BIZunion, Inc. | Insight. Involvement. Innovation. http://bizunion.biz Insight. Involvement. Innovation. Thu, 24 Feb 2011 11:00:36 +0000 en hourly 1 http://wordpress.org/?v=3.0 The Best Way To Hire http://bizunion.biz/2011/02/the-best-way-to-hire/ http://bizunion.biz/2011/02/the-best-way-to-hire/#comments Thu, 24 Feb 2011 11:00:36 +0000 admin http://www.thaneycpa.com/?p=1903 Many firms wouldn't hesitate in choosing teh former. But what if the older candidate was so sure of himself that he refused to listen to his superiors, mocked the mistakes of others and proved to be otherwise prickly and uncooperative? A version of the phrase 'hire on character, train for skills' is often quoted by experienced business people. On paper, firms may seem like a machine powered by team members who form the cogs and wheels. In reality, firms are social organizations that rely on commitment to a common goal and a positive attitude to function at their best. This is why large corporations care so much about establishing a culture that closely identifies with its mission. The same is true of smaller firms. When screening prospective team members, make sure you spend time explaining why you are in business. Conveying a sense of purpose is at least as important as describing the way the firm functions. If a prospective team member shares your vision for the firm, they are more likely to work well alongside your other team members.
In the interview, look for excitement and enthusiasm.
Recruiters recommend using behavioral traits as a guide to screening candidates. After writing a job description based on the activities required, write down the type of characteristics and raits a team member would require. If the position is replacing a valuable team member, write down the outgoing team member's traits, skills and characteristics as a starting point. Make sure you include the behavioral characteristics in teh test of the job posting. In the interview, look for excitement and enthusiasm. If the candidate sounds bored by the prospect of taking the job, it's a safe bet that the job is not going to work out for either of you. Although it sounds counter-intuitive, experience can even be a hindrance. Newer firms with unconventional approaches to their field can find that team members hired away from competitors are less keen to do something that contradicts their training. Instead those firms might do better hiring younger team members who are less set in their ways.]]> http://bizunion.biz/2011/02/the-best-way-to-hire/feed/ 0 The Power Of Video Marketing http://bizunion.biz/2011/02/the-power-of-video-marketing/ http://bizunion.biz/2011/02/the-power-of-video-marketing/#comments Thu, 17 Feb 2011 11:30:04 +0000 admin http://www.thaneycpa.com/?p=1901 The internet has made it possible for firms to avoid the hassle and expense of television networks by screening video commercials themselves. Your firm's website is a channel of information that your clients will seek out to learn about the products or services you sell. BRAINSTORMING You can use a video to show satisfied clients recommending your firm; demonstrate a product in action; or use music and images to create an emotional connection with potential clients that will encourage them to buy. One of the most popular video categories are 'how to' guides. A list of the most common questions fielded by your sales or support staff may offer inspiration. Unlike a television commercial, you can make the video as long as necessary or host a series of videos. If your video is amusing or impressive in some way, it can 'go viral' and receive enormous amounts of traffic, with ensuring publicity. A growing trend among new software companies is to show nothing else on their home page but an introduction video that explains in simple terms why the software is worth using. This direct method of communicating with potential clients is far more engaging than filling the page with detailed explanations of the software's features and pricing. HOSTING Firms can host a video on their website itself but this can be technically challenging. If your firm's website receives a spike in visitors - in response to a sale or over Christmas, for example - your video might take too long to load on vistors' computers. there are several services which will host video for you with the ability to scale up resources to make sure the video doesn't slow or stutter. YouTube is by far the biggest and best known, but some may consider it inappropriate for hosting a business video that displays a YouTube logo. Amazon Web Services (a division of the online shipping behemoth) can host video without any branding, but it requires more effort to set up. Once hosted, you can promote your video through social media sites such as Facebook. PRODUCTION The required tools for creating videos have become more affordable with prices of digital video cameras plummeting. Simple-to-use, high-definition units can be found for $200. But before you rush out and start filming, consider hiring an actor or a studio to help write the script and shoot the video for you. Done well, video is very effective tool for marketing your firm. Done poorly and you could look unprofessional, cheap or worse.]]