Allow me to tell you a story.

One entrepreneur’s business took off during her second year of coaching with me. In addition, her husband started a company of his own, which grew quickly and substantially. Their 2022 combined household income was three times what it had ever been. This year, both businesses continue to flourish.

I always remind my fast-growing business clients to meet quarterly with their accountants to double-check numbers, plan spending, and ensure their earnings are appropriately taxed. However, working with a business coach is a new experience for most clients, and they don’t always realize the importance of a quarterly financial checkup, so many small business owners neglect to heed this advice. They are well-meaning, but things get busy, and important meetings get placed on the back burner. As a result, my client just got hit with a state tax debt of $10,000 for 2022. That was manageable, even though it was disappointing. But it wasn’t as upsetting as the $100,000 IRS tax debt notification she received two days later!

Why did this enormous tax debt happen? Because the client’s accountant had adjusted quarterly taxes at the end of 1st Quarter but not since. Scheduled meetings would have prevented these shocking tax debts seven months into the following year. Sure, these taxes need to be paid one way or the other, but you can imagine the infuriating surprise of an unexpected bill of this size. It’s better to pay taxes on a schedule than to receive a shock like this one.

Business Coach Advice: Don’t let that happen to you!

Now is the time to delve into operations, bookkeeping, goal assessment, and future planning for your business. I often advise my clients to schedule two or three days away so their time is free of interruptions and distractions. Book yourself into a lovely hotel just far enough away from home and work to keep distractions at bay. Tell everyone, including employees, friends, and family, that you will check in once at the end of the day and are otherwise unavailable. Use this time to follow the checklist below and complete what you can.

Important tip: Also, schedule an end-of-day massage and at least one decadent meal somewhere nearby!

Here is your 4th quarter checklist.

Begin now to clean up your 2023 plan and go into 2024 feeling good about yourself and your small business. The 1st piece of business coach advice on this list should be obvious by now!

Schedule a 4th quarter meeting with your business accountant.

Your accountant will know what to talk about, but here are a few suggestions:

• Ensure there are no tax code changes that will affect your business.
• Double-check your tax withholdings.
• Ask if you should increase your taxable spending.
• Review payroll to see if year-end bonuses or pay increases are possible.

Check on your inventory history and plan for future sales.

• If you carry inventory, be sure that holiday stock is on order. Allow time for delayed shipping and out-of-stock inventory.
• Do a review of the current year. Where did you fall short on supply? Plan for those months during the upcoming calendar year.
• Will you add new items for holiday gifting? What new product line ideas do you have for next year?

Revisit your other 2023 goals.

Are there remaining goals on your list that hold the possibility for completion yet this year? If so, forgive yourself, schedule time to work on them, or, better yet, think of someone to delegate them to, even if it’s a 1099 contractor. Be realistic about your goals; otherwise, you will let yourself down repeatedly. Of course, if lack of completion is an issue for you, hire a business coach to help you manage and eliminate this issue.

Review operations and documentation.

Have operations run smoothly in 2023? If so, congratulations! If not, any number of things could be to blame.

Plan for documentation of your primary processes and procedures in 2024. The lack of training materials is usually a significant problem for owners who see a lot of operations issues. Again, the main complaint about the documentation process is time consumption. I always tell my clients to imagine how much more time they’d have if they didn’t have to deal with a plethora of mistakes and oversights. Documentation isn’t only for training purposes; it serves as a guide in each job role. These materials give you a tool for effective employee reviews and dismissals, and it keeps your organization running smoothly.

What else is essential to know about clear and thorough documentation? It adds value to your company. This collateral is considered proprietary information, and should you ever sell or seek to be acquired, there must be processes in place before anyone takes you seriously.

Also, review staffing needs. Will you require an additional headcount or freelancers in 2024? If additional payroll is something you need to consider, add this to your accounting discussion. Schedule time on your calendar to define the job role and get your onboarding plans in place. This is another area where a business coach could be essential to the process.

Consider automation for 2024 or 25.

