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5 Tips to Prepare for Retirement

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You may be young, but it’s never too early to prepare for retirement. According to a study via the National Retirement Risk Index (NRRI) and the Retirement readiness Rating, 43% to 52% of Americans are not going to live their retirement years in the standard they’d hoped, according to their current living standards?

So what’s the best way to be prepared for the life you want to lead when you retire?  Start planning now. Check out the following five tips to do so.

1.      Contribute to an IRA or Your Employers 401(k)

So you’ve started working for an employer who has a 401(k). You may feel you don’t have the money to spare to contribute, but you’re losing out on more by not contributing. For one, it’s an excellent tax deduction, reducing your taxable income. Also, most employers offering this plan offer some matching contribution. Don’t leave behind that free money on the table. These savings plans handcuff you from quickly accessing this money, so saving it up is a breeze.

2.      Save Up Automatically

Here is another way to start saving towards retirement. You can use this in combination with putting money into your IRA. Start saving money into a savings account by having it pulled automatically from your paycheck each pay period. Talk to your human resource or payroll department about taking a specific dollar amount or percentage, and deposit it into this designated account. This is a guaranteed way to get it in monthly.

3.      Live Healthy to Save More

It’s said living healthy is costly, especially if you eat organic foods. However, organic products aren’t the only road to good health. There are other things you can do such as regular exercise, cut down on your fat intake, and stop smoking. The results: you reduce the chances of developing cardiovascular or lung diseases and live longer. This helps you save by eliminating excess doctors’ visits, hospital stays, prescriptions, and as a bonus you’ll also save on not purchasing excess, unhealthy items.

4.      Start Eliminating Debt

Getting rid of debt now will help you prepare drastically when you retire. Not having to worry about a mortgage, car note, or credit card bills help you have money for future lifestyle and vacation plans. The sooner you pay these off, the faster you can start saving for an emergency fund to use instead of your retirement savings for emergencies.

5.      Start a Side Business

In a study called Work in Retirement: Myths and Motivations, they studied 7,727 adults regarding their position on returning to work after retirement, 30% said they would go back to work. Instead of working for someone else, prepare now to work for yourself. This will help you enjoy your retirement years as you want, when you want.

Don’t feel it’s too late to prepare for retirement. Implement the above five tips now and keep on target for future goals.

How to Finance Your First Car

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How To Finance Your First Car The Free Financial AdvisorAccording to NADA’s Annual Financial Profile of America’s Franchised New-Car Dealerships, dealerships sold or leased more than 15.5 million new cars and trucks in 2013. That accounts for a 7.5 percent increase from the year before. As car sales grow and everyone you know seems to be driving around the newest model, it’s tempting to jump in, buy it and speed off the lot with the wind in your hair. Despite the relative ease of purchasing a vehicle, it’s important to know your options, find the best financing available and negotiate a price in your favor. Here are some tips to get started.

Set a Budget

It’s impossible to know how much car you can afford without a budget in place. Make a monthly budget and see if you can stick to it for a few months before diving into an auto loan or car purchase. Make a list of your fixed expenses with a generous amount left over for emergencies and recreation. Use an app like Mint to help keep track of your budget and alert you on when you’re overspending on set categories. Remember it’s not enough to just plan for your auto loan. Consider the cost of your tag fees, car insurance, fuel, ongoing maintenance and extras like getting your car detailed or replacing a flat tire. As a rule of thumb, don’t devote more than 15 percent of your household income to transportation.

Know Your Credit Rating

Get a free credit report from a site like Annual Credit Report to check your rating. Your score can directly impact your interest rate on an auto loan. Your credit report can also alert you to any erroneous information, credit fraud or mistakes. Your rating is calculated with a combination of factors from your credit history, outstanding debt and payment history. Your score ranges from 350 to 800. The higher the score, the better loan you can probably get.

Shop Around for Funding

The upside to securing funding through an auto dealer is taking care of your loan and financing in one place. The downside, car dealers are often paid a commission for it. Instead, consider a dealer like DriveTime where sales advisers aren’t paid on commission, making it easier to trust their advice. They also offer a 30-day limited warranty, 5-day return guarantee and auto check history report on all used cars they sell.

