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The Value of Hiring a Professional Accountant for Your New Business

8/3/2021

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As the new entrepreneur of a budding business, you may have entered your field because of a novel idea or great service you want to share with the world. You may even have confidence in your management abilities, as well as the organizational and people skills to successfully take your business to new heights.
 
However, very few entrepreneurs are proficient in accounting and bookkeeping, nor do they have the time to take on all the financial duties running a business requires. According to Wasp Barcode, only 40% of owners claim to be very or extremely knowledgeable when it comes to their general understanding of accounting and finance, and 82% of businesses fail due to cash flow problems. Despite these numbers, many small businesses don’t hire an accountant or bookkeeper.
 
While limited funds may have you convinced that you can do without professional accounting services, hiring someone to help you take on the financial organization of your new business and prepare taxes correctly can set you up for success in the long run.
 
Avoid Common Accounting Errors
When business owners have too many irons in the fire, accounting errors are bound to happen at some point. Issues with data entry can have serious consequences, such as:
 
  • Missing invoices and incurring late fees
  • Reporting expenses incorrectly
  • Overstating or understating cash flow information
  • Over-reporting income
  • Overlooking embezzlement or fraud
 
Hiring a professional accountant who is aware of the best accounting practices, has a deep understanding of accounting programs, and has a well-established system in place to quickly detect errors can take the responsibility off your shoulders. This will allow you to focus your attention on other areas of the business.
 
Get the Most Out of Your Tax Return
If you want to spend less time trying to sort through your taxes and ensure you come out with the best refund possible, hire a small business tax accountant to prepare your taxes for you. These professionals can take care of every step of the process, ensuring you are benefiting from every deduction available to you, filing your taxes, and offering advice on how to better your tax strategy for the future. According to AllTopStartups, because accountants know the ins and outs of taxation, they will be able to save you from any penalties and fines.
 
Enlist Help With Payroll
If you have a full-time accountant taking care of the general finances for your business and filing tax returns, he or she may take care of payroll for your company as well. To make managing payroll easier, consider investing in an online payroll service to help streamline the process and improve your employees’ experience.
 
When searching for the right payroll software, look for a service that includes automated payroll, calculating your employee’s wages while factoring in any other circumstances, such as overtime, insurance deductions, benefits and bonuses. Employees will also appreciate having an online portal to access using their computer or phone to easily see and download pay stubs, tax forms, or other reports. This also saves you the hassle of having to track down and provide information to your employees any time they need to reference their pay.
 
Streamlined payroll is incredibly important because it helps your employees feel appreciated. Paying your employees on time will encourage them to keep working hard, and this will benefit your business in the long-run. Your employees are the lifeblood of your company, so you should ensure they are satisfied.
 
If you’re not as adept at handling finances for your business as you are at managing your employees and strategizing ways for your brand to grow, a professional accountant is an invaluable addition to your team. Ensure your business is on the right track financially and free up more of your time to take care of other critical areas of operations.
 
Does your digital marketing strategy need revamping? Spotlight Business Solutions can handle all your web design, social media marketing, blog writing, and SEO needs. Call 651-373-1185 to schedule a free 30-minute consultation!

Article courtesy of Kelli Brewer.

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Tips for Small Businesses on Using Social Media

7/6/2021

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PicturePhoto courtesy of The Divine Group.
Got a small business and struggling to keep up with what to do with your social media channels? It can be a challenge to figure out what you should be doing with it all, especially on top of your already mounting tasks to keep your small business running. Not to worry, here are a few tips to keep your social media accounts fresh and enticing by expanding your reach to target audiences to increase your sales.
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  1. Find the Appropriate Social Media Platforms for your Business -  Figure out which platforms suit your target audience. If you’re looking for a particular customer base, then looking into different media platforms demographics will help choose which one is right for your business. Facebook and YouTube are the most popular platforms currently, with Instagram and Snapchat being used by a larger amount of younger people. A social media company can help you determine what target audience you should be aiming for with your business.
  2. Post Consistent, Engaging Content Regularly - Keep up on your social media posts with consistent content that is relevant to your business. Creating your own content for your posts is key, but you can also share things from other sources. You should post one time per day on sites like Instagram, Facebook, and LinkedIn, but Twitter it’s recommended that you post more times throughout the day. Can’t do that? Start with 3 days a week and see how that goes.  ​Include posts about your employees and if you have time outside the office creating a fun environment for your company. You can create posts about your products or projects that you are working on, but remember to keep the sales pitch to a minimum. Ask a question at the end of your posts to get people to engage and have fun on your social media platforms. Interaction is key, and your post will pop up more in people’s feeds if there is more engagement happening.
  3. Link your Website to your Social Media Accounts - Make sure you have links to your social media accounts on your website and vice versa. Your social media account should have your website listed on there as part of the basic setup, make sure you have filled out that part. But it’s also good to have your social media accounts links on your website. Add the icons for each social media presence that you have on your site, so that it’s linked to each one. Request that people follow or like your pages as well.

