7 Social Media Mistakes Every Small Business Should Avoid

| February 19, 2019

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Many businesses jump into social media marketing bandwagon without really understanding the purpose of each platform. Marketing on social media is more than just creating pages or accounts, boosting your posts to make them more visible to your audience, and hoping for conversions. That's what most businesses do. Little did they know that there are things they should have known before going all out on social media. Here, we share you the top 7 Social Media Mistakes Every Small Business Should Avoid.

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Resonics

We are Resonics – interior acoustic specialists with a wealth of knowledge and experience of working with and solving a range of acoustic issues. Our focus is to provide a single source solution where we take on every element of an acoustic project, from survey and assessment to design and installation. We do the job of the architect, acoustician and installer so that our clients only have to come to one place to get a tailor-made, design-led acoustic solution to suit their budget. We have years’ of experience of working side by side with architects and contactors too – ensuring that their design and construction requirements are met every step of the way.

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5 Best Practices for Small Business Owner Taxes in 2020

Article | February 20, 2020

Your clients are counting on you to shepherd them through the often-onerous process of filing both their business and personal taxes. This can be particularly tough for small business clients, many of whom may just be starting out and have yet to put into place the best practices to limit their company's tax liability. Hopefully, your clients are using cloud-based software and other technology to more efficiently and accurately track their receipts and finances, making it easier for you to square away their taxes this year. Of course, businesses will also require guidance to help them avoid problems that go beyond accurate record-keeping. Here are five ways you can help smooth out the filing process for your small business clients this tax season:

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Ingredients of a Marketing Plan That Are Essential to Make an Impact

Article | August 18, 2021

Each business endeavor begins with a well-defined business plan and, more crucially, a marketing strategy. An effective marketing plan is chock-full of different marketing selections for your firm and is a must-have if you want to get to your destination. But, unfortunately, the market is full of competition and uncertainties. It is estimated that about 20% of small businesses fail in their first year as per the US Bureau of Labor Statistics. After five years, 50% fail, and after ten years, 80% fail. Here are a few ingredients of a marketing plan that help you outshine in the diverse and competitive markets. A marketing plan is the first stage in establishing a successful marketing program. In addition, a marketing strategy serves as a road map for efficiently allocating precious time and resources to prevent wastage. A marketing plan includes a written document that describes an organization's advertising strategy, marketing techniques, tactics, promotional activities, and marketing efforts over a specific time. Market research, SWOT analysis, thorough information about its target consumers, competition positioning in the market, marketing plan budget, target market profile, distribution methods, promotional tactics, and marketing objectives are just a few of the ingredients of a marketing plan. Importance of Marketing Plan A marketing plan is vital because they make sales easier for any small business owner. When you target your ideal target customers, you increase the chances of generating leads and converting them into sales. Below is a few more importance of marketing plan: It aids in the effective management and accomplishment of your business objectives It facilitates cross-departmental collaboration and communication It contributes to the avoidance of future dangers and uncertainties It contributes to the success of marketing activities It contributes to reducing the chance of failure It enables the efficient and prudent use of resources while taking market opportunities into account Extensive Market Research Market research is one of the crucial ingredients of a marketing plan. Market research is the act of collecting and analyzing data to have a better knowledge of your consumers and the current state of the market. For marketing success, you must conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis compared to your competitors and a PESTND (political, economic, sociocultural, technological, natural, and demographic) analysis