Wednesday, May 27, 2009

Would QuickBooks help me manage my business?

SCORE counselor, Oria Gonzales, has practiced accounting for more than 40 years as Controller and Senior Accountant for numerous businesses, and in private practice as co-owner of an accounting and tax service. As a Certified QuickBooks ProAdvisor, she shares with you her thoughts on QuickBooks.

QuickBooks is accounting software that helps small business owners record what is bought, sold, owed, owned, what money comes in, what goes out, and what is left, all in one place. It's so easy to use, almost 70% of users report saving 3 hours or more a week. This allows you to spend more time growing your business and generating revenue not recording it.

Whether you’re just starting out or your business is growing, there is a QuickBooks that fits your needs:
· Simple Start – instantly create invoices, track payments and manage expenses, start using it in minutes. Free download.
· QuickBooks Online – access your finances from anywhere, anytime, keep your data backed-up and secure - automatically.
· QuickBooks Pro – track inventory, set reorder points, create purchase orders, import data from Excel, Quicken, Microsoft Office Accounting and prior QuickBooks versions, track international sales and expenses in multiple currencies, download bank and credit card transactions.
· QuickBooks for Mac – it’s built for Mac users by Mac users, with the same basic features found in QuickBooks Pro.
· QuickBooks Premier – chart of accounts and reports tailored to your specific industry (Contractor, Nonprofit, Manufacturing & Wholesale, Professional Services, and Retail), easily generate sales forecasts and business plans, create sales orders and track back orders.
· QuickBooks Enterprise – for mid-market, track inventory in multiple warehouses, do serial/lot tracking and bar coding. Up to 30 simultaneous users.


Common features in all QuickBooks editions:
· Easily print checks, pay bills & track expenses
· Track sales, sales taxes & customer payments
· Create & email invoices
· Create & email estimates
· One-click business reports

Intuit, the maker of QuickBooks, invites you to visit its website at www.smallbusiness.inuit.com for free products and marketing tools, to help your small business survive and thrive.


Richard Strug
Greater Princeton Area SCORE (Chapter 631)
Serving Mercer and Middlesex Counties

Tuesday, May 19, 2009

What business information is most crucial for my sales staff?

High overhead costs are nothing new to large department stores and retail chains. But the results of a sluggish economy typically are new cost-cutting measures, including deep cuts in customer service personnel. The result is largely a self-service shopping environment that customers may tolerate or even prefer for certain types of purchases, but a nightmare for the customer who has questions or needs help locating an item.

Small retailers must keep tabs on overhead costs too. But they are in a better position to provide the level of service that today’s demanding consumers expect. Knowledge of your customers’ interests and preferences will enable you to provide a better shopping experience that will be repaid with sales, repeat business and that all-important positive word-of-mouth advertising.

Your sales force should be knowledgeable about the products, trained in the art of customer relations and motivated to do their best through appropriate compensation ─ particularly if personalized service and specialized products are part of your marketing and sales strategy. A wise investment in hiring, training and incentives will likely result in a top-notch sales staff that will go out of their way to keep customers happy and your business growing.

These goals are easy to achieve and do not require a formal, structured training program. Routine sales meetings and informal training sessions can enhance employee performance of day-to-day activities. Encourage discussions to keep up with product innovations, adapting ideas of other retailers (including those outside your market and service area), and changes that can help anticipate customer needs. Role-playing is also a good way to help your staff handle problems on the floor, including those hard-to-please customers and the question of where to draw the line between being helpful and being pushy.

Remember, all customers want to feel valued even if they say they are “just looking.” You should be ready to offer the best solution to meet their needs, even if that means a referral to a competitor. By being attentive, knowledgeable and sincerely interested in your customers, you and your staff will go a long way in building their loyalty and a successful business.

Tuesday, May 12, 2009

What insurance do I need for my business?

Like home insurance, business insurance protects the contents of your business against fire, theft and other loses. It is prudent for any business to purchase a number of basic types of insurance. Some types of coverage are required by law, other simply make good business sense. The types of insurance listed below are among the most commonly used and are merely a starting point for evaluating the needs of your business.

Liability Insurance – Businesses may incur various forms of liability in conducting their normal activities. One of the most common types is product liability, which may be incurred when a customer suffers harm from using the business product. There are many other types of liability, which are frequently related to specific industries. Liability law is constantly changing. An analysis of your liability insurance needs by a competent professional is vital in determining an adequate and appropriate level of protection for your business.

Property – There are many different types of property insurance and levels of coverage available. It is important to determine the property you need to insure for the continuation of your business and the level of insurance you need to replace or rebuild. You must also understand the terms of the insurance, including any limitations or waivers of coverage.

Business Interruption – While property insurance may pay enough to replace damaged or destroyed equipment or buildings, how will pay costs such as taxes, utilities, and other continuing expenses during the period between when the damage occurs and when the property is replaced? Business Interruption (or “business income”) insurance can provide sufficient funds to pay your fixed expenses during a period of time when your business is not operational.

“Key Person” – If you (and/or any other individual) are so critical to the operation of your business that it cannot continue in the event of your illness or death, you should consider “key person” insurance. This type of policy is frequently required by banks or government loan programs. It also can be used to provide continuity in operations during a period of ownership transition caused by the death or incapacitation of an owner or other “key” employee.

Automobile – It is obvious that a vehicle owned by your business should be insured for both liability and replacement purposes. What is less obvious is that you may need special insurance (called “non-owned automobile coverage”) if you use your personal vehicle on company business. This policy covers the business’ liability for any damage which may result from such usage.

Officer and Director – Under most state laws, officers and directors of a corporation may become personally liable for their actions on behalf of the company. This type of policy covers this liability.

Home Office – If you are establishing an office in your home, it is a good idea to contact your homeowners’ insurance company to update your policy to include coverage for office equipment. This coverage is not automatically included in a standard homeowner’s policy.

Contact your insurance agent or broker to make sure you have the proper coverage for your business.

Richard Strug
Greater Princeton Area SCORE (Chapter 631)
Serving Mercer and Middlesex Counties

Tuesday, May 5, 2009

How do I make my website work for me?

Our chapter’s resident expert on advertising and marketing, Alan Yarnoff, shares his thoughts on today’s fastest growing business segment.

The first thing you must do is to look at your site with critical eyes by addressing the key elements that lead to a successful and profitable presentation.

Have you set business goals, do you have a realistic target market and do you have quantifiable objectives and budgets?

Did you take the lead in the direction your site will take, or did the developer make the vital decisions? Remember, you know your business and what it takes to be successful; they know how to create the look.

Is your site search engine friendly? There is nothing worse than getting a potential client come to the site and then leave empty handed.

Have you been up-dating your site? It’s extremely important to keep the site fresh and newsworthy. Web consumers are always looking for new information and are prone to move off the site quickly if they feel are getting the same story over and over.

Does the site have a call to action? The site is your dialogue with your customer so you need to communicate clearly what you want them to do, such as, “buy now” - “save” - “free” or “don’t wait, act now. “

Does your site include testimonials from satisfied customers? This adds a point of trust to what you are selling and a real human element to the presentation. And if you don’t have a “tell a friend” link, don’t hesitate to add one. Like testimonials, word of mouth is an important marketing tool and the “tell a friend” link is a good way to accomplish this goal.

And lastly, you must know what the site is delivering. It’s absolutely imperative that you keep a close eye on the sites performance and to act accordingly if the goals you set are not met.

Richard Strug
Greater Princeton Area SCORE (Chapter 631)
Serving Mercer and Middlesex Counties