8 Easy Ways To Grow Your Social Media Footprint

In today’s economic climate, finding and retaining great people and great clients are two top concerns for any business. Social media is bridging the gap and helping businesses connect on both fronts.

Look at this article from Business Week back in 2008 – Social Media Will Change Your Business. There’s a fun recap at how far things have come since 2005. (Light years!) Now compare it to the L.A. Times article this week, Social Media Giving Small Firms A Boost, which cites social media as a portal to success for small businesses.

Below are eight low-cost tips to help you expand your current social media footprint. We'd love to hear from you in the comments section about how many of these you're already using.

1.  After-hours Voicemail If you haven’t added your Facebook address and Twitter username to your voicemail, you are missing out on some cheap easy marketing. Hundreds of people hear your voicemail each year and could be connecting with you online.

2.  Your website Does your company’s website have clear links to your Facebook, Twitter and LinkedIn Company page? What about to your blog? If someone finds your website, you want to make it easy for them to find the rest.

3.   Printed materials Do you have your social media information printed at the bottom of each letter and brochure you put out? What about on your business cards? It’s easy to make room in the address block for something so important. Try including this the next time you print any company materials.

4.   Email Signature Do you have all your social media icons in the signature blog on your email? It’s amazing how many people will click that link if you make it easy.

5.   Email marketing It’s a good idea to build an email list and use it for some email marketing. I didn’t say spamming. Once or twice a month is fine for connecting. Once a day is not. Be sure to include all your links as well as a periodic promotion. You’ll be surprised at the results. Tools like Constant Contact can track this for you.

6.   Signage at your workplace Do you have a sign up at your front desk or in your window telling your customers how to connect with you via social media? It’s likely you’re missing out on some contacts you could have made. When clients are waiting in your lobby, you’ve got a pretty captive audience.

7.   Business presentations Do you or other team members do any public speaking? Your social media contact information should be on each slide, in any handouts you provide and should also be verbalized by the presenter at the beginning and end of the presenation.

8.   Cross-promotion between platforms It’s a very good idea to be sure that your customers and potential employees can find you anywhere. The easiest way to do this is to list your social media information on each platform – Twitter, LinkedIn, Facebook and your blog.

Remember, “Content is King” – nothing will replace good content. But Social Media is Queen these days and small businesses should cast their social media net as widely as they can.

Are there any social media marketing tips you’d like to share? Which platform has worked best for your business?

BCWS would like to connect with you!

Please come join us at:

Our BCWS Blog or Our Website
On Facebook

BCWS’s Company Profile on LinkedIn On Twitter

Are You On Top Of Your Tax Deadlines?

The fall is a busy time in the tax season for most accountants.

BCWS is fast approaching several critical tax deadlines, which means you are too. In case you’ve ever wondered what happens this time of year, here is a breakdown of the key tax deadlines for the rest of 2011.

September 15, 2011 

• 3rd quarter estimated tax payments due for 2011 tax year.
• Final deadline to file corporate tax returns if an extension was requested. (Forms 1120, 1120A, 1120S).
• Final deadline to file trust income tax returns (Form 1041) if an extension was requested.
• Final deadline to file partnership tax returns (Form 1065) if an extension was requested.

October 3, 2011

• Final deadline for self-employed persons or employers to establish a SIMPLE IRA for the year 2011.

October 17, 2011

• Final deadline to file individual tax returns (with extension).
• Last day the IRS will accept an electronically filed tax return for 2010. If filing after October 17th, you'll need to mail in your tax return for processing.
• Final deadline to fund a SEP-IRA or solo 401(k) for tax year 2010 if you requested an automatic extension of time to file.

November 2011

• Start planning any year-end tax moves. 
• BCWS does extensive planning with our clients in November and December but if you don’t have a good accountant and need some assistance with planning, click here.

December 1, 2011

• If you are covered by an HSA-compatible health insurance policy as of December 1st, you'll be eligible to contribute the full amount to a Health Savings Account for the year.

December 31, 2011 

• Last day to make any tax moves for the year 2011.
• Last day to set up a solo 401(k) for self-employed persons.
• Marital status on this date determines your marital status for the whole year.

Source: Tax Calendars for 2011 (IRS Publication 509)

The last year has seen an unprecedented number of changes to the tax laws. It is more important than ever to be sure you have an accountant who is up to date on these changes. Your bottom line depends on it.

