Business Info Help

Given the tough economic times, a new trend in market research is predicted to debut in 2009 – the cheaper, the better!  In order to garner results while cutting costs, many companies will be utilizing online survey software tools instead of outsourcing to full-service companies.  So expect to see an increase in newer, more compact research modes that allow companies to garner information and gain understanding in the most economical method possible. Check out Qualtrics, an  industry-leader in online survey software for both academic and corporate clients.

One-Time Offers with Added Value
An easy and often underestimated way to boost your profits is upselling
existing customers (as opposed to garnering new ones).  Create highly tempting offers during their
checkout before they submit their order. 

Offer an E-Newsletter
Have customers enter their email address at the time of their purchase so you
can build a list of targeted customers. 
Send out a monthly or bi-monthly newsletter highlighting events, new
products, or promotions surrounding your business.  Since they have already purchased from you
before, you know the readers are already interested, making it an easy
sale. 

Search Engine Optimization
These days, you don’t have to be a bona fide internet marketing expert to do
your own seo.  There are a myriad of
tools and seo software solutions designed for beginners, making the process of marketing
your website simple and quick. 

With the economy headed in a downward spiral, the first thing many business owners cut in order to preserve cash flow is holiday parties.  But companies can throw festive get-togethers to reward employees without breaking the bank.  The following tips (provided by a variety of party planners, Salt Lake catering specialists, and business owners) can help you do just that.

• Consider a catered luncheon or after-work party held at the office – a much less expensive alternative to restaurants or banquet halls.
• Instead of a pricy dinner for all employees and their significant other, try menus that are a little out of the ordinary.  For example, serve fun finger foods such as chicken wings and finger sandwiches or a dessert buffet with brownies and cookies or an ice cream bar.
• Invite employees to your home for a relaxed holiday party, where they can socialize comfortably and get to know each other.
• If you decide to hold the party at a restaurant or banquet hall, consider doing it during the week – it will be much more affordable!
• Consider cutting the booze – if you dare.  You can significantly reduce your overall bill, not to mention some of the inappropriate, awkward, and questionable behavior that can ensue with drinking at a holiday party.
• Buffets tend to be less expensive than sit-down dinners that are served.

One of the most beneficial things you can do for your business is to review relevant consumer product reviews.  What are your customers saying about your products?  The feedback you collect will enable you to improve and enhance your products and offerings in order to grow your bottom line.  In fact, what customers have to say about your business and product can directly influence the success and growth of your company.  Need proof?

• Approximately 77% of online shoppers use consumer reviews when making a purchase.
• 83% of shoppers say they trust the reviews of other shoppers more than that of an expert or critic.
• 84% of consumers claim consumer product reviews has some influence on their purchasing decision.

Enterprise Feedback Management (also referred to as EFM) is defined as a feedback solution employed by organizations to centrally administer and control data collected through surveys.  With the ascent of the internet, online survey software has made conducting surveys and enterprise feedback management a much simpler task.  EFM can help companies and organizations establish open communication between employees, partners, and clients regarding important issues, information, and concerns.

My company recently held a black-tie corporate event in which we had a renowned Salt Lake City caterer provide the food and decor.  And while finding the perfect caterer was no easy feat, it brought to the light importance and often underestimated need for a phenomenal caterer to really make your event a success.

•  Make sure the caterer has had (recent) experience catering corporate event as opposed to weddings or family gatherings.  Corporate events tend to be on a much larger scale so it’s important to ensure the caterer is experienced and equipped for your event.
• Does the caterer have all the proper licenses and insurance coverage necessary to adequately operate?  If not, your company could be held liable if a catering employee were to get injured on the job or other similar situations.
• This may seem obvious but select a corporate caterer that serves quality, delectable food - the food served will make or break your event and it’s often a feature that many guests will remember.  Setup a taste testing with potential caterers before you make a final decision.

Keeping your customers happy is obviously great for business. Without them, your business would not be able to stay afloat.  Because of both of these reasons, it is important to make sure they are satisfied and wanting to come back for more. And here are some ways to do just that.

• Train your employees to provide great customer service. The only thing that makes customers more happy than great customer service is great deals. And when your business has great customer service, word of mouth will spread that piece of information around and everyone will want to shop at your store.
• Find out how you are doing. The best and least intrusive way to do this is through customer satisfaction surveys.  These can be completed online and at the customer’s convenience.
• Offer discounts and special sales for loyal customers. This is a great way to motivate customers to come to your store and shop.

If you have an e-commerce website, you should (if you aren’t already) accept all major credit cards as a method of payment.  Doing so allows you to cater to a wide variety of customers, including impulse buyers and international customers – offering credit cards and other methods as forms of global payments allows you to expand your customer base internationally.

There are two ways you can accept credit cards – using your own merchant account or through a third party merchant. 

In order to use your own merchant account, you need a bank that will allow you to do so – check with your local bank to see what the requirements entail.  The initial costs of using your own account are typically higher than using a third party merchant; however, the transaction fee associated with every sale is much lower with your own account. 

A third party merchant account is ideal if you are testing the water with a certain product, since the merchant takes care of everything for you and accepts credit cards on your behalf.  You will be required to pay various fees and percentages but using a third party merchant account is often seen as much lower risk.

With the market down around 40% from this same date last year, businesses are shutting doors all over the place. The credit crunch is making it nearly impossible to get (or increase) lines of credit, which really hurts companies that are trying to expand, or simply keep from shutting their doors permanently.  Despite the tough circumstances businesses are facing, it’s important to continue managing risk. Every business faces risk - some more than others. Managing this through enterprise risk management can help businesses determine what decisions are worthwhile while which ones may best be passed during these tough economic times.  Many companies have Chief Risk Officers or Chief Financial Officers that make decisions that can help companies expand and grow while minimizing risk to the company. Some key ares of risk management can include marketing, credit, operations management, customer service, and more. Document retention is another area of risk management - see my previous post on that, which outlines how long it’s recommended businesses keep certain documents. Effectively managing risk can help businesses keep functioning in today’s tough economy. 

If you are planning to open a retail shop, you will need to establish a relationship with a supplier who will provide the merchandise.  There are a myriad of suppliers to choose from:

Importers – Given the widespread globalization of today’s world economy, importing products and buying overseas is easier than ever.  You can purchase directly from a foreign company or importers; however, make sure you understand the requisites of doing so – the required paperwork, shipping time, costs, etc.

Manufacturers – Many retailers are able to purchase wholesale clothing and other goods directly from the manufacturer.  However, many will only sell their goods in bulk or set a minimum number that must be purchased.  If there is a particular product or line you want to sell, see if the manufacturer will sell directly to dealers – if not, find out where you can purchase the product.

Distributors – A distributor is one who sells products within a certain classification, such as distributors of Apple products.  Their prices will be slightly higher than the manufacturer but the advantage of purchasing through a distributor is there’s generally no minimum amount requirement.

Liquidators – There are also a myriad of wholesalers who don’t sell just one type of product by actually a myriad of products – closeouts, pallets, or truckloads of merchandise that are often quite cheap.  Make sure you know the terms and conditions of purchasing such items.