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Business Growth

Business Growth, Business Tax Planning

Tax Paperwork Checklist

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These days, I’m often glad that it’s our busy tax filing season, so that I have an easy excuse when political conversations are happening: Oh THAT [crazy new political story]? Huh, didn’t see it — I’m too busy with tax season. With all of the chaos out there, the division and shouting — from Washington to Facebook to right here in San Francisco Bay Area, it’s helpful to try to tune out the shouting and focus on what is actually in our sphere of productivity. So speaking of being productive, it might be time to get moving on your tax files, if you haven’t already. The IRS did a study a few years ago that computed that the *average* time that it takes to complete a tax return is 22 hours. And obviously, that number varies by the return, but I’m reminded (again) of the blessing that it is to free our clients’ TIME — not to mention the additional deductions we find, the stress we remove, and the security we can provide in knowing that it’s being handled right. Already, we have many, many San Francisco Bay Area tax clients who have filed, have received refunds and have written us notes telling us that they’ve never been more pleased with their filing experience. And of course, this makes me happy, as you might imagine.Now, I’ve got something here that we posted towards the beginning of January, but as we are moving into the depths of March, I thought it would be worth posting once more… Patti ONeill and Gale Bergado Tax Paperwork Checklist “We are not retreating — we are advancing in another direction.” -Douglas MacArthur With the increased penalties associated with the ACA in 2017, and all of the other changes every year, filing your taxes on your own is not for the faint of heart — even with nice-looking softwares on the market which purport to make it easy for you. But that’s what we’re here for. Let us be your easy button. Below is a list of what you will need during the tax preparation process. Not all of them will apply to you — probably MOST will not. Nonetheless, it’s a useful checklist. Before you get overwhelmed: yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our San Francisco Bay Area tax clients. Really, this is for ensuring that we’re able to help you keep every dollar you can keep under our tax code. Even if for some strange reason you won’t be using our cost-effective services this year, feel free to use this list as a handy guide… Personal Data Social Security Numbers (including spouse and children) Child care provider tax I.D. or Social Security Number Employment & Income Data W-2 forms for this year Tax refunds and unemployment compensation: Form 1099-G Miscellaneous income including rent: Form 1099-MISC Partnership and trust income Pensions and annuities Alimony received Jury duty pay Gambling and lottery winnings Prizes and awards Scholarships and fellowships State and local income tax refunds Unemployment compensation Health Insurance Information * All 1095-A Forms from marketplace providers (if you purchased insurance through a Marketplace) * Existing plan information (policy numbers, etc.) * If claiming an exemption, your unique Exemption Certificate Number * Records of credits and/or advance payments received from the Premium Tax Credit (if claiming) Homeowner/Renter Data Residential address(es) for this year Mortgage interest: Form 1098 Sale of your home or other real estate: Form 1099-S Second mortgage interest paid Real estate taxes paid Rent paid during tax year Moving expenses Financial Assets Interest income statements: Form 1099-INT & 1099-OID Dividend income statements: Form 1099-DIV Proceeds from broker transactions: Form 1099-B Retirement plan distribution: Form 1099-R Capital gains or losses Financial Liabilities Auto loans and leases (account numbers and car value) if vehicle used for business Student loan interest paid Early withdrawal penalties on CDs and other fixed time deposits Automobiles Personal property tax information Department of Motor Vehicles fees Expenses Gifts to charity (receipts for any single donations of $250 or more) Unreimbursed expenses related to volunteer work Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions) Investment expenses Job-hunting expenses Education expenses (tuition and fees) Child care expenses Medical Savings Accounts Adoption expenses Alimony paid Tax return preparation expenses and fees Self-Employment Data Estimated tax vouchers for the current year Self-employment tax Self-employment SEP plans Self-employed health insurance K-1s on all partnerships Receipts or documentation for business-related expenses Farm income Deduction Documents State and local income taxes IRA, Keogh and other retirement plan contributions Medical expenses Casualty or theft losses Other miscellaneous deductions We’re here to help. Let me know if you have any questions. Warmly,  Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Business Growth

