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Avoid Falling Behind on Collecting Customer Payments

May 25, 2016 by Thomas

There are various things that can send a business into a financial frenzy.

One of the more frustrating avenues for businesses to travel down is when customers do not pay their invoices on time.

For some customers, it is a simple slip of the mind, something that can be corrected in a short period of time.

On the other side of the coin, some customers will purposely delay paying bills, be it because of financial issues of their own or they simply do not want to pay for the products or services they purchased.

So, what is a business to do when a customer is late with a payment?

Get the Money You Deserve

For your business to stay on top of meeting its financial needs, there are a number of actions you must make sure stay regular and relevant.

These include:

Timely invoices – Are you getting your invoices out to customers on time? If not, why is that? Falling behind on invoicing customers presents several problems, most notably the fact that you are not going to get paid on time. When that happens, it sets your finances up for potential peril. If you don’t have someone in your office dedicated to accounting, invoicing etc. change that moving forward. Some companies will outsource their invoicing needs, thereby leaving them with one less major task to have to perform in-house. While all customers not paying in-person for their products and/or services are expected to meet the payment deadlines, you can’t expect them to do so if your invoicing techniques are less than stellar. Finally, make sure the due day, any late fees that will accrue etc. are clearly spelled out each and every time you invoice a customer;
Seeking help – If you’re finding too many customers are not getting their payments to you on time, you shouldn’t wait for the ship (your business) to start taking on water. There are options out there for you, including receivable factoring companies. For those who do not know, such companies will in essence give you the cash (in advance) you need (the money that the customer was supposed to pay you) up front, in turn “buying” the unpaid invoice. The receivable factoring company then pursues your original customer in order to get them to pay up. In order to find the best factoring company, look to not only word-of-mouth referrals, but also the Internet (see more below);
Surf the Internet – One of the best ways to locate a receivable factoring company to assist you in receiving the money owed you, the Internet. Any company that is of any stature in today’s business world has a website. With that website, companies can provide a laundry list of their services, how they stand apart from others in their line of work, and much more. Visit a number of receivable factoring company websites to see which one or ones might best suit your business needs. You can also look to their social media initiatives on sites such as Facebook, Twitter, LinkedIn, Google+ and others. Some in this line of work will even offer videos on sites like YouTube, explaining and demonstrating what they do to assist businesses like yours;
Reviewing your invoicing process –Finally, when was the last time you reviewed how you go about invoicing customers? If it has been a while now, and if your invoicing operations are cause for concern, step back and review the process. It could be something simple that needs fixing; then again, it could prove to be a major change in the way you go about things. Either way, this part of your business is too important to take for granted. When your customers do not pay their bills on time, you are the one who suffers. Yes, it could end up hurting them over time, especially if they end up being reported to a collection agency, but a fair number of customers probably don’t sweat such details.

So that your company doesn’t develop a sizable financial debt now or in the future, make sure you avoid falling behind on collecting customer payments.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business topics on the web.

Your Business Success Depends on Protecting Your Assets

April 27, 2016 by Thomas

Is there anything truly worrying you about your business?

Some business owners fret over not being able to maintain a regular revenue stream.

Others, meantime, worry that their customer service initiatives will not always please some of their clientele. Still others have concerns over hiring the right talent (for those companies that are more than one person shows).

With those factors in mind, what (if anything) has you concerned about your brand moving forward?

Maintaining a Safe Business Identity

In order to keep your business humming along, it is imperative that you never take for granted how even one episode of identity theft can throw your company for a loop.

Stop for a minute and think about how potentially devastating it would be if an identity theft thief got his or her hands on your personal financial information. Imagine all the damage they could do in such a short amount of time.

Now turn that imagination to your business dealings.

If you think an identity theft thief can’t bring your brand to its knees, think again.

If customers see their data stolen and feel like your reactionary time and/or actions are less than acceptable, your business could suffer greatly.

With that being the case, are you making sure your business data (specifically that of your clients) is safe and sound at all times?

If you’ve been a little lax at times, you need to close those loopholes as soon as possible.

There are a number of ways to do this, so don’t feel like it can’t be done.

To start with, make sure you’re operating with a sound Internet server.

For the company providing you with a server, how thoroughly did you vet them when deciding to choose them as your provider?

