Small Business Profit Explosion

Marketing Tip of the Week – We’re Expanding!

We are proud to announce or newest project, Innovative Marketing Consulting (IMC). We are offering affordable marketing options for small businesses.

We offer everything from social media set-ups, simple websites to customized marketing programs. In the near future we will also offer mobile applications and Search Engine Optimization (SEO).

Our goal is to help small businesses owners market their business using the newest technologies regardless of their budget or experience. IMC can give small business owners the chance to utilize internet and other marketing media and have it make them money!

Go to http://www.imcelpaso.com/ to learn what we can do for you!!

 

Marketing Tip of the Week – Why Blog?

All businesses need to have a blog; no excuses! It’s free, it educates your customers and it can lead to sales!

There are SO many free blog sites that allow you to create a blog that is easy to manage! Blogs give you a forum to tell your customers about your industry, why they need you and how you can solve their problems! On top of that, you can highlight new products, promote events, reward certain customers, discuss hot topics in your field - the list goes on and on! It’s your company’s voice!

Go create your blog today and give your company a step up on your competitors.

If you need help with your marketing we’re starting a new company, Innovative Marketing Consulting, which specializes in internet marketing and consulting. Go to www.imcelpaso.com to learn more! 

 

10 Surefire Ways to Make More Money and Keep it in the Bank!

Go to www.myprofitguru.com to listen to our free webinar that will show you the following 10 Surefire ways to make more money and keep it in the bank. This one hour webinar is jam packed with information that I have used over the last thirty plus years to help business owners increase their profits.

The following are the items I cover that I know can help you double or triple your profits this year:

1. See what the crowd is doing and do the opposite.
2. Focus your time on the work that increases profits, sales and cash flow.
3. Manage & improve every step of the sales cycle.
4. Increase sales to current customers.
5. Create a marketing system to get the big customer.
6. Speedup and improve all areas of the business transaction cycle.
7. Understanding & utilizing the most important rule of business.
8. Using 5 critical accounting numbers to increase profits, sales & cash flow.
9. Never totally trust your bookkeeper.
10. Be a lifetime learner.

At www.myprofitguru.com you will also receive a list with all legal business tax deductions (So you don’t ever miss a legal deduction again!), 65 tax cutting tips and a list of QuickBooks keyboard shortcuts.

Please let me know what you think of this free webinar.

Thank you for your continued support and let’s make this year our most profitable year ever!

 

Marketing Tip of the Week – Don’t Avoid Technology -It’s Your Friend… Really!

I have met a lot of business people that avoid technology at all costs. They’re also the ones that are complaining that they waste a lot of time doing tasks that need a lot of steps and are time consuming. Marketing is an area where technology has really improved efficiency.

Just this month, I came across three different tools to help me market more efficiently, with minimal time and a lot cheaper than what I thought possible! And to top it off, I can track the results! Web and program developers are creating programs to make our lives exceedingly simple. If you have ever thought, “There has to be an easier way of doing this.”, there probably is!

It can be emailing customers, tracking promotions or organizing your projects; you name it, there is probably a product out there to solve your problem.  “There’s an app for that” has a lot of truth behind it.

So don’t shy away from new technology, embrace it!  One of the areas of business where technology has really benefited is marketing. Small businesses can finally create a marketing plan that is professional, productive, affordable and profitable!

Client Question of the Week: Why did the IRS penalize me 10% for sending them a check to pay my payroll taxes?

Question: Why did the IRS penalize me 10% for sending them a check to pay my payroll taxes?

Answer: Beginning January 1, 2011, the Treasury Department eliminated the system that processed the yellow coupon books (Form 8109) that most small business owners brought to the bank in order to pay their required federal tax deposits for payroll, income tax estimates & extension payments. Now, taxpayers are required to make all of these tax deposits using the Electronic Federal Tax Payment System (EFTPS). Failure to do so can result in a 10% penalty.

In order to enroll in the EFTPS system small business owners should go to www.eftps.gov or by calling 1-800-555-4477.

