Category: Finance

Online Payments Can Affect Your Business

Posted on by Bella E. Hussain

Online Payments
In today’s world, where shopping online has become the norm, it is important to offer a secure payments system to your customers. As the incidences of identity theft continue to rise, more and more people are leery of using a site that doesn’t offer a secure way of sending you their money. And with the economy on a slippery slope, you don’t want to lose any customers.

What is it that online shoppers are looking for in terms of safe checkout? First and foremost they want your site to have an up-to-date security certificate that is identifiable by their browser. Most browsers are updated now with the command to check for the security of sites you visit. If your site raises a red flag with potential customer’s browsers, you are losing potential business. Validate your site with a trusted source like VeriSign, GeoTrust or one of the other well known sources out there. Go the extra mile to let them know they’re entering a safe shopping zone.

You also want to give your customers good choices for payment. Most sites these days are integrating PayPal into their payment options at customer checkout. PayPal has a good reputation for being secure and almost foolproof in most cases. You can put this option up and make your potential buyers happy.

For credit card customers you want to make sure you have the most up-to-date encryption software that will mask the input on their end and lessen the chances of fraud and identity theft. These take a heavy toll on businesses because of increased credit card fees, so you want to make sure you’re offering the best for your clients.

You should also consider the kind of support you offer your clientele. Do you have a support center? Do you provide contact numbers or emails so they can verify your information? Listing a physical address can go a long way in helping your customers ensure they are dealing with a legitimate company. No one wants to deal with someone who isn’t available, so make sure your presence is there on your site as an added plus for buyers to see.

This is a competitive world, and with that competition comes a need to be your very best. This is true in the outside world and is no less true on the Internet. There is an unwritten code of ethics that any honest merchant needs to follow. On the Internet, that involves security for your customer. Because there are many other people out there trying to attract the same customers to their sites, it is imperative you do whatever is necessary in order to bring in your share of the market.

Ensuring your customers have a pleasant and safe shopping experience can be accomplished easily in the cyber world. Keeping apprised of security updates and new forms of payments is easy as well. A happy customer is repeat business, so keeping online payments secure can have a lasting positive impact for your online business.…

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To Build Profitable Customer Relationship

Posted on by Bella E. Hussain

Profitable Customer Relationship

It is a challenging time for most business leaders today. Leaders are demanding their company’s grow and so marketers are continually focused on driving their products and services into the hands of new customers. Unfortunately this intense focus on attracting new customers has taken attention away from established or past customers. It is measurably more expensive to attract a new customer than to retain an existing customer. So why do so many companies focus their efforts and their dollars solely on new customers? It is because every organization is committed to growth and growth is associated with building new business. However, in order to maintain continuous profitability, companies must establish and maintain profitable relationships with all of their customers (past, current and future). Business leaders must do four things to have profitable customer relationship.

1. You must continuously be attracting (profitable) new customers in the industry sectors that you have identified in your strategic plan.
2. You must actively retain your (profitable) current customers and re-establish relationships with past customers.
3. You must customize your product and service offerings to better meet your customer’s expectations and needs.
4. Your employees must be continuously trained and rewarded for delivering exceptional customer service.

New Customers

The industry sectors that you have identified for growth in your strategic plan must be implemented throughout your company. Your sales team must have their commission structure designed to reflect (and reward) closed sales in the industries you have committed to pursue. When you are marketing and selling to your new marketplace you need to make sure that the products and services you offer are profitable. In other words, you must conduct a customer profitability analysis at the beginning of the sale, and periodically during the sales cycle. Too many companies focus their marketing dollars on their customers that are the largest revenue generator. Remember profits are revenue minus costs, so you need to make sure all of your customer relationships are producing the results you initially projected.

Current and Past Customers

You worked hard to attract new customers to your business and know you need to continue to work to establish and strengthen the relationship you created. The more you know about your customer’s organization, their buying habits and patterns, their growth plans and their operations, the more successful you will be in designing your relationship programs to meet their needs. The goal is to be so familiar and become so indispensable to your customers that your company is the only one they consider when purchasing products and services.

So many companies offer special pricing, bundled package offers or incentives to attract new customers, while completely ignoring their current customers. If you want to keep your customers from switching to your competitors (to take advantage of their “new customer discounts”) you need to create loyalty (recognization/appreciation) programs, and referral discounts and/or incentives. If you value your customers, then reward them for their continued confidence in your company’s product and services. You might also consider instituting a “frequent user” program. The more business a customer does with your company-they can receive either a discount on future work (or purchases) or a free service.

