The Pros and Cons of Discounts: Should You Offer Them?

Who doesn’t love a good discount? It’s an opportunity to save a few bucks on your favorite products and services. Many consumers even wait for upcoming sales before purchasing something.

Companies will frequently offer discounts to draw in new clients and customers. The hope is that you sell enough to make the discount worthwhile.

With that said, there are downsides to discounts that you want to pay attention to. Not every business could benefit from a sale as significantly as others.

Before jumping on the discount train, weigh the pros and cons provided below from Global Resources Reviews, and see if it is worth it for your company.

Pro: Attract New Customers and Clients

The biggest pro that many see from a sale is the ability to draw in new customers and clients. They’re usually highly effective for this reason.

Very few people will say they would rather purchase something at full price and will wait for the sale to finish.

Con: The Type of Client Attracted

As excellent as it is to draw in new people, are they the types that you want for your business? This isn’t to say that the sale is going after the wrong target audience. Instead, are the discounts bringing in people simply because of the bargain and not because of the company?

You want to gain loyal customers that will support your business during and after a sale.

Pro: Quick Increase in Sales

If you keep track of your finances, you’ll likely see a boost in sales when offering discounts. So, if you’re low on cash for the month, a flash sale could give you the help you need to finish the month off strong.

Con: Expectation for Future Sales

The frequency of sales is something to watch for. Too many of them and your customers will become so used to it that they’ll wait for the next one. If you’re going to run sales, it’s best to keep track of how many you do and how often.

Pro: Rewarding Loyal Customers

It’s a good business practice to reward loyal customers. These are the ones that stick with you, whether there’s a discount or not. They support you in many ways, and realistically, without them, your company may not be as successful as it is.

You can set up a sale or discount in a way that is rewarding to your long-term clients and customers. Not only will that keep them happy and more inclined to support you, but it also can draw in new long-term customers as well.

Con: Perceived Lower Value

Have you ever seen those Facebook ads where there’s a sale on a course that’s usually thousands of dollars, and for a short period, it’s available for $50? If you look at the comments, you’ll likely see many users questioning the value behind it if they’re offering it for so cheap. Not only that, many question the mark up if the company is willing to slash the prices that drastically.

You want your sale to draw in new customers, not have them question the value of what you’re offering.

As you can see, for every pro of a discount, there’s likely a con and vice versa. Offering them comes down to your preference and if it’s good for the business.

It’s best to keep track of a sale. See if you gained any new clients and customers and if you saw a boost in sales. That will help you dictate if you do another one

Take Control of Your Finances with These 5 Tips for Entrepreneurs

Although money is not the answer to everything, it does plan an essential role for every entrepreneur.

Without it, how do you expect to run a company?

Managing finances is not an easy task. Watching where your expenses go, making sure have enough income for the month to pay bills, and everything in between, your finances can be the one aspect you don’t like about the business.

Whether you have a financial manager or are doing everything yourself, GR-US.com has a few ideas that may help make life a bit easier.

Set Yourself Financial Goals

If you don’t already, you should set yourself goals for basically everything. Goals are an excellent method to keep you on track, hold yourself accountable, and keep you in the right mindset.

Financial goals are no exception.

Write out clear and measurable goals that you can easily refer back to. Where do you want to be financial in six months, one year, or even 10 years down the road?

Learn Your Cash Intakes and Outflows

Now, this is one that can make or break a business because it comes down to this – spending more than you’re making will lead you to have no money.

Your cash intake will be all the money you earn in a month. The outflow, on the other hand, is where all your money goes when it leaves your bank account. Once you understand these two, you can make cash flow projections for upcoming months to see how you’re doing.

Cash management is critical to the success of every small business.  You should build a cash management spreadsheet that allows you to predict what your cash flow will be for the next 12 weeks, which can be done by building a system that accounts for every payable and receivable within those 12 weeks. As this is updated every week, you create a rolling cash flow report that becomes a critical management tool that needs to be monitored at the beginning of each week. Cash is king for small business and knowing how to predict your cash position up to 12 weeks out will allow you to make decisions, such as calling in advance to extend a payable, to ensure that you operate your business with positive cash flow at all times.

