Online Marketing ebook “Network Marketing Pitfalls” looks at: What Network Marketing is Not. Common Mistakes to Avoid For Newbies. Common Mistakes to Avoid For Non-newbies. Other Common Mistakes To Avoid. People To Avoid At All Costs. Click “Network Marketing Pitfalls” to download (410 KB pdf) this free ebook.
A financial plan is important for keeping both your short-term and long-term financial health in check. As such, it is important to conduct frequent reviews of your financial plan to determine your business’ financial position at any given time. Essentially, tracking your financial plan enables you to manage your business’ revenues and expenses, as well as monitoring your business goals. Further, tracking your business’ financial plan enables you to identify areas where your business is lagging behind based on your goals and objectives.
When reviewing your financial plan, it is important to analyze factors that are central to the growth of your business such as risk tolerance, crucial expenses such as tax, as well as business priorities. Essentially, your financial plan review should include a combination of reviews of your current finances, your projections, as well as your goals.
This checklist will guide you on the best approaches when reviewing your financial plan.
Part 1 – Reviewing your Goals and Objectives
1 How realistic are your financial goals and objectives?
2 Are your financial goals specific and measurable?
3 Are the goals categorized as long, medium, and short term?
4 Are your business goals separated from your personal goals?
5 Are your financial goals actionable?
Part 2 – Assessing your Products/Services and Activities
6 How effective are your marketing and pricing strategies?
7 What is the target market’s reaction to your products/services?
8 Are your goods/services meeting consumer needs?
9 Have you conducted a review of your packaging, design and other systems?
10 Have you reviewed your sales and aftersales services?
Part 3 – Reviewing Costs
11 Do you conduct frequent reviews of your costs?
12 Have you analyzed your direct costs and overheads?
13 Are there cost reduction strategies in place?
Part 4 – Reviewing your Financial Position
14 Is your cash flow forecast updated and reviewed regularly?
15 Is your working capital regularly reviewed and monitored?
16 Are there financial plans for accommodating business growth and changes?
17 Are there cheaper and safer funding options for your business?
Related Information Products –
IM Checklist – Online Marketing Checklists With PLR
Millionaire Society – Affiliate Marketing program
Every business venture is characterized by unique and specific risks based on the industry. As such, it should be the aim of every business owner to implement strategies that aim at mitigating such risks and one way of mitigating or dealing with business risks is through insurance. The process of selecting and purchasing insurance for your business can be cumbersome and time-consuming but it is important to be fully informed of the type of insurance cover that is more palatable to your business needs.
A business insurance is instrumental in terms of covering your business against any financial liabilities that may arise. Further, a business insurance comes in handy when your business is big enough to accommodate employees. When selecting insurance, always ensure that your selected insurance package is the most viable in terms of catering to your business needs.
The process of selecting and purchasing the right insurance for your business can be overwhelming at best and as such, this checklist provides tips for your insurance selection process.
Part 1 – Selecting the Right Business Insurance
1 Select your insurance based on the needs of your industry
2 Consider your specialty and business assets when selecting your insurance
3 Consider an umbrella policy for additional coverage
4 Speak to multiple insurers to gauge your options
5 Check that your selected insurance can scale with your business
6 Understand your industry risks when selecting an insurance package
7 Familiarize with the specific business insurance obligations within your industry
Part 2 – Selecting Top Rated Insurance Providers
8 Evaluate the ratings of potential insurers to determine their reputation
9 Analyze the financial strength of your selected insurer
10 Analyze the type of products offered by your selected insurer
11 Find out how long the insurer has been in business
12 Evaluate the insurer’s leadership and community involvement
13 Research the insurer’s policies when it comes to customer support and policy changes
14 Analyze the policies of your insurance thoroughly to identify gaps if any
Part 3 – Coverage and Discounts
15 Compare prices from different insurers based on the product offerings
16 Check that the insurance coverage is appropriate for your business and personal needs
17 Find out discounts that apply to your business
Part 4 – Tips for Maintaining your Premium Low
18 Create a safe work environment
19 Avoid breaks in your insurance payments
20 Install security and suppression systems in your place of work
21 Employ workers with good working records
Notes:
Related Information Products –
IM Checklist – Online Marketing Checklists With PLR
Millionaire Society – Affiliate Marketing program
A bigger percentage of businesses that fail cite financial mismanagement as one of the leading contributing factors. One of the main remedies for financial mismanagement is creating a budget. A budget goes a long way in constraining spending, ensuring there is enough money for the running of your business operations, as well as ensuring the business has savings.
