It IS Your Business "My business is my business" and there are many levels to think about your business - personal business, others' business and of course what I want to talk about is your business or your career because it is yours.
One of the beauties of owning a business is it is a reflection of your personality and what you value. If it isn't feeding your soul, then a makeover may be needed. Now, don't confuse a makeover with just changing your marketing materials - that is like "putting lipstick on a pig" as Charles Lummis said in 1926 - "it is still a pig!" A makeover is stripping your business down to its bare-bones, identifying your key markets, setting timely, results oriented goals and then making it happen.
Actually, this really sounds like a PLAN - Vision---Mission---Core Values---Goals---Projects - Your dream for Your business.
Many small businesses stay in the reactive world and end up living the life identified in the E-Myth as "they've created a job for themselves, not a business". You will hear them ask for help and follow it up with "I've tried that", "That will never work with my employees", "I can't do that", "I can't afford that", "That won't work." Well, guess what - they are right.
At any moment in time you can change the plot line of your business. Yes, it does take some work, maybe even some hard work, but you will be rewarded with the business of your dreams. Start with a plan and hold yourself accountable to meet those goals. If accountability is an issue, hire a coach or consultant - remember, even the best sports stars rely on coaches - it is a sign of growth!
Copyright 2010 Linda Lucas Fayerweather MBA EA
http://www.changinglanes.biz/
What are you doing right now to reach your goals?
Call Linda for getting your plan aligned with your dreams. 419-897-0528
linda@changinglanes.biz
One Page Business Planning Classes are forming - available from your desk! Oh, yes - coaching is included!
Want Stratospheric Succes? Learn the Five Laws.
Reading "The Go-Giver" over the weekend has solidified my belief that business as we’ve known it for the last two decades (or more, your mileage may vary) is so antiquated that to continue “as it’s always been” is maybe the most deadly thing you can do to your business. If your business has stagnated, if it’s slowed down to “just getting by”, or if you have serious concerns if you’ll be in business a year from now you can cheer up! Follow these “Five Laws of Stratospheric Success”.
The first Law, The Law of Value states; “Your true worth is determined by how much more you give in value that you take in payment”.
You may have heard the phrase giving value misused by the Internet Marketing Gurus telling you to give away your secrets to entice your prospects. This misses the mark in two ways. 1) As used here, giving does not mean giving away - as in free. It simply means to present something, in this case value. 2) value in this context means the relative worth or desirability of a thing to the end user. More to the point it's about asking yourself the question; “What can I offer that will set me apart – and I mean WAAAAY apart – from my competition and will allow people to want me as the person they choose to do business with?
Near and dear to my heart is appreciation. This is one of the things that cost little or nothing and leaves a lasting impression. Say please and thank you (and mean it). Send Nice to meet you notes - not emails - in a greeting card in your own handwriting. Remember birthdays and, you guessed, it send a card that says Happy Birthday! (If you don’t have a system for sending notes and greeting cards head over to my site and discover a great way to do it right from your computer)
Here’s a good place to mention one of the most important keys to making this law work, and it may be a deal breaker if you can’t commit to it, it’s that you have to give without any emotional attachment to the outcome. Now I know that’s going to sound really wacky to you but that’s how it works… because there is an outcome every time.
Visit Amazon.com and get the book. Take this journey with me and let me know how you give value to your product or service.
Copyright 2010 Todd Pillars helps business owners and sales professionals generate endless referrals easier and faster than they ever thought possible. Please contact him today at 419-855-2273 or email him at todd@toddpillars.com . You can also find out more information about his Endless Referrals workshops at http://www.burgintl.com/toddpillars .
Monday, August 30, 2010
Monday, August 23, 2010
Proactive vs Reactive
Being Proactive in a Reactive World
Before we go any further - let me just say that reactive behavior is needed in life and it is a critical component to being a caring community. Responses to a natural disasters or a personal tragedies are part of society that makes us human. That being said, business pro-activity needs to be ever-present.
Back to Business. A common lament of business owners is:
"HOW do I move forward with a ___________ (new idea, plan, target market or just implementing a new customer service process)
WHEN I have ____________ (incomplete projects, uncooperative staff, no capital reserves, needy customers)".
