10 business challenges that brand research can solve for firms

It seems everyone is talking about “brand” these days. Given the many tangibles and intangibles involved in creating and managing a brand, giving it a concrete definition can be a challenge. However, one thing is clear—brand is important.

In many ways, brand is a promise. When buyers—whether they’re retail consumers or business users—consider doing business with a firm, they’re looking not only at the product or service being offered, but the firm’s reputation and perceived value. How potential and current clients perceive your organization is the foundation of your brand.

There are certain times in your firm’s existence that warrant taking a closer look at your brand. Perhaps you are facing a major business decision that you can’t afford to get wrong. Or a new challenge that has high stakes. Situations such as these are the opportunity to take a step back and look at the bigger picture as it relates to your brand.

Here are 10 business challenges that brand research can help you solve:

1. Difficulty describing your firm

Have you heard the old Indian parable about the blind men describing an elephant? Each touched various parts of the animal and, based on their individual experiences, each described a very different entity. Sometimes different business developers describing their accounting firm can create the same confusion.

Brand research can help you determine where you’re creating value and what’s most important to potential clients so you can better align your value with their needs and create a more focused yet comprehensive description of your firm.

2. Changed target audience

If your target audience has changed because you’ve changed the services you provide or the industry or industries you serve have changed, then your brand message needs to change as well. Brand research can help shed light on the new target’s issues and needs, as well as how and where they get information so you can more effectively address your new audience.

3. New firm name or identity

Brand research will uncover how your market thinks about your firm now, what kind of brand equity you might already have, and how your target audience might react to a new brand name or identity. Our research has shown that often names which seem clear, effective and sure winners to the stakeholders appear weak, confusing and even nonsensical to potential clients.

4. Outdated firm appearance

No matter how well thought out your original logo, typeface and tagline, all things eventually look their age and need some revision to stay current. Brand research can tell you what your target audience prefers for the look-and-feel of an accounting firm they would want to do business with.

5. Downward pricing pressure

As markets and competition evolve you may find yourself facing increasing pressure to lower prices. Brand research can help you escape the clutches of commoditization and thinning profit margins by revealing where you have credibility to charge more because of greater expertise and specialization.

6. Stalled growth

Sometimes an accounting firm runs into stiffer competition or an evolving market in which previously successful sales approaches no longer work and growth stalls. Brand research can reveal how the marketplace has changed, where the market is going, and the best ways to reposition your firm and reconnect with current and potential clients.

7. Changed competitive landscape

As your firm grows it will run into competition that may dictate a more sophisticated approach or a change in focus to attract prospects who may not be aware of your firm and its value. Brand research will help you determine your competitive advantage against your rivals as well as your potential value to a new, larger audience.

8. Merger or acquisition issues

Perhaps a merger or acquisition is the source of your growth. M&As often mean entrance into a new geographic market or the addition of new service lines and client types. Brand research can reveal how strong the acquisition’s brand is, how strong your brand is in the new market, and what may be complementary or competitive between your two firms.

9. Introducing new services

Introducing new service lines can be fraught with danger. It may be unclear what would be most appealing about the new service to potential clients. Or what kind of operation within the industries you serve would align best with your offering. For example, let’s say you provide accounting and tax services to the financial industry and you’re thinking about launching a new service. What kind of financial institution would be best to target—regional banks, local banks, credit unions, savings and loans? Brand research can help find answers.

10. Top talent acquisition

One of the biggest challenges facing accounting firms today is attracting and retaining top talent. Our recent employer brand research study revealed that online searches and firm websites are much more important to potential employees than most professional services firms realize. Brand research can help you understand what’s valuable to top talent in terms of workplace environment, advancement opportunities and employee benefits so this kind of information can be utilized to attract the kind of employees you seek.

There’s a lot to learn with brand research. Everything from how the marketplace views your firm to who your true competitors are and how you differ from them. Best of all, you can gain insight into the entire client journey—from how to first attract them to the best ways to keep them.