Going with the car dealer’s loan offer or big bank isn’t the only way to secure a car loan. A community credit union generally offers lower rates and is more sympathetic to borrowers with lackluster credit history. Credit unions are known for offering more intimate customer service. Since they’re funded by their customers, they work for their members and aren’t motivated to sell you anything for their own financial gain. Profits from credit unions go back into their services and member offerings.

Negotiate the Price

Regardless of how you pay for your first car, remember the price is negotiable. Consumer Reports suggests purchasing a New Car Price Report to find out what the dealer paid and using it as a springboard for negotiation. Be warned, dealers like to lump everything together from financing to trade-in you might be offering. It can be difficult to figure out the numbers once it’s lumped together. Negotiate one thing at a time and stick to the monthly amount you want to pay. Start with your rock-bottom price and let the dealer work you up slowly to a reasonable price you can drive away with.

Get Inspired: Business Successes

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There’s no two ways about it, business can be hard work, whether you’re focusing on progressing up that proverbial career ladder or you’re looking at breaking away from the norm and starting something for yourself.

At times, it can feel like your business plan is going nowhere – but don’t despair! Instead, it’s important to get yourself re-inspired. Whether that’s by enrolling onto a course that can help train your business acumen – something that London School of Business and Finance (LSBF) can help you with – or taking a look at some of those that have already realised their business dreams, there’s no reason why you, too, can’t join the ranks of business successes.

Here, we’ve put together some short case studies on some of the business people that we’re inspired by in the hopes that they’ll inspire you, too.

Holly Tucker and Sophie Cornish

Few can say that they’ve not heard of notonthehighstreet.com. The site is a digital marketplace for sellers of crafts, fashion, accessories, homewares and more – but everything is unique in that it’s been handmade or created by someone with passion. Essentially, it’s a global village fete with only the best stalls, and it was created in 2006 by Holly Tucker and Sophie Cornish.

Not only has the unique site won them prestigious technology awards (the retail platform they work on simply didn’t exist before they had it built) both Tucker and Cornish scored an MBE each for their services to small businesses. 2013 saw notonthehighstreet.com turn over £83 million, but it was by no means always this way.

In fact, neither founder took a salary for the first couple of years because they were so adamant on keeping the quality of sellers on the site as high as possible – meaning that they were rejecting a huge amount of potential cash in the bank for the brand’s integrity.

Palmer Luckey

Few might have heard of Palmer Luckey, but anyone interested in the world of technology will be familiar with the invention of the Oculus Rift. Aged just 22, Luckey developed the Oculus Rift and sought funding through Kickstarter.

This publicly funded campaign brought nearly $2.5 million in pledges, and Luckey was able recreate his invention for the masses.  From this, his business Oculus VR was formed; a business which continues to grow thanks to the ever increasing interest in immersive virtual reality.

Though the technology is solely utilized by video games for now, Luckey believes that a digital world parallel to ours is the future for Oculus tech – an unsurprising view considering that Facebook recently bought Oculus Rift for a reported $2 billion.

 

Palmer Luckey

As the above stories prove, success comes from many different kinds of backgrounds – but a specialised business education will only ever be a help. From understanding basic management principles to developing a solid business plan and knowing how to put it into action, a background in business practice could be the difference between creating something amazing, or just having a good idea that nothing ever comes from.

University courses like the qualifications available at LSBF are best equipped to help you take your idea where you want it to go – who knows, you could make our inspiration list this time next year!

Photo: D Coetzee

5 Tips to Save Money on Your Smartphone Bill

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When you just can’t seem to make your money last all month, something has got to give. If you’re searching for ways to cut your monthly expenses, look no further than your smartphone. A Harris Interactive survey found that almost half of Americans spend $100 or more each month on their smartphone, while 13 percent drop $200 or more on monthly phone service.

Pardon our frankness, but that’s crazy. $100-$200 a month? No, no, no. We’ll show you how to do it for cheaper.