Let’s Talk About Your Business…

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I know your business. Because we deal with clients like you all the time, I’ve got a leg up on all those “gurus”, since I’m right there in the trenches with you. – Patti ONeill and Gale Bergado Patti ONeill and Gale Bergado here, your tax and accounting professional. I know that we haven’t posted much before, but starting this week I’m hoping that you and I can have a conversation about your business. You and I both see the headlines. Questionable government decisions, taxes sure to rise in the next few years (whether or not it will really help the economy) your clients and customers are feeling a new pinch, and, well… overall the deck is stacked against small businesses like yours and mine. Right there in your neighborhood, I know that businesses could use a “shot in the arm”. Not Just “Tax Tips”… As I look over business tax returns and the books of our clients and associates, I often find ways to help the bottom line with little-known tax savings, etc. But I also see that if I could help “fix” sales, marketing, management and leadership problems for my clients it would go a long way to help. I don’t pretend to have all the answers, but I’ll pass along what I’ve seen work for me, and for other clients like you. And, I’ll be frank…if I can help your business THRIVE during these economic times with my advice, it helps MY business. I like keeping my clients doing well, because it means that our services will be paid for! And as our clients grow their businesses, their need for our services also grows. It’s a true “win, win.” But the problem is that there’s a lot of confusion out there about how to grow your business right-with cost-effective, powerful strategies which cut through the clutter and create sales. There’s a ton of so-called “experts” out there, and they often give conflicting advice. So starting this week, we’ll be sending you notes and tips on a weekly basis-offering “Real World” Business Strategy (which you can use) and guidance for increasing sales, improving leadership, and all-around business growth and development. And I hope you’ll forgive me if I lay aside “accountant-jargon” and give it to you straight! Here we go… Patti ONeill and Gale Bergado’s “Real World” Business Strategy First Steps in This Economy / Getting To Know You In the coming weeks, we’ll discuss both general concepts and specific strategies…but now, in this first week, here’s a good start (plus a question for you): The fastest way to fix financial problems in your business is to fix the sales problem. Yes, I know – everybody’s business is “different”, but I’ve seen it across almost every business category: Make more sales and a host of problems disappear. (Now for some of you, I know that your increasing marginal costs are making your sales less powerful, but we’ll address that in the future.) So how do you do that? Well, there’s obviously a bunch of good answers to that question-but for a quick surge there are three lists to get ahold of right now. The first one might be obvious, but I’m continually amazed at how many businesses don’t maintain good records of their current customers. These are the easiest folks to sell to again. They’ve already indicated interest in your business, and have demonstrated it with their wallet. Go back to them this week with a promotion just for them, and the results will be better than any other list. “But what if I don’t have a list?” Good question, and if that’s the case: start one now. Whether it’s by giving an incentive at the point-of-sale or client meeting to have them provide you their details, or if it just means hiring a high school kid to compile all the data for you – this list is your most important asset in your business. I’ll address the other two groups in the weeks ahead, as well as creative strategies for going after your existing customers, but I’ll leave you with this request: Help Us Help Your Business! Would you take a moment to drop us a line with one of the following? A) Let us know what kind of service you’d like to see us provide for you and your business in the future, which we are not currently providing you. Or B) Would you write me a quick note about how well we’ve already served you? Businesses like yours are looking for a good tax professional-and we’ve found that what business owners really want to know is what others say about us, not what we say about ourselves. Your note would really help! We’ll be back again next week! Patti ONeill and Gale Bergado

