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  • 6 Key Elements of Customer Relationship Marketing

    6 Key Elements of Customer Relationship Marketing

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    Customer Relationship Marketing (CRM) is a highly topical and relevant way of thinking about marketing. It is relevant because of the internet, and the impact it has had on the way marketing is carried out by businesses.

    In this article, I’d like to look at six of the key conceptual elements which under-pin the CRM approach.

    Element 1: Customer Differentiation

    As its’ name implies, CRM is a customer centric approach to business. With this approach, a company is aiming to differentiate its’ product or service offering by customer profile. Instead of a more conventional approach, where a company differentiates primarily by its’ products or services.

    Element 2: Long Term Emphasis

    The aim here is to build a relationship with a customer over a period of time. This approach dove-tails very well with many Inbound Marketing strategies which are used on the internet.

    This ongoing relationship has both cost and revenue benefits. On the cost side, it is almost always less expensive to market to an existing customer, than find a new one. The reason is simple; they already trust your organisation.

    Element 3: Continuing Transactions

    This is in some ways related to element two above. Rather than seeking one-off transactions with customers aim for multiple transactions. This may be in the form of cross-sales, add-on sales etc. Or it may be that you become a preferred supplier for a given niche product or service.

    Sometimes, this is an economic necessity, as the cost of getting a first transaction is so high, that only repeat sales make the process worthwhile.

    Element 4: Two-Way Communication

    A core element in the building up of meaningful customer relationships is their ability to stay in touch with a company. With the advent of social media, email and SMS, this is even easier. This technology allows the communication to become more of a two-way process. And it is the customers who are just as likely to initiate a communication as is the organisation.

    This is a great way to get real feedback of people’s wants and needs. And it ties in well with element one above; creating customer centric products and services.

    Element 5: Retention Focus

    With the CRM approach, a company is focused more on how to retain customers as opposed to simply how to acquire more customers. Aiming for a low customer churn rate is seen as highly desirable, and it is very often a cost effective way of doing business.

    This feature again ties in well with the shift in power between buyers and suppliers that the internet has created. Buyers are no longer dependent on supply companies to tell them what’s available. They can go to the internet and do their own research, and share stories with other people who have used a product or service.

    Element 6: Share of Values

    By aiming to share a value set with their customers, companies can build strong relationships. These strong relationships translate into a clear brand identity, which transcends the ability of organisations to simply buy loyalty with advertising or special offers.

    Summary

    In summary, CRM is a major shift in marketing practice, from mass marketing to individualized marketing. The focus has shifted from acquiring lots of new customers to retaining and building more business from a smaller base of loyal high-value customers.

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    Source by David R Durham

    Views: 0

  • Try These Tips If You Want To Succeed In Affiliate Marketing

    Try These Tips If You Want To Succeed In Affiliate Marketing

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    Affiliate marketing can be a great way to establish a good income with little or no overhead at all. Just a whole lot of honest hard work, dedication and of course, good information. This article is designed to provide you with some excellent advice on the business of affiliate marketing and help you find your way in and around it to a nice, consistent profit!

    Trying to market popular products online will not produce good results in your affiliate status. You want to have a good quality product but it does not have to be uber popular. Choosing very popular products means you will be in fierce competition ahead. You may be unable to make a profit.

    When selecting an affiliate marketing program, check out their resources in terms of sale-boosting items for you. A good affiliate program will offer you banner images, content for text ads, and letter templates, in order to help you boost sales. A sale for you is a sale for them, and you want to work for a company that understands your value as an affiliate.

    Try looking into secret links. There are plenty of including affiliate links into your text without them being completely obvious. Be transparent about them if you use links and take advantage of their use. Make sure your readers understand the reason for the link so there are no surprises.

    If someone visits a site about sports, they expect to see sports-themed news, ads, and merchandise. Only a sports-related link would benefit your affiliate site. If the site has relevant links, people will be more likely to access them.

    It is better to affiliate partners that put out products if possible. You are more affiliate revenue by working with businesses that have a larger variety of products which are interesting to your consumers. Avoid one-trick pony and fads.

    Anything you write during a marketing campaign or for your business, in general, should be written in plain, easy-to-understand language. Do not open the thesaurus and look for rarely-used words that make you seem a bit too snobbish. This is your Internet business, not a Newspaper. Readers want it simple.

    It is advisable for affiliate partners to use text services in order to gain greater commissions.

    A great affiliate marketing tip is to provide your real name and a working email address to your visitors and customers. Providing your name and email address will make you look credible, and you want to look as credible as possible in order to gain the trust of your visitors.

    If your site has a sports-related theme, your viewers are there for sports. Only a sports-related link would benefit your affiliate sites that are related to the products you market. Your visitors will follow a link that is relevant to the information on your site.

    Remember to always provide great, timely, valuable content that really gives your readers helpful and useful information. When you do this, your readers will have more faith in you and will be much more likely to want to do business with you. A great deal of affiliate marketing depends upon building a good relationship with your clients and proving yourself trustworthy and knowledgeable.

    Consider using paid advertising to get a jump start on your affiliate marketing program. Ads that are targeted towards keywords related to your site.

    One good way to evaluate a potential affiliate marketing partner is to examine the material they give to potential customers, such as their sales letter. You can learn a lot about an affiliate by seeing how they treat their customers. Think of yourself as a customer and ask yourself if the affiliate is someone you would buy from.