Downgrade Your Data Plan

Check your usage statistics on your phone. If you’re only using a portion of the data you’re paying for each month, then ask your carrier if you can switch to a lighter usage plan. Use MyRatePlan.com to compare plans and find the right fit for your usage needs.

Make money from technology

Reduce Your Data Usage

This tip goes hand-in-hand with the one above; if you can’t downgrade your data plan because you use too much data, well then maybe it’s time you reduced your data usage — then you can cut back on your plan. To do this:

  • Connect to free Wi-Fi whenever possible. Of course, don’t do any online banking or send any sensitive personal or financial information, unless the site is encrypted. For more tips on using public Wi-Fi safely, visit the Federal Trade Commission website.
  • Don’t stream video, play games or use apps unless you’re connected to Wi-Fi. These activities suck up a lot of data.
  • Make sure you’ve killed your apps when you’re done using them. If you don’t, they’ll continue to run in the background, using data.
  • Don’t run apps that regularly push content, such as weather updates and sports scores. These use data continuously. If you need help turning these off, simply search “How to turn off push notifications on a (your device)” and follow the instructions.

 

Change Your Insurance Plan

Many people don’t realize that they aren’t limited to the insurance offered at the time they bought the phone or signed up for service. Insurance from the manufacturer or carrier is usually more expensive than going through a third-party provider. Protect Your Bubble offers smartphone protection starting at $5.99 a month. It covers liquid damage, cracked screens and mechanical breakdowns, and most deductibles are just $50.

You can take your chances and cancel your insurance altogether — that will save you money. But then you take the chance of having to shell out up to several hundred dollars for repair or replacement if something happens. That’s not good for your monthly budget, either.

Go With a Prepaid Plan

Prepaid, no-contract plans are a good way to reduce your bill, and a lot of them have come down in price in recent months. Walmart’s Straight Talk plan has an unlimited talk, text and data plan for $45 a month; Cricket Wireless and Boost Mobile have similar plans for $50 a month; and the GoPhone offers the same type of plan for $60.

There are some caveats here, however. Make sure to ask about coverage, overages and the available selection of smartphones. Consumer Reports features a comprehensive guide to no-contract phones and plans.

Stop Buying Stuff

Finally, quit downloading apps, games, music and the like. Ninety-nine cents here and there isn’t much, but it does add up. If you need a little help with willpower, turn off your ability to make in-app purchases.

3 Smart Things 20-Somethings Can Do With a Tax Refund

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Unless you left with an accounting degree, filing your first tax return after college can be a little deceiving. A couple government checks in the mail this summer might feel like a consolation prize for a dues-paying job, and you deserve to be king for a day, right?

Hold on a minute. We have a few ways you 20-somethings can make the best use of your tax refund.

Perhaps the Most Underrated: Start Saving

If you get your refund deposited directly in your bank account, it’ll just “show up” one day, like someone just dropped a gift card in your lap. Saving isn’t the most appealing option, but it will be the most rewarding when it’s time to rent a new apartment or put a deposit down on a car. Building your current account isn’t always enough incentive, so here are two ways to keep at it:

  • Open a savings account. Already have one? Open another. A hundred dollars buys you a reason to put disposable income aside exclusively for emergencies or other big (but necessary) expenses.
  • U.S. savings bonds are another convenient option, allowing you to redirect your tax return into an account that earns ample interest and is safe from inflation. According to TreasuryDirect, classified Series I bonds opened just four years ago this month, and this route requires a simple request via IRS form 8888.

Invest It in Your Retirement

Start building an investment portfolio now. If you feel you don’t have the know-how to purchase stock, the following two retirement investments are ripe alternatives for someone your age. Planning for retirement should always start as early as possible.Woman and piggy bank

  • Open an IRA, or individual retirement account. This is a personal account you contribute to each year, and the amount you contribute is tax-deductible. While you have more freedom to adjust and personalize investments like stocks, mutual funds and CDs, you can’t make withdrawals. With a Roth IRA, on the other hand, you pay taxes upfront and then you can make tax-free withdrawals.
  • Invest in a company-sponsored 401(k). Don’t miss out on the retirement plan your company offers. Many companies use a safe harbor or match plan. Safe harbor means that if your company contributes to your plan, the funds are yours even if you leave the company a couple months later. A matching plan means the company matches whatever you put into the plan. Some companies will even match up to 6 percent of your salary, according to DailyWorth.com. It’s basically free money.

