Week of March 24, 2009

    VOL 1.   Issue No. 10

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"Today's the day!"

Greetings!

Today is the day to consider
ways to partner in our global economy.  I was fascinated by the huge success of Karen Lauderback, our guest speaker on Global Aggregation.  Not only has she built a multi-million dollar business in a few short years, but she's managed to create a new business model - no doubt to be as successful as the first.

Even if you can't join the call live, be sure to sign up so'll get a link to the recording.  

The call starts today, at 5:00 p.m. EST
register now

Virtually yours,
Red Signaturetiff&karen
Selling in an Economic Downturn

"When the going gets tough the tough get going." - Anonymous
We are entering a period of enormous change and uncertainty. We are witnessing the emergence of a new world order and a new business era. The Financial Crisis will impact the global economy, but where, when and by how much we don't yet know. One thing is for sure. The "New World" will be less tolerant and less forgiving of much of our current "Old World" sales practices. In a downturn, customers will reassess their activities, expenditures, suppliers and business relationships to see where they can make savings, streamline their business and find new levels of operational efficiency to drive down costs. This presents the New Era Sales Professional with an unparalleled opportunity to take the lead by helping guide their customers through this reassessment process.

A simple and effective way to move your thinking to a NESP (New Era Sales Professional) is to ask yourself the following questions:

  • What will help my customer's business in the new world economy?
  • How can I leverage my understanding of my customer's business, my knowledge of their industry and my products/services to do this?
A Five Point Plan to protect your existing business and maximize your sales in an economic downturn:

1. Keep cool. Stay positive, confident and motivated. We are entering a radically new business environment. Things are going to be difficult (maybe), different (definitely). Your ability to maintain your energy, enthusiasm and conviction are vital. A positive mindset determines your ability to achieve and to succeed by overcoming obstacles, barriers and constraints that are going to appear to surround you. The first victory is over one's self.

2. Keep close to your customers. Look for new and innovative ways to make your customers more competitive by demonstrating how you can save them money. Gain a deeper understanding of what is truly important and of value to your customers - and know why. Visit your customers more often. Get to meet and know more people in the customer's organization. Set a goal to meet 2 new contacts on each visit you make. Call high and wide. Know your customers better than anyone else.


3. Keep focused on customer value. To succeed in the New World of business stay focused on 2 critical things: 1. the customer and 2. the customer's unending pursuit of performance improvement. In the New World business value will captured in 3 areas: i) achieving lower costs, ii) gaining high levels of productivity from smaller organizations, and iii) striving to create sustainable competitive advantage. Look for new and innovative ways to better serve your customers. Innovate and re-validate your current product/service value proposition. Actively seek ways to add value to your customers above and beyond your current product and service offerings.

4. Keep prospecting. Selectively target new clients. Prospecting has and always will be the base metric of success in sales. In the New World the focus shifts from prospecting to prospecting effectiveness. Quantity (Old World) yields to quality (New World). New Era prospecting means being ruthless in deciding how and where to invest your time and effort to develop new business opportunities. That means deciding which prospects and which prospecting activities you are going to stop so that you can concentrate on New Era Prospecting.

5. Keep growing. Invest in yourself. Develop your New Era Sales Skills and your personal value proposition. It may seem counter-intuitive, but when it gets harder and harder to fell big trees it is time to stop and sharpen the saw. Sharpening your sales skills means setting aside time to develop your skills through reading, listening to podcasts, attending seminars and conferences, participating in training programs and joining expert groups. In the New World you are responsible for your own self development.


By finding ways to deliver new levels of business value to your customers, above and beyond what they are used to today, you will stand out from the crowd especially during an economic downturn.