> http://bizunion.biz/2011/02/the-power-of-video-marketing/feed/ 0 Learning To Share At Work http://bizunion.biz/2011/02/learning-to-share-at-work/ http://bizunion.biz/2011/02/learning-to-share-at-work/#comments Thu, 10 Feb 2011 11:00:58 +0000 admin http://www.thaneycpa.com/?p=1898 Workarounds such as renaming the documents (version 1.1, 1.2, 1.3, etc) or using Microsoft Word's 'track changes' function helped to manage the process but neither approach can completely avoid the danger of an older copy being mistaken for the latest version. The consequences can be amusing or costly if the wrong information is released to the public. Thankfully there are better ways of working together, a term captured by IT marketers as 'collaboration'. The best way to have several editors working on one document is to host a single version online. Document sharing services allow you to have a number of people registered to edit a document simultaneously - you can actually see the text appear in the document in real-time. The great advantage is that only one version of the document exists, no matter how many edits are made. Version control is not the only benefit. Using a single document reduces the number of files floating around your firm, which cuts down storage and backup requirements, network speed and general administration.
The best way to have several editors working on one document is to host a single version online.
Hosting documents online also save you paying for the hard drives and servers to store them yourself. And because documents hosted online can be accessed suing an internet browser like Microsoft Explorer or Firefox, you can view, edit or print your documents at any computer or mobile device connected to the internet. You might prefer to sync a folder of online documents to a hard drive in your office for peace of mind. However, these services always keep backups of all documents in several data centers many miles apart - sometimes on different continents. GOOGLE vs MICROSOFT Google was one of the pioneers of the collaboration approach through its Google Docs platform. Google Docs also has a track changes function but with a twist; called 'revision history'. Edits are color coded and displayed in a vertical timeline with the option to restore a version at any point. Google has made it very easy to add editors to a word processing document, spreadsheet or presentation. A 'share' button lets you invite people to view or co-edit the document. Microsoft has released an internet-based add-on to its ubiquitous Microsoft Office productivity suite that accomplishes a similar objective. The software giant is launching a fully online version of Microsoft Office this month called Microsoft 365 that will better address online collaboration.]]> http://bizunion.biz/2011/02/learning-to-share-at-work/feed/ 0 Measuring Client Satisfaction http://bizunion.biz/2011/02/measuring-client-satisfaction/ http://bizunion.biz/2011/02/measuring-client-satisfaction/#comments Thu, 03 Feb 2011 11:00:18 +0000 admin http://www.thaneycpa.com/?p=1890 When you ask a client to write several sentences about their experiences it is also a great way to test confidence in your firm. Which clients would yu ask? Are your clients prepared to vouch for your firm with their name? Are you prepared to accept negative feedback? The rule of thumb is that every disappointed client will share their experience with 10 others. If you aren't collecting negative feedback, you are missing out on a great way to improve your business and increase client retention. Conversely, if your clients tell you what they love about your firm you can use their praise in marketing and promotional material. Popular products can be placed more prominently or spearhead an advertising campaign. Working on increasing client satisfaction is a great way to build future sales. Word of mouth recommendations are so effective because they are built on relationships of trust. People are likely to trust their neighbor's recommendation of a local service such as a dry cleaner if only because they will see them the following week and tell them whether it was a good tip.