Business Growth

The First Thing You Need To Do

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Patti ONeill and Gale Bergado here, your tax professional. I know that we haven’t posted much before, but starting this week I’m hoping that you and I can have a conversation. You see, there hasn’t been an environment like the one we’re now facing in this economy and in our nation for quite a while. The fact is-I know you’ve got questions…about personal financial strategy, about tax specifics and about how to steer your way through these times we’re living in. Not Just “Tax Tips”… I won’t pretend to have ALL the answers, but I’m going to do my best to give you information from the “real world”. Yes, there’s a lot of so-called “experts” out there (theorists, authors, or multi-millionaire “gurus”) who make it their job to spout opinion. But more often than not, they don’t know what it’s like to face the things that you and I face-right here. I also want to give YOU the chance to contact my staff and me about questions you’ve been having. I’ve found over the years that people generally want more (not less) from their tax professional in terms of communication and relationship. So you’ll be hearing from us more. Bottom line: starting this week, we’ll be making a major effort to keep in touch with you on a weekly basis offering “Real World” Personal Strategy (not just pie-in-the-sky theory) and guidance for growing wealth, keeping sane in this world, and all-around personal development. And it will NOT be just tax tips (it’s our job to take care of all that for you anyway). Sure, there will be tax items you’ll need to know about-which we’ll send your way-but I believe you’ll find these notes to be interesting and useful on a variety of levels. So let’s get started, shall we? Patti ONeill and Gale Bergado’s “Real World” Personal Strategy True Wealth / Getting To Know You In the coming weeks, we’ll discuss both general concepts and specific strategies…but now, in this first week, here’s a good start (plus a question for you): Patti ONeill and Gale Bergado’sThought: Learning to be content in all circumstances is the foundation for generating real wealth, especially in this economy. Why do I say this? Well, it’s my job to help people “ride out the storms” in their financial life. And I’ve noticed a very real difference between those that handle it well…and those that, well, don’t. See, relative to their income, the rich are frugal. They save and invest. They spend less than 65% of their take-home pay on day-to-day expenses. They save at least 10% in their retirement accounts and another 5% in taxable savings. They direct another 10% toward unknown big purchases. And they even live frugally enough to give another generous 10% to charities. Now-remember when I said this would be “real world”? The fact is, I know that you may not be even close to this, and you could even be feeling guilty right about now. That’s the LAST thing I want to do to you, but here’s what you CAN do right now: Set it as your personal goal to increase (or start) your household money moving in these directions: 1) savings 2) retirement 3) short-term (big purchase like a car or furniture) savings and 4) giving. This week, choose ONE of these categories and move money there, however small the amount. Then, when you do so-let somebody know you did it. Not to brag, but to settle it into your mind. You’ll find that taking a positive direction in one of these areas-even if it’s just a measly 5 bucks-will go a long way to increase your peace of mind. And with THAT peace of mind, you’ll handle the upcoming storms real well. That’s the Real World, my friend. And finally, my Question: How could my staff and I serve you better? Would you take a moment right now, to reply to this email with one of two things for me? Either… A) Let us know what kind of service you’d like to see us provide for you and your family in the future, which we are not currently providing you. Or B) Would you write me a quick note about how well we’ve already served you? Lots of people like you are looking for a good tax professional-and we’ve found that what people really want to know is what other people say about us, not what we say about ourselves. Your note would really help! Thanks! To your success, Patti ONeill and Gale Bergado

