Utah Real Estate Investors Association

Whether it's the rumors of recession (or worse), continued chaos in the political world (and still over a year away from elections -- yikes), increasing cultural division, or something more local, it's a mess out there.

Behm's Key Reminders to Keep Safe from the Financial Storm:

1) What you choose to "ingest" will greatly impact your state of mind.

This will always be the case. Truly -- the media outlets and websites do better (financially) when there is chaos.

That means that there is a very real (monetary) incentive for them to highlight turmoil. If you're wise, you steer clear. I'm not suggesting that you stick your head in the sand, just ... use a strong filter.

2) The only thing certain about the stock market is that it's volatile.

With all that talk of negative yield curves and spooked markets, it's hard to feel confident about long-term outlooks. Which might mean that the best "investment" these days may be YOURSELF ... and your business.

Which leads to...

3) The only thing you can truly control is yourself. The economy, the local market for your goods and services, your retirement -- much of it is out of your hands, in a very real sense.

That said, we met with business owners and clients last week who were taking positive action. With our advice, just a few small tweaks can realize six figures of true savings over the course of years.

Let me know if I can do the same for you.

Until then...

BE THE ROAR not the echo®

Warmly,

Janet Behm
Utah Real Estate Accountants
(801) 278-2700

 

"I hire people brighter than me and then I get out of their way." -Lee Iacocca

We've made it one of our goals to give our clients more than they expect from us, and go beyond the mere transaction level. We never regret the investment we make into relationships with you and our clients.

So, along those lines, I wanted to give you some ideas that we've picked up over the years for why and HOW you can do this too.

You see, not every marketing message should be a targeted sales pitch. That can really pester your clients and prospects -- when your only interaction with them is about whether or not to buy from you. I've written plenty about how critical your *relationship* is with your customers and prospects.

And, thinking in those terms, if you're constantly "pitching", it's like asking a girl you like to go on a date with you every time you see her. That won't work in romance ... and it doesn't work in a real business.

There are many ways that you can do this more effectively -- ranging from simple gifts, to other ways to demonstrate that you care. But with all of the tools and resources out there, it's important that you remember that you can also provide your prospects and clients with knowledge. And specialized knowledge is always welcomed. Read More...

"Be careful not to compromise what you want most for what you want now." -Zig Ziglar

I should preface this to say that these steps are rooted in business ethics which, essentially, mean laying out all your information on the table for prospective clients. They can take it or leave it, but they'll at least get out of limbo. And 'limbo' is never good for you or them ... unless it's at the end of a summer luau party.

These steps are oriented to the kind of businesses that pursue higher-level clientele. A retail business, restaurant, etc. doesn't have the same kind of dynamics for which some of these steps make sense ... but that said, you CAN adapt them to your particular situation -- because they work.

So here are four steps for using the slow season to reach high value Salt Lake County prospects who have been on the fence:

1) Make an Effort to Know Them

This point is exactly how it sounds: an effort on your part. Is your prospective client a family man? Then it shouldn't take four or five meetings to remember his wife and kids' names. If not family, make a point early on to memorize his or her interests, hobbies, and tendencies. Prospects, in the end, will go with the business they feel a personal connection with. And that might start with you going to one of their kids' soccer games. Read More...

 

Working remotely is more prevalent in work culture than ever before.

The rise of coworking spaces like WeWork and PlexPod offer alternative, fun and modern ways to work alongside, and potentially collaborate with, other individuals in their own respective ventures.

In addition, many business owners prefer working from the comfort of home or local coffee shops.

With these options, I pose the question: Is purchasing your own space for your own business worth it anymore?

Well, one good reason is that your customers/clients will associate you and your space together. The more stable the location, the more comfortable they will be from meeting to meeting.

Oh, but I'm just getting started. I have nine more great reasons for you today...

