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Good afternoon Community! I'm stopping by to share an article I recently read posted on inc.com that talks about the most common mistakes leaders make when crafting a business strategy. If you're looking for what not to do when it comes to business strategy, this one's for you. Lack of a clear frameworkA good foundation is key to pretty much every aspect of life, and a business strategy is no different. The writer here mentions solid framework captures and connects strategy data and insights to key decisions and action plans. A good place to start is to answer the question of why your business exists and core values, then slowly branching out to ideal market and analyzing the competition. No meeting rhythmsOften times leaders go in to business meetings looking at the broader picture; discussing actions that will take place quarters or maybe even years into the future. This can leave your (and yourself) feeling overwhelmed and with no sense of what to be doing&nb
Hey QuickBooks Community Members! Running a business can be a highly rewarding experience, but it can also be very demanding and stressful. As a business owner, it's essential to take care of your mental health. Here are some tips to help you maintain your mental well-being: Prioritize self-care: Make sure to set aside time for yourself and engage in activities that you enjoy. This could be anything from exercising, reading a book, or spending time with loved ones. Taking care of yourself will help you recharge and be more productive. Maintain a work-life balance: Running a business can easily consume all of your time and energy, but it's essential to find a healthy balance between work and personal life. Set boundaries and stick to them. Create a schedule that works for you and your business, and try to stick to it as much as possible. Seek support: Running a business can be lonely, but you don't have to do it alone. Seek support from friends, family, or even professio
Hello Community! Have you struggled with finding ways to raise funds for your new business or simply want to know how to go about it? If so, then you’ll want to hang on tight. In episode 1 of our QuickBooks Small Business Success Stories Podcast, they chat about 3 pointers you can use to raise funds for your new business. Let’s take a look at what the episode in the QuickBooks Blog has to say. Fundraising is a skill you can learn: According to Kumordzie, a combination of practicing her spiel, taking advice on how to better convey her message, and creating documents to back up her pitch was a recipe for success. It is a skill that can be learned and improved on so don’t get discouraged! You learn from “no”: Anytime you get a “no” as a response, you only come out ahead. This is a time to take this as a learning opportunity and not as a loss. Having the perfect pitch takes time and practice. People invest in people, not companies: It’s important to build rela
Hello. I use QB and we have a Manufacturing facility , We sell/distribute the products we manufacture.. we also service those products manufactured and sold by us. Can you assist me with a structure for this business platform we've created? We need to use QB to track and organize our company. Can you assist or suggest a QB video?
Looking for someone willing to sell a multi-user version of QB Desktop Premiere 2016 to 2019. We need a 2 user version or higher. I know people retire older versions for newer ones so I was hoping to find someone willing to part with their older one. Intuit says they do not sell additional licenses for ours any longer.
Welcome to the Business Discussion Board! How are you guys doing today? Before you leave for the day, I found this article by Brit+Co about "7 Common Business Mistakes and How to Avoid Them". They also list some of the most common errors entrepreneurs and small business owners make. Here are a few that I believe will guide you to success: First on the list is failing to plan for the long term. Many business owners are so focused on the day-to-day operations of their business that they need to remember to think about the future. To avoid this mistake, business owners should create a long-term plan that outlines their goals and objectives for the next five to ten years. Second, business owners often need help to delegate effectively. While trying to do everything yourself can be tempting, this approach can quickly lead to burnout and decreased productivity. Instead, business owners should delegate tasks to employees or hire additional staff to help lighten the
Good afternoon ladies and gents! Thanks for checking out the Business Discussion board. Have you ever been in a job interview and you get asked one of those "tell me about a time when ______." questions? And all of sudden your palms get a little sweaty and you start rambling a bit. Here's a handy way to help you answer those tough questions. Just remember to SOAR! SituationThe setting. Where were you and what was going on. ObstacleThe problem you were faced with. ActionWhat you did to solve the problem. ResultThe results of your actions. Answering the question with the SOAR method allows you to present a great answer without overwhelming your audience (or interviewer). Just a quick tip to remember the next time you're asked a similar question. How about you? Do you have any interview tips? Let's chat about it in the comments!
