Important Changes To Make To Your Business

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With the end of the year drawing to a close, you need to start thinking about some important changes that you might need to make to your business to improve it. Some of these changes you need to do by law, some are just going to improve the overall running of your business. Without them you’re either going to face fines, or fall behind your competition. You should always be striving to be the best you can be, so follow the advice below to make sure you enter 2018 the right way.

New Laws

As a business owner you might feel invincible, but there are certain laws that you need to follow if you want to avoid facing some serious fines. Take Steve Jobs and Apple at the minute. Apple is being investigated for tax fraud as there are claims being made that billions of dollars worth of tax payments have been dodged by going through overseas accounts. But why would such a big wealthy company avoid paying their tax payments? Well, it’s all down to greed. The more money they can pocket the better. But as soon as they get found out they face enormous fines, as well as having to pay the dodged tax back. So, if you’re a business owner and you’re think, I might try and get a bit of extra money here and there, then stop! You will be found out eventually. There’s also new changes being made the IRS rules, if you need information on this you can find it through Corporate Direct. It is an important matter, and it does need to be addressed before the 31st of December. Getting tax right in business is so important so make sure you’re clued up about it, especially if you’re a new business.

Improvements

So, from the essential to the non essential. If you want to stay ahead of the game you need to keep things fresh. Try making some office improvements to try and boost productivity. The one thing that makes the mood drop in an office is the atmosphere. If things are too regimented it can make the working day go a little slower. Bring in fun working policies such as dress down every day. Some people like dressing smart for work, but being able to come in wearing what you want (to an extent) creates a much more relaxed atmosphere. Even something like a longer lunch hour to give your staff time to recharge will boost productivity. You need your employees to be happy in their job for your company to succeed. You also need to look at how you can do better than your competitors. Where they’re failing you can succeed. If they’re bad for customer service, use this to your advantage and thrive in this area. If they’re selling cheaper, yet better products you need to find a way to reduce your production costs and do the same. No customer is going to chose you over a cheaper, more reliable product.

Don’t Follow Your Passion, Follow The Market

Follow your passion. Follow your heart. Monetize your hobby.

Trust me, I’ve heard it all.

In an ideal world, you’d find your ideal clients and sell to them like crazy, but that’s not realistic.

I’ve learned over time that is has less to do with passion, but more about identifying what’s thriving in the market.

Now thriving isn’t a code word for trendy. It means industries that have staying power.

Just like there are very few new ideas, don’t be overly concerned with competition. The same reason why gas stations and fast food establishments purposely open locations near each other proves this point.

Each industry tends to have a giant or market leader which signifies a strong want (perceived need) in society. With so many options to choose from, positioning your idea boils down to uniqueness.

In most instances it’s your brand story, featured benefit or “patented” process.

Whatever your unique selling proposition (USP) is, it’s much wiser to bring to a visible market than an invisible one.

Take for instance coaching. I’ve been doing it for 10+ years, but it’s still not part of a thriving market. Coaching is more of a “how” than a “what” therefore I’m more focused on ideas that utilize coaching in the process, but it’s not the main offering.

Coaching is an example of being in an invisible market because every time you approach a prospective customer you’re faced with a “double sell” proposal. That means the initial sell is educating what you are selling, then you have to follow up with a secondary sell to get paid. It’s not an ideal situation to put yourself through.

Market research becomes invaluable since you want to enter an area that’s already hot. No matter how great your idea is, the uphill battle of trying to educate people about what your product/service does isn’t worth your time or investment.

We’re fortunate to live in a time where information is readily accessible at our fingertips, so take advantage of it! Don’t be discouraged about developing your idea, but before moving forward make sure there’s a clear market for it’s entrance.

There’s no need to reinvent the wheel, it’s already been created.