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Category: Business Tips

5 Tips for Starting a Side Business

So you’ve got a great idea and you’re working on starting a side business. We hear you. Owning and growing a small business is something that provides a lot of satisfaction, not to mention all the benefits that come with being your own boss. However, running a side business, or even a full-time business for that matter, is never as easy as it appears. So if you’re trying to decide the best way to go about making your good idea or hobby into a side business we’ve got 5 simple steps that will make your side business dreams into a reality.

Start out Simply

It all comes down to one simple question. Can you sell this to one person? If the answer is yes and you actually have – congratulations! Now it’s time to get moving on to the next step of making your side business idea a reality. If you haven’t asked yourself this question yet, it’s time get real. Instead of jumping ahead and investing cash into website, organizing an LLC, and marketing your products try selling your goods and services to one person, like a family member or friend. If you’re really looking to see if this venture will work, ask them for feedback on what caught their eye or how you could improve your product.

Once you’ve sold it, it’s time to set up shop. Still keep it simple. Starting a corporation or even an LLC takes more time and money that it may be worth at this point. Keep things easy by moving forward with your business as a sole proprietorship. Sell online. Operating at a smaller cost not only saves you money but gives you time to make the much needed cash you’ll be investing back into your business to make it grow.

Name Your Side Business and Check on Trademarks

Start thinking of names for your business. Make sure that your name makes sense and makes it clear to prospective customers what your business is or does. If you’re choosing a name that doesn’t clearly state what you do, consider adding a tagline, icon, or strategy that will help make it clear. Before you fall in love with your business name, do some research. Check out your business name against the Trademark Database at the US Patent and Trademark Office. Every state also has a government web page and most provide a business entity search. It will take a little research, but you’ll want to check both locations to make sure you’re name doesn’t infringe on an already existing business.

Make it Legal – State Filings and Business Licenses

No matter what your side hustle is, you’ll want to be sure you’re following the rules set by your state and county. You’ve probably already come across it, while researching for your business name and trademarks, but make sure to find out what’s required and complete the paperwork. Many new businesses start out as sole proprietorships, but now is a great time to consider the other business formation types, check what is required in your area, and decide if that’s the best fit for your venture.

Get Set up for Taxes

No business is successful if there isn’t some type of tracking system in place. At the very least you’ll need to set up some financials so you can rest assured that you’re ready to pay taxes on your earnings. Simple spreadsheets will do – simply track your business income and expenses, keep receipts, and check on the process of filing quarterly estimated taxes. You might even want to get an EIN from the IRS.

Make sure to put enough away for your taxes – we suggest between 15-25% of your net earnings.

Open an Business Account

This goes hand in hand with keeping financial records and being prepared for taxes. Although it’s not necessary for some business types, it keeps things simple and easy to follow. Business expenses and earnings always stay in one account while your personal finances are separate in a different account. That way when you’re filing taxes it will be easy to sort and provide proper paperwork to the IRS or the accountant you’ve hired to file your taxes. Not sure what makes a business banking account different than personal account? Do a little bit of research online and you’ll be able to compare different business account offerings and find one that fits your needs.

Once you’ve completed these steps, you’re a bona fide side business owner.

What is the first step to starting a side business?

Answer: The first step is to test your idea by selling to one person, such as a family member or friend. This helps validate your concept and gather feedback before making further investments.

How should I choose a name for my side business?

Answer: Choose a name that clearly reflects what your business does. Research the name in the Trademark Database at the US Patent and Trademark Office and your state’s business entity search to avoid any legal issues.

What legal requirements should I consider when starting a side business?

Answer: Ensure you’re complying with state and county regulations. This includes registering your business name, obtaining necessary licenses, and considering the appropriate business structure, such as a sole proprietorship or LLC.

How can I prepare my side business for tax purposes?

Set up a system to track your income and expenses, keep receipts, and understand the process for filing quarterly estimated taxes. Consider obtaining an Employer Identification Number (EIN) from the IRS and save 15-25% of your net earnings for taxes.

Why should I open a separate business account?

A separate business account simplifies financial tracking and tax preparation by keeping business expenses and earnings distinct from personal finances. This organization helps ensure accurate and efficient tax filing.

