Kenneth Boyd's Blog, page 24

Software Services You Should Invest in For Your Business

Whether your business is just starting out, or things are getting exciting as you start to expand, you may be doing things the hard way.

 

Digital software technology (known as software as a service, or SaaS) is the fastest growing industry in the market. It’s here to stay, and it’s making business management easier and easier.

 

With so many companies popping up, businesses have a range of options to choose from to work smart. By taking advantage of prebuilt systems, you can cover all of the organizational elements that would take hours to do by yourself.

 

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Let’s tap into some essentials that could speed up your working day:

Work Management Systems

Gone are the days of having documents saved everywhere and long lists of things to do. With work management services everything will be in one place.

 

There are so many work management software companies to choose from. Each service is designed to follow working techniques, like AGILE, that are talked about and used across the world.

 

Work management systems can help to lay out the stepping stones for your 5-year business plan and expand it into the finite details that will help you reach your business goals.

 

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These systems are designed for all of your team to access to bring responsibility and accountability into your business work ethics.

 

Webchat Features

The ever-increasing popularity of web chat features opens a window for you to directly connect with your customers. Choose wisely when considering this feature.

 

Webchat should be a balance between AI automated questions and answers, and contact with your customer service team.

 

Only offering AI takes away the traditional use for the feature which can act as a block between your customers- rather than a chance to interact and learn more from them. By taking the time to listen to their problems, you can find ways to adjust the features of your business and help consumers interact more.

 

You can visit click4assistance.co.uk to explore the possibilities that are opened up through webchat and other live chat services that allow you to connect with your customers on a personal level.

 

Accounting Services

Small businesses, full-scale, multi-billion dollar businesses, little homegrown pop-ups; all have the opportunity to take care of their accounting through software services.

 

The benefits of using software like this are endless. You have the chance to learn about ways that you can save, as well as being able to clearly and easily manage your incomings and outgoings with everything laid out for you. This leaves little room for mistakes along the way.

 

Services are here to help.

 

By using these tools, every team member in your business can clearly see the work that is laid out for their working days. With the stress of work management alleviated, you’ll find time to find gaps in your methods and even your market.

 

Management systems are ready to be taken advantage of, learn about their workings and use them well.

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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What Actor Mickey Rourke Teaches Us About Insider Trading (Blog Post, Graphics)

“Anytime you try a decent crime, you got 50 ways you can f*ck up. If you can think of 25 of them you’re a genius… and you ain’t no genius.”

 

This quote is from the movie Body Heat, a murder mystery from 1981. You’ll find a number of great actors in the movie. William Hurt is a defense attorney, and Mickey Rourke is a former client with a criminal record. The tables have turned, and Hurt’s character is asking the criminal to help him commit a crime. You’ll find the quote in this video link, about 1:50 into the clip.

 

Technology makes it easier to record and monitor data, and advances in IT happen constantly. The result? Committing a corporate crime, such as insider trading, becomes more difficult, because data can be analyzed instantly. In spite of this, people still attempt to profit from insider trading.

 

This post defines insider trading, provides a recent example, and explains how to set up controls to prevent insider trading.

 

Understanding what happened

 

In September of 2021, Compliance Week reported that: “The former chief compliance officer of Cavco Industries has been charged by the Securities and Exchange Commission (SEC) with internal accounting control failures and for misleading the Arizona-based manufactured home company’s auditor regarding an insider trading matter.”

 

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The article continues to explains that:

 

Then-CEO Joseph Stegmayer, “used material, non-public information obtained through merger discussions with another public company, Skyline Corp., to trade in Skyline securities.”

 

“When Skyline went on to merge with another company, its stock price jumped, “resulting in gains for Cavco of approximately $260,000 for the Skyline shares (he) had purchased based on material, non-public information.”

 

OK, it sounds like a problem, because the CEO used non-public information to profit, which put him at an advantage over people who didn’t have access to the same data.

 

Defining insider trading

 

As Investopedia explains, insider trading occurs when an investor uses material, non-public information to gain an advantage over other investors.

Material nonpublic information is any information that could substantially impact an investor’s decision to buy or sell the security that has not been made available to the public.The advantage could be a large gain on sale, or selling to prevent a loss.