After you fill in the blanks, I want you to take a few minutes to visualize change.
Imagine you are driving on a road that cuts through a mountain pass as you view the open-exposed rock layers of the mountains you know that these took eons to create - first was the layering of the different rocks - some volcanic and some sedimentary - then the metamorphosing with pressure that caused the waving and uplifting.
Now, come back from your travels and take a look at where your business has been. Look at the layering and metamorphosing that has happened over time. The slow steady progress of business is a key to business success. If you don't like where you are, have been, or are going, plan the steps to change. A great starting place is having a conversation with yourself about WHAT brings you energy and joy. This will give you a clue as to WHO you should be working with - in other words, your target market.
Changing the way we do business to bring us energy requires us to make regular proactive steps that change the face of our businesses. Yes, we will still have to be reactive, but working proactively on a regular basis will in itself lead to a change in our attitude. WHEN will you do it? Schedule some time daily right now! Really, right now.
Simple steps will make a difference.
Copyright 2010 Linda Fayerweather
Is what you are doing right now helping you achieve your goals? If not. . . stop doing that!
http://www.changinglanes.biz/
419-897-0528
Understanding Your Target Market
You already know how important your target market is to you business. Yet some of you may not be delving deeply enough into the research of your ideal customer. Case in point: Mommy Greenest*. You probably can assume that three-quarters of green moms are Gen Xers or Millennials and that 60% of them look for products and services that come from socially responsible companies.
HOWEVER, there are more details to this market that you should consider, like:
· 3 in 4 green moms have pets
· 1 in 4 is a homemaker
· 6 in 10 green moms are married
· They like new products - here's a breakdown of what they're looking for:
o 37.4% will try new products
o 58% buy store brands
o 47.2% buy name brands
o 50.7% use coupons.
· Their annual income is important too:
o 16.8% live on less than $25,000/year
o 41.6% from $25,000-$74,999
o 35.3% have an income of $75,000+
· Here's where they live:
o 34.6% in New England and Atlantic states
o 42.8% North and South Central US
o 8.8% Mountain states
o 13.8% Pacific states
So why is the depth of this information so important? Admit it; you were a little surprised that Green moms aren't living in the assumed "hot spots" of green activism like California and Colorado. I was surprised by this too. But isn't it nice to know that that the majority of these women are living in the central US, where things are a less hyped? This is good news for local businesses here in the Midwest. That means if you have a great idea of creating "green" products for pets, the idea should serve you well as 3 in 4 moms have pets.
A question does arrive on how to communicate with these green moms. Won't they be turned off by direct mail? Au contraire! If the direct mail is done right - been printed using environmentally friendly papers and inks - it'll be ok. Go the extra step by matching your message to your website where these moms can find more information about you. Don't deliver the thick huge brochure, instead direct them to the web where they can discern what needs to be printed themselves.
Delve deeply into your target market and you'll find all sorts of interesting facts that can help you with new product development or on how to better communicate with them. Remember your success starts with understanding your perfect consumer!
*Source: July 2010 Deliver Magazine.
Rebecca Booth
Marketing Goddess
Imagine That!
419.855.3399
Celebrating 13 years of delivering results for our clients.
http://www.rebeccaboothmarketinggoddess.com/
Before we go any further - let me just say that reactive behavior is needed in life and it is a critical component to being a caring community. Responses to a natural disasters or a personal tragedies are part of society that makes us human. That being said, business pro-activity needs to be ever-present.
Back to Business. A common lament of business owners is:
"HOW do I move forward with a ___________ (new idea, plan, target market or just implementing a new customer service process)
WHEN I have ____________ (incomplete projects, uncooperative staff, no capital reserves, needy customers)".
After you fill in the blanks, I want you to take a few minutes to visualize change.
Imagine you are driving on a road that cuts through a mountain pass as you view the open-exposed rock layers of the mountains you know that these took eons to create - first was the layering of the different rocks - some volcanic and some sedimentary - then the metamorphosing with pressure that caused the waving and uplifting.