Make a Budget

Making a budget also ties in with learning your cash intakes and outflows. A budget provides a preview of your financial situation. It’ll show you whether or not you’re in a surplus each month.

Once you’ve figured out the point above, you can put it down into a budget. Start with your average monthly earnings, as that is what you have to work with. Then, you can divide that amongst your fixed expenses (the essential ones that never change), before moving on to your variable costs.

After you have your budget filled out, it’ll show you if you have any remaining funds to work with, or if you need to cut back somewhere.

Keep Note of Taxes

It’s easy to forget that at some point, you need to pay taxes on everything you’ve earned. When you purchase something as a consumer, it’s automatically added, and you don’t have to worry about anything until tax season.

As a business owner, you need to pay attention to all the taxes you collect. It’s up to you to manually pay that amount on a monthly, quarterly, or yearly basis. Keeping track of this will not only make things easier when you have to pay, but it’ll also ensure you have enough money to actually pay taxes.

Ask for Help

Don’t let pride get in the way of your finances. When first starting, learning about your finances, cash flow, budgeting, and everything in between can get overwhelming. It’s never a bad idea to get a second opinion from a professional. Erring on the cautious side could save you a ton of money.

The above five tips are a way to get you started on managing your finances. Each situation is different, so it may take some time to figure out what works best for you.

Staying in Control: 5 Ideas to Help You Manage Your Time Efficiently

Time Management is one of those things that you spend all your life figuring out. You probably spend countless hours reading, watching videos, and implementing new ideas to help you become more efficient.

As a business owner, no matter the size, managing your time efficiently is a huge skill asset to have. Without it, the smallest tasks build-up, and you’ll find yourself completely overwhelmed.

So, how do you prevent that from happening and learn to manage your time? The following five tips provided by Global Resources LLC Reviews may be the key to get you started.

Use a Day Planner

It’s nearly impossible to remember everything happening at any given moment while planning your future appointments. At some point, you’ll forget a task or miss a meeting. Let’s just hope that it wasn’t important.

A day planner is a way to organize your thoughts and keep track of what’s happening throughout your day, week, month, and even the year. That way, you’re less likely to miss something and overbook yourself.

Plan Ahead

Many successful entrepreneurs swear by planning ahead. From Sunday night planning to the morning when you wake up, taking the time to create a plan of attack will do wonders for your time management.

Planning out your day can help keep you on track with everything you need to accomplish. Start by planning all your appointments, meetings, and tasks you need to achieve for the week on Sunday evening (assuming your week work starts on Monday).

When you wake up each morning, take a few moments to look at your day, and schedule in tasks that are urgent for that day. It’s also a moment to move things around in your calendar that aren’t as important as other tasks.

Schedule More Time Than You Think

How often do you take on a task to only find out it’s going to take you twice as long as what you anticipated? Then what?

It’s easy to underestimate how long something will take. To avoid this, err on the side of something taking longer than you expected. That way, you can avoid cramming in too many tasks and feeling rushed through everything.

Delegate What You Can

If you’re at the point in your business where you can afford to hire and divide up tasks, then do it. Wouldn’t you rather spend more of your time focusing on more significant projects that you have to do, rather than fighting to make things work with all your smaller items?

Delegate smaller tasks that don’t necessarily require your attention. You’ll be amazed at how much time you now have for the more essential items on your to-do list.

Eliminate Distractions

If you had a timer going for each time you picked up your phone, how much time do you think you wasted in your day?

Distractions are one of the quickest ways to lose control of your schedule and make you fall behind. So, do what you need to do to eliminate as many distractions as possible.

Managing your time and taking control of your schedule is not something you’ll master after one day. However, staying consistent and dedicated to becoming more efficient will help you reach that goal. You’ll quickly see the benefits from it that you’ll want to keep going.

How’s Your Customer Service? 4 Tips to Amp Up Client Relationships

If you’re a business owner, you know right away there are a few aspects that can make or break a company. From how you conduct yourself, your team, and their productivity levels, all of these elements can keep your company running full force, or, have it quickly come crashing.