Reach out to your customers on a regular basis to provide helpful information such as case studies, success stories, testimonials, and new product/service launches. Invite your customers to give you feedback on their needs/wants. The more inclusive you are with your customers, the more they will value the relationship with your company.

Customize your programs. Technology has offered us a myriad of communication vehicles for reaching our target audiences. Technology is a tool to support customer service not to replace it. Always give your customers the option to talk with a human being. I know that having trained customer service specialists can add costs to the bottom line, but think how much business you lose, by not having someone available to visit with your customers when they need help, have questions or have a complaint that needs to be resolved.

In order to exceed your customer’s expectations you must use your technology and marketing savvy to customize your relationship with each customer. Make sure your CRM (customer relationship manager) programs are integrated with your customer contact programs and you are working with your customers to understand how and when they want to be contacted. The more you know about your individual customers and can customize your marketing and sales program to meet their needs, the stronger your customer relationships.

Social media is continuing to revolutionize they way we conduct business. Anyone can quickly research your company to discover your company’s customer satisfaction history. Your company’s reputation is one of your organization’s most valuable assets, so make sure you are doing everything possible to maintain excellent customer relations and continually build a strong reputation for …

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Using Google Business Listing Service

Posted on by Bella E. Hussain

Google Business Listing Service
Any company that actively participate in the business opportunities that can be found in the online environment, are aware of the benefits related to search engine optimization. This marketing resource has been utilized by a large number of businesses, in order to expand the potential found with improving search engine results. Businesses utilize keywords in order to be recognized as high value results, in order to obtain the highest levels of recognition, pertaining to any online search. When looking to expand your opportunities that exist with the mobile environment, it is vital that a business utilize the resources that can be found with a Google business listing service.

One of the largest mistakes that many businesses make is found with the expectation that the online environment on mobile devices is the same online environment that can be accessed by any computer. The reality is, these are two unique environments with their own unique resources, generated by companies looking to expand business potential and consumer interest. Simply because your business is able to obtain a high standing on a search engine, as a result of your search engine optimization efforts through the internet, does not mean you will have that same standing when a search in the mobile environment is conducted. In order to achieve this goal, it is important to seek the advantages that are found with Google business listing.

Once again the lessons of search engine optimization can be implemented, when individuals are looking to maximize the potential that exists with searches, regarding mobile devices. While there may be conventional search opportunities that are involved with search engines through a mobile device, there are greater opportunities found with utilizing the various applications that are available with these devices. When a person conducts a search for a specific business, in order to get name, address, and phone number of local locations, how will mobile devices recognize your business? By taking advantage of a resource, such as a Google business listing service, you will be able to accelerate your own efforts to take advantage of this newly generated mobile environment.

While a large number of individuals have occasional access to the Internet at home or in the office, every individual has access to the mobile Internet by utilizing their mobile devices. These devices are constantly carried on them, regardless of where they go, so this environment is always available for consumers take advantage of. The sudden development of this convenient market makes it crucial that a business utilize a Google business listing, in order to incorporate this new marketing strategy into their business plans.…

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How Internet Can Boost Your Profitability

Posted on by Bella E. Hussain

Profitability
In recent months we have witnessed a number of high profile bankruptcies amongst high street retailers. Online shops on the internet have been blamed as the culprit. The fast growing ecommerce industry has brought stiff competition to the high street retailers, who now not only have to compete with other high street retailers but also virtual sellers from around the world, including ultra low cost suppliers from opposite end of the world such as China and India, who offer free or fast delivery to anywhere in the world.

These online sellers are taking businesses away from high street retailers because they can offer the same products to the consumers at much lower prices. They are able to do this because the cost of doing business online is so much lower. The absence of physical store and shop assistants means they can operate without expensive rents, utilities and wage costs. An online shop is accessible anywhere in the world, which gives them access to much bigger customer pools so they can better benefit from economies of scale.

Instead of treating ecommerce as the enemy, traditional retailers should embrace it and think how it can contribute to their own bottom line. The answer is simple. Anyone can set up a website and it doesn’t cost much money to do so. Once your products are online consumers outside of your local market will be able to buy them too. Just think how much bigger your potential market has become. You do not need to hire any shop assistants to attend your online shop and you do not need to pay rent. Therefore any online sales should go straight to your bottom line.

The fact that your online shop can be accessed anywhere in the world, there is plenty of room to expand your existing customer base and grow your top line. Greater sales volume means you can order more from your suppliers and negotiate for lower prices. You can utilize the greater economies of scale to lower the operating cost per order.

