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Tuesday, February 18, 2014

Keep your retail business humming


 
ANALYZE SALES AND MARGIN BY FLOOR SPACE. COME UP WITH DOLLARS PER SQUARE FOOT.

 
SHOP COMPETION ON A REGULAR BASIS AS A CUSTOMER. CHECK PRICING, ASSORTMENT AND PRESENTATION.

 
ALWAYS LOOK FOR NEW BUSINESSES AND NEW PRODUCTS AND ELIMINATE WEAK BUSINESSES AND WEAK PRODUCTS.

 
CONTROL YOUR VENDOR STRUCTURE AND YOUR ASSORTMENT. DO NOT GO OUT OF STOCK ON YOUR BEST ITEMS.

 
TAKE PROMPT AND PROPER MARKDOWNS. YOUR FIRST MARKDOWN IS THE CHEAPEST.

 
ALWAYS KEEP THE SELLING FLOOR, THE FITTING ROOMS, THE REST ROOMS AND THE BACK ROOM CLEAN AND NEAT.

 
KEEP YOUR SALES ASSOCIATES INFORMED AND HAPPY. THEN THEY WILL MAKE YOU SUCCESSFUL HAPPY.


Herb Douglas, SCORE Counselor

Visit us at: www.scoresouthflorida.net

Int'l Mktg. Plan Essential to successful exporting


    If you drive down the street with your hands off the wheel you'll go straight until veer off your destination.  The exporter needs a "road map" with an objective and a destination.   A plan may be as simple as contact with an overseas customer or an elaborate representation network for significant market share worldwide.    Do not "just" take an order that appears unsolicited
out of the blue.  It should be part of a "grand? plan which can be one country to region (Latin America).

PUT IT IN WRITING
    A 5 yr goal or a 10 yr objective are usable strategies.   For example - 10 yrs could be targeted for widespread business in the EU.    The 5 yr could be Mexico & Central America or even easier - Canada.   Yes, Canada is an export terr. for U.S. vendors.  For this discussion - focus on a 1 yr and/or 2 yr plan.   Caution:   Care must be taken in not investing excessively up front based on a false premise that payoff will come later.    The plan is generated as sales develop.   Exporting must be self supporting.

Your point is to seek the break even point.   This is frequently the crossroads where exporters fail.   Either the absence of black ink causes faint hearts with resultant abandonment or overspending creats so much red ink that the entire effort creaters out.
So here goes:    1)    Identify a series of mkts. or a single terr. with the focused goal of creating hard orders.    2)    Spend absolute minimal time in research, positioning and re-assessment but seek the most direct route for closing - yes, closing for a signed order.

THE SKELETON PLAN
    Here's the skinny on a 24 month entry into fresh terr:    A)    Target the market!    B)    Try to discover the market where a product similar to yours is already established.    C)    Find the distributor or rep/agent who's is already in your field handling a complementary product to your own - toothbrushes & toothpaste for exmpl.        D)    Now a perfect channel of distribution is in place and your product will flow along in that "river".   Obviously  don't get a competitor.

THE RIPPLE EFFECT
    From that point you spread out into contiguous markets next door.   Transnational entrepreneurs are always eyeing the "green grass on the other side of the fence" and can well be the springboard to multinational business.   Such "next door" terr. will be similar in nature - EU countries, or Far East/Asia:  the travel to those areas is always more economical as visits can be grouped.    And you will need to visit once you get going - but not until.    Remember - slow on the front money.

By being selective you will  expand advertising & promotion to have greater impact due to similarity of the customer (both ethnic & application).   Avoid a broad front at the beginning of foreign market entry.   Surgical strikes are the sure way to make export sales pay off.   You want help with your marketing plan??   Call:  SCORE  561 981 5180.  Chapter 412 So FL in  Boca Raton

Henry Samuel
Certified SCORE counselor
hank.samuel2@gmail.com       

visit us at: www.scofresouthflorida.net

What is happening with Social Media


According to a December 30, 2013 report by the Pew Research Center’s Internet Project:

 
73% of online adults now use a social networking site.

42% of online adults now use multiple social networking sites

Facebook is the dominant social networking platform in number of users

A striking number of users are now diversifying onto other platforms.

Linkedin, Pinterest, Twitter and Instagram are all growing.

Instagram users are nearly as likely as Facebook users to check the site daily

 
This data may help you understand where to find your customers. Do you know how many of your customers are online?