Hello! As you may know, nonprofits require specialized operations and tools, such as a CRM and a financial software to organize their revenue and expenses. The good news is that the nonprofit edition of QuickBooks Online enables professionals to use language specific to nonprofits as they set up their system. It’s important to note, however, that before getting started with Quickbooks, your organization will need to migrate any current data you have into the QuickBooks cloud. Don’t worry! I will go share the 6 steps you must take according to this article in Firm of the Future. Here’s the checklist you’ll want to go by: 1.Gather and organize your date2. Review your general ledger architecture3. Use data mapping to match your old fields to your new system4. Input your beginning balances and upload data5. Perform final reconciliations6. Review your finances Once you’ve gone through this checklist and have ensured that everything appears to be in order, the
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Did someone say Friday? Welcome to the start of the weekend! How are you guys doing? I hope everyone is doing well. Anyway, I just wanted to share this article by Sfweekly about valuable strategies to improve your business revenue for our Business Discussions. There were a few key points that stood out to me and found useful to survive in this competitive market.Add Complementary Services/Products:Adding this complementary service or product enhances the value of the item through the customer's perspective. If you can not afford to give away the service or products freely, you could offer a special discount. Although this could be a quick way to increase your profit margins, it can also help maintain customers and lure potential buyers. If you are not sure where to start, research prominent companies' tactics and make adjustments that will fit your business needs. I will share a recent example of this, my friend and I went to a lovely restaurant for dinner and were offere
Happy Wednesday Community! Have you noticed how TikTok has now influenced every other social media platform to create their own version of short form content? Well, I came across this article from Sprout Social the other day on LinkedIn that emphasized that short-form video format is here to stay and worth investing in for the long term. It also shared 8 ways in which you can get more from your short-from video strategy and I wanted to share these with you all. Let’s take a look! Start by doing your research Don’t be afraid to experiment Schedule your videos Reuse videos across platforms Find the right content mix Lean into your community Leverage content that humanizes your brand Engage, engage, engage! Investing in short-form content is definitely worth it for the long run. Start getting inspired by scrolling through your social media feeds and seeing what appeals to you! If you’ve already been building out your strategy, please share with us w
Are you looking for another sales channel to sell your products? Well, you are in luck! Hi, there, and welcome back to our Discussion page! Today, I will be sharing this article from our QuickBooks Blog about popular indirect sales channels. Let's see what they had to say: Online MarketplacesAmazon, eBay, Etsy, Facebook Marketplace, and similar platforms are examples of online marketplaces. Two benefits of this are that you have a bigger pool of customers to reach, and this can assist with reducing marketing costs. DistributorsAlthough they are mainly a wholesale business, distributors can save you money on hiring and training costs. Also, you could have the ability to reinvest in your business because there is no need to maintain a retail location. Foreign DistributorsThis gives your company the ability to access a new customer base. Also, foreign distributors focus more on custom formalities and paperwork, which allows you to focus on other operations. Out
Before you switch over to weekend mode, I've got an article for you I came across on entrepreneur.com. It shares some great info about increasing your brand awareness and credibility. Let's take a look... Stand outFeatures and ratings from big names can certainly make you stand out, but it can also be done more simply. Social proof, for example clout, presence, network, and searchability all work together to increase the probability of gaining authentication of your social platforms. Influencer marketingIt's a popular notion in today's day and age, and those with the title do just that - influence. Another way to increase your brand awareness and credibility is to work with influencers. You and the individual can work out a deal for them to mention, or better yet, show them using your product or service and relay how great it is. Potential customers will often think, "Well if they're using it, it must be good!" How toNow you may be thinking, "This is all great
Happy Wednesday Community! Today I wanted to touch base on the added benefits that continuous learning brings us in our adult lives. Continuous learning doesn’t have to be as extensive as adding another degree to your plate, but it can be something such as getting certified in a new subject, attending a webinar, reading up on a new topic, etc. This is anything that fills your knowledge base just a little bit higher every time. I wanted to share with you some benefits this can bring to you that I found from a blog post from accu data here. Let’s take a look! Employees can develop new skills that will benefit the company. Continuing education opportunities can improve employee retention. You can advertise continuing development opportunities to prospective new hires. Continuing education may be required for legal compliance. Ongoing training empowers your organization to stay up-to-date with current trends. I believe the benefits from this are huge and I found these
I am setting up a multi member LLC for a rental home. Any suggestions on necessary chart of accounts for this type of business?
Hello Community! Today we will be talking about cash flows. According to this article in the QuickBooks Blog, having a positive cash flow is important for the success of your business. It helps make sure you can pay bills, buy equipment and inventory, Invest in new growth opportunities, & repay debt. In a cash flow statement, you will notice that there’s 3 different key types or sections. Let’s take a look at what these are: Operating: An operating cash flow includes cash from core business activities that involve the sale or production of your goods or services. For example a customer payment, an inventory purchase, or payroll. Investing: Investing cash flow is money you spend on fixed assets such as equipment. It can also be cash you bring in from selling equipment. Financing: This is the money you pay or receive from lenders, investors, or other creditors. It’s important to remember that cash flow statements provide valuable insi
Do you want people to remember what you're saying? Look no further! Inc.com shared this article about three simple steps that make every speech unforgettable. Here is what they had to say: Make no more than three main points.According to scientists, humans can only keep three to five items simultaneously in the short term. So when explaining complex situations, condense them into more straightforward points when communicating. Explain the same concepts in multiple ways.The keys are to give a straightforward explanation, follow it up with a metaphor, and end with a real-world example. The author shared this. The fact: When demand is greater than supply, prices rise, and when supply is greater than demand, prices fall. The metaphor: Illustration of a village marketplace where there's only one baker selling bread, and then three other bakers open up booths. The real-world example: Noticed that when the economy slows, prices at the pump often go down
I am looking to find a peer that is in or has a client in the locum, or professional staffing services industries that I could collaborate and share best practices with.