    It is so important that your readers trust you and your content. Readers support authors who provide them with quality contact by purchasing through your links.

    You don’t want to spend much time working on a company’s affiliate program only to never get paid or to discover that they mistreat referrals. Check the company’s reputation by visiting the appropriate blogs and user forums. Test communications through email and telephone. Do they promptly answer emails? Are they rude? Are phone calls put on eternal hold? They way they treat you is how they will likely treat the customers you refer to them.

    Create a hard deadline for consumers to buy certain affiliate products. When visitors feel time pressure, they are more likely to jump on the deal. This approach is likely to render a good strategy that may help improve your sales.

    A great affiliate marketing tip is to disguise your affiliate link. Sometimes marketers will try to scam you by simply changing your link around so that they’ll receive your commission. You can avoid this by disguising your link. An easy way to disguise your link is by making it redirect to a domain or page.

    You need to be quite aware of who is visiting your target audience is in affiliate marketing. You need to work to meet the needs of your message to resonate with your readers. Try to figure out what makes them visit your website and then expand on that knowledge. What specific things are they interested in?

    Do not make the mistake of focusing on just one sales technique. You might have the best blog in the world, but you are still losing out on customers who need a little more push or don’t like reading a blog. Advertise on other sites. Send out emails with value-added sales techniques to take people from prospects to customers.

    You should reveal your affiliate position to your readers. Being honest like this helps readers feel that they are sure to appreciate that.

    There may seem to be a million and one things to remember about affiliate marketing, so many different things to think of and take care of to cultivate your online earnings from it. Hopefully, this article has enlightened you somewhat, to the complexity and confusion and you are now ready to embark on a career change to affiliate marketing that could very well, change your life!

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    Source by Cameron Nyack

    Views: 0

  • The Power of Content Marketing

    The Power of Content Marketing

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    WHAT IS CONTENT MARKETING?

    Content marketing is described as a strategic approach to marketing that focuses on the creation and distribution of valuable, consistent and relevant content to attract a certain refined audience for profits in the consumer market.

    Most leading brands hire people with courses in content marketing to improve the branding of the product or service being marketed in the public domain and also benefits enterprises by increasing sales, cost saving and getting more and better consumers with higher loyalty.

    THE NECESSITY OF CONTENT MARKETING

    Marketing has revolutionized today due to the digitization of almost everything around us. Mass media is targeted to reach the specific audience for which the product or service has been catered for. Quality content is extremely essential for successful marketing along with a well-defined plan or strategy.

    Different forms of content marketing like social media marketing, search engines publishing quality and consistent content, successful PR strategies, inbound marketing etc. are dependent on a proper content strategy that helps deliver the perfect content for a curated or mass audience.

    Today, everything is digital. Marketing for almost anything, be it political, retail products or services, food or academic books etc., Everything is effectively and almost freely marketed via social media platforms like Facebook, Twitter, Instagram etc. Most of these social media websites and search engines pop up relevant ads according to the searches we make across the Internet.

    STATEGY FOR CONTENT MARKETING

    Content marketing must be smart so as to capture the attention of the target audience for the service or product. Targeting the youth on social media, the elderly via television and radio advertisements are some of the strategies for smart content marketing.

    The content must be designed in such a way so as to target the right audience in their mindset. Map the content for the product or service and then try to use the right type of content for the problem by mapping the buying cycle of people who have the specified problem and would be willing to venture into the product or invest in the service.

    VARITIES OF CONTENT

    Different types of content are available suitable for different marketing strategies like vlogs, videos, advertisements, billboards, surveys, email newsletters, posts on social media pages like Instagram, Facebook, Twitter etc., Polls, podcasts, quizzes, outreach programs, photographs, predictions, news etc.

    Each option has its own benefits and can be used according to the demand of the situation. The single main goal of marketing is to increase business revenue and there are numerous ways to achieve that.

    Content marketing requires creative brainstorming from professionals who can analyze the minds and thinking of the consumer to decide which approach is best to capture their attention. Interactive and creative content will definitely help make a product or service successful.

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    Source by Shalini M

    Views: 0

  • Healing Grief’s Mental, Emotional, Physical Anguish, Pain And Suffering

    Healing Grief’s Mental, Emotional, Physical Anguish, Pain And Suffering

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    Mental anguish can detour your healing journey indefinitely.

    Emotional pain may darken your hope.

    Physical suffering may well obstruct your healing progression.

    All three – mental, emotional, and physical miseries – often accompany an unwanted grief happening. They lead toward lack of clarity and uncertainty in your thinking about how to stop grieving and start a healing process. All three highlight your fear and doubt of overcoming your sorrow and loss. It is essential you take important steps to transform your grief and loss into healing hope. The “HOW” is a vital answer you must seek.

    “If I could tell the world just one thing

    it would be we’re all okay,

    and not to worry cause worry is wasteful

    and useless in times like these.

    I won’t be made useless.

    I won’t be idle with despair,

    I will gather myself around my faith.

    Light does the darkness most fear.”

    ~ Jewel

    The faith to heal at the time of your darkest hour is needed to move past your fear. Recognizing that impossibilities are so often temporary is essential.

    “Things are only impossible until they’re not.”

