Author: Pamela Swift

Categories
Online Business

Credit Cards For Online Business

Article contributed by Debbie Dragon
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Times sure have changed. In my lifetime, the transition from cash, to check, to plastic has been astounding. In today’s financial society, it is rare to find many who do not have a credit card, or at the least, a debit card. Either a credit card or a debit card is required at many business locations. For example, it is hard to rent a car without one. In addition, you will find it hard to buy an item over the phone, say off of the television, without plastic. You will run into the same obstacle, while shopping online. Plastic has become a necessity. If not a necessity, then definitely a financial asset on many occasions. You will find it hard, without the card.
I see a day, when cash will no longer be utilized. A day when everyone’s check will go directly onto plastic. You will use plastic for every transaction, from buying a soda to paying your mortgage. However, that may be a while down the road. For now, the credit card customer’s of the world are still trying to adjust. Still attempting to become comfortable and efficient with them. Credit cards are well worth having. They are a great way to build credit. Credit cards empower the customer to purchase some of the things in life, they normally could not afford. I would like to say this however, and I know you have heard this somewhere before, but with power, comes great responsibility.
It seems simply unthinkable, that a business today would not be set up to accept credit cards. In saying that however, I know there are still locations that do not. In recent years even the fast food industry had to jump on the band wagon. It cannot be ignored. Plastic is the future. If you intend to be successful in business, at some point you will have to take credit cards. There is no way around it. This is no different for someone who owns, say a online business. If you want to compete with other business outlets, you will have to be set up to take credit cards. I own an online Freelance Writing Business. I am set up to accept credit cards. Business transactions are much easier online, if you use plastic and accept it as well.
Sure you can except a check from a client. However, if you do, it is not going to be a quick transaction. A credit transaction is immediate. That is what you want in business. Quick return on your investment. Credit cards are safer as well. Let’s face it, most people that write checks are honest and upstanding. Then again, there are those who think as long as they have checks, they have money in their account. Utilizing a credit card for your online business and accepting them as well, makes you legit It is beneficial to your customers and clients, as well as for you. It does not take much foresight to realize, that credit cards are the future of business.
About the Author
Debbie Dragon is a writer for CreditorWeb.com, where she writes about credit cards, credit card offers and general personal finance.

Categories
Customer Service

Leveraging Your CRM System to expand your Client Relationships

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Article by Ronald Lang, the CEO of Majestic Consulting Group. He offers readers simple recommendations for leveraging your CRM system to maximize your client base. His insights help both product and service-based organizations discover new revenue opportunities.
A critical part of building your CRM strategic plan should be an effective “Customer Profile” to identify up-sell and cross-sell opportunities. While new customers come at an extreme premium today with longer sales cycles, existing clients would be more receptive to hear your offerings, especially if it can be a positive impact to their business. Take the following three recommendations if your business is primarily a product-based sales operation:
1. Are there products you have sold to a client in the last three years that have new accessories or a new model (or discontinuation of the current model)? – if so, this is a golden opportunity to setup a presentation with the client.
2. Do you have service-level agreements (SLA) with your clients? This is an opportunity for you to strengthen your relationships with your client prior to the SLA’s coming due. Reinforce your support commitment, response time and quality assurance. The SLA coverage information should be tracked in your CRM system.
3. Do you have your clients organizations mapped out? Meaning, if you have done well selling into one or more areas of the organization, it is time to map out the rest of the organization and key contacts with each department or division. Connect with each of them and/or get referrals and introductions from the current contacts you are doing business with above general satisfaction levels. Your CRM system should be able to track hierarchy and organization charts of your clientele.
Take the following three recommendations if your business is primarily a service-based sales operation:
1. Have you done a customer survey lately of how satisfied your clients are with your services? If not, put together a 4-7 question survey that should take more than 5 minutes to complete. The questions should focus on the quality of service you are providing. You might want to ask about other services they may require. Track this in their CRM customer profile and target a campaign around their needs. If the client is not happy, make a call with your manager or CEO to the client within 24-48 hours.
2. Are your customers using competitive services along with yours? If so, find out how happy they are with them and see if there is an opportunity to win that business. If they have a contract, find out when it expires and track that with a reminder. Also have an automated report sent to you when expiring competitive contracts the first week of every month. This is a strategy to win more business without trying to pitch your services on a frequent basis.
3. If you offer services that your clients use frequently (i.e. weekly, monthly, etc.) look to offer them a services agreement for a year at a discounted rate. This will provide you predictability and consistency over the next 12 months. If the client calls frequently now, a schedule can be constructed or a block of time can be pre-purchased as part of this annual agreement. This will also help with resource planning. The CRM system can track this contract, hours against it on a monthly basis and most importantly profitability.
These are just a few simple recommendations to leverage your CRM system to maximize your client base.
Contact Info: Ronald Lang, CEO – Majestic Consulting Group, Inc. – rlang@majestictechnology.com – (888)403-9400

