Three Winning Strategies for Diversifying Your Success

Three Tools for Diversifying Success in Business

 

diversify your company revenues

diversify your company revenues

Introduction

The State of Small Business Report surveyed 1,088 business owners and executives in 2015. The survey found that 57% anticipated revenue growth within the next coming year and that almost half had increased confidence in overall economic growth. In order for the growth to take place, though, they need to carefully consider how they can best capitalize onto their employees’ skills. This is what will best ensure that a company is properly run and with target market growth.

The thought of trekking employee skills, profits and client interactions simultaneously may seem daunting. However, it’s a necessity in order to keep any company running. Fortunately, we are past the days in which we have to do everything manually. There are numerous options for software that you can invest in and numerous other electronic avenues which you can use.

In this time of recovery from the Great Recession, businesses also can’t afford to do everything on the cheap and/or on the minimum. Your business and your employees deserve much better. You also can’t afford to submerge under your competition.

Below, we will discuss three things that you can easily do to diversify your company’s revenues. This also means increasing your company’s chances for success. Best of all, it means increasing the satisfaction of your employees and clients.

 

Improve Customer Relations

Improve Customer Relations

Managing Customer Relations

Maintaining satisfaction of clients is the key to keeping any business running. This includes staying current with trends and monitoring patterns. This is best done by applying CRM (customer relationship management) software. CRM software contains many features such as managing sales pipelines, managing sales representatives and accessing customer information.

Intelligence Tools

Spreadsheets are a good start in figuring out the big picture. However, as a company grows, so does the amount of data and it often results in confusion of what the information is saying. This is usually when intelligence tools (usually referred to as BI’s for business intelligence) are needed. These are tools that pull and aggregate the data from databases, applications and architectures. Since they can help with everything from inventory to analyzing metrics, they can better help you make more informed decisions.

 

Business intelligence tools

Business intelligence tools

 

BI’s facilitate everything from cooperative success to editing of information. As a result, BI’s also provides end-users with critical information about their customers and partners. They even help to monitor the behaviors of the two.

BI’s make it easier share information across company locations. They also eliminate any errors from manual attempts. It’s not impossible to make smart decisions from manually input data. However, it tends to be very painstaking, time-consuming and draining. About 71% of business owners and executives surveyed reported that they had not installed BI’s but that it was a top priority.

 

email marketing strategy

email marketing strategy

Marketing by e-mail

In our time of the information age, e-mail marketing has remained a key for rapid target market growth. According to the Direct Marketing Organization, e-mail marketing, on average, profits about $40 for every $1 spent. E-mail marketing is perhaps one of the least expensive avenues available and it’s easy to set up.

Sending out a newsletter tends to be one of the best ways to keep your clients updated on your information, discounts and other deals. It also helps your company to increase recognition, a large amount of new clients and to diversify your income streams.

According to the survey, over half of small businesses plan to invest less than 3% of their profits on their marketing. This is not good news as the recommendation is to spend at least 10%. Businesses who don’t throw their net wide don’t have much of a growth hope. Also, underestimating sharing your up-to-date information stunts your business’ chances of success and efficiency.

 

Critical success factors in business

Critical success factors in business

Conclusion

If you want to succeed in your business, don’t underestimate the importance of investing in the above three tools. The differing businesses may have different methods in the way that they are run. However, we are in the technological age of information and past the point at which we have to do everything manually.

These days, we can’t afford to not seek out assistance where we can. Getting ahead in business means putting more shrewdness into the methods used for marketing. It also means diversifying clientele bases and income avenues.

————————————————–

Article provided by NECHES FCU, with locations in Port Neches and Beaumont Texas. Neches FCU is a texas credit union and has an attentive team of professionals ready to provide services to our members.

When their doors open at any of the 9 service outlets, the objective of “Ultimate Member Satisfaction” becomes the driving force for every employee. They are well-known for a personal, dynamic and upbeat work environment, providing a memorable service experience, and where all clients are known by their name.

Neches has about $438 Million in assets with over 45,000 members. Neches is recognized by members and the business community as one of the top credit unions in texas and an actively involved partner, helping our Family, Friends and Community!