 
Can you use this in your planning?

 
Steve Koenig, SCORE Counselor


 

Monday, February 10, 2014

Google Partners at SCORE Seminar


 
score logo
WILL HELP YOU GROW YOUR BUSINESS ONLINE AND BE FOUND IN SEARCH RESULTS 

GOOGLE PARTNERS WILL BE HERE IN BOCA
TO HELP YOU
AND YOU ARE INVITED
THE SIXTH ANNUAL FREE SCORE   BUSINESS CONFERENCE  WITH GOOGLE PARTNERS     
FEATURING:  
   
GOOGLE PARTNERS WILL WORK WITH YOU FREE TO HELP YOU    
 GROW YOUR BUSINESS ONLINE WITH GOOGLE AND BE FOUND IN SEARCH RESULTS    
 
AND 
 
FOR THOSE THAT WANT A COMPANY WEBSITE GOOGLE PARTNERS WILL WORK WITH YOU TO START TO BUILD IT   FREE, WITH FREE HOSTING AND A FREE DOMAIN NAME OF YOUR CHOICE
 
SPEAK WITH GOOGLE PARTNERS ONE ON ONE TO DISCUSS YOUR PROBLEMS AS TIME AND SPACE ALLOW 
YOU MUST HEAR THE REAL DEAL FROM THE GOOGLE  PARTNERS
 
WIN A NEXUS 7 TABLET - SEVERAL TO BE GIVEN OUT DURING THE DAY
JUST BE THERE FOR A CHANCE TO WIN - COURTESY OF GOOGLE  
 
 
AND:
 
CONSTANT CONTACT WILL SHOW YOU HOW TO INCREASE PROFITS FROM EMAIL AND SOCIAL MEDIA MARKETING 
 
    
 
 
SAVE THE DATE  
YOU WILL HAVE YOUR CHOICE OF MANY FREE SEMINARS
ACTUAL SCHEDULE TO BE SENT OUT 2 WEEKS PRIOR TO THE EVENT 
Increasing your sales through Dynamic Internet Marketing.
Alternatives for financing and growing your business. 
Introduction to QuickBooks. 
Using Social Media to increase profits and grow your business. 
Using a Chamber membership to grow your business. 
10 secrets of a winning business plan. 
Learn how to operate in the cloud and save money for your business. 
Learn about growing your business using Mobile and Mobile payment systems 
The 7 Sentence Marketing Plan to increase sales. 
Learn about using Pinterest in your business. 
Which is best for your business, Instagram, Vine, Twitter or Snapchat? 
The Art of Face to Face selling.
How to deal with the new Google search changes
How to use the free Google Analytics
How to use the free Google Business Places
 AND MUCH MUCH MORE 

COME NETWORK WITH OTHER BUSINESSES
CHOOSE FROM MANY FREE SEMINARS, TALK TO EXPERTS, GET ADVICE FROM BUSINESS LEADERS AND MUCH MORE.   
 
MAY 10th, 2014
8:00 A.M to 3:30 P.M
At Lynn University
Boca Raton

A FREE EVENT FROM SCORE
 ROOM FOR JUST 500  -   REGISTER NOW
WHEN YOU GET A TICKET YOU ARE REGISTERED
 
Bank Atlantic I am proud to tell you that our SCORE Chapter has once again been chosen  to host the all important SCORE business conference. 
 
The conference will take place at Lynn University in Boca Raton on May 10th, 2014, 8 A.M to 3:30 P.M.  many events will be going on - go to which ever one you want - stay as long as you want.  NO COST TO YOU FOR ANY EVENT.


SPACE IS LIMITED: IF YOU ALREADY REGISTERED AND HAVE YOUR TICKET YOU DO NOT HAVE TO REGISTER AGAIN. 
 
The registered businesses will get the opportunity to hear many different experts discuss the problems plaguing businesses in this new economy. Including hearing from Google partners. You will have the opportunity to attend a variety of workshops, seminars and one-on-one discussions with Google partners. This is also an opportunity to cement relationships with  Google, SBA,SCORE and many private consultants that will give their time to help you. 
 