Categories
Franchise

Advantages & Disadvantages of Owning a Franchise

Article contributed by Don Daszkowski
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When considering life as an entrepreneur, it is important to understand the definitions of a franchise, business opportunity and a start-up business. There are, of course, advantages and disadvantages to each style of business. In this article we will discuss the advantages and disadvantages of owning a franchise.
FRANCHISE:
A franchise is a right granted to an individual or group to market a company’s goods or services within a certain territory or location. The franchisor (the company owner) sells the rights to the franchisee and then typically receives a fee for ongoing support, therefore having a vested interest in the success of each franchise.
Franchising began back in the 1850’s when Isaac Singer invented the sewing machine. In order to distribute his machines outside of his geographical area, and also provide training to customers on the use of the machines, Singer began selling licenses to entrepreneurs in different parts of the country. Today many such franchise opportunities are advertised via the Web and other media. Examples of franchises include Carvel, Tutoring Club and Liberty Tax Service.
Advantages:
* There is a higher likelihood of success since a proven business formula is in place. The products, services, and business operations have already been established.
* Bankers usually look at successful franchise chains as having a lower risk of repayment default and are more likely to loan money based on that premise.
* The corporate image and brand awareness is already recognized. Consumers are generally more comfortable purchasing items they are familiar with and working with companies they know and trust.
* Franchise companies usually provide extensive training and support to their franchisees in effort to help them succeed.
* Many times products and services are advertised at a local and national level by the main franchise companies. This practice helps boost sales for all franchisees, but individual franchisees don’t absorb the cost.
Disadvantages:
* Franchises can be costly to implement. Also, many franchises charge ongoing royalties cutting into the profits of franchisees.
* Franchisors usually require franchisees to follow their operations manual to a tee in order to ensure consistency. This limits any creativity on the part of the franchisee.
* Franchisees must be very good at following directions in order to maintain the image and level of service already established. If the franchisee is not capable of running a quality business or does not have proper funding, this could curtail success.
Sometimes franchisors may be lax on their commitment to support the franchisee. Also, they may make poor decisions that would have an ill effect on the franchisee. Therefore, it is important to research any franchise concept thoroughly before signing any agreements.
It is suggested you contact a franchise consultant to discuss if franchising is right for you. You can visit FranchiseBuyersNetwork.com and click on the Franchise Consulting link to have a local franchise consultant contact you for a phone interview.

About the Author
Don Daszkowski is President and CEO of BusinessMart.com. BusinessMart.com has thousands of businesses for sale, franchises and small business articles. Don is also About.com’s Guide to Franchises. About.com is a New York Times Company.

Categories
Online Business Operations

The International Connection – Virtual Assistants Globally Taking Clients To New Frontiers