New businesses that indicate a federal tax obligation when requesting their Employer Identification Number (EIN) will automatically be pre-enrolled in EFTPS. They will then be mailed instruction on how to activate their enrollment.

If you must pay by check in order to avoid a late payment penalty (due to problem with EFTPS or while waiting for the temporary PIN#) must be able to prove that they mailed in at least two days before the due date and mail it to the following address:

                Financial Agent

                FTD Processing

                P.O. Box 970030

                St. Louis, MO  63197

 

Be sure to write your company’s EIN# and print the tax period being paid.

 

If you receive a penalty notice you should 1) enroll in the EFTPS and 2) write a letter responding to the penalty notice requesting abatement. Be sure to enclose proof that you enrolled. Even though we have had success doing this I won’t promise that they will abate the penalty. The IRS is seldom consistent in their treatment of taxpayer penalty abatement requests. But, I know it won’t work if you don’t at least try!

Like any good CPA, I need to add a disclaimer: unfortunately, it is impossible to offer comprehensive tax info over the internet, no matter how well researched or written. And remember, I love my readers but having me bookmarked on your computer doesn’t make you a client: before relying on any information given on this site, contact a tax professional to discuss your particular situation.

Marketing & Selling Tip of the Week – Don’t Forget Your Manners!

In the new age of technology and the absence of education in etiquette, I have seen many sales people blow sales because they cannot but their phones down! Constantly checking your phone, texting and taking phone calls in the middle of meeting is not acceptable and is just plain RUDE!

You are sending signals to your customers and potential customers that they’re not worth your full attention. They have taken the time to meet with you and to hear your sales pitch and you are distracted by your phone.

Rarely are things an emergency, whoever is calling or texting you can wait or leave you a message. As soon as you’re done with your customer, you can address the issue they may have. You should always switch your phone to silent, not vibrate, and place in a place that it will not distract you.

If you’re expecting an important call or vital information let your customer know beforehand. My experience has been if you’re open with your customers and give them an advance notice they are understanding and do not misinterpret your actions as rude.

So step away from your phone and give the same respect to your customers that you would want from someone who was asking you to buy from them.

Marketing & Selling Tip of the Week – We can’t Stress it Enough!!

I know we have done SEVERAL blogs about social media but we can’t stress it enough! Many studies have shown the effectiveness of social branding and how it really does work in increasing brand loyalty and increasing sales!

Keeping an active social network presence is not easy and does take some work but the outcome is well worth your efforts!

I am even working hard on creating a social presence. You can like my Facebook page (search Wayne Belisle, CPA), follow me on twitter @WJBelisle , connect with me on Linkedin (search Wayne Belisle) and be in the circle on Google+ (search Wayne Belisle). I’m still new to Google+ so bear with me.

I have been working hard to provide my clients with important information they can use to reach their financial goals. Social networking is easy and cost effective way to reach your audience.

So if you haven’t started networking what are you waiting for? Don’t be left in the dust, go to a computer and at least take a look at what is going on. I think you’ll be surprised.

Marketing & Selling Tip of the Week – Why Reinvent the Wheel?

If you have worked with me before, you may have heard me say “Why reinvent the wheel?” And I really believe in that saying.

As a small business owner, I know we have limited resources.  Using information, techniques, ideas and methods that other businesses have had success with is just smart business. They have just saved you a ton of money and time by finding a selling method that works and all you have to do is incorporate it into your marketing plan.

I have worked with business owners who have argued, "That is what my competitor is doing." My response is: So? Why are you going to lose money because your competitor tried something out before you did? All you have to do is put your own spin on it in order to have the same idea increase your sales also.

Marketing is one of those things that is always changing and can produce different results at different times; but, if you find something that has proven to work, feel free to jump on that bandwagon and hope it works for your business.

Jump-Start Profit Tip of the Week: The Education of an Entrepreneur

One of the main differences between a business owner who has created for themselves a “job” and an entrepreneur who has created a “business” often can be traced to one thing – the entrepreneur never stops learning!

