Successful Blog

Don’t Take Credit if Your Business Only Accepts Cash

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The smart small business owner is the man or woman who gives their customers options.

With that being said, what options do you give the customers who buy goods and services from you? Is it a cash-only policy or do you also let customers charge, perhaps even using mobile payments?

As more customers look for the most affordable and convenient shopping experience, it behooves the small business owner to let consumers buy with more than just cash.

If you stop and think about it, look at what you are missing out on if you have been a cash-only business up to this point:

* Many customers do not like carrying sizable amounts of cash on their person, so they will typically spend less with you if they can’t charge via traditional means or mobile payments;

* Many customers will shop on impulse if they have the plastic option, meaning you stand to gain more sales. As many consumers battle through tough financial times, they are less apt to spend when you only accept cash, as it is more painful to part with the green stuff from their wallets or purses;

* Many customers like the ability to buy while on the go or do online shopping in the convenience of their homes. If you only accept cash payments, you limit the amount of sales you can register.

With those three reasons for accepting more than just cash payments, will 2013 be the year you expand your customer offerings.

When it comes to standard credit card transactions, don’t let the reports of customers cutting back on their plastic scare you.

Yes, a number of surveys do indicate that customers are slicing down their credit card debt, but that doesn’t mean they won’t charge for quality products and services.

According to The Fed, consumers have cut back on using credit cards since the 2008 credit crisis. Just over four years ago, Americans had compiled $1.03 trillion in credit card debt, an all-time high. In July of 2012, it was $850.7 billion — or 17% less. One financial expert pointed out that while many Americans continue to spend, they have instead turned to using pay-as-you-go-debit cards and cash as opposed to credit.

Despite that news, the smart business owner will make sure that credit cards are an option for his or her customers. Without them, one’s sales are likely to be impacted.

Mobility Matters Going Forward

Another area to focus in on in 2013 is mobile payments.

Portio Research recently reported that more than 81 million people around the globe used their mobile devices to make purchases (including in-app payments, mobile ticketing and mobile coupons) only three years ago. Prior to 2015, that figure is projected to hit some 400 million users worldwide.

If you have yet to delve into mobile payments for your business, think about the potential sales you could be missing out on by not offering them. With more mobile technology on the way, it only stands to reason that many consumers will want the speed and ease of making purchases with such payments.

In the event you have had a cash-only policy up until now, rethink the options available to you going forward.

With credit cards and mobile payments, your company could unlock the door to substantially more business.

Photo credit: bizplanhacks.com

About the Author: Dave Thomas covers small business topics for various websites, including gold prices.

Is Your Business Hiring the Wrong Folks?

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It is 2013 and you have some three-fourths of the year in front of you to take your small business to new heights.

So, what are a few things that concern you over the remaining nine months? If hiring the right talent to helped carry your business to more success is one of those concerns, what do you plan on doing about it?

As a small business owner, you obviously have a full plate to handle on a regular basis. Decisions involving products, services, budgets, promoting your company, and more likely consume you on a daily basis. That being said, where does hiring the right employees rank on such a list?

For some business owners, it just takes one wrong hire to throw off the office chemistry, potentially throwing the company into upheaval as you try and right the ship.

If you have made a bad hire or two in the past, consider the following to negate such choices in the future:

* Chemistry – Just like if you were buying a bus and placing your employees on it, finding the right seats for each of your workers is critical. Let’s face it, some personalities just don’t mesh well, leading to potential conflicts around the office. Although some individuals can fool you or your HR department during the hiring process, never underestimate the importance of personality when looking to hire. An individual can have the most sparkling resume going, but their personality should matter just as much if not more when considering bringing them on board;

* Qualifications – Have you ever decided to hire someone with less qualifications because you could flat out pay them less money? Yes, it does happen more often than you may think, especially in a day and age when companies are trying to save money wherever possible. Some businesses will hire an individual that is less qualified than another applicant, albeit to save money. Keep in mind that making such a move can surely backfire on you, especially if you have to bring someone new in a short time later and go through the training process once again. Qualifications should always be right at or near the top of the list, otherwise you simply get what you pay for;

* Attitude – Just as chemistry and qualifications prove important, an applicant’s attitude ranks right up there too. The most qualified person could be a proven winner for your company, yet their attitude is less than stellar. Yes, attitudes can change over time, but are you willing to risk hiring such a person? If during the interviewing process you sense an individual’s heart just isn’t into your company, great qualifications and all, look elsewhere;

* Mileage – Finally, locating that individual who will go that extra mile for you and your business is golden. Extra mileage means the man or woman who will stay past their regular hours or come in early, speak up regularly at company meetings to offer constructive ideas to grow the company, and not afraid to offer their talents and experience to others in the office. Some employees do just enough that is required of them, while others will go above and beyond. When you find those latter individuals, your business stands to gain.

As the calendar prepares to turn to April soon, are you making it your business to find the right employees in 2013?

Photo credit: employeescreeningblog.com

About the Author: With 23 years’ writing experience, Dave Thomas covers a variety of small business topics, including helping those who might say i need online reputation protection.

How Do We Get More Social With Our Clients?

