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Three Questions Worth Considering Before Opening an International Location

October 18, 2012

With 95 percent of the world’s consumers located outside of the United States, expanding your operations outside our borders can be a smart strategy for your business. Can being the operative word.

Your research may reveal a sizable market for your product or service in a foreign country. But before you open your doors in a different country, see how well you can answer these make-or-break questions.

1. Is your local business strong?

Most small business experts recommend achieving success at the local level before shooting for international stars. If you’re not already in business, you might be tempted to start from the ground up in a country with cheaper labor and fewer regulations. (more…)

How Can I Collect Cash From My Customers Quicker?

October 17, 2012

Cash is king as they say. Yet, some businesses don’t have an effective cash collection process in place to make sure that their clients pay them on time. It’s very easy for businesses to become relaxed after the sales agreement is signed.

However, when they aren’t collecting cash for goods or services rendered on time, they are essentially extending credit to their customers. Find out how to get paid quickly.

Improve cash collection

All business must have a process in place in which their customers know the payment terms upfront and the policies that must be followed. Any cash collection process with lenient terms is a recipe for disaster. (more…)

4Q Business Planning

October 16, 2012

Many business owners are paralyzed by uncertainty over what the future may look like for their business and industry. But if you’re the owner of a closely held family business and are thinking about some form of retirement, you should consider taking advantage of a few tax provisions before the end of the year to help you, your company, and your family.

In the next 12 to 24 months, several tax laws will probably change. The lifetime gifting exemption of $5 million per person will likely be reduced and the long-term capital gains tax of 15% increased. In the fourth quarter of 2012, you can take advantage of current rates to start implementing the transition or sale of your closely held family business.

If your net worth is high enough, and your children are going to be taking over your company, then strongly consider using some or all of your $5 million gift exemption this year. (more…)

Ideas for an End-of-the-Year Events

October 15, 2012

Labor Day is well behind us and whether you want to believe it or not, 2013 is fast approaching. The end of the year is typically the busiest time for many businesses, but it can also be the perfect time to host an event.

An event can give your business or organization an opportunity to create intimacy and make a more personal connection with those you come in contact with. When you invite customers and members to a special event, you’re building relationships the old-fashioned way — with personal, face-to-face contact.

Now is the perfect time to start planning for your end-of-year events. Here are some ideas for events that businesses and organizations can put together to bring in customers, clients, members, donors, prospects, and others: (more…)

Internet Marketing for Beginners: Part 2 – Generating Sales

October 12, 2012

This article is the second in a series on Internet Marketing for Beginners. In the first article, I discussed setting a proper online goal. A website should either generate sales, leads, or support for an existing customer base.

This article will focus on the first goal: Generating Sales.

Some of you may think ALL websites should generate sales. However, in my opinion, only a few should consider that their goal. When I say, “generate sales,” I define that phrase as allowing someone to put a product in a “shopping cart” and paying for it online. The merchant has only to ship it at that point.

The majority of you don’t need a shopping cart. Basically, those who sell high-priced items or services rarely need a shopping cart. Examples would include realtors, repairmen, consultants, etc. (more…)