Business Growth

Why Price Reductions are Bad Positioning for (Almost) Any Business

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Our hearts remain with those in Houston and, now, South Florida, who has been dealing with such a massive disruption of their lives — and during a time of year that is already one of the busiest. The IRS has set up a “catch all” page for those cleaning up from Harvey, Irma, and other such disasters, and it can be found right here:https://www.irs.gov/newsroom/tax-relief-in-disaster-situations. And here’s a recent article that goes into deeper detail about financial and data recovery in the wake of disasters: https://www.accountingtoday.com/news/irs-offers-taxpayer-disaster-planning-and-recovery-advice-for-hurricane-irma And, of course, if you have been impacted by any of these disasters in any way, we are here for you (or for your friends)! Allow us to help you sort through the financial muck so you can better deal with all of the mess of cleaning up other aspects of your life. A quick reminder, before I get to my subject of the day. Friday, September 15th is the estimated tax payment deadline for the third quarter. These estimates are for people with income that is not covered by withholding through payroll. If you are an independent contractor or have your own business, call us to set up a much more convenient and potentially tax saving method of paying in your taxes! And, well, speaking of San Francisco Bay Area businesses, I have too many friends who start one or seek to turn around a flailing one, using this principle as a guiding light. That would be a mistake. Why Price Reductions are Bad Positioning for (Almost) Any San Francisco Bay Area Business “How many things in your life do you do automatically, routinely, that is a waste of time but you don’t take the time to remedy them?” -Robert S. Scott I discuss this all the time with my San Francisco Bay Area business owner clients — how to price their services. You see, often, we might hear consumers say, “Well, I would buy it if it were in my price range.” And, that idea tempts many business owners to lower their prices–just to sell more products. However, as you already know, price reductions sometimes create more problems than they solve. For example, price reductions… * Decrease net profits * Lead to the purchase of lower-quality products * Increase customer demands to drop the price even lower! * Require even more sales to make up the difference in revenue * Need a larger quantity of products And, in the end, there will always be someone willing to go out of business faster than you. Remember this: price is not a benefit. The close of a sale is not determined on the cost of your product. If you truly “sell” your customers and prospects, they will purchase your products/services no matter what price you determine. That’s the plain truth — and you’ve probably seen it in your own purchase patterns. If a customer or prospect doesn’t buy — and they claim the cost had something to do with it — you can guess they probably wouldn’t have purchased anyway. As a small business owner, and marketer, your job is to sell your products and services. But the actual art of selling has nothing to do with the price of the product. By the time your contacts find out about the price, they should be determined to purchase no matter what the cost. So, find “real” benefits (value) to sell to your customers and prospects. Help them to see how great their life is with your product, and you’ve got a customer. Point out their current pain, and your contact will do anything to get rid of it. Set your prices and hold fast. If you’ve marketed correctly, you will still have customers anxious to do business with you. Price gouging is a horrible thing — but, really, that’s a bogeyman that lives more in our heads than in real life. Charge your worth. You deserve it. Feel very free to forward this article to a San Francisco Bay Area business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for CITY families and business owners. And we always make room for referrals from trusted sources like you. Warmly,  Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Business Growth

Marketing Tips for Small Business Owners

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As you may have heard, “Labor Day” originated during the time of 7-day workweeks of 12-hour days, in the late 1800’s, as our country was in the throes of the Industrial Revolution. Times have certainly changed since then — and our economy is no longer driven by the manufacturing jobs of the past. Yes, now our economy is about *knowledge* … and that’s why I take the time each week to inform YOU about the “real world” steps you should be taking with your San Francisco Bay Area business, and how to be prepared for any circumstance. Which brings me to a question: Is there anything I can do to help you this week? I obviously take pleasure in helping my clients and San Francisco Bay Area business-owner friends thrive during this craziness in our culture and economy, and my weekly Notes are just one way I’m happy to help. But I hope you know that there are probably other ways in which we could come alongside you and your business. From cash control analysis to taking financial tracking off your plate, to tax planning and other consultations — we’re here for you. Give me a call, or send me an email … we are in your corner. Yes, we’re headed into a busy period before the deadlines on 9/15 and 10/15 for our various clients on extension or filing under corporate status — and then we start gearing up for our busiest season of the year after the holidays. But we will always set aside time for you. Give us a call, or drop me an email. This week I’m wrapping my series on marketing mistakes by offering more marketing tips for small business owners. Here you go… Marketing Tips for Small Business Owners in San Francisco Bay Area “Trust your instincts when they tell you to ‘pause’ and think it over.” -Susan G. Owen Over the last few weeks, I’ve written about how so many San Francisco Bay Area small businesses shoot themselves in the foot by failing to improve their advertising and sales processes. So far, I’ve given you FIVE blunders to avoid: 1. Failure to tell your story. 2. Right product, wrong market? 3. Right market, wrong problem? 4. Right problem, wrong pitch or promise? 5. Right pitch, wrong timing? So, let’s keep plugging those holes for you, shall we? Here’s the final installment. 6. No urgency. In most cases, of course, it’s just common courtesy not to rush people. But that’s a courtesy you can’t afford when you’re trying to close a sale. Why? Because of the salesperson’s and marketer’s greatest enemy … inertia. If you can’t give your prospect a push to “act now,” you’re only inviting him to shelve the offer until later. Translation: Never. It’s not a question of politeness, it’s a question of sales and marketing survival. Go back and look more closely at your sales piece or script. Start with the offer and work backward. Is there a deadline for any special deal you’re offering? Is there a bonus for a speedy reply? If you can work it into the deal, do so. But then move back through your piece and find places you can repeat or highlight the deadline date. Make it as specific as possible. Midnight on a certain date, just weeks from your mailing. Or maybe a website countdown. Or a limited number of orders allowed. If there’s one thing that drives people more than the promise of getting something, it’s the fear of missing out. In short, if there’s no urgency, find some. And make sure you build that tension, the closer you take your prospect to the point of the sale itself. 7. Failure to offer proof. As much as we may consider ourselves thoroughly rational creatures (and I say this as a “numbers person”!), no sale is ever made based on logic alone. The way to get attention and action is with emotion. (Some people shy away from using emotion, and that’s quite understandable — because it’s often perceived as “manipulative”. My simple contention here is that if we don’t speak in the language of emotion, then we’re not truly speaking the real language of life.) That said, once you’ve engaged a prospect emotionally, you’ve got to give him or her a reason to believe. You’ll want to work into your script or sales piece a way for your prospective client to go back and rationalize the smart decision they made to use your product or service. Credibility-building charts and statistics, relevant stories, strong testimonials, track record, expert testimony, reassuring credentials … they all add up to support the prospect’s original emotional commitment. If you are already using these elements, I suggest you go back and make sure your proofs are clear and easy to read. If you have testimonials, make sure they’re as naturally presented as possible. Don’t use stock photos. Use pictures of the real customer. If you can use full names, do. If you’ve got experts who recommend your product, mention them. If you’re reading third-party sources that support your claims, name them. And use quotes just long enough to show that the credible experts agree. Don’t just say your results are great. Show what happens when you get great results. Thinner customers. A nicer car. A bank statement. A healthy, happy couple. And so on. Anything to put an image into the imaginations of your future customers. 8. Failure to close. This is the last one, and it’s a biggie. Zig Ziglar famously said, “Timid salespeople have skinny kids.” And once you’ve gone through your sales process, written a fantastic sales piece or advertisement, you MUST seal the deal with an actual “ask” and a clear call to action — stating *exactly* what your prospective customer should do right now. Without this final step, all your good efforts go to waste! Again, I don’t pretend to be a marketing “guru” … I just see what works for my successful San Francisco Bay Area clients, and I pass it on. Feel very free to forward this article to