Now, come back from your travels and take a look at where your business has been. Look at the layering and metamorphosing that has happened over time. The slow steady progress of business is a key to business success. If you don't like where you are, have been, or are going, plan the steps to change. A great starting place is having a conversation with yourself about WHAT brings you energy and joy. This will give you a clue as to WHO you should be working with - in other words, your target market.
Changing the way we do business to bring us energy requires us to make regular proactive steps that change the face of our businesses. Yes, we will still have to be reactive, but working proactively on a regular basis will in itself lead to a change in our attitude. WHEN will you do it? Schedule some time daily right now! Really, right now.
Simple steps will make a difference.
Copyright 2010 Linda Fayerweather
Is what you are doing right now helping you achieve your goals? If not. . . stop doing that!
http://www.changinglanes.biz/
419-897-0528
Understanding Your Target Market
You already know how important your target market is to you business. Yet some of you may not be delving deeply enough into the research of your ideal customer. Case in point: Mommy Greenest*. You probably can assume that three-quarters of green moms are Gen Xers or Millennials and that 60% of them look for products and services that come from socially responsible companies.
HOWEVER, there are more details to this market that you should consider, like:
· 3 in 4 green moms have pets
· 1 in 4 is a homemaker
· 6 in 10 green moms are married
· They like new products - here's a breakdown of what they're looking for:
o 37.4% will try new products
o 58% buy store brands
o 47.2% buy name brands
o 50.7% use coupons.
· Their annual income is important too:
o 16.8% live on less than $25,000/year
o 41.6% from $25,000-$74,999
o 35.3% have an income of $75,000+
· Here's where they live:
o 34.6% in New England and Atlantic states
o 42.8% North and South Central US
o 8.8% Mountain states
o 13.8% Pacific states
So why is the depth of this information so important? Admit it; you were a little surprised that Green moms aren't living in the assumed "hot spots" of green activism like California and Colorado. I was surprised by this too. But isn't it nice to know that that the majority of these women are living in the central US, where things are a less hyped? This is good news for local businesses here in the Midwest. That means if you have a great idea of creating "green" products for pets, the idea should serve you well as 3 in 4 moms have pets.
A question does arrive on how to communicate with these green moms. Won't they be turned off by direct mail? Au contraire! If the direct mail is done right - been printed using environmentally friendly papers and inks - it'll be ok. Go the extra step by matching your message to your website where these moms can find more information about you. Don't deliver the thick huge brochure, instead direct them to the web where they can discern what needs to be printed themselves.
Delve deeply into your target market and you'll find all sorts of interesting facts that can help you with new product development or on how to better communicate with them. Remember your success starts with understanding your perfect consumer!
*Source: July 2010 Deliver Magazine.
Rebecca Booth
Marketing Goddess
Imagine That!
419.855.3399
Celebrating 13 years of delivering results for our clients.
http://www.rebeccaboothmarketinggoddess.com/
Wednesday, August 18, 2010
Accountability
What Works - What Doesn't
When it comes to getting more work done, sometimes I hear these questions and I'm embarrassed to say that occassionally I even think some of these questions.
--Who dropped the ball?
--When will I be appreciated?
--Why is this happening to me?
--Why do we have to go through all this change?
--Who left the peanut butter out?
According to John Miller, author of QBQ: Question behind the Question, practicing Personal Accountability these are all questions that indicate the organization in question is not using personal accountability as a core value in their culture.
Let's just talk about the dropped ball. This is part of the blame game and as a manager, the first response is to make sure the job was clearly assigned.
--If I'm asking "who dropped the ball", I'm going to review if I did a good job of delegating. Why? Because, if I had, I'd know who dropped the ball, dealt with that individual and gotten the project back on track. (Note: sometimes a ball dropper is in the wrong position or maybe even on wrong team - that is the job of a manager to assess and correct.)
--If I am part of a team and I dropped the ball - let's hope I have a team member that values the project and intercedes and asks the question "How can I help?" or "What can I do to help get this back on track?"
--If I am on a team that someone has dropped the ball, my personal accountably should do two things.
