Small Business Owners: Take advantage of your retirement plan options
In every engagement, as AdviCoach business coaches, we work with our clients on their Income, Lifestyle, Wealth and Equity (ILWE) goals. As a result we find that many owners of closely-held, family-owned businesses are not aware of the options available to them. In fact, only 22% of small and mid-size businesses have set up retirement plans according to the National Small Business Association.
I recently discussed this with my friend and financial planner, Bill Moore, whose firm Executive Benefits Strategies works with business owners like me to take advantage of the flexibility of business ownership to fund and manage a retirement program. The common excuse: A tough economy often tempts small business owners to skimp on themselves, figuring they’ll make up savings later. The problem is, “later” often never comes.
There are a number of options available to business owners (SEP-IRA, SIMPLE IRA, Solo 401(K), Traditional 401(K), Defined Benefit Plans). Which one is best for you? It really depends upon your individual situation. Bill Moore has provided a very good primer on the options available to you. (Click here for a copy).
Focus on value: Information is not communication
As many of you have noticed, this blog is in transition. We have re-branded Business Advisers International as AdviCoach® to reinforce our unique approach to deliver through business coaching the awareness, education and accountability that closely-held, family-owned businesses need.
In exploring how to evolve my website, my friend and web designer, Greg Magnus of AIM Custom Media referred me to a very interesting posting on his blog entitled Mastering Website and Bog Content, Resources. In this article, which I recommend to anyone exploring how to become the “supreme content guru,” Greg outlines the primary and secondary content vehicles that you should explore.
Bottom line — Creating quality content is hard work. However it is worth it to not be just another static web brochure that you would swear the content evolved from the mud. Check out Greg’s article.
How to avoid screwing up a sales presentation
As owners of closely-held family-owned businesses, we sometimes forget that our businesses require that we become a “sales professional.” All too often, we can get wrapped up in the technical aspects of our businesses and forget to what to do with our technical expertise in order to make sales. The refresher often comes through a email, in this case Jeffrey Gittomer’s eZine which this week included an article on Product knowledge and what to with it to make sales. Gittomer poses a series of questions and statements about your product or service that you should prepare for your presentation.
Bottom line — tune in to WIFM (what’s in it for me) and spend your time on:
- The value of your product or service
- How the prospect will profit from using your product or service
- The outcome that your prospect should expect from using your product or service
- How other clients/customers have used and benefited from your product or service
What should be clear is that you should minimize the time spent boring the prospect by describing your product, what it does and how it is used.
Need help in focusing your sales process and marketing material? Contact us for a complimentary business evaluation and we can explore your Unique Selling Proposition (USP) and tactical marketing plan.
How are you perceived?
Strong communication skills are essential for a business coach and advisor. Whether you are prospecting or working with your clients, what you say and how you say it can be the difference between success and failure. Many of my associates, coaches and clients have heard me say more than once, that “you can guarantee broadcast, but you can not guarantee reception.” I recently came across a very enlightening book that took this a step further. Dianna Booher writes in her book, The Voice of Authority: 10 Communications Strategies Every Leader Needs to Know:
Businesses delude themselves by thinking that the dissemination of information — whether on the Internet, through teleconferences or in meetings — is the same as substantive communication. Information is not communication
Some of the 10 areas Booher details in her book include:
- Are you correct? It is important to tell the truth without using cliches, lies and exaggerations. She points out that, “trust builds over time. It can be dashed in a flash. It repairs slowly.”
- Are you purposely unclear? While tact and evasion make civilization and camaraderie possible, “purposeful evasion as a rule over time — where harmony is valued above honest communication — destroys trust, erodes morale and lowers productivity
- Are you credible? There are five things that either contribute to or detract from people’s inclination to believe you. They include:
- Appearance — including dress, grooming and body language
- Language — words chosen and the ability to express oneself
- Likeability Factor — personality and chemistry
- Character — values and integrity
- Competence — skill and track record results
Her message is to think about how you communicate, show some humanity, be courteous and don’t be afraid to show some humility. It’s a good read.
A Real Benefit for Virginians — “Free” Discount Prescription Drug Cards
Did you know that effective April 16, 2008, all Virginians are eligible for for a “free” discount prescription drug card from the Virginia Drug Card Program? Believe it or not, there are no restrictions, no income requirements, no age limit and no application. As a Virginia resident, you can are entitled to receive savings up to 75% (savings average 30%) at more than 50,000 national and regional pharmacies.
While the Virginia Drug Card Program was launched to help uninsured and underinsured people in Virginia, the program can also be used by people who have health insurance with no prescription benefits or have an HSA (Health Savings Account) with a high deductible health plan — common for small businesses and their owners.
Residents of Virginia can download a free discount prescription drug card by visiting www.virginiadrugcard.com. The only information needed to download a pre-activated card is first and last name. Even email is optional.
Check it out!
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