Most start-up business owners don't know what they don't know. Confusing I know so let me explain. Most new business owners don’t understand taxes, bookkeeping and the law so they hire CPA’s (like myself), lawyer and other professionals to handle these issues for them. But, they don’t even have a clue that they need to learn how to market, manage employees, handle growth, the importance of knowing and understanding the metrics of their business, the importance of systems, etc, etc, etc, ……….

So when a new business owner comes in to see me I try to help by recommending the following three books that I feel that every business owner should own, read and re-read.

First would be The EMyth Revisited by Michael E. Gerber. All wealth is a result of the creation of a system by the business owner. This book goes into the importance of systems in order for the business owner to succeed and grow while still keeping their sanity. I have used the chapter on the importance of an Organization Chart for every business to save a couple of marriages between husband/wife ownership teams.

Second would be Guerrilla Marketing by Jay Conrad Levinson. The theory of guerrilla marketing is that your primary investment is not money (a scarce commodity in most small businesses) but, rather time, energy and imagination.

Finally, any book by Dan Kennedy. I guess I would start with his No B.S. Direct Marketing. He has so many key concepts it is very hard to pick just one. But, if forced to, I choose his statement that every business owner is in the business of getting and keeping customers!

These are my favorite three. Drop me a line and let me know if there is a business book that you think I should have put on the list.

Thank you for your continued support and let's make this year our most profitable year ever!

Marketing & Selling Tip Of The Week – Who Said Marketing Had To Cost And Arm And A Leg?

I’m a big believer in not spending money unless you have to. I have done blogs before on some free ways to market like social networking and emails and even how to get free money to help with advertising in co-op dollars. There are still other affordable ways to reach current and new customers.

The trick to effective and low costing marketing is target marketing. This means creating messages and using specific media aimed towards a specific group that will more likely want your products and services. Target marketing does require you to do some research before acting. Conducting a survey of your current customer’s media and shopping habits can really steer you in the right direction. Your current customers are the key to figuring out how to reach new customers.

From the survey results and determine where to spend your money and even figure out inexpensive ways to reach current and prospective clients.

If you would like us to guide you through this process or even do it all, call our office at 915-857-8158 to set-up an appointment.

Tax Tip of the Week- Check out the IRS Website for Great Income Tax Information

One of the best websites out there for tax information is the IRS site which is located at www.irs.gov. This is a surprisingly well setup site that has tons of information and resources. One of the best is the IRS Tax Tip. Just click on the link above to get to the site and enter “IRS Tax Tip” in the search box.

The following is an example of a recent article on the Child Tax Credit that is very comprehensive and not overwhelming.

Ten Facts about the Child Tax Credit 

The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.

1. Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
2. Qualification - A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.
3. Age Test - To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2010.
4. Relationship Test - To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
5. Support Test - In order to claim a child for this credit, the child must not have provided more than half of their own support.
6. Dependent Test - You must claim the child as a dependent on your federal tax return.
7. Citizenship Test - To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.
8. Residence Test - The child must have lived with you for more than half of 2010. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.
9. Limitations - The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
10. Additional Child Tax Credit - If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.

Like any good CPA, I need to add a disclaimer: unfortunately, it is impossible to offer comprehensive tax info over the internet, no matter how well researched or written. And remember, I love my readers but having me bookmarked on your computer doesn’t make you a client: before relying on any information given on this site, contact a tax professional to discuss your particular situation.

Marketing & Selling Tip of the Week – Keeping Up With The Times

Marketing is not a cut and dry element of business. Yes, you can run an ad and see a jump in sales, train your staff to up sell and see an increase in profits. But marketing as a whole needs to be ongoing and change with the times.

A prime example of this is the internet. Fifteen years ago a normal marketing plan consisted of direct mailers, billboards, TV and radio and print ads and strategic marketing. Today, you would be crazy not to include internet advertising, social networking, mass emailing, etc. Of course you continued to strategically plan but the internet has changed how you do it by giving you the ability to target your customers even more.

It’s is your job as a business owners the make sure you are doing everything possible to make your business a success. Learn how to adapt to your customers needs, keep an eye out for new technologies that will improve your business and implement your plans!

