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What You Should Know About Supply Chain Continuity Management

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Business
What You Should Know About Supply Chain Continuity Management

Join me July 14/22 at 1pm EST!

If the COVID19 global pandemic has taught organizations anything, it’s to develop a stronger focus on their supply chain. I speak with Supply Chain Management (SCM) expert Matthias Rosenberg about what you should know about SCM to help your organizations and communities deal with disruptions in a proactive and positive manner.

We talk about:

1. Defining Supply Chain Management,

2. The different perspectives on Supply Chain (e.g., Corporate view vs. SCM view),

3. SCM complexities,

4. Supply Chain Continuity Management (SCCM),

5. The SCCM Lifecycle (Analysis, Design, Implementation, Validation…),

6. SCCM solution options,

7. SCCM/SCM challenges, and

8. Some quick tips for professionals and organizations.

It’s an in depth talk about SCM you don’t want to miss. Enjoy!

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Tax Questions 2.0 and More With The Tax Answers Advisor

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Business
Tax Questions 2.0 and More With The Tax Answers Advisor

Questions! Questions! Questions! The questions never end when it comes to personal and business income taxes. As the 2022 tax season approaches, we have accumulated even more common questions individuals and businesses ask. When does an income tax return has to be filed? Are the stimulus checks income? Are the Advance Child Tax Credit payments taxable income? So many questions individual taxpayers are asking. Business and self-employed taxpayers are asking even more questions such as: What are business meals? What is self-employment tax? Should the business take bonus depreciation or depreciate over time? These and so many more questions will be covered this week on The Tax Answers Advisor.

Click here for the tax answers from The Tax Answers Advisor.

Sustain Business Growth, Build Relationships, & Watch Out for Tax

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Business
Sustain Business Growth, Build Relationships, & Watch Out for Tax

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The number of businesses that fail in the United States is staggering. How does a business survive the two, three, five, and 10 year time horizons? Building relationships will help to empower you to feel confident about business growth. We will discuss strategies small businesses can use to safeguard and to hedge their bets, during start-up or to get past the two-year hurdle for sustainable growth. Learn how small businesses can be resurrected after stalling or losing market share. Do large companies have an advantage? Can even a small company use outsourcing? How do taxes come into all this? We will discuss how small business can compete and thrive by simply changing their thinking and developing the right relationships.

Click here for the fast paced information

The Tax Challenges & Headaches of Buying and Selling a Business

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Business
The Tax Challenges & Headaches of Buying and Selling a Business

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Are you considering selling your business? Is buying a business in your near future? Have you spoken to a tax professional about your ideas? Before moving forward on either a purchase of a business or the sale of an existing business, talking to tax professional can save you thousands of dollars of tax. With the proper planning and the right moves you can successfully buy the business of your dreams or sell your successful business with the tax implications already settled. Should I pay cash, get a commercial loan, or use owner financing with an installment sale to buy a business. What the best way to sell, payment in full or an installment sale? We will endeavor to answer these questions and so much more to make either your purchase of a business or sale of a business as least taxing as possible.

Click Here to learn about the importance of checking with a tax professional before buying or selling a business/

Your 5 Best Options for Stock Investment

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Business
Your 5 Best Options for Stock Investment

Looking into investing in the stock market? Here are some great tips for doing so.

1.      Growth Stocks

Growth stocks are a very appealing option for investors. As the name implies, these stocks should see significant growth, which means the return on investment will be higher. Many growth stocks are in the tech sector, but there are other options as well. Typically, profits go straight back to the business. That means that dividends aren’t paid out until after the growth starts to slow down.

There are definitely risks associated with growth stocks. Typically, the cost of these stocks is high when compared against the company’s earnings. If a recession hits, or if there’s a bull market, it won’t take long for these stocks to build value. The popularity of these stocks can evaporate overnight. Still, it’s common for growth stocks to perform very well.

If you plan on buying growth stocks individually, you’ll need to investigate the company before making an investment. This can be time-consuming. Furthermore, it’s important that your risk tolerance is high enough to compensate for the volatility of these stocks. Alternatively, you should make sure you’re willing to hold the stocks for a minimum of three years.