How to Micromanage Without Being “That Boss”

Everyone has probably had an experience with a boss or co-worker that micromanages. They’re the ones that are constantly checking over your shoulder, re-doing tasks you’ve already done, or taking over projects that they had previously delegated. The negative vibes that go along with this management style are vast, so why does it keep appearing in the workforce?

Our guess is that either micromanagers haven’t explored alternative approaches to getting things done, or that they’re so personally invested in their business (i.e. small business owners who have everything on the line and who are incredibly passionate about the product and/or services they provide) that its hard to step back and appropriately direct that energy.

So how do you flip micromanagement approaches on their head and come out with a win/win? We’ve got a few ideas.

Micromanage Information Not People

It’s true, that as the business owner or boss you need to be on top of things. You’re incredibly invested in the success of your business, which means that you need to understand what’s going on at every level. But being in the thick of things on a daily basis, not only aggravates employees, it also goes against the reason you hired additional employees in the first place – so that you could focus on other aspects of the business.

Instead of constantly being in the day-to-day workings, try checking in with managers more frequently. Ask for timelines and projections rather than the nitty gritty details and then ask for project statuses on a consistent basis. If there’s a need for those details make sure you’re asking “for understanding” rather than questioning their abilities. Being consistent in asking for information shows your managers that you’re invested in the outcomes and that you trust them to be invested as well, whereas infrequent checks implies that you’re only going to look in when you think something is going wrong.

Tip: Make sure that you use proper communication channels when checking in with employees. Going over managers’ heads never builds morale. Instead, teach the people in charge, ask to be invited to team meetings if necessary, and instill confidence in their abilities while expressing your desire to “stay in the loop” – no one ever seems to be offended if you’re “there to learn” or are “looking for more information”. And remember, asking for information too often is still micromanaging in a passive way, so consistency is key.

Micromanage Processes Rather Than Employees

Employees who say they are micromanaged often report that they feel like the boss doesn’t trust them to do his or her job. It’s a valid feeling and probably one you can relate to – you started your own business because you had a great idea and wanted to do your thing, rather than work for someone else. Encourage that same mindset among the employees you hire by micromanaging processes rather than your employees in two steps.

Step 1 – Identify core processes. These are the processes that need to run a certain way because they effect the overall outcome of the business. Shipping and production methods, how you manage finances, HR practices, how often certain key meetings are held, and overall strategy fall into the core processes category. Other processes, like communication styles, how team meetings are run, and tasks you’ve delegated off to employees are not core processes. Sure they need to be done in a timely manner, and done correctly, but you hired your employees because you trusted them and their skillset.

Step 2 – Delegate. Instilling trust is easily done in this area. When there are times when new processes need to be figured out consider asking a manager to oversee it and keep you in the loop. Provide plenty of opportunities to collaborate and acknowledge skills that each employee brings to the table as you assign tasks. Also ask employees to review core processes that are under their management and ask for their input – you’d be surprised how much trust this builds with an employee and how much good you can gain by getting a new perspective.

Tip: Instead of hovering over employees, communicate an open door policy by encouraging questions and being available to advise. Make sure to address something positive so that those who work for you feel like you’re seeing the good as well as things that may need improvement. Even mentioning that you’re “seeing a lot of progress” in a certain area is a positive in many cases.

Micromanage Growth Not Goals

One of the biggest complaints about micromanaging bosses is that they require employees to handle things the same way they would, or they come in and take over altogether. There’s more than one way to do things and as a leader, you should focus on overall growth not the personal goals of employees or how they accomplish them.

The best managers and bosses can see that an employee’s achievement of goals adds to the overall growth of the business. Encourage goal setting as a company (i.e. we’re hoping to gross a certain amount in Q4, etc.) and also as an individual (i.e. Sara’s looking to expand her skill set and wants to take a course; Adam wanted to work on his communication with co-workers, etc). As a boss, your job is to ask about their plans to accomplish their goals, provide ideas if needed, and then check in on their progress from time to time.

Tip: Don’t sweat the small stuff. As a leader and owner of your business, spend your time focusing on big picture items. Let your employees handle the small stuff in any way that brings results. Meet with employees quarterly or as needed to address growth – this will allow you to see new skill sets and also help you know who might be ready for a new task or opportunity.

What other ideas do you have to keep the negative side of micromanagement at bay? What ideas will you implement?