    ~ Jean-Luc Picard, character in STAR TREK: The Next Generation

    Let’s examine together beneficial solutions that provide ways you can overcome and erase fear and vagueness and meet head-on the mental anguish, emotional pain, and physical suffering caused by your grief experience. There are five solutions you should consider:

    1- Don’t Give Up Your Power

    “The most common way people give up their power is by thinking they don’t have any.”

    ~ Alice Walker

    At all cost don’t let your unique circumstance rule your emotions and hope. Take charge and rule your life from within. Your hope is a powerful empowerment. Search deep within for all the mental, emotional, and physical muscle you have. You do have your own power beyond what you temporarily believed you had when your awful grief resulted.

    “Greatness is not in where we stand,

    but in what direction we are moving.

    We must sail sometimes with the wind

    and sometimes against it –

    but sail we must,

    and not drift, nor lie at anchor.”

    ~ Oliver Wendell Holmes, Jr.

    You must focus your attention and hold a healing effort course with a relentless commitment to weather the storm of your grief, loss and sorrow.

    “No one is in control of your happiness but you; therefore, you have the power to change anything

    about yourself or your life that you want to change.”

    ~ Barbara De Angelis

    Seek your individual and unique power. You have more control than you think.

    2- Stand Up To Your Obstacles

    “Stand up to your obstacles and do something about them. You will find that they haven’t half the strength you think they have.”

    ~ Norman Vincent Peale

    Fear and discouragement can be left in the dust if you use your greatest weapon; action is your greatest weapon. Fear and hesitation must not be allowed to molder and mildew for it grows by itself. Because of your personal grief experience you may feel you have run into a thick insurmountable wall. Don’t be submissive and give up without a fight. Determine how to go through it, or climb over it, or figure out how to work around it. Begin today.

    3- Don’t Give In Until The Cows Crow

    Take a firm personal stand and follow Jonathan Huie’s suggestion:

    “I won’t give up ’til goats sing and walruses fly.”

    Think about it: You are the only one who can make yourself give up.

    “Circumstances don’t defeat you – you defeat yourself when you give up.” ~ Jonathan Lockwood Huie

    Many give up about the time success is in the near future. They give up too quickly at the last ten seconds of the game one basket away from winning the game. Perhaps you will need to modify your efforts and the way you approach your target; keep your eyes on your goal to reconcile your grief condition and don’t quit. Keep pondering and seeking for solutions that fit your unique grief and sorrow.

    “When you get into a tight place and everything goes against you, till it seems you cannot hold on a minute longer, never give up then, for that is just the place and time the tide will turn.”

    ~ Harriet Beecher Stowe

    Don’t let a temporary defeat condition last longer than it should. Giving up makes your grieving misery permanent. You’re not a product of your condition or circumstance but of the personal decisions you make. Draw deeply from the heart of your grief and loss suffering – for your sorrowful experience may be the means of personal inspiration, strength and survival.

    4- Expect Hope

    “Expect to have hope rekindled.

    Expect your prayers to be answered in wondrous ways.

    The dry seasons in life do not last.

    The spring rains will come again.”

    ~ Sarah Ban Breathnach

    Always look for hope. It is a mistake to let grief cloud and obliterate the whole blue sky of hope. Hope or the lack of optimism is purely a function of one’s attitude.

    “Life is not about waiting for the storm to pass… It’s about learning how to dance in the rain.”

    ~ Vivian Greene

    Life happens. Waiting for the grief storm in your life to pass is a mistake. Learning to dance with hope in your heart is vital to healing.

    5- Gather Your Strength

    The storms of life give you opportunity to learn. The grief storms of life provide another day – another way to learn a lesson for fighting the current challenge you face and the next battle.

    “When one door of happiness closes, another opens, but often we look so long at the closed door that we do not see the one that has been opened for us.”

    ~ Helen Keller

    Looking at closed doors stops you from seeing the open doors of healing possibilities and opportunities. Look for your unique personal door of strength. Walk through this door before it closes. Deep within is grit and fortitude untapped until you need it.

    “Look well into thyself; there is a source of strength

    which will always spring up if thou wilt always look there.”

    ~ Marcus Aurelius

    Gather solutions for the strength needed for your unique grief healing challenge. You Can! Believe this is so!

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    Source by Duane Marchant

    Views: 0

  • Breaking Down Sales and Marketing

    Breaking Down Sales and Marketing

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    Revisiting the Sales and Marketing Conversation

    Back in October 2015 we shared an article called "5 Ways Marketing Departments Help Salespeople Catch Butterflies." Recently a tenfold article was shared with us, titled "What is the Meaning of Sales & Marketing and Their Advantages? " And, I have to say, it does a pretty awesome job of breaking down the differences, responsibilities, and links between sales and marketing roles. Why revisit this now? Because it has never been more apparent that the relationship between sales and marketing is still just as misunderstood as ever, especially with advances in marketing technology.

    Setting the Record Straight

    Many in the business world, especially those who rely on sales and marketing for success, don't actually have a concrete grasp on exactly what sales and marketing are. Yes, the two are linked, but they are not one and the same. Sales departments rely on marketing; marketing departments and strategies exist to feed sales (notice I didn't say "make" sales). You wouldn't engage in marketing if you had nothing to sell, and your sales strategy would be much less informed and successful if not for your marketing efforts. Yes, many old-school salespeople (or go-getter small business entrepreneurs) are quite capable of drumming up business on their own, and may even have some tried-and-true marketing tactics up their sleeve – but few have the time, skill , or technological resources to effectively capitalize on the true potential of their market.

