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Beware of Delegating These Marketing Tasks!

November 2013

Welcome to the November 2013 issue of Straight Talk. We are fully immersed in the fall season and enjoying every bit of it! In this issue of Straight Talk, we share with you “best practices” when

it comes to deciding which marketing tactics you should perform as a small business owner and which ones to delegate. Knowing this will help you successfully steer your “ship” while freeing you from the daily nitty gritty. Did you have breakfast this morning? Also in this issue, find out what that can mean for you. We’ll also address several interesting topics such as how to prevent fraud from happening in your business, and much, much more. But don’t let us ruin the surprise for you! Go ahead and dig into November’s Straight Talk newsletter!

Until next month,

From having had conversations with so many business owners over the years, we’ve observed that it’s easy for business owners to get bogged down in the

daily details of running a business – from the predictable but essential items on your everyday “to do” list, to the ongoing putting out of fires. And although it’s every entrepreneur’s first job to be the caretaker of the “big picture”, it’s also dangerously easy to get lost in your own business and forget that you’re the visionary. You get so busy being busy that you forget to keep that all-important bird’s eye view.

In order to maintain that view, it’s important that we don’t fall into the habit of doing everything ourselves, when we could be delegating. It’s a danger that pervades every aspect of our small businesses, including marketing. Or perhaps I should say, especially marketing.

Contrary to what you may have read, not all marketing activities are created equal. Some tasks should take top priority, while others should be entrusted to members of your team, whether they are employees or outsourced partners. Based on our research and study of best practices, here’s a list that spells out which tasks should go to whom:

Be the Primary Player in These Marketing Activities:

1. Front-End Service Marketing Management and EvaluationEvery single marketing piece that goes out the door – whether it’s a postcard, a

sales letter, or an online article -- should

come across your desk first. You don’t have to generate or design the

marketing materials

yourself, but you should be the

enforcer of standards. Your marketing should emphasize the benefits your business can provide, be customer-focused, and clearly present your offer.

You should also be evaluating the performance of every marketing element. Don’t think your job is done when the material goes out the door. Review how many leads were generated, how many sales were made, and the overall profitability of each marketing element. This is the key to building your business, because it enables you to make sound decisions based on actual evidence on the return on your marketing efforts.

2. Creation of New Products or ServicesIt’s absolutely critical to survey your customers on an ongoing basis and create products or services that respond to their needs. Creating new products or services works in two ways. First, it brings more customers through the door. Second and simultaneously, it persuades your customers to remain loyal. Be on the look-out for what your customers need most. For some types of businesses, it might even make sense to team up with complementary product or service providers to provide your customers with a more complete package.

The newsletter designed to keep you on course to build a successful small business

Sushil Kumar, CPA, MBA

Sushil Kumar, CPA

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3. Awareness and EducationDo your customers and prospects

appreciate what differentiates your business from the competition? Create a platform that you can use to continually inform your

prospects of the expertise of you and your team members.

For many, this means regular and insightful blog posting, participation in

social media, print newsletters, and e-mails. (Note that while blogging and social media posts are excellent marketing options, you don’t have to be the one doing the actual posting.)

DELEGATE These Marketing Activities:

1. Specialized Online Marketing TasksThese tasks include search engine optimization (SEO), graphic design, and the other bells and whistles that go with online marketing today. You are an expert in the products or services your business provides – but not necessarily in the technology and gizmos that the internet has brought to it.

2. TechnologyDon’t even attempt to set up the technological backend of your marketing. This includes setting up pay-per-click (PPC) advertising campaigns, e-mail auto-responders, blog set-up, etc. Even if you are technologically savvy, these activities are a tremendous time drain, and they’re better outsourced to a pro.

3. Monitoring and Updating Social MediaBe very careful about devoting time to Twitter, Facebook, Pinterest and other social media sites unless you are disciplined and have a specific plan. It’s easy to become mesmerized by social media, and before you know it, a great deal of time is lost – time that could be better spent on your business!