If you need help or want advice on how to do this, call our office at 915-857-8158.

Marketing & Selling Tip of the Week- Follow Seth Godin’s Blog for More Tips

We have been following Seth Godin’s blog for some time now and found his information and emails extremely useful!!

In case you haven’t heard of him and his blog, www. sethgodin.typepad.com, here is a sample of one of his posts. We hope you find it informative and sign up for his updates.

Laziness

I think laziness has changed.

It used to be about avoiding physical labor. The lazy person could nap or have a cup of tea while others got hot and sweaty and exhausted. Part of the reason society frowns on the lazy is that this behavior means more work for the rest of us.

When it came time to carry the canoe over the portage, I was always hard to find. The effort and the pain gave me two good reasons to be lazy.

But the new laziness has nothing to do with physical labor and everything to do with fear. If you're not going to make those sales calls or invent that innovation or push that insight, you're not avoiding it because you need physical rest. You're hiding out because you're afraid of expending emotional labor.

This is great news, because it's much easier to become brave about extending yourself than it is to become strong enough to haul an eighty pound canoe.

Tax Tip of the Week - IRS Expands Use of Electronic Payments, Discontinues Paper Coupons

The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper coupon payment system will be shut down at the end of this year.

With this change, business taxpayers will be required to use the IRS’ Electronic Federal Tax Payment System (EFTPS) to make federal tax deposits of various withheld and estimated taxes. The introduction to the proposed regulations notes that over 97.5% of all federal tax deposits are already deposited electronically through EFTPS.

The proposed regulations do continue the exception for businesses that are depositing a minimal amount of withheld income and FICA taxes. Businesses that qualify can make their payments with their tax returns. Employers with a deposit liability of less than $2,500 for a return period can remit employment taxes with their quarterly or annual return.

The proposed regulations will require the following taxes to be deposited electronically:

1. Corporate income and corporate estimated taxes

2. Unrelated business income taxes of tax-exempt organizations

3. Private foundation excise taxes

4. Taxes withheld on nonresident aliens and foreign corporations

5. Estimated taxes on certain trusts

6. FICA taxes and withheld income taxes

7. Railroad retirement taxes

8. Non-payroll taxes, including backup withholding

9. Federal Unemployment Tax Act (FUTA) taxes

10. Excise taxes reported on Form 720, Quarterly Federal Excise Tax

 

As proposed, the new rules would be effective for payments made on or after the date the final regulations are published in the Federal Register, but no earlier than Jan. 1, 2011, and the IRS says it expects to finalize the regulations before then.

If you have any questions, feel free to call our office at 915-857-8158. We will be more than happy to answer any questions.

Marketing & Selling Tip of the Week – How the Online Servers and a Smartphone Can Save Your Caboose!

We’ve all been in a situation where we are talking to someone and all of a sudden we realize, “Hey this can be a potential sale!” If you’re at a social gathering, you didn’t bring your sales material and your chances of picking up a new client just flew out the window.

But now, with Smartphone technology and internet servers, that doesn’t have to be the case. By creating PDF files of all of your sales materials and storing them on a server, you can easily access them on the spur of the moment sales pitch.

How prepared and professional will you look when you email sales material, show product lines and set up appointments within minutes of an introduction?

There are many online servers to choose from and a wide selection of Smartphones out there. You just have to find one that fits your needs. 

Tax Tip of the Week – Visit the IRS Website!!

You may not know this, but the IRS has a website! www.IRS.gov has a lot of useful information and features.

You can check the status of your refund, get most IRS forms, and apply for an EIN and payment plans. It also has access to publications that relate to business IRS requirements. On top of that, they update all tax changes. So, you can see if any of the changes apply to you.  The site isn’t perfect, but can answer many of your questions.

A new feature added was the ability to check if you received advance payment of the Making Work Pay and Government Retiree Credits. You’ll be surprised on how much information is available!

By keeping up-to-date with the current tax laws, you can avoid penalties and have the ability to make the best financial decisions.

Go and check out www.IRS.gov and educate yourself on the current tax changes and see if any of their features can help you make better financial decisions.