How the Risk compares to the Reward: Since investors pay a premium for growth stocks, they tend to be high risk. When the stock market is on the decline, these stocks can lose significant value. Still, many of the most successful companies in the world, like Amazon and Facebook were high-growth. If you’re able to invest in the right stocks, you could enjoy massive rewards.

2.      Stock Funds

If you don’t want to put time and energy into investigating stocks individually, you may want to look into some sort of stock fun. Both mutual funds and ETFs are worth considering. If you’re able to invest in a highly diversified fund, you’ll be able to put money into a number of high-growth stocks. However, since you’ll be investing in a set of companies, you’ll be taking on less risk than you would with individual stocks.

This is one of the best options for investors that want to see significant returns, but don’t want to spend all their free time on investing. There are other benefits associated with stock funds as well. Since you’ll receive the weighted average of all stocks within the fund, you won’t have to deal with the same level of volatility you’d experience if you put money into a handful of stocks or small investment trust.

Your stock fund will be subject to more volatility if you choose a fund based on a single industry. As an example, if all of the companies in your fund are a part of the automotive sector, the value of your fund will rise and fall along with oil prices. Diversified stock funds are generally your safest bet.

How the Risk compares to the Reward: It’s easy to invest in a stock fund, and it’s a great way to mitigate risk. Still, it’s not unusual for funds to see significant movement throughout the year. In years with more movement, gains or losses could be as high as 30%.

Overall, a stock fund is much easier to keep track of than individual stocks. Furthermore, since you’ll have investments with different companies, you’ll see more reliable returns. There are many benefits to putting money into a stock fund. Take a closer look at some of the top index funds in the post covid landscape.

3.      Bond Funds

Bond funds consist of bonds from several different issuers. ETFs and mutual funds can both be bond funds. In most cases, these funds are distinguished by the kind of bond within the fund. Factors like the issuer, the risk level, and the duration are all considered. If you want to invest in a bond fund, you’ll have many different options.

If a bond is issued by the government or a business, the owner will receive a specified amount of interest each year. When the bond reaches the end of its term, the principal will be repaid by the issuer. The bond can then be redeemed.

Bonds are already a low-risk investment, and a fund provides a greater level of security. Funds could include bonds of many types and from a range of issuers. This diversity means that a portfolio won’t see a significant decline if a single bond defaults.

How the Risk compares to the Reward: Bonds can see changes in value, but with a bond fund, there’s much more stability. There may be some movement along with interest rates, but bond funds aren’t very volatile. When compared against stocks, bonds are already a much safer investment option. You should keep in mind that certain issuers provide more security than others. Corporate bonds carry more risk than government bonds.

Bond funds generally have lower returns than stock funds. An annual return of 4 to 5% is common, but the return could be lower for government bonds. Of course, the risk levels are lower as well.

4.      Dividend Stocks

Growth stocks have a lot of allure, but more dependable options, like dividend stocks, also have a lot of appeals.

What are dividend stocks? They’re a type of stock that provides a cash payout on a consistent basis. This is an option for a number of stocks. Dividends are more commonly seen from well-established businesses that are less reliant on cash. Older investors are often drawn to dividend stocks. Since payments are provided on a regular basis, they can be a source of income. It’s also possible to earn more than a bond would provide if you opt for stocks that increase the dividend across a period of time. One option with a lot of appeals is REITs.

How the Risk compares to the Rewards: Dividend stocks provide much more stability than growth stocks do. However, these stocks can still see dramatic increases and decreases, particularly when the stock market is turbulent. Still, since companies that pay dividends tend to be well-established, these types of stocks tend to be safer. Of course, if a company fails to earn the money needed to pay dividends, the payout will be cut, which could cause the stock’s value to drop dramatically.

What makes dividend stocks so alluring is the payouts. The best companies offer upwards of 2 to 3% in dividends each year. Beyond that, it’s possible to increase payouts by 8 or 10 percent annually for a period of time. This means you can expect a yearly pay raise. You’ll often see high returns from these stocks, but they’re still below what you would see with growth stocks. If you want a more diversified portfolio, you could also look into a dividend stock fund.