Business Growth

The Pareto Principle And Your Company’s Work Cycle

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Slogging through the summer, and with the weather still hot, it can be really tempting to sort of press cruise control for the month of August until Labor Day hits us, and *then* really put that nose to the grindstone. But could it be that a rhythm of working a little less might actually make you more productive? It’s a pretty counter-intuitive notion, but the reality is that we San Francisco Bay Area business owners entered into this venture for many reasons … and I know that for many of us, prime among them was this notion of freedom. But too often what we thought would mean freedom instead leads us into a kind of slavery that we could never have predicted. The notion of “80/20” (the Pareto Principle) is something worth studying when you are caught in this cycle of relentless *work*. And I hope to give you some inspiration to that end today. The Pareto Principle And Your San Francisco Bay Area Company’s Work Cycle “Everyone is trying to accomplish something big, not realizing that life is made up of little things.” -Frank Clark There was a recent book that changed a lot of minds about management, and it’s worth checking out. It’s calledThe 80/20 Managerby Richard Koch, and in it the author cited a fascinating experiment on the subject of “forced time off”: “…(Boston Consulting Group) consultants were obliged to take one day and one evening off, during which time they were not allowed to use email or voice mail…I’m sure you can guess the results. The teams who were forced to take days and evenings off rated higher not just on work-life balance but on job satisfaction, learning, personal development and open communication within the teams. Moreover, their clients reported greater value delivery than the clients of the control groups. Empirical proofs that less really is more. “I’m waiting for someone to have the courage to test what would happen if a team is forced to take off two days… then three, then four. Let’s see what happens when they work just one day and one evening each week.“ (page 174) The Perlow & Porter experiment cited above (and further detailed here:http://hbr.org/2009/10/making-time-off-predictable-and-required/) hints at why this is so profoundly true. Faced with the constraint of having to take time off, the consultants at BCG suddenly found themselves having more discussions about HOW work was being done and fewer conversations about WHAT work was being done. “People were initially skeptical about spending so much time looking at work processes. But in the end, most teams found it helpful. The check-ins not only allowed teams to engage in explicit conversations about achieving their time-off goals, but they also sparked valuable discussions–involving the whole team–about priorities, expectations, and problems people were facing. “By contrast, in typical teams, consultants generally start talking about problems only when they are already overstressed and less able to think rationally or do much about them.” Re-read that last sentence. The always-on, smartphone-addicted lifestyle of the average San Francisco Bay Area business owner makes it LESS likely that you will think rationally about the strategic decisions you need to make in your business. But forcing yourself to take time off, one evening a week, then one day a week — and perhaps yes, as Mr. Koch recommends, even 4 days a week — will force you to make clearer more strategic decisions. Working less CAN equal earning more. It’s an equation that seems to violate everything we’ve been told about work … we’ve been told that you work your tail off, lay aside a bunch of profit and then some beautiful day in the future, well, you’ll be able to work less. But could this entire paradigm be wrong? “Working less = earning more” is an equation that I have come to believe must be considered by the digitally-connected business owner who wants to take their San Francisco Bay Area business to the next level. So, take one day off next week as a test. I wonder what would happen? I’m grateful for our partnership and dedicated to your success. Feel very free to forward this article to a CITY business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for CITY families and business owners. And we always make room for referrals from trusted sources like you. Warmly, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Business Growth

