Author: Pamela Swift

Categories
Branding

Hacks that Would Ensure Successful Branding through Customer Review

“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful”, says Jeff Bezos of Amazon Inc.

Well, it is very true for all types of businesses to ensure that the customer base they are serving is successful in satisfying them by fulfilling their requirement and expectations. Such customers are the assets for the company as they are your partner for your success story. Even a survey shows that only those businesses have been able to prosper, which have kept continuously customer feedback their basis of improvement. Irrespective of the type of business, the owner needs to ensure that they can meet what has been expected.

A Glimpse on what the Data Say

The improvements that a company does on the ground of reaching out to the maximum consumers are based on sample study and analysis. According to a sample study, the following can be concluded when it comes to framing effective customer review strategy.

The study shows that approximately 3/4th of the consumers go for a product that has better customer review.

Approximately 90% of the first time buyers read out the customer review while locking their choice with some local brand.

Approximately 75% of the instances recorded show that people trust those businesses that have positive customer review.

Approximately 90% of buyers believe in online reviews rather than personal feedback or recommendation.

A company or a brand hit more businesses by approximately 30% is the products or the services being opted to have a positive review.

Reviews Can Make or Break a Brand. How?

Believe it or not, in this era of digital marketing where online sale and purchase contribute to a considerable share of the revenue for the companies, reviews stand out to be the flag bearer. A positive review means that the services and products being offered are of optimum quality. Not only this, the company has a positive attitude towards resolving the issues (if any) and has a strong customer care system.

For example, a person ordering a product ‘Y’ from a company situated far east while sitting in the westernmost corner of the country would only rely on customer feedback.

According to the head of a leading eCommerce company, the following can be the effective ways to streamline the customer review strategy and the consequences, thereof—

Judicious Use of True Customer Reviews

Using the unedited reviews from the consumers positively impact the mindset of the buyers. Therefore, the sellers should always look out to leverage the best reviews in its raw version. In addition to this, the placement of such reviews on the website also plays a crucial role.

According to the experts, putting such reviews with the person’s name and photograph is going to bestow more trust credibility and genuineness. Another way is to dedicate a separate section to the Testimonials.

Responding to the Reviews Instantly

Never leave your buyers wondering and helpless after they purchase from you. Make sure you care about their thought- no matter whether it is positive or negative.

Well, responding to the reviews instantly helps put a positive impression on the present as well as prospective consumers. It is often seen that if the consumers were made to feel ‘good’, they would always try to indulge in a long-term relationship and can be a genuine, all-time consumer/buyer.

Making the Platform Easy to Respond to the Buyers

The general fundamental of the customer review strategy never makes the consumers beat around the bush in either searching for the product or allowing them to review. An easy to reach interface will always ensure that the consumers will quickly get in touch with the products or the service provider. In addition to this, a consumer must never feel exhausted while filling up the review form. Therefore, the pro-forma of the review should be kept simple.

Sharing the Reviews on Social Media Platform

The businesses are making great use of the digital platform. Therefore, such platforms can also be used to spread the message of trustworthiness, credibility, and genuineness about the services or products. Apart from this, this will also serve as a base for improving customer engagement through sharing, likes, and commenting.

Apart from social media, e-mails can also be used as a useful marketing tool. Sending promotional emails with the review is going to add a cherry on the top of the cake, and the effort of the service provider would always be a cakewalk.

Conclusion

Reaching out to the consumers with the USP of the business would never mean that you are going to dig a hole in the pocket of the prospective consumers. What is needed in order to promote brand and business is to ensure that customer reviews are positively incorporated during the effective marketing strategy.

Bio:

Jason Xu is a feature writer at https://www.randomstuffido.com. He specializes in health, business, entrepreneurship, technology and social media trends.

Categories
Technology

5 Ways Technology Is Assisting Small Businesses

By: Donna Jo

A wide range of new technologies are making it easier than ever to start and run a small business. From online businesses to local businesses to solopreneurs enterprises like freelancing and consulting, there is no shortage of ways to avoid the corporate rat race. Here are 5 types of technology that will have an impact on the future of small business.

  1. Automation

Most small business owners just don’t have enough time in every day to do everything that needs to be done. With various types of automation, however, you can spend a few hours getting a number of weekly, monthly or even permanent tasks set up in advance and just let them go from there. From social media posting to sending out marketing emails to paying bills, automating tasks cuts down significantly on the number of tasks you need to do each day and makes sure nothing important falls through the cracks. Instead of having to compartmentalize your day into small daily tasks, you can compartmentalize tasks into a few hours each week or month.

