by Rieva Lesonsky

If you think mobile marketing is something you don’t need to worry about unless you’re targeting teenage customers, think again. Americans of all ages are addicted to their smartphones. Consider these statistics from Deloitte’s 2016 Global Mobile Consumer Survey:

• More than 40 percent of Americans of all ages check their phones within five minutes of waking up.
• More than 30 percent of Americans of all ages check their phones within five minutes of going to
sleep.
• Overall, Americans check our smartphones an average of 47 times per day. The 18-to-24-year-old crowd checks nearly twice as often—82 times a day.

And while 18-to-24-year-olds normally lead the pack in their use of mobile technology, Deloitte reports an interesting shift: Older demographics are even more tech-crazed than younger ones. Specifically, the 25-to-34-year-old group is twice as likely as 18-to-24-year-olds to say they are “early adopters” of technology; 44 percent report that they buy new technology as soon as it hits the market.

What does America’s increasing reliance on smartphones mean to your small business? With consumers spending so much time on their phones, it only makes sense that your marketing message needs to be there, too.

Here are five ways you can use mobile marketing to grow your business.

1. Develop a mobile-friendly website.

If your site isn’t mobile-friendly customers trying to view your website will get frustrated. Even worse, they may never find your website at all. That’s because Google modified its search algorithm last year so that mobile-friendly websites rank higher in results when searches are done on mobile devices. And they’re experimenting with a “mobile-first” model “eventually primarily using the mobile version of a site’s content to rank pages from that site.” For best results, use responsive design so your website will display correctly on all types of smartphones.

2. Send mobile-friendly emails.

Emails are still one of the most effective marketing tactics for businesses of all sizes. No matter what age group, most people check their email at least once a day for both business and personal reasons. However, consumers increasingly use smartphones to check their email, which means your design and content must be simple and short enough to display clearly on a small screen.

3. Try text message marketing.

The Deloitte study found that although email is still essential, people are using shorter forms of communication — specifically, instant messaging/text messaging — more often on their smartphones. No matter what age demographic, participants in the survey say their use of these short communication forms has increased in the past year. In addition, most smartphone users check their texts before they do anything else on their phones.

You can build your SMS marketing list just like you do your email list. Promote it everywhere possible — on your website, in your marketing emails, via signage at your business, and by asking customers verbally if they’d like to sign up. Offering something in exchange for opting in, such as a discount or a free gift, will help you build a substantial list of SMS subscribers.

Because it’s so immediate (people tend to check texts as soon as they get them), SMS marketing is a great way to drive immediate demand for your business. For instance, if it’s a slow afternoon at your restaurant, you could text your customer list with a two-for-one lunch offer. Did a customer at your hair salon cancel an appointment at the last minute? No worries: Text your list about the opening, and chances are you’ll quickly fill it.

4. Look into location-based marketing.

Location-based marketing goes one step beyond simple SMS marketing by using location info from customers’ smartphones to deliver targeted messages when customers are physically nearby. You can try “geo-fencing,” which sends messages to shoppers within a specific radius of your location. For instance, a customer walking down the street a few blocks away from your restaurant could get an offer for a free appetizer with purchase of a meal, good for the next few hours, to encourage him to come in. There’s also “geo-conquesting,” which sends messages to customers within a certain radius of your competitor’s location. Imagine: The customer is in your competitor’s store with a product in hand, when she gets an offer from you for 20 percent off at your store.

5. Provide mobile customer service.

It’s not marketing per se, but using text messaging to manage customer service issues can help build your brand and boost customer loyalty. For instance, if your business sends products by mail, give customers the option to receive texts when their order ships and when it’s out for delivery. If you have a service business that visits the customer’s home, such as electrical repair, give customers the option to receive a text when the repairperson is about to arrive. If your business is appointment-based, such as a dental office, ask customers if they’d like to receive appointment reminders by text — it can greatly reduce no-shows.

Mobile everything is the wave of the future, and by testing the mobile marketing waters now, your small business will be better prepared for success in the coming years. Wondering how to make mobile marketing work for you? Your SCORE mentor can help, so find one today.