Customer Relationship Management tools are about more than just managing client relationships. These money-saving tools are a powerful means for running your business efficiently. A customized CRM will reduce errors and oversights. Your notifications to prospects and clients will go out on a timely basis. Your CRM will keep all correspondence branded and consistent, and it will track your job progress, flag issues, and be your project manager. Some will even integrate and track your inventory.

Some contractors specialize in customizing just about every CRM on the market, and you’ll likely find a list of preferred vendors on the CRM builder’s website. A contractor’s fee is well worth a reasonable investment. Do your best to work this into next year’s budget, but shop around for your contractor!

Create or revisit your 4th Quarter marketing plan.

Preparing a marketing calendar in advance with the big-picture strategy broken down into monthly, weekly, and daily bite-sized action steps is always a great idea. If you haven’t done this before, work with your marketing person or business coach to create your marketing calendar for next year. This task is a great 4th Quarter activity.

For now, consider your sales goals for 2023. Have you fallen short or exceeded your projections? Either way, it’s time to revisit or create marketing initiatives to achieve the current plan or continue to surpass your initial goals. Try something new or build upon what’s been working. If you set your sights on improving operations, realistic goals, and a solid marketing plan, you can and will increase profits in 2024. Who knows? You may be able to add revenue to 2023; it's not too late!

Book your hotel or getaway location today! If you’re so inclined, email me a few pictures, and I’ll include them in a follow-up blog later in the year!

The post Business Coach Advice: Boost Sales With This 4th Quarter Checklist appeared first on Marla Tabaka.

A savvy entrepreneur puts the development of an attractive company culture at the forefront of their growth plans; it's not an afterthought. Your customers want to be a part of your brand; they want to support companies that represent their own global views or satisfy them beyond a typical purchase. They want their purchase to be an experience, not a transaction.

For services like my own, clients want to work with someone who has experienced similar challenges and demonstrates empathy, understanding, and the expertise to conquer those challenges. Appropriately crafted, your brand story hits home with your ideal prospect and helps them to know they are in good hands.

Of course, Apple and Nike are the kings of brand storytelling. Nike's Just Do It and Equality campaigns are iconic. In the Equality campaign,  the sportswear giant positions the company as a force for positive social change. A consumer's Nike purchases represent more than just a pair of sneakers and branded workout gear. Buyers want to become a part of a collective movement by wearing Nike products. And their campaigns create brand loyalists who engage on social media by sharing and commenting about their own experiences.

One of my favorite Apple ads aired way back in 2013, but it still sticks in my mind. It's about a misunderstood teen and how he ends up creating a very touching family holiday video. This ad holds an aha moment because it teaches us that we don't have to talk about the product or service to inspire our audiences. You wouldn't even know this is an Apple ad until the very end. If you've never seen this one, check it out.

Here's what you need to know about building and marketing your culture and brand story.

Your company culture is the cake.

Company culture is just the icing on the cake to some business owners, but those entrepreneurs are way off base. Your culture is not the icing; it is the cake. Savvy consumers and decision-makers look for the story behind the company before they buy. Like the cake, your culture has many carefully measured ingredients: values, happy team members who represent the values, work environment, brand image, voice, and story, world views, product quality, and proper procedures. There's more, of course, and it's a lot to manage, but without the cake, there is no icing to entice your ideal consumer.

Your brand needs a voice.

Storytelling is a powerful marketing technique. A compelling story will build a network of brand loyalists who connect with your company because of what it stands for. It's worth hiring a content writer or marketing agency to help you identify your story. It's not enough to put a cool story on your website; it must become an integral part of your marketing collateral. Spread the news on the various marketing channels available to you. Make sure your brand is cohesive across all channels. Talk about the “why” behind your business so that people can identify with it and feel eager to support you.

You and your team members should tell the same story.

Storytelling is memorable and persuasive–statistics are not. Make sure that anyone who represents your business uses your story, not boring stats. Teach them to tell the same story; one that it's truthful and compelling. This goal means spending time with your team. Familiarize them with your values and mission statement and what they mean. Do role-reversal exercises to practice their responses to consumer questions and objections. Allow your team members to contribute to the culture with suggestions and insights.

