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Are You Confused About How to Use Social Media?
Being online isn't novel anymore...in fact, not being online is differentiating...in a bad way! Creating an online image is an ongoing process and merely having a webpage is not enough. Social media...such as Facebook, Twitter, Tumblr, Foursquare, LinkedIn, Google+, and Blogs...can be powerful tools to build both your personal and business brand, but a few key differences must be taken into account. If you are using the exact same strategies for both, you may be missing out on the full power of using social media for your marketing purposes.
First a couple of general comments: You want to make sure to clean up your personal social media once you become in charge of business or branded account. Go ahead and delete some of those old college photos, and clean up the language as well. This doesn't mean don't have fun, it just means be a little more aware of what you are posting and the people who might see it. You also want to make sure you have a strategy for jumping into social media for business use. Read some books and take a look at the companies who are doing it really well. Have defined goals and ways of measuring those goals, just like you would with any other marketing or advertising strategy. Using social media for yourself may be intuitive, but it's almost certainly not intuitive when you are doing it for a business or brand.
Content
Personal: It's OK to embrace Twitter's mantra "What are you doing?". Your family, friends and coworkers are interested simply in what you're up to that day, in addition to pictures of your kids, pets and vacations.
Business: Share content and give value, including links and nuggets of wisdom related to your industry.
Networks
Personal: Stick with what you like. Think of it more like a hobby. Love making videos? Dive in to YouTube, and try out Twitter later on. If you are you a photographer? Stick to Flickr for now, and try out YouTube later. Don't feel obligated to be on everything.
Business: Have a footprint on all the channels you can reasonably support. Reach out to your intended audience where they are, and they probably aren't all in one spot. Experts suggest at a minimum Blogging, and developing a presence on Facebook, Twitter, YouTube and LinkedIn. 65-90% of executives, depending on the industry, go online first to research major business decisions and potential partners. Your first interaction with a potential business partner will likely be on your online footprint.
Consistency
Personal: It's not crucial that you're posting every single day multiple times. Friends/family/followers will come back because they have a real relationship with you.
Business: Consistency is crucial. If you're not posting every day, your audience may find a similar company who is. There are tools like Hootsuite that allow you schedule messages in advance. Experts suggest you make it a priority to share fresh content at least once or twice every single day.
Facebook
Personal: You don't have to reach out much. Here it's okay to simply be a consumer and digest all the posts coming your way. Put smiley faces and "lols" on everything you like.
Business: Get familiar with applications. You can literally do just about anything within a Facebook page that you're able to do on a standard website. Through photo albums and wall postings (which act like interactive message boards), Facebook enables small businesses to develop a tone and personality. Do some research and know what works for other companies.
Twitter
Personal: Twitter is a real-time information network that connects you to the latest information about who and what you find interesting. Simply find the public streams you find most compelling and follow the conversations. Tweet when you have something to add to the conversation or just follow. Twitter is a great forum to aggregate your daily news and disseminate your own ideas back into the collective consciousness.
Business: View Twitter as a conversation and use hashtags. Businesses use Twitter to quickly share information with people interested in their products and services, gather real-time market intelligence and feedback, and build relationships with customers, partners and influential people. From branding to direct sales, Twitter offers businesses a chance to reach an engaged audience.
LinkedIn
Personal: Individuals use LinkedIn to network, promote their services, locate business partners and service providers and even to get hired.
Business: Use LinkedIn to grow and monitor your network. Businesses and organizations can use LinkedIn to perform competitive analysis, monitor industry trends, establish executives as experts in their fields, locate potential clients and customers and to recruit key hires.
If you have questions or comments about how to deploy social media to build your business, contact Touchstone!