    A common mistake made by older, more established businesses is to assume that salespeople are skilled at marketing and that marketing people are skilled at making sales. In some cases this may be true, but certainly not across the board. While trying to conserve capital, many of these companies will attempt to combine their sales and marketing departments, essentially tasking their employees with two job descriptions, and that's usually a bad move. It's no accident that more recently established companies, tech giants, and organizations that employ a large number of millennials are killing it with their marketing efforts.

    Breaking It Down

    As the tenfold article explains, some of the key responsibilities of a sales team include:

    • Follow Up
    • Relationship Building
    • Closing
    • Retention

    The mark of a great salesperson is the ability to cultivate a personal relationship. Many consumers who have stayed loyal to the same brand, dealership, or salon for years will say that they appreciate the personal attention they receive there. It is not a marketing employee's responsibility to follow up with a salesperson's existing customer once the lead has been handed off, nor is it their responsibility to convert a lead to a sale, "close the deal," or make sure the client remains a client for many years. Short of having an outstanding relationship with a skilled salesperson, product quality and excellent overall experience are the main things that will bolster client retention.

    On the marketing side, primary efforts are:

    • Awareness
    • Engagement
    • Conversion (from anonymous to known)
    • Retention

    It is not a salesperson's job to generate awareness or buzz about their brand, product or service. If they are expected to use their energy to make sales by nurturing leads and relationships, then how can they also be expected to have the time to do the leg-work up front that brings those leads to the table in the first place?

    The marketing department creates awareness, builds engagement by creating information that will invite audience members to take action, and targets and tracks engagement by motivating audience members to provide contact information or initiate a free trial or consultation (converting them from a cold prospect to a known lead or potential buyer). It is important to note here that the retention function of a marketing department doesn't really overlap the retention efforts of a sales team.

    On the sales side, client retention refers more to the salesperson's efforts to use the client relationship to continually check in with the client, attempt to engage them in further discussions about additional products or services they may be interested in, and seek referrals to the client's friends and family members. On the marketing side, however, retention refers to maintaining a higher level of consistent engagement (through targeted marketing based on buying preferences, interests and history) so that the customer relationship doesn't end at the initial purchase. Those email newsletters you receive after becoming a customer somewhere are not random – they have a purpose and are often tailored to things you've viewed or expressed interest in. A sales team simply doesn't have the insights, time, or often the resources to execute these types of strategic campaigns.

    The Fine-Tuned Coexistence Of It All

    The ideal sales and marketing relationship is a symbiotic one. Marketers and salespeople work together to determine what consumers need and how to deliver it. Sales and marketing should motivate, inspire and feed one other. They should collaborate and coexist. In the hierarchy of the business food chain, sales and marketing should not be seen as rivals or equals, but counterparts. One truly cannot exist without the other, but their skill sets are not the same – especially today, where advances in technology require the modern marketer to have a very specific, honed, and competitive set of skills that most sales people simply do not need to have.

    For this reason many marketers are introverted, analytical, and deep-thinking individuals. Whether they're crunching numbers and analyzing data, compiling reports on trends and conversion rates, or writing awesome ads and creating beautiful websites and collateral material, they are required to intensely focus on what works, what doesn't, and adjust their creative efforts accordingly. Usually a marketing department will have creatives, analysts, and more tech-oriented people (who dive into the numbers and algorithms behind advanced marketing tools).

    In contrast though, many salespeople are extroverts – they light up a room, they have excellent "people skills," can easily relate to others, and have the ability to pick up on social cues that might actually help them close a sale. Oftentimes salespeople have a broader focus, preferring to spend their days with appointments and meetings – activities that build relationships – rather than sitting behind a desk doing what a marketing department does best. For this reason, many salespeople have administrative assistants to help them with follow-up, paperwork, appointment setting, phone calls, proposals, and calendar management. This type of functional assistant role is less widespread in the marketing realm.

    Share Your Thoughts

    Be sure to read the full article (and let us know how it compares to our post ) for additional insights on the relationship between sales and marketing teams. Join the conversation: in your experience, what have been some key components of a successful sales and marketing partnership?

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    Source by Jessica Champion

    Views: 0

  • Small Business Owners: Accounting Is for Profit Planning, Not Just Tax Preparation

    Small Business Owners: Accounting Is for Profit Planning, Not Just Tax Preparation

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    One might be led to believe that profit is the main objective in a business but in reality it is the cash flowing in and out of a business which keeps the doors open. The concept of profit is somewhat narrow and only looks at expenses and income at a certain point in time. Cash flow, on the other hand, is more dynamic in the sense that it is concerned with the movement of money in and out of a business. It is concerned with the time at which the movement of the money takes place. Profits do not necessarily coincide with their associated cash inflows and outflows. The net result is that cash receipts often lag cash payments and while profits may be reported, the business may experience a short-term cash shortage. For this reason, it is essential to forecast cash flows as well as project likely profits. In these terms, it is important to know how to convert your accrual profit to your cash flow profit. You need to be able to maintain enough cash on hand to run the business, but not so much as to forfeit possible earnings from other uses.

