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Posts Tagged ‘small business planning’

Year End Marketing Thoughts

Tuesday, December 7th, 2010

2010 has been a wonderful year for Pinpoint Tactics.  Among all the services we provide, we have had the privilege of helping a number of companies with their marketing strategies during the year and in turn have seen them grow.  There are a few important ideas that business owners should remember about their marketing.

Marketing is an ongoing process. It can take between six to eight months or more of constant work and adjustment for any business to see its investment fully develop. Just because sales have not picked up right away, it doesn’t mean the strategy isn’t suited for your company. It is important to stay on course and give your marketing program time to grow and develop. 

Continuous tracking and monitoring of your marketing tactics are also a must. Marketing is not rocket science. There are many internal and external factors at play when executing a marketing strategy. Your market will respond differently pending on a number of factors. It is imperative to track the responses, evaluate your efforts, and adjust your tactics accordingly. Your marketing program should be a living organism that evolves with your customers. From time to time, it is advised to bring in an outside expert to evaluate your current efforts for that third party and objective view to ensure your marketing stays relevant and strategic.

From our conversations with business owners, we understand that there is never lack of good marketing ideas. Where most businesses struggle is the lack of an overarching strategy that weaves all these ideas together in an intentional manner in order to create a snowball effect. Many businesses also stumble on not having an implementation plan that incorporates into their daily business operations. Over time, marketing simply drops off and stays on the back burner.

Marketing requires diligence and consistency. We encourage all business owners to take stock of their marketing programs at the end of the year and set new goals for 2011.

How to Write-off Your Medical Expenses

Monday, September 20th, 2010

A Private Health Services Plan (PHSP) is set up between a business or self-employed person and a trust company for the tax-free reimbursement of medical and dental expenses. Instead of paying with personal after-tax dollars, business owners and their families can now cover their medical costs as a deductible business expense.

This is quickly becoming one of the most popular methods for entrepreneurs to manage health claims. Any expenses that qualify for the CRA’s Medical Tax Credit will qualify under a PHSP. This includes a wide variety of items including laser eye surgery, medical equipment, prescription drugs, specialists such as registered massage therapists, and dental work including everything from check-ups to orthodontics.

To set up a PHSP, expect to spend between $200 and $400 initially. After that, the only ongoing cost is an administration fee of 10% on paid claims. All of the set-up and administrative fees, along with the paid claims, are deductible as business expenses.

This article is provided by Rachel von Sturmer of True Benefits Financial. www.truebenefits.ca; rachel@truebenefits.ca; Tel: 604-872-2866.

How to Keep Your Doors Open

Tuesday, May 5th, 2009

The North American stock market just had the biggest 2009 one day gain yesterday. There’s starting to be reports coming out indicating that the end of recession is near. Most experts, though, agree that it’ll take some time before most industries pick up and dust off. The question then is, “How do you stay afloat, or even grow your business meanwhile?”

Here are some ideas:

1. Focus on what you do the best: it’s important at a time like this to direct your resources and energy to products and services that offer the best value to your customers

2. Look for inefficiencies of your business: you may be surprised to find slacks that you did not know before. Lean tactics will get you through the winter

3. Marketing is NOT one of the expendable activities of your business: the trick is to market smart so you can get the biggest bang for your buck

4. Be really nice to your current customer base: it’s easier to retain a customer than to find a new one. Provide extra value to your loyal customers to show that they are important. If you can go above and beyond, they will be your biggest fans and promoters

5. If you have employees, be a super boss: it’s difficult to find loyal and competent help. When the time is tough, it’s tempting to cut back on staff. But when the economy does turn around, you will be scrambling to find capable people who you need to re-train. Keep an open communication channel with your staff and come up with creative ways to retain good employees