Frequently Asked Questions (FAQs)

1. What is micromanagement and why is it problematic?

Micromanagement involves excessive oversight of employees’ work, such as redoing tasks or constantly checking progress. It’s problematic because it can undermine trust, decrease morale, and limit employees’ autonomy, leading to reduced productivity and job satisfaction.

2. How can I avoid micromanaging my employees?

To avoid micromanagement, focus on managing processes rather than people. Set clear expectations for outcomes, check in periodically, and delegate tasks effectively. Encourage employees to handle tasks in their own way while providing support and feedback as needed.

3. What are some strategies for managing information without micromanaging?

Manage information by requesting regular updates and progress reports from managers rather than detailed daily check-ins. Use these updates to stay informed about key metrics and project statuses, while trusting your team to handle the details.

4. How can I effectively delegate tasks without losing control?

Identify core processes that are critical to business outcomes and delegate tasks related to these processes. Provide clear guidelines and support, and encourage employees to review and suggest improvements. Maintain an open-door policy for questions and guidance.

5. Why is it important to focus on growth rather than micromanaging how goals are achieved?

Focusing on growth rather than micromanaging goal achievement allows employees the freedom to find their own methods and solutions. This approach fosters innovation, boosts morale, and helps employees develop their skills, ultimately contributing to overall business success.

Salon Accounting: Top 5 Accounting Tips for Hair Stylists & Salon Owners

As a stylist, you’re the expert when it comes to knowing what tools to use when and whether or not bangs works for your client. However, when it comes to salon accounting and taxes - like for hair stylists, barber shops and salons - we’ve got the expert status covered.

To make things simple, we’ve pulled together some of our best advice for keeping things organized and keeping your accounting on point.

Top 5 Tips for Setting up the Record-keeping Side of Your Biz:

Get your books set up before you open up shop. There’s no need to worry if you’ve already booked a slew of clients or have a thriving business – just start now if you haven’t already. You can always take care of past tracking at a later point, but for now, just start. Our best advice is to keep it simple, and have it be something that’s fairly easy to complete on a routine basis.

Create a ledger. It doesn’t have to be expensive accounting software, or even a fancy spreadsheet. It could be as simple as a small notebook where you jot down all the financial stuff for your business. Pick whatever works best for you. Just remember that some kind of record keeping is better than none at all.

Keep track of receipts. Especially when you pay cash! Purchase a expandable file folder, grab an envelope or go digital (some clients scan receipts, or snap pictures of them with their phone and store them in a digital folder). If you have a credit card/bank account for your business (you should!) you can even annotate the monthly bank statements and keep them in the same place as your receipts. Just make sure to keep that paper trail!

Keep your business & personal accounts separate. We mentioned this briefly in #3, but it goes without saying that keeping things separate, keeps things simple. By having your personal and business assets (and expenditures) in different places you make paying taxes, paying yourself, and putting money back into the business so much easier.

Set a plan and stick to it. There’s a reason that we’ve mentioned making things simple from the start. That’s because running the business-side of any business takes consistent effort and when it’s confusing or technical, it’s all the less appealing to sit down and stay on top of it. We suggest keeping track of things monthly or even bi-monthly if your client base is fairly large. When things are kept up to date, it takes a lot less time to manage the money.

TIP: Wondering what all goes into that ledger we mentioned in #2? We thought you might ask, so here’s what we tell our clients:

Start with recording the current balance of your business account (make sure to add a date to this line and every line you insert into your ledger)
Keep track of the revenue ($$ coming in) – cash or card payments for services or products. Don’t forget tips, especially those paid in cash!
Make a list of expenses ($$ going out) – purchasing products for your clients, rental fees for your booth or building, tools of the trade, etc.
Put a star next to any expenses that are recurring – rent, utilities, insurance and product purchases. This way you’ll be able to keep tabs on the average you spend each month and get a better idea of what it takes to run your business.

Have more questions? Want the nitty gritty details from a professional? Looking to find a great accounting service that can take care of the bookkeeping side of your salon so you can get back to what you do best? Contact us at https://vyde.io/get-started/ We’d love to chat!

FAQs about Setting Up Accounting for Hair Stylists and Salons:

1. Do I need to set up accounting before opening my salon?

Yes, it’s essential to have your books set up before opening your salon. Start now if you haven’t already. Keeping it simple and consistent is key.