    Why accounting is needed

    Help you to operate better as a business owner

    1. Make timely decisions

      • Know when to hire a team of employees
      • Know how to price your products
      • Know how to label your expense items
      • Helps you to determine whether to expand or not
      • Helps with operations projected costs
    2. Stop Fraud and Theft

      • Control the biggest problem is internal theft
      • Reconcile your books and inventory control of equipment
    3. Raising Capital (help you to explain financials to stakeholders)

      • Loans
      • Investors

    What are the Best Practices in Accounting for Small Businesses to address your common ‘pain points’?

    1. Hire or consult with CPA or accountant

      1. What is the best way and how often to contact
      2. What experience do you have in my industry?
      3. Identify what is my break-even point?
      4. Can the accountant assess the overall value of my business
      5. Can you help me grow my business with profit planning techniques
      6. How can you help me to prepare for tax season
      7. What are some special considerations for my particular industry?

    To succeed, your company must be profitable. All your business objectives boil down to this one simple fact. But turning a profit is easier said than done. In order to boost your bottom line, you need to know what’s going on financially at all times. You also need to be committed to tracking and understanding your KPIs.

    What are the common Profitability Metrics to Track in Business — key performance indicators (KPI)

    Whether you decide to hire an expert or do it yourself, there are some metrics that you should absolutely need to keep tabs on at all times:

    • Outstanding Accounts Payable: Outstanding accounts payable (A/P) shows the balance of cash you currently owe to your suppliers.
    • Average Cash Burn: Average cash burn is the rate at which your business’ cash balance is going down on average each month over a specified time period. A negative burn is a good sign because it indicates your business is generating cash and growing its cash reserves.
    • Cash Runaway: If your business is operating at a loss, cash runway helps you estimate how many months you can continue before your business exhausts its cash reserves. Similar to your cash burn, a negative runway is a good sign that your business is growing its cash reserves.
    • Gross Margin: Gross margin is a percentage that demonstrates the total revenue of your business after subtracting the costs associated with creating and selling your business’ products. It is a helpful metric to identify how your revenue compares to your costs, allowing you to make changes accordingly.
    • Customer Acquisition Cost: By knowing how much you spend on average to acquire a new customer, you can tell exactly how many customers you need to generate a profit.
    • Customer Lifetime Value: You need to know your LTV so that you can predict your future revenues and estimate the total number of customers you need to grow your profits.
    • Break-Even Point:How much do I need to generate in sales for my company to make a profit?Knowing this number will show you what you need to do to turn a profit (e.g., acquire more customers, increase prices, or lower operating expenses).
    • Net Profit: This is the single most important number you need to know for your business to be a financial success. If you aren’t making a profit, your company isn’t going to survive for long.
    • Total revenues comparison with last year/last month. By tracking and comparing your total revenues over time, you’ll be able to make sound business decisions and set better financial goals.
    • Average revenue per employee. It’s important to know this number so that you can set realistic productivity goals and recognize ways to streamline your business operations.

    The following checklist lays out a recommended timeline to take care of the accounting functions that will keep you attuned to the operations of your business and streamline your tax preparation. The accuracy and timeliness of the numbers entered will affect the key performance indicators that drive business decisions that need to be made, on a daily, monthly and annual basis towards profits.

    Daily Accounting Tasks

    1. Review your daily Cash flow position so you don’t ‘grow broke’.

    Since cash is the fuel for your business, you never want to be running near empty. Start your day by checking how much cash you have on hand.

    Weekly Accounting Tasks

    2. Record Transactions

    Record each transaction (billing customers, receiving cash from customers, paying vendors, etc.) in the proper account daily or weekly, depending on volume. Although recording transactions manually or in Excel sheets is acceptable, it is probably easier to use accounting software like QuickBooks. The benefits and control far outweigh the cost.

    3. Document and File Receipts

    Keep copies of all invoices sent, all cash receipts (cash, check and credit card deposits) and all cash payments (cash, check, credit card statements, etc.).

    Start a vendors file, sorted alphabetically, (Sears under “S”, CVS under “C,”etc.) for easy access. Create a payroll file sorted by payroll date and a bank statement file sorted by month. A common habit is to toss all paper receipts into a box and try to decipher them at tax time, but unless you have a small volume of transactions, it’s better to have separate files for assorted receipts kept organized as they come in. Many accounting software systems let you scan paper receipts and avoid physical files altogether

    4. Review Unpaid Bills from Vendors

    Every business should have an “unpaid vendors” folder. Keep a record of each of your vendors that includes billing dates, amounts due and payment due date. If vendors offer discounts for early payment, you may want to take advantage of that if you have the cash available.

    5. Pay Vendors, Sign Checks

    Track your accounts payable and have funds earmarked to pay your suppliers on time to avoid any late fees and maintain favorable relationships with them. If you are able to extend payment dates to net 60 or net 90, the better. Whether you make payments online or drop a check in the mail, keep copies of invoices sent and received using accounting software.

    6. Prepare and Send Invoices

    Be sure to include payment terms. Most invoices are due within 30 days, noted as “Net 30” at the bottom of your invoice. Without a due date, you will have more trouble forecasting revenue for the month. To make sure you get paid on time, always use an invoice form that contains the right details such as payment terms, itemized charges, and your payment address.