 

You do not have to be a company employee to commit insider trading. An employee, senior management person, broad member, outside accountant, or third party attorney: all can potentially benefit from using inside information.

Every well-managed business has controls in place to limit risk, including the risk of insider training. Cavco did have procedures in place, but the manager found a way around them.

Internal controls to control risks

 

Well, the good news is that Cavco had a policy in place regarding disclosure of stock trades:

 

“Daniel Urness was Cavco’s chief financial officer from 2005-18, in addition to serving as CCO from at least 2014 to August 2018… Cavco had an investment policy that required advanced disclosure of stock trading to its board of directors.”

 

There’s bad news, however. Urness, the CFO/COO was responsible for reviewing and approving any exceptions to the policy- and his trades were not reviewed by someone else.

 

The SEC complaint goes on to say that:

 

“Instead of fulfilling that duty, Urness circumvented the investment policy by setting up a system to fund the trades without informing the board or ensuring the trades complied with Cavco’s policies,” the SEC complaint stated.

So, the fox was allowed to operate in the hen house, undetected. What could have preventing this situation? Proper segregation of duties.

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There are three duties that must be segregated (assigned to three different people), in order to minimize fraud or theft. Let’s use access to cash as example, since cash carries a high risk of theft:

Custody: Who has physical custody of the checkbook? Assume the administrative assistant keeps the checkbook in a locked drawer.Authority: Who can sign a check? In other words, who has authority to move Let’s say only the owner can sign checks.Recordkeeping: Who reconciles the bank account? A timely bank reconciliation is often the best way to detect theft. The company’s accountant should reconcile the bank account within days of accessing the bank statement.

In this insider trading case, no one was reviewing the CFO’s trades. The CFO maintain too much control over the process, and the insider trading was not detected.

Next Steps

 

Review each of the tasks you complete in your business, and decide if you have any segregation of duties issues. Pay close attention to access to cash and fixed assets. If you find weaknesses, change your procedures to prevent fraud and theft.

 

Best of luck!

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

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What Can I Do With A Big Capital Gain?

Receiving a large sum of money is always good news! However, the good news can turn sour when you need to figure out how to manage it. With a huge variety of options, most people are left wondering what’s the right solution to handle their gain.

 

Unfortunately, you might be surprised to learn that there is no right or wrong approach. Indeed, as everyone has different needs and goals, your capital gain could serve a variety of purposes. Before you worry about budgeting the gain into your household finance and how to compute the tax impact, the most important question you need to ask yourself is: What will I do with the money?

 

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Invest in a business

Obtaining a commercial loan to launch a new business is no easy task. If you’ve been turned down by money lenders, your capital gain can help you finance your venture.

 

Using savings rather than a loan can simplify your business finance management as you don’t have to worry about paying it off. However, that doesn’t mean you shouldn’t give it your all to build a successful entrepreneurship path. Indeed, once the matter of business funds is resolved, you can focus on establishing your reputation as a brand.

 

Pay off your debts

According to an Experian consumer debt study, the outstanding debt in the U.S. hit over $14 trillion in 2020. However, the debt burden is spread unevenly across generations.

 

For example, Millennials record an average debt per person of $87,448, and Gen X have an average debt of $140,643. These debts often include mortgage, student costs (for themselves or their children), and costs related to their locations. Unfortunately, this amount of debt can make it hard to plan for retirement. Paying off your debts partially or fully via your capital gain can help unlock your future financial potential.

 

 

Get professional money management

If the capital gain is substantial, you might want to consider asset management companies such as Berthel Fisher to establish your financial strategy. Asset management and financial advice can be useful to establish a unique plan to secure your future.

 

It’s not uncommon to use these specialist services to help with retirement funds or secure your children’s education costs. Finance advisors are also familiar with the uncertainty that comes with sudden capital gains. They are best placed to explain the different options available based on your long-term goals and needs.

 

Spend it all

Last but not least, spending your money can have secret benefits you don’t suspect. Indeed, according to research from the University of Minnesota and Texas A&M University, purchasing luxury goods and services can deliver long-term happiness.

 

Purchases can occur to make you feel good, whether it’s indulging in a luxury spa day or booking a holiday abroad to relax. Unlikely consumption driven for the wrong reasons, the pursuit of happiness through informed and careful shopping leaves a long-lasting positive emotional imprint. Sometimes it’s as simple as wanting to feel good about yourself. After all, your happiness is worth the expense!

