5 Tips to Master Pinterest for Business

Online scrapbooking platform Pinterest isn’t just for DIYers. With more than 70 million users according to consumer insight firm Semiocast, Pinterest has become a valuable tool for many small businesses looking to drive sales or connect with potential clients.
The social media company closed a $225 million round in funding in late October, valuing Pinterest at $3.8 billion.



While Pinterest has a reputation as being heavy on female-friendly content, like women’s apparel or home decorating tips, experts say the platform has a lot to offer businesses of all kinds, from retailers to service providers.
“Most small businesses are not doing a lot of ecommerce, but there’s still an SEO (or search engine optimization) value,” says Marketing Land and Search Engine Land editor Greg Sterling. By being active on the platform, Sterling says small businesses can improve their rankings on search engines like Google or Bing.
At the Altimeter Group, which provides advice for businesses faced with business disruptions, expert Susan Etlinger says businesses can also use Pinterest to share presentations, white papers, articles and videos.
“Anything that tells a story of the business works,” says Etlinger.
The experts share their top five tips on how to use Pinterest effectively:
No. 1: Make your website Pin-friendly.
Users can “pin” items to their personal boards by using a downloadable “Pin It” widget. To encourage consumers to engage with your company’s content, Etlinger suggests having a “Pin It” button on all content on your site, similar to the buttons that enable users to share content on Facebook or tweet it on Twitter.
“Having the pinning symbol is a fantastic intelligence tool,” says Etlinger, because it can show business owners what content is resonating with viewers online.
No. 2: Organize your content.
Pinterest enables all users to create themed boards. Alexis Krisay, a partner at Serendipit Consulting, says businesses should organize content by theme, making it easier for other users to find and browse content.
“If you’re a home décor shop, organize boards so you have a home accessories board, a couches and chairs board and a pillows board,” says Krisay.
No. 3: Brand your pins.
While it takes more time, the experts agree that branding the photos that are uploaded to Pinterest is worth the added effort.
“By including your logo on photos, when users share that photo, they’re sharing your logo,” says Krisay.
Etlinger agrees that businesses should use branding as much as makes sense. A logo in a corner is a subtle touch, while a huge watermark over the image may turn off some Pinners.
No. 4: Include shopper-friendly information.
Compared to other social sites like Facebook or Twitter, Sterling says Pinterest users approach the platform with a shopping mindset. To take advantage of that, he and the other experts suggest including as much “shopper-friendly” information as possible, describing the product or service featured.
“Put as much detailed product information as you can without it looking hard or difficult,” advises Etlinger.
Drawing from real-life client experiences, Krisay says she has a realtor client who started including information about the homes he was showing (price, number of bedrooms and bathrooms, etc.) and doubled the number of direct leads on his website.
No. 5: Engage the community.
Krisay advises her clients to spend approximately an hour each day on social media, dividing the time between various platforms like Pinterest, Twitter and Facebook. Aside from uploading new photos of inventory, the experts say business owners should seek to become active in the online community.
“Don’t follow people to get follows,” says Sterling, “but be actively involved in a sincere way.”
This might include repinning content that is relevant to your boards, answering users’ questions on your items or commenting on other users’ content.
“Think of this as a way to create broader and richer relationship with current and potential customers and friends,” says Etlinger.

How to Avoid 3 Common Budget Pitfalls

Let me guess: Your profit and loss (P/L) statement has been in the black for months, yet a quick look at your bank statement tells you that you've got only enough money in the bank to cover four--maybe six--weeks of operations. Don't fret, my friend. I see this narrative play out all the time, particularly among new entrepreneurs.
The root of the issue is that you're basing the company's health on its P/L statement, not on its balance sheet. P/L statements show revenue and expenses, but only a balance sheet lists everything a company owns and what it owes. As a CFO, I usually find the answers to cash issues buried in a complete balance sheet.
Turn the page for some common places where a disconnect can occur between net income on the books and actual cash in the bank--and how to correct them.
Accounts receivable. It's busy season, and you're spending cash like water. Meanwhile, people who owe you money aren't paying in a timely manner (shocking, I know). For example, a builder needs to buy materials and pay workers in the summer but won't see payment until the houses are finished months later.

