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Category: Business Tips

Summer Sales

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

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

 

registering as a LLC or S Corp

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

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

Deciding between a LLC or S Corp

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.

Acknowledge Success

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

 

 

Employees, especially millennials, are motivated to work harder for you when you acknowledge their success and show your appreciation for them.
digital or print planner

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

digital or print planner

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.

Benefits of print planners

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.

Goal Setting

Goal Setting & Achieving for Small Business Owners

As a small business owner you wear many hats. You oversee your business, work with clients, and you are in charge of continually moving your company forward. You can’t allow yourself to live life without a purpose or everything will fall apart. In order to have a balanced life, small business owners must learn how to set goals.

Why we should set goals

As a small business owner, you need to determine where your business is going. Do you want to grow? Stay the same? Without solid goals it’s impossible to determine if you’re heading in the right direction.

Another benefit of goal setting is that it can simplify the tough decisions. Because you know where you and your business are headed you can easily determine which paths will help you reach your destination.

Now, all you need to do is learn how to set goals and achieve them.

How to set SMART goals

In order to achieve your goals, you need to come up with a comprehensive plan. There are many methods to help you set goals, but the SMART method is great for helping you see your goal all the way through.

The SMART model has you analyze your goal so you can set better goals.  When writing your goal make sure it is:

  • Specific: Be exact in what your goal is. If it’s too vague you won’t be able to accomplish it.
  • Measurable: How will you define success? You need to be able to track your goal so that you can see progress towards it.
  • Attainable: It’s great to dream big, but make sure that you aren’t over reaching. If you do feel like your goal is unattainable, set smaller goals that will help you reach your final goal.
  • Realistic: Do you have the time, resources and knowledge to accomplish your goal?
  • Time bound: How long will this take you to accomplish? If you don’t see any progress towards your goal you are more likely to give up. Set deadlines and stick to them to accomplish your goal before you run out of steam.

How to achieve your goals

You will never accomplish your goals without devising an action plan, no matter how great of a goal it is.  Small goals are just as important, maybe even more important than, the big goals.

To achieve your goals you need to break them down into actionable steps. Use the SMART method to make smaller goals that will lead you to your ultimate goal. Set due dates and evaluate where you are at consistently.

If you’re planning goals for the company, then get your entire team on board and involved in setting them. When the whole company is involved they feel more invested and will do their best to help.

It’s meant to lead you to success

Goal setting doesn’t have to be a huge production with flow charts and extensive tracking. It’s meant to lead you to success. When you feel overwhelmed by your goals, take a step back and see what you can accomplish quickly that will help re-motivate you and your team. Then pursue that goal fearlessly.

FAQs on Goal Setting & Achieving for Small Business Owners

Why should small business owners set goals?

Setting goals provides direction for your business growth and simplifies decision-making processes by outlining clear objectives.

What is the SMART method for goal setting?

The SMART method emphasizes setting goals that are Specific, Measurable, Attainable, Realistic, and Time-bound to ensure clarity and effectiveness.

How can I ensure my goals are achievable?

Assess whether your goals are realistically attainable based on available resources, time constraints, and your capabilities to ensure success.

What steps can I take to achieve my goals effectively?

Break down your goals into smaller, actionable steps using the SMART method. Involve your team in goal-setting and maintain consistent evaluation and progress tracking.

Is goal setting a complex process?

Goal setting should be purposeful and motivating, not overwhelming. Break down goals into manageable tasks and involve your team to foster motivation and productivity.

How to Protect Your Small Business From Theft

Theft is a major issue for both online and brick-and-mortar businesses
Theft is a major issue for both online and brick-and-mortar businesses. Some types of theft have been around for ages, while new attacks are always popping up, especially due to the Internet. It’s important to protect your business, yourself and your employees from any type of theft. Shoplifting, employee fraud and online threats are the most common types of theft in businesses. Continue reading to learn what to look for and how to prevent these types of theft.

Shoplifting

Shoplifting is the most common type of theft brick-and-mortar shops face. While it’s virtually impossible to eliminate shoplifting there are ways you can decrease it. Keeping an organized store is a great tool because you can easy to notice when something is missing. It’s also critical to train your employees to be on the lookout for shoplifters. These are some common places shoplifters hide merchandise:

  • Shopping bags from another store
  • Bags or purses
  • Strollers
  • Umbrellas
  • Clothing, especially large coats

Security measures like installing cameras can help you spot shoplifters and stop them before you lose anything. For more inexpensive ideas on preventing shoplifting check out this article.

