Yolofsky Law - February 2020

THE HERO I N S I DE R

www. yol of sky l aw. com (305) 702-8250 FEBRUARY 2020

From the Yolofsky Office

How many times have we wished for just another hour in

the day? This month, you get a whole extra day – on a Saturday, no less. What will you do with it? Recently, many of my friends and colleagues have expressed the sentiment that the days are slow, but the years are fast. Indeed, wasn’t it just yesterday that the Y2K bug turned out to be nothing? Now, we’re making sure to write 2020, just to prevent someone from forging a different date. On the 29th, you’ll have a day to entirely call your own. That “resolution” is either now a habit or an ideal that is almost forgotten, except that the 29th is a perfect day to get motivated. Because it’s a special day that happens every fourth year, why not celebrate it in that manner? Give yourself the (second) chance to make improvements. One suggestion? Put the electronics down. Be present. Interact with the people around you. Tell them how important they are to

MAKE THE MOST OF FEBRUARY Why the Shortest Month Is the Hardest for Business Owners

STAY AHEAD There’s an old saying about only two guarantees in life: death and taxes. You know tax season is around the corner and your books are up for an intense examination to close out the year. Tax Day, April 15, 2020, and the filing deadline for S corporations, March 15, 2020, will be here before you know it, but if you prepare now, you can enjoy a steady and easy spring. January was the perfect time to wind down from the holidays, collect your plans, and ensure your employees have what they need to file taxes. Now, devote February to compiling everything you need for a successful tax season, and ensure all your employees’ tax documents were filed and

January is over, along with the hustle and stress of shopping for the holidays, sending out W-2s, and preparing for the year’s close. But for some business owners, the shortest month of the year isn’t a time for celebrating. With festive decorations put away and no holidays to anticipate, customers and clients may be feeling the gloom of winter. Many may also be holding their wallets a little closer as they recover from the December spending purge. To top it off, tax season is in full swing, but this year, you have 29 days to make February count.

you. After all, isn’t it also Valentine’s Day?

How do you do it?

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GIVE LOVE, GET LOVE Turn Amazing Customer Service Into a Major Revenue Source sent out correctly. Also, commit your organizational energy to your business. What do you need for the IRS or an auditing company? What happened in 2019 to change how you approach things in 2020? What shifts do you need to make for 2021? By March, you’ll be settled from the whirlwind of responsibility the new year brings, and you can coast into spring. CHECK YOUR GOALS At this point in the year, you should have a clear idea for how the first and second quarters of 2020 will go. Because goals can shift, February is the perfect month to assess whether or not you need to make adjustments to the plan you made in 2019. Since business typically winds down to a manageable pace this month, consider how you could ramp it up come springtime. Do you need to press harder with your plans for 2020, or do you need to capitalize on what already worked in January? Compare your post-January projections to those of previous years to get a clear idea about what your next steps should be, and use February to implement them. EMBRACE THE SLOWDOWN No one likes a slow month in business, but you can use it to your advantage. If February is a historically slow month for you and your company, consider how you could improve internally . Offer extra employee training, provide cross-training events, streamline processes, test new software, or ramp up education for your sales, customer service, or technician staff. Take advantage of the extra

hours in the workday not devoted to a customer’s needs and make your business stronger than ever for when the busy season hits again. Your team will be better prepared for the onslaught, and their extra precision just might pay dividends to overcome another slow month.

The shortest month of the year is nothing to fear! With these tools, you can make this your best February yet.

convincing others that your business exists and has value.

Boosting customer retention by any amount can have a huge impact on your revenue. A study conducted by Bain & Company and reported by the Harvard Business Review found that even a 5% increase in retention can boost revenue by 25%–95%. In short, your ability to retain the right customers can make or break your business. Businesses are constantly searching for ways to achieve customer loyalty. After all, it’s far more cost-effective to keep the same customers coming back to you than it is to constantly go after new ones. Marketing to new customers can cost up to 25 times more than simply catering to your existing customer base. Loyal customers who love your business are an incredibly powerful asset. They can do a lot of your marketing for you through social media and other word-of-mouth channels,

But how do you get to that point? How do you develop a strong bond with your customers that is hard to break and will keep them coming back time and time again? It really starts with stellar customer service. Poor customer service is the No. 1 cause of customer loss. Upward of 71% of people say they cut ties with businesses over poor customer service. Customer service includes your employee-customer interactions, your response to problems, your response time , and your approachability on social media. Look to businesses that have figured out how to do customer service right, like Apple, LEGO, and other beloved businesses in your community. Consider what you can

incorporate into your own customer service experience or become a customer yourself and see just how far other businesses are willing to go for you. Another way you can win loyal customers is just by being present. One way to do that is by answering phone calls, emails, and online inquiries immediately . The more time you put between the initial customer contact and your response, the worse it looks for you. When people visit your business in person, be there to offer a hello, answer questions, and engage in casual conversation. When you’re there for your customers, your customers want to be there for you.

