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Good Business Deeds Can Be Good Business Deals

Posted by Linnea Blair on
 11/27/2006

‘Cause’ marketing that links your company or brand to a non-profit group or charity enables you to promote your business while you give something back to your community. Perhaps the most interesting aspect of this kind of marketing is that it’s been shown to make customers feel better about deciding to purchase and that translates into an increase in repurchase intentions.

Consumers transfer their emotional bonds

Many people have emotional bonds with a non-profit group. They may even be regular financial contributors or do volunteer work for a non-profit organization. When these people see a business that’s supporting this organization they’ll often be predisposed to purchasing from it. “Look at what you sell and understand the targets you’re trying to reach. Then align yourself with causes that will bring out the emotions of that audience, from a grassroots, a community and a media standpoint,” advises Rodger Roeser, of Justice & Young Public Relations in Cincinnati.

Employees feel better about their employer

Surveys consistently show that whether candidates are choosing an employer or employees are deciding whether to stay with their present company, the degree to which a business demonstrates a social conscience is perceived as increasingly important. In fact, a majority of employees of companies in many industries have said they’d work for less money if they felt their employer was socially responsible.

It’s good for PR and community relations

Naturally, there are a lot of positives about supporting a cause that will benefit the image your business has in the community. You’ll be seen as a good corporate citizen and as an organization that contributes to the welfare of everyone in the community.

Seek alignment with your business and your customers

There are thousands of causes and some will no doubt relate to your business activities. Find a cause that has a link with your company, no matter how tenuous, so that people will understand how your business fits into the cause overall. The cause needs to also be related to the interests of your customers. It should align with their feelings and beliefs, and not be in conflict with other organizations they might want to support.

Tell the world what you’re doing

Although it might seem a bit ‘commercial’, your business will only benefit if it tells the world at large about your involvement with the cause. You need to spell out what it is you’re doing and why you’re doing it. It will also help if your business becomes a conduit for your customers to help the cause by making donations through your website or at your business premises.

  • Your cause marketing activities should be part of both your external marketing and your internal communications. It should be featured in your promotions, your packaging and your website, as well as referred to in your employee newsletters.
  • Give your employees and your customers a chance to participate in the cause by hosting a function or sponsoring an event where the proceeds go to the cause.
  • Ask the cause you’re supporting to promote your association with them. They have every reason to do this; the non-profit world depends on donations and they like to tell prospective donors that they’ll be in good company when they part with their funds.

In today’s competitive world consumers want to know what a business stands for. Cause marketing will tell them about your business values and reassure them that part of their purchase money is going to a good cause.

Information in this article is sourced from RAN ONE, Inc.

Categories : Marketing, Relationship Marketing
Tags : Charitable, Marketing, Non-profit, Relationship Marketing

Internet Explorer 7 is available! What you need to know

Posted by Teri Milligan on
 10/31/2006

Internet Explorer 7 has just been released by Microsoft. Unlike previous versions, Microsoft will release this update through their automated update system as a critical update.

Although this should not affect the general use of your computer, there will be some differences, including how you interface with Internet Explorer. Another major difference will be the interaction of Internet Explorer 7 and QuickBooks Accounting Software.

If you are using QuickBooks 2006, Version 8 or below, Intuit was recommending that you do not update to Internet Explorer 7 as the two software applications were not compatible. However, Intuit now has a patch that you can retrieve from the link below in order to make QB 2006, Version 8 or below compatible with IE7.

Or, you can choose to “decline” the automatic update of Internet Explorer 7, by declining the licensing agreement. You know, the part where everyone just clicks “Accept”?

The take away here is that the installation of Internet Explorer 7 may affect the operation of any software application that accesses the internet as a component of how the software functions. Please consult your software vendors and/or your computer consultant to determine the compatibility of IE7 and your software applications before accepting the update of IE from Microsoft.

Categories : QuickBooks Tips
Tags : Internet Explorer, QuickBooks Tips

What to Do in the First 30 Days After Being Sued

Posted by Christopher Olmsted on
 10/31/2006

In the fiscal year 2004-2005, 1,423,097 civil lawsuits were filed in California. Given those statistics, odds are that many businesses will end up in court sooner or later. For those of you who have not had this misfortune, here are six crucial basics you should know about what to do—and not do—within the first thirty days of being sued.

