help your business to be more scalable.

You may think you know your audience, but taking the time to do some market research may surprise you. Take the time to define your niche audience and figure out what it is your customers really want. Knowing this will also help you to know how to talk to your customers in a way that will help them convert. Follow these steps to help you define your niche audience:

If you have current customers, take a good look at your current customer base. Are there similarities in age, gender, income level, occupation, ethnic background, or other areas? Do certain products appeal to certain types of customers? Start writing down all the common ground your customers share.
Take a good look at your products and services. Start dissecting your offering by asking “What does my business’s offering solve for a customer.” Why problems do your customers have that are eliminated by purchasing your product or service? Identify these pain points and write them down. These pain points are essentially why your business does what it does. For example, if you’re running a fashion boutique, a customer problem may be “I don’t feel confident in what I am wearing”. If you’re running an auto shop, a customer problem may be “I don’t have the time, patience, or knowledge to fix my car myself”. Some of the problems you identify may seem obvious, but write them down anyway. Defining these problems will make it easier to see who these problems apply to.
Now that you understand the problems your business solves, start defining who these problems apply to. Who is going to have the greatest need for your products or services? These “personas” are essentially sample customer profiles that will help you to better market your business. Be specific and be realistic. Take into account things like income level, age, and other demographic information when defining this persona. You’ll also want to try to define these personas on an emotional level by thinking about values, personalities, lifestyles, etc.
Once you have some personas defined, reach out to customers to try and get some market feedback. You’ll need to try to get feedback on things like your products, your pricing, your brand, why someone would or would not purchase, etc. You can offer free samples of your products and services as an incentive—and who knows, you may get them hooked on your business!

Once you find your target audience, you’ll be able to nail your marketing and connect with your customers on an impactful level.

How To Tell If You Need Help On Your Taxes

It goes without saying that starting a business means you’re probably fairly good at DIY. DIYing is one of the best ways to save money when you’re starting out, and most small businesses don’t have terribly difficult taxes (to begin with).

But as your business grows, it’s time to start thinking about how to outsource so that you have time to focus on your passion – the reason you started it all in the first place. When it comes to taxes, hiring an expert will not only save you time, but it usually also saves you money. And that’s a huge win for a lot of small business owners who are seeing a lot of growth.

So how do you tell if you need help on your taxes or not? We’re glad you asked.

Things Are Simple

If you’re not itemizing your tax return and there isn’t anything too complicated going on with your finances, then it’s probably ok to just keep plugging and chugging with your tax software of choice. If you are looking to itemize your taxes, you haven’t been as consistent at bookkeeping as you probably should be (meaning that you have to make up a month or two or more!) or you’re looking to create more of a strategy when it comes to your financial plan then hiring an accountant is the right choice.

You Understand What the Forms & Software is Asking For

It’s true that we have plenty of clients that understand it all, but have chosen to enlist our help with their bookkeeping and taxes. Most of them find value in outsourcing to us because it saves them time and stress. However, if you find that you have more questions about what exactly the software is talking about or you find yourself googling a bunch of terms, it’s probably a wise bet that an accountant will not only make your life easier but make sure that you stay out of the IRS’s scrutiny as well.

You’re Looking To Take Things To The Next Level

If you’re looking to seriously grow your business or you’re wanting to take your side gig full-time, then hiring an expert is a good idea. With an expert you’ll get detailed reports and the information you gain there will be key in your success.

You Feel Like You’re Paying A Lot in Taxes But Aren’t Making a Lot of Money

It never feels like there’s enough money, but if you’re constantly worrying about the fact that you don’t have enough or you feel like you pay a ton come tax time, then it’s time to talk to an accountant. You might not be taking all your deductions, haven’t filled out the forms properly, or aren’t really being as profitable in your business as you think you are. Getting help with your taxes will be the first step in setting your business up for financial success and at the very least, you’ll probably be able to get a better tax return.

Is it time to get help your taxes? If so, we’d love to chat.

3 Efficiency Tactics That Are Actually Wasting Your Time

In the world of business “highly efficient” and “super productive” are more like super powers than they are a skill set. If you’ve been in business long, you know that there’s an advantage to increasing your work flows to gain more of either of these descriptive words. They often equate to more clients, more sales, and more money. For small business owners, growing your biz is not only a dream it’s your passion so focusing on efficiency and productivity is pretty important.

You’ve also probably heard the phrase, “too much of a good thing” and when it comes to increasing the business super powers mentioned above, that might just be the case. Here are 3 efficiency tactics that are actually wasting your time.