 

Saving, investing, funding, or spending, there are far too many options with a capital gain. However, once you understand what you want to achieve, you can focus on the right approach for you. Saving money is not always the best strategy when it comes to your well-being.

 

Consult with a financial advisor and a CPA on these important issues.

 

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Why Judgment Is The Enemy Of Success

Working in business means being a people person, whether that comes naturally to you or not. No matter what industry you work in, or whether you work for yourself or for someone else, the world of work requires you to have great people skills. Without them, you will shut yourself off to key opportunities and earn a bad  reputation in your industry.

 

Although it is essential to have great people skills in business, many people are still fixed in a negative mindset. Due to the competitive nature of business, a lot of people feel it necessary to be on guard all the time, judging others and letting their prejudices control their business success.

 

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In today’s post, you will learn why judgment of others is the ultimate enemy to success – and how to dig yourself out of this negative mindset.

Do you see yourself judging others?

Often, a judgmental mindset is so entrenched in our psyche that we don’t even realize they are doing it. You might consider yourself an open-minded person, but in the real world, you internally judge others for how they conduct themselves, or their way of life.

 

Next time you meet a person in or outside of work, challenge yourself. What do you immediately think about them? Perhaps you don’t like the way they dress, or the way they speak. What does your judgment of them say about you?

 

Once you notice this pattern, try to switch the narrative. Ask yourself: What can I learn from this person that I don’t already know? How can this person make me a better business person, and a better human being?

 

By doing this simple exercise, you are challenging yourself to put away preconceived ideas about people. Let’s take a look at some business examples below!

Why judgment impedes business success.

Let’s think, for a moment, about the last business event you attended. You met lots of people, all of them from different backgrounds, with different business experience.

 

Now let’s imagine you walked into every conversation at that event knowing you would learn something great from that person. How would your attitude have been different? You’d have probably been more confident, and you definitely would have listened more carefully to what they had to say.

 

Next time you attend a similar event or meeting, try this out. Go into it assuming you will make new friends and learn valuable lessons from each person, and see how quickly your attitude towards them changes. You never know what doors could be opened to you in the business world, simply by giving everyone you meet the time of day.

 

No matter who this person is or how they differ from you, life is about being open to the idea that you’re wrong sometimes. Allow new people to change your perception of the world around you. You might have lived your life totally against drugs, for example – but meet a legal cannabis business owner, like Cannabiz, and you could find your mind being changed. This is just one example of so many – so apply it to your own life as you wish!

Final thoughts…

Judging others gets you nowhere. Once you change the narrative in your own mind, doors will begin opening to you!

 

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Car Safety Features That Are Worth The Investment

Car accidents have always been a costly business. Aside from sending insurance premiums soaring, the risk of lost income due to injury, and even time spent in court or settlements to manage can all see expenses reaching well into five figures and fast.

 

Consult an attorney regarding all legal issues.

 

Luckily, a decent car accident attorney and a strong case backed by documentation taken at the scene can all help you to reimburse at least some of those expenses. But, if you’re operating on tight finances in the first place, you’re going to instead want to take active steps to avoid accident costs upfront. Investment into emerging and ever-developing car safety features could be the best way to do precisely that.

 

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Of course, with top-of-the-range safety-led models like the Tesla Model 3 demanding a cool $71,190 for fully-loaded safety trims, going all-in with every recent safety release is about as unmanageable as affording an accident in the first place. Hence why you’re going to want to pick only the most financially viable safety solutions. Lucky for you, we’re going to consider three such solutions to help you get on top of automotive money management at long last.

 

# 1 – Automatic emergency braking (AEB)

Automatic emergency braking (AEB) that detects and acts according to obstacles significantly reduces the risk of accidents not only caused by you, but also as a direct result of the drivers around you. Even at high speeds, the immediate and automatic slowing of your vehicle can drastically reduce the impact of a collision.

 

What’s more, the fact that AEB is now included with a wide range of new vehicle releases such as the Audi A4 and the Ford Focus means that, if you do your research, you don’t need to overspend to enjoy this significant safety plus.