2. What’s the simplest way to keep track of finances for my salon?

Create a ledger. It can be a basic notebook or a digital folder. Any form of record-keeping is better than none at all.

3. How should I manage receipts for my salon expenses?

Keep track of receipts, especially cash purchases, using an expandable file folder, envelopes, or digitally. Annotate monthly bank statements for credit card transactions.

4. Why is it important to keep personal and business accounts separate?

Separating personal and business accounts simplifies tax filing, paying yourself, and reinvesting in your salon. It also helps maintain financial clarity.

5. How often should I update my salon’s financial records?

Aim to track finances monthly or bi-monthly, especially if your client base is large. Consistent updates make managing money much easier and less time-consuming.

Interested in Learning More?

Schedule a free consultation with our team!

Prepare for Holiday Sales Now So You Can Avoid Stress Later

You may be wondering why we’re talking about holiday sales before November, but we believe you can never prepare too early. The holiday shopping season will arrive before you know it and without a concrete plan, your business could miss out on the biggest shopping time of the year.

Obviously, the first step in preparing for holiday sales is determining what you will be offering your customers. In order to this, you should look at your sales goals for the year and what kind of discount you can realistically afford to offer. Once you’ve determined that, you’ll want start making other preparations. Here are a few things to make sure you plan out for your holiday sales.

Prepare Your Website for Increased Holiday Sales Traffic

If you own a business, then you probably have a website (or online platform) where you direct customers to make purchases. The website traffic during your holiday sale could lead to slower loading times or even a possible website crash. Last year, 39% of e-retailers claimed they lost money due to website performance or stability problems. Instead of settling for what could happen, you need to take action to prevent these situations.

The first step is to talk with your website host. Make sure that your website can handle an increase in traffic. You should also make sure that you have enough bandwidth to handle a lot of people visiting your website at the same time. Most users will give up within a couple of seconds, so you should aim for two seconds or less. The faster the better.

Next, make sure your site is mobile-friendly. Over 50% of emails are opened on phones. So, 50% of the people who read your email will view your website on his or her phone. If it doesn’t load or is hard to use, then you’ll lose those customers. Optimize your website for mobile so you don’t lose out on these interested customers. Again, you’ll need to keep your load time low; however, it can be slightly slower than a computer load time, but just slightly.

Next, make sure your site is mobile-friendly. Over 50% of emails are opened on phones. So, 50% of the people who read your email will view your website on his or her phone. If it doesn’t load or is hard to use, then you’ll lose those customers. Optimizing your website for mobile should be a top priority. Again, you’ll need to keep your load time low.

Plan a Strategy for Reaching Your Ideal Customer

A marketing plan is an important part of any sale, but the most important part of the marketing plan is reaching the right people. Small business owners should take advantage of marketing techniques that don’t cost a lot but, reach a lot of people. We have found that email and social media marketing are best for small businesses.

Email marketing is a great way to reach people who are actively interested in your business. These people gave you their emails because they want to hear from you. The best way to increase your reach is to keep building your email list. You can use your deals and sales to get people to sign up for your list. Once you have a great list of interested people, you can create an email marketing campaign that drives sales.

Business owners know that social media is a great marketing tool, but it can be hard to implement. A lot of the time businesses focus too much on marketing and not enough of the social aspect of things. First and foremost, social media marketing needs to be social. You need to respond and interact with your followers so that you can build trust and build community.

Once you have that down, you can move onto targeting your ideal customer. Hashtags are the perfect tool to zero in and reach your ideal client. Some platforms even let you target your posts to a certain group of people. Just last week, we used Facebook’s targeting feature and had 854 organic impressions on a single post. We didn’t pay a dime to reach those people. We just targeted people who would be interested in the post. It was a simple way to reach our ideal customer.

Prepare for the Post-Holiday Sales Madness

Everyone knows that holiday sales can create mania, whether online or in a retail space. However, we tend to forget about the post-holiday madness. This time is spent with people returning or exchanging items, taking advantage of the super sales as retailers try to get rid of the rest of the holiday stock and so much more. You need to prepare your team to handle all of this.

