Business Fit

Understanding Taxes for Maximum Benefits 0

Taxes are an integral part of every working government but it is mostly dreaded by the general business sector. It is from this area that taxes are more complicated and generally at its highest income at the expense of the business owners and investors of course. But, the law is the law and it has its reasons. It is therefore essential not to hate or fear taxes but understand how it works and be prepared in every consequence it may bring to any of your investments. Taxes affect everyone, not only the owner or employer but your employees are also under the influence of taxes no matter what sort of business you may run. It’s not that hard to prepare for your annual tax payments only if you understand what you’re going into. The trick is making sure you understand and abide by the rules so as not to create any problems with your taxes. The IRS though strict in its policies, is more than happy to assist you with any queries you might have regarding your tax situation. One way of preparing for your taxes is to implement tax strategies. Not only does it help ease your paper works and payments, but also lets you plan out your entire tax scenario by carefully planning the annual make up of your business thus giving you control over your dues.

How tax strategies work

Tax strategies are basically an annual day to day activity planned out for the sole purpose of minimizing your tax bill as much as possible. This involves careful planning of your annual workings inside the scope of your business so as to find ways in maximizing leverage and gaining deductibles for greater profit of course. It takes a great deal of procedures and you should seek the help of a professional in order to assess the best way for you to plan out this activity. There a lot of ways and methods you can use in order to make this work. It is usually a good way in preparing for an audit or looking for tax friendly ways to run the business. It’s basically creating a win- win situation between your business and the government which require tax out of it.

Understanding deductions

There are certain conditions in any expense or income generated that the government allows deductions in your taxes. Knowing these deductions and how they work will not only help the employer but also the employees in any given business as they can find ways to alleviate any tax difficulties legally. More often than not there are loopholes to the system which you can use in order to attain this. This method however is unethical at best and may result in future problems with the IRS. There are perfectly legitimate tax deductions in existence however and can be achieved without the use of any dirty tactics or make use of any weak laws. These deductions are dependent on many factors such as the type of business you run, your overall income and its related actions.

Modern Day Marketing and Advertising 0

Every modern businessman knows that in order to have a successful business career, you must have a good idea about the inner workings of marketing strategies and how to use them effectively. Marketing is essentially a collective process which aims at improving the relations between buyers and sellers thus creating an atmosphere of trust which is beneficial for both producers and consumers. The best way to accomplish this is through the effective and flawless use of communication methods. It is quite easier to accomplish that nowadays with the rapid growth of communications technology and its availability all over the world. The popularity of the internet allowed global communication to be rapid and easy to access. This has opened a great deal of opportunities for global marketing, specifically in the aspect of advertising.

The role of advertising

Often times the people are confused about the difference between marketing and advertising. This is practically understandable since both are pretty much intertwined. The difference is that advertising is merely a tool of marketing which in the grander scheme of things, involve other processes to function. Advertising however is the primary tool of marketing this is why the confusion between the two exists since advertising takes up a vital role in the marketing process. Advertising per se is the public announcement of a certain product or aspect of a product which may include function, price, changes, or is the main communication tool of marketing and it comes in different media forms. The evolution of global communication saw the more aggressive side of advertising as the electronic advertising media made radical changes to its scope and influence. A lot of innovative features and improvements in advertising evolved less than half a decade ago as the world became closer than ever because of technology. Before, advertising is all about broadcasts and pamphlets and flyers. Today it’s all about online advertising in popular websites.

Modern Advertising Strategies

Advertising is today is not only meant to inform but also to uniquely communicate with existing or potential customers or business investors. This is why marketing strategies deal a great deal of innovation and strategic moves in order to become competitive. Since we are no longer limited to the print and broadcast media, which are greatly restrictive in its entirety, advertising now plays with the senses of those who view or experience it and luring them with the experience in order to convey their message. The internet is now the playground of advertising innovations and new strategies to catch attention. Some advertising forms are even radical enough to border into the misleading while others are simply fun and quite effective. One particular example of advertising strategies in this modern era is the rise of viral videos. These videos are distributed freely and extensively in the internet. More often than not it contains radical and bold content in order to capture the general public with its initial view and insert the advertising in the middle or towards the end. This characterizes the general principle in modern day advertising. Everything needs to be quick and catchy in order to catch public attention.

Marketing Mix at Work: Know the 4 P’s 0

Every good businessman knows that the key to having a successful business is a healthy relationship between buyers and sellers. Every marketing strategy centers upon the basic principle that is when the customers are satisfied, they would continue to indulge in the product thus creating a mutual bond of trust. There are a number of factors involved in creating this kind of atmosphere and these factors are commonly termed as a marketing mix. The basic tactical components of a marketing plan can be summed up in 4 P’s; price, place, product, and promotion. Think of them as the essential ingredients in a recipe and they can be freely modified to suit the taste of the customer. Strategically balancing out the most appealing combination for each of these elements is essential to satisfy the needs of the customer and in turn serving the purpose of the product sellers. You could for example modify the price of your goods depending on the demand or concentrate more on promotions while maintaining a standard price.

The 4 P’s

  • Product

This is the goods or the services that are being sold. Its modifications include the amount of production wherein it could be mass produced or can be made in specific number of units. Both have their own advantage and disadvantages depending on the appeal of the product. Mass produced products are those with every day high demands while those with limited stocks may be rare or hard to produce but could be sold in a higher price range. Careful consideration of product comparisons between similar products is essential in order for you to determine the strategy involved in the production. Package labeling no matter how mundane we may think is also important since it creates the first impression of the product and also considerably alters the production design.

  • Price

This is the amount paid by the customer for a certain product or services. Price regulation is important in order to appeal to the liking of the customer. This is determined by the raw materials, cost of production, and transportation among other factors. But the greatest determinant of price is product quality and competition. A far superior product may be sold more than inferior competitors if there are willing buyers. Most of the time however, popularity and brand establishment plays a role in undermining new products despite their superiority against well-known competitors. In the end it’s the competition that greatly determines the price unless a super effective promotion is implored.

  • Promotion

Any product no matter how good it can be will not be successful in any market endeavor without good promotion.  Product promotion is in charge in communicating with the customers about the product, its benefits, and pricing. Promotion itself includes for elements namely advertising, public relations, sales promotion, and personal selling. Any one of these elements or a combination of all of them can greatly help public knowledge about a product and can build popularity and trust between buyers and sellers.

  • Placement

This determines accessibility and feasibility of a product in a certain location. This is determined by the general needs of the area and the possibility of production or delivery of a product nearby. Water for example is hard to come by in arid areas it is therefore good to ell water to these parts. Production however would depend upon a good and cheap delivery system but would much better benefit the seller if he has access to a nearby water source.