Successful Blog

Invoice Factoring for New Business Needs

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By Tina Hamilton

If you are an entrepreneur in your start-up year, you are still learning the ropes. You may have tenacity, family support, passion, and past experience in the industry. However, you can’t be managing every aspect of the business at once and all too often young companies find unpaid contracts and invoices piled on the desk.

In worse case scenarios unpaid invoices can sit around for months and cause companies to fail to meet payroll or face challenges in ordering inventory. Knowing your options is vital to keeping your head above water. One of the best solutions to this all-too-common problem is Invoice Factoring due to its successful record in helping businesses continue to flourish by providing instant cash. Continue reading to learn how it works, and what to look out for.

Cash Flow problems

Getting a cash advance on your unpaid invoices can be what saves your starting business. But finding the right invoice factoring company is equally vital to protecting your assets, as is the ability to get paid off your unpaid contracts.

Fee

When paying a company to collect on your Factoring Accounts Receivables you want to find one that will charge you zero money upfront and take no more than 10 percent of your recovered unpaid invoices. Asking a business to pay upfront is counter-productive and defeats the purpose of getting a cash advance.

Reputation

A factoring company’s reputation is extremely important. It is paramount that businesses take the needed time to do thorough research on any company they consider working with. If there are a lot of negative remarks surrounding a company is it best to keep looking for another provider. It is completely normal to find one or two bad reviews on any business in any industry. Perhaps your business even has a bad review. Do not let one bad review shake your faith in a company, but if the negative feedback stifles the positive, dealing with them is not worth it.

Terms

Make sure the terms are just as agreeable as the rates. You may not be buying a used car, but you can still try haggling a bit to get the terms to an appropriate arrangement. If you find a company with excellent rates but the terms need some improvement, try doing a little research until you do find a company with better terms and present your finding to the provider you are trying to work with. Often they will try to save face by matching or beating a competitor’s terms. When it comes to negotiating terms you can follow advise from online articles that help entrepreneurs negotiate traditional bank loans. Although the products are totally opposite from one another, the art of negotiating is not.

Moving forward

Once you have been paid out on your invoices be sure you learn from the experience so not to repeat the same action from happening again. Perhaps hiring someone to manage accounts is in order. This would also free up some of your time to spend elsewhere in the business.

Finally, positive thinking is a powerful, contagious force that helps drive business forward. Be sure that when you finally nail down your business processes, you line them in a silver layer of positivity.

Author’s Bio: Author Tina Hamilton is a veteran journalist currently researching invoice factoring as an option for her family’s business. You can follow her on Google+.

How to Differentiate Yourself in Business

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By Deb Bixler

If you are looking for new strategies for selling you need to know what it is that makes you shine above your competitors.

Knowing what makes your business truly unique is what will help you thrive with your customers rather than just blend with the masses. Find out what helps you differentiate your business from all others by knowing just where to look.

Direct Selling Strategies

What are your direct selling strategies?

home party plan businessMany business owners don’t realize that they are literally driving their business into the ground by using the same old selling tactics as everyone else.

If your direct selling strategy involves a twist- be it a link to a website tutorial or a cute magnet or pen that showcases your company name- then you are moving in the right direction to make sure that your business is truly different in its own way.

Don’t be afraid to narrow your niche down. When you firmly believe in what you are uniquely offering you can then attract the ideal customer. Many believe the opposite that a narrow niche will eliminate some leads.

We are taught in direct sales that you should be marketing to EVERYONE but really it is impossible for everyone to be your ideal customer. Define yourself better and you will be defining your customer better.

Your business personality is part of your direct selling strategies.

Consider Your Business Personality

How is your business’s personality? There are literally 100’s of methods of direct Selling so what makes you different?

What is your sales personality?

Is it upbeat and friendly like every other business in your industry, or does it take on a more serious tone?

Does your business reflect a common ‘tone’ expected of your niche? If so, you may want to consider differentation by way of creating a whole new personality for your business.

Perhaps taking a ‘green’ approach to something that is normally serious, or adding humor to a positive atmosphere can make all the difference for your business and make you really stand out. Or is it the budget lessons or healthy tips that you offer or even are you more controversial than most?

This is branding YOU, not just your direct sales company! You need to sell yourself first and your company second.

Simple direct selling strategies will help you stand out. For some people, differentation is no piece of cake.

However, there are smaller ways to make your business stand out so you can have the edge on your competition without having to change your whole direct sales strategy.

Try switching from business cards to key chains, hire someone to check your email so messages can be returned faster than your competition, and make sure that you are choosing terms for your product(s) that your competition isn’t using.