First, gracefully accept the packet of papers (called a “summons and complaint”) from the process server. Although the natural tendency is to try to avoid the process server, such sneaky tactics inevitably lead to greater headaches later on.

Second, you ought to notify your legal counsel immediately upon receipt of the lawsuit. You only have a short period of time—thirty days—in which to file responsive papers with the court. Failure to respond within the time limit can result in the court entering a default, and eventually, a judgment, against you. Moreover, an early consultation will give your attorney sufficient time to evaluate whether a demurrer—i.e. a motion to dismiss the lawsuit—should be filed. There may not be time to prepare such a motion if you don’t get around to notifying counsel until weeks after you first receive the lawsuit.

A natural tendency is to hold off notifying counsel as long as possible in the hope of avoiding legal fees. Often this turns out to be like avoiding going to the doctor until you get really sick. Early treatment is better. Likewise, competent counsel can cooperate in minimizing fees, while at the same time providing technical advice that can go a long way in cutting the case short—by far the best way to curtail fees.

Third, review your insurance policies for potential coverage for the claim. Don’t conclude the claim is not covered until you and your counsel have carefully reviewed the policy language. If the claim is potentially covered, it is important to notify the insurance company immediately. Insurance companies will often refuse to pay litigation fees and costs incurred before notice of suit is given.

Fourth, be prepared to take immediate steps to investigate the claims raised in the lawsuit and to secure evidence that will support your defense. Primarily, this relates to documents and witnesses. Oftentimes, this is simply a matter of gathering all relevant documents—contracts, invoices, letters, emails, etc. Do not, under any circumstances, destroy or alter documents. Invariably, such conduct is discovered and then viewed in court as the equivalent of guilt, even where the documents in question were marginally relevant. It is equally important to identify all witnesses to the matters raised in the lawsuit. Conducting early interviews, and perhaps obtaining written statements, will avoid the problems of fading memories or missing witnesses. Witness tampering in any form should of course be avoided. Many a defense has met disaster over trivial discrepancies in witness testimony that arose simply because the defendant thought he could be clever by “improving” his story.

Fifth, work with your attorney early on to evaluate your potential liability and formulate a litigation strategy that fits the nature of the case. Is the lawsuit frivolous or are you facing potential liability? Is the dollar amount at stake large or small? Is the evidence at hand helpful or harmful? Come up with a plan that fits the nature of the case. You won’t want to plan a vicious legal battle where the amount at stake is small. You won’t want to take a casual approach where a significant percentage of your company’s assets are at stake. Early evaluation and planning will assure that the most effective approach is used.

Finally, and perhaps most importantly, consider early resolution of the case. Often times, settlement within the first thirty days of a lawsuit is not possible due to time constraints, the amount at stake, or lack of information. Nevertheless, early exploration of settlement opportunities is the best way to control the outcome of the case and minimize legal costs.

The article presented herein is intended as a brief overview of the law and is not intended to substitute as legal advice. Any questions or concerns regarding any statute or case law should be addressed to a licensed attorney.

Categories : Business Operations
Tags : Business Law, Employment Law, Lawsuit, Litigation

Find Your Niche and Market To It

Posted by Linnea Blair on
 10/31/2006

There are many definitions of a ‘niche’ market but essentially they’re a subset, a smaller segment, of your existing target market. This is very important because it means they may already be aware of you and are already prospects for your company’s offerings.

Members of your targeted niche will share a similar set of characteristics. You can capitalize on that by satisfying those common needs and catering to their particular interests. They can be extremely profitable customers if you provide them with just what they want.

It all begins with knowing the details of your wider audience. Who are they? What are their interests? What do they purchase? What do they read? What TV shows do they watch? Your niches are the separate subsets of this total market – these can be broken down by such demographic factors as age, geographic location and income as well as by more subjective categories such as personal taste and preference in entertainment.

Just identifying a niche segment isn’t sufficient to guarantee marketing success. It must enable you to achieve enough sales and profitability to make it worth your while setting up a specific campaign. Some of the basic requirements of a good niche group to target are:

  • It can be measured quantitatively
  • It is large enough to generate a profitable sales volume
  • It is accessible to your company’s distribution channels
  • It will respond to an affordable marketing spend
  • Repurchase intentions can be forecast

As an example, assume your company manufactures sporting equipment. A typical niche within your larger audience would be males 18-25 who play a competitive sport on weekends. Once you’ve identified the niche and which of your products to sell into it (deodorants and products for the treatment of sore muscles are two product categories that would sell well to this niche), find suitable channels of communication to get your product in front of them. You could market yourself at their sporting fields through sponsorships or advertising in event programs for instance.

