Why only 5% of Business Owners Become a Huge Success

by Scott Letourneau

Our studies show that only 5% of business owners become a huge success because only 5% have SYSTEMS in place for their products, marketing, sales,management, finances and operations.

You see, systems are what create the step-by-step “automatic actions” that make it possible for winning companies to repeat their proven best practices over and over again.  This is what makes continuous growth possible without constant, exhausting intervention from the business owner.

If you don’t have the right systems in place, the simple truth is that you don’t have what it takes for  major and sustainable growth.  This is going to show up in the form of inconsistencies, poor quality, inferior service,lost sales… and ultimately ulcers for the business owner. 

In his fantastic book The E-Myth, Michael Gerber makes a powerful case for the importance of systems and how vital they are for business success.  It was ideas like these that led me to my own partnership with actionCOACH, and the step-by-step templates they’ve given me have made all the difference.

I’ve had a great experience with actionCOACH over the past few months, and because you’re a visitor to my personal blog, I’ve arranged for YOU to receive a Free trial business coaching session worth $375. Just fill in this short form now to get an initial business coaching session (a $375 value!) at no cost
or obligation:

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The Top 6 Dangers Lurking Behind Your Business

by Scott Letourneau

In today’s uncertain financial climate, is there any way to be sure your assets are fully protected? Many business owners, and those who may be considering a startup venture, are unaware of hidden risks that can erode or even erase everything they’ve worked for with virtually no warning.

Fortunately, there are simple, practical steps you can take. By having the right protections in place at the right time, you can ensure that your assets and your peace of mind are secure. Here are the top 6 areas where your assets may be exposed:

1. Operating your business as a sole proprietorship. In addition to paying higher tax rates in most cases, sole proprietorships are targeted by the IRS for audits more than any other business structure. IRS statistics show that sole proprietorships are more likely to understate income and overstate expenses. This is where many get flagged for writing off hobbies as business expenses. This risk will increase with health care reform and an incoming wave of new IRS agents.

2. Owning safe assets in your own name. Even though they may have nothing to do with your actual business affairs, any asset held in your own name, such as stocks or precious metals, could be tied up (or lost) in a personal lawsuit. It’s a common myth that living trusts or “dba” operating companies can protect the assets or investments you hold in your own name from liability.

3. Owning intellectual property in your own name. As with safe assets, holding IP in your own name is also a risky strategy. All the time, materials and sweat equity you’ve invested in any system, product or body of work could be taken away from you if it’s exposed to litigation.

4. Domain names. In today’s internet economy, many entrepreneurs rely on domain names for a substantial portion of their income streams. Even something as random as a liability claim from a car accident could cripple your business if they go after your domain names for recovery. Although it may seem like a simple way to save time and money in the beginning, the worst place to hold domain names is in your own name or in the operating name of your business.

5. The ownership of your current company. Even having a separate entity like an S or C corporation does not guarantee protection for your assets or investments, unless you have the proper structural details in place. Many “one price fits all” online incorporation services fail to ask important questions that could mean the difference between security and exposure. Certain high revenue and profit LLCs may be at risk also.

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The Massive Benefits of having a U.S. Company

by Scott Letourneau

If you are based outside the United States, whether in Canada, the UK, Europe, Asia, Australia, New Zealand or South America, there are many compelling reasons to establish a U.S. corporation or LLC (Limited Liability Company). Since 1997, Nevada Corporate Planners (NCP) has helped hundreds of business owners around the globe start their U.S. business and take advantage of this extraordinary opportunity to open up lucrative new income streams.

Here are just a few of the powerful reasons to form a U.S. company:

1. HOW TO BUILD TRUST WITH U.S. CONSUMERS ONLINE

Online spending by U.S. consumers is at $183.9 billion and growing! One of the best ways to capture your share of this massive market is to have a U.S. company with a U.S. office. You might be surprised to learn how affordable and simple it can be to establish a U.S. presence that gives your business instant credibility. In most cases, U.S. consumers prefer not to risk dealing with customer service, return, refund or liability concerns in another country. With today’s search technology, it’s easy for them to click on the next listing and choose a U.S. supplier for similar products or services. As a result, you could be losing 20-40% of your sales every year, simply because your website doesn’t list a U.S. location!