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Whether you run a small, mid-sized or large company, how social you are with your customers can go a long way in determining just how successful you are destined to be.

Whether they feel like they can’t properly engage their return on investment (ROI), don’t want to make the time and effort or are essentially ill-informed on how to properly run social media campaigns, there are still many businesses that are missing the boat when it comes to socially engaging consumers.

So, how can you and/or your marketing team (where applicable) get the most out of what social media has to offer moving forward?

Among the tricks of the social trade:

1. Be a good listener – Even if your business is just using social media sporadically, you can pick up a ton of valuable chatter by listening to what is being said about you and your industry in general. If you do not use Facebook, Twitter, Google+ for any other reason, use them to hear the conversations. You can pick up valuable discussions as to what consumers need more and less of, along with what their most used questions and issues are;

2. Be a consistent presence – Like many other things in life, you need to be constantly active in social media to truly benefit from it. Just being a casual social media participant leaves you and your company with several problems. First, you are not there regularly to see and hear what is going on. Secondly, you won’t be viewed as an authority in your industry if you just pop in and out on the social channels. Finally, you miss out on potential sales from those consumers who do not yet have the product or service they need;

3. Be someone who engages – One of a number of reasons consumers are on social media for starters is they come looking for answers and solutions to their questions and problems. With social media, you can respond to them in a real-time fashion, something you can’t do through traditional means like in-person store visits or phone calls. Actively engage consumers that are both present and potential customers with you, showing them you want to be the go-to man or woman for their shopping needs;

4. Be void of spamming – With all the positives that social media can offer you as a business owner, never use it to spam consumers. The spammer is the individual or company that inundates consumers with messages, mostly trying to push a sale down their throats. Some consumers will automatically revolt against this, feeling like you are being too pushy. Use your social media tweets and shares to answer questions, solve problems, along with educating the consumer. The latter can be easily done via links to tutorials and other items you hopefully have on your website;

5. Be human – Finally, make your social media posts fun and entertaining from time to time. Yes, your main goal is to draw people back to your website, but you can’t be about sales and business 100 percent of the time. Show those who view your SM posts that you and your company are just like them, doing this by interjecting some humor into your posts. You should also humanize your entire office team by either getting them to post or talking about them (images are great) from time to time. Being social is just that, putting a social side to your business.

So, how do you as a business owner go about getting the most out of social media in 2013?

Photo credit: dimespring.com

About the Author: With 23 years’ writing experience, Dave Thomas covers social media and business topics, including Internet reputation management.

Living Life on the Financial Edge

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If you have a full-time job, one that pays good wages and is all but a sure thing, by all means enjoy it.

As I and millions of others discovered in recent years, a sure thing in the workplace is about as reliable as politicians in Washington, D.C. coming together for the good of the people.

Having been laid off twice in the last seven years, I can say that both experiences were different.

The first job loss in 2006 (after five-and-a-half years with the company) really came out of the blue. Even the manner in which I was informed, an email from a supervisor on a Friday morning, was a tad shocking.

After the reality of the situation set in, I did something down the road that no one should ever do, I began to panic.

How would I pay my rent? Could I still make my car payments? Would I not be able to afford health insurance now that I was on COBRA (the first layoff taught me to get my own health insurance policy, something I carry to this day)?

Despite the best parents in the world helping me out financially, I still was forced to pile up debt on credit cards, not to mention raid some of my retirement fund. I then made matters worse by temporarily moving to Arizona, taking a nearly $12,000 pay cut from the previous job I had been laid off at, and continued wallowing in debt.

After six months in Arizona, I knew that going back to California was not only something I wanted to do, I needed to do.

Was Another Layoff Possible?

So that I don’t make you change the channel, I will skip a few years from then until my second layoff last summer in marketing.

Although I was a top producer in my department (achieved three bonuses) when it came to turning out copy, I was let go after 14 months. Once the initial shock wore off, I came to realize that such a move was probably inevitable, especially given the mismanagement at the company by some of the executives.

With few full-time jobs calling my name, I went back to my old standby, freelancing.

Despite more than 20 years of writing experience, I get few if any phone calls for job interviews these days, knowing that many companies prefer paying someone just out college meager wages as opposed to what someone with decades of experience would command. I also know that many of these companies will face a revolving door of workers, those smart ones who do not take long to realize they are being underpaid, especially given today’s cost of living expenses.

While freelancing is for now keeping a roof over my head and food on the table, it is by no means job security.

Don’t get me wrong, I am extremely grateful for any work thrown my way these days, I just know that I’m living life on the financial edge.

Every time I drive by a homeless person or homeless encampment (they seem to grow by the day here in San Diego), I realize that that could be me in a month, two months, six months from now. On the other hand, I also know that there are people far worse off than I am right now.

It almost seems sad, here in the richest and most powerful country in the world, many people are not able to realize the American Dream.

What the future holds for me I can’t predict, something few if any of us can for that matter. I do know, however, that being a freelance writer is not the worse thing in the world.

That being said, I would not mind if I was not living so close to the financial edge.

Have you had ups and downs in your career over the years?