Employee fraud

When you bring employees into your business you’d like to believe they would have you and your business’ best interests at heart, but that isn’t always the case. The best way to stop employee theft is to have a thorough hiring process that not only gives you an idea of someone’s skills but shows their level of integrity. No matter how well you interview your potential employees, those who are going to commit fraud are usually skilled liars and may trick you into thinking they are trustworthy.

A 2014 study on fraud and abuse by the Association of Certified Fraud Examiners (ACFE) warned employers to look for certain red-flag behaviors. The first tip was to listen for employees who are boasting about living above his or her means because they may be taking home more than what you’re paying them. On the flip side, employees who are constantly talking about their financial hardship may be looking for a way to bring in more money, even if they have to do it through theft.

Shopping bags from another store

Online Threats

Businesses in any sector are liable to online threats. In fact, in 2015 43 percent of all cyber attacks targeted small businesses. Most hackers send an email asking for the user to enter information, click on a link or download a file. When the user does any of these things it gives hackers access to the server and allows them to steal money or even personal information. Data breaches also affect your employees and customers, so it is crucial to keep your information safe.

The best way to combat online attacks is, again, through training. Teaching your employees what to look for and that they shouldn’t open, click through or download any type of suspicious email is the first step. Most hackers will target the employee over finances for the company. Make sure whoever is in that position has special training and is especially careful about what emails they open. You should also create an action plan on how your company deals with any attacks.

There are different laws and regulations on what to do if your business has a data breach. Learn more about what you are required to do and the best practices if you are hacked here.

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Create a Succession Plan for Your Small Business

Your business is always vulnerable to theft from employees, shoplifters or cyber hackers. Check out these tips to protect you and your business no matter where the threat comes from.,/div>

Create a Succession Plan for Your Small Business

How to Create a Succession Plan for Your Small Business

Your small business is up and running with a bright future. You’ve decided to go full force with it and make long-term plans. But you know as well as any other small business owner that things don’t always go as anticipated. Wise entrepreneurs know that a well-developed succession plan can ease the future changes of an evolving business.

What is a Succession Plan?

A succession plan is a written plan for the future of the business. Specifically, it outlines who and how one leader will replace another within the company. Positions of leadership are often filled internally with people who have the potential to improve upon their current position and assume a leadership role.

While it may seem too far out to worry about right now, how you exit your business in the future reveals the character and effectiveness of your business as a whole. Even if you plan to work until the day you die and hand your business down the family line, you’ll still want a plan in place to make the transitions go as smoothly as possible. It’s especially important to have a succession plan in place in the event of a tragedy or unexpected death. What if you had a heart attack tomorrow? What would the future of your business look like?

How to Create a Succession Plan for Your Small Business

  • Assess internal candidates first. A strong succession planning program identifies future leaders within the company and prepares them through mentoring, training, and assignments that stretch them. A study from Booz Allen Hamilton concluded that “over their entire tenures, CEOs appointed from the inside tend to outperform outsiders” when it comes to returns to shareholders.
  • Develop a written criteria for your ideal candidate.  Which characteristics are the “must haves” and which are the “nice to haves”? Try to view your internal candidates as objectively as possible as you run through your written criteria. Obviously your replacement should have strong leadership and organizational skills, but what else? Dig deep as you develop your list.
  • Consider all stakeholders. As you are creating a succession plan for your small business, consider how a change in the leadership will affect the other employees that work for you, as well as your business partner if you have one. Ponder these questions as you create your succession plan:
    • Is there an emergency candidate who could take the reigns if you were to leave tomorrow?
    • Is the company organized enough to ease the transition of a new leader?
    • Is there a seasoned leader in place who is willing to coach a potential successor?
  • Put your succession plan into practice now. Most business owners make it this far and then stop. Your succession plan should be more than a static list of names in your file cabinet. Start preparing your successors now for the future. There is no such thing as a “ready now” candidate; all will need mentoring and training to assume a leadership role. Assign your potential successors tasks that will stretch them, challenge them, and give them responsibility to make important decisions within the company.
  • Refresh as needed. Your succession plan should be a living document that is changed and modified as market conditions and/or strategy change. It should go beyond the traditional position description and delve deeply into both the competencies and experiences required for the next leader. The succession plan can then be used as a tool in grading succession candidates objectively.

Plan for Your Small Business

When in doubt, consult a professional. An accountant or attorney can provide a fresh, objective viewpoint and can advise you on the potential profitability of certain candidates. You can even screen candidates formally with stress tests, aptitude tests, and specific challenges. Creating a solid succession plan now can help ease the transition of changing roles later on.

