Business Info Help

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.

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.

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. 

A few of the best online tools ideal for small businesses:

EchoSign - Provides small businesses and entrepreneurs with an easy and fast way to get electronic contracts signed.

Invotrak - Allows you to track invoices you send clients…for free!

Vebio - An online accounting suite that is designed specifically for freelancers, independent contractors, and self-employed individuals.

Acuity Scheduling - Clients and customers can logon and schedule appointments with you.

Qualtrics - Simple yet sophisticated online survey software that can help you evaluate customer and employee satisfaction, new products, and enterprise feedback.

Huddle - Allows employees to share documents, ideas, schedules and collaborate on projects - all from one interface.

So how long are you supposed to hold on to those documents anyway?  The following are a CPA’s recommendations on keeping documents. (Note: These recommendations on document retention are general guidelines.  Time documents should be kept according to appropriate laws, IRS and governmental regulations, and third-party requirements.)

Have you ever noticed many websites with an “About Us” or “Meet the Staff” section is accompanied by pictures of employees. Word to the wise: hire a professional photographer!! You will only be perceived as professional as you look - amateur looking photos will not bring in business. When we did staff pictures, we hired a professional Utah corporate photographer and the pictures turned out polished, professional, and appropriate. Taking the time and spending the money will be well worth your while!

We’ve mentioned the value of implementing custom on hold music before as a means of business marketing - it’s ideal because customers are already on the line, giving you the opportunity to pitch a product or service in a non-chalant, non-invasive forum.  But what are the other low-cost forms of marketing for your small business?

• Podcasts - A low-cost form of marketing, podcasts present the unique opportunity for an online community to reach audiences offline.  Releasing a podcast once a month, that is of value and interest to your target market can really boost your marketing efforts.
• Online Advertising - While I won’t say that print advertising, such as newspapers and phone books, will soon be obsolete, the current rise of online advertising seems to be a good indicator that may one day happen.  Sponsored ads in search engine results allow your ads to be visible to those searching terms relevant to your products or services, resulting in a higher conversion rate (traffic translating into sales).
• Direct Marketing - These days, lead generation companies have made it much easier to find those interested in your company’s services; their databases are more defined, sorted, and complied to ensure you reach your target audience.  Furthermore, consumers are always looking for a discount or deal - offering a discount even as little as %10 may help net new customers.