Sometimes, simply going from ‘organic’ to ‘healthy green’ can make all the difference.

Make sure that no matter what differentation tactic you choose to use, it isn’t so different that it actually compromises the message of your business. While you want to remain unique, you don’t want to sacrifice your business’s overall integrity just to make it stand out. You want to differentiate, not reinvent your image, after all.

How do you make your business stand out from the rest?

Author’s Bio:
Deb Bixler retired from the corporate world using the proven business systems that made her a success working for others by incorporating them into her home business. In only 9 months Deb replaced her full time income with the sales and commissions from her home party plan business. Find her on Twitter at: http://www.Twitter.com/debbixler

The Connection of Strategy to Tactics

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By James Ellis

In a previous post, I suggested that strategy was the achievement of our intended purpose in a given context. Strategies can’t be plans or just “smarter thinking” because that relies too much on a specific context. Context changes every second, so a plan that relies on it is doomed.

However, achieving an intention is a vague and perhaps even dubious sentence. It’s all well and good to say you’ll achieve an intention when you don’t have to say how. That’s where tactics come in.

The word “intention” is probably the most important because it allows you to align all your tactics to help you achieve that goal. Or, more interestingly, all your reports to determine the right tactics on their own.

We live in a world where you might have access to a digital specialist, a media specialist (a digital media specialist, maybe), a social specialist, a content specialist, an even specialist and a PR specialist. This world exists because each one of those ideas is a full-time gig requiring a lot of specialized knowledge. No one person can do it all. Not even you. So you need to lean on these experts to help you achieve your intention.

But you can’t just tell these specialists what to do. Remember, they know their jobs better than you know their jobs (that’s why you pay them). So you have to help them understand your intention (strategy) so they can build out tactics.

This feels scary. You are entrusting others to achieve execute strategy. But that’s the only way to achieve your success in the face of such a specialized world with so many interconnected moving pieces.

Why do this instead of just getting them all in a room so you can make a plan? When, aside from the sheer cost of that meeting, that plan will be almost impossible to implement. Remember, your own staff will constitute your context. Implementing a media plan will change the context and affect the plan. Even if you can lay all those moving pieces out, what are the odds that they all execute perfectly? What happens when your live event gets pre-empted or changed because of forces outside of your control? That might render your own plans worthless or even counter-productive.

Managing the strategy still gives you a higher-level view of the situation. You can see that things are shifting and relay information to the rest of the team.

You can’t rely on planning for every contingency because you will never anticipate them all. Instead, focus on your intent, relaying it to your staff, and let them make decisions. They are your experts. A plan locks players in place, without giving them the flexibility to deflect losses or take advantage of unforeseen opportunities. For example, when your social expert sees an opportunity to newsjack a story and build more buzz, You can’t have built a plan around that. And you’ll have to react quickly to take advantage of the opportunity, so bringing the full team together to change the plan around will be the same as throwing money away.

This is why building your team is crucial. Your job isn’t to do their job. Your job is to help them achieve your goal.

Author’s Bio: James Ellis is the Director of Digital Strategy at FLIRT Communications. His latest book, Google Analytics for Small Business is currently in beta. He’s giving away discounted copies if you are willing to help make it even better.

Find Your Ideal Peer Group

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You are the company you keep, online and offline

Finding a peer group that inspires and supports you is very important to the success of just about anything you do. If you find yourself frustrated or unmotivated, and can’t seem to make an internal change to remedy the situation, look around you.

Who are you spending time with? What blogs do you read? What books, magazines? Who do you go to the gym with?

If you want to take everything up several notches, seek out people who are successful doing what you aspire to do, and connect with them.

Action steps for today

Overhaul your blog reading.

Unsubscribe to the “debbie downer” blogger who is spinning wheels complaining about things, and find new writers who fill your brain with useful and inspiring content. Take a spin through Technorati or just Google “blog” and “keyword.” Better yet, just decrease the number of blogs you’re reading every day and start writing more!

Overhaul your offline friends.

It’s admirable that you want to help others, but make sure your mix of friends includes people who are taking action, going places, full of energy and happiness. Minimize your time with the “takers.” Be proactive about finding live events and local meetups that get you going. Check out Meetup.com for some possibilities.

Overhaul your online friends.

First, recognize who is a friend and who is a distant connection, just looking for a “like.” Find groups of connections who are helping each other, who aren’t looking over your virtual shoulder for someone more important to come along. Keep an eye out for up-and-comers you can grow with. Why not start a Triberr group among folks you admire and want to support?