As you generate more and more of your orders online, which carry higher profit margins, the overall profitability margin for your business will improve. By diversifying your operation online, you have also reduced your business’s risks by protecting it against sudden shocks to your physical shop such as staff sickness, road works, riots and protests. Should something happen to your physical shop, your sales will continue online thus minimizing any adverse impact on your business.…

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How Productive is Your Business Concerns?

Posted on by Bella E. Hussain

Business
Why did the businesses fail to yield their expected profits? There is possibly many reasons running through your brain now, but they are based on circumstances. For instance, the enterprises could have been unsuccessful because of inflation or mismanagement of funds.

How about putting in the assumptions of fair production costs, good management skills, price stability and many other incentives, the reason is dated back to the time of starting the business. Before executing a business idea there are many influential factors that an entrepreneur has to consider;

-Honestly examining his strengths and abilities – This constitutes testing your abilities to be sure that they are purely able to take up the operations of the business. He should also check his financial abilities as well as establishing financial stands by which he will be able to start and operate his business.

-Having complete knowledge of the product or service to be provided – Knowledge of the product would enhance confidence in the business person while explaining to his customers about it. It would also be useful in solving problems that may attack the nature of the product, such as a product becoming stale due to unfair weather conditions. An entrepreneur can gain information about the product from data sources such as business journals, internet or even opt to employ a specialist in the product production to enable him understand the product.

-Evaluating the market of the product or service – Identifying the market trends and consumer patterns of the product. The performance of the product in the market would help predict the performance of the potential business in providing the product. In addition, pay attention to the customer regards of the product. This will help decide how the product has to be produced and provided uniquely with the aim of satisfying needs of the customers.

-Identify the similar businesses that have been successful for a reasonable period of time – Taking time to assess them would give reliable knowledge of; how to run such a business venture successfully, risks involved and ways of managing those risks so as to enable the business proceed perpetually.

-Identify the skills and training required – An individual should have all the skills and experience needed in running the business. In case he lacks any of them he should strive to acquire them. These expertise would contribute to the competence of the business since it is run by a specialized technical manager.

-Assessing the Returns on Investment of the business venture – This is identifying the possible amount of profits of the particular business compared to other business opportunities encountered. In other words comparing its profitability with the other opportunities.

Performing all the above steps basing on a business idea would enable the potential entrepreneur to be assured whether the business would be viable or not viable…

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4 Easy Ways to Promote Your New Business

Posted on by Bella E. Hussain

Business
You did it. You finally started that solo business venture that you’ve always wanted. No more 9 to 5 for you. You’re on your own. A fresh start. So, now that you’ve broke free from the cubicle, and are finished with punching a time clock, you’ve got to get the word out about your venture. You’ve got to drive traffic to your business, whether it be online, or off.

So what do you do to drive this traffic, especially if you have limited startup funds? How can you get the word out effectively, without breaking your bank, and potentially putting your new business in jeopardy before it even gets off the ground? Here are 4 easy ways to inexpensively promote your business, and drive that much needed traffic to your new solo venture.

1. Pay Per Click Advertising

Pay per click advertising is a great way to inexpensively promote your business. The two best places to place small ads on the search engines are Google Ads and Bing Ads (Bing Ads being less expensive, but has about 1/3rd of the search traffic). With both of these systems, you can easily place your ads using a daily or monthly budget you are comfortable with – you are in complete control of how much you spend, and on exactly where your ads are targeted. You can get the word out over the web, at a comfortable cost.

2. YouTube

Use YouTube to get the word out about your venture to the millions of searchers that hit the site every month. First, shoot or make a video presentation about your business (the content of which, I’ll leave up to you). Using effective keyword research, ‘tag’ your video with the best and most effective keywords and phrases that people are looking for. Once your video is up and running on the site, you will be getting ‘hits’, and thus, passive promotion of your business while you’re busy doing other things. This method of promotion, along with the Pay Per Click mentioned above, are very effective “set it and forget it methods” of promotion.

3. Offline Ads

Placing ads in appropriate newspapers, weeklies, periodicals, magazines, etc, does not have to break the bank. There are very reasonable sites out there that will pace your ad in a variety of locations, to wide array of readers, depending on your budget. My suggestion is to find an appropriate local area paper, and try a few different types of ads (not necessarily at the same time, of course). As one ad works more effectively to drive traffic to your business, then expand that ad’s reach by getting it published in a wider, more encompassing array of daily/weekly papers.

4. Article Marketing

As a budding entrepreneur, you may very well have an abundance of expertise in a certain area. Why not write about it? Using your specific knowledge to write articles in your area of expertise, you can accomplish two fold. You will create a library of knowledge for readers to use as a reference, which gives you yet another vehicle to use in promoting your venture. You will also have direct links to your business in the article, driving traffic directly to your venture. And again, as previously mentioned, this is another system where you can “set it and forget it”. Your only input with this method of promotion is to create more articles/content.