Original Post: https://www.score.org/blog/5-ways-mobile-marketing-can-boost-your-business

Being a small business owner doesn’t automatically make you an expert in finance or small business accounting. In reality, most rookie entrepreneurs have to learn the basics of funding, bookkeeping, and what really matters to lenders and investors as they go.

If the financial side of your small business has you lost, these experts offer practical finance do’s and don’ts to get you back on track.

1. Focus on Meaning, Not Money

“We meet with entrepreneurs all the time and they tell us what they think we want to hear, that they want to make money. When we hear that, it’s so depressing. It took me 20 years to come to this understanding, but the companies that are successful are the ones who create meaning. Create the next curve; don’t improve on sameness.”

-Guy Kawasaki, Chief Evangelist at Canva

2. Remember That Your Team Defines Your Business

“Investors put their money in people, not a business. The better team you have, the more money you will be able to attract. Get people on your team that have industry expertise and that have been there before. Investors want track records.”

-Barry Moltz, author of Bounce! and How to Get Unstuck

3. Choose Investors That Care About Your Mission

“For us, fundraising has never been about capital-it’s about people. […] You can almost apply the same lens you do to fundraising as you do to hiring. So for us, when we hire someone it’s about their values, their motivation, and their skill set. When we fundraise, it’s the same idea. This person is now going to become a part of your community. They’re going to be an ambassador for your business. They’re going to represent you in an external context. […] These folks didn’t invest because of the desire to simply make a 10x, 50x, 100x return on their investment. They invested because they really cared about the mission.”

-Joshua Reeves, Co-Founder & CEO, ZenPayroll

4. Leverage Technology to Avoid High Startup Costs

“Gone are the days when a business needs thousands of dollars in upfront costs just to get started. Today anyone can start a business of their own on a minimal budget through the use of the many online services, marketing and management tools available. Take advantage of automating your business through social media tools like HootSuite, accepting payments and sending out invoices through services like Freshbooks, Paypal and Stripe and also eliminating the need to travel around the world by using live conferencing tools like GoToWebinar and Skype.”

-Zac Johnson, CEO of Blogging.org

5. Don’t Be Afraid of Zero

“The irony is that it is often easier to raise money or acquire other resources when you have zero revenue, zero customers, and zero traction than when you have a small amount. Zero invites imagination, but small numbers invite questions about whether large numbers will ever materialize.”

-Eric Ries, author of The Lean Startup

6. Stay Hands-On With Your Business Finances

“Take an active role in your business’ financial organization-be close to the information and pay attention to the numbers. Many small businesses are busy with operational issues, building the business and what not, and may not be creating and monitoring financial reports and cash flows very regularly. Two times a year is not enough-try to do it on a monthly basis at the very least.”

-Steven Stapp, CEO of San Francisco Federal Credit Union

7. Re-think Your Profit Formula

“The old, been-around-forever, profitless formula is: Sales-Expenses = Profit. The new, Profit First Formula is: Sales-Profit = Expenses. The math in both formulas is the same. Logically, nothing has changed. But Profit First speaks to human behavior-it accounts for the regular Joes of the world.”

-Mike Michalowicz, author of Profit First

8. Budget Every Dollar Spent On Your Business

“Successful businesspeople use budgets and realistic sales projections to run their businesses. They know by the 15th of the month how well their business did financially the month prior. They do not spend money on travel, events or trade shows that are not budgeted. They do not hire staff without have the money or contracts in place in advance. They also understand how to use a line of credit. They use it carefully for short-term cash needs, and not long-term funding needs such as marketing expenses.”

-Melinda Emerson aka The @SmallBizLady

9. Prioritize Proper Accounting Methods

“Every business owner wants to run a profitable business, but few entrepreneurs dedicate enough time to measuring actual results. The only way to do this is to have a dedicated accounting function. Just as sales can’t happen without paying attention to prospects, good financial decisions cannot happen without paying attention to the numbers. It might seem like you can “get along” without accurate accounting during the good times, but it is impossible to navigate lean months without clear financial records.”

