bizthreads.net: Business Information for Entrepreneurs by an Entrepreneur

SEO for Your Website

Having a website is the first step to connecting with your customers online.  Whether or not your website can actually be found by prospective customers is a function of Search Engine Optimization (SEO).

Search Engine Optimization (SEO) and positioning of websites in order to acquire top positions in search engines using targeted keywords requires both good off-page and on-page optimization. On-page is related to the site architecture and off-page optimization is a technique that is applied without making any changes to the website.

What Is Search Engine Optimization?

Search engine optimization is considered to be the most modern technique of advertising a website on the Internet. If SEO methods are utilized properly, then you can increase the traffic to your site and your business as a whole. In the initial days of SEO, optimization of the content present on the web page was the main method used. Internet users usually entered a specific phrase in the search engine when they searched for any kind of information. These were then split into words and various websites were searched for the presence of these words, which were known as ‘keywords'.

Methods of SEO

Today, many other methods of search engine optimization are being used. These largely deal with sharing links, building links, and boosting the page rank of the web page. Link sharing is the first method. We know that search engines show sites that have traffic originating from various websites higher up in the rankings. That's why a method for increasing incoming traffic has been devised by website owners by placing links to each other's sites on their web page. This is mutually beneficial for both websites.

Link building is the second method used, and it relies on the placing various incoming links to your site on different websites that have similar content. It is different from link sharing, because in this method there is no need to post links of other sites on your web page. The third method is related to the improvement of the page rank of your web page. Page rank is based on the importance that is given to the content on your web page by the search engine (for example, Google). A page that is ranked higher will get a better position (i.e. the first page of the search results). You can achieve high page rankings by optimizing the content on your web page.

By following the tips above, you can ensure that over time, your website will enjoy greater visibility in the search engines — and by your customers!

Tax Tips For The Home Based Business Owner

One of the most stressful times of the year is when it is time to file your tax returns. If you're like me, then filing your taxes can be a frustratingly prolonged process, and be very challenging, because it involves various factors like collecting all the essential documents and finding the right accountant. And if you are a home-based business owner, it can be even more daunting. Nevertheless, there are some things that you can do to make the tax filing process easier.

Take Great Care in Choosing Your Accountant

As a business owner, choosing the right accountant will be one of the most important decisions you can make. Don't rush into hiring the first accountant you come across. Ask for referrals from friends and business associates, making that they specialize in taxes for small business. Find out if they will handle both personal and corporate returns, if required. Determine in advance the fees your accountant will charge, especially for consultations over the phone.

Separate Personal and Business Accounts

Just as you should not mix personal and business matters, you should also follow the same principle when it comes to finances. It is important to have separate accounts for business and personal purposes. You could open a savings account where you can set aside the taxes for each month — this is very helpful when the end of the year comes, because you will not have to scramble around at the last minute worrying about how to pay the tax bill.

Proper Recordkeeping

If you keep track of all the records of your business transactions by keeping the business receipts of the whole year paying taxes will become a stress-free process.

Ask your accountant or tax professional for an itemized list, so that you will be able to identify what items need to be tracked. Find out what items are considered “business expenses”. You can get some deductions on your car, home, or other utilities. Check with your tax professional or accountant about these deductions.

Create a Marketing Kit That Educates

If you are a small business owner like me, then no doubt you have found yourself in need of a marketing kit. But you can't just create a brochure without a plan — that's like taking a road trip without a map!

Your marketing kit should be educational — telling what your business does and outlining your products and services. It also needs to be formatted in such a way that it can be printed easily and updated regularly. The kit should contain various printed pieces that are professional and form the framework for 10-12 different educational documents.

Listed below are the core components of a good marketing kit:

Pocket Folders: Designed well, then it will convey the message that your business is for real and credible. You don't need to break the bank to create it; but your marketing kit is not the place to cut corners.

Marketing Templates: This ought to be printed professionally as it carries the logo of the company and the contact information. But it is quite different from letterheads. Here are some pages that can be created for your marketing kit.

1. The company page: Mention how your products/services are different from the others on the market, and fill it with the advantages of doing business with your company.
2. List of services and products: Make a list of the services or products that you offer - but make sure to write it in the context of how your customers will benefit from your services and products.
3. Case study: Pick industries or representative clients and make an outline on how your product line solved their challenges. People tend to learn in various different ways - and a case study will allow them to see themselves using the product.
4. Testimonials, FAQs and Flowcharts - You should have a separate page with the quotes from some of your clients expressing their positive experiences. Tell people about what you do and how you do it through flowcharts and checklists. Also put in some FAQ's, and an ideal client description.

The marketing kit should be treated as your lead conversion tool - to be used ahead of or after a lead or referral asks for more information.

Legalities and Tax Advantages in a Home Business

Every year thousands of people think of going into business for themselves. They usually have a service or product in mind, which they want to promote into a lucrative business that can be run from their home. If this is you, then you need to be practical before you actually start!