1. Asking the responsible person "How or What can I do to get this back on track?" or
2. If it is critical or urgent - doing what needs to be done and then seeking to correct the problem.
When Japanese manufacturers in the 1950s started allowing any assembly worker to stop the assembly line for a correction, the process was corrected and the team members were seen as being personally accountable ultimately to the customer. This was not a negative but a positive response to quality.
Making personal accountability part of your culture is a way to maximize the possibilities of your business. Staying out of the "Blame Game" will be key.
Copyright 2010 Linda Fayerweather
Is what you are doing right now helping you achieve your goals? If not. . . stop doing that!
http://www.changinglanes.biz/
419-897-0528
Conscious Entrepreneurs are Accountable
Many people cringe at the mere mention of the word accountability. They conjure up images of being judged, coming up short, and then having to bear the consequences of failing to perform as expected. However, that's not the purpose of accountability when thought of in the context of conscious entrepreneurship.
Instead, accountability can be a cornerstone for improving overall personal and business performance by developing and promoting change within a culture that embraces continuous growth. For conscious entrepreneurs, accountability is a value that is more about awareness of what needs to change or what is working or not working, than it is about judgment.
Stephen Covey had it right when he said "Accountability breeds response-ability." When you hold yourself accountable to take certain actions, for example to make 5 appointments a day, you can review your activity, at the end of the day, as part of your accountability process and with this knowledge, you can respond. If you didn't make the 5 appointments, you can analyze your activity to see how to improve, you might decide that a goal of 5 a day is too many or perhaps there's something you could tweak in your approach, etc. If you don't hold yourself accountable, you will miss the insights that you gather through your daily accountability analysis and also miss opportunities to grow and change.
Incorporate accountability into your life by choosing two or three small new behaviors that will enhance your life or business and at the end of the day, face the truth. Did you take the new actions? If not, why? If yes, celebrate! What can you learn from the process?
"It is not only what we do, but also what we do not do, for which we are accountable."- Moliere
Copyright 2010 Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
When it comes to getting more work done, sometimes I hear these questions and I'm embarrassed to say that occassionally I even think some of these questions.
--Who dropped the ball?
--When will I be appreciated?
--Why is this happening to me?
--Why do we have to go through all this change?
--Who left the peanut butter out?
According to John Miller, author of QBQ: Question behind the Question, practicing Personal Accountability these are all questions that indicate the organization in question is not using personal accountability as a core value in their culture.
Let's just talk about the dropped ball. This is part of the blame game and as a manager, the first response is to make sure the job was clearly assigned.
--If I'm asking "who dropped the ball", I'm going to review if I did a good job of delegating. Why? Because, if I had, I'd know who dropped the ball, dealt with that individual and gotten the project back on track. (Note: sometimes a ball dropper is in the wrong position or maybe even on wrong team - that is the job of a manager to assess and correct.)
--If I am part of a team and I dropped the ball - let's hope I have a team member that values the project and intercedes and asks the question "How can I help?" or "What can I do to help get this back on track?"
--If I am on a team that someone has dropped the ball, my personal accountably should do two things.
1. Asking the responsible person "How or What can I do to get this back on track?" or
2. If it is critical or urgent - doing what needs to be done and then seeking to correct the problem.
When Japanese manufacturers in the 1950s started allowing any assembly worker to stop the assembly line for a correction, the process was corrected and the team members were seen as being personally accountable ultimately to the customer. This was not a negative but a positive response to quality.
Making personal accountability part of your culture is a way to maximize the possibilities of your business. Staying out of the "Blame Game" will be key.
Copyright 2010 Linda Fayerweather
Is what you are doing right now helping you achieve your goals? If not. . . stop doing that!
http://www.changinglanes.biz/
419-897-0528
Conscious Entrepreneurs are Accountable
Many people cringe at the mere mention of the word accountability. They conjure up images of being judged, coming up short, and then having to bear the consequences of failing to perform as expected. However, that's not the purpose of accountability when thought of in the context of conscious entrepreneurship.
Instead, accountability can be a cornerstone for improving overall personal and business performance by developing and promoting change within a culture that embraces continuous growth. For conscious entrepreneurs, accountability is a value that is more about awareness of what needs to change or what is working or not working, than it is about judgment.