-David Worrell, author of The Entrepreneur’s Guide to Financial Statements

10. Hire Professionals (It’s Worth the Cost)

Small business owners aren’t expected to be an expert in the finance, accounting, and legal side of the business, which is why there are professionals like accountants, bankers and lawyers out there. Money spent wisely on a good CPA or lawyer will be returned in multiples of extra profit.

-Ken LaRoe, Founder and CEO of First GREEN Bank

11. Know When to Say No

“Don’t be afraid to say no to projects. Prove that you’re serious about specialization by turning down work that falls outside your area of expertise. The more people you say no to, the more referrals you’ll get to people who need your product or service.”

–John Warrillow, author of Built to Sell

12. Make Decisions With Confidence

“At the end of the day, you are the decision maker, and you have to have the trust and confidence in whatever decision you make. This isn’t always easy. I had investors, advisors, or board members with 20 years more of relevant experience that made suggestions I strongly disagreed with. When that happens, you have to trust your vision and your own ability to think things through more thoroughly than anyone else to guide you.”

-Aaron Patzer, founder of Mint.com

Patzer is right on the money here. You can read all the finance blogs in the world, develop relationships with a dozen mentors and advisors, and surround yourself with the best team of professionals. But ultimately, you are the one who has to decide what is right for your business. Educate yourself, then trust your instincts. If you believe in your business and in your ability to succeed, you already have everything you need.

Original Post: http://www.inc.com/jared-hecht/advice-from-12-small-business-finance-gurus.html

by Rieva Lesonsky

It’s hard to believe, but as 2017 dawns, a sizeable percentage of small business owners still don’t have websites. Even among those who do, many of their websites are less effective than they could be. Is yours one of them?

In a recent Capital One study, just 56 percent of small businesses say they have a company website. Of those, only 53 percent of their websites are mobile-optimized.

This kind of statistic makes me want to tear my hair out.

If your small business doesn’t have a website, here are some of the many ways you’re missing out:

• Your email marketing is less effective than it could be. Last week, I reported that about half of people who get a marketing email from a business will visit the business website as a result. If you don’t have a website, they could go to your social media page—but can they actually make a purchase there? In most cases, no.
• You’ll get less traction in search results. If consumers search for your business online and you don’t have a website, your company name and address may show up (if you have a presence on local search directories, that is). But where do customers go to learn more about your business? Without a website to click on, they’ll be taking their chances if they decide to visit you.
• You’re at the mercy of social networks. Social networks change their algorithms and policies all the time. What if a new change makes your business’s social media accounts less visible in users’ feeds? It’s happened to plenty of Facebook users as Facebook has adjusted its algorithm over the years. Worse yet, what if the social network you’re reliant on loses its luster? (Think MySpace.) If you build your marketing presence on a website that you control, rather than on someone else’s turf, your investment of time, energy and money, it is much more secure.
• You look less than legitimate. Personally, I am very leery of doing business with any company that doesn’t have a website. Consumers these days like to get as much information as they can about businesses before making a decision to patronize them. Without a website, your business is shrouded in mystery. . . and not in a good way. You look either hopelessly out of date, or like you’ve got something to hide.

Beyond all these factors, one reason to create a business website is that there’s no longer an excuse not to.

It’s more affordable and easier than ever before to set one up for just pennies a day. All you have to do is visit one of the many one-stop services that offer web hosting, web design and/or DIY website templates you can use to create your own website. As a bonus, many of these services make it easier to market your website by helping you with search engine optimization, local search directories and more once your website is up and running.

Your business website doesn’t have to be fancy, either.

If you own, say, a local dry cleaner, a couple of pages with your basic information (hours, address, phone number), perhaps a Contact Us page, and links to your business elsewhere online (social media, reviews, etc.) are really all you need.

When asked what would most improve their businesses in 2017, 32 percent of small business owners in the Capitol One survey cited “increasing advertising and marketing.” But just 14 percent said “creating a website.” These days, however, a website should be the basis of your advertising and marketing efforts. Without one, you can’t hope to compete effectively.