Working During Vacation

It happens to all of us. We’ve worked hard to grow our business or build our career and that often means that vacation is pushed to the wayside. In a world where technology lets us stay on top of all the things, all the time – it’s easy to let work rule. Just like there’s buzz about efficiency there’s also buzz about “sharpening the saw” so we pencil in those vacation days and tell ourselves that we’re taking the time off so we’ll be better at work. Without fail, that vacation gets shortened or even worse, we take it but still try to tackle some work projects during those days off.

Working during vacation is a no-no. You may feel the quiet of your vacation schedule and think jumping into your emails or checking status on projects won’t hurt, but it does. Vacations are only restful if we actually rest. So when you’re poolside, turn the ringer of your phone off, ditch your laptop before you hit the beach – we’d even recommend leaving it at home! Take your vacation time as a moment not only to rest but to fuel your creativity – do things you wouldn’t normally do, try a new activity, mark something off your bucket list – it won’t only give you a chance to recharge, it will inspire you.

Doing Work-Related Stuff on Days Off

It’s 9AM on a Sunday morning and you hear your cell phone ding. Our hope is that it’s a friend or relative with a last minute brunch invite, but more often than not it’s a co-worker or boss getting in a little extra work on the weekend. Whether you’re the boss or the employee, working on the weekend or other days off hinders productivity rather than helps it. It gives the impression that you’re always available, and although that might seem like a good thing, it actually just shows that you might have problems managing your time.

When you’re at work, work. When you’re at home, be home. If work is your life, even on the weekends and those banking holidays that you’re lucky enough to get off, consider picking up a hobby or planning an outing with family or friends. If you’re worried about what others might think, make it a habit to come in early Monday morning, mention to your boss or co-workers that you’re working to be more thoughtful and focused both at work and home and that you won’t be answering emails until the work week starts again. Believe us, you’ll be more productive and focused and you’ll enjoy both your work week and weekend more.

Multi-Tasking

Doing all the things all the time isn’t efficiency, it’s just crazy. Technology is great and there might be those that tell you that multi-tasking is the way, but they’ve been duped by the promise of doing more in less time. Tasks take the time they take, and there are plenty of studies (not to mention it’s just plain common sense) that focusing on one task at a time will not only get it done faster, but better as well.

Instead of getting caught up doing all the things, make a list, prioritize and even consider setting a time allotment for each task. You’ll be surprised how much faster you get things done when you only have 20 minutes to do it.

What other tactics have you tried to help you be more productive? Did it work? We’d love to hear in the comments.

FAQs for Article on Efficiency Tactics That Are Actually Wasting Your Time

1. Why is working during vacation detrimental to productivity?

Working during vacation prevents you from fully resting and recharging. True relaxation requires disconnecting from work, which in turn fuels creativity and overall productivity when you return.

2. How does working on days off negatively impact efficiency?

Working on days off blurs the line between work and personal time, leading to burnout and reduced overall productivity. It’s important to maintain a clear separation to ensure you are fully rested and ready for the work week.

3. Why is multitasking considered counterproductive?

Multitasking spreads your attention thin, leading to lower quality work and slower task completion. Focusing on one task at a time increases efficiency and improves the quality of your work.

4. What are the benefits of prioritizing tasks instead of multitasking?

Prioritizing tasks helps you focus on the most important and urgent work first, ensuring that critical tasks are completed efficiently and effectively. This approach also reduces stress and enhances the quality of your output.

5. How can I make the most of my vacation and days off to boost productivity?

To maximize the benefits of your time off, completely disconnect from work-related tasks, engage in activities you enjoy, and try new experiences. This not only helps you recharge but also sparks creativity and fresh perspectives when you return to work.

Business of Blogging: Part 10 – Hire an Expert

This post is part of the popular Business of Blogging series. If you’re looking to start a business online, or if you’re looking to grow your business with a blog, the information provided here is a good place to start.

More and more of today’s business is being done over the internet. Shopping, consulting, taking classes, even ordering food can be done by the swipe or tap on your smartphone. Despite the fact that convenience is one of the internet’s greatest gifts, it also gives us a host of knowledge right at our finger tips.

Blogging is no longer family pictures and a digital way to preserve or share memories. Today, blogging is a key way to provide expert information about your product or service and many online entrepreneurs are financially successful just by providing expert-level information alone.

So how does one turn a blog into a business? We’re glad you asked.