9 (More) Reasons You Should Own Your Business' Building

"Don't wait to buy real estate. Buy real estate and wait." - Will Rogers

2. You can personalize your work environment.
Whether through technological installation or temperature control, you are the boss of your business AND your space. You also have more power over maintenance and who you allow to work in and on your building. Read More...

 

"Mystification is simple; clarity is the hardest thing of all." -Julian Barnes

The first thing we'll address is pricing. Why? Because it's the first thing a prospective client wants to know. When they ask (and they will ask) about your price, the last thing you want to do is beat around the bush.

Prospects will know when you're avoiding the price of your offering.

Set your price based on the value of your offering. And when you do . . . stand your ground with confidence. You know what your offering is worth, and you shouldn't have to fluctuate the price on every sale just to make it work. This is obviously easier said than done, but it's incredibly powerful in practice.

Ways to Pay

Although this is another tip on price, it's just as important.

Cell phones are expensive. And even though cell phone companies should also stand their ground (because we've now seen what they're worth to people), many have payment plans that make phones an easier palm-sized-pill to swallow. Read More...

 

"Don't be afraid to give up the good to go for the great." -John D. Rockefeller

We're officially over halfway through 2019.

And as you reflect on the first half of the year, it's important to learn from wins AND losses moving forward.

In terms of ways we can help ... your finances and books are what we do best. But you're the only one who can take your Salt Lake County business and secure clients, deliver value, and repeat the process year-in and year-out.   This is part of what we mean by "BE THE ROAR not the echo!"

I see my role in your business as more than merely financial, though. I'd like to offer you some coaching, and a little "halftime pep talk" so that when we close the books on 2019, we show a victory, rather than a loss.

So, I'll start here: Have you been thinking too small?

Most Salt Lake County business owners don't ask themselves that question nearly enough. We get so caught up in the day-to-day concerns of operating that we don't take the time to consider it. Read More...

 

"Make a customer, not a sale." -Katherine Barchetti

Think about some of the businesses you go to often for daily, monthly and yearly help. What keeps you going back to them? Customer service? Random gifts and perks? Clear, consistent communication? All of the above?

Only you know the answer to those kinds of questions but keep them in mind as I offer a few ways you can turn short-term sales into long-term, repeat customers.

1. Offer new products or services.
2. Give advance notice of price increases and fees (especially if existing customers can avoid them through a response).
3. Provide special discounts.
4. Create meaningful content surrounding your service or product.
5. Recognize top customers via email or social media.
6. Announce seasonal sales.

Even if you focus on just a couple of these over the next few weeks, I guarantee current customers will see the difference. You might be doing some of these things already, but all of us have the option each day: "Will I make my business better or worse today?" Taking steps toward client satisfaction is always a move for the better.

ALSO, you cannot assume current customers are tired of hearing your story or other ways you're just trying to help.

Most of that, in business, is a mental game. Customers get it ... you have a business to run and a story to tell. It's why you got into it in the first place! So bring your passion to the table in addition to an excellent offering. Read More...

 

"If you don't value your time, neither will others. Stop giving away your time and talents. Value what you know and start charging for it." -Kim Garst

Depending on your business' industry, it can be extremely hard to break through to customers.

But even when price-shopping, consumers will inevitably look to: what makes you different.

Although Walmart and Target prices may be similar, a consumer may value the customer service at one over the other -- that's called a value proposition. Read More...

 

"No one is useless in this world who lightens the burdens of another." -Charles Dickens

A referral network is something that forms quite naturally around some people, especially those who pursue that attitude of giving I mentioned above.

But you can work to build it too, if that attitude is something you find that you have to work towards. Read More...

 

"When we give cheerfully and accept gratefully, everyone is blessed." -Maya Angelou

Now, before we examine three components to consider when making a compensation plan, I want you to know there are serious tax implications in regard to each of these areas.

Let me be clear: if your business needs any help assessing the state of your employee compensation methods, and the ensuing tax implications, please give me a call. 

I'd love to schedule a meeting and discuss how your business can help employees while staying within IRS guidelines.

Salaried v. Contracted Read More...