Pay off Your School Loans

If you owe on student loans, put your refund on that debt. Paying off loans isn’t optional—you have to find a way to pay them anyway—and paying up front and on time is a bigger deal than you might think.

Funding your next bill with a tax return reinforces your credit history, yielding low interest rates on future big-ticket items like a new car, and keeps you paying loan interest at levels that can qualify you for education-based deductions as defined by the IRS later on. Whenever you can contribute a large chunk of money to paying down your student loan debt, do it—whether it comes from your tax refund, an unexpected financial windfall such as lottery winnings or inheritance or selling a structured settlement. The faster you pay them off the more you’ll save on interest, and that’s like money in the bank.

3 Bookkeeping Tips for Entrepreneurs

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The Sarbanes-Oxley Act of 2002 was passed to stop corporate malfeasance and accounting scandals at Enron, Tyco and other large companies that cost investors billions and many Americans their pensions. In 2014, a study by the University of Kansas School of Business found that only 728 financial restatements were filed with the Securities and Exchange Commission (SEC) in 2012. That’s down from 1,784 restatements filed in 2006. The study also found the highest proportion of egregious errors were filed by small and medium-sized companies as opposed to large corporations.

Accounting oversights and inaccuracies can land your company a hefty fine and also can cause leaks in revenues that will ultimately sink your startup. These three bookkeeping tips will help simplify the process and avoid costly mistakes.

Pick the Right SoftwareCalculator Free Financial Advisor

QuickBooks is by far the most popular business accounting software for small businesses, boasting a 90 percent market share, states PRWeb. Its interface is extremely user-friendly, complete with pictures to help you get started. The Setup Interview process helps configure payroll, accounts receivable and billing. There also are several pre-printed forms for tax filing, purchase orders and other business processes.

Gene Marks, owner of consulting firm Marks Group PC, argued that many Quickbooks users will be forced to switch to cloud-based solutions. For those who believe this proposition, PC Magazine recommends Xero because of its exporting capabilities and add-ons that you can customize to fit your business structure. Wave, FreshBooks and Kashoo also are highly regarded, cloud-based accounting solutions.

Invest in Cloud Storage

Most entrepreneurs aren’t trained accountants, which is why storing important documents in the cloud is essential. This way you’ll be able to access all of your financial statements on your smartphone, laptop or any other mobile device. It also gives your company an extra layer of protection if disaster strikes in the form of fire, hurricane or some other unfortunate event.

Dropbox is the most popular cloud solution because it’s user-friendly and provides 2 GB of free storage. And, you can earn up to 16 additional GB of storage by referring friends to the service. Another solution is OneDrive, which is built right into Windows 8.1. Carbonite and Open Drive also are popular among small businesses.

Use Apps for Expense Tracking

It can be a tedious process to keep track of receipts for gas, hotel stays, food and other business expenses that can be written off at the end of the year. Luckily, there are several expense tracking apps that make the process seamless.

  • Expensify allows you to sync the app software with your credit cards to automatically capture expenditures and export them to PDF files. It also turns the camera on your phone into a scanner that can digitize paper receipts.
  • Mileage Log+ is a great app for those who travel a lot by car. It stores frequent trips for quick recall and provides reimbursement rates pursuant to IRS regulations.
  • BizXpense Tracker is another option to consider for comprehensive expense recording.

Effective bookkeeping is about organization and accuracy. DIY accounting is the most cost-effective solution, but don’t hesitate to consult a professional anytime a situation is beyond your understanding.

7 Killer Personal Finance Lessons to Go From Couch Potato to IRONMAN

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Humans by nature have a competitive drive that compels them to succeed. Great athletes are committed to their training because they want to be the best, and anything less than a championship isn’t enough.

If you’re not an athlete, this urge to prove yourself often manifests itself in the car you drive or the house you live in. But to properly manage your money, you need the dedication of a pro athlete to train your mind and create winning habits.