Deficit Financing

Securing a line of credit to tap as an emergency fund is smart. Even smarter is lining it up when you least need it; i.e., when you have plenty of cash on hand. You'll get a better rate and a better deal from the bank.
Then heed Mark Twain's warning: "A banker is a fellow who lends you his umbrella when the sun is shining but wants it back the minute it begins to rain." If things start to rain on your business, take the cash out of the credit line and park it in a separate bank account. This way, the bank can't suddenly cut you off from that money.

The fix: Offer prepayment discounts if customers pay all or a large portion ahead of starting the job. Then be insistent on getting paid. Sometimes a phone call is all it takes to move your invoice to the top of their pile.
Accounts payable. I worked with a Florida golf course that raked in money during the winter but had trouble finding the cash to buy fertilizer in the summer, when far fewer people golfed. Why? During the high season, management forgot to prepare and budget for expenses that would occur during the off-season.
The fix: Pay for materials needed for the off-season during your flush months, and ask for a prepayment discount. That's what we did at the golf course, buying fertilizer at a reduced cost ahead of the summer.
Fixed assets. New companies tend to go on sprees, buying furniture, computers, equipment, even buildings to ramp up production, set up new offices or expand. And poof! Just like that, there's no cash for day-to-day operations. I once had clients who poured all of their money into purchasing a warehouse and were in a world of hurt when they needed cash and the banks said, "No way."
The fix: Finance or lease everything you can, matching the asset's life with the term of the debt. That way, three to five years later, when, say, a computer is out of date or a machine wears out, you can immediately turn around and upgrade to new equipment.
These are just a few of the ways a seemingly profitable business can run into a cash crunch. To avoid these scenarios, get help from an accounting pro to build a financial model that shows you the whole picture, not just your P/L. The truth it reveals may sting, but the pain will pass when you've got the cash in hand.

A Common Personal Finance Mistake New 'Treps Make

Starting a business affects your life in many ways outside of work, in particular the way you manage your personal finances. One of the biggest mistakes new entrepreneurs make is not keeping their personal and business finances separate.
"They move money back and forth and it is very important to keep their records separate," says Edward Wacks, a business financial advisor based in Plantation, Fla. This commingling of finances, Wacks says, can have some damaging implications for your business down the road.
For example, if you are paying business expenses with personal funds or vice versa, it becomes challenging from an accounting standpoint to know what your profits or revenues are for your business, says Wacks. That makes filing your business taxes a headache.
Also, without a clear division in your finances, your personal assets are less protected if your business is sued or you take out a business loan and can't pay it back.
"Many entrepreneurs are great salespeople, but they are not as good with the inside" of a business, the metaphorical financial guts of a company, says Wacks.
Here are three tips for protecting your personal finances as a business owner:
1. Keep separate bank accounts. Taking this one step to separate business from personal will make the biggest difference, especially at tax time when you document your business' profits and losses. While this might seem obvious, Wacks says this is a common mistake he has seen startups make.
2. Think like you have business partners, even if you don't. To prevent yourself from getting lax about keeping your finances separate, think as though you have business partners, says Wacks. You wouldn't expect your business partners to pay for your groceries or the recent fill-up at the gas station: that will have to come out of your personal piggy bank.
3. Don't mix credit card purchases. When it comes time to pull out the plastic, keep one credit card strictly for business expenses and a separate one for personal purchases. Otherwise, trying to parse the business charges from personal ones on your monthly statement after the fact can get confusing.

4 Start-Up Accounting Tips for the Young Trep

Unless you're an accountant, the word "accounting" probably strikes fear in your heart -- or a little bit of nervousness, at least. For young entrepreneurs, the feeling is probably amplified. After all, poor bookkeeping out of the gate not only can set a project back in the short term, it can really come back to bite you over the long haul. Even young entrepreneurs get audited, you know.
That said, it is possible to avoid the ire of the IRS. Here are a four accounting tips to start your business by:

1. Start off on the right foot. In the same way that you go through your email every morning, or in the same way that you do an inventory review each week, make your business accounting a habit. Set a recurring alarm on your calendar: "Review books!" The frequency is up to you, but you should carve out some accounting time at least once a month, if not more.
    
2. Learn the lingo. The cumbersome terminology of accounting is sometimes the biggest hurdle. Chart of accounts? General ledger? Cash vs. accrual? Accounting lingo isn't natural -- and ignoring what's what won't help you. So take some time to understand the basics. The U.S. Small Business Administration's Small Business Development Centers are a good place to start, as are accountancy groups like the American Institute of CPA's and the Association of Chartered Certified Accountants.
    