5.      Target-Date Funds

If you’re not interested in managing your stock portfolio, you might be drawn to target-date funds. Since these funds become less risky over time, you can ensure that you can depend on your portfolio when you’re ready for retirement. In most cases, your funds will be invested in aggressive stocks initially and will be moved over to more stable options, like bonds, when your target date draws closer.

These options are commonly seen in 401(k) plans from employers, but it’s possible to buy them outside the workplace. Just specify the year you plan to retire in, and your fund will do everything else.

How the Risk compares to the Reward: With a target-date fund, you’ll see many of the same risks you would see with other investment options, like a bond fund or stock fund. The main difference is that your fund will become more conservative as time goes on. Initially, your fund may be more volatile, and your earnings are likely to be higher. Later on, it will be more stable, which means your earnings are likely to decrease.

Eventually, it’s likely that your fund will underperform the stock market. You’ll see less in returns, but you’ll know that your money will be safe. However, since yields for bonds are lower than ever, there’s a chance that you could outlive your funds.

To reduce your risk, it’s often recommended that you set a date that’s at least five years past your planned retirement. That way, you’ll be able to see more returns from stocks, but you’ll still benefit from the stability target-date funds provide.

7 Ways to Grow Your Brand On Instagram

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Business
7 Ways to Grow Your Brand On Instagram

Are you looking to make the most of Instagram and want to use it to grow your business? Here are some clear tips you can engage with to do just that.

1.  Finding the right time to post

The time you decide to post your content is going to have a big impact on how it performs. The decision of when to post becomes overwhelming for most because there are 24 hours in a day and seven days a week, which means they have a lot to choose from. If you want to avoid going through all that, it is a good idea to do a simple online search because it is going to help you in figuring out your content schedule.

Many social media management tools and social media blogs have already done the research and determined the best time to post on Instagram. This allows you to start posting on Instagram feeling confident without spending a lot of time and resources researching on your own. You shouldn’t depend on what they have recommended; it is a good idea to put in a little time because the audience is different. There are times when the time is opposite because of the nature of the audience. The data should become the foundation of the schedule, then you adjust the times you post then see which times work the best. Fine-tune your schedule until you end up with something that works well.

When you are starting out you can buy Instagram followers, be sure to take this into account with your analytics. Buying Instagram followers can be a great way to give your brand that initial push and really kick things off. Trusted sellers such as Social Plus are a great place to start.

2.  Being smart with hashtags

Hashtags are great when you want to reach new audiences on Instagram. But it is not enough to just choose random and popular hashtags. The hashtags are going to do so much; the good thing is there is a type of hashtag that is going to help you grow your followers on Instagram.

This type of hashtags is known as “niche hashtag”. This is a hashtag that focuses on a specific interest. A photographer in Los Angeles can use the hashtag #losangelesphotographer in addition to the popular #photographer (this has been used on more than 168 million posts). When you put niche hashtags on your posts, you are going to gain followers who are interested in your content and also increase awareness of your brand.

3.  Going beyond the typical post

Don’t limit yourself to photos, there are a lot of features on Instagram that will help you create a great experience for your audience. When you use features like IGTV and video, your followers are going to have more ways of interacting with your brand.

IGTV is great for trying out long-form content on Instagram and you will know how your audience prefers engaging with your brand. Don’t feel like you have to start by posting seven-minute-long videos. Start by posting a video a week, then seeing how followers interact with the video compared to your normal posts. The findings from this will help you update your strategy and make sure you are up to date.

4.  Make use of geotagging

Location is one of the most important things when it comes to real estate, but it is also important for your Instagram strategy. The geotagging feature is good because it allows users to store content at a specific location and tags. The coordinates are going to be linked with your content. This is going to make the posts more visible to users searching in that given location.

Geotagging features can be used beyond the standard posts. You are also given the option of geotagging through Stories or Stickers. Are you curious about where the brand is talked about the most? The Instagram explore feature to search your brand name or physical storefront if you have one. Go to the “place” option. Through this, you get to know more about the followers talking about you are from. You will know the reach of your brand geographically.