If you are choosing to do your taxes yourself, below are some links that can help:

• IRS 2011 Withholding Calculator
• Top 5 Tax Calculators from About.com
• Estate Tax Planning Calculators

Other great tools:

• 2011 Estimated Tax Calculator
• 1040 Tax Calendar and Tax Rates for 2011
• Payroll Deductions Calculator for 2011

Remember: Behind every good business is a great accountant.  Our goal is to help your business thrive.

BCWS wants to connect with you!  Please come join us at:

Our BCWS Blog or Our Website

On Facebook

BCWS’s Company Profile on LinkedIn

On Twitter

How Important Are Presentation Skills?

At some point, all of us have to explain a concept, process or project to someone else, especially in today’s financial climate where downsizing is more common. Businesspeople are wearing more hats than ever before and not all of them fit comfortably.

One important skillset in everyone’s “business bag of tricks” is (hopefully) the Art of the Presentation. In today’s business environment, that will usually be done in conjunction with slides from PowerPoint on the PC or Keynote on the Mac.

It should be noted that three out of every four individuals suffer from speech anxiety, some so violently it qualifies as a phobia. Extreme fear of public speaking is called Glossophobia.  Here is a test if you’d like to rate your own speech anxiety.

Many presenters have visions of wowing a big crowd just by standing up and giving a presentation cold turkey. Others are more like the gentleman who clings for dear life to the podium so his voice isn’t so shaky. Or the well-meaning presenter who darts from one side of the room to the other, hoping to outrun her I-Hate-Public-Speaking nerves.

Practice and some training helps most people get over these nerves. Below are some tips to help you when it’s your turn to present at the next staff meeting (or wherever).

Tips for Effective Presentations

Below are some tips from our trainer to keep on hand as you begin to prepare your own presentations.

General Presentation

·         Check the spelling and grammar on every slide. Then check it again.

·         Practice so you can expand on abbreviated bullet points, rather than reading the slides. The text should be a cue for the presenter, not a message for the viewer.

·         If the content is complex, print out the slides so the audience can take notes.

·         Do not turn your back on the audience. If using a computer, try to position the monitor so you can speak while facing it.

·         Give a brief overview at the start. Then present the information. Finally review important points.

Special Effects

·         If sound effects are used in your presentation, wait until the sound has finished before you speak. If possible, pause for just a beat.

·         It is often more effective to have bulleted points appear one at a time so the audience listens to the presenter rather than reading the screen.

·         Use a wireless mouse or pick up the wired mouse so you can move around as you speak. A moving target (within reason) helps to keep the audience’s attention.

Color

·         Limit the number of colors on a single screen (no more than 3-4/pg).

·         Bright colors make small objects and thin lines stand out. However, some vibrant colors are difficult to read when projected. (Think of orange and red side-by-side in a pie chart. Ouch.)

·         Use no more than four colors per chart, if at all possible.

·         Check all colors on a projection screen before the actual presentation. They may project differently on different projectors and VERY differently than on your computer.

Fonts

·         Select sans-serif fonts such as Arial or Helvetica. Avoid serif fonts such as Times New Roman or Palatino as they are sometimes more difficult to read.

·         Use no font size smaller than 24 point in a large conference room.

·         Clearly label each slide. Use a larger font (35-45 points) or different color for the title.

·         Use a single sans-serif font for most of the presentation. Different colors, sizes and styles (bold, underline) are used sparingly to add impact.

·         Avoid italicized fonts as they are difficult to read quickly.

·         Use dark text on light background or light text on dark background. However, dark backgrounds sometimes make it difficult for some people to read the text.

·         Do not use all caps except for titles.

·         Try to shoot for no more than 6-8 words per line. 

·         For bullet points, use the 6 x 6 Rule. One thought per line with no more than 6 words per line and no more than 6 lines per slide. Trust me on this one.

To test the font: Stand six feet back from the monitor and see if you can read the slide.

Graphics and Design (many points here…)

·         Keep the background consistent and subtle.

·         When using charts or graphs, use only enough text to explain the graphic clearly.

·         Keep the design clean and uncluttered.

·         Leave empty space around the text and graphics.

·         Use quality clipart and use it sparingly. The graphic should relate to and enhance the topic of the slide.

·         Try to use the same style graphics throughout the presentation (e.g. cartoon, photographs)

·         Limit the number of graphics on each slide.

·         Check all graphics on a projection screen before the actual presentation

·         Avoid flashy graphics and noisy animation effects unless they relate directly to the slide. Massive animation = Death By PowerPoint (or Keynote)

·         Limit the types of transitions used (def: how a slide or bullet appears). It is often better to use only one kind so the audience knows what to expect.