Your customer service and client relationships are other aspects as well.

Now that we know how essential this is, what can you do to boost your customer service? Global Resources LLC has a few ideas to help.

Training Means Everything

A reliable customer service team, for any business, comes down to how they were trained. You need to provide them with the best tools for the job, so set them up for success from the start.

To work in customer service, you often need skills like empathy, patience, excellent communication, and a good work ethic. Some people will come to you with these skill sets and instantly fit into the customer service team, while others will need a little help.

Communicate in a Way That Relates to the Customer

Want an easy way to irritate your customers and clients and have them never come back? Speak to them in an arrogant tone. Customers don’t appreciate this.

When you’re on the phone, face-to-face, or even online, your tone of voice can dictate the outcome of the conversation. The best tip is to talk in an empathetic way (without pitying the customer), that makes them feel like they are the only important thing to you right now.

Give the Customer Your Full Attention

With that said, the customer should be your top priority. If they are taking the time to reach out to you with a concern or even praise, then you should return the favor and give them your full attention.

Stay Positive – Always

Those who have spent even the shortest time in customer service will likely admit that it’s hard to stay positive. When emotions are high and tension rises, it’s easy to let emotions take over and start to react to the customer rather than trying to keep cool.

Staying positive, though, doesn’t just mean with how you handle a situation. It also involves your language (and we’re not just talking about appropriate words).

Using words like “I can’t” is considered more of a negative language. For example, you have someone who wants to order a product currently sold out. Instead of simply saying it’s sold out and you can’t order it, phrase it more positively. Let them know it’s sold out by saying when it’s next available, and you can get them on the order list.

So, how do you amp up your customer service? One of the most straightforward steps to take is to put yourself in the customer’s shoes. If you were to approach your customer service team, how would you feel at the end?

Make your client feel like they are number one to you. Use the tips above to help reshape your customer service team and keep your client relationships high and positive.

What Is Best Practice When It Comes To Business Exit-Planning Strategies?

Whether you decide you’re going to sell your small business to another party, opt for an ESOP, or transfer it to a co-owner, key employee, or child, having an exit strategy in place is imperative for any business owner. It couldn’t be more important to ensure that you’ve chosen your exit path instead of allowing the exit path to choose you.

Meeting Your Exit Goals

If you read Global Resources reviews, you’ll find that our consultants offer advice regularly to owners of small businesses about how to plan for exiting their company. After all, any exit will be a disaster unless it can give the owner greater financial security as well as the ability to meet their other exit goals.

Not only should any business owner’s exit goals include financial security, but they should also include being able to leave at a time of their choosing, selecting their successor, and being able to achieve all of the other “soft” objectives that relate to community, family, legacy and favorite charities.

Whichever transfer strategy you opt for, it must keep you in control of your business with minimal risk until you receive full value. Without these elements, it’s not going to be a successful strategy.

The Top 10 Best Practice Features Of A Successful Exit Strategy

  • Having involvement and commitments from the board and the CEO. All board members should make contributions to the process through questions, feedback, and ensuring the CEO remains accountable.
  • Having regular talent reviews to identify rising stars and deal with poor performers.
  • Identifying possible successors for C level positions.
  • Taking the “pipeline” development approach, identifying and developing talent at every level of the company.
  • Holding the executive team fully accountable by measuring key activities and results achieved.
  • Aligning with the business’s strategy to articulate the case for succession planning clearly.
  • Managing the emotional, political, and irrational succession dynamics effectively.
  • Assessing potential and performance consistently.
  • Integrating succession planning with recruitment, development, rewards, selection, and performance management.
  • Making genuine resources and time commitment to development.

The Dangers Of Making Your Exit Plan

On your own, it’s virtually impossible to plan and execute your exit strategy. Attempting to do it all yourself will cause you to spend a lot of energy and time on minimal positive results. You need to find a team of consultants who are experts in the field and who have the necessary experience and knowledge of financial planning, ESOPs, family transfers, estate planning, tax mitigation and motivating employees to be sure that you’ll be able to exit your business successfully when the time is right.