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Article contributed by Diana Ennen
You would have to live under a rock to not hear about the latest craze that is spanning the globe – Virtual Assistants. With the economic outlook diminishing, and more and more companies working with fewer employees, businesses are flocking to find the right virtual assistant for their team. The need is simple: Someone that can do the work virtually, professionally, and with the upmost of confidentiality. Fortunately, Virtual Assistants meet all those needs and more.
Virtual Assistants, like their clientele, are highly skilled professionals working as independent contractors from their home offices. Virtual Assistants use leading edge technology to communicate work assignments via the Internet, e-mail or disk transfer. Traditional methods such as regular mail and overnight shipping are also used. While most Virtual Assistants will never meet their clients, it is not unusual to find a VA providing pickup and delivery service in their local area. Many have found success in a combination of the two, local and virtual clients. And what is even more impressive, is that most Virtual Assistants now realize the amazing power of the Internet and their client base spans globally.
The ultimate goal of Virtual Assistants is to partner with their clients. By partnering the VA learns all they can about their clients’ business to become a trusted and valued member of the team—an extension of their organization. At the same time, the VA only charges for time on tasks so it ultimately saves the client in overhead expenses while affording them the necessary time to take care of more business.
A perfect example of a Client/VA partnership is the sole proprietor; let’s say a consultant, who charges $300 an hour for his consulting services. The consultant is spending time each week preparing presentations and teleseminars, rummaging through paperwork, marketing his business, keeping up with the social networks, generating mailings and sorting through the tons of email he gets on a weekly basis. Since the consultant is doing this work himself he is paying $300 an hour for these services when, in reality, it would benefit him to partner with a VA at a rate of $40 to $95/hr (depending on specialty) and save tons of money a year. Plus, he could be generating more revenue because he would have more time available for doing what he does best—consulting. See how it works? As evidenced in this example, clients can’t afford NOT to have a virtual assistant on their team.
In addition to the financial rewards for the client, the following list reinforces other areas clients benefit when working with a virtual assistant.
Personalized attention – The virtual assistant works one-on-one with clients and often knows their clients’ business better than they do. That personalized attention allows clients to keep things under control and more organized and often relieves the pressure of having to do it all and remember it all. How great would it feel to just say to your VA, please handle this for me and know that it was done.
Exceptional service – Virtual Assistants are a proud bunch and take great pride in the Virtual Assistant Industry. One of the ways that VAs protect the integrity of this Industry, is to always offer exceptional services. Virtual Assistants want their clients to tell others about them and how having a VA on their team is one of the best business investments they have ever made. Therefore, most Virtual Assistants go above and beyond what is expected of them to make sure the work is done accurately, professionally, and successfully.
Experience in the latest technology – A virtual assistant knows that there’s always an easier and better way to do things and are constantly looking for those ways. Most continue to update their skills and network extensively with others to learn the latest and greatest tools out there.
A colleague to brainstorm ideas with – Have you ever had this great idea, but just couldn’t bring it to fruition because you couldn’t get it all together? Not anymore. Virtual Assistants are there to brainstorm and work with you to help you bring those visions to reality.
No benefits/no equipment/no office space – That’s a given. It’s obvious that clients won’t be paying for their Virtual Assistants’ office space or equipment. But in today’s economy, think how truly important that is. By not having to pay for someone’s electric and office use, that saves money. Money clients can spend in growing their businesses.
Specific knowledge of your niche – This is perhaps one of the greatest benefits that a virtual assistant can offer – specific knowledge of a clients’ particular niche. Virtual Assistants specialize in different areas, fine tuning their skills always striving to be the best in that niche. Therefore, when you partner with a virtual assistant that specializes in the area of your business, you have someone who knows the lingo and knows the ins and outs and what works and what doesn’t. It’s a win/win for all.
What types of services can a virtual assistant perform? Sit back and be amazed. Virtual Assistants can assist with tasks as simple as transcribing every day correspondence to as detailed as implementing an entire marketing campaign. Virtual assistant services include the following: publicity and marketing, article and press release writing and distribution, social networking updates, legal, medical and general transcription, bookkeeping, web design, administrative tasks, and so much more.
As Virtual Assistants become as commonplace in the workforce as the computer in everyone’s office is now, there’s never been a better time to analyze what your business needs are and how the right virtual assistant will meet those needs. Stop by our site at Virtual Word Publishing, www.virtualwordpublishing.com for complete information on what a virtual assistant is and how you can find that virtual assistant to add to your team. Also, if you feel a career in the Virtual Assistant Industry is right for you, email me at diana@virtualwordpublishing.com for our free business informational package. Today’s the day to start running your business better. The start begins with one simple step – Hire a Virtual Assistant.

ABOUT THE AUTHOR:
Diana Ennen is the co-author of numerous books including Virtual Assistant: the Series, Become a Highly Successful, Sought After VA with Kelly Poelker and Words From Home: Start, Run and Profit from a Home-Based Word Processing Business. She specializes in publicity and book marketing and is president of Virtual Word Publishing. Email us at diana@virtualwordpublishing.com for a free business informational package.

Categories
Business Ideas

The Advantages of Buying An Existing Business

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Article contributed by Don Daszkowski
Why buy an established business rather than start from scratch? There are many advantages for the entrepreneur.
First of all, there is a savings in time, energy, and money when buying an existing business. The lengthy process of researching and creating business plans and models has already been done for you. Also, if there is financing needed for your purchase, it is not as difficult to obtain since a lenders are more likely to finance a business with a proven track record.
Also, most times, everything is included in the purchase, especially in turnkey or franchise businesses. It is very beneficial for you to inherit the infrastructure that has already been established by the previous owner(s). This not only includes the customers, but suppliers, employees, equipment, and systems as well. It is a good possibility that the previous owner(s) may offer some insight and assistance, therefore making the transition easier.
In addition, the cash flow most likely will start immediately, rather than in an unknown timeframe when starting a brand new business. Profitability is not in question as it would be in a startup. An existing business is probably producing a decent income and also has a solid client base established, therefore maximizing the chances of success by the new owner(s). There are many types of businesses such as restaurants, salons and retail establishments in which you can get a good idea of how well the business is doing in part by the traffic patterns. Speaking with the current owners as well as customers can also help you give you insight into the well-being of the business before you make your purchase.
Even though the business is already established, there is still room for innovation and creativity. It is beneficial of course for you to purchase a business in which you can bring something to the table as far as experience and expertise, whether it is from your own job experience or skills you’ve gained through a hobby. If you’ve never owned or managed a business before, it is especially important that you at least have some knowledge of the type of business that you are purchasing. For example, if you’ve been a stylist in a beauty salon for many years, it is likely that you will be successful taking over an established salon.
Finally, since the business already has a good foundation, you can focus much of your efforts on building and expanding the business. As you become more familiar with your customers’ needs and wants, you will have opportunities to add enhancements and improvements, therefore increasing your chances of higher profitability much sooner than you would in a startup business.

About the Author
Don Daszkowski is President and CEO of BusinessMart.com. BusinessMart.com has thousands of businesses for sale, franchises and small business articles. Don is also About.com’s Guide to Franchises. About.com is a New York Times Company.