Creating a budget for your business prepares and arms you for unseen circumstances in the future that would be detrimental to your business without a financial cushion. In a similar vein, budgeting creates a cash cushion for your business, which makes it easy to implement strategic decisions which may require money such as expanding your business and hiring new staff or purchasing new equipment. To create a workable budget, it is imperative to ensure that all your business expenses are listed and categorized for ease of tracking. Further, it is important to ensure that your budget is at par with your company’s goals and vision.
This checklist evaluates important elements to consider when creating a budget for your business.
Step 1 – Analyzing Costs
1 Have you researched your business’ operating costs?
2 How flexible is your budget?
3 Does the budget factor in fixed and variable costs?
4 Does the budget consider unexpected and one-time costs?
Step 2 – Estimating Revenue and Sales
5 Are your revenue estimates realistic?
6 Are you tracking your revenue periodically?
7 Are your sales projections realistic and accurate?
8 Are your projections based on previously recorded sales and revenue?
9 Do your estimates project industry averages?
Step 3 – Projecting Cash Flow
10 Is there a balance between your customer payments and vendor payments?
11 Is there cash allocated to offset bad debts in your budget?
12 Is your projected cash flow realistic?
13 Is your cash flow monitored on a regular basis?
Step 4 – Identifying Profit Levels
14 What are your profit margins?
15 What are your business’ expenses?
16 Have you eliminated expenses that are non-beneficial to your business?
Step 5 – Factoring in Season and Industry Trends
17 What are your profit margins?
18 What are your business’ expenses?
19 Have you eliminated expenses that are non-beneficial to your business?
Step 6 – Leveraging Tools
20 Are you using a budget calculator?
21 Have you considered applying the budget worksheet and spreadsheet?
Notes:
Related Information Products –
IM Checklist – Online Marketing Checklists With PLR
Millionaire Society – Affiliate Marketing program
Financial management is one of the most fundamental keys to the growth of any business regardless of size. Financial management makes the difference between success and failure for many businesses. At its core, sound financial management entails the ability to make sound financial plans, as well as financial decisions that ultimately impact the growth of your business.
Creating a cash flow projection is one of the core strategies of sound financial management. For many entrepreneurs, failure to make cash flow projections often exposes the business to cash flow problems down the line. As such, it is imperative for business owners to create a projection that takes into account both positive and negative cash flows. A cash flow is instrumental to a business in the sense that it aids in keeping track and managing cash fluctuations within the period of projection. Accordingly, an effective cash flow projection helps entrepreneurs plot anticipated cash flow positions, as well as shortfalls.
This checklist will delve into the steps and factors to consider when creating a projection of your cash flow.
Part 1 – Setting up Cash Flow Projections
1 Determine the appropriate time frame for your projections
2 Set up expectations for the business
3 Record your cash at hand at the beginning of the projection
4 Include an estimate of your sales
5 Include estimates of your other sources of revenue
6 Set up an estimate of expected expenses
7 Distinguish between regular and seasonal expenses
8 Check that your cash flow is updated regularly
9 Always document the available total cash
Part 2 – Managing your Cash Flows
10 Set up appropriate payment terms
11 Create a cash flow statement
12 Keep track of your cash receipts
13 Be realistic about your sales estimates
14 Consider setting aside money as a buffer
15 Consider planning for increased tax rates
16 Always anticipate annual and quarterly bills
17 Use the cash flow to make decisions that are data driven
Notes:
Related Information Products –
IM Checklist – Online Marketing Checklists With PLR
Millionaire Society – Affiliate Marketing program
Online Marketing ebook “Opt-In List Building For Beginners” looks at: Building Your Business with an Opt-in Mailing List. Utilizing the Secrets Of Opt-in Mailing Lists. 4 Crucial Things You Need To Do To Build your List. 3 Quick And Easy Ways To Build A Profitable Opt-In List. 4 Ways To Get Your Opt-In Subscribers To Trust You Quickly. How to Make Money Using Nothing More Than Your List. The 3 Things To Avoid When Emailing Your List. How To Build A List Of Eager Subscribers. In Closing… And a Call to Action. Click “Opt-In List Building For Beginners” to download (381 KB pdf) this free ebook.