All seminars and workshops are free and open to all businesses.  Space is limited, want to attend? 
 ROOM FOR JUST 500 -  REGISTER NOW 
 
SAVE THE DATE - 
 
Hal Finkelstein
Chairman, South Palm Beach SCORE 
Quick Link

http://r20.rs6.net/tn.jsp?e=001hefGs16uH7iKRR9SXrU1R9TUUe7lb6hU7DmhyV8hRuEbgr_jmBE7fKN4QWVwZRVpy-wY8SDrX0QuenpTITJIE3wRLxonzMWOSP6jN8CNOHvwjaAIjYD7Vv9sXnp-2QNCiYYT9gOJok03Py6m_HXbnIlikjbokc1lRyMXNZ6qNnZBagAWcck71ddCBchTyWRJVjtVEmelZAGQWQWZombVJJX1D2Xq5dMaEiHTQK_AN63AIdjfRJ_KDOJz45ESRrl1ipHskcer-C1bzKFTDZov_IzWZ7hOj7ttJBaRc_VF8V6B9AO0tL0ptS-Rm5FMgg3z42d_Av0cCaXpA6gVwnqdOlvM30qHmR5KWjPfSaoMMWkTXOjI0CTjlGIk_g9x7AcBALXKsWMFBTVJt2N7RGI7e-adNViZkvXlqblNbJMr5C8=

http://r20.rs6.net/tn.jsp?e=001hefGs16uH7jgxNLlhJWFRKj1mguKwyNgj15b30TtUbaOYdk7lwFFozpfptOc6AMaZwPRVpXkqsb1nJvTWpErbuNWu-mdsQwBf7oTb8DZs5jESA68vCzSMmtmTg_6fK70
Visit Our Sponsor
Join Our Mailing List!
Event Sponsors

 Visit Our Sponsor
WANT TO EXHIBIT AT THIS GREAT EVENT?  SEE BELOW:

IMPORTANT: 
WOULD YOU LIKE TO EXHIBIT AT THIS GREAT EVENT?  WE EXPECT CLOSE TO 500 BUSINESSES BUT WE HAVE LIMITED EXHIBIT SPACE.  CALL 561 981 5180 FOR ADDITIONAL INFORMATION AND TO GET AN EXHIBITORS PACKAGE.
 
Be A SCORE Sponsor
 
Reach Over
8000 Business Leaders with this email.
SCORE is a 501.(c).3 Non-Profit Organization
Your Logo Can Go Here 
You  have the opportunity to include your logo and a text link.
Your logo or text link will be linked to your website.
For more information on this sponsorship opportunity, please contact Dawn at
561 981 5180  


 


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Saturday, February 8, 2014

Using QR Codes


A QUICK RESPONSE code, is a black and white image array of squares, often used for storing information readable by a smartphone camera (QR code). They appear all around us on marketing material, products, exhibits, etc., targeted at consumers and business. Technically driven users like them and they are a vehicle for adding value to your messages by getting more information to your mobile customers on the spot, expediting the sale cycle.

QR codes are often used to direct traffic to your web site or URL with promotional material. With this capability you may be able to track campaign results. They can make the process interactive.

Think about some of the possibilities: text, hyperlinks, phone call, email, instant message…play video, give map directions…and much more…

QR readers are preinstalled on many smartphones. Downloadable apps are available as well.

Are you using QR codes in your business?

 
Steve Koenig, SCORE Counselor

Tuesday, February 4, 2014

10 Things to Know About Capital Gains


Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account.

When you sell a capital asset, the difference between the amount you paid for the asset and its sales price is a capital gain or capital loss. Here are 10 facts you should know about how gains and losses can affect your federal income tax return.

1. Almost everything you own and use for personal purposes, pleasure or investment is a capital asset.

2. When you sell a capital asset, the difference between the amount you sell it for and your basis -- which is usually what you paid for it -- is a capital gain or a capital loss.

3. You must report all capital gains.

4. You may only deduct capital losses on investment property, not on personal-use property.

5. Capital gains and losses are classified as long-term or short-term. If you hold the property more than one year, your capital gain or loss is long-term. If you hold it one year or less, the gain or loss is short-term.

6. If you have long-term gains in excess of your long-term losses, the difference is normally a net capital gain. Subtract any short-term losses from the net capital gain to calculate the net capital gain you must report.

7. The tax rates that apply to net capital gain are generally lower than the tax rates that apply to other income. For 2013, the maximum capital gains rate is 20 percent; however that rate only applies to taxpayers in the highest tax bracket (39.6%) whose income exceeds $400,000 (single filers) or $450,000 (joint filers). Taxpayers in the middle tax brackets pay a maximum of 15 percent. For taxpayers in the lowest tax brackets (under 15%) the rate may be 0 percent on some or all of the net capital gain. Rates of 25 or 28 percent may apply to special types of net capital gain.