Despite the fact that anyone can start a blog, very few are successfully run businesses. And even though the idea of online businesses is still fairly new, the way to create a successful business is not. In this series, we discuss the details of business as it pertains to blogging, and our goal is to help you turn a profit from providing your knowledge, product, or service on your own little piece of the internet.

It’s all good to DIY things, but there comes a time in your business where things get busy and it’s time to hire an expert rather than continue to do it yourself. If you’re not sure when that might be, you’re in luck. We cover the basics and more in this post of the series.

Read more here…

Business of Blogging: Part 9 – Pay Quarterly Estimated Taxes

So how does one turn a blog into a business? We’re glad you asked.

Now that you’ve taken the steps to establish a financial plan, it’s time to get prepped for paying taxes. Even if you’re not hiring an accountant or bookkeeper you can stay on top of your finances and be a pro come tax time. Today we’re talking about Quarterly Estimated Taxes.

Read more here…

The Business of Blogging: Part 8 – Invest in Your Blogging Business

So how does one turn a blog into a business? We’re glad you asked.

You’ve got some money stashed away so you can cover your blogging expenses. You’ve got an established budget so you know what money you need and where you’re spending your hard earned cash. Now it’s time to start talking about investing in your blogging business.

Read more here…

Business of Blogging Part 7: Create a Budget for Your Blog

So how does one turn a blog into a business? We’re glad you asked.

Making money is good, but it’s not enough. To run a truly successful blog turned business you need to have and stick to a budget. Budgets can provide a lot of security for a small business and today we’re talking why having a budget for your blog is one of the best ways to guarantee your success.

Read more here…

6 Tips for How to Handle Work During the Holidays

It can be hard to stay motivated during the holidays. There is so much to do with end of year reports due, Christmas parties, never-ending projects, and last minute gift buyers. Don’t let those dissuade you from good business practices. Here are some realistic tips for how to keep your business running smoothly during the holidays:

Go With the Flow

Have popular items ready in large quantities and back off on your specialties, even if you like to be different. You don’t have time for new ideas right now. This is the time to relax and save time by automating what works well and then saving new ideas for the new year.

Take Pride in What You Do

If you specialize in whole, natural ingredients, amazing customer service, etc, let people know what makes you special. Then focus on becoming the BEST at it and you’ll get noticed. During my recent trip to Italy, I got to know the Italian way of doing business. They really take one small piece of the market, make it theirs, hone their craft, and make it better and better every year. When you care about your product, your customers will too. This will help you become more creative and help customers get to know you better.

Work Parties are Important

Get to know your people better. Use this time to genuinely show you care about your co-workers and get to know them better. Think of this as time dedicated to being personable and don’t let work get in the way. See how your teams click and get to know each other in a new environment. This is where true collaboration and skills are matched.

Don’t be Afraid to Try Something New

Get creative by trying something in a unique and fancy way!-If you have an upcoming event, don’t be afraid to be unique. Keep things simple to avoid more holiday stress, but don’t be afraid to add unforgettable flair. If you have the right setting and confidence, your unique style will be the thing that sets you apart from other events and companies

Be Consistent

Because they are made consistently and throughout time, even precarious rock structures are there to stay. Businesses can be much the same. If the business owner takes the time to be consistent in messaging, expanding their thinking, and continually searching for new ways to be creative, they’ll have a business that stands the test of time. Take 30 mins to go over an outline for the next year. Include events/products/timing that worked well. Changing things just to try out a new idea can be beneficial, however the main foundation of your year should start to become familiar in order to help the new ideas grow.

Make Memories with Your Loved Ones

Remember the good times and work hard so that there will be more. Take a vacation!! Last year, I visited New Zealand around this time of year. It always takes a great deal of planning and organizing to get out of dodge for any amount of time. This trip was no exception. When we got there, we had so much fun. Seeing amazing landscapes, spending time with family and friends, eating new food, experiencing new adventures, and even getting new business ideas! It took alot of hard work to get there in order to have those fun experiences. Sometimes you just have to plan to take a vacation and let whatever happens, happen. It is always good to come back refreshed, and allow ourselves to break away from the daily grind. My advice is this: Work hard, but also plan and don’t forget to play hard.

When times are crazy, remember to keep breathing, stay true to your message and company, but also have fun and make memories! Great job all you hard working business owners! Happy Holidays!

How to Transform Customer Problems into Opportunities

We’ll get right to it. Whether you’ve been a small business owner for sometime or you’re fairly new – customer problems are the norm. We’d like to say that once you get into the groove and have worked out the kinks of your business or new venture, customer issues went away, but it just isn’t true. Studies show that 59% of customers have experienced problems in the past six months. But that number isn’t what should be concerning – the fact that most organization’s resolution processes are seriously missing the mark should be.