If so, what has it taught you about surviving in today’s world?

 

Photo credit: bubblews.com

About the Author: With 23 years’ writing experience, Dave Thomas covers a variety of small business topics, including finding the best invoice software.

Does Your Accounting Software Account for Success?

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While saving money is a great thing for the small business owner, trying to do that at the cost of service to your company can come with a price. Unfortunately, that price over time can be lost business.

For those owners who are looking for an accounting software program, be it for the first time or to replace the one they currently have, a number of factors should always go into the decision making process.

Meantime, those business owners looking to outsource their accounting needs should do so with the idea that such a decision should be well researched. If you choose the wrong accounting provider, you could be left with more than just financial headaches.

In searching for the right accounting provider at the right price, remember to:

* Determine your needs – What got you to consider outsourcing your accounting needs in the first place? For many small business owners, their workforce size is manageable enough that they can hire an in-house accounting person and/or even oversee it themselves. In the event the company grows over time, then they can outsource the need if it becomes too big a responsibility for the person on staff. Take a look at your current needs, your projected growth in the next year or two, and if you will save more money by keeping the task in-house;

* Shop around – If you pick and choose the first accounting company you come across, you may get lucky, then again you may not. Just as in shopping for other important needs for your company, choosing an accounting provider demands the right amount of time too. Look at each company’s financial stability, customer service record, any issues with the Better Business Bureau (BBB), rates, and its ability to meet your needs. At minimum, get anywhere from 3 to 6 quotes, giving you a number of providers to choose from;

* Look at more time in the office – In the event you do go with outsourcing your accounting needs, think of the time and manpower you free up in your office. Presumably, one or more of your workers has been or would have been doing accounting tasks for you. With the need outsourced, that person or persons can direct their efforts to other responsibilities. You also presumably put your accounting needs in the hands of a company that does this on a regular basis, meaning you should get quality service in turn for your monetary agreement with them. By outsourcing, you also lessen the need by one employee (at least) to have someone on hand strictly do accounting. You not only save on salary, but also health benefits, etc.;

* Impress upon security – Finally, whether your accounting needs are handled in-house or outsourced, security should never be taken for granted. Given you are dealing with personal information of employees including incomes, Social Security numbers, addresses and more, security needs to be prioritized. Make sure any outside provider makes security a priority, preventing you and themselves from running into any potential legal issues.

If this is the year you decide to outsource your company’s accounting responsibilities, make it your business to run the numbers on which provider best fits your needs.

Photo credit: Zodiacproedge.com

Dave Thomas covers a wide array of topics for various websites, including gray hair treatment.

What Are You Doing to Weather the Economic Storm Clouds?

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Depending on which financial analyst or politician you listen to, the U.S. has either averted going off the financial cliff for now or is poised to run into even tougher financial roadblocks ahead.

So, what should small business owners be doing to position their companies for what appears to be slower economic growth for the remainder of this year?

First and foremost, do not panic.

Small business owners need to remember that the economy always goes through its ups and downs, so doing a major layoff or cutting back dramatically on one’s advertising and marketing budgets, those kinds of moves typically do not make good financial sense.

As one who runs a small business, think about the following:

* Manpower – Whether in good financial times or not, having the right size staff in place is very important. If you find that finances are dictating you need to cut some people, look at a few options. First, how would your business be impacted if you lost some people? Would it impact the services you provide to customers? Secondly, would those remaining employees be asked to take on added responsibilities while still receiving the same salary they are now? If so, will that create some morale issues in the office? One option before cutting is talking to those you are thinking of letting go, seeing if they would stay on at a reduced salary and possibly decreased benefits or picking up more of the tab to continue receiving benefits;

* Promotions – One of the biggest gaffes small business owners make when the economy gets challenging is cutting back on their advertising, marketing, and public relations campaigns. The thinking is oftentimes that competitors are doing the same, so it is a safe time to trim this area of business. Actually, it is probably the worst time to do it, as some competitors are doing just the opposite. While there may be times you need to trim such budgets here and there, never go into a full-scale cut, because you will likely miss out on potential sales. Instead of trimming your main promotional budgets, look to do more with free promotion vehicles such as blog posts and social media;

* Future – Undoubtedly, tough economic times will pass for many who run small businesses, so it comes down to a matter of surviving the difficult stretches, allowing you to prosper when things improve. You should always be thinking growth and not contraction as you look at the big picture. What can you do to grow more with the resources you presently have? How can your company pull itself away from the pack and give customers something no one else can? Finally, how can you as a business owner safely guide your company through some stormy financial seas, knowing that there is a light at the end of the tunnel? Always be thinking about what the next step takes to grow your business;

* Past – Finally, never forget where you started from and where you are now. In order to be a successful business owner going forward, you need to learn from your past mistakes. Whether it was some bad hires or layoffs, some bad investments, or even spending too much money for products and services needed for you to run your company, never make the same mistake twice.

As a small business owner, what are you doing to make your company as economically sound as possible in 2013?

Photo credit: mozy.com

About the Author: With 23 years’ writing experience, Dave Thomas covers small business topics for a variety of websites, including Reputation.com.