One way to make things a little easier on your customers and your team is to refine your returns process. Train your employees to follow a system that makes returns easy on them and your customers. You should also make sure that everyone is aware what your returns policy is. Post it at your register so that customers can see it and they don’t try to fight with your cashiers over it.

When you’re setting up your returns policy you should encourage people to keep spending his or her money at your store. You can do this through two ways. First, you can try to get people to exchange their items rather than just return them. Perhaps, you can hire a personal shopper who can assist customers and help them find an item that works better for them. Your second option is to adjust your return policy to have customers receive in-store credit or gift cards for their returns. That way, you don’t lose out of the revenue, just because of a return.

What other things do you do to prepare for holiday sales? Leave a comment and let us know.

FAQs for Preparing for Holiday Sales

Why is it important to prepare for holiday sales early?

Early preparation ensures that your business is ready to handle the increased traffic and demand, helping you maximize revenue and avoid potential issues during the busiest shopping time of the year.

How can I ensure my website can handle increased holiday traffic?

Speak with your website host to confirm that your site can handle a traffic surge. Ensure you have sufficient bandwidth and optimize your site for fast loading times and mobile compatibility.

What are some effective marketing strategies for reaching my ideal customer?

Email marketing and social media marketing are cost-effective strategies. Build and utilize your email list and engage with your social media followers using targeted content and hashtags to reach your ideal customers.

How can I optimize my returns process for post-holiday sales?

Train your employees on a streamlined returns process and clearly display your return policy. Encourage exchanges or offer in-store credit to retain revenue from returned items.

What steps can I take to make my website mobile-friendly for holiday shoppers?

Optimize your website for mobile use by ensuring fast loading times and easy navigation on smartphones. This helps capture the significant portion of customers who shop via mobile devices.

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.

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.

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.

LLC or S Corp, Which is Best for My Business?

Choosing a business entity can be confusing. If you’re debating between registering as a LLC or S Corp, we can help break down the pros and cons of each so that you can make an informed decision.

Keep in mind as you choose between a LLC or S Corp, what is going to be best for your business now, as well as in the future. You can always change your entity as your business grows, but it doesn’t hurt to look ahead.

What is an LLC?

According to the U.S. Small Business Administration, “A limited liability company (LLC) is a hybrid type of legal structure that provides the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership.”

Liability

An LLC separates a business from the business owner in terms of liability. In the event that they are sued or in debt, their personal assets (home, cars, investments) cannot be touched. Owners of a LLC are only liable for as much money as they put into the company. For example, if you invest $10,000 in your LLC then get into debt for $20,000, you’re only potentially liable for the $10,000.

Because the LLC is separate from the business owner, the owner cannot “pierce the corporate veil,” meaning that they can’t mix personal and business. If the lines become blurred the owner can loose his or her protection.

Taxes

When you’re registered as a LLC, the federal government doesn’t tax your business directly. Instead, they tax your personal income (or the income of all members). You would still take any deductions on your business expenses, but you don’t have to file a separate tax return for your business. Some states may require LLCs to file separate tax returns, so make sure you learn about the laws for your state.

Although you aren’t submitting a separate tax return for your business, the IRS still requires you to pay estimated quarterly taxes for your LLC.

Set up

LLCs are relatively easy to set up. The paperwork is fairly minimal and it usually only costs a couple hundred dollars.

What is a S Corp?

An S Corporation (S Corp), is a type of corporation that meets specific IRS requirements. S Corps have the benefits of a corporation but are taxed as a partnership. In order to qualify as a S Corp, the business must have 100 or fewer shareholders.

Liability

Like a LLC, a S Corp separates business owners from the business. Creditors can only go after the business they can’t touch the business owner’s assets to pay any debts. Shareholders are also only held accountable for their investments in the company.

Taxes

The taxation of a S Corp is what sets it apart from other business entities. When you have a S Corp, you don’t have to pay taxes on the business itself. Instead it is taxed through the income of the shareholders. Any shareholder who works for the must be paid a “reasonable wage.” A reasonable wage is usually fair market value for the position and size of the company. After the wages are paid, the rest of the income from the business is passed onto the shareholders as dividends. The benefit of an S Corp is that dividends are taxed at a vey low rate, if they are taxed at all.

The laws for S Corps are not the same in each state. Be prepared to pay taxes if that is what your state requires.

