by cdaaccounting | Dec 26, 2021 | Business Deductions
Are you at the point in your CDA Idaho business sales career were hiring an assistant would earn you more money? The number-one objective of salespeople is to he and breathe their ABCs, Always Be Closing. If you’re not closing, you’re not going to be in business, it’s just that simple.
Free up Your Time to Close the Deal
Some aspects of selling cannot be placed in the hands of an assistant, but many can. Free up time to sell and close by delegating time-consuming tasks associated with selling by hiring an assistant, even if the assistant’s wages come directly out of your pocket. The rich don’t get richer because they are better than your Coeur d’Alene Idaho business, they get richer because they have learned to concentrate on what they’re the best at and that makes them the most money, while delegating lesser tasks and responsibilities to assistants.
by cdaaccounting | Dec 20, 2021 | Business Deductions
This is a short-term financial analytical tool calculated by subtracting current liabilities from current assets. To determine what is a safe and comfortable cushion to cover the debts that may come due, this figure needs to be compared to the cash flow of the CDA Idaho company as well as to prior years of data.
One of the most significant uses of working capital is inventory. The longer inventory sits on the shelf or in the warehouse, the longer the company’s working capital is tied up.
by cdaaccounting | Dec 17, 2021 | Business Deductions
Changing your Coeur d’Alene Idaho business prospect’s expectations can be an extremely powerful closing tool, but one that does require much practice to perfect. For example, most people will enter a shoe store to check out what’s new in footwear and at most expect to purchase one pair of shoes.
But what if the Idaho shoe salesperson focused on changing the prospect’s expectations? Instead of focusing on selling shoes, the focus would be to persuade the prospect that purchasing more than one pair of shoes would be a wise decision for whatever reason is valid at that point.
This technique works because when we have determined our expectation prior to shopping or making a purchase, we have set the parameters of what we expect will happen and what we expect to purchase. When that expectation is suddenly changed or influenced by a professional persuader it throws our thought pattern out of whack and, more importantly, changes our built-in defense mechanisms to salespeople, clearing the path or opening our minds to new ideas.
Shift Expectation
The easiest way to shift expectations is to tie in an excellent reason for the CDA Idaho business prospects to forget about why they are buying and motivate them to buy more than or something other than what they expected to purchase. The reason that is created to change expectations has to benefit the buyer more than anything else does in the sales equation. This could be a discount for buying more or a relevant incentive, such as buy the two pairs of shoes and receive a free ticket to a local running clinic or seminar. Once you have established what the prospects’ expectations are you can then devise a plan to throw them slightly off balance by introducing something that will greatly change their expectations and in doing so greatly increase your odds of closing and at a higher value.
by cdaaccounting | Dec 2, 2021 | Business Deductions
The best way to get to know what your Idaho business customers want, and need is to build individual client files on each of them and update the files regularly. Building client files can really pay off simply because they make such a wonderful marketing tool; you have access to the information you need at your fingertips to make or propose a special offer based on each individual client’s needs or wants. Get started by asking every new customer to take a few minutes to complete a form.
Ask questions on the form that can be used to determine what your customers really want, or problems they need addressed, along with their contact information, especially an e-mail address if you can get it. Offer a small incentive or gift to customers who take the time to complete the form and ask them if you may contact them by phone, fax, or e-mail when you have new or special offerings that you think will benefit them. Most people will be more than happy to take the time to complete the form and receive these offers, because your Idaho business is taking a true interest in what they want. And isn’t that what we all want?
by cdaaccounting | Dec 1, 2021 | Business Deductions
A clever way to increase your Coeur d’Alene Idaho business retailing revenues and profits is to give potential customers access to goods that they could not otherwise afford by creating a rental program. For instance, a retailer of high-end woman’s fashions could set aside a few exquisite evening gowns and start an evening gown rental business to complement sales, much like rentals of men’s tuxedos.