 

# 2 – Pedestrian recognition

 

Using much the same technology, pedestrian recognition uses sensors to warn drivers, and even apply automatic brakes, if pedestrians are in the road. Given that pedestrian-motor accident costs can escalate to heights of around $135,558 per case, and considering that defense is difficult in cases like these (consult with your attorney regarding the risks), paying a little extra for this tech will inevitably save drivers a great deal. Not to mention that safer roads for everyone are a price that we’d all agree is worth paying for!

 

# 3 – Lane assist

 

Lane assist technology as found in certain trims of the Kia Telluride is also an invaluable investment as it prevents vehicles from veering into the wrong lane. While it can take a while to get used to, this can significantly reduce the risks of accidents caused by drowsiness or distracted attention, both of which would point a pretty clear, and costly finger of blame in your direction otherwise.

 

Again, the growing availability and thus affordability of this option especially makes it a financially wise, and tempting, solution for all.

 

As safety features floor the market it can be difficult to know which are most worth your money. Start as you mean to go on by making wise investments into safety technologies like these.

 

 

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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The Value of Video Marketing to Hospitals

 

The statistics are startling. In 2020, over 95 percent of online users watched more videos than in the previous years. In 2021, an average person will have watched about 100 minutes’ worth of videos a day. In addition, The Affordable Care Act has brought more people into the healthcare system than ever before. The number of patients rises every day, along with their expectations for a better customer experience during hospital visits.

 

These data then provide an idea for healthcare facilities: using videos for marketing. After all, studies showed that 90 percent of those who watch videos like to see more of this content from businesses. Granted, healthcare requires technical skills, but video production isn’t one of them. However, many companies can now offer services like outsource video editing solutions to help them tell engaging stories.

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Video marketing also offers the following benefits to hospitals:

 

1. Videos Can Educate Patients About What Hospitals Can Do for Them

Videos of medical procedures and patient testimonials can help patients better understand their conditions, learn what to expect during a hospital stay, and gain greater satisfaction with their care.

 

Hospitals have an opportunity to share inside information about their capabilities and improve patients’ satisfaction and understanding at the same time. By educating patients, hospitals can enhance patient safety and improve the patient experience while raising awareness of their organization.

 

2. Video Marketing Can Help Patients Understand and Manage Their Health

Patients often struggle to understand the nuances of their health. Many patients are also unable to find time in their busy schedules to visit physicians. They find the use of videos helpful in gaining more knowledge on various health conditions. Videos can be used to effectively educate patients about common diseases, chronic conditions, and treatments.

 

Patients can access medical education content more readily through Internet-based multimedia sources like YouTube than they would be able to by visiting an actual doctor’s office or campus library. Videos help increase patient knowledge about various health conditions.

 

Moreover, encouraging patients to review videos and other online materials can help them assume more responsibility for their own health and reduce the number of visits made to healthcare professionals.

 

3. Videos Can Create a Personal Connection

Video is one of the most effective ways to build relationships with patients. As a powerful form of communication, it can help create a personal connection between a patient and a provider. Videos allow a practitioner to share more about themselves and their life outside of the office. Sharing a personal moment can make a doctor seem more approachable and provide insight into their daily lives.

 

4. Videos Can Build a Connection on Social Media

Many patients today are turning to social media to learn more about medical conditions and other health-related causes. Patients are looking for inspiration and motivation to help them take control of their health. Healthcare organizations can use social media to build relationships with patients by creating videos that relate to patients’ lives.

 

A video that is both entertaining and relatable can inspire patients to take control of their health.

 

Video Marketing Pointers for Hospitals

Any compelling video begins with one thing: story. Patient engagement is about telling your story effectively to the right people at the right time using the platform that works best for them. It’s about building a strong relationship with patients rather than focusing on transactions.

 

If a story is engaging, it has the potential of going viral, and that’s what hospitals need to boost their brand value on social media platforms. Once the story is there, they can explore the following strategies and trends.

 

1. Make Sure the Videos Are High Quality

Don’t think of YouTube as another threat to your hospital’s reputation. Even if a video becomes popular, it won’t do any good if no one trusts you enough to recommend your organization. Always make sure your videos look professional. Hire an experienced video producer and editor for help and get their honest opinion about how well the product turned out before you upload it.