Your server provider must be operating with a zero tolerance rule for allowing online mishaps to occur. If the server you are working off of is susceptible to being compromised, your company’s data (both personal and that of your customers) can be compromised too.

Are Company Financial Transactions Protected?

Another of area concentration needs to be on the transmission of sensitive customer data, especially financial transactions.

Whether you operate an online store or need a customer’s financial details for other reasons, make sure such transmissions are securely protected. If the information is exposed for even the least amount of time, it can end up in the wrong hands.

Just as you would use a site such as www.lifelock.org to monitor your identity, making sure it is properly being used, the same holds true for all of your business data.

Speaking of exposed data, it is also important that your employees handle customer data (and business financials etc. for that matter) in a professional and protective manner.

Only those employees that truly need to handle such data (accounting, customer call centers etc.) should he having access to it.

Unfortunately, there have been too many stories of business owners discovering that it was actually one or more of their own (including departing workers) employees caught stealing sensitive data.

One way to nip this problem in the bud is laying out the consequences of such actions the day they are hired.

All employees should know under no uncertain circumstances that your business does not for an instance tolerate identity theft amongst its workers. Anyone caught and proven to be guilty of of such crimes could not only lose their job, but also face criminal action by law enforcement.

It is also critical that your business reacts quickly and decisively to any identity theft breaches of your brand, thereby preventing a major hit against your long-term business success.

While you may lose some business due to such attacks, some customers will be more likely to stay with you if they see you are reacting in a professional and prompt manner, this opposed to being unable to handle the matter and/or looking slow to react.

Given the perils identity theft can cause to your brand, preventing it from happening in the first place is always your best line of defense.

When you take such crimes seriously, you stand to be better prepared against them.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business topics on the web.

Repair Your Marketing Message

March 9, 2016 by Thomas

In the world of marketing, getting your message out to the public can mean the difference between a sale and a missed opportunity.

No matter what brand you are marketing, it is critical that you get your message out there correctly the first time around.

So, do you feel confident that your brand’s message is being heard by the right people at the right time? If not, how can you go about repairing that message so you get it right more times than not?

Get Your Brand the Attention It Needs

To start with, take a good look at your brand and who you are trying to promote it to.

For example, say you want to market a repair manual, be it for electronics, vehicles, household appliances or a host of other items. Such manuals are all but a necessity for millions of people, especially just after they have purchased a new product.

You have several options to market such manuals, among which include:

Your website – First and foremost, your company website is your greatest tool when it comes to marketing your brand. That said too many companies drop the ball as it relates to their sites, having websites (specifically blogs) that are ho-hum at best. From boring copy to broken links, there can be (and oftentimes are) a host of reasons as to why consumers are simply passing your brand by. When that happens, it is oftentimes your competition that swoops in and scores the sales. In order to lessen the odds of that occurring on a regular basis, review your site often. Look for not only stale copy or copy that fails to gain you ground in Google searches, but also links that do not work, a lack of imagery, and failure to leave proper contact details for interested consumers;
Social media – If you’re one of those company heads, who still hasn’t jumped on the social media bandwagon, why is that? SM is a great tool whereby you can give your brand the attention it needs, all the while barely spending a dime in the process. If you’re yearning for inspiration, take a look at some competition’s social networking endeavors, seeing what clearly works for them and what may need to be tabled. One word of caution, do not try and be too many things for too many people. Instead of trying to be on multiple social sites and not having a true handle on things, focus-in on a couple of sites (typically Facebook, Twitter, Instagram etc. are good starters) and get to work. Your Facebook page is a great place to run surveys of consumers, offer specials and deals (contests are great too), and interact with those interested in your product or service. With Twitter, you can tweet and retweet messages about your brand and the industry you are a part of. Make sure you’re brand is part of any relevant discussions, as you can very well find new customer opportunities with just a few tweets and retweets. Whether you know it or not, Instagram has exploded in just the last year or two, giving businesses a great opportunity to market their products and services. Post images of your brand (including how-to manuals etc.) so consumers have a better idea of what you offer. As the word spreads from shares, your marketing message will better position itself to take off (see more below);
Employees – Stop for a moment and think about whom are some of your greatest marketing ambassadors. If you missed your employees, revisit that topic quickly. As part of your company, your workers should always be assisting you in getting the right marketing message out there. While you likely have a marketing coordinator (and or department) in place, there is no reason everyone in the company can’t do his or her part to help in repairing your marketing message when it is not working. Have company meetings from time to time, with instructions and feedback on how to better market your brand. Also consider letting your employees use social media on occasion to help push your marketing message to the public.