Stephen Covey had it right when he said "Accountability breeds response-ability." When you hold yourself accountable to take certain actions, for example to make 5 appointments a day, you can review your activity, at the end of the day, as part of your accountability process and with this knowledge, you can respond. If you didn't make the 5 appointments, you can analyze your activity to see how to improve, you might decide that a goal of 5 a day is too many or perhaps there's something you could tweak in your approach, etc. If you don't hold yourself accountable, you will miss the insights that you gather through your daily accountability analysis and also miss opportunities to grow and change.
Incorporate accountability into your life by choosing two or three small new behaviors that will enhance your life or business and at the end of the day, face the truth. Did you take the new actions? If not, why? If yes, celebrate! What can you learn from the process?
"It is not only what we do, but also what we do not do, for which we are accountable."- Moliere
Copyright 2010 Pat Altvater
Transforming Bodies and Minds
http://www.outsmartweight.com/
http://www.momsoutsmartingobesity.com/
http://www.choosesuccessbook.com/
419-344-6613
Monday, August 09, 2010
Question: What Does Every Business Need to Succeed?
Answer: Customers!
When I've taught undergrad business courses, at one session, upon arrival the students would see CUSTOMERS in huge letters with the question "What Does Every Business Need to Succeed?" in normal print at the top of the board. The entire class would be a discussion about all the aspects of customer acquisition, satisfaction and retention. On the final exam, there would be the above question and being the annoying person I can be, I'd leave a good two inch space for the answer.
The efficient student would just put "customers" in the space and move to the next question.
The creative student might write the one word answer in large letters to fill the space.
The clueless student would write on and on about business processes - if the word customer was in the essay, I'd circle it and give them full credit - no customers - no credit.
If you were thinking other things like great leadership, lots of capital, super employees, a fabulous idea or product you are not alone. There are so many things that need to be in place for a business to succeed in this world, but without customers, there will not be a business. Getting to know your customers' needs and expectations are key to business survival.
Keeping your customers and having your existing customers bring you more customers is key to business growth and longevity. How you communicate with your customers WILL depend on leadership, capital, employees and of course the perceived value of what you sell. This is where I say "Do you have a plan?" If you don't have a plan. . . get one.
Everyone in your business needs to know where they fit into the customer satisfaction cycle. This will make your job and theirs easier and help each person to be engaged with the customer even if you never actually see or talk to a customer.
Copyright 2010 Linda Fayerweather
Is what you are doing right now helping you achieve your goals? If not. . . stop doing that!
http://www.changinglanes.biz/
419-897-0528
Keeping Your Regular Customers Happy
Entrepreneur Magazine Entire article at: http://www.entrepreneur.com/article/203726
By Suzanne Driscoll October 16, 2009
Some small business owners are so focused on attracting new customers they forget to take care of the ones they already have. And neglected customers will certainly be ripe for the picking by the competition. Bob Green, president of The Verdi Group, an advertising agency in Rochester, N.Y., offers some easy and inexpensive ways to make sure your regulars keep coming back--and get some more along the way:
1. Trade-ins for a good cause. Ask customers to bring in food, clothing or school supplies for the needy, and in return give them a discount off any of your products. People love to support a good cause as well as get a good deal. Cooks' World in Brighton, N.Y., asked customers to bring in old pots and pans to donate to soup kitchens, and in return offered a 20 percent discount for a new item.
2. Loyalty cards. A study by research firm Colloquy, found the average American household belongs to 14 different loyalty programs. Jerry Lewis, owner of Sports Clips barber shops has seen a high percentage of customers use their "get five haircuts and the sixth is free" card and believes his business has increased at least 20 percent because of this.
3. Keep in Touch. Green believes it's very important to consistently keep in touch with your regulars to ensure your business stays on their "radar screen." One of the best ways is to send out an e-newsletter at least once a month. Here you can announce new products, offer money-saving tips, advertise upcoming sales or talk up recent accomplishments.
4. Follow up. The best sales people keep track of the customers who buy from them, and then frequently follow up. Jim Greene, sales manager of Closet Maid, reports his dealers always call the customer after three days to make sure they are satisfied with the work and ask for referrals.