For more insight on how to reach more customers and for creating exciting content, contact Spotlight Business Solutions to keep your social media current and engaging.

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Top FIVE Things People do not Realize About Title

5/3/2021

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PictureMoving in photo. Courtesy of Canva.
This post comes straight from Melanie Schmidt with Minnesota Title.  Melanie has a wealth of knowledge when it comes to your home and title insurance, so be sure to check out their site after you read the guest blog:

1.The title company does not work for your real estate agent. We are separate companies. Sometimes people think that the title companies closer is an assistant to the realtor or part of the brokerage, this is not true. We function as a team of course but the Title Company is it’s own entity. They clear title, handle the funds and conduct the closing, acting as a 3rd party throughout the transaction.
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2. You can choose your title company. And you should! If you are buying a new home, you are in charge of who does the title work and provides your title insurance. Make sure you choose a good one with a solid reputation and knowledgeable staff. One that has in-house examiners and multiple locations are some things to look for. Your realtor may recommend a few options for you and can guide you towards ones they enjoy working with, but the decision is ultimately yours.

3. Title Insurance is more important than you think. All lenders require you to have lender’s title insurance but you also need owner’s insurance. This is a one time fee that protects you for the duration of the time you own the home. Unlike home or car insurance which focus on possible future hazards, title insurance safeguards against loss from hazards and defects already existing in the past.

4. Paying all cash does NOT eliminate the need for title insurance. An all-cash transaction does not eliminate the risk posed by unknown title defects. An owner’s policy protects you against possible loss or damage from a covered title defect. A title claim could arise at any time, even after you’ve owned the property with no problems for many years. How could this happen? Someone else might have ownership rights that you don’t know about when you make an offer to buy a property. Even the current owner might not be aware that someone else has a claim on the property. In the case of an overlooked heir, even the person who has those rights might not know they have them.

5. More people use their title insurance than you think! According to the American Land Title Association, title insurance policyholders have filed over 730,600 claims to date. In 2018, the title industry spent over $615 million* defending the property rights of its policyholders and compensating their losses due to covered title defects. Ask yourself this, is a one-time payment (1-2% the cost of the home) worth it to protect the biggest investment of your life? The answer is always YES! 😊

For more information, visit Minnesota Title!



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Remote Work Options: Resources for Career Changes

3/9/2021

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This month, we welcome another guest blog from Kelli Brewer who has put together helpful resources on how to start a business or find a work-from-home job.

With more and more companies offering opportunities for remote work, you might be interested in telecommuting. And if you’ve always had a passion for entrepreneurship, you may even be thinking about starting a home-based business! If you’re ready to start applying for remote jobs, or you’re eager to get your new company off the ground and market your services with Spotlight Business Solutions, these resources can help you with everything from networking online to setting up a home office.
 
Land a Remote Job
Wondering how to find a job that will allow you to work from anywhere? These resources are packed with tips for remote job seekers!
  • Find companies hiring for remote positions on these job search platforms.
  • Are you a little worried about participating in video interviews? Rehearse your answers with these tips!
  • You don’t want to get stuck working from your living room couch. Instead, create a comfortable and functional home office space.
 
Launch a Home Business
You don’t necessarily have to find a company that will let you work remotely — if you’re interested in entrepreneurship, you can start your own!
  • Begin by sketching out the specifics of your business idea in a thorough business plan.
  • File for a Certificate of Formation to complete your Minnesota LLC registration and earn tax deductions. Use an online filing service to avoid paying high lawyer fees!
  • How can you advertise your company from home? Virtual networking is the answer!
  • List your business on Google to make sure that people can find it while shopping online or searching for your services.

Guidance for Veterans
Veterans often have unique concerns when looking for work. In these guides, you’ll find tips on translating your military experience to a new remote job.
  • Chances are, you picked up a few transferable skills while serving, so consider how your talents could apply to a remote job or entrepreneurial endeavor.
  • Some industries are very welcoming towards veterans. Try applying for remote positions in sectors like healthcare and information technology!
  • This guide provides valuable advice about how to discuss your military experience during job interviews.

Whether you want to have more control over your schedule or ditch your long commute, working remotely can change your life for the better. You can secure traditional employment or launch your own business from your laptop. With these tips, you’ll be ready to take your career online!
 
Ready to polish up your company’s virtual presence? Spotlight Business Solutions can handle everything from social media marketing to business blogging! Fill out the contact form to schedule your free consultation.
 