If your marketing message is in need of some repair, open the manual of commonsense and get it working today.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business and marketing topics on the web.

Is Your Data Resonating with Customers?

February 17, 2016 by Thomas

When you’re running a business in today’s fast-paced world, how you use and store company and customer data goes far in determining just how successful your brand will be.

Not only do you need data that is up to date and valuable to both your company and your customers, but it also needs to be protected from the ever-growing number of hackers. With more of these criminals seemingly on the attack these days, companies can never be too careful and shielding themselves and customers from potential breaches.

With that in mind, look at the data you currently store and determine several factors in order to stand out from the competition.

When you have a business data center that provides you with current customer information in an easy-to-access setting, you are equal to or even one step ahead of the competition.

Data Delivers Details

To begin with, make sure everyone associated with your business truly understands why your customer data is so critical to the company’s success.

Remind employees that customer data gives your business:

A better idea of who the customer is;
What their income level is;
A glimpse into the products or services they may be interested in purchasing from you;
What their shopping history is.

With that information in front of you and your team, your company can then proceed with the necessary marketing campaigns to increase sales.

Start by identifying who the customer truly is.

Are they male or female? Are they in their childhood or teen years, 20’s, 30’s, 40’s, 50’s, 60’s or even older? Are they still living at home or are they out on their own? Are they typically purchasing goods and services just for themselves or others?

Customer Incomes Prove Informative

The next area of interest is their projected income level.

Are your customers poor, middle class or doing very well for themselves? Do they have minimal money to spend or can they shop regularly without too many financial restrictions?

For the former group, use the data you have on them and provide them with savings opportunities. Such possibilities include things like rewards cards, coupons, special deals at different times of the years (holidays etc.). While you may think that selling to such consumers at lower prices is not cost-productive to you, these individuals are more likely to keep coming back to you for business, ultimately leading to more sales.

Whether you offer a single product or service or myriad of options, knowing what many of your customers are oftentimes looking for allows you to keep such items well stocked.

For example, if you run a seasonal business, you have to be sure you make up for the slower times of the year.

Trying to sell pool equipment in the wintertime in Buffalo can be quite the challenge. That said it certainly does not mean you have to shut your business down for months at a time until the weather improves.

Survey your customers on what pool or outdoor related items and services they are most interested in. Outdoor pools in colder regions of the country need to be covered in the wintertime, plus you may also have some customers who are fortunate to have indoor pools. Lastly, some or many of your same pool customers could have Jacuzzi’s, something that can be used year-round.

The best way to get such details is by regularly talking to your customers (in-person, over the phone, emails, surveys) etc. and using such data to increase your selling opportunities.

You can also offer them special wintertime deals for the coming pool season, deals that will get them in a buying mood during the slower months.

Know the History

Finally, knowing and understanding customer histories when it comes to browsing and ultimately purchasing is truly valuable.

Face it; many consumers do in fact change their buying habits over time. As a result, you need to be able to adapt to such changes.

While the data you have on customers from the last year or so is certainly valuable, it can’t with 100 percent accuracy pinpoint when and how much of an item or service customers will demand tomorrow, next month, or even next year.

Use the accumulated data as a window in a customer’s buying habits, but always plan on updating it accordingly.

Given the fact that there appears to be no end in sight to the mounds of data out there on consumer buying habits, the key is to make sure you compile it, use it to your advantage, and ultimately make it resonate with customers looking to your brand as the first choice.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business and technology topics on the web.

Don’t Keep Customers Waiting

January 22, 2016 by Thomas

Where does customer service rank on your company’s list of important daily tasks that should never be overlooked?

While you would like to think that it is always a priority for most businesses, the truth is that is not always the case.

For whatever the reason, some companies simply drop the ball when it comes to providing consumers with solid customer service. As a result, some of those companies end up losing business, business that could have easily remained with them had they just been a little bit better about taking care of Mr. or Mrs. Public.

With that in mind, there are a number of steps you can take as a business owner to increase the chances of keeping customers happy, not to mention helping to promote your brand through their word-of-mouth efforts.

