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  • 3 tips to cultivating positive employee relationships - SG Small Business Centre
    the multitude of diversity each employee brings to the team This will enabling you to better manage workers to their individual strength and styles Confront the Tension As a leader and the boss you ll be expected to do things that most of us dislike doing Nobody likes to confront a sticky situation but as leaders you must confront tension head on Conflict usually brings about an emotional state of mind in the workplace and decreases productivity drastically Confronting conflict before it festers and spreads is crucial The tension might feel overwhelming but more often than not by simply talking to the different parties in good faith you will realize that your perception of the situation is not as grave as you thought it is Ask for feedback Genuinely We all like to think of ourselves as likable What matters though is how your employees and partners view you Asking for and taking action on feedback from those who work for and with you goes a long way in improving your likability One important thing to take note here is that it is crucial to take action and actually truly value feedback from the people around them Asking for feedback for appearances sake will likely breed even more negative feelings of hypocrisy if your employees feel like you aren t taking their feedback seriously See all articles 3 simple ways to price your products for better sales 4 Ways Your Small Business Can Compete With Corporate Giants 5 Ways to Analyze Your Business Idea Before Taking the Leap 3 tips to cultivating positive employee relationships The Top Fears of Startup Founders 10 Interview Questions That Get to the Heart of Things 4 Ways to Build a Highly Motivated Team for your Small Business Why You Should Build Your Corporate Culture

    Original URL path: http://quickbooks.intuit.sg/r/starting-up/3-tips-to-cultivating-positive-employee-relationships/ (2016-01-01)
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  • How Small Businesses Can Stay On Top Of Their Finances - SG Small Business Centre
    makes it a point to track its expenses in real time it saves the business a great deal of time and effort Having real time access to your current turnover gives you a clear idea of whether your business is making a profit or loss This helps you figure out how far or close you are to your goals where to allocate your resources and budget and even set a direction for your overall strategy Timely Compliance and Recovery With real time business accounting you are easily able to meet your financial obligations by keeping a regular track of them Thus paying salaries paying the government and taxes your business activity statements and other such liabilities are taken care of in advance A cloud based solution also reduces the risk of important financial data loss and removes the typical challenges associated with data recovery during a disaster Quicker invoicing Quicker payments Higher productivity The math here is simple The faster the invoicing is done the faster payments come in for your small business Most businesses wait until the job is done and depend on manual processes in order to start the invoicing With the assistance of a cloud based software like Intuit QuickBooks Online you can invoice real time and reduce the manual effort thus speeding up the process For small businesses and start ups with small and nimble teams this helps save costs and utilize the time and effort towards growing their business After all simplifying the business of life is exactly what we do at Intuit QuickBooks See all articles How Small Businesses Can Stay On Top Of Their Finances 24 Accounting Terms Every Business Owner Needs to Know How to Calculate the Ideal Profit Margin for Your Small Business 4 financial tips for new business owners How

    Original URL path: http://quickbooks.intuit.sg/r/finance/how-small-businesses-can-stay-on-top-of-their-finances/ (2016-01-01)
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  • 24 Accounting Terms Every Business Owner Needs to Know - SG Small Business Centre
    as larger pieces of equipment that directly impact the company s ability to make money can be written off on tax returns based on their depreciation These are items that are used for more than a year 10 Dividends Dividends are company earnings that are distributed on a regular basis to company shareholders Dividend amounts or percentages are typically decided by a corporation s board of directors and can be issued as cash shares of stock or other property 11 Equity Equity is the amount of money that has been invested in the company by its owners If the company is small with only a handful of owners this can also be referred to as owner s equity If the company has many different owners or if the company s ownership has been parsed out via stock options equity can also refer to ownership collectively held by shareholders 12 Expenses There are typically four types of expenses fixed variable accrued and operational 13 Fixed Expense Fixed expenses stay consistent from month to month year to year This typically includes expenses like salaries rent and so forth These costs are not affected by fluctuations in sales production or the market 14 Variable Expense Variable expenses are tied to the company s production These costs can go up or down based on increases and decreases in production or sales 15 Accrued Expense Accrued expenses are single accounting expenses that are being reported but haven t yet been paid 16 Operational Expense Operational expenses are costs that are necessary for a company to conduct business 17 Fiscal Year A fiscal year is a period of time that a company uses for accounting purposes and in preparing financial statements The fiscal year can coincide with the calendar year however it can also be different such as October to September or July to June Fiscal year start and end dates are normally determined by the company and may depend on how long it will take to close out the books for the year and prepare all financial statements for federal and state tax submittals 18 Forecasting The process of using a company s historical financial data to predict future business trends forecasting is typically used by organizations to best estimate budgets for an upcoming period of time This often includes supply and demand figures sales records and expenses 19 General Ledger This is the complete recording of a company s financial transactions over the lifetime of the organization 20 Journal Journals can also be referred to as accounts This is where transactions are recorded as they occur and before they are transferred to the official accounting record such as the general ledger 21 Liabilities Liabilities are debts that a company is responsible to pay in the short or long term 22 Profit and Loss Statement Commonly referred to as P L a profit and loss statement is a report generated by the company or its accountant that lists earnings expenses and net profits for a