  1. Integrated cloud accounting

Small businesses used to have to repeat a great deal of work when it came to accounting. From invoicing to billing to inventorying to tracking daily, weekly or monthly sales, each task generally had to be performed separately and manually. Today, with a range of integrated accounting platforms, inventory management can be integrated with the same system you use for accounting, which can also be integrated with payroll and POS systems. Integration also helps provide incredibly detailed analytics to help you tweak your business for maximum performance and efficiency.

  1. Security

While most businesses once had to not worry about protecting their inventory, now most businesses have to worry about protecting information. Even online businesses or businesses that don’t sell a physical product have to protect both their own proprietary information as well as that of their customers. From VPN’s to encryption to apps with multi-factor authentication, state-of-the-art internet security is now available for even the smallest of businesses. Small brick-and-mortar businesses can even benefit from smart security systems that can be operated from either a central alarm panel or remotely from your smartphone.

  1. Social media marketing

Although even the largest of brands have begun to take advantage of all of the opportunities that social media marketing offers, it is perhaps the biggest boon to small businesses that don’t have a huge marketing budget. Apps like Hootesuite can help you automate and manage all of your posts, while apps like Buffer or Canva can help you create stunning marketing and promotional materials. If you want to use just one app that can do it all, you can try Pagemodo.

  1. CRM

Customer Relations Management remains one of the largest challenges for small businesses. Whether it is hiring a receptionist for initial client interaction or providing a customer support line on the back end, few businesses have the budget for a full staff of customer service agents. A growing range of CRM software and products, however, can help small businesses meet all of their client and consumer needs. From virtual assistants to online chatbots to dedicated customer service agents, there are a wide range of technological solutions to help even the smallest of businesses to offer world-class customer service and support.

No matter what size of business you run, there are a range of technological solutions available to help you juggle all the many balls SMB owners have to juggle. From project management to planning to budgeting, marketing and payroll, you no longer need an MBA to run your own business, you just need the right software and technology solutions.

Categories
Starting Up

Everything You Need to Know About Buying a Business

Introduction

In the age of start-ups and exponential advances in technology, an ever increasing number of people seem to be taking up the entrepreneurship mantle. However, starting a new business from scratch is not always as easy as it sounds as the challenges are numerous. One alternative to starting a new business that is increasingly being looked into by would-be entrepreneurs is buying (into) an existing business.

One of the main benefits of investing in the purchase of an established business is the fact that it eliminates, or at least reduces some of the risks associated with starting a new business. Having said that, while there are myriad types of businesses available for purchase there can be potential pitfalls that await a buyer who is not properly educated and knowledgable about the ins and outs of taking over an existing business.

So, before venturing into the world of buying a business, be it a Limited Liability Company (LLC,) a Corporation or any other form or type of business entity, you should be aware that there are many things to look out for and be knowledgable about, to ensure that your decision ends up being a positive and beneficial one. 

Therefore, take heed of the following nuggets of advice.

Don’t buy Businesses, buy Assets 

Any business attorney worth their salt will always advise you to opt to purchase the assets of a company, rather than the shares of the company. There are a number of reasons for this. For one, it generally gives you better tax treatment as the basis of the sales tax you pay will be calculated on the price of the assets in their depreciated or used state, rather than what the seller originally paid for them. In other words, it lowers the amount of sales tax you get to pay. 

Additionally, it also means you avoid assuming the potential liabilities the corporate entity might have, including liabilities that the seller might not even know they have at that point in time.

Once the asset sale is complete, the most likely option is that you would then use your own company to take over these assets and run your business. This, of course, means that you will either have an existing corporate entity or that you will be creating a new one. Depending on the type of business and other considerations, creating  an LLC for this purpose is a good idea to achieve this objective.

Investigate the Accounts Payable and Receivable 

When you buy an established business, chances are that some of the business’s customers will still owe the business some money by the sale date, or the date of the transfer of the business’s assets to you. In the same vein, the company might likewise owe money to other parties. It is, therefore, a good idea to agree with the seller who will be responsible for collecting and settling these debts. 

Of course, if the business has larger accounts receivable than payable, then it might be favorable for you to include this in the asset purchase. If the vice versa is the case, then this consideration could potentially affect the asset sale price. It is however important that thorough research and due diligence is carried out on the business, including a thorough and in-depth look through their books and audited financial statements going back several years, if necessary with the help of an accountant. The findings of this investigation are what should determine whether or not to include the accounts receivable and payable as part of the asset sale.

Know your Premises Rights

Before you take over the assets of an existing business, consider what you are going to do with these assets once the acquisition is completed. For instance, are you going to continue running the business from the same premises as the previous owner? If so, does the seller have a written lease for the premises and is the landlord likely to allow for a lease transfer? Are the terms of the lease even favorable? These are just some of the questions that you are going to need answers to.