    7. Review Projected Cash Flow

    Managing your cash flow is critical, especially in the first year of your business. Forecasting how much cash you will need in the coming weeks/months will help you reserve enough money to pay bills, including your employees and suppliers. Plus, you can make more informed business decisions about how to spend it.

    All you need is a simple statement showing your current cash position, expected cash receipts during the next week/month and expected cash payments during the next week/month.

    8. Executive Dashboard (weekly review)

    This dashboard gives you a ‘snapshot’ of your operations on a weekly basis.

    It consist of Cash on Hand, Cash burn rate, Account Receivables, Accounts Payable, Items sold, Inventory on Hand, inventory turns, outstanding issues in the business, and gross profit margin, new sales wins, customer losses, customer service performance, on time delivery rate and product quality performance.

    Monthly Accounting Tasks

    9. Balance Your Business Checkbook

    Just as you reconcile your personal checking account, you need to know that your cash business transaction entries are accurate each month and that you are working with the correct cash position. Reconciling your cash makes it easier to discover and correct any errors or omissions-by you or by the bank-in time to correct them.

    10. Review Past-Due (“Aged”) Receivables

    Be sure to include an “aging” column to separate “open invoices” with the number of days a bill is past due. This gives you a quick view of outstanding customer payments. The beginning of the month is a good time to send out overdue reminder statements to customers, clients and anyone else who owes you money.

    At the end of your fiscal year, you will be looking at this account again to determine what receivables you will need to send to collections or write off for a deduction

    11. Analyze Inventory Status

    If you have inventory, set aside time to reorder products that sell quickly and identify others that are moving slowly and may have to be marked down or, ultimately, written off. By checking regularly (and comparing to prior months’ numbers), it’s easier to make adjustments so you are neither short nor overloaded.

    12. Process or Review Payroll and Approve Tax Payments

    While you have an established schedule to pay your employees (usually semi-monthly), you need to meet payroll tax requirements based on federal, state and local laws at different times, so be sure to withhold, report and deposit the applicable income tax, social security, Medicare and disability taxes to the appropriate agencies on the required dates.

    Review the payroll summary before payments are disbursed to avoid having to make corrections during the next payroll period. A payroll service provider can do all this to save you time and ensure accuracy at a reasonable cost.

    13. Review Actual Profit and Loss vs. Budget and vs. Prior Years

    Each month, take the time to review your budgeted expenses and compare them to what you have actually spent. Are you spending above or below budget? Discuss the variances and take action as needed

    Your profit and loss statement (also known as an income statement), both for the current month and year to date, tells you how much you earned and how much you spent. Measure it against your budget every month (or quarter). Comparing your actual numbers to your planned numbers highlights where you may be spending too much or not enough, so that you can make changes.

    If you have not prepared a budget, compare your current year-to-date P&L with the same prior-period year-to-date P&L to identify variances and make adjustments.

    14. Review Month-End Balance Sheet vs. Prior Period

    By comparing your balance sheet at one date-June 30, 2015, for example-to a balance sheet from an earlier date (December 31, 2014), you get a picture of how you are managing assets and liabilities. The key is to look for what is significantly up and/or down and understand why. For example, if your accounts receivable are up, is it due to increased recent sales or because of slower payments from customers?

    Quarterly Accounting Tasks

    15. Prepare/Review Revised Annual P&L Estimate

    It’s time to evaluate how much money you are actually making, whether your net assets are going up or down, the difference between revenues and expenses, what caused those changes, how you are spending profits, as well as identifying trouble spots, and making adjustments to improve sales and margins.

    16. Review Quarterly Payroll Reports and Make Payments

    You have been reviewing your semi-monthly payroll reports. However, the IRS and most states require quarterly payroll reports and any remaining quarterly payments. Again, it’s best if your payroll service provider completes these reports and files them. Your job is to review to make sure they appear reasonable.

    17. Review Sales Tax and Make Quarterly Payments

    If your company operates in a state that requires sales tax, make sure you comply to avoid serious penalties. The U.S. Small Business Administration (SBA) can help you determine your state tax obligations.

    18. Compute Estimated Income Tax and Make Payment

    The IRS and states that have income taxes require you to pay estimated income taxes. Review your year-to-date P&L to see if you owe any estimated taxes for that quarter. Your tax accountant can assist if necessary.

    Annual Accounting Tasks

    19. Review Past-Due Receivables

    Now it’s time to check significant past due receivables and decide whether you think customers will eventually pay, whether to send past due bills to a collection agency or whether to write them off for a deduction.

    20. Review Your Inventory

    Review your current inventory to determine the value of items not sold. Any write-down of inventory translates to a deduction on your year-end taxes. If you do not write down unsellable inventory, you are overstating your inventory balance and paying additional taxes that you don’t owe.

    21. Fill out IRS Forms W-2 and 1099-MISC

    The IRS has a January 31 deadline that requires you to report the annual earnings of your full-time employees (W-2s) and most independent contractors (1099s). This deadline includes mailing copies of the tax forms to the people who worked for you. Note: A 1099 form is not required for any contractors who earned less than $600. Consider saving time and avoiding errors with an e-filing service.