 

2. Don’t Forget Mobile

People are using their mobile devices to access the web more than ever. Videos have a high engagement rate of over 50 percent. However, length can impact this number. Take advantage of this fact by creating short videos that focus on your services without bells and whistles. It will be easier for people to watch them when they’re out and about, getting them interested in contacting your hospital company.

 

3. Keep an Eye on Trends Through Social Media

Today’s most popular videos feature celebrities, animals, or other high-interest topics that viewers want to learn more about. If you make sure your video is relevant to what people are already talking about online, there’s a much greater chance that viewers will share your video with their friends. You can also try targeting trending hashtags to make sure the right people see your content.

 

Investing time into video marketing can mean significant benefits for your hospital. It can make the healthcare facility accessible, relatable, and trustworthy.

 

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Good luck!

Ken

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Look After Your Reputation as a Freelancer

You’re likely to enjoy many benefits as a freelancer. A freelance job can be performed any time, anywhere, unlike a full-time job, which has set working hours. The time and location of your work can be determined by you.

 

Freelancers face many challenges, including starting up their own business. In recent years, there has been a substantial increase in the number of freelancers. Listed below are some tips that can help you survive the world of freelancing and grow your reputation.

 

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Develop Your Connections

By growing your connections, you can increase your reputation. Through social networking, you can do this easily. Millions of people use social media and a small percentage of them are in your target market. When you make social media your viewers’ online gateway to your work, you make it easier for them to connect with you. Social media is not only for sharing information, but also for answering questions and providing information to the public.

 

Through social media, you can build connections and let people know more about your business. To increase your reputation on social media, it is important that you know the right strategy to use.

 

Whenever you choose to use social media to market your business, you are in the public spotlight, which means that you must do it correctly in order to avoid a social media crisis. Connecting with reputation management services can also help.

Bragging And Blogging

Despite the fact that others may disagree, blogging is an effective way to build your reputation as a freelancer. Your expertise will be shown through blogging. It allows you to establish yourself as an expert in your field and to promote your freelance business.

 

Research shows that 46% of professionals visit blogs to search for the right candidates. If you already have a reputation as an expert in your industry, it is easier for clients to contact you rather than you contacting them.

 

It is not as hard as you think to start a blog. Blogger and Tumblr are blogging platforms that you can use to avoid mind-boggling coding. Writing is also not a prerequisite to making a blog. Videos, infographics, and images are examples of other types of content that you can create to diversify the contents of your blog besides text-based content.

Relationships Need To Be Nurtured

All forms of advertising rely on word of mouth for their success. Consequently, it is important for freelancers to develop a relationship with their clients. You will be much more likely to receive referrals from your clients when you give them what they want and they are satisfied with your service.

 

Client reviews, referrals, and recommendations can significantly influence a customer’s decision regarding a business. You are more likely to be hired as a freelancer if you receive positive reviews and referrals.

 

In addition, you can make your clients return clients by developing a strong working relationship with them. When they need services in your industry, you can be assured that they will always hire you. Clients stick with you sometimes not only because of your skills and knowledge but also because of your relationship with them.

Where to go From Here

It can be challenging to be a freelancer. When you are a freelancer, you need to understand that businesses will prefer to work with freelancers who have a good reputation. A good reputation doesn’t appear overnight; it takes work. In other words, if you’re interested in growing your freelance career, you must work hard. Your reputation can only be improved by cultivating your skills and talents in tandem with intensifying your efforts. You stand a greater chance of career success if you have a good reputation.

 

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

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Pointers for Choosing the Right Job

Some people know exactly what they want to do in life. For others, this is a much more complicated process. It is a process that entails a lot of thinking and weighing your options. If you’re looking for a place to start, here are a few alternatives to explore.

 

Reputation, Stability, and Growth

 

Japan is an interesting country. It is arguably the most technologically advanced nation in the world, while at the same time maintaining a traditional culture spanning thousands of years. It is also one of the safest places on earth and the most economically stable.

 

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And while there are many reasons for this, one of the most important ones is that the Japanese are highly risk-averse people, especially when it comes to their jobs. What this means is that for the vast majority of people, being employed in a long-standing company where they can grow slowly and earn a steady income trumps everything else, even job satisfaction.

