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How to Prepare for 2019, Finding a Good CPA and More of Your Questions Answered

London Business School prof advises, “Keep your vision fuzzy and your priorities clear.”

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The sales experts you quote often recommend role-playing exercises. But my sales staff always slinks away when I suggest them. How can I get them to play along?

That may be because the focus is negative, says Dave Richardson of Jewelry Sales Training. Make the role-playing positive and fun. First, play the role of the salesperson and let your salespeople critique you. Then, when it’s your turn to play the customer, instead of saying, “Here’s what you did wrong,” start off by telling the person what you felt they did well and what you would change if you had the opportunity. Always finish on a positive, encouraging note, Richardson says.

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Our marketing team’s images were recently lifted and used by the vendor for their advertising without crediting us. When I contacted them, they said, “We’re sorry; it was the intern’s fault.” How should I handle this?

If it was “the intern’s fault,” who approved the final vendor layouts? But regardless of whose fault it is, you should get some compensation for the use of your images, says consultant Kate Peterson. The vendor would have paid for the images had they used any other marketing professional to create them, so they should have no issue with paying your in-house team. “I would suggest that the retailer assign a fair price (what she typically pays her team per image) and send an invoice directly to the head of the company with pics of their ads and an explanation. If applicable, tell them you will apply the amount of the invoice against an outstanding balance,” says Peterson.

“The key here is to remain positive and confident, as opposed to challenging. Assume they are expecting to compensate, and communicate in a tone that expresses confidence in their interest in doing the right thing.”

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2019 seems like it’s going to be a volatile year. What should we do to get ready?

Eight years of economic growth and cheap credit allowed many business owners to gaze far into the future and craft successful, long-term strategies, but it does seem those times are coming to an end as trade wars, rising interest rates, political turmoil, spooked financial markets and ongoing technological change cast a shadow over what otherwise is still a strong economy. In such a shifting, unstable environment where visibility is low, Donald Sull, a London Business School professor, recommends “active waiting.” Contemplate alternative techniques, explore likely scenarios and focus on general readiness. This is a time of threat but also opportunity. “Keep your vision fuzzy and your priorities clear,” Sull says. “Maintain a war chest and battle-ready troops. Know when to wait — and when to strike. When you grab an opportunity or move to crush a threat, amass all your resources behind the effort.” At the same time, continue making routine operational improvements such as cutting costs, strengthening distribution, and improving products and services. “Though mundane, these initiatives foster efficiency, which can position you to snatch a golden opportunity from rivals’ jaws,” Sull says. It all sounds rather dramatic, but then high drama surely awaits.

Where do I find the best CPA?

There are more than a few sloppy accountants around, so it pays to be picky. A good CPA will be a stickler for details and accuracy and very time-conscious. So a useful initial indicator is how long it takes them to reply to your first inquiry (although if it’s April 10, cut them some slack). Look for someone with a history of working with small businesses, but be careful about relying too much on the recommendations of business friends. Draw up a list of three or four prospects and make a decision after you’ve sat down and discussed your particular needs with each of them. If they want to charge for the time, look elsewhere. Final word of wisdom: as good as the person may be, never abdicate your responsibility to know what’s going on with your finances. Get tax smart.

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Is it legal for retailers to say they are selling at wholesale prices?

In short, no — unless they really are. Many states, including Arkansas, Georgia, North Carolina, Kentucky, Texas, California, New York, and Michigan, have strict laws prohibiting the use of the word “wholesale” in retail advertisements. In some states, this is a criminal offense, due to the word’s ability to mislead consumers. “If a jeweler advertises it is selling at wholesale prices, it must sell at the wholesale price,” says the Jewelers Vigilance Committee. Some states define this as the price the jeweler paid for the item from the supplier. Other states, and the federal government, say the price must be lower than the average price retailers would pay in the area.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

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