Hello All! Welcome, Welcome to our Business Discussion segment! Today, I want to reach out to new business owners. Now that you are more knowledgeable about how a business works, are you familiar with business vocabulary? Below, I have listed some business English vocabulary words guaranteed to be spoken in offices, between companies, or even in international languages. Building your business vocabulary allows you to better communicated vital thoughts and concepts to others in the business environment. Unique selling proposition differentiates a product or service from competitors. Commodity-product that can be traded or sold in large quantities Opportunity cost- the loss of choosing one action over another. Forecast- predicts various business functions. Lucrative- total money spent is more than what is received. Make redundant- dismiss for economic reasons. Merger-joining of two or more companies to make one standard company. These are just a f
Welcome to the Business Discussion board, ladies and gentleman. Today I'm stopping by to share an article from the QuickBooks Firm of the Future site that outlines how to improve client, customer, or even just business relationships as a whole. Here's what the writer had to say... Types of business relationships Network: Within the business realm, network relationships are those that are made up of colleagues and other connections that open opportunities. Internal: These types of relationships consist of employees and contractors who help the business run. External: External business relationships are those made between you and your client who benefits from your product or service. Now that you know what kind of relationships there are within a business, here are a few pointers on how to improve them: Systematize everythingEverything around us functions by way of systems, so business shouldn't be any different. "A system is a standard pro
Welcome back to another Business Discussion chat. Today I want to share a few points with you that can be considered hard lessons to learn in the business world. Here are a few that you may have experienced before or can prepare for in the future. You will have bad days. Breaks are so important and necessary. Be "ok" with failing. Imposter syndrome is real. You can't do everything. What got you here, won't get you there. As your success grows, not everyone will go with you. These are just a few lessons that can be hard to learn in the business world. While difficult to go through, they're not reasons to give up. Keep pushing forward on your road to success! What are some lessons you've learned along the way as a business owner? We'd love to hear your thoughts in the comments below!
Have you ever thought about hosting an event for your business? This may sound like a lot of preparations, resources, time, and money, and it could depend on your budget and other factors, but there are many benefits to doing so. Our Resource Center shared some reasons why it is worth it. Here are my top four that were mentioned: Brand Awareness-this opens the door to interacting with potential customers and establishing meaningful connections through your product and services. Network opportunity-it was mentioned that the ultimate reason why people love to show up to events is to connect with like-minded individuals. This could also open up a relationship where your business could expand in a way you didnt think. Creating a sense of community- everyone wants to feel like they belong or are part of a community that cares for them. Know your audience better- how can you target an audience if you are not sure what they want? Well, this is the key. Knowing this and
Happy Wednesday Community! Have you been wanting to change your current social media strategy or simply try something different? If so, then you’re in the right place. Today I want to go over a topic that I came across on my linkedIn this morning: Experimentation when it comes to your social strategy. This could be a new social media network or feature which you can then determine if it’s effective for your target audience. Experimentation can also reveal faster ways to reach your goals, help you avoid costly mistakes and uncover new information about your audience. Here are 7 steps to running a social media experiment according to Sprout Social: Formulate a hypothesis Choose the right type of social media experiment Select your metrics and the network you want to test Define the duration of the social media experiment Select your variables and control Conduct the social media experiment Analyze and share the results of your experiment Do you have
Taxes can be... taxing. I recently read a new article posted on the QuickBooks Blog that offers a tax preparation checklist for small businesses. If you want to get the upper hand on tax season, let's take a look at what it says. Understand the types of business taxes Income tax: Taxes paid on the profits made by the company. Estimated tax: Quarterly tax payments that may be required. Excise tax: Additional taxes on certain goods and services. Self-employment taxes: Social Security and Medicare for earnings. Employment taxes: Social Security, Medicare, and federal unemployment taxes. Know what business tax forms you need to file Schedule C: Return with Form 1040 to report income as a sole proprietor. Schedule K-1: Use to report income for pass-through entities. You will need to complete Schedule K-1 as an owner of an S corporation or partnership 1099-Misc: Use to report rental income paid to landlords or gross proceeds paid to attorneys. 1099-NEC: Us