Online Marketing ebook “Road To PLR Riches” looks at: Introduction to Private Label Rights. Everyone Wins with Private Label Rights. How to Make Money with Private Label Rights. The Pros And Cons. Cashing in With Private Label Articles. Cashing in With Private Label E-Books. Cashing in With Private Label Software. Making Maximum Profits From Private Label Products. Click “Road To PLR Riches” to download (548 KB pdf) this free ebook.
Online Marketing PLR ebook “Quick & Easy Guide To Article Marketing” looks at: Article Marketing Explained. The 4 Things ALL Articles Must Have. How to Create an Outline For All of Your Article. 5 Easy Ways To Get Your Creative Juices Going. What to Do Before Submitting To Article Directories. Red Hot Tips To Get Your Articles Read. Writing a Resource Box that Makes People Click and If You Hate Writing Articles. Click “Quick & Easy Guide To Article Marketing” to download (369 KB pdf) this free ebook.
Online Marketing PLR ebook “The PPC Marketing Guide” looks at: How to Make Your Business “Click”. Maximum Web Promotion with PPC. How to Create a Profitable PPC Campaign Management. PPC Bid Management. The PPC Appraisal Program. Cash and Pay-Per-Click Affiliate Programs. In Closing: To SEO or To PPC? Click “The PPC Marketing Guide” to download (488 KB pdf) this free ebook.
Online Marketing ebook “Guide To Give Away Events” looks at: Give Away Events Exposed! How Do Give Away Events Really Work? What You Need To Have Before Joining A Give Away Event. How to Identify a Quality Give Away Event. The Hot Spots & Places to Look For Give Aways to Join. How to Maximize Your Cash Points From Give Away Events. Give Away Event & List Building Tips. Click “Guide To Give Away Events” to download (410 KB pdf) this free marketing report.
The growth in the prominence of cryptocurrency and the shifting perceptions and acceptance of cryptocurrency over the years among individuals, entrepreneurs, as well as corporations has fostered the recognition of cryptocurrencies as an asset or property by the IRS, the implication being that your cryptocurrency is taxed just like assets such as stocks.
Crypto taxation policies vary in different countries and while the market is awash with crypto exchanges, intermediaries, as well as crypto brokers, the responsibility of keeping records of cryptocurrency transactions for taxation purposes lies solely on individual holders. Taxation policies also vary with the type of cryptocurrency dealings. As such, it is important to be knowledgeable about the different taxation policies on various types of cryptocurrency dealings in order to be conversant with the cryptocurrency taxation policies.
This checklist is thus a guide into cryptocurrency taxation requirements.