Trust is one of the top influencers of purchasing decisions. The integrity that's woven into the fabric of your culture is demonstrated through the behavior of those in the field. You and your sales team should be armed with the same answers to challenging questions. The way you handle objections tells a story about your company; make sure it's favorable.

If you work solo, do these exercises on your own. Many coaches and consultants stumble over the tough questions. If you feel your values to the core, you will speak truthfully and passionately about your services, and that's what your future client is seeking.

Many entrepreneurs argue that they have no time to build an intentional culture. As my quote at the top of this article implies, the results of a neglected culture are often catastrophic. Begin by identifying your personal values, then what your company stands for. Think big, beyond the scope of money-making activities. Reach deep within yourself to develop your “why” and the story and actions to bring your dreams to fruition.

The post Stop Marketing Products and Services. Your Company Culture Will Attract the Ideal Customers appeared first on Marla Tabaka.

Still, the truth is the coffee giant made it impossible for an independent coffee retailer like me to compete, so I didn't. Instead, my business became what Starbucks is not. It too became a household name–but for reasons other than our convenience and fast service.

Stop viewing your competition as the enemy and instead use their success as the catalyst to brilliance. Instead of investing your precious energy into hating or envying your competitors, use it to become the very best entrepreneur you can possibly be. Here's how.

Give your customers a unique reason to choose your brand.

I knew that my delicious fair-trade coffee wasn't enough to bring customers through the door, so I gave more dimension to the consumer experience. I added open-mic nights, brought in great bands, hosted art shows, poetry nights, and book signings. I even opened a private conference room to local businesses and organizations.

What can you offer in addition to your products or services? Or, how can you make them unique? When you stand out from the competition by offering something of value that your competitors don't, you give your customers a better reason to choose your product or service. How can you help your customers go beyond a simple purchase and truly experience your brand?

Keep your costs down to remain competitive.

When I purchased my coffeehouse I knew that I would have to bring down the cost of goods. It forced me to move outside of my comfort zone and negotiate with vendors. In many cases, I found new suppliers, and I never stopped negotiating.

Don't get complacent about your wholesale costs. Just because your suppliers have served you for years doesn't mean they can't do better. Also keep an eye out for new materials, parts, or products that will create a cost savings.

Innovate, innovate, innovate.

What sells today may not sell tomorrow. I've had too many entrepreneurs come to me for coaching because their once-successful business became a cash drain.

Watch what your competition is doing to stay ahead and learn from their wins, as well as their failures. Avoid getting so caught up in the day-to-day operations that you neglect coming up with the next great idea. That's the mistake these entrepreneurs made and, sadly, it's often too late to breathe life back into the brand.

Upgrade your skills.

When you allocate all available cash and human energy to your business, it's virtually impossible to invest in training and education for yourself. Keeping abreast of the latest technology and trends and constantly honing your leadership skills will help you gain and maintain the competitive advantage.

Write down a list of your weaknesses and make a plan to build upon the skills you need to overcome them. If you cannot acquire those skills yourself, outsource or hire someone who can provide the skills necessary to compete effectively.

Embrace new technology.

As technology improves and evolves, the marketplace changes, sometimes drastically and often overnight. You must be ready to adapt or change according to industry trends and business in general, or your competition will leave you in their dust.

Social media is a great example. Believe it or not, I still hear from people who don't even have a social media presence and don't believe they need one. Last year I worked briefly with a caterer whose business took a nosedive over a period of two years. We narrowed down the cause to a lack of online presence. Her closest competition added a customer-facing back end to its website and aggressively engaged in social media. But she simply refused to understand how this would make a difference and sadly, made no attempt to catch up with her competitors. Her doors are now closed.

Love the competition and your whole world can change. This simple shift in your mindset will keep you engaged, aware, and in the lead.

The post Here’s What Happens When You Love the Competition. It’s a Good Thing. appeared first on Marla Tabaka.