Three Primary Points of Leverage For Your Business

Some nice news from the oh-so-kind people at the IRS. Shoot, I probably should have told you this sooner, so you could EAT BETTER.

The "meals" deduction is back!

Per the guidance released earlier this month, we can once again deduct MEALS for business. (Entertainment is still gone.)

So keep eating out with those prospects, clients, associates and friends.

Do it to generate business, thank top clients and referrers, and enjoy some tax-deductible food. Oh, and keep the receipts. ;)

But another way you can help your Salt Lake County business is by getting clear on three points of leverage in your business.

Brand Leverage: How to Maximize your Salt Lake County Small Business' Strengths

"Opportunity is missed by most people because it is dressed in overalls and looks like work." - Thomas Edison

In my observation, many entrepreneurs struggle with the same problem: lack of focus. It's hard to say no to good ideas. It's even harder to say no to great ideas.

But when you don't realize that there are some basic points of leverage in your business, you can begin to make better decisions, and more easily turn down the distractions that so readily come at you as a business owner.

Here are 3 areas of potential brand leverage for your Salt Lake County business, about which you need to be crystal clear...

Your Main Marketing Message

This is something many businesses get wrong. The key to a successful marketing message is to present one clear, concise message that's easy for prospects to understand. There are so many great benefits to your product or service, but when you don't say "no" to communicating some of them, the key thing gets lost. The prospect loses and ultimately, you lose.

Nail down ONE great message and then say no to all the great ideas that follow.

Your Company Image

This is closely linked to your marketing message -- and, often, can be seen as one and the same. But, for larger businesses, the company image is larger than just their product's benefits. The "brand" is what I'm referring to here. For smaller companies, this should be less of a concern … but if you have any kind of size, you need to be the one who says "no" to certain things here, too.

To create a lasting brand that is recognizable to prospects and customers, and invokes loyalty, you need to define the brand in clean, simple terms, and then lock it down. If the brand is always shape-shifting, your audience won't be able to keep up and they'll give up trying.

At Utah Real Estate Accountants, we focus on businesses that "touch" real estate. It makes it easy to refer business to other accountants, such as dentists and restaurants. We don't feel we are losing business because these people and companies are not who we "are meant to serve".

Your Core Products or Services

This might be the most important of the three. Whether it's a product you ship to your customers, or a service that you provide, your product is how you deliver on your marketing message and brand promise. If messaging and branding tend to get disrupted by all the "good" ideas out there, there's a good chance your product is all over the place as well.

Let’s say you are a real estate wholesaler as an example – but instructive for any business:

You specialize in families who have inherited property and want to liquidate. That is your niche. If you stick to your guns and focus on that niche, there’s a good chance you can become a recognized expert in that area and people will begin using you and referring others to you.

But, what usually happens is as soon as a slow month passes, you get nervous and take some work outside of your area of expertise. Your niece calls and asks you to sell her house. Hey, it’s family! Then since you have time-on-your-hands, your buddy at the HOA down the block says they need landscape help at $20.00 and hour and out of desperation you are now doing facilities. Pretty soon, you’re no longer an expert. You are among the mass of folks who “Do real estate deals”. You have no specialty.

Learn to see YOUR points of leverage, and lock them down. Get them clear, and don't allow yourself to chase after daisies. Your business will thank you.

Feel very free to forward this article to a 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. And we always make room for referrals from trusted sources like you.

"Be world class at ONE THING rather than mediocre at everything...BE THE ROAR not the echo."

Janet Behm

(801) 278-2700

Utah Real Estate Accountants