These 5 Insights Can Increase Your Practice’s Referral Volume

5 Insights to Increase Referral Volume

increase patient referrals

increase patient referrals

Organizations are burdened with the task of choosing a reliable source for their reporting and analytic solutions from the plethora of information and statistics available in the market. All the data that users are exposed to were without goals, context and direction. In addition, these data represent only a collection of numbers making them ponder about whether they are worth the findings. What organizations need is a clear infrastructure to connect these data to their goals, understand the workflow for obtaining these data, and more importantly, a cohesive structure to remove unwanted data.

 

Comparing Past Data

Comparing Past Data

1. Comparing Past Data With Present

Data when present on its own is nothing more than a book without a title. These data are of no use during any reform process. What users need is the understanding that a data becomes useful when it is compared with other sources of the same. This means comparing the present data with the past ones on record. The concept used here is more useful for companies and organizations especially in the healthcare sector. All the frustrations associated with these comparisons and findings are worth the effort if the data are used successfully in decision-making and increasing referral volume at the same time.

 

Hire new employees

Hire new employees

2. Hiring New Employees

Comparing past and present data is crucial in learning what went wrong when an organization fails. It is also an important element to make corrections to the existing infrastructure within the organization, change policies and induce strict rules and guidelines. Often understanding why the company failed to fulfill its goals will lead to repeating the business policies or making relevant changes. Past data views are helpful in discovering any unusual events happening in the business and factors that are driving customers away. As an instance, consider this scenario. You as a owner of a start-up company receive 20 referrals a month from another affiliated business.

In the past month, you only received 5. This is a wake-up call for your company to look into past data and see what changes can be made to attract more customers or retain the existing ones. This means changes that could be made in areas such as customer support, email notifications, or other forms of communication. In this case, you can replace the employee responsible for lead generation with a new one. The new staff, once familiar with the business system, can continue attracting more referrals and continue the existing business policy.

 

Drawbacks

Drawbacks

3. Identifying Drawbacks

Consider another scenario. You are a business that regularly receives 100 referrals from a single provider. Last period, your referrals dropped to 10. This pattern is surely a matter of concern for your business future. The reason for this sudden drop in business can be many. It could be due to another facility with a new marketing campaign offering incentives to referrals from your provider. Or it maybe because the provider now belongs to a different network than yours. The drop could also be attributed to a different grouping among facilities. Identifying these drawbacks is one of the important tasks to increase referral volume.

 

Reviewing Data

Reviewing Data

4. Reviewing Data And Analytics

Referencing old data and comparing them with new ones is the best way to establish baseline while reporting. A report with nothing to compare to is useless as mentioned earlier. In terms of analytics, these numbers are data from the industry standards or past. An analytic platform that is based on industry scaling is the best way to measure that your business is on the path towards goals. Without a starting point, you will be unaware of areas that need improvements and to what degree the improvements need to be made. As an example, consider that you own a business that is established and has access to industry averages. You can collect all data for a certain period (at least a month) and compare those data with averages.

 

Linking Data

Linking Data

5. Linking Data Within the Business

You can link data from one aspect of the business to another. This is done clearly by

–    Defining various roles and correlations of critical data
–    Analyzing comparative statistics with respect to a location that is experiencing increase in business
–    Analyzing industry averages and general metrics when the business is experiencing loss in revenue or profit
–    Comparing rises in averages with the performance of the business
–    Setting expectations and valuing intra-business relationships
–    Knowing the expected turnaround time for document requests
–    Knowing the expected response rate for referrals
–    Knowing the expected standard for communication

Once these data are obtained, your business can make better decisions regarding its dealings. Comparing the existing data with the industry averages can help you see what elements the core components are lacking and what steps are needed to introduce them.

Stop by our Bitly page, and post your comments or resource links to discuss this matter further.

Many thanks for skimming our post. Your thoughts are welcome. If you need cms 1500 02/12 to file insurance claims, head over to Justcms1500forms.com. They don’t resell these cms 1500 version 02/12 forms, like competitors. They actually print them at their facility. If you staff prefers software filing for claims, they provide software for this too.

Take care, and look out for my next post.

 

The Perils of Failing to Pay Withheld Taxes

The Danger Involved in Failing to Remit Withheld Taxes

Failing to pay Taxes

Failing to pay Taxes

All business owners are required to withhold taxes from their employees’ paychecks. This money is then remitted to the federal government as well as state and local governments when applicable. When a business owner fails to give the government the withheld money within the allowed time frame, either by accident or on purpose, there are serious consequences.