Many women need access to such formal wear for special occasions, but all cannot afford to purchase such fashions, especially considering the limited number of times the garment might be worn. This example would give these women access to what they need now and more importantly to the retailer, potentially these same people will become buying and repeat customers down the road as financial circumstances change. Likewise, a retailer of camping equipment such as tents and the like could start a rental program for camping equipment, once again appealing to customers who do not have the financial means to purchase the equipment or for the person who camps occasionally but not enough to justify purchasing equipment.
Added benefits of creating a rental program include access to a larger potential customer base, building customer loyalty for future purchases, increased customer referrals, and maximizing current resources for your Idaho business.
by cdaaccounting | Nov 16, 2021 | Business Deductions
Understanding cash and retained earnings can be confusing. These earnings in a business are not equal to cash, this is money in the bank. Just because an Idaho company has kept profits in the business over the years does not mean that all of these profits have been retained in the form of cash.
After an Idaho company earns a profit it may take that cash and purchase assets or pay off some of its liabilities (expenses, loans, bills etc.). Business owners often assume that they are doing well because they are making profits without considering the amount of cash they have at their disposal. If they do not have sufficient cash, they will find themselves in dire since they may not be able to make the payroll, pay their taxes or general bills.
- It is essential that businesses have a good cash management plan.
by cdaaccounting | Nov 8, 2021 | Business Deductions
No. An Idaho LLC is a pass-through company and considered a disregarded entity to the IRS. This means that all profits come through to the owners/shareholders first to be taxed on their individual income taxes.
While your taxes will change, the facts, ownership, and management structure will not.
by cdaaccounting | Oct 20, 2021 | Business Deductions
The IRS does not have a separate taxation category for Idaho LLCs. This allows the LLC members to elect at their own discretion a form of taxation that makes the most sense for their business.
While your taxes will change, the facts, ownership, and management structure will not.
For example, if you elect to have your Idaho LLC taxed as an S or C-Corporation, you will not have shares of stock to sell, or be qualified for an IPO. To receive the full benefits of an Idaho Corporation, you must formally convert your entire LLC.
Taxation choices include:
- Sole Proprietorship (single-member)
- Partnerships (two or more members)
- S-Corporation (single or multi-member)
- C-Corporation (single or multi-member)
by cdaaccounting | Oct 16, 2021 | Business Deductions
The federal income tax system is pay-as-you-go for Idaho self-employed. instead of paying your entire tax bill when you file your return, you pay your taxes in smaller payments throughout the year. This was designed to break your tax bill down into smaller easy to digest payments, instead of one large surprise you can’t afford at the end of the year.
Thus, if you are self-employed, you must administer the pay-as-you-go system yourself. You do so by paying quarterly estimated taxes.
The Basics:
You must pay quarterly estimated taxes if you have income from any of the following sources:
- Income from self-employment
- Compensation as an Idaho independent contractor
- Gains from the sale of stock or other property
- Royalties
- Interest
- Dividends
- Awards
- Any income where tax was not withheld
You must pay estimated taxes only if you owe $1,000 or more of tax at the end of the year more than what you have paid through employee withholding.
Example
Let’s say that you owe $13,000 in taxes at the end of the year, and you have already paid $11,000 through withholding – and $0 in estimated taxes. Because your tax liability is $2,000 greater than what you paid, you will face penalties for your failure to pay estimated taxes.
by cdaaccounting | Sep 16, 2021 | Business Deductions
Contact your local CDA printer and have VIC (Very Important Customer) cards printed that entitle the cardholder to terrific discounts on products and services the: your Idaho business sells as well as access to special any VIC promotions that you create throughout the year, such as free product or service training workshops, special manufacturers discounts, and VIC appreciation parties and events.
Giving Incentive
Create and distribute VIC cards as a way to thank your best customers and secure new customers, as well as bolster sales and profits. Distribute the VIC cards to customers and employees and let them in turn give them to` friends and family members as a special gift. Also make sure to include a line on the card where the giver can sign their name, so you can gift that person with something for helping to promote your Idaho business by distributing your VIC cards. A special incentive to show that you appreciate their hard work and effort, VIC cards are a powerful marketing tool that just about every business can benefit from. They are very inexpensive to have printed professionally; you can even design them on your PC and print them yourself if your budget is tight.