February 22, 2013
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Stories from the Street
Could restructuring help businesses lower their tax burdens?
Many small-business owners pay taxes on their business profits at personal tax rates, but some companies are considering restructuring as C-Corporations to avoid that. This year's top corporate tax rate is lower than the top personal rate, but there are still disadvantages to becoming a C-Corporation, according to tax lawyer Robert W. Wood. "There may be a slight short-term advantage in C-Corporations, but there are a number of negative long-term implications that would outweigh short-term benefit," he said. The Wall Street Journal (2/20)
Caring for Customers
What good are your social media followers?
Like any database, a base of social media followers is not worth much unless you can make it work for you, says Michael Wrigley, chief marketing officer for social marketing platform EngageSciences. Experts say you should turn your followers into advocates for your brand by paying attention to what they are saying and engaging with those who are most interested in or excited about your company. Entrepreneur online (2/21)
How to make the most of text marketing
Text marketing, which generally involves directing prospects to text a keyword to a certain number, can be a powerful way to spread your message, writes Chris Hamilton. You can make your mobile-marketing efforts more successful by using a short keyword, providing something of value, capturing e-mail addresses and including a call to action, he writes. Small Business Trends (2/21)
Keeping Shop
Best practices for using temporary employees
Companies can improve their approach to temporary workers and ensure they are working successfully in an organization with five simple steps, according to research by Accountemps. First, explain to the regular staff how the temporary workers will be used, lay out clear expectations for the temps, provide one manager who will oversee their work, check in regularly and provide feedback to the temporary agency about how it's going. BusinessNewsDaily.com (2/21)
Tips for running effective meetings
Meetings can be an important part of doing business, but poorly run meetings are a waste of time, writes Steve Tobak. Make your meetings more effective by holding them in the afternoon, documenting conclusions and asking your staff for input. "[M]ost people are more relaxed after lunch," he writes. Inc. online (free registration)/Last Word blog (2/21)
Managing the Money
5 ways to get ready to sell your business
If you've decided to sell your business, you should do what you can to make it more attractive to buyers, just as you would when you sell a house, writes Brad Sugars, founder and chairman of ActionCOACH. "You'll want to run for the next year with good financials, so keep your paperwork up-to-date and document everything," he writes. Consult with business brokers, put together a sales kit and learn about how companies in your industry are typically valued, he recommends. Entrepreneur online (2/21)
How to reduce your expenses to boost profitability
As you seek greater profitability, you should look for opportunities to cut costs as well as increase sales, writes Matthew Swyers, founder of The Trademark Co. You may be able to lower your expenses by reducing your paper use, shopping for new health insurance and eliminating ineffective advertising campaigns, he writes. Inc. online (free registration)/The Trademark Advocate blog (2/21)
In the zeal to grow a small business managers and CEOs all too often focus on revenues and not profits."
-- Matthew Swyers, founder of The Trademark Company, writing at Inc. online
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