But if you’re the financial equivalent of a couch potato, you can’t expect to become an IRONMAN overnight. You need to start from where you are and create a plan that works for you.

How to Get Startedpersonal finance ironman the free financial advisor

To reach your personal finance goals, you need to train your mind to stay within a specific budget and have the commitment to stick to your goals. Here are four steps you can take to prepare for the marathon of personal finance:

1.     Put your goals in writing. Many athletes have their team to hold them accountable, but since personal finance is usually a solo venture, writing down your goals can help. Maybe you just want to be debt-free by a certain date, or perhaps you’re trying to save a specific amount for retirement.

When setting goals, it’s important to be specific and realistic about how much of your income you’ll be able to save or put toward paying off your credit card each month.

If you’re thinking of buying a new home or a nice car, do some research to figure out exactly how much it’s going to cost. (This includes taxes, insurance, maintenance, etc.) Don’t leave anything out! Give yourself some cushion in your financial planning for times when unforeseen expenditures interfere with your plans.

2.     Assess where you are compared to where you want to be. World-class runners always know the race times they want to achieve, and they train with that goal in mind. Once you’ve listed your current expenses and goals, brainstorm possible ways to cut spending to reach your ideal financial situation. Where are you now compared to where you want to be?

3.     Consider possible ways to increase your income. Evaluate how a second job, a promotion at your current job, or furthering your education could help you reach your personal finance goals. Carefully evaluate whether the income generated from these options will be worth your time and investment.

4.     Put your plan into action. No matter what level you’re at, you’ve got to start somewhere. For Rocky, it was just a matter of getting out of bed, putting on his sweats and sneakers, and training before the sun rose. Put your routine into action, and stay committed — even if your plan falters from time to time.

3 Lessons for Winning in Finance

Once you put your plan into action, it’s important to maintain a winning mindset. It takes many athletes up to eight years of training to make an Olympic team, so it’s crucial to have the tools in place to maintain motivation.

 1.     Remember: Financial success is a marathon, not a sprint. Most athletes will tell you that a slice of cake once a month isn’t going to kill you. But if you indulge in a slice every other day, it starts to become detrimental. The same rule of moderation in the long haul applies to amassing wealth.

To remain financially healthy, you need to develop the foresight to see how unnecessary expenditures can derail your financial goals in the long term. It’s OK to treat yourself every once in a while, but those weekly shopping sprees and daily lattes add up. Reaching your personal finance goals is an exercise in patience and long-term dedication.

2.     Winners never quit, and quitters never win. You’ve heard this one before, right? Even the best experience failure, but how well you bounce back from setbacks and learn from them ultimately determines whether you reach your goals.

“I’ve missed more than 9,000 shots in my career,” said Michael Jordan. “I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over again in my life. And that is why I succeed.”

Don’t use your failures as an excuse to put your dreams on hold. Just get back on track, and keep moving forward.

3.     There’s no “I” in team. Tim Rees asked nearly 200 elite golfers about their support systems. He found that during stressful matches, golfers with strong support systems performed better than those without. Similarly, your spouse and loved ones can be huge sources of support and motivation in your financial journey. Make sure your family understands your goals and is committed to helping you reach them.

Just as athletes don’t expect to win every single game, you shouldn’t expect to become a millionaire overnight. The road to financial success is a rocky one, and life will throw you unexpected curveballs. The key is a consistent, long-term commitment to saving and spending wisely. If you can do that, you’ll retire with plenty of wins under your belt.

Daniel Wesley is the founder of DebtConsolidation.com, a website that specializes in debt-relief services for businesses and individuals.

Photo: Patrick Theander

3 Tools to Help You Make More Money and Spend Less Time Doing It

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What if there were a way to put less time into your business but earn more money? Entrepreneurs tend to believe everything can be solved by spending more time and money on the job. But if simply investing more time and money would put you on the road to success, you would already be there, wouldn’t you? Entrepreneurs always have the drive. What they sometimes lack, though, is the right tools.

