THE SMALL BUSINESS ADVISOR
Small Business Advice
Small Business Advice

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Build Your Reputation Vigorously; Guard It With Your Life

Your reputation and integrity are your only true and best assets. As they say, “Your word is gold.” Take every step to build, boost and maintain your reputation in your marketplace and avoid taking any steps or making any misstatements that will impair your reputation. With the Internet, an irate or disgruntled customer can blog on you and poof – you’re in trouble. There are NO secrets in today’s global economy.  Make sure to keep each customer satisfied.  You might want to encourage feedback from your customers through a customer service inbox in your office, or through a certain phone number or e-mail address.  This could help you build on your strengths and improve upon any mistakes to avoid them in the future.

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Reduce Your Customers’ Risk of Buying From You

Today more than ever, especially with rampant Internet scams, people are reluctant to trust new vendors and suppliers. After all, what’s your reputation? A one time-tested and proven way to make your customers comfortable with you is to offer a money-back guarantee. In other words, if your customers are not satisfied with your product or service you’ll refund their money; no questions asked! If you provide a service, a money-back guarantee can be a complicated proposition, but test it, try it, work it. The Small Business Advisor offers a money-back guarantee on all its eBooks, books and pamphlets; no questions asked. Since we began selling publications in 1991, we processed only three (3) refund requests.  Guaranteeing a refund to a customer if they are not satisfied is something unique that vendors rarely promise.  By making this guarantee, you will seem more genuine and customers will be more likely to buy from you.

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Build Your Own Brand

In other words, turn your offering into a brand, with a special, unique name. Create something special that new and existing customers request by name. This will enable you to grow your business, pour tons of money into your pockets and attract customers by the boatload.  By developing a unique name and special products or services that consistently give customers what they expect or even rise above that level, you will develop loyal consumers that keep coming back to purchase your product.  These people will remain customers and will tell their friends and family about your company too.  Personal testimony is the most powerful method of persuasion and when you begin satisfying customers, they’ll definitely convince their friends to buy from you too.

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Solicit Continuous Feedback

Seek out feedback from customers, vendors, partners, competitors and whoever will give you independent insight to your business and how you can improve.  Feedback is one of the most valuable aspects of building a successful small business because it enables you to satisfy your customers, become more efficient, and turn every mistake into a positive experience that will help you grow.

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Track Your Progress; Measure and Monitor Your Results.

One of the most important ways to ensure your success in your business is to keep a close eye on the numbers: the dollars and cents. My uncle used to say, “Numbers don’t lie; people do.” A bit cynical Abe was, but true. When you track your investment dollars, sales dollars, accounts receivable (money your customers owe you), expenses and profit margins, you can make more informed choices and decisions about managing your business. At the beginning of each period, it might help to create a budget for your expenses and to set some goals to reach regarding revenues and profit.  By benchmarking and comparing period to period, you will be better able to envision and achieve milestones for your small business.  Small Business Advisor’s premium bookkeeping service is designed to help you focus on your business, hand off the drudgery and hassle of keeping your books and records and help you prepare your payroll and comply with the rules and regulations.

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Mesh Your Business with Yourself

Everyone has different beliefs, missions, strengths, weaknesses, habits, likes, dislikes, styles and quirks...For example, one of our clients is a night owl. He organized his business around the Internet and he can do most of his work while his clients are sleeping. He’s turned this into a big selling advantage because his clients send him information and projects on [say] Tuesday and by Wednesday morning he delivers the project to the client’s in box. Wow. Select a business that fits your personality and you’ll be much more likely to succeed.  If you’re someone who has many responsibilities in addition to the business you’re starting to build for example, you may want to choose an office location close to home, or provide your employees with portable e-mail and phone communication devices so that you can stay in touch with them at all times no matter what you’re doing.

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Obtain the Essential Tax I.D. Number or Employer Identification Number (EIN)

A business organization whether a corporation, LLC, partnership, and advisably a sole proprietorship is required to obtain a Federal Identification Number (FID). The most common form is an “Employer Identification Number” or “EIN.” These numbers are like a “Social Security Number” for a business. Even if you don’t have any employees, having an EIN gives your business credibility in the marketplace.   When trying to attract new investors or customers, an EIN can create an advantage.  Small Business Advisors’ EIN Service can help you obtain an EIN, often within 15 minutes.

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The Best Small Business Advice I Ever Got

Create a BIG IDEA.

Starting and building a business is very hard work and you deserve to reap the benefits of your know-how, expertise and hard work. As we both know, the entrepreneur often spends 16 hours a day working and worrying (focusing on the business). So, you need the “Big Idea” to get your hands on the great prize. Select an idea that will leverage your core competencies in order to multiply your wealth.  Try to focus on one product or service that will set you apart from competitors and provide a solution to a consumer’s problems or needs.

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TAX PLANNING- YEAR END

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