Utah Real Estate Investors Association

 

"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...

"No one has ever become poor by giving." -Anne Frank

Let's face it -- most people will not instantly welcome "marketing" with open arms. Your prospects are busy, and they don't (usually) spend their time thinking about you and your products or services. So, business owners need to learn how to market their businesses ... without making it feel like they're marketing their business too hard.

First, you need to be consistent. Read More...

 

"Not until the pain of the same is greater than the pain of change will you embrace change." -Dave Ramsey

It's a common problem, and I've talked about it before: customers are asking you for lines of credit, or "special deals" when it comes to your AR. So you ask yourself: should I extend credit to my customers?

My recommendation? Don't do it. Tell them you accept credit cards.

The biggest problem about giving credit is that you end up spending more time collecting money. Time that could be more profitably used doing most anything else.

The second biggest problem is that some of your credit customers, no matter how big and prosperous they appear to be, will never pay you.  If the accounts/purchases/orders of those customers who don't pay you are big enough (or there are enough of them), you will be forced out of business. Read More...

 

"Having a child is like getting a tattoo ... on your face. You better be committed." -Elizabeth Gilbert

Because raising children truly does "take a village", know that I'd love to help walk you through some of these steps in greater detail. Everybody's childcare costs look different, and together we can plan for child-based tax breaks. Don't hesitate to give me a call today. (801) 278-2700

Child Tax Credit (CTC)

Over the last few months, we've spent some time discussing the Tax Cuts and Jobs Act (TCJA), and although some of its outcomes have altered taxpayers' refunds in a negative way, there are indeed some perks. In this case, the signed law meant a CTC increase from $1,000 to $2,000. Read More...

 

"For every minute spent in organizing, an hour is earned." -Benjamin Franklin

In addition to the usual suspects -- W2 forms, 1099 forms, bank statements, brokerage statements, etc. -- we're talkin' receipts, sales slips, invoices, cancelled checks, and credit card and charity statements. Anything you can get your hands on will help you. Why?

There are many reasons why you should keep meticulous tax year records. At the top of that list, alongside the possibility that your business gets audited, is that it's easier to file when you have all your tax records in one spot.

That answer may sound simple, but when we're preparing to file your taxes, shuffling through closets and drawers and file cabinets will only create added frustration. No one wants that. Read More...

 

"The University brings out all abilities, including incapability." -Anton Chekhov

College is expensive.

Let's put that fact out on the table because we all know it's true, and most of us have been affected by this reality in some way, shape or form.

Side note: College is even more expensive if you're trying to cheat the system so your kid gets into a prestigious school. We're all seeing how that turns out ... right before our eyes.

But did you know there are various tax breaks which can help chip away at the cost of your son's or daughter's (or your own!) college tuition?

Note these steps if you're interested in saving on tuition costs with some help from Uncle Sam. Read More...