Set up

Getting a S Corp established takes a lot more than an LLC. Most S Corps spend a considerable amount in attorney and accounting fees. There is a lot of paperwork involved. You must also develop a board and bylaws, issue stock, hold board meetings and keep records of each board meeting.

The IRS also has the following requirements for S Corps

Shareholders must be US citizens
Cannot have more than 100 shareholders (spouses count as separate shareholders)
Can only have one class of stock

Final decision: LLC or S Corp?

Deciding between a LLC or S Corp, it comes down to your business individually; there is no right answer.

That being said, you need to consider the pros and cons of both. LLCs and S Corps have limited liability protection, so you don’t have to weight that option. However, the tax benefits and set up requirements should be considered.

Before you make a big business decision like this, it’s best to involve your accountant and lawyer, they can help you determine what is best for your business.

Frequently Asked Questions:

What is the main difference between an LLC and an S Corp?

The main difference lies in taxation and setup complexity. LLCs offer flexibility and straightforward taxation through personal income, while S Corps provide tax advantages on dividends but require more complex setup and compliance.

How does liability protection differ between an LLC and an S Corp?

Both LLCs and S Corps offer limited liability protection, meaning business owners’ personal assets are protected from business debts and lawsuits. Owners are only liable up to the amount they invested in the company.

What are the tax benefits of an LLC?

LLCs are taxed through the owner’s personal income, avoiding double taxation. Business expenses can still be deducted, but estimated quarterly taxes must be paid. Some states may require separate tax returns for LLCs.

What are the requirements for setting up an S Corp?

Answer: Setting up an S Corp involves more complexity and costs, including attorney and accounting fees. It requires establishing a board, issuing stock, holding board meetings, and meeting IRS requirements such as having no more than 100 shareholders and only one class of stock.

When should I consider consulting a professional when deciding between an LLC and an S Corp?

It’s advisable to consult an accountant and lawyer when making this decision. They can help you understand the pros and cons specific to your business and ensure compliance with state and federal laws, optimizing your business structure choice.

How to Create a Positive Work Environment: Acknowledge Success

When you’ve worked hard on a project, nothing feels better than having someone acknowledge your success. A simple compliment can help you feel appreciated and valued and can even increase your productivity in the future.

Employees, especially millennials, are driven by positive encouragement. One of the biggest issues with employee-employer relationships is that employees don’t feel valued. These simple tips can help you, as a boss or manager, make your workplace better for your employees, just by acknowledging their success or hard work.

Change Company Attitudes

If you want to create a positive work environment, then the first thing you need to do is change your or your company’s attitude. If you view your employees’ hard work as “just doing their jobs” then you’re going to have a lot of uninspired, unappreciated employees. Instead of seeing your employees’ perseverance as “just doing their job” look at what they’re helping you accomplish.

Every time an employee goes above and beyond, you win. You get a little bit closer to your dreams because your employees are working hard. Acknowledging success isn’t a weakness on your part. It’s a way to make your business more successful.

Reward Hard Work

When an employee goes above or beyond what is asked, show your appreciation through a reward. You can set up a system with rewards as employees hit certain marks, or give a reward when a particular employee is doing a great job and you want them, and their coworkers, to acknowledge their success.

Here are a few ideas for rewards

Certificates: It’s simple easy and really only costs the price of paper and ink.
Gift Cards: A $10 gift card to a local hot spot is fairly inexpensive but shows you really do appreciate hard work.
Cash: A little bonus on a paycheck is great, but so is a Visa card.
Food: If you want to recognize your team’s success then go with food. It’s easy to have lunch for your team or company catered.
Company swag: You probably have promotional items sitting around, so give some to your employees when they’ve earned it. Just keep in mind that a promotional frisbee, probably doesn’t show how well they’re doing. Think of something that’s actually useful.

Pay Compliments

A reward is a great way to acknowledge milestones, but it may be too much on a day-to-day basis. The easiest thing you can do as an employer is to pay your team compliments.

Paying someone a compliment helps in numerous ways.