    Original URL path: http://quickbooks.intuit.sg/r/finance/24-accounting-terms-every-business-owner-needs-to-know/ (2016-01-01)
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  • How to Calculate the Ideal Profit Margin for Your Small Business - SG Small Business Centre
    50 While it s useful to know your business gross profit margin we re going to focus our attention on net profit margin and its uses for business When Is Net Profit Margin Used Net profit margin is used by businesses that are looking for ways to boost their revenue want to evaluate a product or service or simply want to take an inventory of what they re spending versus what they re making By studying your net profit margin you ll often uncover a large expense or group of expenses that are affecting your profits You ll also be able to learn whether you can increase your prices or if you have a declining product that you might want to discontinue What s the Catch The catch is the time and effort it takes to gather and verify all costs and revenue To get an accurate net profit margin a company must include every expense and every revenue source as part of the total Chances are that you and your financial team will have a much clearer picture of your revenue streams than you do your expenses so be careful and avoid miscalculations when calculating each amount Now What Let s say you ve gathered all of your costs triple checked every line item input your total revenue and generated your net profit margin Here are a few options of what to do with it Nothing It s quite possible your net profit margin is outstanding so there s no immediate need to tweak numbers to improve it Congratulations on running an efficient and profitable business Explore the option of increasing product offerings or setting higher sales goals If your profit margin is good this might be the perfect time to explore growth opportunities Could you maintain the same profit margin if you increased sales by 20 or would there be a decline Talk to decision makers in your organization and make a plan If your profit margin leaves something to be desired it s probably time to make a change Speak with the decision makers in your company especially the ones that hold the purse strings and examine ways to increase profit by decreasing expenses In all instances it s a good idea to take a long look at any sweeping changes that might result from tweaking your net profit margin For example although a particular product might not be as profitable as it once was what are the ramifications of doing away with it entirely To make sure you re not throwing the baby out with the bathwater consider your customers your employees and your company s brand when making any kind of change Net profit margins are also a great benchmark figure to take a look at every year whether you feel the need to analyze your costs or not For many finance minded business owners it s a better measure of a company s profitability since it takes expenses into account not just sales It

    Original URL path: http://quickbooks.intuit.sg/r/finance/how-to-calculate-the-ideal-profit-margin-for-your-small-business/ (2016-01-01)
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  • 4 financial tips for new business owners - SG Small Business Centre
    in revenue then the money is probably worth spending Separate personal from business expenses As small business owners it s sometimes hard to separate the business from personal The business becomes a part of who you are But that shouldn t apply to finances The two should be kept separate Don t use your personal cash on business expenses and don t use business for your personal needs Having separate bank accounts is a great way to make sure the two stay separate Learn the art of pricing Saving on costs is great but as a business your goal is to generate revenue and profits A critical part of that is to figure out exactly how much to price your products or services Pricing is as much of an art as it is a science and is something most first time entrepreneurs cannot figure out Sadly most business owners simply take an arbitrary industry number and use that as their price point This often results in undercharging affecting the already low profit margin of a small business The key here is to determine not just the price but more importantly the value of your product or service By understanding the true problem you re solving for your customer and how it affects their life you ll be able to price your products or services much more effectively The primary objective of any business is to make profit by providing something of value to the customer Settling your finances from the get go is imperative See all articles How Small Businesses Can Stay On Top Of Their Finances 24 Accounting Terms Every Business Owner Needs to Know How to Calculate the Ideal Profit Margin for Your Small Business 4 financial tips for new business owners How to Project Profits With Cost

    Original URL path: http://quickbooks.intuit.sg/r/finance/4-financial-tips-for-new-business-owners/ (2016-01-01)
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  • The True Cost of Acquiring a New Customer - SG Small Business Centre
    office Then add that percentage of your monthly bills to your total costs for the ad Once you ve figured each of these costs and added them together you ve successfully calculated your cost for one newspaper ad From there the next step is determining how many sales were generated by the ad Or if you re playing the long game you can also determine how many clients it s responsible for adding to your roster Admittedly this figure is probably the hardest of all the figures to calculate With offline ads tracking can be difficult One option is to put in a phone number or URL that is unique to that ad This will enable you to accurately track the calls and site visits you get from this specific ad Another less accurate option is to ask customers where they heard about you or your business or to incentivize them to mention the ad when they reach out to you Whatever type of ad you use don t forget to include a mechanism e g custom phone number unique URL for capturing their responses before you start the campaign Otherwise you ll constantly be playing catch up and will inevitably have an inaccurate count When you are conducting a purely digital campaign your options for measurement are much easier and can be automatically tracked through both your online ad partner and your website metrics It s still important however to include the other costs for the campaign e g hours spent to get a full picture of your return on investment What About My Current Repeat Customers Bain Company has famously reported that it costs six to seven times more for a company to obtain a new customer versus retaining an existing one Additionally they have reported that you re 60 to 70 more likely to sell to an existing customer whereas making a sale with a new customer falls into the 5 to 20 range These two figures alone should illustrate how important it is to keep your current customers happy and coming back for more Bain Company also found that a current customer is four times more likely to go to a competitor if the issue is service related rather than product or price related All of these figures paint a pretty compelling picture for providing outstanding customer service and working with your current customers to build long term relationships You ll find that satisfied customers can often be great advertising outlets via word of mouth Good word of mouth about you and your services can get people in the door which greatly decreases the amount of money you spend acquiring new clients from paid advertising channels Calculating your true cost per acquisition is a time consuming exercise but at the end of the day it is the best way to determine your most effective forms of media and advertising Spending time to figure it out will pay off for you and your business in the long