Consider aligning yourself with a built-in peer support group like SOBCon. It’s just one example of an event that is also a year-round community. By taking the leap and extending yourself, you get a launching pad for your dreams. And who knows, someone out there may need YOU as a peer! Heck, you’re amazing.

Are you taking steps to surround yourself with the right peer group?

Author’s Bio: Rosemary O’Neill is an insightful spirit who works for social strata — a top ten company to work for on the Internet . Check out the Social Strata blog. You can find Rosemary on Google+ and on Twitter as @rhogroupee

Is Your Career Better Off From a Year Ago?

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As you sit in your cubicle or wherever you call home to your career, are you better off today than you were a year ago?

While that question should not be too hard to answer, you may in fact find many people who have trouble quickly saying yes or no. In many cases, they may need time to add up all the factors that go into answering such a direct question. So, let’s take a minute to look at some factors that could influence your ability to answer such a question. Among them:

* Are you making more money in your job than you were last year at this time?

* Are you putting in the same amount of hours, less, or possibly more hours?

* Are you advancing up the career ladder at work? If not, what do you see as a reasonable timetable for such a move?

* Are you being given more responsibility in the workplace? If so, do you feel it could lead to the above mentioned career move?

* Are you feeling more secure in your role or do you think a layoff or even firing could rear its ugly head?

Many Workers End Up Being Complacent

With a number of factors to consider, just where is your career today from where it was a year ago?

For many workers, they are just happy to have a job in today’s challenging economic climate, worried that even asking for a raise could lead them to an early exit to the unemployment line. Many of those same workers also fear that complaining about conditions at work could also land them in trouble.

In the event you have been self-employed for a year or more, how does your business stack up today to where it was last year at this time?

Have you taken on additional clients? Have you been able to either break even or even make a degree of profit from a year ago? Lastly, have you gotten to the point where you’re not having to put in 60 to 80 hours a week to get the job done?

Whether you work for others or yourself, it is a good idea from time to time to conduct an assessment of just where you are in your career.

To just go through the motions does you no good, nor will it do anything positive for your employer.

Be cognizant of where your career is going, not afraid to ask if you are better off now than you were a year ago.

Photo credit: indigoheron.com

About the Author: With 23 years’ writing experience, Dave Thomas covers a variety of business topics, including how to find the best used cubicles for your office space.

 

3 Tips for More Customer Referrals

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By Jennifer Dunn

You need more clients, but what’s the easiest way to get them? Simple – through clients you’ve already done business with! However, what isn’t simple is obtaining customer referrals when you don’t know how to go about it. Here are three things you can do to ensure you’ll get a great referral at the end of a job.

1. Knock Their Socks Off

There’s absolutely no way you will get a referral from your client if you don’t do the job they wanted correctly. Would you give a carpenter a referral if they only fixed 3/4 of your floor? Of course not – it would severely hurt your reputation as a business owner and as someone to be trusted.

Make sure you’re doing absolutely everything your client wanted you to do. You may think you’ve completed a job but later discover you forgot a few things. These “few things” can be disastrous – not only to your chances of a referral but also to the client ever knocking on your door again.

2. Follow Up

Most jobs end when the client pays and you go your separate ways. The work is done and the client goes to see if what you’ve done will improve their business, life, or both. You go and try to find someone else to hire you so you can keep paying the bills.

However, that’s not really the end of it all, is it? The client doesn’t really know if what you’ve done has worked until it’s been road-tested. If you’ve created a new front page for their website, they could experience severe backlash to it even though it’s amazing. Their customers might rail against it for a myriad of reasons and you don’t know until it’s out there.

If you follow up with your client, it shows you’re actively invested in their business and not just a passing face in the crowd. Ask them how things are going and if they need any further help. If you see some interesting news they could use, send it along. It shows you care about them and your relationship with them, which can lead to good things down the road.

3. Ask and Offer Incentives

Your client probably has no clue you would like a referral. You can’t just assume they can read your mind no matter how heavily you hint. You just need to come out and ask.

Timing is key, though. If you haven’t completed the above two steps don’t even think about asking your client to refer you to his or her colleagues. On the other hand, waiting too long can be just as bad. The client may not even remember you if you wait half a year to contact them about it!

Sometimes incentives can do the trick. For example, offer your client a discount for the next job they need done if they refer a friend or two. If they’re a repeat client and they regularly bring in more work you can up the ante even more. Rewarding them for maintaining a good relationship with your company is never a bad thing!

Do you regularly ask for client referrals? How do you do it?

Author’s Bio: Jennifer Escalona Dunn is the owner of Social Street Media where she writes about small business, tech and finance for sites like WePay and Outright. You can find her on Twitter @jennescalona.