Check With Your Local Zoning Office

Starting a business in areas zoned ‘Residential Only' can be illegal. Most residential areas have zoning restrictions that prohibit the coming and going of customers, which therefore rules out having a home business. If you sell or even store products, then you are subject to these restrictions. So, it is important to get in contact with your local zoning office to find out how the ordinances in your particular area could have an affect on your business plans. If you work in accordance with the zoning officials, then you can save time, money aggravation — all of which are in short supply when starting a business.

Your area's zoning restrictions could include off street parking for customers, as well as forbid the use of signs. Obtaining zonal approval for your business is usually relatively easy. Simply check the zoning restrictions to see if you will require a city license. You will need a vendor's license if you are planning to sell something and will also be required to collect sales tax.

Licensing

Licensing can be an involved process and even entail the inspection of your house to ascertain if it meets with the fire and health codes of your locality. If it does not meet these requirements, you will have to bring the facilities you have up to code.

Tax

If you want to be eligible for tax deductions, you will have to use that part of your house ‘Regularly and Exclusively' as the principal location for running the business or as a place reserved for meeting customers. There are many people who use the spare bedroom for business purposes from a time slot like 8:00 to 5:00 every day.

They also permit the kids to watch TV in that room in the evening, so in this case they cannot make a claim for some deduction for that room as their office or place of business. Your business needs to be an activity that is undertaken with the intent of making profit.  Only then only will you be eligible to take that space as a business deduction.

Follow the outlines above and check with your local zoning office to make sure that you are meeting the requirements for running a business from home.  It will save you a lot of headaches in the future!

What is B2B?

The majority of small businesses are B2C — business to consumer — businesses.  But if you are considering starting a business, then the B2B market can very lucrative and profitable.

B2B means Business to Business. This is the most cost-effective way of bringing buying and selling companies closer around the globe.

The B2B Marketplace

The Internet has emerged as one of the main marketplaces where trade takes place. This is where a lot of buying and selling goes on between brokers, traders, manufacturers, wholesalers, retailers, importers, exporters and various other business communities all over the globe. You can meet clients and make deals, online - without requiring any physical contact, which is one the main advantages of having a B2B business. In other words, B2B trade is carried on in a B2B marketplace.

B2B Trade

Your company can use the Internet to find buyers interested in buying your products. Online B2B trade is accomplished when an interested company replies and makes the payment for the product, and your company then delivers the product or service.

Conducting B2B Auctions

In a B2B Auction, a company simply posts details of their products to sell them through an online auction. Instead of offering to directly purchase the product, various buyers make bids for it. There is always a time limit to the bidding process, (e.g. 24 hrs, 48-hrs, etc.). Once the bidding time is up, the highest bidder gets the deal, and the online B2B auction closes when the buyer makes the payment to the company, and the company makes the delivery of the product to the buyer.

One of the main advantages of doing business B2B is that it is often much more lucrative than doing business directly to the consumer market.

What is Ad Tracking?

Advertising is one of the most important activities in today's business world.
Businesses spend millions of dollars on advertising. But what good is advertising if you don't know how effective it is, or are not sure whether it is reaching your consumers or not?  This is where ad tracking comes into the picture.

Ad tracking is the acid test in the world of advertising. It is the means of finding out how many people are looking at your ad — and taking action. Ad tracking is also called post-testing or effectiveness tracking. It is a continuous process in market research.

How it Helps

So - how does ad tracking help your business? Once you have paid for the advertisement and it goes ‘live', you have to find out how effective your ad is. This is how ad tracking will help your business. Let's say your ad is not achieving the response you expected it to get, and it is not helping in generating the revenue you expected, either. What do you do? You can strategize and re-plan your advertising. You can change it around to make it more effective. This is how you can make your ad work for you.

How it Works

Ad tracking can be done in two distinct ways: through the telephone and on the Internet. If your ad is on the Internet, either as a pop-up or as an email, you need to track it. How do you know whether your email is being opened or just being sent to the trashcan? Or if the pop-up ad is being closed or clicked on and opened? There are various ad tracking software packages available on the Internet. Ad tracking software is connected to all your advertisements on the Internet and helps in tracking the smallest activity on the ad. You can also hire an ad tracking agency to help you track your ad.

Do whatever needs to be done to be aware of the effectiveness of your advertisement in order to achieve success.

If you're like me, then you're always trying to find ways of doing things better, smarter and faster! Having a small business is lots of hard work, and it's key to find out how to increase your productivity early on, to increase your bottom line!

Better Team Performance

After conducting a lot of research, experts have come to the conclusion that in order to improve the performance of teams, you first have to understand their needs and take into consideration the efforts they put into their work - and then do something for them to increase their job satisfaction. Take a page from larger businesses, that do things like piping music into offices, provide adjustable lighting and temperature, and host occasional team lunches to keep their employees happy.

Treating Your Team

You can also give awards for employee productivity, hold teambuilding activities, or even have small parties in the office for meeting sales targets. Most people like working in office ambiences that are fun. Small gestures like these help employees feel appreciated, which goes a long way in increasing their productivity.