HOW TO COLLECT FEEDBACK

How a firm collects client feedback depends on the number of clients it deals with every week. A high-turnover business such as retail or food might give clients an email address with a small incentive - say a discount on the their next purchase - in return for a couple of sentences on the quality of service they received.  A firm with a small number of high-value clients might take a more direct, personal approach. The first step is to have a channel in place for collecting feedback. Passive forms require little effort or cost to establish. Methods include a dedicated email address or a form on the firm's website which automatically creates a spreadsheet of responses. More traditional forms include the self-addressed, pre-paid postage survey or fax feedback forms. Once in place, you can point to this channel in your invoices OR receipts or pamphlets. For example, hotel rooms almost always have a paper feedback form lying on a desk. There are times when more specific feedback might be required for product development or strategic planning. An active approach such as a phone survey gives you greater control over the quality of data. However, some clients are more forthcoming when anonymous; others are reluctant to put their opinions in wiritng.
Every disappointed client will share their experience with 10 others.
And one final tip: if you recieve the glowing recommendation you deserve, make sure you get the client's written approval before using their name in your promotions.]]> http://bizunion.biz/2011/02/measuring-client-satisfaction/feed/ 0 Tax Tip Tuesday! Look Into Business Energy Incentives http://bizunion.biz/2011/02/tax-tip-tuesday-look-into-business-energy-incentives/ http://bizunion.biz/2011/02/tax-tip-tuesday-look-into-business-energy-incentives/#comments Tue, 01 Feb 2011 11:27:02 +0000 admin http://www.thaneycpa.com/?p=1907 If you upgraded or renovated your business office or other commercial building, the answer is one. The energy-efficient commercial building deduction is a federal tax incentive you can claim when you install improvements that reduce energy consumption. Interior lighting systems meeting certain standards qualify for the tax savings, as do heating, cooling, ventilation, and hot water systems. The deduction allows you to write off all or part of the cost of improvements up to a maximum of $1.80 per square foot, and it's available for new or existing buildings. In general, you need to be the owner of the energy-efficient asset in order to benefit. However, there's a special provision when you design a qualifying system for a government building. In that case, as the architect, engineer, or contractor, you can get a written allocation from the building's owner and take the deduction on your tax return. If you overlooked this deduction or were unaware of it, and you completed projects in prior years that would qualify, you can amend those returns. Whether you're the owner or the designer of the improvements, you'll need a "project certification" to claim the deduction. That's a report from an engineer or contractor stating that your improvements meet the guidelines. The cost of obtaining the certification is deductible.]]> http://bizunion.biz/2011/02/tax-tip-tuesday-look-into-business-energy-incentives/feed/ 0 Reducing Business Overhead: How To Fight The Battle Of The Bulge http://bizunion.biz/2011/01/reducing-business-overhead-how-to-fight-the-battle-of-the-bulge/ http://bizunion.biz/2011/01/reducing-business-overhead-how-to-fight-the-battle-of-the-bulge/#comments Mon, 31 Jan 2011 11:45:10 +0000 admin http://www.thaneycpa.com/?p=1847 Business owners and managers often get complacent and let these recurring items grow over time, eventually bloating their company's overhead costs. So, how do you harness these potential savings opportunities to fight this overhead battle of the bulge? Consider these practices as a way to cut your costs. 1. Get new bids from vendors in such competitive industries as credit card processing and shipping. They'll be eager for your business, thus allowing you to negotiate better rates on these items. 2. Review insurance policies that may need updating. As your business's circumstances change over time, it is important to determine if you are over-insured or if certain types of coverage are not needed anymore. 3. Learn to buy strategically. Many common items used in your business can be purchased at deep discounts through wholesale clubs or trade associations which usually have pre-negotiated discounts on many goods and services. 4. Develop a cost reduction mindset and discard the flawed notion that profitability only comes through a sales-oriented strategy. 