Keeping Your Business Focused On Revenue Growth and Customer Retention

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We’ve been talking about meetings, efficiency, and how San Francisco Bay Area small business owners simply have to stay laser-focused on tasks that will bring them and their business towards actually achieving their goals. Especially with all of the political and cultural chaos we’re experiencing in this particular moment, it’s worth emphasizing that staying on point is a battle worth fighting. We can get so bogged down with what’s happening around us, or on the small, picayune details of life. But what I’ve seen when working with my San Francisco Bay Area business-owner clients is that when you focus on something enough — however small — it becomes “big” and crowds out room for the truly significant issues. The client service coordinator focuses on moving the paper, ticking off the tasks in the software, getting the phone answered … and maybe focusing just as much on the person in the next room she doesn’t like, the chair that squeaks … and on and on. We all need to be brought back to what’s important in business. Over and over. It adds purpose to what we do. It’s also the magic ingredient that separates the good from the great. And I’m here today to remind you (and perhaps your staff, now!) of it… Keeping Your San Francisco Bay Area Business Focused On Revenue Growth and Customer Retention “It is not fair to ask of others what you are not willing to do yourself.” -Eleanor Roosevelt What are the most important tasks in your business? Taking care of customers and growing revenue. Add any trendy business philosophy you want on top of that, and it still gets down the same thing. So … EVERYONE on your team should either be adding revenue or helping to control expenses. I suggest you (constantly) ask your staff — and yourself — what they can do to help: 1. Get more customers 2. Keep customers longer 3. Increase the amount of each transaction 4. Control expenses 5. Get more referrals 6. Get good online reviews 7. Make operations more efficient So, in that vein, here’s a discussion you can have at your next staff meeting: * Review and discuss these 7 issues * Ask everyone to write down the things that would help them do their job better (or obstacles that are in their way) * Ask everyone to write down ideas for each of the 7 issues between now and the next staff meeting * Review everyone’s first draft privately or as a group in your next staff meeting Everyone in your business must be involved in growing revenue or controlling expenses. They must see their role in that part of the business. And YOU — the business owner — must keep that discussion alive and dynamic. Good luck! Again, I don’t pretend to be a “guru” … I just see what works, and I pass it on. I’m grateful for our partnership, and for your referrals. Feel very free to forward this article to a CITY business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for CITY families and business owners. And we always make room for referrals from trusted sources like you. Warmly, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Business Growth

