Getting Back to Basics: 5 customer engagement strategies for health and wellness business owners

When it comes to fitness, sometimes it’s important to get back to basics before tackling more difficult exercises. And it’s exactly the same in business. Making sure your customer engagement strategy has a strong foundation that gives you and your staff the tools they need to tackle more complicated issues and strategies down the line.

Customer engagement is every touchpoint your business has with a customer. Offline or online. Proactive or reactive. The number of ways you engage with customers is nearly endless.

As a franchise owner in the health and fitness space, how you engage with customers can make or break your business. Here are five simple ways to improve customer engagement and grow your business:

Keep it simple

Make it easy for consumers to contact you the way they prefer. Don’t hide phone numbers or email addresses unless you have a very clear communication strategy pointing them in another direction. Also, make sure your contact info is consistent across all platforms.

Let your staff exercise their voice

Empower your staff to truly serve your customers. When front-line staff, whether in-person or virtual, have the ability to address concerns and make good on mistakes, you decrease the chances of problems escalating and resulting in a nasty review online.

Get results…and rewards!

Reward loyal customers with perks and offers that make it easier for them to choose you over other the competition. Think about implementing a rewards program that keeps them coming back time and time again.

Don’t be afraid of a little resistance

No matter how small an issue, or how wrong you believe your customer to be, respond to every concern as quickly as possible. Whether the comment came in person, over the phone, via email, or through a harsh review – tackle the issue head-on fast. You’ll save a customer and likely gain more in the process.

Keep up your (social) reps

Carefully managing your online communities is no longer optional. Make sure you have staff dedicated to monitoring your social media channels and responding to positive and negative feedback. Responsiveness shows onlookers that you care about your customers and will go the extra mile.

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

 

Insuring Your Future: A Tax-Saving Retirement Guide for Insurance Professionals

You spend day after day helping your clients protect their assets from the unexpected. Take a moment today to think about protecting yourself from the 100% expected: your retirement.

As a self-employed insurance pro or business owner, you may not have the luxury of en employer-matched 401K built into your benefits package. That means it’s up to you, and you alone, to prepare for the future.

There are actually four retirement plans for self-employed workers that can help reduce your taxable income while saving for retirement.

Solo 401(k)

If you have no employees other than a spouse, this type of plan is great because of its high contribution limit (up to $59,000 if you’re over 50) and because taxes are paid on withdrawals. Accounts with $250K or more do require an annual report with the IRS, but they are relatively easy to set up initially.

Simplified Employee Pension (SEP IRA)

These easy-to-set-up plans work well for self-employed workers with few or no employees. SEP IRA’s are also ideal if you’re looking to match contributions to profits, allowing you to contribute as much as $53,000 annually. Just keep in mind that if you do have employees, you can’t contribute a higher percentage to your own account than theirs.

Savings Incentive Match Plan for Employees (SIMPLE IRA)

The SIMPLE IRA plan makes sense if you have a small business with a lot of employees. While matching contributions are deductible for you, and most employees don’t contribute, there is the possibility of mandatory matching contributions.  SIMPLE IRAs have moderate contribution limits and require little setup or maintenance.

Defined Benefit Plan

This type of plan works well for solo self-employed workers with high, stable incomes and a desire to put a lot of money away for retirement. Contributions to this plan can be as high as $100K/year depending on your age, and all of those contributions are tax-free until you withdraw. The downside is that Defined Benefit Plans require you to commit to a certain funding level when you set them up — and if you have employees, you must make contributions on their behalf.

No matter which plans you decide to go with, the key is to start now, while time is on your side!

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.

 

5 Accounting Tips for Lawyers: How to keep your numbers in order beyond a reasonable doubt

Can you remember why you first wanted to become a lawyer?

Helping the defenseless, high earning potential, and an intellectual challenge may have been a few of the reasons why. Diving into the exciting world of legal accounting was probably not high on your list!

Whether you’re an independent attorney or own a small to mid-size firm, you face unique challenges when it comes to your business’s financials. And the penalty for not keeping a close watch will be more than a stern look from a judge.

Here are five accounting tips for lawyers to keep your numbers in order beyond a reasonable doubt.

The right accounting tools

You didn’t go to art school to study law – so why are you using general accounting software for your law firm? Most out-of-the-box accounting programs can’t handle the unique financials of legal practice without extreme customization. Whichever software you go with, make sure it can help you manage retainers, trust accounts, and track billable hours by the client.

Avoid double jeopardy (or double data entry errors)

If you’re like most law firms, your management and business accounting are in two separate systems. When data has to be entered into more than one place, the chance of errors increases. Maintaining all of your accounting into a single system builds a stronger money trail and reduces time spent in data entry.

Carefully maintain your trust accounts

Trust accounts are one major way your law firm’s accounting is very different from most businesses. You may often be in receipt of client retainers that don’t actually belong to the firm until the work has been done or handle settlements on behalf of your clients. It’s critical to ensure that funds are kept separate and reconciled monthly so you can always be ready for an audit.

Keep your firm’s expenses in mind

One thing your firm does have in common with other businesses is that there are costs involved with keeping the doors open. Your office lease, phone, internet service, and more are all part of the cost of doing business. Tracking these expenses separately can help you plan for the future and inform the way you bill clients.

Track income by practice area

If your firm specializes in more than one area of law, tracking income by practice type can help you understand which area generates the most revenue and how to make changes that increase profits.

Remember, you’re a lawyer, not an accountant – and that’s ok! Using the right software and having a bookkeeper who understands the in’s and out’s of legal accounting can help you maintain order in your books while you maintain it in the courtroom.

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.