5. Involve all your employees. Those employees performing day-to-day tasks are often better equipped to spot money-saving opportunities. Offer a cash or time off reward to motivate employees. Learn to be prudent and resourceful in managing your overhead, and you'll see immediate results in your bottom line.]]> http://bizunion.biz/2011/01/reducing-business-overhead-how-to-fight-the-battle-of-the-bulge/feed/ 1 The Solution To Healthier Sales http://bizunion.biz/2011/01/the-solution-to-healthier-sales/ http://bizunion.biz/2011/01/the-solution-to-healthier-sales/#comments Thu, 27 Jan 2011 11:00:37 +0000 admin http://www.thaneycpa.com/?p=1866 Businesses can reduce the effect of external conditions by working out where future sales will come from and how to win them. This process is called building a sales pipeline because it lets you track a potential customer from the first point of contact through to a completed sale and beyond. A properly developed sales pipeline will define how many sales you aim to close in a month, quarter or year. Looking back at your track record you can then make forecasts about the number of sales and the following revenue and profit you will generate. In other words, it helps you measure business performance. A sales pipeline will reveal interesting facts about the skills of your sales team. A salesperson might be great at finding new customers but terrible at closing the sale; another might take twice as long to close as his or her colleagues. Sales staff can undergo training to help them improve problem areas or you could hire someone with complementary skills to your existing team. “The more information your sales pipeline delivers, the more tightly you can focus on chasing the most profitable sales.” A pipeline can also enforce discipline in the sales process and find more sales from existing customers, which is often easier than acquiring new ones. Analysing the reasons for losing a sale can help you understand which questions will lead to a win. Studying sales as they progress through a pipeline will show that not all sales are equal. Larger deals usually take more effort to win than smaller ones, and knowing the cost of making a sale is important in finding out how much profit you made in each sale.  The more information your sales pipeline delivers, the more tightly you can focus on chasing the most profitable sales. Then you can hand your sales team a detailed picture of your ideal customer, where to find them and how to convince them to say yes.]]> http://bizunion.biz/2011/01/the-solution-to-healthier-sales/feed/ 0 Where You Hold An Investment Matters http://bizunion.biz/2011/01/where-you-hold-an-investment-matters/ http://bizunion.biz/2011/01/where-you-hold-an-investment-matters/#comments Wed, 26 Jan 2011 11:39:34 +0000 admin http://www.thaneycpa.com/?p=1845 Consider this situation. If you hold tax-free municipal bonds in a tax-deferred retirement account, you are "sheltering" interest income from taxes that never would be taxed in the first place. Withdrawals from the retirement account will be taxed as ordinary income at ordinary income rates, and that includes interest from the municipal bonds. The result is that normally tax-exempt earnings eventually become subject to income tax. Another example: Long-term capital gains are taxed at lower rates than interest income. So investments generating interest might be better held in retirement accounts, while investments generating capital gains might be better held in taxable accounts. Remember, withdrawals from retirement accounts (other than Roth IRAs) are taxed at ordinary income rates even if the income comes from long-term capital gains. Tax-deferred retirement plans should outperform an investment account that is exposed to annual taxation. But if you're not careful where you hold specific types of investments, you could end up with less rather than more income.]]> http://bizunion.biz/2011/01/where-you-hold-an-investment-matters/feed/ 0 Tax Tip Tuesday! 2011 Tax Numbers Are Adjusted For Inflation http://bizunion.biz/2011/01/tax-tip-tuesday-2011-tax-numbers-are-adjusted-for-inflation/ http://bizunion.biz/2011/01/tax-tip-tuesday-2011-tax-numbers-are-adjusted-for-inflation/#comments Tue, 25 Jan 2011 14:16:03 +0000 admin http://www.thaneycpa.com/?p=1880 Here are selected changes to keep in mind as you review tax strategies for 2011.
  • Personal exemptions will increase by $50 to $3,700. You can subtract that amount from your adjusted gross income for yourself, your spouse, and any dependents. In addition, there is no phase-out or reduction in personal exemptions for 2011, no matter how much income you have.
  • The basic standard deduction is $11,600 when you're married and file a joint return. If you're single or married filing separately, the standard deduction is $5,800. Additional standard deductions are available for age and/or blindness.Note: The extra standard deduction for real estate taxes is not available for 2011.