Need help planning your business website and using it effectively as a marketing tool? Visit www.score.org to talk to SCORE mentors who will share their expertise for free.

Original Post: https://www.score.org/blog/its-2017-how-can-you-not-have-website-yet

by Complyright

Congratulations, you’ve hired a new employee! Adding staff is an exciting milestone for a budding business, and it’s easy to get overwhelmed when preparing for his or her arrival.

In the rush to get your employee up and running, don’t overlook the mandatory federal and state recordkeeping requirements that apply to new hires. Here’s a handy to-do list:

1) Complete an I-9 Form

Federal law requires you to verify an employee’s eligibility to work in the United States. Within three days of hiring, you must complete Form I-9, Employment Eligibility Verification, which involves reviewing approved documents to confirm the employee’s citizenship or work eligibility. You can download Form I-9 at the U.S. Citizenship and Immigration Services (USCIS) website. Better yet, to ensure accuracy, use the I-9 Form and Template Set from ComplyRight. (Fines for incorrectly completed I-9s can be steep.) Although you don’t need to submit the I-9 to the government, you must keep it on file for three years after the employee’s hire date or one year after the employee leaves your company, whichever comes later.

Also, be aware the USCIS just released a revised version of the I-9. Starting January 22, 2017, you must use only the new version dated 11/14/2016.

2) Have the Employee Complete a W-4 Form

The IRS Form W-4 indicates the number of allowances an employee wants to claim. This is important because it determines how much you need to withhold from the employee’s paycheck. Download this form from the IRS website for an electronic record.

The IRS requires you to keep employment tax records (including the W-4) for at least four years after the taxes were paid. State recordkeeping laws may apply as well, so be sure to check.

3) Set up Payroll

As an employer, you must withhold part of each employee’s wages for taxes and remit the taxes to the appropriate authority. These taxes include federal income tax, Social Security and Medicare tax and, if applicable, state income tax.

You can manage payroll yourself, or consider using a third-party payroll service. Payroll service providers stay abreast of tax law changes, automatically withhold the proper taxes from an employee’s wages and even send you reminders when it’s time to file your taxes. Look for a service that is designed and priced specifically for small businesses.

4) Report and Register Your New Hire

Every state has its own new-hire reporting agency to track down parents who owe child support and aren’t paying it. You must report every new hire to this agency within 20 days of hiring. (Find your state’s new-hire reporting agency at the Office of Child Support Enforcement website.)

Depending on your state’s law, you also may have to pay state unemployment taxes for your new hire. These taxes fund the state’s unemployment compensation program for people who are out of work. Brush up on the laws in your state and how to register at Business.USA.gov.

5) Display Mandatory Labor Law Posters

Once you’re a business with at least one employee, you must post federal and state (and in some cases, city or county) notices regarding certain labor laws (like the Federal minimum wage and anti-discrimination laws). These postings convey employee rights and your responsibility as the employer.

Both federal and state postings should be displayed where workers can easily see them. Also, any time a government agency makes important changes to these official postings, you must replace the outdated posters with updated ones. Otherwise, you could be liable for fines or put yourself at risk for lawsuits.

Because the number of required postings is growing – and it’s difficult to track all the regulations issued by different agencies – many employers rely on a reputable posting service. This can save you considerable time in making sure your business stays in complete compliance.

More Help for New Employers

Hiring is an essential and exciting part of building your business — but you must follow a specific action plan with every new employee. For additional guidance, sign up for a free informational webinar, “Hiring Your First Employee: A Guide to Getting It Right,” presented by ComplyRight on behalf of SCORE.

Can’t attend the webinar? Download the e-guide, “So You Want to be the Boss.” Both resources will give you the confidence and know-how to hire smart and make sure you leave no critical detail unattended.