to better understand your competitors business's operating environment. Marketing research involves certain areas to be given utmost importance: The dynamics and trends of the market, including seasonality Vendors in whom you will place your trust Demographic information about customers, market segmentation, target markets, product needs, and purchase decisions Industry benchmarks What is presently available and what competitors are providing Current industry sales Robust Market Strategy The marketing strategy is the overarching company plan for attracting and converting new customers. It would be best to do a scenario analysis to understand your market position concerning your competitors clearly; only then can you develop a solid and successful market strategy. Market strategy plays a key role among all the other ingredients of a marketing plan and contributes to marketing success. A marketing strategy covers the 4Ps of the marketing mix: product, price, place, and promotion. In addition, a marketing strategy entails brand messaging, its value proposition, demographic information about its target customers, and other advanced elements. Below are few B2B marketing strategies: Social media marketing Search engine optimization Content marketing Search engine marketing/PPC (Pay-per-click) Referral programs Industry events Appropriate Financial Planning Another crucial element of a marketing business plan is financial planning. Marketing your campaign is a costly aspect of the business; it is necessary to have an appropriate and realistic budget plan to avoid financial wastage. Allocate your budget for each activity planned and manage your cash flow. For 67.4% of respondents, a limited marketing budget is the top marketing challenge facing small businesses. Plan your financing considering the organization's budget cycle, organizational events, seasonality, festivities, etc. The following points demonstrate why financial planning is essential. Prudent financial management Long-term view Profit and loss measurements To determine the value of liabilities and assets Utilization of Marketing Channels There are several marketing channels, but they are constantly changing and evolving. Therefore, due to a shortage of time and funds, select the appropriate channels. Choose the channel that is the most effective for promoting your products, services, and brand identification to potential consumers, depending on whether your firm is B2B or B2C. Channels provide a variety of purposes, that includes assisting you in discovering new methods to sell to your ideal client and help you to create experiences for your audience that help establish your brand reputation. Here are few channels that are utilized: Retail or Ecommerce Social media channels Email marketing Websites Referral channels SEO Word of mouth Pay-per-click (PPC) marketing Analyses of Competitors While a marketing strategy entails several analyses that aid in the operation of your firm, a marketing competitors' analysis is conducted concerning your competitors. You should be aware of your competitors and the distinctions between your products and services. Analyses of competitors are a crucial component of every marketing strategy. Conduct a competition analysis to learn about your competitors' goods, sales, and marketing tactics. Marketing competitor analysis is a critical component of any marketing plan since it helps differentiate your product or service from the competition. Competitor analysis enables the following: Identify market inefficiencies Identify market trends Create innovative goods and services Increase your marketing and sales effectiveness Conclusion: A sound marketing plan will help you generate leads. Ascertain that your marketing strategy is recorded. Numerous marketers assess the effectiveness of their efforts in relation to their objectives. This enables you to plan more effectively for the future and provides a clear picture of continuing changes. FAQs: What are the key ingredients in the marketing plan? Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives What is a successful marketing plan? A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the key ingredients in the marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "Here are the critical ingredients of the marketing plan Extensive market research Appropriate financial planning Robust market strategy Utilization of marketing channels Analysis of competitors Clear marketing objectives" } },{ "@type": "Question", "name": "What is a successful marketing plan?", "acceptedAnswer": { "@type": "Answer", "text": "A successful marketing plan generates a positive return on investment (ROI), additional revenue, client lifetime value, and cost per win (sell), among other metrics. A marketing strategy is successful when it maximizes the benefits to your firm." } }] }