What is your experience with public speaking? Is it easy or hard for you? Are there tips that help you get through it? Do you use presentation software like Keynote or PowerPoint, or something else entirely?

BCWS would like to connect with you! Please come join us at:

Our Website
On Facebook

BCWS’s Company Profile on LinkedIn

On Twitter

What Does IFRS Mean to Your Business?

International Financial Reporting Standards (IFRS) are changing the way financial statements are being formatted. For the layperson, a financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity.

What elements make up financial statements?

The financial position of an enterprise is typically provided in the Statement of Financial Position or Financial Statement, which includes:

1. Assets: An asset is a resource controlled by an enterprise from which future economic benefits are expected to flow to the enterprise. (Ex: goods that can be sold or property that brings revenue).
    
2. Liabilities: A liability is a present obligation of an enterprise, the settlement of which is expected to result in an outflow of enterprise assets.
    
3. Equity: Equity is the residual interest in the assets of the enterprise after deducting all the liabilities under the Historical Cost Accounting model.

The financial performance of an enterprise is provided primarily through an income statement or profit and loss account. The elements of an income statement, which measure a company’s financial performance, are as follows:

• Revenues: increases in economic benefit during an accounting period in the form of inflows or enhancements of assets, or decrease of liabilities that result in increases in equity. “Revenue” does not include the contributions made by the equity participants, i.e., proprietor, partners and shareholders.
• Expenses: decreases in economic benefits during an accounting period in the form of outflows, or depletions of assets or incurrences of liabilities that result in decreases in equity.

An important change that IFRS brings is reformatted financial statements. The biggest changes are as follows:

1.    The income statement will now be the first page.

2.    Balance sheet and income statements will be categorized and classified by operating, investing and financing in a manner similar to the current cash flow statement.

3.    The current financial statements and balance sheet are split up into four different sections.

4.    There will now be separate sections or "balance sheets" for

a.    operating assets and liabilities

b.    investing assets and liabilities

c.    financing assets and liabilities

d.    plus a separate component for income taxes

5.    All ratios and performance metrics will change around this.

Why would a company consider IFRS Conversion?

·  Conversion provides a fresh look at current practices.

If your organization’s close process includes reconciling multiple GAAPs, and dealing with a variety of sub-ledgers, manual adjustments, data hand-offs, and accounting overrides, IFRS provides an opportunity to take a fresh look at your accounting policies and procedures.

·   Conversion can be a catalyst for streamlining and consolidation.

As your organization expands through organic growth and acquisitions, information technology systems may become increasingly convoluted. Many banks and capital markets institutions operate a patchwork of legacy accounting and enterprise resource planning (ERP) systems — systems that can’t talk directly, leading to error-prone adjustments. Moving to IFRS provides a chance to streamline and consolidate these disparate systems.

·    International Financial Reporting Standards (IFRS) offers an opportunity to use principles-based accounting.

Many finance professionals have become increasingly frustrated with U.S. GAAP and its voluminous rules for dealing with accounting issues. For a decade or more, many CFOs and other finance executives have cried out for principles-based accounting to help standardize and improve the reliability of financial reporting. IFRS provides this.

·    IFRS helps open the doors of the global marketplace.

Adopting IFRS may improve access to foreign capital markets by giving foreign investors greater insight into a company’s financial performance. Such investors may be more comfortable with or have more confidence in a globally accepted set of accounting standards. Companies themselves can also benefit from improved ability to benchmark with peers and competitors.

Another term being bandied about financial circles is XBRL.

Organizations such as the U.S. Securities Exchange Commission (SEC) are already using XBRL to report all their documents. But what exactly does that mean?

XBRL stands for eXtensible Business Reporting Language and it is quite important. Put simply, it is a universal code for classifying financial numbers. Moving to XBRL can provide the following benefits:

·    In the future, banks and financial institutions around the world will record, store and transmit business financial information using this universal coding language.  

·    If “cash” equals “A947” around the world, then institutions will be able to import and export their data to anywhere and the programs on the other side will have the ability to read it, transcending traditional barriers such as language or software.  

·    The amount of money that can be saved is staggering. Rather than companies and governmental agencies paying to have data converted from one system to another (Ex: IBM to SAP to Oracle), XBRL allows different accounting and ERP systems to work together. (We can only say, “Wow!”)

Do you have questions about IFRS and XBRL? Feel free to give us a call to discuss further what might be involved in your conversion.