    Original URL path: http://quickbooks.intuit.sg/r/marketing/the-true-cost-of-acquiring-a-new-customer/ (2016-01-01)
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  • 4 tips to hyper charge your sales force - SG Small Business Centre
    your prospects and your past interactions Of course you should constantly get feedback from your sales reps on what kind of toolkits brochures or any sort of presentation materials they might require to help them close sales more effectively Cultivate leaders not just sales reps Cultivating leaders in your sales team means your sales people learn from each other The peer coaching and sharing will bring positive energy to your team and also help your productivity Having leaders who are on the ground interacting with customers means that they understand the process better and what they learn and share with each other can be much more useful As you cultivate leaders make sure you remember to give credit to the ones who do step up and lead Shower gratitude and credit Being appreciated is one of the most basic needs of a human being and one that s often overlooked in business As a leader manager take some time daily to personally thank your sales staff for their contribution Showing appreciation costs nothing builds your leadership credibility and informs everyone on the sales team that a good job done is always appreciated and rewarded See all articles The True Cost of Acquiring a New Customer 4 tips to hyper charge your sales force A Small Business Guide to Turning Leads Into Sales Why content is the next big thing in marketing How to Use Split Testing to Improve Your Online Sales Advocate Marketing what is it and why you should care The Small Business Guide to Measuring Social Media ROI 5 Lesser Known Marketing Metrics You Should Pay Attention To 5 Tips for Responding to Negative Customer Reviews How to Improve Your Email Open Rate 5 Free Marketing Strategies You Can Use Today Small Business Guide to Creating a Marketing

    Original URL path: http://quickbooks.intuit.sg/r/marketing/4-tips-to-hyper-charge-your-sales-force/ (2016-01-01)
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  • A Small Business Guide to Turning Leads Into Sales - SG Small Business Centre
    your messaging Automated software tools from HubSpot and other marketing giants enable busy small business owners to create multiple email lists and send them to segmented portions of their client list For example you can preschedule messages to be sent one week two weeks and or a month after your first encounter with a customer Additionally online retailers can automate messaging to remind customers that they have unpurchased items in their virtual shopping carts For best results limit communication to one email per week so leads don t feel overwhelmed or annoyed As an added bonus according to recent statistics automated lead management offers a 10 bump in revenue in the first six to nine months Utilize Social Media Most business owners recognize that social media is a great way to connect with customers However you may not realize that social sites also offer effective platforms for lead nurturing Along with posting educational and relevant content to build authority companies should respond to user comments and questions on their social pages in a timely fashion If your employees are able to speak well on behalf of your business and brand you can encourage them to do the same You can also generate interest and boost followers by hosting a contest or other event on Facebook or Twitter Doing this helps show leads that you aren t just a business but that you re also a group of people that cares about its clients Additionally businesses should be sure to include social media widgets on their websites and at the bottoms of all email communication The goal is to integrate all your various marketing media while directing prospective buyers back to your website Check Your Content Of course there s no point in directing leads to a website if it lacks the supporting content needed to close the sale Today s companies must create content via online articles blogs videos and infographics to back up the claims made during the lead nurturing process Rather than simply encouraging customers to buy now the best content answers readers questions and concerns while providing a call to action that directs their next steps Keep note that not all leads are created equal Some will be more ready to buy than others To maximize sales small businesses should strive to create content that supports customers in various positions of the buying cycle Just remember that many customers are savvier than you might want to admit Make sure that your content is relevant helpful and or entertaining as readers can spot disingenuous content from a mile away Be Personable Being a small business means that you re able to with potential clients on a more personal level Show prospective customers that you care about them by giving them personal attention This can even take the form of handwritten notes and personal phone calls From social media messaging to weekly newsletters lead nurturing methods can be simple or complex personal or general However the goal is always

    Original URL path: http://quickbooks.intuit.sg/r/marketing/a-small-business-guide-to-turning-leads-into-sales/ (2016-01-01)
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