Solid Customer Service Equals Better Revenue

In order to keep your company’s customer service a step or two ahead of what the competition has to offer, make sure you:

Go that extra mile – Consumers expect satisfactory customer service, but what if you take it to another level? It is oftentimes the little things that set your brand apart from others, so go that extra mile for the customer. For example, maybe a customer purchased a product or service from you recently over the holidays. As an added incentive to keep them shopping with you, offer them a discount (maybe 10 to 20 percent off) on their next purchase with you. Given that many consumers probably had to watch their pennies over the holiday shopping season, a nice little reward for those who shopped with you last month could go far in making them come back to you this year and beyond;
On-time service matters – How many times have you gone in for a doctor’s appointment and waited and then waited some more? Yes, a doctor’s office is typically going to be busy, but that does not remove the frustration you have with being kept waiting for your appointment. The same holds true for businesses who have timed appointments with customers and also when customers are in line waiting to make a purchase. Whether you run a business office, a store, or even a salon, don’t keep your customers waiting. If you have a salon appointment book, try and stick to the times posted on it as much as possible. It just takes one unhappy customer to get the chatter going about how you can’t stay on top of times. When that happens, others (even if they’ve never been to your place of business) may think twice about doing business with you;
Avoid negative tones – Last but certainly not least; go out of your way to avoid customer service conflicts. Honestly, there will be times when you or one of your employees doesn’t meet a customer’s needs. When that happens, do everything possible to make amends, giving you a better chance of retaining that individual’s business. This is also true if you’re getting online feedback from customers. By all means, do not get into a tit-for-tat with customers on your social media pages. No matter how much you try, you will never win those battles. Worse yet, online comments are archived for all to see.

Providing consumers with solid customer service isn’t as tricky as it may seem.

Be responsive, reliable, and of course responsible when treating each of your customers.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business topics on the web.

Why Should Customers Come To You?

December 23, 2015 by Thomas

When running a company, it doesn’t matter if you’re the big boy on the block or the mom and pop shop just trying to carve out a living. At the end of the day, customer service is what it all boils down to.

While some business owners have trouble relating to their customers, many more know that their customers matter more than anything else. Simply put; strong customer service goes a long way towards retaining current clients and bringing aboard new ones.

As the calendar soon turns to 2016, what are you doing to make sure your customers get nothing short of the best service in the New Year.

Review Customer Approach

In order to give your current customers (and hopefully many more new ones in 2016) the best service possible, review these following tidbits to see if you can properly check them off in your to-do list:

Customer is always right – Sure, we’ve all heard this adage time and time again whether we’ve run our own businesses or worked for those who have or currently do. Sure, some customers can be a pain in the old butt at times, but stop and wonder where you would be without them. Even though this does not mean you should let a customer yell at you and/or one of your employees, treat you like second-class citizens or spread malicious lies about your brand, you should give customers the benefit of the doubt in the beginning, especially if there is a contentious issue being discussed. Make sure you keep a level head and do not go out of your way to antagonize customers;
Keep the deals coming – Whether you sell and/or offer insurance, home furnishings, accounting and other financial services, Direct TV or countless other products and services, treat your customers right from day one until their last day with you. Sure, you can’t give items and services away all the time, but keep the deals coming whenever possible. When customers see that they’re getting specials from your business, they are more apt to stay with you. This is especially important if there is an issue. A customer who likes the deals you offer is more likely to stick with you even when a problem arises, knowing that more discounts are likely coming their way down the road;
Employees need to buy into plan – When you have employees under your guise, it is important that they are on the team too. It just takes one bad customer experience with an employee to create problems. Your workers should always give the customer the benefit of the doubt, be it a price issue, a matter involving service, etc. Again, that does not mean customers are allowed to rip one of your employees over the phone, in-person or via email, but make sure your employees are not short with customers, allowing them to speak their mind;
Don’t Be a Stranger – Finally, don’t be a stranger to your customers. Sure, you should not be bothering them with endless sales pitches, but you also do not want to seem like you do not care. The occasional follow-up on their thoughts on the service you provided them, whether or not they’re happy with the product/s you sold them etc. is important. It also doesn’t hurt around this time of year to send out a little holiday cheer via an email, text, letter etc. to let them know how important they are to you.

With the New Year only days away, take stock in how you treat customers now and moving forward.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business topics on the web.