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VALENTINE’S DAY TREATS FOR YOUR KIDS Don’t Forget About Your Little Valentine This Year

bacon, pancakes, eggs, and toast all in the shape of hearts. For extra love, add strawberries or raspberries to complete the Valentine’s Day vibe. REFLECTIONS OF LOVE While you’re busy cooking up a feast, your kids will most likely visit the bathroom to get ready for the day. What will they see when they walk in? Their mirror covered in sticky notes in the shape of a heart! You can write words of encouragement, love, and support and set the display up for them the night before. It’s a fantastic way for them to start their day. LETYOUR KIDS BE IN CHARGE Valentine’s Day lands on a Friday this year, but that doesn’t mean you can’t celebrate over the weekend. Let your kids plan a day of fun by creating a list of activities they can choose from. Let themdecide whether you all spend a few hours together ice skating, watching a movie, going to the park, or visiting an amusement

Valentine’s Day isn’t just observed between romantic couples. It’s a day for celebrating the love you feel for people in all areas of your life. And if you have kids, Valentine’s Day is a perfect opportunity to celebrate your love for them and let them know how special they are to you. Here are a fewways tomake this Feb. 14 the most memorable one yet for your little ones. GIFTS AND BALLOONS Surprise your little ones the morning of Feb. 14 by decorating their roomwith their favorite treats and balloons. Tie their favorite candy bar or a small toy they’ve had their eye on to the bottomof one or more balloon strings. Then, place the balloons around their bedroom for them to find. A HEARTFELT BREAKFAST Take the time to whip up their favorite breakfast and try to add a little bit of Valentine’s Day cheer. If you want to get extra crafty, you can cook

park. To add a little more fun, create a“menu” they can look at and choose what they’ll have for dinner that night.

Enjoy this day of love with all of your special someones this year!

Take a Break

Inspired by Food Network Ingredients Apple Cider Chicken and Brussels Sprouts

Directions 1. Heat oven to 450 F. 2. On a baking sheet, toss Brussels sprouts, apples, onion, and rosemary sprigs in olive oil, salt, and pepper. 3. Roast vegetable and fruit mixture until tender, about 25–30 minutes, flipping halfway. 4. Season chicken with salt, pepper, and chopped rosemary. 5. In an ovenproof skillet, heat 1 tbsp butter. Add chicken and cook 6 minutes on one side. Flip and cook 2 more minutes. 6. Pour cider onto chicken. Roast in the oven for 12 minutes. Remove chicken from skillet and let it rest on cutting board. 7. Return skillet to stove on medium-high and simmer sauce until reduced by half. 8. Swirl remaining 1 tbsp of butter with

1 lb Brussels sprouts, halved 2 gala apples, cut into wedges 1 red onion, cut into wedges 2 sprigs rosemary 2 tbsp extra-virgin olive oil Salt and pepper to taste 4 boneless chicken breasts 1 tsp rosemary leaves, finely chopped 2 tbsp butter, divided 2/3 cup apple cider

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1 tsp apple cider vinegar

vinegar, salt, and pepper. Slice chicken and divide among plates with roasted vegetables and serve.

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INSIDE THIS ISSUE From the Yolofsky Office PAGE 1 A Business Owner’s Guide to Surviving February PAGE 1 Get More Love Back From Your Customers (When You LoveThem First) PAGE 2 Your Kids Deserve Valentine’s Day Treatment Too! PAGE 3 Take a Break! PAGE 3 Apple Cider Chicken and Brussels Sprouts PAGE 3 Give the Gift of Life PAGE 4 With all the cards, chocolates, and expensive dinners, it’s easy to get cynical about Valentine’s Day. However, National Donor Day also falls on Feb. 14, and it can refocus our attention back on the real meaning of the day: love. In the U.S., 20 people die each day while waiting for an organ transplant. Losing loved ones is one of the most painful aspects of the human experience, and while it is unavoidable, organ donation offers a pathway to help prevent that loss and keepmore love in the world. In the spirit of that love, here are a few ways you can get involved with National Donor Day this Feb. 14. REGISTER AS AN ORGAN DONOR. Signing yourself up is easy and can be done either online or in person at your local Department of Motor Vehicles. You’ll need official Give the Gift of Life Feb. 14 is National Donor Day

identification to register. Registration is not permanent and you will always have the option to change your mind. Once registered, you will not need to carry your donor card with you, as your status exists in the registry. JOIN A DONOR DASH. Donor Dash fundraising events pop up all over the country on National Donor Day. These noncompetitive 5K running and walking events are designed to bring donors and recipients together and keep hope alive for those who are currently waiting for a donation. To learn more, or to register for an event, check out DonorAlliance.org. PARTICIPATE IN #STARTTHECONVERSATION. Donor Alliance, a nonprofit that works to promote organ donation, began the #StartTheConversation campaign as a way to help spread awareness about organ and tissue

donation. Starting the conversation can be as simple as sharing that you registered with your friends and family or as personal as sharing a story about how organ donation has touched your life or the lives of your loved ones. Don’t let another Valentine’s Day come and go in a tide of cellophane, candy hearts, and cheesy cards. This year, get involved in National Donor Day. After all, what better way is there to express the value of love than giving the gift of life?

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