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

Plan for Holiday Success by Hiring Seasonal Employees

How to Protect Your Small Business from Theft

Hiring Seasonal Employees

Plan for Holiday Success by Hiring Seasonal Employees

If your small business is one that gets especially busy during the holiday season, you can plan for success early by hiring seasonal employees. You might be surprised at how a little extra help can boost sales, increase profits, and make your life as a business owner less hectic during an already busy time of year. Here are a few rules that apply when hiring seasonal employees:

  • All labor laws still apply. Laws that cover harassment, discrimination, and workplace health and safety apply to seasonal workers just as they do to any other employee. If you’re not familiar with these, this Employment and Labor Law Guide for small businesses is a good reference point.
  • Consider hiring seasonal employees as contractors. If you’re running an online business and need some help managing your blog or social media accounts, you can hire an independent contractor without actually making them an employee. A contractor normally works as a less  supervised member of your team. Keep in mind, you hire a contractor to do a job for you, but they are not technically your employee. As such, you aren’t required to provide benefits, withhold tax/Medicare/Social Security, or pay unemployment taxes. You also can’t dictate the hours the contractor works. However, you are required to report compensation of $600 or more to the IRS (more on this here). Be sure to outline the details and length of the contract before work begins.
  • You still have to withhold taxes. Despite popular opinion, seasonal employees should not be paid “under the table,” even if you’re just paying them to hang Christmas lights. Part-time and seasonal employees are subject to the same tax withholding rules as the rest of your employees. For details on your tax reporting responsibilities, refer to IRS regulations on part-time or seasonal help.
  • You may want to use a talent management company. These companies can save you big time and money by screening potential employees, taking care of the HR work, and making sure you hire the right fit for your company, even if it’s only for a season.
  • Use the same HR process as your other employees. Don’t be tempted to hire an employee in haste and throw them out on the sales floor on November 15th. Take some time to onboard the employee by offering early training and opportunities for them when things are slow. Additionally, it’s best to follow the same HR hiring process with a seasonal employee as it is a long-term employee.

Whether you’re running a brick and mortar shop, an online business, or offering services of some sort, the holidays are normally a busy time of year. Start the process of hiring seasonal employees early to ensure a seamless start to the holiday season.

Other posts that might interest you

Improve Your Online Presence Part 1: 8 Steps for Reviewing Your Website

Improve Your Online Presence Part 2: Perform a Quarterly Social Media Audit

Improve Your Online Presence Part 3: Contact Information & Review Sites

4 Low Cost and Low Risk Ways to Grow Your Team

Planning Your Summer Marketing Efforts Part 1: Who, What, When, and Where

Planning Your Summer Marketing Efforts Part 2: Celebrating Holiday and Events

Planning Your Summer Marketing Efforts Part 3: Cheap Advertising Tips

How To Attract the Right Talent For Your Company

Quick Money Management Tips to Build Your Business

How to Create a Succession Plan for Your Small Business

How to Protect Your Small Business from Theft

Quick Money Management Tips

Quick Money Management Tips to Build Your Business

 

It’s no surprise that one of the top stressors for a small business owner is money management. You don’t have to be a CPA or virtual bookkeeper to understand the basics of your company finances and use that knowledge to build your business. Here are a few quick money management tips you can use to grow your business (and your profit!):

Money Management Tips

  • Separate personal finances from business finances. Not only does this make tax time easier, it helps you know where you’re at throughout the year as well. More tips on this principle here.
  • Understand your balance and income sheet. Ben described these numbers in detail in this video.
  • Set a strict budget and stick to it. The importance of a business budget cannot be overstated. Learn how to plan one in an afternoon.
  • Create a business savings account. A few benefits of a business savings account include: the ability to earn interest, a stockpile of cash that is useful when tax season comes around, a boost in your credit score, fund protection (Business savings accounts are insured by the federal government up to $250,000), and the simple fact that it’s never a bad idea to have a little money saved for a rainy day.
  • Be religious about tracking expenses. Every purchase you make exclusively for your business is tax deductible, which means it lowers your taxable income at the end of the year. You’d be surprised at how small expenses add up over time, which is why tracking every single expense is critical to money management. A few ways to track expenses can be found here.
  • Don’t borrow more than you need. No matter how much profit you think you can turn your business loan into, don’t be tempted to borrow more than necessary. Even if you’re approved for a higher amount, take only what you need to avoid acquiring more debt.
  • Pay bills early. Rather than waiting until bills are due, pay them as soon as you have the money. You’re less likely to spend money on things you don’t need if you simply don’t have the money in your account.
  • Set your salary and pay yourself. The easiest cut to make when you’re the boss and funds are tight is to your own salary. However, this can easily backfire. Here are a few tips on determining your salary as a business owner.
  • Cut costs where you can. From hiring interns to advertising, the ways to cut business costs are endless. Here are 20 ideas to get you started.
  • Give yourself a financial checkup every year. Schedule an entire day to (or a few hours each quarter) to check the balance on all bank accounts, interest rates on your credit cards, monthly bills, subscription fees, and all other expenses. Write it out and analyze the numbers to determine what you can cut out and how you can maximize your profits.
  • Outsource the things that use up your time. No money management technique can save you more than simply managing your time well. Since you’re the brains behind your business, you need to focus your efforts on what makes your business the most profitable. If it’s not graphic design, then find a graphic designer. If it’s not SEO, hire someone to do it. Accounting is a great service to outsource because an accountant can save you time and money.

