Expert knowledge is one of most cost-effective tools you can use to promote your business and make more money. One of best ways to do this is to give away your special knowledge for free. Yes, that's what I said-for FREE. Many entrepreneur's are afraid if they give away something for nothing it will be perceived as valueless or ignored. They are often anxious about losing business by revealing too much to a prospective client. However, according to another perspective, namely that of your true potential customer, by giving away your expert knowledge you are adding value. They perceive you as someone who wants more than their money, you want a relationship. You are perceived as honest expert. Your business is seen as one who wants informed customers. Let's take a look at what giving away your expert knowledge would look like.

PRODUCT BASED COMPANIES. Those of you who own product based companies, where you sell "widgets," have numerous opportunities to give away your knowledge. Many of your customers want information and an education. They want to know about benefits, features, options, how it will cut costs or make them more money.

For example, if your business sells computer network infrastructures then you probably know something about them that majority of people do not. Most decision makers looking to purchase a network infrastructure for their business want to make a wise decision. They may be unaware of complexities of various systems, how they can be used effectively, what kind of components they need and what to expect to pay. Most decision makers want an education-not necessarily a comprehensive one, but an overview of critical buying points.

Action Step: A way to give away your knowledge is to have an "Ask Expert" section on your website where anyone can email a specific question to you for free advice. If you have a store front, develop separate brochures for anyone requesting information or coming to your store: one written for "lay" person and one with all detailed technical specifications.

SERVICE BASED COMPANIES. Entrepreneurs in many service based companies often have to work harder to develop customers. It is more difficult to sell something you cannot see, feel, or touch. However, your customers still want to know similar things about your service: what are features, options, benefits, whether they can trust you, and how your services will either cut costs or make them more money.

By Paul Rich, Principal and Business Consultant

Siegel Rich Division of Rothstein Kass -Certified Public Accountants

Outsourcing has become a controversial issue and a hot topic among presidential candidates this year. But have you stopped to think how your business can benefit from efficiency, functionality and cost savings of outsourcing? If you have, you might find that, like many others, you are already outsourcing-and enjoying its benefits.

What is Outsourcing?

Outsourcing simply means "contracting out" various functions of your business. It doesn't necessarily mean that you will be contracting out work to foreign countries because there are many American companies that provide outsourcing services i.e.. commercial printing services and cleaning services, among others.) The vendors who supply outsourced services may be self-employed contractors, consulting firms, temporary employee services or professional service firms. One common example of outsourcing is payroll processing. Other commonly outsourced functions that can be provided by professional services firms include:

* Succession planning

* Accounting and tax preparation

* Information technology (IT)

* Consulting (i.e. due diligence, business planning)

* Distribution services

* Pension management

* Manufacturing

* Assembly

* Staffing

* Grounds Maintenance

* Estate and income tax planning

Why Outsourcing Can Work for Your Business

Fortune 500 corporations are under microscope for outsourcing thousands of jobs overseas to low wage workers, potentially leaving American workers out of work. But according to Forrester Research Inc., of 2.7 million jobs lost over past three years, only 300,000 have been from outsourcing. With that in mind, outsourcing means something different for family and privately owned businesses. With fierce competition affecting margins of many businesses, companies are finding that they cannot afford layers of administrative overhead dedicated to operating their core business. They are realizing that outsourcing provides alternatives to doing everything for themselves. For example, if your business is distribution, there may not be a need to employ a large administrative overhead dedicated to support functions like those listed above. Companies that provide outsourcing services are able to invest more time and resources into specific functions that generate revenue. Because of this, they can operate more efficiently and economically, which can help you compete more effectively than companies that do it themselves.

Information technology is a good example of this. The cost in personnel, benefits and training to keep pace in rapidly changing world of information technology is prohibitive for most privately owned businesses. By outsourcing this function, management is free to focus its energies on core aspects of business-those that provide revenue-generating products and services-and leave other areas to vendors who specialize in performing those functions.

Benefits of Outsourcing

Proponents of outsourcing cite a variety of reasons for "letting others do it." Here are some of most important: