4 More Ways to Improve Your Sales

1. Sales is a Ratios Game

Most people think that sales are a numbers game and this is almost true, but not quite. Sales is actually a Ratios game and to be successful you need to understand the ratios in your business.

Aim to maximise the ratios between

- Suspects to Prospects
- Prospects to Meetings/Calls

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Top Tips On Picking Quality Commercial Kitchen Appliances

Establishing a restaurant business is a wise decision. However, there are a number of challenges you might face associated with a restaurant or any food-related service. You will obviously spend a lot of money to start. Commercial kitchen appliances are usually quite costly and you may be forced to seek funding from financial institutions. However, lending institutions normally impose various conditions before they lend you money and this may force you to find other sources to meet costs.

New commercial kitchen equipment is usually highly priced because it is manufactured to last longer. Since they are still new, they have the capacity to withstand heavy use. However, you will have to pay large amounts for it. The best way therefore is to look for second hand commercial kitchen appliances. There are many restaurant suppliers offering good deals on used commercial cooking equipment such as commercial ovens, stoves and so on.

Second hand equipment is the one that has already been used by another restaurant. Most of this equipment is sold by restaurants when they renovate. You can easily buy used commercial refrigerators at a good price. However, you need to be very careful when dealing with used commercial kitchenware. Evaluate their function first, because they have already been used and you can never tell why the owner wants to sell.

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Tax benefits of incorporating your business

The simplest way to structure a business is as a sole proprietorship – an unincorporated business with one owner. As the sole proprietor, you make all the decisions, receive all the income and claim all the losses. You also carry all the risk of the business, and liability for the business extends to your personal assets.

You can operate the business under your own name or under a registered business name. The net income created by the business is reported on your personal tax return (T1) using form T2125, Statement of Business or Professional Activities. Generally, sole proprietorships have calendar year-ends (December 31).

One important tax advantage of a sole proprietorship is that business losses in the early start-up years can be used to offset other sources of income you may have, such as employment or investments. If you can’t use the losses in the current year, you can carry them back for three years and recover taxes previously paid. You can also carry them forward for 20 years if they were incurred after 2005.

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What You Need To Know About Incorporating Your Business

A large part of Linda de Marlor’s accounting business involves counseling people on whether or not to incorporate their practice. Yet, when she started Tax-Masters, a Rockville, Md.-based accounting firm in 1980, the choice to her was clear: stay a sole proprietor.

Her decision to not incorporate came down to money. She didn’t have enough cash to pay a lawyer to help her become a corporation—but that changed two years later. “As soon as I had a couple of years under my belt, I was able to afford a lawyer,” she said. “Then I incorporated.”

There are many reasons lawyers, doctors, accountants and other professionals should incorporate, but de Marlor set up her corporation to protect her name. In some states, simply incorporating means that no one else can use a company’s moniker, she said.

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