 

As a young individual trying to choose the right position, this is a good avenue to take. For instance, you could look into joining a reputable real estate developer with vast experience in the market. Or you could explore options in the retail industry, law firms, pharmaceutical companies, and manufacturing businesses.

 

Keep in mind that aside from a steady income and the possibility of working with experts in the field, a big company oftentimes has more opportunities for promotion, diversity of work, and travel.

 

The Road Less Traveled

 

Many experts argue that it is much better to work in a large company for a few years, gain as much experience as you can, and then open a business of your own. And they are not wrong. After all, experience is something only time will teach, and the more of it you have, the better decisions you will be able to make.

 

Furthermore, working for some time will allow you to save a bit of money for your new enterprise and make the necessary connections to maximize the possibility of its success.

 

Still, there is nothing written in stone. Bill Gates wrote his first software program at the age of 13 and started Microsoft at 20. Mark Zuckerberg created Facebook while still at the university and didn’t need a single day of work experience to launch his multi-billion dollar corporation.

 

Naturally, these are exceptions to the rule. Not everybody has the will, passion, determination, and intelligence to see a project forward. But that doesn’t mean starting a business straight out of college or even before that is something you should never do. If you have an idea for a product or service and the resources to bring it to life, the best thing you can do is to go for it.

 

Even if you fail, you are still very young. Thus, you can pick yourself up, try again, or go a different route altogether if that is what you see fit to do.

 

A Matter of Pride

 

For one reason or another, patriotism is something we can all relate to. Whether you are American, French, Italian, or Chinese, we are all born with a sense of pride in our home country, an inner drive to make it better than it is. If that is you, then working with the government is something you should definitely consider.

 

A government job has many benefits. Whether you are a civil servant, a researcher for a science institute, or a consultant in matters of politics or the economy, chances are you will get more paid vacation than a person working in the private sector. Moreover, there is a higher possibility that your retirement fund will be larger, and possibly fully guaranteed.

 

If you are not into politics and would rather not work in a ward office or as an assistant to a mayor, do not worry. There are plenty of other options to choose from. For instance, you could work as a pro-bono lawyer for environmental sustainability. You could also venture into the realms of public health, law enforcement, or education.

 

Whatever you decide to do, it will bring you the satisfaction of knowing you are improving the lives of your countrymen and making your nation a better place for all.

 

As we have seen, there are three career paths to look into based on your experience, skill, and interests. If your aim is financial stability, variety in labor, and gradual career growth, you could work for a large corporation. Another option is taking a chance at starting something new, giving it your best, and letting the chips fall where they may. Finally, you could tackle a government position and learn about the ins and outs of running a country.

 

All three are viable options for those willing to put in the effort, work hard, and succeed.

 

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Good luck!
Ken

 

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5 Ways to Play To Your Strengths as an Entrepreneur

When you enter the world of entrepreneurship, it can be very easy to take everything on all at once. Relinquishing control of the little things may seem impossible at the moment, but it is very important to play to your strengths if you want your company to succeed.

 

At times it may feel like you’re doing everything in your business, and if this is true, you need to take a step back and reassess where you can redistribute your time and efforts.

 

Some tasks in your business may be more suited to experts, and that is all part and parcel of being an entrepreneur. As soon as you begin to recognize where your strengths lie, you can begin making the most important decisions for your business.

 

Establish a Good Reputation

 

The core of your business and brand lies in you; this means that your reputation can ultimately set your company up for success or failure. If your strengths lie in communication and networking, then now is the ideal time to start building a web of potential clients who trust you.

 

You could also consider online reputation management services to help you build a strong online presence, so that your ideal clients trust you as soon as they land on your website or a search result containing your brand name.

 

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Understand Your Weaknesses

 

Admitting your flaws and weaknesses will ultimately serve you well as an entrepreneur. Understanding what you need to outsource will help you to find the right people to work with, whether it’s manufacturing or marketing.

 

Release Control When Required

 

You may want to take over specific tasks in your business, because you believe only you can do them correctly. The truth is, you need to let go of control when it comes to the little things and allow others to help you reach your goals. Play to your strengths and allow others to step in for the tasks that aren’t your strong suit.

 

Hire Employees You Trust

 

Having a trustworthy band of employees will set you up for success from the outset. When you’re recruiting people to work in your business make sure their goals and work ethic match your style, so that you know you can trust them.