  • The kiddie tax threshold for 2011 is $1,900. That's how much investment income your child under age 19 (under age 24 for students) can earn before the income is taxed at your highest rate.
  • The traditional and Roth IRA contribution limit is $5,000. You can contribute an additional $1,000 if you'll be age 50 or older by the end of the year.
  • The annual gift tax exclusion is $13,000 ($26,000 when you elect to split gifts with your spouse).
  • Standard mileage rates go up slightly. You can deduct 51¢ for each mile you drive your car for business purposes. The per-mile rate for calculating a charitable deduction is 14¢, and medical and moving mileage is deductible at a rate of 19¢.
Many other items are subject to indexing. In addition, some important figures, such as the alternative minimum tax exemption, are adjusted by Congress. Please contact us for additional information.]]> http://bizunion.biz/2011/01/tax-tip-tuesday-2011-tax-numbers-are-adjusted-for-inflation/feed/ 0 Congress Extends Bush-era Tax Cuts For Two Years http://bizunion.biz/2011/01/congress-extends-bush-era-tax-cuts-for-two-years/ http://bizunion.biz/2011/01/congress-extends-bush-era-tax-cuts-for-two-years/#comments Mon, 24 Jan 2011 11:29:48 +0000 admin http://www.thaneycpa.com/?p=1843 effect in 2010 for another two years. President Obama signed the 2010 Tax Relief Act into law on December 17, 2010. Here's an overview of the key provisions in the law.
  • Tax rates. The existing tax rates established in the 2001 and 2003 tax laws will continue for all taxpayers through 2012. This means the top tax rate for 2011 and 2012 will remain at 35% instead of reverting to 39.6% as it would have done had the 2010 Tax Relief Act not passed.
  • Capital gains and dividends. The top rate for long-term capital gains will remain at 15% for taxpayers in all but the two lowest ordinary income brackets; those taxpayers will continue to have a 0% rate on capital gains. Dividends will continue to be taxed at the 15% and 0% rates instead of reverting to ordinary income rates as high as 39.6%.
  • Itemized deductions and personal exemptions. Higher-income taxpayers will not have their itemized deductions limited and their personal exemptions phased out for another two years.
  • Education tax breaks. The law extends the American Opportunity Tax Credit through 2012. The income exclusion for up to $5,250 of employer-provided education assistance to employees is continued for two years. The higher contribution limit of $2,000 and other enhancements to Coverdell Education Savings Accounts were extended for two years.
  • Alternative minimum tax (AMT). The AMT was given another "patch" for 2010 and 2011, a move that will keep the tax from hitting millions more taxpayers. For 2010, the exemption amount is $47,450 for individuals and $72,450 for married couples filing joint returns. For 2011, the exemption is $48,450 for singles and $74,450 for couples. Without this adjustment, the exemption amounts for 2010 and 2011 would have been $33,750 for singles and $45,000 for couples.
  • Payroll tax. A new tax break is created for workers who pay social security taxes. For 2011, the employee rate for social security tax is cut from 6.2% to 4.2% on wages up to $106,800. Self-employed individuals will pay 10.4% on self-employment income up to $106,800. Employers will continue to pay 6.2% on employee wages. This payroll tax rate cut does not affect the Medicare portion of payroll taxes for either employees or employers.
  • Extenders. Tax breaks that have come to be called "extenders" because they're typically extended retroactively every year, but just for a year, are again extended by the new law. Effective for 2010 and 2011 returns, taxpayers have the option of deducting state and local sales taxes instead of state and local income taxes. The deduction for up to $4,000 of higher education expenses and the deduction for teachers who buy classroom supplies are extended. Those age 70½ or older may again contribute up to $100,000 tax-free from an IRA to a charity.
  • Other provisions. The law extended several tax breaks for businesses, set the estate tax top rate at 35% with a $5 million exclusion, and extended unemployment benefits for 13 months.
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