What are your tried and true money management techniques?

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Improve Your Online Presence Part 3: Contact Information & Review Sites

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Boost Productivity as an Entrepreneur

8 Life Hacks to Boost Productivity as an Entrepreneur

 

The elusive “work-life balance” we hear so much about these days…does it exist? Any entrepreneur who doesn’t clock in or out at a 9-5 job knows that time is money, especially when your productivity determines your profitability. Here are 8 genius life hacks to get things done as an entrepreneur on the go:

  1. Follow the two minute rule. David Allen, a time management consultant and best-selling author, developed this rule: “If you determine an action can be done in two minutes, you actually should do it right then because it’ll take longer to organize it and review it than it would be to actually finish it the first time you notice it.” Allen suggests cleaning up your inbox, purging your files, setting up appointments and sending a quick email when you have little windows of time throughout the day. If it will take longer than two minutes, save it for later.
  2. Turn off notifications. Keeping social media and email distractions to an absolute minimum allows you to focus on the task at hand. Set aside specific  times of day to check your email, or check it while on the go.
  3. Define your MITs. Decide what your Most Important Task (or tasks) are and make time to get them done. It’s an age-old rule that is practically foolproof. Give yourself several minutes in the morning or even at night to identify 3-5 important things you have to get done. Even if you don’t accomplish anything else that day, you can feel at ease knowing that you were still productive.
  4. Knock out the most important things in the morning. Speaking of MITs, research shows that morning people are more productive and proactive. Getting your MITs done early sets you on a productive path for the day.
  5. Set deadlines for yourself. Write important dates on the calendar and set the completion dates for large tasks before you even start them. Start on them early so that when problems arise, you can troubleshoot and still be done by the deadline you had originally set. Become your own boss and hold yourself to the timeline you set.
  6. Reward yourself for completing a task. It could be a quick stroll outside, a piece of candy, or a new item of clothing you’ve had your eye on. Treat yourself as you close the book on large projects, and allow that to motivate and inspire you to complete the next task. Hint: Be even more productive by completing an unpleasant but necessary task, and then rewarding yourself with a more enjoyable task that still pertains to your business. Example: finish your SEO or PPC advertising for the day, reward yourself with a product photography session or a new blog post.
  7. Stop trying to multitask. There is a plethora of research behind multi-tasking, and the latest completely debunks the possibility. Constant task-switching develops bad habits and makes it nearly impossible to accomplish any one thing. While multitasking helps us feel accomplished and capable, it also produces more stress hormones and kills overall productivity.
  8. Know when it’s time to call it a day. You know yourself well enough to know when enough is enough. If you’ve been staring at your computer screen for 14 hours and feel like you can’t do any more, don’t. You’ll boost productivity in the long run by staying rested and refreshed.

Decide what your Most Important Task

What hacks have worked to boost your productivity as an entrepreneur? Let us know in the comments!

Frequently Asked Questions

1. What is the two-minute rule, and how can it help entrepreneurs?
The two-minute rule, developed by David Allen, suggests that if a task can be completed in two minutes or less, you should do it immediately. This helps prevent small tasks from piling up and cluttering your to-do list, making you more efficient throughout the day.

2. Why should I turn off notifications while working?
Turning off notifications minimizes distractions from social media and emails, allowing you to focus better on your current tasks. By dedicating specific times to check these notifications, you can maintain productivity and reduce interruptions.

3. What are MITs, and how can they improve my productivity?
MITs, or Most Important Tasks, are the key tasks you prioritize each day. By identifying 3-5 MITs in the morning or the night before, you can focus on completing them first, which boosts your sense of accomplishment and keeps you productive.

4. How does setting deadlines for myself affect my work?
Setting deadlines helps you manage your time effectively and stay accountable. By writing important dates on your calendar and starting tasks early, you can troubleshoot any issues that arise and ensure timely completion, enhancing your overall productivity.

5. What should I do when I feel overwhelmed and unable to focus?
Recognize when it’s time to take a break. Overworking can lead to burnout and decreased productivity. Allow yourself to step away from your work, recharge, and return with a clearer mind to tackle your tasks more effectively.

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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.

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