Increases confidence: When an employee is unsure of how well they might be doing it can cause them to make more mistakes. Compliment them on their job and give them the confidence to succeed.
Boosts productivity: Employees who receive compliments on their efforts are more likely to continue to work hard. On the opposite side, when employees work hard but never receive praise they feel unappreciated and begin to slack off.
Builds trust: Complementing people helps show that you care and when your employees know that you care they’re willing to talk to you when they face a problem, instead of trying to place blame on someone else.
Create positivity: If you’re working to build a positive work environment then create a culture of complimenting. When you compliment your employees, they’ll begin to compliment the coworkers. A team that gets along and looks for the good in those around them will automatically create a great working environment.

There are even studies that show paying your employees compliments can be as effective as offering a cash incentives.

Read the other posts in this series:

Put Employees First

Encourage Employee Feedback

Offer Developmental Opportunities

Is a Digital or Print Planner Best for Your Small Business?

We’ve already talked about why setting goals is critical to the success of your business. Now it’s time to make those goals a reality. Planning is the only way you’ll reach them.

Antoine de Saint-Exupery said, “A goal without a plan is just a wish.” Now that you have a SMART goal, you need to find the best way to achieve it. Planners can help you see where you are at with your goal, what needs to be done and can help you take the steps needed to get there.

Everyone has a preference when it comes to digital or print planners. We’re going to break down the benefits of each to help you determine which is best for you and your small business.

Benefits of digital planners

Digital planners are a great option for the businessperson who comes up with ideas all the time, or someone who needs access to their schedule 24/7.

Benefits of a digital planner:

Convenient: You’ll almost always have a planner with you because you can access it from your phone, tablet or computer.
Reminders: Setting reminders in your planner can help you keep track of where you should be at on a project.
Gather information: Most digital planners can access other apps or calendars so you can keep track of your schedule and events.
Appointments & to-do lists in one: Most print planners make you choose between an appointment or to-do list format, but digital planners can allow for both.
Can share with team members: If you want the whole company to be in the know, you can share your calendar or list with them. This is also great for department projects.

There are a lot of options for digital planners on the market. Some planners are only available on iOS or Android, so make sure you choose a planner that works with your phone and tablet before you get completely invested.

Benefits of print planners

Traditional, or print planners, are a great tool for people who need a physical list in order to stay on top of their projects.

Benefits of a print planner:

Good for your brain: The act of putting a pen to paper stimulates your brain and helps you clear your mind and think outside the box.
Set it up your way: With a variety of planners on the market you can choose the right layout for yourself, or you can make your own – no tech skills needed.
Sense of accomplishment: People who like to make lists and write things down, usually enjoy crossing things off those lists. Print planners allow you to cross tasks off, which increases your productivity.
Easy to use: Print planners are very basic. There isn’t a learning curve and you can easily jot down reminders or tasks quickly without having to search for an app.

Before buying a print planner get an idea of what you’re looking for. Do you want a to-do list style or do you prefer to break your day up by time? Find a planner that meets your needs, because you’re going to invest in it for a year. If you can’t find a planner that is everything you want, try bullet journaling. It gives you complete control over your planner.

FAQs: Choosing Between Digital and Print Planners for Your Small Business

Why is planning important for achieving business goals?

Planning is crucial because it turns your goals into actionable steps. Without a plan, goals remain just wishes. Planners help track progress, identify necessary actions, and guide you toward reaching your goals.

What are the benefits of using a digital planner for my business?

Digital planners offer convenience, 24/7 access, reminders, integrated information from other apps, combined appointment and to-do lists, and the ability to share schedules with team members. They are ideal for businesspeople who need constant access and collaboration.

What are the advantages of using a print planner?

Print planners stimulate brain activity through writing, allow personalized setups without tech skills, provide a sense of accomplishment when crossing off tasks, and are simple to use without a learning curve. They are great for those who prefer physical lists.

How can I decide which type of planner is best for my business?

Consider your workflow and personal preferences. If you need constant access and enjoy digital integration, a digital planner might be best. If you prefer writing things down and enjoy the tactile experience of crossing off tasks, a print planner might suit you better.

Are there specific features I should look for in a digital or print planner?

For digital planners, look for compatibility with your devices, app integration, and sharing capabilities. For print planners, choose a layout that matches your needs (e.g., to-do lists or time-based schedules) and consider customizing options like bullet journaling for complete control.

Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA. We provide professional accounting services to businesses and individuals, with a focus on small business bookkeeping and taxes.