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 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.

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.

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.)

Litigation readiness refers to the efficiency of an organization’s or corporation’s e-Discovery process.  When either general or outside counsel receive a discovery request, they need to be able to easily and rapidly select documents  

If you are not prepared, unexpected and lengthy litigation can deplete internal resources, distract employees, and place you and your business in a risky position.  Having a process and tools that allow your business to be litigation ready will enable you to respond quickly and effectively to legal requests, should the occasion arise.  To learn more about Litigation Readiness, visit www.NextPage.com. 

Are you keeping adequate track of the hundreds of documents entering and leaving your company’s computer system daily?  According to the Sarbanes-Oxley Act passed in 2002, businesses are now held accountable for the their ability to show documentation of where their legally sensitive documents are.  Companies nationwide are producing compliance software programs (often priced at $25,000 and above) for companies needing to heighten their document retention strategies up to government standards.   These compliance measures are costing companies billions of dollars, but will ultimately increase investor confidence as well as hold upper-management responsible for the transfer of information within and outside the company.

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.