 

Take Time Away From Your Business

 

When running your business takes over your life, you know it’s time for a break. Taking time away will allow you to reassess your business goals and reevaluate your strengths. Coming back to work with a fresh mind can help your business to grow more steadily.

 

Keeping a business up and running requires time, dedication and sleepless nights, but it doesn’t have to remain this way for the long haul. As soon as you start reassessing what you’re good at, your time will be spent more carefully. Don’t be afraid to ask for help, seek guidance and take a step back from time to time. Your goal is to build a long-standing and durable business model that can succeed for years to come.

 

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

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A Guide for Small Business Owners: Setting a Marketing Budget

Running a small business is no joke. Considering the competitiveness of the modern market, the last thing you want to happen is to waste time and money on unnecessary things. This is where creating a marketing budget comes in. Marketing campaigns are costly expenses, which means your small business can go downhill if you invest in the wrong things.

 

As a small business owner, it’s important to ensure that you’re spending your money on things that will make your brand more competitive or relevant to the market. In general, a marketing budget includes expenses like sponsored website content, paid advertising, marketing automation software, and other marketing-related projects. Read on to learn how you and your team can come up with the proper marketing budget.

 

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Go through your sales funnel

 

Before anything else, you need to dive deeper into your target customers. Determine your target income level, age group, geographical area, and the brands they frequent. Gathering details about these simple things can guide you through your sales funnel. The sales funnel is essential for monitoring revenue cycle outcomes and creating a more accurate marketing budget.

 

To get a better grasp of your marketing needs, you need to check a few things. These include the number of leads generated, site visits, and leads converted to customers per month. You’d also need to find out the average revenue or value for the new deals, as well as the opportunities that come with them. Diving deeper into your sales funnel can help you determine how much you’re spending on every tactic and if they’re working as expected.

 

Determine marketing channels

 

Determining your marketing channels is significant for creating a working budget that will give you the best revenue return. One major category is digital marketing, including online content marketing, social media marketing, email marketing, and search engine optimization.

 

On the other hand, inbound marketing includes videos on YouTube, blog posts, SEO, and other forms of content marketing. This often overlaps with digital marketing, so take note of that.

 

There’s also outbound marketing, which is usually combined with inbound type since it’s hard to track on its own. Examples include promo products, trade shows, press releases, direct mail, and radio or TV advertisements. Decide which categories you want your marketing strategy to promote heavily. That way, you can better identify the costs associated with each of the channels.

 

Identify operational and seasonal costs

 

The third step is to list down your operational costs, both your anticipated and current ones. This should be a no-brainer when it comes to setting a marketing budget.

 

To save effort and time, create a template or a spreadsheet that your team can easily use when creating or updating your monthly marketing budgets. Some of these costs may include content outsourcing fees, social media campaign expenses, sales tax, web hosting, and professional fees. Be realistic with your operational costs. This is vital for knowing exactly how much money is coming in and going out.

 

Furthermore, don’t forget to consider holiday or seasonal events. They also have a big impact on where and how you spend your marketing money. Determine if there will be changes in product creation and shipping costs during such special times. These may include cultural and national holidays, industry events, and even the weather. Check your marketing calendar for reference.

 

Look into strategy prices

 

Besides channel expenses and operational costs, you’d also need to account for the strategy prices. These costs will include the fees you pay for hiring an online marketing agency or freelancer or if you’re running the campaigns without outside help. If you’re letting your in-house team handle the ad campaigns, some costs to include in your budget are marketing materials and salaries.

 

Are you planning to hire freelancers in the future? Check if they’re paid on a per-project basis or by the hour. Some freelancers may charge extra costs for the software or platforms they’re using.

 

If you’re hiring a digital marketing company, there are a range of service rates you need to take note of. For instance, a monthly social media service can cost around $250 to $10,000, while a content marketing service per month can cost you $2,000 to $20,000.

 

Promoting a small business in this digital age can be daunting and expensive. For such a reason, it is highly suggested to craft a marketing budget that is good for your business. It can help you properly allocate your funds, stay on track financially, invest in your business’ growth, and plan for the long term.

 

Go to Accounting Accidentally for 500+ blog posts and 450+ You Tube videos on accounting and finance.

 

Good luck!

Ken Boyd

 

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