A Few More Common Marketing Mistakes Made By Businesses

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Seeing what has happened in our nation’s fourth-largest city has been a sobering reminder of the fragility of life, and business. It’s helpful to be reminded that threats and disasters can (and do) strike from directions that you might least expect. And while this is quite obviously not the case when it comes to natural disasters, I’ve come to realize that more often than not WE are our own worst enemy, when it comes to running our San Francisco Bay Area businesses — not external factors, not market forces. It comes down to looking in the mirror and taking responsibility for the results we’re currently experiencing. So, if things are down right now: don’t blame anyone but yourself. This doesn’t mean self-flagellation, but instead that seeing things in this light really is the first step to getting OUT of it — because you finally begin to focus on things WITHIN your control, instead of outside of it. And it’s really quite liberating. Conversely, if things are GOOD: don’t abandon what got you there in the first place and coast, as if just by showing up, the magic happens. That just isn’t the case, and I believe that you know it. Last week, I wrote about some common advertising and marketing mistakes I see … and, well, I think it touched some familiar nerves. But allow me to remind you — being challenged in your thinking is a GOOD thing. Here are a couple more I’ve seen. A Few More Common Marketing Mistakes Made By San Francisco Bay Area Businesses “How many things in your life do you do automatically, routinely, that is a waste of time but you don’t take the time to remedy them?” -Robert S. Scott Whether you create most of your sales through referrals, through direct marketing, or with a dedicated sales force — there are some quite common mistakes I’ve seen which are destined to suck the life out of your sales process. Last week, I posted the first three. If you didn’t get a chance to read it, send me a note, and we’ll get it to you. Here they were: 1. Failure To Tell Your Story 2. Right product, wrong market? 3. Right market, wrong problem? As we head out of summer, it’s the perfect time to evaluate your marketing processes … and plug the holes. So, here’s the next installment. 4. Right problem, wrong pitch or promise? Emotionally, you’re right in line with your target audience. Yet still, they don’t call your office, act on your sales pitch or otherwise respond. Not to worry, because knowing how your customers think is already half the battle. But now you need to work out the other half of the proposition — the solution they’ll respond to. The first thing you know is that it has to be somehow better, stronger, or entirely different than whatever solution everyone else is offering. How do you figure that out? It starts with studying the competition. What’s working for them? Further, what has worked for you in the past, which you haven’t since returned to? Because these pitches are already tested and proven effective. In both cases, you’re getting a feel for the solutions that hit the prospect closest to the core. Good sales processes or advertising solves problems. It offers hope. That much is proven over ages. And it works. 5. Right pitch, wrong timing? Bestselling author Malcolm Gladwell called it the “tipping point.” One of the things so many businesses fail to take into consideration is how well timed their promotional campaigns and sales presentations are with what’s currently happening in the marketplace. The bottom line is that markets move fast, and armies of prospective customers march on. What worked yesterday or even this morning may not work tomorrow. That’s why you SHOULD be plugged into what’s happening in the world, and in the marketplace. Subscribe to the magazines your customers read. Use blog-tracking services online to see what the most passionate customers for your product or service are talking about (www.BuzzSumo.comis one useful one). Set up a Google news alert related to what you’re selling (you can do so at this page:https://www.google.com/alerts). I truly hope this helps. I’m by no means a marketing guru, but I do get to see what works for my clients and pass it along. Feel very free to forward this article to a CITY business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for CITY families and business owners. And we always make room for referrals from trusted sources like you. Warmly, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Business Growth

Three Keys To Shorter Meetings For Your Business

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Last week I wrote about working less and testing the 80/20 hypothesis for your San Francisco Bay Area business work cycle. I’d love to know if you had a chance to consider putting this into practice, send us an email using the email icon at the top right-hand corner of our site when you can, if so. Well, on that note, let’s spread some of that 80/20 wealth around and take a look at your San Francisco Bay Area business as a whole. Now, this might not exactly apply to you if you’re a pure “solopreneur” — but I’ve also found that “pure” lone rangers are few and far between. There are almost always people with whom we have to meet, and potential time vampires all around us, even as sole proprietors. And let me get this important point right out front: yes, meetings are absolutely necessary at times — and a business that NEVER has them probably won’t get on the same page with the frequency or efficiency that succeeding in 2017 (and beyond) now requires. It’s a fast-moving marketplace, folks. But exactly because it’s so fast-moving out there, we simply must not allow the “corporate culture” of meetings and memos to rule over the advantage we carry as a smaller, more nimble organization or business. And even within the corporate culture, there is growing literature and research about cutting down the wasteful environment of relentless meetings. So here are a few guidelines I’ve put into place … let’s free ourselves from those additional, mindless obligations. Three Keys To Shorter Meetings For Your San Francisco Bay Area Business “Prepare while others are daydreaming.” -William Arthur Ward In the spirit of what I’m writing about, this will be a quickie… Three essential guidelines for taking control of meetings — and your time. 1) Determine whether you really are necessary to the meeting. Look at the agenda, or find out what the meeting is intended to accomplish. Ask yourself, “Do I actually get anything out of the meeting?,” and “Do I actually contribute anything to the meeting?” If your answers are “no,” then let meeting organizers know, and find a way to avoid attending. Just do it. 2) Try to attend only part of the meeting. If the first part of a meeting is relevant to you, but the other half isn’t, find a way to skip the second half. Just do it, and let the chips fall. 3) Arrive on time–leave on time. Let meeting organizers know that you’ll be happy to attend the meeting, but will only stay until the time stated. Then get there on time–and leave on schedule. These may seem harsh, but your time is valuable. Respect yourself enough to treat it that way. I’m grateful for our partnership and dedicated to your success. Feel very free to forward this article to a CITY business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for CITY families and business owners. And we always make room for referrals from trusted sources like you. Warmly, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