One tactic that you should consider adopting is to make it a condition of your purchase of the business’s assets, that the lease is transferable and favorable to you. This and other terms of the purchase will no doubt be stipulated in your offer to purchase, which no doubt should be properly drafted by an experienced business lawyer. 

What Contract Exposures are There?

Another important point to consider is the contracts to which the business might be a party to, and the risks and benefits involved with those contracts. An investigation into these contracts is one significant component of what a “due diligence investigation” entails, and should be one of the key prerequisites any well thought-out business asset purchase should consist of. 

Cherish Institutional Knowledge

There are many questions to ask oneself when seeking to buy a business. However, without a doubt, one of the greatest assets in an established business is its people. Often, employees who have been around for some years will have invaluable knowledge of the business, its market, competitors, and most importantly, its clients. Make sure you get to know and build trust with the business’s employees. Many people who purchase a business will often retain the services of the previous owner for a predetermined period, as an employee or consultant, to ensure a smooth transition of skills, knowledge and institutional culture.

Expert advice is usually the way to go

When in doubt, it is always best to consult people with relevant expertise. If you are unsure about how to go about purchasing an existing business, some of the resources that will prove invaluable to you are things like a business broker, an accountant, someone who has experience buying a business, a small business attorney or even the ever helpful Messers Google or Bing, to provide certain information about the company, the industry, the seller and several other such useful information.

While some of these resources might come at a cost, these costs will usually be much cheaper than completing the asset purchase without them only to discover some questionable things about the items you have purchased, 

Even if you are looking to buy a small business, you can be assured there will be no shortage of paperwork, and only an expert attorney will be able to apprise you of the legal minutia at play. While it may bring an extra cost, a good attorney will save you plenty of time, money and headaches in the long run. Be aware of the fact that challenges exist not just in the process of buying your business, but in managing it after the purchase too.

Bio

Kanayo Okwuraiwe is a startup founder, an incurable entrepreneur, a digital marketing professional, a chess lover, a brother, a son, a friend and more. His latest project has seen him create a digital marketing agency called Telligent Marketing that provides law firm SEO services to help lawyers grow their law practices.

Categories
Entrepreneurship

Top 5 Ways Entrepreneurs Accrue Debt

There are few greater accomplishments than starting your own business and being in control of your own career and finances. However, entrepreneurs that encounter less than desirable circumstances in their venture can end up under crushing debt and be forced to go out of business — or worse, to attempt to survive bankruptcy. Luckily, by understanding exactly what causes entrepreneurs to experience financial discord, you may be able to prevent the same fate from happening to you. 

Excessive Spending 

One of the most important steps you can take as a new business owner is to manage your budget and avoid overspending early on. Always keep in mind that your supply should match the demand. If you are just starting out, aim for products that won’t cost you a lot upfront. Keep these rules of thumb in mind: Everything you buy should have a purpose, and only purchase what you can pay for promptly. You should also make sure not to overspend on designing a website, logo, or storefront. While it may be tempting to invest in making sure your business appears put-together with strong, consistent branding, a sensible, well-managed budget is more important than a physical location that screams “luxury.” 

High Interest Rates on Loans 

Loans and credit cards are often avenues into undesirable financial situations, especially when it comes to budgeting for small businesses. If you decide to use business credit cards or loans to help your endeavor get off the ground, then make sure you read all the fine print and have a plan ready to start paying it back as soon as possible. Borrowed money will not wait for you to start making money to accrue interest: it will do so as soon as it hits your account.

Lack of Organization 

Success is built on goals and hard work. When you decide to start a company, that hard work entails organizing every aspect of your life. You need to track and record everything and compare costs for every purchase and investment. Doing your homework and making a plan can save you valuable time and money.

Relying on the Business Before It’s Ready 

If you are a new entrepreneur, never rely on your business for income from day one. It can take months or even a couple of years for your new venture to start earning enough profit to support its own costs, let alone yours. Far too often, people will quit their day jobs and use all the money earned through their business to pay for basic living expenses and their lifestyle. Then, after a few months, they realize they can’t make payments on their loans or purchase new product stock. Within a couple of months, their business has died off and they are left with mountains of debt without any way to pay for it.

Starting a Business with No Savings 

One of the biggest mistakes is spending money you don’t have. If you can’t support yourself with your current job, then there is a good chance that it is not the right time for you to start a business. Doing so will only put you in substantially more debt and cause you to crash before you can even take off.

Get Informed

The best thing you can do is study up: do as much research as possible into the process of becoming an entrepreneur. You have the internet at your disposal and millions of people who have records of success that can help. Study up today so you can be successful tomorrow.

Author Bio: Katie Tejada is a writer, editor, and former HR professional. She often covers the latest developments in HR, business communication, recruiting, real estate, law, finance, and investing, but also enjoys writing about events, decorating trends, and travel.