Part 1 – Taxation Policies on Different Crypto Dealings
1 Crypto received from mining is taxed as ordinary income
2 Crypto received as payment for goods and services is treated as ordinary income
3 Cryptocurrency received as income is taxable
4 Taxation on cryptocurrencies bought as investments and sold at a profit depend on the holding period
5 Ordinary income taxation policies are implemented on crypto received through hard fork exercise or airdrops
Part 2 – Tracking your Cryptocurrency Records
6 Record the fair market value of each cryptocurrency received as payment
7 Declare any changes in value of your cryptocurrency at the end of each financial year
8 Include records of all the times you receive, exchange, or sell virtual currency
9 Declare the value of cryptocurrency airdrops in addition to your taxable income
10 It is easier to track your cryptocurrency activities when left in the exchange account purchased
11 Consider using crypto tax software programs for easier tracking
Part 3 – Preparing for Tax Season with Crypto
12 Consider using tools such as the Crypto tax calculator to aid in tax calculation
13 Source the services of qualified accountants
Part 4 – Accounting for Tax Reductions
14 Record cryptocurrencies donated to eligible charities
15 Note that deductions are availed on itemized tax returns
16 Check that you are conversant with the provisions for cryptocurrency losses
Part 5 – Minimizing Crypto Taxes
17 Offset crypto gains by claiming losses on other investments
18 Include your mining expenses against your mining income
19 Invest through retirement plans to avoid or defer investment gain
20 Plan sales on a lower tax rate
21 Consider investing in boutique firms that offer crypto investments
Notes:
This the last in the series of Cryptocurrency Checklists. Use blog search feature to access all posts, use “Cryptocurrency Checklist” to search.
Related Information Products –
Ecommerce Empire Academy – Build a Profitable Online Business
Inner Profit Circle VIP Membership – Information Marketing Training
One of the strategies towards incorporating cryptocurrency in your business is through partnering with third party vendors. There are two primary paths that a business can select in cryptocurrency usage namely; a hands-on or a hands-off approach. While a hands-on approach entails the adoption of cryptocurrency in a business’ entire operations, a hands-off approach entails the adoption of cryptocurrency only in payments. As such, a business that only facilitates cryptocurrency payments in its operations can benefit from partnerships with third party vendors.
Compared to a hands-on approach, the hands-off approach is easier in terms of adjustments made to the business, as well as a faster achievement of goals such as the ability to target and capture new demographics. Since the approach entails a limited utilization of cryptocurrency, such businesses are bound to benefit from third party partnerships.
This checklist addresses crucial points for partnerships with third party vendors.
1 What are the fees and commissions charged by the vendor?
2 Do they handle part or all of the crypto-related risks for the business?
3 How responsive and resilient is the vendor?
4 How accurate and reliable are the vendor’s conversion pricing to fiat?
5 Is the vendor reliable and diligent in terms of fraud detection?
6 Does the vendor provide technical support in all jurisdictions?
7 Which blockchain system does the vendor use to support the digital network?
8 What are the vendor’s anti-money laundering and KYC policies?
9 Does the vendor confirm addresses before the execution of major transactions?
10 Is the vendor compliant with the restrictions of Office of Foreign Assets Control (OFAC)?
11 Does the use of third party vendor affect accounting for transactions in foreign currencies?
12 Does the vendor provide third party assurance on matters to do with system and organization controls?
13 Do the vendor’s actions or inactions affect customer experience?
14 Are the vendor’s cybersecurity controls compliant with accepted standards?
15 How accurate and reliable are the vendor’s accounting and taxing reports provided?
16 Does the vendor handle cryptocurrency-related compliance and control issues for the business?
17 Does the vendor provide additional security for transactions?
The high volatility and uncertainties surrounding cryptocurrencies make them inherent to myriad risks. Further the increasingly high growth in terms of the value of cryptocurrencies has increased their level of vulnerability to thieves and hackers. Since cryptocurrencies are decentralized and thus not regulated by governments or frameworks, they are more susceptible to criminals. In essence, cryptocurrency risks range from liquidity, valuation, legal and regulatory challenges, including inadequate data to draw actionable insights.
Risk management in cryptocurrency has more to do with the ability to identify and manage both the financial and security-related risks. The high illiquidity associated with cryptocurrency fuels the characteristically high price volatilities. As such, it is imperative for individuals, as well as businesses venturing into cryptocurrency to be aware of the need for the implementation of security controls in order to avert the myriad associated risks.
However, as cryptocurrency investments and trading continues to gain traction, it is important to consider the following risk aversion controls and techniques.