Original Post: https://www.score.org/blog/after-they-say-yes-5-legal-steps-you-must-take-every-time-you-hire

by Drake Forester

Buying a restaurant is a major investment. In many ways, it is more complicated than opening a new one. New restaurants face specific disadvantages: no established clientele, no reputation, no staff. Buying an established business, however, comes with a host of challenges and practical pitfalls to (hopefully) avoid.

Past success may be a broad indication of future prosperity, but a more detailed evaluation of an existing restaurant is essential before signing on the dotted line.

Why Is the Owner Selling?

No other question is quite as important as this one. A business owner sells for a reason. It is imperative to find out why.

Since the answer to this question may negatively impact the sale price of the business, the restaurant owner may be reluctant to be fully open with you. It is important then to look beyond the reasons stated by the owner. Conducting due diligence at the outset will likely save you a great deal of trouble later on.

The following questions should be carefully considered:

• Is their stiff competition nearby?
• Is the neighborhood changing (businesses closing, people moving away, etc.)?
• Are crime rates rising?
• Has the restaurant’s reputation suffered in recent years?

Answers to questions like these may not sway you away from acquiring a restaurant, but they will give you a realistic view of what you will face if you choose to buy.

Assets

Buying a restaurant means obtaining the restaurant’s assets. Knowing the condition of those assets is critical to determining whether or not the investment is worthwhile.

Assessing a restaurant’s cash flow is absolutely crucial. To do so, you must review the restaurant’s financial statements in order to calculate the actual income rather than the owner’s personal estimation. When determining cash flow, don’t forget to calculate depreciation and amortization of any restaurant property.

A thorough assessment of the restaurant’s equipment is necessary. If you are unfamiliar with restaurant facilities, bring someone with you who is knowledgeable about how such equipment functions.

Less obvious are other assets such as business licenses, insurance policies, vendor and contractor contracts, and the restaurant’s intellectual property assets (trademarks, logos, copyrights, etc.).

If you are purchasing a restaurant that serves alcohol, the liquor license is particularly important. You will need to determine if the license is transferable and included in the sale.

Liabilities

Purchasing a restaurant means not only acquiring its assets, but also its liabilities. The most obvious liabilities are the company’s debts and obligations, which should be clear from reviewing the financial records: balance sheets, accounts payable, mortgages, loans, etc.

Businesses accrue tax liabilities, and thus a review of the restaurant’s tax history is essential. A full audit of the company’s tax records will provide a robust understanding of the restaurant’s financial health.

While not strictly financial liabilities, there are other legal issues you will be liable for if you purchase the restaurant:

• Labor code violations
• Health code violations
• Lawsuits (such as sexual harassment)

These liabilities will follow the business, not necessarily the previous owner.

The terms and conditions of the restaurant’s lease must also be evaluated. You should contact the property owner and discuss how the lease will transfer once ownership shifts to you.

Employees

Restaurants, like any business, live and die with their employees. A successful ownership transition is unlikely without a thorough knowledge of how the current staff functions on a daily basis.

Evaluating the restaurant staff goes beyond identifying worker skill and competency. Employee training procedures, staff schedules, payroll and how tips are handled should all be examined. You will likely have changes you intend to make. Implementing them will be easier if you clearly understand how the business operates already.

Restaurants are rarely free from employee issues. Lawsuits, L&I claims, union disputes and other concerns can be difficult to manage. It is best to know about these issues upfront, as they will almost certainly become your responsibility.

Non-Compete Agreements

If your favorite novelist switches publishing houses, do you limit your reading to books from their previous publisher? Of course not. You follow the author.

Restaurants are no different. Charismatic owners breed loyal customers who will likely flock to the owner’s newest dining establishment. The last thing you need is half your clientele abandoning you shortly after the ownership changes hands.

A non-compete agreement shouldn’t be a deal-breaker, but it is worth asking if the current owner will sign one. If they are truly leaving the industry, it shouldn’t be a problem. If they are staying, you may have learned some valuable information about your future competition.

Conclusion

There are many factors to consider when purchasing a restaurant, far more than this article can cover. Getting the clearest picture of any potential sale depends upon your own due diligence. Asking the right questions and knowing where to look for the answers will go a long way in helping you determine whether or not you are making a sound investment.