2. HOW TO ESTABLISH CREDIBILITY WITH U.S. BUSINESS PARTNERS

In addition to the image benefits of having offices outside your home country, there are many practical advantages to establishing an international presence in the U.S. Most U.S. businesses prefer working with other U.S. companies to minimize tax and legal complications. Having a U.S. presence removes these barriers and can open up profitable new opportunities for joint ventures and strategic alliances. Potential partners are scanning your website right now to see if you have an office in the U.S. You could be losing revenue because of a perception issue that can be easily and inexpensively fixed!

3. HOW TO PROTECT YOUR ASSETS FROM DEVASTATING LAWSUITS

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SEO, Mobile, Google & Digital Marketing In 2013 with Sara Mannix

by Scott Letourneau

In a recent interview with Sara Mannix, CEO of Mannix Marketing, we had a chance to sit down and ask critical questions about what changes lay ahead in 2013 for succeeding online.  You may access the complete interview below.

Here are the critically important digital strategies covered on this important training:

• How has web site design strategy changed recently with the increased use of mobile devices?

• In relation to website design, discover what Sara is recommending for their clients for 2013 (called the Starbucks Strategy) and what changes you should be considering?

• What is conversion rate optimization and is it critical for your online success?

• Where SEO is going in 2013 and what changes do you need to make today in your strategy?

• What is author rank and why is that important? What simple tips should you be taking to improve your author rank?

• What is Panda /Penguin and why is that important?

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Are You Looking to Build Business Credit? Here are the Most Important Business Credit FAQs

by Scott Letourneau

Why do banks look to the business credit bureaus like Dun & Bradstreet,® Corporate Experian® and Corporate Equifax® as part of their business lending process?

The main reason lenders use these rating and reporting services this is to minimize risk. Known informally as “The Big Three,” they have built a reputation for offering the most accurate and up to date information available on business credit history. Lenders pay a fee to receive detailed reports on a company’s payment history with other lenders, types of business credit they’ve used in the past and information on current loans. Business credit profiles are considered an important indicator of a company’s financial health and how likely they are to be able to pay back a business loan in the future.

Why is it important to build a business credit profile for my company with Dun & Bradstreet,® Corporate Experian® and Corporate Equifax® (the big three)?

Building a strong business credit profile is very important, not only to secure vendor lines of credit, banking lines of credit and other types of business loans, but also to get the most favorable terms and interest rates. Even if you’re not seeking financing at this time, it’s important to know that potential alliance partners and customers may also pull profiles on companies they’re evaluating for new business. If your company has a weak profile (or none at all) you may be losing out on other opportunities without even realizing it. You won’t know these companies are looking at your profile unless you subscribe to a paid business credit monitoring service, which can be a good idea for certain businesses.

What is the difference between vendor credit and cash lines of credit?

Both are very important to your business. You probably already work with several vendors for day to day materials and supplies but odds are that most of them are not reporting your good payment history to the big three. In fact, over 90% of vendors do not report and many businesses are shocked to learn that their business credit score and rating is either weak or nonexistent. Building lines of credit with vendors that report to the big three will help you establish a strong business credit profile in addition to managing your cash flow and using the vendor’s credit to help grow your business.

Items like payroll and marketing require cash, not vendor credit.  Cash lines of credit provide funds that can be used immediately for any investment or expense your business requires. Some examples of cash lines of credit include loans, cash advances, merchant account advances, accounts receivable financing, equipment financing or retirement plan financing. Fast Business Credit offers a $50,000 guarantee. The key question you will want to ask is how much of that will apply to vendor lines of credit and how much will be cash lines for your business. The answer depends on certain business and personal criteria. Yes, your personal credit history does come into play, especially with business lines of credit. Personal guarantees are almost always required for most cash lines of credit.

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