5.  Upgrading your photos

Instagram is mainly driven by visual appeal, which makes it important to ensure your photos are high quality especially when you are competing with other brands. You don’t have to have a professional camera to produce quality photos, your smartphone is good enough. Your phone can produce quality photos, provided you use it correctly. Most people on Instagram use their phones to take photos and videos, you don’t have to be a professional photographer to do it.

There are some tips you can find online that can help you improve the quality of your photos. The camera on the back is a good place to start because it is easier to steady your camera and the quality is also better. Lighting is also important, make sure it is not too bright or too dark. It is best to use natural lighting because it isn’t too overpowering.

Play with different angles to make the photos eye-catching to users as they scroll, and also balance your photos using gridlines. Don’t over-edit your photos before you post because people can easily tell that the photo isn’t real. You don’t need to do a lot of editing when it is a good photo.

6.  Partnering with other brands

It might seem counter-intuitive to work with those you consider your competition, but working with others can help you gain access to a different audience. When you partner with a brand on Instagram, you are introduced to a new audience through their followers, which is going to grow your reach.

If you have never partnered with another brand or are new to Instagram, don’t worry. It is not hard to reach out, and it is going to be the most important step. Start by identifying brands that your audience is most likely interested in. Make sure you double-check their brand value so you can be sure that their values align with yours. When you do this, you prevent issues coming up later that could harm the partnership.

Once you find a brand you think is a good fit, reach out to them and find out whether they might be interested in partnering. If you partner with another brand, take advantage of the new exposure by creating content that is going to showcase both of your brands. You can create a hashtag specific to the partnership, or a giveaway to get the interest of the followers. The goal of such a partnership is to promote both brands, which results in new followers that could be converted to customers.

7.  Gathering feedback using Stories

Most people love feeling the brand cares about their opinion, and this same can be said about Instagram users. Instagram has made it easier for users to easily get feedback, and one of the tools is Stories. Polls are great when gauging interest or the question sticker when you want suggestions from your audience. You get to learn more about your audience. The engagement is going to improve when you give your audience the content they asked for.

When you get feedback from your audience, use it to improve your Instagram content and engagement. This will help you gain more followers on your account. Consistently ask for feedback. Instagram changes fast, and it is important to stay relevant by asking for feedback from your audience.

Are You Classifying Your Employees Correctly?

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Business
Are You Classifying Your Employees Correctly?

With the talk about increasing the federal minimum wage, some businesses may consider trying the reclassify their employees. Is this a good idea to save some money? The Internal Revenue Service has tests that determined whether an individual is an employee or an independent contractor.  Marcelino Dodge, EA  discusses these tests and what the potential consequences could be for businesses that fail to properly classify and pay their employees in this special episode of The Tax Answers Advisor. The costs to your business of not properly classifying your employees can be very devastating if the IRS or a state department of labor does an audit.

Click here to listen to this important show.

Welcome to The Tax Answers Advisor

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Business
Welcome to The Tax Answers Advisor

The federal income tax code is thousands of pages of confusion for taxpayers and tax professionals. The Tax Answers Advisor is here to help navigate through the these turbulent tax waters. Marcelino Dodge, an Enrolled Agent since 2006, introduces himself in this informative hour of plain tax information and tax planning for anyone wanting to understand their federal income taxes better. This episode covers some common tax myths, tax software, what an Enrolled Agent is, Marcelino’s background, and much more. Tune in for the debut of the show that will help you to better understand federal income tax, The Tax Answers Advisor.

How to Make Money Investing in Number Plates?

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Business
How to Make Money Investing in Number Plates?

About 40 years ago, owning a personal car was more of a status symbol. It wasn’t as much of a need. People used to rely on public transport more than they relied on their private cars.

However, today, the face of reality is much different. Each household owns at least one car owing to various necessities and tight schedules.

We cannot afford to spend hours of our precious time on public transport. And for some, doing so is a huge concern in terms of reputation as well.

Naturally, the production and ownership of cars are increasing by the day. It’s not only giving rise to the car-selling business but the industry-associated businesses as well, such as number plate selling and manufacturing.