Business Growth

Solving Problems in San Francisco Bay Area Businesses with Effective Solutions

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There’s this idea out there among many wannabe San Francisco Bay Area business owners that they have to come up with the next completely fresh idea in order to have a great business. Shows like Shark Tank (which I love) go towards creating this kind of mindset – although the sharks do a very nice job of bursting the bubbles of anyone who thinks that business success is merely about having that great idea. But I ran across this story about a company that was founded in the ’70s, and whose product you have very likely seen (especially if you have ever owned a dog). It *is*, in fact, about the idea. But the idea was found within the cast-offs of an existing vocational work, and there might be something in there that sparks an idea for you. Because I still think there is something to be said for us “small fry” San Francisco Bay Area entrepreneurs — the service business owners, the independent retailers, the salespeople, the franchisee, etc. — who look at the stories of those who have succeeded rather dramatically, and to see what it is they did. Whether it’s a new product or service line within your existing business, or something brand new, sometimes we need to just open our eyes to identify and begin solving problems in an effective way. Solving Problems in San Francisco Bay Area Businesses with Effective Solutions“Every problem has in it the seeds of its own solution. If you don’t have any problems, you don’t get any seeds.” – Norman Vincent Peale Joe Markham had a problem. The three-year-old German Shepherd he’d adopted, Fritz, loved to chew rocks. So much, in fact, that his teeth were one-third their normal size. In every other way, Fritz was a wonderful and loving companion. But Markham knew the dog’s one bad habit was endangering his health. So Markham, a partner in a motorcycle shop, encouraged Fritz to try softer substitutes: radiator hoses and motorcycle tires (customers often saw Fritz flying through the shop with a whole bike tire sticking out of his mouth). But the dog didn’t favor either of these items enough for it to become a rock replacement. When winter came, the bike shop kept busy by working on cars and snowmobiles. One day, Fritz stretched under a workbench, pulled out a part from a car, and trotted over to Markham, where the dog dropped the part on Markham’s foot. This rubber-knobbed gizmo was a prize — and it was love at first bite. Fritz forgot his beloved rocks. His new obsession had customers asking what kind of toy was making the dog so joyful. That’s when Markham speculated that if his dog loved this type of rubber so much, other dogs would too. And so began a long journey of prototypes, rejections, manufacturing woes, ridicule, and late-night commercial slots. But Markham persevered because he knew his real customers — the furry, four-legged ones — would prove him right. Today Markham’s toy,the Kong, has surpassed sales of 50 million products — almost one for every dog in America. And my take is that while perseverance played a role in his success, the real secret was that he stayed focused on finding a fun, effective solution to a common problem. So I ask you, San Francisco Bay Area business owners… Where can YOU find these hidden answers to common problems faced by your own customers? It doesn’t have to involve some witty, new invention — it can simply be serving a felt need effectively and well. But those problems ARE out there. And the answer might very well be sitting in your cast-offs. Feel very free to forward this article to a San Francisco Bay Area business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners. Warmly, Patti ONeill and Gale Bergado(408) 241-4100ONeill & Bergado

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