The management of your marketing tasks is driven by focus. If you can strictly ration your time while focusing on the marketing activities that count the most, you will achieve better outcomes. Resist the temptation to do everything yourself. Once you get your marketing program humming, you’ll have more time (and revenue) to expand your activities and grow your business.

Beware of DelegatingThese Marketing Tasks!

Q: If you lease a vehicle, can you deduct the cost of the lease payments plus the standard mileage rate?

A: If you lease a car you use in business, you may not deduct both lease costs and the standard mileage rate. You may either do one of two things. First, you can deduct the standard mileage rate for the business miles driven. If you choose this method then you must use the standard mileage rate method for the entire lease period (including renewals). Second, you can claim actual expenses, which would include lease payments. If you choose this method only the business-related portion of the lease payment is deductible. Both of these deductions are reduced by an income inclusion amount.

Many people think they want things, but they don’t really have the strength, the discipline. They are weak. I believe

that you get what you want if you want it badly enough. — Sophia Loren

The artist is nothing without the gift, but the gift is nothing without work. — Emile Zola

The voyage of discovery lies not in seeking new horizons, but in seeing with new eyes. — Marcel Proust

Life is a great, big canvas and you should throw all the paint you can on it. — Danny Kaye

An Embarrassing Accident

A bird flapped to his nest with bruises all over his wings and body. Other birds in the tree

noticed and asked him what had happened. He didn’t want to talk about it, but they kept up their chatter until he finally chirped, “All right, do you want to see what happened to me? I’ll show you what happened to me!”

He took flight, and the other birds followed him through the forest until he landed on the ground next to a big, thick oak tree. “Do you see that tree there?” he demanded.

“Yes! Yes!”

“Well,” said the bird, “I didn’t.”

Breakfast: Facts And Figures On Why To Eat It Every Day

Your parents always told you that breakfast is the most important meal of

the day. Not everyone listens to their advice, though. A recent National Eating Trends survey found that 31 million adults skip breakfast in the morning. Most of them are millennials, age 18-34.

Why eat breakfast? People who sit down to breakfast every day have a 20 percent lower risk of developing obesity, and a 19 percent lower risk of developing type 2 diabetes (according to a 2013 report from the University of Minnesota School of Public Health). And a 2012 study by The Nutrition Society found that people 20-39 who eat a regular breakfast have lower cholesterol and are less likely to suffer from high blood pressure than those who dash out of the house with an empty stomach.

Sushil Kumar’s STRAIGHT TALK ABOUT SMALL BUSINESSTM Newsletter • November 2013 • Page 3

“I guess you didn’t get the memo that today was a casual dress day?”

Nicolena Basso &

Are You In Need ofa Qualified Tax Pro?

If you are not my client and would like to explore whether we might

be a good fit, please contact me. As a qualified tax professional, I not only know all the rules, but can also help you deal with the IRS and help you decide how far to push a dispute.

Advice on winning from this year’s crop of commencement speakers

The 2013 commencement season is long over, but some

of the advice that this year’s crop of commencement speakers gave new graduates will surely live on. Here’s a small sample of the words of wisdom imparted this year to students and their families:

• Fight the conventional wisdom. “Attackers are the people with bold, innovative ideas, who are trying to disrupt the status quo, and usher in a better way.” (Steve Case, former CEO of AOL, at the University of North Carolina)

• Embrace your inner Trekkie. “Being a Kirk, rather than a Spock, is the most important and hardest lesson I have learned in my life. As most, I had to practically lose everything I ever loved before I paid attention to this side of life.” (Alex Kipman, inventor of Kinect for Xbox, at Golisano College)

• Focus on the now. “Not only can you not plan the impact that you’re going to have, you often won’t recognize it even while you’re having it. The impact is what others frame for you and the world after it happens. The present is only what you’re experiencing and focused on right now.” (Dick Costolo, CEO of Twitter, at the University of Michigan)