FREE, FREE, FREE… Marketing that is!

With everyone counting their pennies right now, small business owners are looking for new inexpensive, or even better, free ways to reach their customers. Over the last couple of years, social networks have been a great way to do so and, get this, it’s FREE!!!

You may have heard of sites like MySpace, Facebook, Linkedin and Twitter and wonder what the heck they are.  These are social websites where individuals (your customers) actively look and socialize with individuals, groups and companies. Businesses have been successful in getting their customers to show an active interest in their services and products. Some businesses also use these sites to inform their customers of updates, new product, sales, etc. You’re able to let them know everything you want them to know about your business in a matter of seconds and it is delivered directly to them. Plus, when customers show an interest in your product, their friends also see. This is great way to get referral business.

Another advantage to social networks is that just go online and type, you can easily manage your page. Most social networks make their services extremely user friendly and, if you still need some help, call us at 915-857-8158 and we’ll be more than happy to assist.

Don’t be left behind! Why pass up a free opportunity to create awareness for your business?

You can become our fan on Facebook. Just search for Wayne J. Belisle, CPA.

Using the Internet to WOW Your Customers

Business owners tend to forget how important it is to meet and exceed their customer’s expectations. One of the first things they teach you in marketing is to always exceed your customer’s expectations. Returning customers are the core of any business. Think about your own shopping habits, don’t you tend to go to the same stores and restaurants over and over again? And, if you stopped going, it’s either because they went out of business or you were dissatisfied with their service the last time you went. The internet makes it easier than ever for business owners to wow their customers.  

In order for your business to succeed, you need that return customer! Let me share one of my own personal experiences to clarify what I mean.

My youngest daughter, who is a nursing student attending Baylor University in Dallas (Yes, I AM a proud parent!), called me Saturday morning complaining that her throat was very sore and that she was losing her voice. She is new to Dallas and did not know a doctor who was open on Saturday. I told her she was most likely going to have to find one of those “Doc-in-a-box” clinics that were open all weekend.

As I have mentioned before, I am a parent with three children and to top it off I am very klutzy. So, I have had to visit more than my share of doctors on the weekend.  So, I KNOW how these clinics work and how packed they get on the weekends. I told her to pack up her books and get ready to spend the rest of the day in the doctor’s lobby.

We called the university to see what they recommended and I was right, they suggested a medical clinic. They gave us the names of a couple of clinics in the area and I searched on the internet to see which was closer to her. While I was researching, one caught my attention, CareNow.

While on their website (www.CareNow.com), I noticed a button in the upper right hand corner that said “WebCheckIn”. Being curious, I clicked on it. The next page announced, “Wait at home, not at a doctor’s lobby.” So, we filled out the normal forms a doctor asks you to fill out on a first visit and entered her health insurance information.  Within ten minutes they called her to confirm her appointment and told her they would call her thirty minutes before the doctor was ready to see her. They called her within the hour.  When she went to the doctor’s office, she waited less then two minutes to get in to see the nurse. The doctor was with her less then five minutes later. Total time at the doctor’s office – 30 minutes!

Expectations met, EXCEEDED and WOWED!!!

Whoever designed this WebSign In system really understood what Tom Peters was writing about in his book The Pursuit of WOW! His basic concept was that to be very successful in business, it wasn’t enough for your business to be “Good”. Most of your competitors are “Good”. To be very successful in business you had to find a way to get your customers to say WOW when they were done dealing with your business.

The doctor who owns CareNow understands WOW. He took the most common customer complaint about going to the doctors (the long waits and wasted time) and using the internet and his website to eliminate it. With everybody’s hectic schedule, do you think this gives CareNow’s clinic a competitive edge? All I know is that I wish they had a clinic in El Paso!

So the big question is – How could your company use technology to WOW your customers and get a competitive advantage?

An even bigger question – How would your business be affected if one of your competitors used technology to WOW your current customers?

Internet marketing is essential in today’s world. So, don’t be left in the wind by not taking action. Also, don’t forget, if you need help, call our office so we can help you get started on wowing your customers.