Global Resources LLC are on hand to ensure that you have all of the support and guidance you need to design an exit strategy that aligns with best practice and that ensures the result that you desire so you can have peace of mind about how you’ll eventually leave your company when the time is right.

Team Development Stages In Changing Times

The business world is always changing, but sudden changes cause disruptions to all businesses, with teams and individuals finding themselves having to navigate new and different ways of working effectively together.

There are several stages involved in group development, and in each one, the members of the team experience several issues that lead them eventually into the following stage. If the team doesn’t work effectively together, they may struggle to move through each stage at the right place. Should the team become stuck at any stage, the impacts can be negative and severe on the organization’s productivity and overall culture.

With this in mind, managers and business leaders alike must understand how each stage can impact their team and learn how they can help them to move effectively through each stage in times of extreme change. The Global Resources LLC team is well-placed to offer such advice.

Forming – Stage 1

The first stage is to adapt to a new way of working effectively together. Taking the people-first approach is vital here. Ensuring every member of the team has everything they need to work effectively in the new environment and that they have help to address obstacles is key.

Storming – Stage 2

In this second stage, the team begins to execute projects and daily tasks. Conflict and stress often arise at this stage between members of the team. The answer is to focus on alignment and adjustment. Targets and goals often require adaptation to fit the changing circumstances and teams must be aligned in the way projects and tasks will be carried out.

Norming – Stage 3

In the third stage, communication improves, with the team beginning to gel. Working collaboratively becomes easier and conflict and tension reduce as the team becomes increasingly aligned as they move towards implementing their common goals. Focusing on this stage on supporting business continuity and project management is important. Leaders must carry on fostering alignment and communication between members of the team, allowing them to make decisions independently while checking in regularly with the team.

Performing – Stage 4

In the 4th stage, the group will be more collaborative, confident, self-sufficient, and motivated. As a result, higher levels of innovation and productivity is possible. At this time, although the leader will remain involved, they should allow the team to be more autonomous and self-sufficient. An open-door policy is a good idea at this stage.

Adjourning – Stage 5

Depending on the project or team, there could be a fifth stage – adjourning. At this point, deliverables and projects will be completed and the team will begin a fresh project or be reassigned. At this point, the process will begin again starting at stage 1.

The Five Stages Of Development

Recognizing and understanding all five stages of development is vital for any business leader, especially when the world of business is becoming increasingly susceptible to change. Taking advice from professional consultants like those at Global Resources LLC is the best way to ensure smooth and effective progress through each stage.

How Can Strategic Tax Planning Lower Your Business’s Tax Liability?

The business tax landscape is in a state of constant fluctuation, and businesses large and small are always trying to keep up with changes. Extra regulations and guidance are issued almost every month and change has become a new normal. It couldn’t be more important, then, to adopt strategic tax planning strategies to lower your business’s tax liability.

If you read our Global Resources LLC reviews, you’ll see that we can offer effective strategic tax planning advice that will greatly benefit your organization. Here are just a few of the strategies that we would recommend.

Bonus Depreciation

The rules for bonus depreciation have recently been expanded to allow taxpayers the full expensing of used and new qualifying property that is placed in service before the year 2023. This creates major incentives for investing in tangible depreciable property as well as computer software. The allowances for bonus depreciation have increased up to 100% from 50% for any qualified property that has been acquired then placed in service at any time after 27th September 2017 up to 2023. An excellent strategy is to plan any eligible property purchases to assure that this yearly bonus depreciation and asset expense election is put to maximum use.

Opportunity Zones

The new opportunity zones tax incentives enable investors to defer their tax on capital gains through investment in Qualified Opportunity Funds. The taxpayer can defer their taxes by reinvesting the capital gains derived from asset sales into qualified opportunity funds during 180 days commencing on the sale date that gave rise to the capital gain. After it has been rolled over, this capital gain will remain free of tax until either 2026 comes to an end or the fund is divested.