So how do you go about vetting your current customer problem resolution process? And how do you make changes to improve? Here’s what we’ve found.

Problems Aren’t Just Problems…

Changing perspective is probably the best way to change resolution processes outcome. We’re not just talking about spinning a story or agreeing that the customer is always right – we’re talking about seeing the real problem as something more than just a problem. With today’s technology, an unhappy customer can easily take their unsatisfying experience to the internet, making it known to the masses. Although something like this can be damaging to your bottom line and ultimately your brand, it doesn’t have to be. As the boss or owner, you can see this as a chance to show your authenticity and willingness to make things right – you’re simply changing your perspective on the situation and with that comes a change in attitude. Instead of feeling frustrated when you approach the problem and the unhappy customer that goes with it, you go into the situation with the upper hand – you know there’s an issue and you’re looking to find a win for everyone involved. This approach makes you the effective leader rather than low man on the totem pole that gets all the dirty work.

You might also be surprised that your new perspective easily rubs off on others.

How to Make a Negative a Positive

Once you’ve changed your perspective, you’re ready to face the problem head on. The very same study that said over half of a customer base would have a problem over a 6 month time span also shows that customers who are engaged in the resolution process are a lot happier than if they’re not included. In fact, 73% of customers repurchase after a problem resolution experience with only 13% remain dissatisfied. So how do you help the customer be a part of the process? We’ve made a short list with a few tried-and-true ideas:

show gratitude – tell them you’re glad they spoke up and that you want to make it right. Letting them know that you value them as a customer AND that you value their feedback goes a long way.
ask them what would be the biggest help – you can’t just give away free services or product to everyone, but you can ask customers what might be the biggest help to them seeing that they’ve been inconvenienced in some way. Our recommendation is that you only provide this option to customers who are looking for a positive outcome – some just want to complain or walk away with as much as they can get – we’re fairly certain you’ve run into both types and can tell the difference between those that are looking to resolve things and those that are just wanting to fuel the fire.
give clear expectations and a timeline – how many times have you been promised something but then didn’t know the particulars of how it would come about or when it might happen? We’ve been there too. Communicating clear expectations and reasonable timelines helps you build trust with a client who’s questioning if you can help them based on their prior experience. No matter what, don’t promise more than you’re able to give – we recommend building in a buffer when it comes to time so you’re able to go above and beyond expectations rather than disappoint a second time.
check-in, follow-up, and express more gratitude – once your resolution plan has been put into process or has been completed its time to follow up. Don’t just send a generic survey or boilerplate email. Instead, leave a voicemail, send a text, or shoot them a brief email you wrote yourself checking up on what’s been happening and making sure things are working out in their favor. Again, more gratitude for their patience or expressing that they’re a valued customer will go a long way.

Now It’s Time to Change The Story

As far as the customer is concerned, the story ends with their happy ending – but for you, it’s the key piece to what happens next. Take a look at the different complaints you’ve been resolving. Are there similarities between them? Can you pinpoint where the problem actually lies? If so, it’s time to get to work and see if you can’t change your story so that the issues don’t occur again.

Although the best case scenario would be to eliminate the problem entirely, it’s not always possible. If that’s the case, look for ways that you can combat the problem at hand so you can at least cut down the number of poor consumer experiences you’re compiling. Not only will this help boost consumer perception, but it will build your employee morale because they’re effecting serious change. You might find that new products or services can help combat the issues that are happening and you don’t have to come up with all the answers yourself- encourage employees to help brainstorm solutions so that everyone is apart of satisfying the customer.

So what problems are you experiencing and how are you turning them into opportunities?

3 Steps to Building A Successful Company Through Being a Genuine Business Leader

Case study: I recently returned from a business trip to Italy where the group I was with had the privilege to meet in small conferences with the CEO’s of Boeing, Reggiani Lighting, Mapai chemicals, Impact Hub, and about 5 other well-known Italian companies. What I noticed was an amazing similarity. Italian successful business owners are incredibly genuine, so gracious, and always speak kindly about their competitors. If there are faults in their company or of their competitors, the CEO’s would be very open about those shortcomings, but immediately follow the comment up quickly with the faults and difficulties of doing business in that particular industry. They are genuine people, and genuine business owners, and genuine leaders.