Part 1 – Cryptocurrency Platform/Coins
1 Select a reputable cryptocurrency exchange
2 Avoid cryptocurrency platforms that are marred by insecurities
3 Determine the appropriate crypto custody solution for your business
4 Assess the potential risks
5 Go with coins with higher market caps
Part 2 – Implementing Security Controls
6 Look out for fake websites and fake Google ads to protect your crypto from phishing
7 Implement two-factor authentication to enhance cybersecurity
8 Always opt for a more secure storage system such as cold wallets
9 Create and secure your private keys
10 Implement a secure backup for your private keys
11 Be aware of the pump and dump cryptocurrency scams
12 Implement appropriate controls for private keys’ creation, backup, and storage
13 Always invest in renowned cryptocurrencies to avoid rug pull scams
14 Be familiar with commonly used scamming approaches by thieves, hackers, and scammers
15 Test the functionalities of the implemented controls
16 Check that the implemented controls enforce availability, confidentiality, integrity
Notes:
Related Information Products –
Ecommerce Empire Academy – Build a Profitable Online Business
Inner Profit Circle VIP Membership – Information Marketing Training
The cryptocurrency market has been following an upward trajectory over the years amidst the accompanying price volatilities. Essentially, many businesses, individuals, entrepreneurs, as well as corporates are joining the cryptocurrency bandwagon. Renowned companies such as Tesla and PayPal are allowing payments for products and services using cryptocurrency.
Further, cryptocurrencies are being used globally for operational, transactional, as well as investment purposes and as such, it is strategic for businesses to take advantage of the plethora of opportunities presented by the incorporation of cryptocurrency into their operations. Like any investment venture, cryptocurrencies are exposed to both challenges and opportunities but with ample research, due diligence, and implementation of the appropriate risk mitigating controls, it is possible for businesses to optimize their potential by investing in cryptocurrencies.
Here are factors to consider in order to optimize the potential of your business using cryptocurrency.
Part 1 – Determining your Primary Path for Cryptocurrency
1 Analyze the most eligible cryptocurrency’s primary path for your business
2 Assess whether to simply adopt crypto in your balance sheet or enable crypto payments only
3 Analyze all possible risks, costs, opportunities, and requirements
4 Determine what your business wishes to achieve by incorporating cryptocurrency
5 Set measures in place for the adoption of new assets
6 Detail your business steps in acquiring crypto management know-how
7 Decide whether to retain custody of cryptocurrency or outsource third-party services
8 Decide whether or not the business should manage the private keys or source for management services
9 Plan of the business’ accounting for crypto taxation, expenditures and payments
Part 2 – Optimizing your Business’ Potential
10 Use cryptocurrency to target new demographics in the market
11 Incorporate cryptocurrency to target important and key stakeholders in the market
12 Use crypto to simplify and secure real-time money transfers
13 Incorporate cryptocurrency as a hedge against inflation over time in your business
14 Control and strengthen your business’ capital by investing in cryptocurrency
15 Position your business for future cryptocurrency opportunities
16 Take advantage of crypto to gain access to new capital and liquidity pools
17 Use cryptocurrency to foster efficient and transparent revenue sharing for your business
18 Incorporate crypto to open up opportunities for partnership with tokenized investment and
19 Create internal awareness about cryptocurrencies
20 Position your business for opportunities presented by the new asset classes
Related Information Products –
Ecommerce Empire Academy – Build a Profitable Online Business
Inner Profit Circle VIP Membership – Information Marketing Training
Affiliate Marketing ebook “Top Affiliate Tactics” looks at: Top Affiliate Tactics: Introduction. Using Classified Ads. Leveraging with E-zine Advertising. Solo Ads – Outmoded or Back in Style? The Cheapest, Fastest Way to Advertise on the Internet: Forum Posting. Using Traffic Exchanges to Promote Affiliate Programs. Social Networking Sites For Affiliate Marketing. Generate Traffic and Affiliate Sales with Free Viral Reports. Build Your Own Mailing List. Even Though You’re an Affiliate. Click “Top Affiliate Tactics” to download (642 KB pdf) this free Affiliate Marketing ebook.