In actuality, currently, the most expensive number plate in the world costs around AED 38 Million. You can imagine the profitability of this business!

If you’re an investor and that figure sparked a gleam in your eyes, then allow us to dissect it further for you. Allow us to help you lay a path to that very figure (you could be a millionaire!!).

How to Invest in Number Plates?

Virtually

Investing in number plates is much simpler today. You can begin your business right away online!

To get started, you can get yourself registered on a relevant business site, such as newreg.co.uk, and set up your company profile or business profile. You can research, create, invest, purchase, and even sell on such platforms. These make your investing journey 10x easier!

Once you have your account set up on a relevant site, you can use digital marketing tactics to promote and market your business. You can take it to other social media platforms and gather an audience there. Once you start running ads for number plates for sale, you will begin gaining traffic.

Since there’s a lot of competition these days, it’s best to invest ample time in crafting your mission, vision, and operating mechanism. It will help you incorporate unique elements in your business that will help you stand out from the crowd.

Unlike brick and mortar stores, you will not have huge expenses to deal with. You won’t have to pay rent for storage, hire employees, or spend on paper advertisements. Instead, you can use the internet and profile to reach out to relevant customers. You may have to arrange a number plate machine or two initially. And may require room to store and operate it.

Physically

If you wish to become a number plate supplier or investor with a physical store in existence, then you’d have to take a longer route. You’d have to arrange:

  • A place
  • Employees
  • Legal Verifications
  • Physical and Online Advertising

Even as an investor, you’ll have to manage and look into these concerns.

Duties & Responsibilities

As an investor in number plates, you will have to abide by a few rules and laws. Whether you’re investing in a manufacturing business or buying prepared number plates, you need to ensure that your customer owns the following:

  • Driving License
  • Valid Passport
  • Police Warrant Card
  • Debit or Credit Card
  • Utility bill issued and paid within the last six months
  • Armed Forces Identity Card
  • National Identity Card

On your end, you have to provide the following:

  • Vehicle registration certificate
  • Certificate of Entitlement
  • Authorizing Documents

Whether you’re selling them large-scale or small-scale, you will have to keep a keen eye on the exchange of these documents for verification and business purposes. If you are to thrive and survive in the industry, you have to abide by the laws.

How to make quick money?

For quick maximum profits, we recommend:

  • Buy number plates with fewer digits (e.g., F1, D5, EE 2)
  • Buy number plates with labels of wide appeal (e.g., S1MON)
  • Buy number plates upon immense research. Choose the ones with unique, funny, popular, and appealing letter-digit combinations.
  • Compare the prices before investing anywhere. Study the market and determine if you’re spending more than you need to or not.
  • Instead of buying from third parties, buy number plates directly from the owner to save spending on commission.

Final Thoughts

Conclusively, we’d like to remind you that as an investor you’ll need loads of patience. You may have your number plates sitting in the storage room for a year or two, or even for years till they sell for a just price. Don’t lose hope and keep on investing.

10 Surefire Medical Reputation Management Tips

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Business
10 Surefire Medical Reputation Management Tips

Online reputation has a great impact on your business. It can make or break your business. Your online reputation determines how others see your business when they search for it. Online reputation management can help you in maintaining a good reputation.   Below are ten ways you can ensure that your healthcare practice has a good reputation.

  1. Audit Your Brand Name

Achieving a solid online reputation has something to do with knowing your competition. It would be best if you understood what other online brands are doing, so come up with a means of outpacing or outdoing them. People will go to the internet when searching for healthcare providers or hospitals. Reevaluate the information available online about your brand, noting the positives and negatives.

  1. Leverage Social Networks

It is not enough to have a social media account; you also must have a persistent presence which entails taking a proactive approach by being part of the conversations and sharing content. Set up Google Alerts for brand mentions to ensure you know when your name comes up in an online discussion. The alerts will also ensure you are part of the conversation and you can respond adequately. Please keep in mind that negative comments can dent your brand’s reputation if they go unchecked, more so when they originate from your social media network. It is best to use a positive countermeasure, a proactive strategy that will safeguard your name and online reputation.