Many business owners wonder, what is the best way to get noticed, make a difference, and grow a great company? Some say that it’s Mission, vision, follow up, a drive for sales, knowledge, social media influencers, great financial backers, etc. Those may all be true, however, the truly great business owners and entrepreneurs cannot ever have a truly great product or company without being genuine. If you want a product to be successful, you need to approach each step of the customer life cycle AND the product life cycle with genuine care. Here are 3 steps to make your business the best genuine business it can be:

Step #1-Show Gratitude

Expressing gratitude not only sounds good to everyone that hears it, but it reminds your team and your customers that you care. Celebrate the wins your team and company have as well as letting them in on your own wins and defeats.

Case study: I worked with a client a few years ago in an industry I didn’t love. I worked with their company for 5 years (much longer than other clients) because the business owner always treated me with kindness, appreciated my hard work, sent emails, texts, and hand written cards out of the blue stating how my work was truly making a difference to his company, with specific examples. When there was a mistake or an adjustment to be made, he was very professional about how it was handled. He called me personally, mentioned how grateful he was for all I was doing, and then brought up the change that needed to be made, in a way that showed me he felt like it was something anyone would do, and wasn’t a big deal. He then closed the conversation with the knowledge he was counting on me and knew I could handle it my own way. .

Step #2-Forgive and Forget

See the world through the eyes of those with which you come in contact. Many times things won’t seem fair. Especially in the competitive small business versus big business entrepreneurial world. Take some time to think about why someone controversial would position themselves the way they are. Don’t rush to make a decision. Take a break and come back to it later. This helps you cool off, see their side/point, and create a plan that works for both. After you have moved on, don’t hold anything against them. Use negotiative tactics to create a win-win strategy showing the other side that you understand where they are coming from but you need a solution as well. Creative business plans have often come about from collaborating and being open to new ideas while still holding strong to what needs to be done.

Step #3-Give Back

When you have a good year, as hard as it may be, set a bonus aside for those who have worked hard alongside you, even your clients or customers. Remember that you wouldn’t be where you are without them. Even if you have a bad year, the widow’s mite can go a long way. Use kindness as a motivator and become involved in your community, college, help our your business mentors, send a note and a gift to your collaborators. Go big here. Big hearts are remembered much more than big sales people. Pay people what they are worth, not necessarily what you have. Honor the conversations you’ve had in the past about giving out raises, even if it’s not as much as you had initially promised.

Team members and customers love gratitude, being noticed, and having a say in the future of the company. Entrepreneurship can be lonely. Many times we think “woe is me, no one is [giving us kudos, giving back to us, forgiving my struggling company] so why should I do the same for others?” This is not logical, or emotionally sound thinking. A religious leader, James E. Faust has said:

“As with all commandments, gratitude is a description of a successful mode of living. The thankful heart opens our eyes to a multitude of blessings that continually surround us.”

When we start showing gratitude for what others around us are doing, we start noticing all the good that we are accomplishing. Sunny dispositions and cheerful attitudes are NOT overrated. They are professional, they create strong leaders and dynamic businesses that people LOVE to follow, work hard for, and be a part of. So, that being said, “Have a great day!, even if it didn’t start out that way!”

Resources

Category: Build a Better Business

How to Grow Your Business: Find Your Audience

How To Tell If You Need Help On Your Taxes

Things Are Simple

You Understand What the Forms & Software is Asking For

You’re Looking To Take Things To The Next Level

You Feel Like You’re Paying A Lot in Taxes But Aren’t Making a Lot of Money

3 Efficiency Tactics That Are Actually Wasting Your Time

Working During Vacation

Doing Work-Related Stuff on Days Off

Multi-Tasking

FAQs for Article on Efficiency Tactics That Are Actually Wasting Your Time

Business of Blogging: Part 10 – Hire an Expert

Business of Blogging: Part 9 – Pay Quarterly Estimated Taxes

The Business of Blogging: Part 8 – Invest in Your Blogging Business

Business of Blogging Part 7: Create a Budget for Your Blog

6 Tips for How to Handle Work During the Holidays

Go With the Flow

Take Pride in What You Do

Work Parties are Important

Don’t be Afraid to Try Something New

Be Consistent

Make Memories with Your Loved Ones

How to Transform Customer Problems into Opportunities

Problems Aren’t Just Problems…

How to Make a Negative a Positive

Now It’s Time to Change The Story

3 Steps to Building A Successful Company Through Being a Genuine Business Leader

Step #1-Show Gratitude

Step #2-Forgive and Forget

Step #3-Give Back

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