    22. Review full-year financial reports for tax reporting

    • Get organized

      • Collect and store important documents (use apps and calendars for help)

        • Create email folders to store bank statement and receipts
        • Store contracts and agreements
        • Track miles and vehicle expenses
        • Store all required documents for your business type.


      • Tax Preparation

        • Tax preparation is a historical view and not a profit planning event
        • Capture all relevant events
        • Identify all deduction categories
        • Capture all meals

          • Meetings —-whatever was discussed/calendar

            • Try not to go over industry average industry cost for meals.

    At tax time, carefully review your company’s full-year financial reports before giving them to your accountant. Before you sign your return, be sure to review it for accuracy based on your full-year financial reports. Remember if IRS audits due to underpayment, they will deal with you not your accountant for any additional taxes, penalty and interest.

    If you don’t have the bandwidth to do all this yourself, a great strategy is to partner with a monthly accounting service. Outsourcing your accounting to an expert will simplify your life and give you more time to focus on running your business operations.

    A monthly accountant will provide you with a profit and loss sheet, balance statement, and accurate account reconciliation every month, ensuring that you have the financial information you need to make the best choices for your company.

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    Source by Vinson Primas

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  • Causes of Premarital Sex

    Causes of Premarital Sex

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    There is no behavior without reason. We need to examine reasons why Christian youths do fall into the sins of fornication.

    Please note that sexual relationship is divided into three, namely:

    (a) Premarital sex (fornication)

    (b) Pure (Holy or Legal) sex

    (c) Extra – marital Sex (Adultery)

    Premarital sex is what most youths engage in before marriage while extra-marital sex is what some married people indulges in, when they are not faithful to their partner. Pure, holy or legal sex is the only legitimate sex, it occurs between married couples. It is Holy and wonderful, God loves it and it brings purity. What we will be talking about here is premarital sex which the Bible calls fornication. It is not fun, it is not love-making but fornication. It is sin, I would have agreed if it is called lust making.

    CAUSES

    (1) Pressure: Pressure from parents, friends, peer group, lecturer, boss, future partners. Some men do mount pressure physically on their partners while some ladies mount pressure on their partners by dressing carelessly exposing their nakedness to seduce men. Some male bosses in places of work do mount pressure on their female workers, they want girls that can work for them and still satisfy them sexually.

    (2) Curiosity: Many youths have engaged themselves in premarital sex as a result of curiosity. They thought they were searching for reality, but they ended up destroying themselves. They are not satisfied with what their parents, pastors and christian friends told them concerning sex, they want to experience it themselves.

    (3) Electronic media: Television, film, radio and video has contributed to the high rate of premarital sex. What youths watch on screen determine their behaviour and character. Every product advertised on T.V. is just promoting sex. In fact, to advertise food items they use sex, film, television and radio promotes premarital sex. Most home videos are sex promoters.

    (4) Books and Magazines: Some satanic authors are in town destroying the youths, they write some sexual stories, books and magazines, they bring out many pictures that stimulate the youth to think about sex always. Having read all these books, youths do become restless until they have put into practice what they learned in the books and magazines.

    (5) Environmental influence: We live in a corrupt society where people do not see anything bad in ungodliness they do not see premarital sex as sin; they see it as a normal thing. Hence, girls are encouraged to dress exposing their bodies. Premarital sex has become the norm of the society. Some Christian youths find it difficult to cope in this kind of environment; hence, they fall into this ungodly act.

    (6) Covetousness: Greed for money, wealth and position is another cause of premarital sex. Some ladies want money at all costs hence they are ready to use their bodies to get it by sleeping around with men.

    (7) Indiscipline: Lack of discipline has led many singles into the dungeon of premarital sex.

    (8) Wrong association: This has led many youth into destruction. Show me your friends and I will tell you who you are.

    (9) Ignorance: Lack of good sex education has led many youth into premarital sex, some went into it not knowing what they were doing.

    (10) Wrong information: Since parents have refused to educate their children on the subject and the church is not forth coming with anything meaningful, the youth have resorted to any information they can get from anywhere either wrong or right.

    (11) Bad parenting: Children that are not well brought up are likely to fall into wrong hands.

    (12) Idleness: An idle hand is the devil’s workshop. If you are idle, you may cuddle the devil.

    (13) Loneliness: Some claim they went into fornication due to loneliness.

    (14) Broken homes: Children from broken homes can fall into wrong hands due to the situation of their homes.

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    Source by Bisi Adewale

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  • How to Get Cold Patch Asphalt to Cure Faster

    How to Get Cold Patch Asphalt to Cure Faster

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    One of the most affordable and convenient methods for small-scale asphalt mending projects is to use a cold patch mix. Many property owners will tell you that this approach saves money, and can reduce the amount of labor required for the job, making it a great solution for small holes in parking lots, walkways, streets, and driveways. However, the process of cold asphalt patching can be accelerated with the right application techniques, saving property owners some time too! Customers, clients, guests, and occupants can use the pavement in the same day!

    Continue reading to learn some great tips on how you can shorten the amount of time it takes for the cold patch asphalt mix to harden, and drastically cut down on turnaround time, from project start to finish.

    Ease of Use

    The primary reason why this product is the go-to choice for small hole repairs in asphalt pavements is the ease of installation. There is no long, extended process of preparing or mixing materials. Instead, the air does most of the work. You simply pour the mix directly into the hole, compact it with simple manual tools (metal tamper or piece of lumber), and leave it to air dry. The mix turns into a permanent surface patch after extended contact with air.