David R Ednie is President and CEO of SalesChannel Europe SARL. He is acknowledged as an expert in Sales Performance Motivation, International Sales and Sales Channels and Business Execution. David has over 20 years international business experience working in culturally diverse markets in Europe, the Middle East, Africa and the Emerging Markets of Central and Eastern Europe. Clients include: Bombardier Transportation Servives, EDF, GMAC Financial Services, OpusCapita, Alexander Hughes, Dow Jones, Orange Business Services, Microsoft EMEA, Tiscali Int'l Network, GL Trade and Infor (Datastream)

Article Source: http://EzineArticles.com/?expert=David_Ednie
 

Bartering - Is it a smart alternative in a troubled economy? What about the year-end taxes?
Part III

A Case study: 
Interview with Jennifer Dillon, Owner | Collaborative Connections | www.ccvirtually.com
Initially, Jennifer said that she thought bartering was great. "I'm always open to bartering as long as the terms and conditions of the exchange are well defined and agreed upon both both/all parties. I have not used a barter or exchange service and have only bartered with existing clients and/or friends. I have not experienced any downside to bartering."
 
So I probed further and here's what came of the discussion:
 
*What specific benefits came out of your agreements?
It's hard to say what "specific benefits" came out of bartering other than:  saving money, working/collaborating with a friend or colleague, good will.  Stuff like that.  For something tangible, I bartered with a client of a client, help with website content in exchange for plants and shrubs!  My husband likes to garden and this business needed only a 1-time help.  I had the time, so, why not?  It took very little time on my part, and I got a lot of things for my husband to plant and enjoy.

*Was there a reason why you chose to do it with existing clients?
For me, I've bartered with existing clients (not new ones), when I've had a need for their professional services.  In other words, I've asked for a client's services.  Sometimes they've suggested bartering, sometimes I have. 

*How did you go about doing it with your existing clients? Was it in writing, or they couldn't afford to pay?
Again, see answer above.  I generally don't barter my services as a starting point with clients.  Yes, I put together a loosely worded "contract," usually in the form of an email or letter, that states what we've agreed to.  Just to keep things clear.
 
* How did you reconcile your year end accounting?
How my accountant actually plugs it all in to the return, I don't know...For bigger value barters, I always let the other party know I'm claiming the barter...
 
If you're considering bartering as a viable option be sure to have a written agreement which clearly outlines your services and the value of what you are offering and what should be claimed, and get a receipt or have an agreement for your records if you're the recipient.
 
Not sure you want to do the math, then you might enjoy an established bartering system or network (according to the IRS this would be a "barter exchange").  To find out how it works checked out a model site (UK based) http://bizunlimited.com.  A Canadian/US system may soon be on it's way according to one source.  If you are interested, please email barter@gahms2.comwith "Bartering in North America" in the subject line, and you'll be notified as soon as it's released.
 
So, is bartering for you?  Have you determined the value of your services?  Do you have bartering agreements in your arsenal of business documentation?  Are you ready to issue 1099B's or ensure that you get one for your taxes? 
 
Hopefully, you've been given enough information to get you started.  Below are some additional resources that will help you should you decide that exchanging chickens for ducks is the way you want to go.
 
RESOURCES:
IRS - Bartering Income | http://tinyurl.com/barteringincome
Tax Responsibilities of Bartering Participants | http://tinyurl.com/Taxresponsibilities
Barter Exchanges | http://tinyurl.com/Barterexchanges
Barter - 1099 B Form | http://www.irs.gov/pub/irs-pdf/f1099b.pdf
Tax Requirements for Barter Exchanges | http://tinyurl.com/Taxrequirements
Backup Withholding "B" Processes | http://tinyurl.com/Backupwithholding1099B
FAQ - Backup Withholding | http://tinyurl.com/FAQBackupwithholding
 
ARTICLES:
How Bartering Works | http://money.howstuffworks.com/bartering.htm
Barter Tax and Accounting Issues | http://tinyurl.com/bartertaxaccountingissues
Bartering - Working Mothers | http://tinyurl.com/barteringworkingmothers
Barter and Triangular Trade revisited | http://tinyurl.com/triangulartrade
 
 
BARTERING SYSTEMS:
http://www.bizunlimited.com
 
DISCUSSION:
LinkedIn Group:  http://tinyurl.com/barterdiscussion
 
 
NOTE:  Join Phillip Dyer, CPA, RLP, Chief Financial Educator of Dyer Financial Advisory for a FREE call on "Bartering and Tax Planning Essentials for the Virtual Professional".  Email info@virtualpartner.bizwith "FA for VAs" in the subject line for more details!