3. Find software that fits you. Find the accounting software that's right for you. Don't simply opt for what your friends use. If you're always at a desk, a desktop solution, like QuickBooks Desktop might make sense. If you're like most entrepreneurs and on the go 24/7, something mobile like Xero may make more sense. If you're running your business from your iPad, go with a cloud-based accounting software package like Easy Books or Kashoo, which both offer iPad apps.
    
4. Value good advice. Chances are, if you spend enough time trying to figure out an accounting issue, you could. But the reality is, you've got a business to run. And considering that you'll need to file taxes quarterly -- not just annually -- there should be a certain degree of urgency involved. For help, look into local resources such as entrepreneur-focused groups for advice. (In Vancouver, where I'm based, we have resources like the British Columbia Innovation Council and the Vancouver Entrepreneur Meetup. Scour your local community for co-working groups as they’ll usually have a schedule of talks and classes specifically for entrepreneurs. WeWork Labs in New York is a great example.) Also, ask former bosses and fellow entrepreneurs to see who they use. Usually, there's great value in an accountant or bookkeeper who specializes in small business. If nothing more, they'll be a voice of comfort if you receive some alarmingly confusing IRS mail.

In the end, accounting isn't really that scary. If you start off right, it can actually be fun. After all, that's where you're going to see your fortunes grow

Accounting 101 for a Growing Business

 Emerging growth companies have different needs than startups, especially when it comes to accounting. If you’re not using professional software, tax expert Mark Kohler warns, you could be missing out on key information that can help you manage your business. Kohler, author of What Your CPA Isn't Telling You, advises growing businesses to upgrade their accounting practices, including investing in a bookkeeping system and hiring part-time help.

How to Respond to a Letter From the IRS? Breathe.

If you’re in business, it’s bound to happen to you at some point. We’re talking about a crisp piece of mail from the IRS.
While letters like these can come at any time throughout the year -- and throughout your career -- they tend to tick up right about now. And though many mailings can be harmless, for the rookie entrepreneur they're no less frightening. They’re also not the easiest things to read and have been known to leave recipients scratching their heads. Still, you must do something.
Ignoring mail from the taxman is never a smart move -- he’s got all the time in the world. So below are a few tips you can implement immediately should you ever experience the joy of having to open a letter from the IRS:
First, take a deep breath
Receiving a letter from the IRS isn’t the end of the world, so take a deep breath. Actually, take two. Good. Now read the letter from start to finish. Don’t jump around as the IRS tends to lay things out in an orderly, albeit jargon-filled, fashion. Then read the letter again. Your objective at this stage is to understand as much of the situation as possible and identify what’s being asked of you and what your options are. And it can’t hurt to gather potentially useful documentation such as old returns.
Call
Every piece of mail from the IRS comes with a phone number. Assuming the letter you’ve received doesn’t paint the whole picture for you, calling this number will be well worth it as talking to a person not only helps you understand the nuances of the situation but there’s comfort in knowing that a human being with a name and a face at the IRS is there to help you figure things out.
Bonus tip: note the operating hours and avoid calling first thing in the morning or during lunch when the lines are busiest. Bonus, bonus tip: maybe now’s the time to invest in a hands-free headset because you might find yourself on hold for some serious lengths of time.
Consult some help
If you have an accountant, you should immediately send them a copy of the letter. (If you don’t have an accountant, now might be the time to get to know one.) Send a copy and request some time to discuss. The meter will most likely be running, but it will be time and money well spent as your accountant has the experience and insight you’ll need. Some accountants will offer to handle the inquiry for you (at a cost) and interact directly with the IRS or they will further explain the situation and get you started on what actions you need to take. Either way, think of an accountant as an ally who knows how to deal with the IRS and has likely seen your situation before.
Keep good records and adhere to deadlines
Of course, the best way to prepare for that inevitable letter from the IRS is to keep meticulous records and adhere to deadlines. Keep digital copies of all tax payments. If you have an accountant, check in with her on a monthly basis so that nothing gets lost in the shuffle. Know when quarterly estimated tax payments are due.
Ultimately, it comes down to being prepared. A letter from the IRS is anxiety-inducing enough as it is -- having to wade through mountains of disorganized documentation is only going to compound your panic.
And don’t forget those deep breaths.

The author is an Entrepreneur contributor. The opinions expressed are those of the writer.