IRS Circular A

IRS Circular A

What Taxes Should Businesses Withhold?

In most cases, American businesses must withhold federal taxes as well as Medicare and Social Security taxes. These are paid to the IRS either every two weeks or every month along with reports. If you have any questions about federal withholding, consult IRS Circular A.

If you live in a state or in an area with local income taxes, you also must withhold these taxes from your employees’ paychecks. The ways of paying and documenting these withholdings vary with the jurisdiction. The penalties for failing to remit these withholdings will vary, but the federal penalties are clear.

Late Penalties

Late Penalties

IRS Late Penalty

Regardless of the reason you are late in remitting withholdings, the IRS will charge a penalty. This penalty depends on how late you were. If you were one to five days late, it will be two percent of the money due. If you were six to fifteen days late, it is five percent. At sixteen days, the penalty increases to ten percent. You will be charged this penalty even if you outsource your payroll to a third party and they are responsible for the tardiness.

The 100 Percent Penalty

In addition to the late penalties imposed on the business, the person responsible for failing to withhold and remit taxes may be held responsible. This can be the business owner, a company officer, or anyone who can sign on the payroll account. If this person fails to withhold and/or remit taxes, they can be charged a penalty that is equal to the amount that the IRS should have received. This penalty is covered in the IRS’s Section 6672.

 

Your Responsibility

Your Responsibility

Criminal and Civil Penalties

If you are responsible for withholding taxes and fail to pay this to the appropriate agencies, you likely have committed a crime. You could potentially face both civil and criminal actions for this. In the eyes of the law, failing to remit withholdings or even temporarily borrowing from them is theft and fraud.

Few people fail to remit withheld taxes and get away with it. Your employees, for example, will notice at tax time that the numbers fail to add up and communicate with the IRS to resolve what they assume is a simple mistake. The IRS aggressively investigates all potential cases of failure to withhold or remit employee taxes, so few employers get away with it. Businesses suspected of failure to remit withheld taxes will be subject to audit, and then fined and possibly imprisoned if found guilty. In addition, the employee may file civil charges.

Pay Taxes

Pay Taxes

Local and State Penalties

In addition to the severe federal penalties already listed, you can face a multitude of state and local penalties for failing to remit withheld taxes. Combined with the federal penalties, you will likely be paying several times the amount that you failed to remit. Although it may be tempting to borrow from employee withholdings temporarily, this is illegal and may cause consequences that destroy your business.

No Escape

No Escape

No Escape from the IRS

We have all heard the saying that nothing is certain but death and taxes. While medical science now allows us to delay death in many cases, there is no escape from the Internal Revenue Service. If you fail to remit withheld taxes and do not immediately rectify the situation and pay the fines, the IRS is likely to investigate and audit your business. In addition, the IRS can attach your future withholdings and place liens on all property owned by your business and you personally.

While handling payroll taxes can be quite a chore, it is important to make this a priority and also to maintain good oversight of any employees who are involved in the process. While it may be tempting for a struggling business to ‘borrow’ against withholdings, the steep penalties and fees are simply not worth the risk. The IRS is especially strict about this issue, so it is best to always stay on the right side of the law.

The bottom line is, tax penalties are nothing to play with. As a tax preparer, you’ve got to impart this information to your clients clearly and effectively. If you’ve got strategies to help them take care of these situations creatively, then offer them with both the pros and cons of your ideas.

During this tax season, you may want to consider streamlining your tax business so as to have the time to be more of an advisor to clients, instead of doing the grunt work of tax filings.  One simple way to free up countless hours to engage your clients and advise them is to efile 1099 and W-2 forms instead of filing paper documents. One step further is to find a service that will handle the printing and delivery of the recipient tax forms for your clients filings. Probably the best known provider that allows you to file 1099 online, as well as doing the delivery of printed forms is eFile4Biz.com.

I’ve included their video below for your reference, but I’ve saved over 600 hours every tax season for the past 4 years having them do most of the hard work. See if they may be right for you as well.

Visit our Wordpress and let us know what you though about this post.