Efficiency experts know we often exert too much effort to accomplish a task. Organization is central to the flow of information and communications. Here are three tools to help you leverage your time and make more money:

Microsoft OneNoteweight scale

The interface is simple to grasp. OneNote enables you to collect all information in one place. No more searching through files and folders to find what you need. OneNote will hold audio, video, and graphic notes, and you can instantly clip things from websites or other documents directly to your notebooks. This is one powerful tool. A similar alternative is Evernote, but there are open source variations, as well. For the busy entrepreneur, it can be simpler and more cost effective to simply stick with the original. Check Microsoft Office online for cloud-based package to help you soar.

Now that your own desk is organized, get your team on board. Project management programs can be way too complicated. Unless you are building a space shuttle, you probably don’t need an elaborate communications system. Most of us can get by just fine with a simple board to post notes and track task status.

Trello

Life doesn’t get much simpler than this. Trello offers a straightforward interface of columns with text blocks that can be moved from one position to the next. A task may start out in the “To Do” list, move to “In Progress,” and end up “Finished.” You title the columns and decide your own system. Trello records it and allows you to share access with team members. Trello also offers a paid version with a little more flexibility. Breeze is a paid service very much like Trello, but with time tracking.

Leads are vital to any business. You can have the best sales funnel ever constructed, but if no prospects are entering, there will be no sales. Most businesses will spend lavishly on website development, SEO, and paid ads to develop leads, but balk at taking advantage of a service that provides targeted leads. The best practice is utilizing a good mix of sources.

Quote Wizard

The best lead services don’t try to be everything to everyone. Rather, they concentrate on a specific niche. Quote Wizard, for example, focuses on insurance leads. Reduce cold-calling and praying for an appointment. With targeted leads, your presentation and close rates can jump-start success and boost enthusiasm. For other niches, search to find a similar service that fits your needs.

Organization, project management, lead development: three areas where the right tools can make all the difference. Are there other service you are using for leverage? Let us know in the comments below.

4 Things To Consider When Looking For An Online Accounting Degree

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Whether you’re looking to change careers, enhance your skills, or simply follow a passion, there are a number of options to choose from in terms of online courses.The accountancy field is growing in popularity in today’s job market and is ideal if you like or prefer to work with numbers, although the coursework is demanding. There are many online accounting degrees offered by respected and reputable programs, but one of the biggest challenges you will face is finding a program suitable for you. Below are four things you should consider when searching and applying for an online accounting degree.

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Image via Flickr by psd

Flexibility

Flexibility can also tie in with the cost of a program, especially if you plan to continue working, but you should consider the hours you will be able to put into earning your degree. Most online courses are flexible and offer full-time or part-time options, allowing you to work and study at times convenient to you. However, be advised that registering for a program will come with mandatory deadlines and other important dates for assignments or exams, which may coincide your work schedule or other important affairs.

Reputation and Accreditation

A program’s reputation and accreditation are important factors when selecting any academic program. If you wish to study accountancy online, be aware that many firms will want to see that you are well-prepared for the Certified Public Accountant exam. The accreditation of the degree program also justifies that it meets all required standards. An accreditation, depending on its association and regional location, could also be beneficial when you are networking for future employment.

Ranking

A program’s rank usually consists of factors such as accreditation, reputation, and cost, but most importantly, it shows what the past and current students have to say about the program as a whole. Student satisfaction weighs heavily for a school’s rank, thus informing you about what to expect in a program and whether the program matches your needs. Cost also plays an important role in a program’s rank, prompting you to determine if the time and money invested are worth it.

Cost

If you pursue a degree in accounting, you most likely have a knack for numbers. Needless to say, online degrees vary in numbers when it comes to pricing. Though the average cost for an online accounting degree is around $22,000, there are others offered at substantially lower tuition prices that still hold a high rank and reputation for program quality. It is important to note that prices also differ if you are a resident or non-resident of a school’s home state, as well as any association you have with the military.

Even if cost isn’t a concern, it is still crucial to review the other qualities listed above to make an educated decision when choosing an online accounting degree. It may also be worthwhile to check online forums, reviews, and other recommendations about what previously or currently enrolled students have to say about their experience before selecting a program.