8. If your capital losses exceed your capital gains, you can deduct the excess on your tax return to reduce other income, such as wages, up to an annual limit of $3,000, or $1,500 if you are married filing separately.

9. If your total net capital loss is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you incurred it in that next year.

10. A new form (Form 8949, Sales and Other Dispositions of Capital Assets) was introduced in 2011 to calculate capital gains and losses and list all capital gain and loss transactions. Subtotals are then carried over to Schedule D (Form 1040), where gain or loss is calculated.

.Barry Eisenberg, SCORE Counselor
 
 

http://www.businessdoctornj.com/newsletter.php?date=122013#top

Saturday, February 1, 2014

Learn Overseas Accounting Methods

Global marketing demands you know the differences in accounting methods & reporting systems over there from here.  Overall financial performance dictates local taxes. That can be outsourced to local accountancy firms.  The PRACTICE of how those numbers are defined are especially delicate in markets like the Russian federation and China. 

Language & culture skew incomprehensible accounting methods  Only a multinational accounting firm based in the U.S. would be qualified to untangle the information.   If all revenue is derived in the U.S. through repatriated currency - no problem.   However, if your money is generated through direct foreign intervention, you better hire an expert if you don't want to end up short

IGNORANCE IS NO DEFENSE
For example, if auditing methods over there are not absolutely adhered to, you can find yourself  out of business, which is not unheard of. The exporter must know for example:  a) how many copies of records need to be submitted here and/or abroad;
b)  all kinds of special forms, bookkeeping chores, dates for submission, which agency, ya da; ya da!

Failure to know penalties can be misinterpreted. Care in not divulging corporate info secrets into the wrong hands thru required financial disclosure has to be cautiously managed.

TAXES, TAXES EVERYWHERE
Below listing  some of the subjects that need to be considered when doing multi national business:
    Inventory pricing - currency exchange.
    Bad debt provision - here or there.
    Capitalization  & depreciation -  basis of;
    Currency fluctuation - tax liability.
    Variable tax periods - fiscal determination.
    Account pooling - permitted?
    Receivables - what is definition of - yes, believe it or not!
    Internal audit controls - who- where- when?
   
INSIGHT: Local business climate is an excellent indicator to the the extent of overseas government oversight in the area of taxation When times are tough economically the authorities over there are much more likely to pay closer attention to the veracity of accounting reports.  Political instability on the otter hand loosens stringency.

FOR ONE-ON-ONE PRO BONO PERSONAL HELP IN GOING STARTING EXPORT MARKETING CONTACT:

Hank Samuel;  Certified SCORE counselor
hank.samuel2@gmail.com

Visit us at: www.scoresouthflorida.net



   
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Should I have a Web Site?


Not all businesses need or should have a web site.  It today’s environment many may think this statement is not true. So let’s examine it a bit.

Let’s start with the goals of a web site: Should it obtain information? Provide information? Make a contact/appointment? Make a sale? Schedule an appointment? Donate? Oh yes, and how do you intend to market a web site, after all it is a product and you need to let prospects know that you have it?

So now let’s understand the prospects: Who are they? Where are they? What are their goals? What are their skills? Can they get to your site and perform the tasks?

See my BLOG piece on e-commerce. It is important to remember that Social Media is not a good method to conduct e-commerce. While it is a viable method of engaging people and having them find your site, a link is needed to a web site for e-commerce.

As you consider a web site look at what your competition is doing. Consider the costs (it is not cheap) and the complexities of using an APP vs. a Mobile web. If you just want to impart information, maybe a BLOG is the answer. For e-commerce a web site is needed.

Remember my statement above about marketing your web site. How will you do this?

Will you use Social Media? QR codes? Word of Mouth? Near-field communications, Mobility Apps, BLOG, Print media? etc.

Do not forget the need to keep your web site current, both in terms of its content and in terms the search engines used to find it.

Here are a few stats that may help as well:

The most trusted form of referral is Word of Mouth. 75% of people trust it.

7 - 8 % of word of mouth occurs Online. 2 - 3 % of this comes from Social Media

A small portion of actual business occurs on line, although this is growing.

While not to be ignored, this all leads to the conclusion that the majority of marketing expenses should generally be spent on things other than web marketing.

What are you doing?

 
Steve Koenig, SCORE Counselor