Thursday, June 7, 2018

5 Strategies to take your business to the next level


Target your ideal customer

Who is your ideal customer? After starting a business, this should be one of your first thoughts and considerations, if not the first. If you do not target your ideal customer and appeal to your ideal customer, you will not have a successful business. So, if you already have a business running and you do not know who your ideal customer is, maybe you should re-evaluate your business plan because that is an essential part of it. If you are starting a business from scratch, identify your target customer before planning anything else. One you know who your ideal customer is, a lot of your other business strategies will revolve around the people you are targeting.

Consider Influencer Marketing tactics
Influencer marketing is ‘the’ big way to market right now. Did you know that 92% of consumers trust recommendations from friends and family more than any other form of advertising; just 10% trust brands today, (Lithium, 2014), 50% of purchase decisions are influenced by online word-of-mouth. (Lithium, 2014), and 61% of US consumers have made a purchase based on a blog post. (eMarketer, 2014)? These are large numbers and I bet that they have only increased since 2014. Partnering with bloggers and influencers is an easy way to target your ideal customer (I told you we would talk about it again!), reduce your spending on ads that do not work, and also reach a trusting audience, which a brand cannot do on its own. Although this is a marketing tactic that is on the newer side, it is a tactic that has already proven successful time and time again.

Learn from your competitors
Your competitors might not always be doing everything right, but if you watch what they are doing and how their sales are going, you can learn about what is working and what is not working for them. Forbes says that one of the benefits of learning from your competitors is being able to price strategically. “You may be tempted to compare pricing strategies, especially when you find competitors’ prices lower than you believe you could afford. Competitor-based pricing may work in a highly saturated, well-researched market. Understand that your competitors often overstate their own abilities to price correctly. Studies show that only 8-15% of all businesses use value-based pricing methods that are based on a customer’s willingness to pay. You also face the unenviable position of anticipating all potential competitors. Even the best foresight will miss some competitors for consumers’ money, which is always finite and scarce.”

Hire the right people
Hiring the right employees is extremely important for your business. In fact, the people you hire could make or break your business, so finding the right people should be at the top of your priority list. Monster recommends to interview at least three people and to interview the top candidate in three different places, as well. They say, “Always interview at least three people for a position. Even if you like the first interviewee and feel that individual is suitable, discipline yourself to interview at least two others. Many large companies will not hire a person until they have interviewed ten or fifteen candidates for the spot. The more people you interview, the greater the selection of choices you will have, and the more likely it is that you will make the right choice. It is amazing how the personality of a person can change when you move the interview setting from your office to a coffee shop across the street. Candidates will usually be at their very best in the first interview. If they were pretending, the veneer will quickly come off in subsequent meetings.”
Using the proper tax incentives
Using the proper tax incentives has many benefits, but one benefit that will stand out to most (if not all) business owners is saving money. For example, a cost segregation study can be done to uncover potential tax savings and increase cash flow through reclassification and depreciation of property. This can be beneficial for real estate investors, property owners, and tenants. Another example of this is the 179D Energy Policy Act certification. This deduction is available for newly constructed or energy renovated commercial buildings as well as apartment buildings that are 4 stories or more. So, how do you find and use these deductions? Well, to make it easy, I recommend hiring someone to find these deductions for you. This will save you time, energy, and confusion. This is the reason that Julio Gonzalez decided to open Engineered Tax Services. Now, the CEO of Engineered Tax Services, Mr. Gonzalez had a mission to bring specialty tax engineering services to mainstream America and that is just what he did. The tax attorneys, engineers, and scientists are the leading experts that have performed millions of these tax services over the past decades. They know the ins and outs of tax services and have generated billions of dollars in the United States stimulus that has impacted millions of jobs in our country. If you are in need of tax, energy insurance, or investment related strategy services, I would definitely recommend checking out Engineered Tax Services. You might be surprised with how they can help you!

As always keep it southern y'all!


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