3 Keys to Small Business Success

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Let’s turn our attention to business owners before the weekend! 

Looking for ways to make your business surge? When I was an advisor, small business owners would ask me to help them attack their problems. Often I’d find people lacking in these three areas.

Clean Up Your Dashboard

Not only can you run your business from one single platform….you’ll save time and avoid aggravation.

Here’s the analogy: you’re headed on a road trip. Do you have five dashboards or just one? Whether you’re a business person or not, an effective dashboard is crucial to getting where you’re going. Finding a way to handle everything from payments to inventory to customer contacts, all in one place not only makes business easier for the business owner, but it cuts out a lot of jumping around when you’re trying to keep your business running smoothly.

If you’re going to be in business, shouldn’t you run it professionally? I believe half of the “game” of winning in any business is to invest appropriately. Many products out there that can cover all your business needs in one place. A good mobile POS system, for example, allows you to sell your products in your store and online as well as accept payments, manage your inventory, track sales, and refunds plus many other things. Years ago accepting credit card payments in your business meant a long and tedious process of filling out a form and then making a carbon copy of the customer’s credit card. The other options were to be strictly cash or accept checks which carried another set of risks, such as wondering if the check would clear or bounce. In most cases the business owner had to cover the check and bank fees themselves as well as be out the goods that the shopper walked out the door with. Implementing a system platform such as Shopify’s POS, not only takes a lot of risk out of your business but it just makes good sense as a business owner.

Think about inventory controls before mobile platforms existed. Knowing what you had available to sell was a living nightmare to track, and it was pretty close to impossible to know where your sales were coming from. Marketing? There were no good ways to tell if your business was more word of mouth or newspaper ads.

If you’re running a business or managing your household, having a single platform that does all this for your business is one of the most powerful tools you can have. Having the right platform to run your business from is also about having the right sales strategy to go with it.

It's cliche to talk about Apple, but here's single platform, image and sales training by the book....in their Genius Bar.

It’s cliche to talk about Apple, but here’s single platform, image and sales training by the book….in their Genius Bar.

The Right Sales Strategy Can Make or Break Your Business

Sales strategy is not just about cutouts and displays, nor is it only about payment processing and marketing. It is about attitude and learning sales techniques. Inc. Magazine recently blogged about sales strategy, stating that in any selling/buying decision, it might seem obvious, but you need to know who the decision maker really is.

For example, if your business sells furniture, then many people in your customer base will be married couples. I hate furniture stores because I feel like the salespeople are sharks. It’s my least favorite type of buying. To sell to a person like me, you should become the “anti-furniture” store. Teach your staff to track subtle clues instead of hounding customers. Create training programs to hone your listening skills. Does one spouse ask another permission to make purchases, or does one person say “I think I’ll buy this one.” How strong a buyer are they? Be careful to be professional enough to seem knowledgeable, but easy going enough that customers feel like they can relax around you. Speak in turn, and don’t control conversations. I’m there to look at furniture, not to chat about your golf game. Give people space when they seem like they need it. You’ll seem different, and in the furniture business (or nearly any business) different is good.

Image Is Everything

I wrote earlier this week about my dermatologist who shared his political beliefs. Really? Create a system of self-checks and company image rules for your employees. In a story put out by The Guardian, people (not shockingly) responded differently to foul language as opposed to an abbreviated form, such as, “That really “P’ed” me off” instead of the real thing. Foul-mouthed employees in general always amaze me. Can’t figure out why your customer is stand offish? That’s probably why.

While many training programs stress mirroring your customers, there’s still a line in the sand. Even if your customer uses offensive language you would be better not to join in. It would be a shame to build your business, then implement the right platform, then get your marketing in place and then destroy it all with being offensive. Don’t make the mistake of thinking that all you need it the right equipment to look good. The face of the company sets the tone for it all. A positive attitude is king when it comes to dealing with the public, and according to right.com, if you garner a good positive attitude, whether you are the boss or an employee, the people you work with will also have a more positive attitude.

…and like anything, rather than changing the people around you, it all starts with changing you.

Photo: pingping