1040TaxBiz offers value added services to increase revenue and income for an existing business.
Value Added Services (VAS) Definition
A value added service is something that complements the core products and services a business offers in order to increase income and revenue. It is a non-essential service. The business does not need it to operate.
Value Added Services (VAS) Examples
A courtesy shuttle service to a hotel, restaurant or grocery store is an example of a value added service. Logistics is not one of their primary or core services. A restaurant serves food. A grocery store sells food. A hotel provides a place to sleep. By providing transportation, they offer the convenience of spending money at their location on their products and services.
How a Value Added Service Increases Revenue for a Business
A check cashing store generates revenue by cashing checks. Some of these stores also carry snacks, such as soda or candy. These snacks are a value added service that can increase revenue for a physical location that has foot traffic. These stores make money when they sell the snacks. These value added services can also help bring in new customers. Someone might come into your location because you have the snacks. They might use your financial services later when they have the need because they remembered how they were treated by you when they came in for the snacks. There are a number of value added services that can help a business grow and make more money.
What to Avoid with a Value Added Service
Value added services have one major problem. You can spend a lot of time and energy on these extra services that you forget about your core services. Always remember that a value added service is the spice and not the meat. What happens when you start adding too many spices to a dish? The dish becomes confused and may actually start to taste bad. More is not always better. You want to be strategic about the value added services you use.
1040TaxBiz as a Value Added Service (VAS)
1040TaxBiz offers a specific value added service - income tax preparation. This service is not for everyone, but for the right business, it is gold. A trucking company or a construction company has little use for this type of service. It does not help them bring in more potential customers interested in their core services. Tax preparation is a great value added service for certain types of business. Think about who benefits from income tax refunds. The article below describes some of these businesses.
Related Article: Top 10 Best Businesses for IRS Tax Refund Checks
A check cashing store makes its money by cashing checks, so why not put a large check in the hands of your customers. Now you make more money from cashing checks and some money from tax preparation fees. You have also provided a service that could drive in new customers.
There are some types of businesses that can benefit significantly from providing tax preparation services. Contact 1040TaxBiz to find out if this is the right fit for you.