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Touchstone Business Listings: Well-Known Independent Men's & Women's Contemporary Clothing Store - Gross $2,600,000, Purchaser to Submit Offer/Terms - Strong History of Profits, Real Estate may be Purchased/Leased Independently owned retail store specializing in contemporary men's and women's clothing and shoes. In business for almost 40 years, the award-winning business is known for exceptional service and broad and unique clothing selections in categories ranging from suits and dresses to denim and t-shirts. This business has provided steady income for the owners through all types of economic cycles. The Sellers own the real estate with may be purchased or leased. This is an exceptional opportunity to own one of the metro area's premier retail stores, with opportunity to expand geographically and online. Douglas County CPA Practice

Grand Lake Interior Design and Home Decor Retail Store - Gross $550,000, Asking Price $75,000 + Inventory - Prime Boardwalk Real Estate available for $300,000
Operating for over 10 years, this business is well-known among Grand Lake and mountain area homeowners, many of which have vacation homes, which tend to have higher turnover rates. That creates steady demand for remodel, interior design and home decor products. Customers choose this business for its mountain style furnishings and convenient location -- and the individual attention the store owner can offer. The business has strong relationships with suppliers and many great reference customers. The business is being offered with the real estate, a 1,080 sf condo on the boardwalk in downtown Grand Lake, CO. The owner would consider leasing the real estate as well. This is a great opportunity for an individual interior designer or Metro area firm to gain a footprint in the mountain market. Colorado Springs CPA Practice 
Manufacturing Software Company UNDER CONTRACT - Diversified Customer Base, Recurring Revenue Stream - 2011 EBITDA $210,000+, Purchaser to Submit Offer/Terms Provider of Manufacturing Resource Planning (MRP) Software. Relocatable anywhere, the Company is currently based in the MidWest region of the United States. 2011 EBITDA of $210,000+, with revenue predominantly coming from annual license fees; and additional revenue from software sales, training and installation. Software is in use by customers with revenue ranging from $1M to $50M+ without geographic or vertical market concentration in the United States, Canada, Mexico and Europe. Distinguished from competition by low cost; unlimited seats and support; and proprietary software code that is stable and that has potential to be migrated to SaaS or other platforms.
"Green Tech" Solar and Roofing Company  Financial Services Industry Training/Research Company - Extensive Growth and Expansion Opportunities - Gross $450,000, Cash Flow $300,000, Purchaser to Submit Offer/Terms
This company was founded with the mission to assist financial institutions develop a sustainable competitive advantage through service quality delivery and sales effectiveness. The firm specializes in research, training and consulting solutions that improve bottom-line sales and service quality results. The firm's products include a proven and proprietary process for inculcating cultural change, service quality research via customer interviews, on-site mystery shopping and web-based surveys, a comprehensive library of basic and advanced sales, service and leadership training programs, training needs assessment process, leadership skills inventory and incentive compensation consulting. Founded in 1995, the firm has a 15 year track record of producing results for financial institutions throughout North America. Die Casting Manufacturer UNDER CONTRACT - Possible Business/RE Fold-in with Existing Machine Shop
- Gross $250,000, Cash Flow $50,000, Asking Price $100,000
The company is a Denver-based die caster, who manufactures zinc and aluminum components. Castings are small (less than 2 lbs.) and are typically produced in short run quantities of less than 1,000 per order. Customers are primarily local. In over 60 years of existence, the Company has built a strong local reputation for quality service. The Company operates from a wholly-owned production and warehouse facility which is available in addition to the purchase price. This is an opportunity for a synergistic acquirer to add additional capabilities; a strategic combination with a firm already in the die casting or a related machine shop industry; or, an individual to acquire a small family-run business with a 63+ year operating history. Taos Greeting Cards, Gallery, Chocolate and Gift Shop - Central Location, Repeat Customers, Expand Online - Gross $150,000, Cash Flow $52,000, Asking Price $149,000
Popular upscale card, art, chocolate and gift shop located adjacent to the premier shopping plaza in Taos, NM. The business specializes in unique greeting cards of their own design and from small card companies across North America and Europe. They offer unique gifts and original art work by local artists and from around the world, as well as hand-made chocolates from NM chocolatiers. The business serves repeat regional clientele, as well as tourists visiting the Santa Fe and Taos art scene from around the world. Since its inception in 2002, the business set out to establish its retail store as the premier boutique for cards, local artisan works, chocolate creations and regional gift items in Taos. The company differentiated itself from the competition by creating their own line of greeting cards and unique product mix. Their upscale and unique mix of products give the store the feel of a sophisticated boutique. The business prime high traffic location, word of mouth and a stellar reputation, has enabled establishment of the store s brand. Growth potential exists in existing business model, as well expansion of pottery, spirituality/new age and local artist offerings and expansion of online sales. Unique Floral, Gift and Home Decor Retail Store - Great Upscale Location, Repeat Customers - Gross $190,000, New Asking Price $49,000
Popular upscale flower, gift basket/gifts and home decor shop located in an upscale retail shopping area of Denver. It has some of the city's most prestigious individuals and corporations as its clients. Since its inception in 2004, The business set out to establish its shop as the premier boutique for flower arrangements, gift baskets and gift/decor items in Denver. The company differentiated itself from the competition by using unusual flowers and offering sophisticated arrangements that were artistic and tasteful. Their upscale and unique gift offerings have established the feel of a sophisticated boutique. Word of mouth, participation in an exclusive wire service and a stellar reputation, has enabled them to establish their brand. Growth potential exists in existing business model, as well expansion of wedding and event business. Contact Touchstone for more information or to discuss your business acquisition goals!
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2011 Year-End Tax Planning for Businesses
Health Care Credit Through 2013, small businesses that pay at least half of their employees' health coverage can get a credit of up to 35% of the money spent on insurance premiums. The maximum credit goes to businesses with 10 or fewer full-time employees with annual wages that average $25,000 or less. The break completely phases out for businesses with 25 employees or that pay average wages above $50,000. The Health Care Credit under Code Sec. 45R credit has many restrictions. For example, many small businesses may employ family members of the owner(s). Certain family members are excluded from the definition of employee for purposes of the Code Sec. 45R credit. A sole proprietor, a partner in a partnership, a shareholder owning more than two percent of an S corporation, and any owner of more than five percent of other businesses also are not considered employees for purposes of the credit.
Sec. 179 Expensing Under Code Sec. 179, taxpayers can elect to recover part or all of cost of qualified property by deducting it in the year it is placed in service. Code Sec. 179 expensing is often called small business expensing, but recent increases have significantly expanded its scope. The Code Sec. 179 dollar and phase out investment limits continue to be $500,000 and $2 million, respectively, for the tax year 2011. The Code Sec. 179 expensing deduction enables many businesses to deduct the entire cost of their depreciable property during the year it is purchased and placed in service. However, the key to Code Sec. 179 expensing is that it cannot cause a net tax loss in your business.
Qualified property for Code Sec. 179 expensing deduction must be purchased for use in a trade or business. Property that is purchased for personal use and then converted to business use does not qualify. Additionally, property held for investment does not qualify.
Businesses have enhanced planning opportunities for Code Sec. 179 expensing through the tax year beginning in 2011 with regards to certain improvements. A taxpayer can elect up to $250,000 of the $500,000 Code Sec. 179 deduction limit (subject to the investment limitation) for qualified real property. There are three types of qualified real property: (1) qualified leasehold improvement property; (2) qualified restaurant property; and (3) qualified retail improvement property.
Bonus Depreciation
Bonus depreciation is valuable because there is no limit on the total amount of bonus depreciation that may be claimed in any given tax year and it may cause a net tax loss in your business. However, the window to take advantage of bonus depreciation is small. Taxpayers generally must place in service qualified property before January 1, 2012. After December 31, 2011, the bonus depreciation is scheduled to revert to the 50 percent that was available prior to the passing of the 2010 Small Business Act. One downside to bonus depreciation is that it can only be taken on new (not used) assets.
Flow-through entities, such as partnerships and S Corporations, need to coordinate tax planning and also consider the tax situation of the individual owners. Knowledgeable advisors, such as Seigneur Gustafson, LLP, who provided the content for this column, are an invaluable resource for business owners. Contact Touchstone or Ron Seigneur for more information.
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Touchstone Email Newsletter
From time to time, Touchstone has new business listings, changes to existing listings or important new developments, which are first previewed to those valued clients, who have previously expressed an interest in a business acquisition or sale. If you have a business associate who would be interested in hearing about our services, listings and /or receiving our articles, please forward this newsletter and they will be able to sign-up for future notices. You can also keep abreast of these changes and download NDA forms and business profiles on our website: www.touchstonebiz.com
Touchstone Business Advisors is a boutique business brokerage advisory firm focused on serving the needs of business buyers and sellers. Our firm is committed to providing individuals and companies with high quality business acquisition, business transition, and advisory services. We provide clients with personal attention from start to finish and are entirely focused on achieving our client's objectives. For more information please contact Charles Spickert Rich Bevelhimer or Thomas Lang.
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