AUTHOR BOX
Tiffany Odutoye, Chief Visionary Officer - Virtual Partner, LLC (http://www.virtualpartner.biz) and Staff Writer for the IVAACast newsletter.
  
In the next issue
- In Like a Lamb, Out Like a Lion!
- Give 'em the Pickle

In This Issue
Featured Article
Another Perspective
Upcoming Articles
Events
Exciting Announcements
EVENTS
The Smart-Savvy Entrepreneur's Expert Call
 
WHAT:
"Global Aggregation"
 
WHO:
Karen Lauderback
 
WHEN:
March 26, 2009

5:00 PM EST
4:00 PM CST
3:00 PM MT
2:00 PM PST


Announcing:
Social Media Workshops!

WHAT:
"LIVE Social Media Workshop"

Go 0-to-60 Done in a Day.
This workshop is ideal for the business owner new to social media.  Want to learn, implement and hear from a local expert, all in one day?  Then be sure to register for this class.

Each hands-on workshop will be divided into a morning session, power lunch (with an expert) and an afternoon session.  You may attend one, or all three. Discounted pricing will apply to early bird sign-up and for attending the full-day's activities.

WHO:
Tiffany Odutoye and featured guests / expert in each city
 
WHEN:
East Coast
  • May 28th - New York
Midwest
  • Columbus OH - June 26th
West Coast
  • San Diego, CA - July 14th
Registration will open March 31.
Stay tuned for additional information.
Announcing:

Facebook Coaching!

WHAT:
Receive 1 on 1 coaching while you develop your Facebook presence.

-Strategy
-Action Planning
-Implementation

Only one slot is available each week.

COACH W/:

Tiffany Odutoye, Social Media Specialist
 
WHEN:
Every Tuesday from 4:00-5:30pm EST.

register now

The Business Networking
Opportunities in Central Ohio

Click on each logo
for more information.


The Boss at CSCC
April 23



April 3-5:
Startup Weekend Columbus II at TechColumbus
startup wkd

April 18:
PaRtners Conference: PR 2.0 at Capital University

partner conf


May 16:
WordCamp Columbus at CSCC


word camp

June 10:
Ohio Growth Summit

growth summit


June 20:
PodCamp Ohio at OSU



TESTIMONIAL:
" Working with Tiffany has been incredible.  She has helped me to organize my business, my marketing and my client care systems.  She is on top of all parts of my business.  It is like having my own executive administrative assistant right here in the office with me.  She has systems in her business that make our working virtually seamless.  She is just a call away and one internet browser!  We are in touch through the workday on different projects.  She continues to help me look at how my business operations are going and how to improve and streamline my company, so that I am working less and making more!  I love it!!"

Donna L. Price, M.S., M.S.
The Business Success Coach
Compass Rose Consulting, LLC
973-948-7673
931 Maple Ave
Newton, NJ 07860
ww.compassroseconsulting.com
www.donnapricespeaks.com
www.bizology.biz (a special business building program for small businesses)


I appreciate:

Angela An from Channel, Anchor/Reporter, 10 TV News.
She did a feature news item on my business in February, and this week I had the Columbus Dispatch in my office taking photos for a news article that runs in Friday's business edition.  I am so grateful for the media exposure to the Virtual Assistance industry, and my business.
 
Action:
Is there an area of your business holding you back?  Let go of your fear, step out on a limb and you will attract great things.
Tweet with me;
Connect with me;
Friend me.

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