• Meet people. “Humanity in the abstract will never inspire you the way meeting another human being will. Poverty is not going to inspire you to do something, but meeting people—that will inspire you.” (Melinda Gates, co-chair of the Bill and Melinda Gates Foundation, at Duke University)

• Welcome uncertainty. “Uncertainty means that the future is yours to shape—with the force of your will, the force of your intellect and the force of your compassion. Uncertainty is freedom. Take that freedom and run with it.” (Jim Yong King, president of World Bank, at Northeastern University)

Combat Fraud And Theft From The Bottom Up

Fraud and theft at work will undermine your business’ bottom line, and it also can have a negative impact on your employees’ morale and trust in

one another. An effective prevention program should create an environment that encourages honesty and openness. Start by asking and answering these questions:

• Policies. Do employees know your organization’s policies regarding fraud and theft? Are they clear enough to avoid misunderstandings?

• Hiring. How important do you consider integrity and honesty in the people you hire or promote?

• Training. Do training programs emphasize ethical behavior? Does upper management reinforce it?

• Reporting. Can employees anonymously report dishonest actions they observe? How easily can they do so? Do they know about this option?

• Culture. How does your workforce view theft, fraud, and dishonesty? Is it tolerated and ignored, or do employees actively seek to prevent it?

Do You Have A Tough Accounting /Tax Question You Want Answered?

I love hearing from my small business clients and friends who enjoy reading my monthly newsletter. I’m always

looking to answer pressing questions you might have relating to small business. If you have a question, tip or idea, please call me at (718) 261-2090 or email me at Sushil@bestcpasolutions.com. Perhaps I’ll feature you in a future issue!

Sushil Kumar’s STRAIGHT TALK ABOUT SMALL BUSINESSTM Newsletter • November 2013 • Page 4

For many business owners, job interviews have traditionally been one-on-one affairs—you and a candidate for employment (or advancement).

But more and more organizations have discovered the advantages of panel interviews: The candidate meets with a group of managers, employees, or other interested parties to answer questions and discuss the job under consideration.

Here are some benefits:

• ATMOSPHERE. A one-on-one interview can feel like an interrogation, a tense and uncomfortable experience. A group interview tends to feel more relaxed and open, like a conversation. You’ll have a better opportunity to see how candidates genuinely respond to situations, and you’ll be able to see how they interact with different people, not just you.

• TIME. A committee interview between a candidate and three people takes a lot less time than scheduling and conducting three separate interviews with three different decision-makers. More people can get to know more candidates in a shorter time.

• ATTENTION. A single interviewer may miss an important answer or a subtle bit of body language. With more people listening to the candidate and observing his or her reactions, you’ll get a more complete view of the person.

• BETTER ANSWERS. Interviewers can follow up a candidate’s answers with questions from a different point of view, eliciting more revealing information. This makes it less likely that you’ll make a crucial decision based on a single answer. There’s also less chance of confusion or misunderstanding, because follow-up questions should clarify what the candidate means to say.

Ask employees to evaluate your performance

Good managers evaluate their employees

carefully. From time to time, though, they turn the tables. Getting feedback from your employees about your performance as a manager can help you do a better job.

The simplest way to collect feedback would be to create a short evaluation form and ensure all employees that their answers will remain anonymous. Here are a few questions you could ask:

• How would you describe my managerial style?

• Do I bring out the best in my employees?

• What can I do to improve the way I manage the company?

See What’s Inside...Beware Of Delegating these Marketing Tasks!

Breakfast: Facts And Figures On Why To Eat It Every Day

Combat Fraud And Theft From The Bottom Up

Advice On Winning From This Year’s Crop Of Commencement Speakers

New Discovery To Hire The Best Employees

Ask Employees To Evaluate Your Performance

Trinity Tax & Financial Solutions, Inc.Close Personal Attention to increasing your profits.116-16 Queens Blvd • Suite 245Forest Hills, NY 11375(718) 261-2090 • www.bestcpasolutions.comEmail: Sushil@bestcpasolutions.com

Member: NY State Society of CPAsMember: Queens Chamber of Commerce