In the meantime, BCWS would like to connect with you! Please come join us at:

Our BCWS Blog or Our Website
On Facebook

BCWS’s Company Profile on LinkedIn On Twitter

10 Tips for Business Networking

Building a network has never been more important than in today's competitive business environment. Networking doesn’t come naturally to everyone, but in today’s world of social media there are a lot more options than there used to be.

What exactly does it mean to “network?” Your network is your list of contacts and should consist of people who know about you, your company, your talents and your abilities. The more people in your network that fit this description, the more opportunities you will have.

Today’s post is dedicated to those individuals that dread networking and just wish it was EASIER.

10 Helpful Networking Tips:

1. Keep a positive attitude

We are all attracted to people who are approachable and friendly. Smile and enjoy the opportunity to make new contacts. Even on sites like Twitter and LinkedIn, people can spot someone who’s faking it quite easily. Smiling will make you FEEL more positive and it will show.

2. Networking isn’t a 9 to 5 job

The opportunities to make new contacts are endless. People frequently think of networking only at events such as Chamber of Commerce meeting. Some of the most productive contacts come from chance encounters...in the grocery store, at the ball park, in the doctor's waiting room or at a party. Think of it this way: whenever and wherever there is another human being, there is an opportunity to network.

3. Set a Networking Goal Each Week.

The goal might be for the number of new contacts you want to make or for the networking tool you’d like to try, such as LinkedIn. Even if you begin with one or two contacts a week, keep at it until your confidence grows. Then, increase the goal.

4. Make the First Move

The most common phobia is speaking in front of strangers. It is little wonder that networking events are stressful for many people. Approaching a group of people is almost always difficult, so perhaps you want to focus on the people standing alone and draw them into conversation. The individual standing alone will welcome your approach which makes it easier to initiate an interchange. A smile and a friendly hello, followed by a positive comment or open-ended question, is a guaranteed conversation-starter.

5. Know Your “Elevator Speech”

An elevator speech is a quick summary of who you are and what you do, usually in twenty-five words or less. If you’ve had Dale Carnegie training, this elevator pitch is a familiar concept. After introducing yourself, immediately ask questions to learn more about your new contact. Use their name several times during the first five minutes of conversation (if you can do so naturally).

6. Intriguing Name Tags and Business Cards

Both business cards and a name tag, especially a name tag that lists your profession or business name in an intriguing way, helps attract interest and reinforces name recognition. John Doe, Business Coach, is almost guaranteed to prompt questions about what coaching is...a great opening to share your expertise and gain new clients or referrals.

When you do swap cards with someone, jot down a reminder on the back such as where you met, what you discussed, sales opportunities, etc. Printing a quote, helpful hint, or other original and interesting information on your own card will encourage others to keep the card and remember you. Finally, always carry your cards in an attractive case. Ratty-looking cards dug from the depths of a handbag or pocket detract from your professional image.

7. Be Prepared To Reciprocate

Networking is a reciprocal process. It is about getting and giving information, resources, advice and referrals. Maintain a mental "Give List"...a tip, idea, resource, or recent discovery you can share. Your "Get List" might consist of information you are seeking, people you want to meet, or referrals you would like to have.

8. Organize Your Network

Be sure to keep information on your contacts where they can be used. Contact management or communication software like ACT! or Outlook usually work best. Not only can scraps of paper get lost, a contact management software lets you set reminders, schedule appointments and sent letters and email. The goal is to keep in touch with and nurture your new contacts. Set up whatever system works best for you to do this.

9. FOLLOW-UP!!!

Research shows that only 20% of sales leads are ever followed up....that’s an amazing 80% of potential opportunities that are lost. Use every opportunity to send a follow-up personal note, a thank you, a congratulations, or a relevant article of information. With these kinds of statistics, you see why it’s a bad idea to give out your card and say, "give me a call." Make follow-up your responsibility.

10. Networking is an ongoing project

Saying you’ve finished networking is like saying you’re going to eat once and for all. Contacts move, change companies and pass away. Nurturing the contacts you have and working to make new ones is key to the health of your business. Remember, the only place success comes before work is in the dictionary.

The best networking advice is the old (but true) cliché:

You don't have to be interesting. You just have to be interested. It is the great listeners that make the deepest impression.

What networking tips have you found most useful? Do you prefer actively networking (i.e. going to events) or passively networking through social media programs like LinkedIn?

We want to connect with you! Please come join us at:

Our BCWS Blog or Our Website

On Facebook

BCWS’s Company Profile on LinkedIn

On Twitter