Original Post: https://www.score.org/blog/what-to-know-before-you-buy-restaurant

by Deluxe

Every year, Interbrand releases its list of the best 100 global brands. While the list does change from year to year, many of the brands develop remarkable staying power. For example, despite a PR scandal over emissions last year, Volkswagen remains in the list. This proves that a strong business brand can help your business survive even the worst.

What can you learn from the world’s top brands? Here are eight lessons.

1. Find your niche.

Trying to be all things to all people will weaken your brand. Instead, focus on what you do best. For example, when online retailers Zappos first launched, it only sold shoes. But instead of focusing on the product (such as what brands it offered or how many types of shoes it sold), Zappos emphasized amazing customer service. Overnight delivery, free shipping and returns and friendly customer service reps earned Zappos publicity and customers. Today, many other websites sell shoes—many of them for less–but Zappos’ customer service is still unmatched, making it the destination of choice for customers who want convenience.

2. Build a relationship with your customers.

Apple is a great example of relationship branding. Although Apple advertises consistently, do you ever see an Apple ad touting a sale or discount? Instead of focusing on the transactional aspect of the customer relationship, Apple’s advertising and marketing focus on the value of the Apple product and the benefits its customers enjoy. As a result, Apple customers are intensely brand-loyal, and Apple is consistently in the world’s top 10 brands.

3. Tap the power of emotion.

Branding is all about feelings — even if you sell industrial turbines, you can still conjure emotions in your prospects, such as the satisfaction of buying a reliable product and the pride of making a good purchasing decision. Of course, emotion is even more important in B2C products and services. Consider Coca-Cola, which has built a legendary brand on emotions such as fun, joy, relaxation and nostalgia.

4. Be consistent.

Repetition of a consistent message is what gets your brand to stick in customers’ minds. Bring consistency to all elements of your business brand, from the customer experience and customer service to product packaging and advertising. McDonald’s has benefited from a consistent customer experience no matter which location customers visit, as well as a familiar menu. In fact, when this brand has stumbled, it’s usually because it diverts from its core brand (for example, by trying to add too many healthy menu items).

5. Deliver on your promises.

Your brand won’t mean anything if your business doesn’t deliver what customers expect from it. BMW, Toyota and Mercedes-Benz consistently land in the top global brands because their vehicles deliver quality and reliability year after year. Particularly if what you’re selling isn’t very “sexy” (as with UPS, another top global brand), this type of reliability is key to successful branding.

6. Make your employees brand ambassadors.

Your employees are the face of your brand, so train them carefully. Develop systems and processes that deliver the brand experience you want customers to have; then make sure employees follow them consistently. No detail is too small to think about: Consider Disney theme parks, where well-groomed employees are always smiling and pleasant, and street sweepers whisk away trash before visitors can even see it.

7. Be persistent.

Developing a strong brand doesn’t happen overnight — it takes repeated exposure before your brand has a place in customers’ hearts. Use a variety of marketing and advertising methods to convey your brand in appropriate channels. If you’re getting discouraged, think about Facebook. Originally marked as a flash in the pan fad run by a hoodie-wearing entrepreneur barely old enough to shave, today it’s one of the world’s most valuable brands thanks to Mark Zuckerberg’s patience and persistence.

8. Protect your brand.

Your brand is valuable, so protect it with trademarks and guard it vigilantly. Keep an eye out for companies using similar logos or company names or launching copycat products. (Think about Kleenex, which fights to prevent its trademarked name from being used as a generic term for tissues.) If a competitor can engender confusion about your brand, they can irreparably harm your business’s reputation.

Original Post: https://www.score.org/resource/what-you-can-learn-worlds-top-brands

by Bridget Weston Pollack

You already know who Millennials are: people born between 1982 and 2000. But who are Millennipreneurs?

They may not be small business owners (yet!), but entrepreneurship plays a significant role in their lives.