5. Get their opinion. Make the effort to invest customers in your business.. Ask their opinion about the quality of your product or service and how they can be improved. And make sure you actually implement some of the suggestions; don't just conduct a survey for surveys' sake. When customers feel vested, valued and heard, they are bound to keep coming back.
6. Good ol' coupons. A simple coupon in the local paper, a direct mail piece or a discount offered on your website can help keep your current customers coming back as well as entice new ones. A study by the Manufacturer's Coupon Control Center found that 75 percent of customers who believe themselves loyal to a particular brand would consider switching to a competitor if they received a coupon for it.
7. Rewards for referrals. If a current customer recommends your product or service to someone else who ends up buying, give them a reward. At a minimum, send a thank you note.
8. Conduct on-site classes. Whether it's cooking lessons, car repair workshops or gardening tips, offer classes at your place of business. While customers are there they can peruse goods and purchase everything they will need in order to duplicate what they've learned at home.
9. Target local companies. Whatever your business, if you offer a service that busy, full-time workers could use, extend special discounts to the local human resource departments. Employees will appreciate being able to run some of their weekend errands on their lunch hour.
10. Offer a freebie. "Every so often, we give our clients something extra: a free taste--something exciting they would never have thought of by themselves--and something they neither asked for nor paid for," Green says. "It pays off, not only does it make our clients happy, they look forward to working with us. And more often than not, the 'free' idea we present inspires a project that does bring in some revenue for us, if not immediately, often in the future."
Hopefully you already know that the very best way to keep your regulars happy is to offer impeccable customer service. You can read this article in its entirty at: http://www.entrepreneur.com/article/203726
Have a profitable week.
Linda Fayerweather, Editor
Changing Lanes LLC
Monday, August 02, 2010
Lost Customers and Misbehaving
What Will You Learn About Your Customers this Week?
Peter Drucker is credited with telling businesses to "Grow or Die" because all businesses lose customers with an average being around 7% of existing customers, yearly. Realize that some customers do die, some find other friends but 68% leave because of an attitude of indifference toward the customer according to a "US News and World Report" survey. Since all businesses do lose customers each year, growth is necessary just to stay even.
Lost customers affect your bottom line in several ways:
-Cost of courting and acquiring new customers,
-Cost of lost referrals and
-Cost of employees' time to educate and train new customers.
Just to start a retention program means staying on top of customer trends and attitudes means being in touch with:
-World and national developments in your industry,
-New technology as it applies to your business to do more with less,
-Your colleagues, both locally and nationally for networking, support and trends,
-Systems that will improve efficiencies,
-Procedures that will keep systems in place,
You can read Jill Griffin's book titled Customer Winback: How to recapture Lost Customers and Keep Them Loyal at Google Books.
Copyright 2010 Linda Fayerweather
Is what you are doing right now helping you achieve your goals? If not. . . stop doing that!
http://www.changinglanes.biz/
419-897-0528
Tax Strategies for A-List Misbehavior
Actress Lindsay Lohan made her silver screen debut at age 12, playing adorably cute identical twins in Disney's The Parent Trap. But she grew up fast -- probably too fast -- and has since established a reputation as one of Hollywood's hardest-partying young stars. Now she sells magazines with headlines out of the police blotter, not movie reviews. Her life has become the sort of tabloid trainwreck that lets the rest of us feel smugly superior.
Back in 2007, Lohan spent a grueling 84 minutes in jail after pleading guilty to various drug and alcohol charges. Last month, she made headlines again after Superior Court Judge Marsha Revel sentenced her to 90 days in jail for missing the court-ordered alcohol treatments mandated as part of her last sentencing.
Hollywood celebrities have always spent small fortunes on professional advisors - agents, accountants, attorneys, and business and investment managers among them. But criminal lawyers are increasingly joining those ranks. While nobody wants to pay a criminal attorney, are there at least any tax advantages to ease the sting of the bill?