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7 Best FreshBooks Alternatives for Small Business Owners

Article | February 24, 2020

If you’re a small business owner, then your business accounting is one of the most important things you manage to keep your business running smoothly. That also means that having the right accounting software can go a long way in helping you achieve your goals. Maybe you’ve heard of, if not tried, FreshBooks in the past and are wondering what else is out there. We’ll go over some of the best FreshBooks alternatives on the market for your business. Some of the highlights of FreshBooks include that it’s cloud-based, has a mobile version, offers a variety of plans at different price points, and more. Before we dive into the FreshBooks alternatives, let’s take a look at what FreshBooks has to offer your business.

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The Four Most Conventional Small Business Legal Issues Confronted

Article | September 1, 2021

While small business owners are typically preoccupied with the day-to-day operations of their businesses, they frequently ignore the small business legal issues and obstacles that they are likely to encounter in the future. Thus, it is a pressing need of an hour, majorly after the COVID-19, to identify their legal challenges and be well prepared for them. The neglected or untimely addressing of the legal issues could cost you a big deal and prove disastrous, and might even be challenging to recover. This article will describe legal issues affecting businesses and how to avoid them tactfully. There are myriad essential aspects of the business to be considered, such as overhead costs, marketing, employee management, business & marketing budget, etc. Among all these, legal aspects of business also hold a similar level of importance but are usually underestimated issues for business. Legal counsel from a reputable legal firm can guide you in identifying prospective issues and preparing for the future. Spend time ensuring that your firm is legally solid. Here are the most common small business legal issues encountered, and you should be cautious about. Establishing the Wrong Business Structure Establishing the wrong business structure stands first in the list of legal issues and is also critical. The business entity is classified into sole proprietorship, partnership, LLC, S-Corp, or C-Corp, and each has its own set of tax structure and legal obligations. However, registering under the wrong ones has a severe repercussion. Business law issues are not limited to tax laws; state and federal legislation changes may also impact a company's risk profile. Contracts are another significant legal issue raised by COVID-19. Unfortunately, once the courts begin to normalize their work environment, precedence will be given to criminal and family law proceedings. Thus, resulting in delays in contract disputes, which will have to wait years to be resolved. Inadequate Protection of Intellectual Property Businesses are constantly developing new and distinctive ideas, technologies, products, and marketing strategies. However, many small business owners believe that intellectual property issues are not their responsibility and only large corporations deal with them. This is the reason often these legal aspects of business are a common issue among small businesses. It is advisable to do in-depth research before naming your business or launching any new products or services to avoid using and enforcing identical trademarks, which will count as infringement. The consequences of infringement are atrocious. The owner will have to alter their name and suffer legal consequences, including damages and attorney's costs. Without trademark registration, ventures risk losing the right to their branding, wiping out years of effort and investment. Securing a trademark registration precludes the occurrence of any of these issues and inconveniences. It is needful to protect intellectual property and law for small businesses. So, consult an expert attorney or business adviser to identify what should be secured by copyright, patent, or trademark. Improper Licensing Every business must have a valid license to operate. However, it may be perplexing and challenging for novice business owners. Before you may lawfully trade, you must obtain a license. Improper licensing leads to business law issues and is one of the most common small business legal issues. Government licensing requirements vary according to the kind, size, and location of the firm. Additionally, the business license is contingent upon the goods or services provided by the business. Therefore, licensing costs vary according to location. Obtaining a license for your particular business demonstrates that you are knowledgeable about your industry and are capable of operating the appropriate equipment. If you are discovered conducting business without the proper license, you may face severe fines or possibly have your business activities halted. An experienced small business lawyer will help you through the paperwork and ensure that your business is properly licensed. Not Hiring or Firing Employees the Right Way Among many legal concerns, one of the most frequent business legal issues for small businesses are improper employment or termination of workers. Unfortunately, numerous small business owners make the error of employing or terminating staff without proper paperwork or agreement. Inadequately executed agreements or employee contracts expose your small business to litigation. Having a written contract is necessary and differs as per the employees whether they are full-time, part-time, and casual. The written contract includes information about the employee and employment details such as: Stipulate payment Rights and responsibilities of the employees Benefits Termination clauses Date the contract was signed Potential reasons for termination The employment contract needs to clarify the terms of employment, conduct, grounds of termination, expected behavior from employees, etc. Employees are asked to abide by this contract. In case of violation, within your legal rights, you can terminate their employment and safeguard every small business's needs. If you have employees or contractors, you must adhere to small businesses' federal and state employment laws. Conclusion Dealing with the legal aspects of business is not a pleasant task, but you cannot ignore it, and if you do, you may have to pay the price. Small business legal issues are critical business law issues that impact a large number of small business owners. Few small business owners are familiar with the legal elements of a business. It is crucial to engage a legal team to assist you in navigating it smoothly and avoiding the danger of destroying the future of your business. Frequently Asked Questions: What are the primary legal issues that small businesses face? Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination How can a business overcome legal issues? Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "What are the primary legal issues that small businesses face?", "acceptedAnswer": { "@type": "Answer", "text": "Small businesses face many legal issues in their business operation, but the major ones are: Establishing the Wrong Business Structure Shareholders' Agreement Improper Licensing Inadequate Protection of Intellectual Property Not Hiring or Firing Employees the Right Way Response to Changes in the Law and Regulations Employee Termination" } },{ "@type": "Question", "name": "How can a business overcome legal issues?", "acceptedAnswer": { "@type": "Answer", "text": "Below are few tips for businesses to overcome legal issues: Recognize your regulations Inform yourself about labor laws. Acquaint yourself with intellectual property Select the appropriate attorney Maintain Vigilance" } }] }

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Spotlight

Resonics

We are Resonics – interior acoustic specialists with a wealth of knowledge and experience of working with and solving a range of acoustic issues. Our focus is to provide a single source solution where we take on every element of an acoustic project, from survey and assessment to design and installation. We do the job of the architect, acoustician and installer so that our clients only have to come to one place to get a tailor-made, design-led acoustic solution to suit their budget. We have years’ of experience of working side by side with architects and contactors too – ensuring that their design and construction requirements are met every step of the way.

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