The Simple Things

Usually, it's the simple things that cause the most headaches — especially when you have a small business. So take some time and look into the simplest issues. For example, try tracking down paperwork and see if you can remove duplicate forms in order to eliminate repetitive work. This kind of streamlining not only increases the efficiency in the workplace, but also saves thousands of dollars each year in unnecessary labor. In addition to boosting the productivity of your business, streamlining business processes increases the happiness of the team.

Always keep in mind that a happy team will always give you happy results!

I started my small business at home, and then quickly outgrew my home office space. If you have a home-based business and want to make it grow faster relatively easily, here are 3 simple strategies that you can use.

Re-create!

This is a mistake that most home-based business owners make. They try to invent a new product or an idea, without realizing the fact that whatever it is they are trying to ‘invent' has already been invented, tried and tested! The key to success in a home-based business is to re-create and not re-invent. Why would you want to waste your time, energy, money and resources trying to invent something that is already in existence, only in a different form? Hence… Don't re-invent…just re-create it!

Delegate, Delegate, Delegate!

Remember - you are the boss now. You may not need to do tasks like hooking up your computer, putting up fliers, or even creating your website. You are not an employee anymore - you have the authority to delegate. Allocate jobs like these, which usually do not require your personal attention, to someone else. You could get a family member to pitch in, hire a part-time assistant, or take on an intern who is eager to help and get some experience in the deal. Remember, the key in being an owner of your own home-based business, is to work smarter and not harder.

Watch and Learn!

Have you read the book, ‘Copycat your way to success''? What is written in the book is true. Use the tried and tested methods of others to succeed. Use marketing strategies that have been used and that have been successful in your line of business. Marketing is the most important aspect of making your business grow faster. The term ‘copycat' does not mean you have to do everything in exactly the same way. What it means is to use the same method, or model to suit your needs.

Use the 3 simple strategies above, and watch your business grow — faster than you would ever have expected.

Learning is a lifelong process. To progress or develop, especially in your business, you must constantly learn and increase your knowledge. Increasing your knowledge in a particular field or subject results in better grasp, understanding, intelligence, judgment, and ability in that subject. Simply put, it increases your expertise and thinking ability.

Listed below are some sources that I use to build my knowledge base:

People as Knowledge Banks

People are the biggest knowledge banks. From a very early age, we have always learned by observing other people. Whichever field you want to gain knowledge in, you will always find people who are experienced and have comprehensive knowledge in it. You can make use of their accomplishments, mistakes, experiences and know-how. You should associate yourself with people who are experts in the field that you want to gain knowledge in and study them carefully.

Books to Increase Knowledge

Books are an obvious source of knowledge. There are millions of books written and published in almost every language known to man on a wide variety of topics. Many people who gain expertise in a particular field put it in writing. These books can be a source of finding solutions to any business problem that you may be facing. It is important to read all you can about the topic you are interested in, whether in the form of books, articles or magazines, in order to gain in-depth knowledge.

Experiment and Observe

You must have the desire to experiment with new things and observe minor and major details carefully. You get to learn a lot, and very quickly, through experimentation. If your experiment fails, do not get discouraged. Remember, failure can often be a stepping-stone to success.

If you have a small business, then learning never stops completely — use these tips to increase your knowledge in your area of business and beyond!

Management has been defined as “the practice of utilizing all available resources to obtain a desired result.”  It is derived from the Latin words manu agere “to lead by the hand”.  Management is the process of leading and directing all or part of an organization, often a business, through the deployment and manipulation of resources (human, financial, material, intellectual or intangible). Early twentieth-centurymanagement writer Mary Parker Follett defined management as “the art of getting things done through people.”

From the description above, a Manager is a person who manages the man, material, and monetary resources to achieve goals.  An effective Manager should have the following key skills:

• Communication:   Good communication skills are of paramount importance to a manager. Communication is a two-fold skill involving both Speaking and Listening.  These two skills should be used in conjunction with each other and should be interdependent.

• Vision:   A good manager should have a Vision, a Goal and a Focus.  They should communicate their vision to his team and make it the common vision of the whole team.

• Integrity:   A manager has to be honest in words and actions to their team as well as to themselves.  Subordinates are quick to pick up instances of a manager not living by his word.

• Lead by Example:   A manager has to remember that Actions Speak Louder than Words. A good manager will first be disciplined himself and then motivate his team to follow his example.

• Enthusiasm:   A good team is an enthusiastic team that works towards a common goal.  The enthusiasm and belief in the goal has to start at the top. Negativity in a group causes divided vision that spreads like a cancer.

• Efficient Decision-Making:   A good manager will always think a situation through before making a decision and acting on it. They should be able to foresee possible changes when making a decision in the first place, and accordingly leave allowances for possible changes.

• Reward:   A good leader or manager rewards his staff and acknowledges their success. Rewards should also be spread evenly across all achieving team members and not be focused on just a chosen few.

A good manager will lead a good team that will effectively and efficiently achieve the goals of the organization.