So, there you have it. These four simple methods of promotion can not only be low cost, but are extremely effective in enabling you to “work smarter, not harder”. Using these methods to “set it and forget it”, you can smartly set up your promotion and advertising, using a budget that is appropriate for your business, and leave yourself free to build your brand, spend more time with your friends and family, or the opportunity to expand your business, and bring it to the next level.…

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Merchant Account – What Credit Score Mean

Posted on by Bella E. Hussain

Credit Score
It’s a must for home-based businessmen nowadays to accept credit cards, especially those who have brought their trade online. It’s because most people prefer to shop with these plastics and if you can’t offer them this convenience, they’ll probably jump to the next relevant site that does. People put a premium on time more than ever and what they can save from not having to wait for checks to clear is always greatly appreciated. If you still don’t accept credit cards, it’s most certainly time you did. But before this is possible, you need to apply for a business merchant account with a merchant bank.

One of the key issues that financial institutions will be looking into while considering your application for a merchant account is your credit standing. This is especially true when you run a home enterprise which means your personal credit score will be the same as your business’. For this reason, you need to take care of your reputation as far as settling your financial obligations is concerned because this will definitely impact your chances of being able to accept credit cards.

Even if you’re not aware of your actual personal credit score, you would be able to gauge yourself while referring to personal experience. One is the level of trust that you may or may not enjoy from your supplier. If you’re allowed to defer payment for a good amount of time, that’s a good sign. But if you are never given this privilege and always have to pay up front for each batch of supplies you get, that could be a problem. Another way to estimate your credit score is by the contracts you win. Big ones indicate good things while smaller ones may mean you still have quite much to prove. Some businessmen are actually not even permitted to bid and obviously, these are the ones who might never stand a chance to acquire a merchant account. This is because before a merchant is allowed to bid, he will be required credit checks and bonds which are, of course, good indicators of your credit score.

Just because you’re a home-based businessman doesn’t mean you’re excused from bureaucratic processes that multinationals undergo. Of course, there will be no exceptions and this is why you need to be very conscious about building a good credit score. As long as you take your business and your obligations seriously, this shouldn’t be a problem.

Simply making a habit out of paying your bills on time can mean the difference between being granted that merchant account and being rejected by a merchant bank. Besides, restoring damaged credit can be financially taxing and it will be the last you need when you simply want your business to grow and work for you.…

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An Effective Project Management Outline

Posted on by Bella E. Hussain

Project
When it comes to business, it is always best to define what needs to be done. Clients should proactively answer some relevant questions that will identify the scope of your project. This is vital in creating a mutual agreement between you and your client that will be subject for approval. This will help plan how your project should proceed.

Determine the course of action.

Identify the major stages and create an effective sequence to detail the amount of time needed in completing each goal. It is very important to know the available resources and the budget allotted for the designated procedure. Creating an Overview Chart will be helpful in determining the risks and creating an effective recourse to address the concern. A project manager must be diligent in checking for any added requests from the client without going overboard on the budget.

Present a layout as a proposal.

Creating a prototype and testing it until every detail is integrated will help ensure a product’s effectiveness when launched in its actual setting. Creating a website, for example, takes time to build before it pilots into Cyberspace. Experienced and highly trained individuals work hard to do this task.

Presenting a product or service in the most creative manner will show the client that everything is done right as per instruction. One must schedule a presentation and perform the intended use to establish that you have created a user-friendly product that is suitable for its purpose.

Make sure that you are able to document the whole procedure, per stage. Always have a written agreement ready to signify the completion of each section. It is highly important to keep a hard copy for any disputes or concern. One must be legally ready to justify a course of action. This will protect you and your clients from extra costs and unwanted results.

The role of a project manager is a vital in securing success for any business procedure or task. He or she must be well-versed in written and verbal communication in order to ensure that each task is fully completed and understood before moving forward to the next stage. He or she should have good working relationships with both the client and the production crew in order to properly relay the messages that each party demands. A good project manager must be highly organized to manage the whole transaction properly. Hiring a competent individual for the task ensures that the procedures are followed accordingly and appropriately.

Establishing the goal from the very start will dictate how the whole process will proceed. Cooperation in both parties is needed to achieve a favorable result. Both parties must actively listen to any comments or suggestions in order to make sure that the project will turn out well. Initiating a more organized plan from the start of the scheme will help maintain the standards and gain an effective system for the end users of the product or service.…

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