According to a survey of millennials by EY and Economic Innovation Group, 78 percent consider entrepreneurs successful, and 62 percent have considered starting their own business. Fifty-five percent believe their generation is more entrepreneurial than past ones, although the data says otherwise: Millennials are actually less likely to be entrepreneurs than people in other age groups.

At age 30, millennials owned fewer businesses than Gen-Xers or Baby Boomers at the same age. According to census data from 2014, fewer than two percent of Millennials said they were self-employed, while 7.6 percent of Gen-X’ers surveyed and 8.3 percent of Baby Boomers reported the same status.

Why do Millennials choose entrepreneurship?

Millennipreneurs want to start businesses for similar reasons of all age groups: desire to be your own boss (40%), want flexibility (21%) and want to be passionate about the work you do (21%), according to a survey by Wells Fargo.

But like many entrepreneurs, Millennial business owners face financial challenges. Forty-two percent say they don’t have the financial means to start a business. And two thirds have at least one source of long-term debt already, whether it be a student loan, car payment or mortgage. Among college educated millennials, a staggering 81 percent have at least one source of long-term debt, according to a 2014 report from the Filene Research Institute.

However, they still plan for the future with optimism. Millennial business owners have formal business plans, cyber-attack plans and disaster recovering plans at higher rates than older small business owners. They also have business succession plans in the event of an emergency.

Millennipreneurs may do business differently than generations before them, but the passion that drives them is universal. But we all need support. Forbes lists SCORE as one of its top five resources for millennial entrepreneurs. And SCORE is here to help ALL entrepreneurs of any age.

Original Post: https://www.score.org/blog/what-millennipreneur

by Deborah Shane

Tip 1: In Social Media, Be Where Your Customers Are

“Know where your customers are hanging out online. You don’t have to be everywhere. Be where your customers are … and communicate with them there.” – Laurie McCabe, Partner SMB Group, SMB-GR.com

Tip 2: Never Stop Networking. Don’t Give Up

“Never stop networking, never stop pushing. It’s easy to give up when everybody around you … is telling you ‘you can’t do it’. You have to be around positive people.  Tom Force, Owner, ICE Keytags

Tip 3: Twitter Provides Powerful Market Research

“Twitter is the best thing that ever happened to small business owners. You can listen to your competitors or customers, and they don’t even know you’re listening.”  Melinda Emerson, Author of Succeed as Your Own Boss

Tip 4: It’s all About Mindset and Positive Thinking

“Our first three years were brutally tough… every day was about survival. Then I remembered a lesson from my father. Your mind is everything, yet it’s not what you know, but rather how you deal with it. It is about your mindset and positive thinking.”   Clate Mask, Founder and CEO, Infusionsoft

Tip 5: Wearable Tech Keeps You Fit

“The ‘wearables’ tech trend is keeping people fit, keeping them active, and keeping them in toe with their fitness goals.”   Tishin Donkersley, Editor in Chief, AZTechBeat.com

Tip 6: A Handwritten Thank You Note Will Wow Customers

“One simple way to ‘wow’ customers is thank-you cards — a handwritten note, a thank-you card saying ‘thank you for buying from me’.”  Ramon Ray, Technology Evangelist, SmallBizTechnology.com

Tip 7: Share Information on Facebook That is Great for Your Customers

“Having a Facebook presence as a real estate professional is vitally important. Buyers and sellers are there. Make sure you are sharing information that is great for the consumer, not just real estate people.” Bill Harney, CEO, Keeping Current Matters

Tip 8: To Get PR, Offer Yourself up as a Thought Leader

“If you are a local small business, look at local media for PR. Read those publications, forge relationships, find out what types of stories the journalists are covering, and offer yourself up as a thought leader on a topic.” – Laura Collins, PR at Infusionsoft

Tip 9: Put Processes in Place in Your Business to Ask for Referrals

“Put processes in place in your business that ask for referrals. And make sure the customer experience is above expectations.”  Jonathan Graves, President, Graves Organization, Inc.