Categories
Entrepreneurs

7 Ways Entrepreneurs Self-Sabotage

Taking your livelihood into your own hands can be a tempting but challenging venture. Entrepreneurship poses many obstacles to overcome as you work to get your business rolling. However, even when you’re going through all the right motions, there are a few mistakes that can get in your way. Let’s take a look at some of the most common ways that many entrepreneurs sabotage themselves — as well as what you can do to avoid following in their footsteps:

1. Bad Habits

As an entrepreneur, your lifestyle habits can shape your business. It takes a lot of self-control and time management to get your business off the ground, and even small bad habits can delay your progress significantly. Some common bad habits include procrastination, perfectionism, and self-deprecation — all of which can hold you back from the success you want to see. 

Procrastination and perfectionism will make it impossible for you to get anything done, while self-deprecation is simply a bad mindset when your success is all the way up to you. Although these are common habits for people with depression and anxiety, not working to address bad habits and negative feelings will hold you back from moving forward as an entrepreneur. 

2. Personal Issues

Not only do you need to recognize what your bad habits are, but you should also try to understand the reasons behind them in order to fix them. Without understanding the underlying issues that are distracting you or causing your personal problems, it can be easy to make allowances for it. This can prevent your from dealing with issues in your personal life. 

To really overcome these, you need to put your head to the ground and work to solve any problems that are causing you to doubt yourself. You can do this through counseling or by taking time for self-reflection. When you see that an aspect of your business isn’t working, it’s important to not let it affect your ego. Instead, focus on finding a solution. 

3. Lack of Self-Reflection

In order to identify the causes behind your behavior, as well as what your business needs from you, it’s necessary to pause and reflect on your business plan and practices. Oftentimes, people become too focused on what their next steps should be, rather than taking time to think about how problems have gone so far and what they are doing at the moment. 

Self-reflection can open the door to learning more about yourself, and what you need in order to succeed. According to Western Governors University, “Lifelong learning is the idea that you are never finished educating yourself and growing.” A mindset of self-reflection and to always be learning makes you more likely to adapt in difficult situations, as well as to change the areas of your business that aren’t working.

4. Absence of a Business Continuity Plan

Small setbacks can sometimes be the end of small businesses, especially young ones. Being unprepared to handle these events can make your early demise even more likely. Whether an entrepreneur experiences a natural disaster, a lawsuit, or a loss of funds, they must be aware that they may have to close their doors unless they prepare in advance. 

Business closure can be avoided if the entrepreneur develops a business continuity plan early on, which will help them determine what to do in case of an emergency. Shutting down a business until the owner can figure out a plan is one of the worst things they can do when things start to get tough. Making plans in advance, as well as keeping an emergency fund reserve, can help keep things moving in case the worst happens. 

5. Missing Goals

One area where businesses commonly fail is setting goals. Oftentimes, an entrepreneur’s initial goals are simply opening up their business; they don’t take time to set new goals, which can slow their progress. 

Instead of settling for your initial goal, set new goals as soon as you reach the last one. You should always try to plan at least one year down the road to ensure you’re constantly aiming and moving towards something. Although it can be tempting to set attainable goals to avoid disappointment, setting goals that are not easy to reach (yet achievable) will ensure you’re constantly challenging yourself business to do better.

6. Poor Money Management

As the money starts rolling in, you’ll probably have some decisions to make about the goals you hope to accomplish. One of the big areas where entrepreneurs are often torn when they start making a profit is whether to put their money towards debt or towards an emergency fund account. Credit card debt accumulates interest, which can make it tempting to pay off first. However, if you don’t save up enough money for an emergency fund, your business can vanish within a few months after an accident that take away your resources. 

The answer: Put your money towards both as soon as you start making a profit. Keeping your debts in check will ensure that your liabilities don’t outweigh your assets. An emergency fund will help you make and stick to contingency plans.

7. Negativity

Some entrepreneurs suffer from excessive modesty and humility, which can cause them to talk negatively about their business. Around highly supportive friends and family especially, it can be easy to focus on the difficulties the business is facing instead of the strides it’s making in order to manage expectations. However, focusing on obstacles and challenges isn’t the answer.

Keeping a positive mindset about your business is one of the most important things to do. In the beginning, you’ll probably be its only advocate, which means your mindset and the way you talk about your business is the only way it will exist. Never sell yourself short. Instead, focus on all of the great things you hope to accomplish. Spread the word about your business. Put your energy into making something great happen instead of denigrating your efforts.

It can be easy to self-sabotage when you let your poor human qualities run your business. We’re all flawed human beings, but it’s important to stay positive and to not let your bad habits affect your business.