Source: Accounting Today

Accounting Tips for Small Business

There’s no shortage of details to consider when you’re a small business owner. Getting the back-office basics of accounting in order early on – tracking revenues, expenses and costs – will keep you out of the weeds of paperwork and cash flow snafus, and onto the important work of growing your business.

To keep moving toward your long-term goals and improve profits, get your small business accounting in order with these essential tips:
Separate Business and Personal Expenses
Track Every Expense
Accurately Record Deposits
Understand When It Pays to Pay
Dedicate Time to Update Your Books
Keep Tabs on Labor Costs
Expect Major Expenses
Maintain Inventory Records
Follow Up on Invoices and Receivables

Bookkeeping is a necessary chore of all businesses, helping you manage your operations and prevent an audit by giving the IRS what they need.

Courtesy of FundEra

For more information contact Neikirk, Mahoney and Smith at 502-896-2999

Accounting 101 for your New Business

Business ownership is a constant flood of satisfying milestones coupled with expanding to-do lists. With your launch, you’ll need to get on top of the accounting tasks that come along with owning a store.
1. Open a Bank Account
After you’ve legally registered your business, you’ll need somewhere to stash your business income. Having a separate bank account keeps records distinct and will make life easier come tax time. Note that LLCs, partnerships, and corporations are legally required to have a separate bank account for business. Sole proprietors don’t legally need a separate account, but it’s definitely recommended.
2. Track Your Expenses
The foundation of solid business record keeping is learning to track your expenses effectively. It’s a crucial step that allows you to monitor the growth of your business, build financial statements, keep track of deductible expenses, prepare tax returns, and support what you report on your tax return.
3. Develop a Bookkeeping System
Bookkeeping is the day-to-day process of recording transactions, categorizing them, and reconciling bank statements.
4. Set up a Payroll System
As a new online store owner, you’ll likely be a one-person show. However, maybe you’ll hire a part-time employee to help you out, or a freelancer to design your logo. Right away, you need to establish whether that individual is an employee or an independent contractor. For employees, you’ll need to decide on a payroll schedule and ensure that you’re withholding the correct taxes; there are lots of services that can help with this. For independent contractors, be sure to track how much you’re paying each person.
5. Investigate Import Tax
Depending on your business model, you may be planning to purchase and import goods from other countries to sell in your store. When importing products, you’ll likely be subject to taxes and duties. These are fees that your country imposes on incoming goods.
6. Determine How You’ll Get Paid
If you want to accept credit card payments without using Shopify Payments, you’ll either need a merchant account or you can use a third party payment processor like PayPal. A merchant account is a type of bank account that allows your business to accept credit card payments from customers.
7. Establish Sales Tax Procedures
The world of eCommerce has shaken up sales tax regulations and they are admittedly a bit confusing due to location issues. When a customer walks into a brick and mortar retail shop, they pay the sales tax of whatever state or province they make the purchase in, no matter if they live in that city, or they’re visiting from across the world. However, when you sell online, you’re often selling to customers who live in different states/provinces, and even countries.
8. Determine Your Tax Obligations
Tax obligations vary depending on the legal structure of the business. If you’re self-employed (sole proprietorship, LLC, partnership), you’ll claim business income on your personal tax return. Corporations, on the other hand, are separate tax entities and are taxed independently from owners. Your income from the corporation is taxed as an employee.
9. Calculate Gross Margins
Improving your store’s gross margin is the first step towards earning more income overall. In order to calculate gross margin, you need to know the costs incurred to produce your product.
10. Constantly Re-evaluate Your Methods
As you keep growing, it’s good to continually reassess the amount of time you’re spending on your books, and how much that time is costing your business. The right bookkeeping solution means you can invest more time in the business with bookkeeping no longer on your plate, and potentially save the business money.

Courtesy of Shopify For more information contact Neikrik, Mahoney and Smith at 502-896-2999