  1. Tell Your Story

It is also wise to use it to build your brand’s image with an online social network presence. Furthermore, you can take advantage of social media to strengthen your overall online presence. You can achieve this by sharing/posting creative, relevant, positive content and linking them with your website and blog. Always present your brand as you tell your story, striving to establish yourself as an expert in your field. In addition, the material you churn out should generate responses from your target viewers, which will help it gain a higher search ranking.

  1. Encourage Positive Online Reviews

One of the most effective ways of snuffing out negative remarks and strengthening your online reputation is by aggressively promoting positive materials about the doctor’s profession. Encourage your medical faculty to share or posit positive reviews. The more such content you get, the less likely you are to get negative remarks that dilute your reputation. You also should monitor online reviews, which you can do using Google Alerts, Social Mention, and other tools. It is a tactic that ensures you are better equipped to counter negative content and mitigate its impact as you push the positives by responding promptly and professionally to all remarks.

  1. Never Disregard Negative Reviews

Some patients might not be happy with you despite your best efforts to be professional in your specialty. They are likely to post a bad review, resulting in significant losses in your medical practice if ignored. If such a remark bears some truth, own up to your mistake and contact the reviewer offline, proposing ways to resolve the issue. At times, a sincere apology can be what it takes to deflate or diffuse the situation. Moreover, avoid getting emotional because you might end up saying something regrettable. It is best to maintain your cool as you offer to handle the matter offline. You could make a loyal patient out of that disgruntled individual once you hear them out and address their complaints. They also could recommend your practice to their friends, family, and colleagues.  

  1. Earn Your Patients’ Trust And Respect

Today’s internet users rely heavily on online content to know who to trust when searching for products or services. The same is expected of people when looking for medical care. Patients want a healthcare provider that has a seemingly untainted reputation. Providing high-quality care is one of the vital starting points. People expect you to offer this, which plays a significant role in the bigger picture. Remember, sometimes issues do arise and it’s the way you rectify them that defines you as a business. Perhaps you’ll need a defense counsel to do so, however, you should always strive to make amends.

Overall, excellence should be your goal in every step of the care and other services you provide to your patients. Let their journey – from searching and find you to getting treating and leaving your medical facility be a fantastic experience.

  1. Do Your Best To Listen

Use your social networks as avenues for hearing what your patients are saying. You will get unedited voices that let you understand and relate to your audience’s voices, especially the unhappy ones. Pay closer attention to the feedback regarding your brand. Understand their complaints and concerns before rushing to fix the issues. That is who can repair the fundamentals and prevent such problems from arising in the future.

  1. Encourage Your Workforce To Offer Excellent Service

Patients will not always express their anger upfront, but you know they left unhappy when they stop coming back to your medical facility. They also can tell their friend, family, and colleagues about how your staff handled them, which can have a negative ripple effect that damages your business’ reputation. You should have health practitioners that understand the need for providing outstanding health care services. Such a staff play’s a crucial part in improving your reputation and bolster your business’ position as a leader in your niche.

  1. Develop Long-Term Reputation Management Strategy

Having a highly-trained staff that strives for professionalism will not fix your online reputation overnight.  It is best to consider a long-term approach, which is a process that demands commitment. Feeling frustrated when your reputation management efforts have little to nothing to show is understandable. However, it would be best if you did not forget that all the work you put into will have a long-term impact on bolstering your reputation. Some of the things you can consider in your long-term plans include setting patient care benchmarks, hiring qualified practitioners, providing staff training, and more. Overall, strive for realistic goals, exercising patience, and maintaining a level-head when facing challenges.

  1. Hire Reputation Management Specialists

Lastly, it is best to consider outsourcing your medical facility’s reputation management responsibilities if you feel overwhelmed. Many healthcare practitioners will bring onboard

professionals to help them handle their business’s online reputation by managing their online presence. Reputation management for healthcare businesses can be complicated but is worth the investment if you want to ensure your business’ name is untainted. Work with qualified professionals when trying to build your online presence and reputation.

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