Tip 10: Your Sales Pipeline Should Qualify Leads at Every Step

“You need to set up a process to convert the most leads possible. Put them in a sales pipeline … and add checkpoints to determine those who are qualified, versus those who aren’t.”  Justin Roberts, Infusionsoft Expert, Infusionsoft

Tip 11: Entrepreneurship is Lonely. Reach out to Mentors and Peers

“Entrepreneurship is one of the loneliest professions in the world. The entrepreneurs that are really successful reach out in networking groups and peer associations — or just to one person. They need that thought partner.”  Jeff Mask, Vice President, Infusionsoft

For more success tips, see The Seven Stages of Small Business Success.

Original Post: https://smallbiztrends.com/2014/06/success-tips-for-small-business.html

By: Liberty Tax

You know about the power of tax deductions to minimize your small business’s tax liability. But are you taking full advantage of business tax credits? While deductions reduce your taxable income, tax credits reduce the tax you owe on a dollar-for-dollar basis.

Here are eight federal tax credits your business might be eligible for.

Small Business Health Care Tax Credit

Eligible small businesses can get a tax credit for providing employees with health insurance. To be eligible, you must have fewer than 25 full-time equivalent employees, pay average annual wages of less than $50,000, and pay premiums for all employees equal to at least 50 percent of the cost of employee-only insurance.

Get details about the Small Business Health Care Tax Credit.

Retirement Plans Startup Costs Tax Credit

Have you set up a Simplified Employee Pension, SIMPLE IRA or other qualified retirement plan for employees? If so, you may be eligible for this tax credit, which lets you claim 50 percent of the costs of starting the plan, such as setup, administrative costs and employee education.

Get details about the Retirement Plans Startup Costs Tax Credit.

Credits for Employer-Provided Childcare

If you provide childcare for your employees, either on-site or by contracting with an outside facility, you may qualify for a tax credit equal to 25 percent of those childcare expenses up to $150,000. For those with an on-site facility, the credit is applied to setup costs and operating expenses. If you contract with an outside provider, you must pay the facility directly in order to claim a credit.

Get details about the Employer-Provided Child Care Credit.

Federal Empowerment Zone Employment Credit

Do you have employees who both live and work in a federal Empowerment Zone (a designated urban or rural area that is economically disadvantaged)? Then, you may qualify for an employment credit of up to $3,000 per eligible employee through the end of 2016. Find a list of empowerment zones in the Instructions for Form 8844, which is used in claiming this credit.

Get details about the Empowerment Zone Employment Credit.

Work Opportunity Tax Credit

The WOTC aims to encourage hiring people from groups that traditionally have a hard time finding jobs, such as military veterans, welfare recipients, ex-felons and the long-term unemployed. Companies that hire eligible workers may be able to take a tax credit of $1,200 to $9,600, depending on the type of employee and duration of employment. There’s no limit on how many employees you can claim.

Get details about the Work Opportunity Tax Credit.

Employer Wage Credit

If you have employees who are active duty members of the uniformed services and you pay them full wages (known as differential pay) while they’re serving in combat or in training for active duty, you may be eligible for a tax credit. You can claim 20 percent of up to $20,000 of differential wage payments, up to $4,000 per qualified employee.

Get details about the Employer Wage Credit.

Indian Employment Credit

Do you have an employee who is an enrolled member (or whose spouse is an enrolled member) of an Indian tribe, lives on or near an Indian reservation, and performs all of his or her work for your business on an Indian reservation? You may be eligible for a tax credit based on the first $20,000 of qualified wages and health benefits paid to such employees, up to $4,000 per employee.

Get details about the Indian Employment Credit.

Disabled Access Credit

This credit offsets costs of providing disabled access to your business. Qualifying businesses (those with 30 or fewer full-time employees and earnings of $1 million or less the previous year) can take this credit for every year in which they spend money on disabled access.

Get details about the Disabled Access Credit.

For a full list of federal tax credits your business may be eligible for, check the IRS website. Your state may offer additional business tax credits. Talk to your accountant to determine which tax credits apply to you.

Originial Post: https://www.score.org/blog/8-tax-credits-your-business-may-be-eligible