When an investment has been held for 5 years, the basis is stepped up by 10%. If it’s held for 7 years, the step-up is 15%. If it’s held for a minimum of 10 years, the capital gains over the rollover amount are exempt permanently from taxation. However, to get the maximum potential benefit from this strategy, the taxpayer has to have invested in the Qualified Opportunity Fund before 31st December 2019.

Corporate Alternative Minimum Tax Rescinded

Another tax planning opportunity comes in the form of AMT credits which can offset regular tax liabilities for years following 2017. Moving forward, prior AMT liabilities can offset regular tax liabilities for all taxable years after 2017.

Not only that, but AMT credit can be refunded for all taxable years starting before 2022 and after 2017 in an amount that equals 50% (or 100% for the taxable years starting in 2021) of the total excess credit for that tax year (subject to the 6.2% sequestration rate).

Getting Tax Planning Advice

Instead of looking at new tax provisions separately, it’s important to take a holistic view of changes to assess the impact they may have and to develop effective tax planning strategies. The company’s entire tax liability must be determined and the planning structured so the organization’s full picture is addressed. To achieve this, getting advice from a professional team of consultants is the best way forward.

A Guide To Getting Buy-In For Digital Change Projects

When you’re working on improving a work system or process, you’re sure to encounter several challenges, and many of them will involve people. Employee uncertainly, difficulties in training, and rebellions against change are all commonplace. Often, challenges to project outcomes come from those who are doing the job.

So, how can you get buy-in for such projects amongst your employees? The GR-US.com team is here to offer you some expert advice.

Inclusion

The top way to get everyone involved in your digital change project is to ensure that they are all included right from the beginning. In order to ensure they remain involved throughout, they need to remain engaged. It’s vital to avoid the all-too-common problem of reaching the project’s end and realizing that somebody who’s going to use the system hasn’t been included throughout all the project’s stages.

Clarity

A common mistake business leaders make is to confuse people in order to make it appear as if they know what they’re talking about. It’s important to be clear at all times with stakeholders since it improves trust between all involved parties. Empathizing with them, reiterating things you’ve been told by them, and talking their language will show them that you understand their problems and have a real desire to assist them in improving their working practices.

Job Security

Digital improvement and automation both have a major effect when it comes to feeling job security. Yet, making sure employees feel very secure in their roles is a key element in delivering a project successfully. Finding ways to reassure them their responsibilities and role are going to be redirected, not made obsolete is vital.

Listening

A helpful way to gain employees’ buy-in to your digital change project is to facilitate workshops designed to listen to their views and ideas. If you listen to what your stakeholders are saying then reiterating the issues and ideas back to them in the language they understand, they’ll come to believe that they’ve designed their own solutions.

There is no more effective way of obtaining employee buy-in to your project than by having those who will be responsible for actively executing the new processes believe they came up with the solution themselves. Whether true or false, people usually feel more passionate when they believe they’re doing something that they were responsible for rather than something that anybody else has done.

A Successful Buy-In

If you follow the steps outlined here, you’ll find that obtaining employee and stakeholder buy-in to your latest digital change project will be easier than you imagined. Although reticence and opposition are common in such circumstances, with the right approach and by taking a people-centric approach to implementing change, you’ll find that the process is simpler and quicker than you thought.

Taking advice from a team of professional consultants is the best way to ensure that your team gets on board with your latest changes so that your operation can run smoothly with seamless adaptation to the new ways of working.

A Guide To Boosting Your Small Company’s Value

If you’re running a small company, you are probably looking for some expert advice to help you boost your business’s value. Luckily, there are a number of things that you can do.

Making sure that your organization stands out from the crowd is the single most important thing to try when it comes to increasing your company’s value and, to this end, there are several valuation models to choose from. Most offer different advantages as well as disadvantages concerning assessing your company’s value fairly. Yet, all have a single thing in common – profitability and growth remain the primary drivers for creating value.

Whether the valuation model indirectly or directly focuses on profitability and growth as primary drivers, they always have a major role to play in the business valuation process. Why is this the case? Simply put, when your business delivers high returns consistently, your business creates value that extends beyond the values recorded on your company’s balance sheet.