    The drying process, also known as curing, is very important to establishing a solid, stable surface that lasts a long time. If you want a permanent repair for your asphalt, you need to make sure the entire process is done correctly. If you want to speed up the curing stage of your pavement repair project, you can try a few recommended tips.

    Use Gravel

    You can use gravel to create a more dense space within the hole, which may help to establish lasting strength. Just fill the hole with gravel, little by little, while using your compacting tools to compress the gravel with each layer. Do not fill the hole all the way to the top; be sure to leave 2 inches of space below the surface line for your cold patch mix.

    Pouring Your Mix

    As you pour your mix, exceed the surface line by half an inch. This means that your mix should go over the top of the hole by a ½ inch. Then use your compacting tools to compress your material down until it is properly flattened. You may need to repeat this step two or three times to get a proper fill.

    Expedited Drying

    Asphalt cold patch mix cures by having contact with air. You can speed up the drying process by using hair dryers or commercial paint dryers. If you are going to use a hair dryer, you will need to manually operate it in a steady, sweeping motion to ensure even curing. The material is near dry when you cannot easily press into the surface with your hand.

    Large-Scale Pavement Repair

    For large-scale pavement repair jobs, you need a professional paving company. They have the training, equipment, and resources to provide dependable work in a convenient time frame. Be sure to choose a company that is licensed, bonded, and insured, and retains decades of experience in the road construction industry.

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    Source by Sarahbeth Kluzinski

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  • Good Food Health Vitamin Intake

    Good Food Health Vitamin Intake

    It is essential that a person is aware of what constitutes good food health vitamin intake. The federal drug administration produces a recommended daily allowance for the majority of vitamins which it regards as a good food health vitamin intake. These figures vary according to a person’s age, sex and some other factors so that the good food health vitamin intake for a young woman is going to be different to that of a man in his seventies.

    The food health vitamin intake amounts of certain foods are included in the nutritional labelling. This labelling is important for a person to consider and helps ensure that they are receiving the correct food health vitamin intake from the foods that they eat. The nutritional information is often represented as a percentage of the recommended daily allowance of each vitamin and mineral and can help assess the value of the foods in the quest for good food health vitamin intake.

    There are also a number of items that a person may want to restrict in their diet as part of their good food health vitamin intake. Again, the nutritional labelling of certain foods can help a person to see how high a product is in these undesirable contents. Salt and fat, for example, may be items that a person wants to consider limiting as part of their good food health vitamin intake even though they are not strictly vitamins. The majority of people actually refer to nutrients when they use the word vitamin and food manufacturers are aware that a person is looking at minerals and other items when they are considering their good food health vitamin intake. Fiber is another element that many people are more aware of as forming an essential part of a balanced diet and is necessary for good food health vitamin intake.

    If a person is on a restricted diet for any reason then they need to pay even more attention to their good food health vitamin intake. Obviously, some foods contain different nutrients to others and this is applicable to vitamins as well and it may be more difficult for a person to achieve their good food health vitamin intake if they are unable to eat certain foods. Vitamin supplements can form an essential part of a good food health vitamin intake for people who are unable to obtain their vitamins from their normal diet. It is also worth remembering that the good food health vitamin intake for a person varies throughout their life depending on their general health.

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  • The Benefits of Multi Vitamin Supplements

    The Benefits of Multi Vitamin Supplements

    The majority of people do not eat a sufficiently balanced diet to provide them with all of the vitamins that they require and this has led to a boom in the multi vitamin supplement industry. Multi vitamin supplements are available in a number of different forms, including tablets, gel capsules and even liquids. Of course the most obvious benefit to taking multi vitamin supplements is convenience. It is far easier for a person to take one dose of a multi vitamin supplement that contains all of the necessary vitamins compared to taking each one individually. This is especially the case for children as it can be difficult for them to take a large number of vitamin supplements but one dose of a multi vitamin supplement is far easier. Of course, a liquid multi vitamin supplement is the most suitable form for children but it is also beneficiate anyone who has difficulty taking supplements in traditional tablet form.

    The increase in the availability of multi vitamin supplements has led to a great variety in the brands and also the actual content of the multi vitamin supplements. The names of some of the nutrients in these multi vitamin supplements can be a little bewildering and many people simply do not know which ones they require. To make the decision simpler there are now a number of multi vitamin supplements created for specific people. For example, there are multi vitamin supplements that are designed for children. These multi vitamin supplements contain the specific nutrients that children need for them to grow and develop properly. Pregnant women have unique nutrient requirements to ensure that their baby receives the necessary nutrients and there are multi vitamin supplements prepared for pregnant women. As we get older we also have different nutrient requirements and multi vitamin supplements for the elderly are a popular product.

    It is important to consider the contents of any multi vitamin supplement before consuming too many. There are some vitamins that can be toxic if too much is absorbed and this can occur more easily with multi vitamin supplements as some of the content may be overlooked. The labelling of the actual percentage of the recommended daily allowance for each vitamin in a multi vitamin supplement should be clearly labelled and must be assessed before a person takes them. Always seek professional medical advice before taking any multi vitamin supplement if thereis any doubt as to the benefits of the contents.

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