Maximizing customer value is an important part of maintaining and growing your business. Your customer value proposition is what keeps existing customers happy and brings in new business. Without a clear value proposition, you may have difficulties marketing yourself to new customers.
So, what if your customer value proposition? And how do you maximize it for better results?
What is your Customer Value Proposition?
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If you are like many people, you are thinking about what may be ahead as you near retirement. Whether you are within a few years of retirement or still have decades to go, contributing as much as possible to your retirement plans can pay off big in the years ahead. But as you know, the contributions to various plans can change from year to year, so it's important to know what you can or cannot do regarding your 401(k), IRA, or other plan. As we now get 2021 underway, here are the contribution limits for various plans of which you should be aware.
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If you own a small business, you know how important it is to support various charitable causes, both within your own community and throughout the world. But as you know, there are always changes related to your taxes and how your charitable donations may be done from one year to the next. As 2021 begins, it is important for you to be aware of several changes to charitable donations, some of which have been done so via the CARES Act passed by Congress in 2020. If you are a small business owner and make it a priority to provide charitable donations each year, here is what you
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According to the Association of Certified Fraud Examiners, businesses lose 5% of their annual revenue to employee fraud and abuse. Businesses with fewer than 150 employees—are the most vulnerable to employee fraud. They lack the resources to absorb losses.
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Its year-end review time at many companies. Instead of dreading it, or worrying about giving negative feedback, why not turn it into a chance to improve morale and engagement? You can do this by including a professional development plan with your review.
Losing employees impacts your bottom line. You could have to hire a recruiter to find their replacement, there will be lost productivity while you train the new person, and if they have been disengaged for a while you may find that their past work wasn’t up to par.
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As a business owner, tax season is probably not a time of year you look forward to each time it rolls around. However, you also know that getting your taxes completed and filed as easily and quickly as possible will make your life much easier in the months ahead. Unfortunately, many business owners get so caught up in other activities during the year that they fail to have their records properly organized prior to meeting with their CPA. As a result, tax filing becomes more difficult than necessary. Without various receipts and other documentation, you as a business owner could ultimate
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When the time comes and you decide to hire someone to work for you as a housekeeper, nanny, caregiver, or similar job at your home, it’s vital that you understand the tax implications associated with such arrangements. While some people who are employers in these situations don’t pay attention to the tax side of things, this is a mistake that may lead to stiff penalties from the IRS. Rather than create this situation for yourself, here is what you need to know when hiring household help.
Employee or Self-Employed?
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As any bookstore owner who’s heard a customer say, “That’s okay, I’ll order it on Amazon,” when a book is out of stock can tell you - supply chain management can make or break a small business. Supply chain management is the flow of input materials, finished goods, or services, through your business. It’s particularly important for businesses that produce or carry physical inventory.
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It can be difficult to attract talent during the start-up phase when you can’t necessarily offer the larger salaries and bonuses of a more-established company. Many start-ups turn to offering employee equity plans that increase the attractiveness of working for them. But there are downsides to diluting your equity and managing an equity plan.
If you’re a startup struggling to build the professional team you need to succeed, here are some of the pros and cons of launching an equity plan.
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Webinars are more popular than ever, thanks to restrictions on in-person social gatherings. You may be planning on hosting a webinar for your own business or as an employee. Whatever the reason for your business webinar, there are some things you can do to ensure that it’s a success. Success would mean that you looked professional while hosting the webinar, that the webinar itself went off without a hitch and that others found the content useful. Here’s how to make that happen.
Do a Dry Run
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With every business decision that you make, you probably try to calculate how much money you’ll need to spend versus how much money you could save. If you’re considering finally hiring a CPA, you should know that a CPA helps to save you money in many different ways. And, if you already have a CPA, you should know that they are definitely earning their keep. Following are nine ways that a CPA helps save you money, no matter what size business you have.
1. Avoiding IRS Penalties
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Did you know that your business has a credit score? It’s similar to your personal credit score - it tracks missed and late payments, if you’ve defaulted on loans, and your business’s assets and liabilities. But unlike your personal credit score, it’s not compiled by a credit bureau. People pulling your business’ credit score most commonly pull it from a company called Dun and Bradstreet.
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If things work out the way they are planned, you may be receiving a second stimulus check in the coming weeks. Nothing is yet guaranteed, but there are certainly plenty of people who are banking on getting a financial boost from the government during this COVID situation. Any money that may be forthcoming won’t be life-altering, but there are smarter ways than others to use your next stimulus check.
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Since a lot of employees are working from home now, it makes sense that employers are looking for efficient ways to track employee time. Even though employees do have more autonomy over their working time, you still need to ensure that you’re not paying for excess idle time. Most professionals can be trusted to work when they’re supposed to, but there will always be some people who try to take advantage of the working from home situation. Following are some considerations to keep in mind and some ideas about various ways to track employee time.