The Supreme Court says legal fees may be a deductible business expense if the unlucky defendant paying those fees can show a sufficient link between their trade or business and their (alleged) crime. In Lohan's case, though, there's really no connection between missing rehab and promoting movies. You might think it would be enough for her to simply say "I should get the deduction because if I'm in jail, I can't earn taxable income." But the Tax Court has consistently shot down that argument. (And don't forget the 11 cents/hour she can earn stamping license plates!)
Judge Revel also sentenced Lohan to another 90 days of inpatient rehab. Fortunately, drug and alcohol rehab costs are a deductible medical expense - to the extent total medical costs exceed 7.5% of "adjusted gross income." Most stars with Lohan's "A-List" name recognition earn far too much to take advantage of that deduction. In her case, however, her post-rehab income may be just low enough that she can use the help!
There's not really a specific tax-planning lesson here. We just hope you're taking care of yourself better than Lindsay Lohan -- so we can help you when the deductions really are tied to your business!
.Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
Peter Drucker is credited with telling businesses to "Grow or Die" because all businesses lose customers with an average being around 7% of existing customers, yearly. Realize that some customers do die, some find other friends but 68% leave because of an attitude of indifference toward the customer according to a "US News and World Report" survey. Since all businesses do lose customers each year, growth is necessary just to stay even.
Lost customers affect your bottom line in several ways:
-Cost of courting and acquiring new customers,
-Cost of lost referrals and
-Cost of employees' time to educate and train new customers.
Just to start a retention program means staying on top of customer trends and attitudes means being in touch with:
-World and national developments in your industry,
-New technology as it applies to your business to do more with less,
-Your colleagues, both locally and nationally for networking, support and trends,
-Systems that will improve efficiencies,
-Procedures that will keep systems in place,
You can read Jill Griffin's book titled Customer Winback: How to recapture Lost Customers and Keep Them Loyal at Google Books.
Copyright 2010 Linda Fayerweather
Is what you are doing right now helping you achieve your goals? If not. . . stop doing that!
http://www.changinglanes.biz/
419-897-0528
Tax Strategies for A-List Misbehavior
Actress Lindsay Lohan made her silver screen debut at age 12, playing adorably cute identical twins in Disney's The Parent Trap. But she grew up fast -- probably too fast -- and has since established a reputation as one of Hollywood's hardest-partying young stars. Now she sells magazines with headlines out of the police blotter, not movie reviews. Her life has become the sort of tabloid trainwreck that lets the rest of us feel smugly superior.
Back in 2007, Lohan spent a grueling 84 minutes in jail after pleading guilty to various drug and alcohol charges. Last month, she made headlines again after Superior Court Judge Marsha Revel sentenced her to 90 days in jail for missing the court-ordered alcohol treatments mandated as part of her last sentencing.
Hollywood celebrities have always spent small fortunes on professional advisors - agents, accountants, attorneys, and business and investment managers among them. But criminal lawyers are increasingly joining those ranks. While nobody wants to pay a criminal attorney, are there at least any tax advantages to ease the sting of the bill?
The Supreme Court says legal fees may be a deductible business expense if the unlucky defendant paying those fees can show a sufficient link between their trade or business and their (alleged) crime. In Lohan's case, though, there's really no connection between missing rehab and promoting movies. You might think it would be enough for her to simply say "I should get the deduction because if I'm in jail, I can't earn taxable income." But the Tax Court has consistently shot down that argument. (And don't forget the 11 cents/hour she can earn stamping license plates!)
Judge Revel also sentenced Lohan to another 90 days of inpatient rehab. Fortunately, drug and alcohol rehab costs are a deductible medical expense - to the extent total medical costs exceed 7.5% of "adjusted gross income." Most stars with Lohan's "A-List" name recognition earn far too much to take advantage of that deduction. In her case, however, her post-rehab income may be just low enough that she can use the help!
There's not really a specific tax-planning lesson here. We just hope you're taking care of yourself better than Lindsay Lohan -- so we can help you when the deductions really are tied to your business!
.Tim Pinkelman, CPA
Accounting Center & Tax Services, Inc.
419-882-9255 or 734-847-0400
http://www.accounting-centers.com/
Subscribe to:
Posts (Atom)