Photo via Unsplash

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Sharing Your Story to Connect With Your Customers

2/10/2021

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People love stories. That’s why a lot of us read books, watch movies or binge watch a favorite TV series. It’s a way for all of us to connect. The emotions that come with shared experiences can be universal. Everyone wants to feel something. To feel connected. The power of storytelling is an engaging way to interact with and include your customer base.

As part of your social media presence, sharing your company’s personal stories and experiences, while asking others to engage with you, can be appealing to people. If the subject is relatable, they will want to reach out to feel like they are a part of something. You can connect with your audience by telling your story:
  • What motivates you?
  • Why did you pick this business?
  • How did you get started?
  • When you built your business, what were your challenges and successes? 

Find stories that will appeal to people who might actually use your products or services. Hearing personal stories like these, can inspire your customers. Pose a question to them at the end of your story to get them involved. For example, after a heart-felt story of what motivated you in your business, ask your followers what they are passionate about. 

People remember a company that has a personal story. On multiple occasions, I’ve heard others talk about how they bought something from a small company that makes their own t-shirts where the owner is a mother with a new small business, or this newlywed couple that started a company inviting other couples to design their own wedding rings with them in their own personal workshop. The story you tell doesn't have to be lengthy or overly complicated if that's not the real story. Just tell YOUR real story, and people will find they can connect with different aspects. Have a cat in the office? Talk about how the cat came to be in your office or home. Lots of people have pets and like hearing about our furry friends. Show that your company and employees are personable human beings, and that you’re not just a faceless, corporate entity. 

It's also important to talk about your employees (if you have employees) and what they provide for your business. Do you want them to gain experience? To have a friendly and fun work environment? People love to hear about good working environments. Try featuring your employees and their stories of working for your company. Maybe have them talk about what they have learned working for you, what projects they are doing, or why they picked that career.

You could also talk about where you are located and your presence in that community. If you have a cause you support, share that as well. People love to hear about what charities are being supported, and will be more likely to utilize your company, or even talk about your company with others about it.

Engaging customers with relatable stories allows them to feel like they have something to contribute, by sharing their own similar stories. And once you’ve got them interested in your story, you can use it to include your business services.  If you can resonate with your customers, the engagement will follow. 

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2 types of Images You Need for Your Social Media and How to Create Them

1/18/2021

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PicturePhoto courtesy of The Divine Group
This month, we are excited to feature a guest blog from The Divine Group. The Divine Group been doing brand photography for many years and we wanted to get her input on how you can get great social media photos to engage your audience. Here's what they had to say:

As a brand photographer, I get asked, "What images should I use for my social media posts?"  

Although every brand is different, here are some basic ideas that translate for most personal brands.

1. Photos that you can turn into graphics!

To create these- you will want to shoot your subject (your products, yourself, your subjects) on a blank background.  I recommend white because it's versatile and easy to add text and logos too.

Position yourself off to the side so you can add in text later and make graphics to announce your new products, courses, or services!

PicturePhoto courtesy of The Divine Group
2. Action photos of yourself or your products!

These are great tools for storytelling and can be used to talk more about what you do or what your product does.

How to create them-
Hiring a brand photographer will be the most efficient way to get these images from a time standpoint.  A good brand photographer will help you create the shot list and set up the session so you get what you need.

Financially, if that's not an option, pairing up with a friend or fellow business owner is the next best thing!  Have a content creation day where you go out and take imagery for each other.  Don't have a business bud?  Ask a friend or a partner to help you out.

Doing it yourself can work great for product brands, but be more challenging when it comes to showing your face.  You can buy a tripod for your phone with a timer and set up self portraits in a location with great natural light.

Keep in mind, each brand is different, and a lot of my clients hire me to do specific imagery and then they create some of their own, especially if you like creating content.  If it's something you loathe, hiring it out and having a friend help can make life as a business owner a lot easier.

Have more questions about what images to take?  You can always reach out, happy to help! Check out The Divine Group for more information. ​

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Spotlight On ForSquare Consulting, LLC

8/27/2020

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This week, Amy met with Aaron Forsman with Forsquare Consulting, LLC. Aaron and his wife Nicole, own and operate a local event planning business, but they don't stop there! They love helping people plan their important events from baby showers to weddings, but wanted to continue helping them after the event by guiding them in to the next phase with insurance and family/retirement planning. Whether you need auto, home or life insurance, family and retirement, or income planning, they can make sure you have the right coverage for you!
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Spotlight on Melanie Schmidt, Minnesota Title

7/29/2020

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Let's welcome Melanie Schmidt from Minnesota Title. Melanie is in Amy's BNI networking group and is always a joy to talk wth. In this video she took the time to meet with me to talk about what's happening in the real estate market during the summer of COVID-19, how things are changing and what's new!