How can your business’s value be actively increased in practice? The answer lies in having a business valuation carried out by a professional team. If you read our Global Resources LLC reviews, you’ll see that many other small business owners have achieved great success in reaching their business goals thanks to our business valuation service. So, let’s take a look at how this can help.

What Makes A Small Business Valuable?

Uniqueness and predictability are the two primary points that make a small business more valuable than its industry peers. However, there are other points to consider that will be reviewed in any business valuation. These include:

  • Business growth
  • Recurring revenue
  • Unique services or products
  • Location
  • Clean books
  • Diversity
  • Happy customers

Once all of these things have been evaluated, the next step is to track results.

Tracking Your Company’s Results

All of the above points are linked to profitability and growth. This is why having an annual business valuation makes sense. Knowing precisely where your business stands in terms of all the above factors will allow you to continuously track improvements. This allows your conversion rate to increase, your costs to reduce and your productivity grow.

Understanding Your Business Valuation

Purely from the valuation perspective, the key topics include predictability, growth, clean books, and recurring revenue. All of the other factors in the list above generate the key drivers. The Global Resources LLC valuation process takes all of these points into consideration to emphasize profitability and growth.

Once you know your company’s value, you can then align your actions with your business’s value-creating goals. This helps you build a more valuable, stronger company that makes higher returns and enjoys significant growth in its marketplace.

It is only by knowing your company’s worth in its present state that you can determine how best to improve it. Let our experienced consultants help you to understand your small business’s value clearly so that you can give it the boost it needs to achieve even greater success.

Meetings – Are They Time-Wasting Or Top Priority?

When strategic planning for any organization, meetings are arranged in different ways. Yet, however, they’re scheduled, ensuring that those meetings take place is still essential in order to fulfill your company’s objectives and goals. The key is to ensure that meetings are productive and non-time-wasting.

All-too-often, companies arrange meetings without planning effectively how the time will be spent. This results in pointless meetings that lack purpose and achieve little or nothing of importance. So, how can this be prevented in your organization?

Saying No To Meetings

If your calendar is constantly overflowing with scheduled meetings, it’s likely that you’re working in an organization that has a pro-meeting culture. This isn’t unusual. It also isn’t unusual to accept an invitation to a meeting even if you know already that attending it will achieve little and may even be counter-productive. Yet, this isn’t a positive culture for your company. Promoting a healthier attitude towards meetings is, therefore, important. Every team member should be thinking critically before sending or accepting a meeting invite about whether the meeting needs to take place at all, and if it does, who really needs to attend.

If you check out our Global Resources reviews, you’ll see that companies can revolutionize their operations simply by beginning to think more critically about their meeting culture. By simply making a rule that each meeting has to have an arranged agenda, it becomes easier for invited participants to check to see if their presence is necessary or not. It also creates a positive cycle during which those organizing meetings must think about what needs to be accomplished and articulate the agenda clearly before commencing the meeting.

Tracking The Results Of Meetings

While adding a pre-arranged agenda into every meeting goes a long way towards measuring improvement, this isn’t usually enough. Meetings aren’t valuable in themselves. Only the results of the meetings have value. You should, therefore, implement a general rule that each meeting should result in an action item, whether that be a meeting summary, a follow-up survey or a list of items to action afterward.

Reforming Your Company’s Meeting Culture

With a reformed meeting culture in your organization, it’s possible to achieve more and to see positive results quickly. It needn’t be difficult to implement change in this respect. By following the tips suggested here, you’ll find that it’s easier than you imagined to eliminate unproductive and time-wasting meetings from your schedule and to, instead, only arrange meetings that have a recognized agenda, that are useful and relevant to the company’s goals and that have results that are properly followed up afterward.

The Global Resources LLC team is on hand to offer their advice and consultancy services to any company wanting to reform their organization’s meeting culture. Our experienced business and management consultants can offer you all the help you need to give the structure of your meetings an overhaul and to ensure that only the most vital personnel are invited to attend the most relevant meetings in the future.