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Do you know how much inventory is in your warehouse right now? If the answer is a shrug, you would do well to learn about inventory management. Businesses which rely on the sale of physical goods must learn how to manage the flow of those goods in and out of their warehouse.
What is Inventory Management?
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Whether you’re big or small, putting together a PR strategy pays off in multiple ways. A press release that a reporter turns into an article could send new customers to your door. Having a good reputation in your community strengthens your business’ sales and longevity. And good relationships with the media result in free publicity and building your reputation as experts in your field.
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When making staffing decisions, it’s important to consider all the variables. You may be hiring support growth, or bring in new clients. Other times, the role in a cost center, and you’ll need to evaluate if existing revenues can support added costs.
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For many companies, personnel and personnel-related costs represent the biggest chunk of their expenses. During this pandemic, companies of all sizes have had to take a closer look at their personnel costs to see where cuts can be made. This has resulted in millions of people losing their jobs. But what if there were alternatives? Maybe your company doesn’t need to lay off as many people as you might have thought, in order to survive.
1. Switch Full-time Employees to Part-time
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Companies large and small are struggling in this age of COVID. In Chicago alone, an estimated 4,000 small businesses have shuttered. The Washington Post reports that over 100,000 small businesses nationwide have “closed forever.” And it’s not over yet.
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When you started your business, you probably didn’t think about its end. The first few months, years, or decades, your focus was likely growing your sales, developing new products or services, and building your reputation in the community. But, at some point, you may start wondering if it’s time to sell.
Walking away from a business into which your poured your time and energy can be a tough call. Paying attention to these signs, and bringing the right professionals onboard to help with the sale, can ensure a smooth ending.
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For many small businesses, operating under ordinary conditions is hard enough when it comes to maintaining cash flow, especially for small businesses. However, when you toss in a pandemic on top of the usual obstacles that appear, the situation may feel overwhelming. Yet, despite the vast majority of small businesses in the U.S.
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As a small business owner, you know all too well that it is important to keep track of every dollar. Along with paying any employees you may have, you also must have money available to purchase new equipment, pay for insurance, make improvements to your building when needed and so forth. Unfortunately, there are almost always times when unexpected expenses arise at the worst possible moment, resulting in you taking on various amounts of debt. While initially you figured it would be no problem to get the debt paid off, the result may now be that debt is hurting your business. If you've
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Gone are the days when you had to drive to the bank to do a single transaction. Research has shown that more than half of the adults in the U.S. bank online, while about a third bank using cell phones. You can do almost all transactions through the convenience of your phone or your desktop.
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In what most of us would call a normal world, bankruptcies are filed each day. However, during these times when more and more people are dealing with the financial fallout associated with COVID-19, it is estimated that numerous individuals and businesses will be filing for bankruptcy in the months and years ahead. Since the bankruptcy process is complex, confusing and will have a significant impact on a person's finances and particularly their credit, it is a decision that should be made only after careful thought, and as a last resort.
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Charging it has become part of the American way of life. Whether it’s because they want to delay payments, don’t have the money currently, or simply want the convenience, consumers expect to be able to pay their bills with plastic. For a small business owner, this can present a challenge.
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The skillset most managers develop over time often relates entirely to managing in an office. Stopping by a direct report’s desk to check in, scheduling one on one meetings or taking them out to coffee to catch up on their progress. If they have a question about a line item on the Cashflow Statement, you can teach them how to find the answer by walking them through your accounting software and Balance Sheet.
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When you own real estate investment properties, there are a lot of tax benefits to be aware of. One of those is depreciation, and it can save you quite a bit of money on your tax bill. While you probably already take other deductions on your property, the depreciation benefit is an extra one that's separate from the other deductions. Thanks to depreciation, some real estate investors may pay little to no tax on the income they receive from their properties. But that doesn't mean depreciation is magic, or that there aren't any potential problems and pitfalls to consider.
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The COVID-19 pandemic has caused a great deal of financial hardship for individuals and families. If you are in a position of financial security, you may be thinking of lending money to struggling family members or close friends. A little bit of help in these challenging times may be just what your loved ones need to get through until they can find work and get back on their feet again. While lending money to close family and friends is a kind gesture on your part, you should be aware that there are tax implications to plan ahead for.
Use Paperwork
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When they first launch their business, few small business owners think about putting together and documenting policies. They focus on marketing and reaching new clients, the services they’ll offer, and what they’ll charge for them. But, once your business has grown and is past the launch stage, you will need guidance for responding to common issues that arise during business.
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