Check out the video and let us know what you think. 
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6 Tips To Keep Your Social Media Profiles Up To Date

3/18/2020

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When is the last time you got the opportunity to stop and think, "Are my social media platforms up to date?" Now is the perfect time to seize that moment.  Like most business owners you're focused on the daily grind, website content is usually the last thing on our minds, even for those of us who do it for a living. We thought we would take the time to remind you to GET YOUR PROFILES UP TO DATE now that the entire world is watching!

Since many of us are working from home over the next few weeks with the recommendation  of "social distancing" on our minds, our time on the internet is skyrocketing. If someone goes to your Facebook page and it's the information isn't current or you haven't posted in awhile, they may think the temporary closure is permanent and move on to your competition. So how do you get things up to date and what's important? We're glad you asked. Here are 6 things to help bring those social media profiles into the current:
  1. Update your business information: Double check everything from your phone number to the address. Make sure your message is consistent across the board starting with your description and ending with your about me. Your followers like to see the same BRANDED content and consistency. For those of you thinking you don't need to add information to the "Our story" feature on Facebook, you should think again. Now more than ever, potential clients are reading into the backstories of the people they are supporting, make your story known, and get it up-to-date NOW!
  2. Update cover photos and profile pictures: Nothing says your business is still thriving like updating your photo content.  There are several apps that can generate a custom design or you can google the proper dimension so it represents your brands. Remember, each profile should look similar, so people know they are visiting YOUR company.  Pro-tip: The cover photo for Facebook desktop and mobile can look different, so be sure to design your photo so it showcases well on both. 
  3. Update your content calendar: Whether your content calendar is a simple spreadsheet with a few links, or 3 months of content planned out, it's important to have ideas and goals to keep your customer-base engaged. There are days when we post something off the cuff to our followers, but most of the time, we should have our content planned out. Having an idea of what to post on a given day makes all the difference between being scrolled past, or sparking interest in a new client. If you aren't sure where to begin, we can help. You can even check out one of our previous posts on content calendars by clicking here. 
  4. Keep posting: Consistent posting is key in keeping people hooked to your business online. Let's face it, right now...everyone is online. We will refer to number 3 for the content calendar, but most importantly, find a schedule and stick with it. If you want to post 3 days a week, do it! If you want to post 5 days a week, do it- BUT STICK WITH IT! 
  5. Clean out your social media inboxes: One thing that often gets put by the wayside is checking in on your social media inbox. We're not just talking about messaging people back (which should be done with the same haste as your emails), but you also need to comment back and interact with your followers. We know, it's hard to keep track, but now is the perfect time to comment on those posts from last week or reply to a customer. Your response doesn't have to be lengthy, but you do need to take the time to engage your customer. 
  6. Make sure your website contact information is up to date and working: A lot of times we don't remember to update our website with a new phone number, policy, or address if we've changed suits. Now is a great time to thoroughly read your own content, and make sure you stand by every word on your platform. This includes going through the pages of your website to make sure everything is running properly, this is typically an afterthought and shouldn't be. If it isn't, update your information. A contact form that isn't working is costing you customers!

All in all, these are pretty simple steps to get you updated, but we get it. There's only so much time in the day. Our goal at Spotlight is to do the dirty work for you. If you simply don't have time, or even better, just plain old don't want to, get into touch with us and we will gladly take the tedious tasks off your hands! It's time to turn the Spotlight to your business, and generate a solid social media following now!
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Sick of Posting on Social Media and Coming Up With Your Own Photos?

2/22/2020

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PicturePhoto courtesy of Angela Divine Photography.
Angela Divine Photography and Spotlight Business Solutions have paired up to help YOU take social media off your plate for 6 months!  Angela is a local Twin Cities photographer who specializes in offer custom brand photography and we will take care of the social media strategy and posting for you so you can focus on the other aspects of your business! 
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This is for you if:⁠
✅Don't know what to post or when to post.⁠
✅ You are spending hours and hours planning your social content every week.⁠
✅You are using stock photos or that 2 year old head shot⁠
✅You are too busy to post consistently.⁠
✅You spend more time on your screen then with the ones you love.⁠
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We are only taking 3 clients and at a very special price, so if you want in, you better hurry.  Send us a message if you're interested! We'd love to hear from you. 

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    Author

    Amy Lauria, the president of Spotlight Business Solutions, has been working as a digital marketing maven since 2005.

    This blog features local businesses, fun things to do in the Twin Cities, and informational posts.
    ​
    We hope you enjoy.

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