Here are three ways to capitalize on the opportunities that niche markets represent:

1. Provide something that meets their specific needs

Members of niche markets see themselves as being relatively unique. The benefits you promise them from whatever you’re selling must have some sort of special appeal to them. Most niches respond to offers of something that’s new or really exciting. You might need to bring in a new product or service, or modify an existing one to cater to them.

2. Communicate in their language

Every niche has its own language whether its computer jargon with IT enthusiasts or the latest ‘in’ phrase among the teenage market; you need to learn it so they’ll understand you when you’re talking to them. Communicate with them from the position of someone who knows them and understands their particular needs. Communication extends to the visuals you use in your advertising as well – match the images in promotional materials to reflect the appropriate age group, clothing styles and so forth of your niche market group.

3. Investigate and test before committing

Niches are really a new market area that you need to understand before charging into. See what your competitors are doing in their marketing but try to find a unique point of differentiation that will enable you to stand out from the others selling to this group.

Then, before making a large financial commitment for stock or advertising, use focus groups or group discussions to give the products and materials a test drive so as to gauge what the likely wider market response will be.

Information in this article sourced from Ran One.

Categories : Marketing
Tags : Marketing, Niche Market

QuickBooks Tip – QuickBooks Invoice “History” Feature

Posted by Teri Milligan on
 09/13/2006

One of the complaints that I always hear from my clients is, “How do I verify that the invoice that I e-mailed in QuickBooks was actually sent?”

To e-mail an invoice to a client, click on the “send” button at the top of the invoice and follow the e-mail wizard.

When finished click on the “history” button at the top of the invoice and it will show you the date that the invoice was sent and how it was sent.

Now you have a record of the date that you e-mailed the invoice.

However, if you send the invoice more than once, by e-mail, the date under the “history” button will update each time you e-mail the invoice to the date of your e-mail and you will lose any prior date information.

Categories : QuickBooks Tips
Tags : QuickBooks Tips

Don’t Freeze Making Cold Calls

Posted by Linnea Blair on
 09/13/2006

Cold calling is a widely used method of prospecting for new customers. Any business owner with a telephone knows that two or three times a day someone they have never met will contact their company with some kind of proposal like seeking an opportunity to quote against an existing supplier.

It’s not easy to make cold calls and those who have the job of making them often feel uncomfortable about their assignment. But there are ways to ‘warm up’ to the task so that you will feel more relaxed and in control and make the whole process a lot less scary.

1. Send an advance notice

A cold call is usually an interruption for the person on the other end of the phone. Understanding their needs is one of the most important parts of cold calling. You’ll only have a brief period of time to get your ‘foot in the door’ before the prospect begins to resent the intrusion, and making the most of that small window is essential.

Calling completely cold is probably the biggest mistake cold callers make. Arrange a mailing so that your prospect has a day or two notice that you’ll be contacting them. Send them a simple brochure or leaflet – nothing too long or flashy – that outlines the basics of your offering and promises that you’ll be in touch shortly. They may not be exactly looking forward to your call, but at least they’ll have seen your name and product and know where the conversation is going. This also allows you to introduce yourself by telling them you sent them a communication and inquire if they had received it.

2. Know something about your prospect
The more you know about the prospect’s business the more confident you can feel about asking the right questions and giving them the right answers to their questions since you’ll already have a rough idea of how you might be able to help them. Look for their advertisement in the Yellow Pages, and if they have a website go through it carefully.

3. Know what you want to say
This doesn’t mean reciting a script word-for-word. Nothing sounds worse or is more likely to get a “Sorry, not interested” response. But if you work out what you’re going to say before you make the call you’ll be more confident about making it. You need to introduce yourself, explain the purpose of your call, and get through the ‘screener’ to reach the decision maker. Once you’ve got the right person the real call begins. Developing a checklist to track things during the call is a good idea to ensure you cover all the main things you want to get across.

4. Talk in terms of helping rather than selling
Be natural and friendly. Explain briefly what you do and end with a statement that you’d like to see whether you might be able to help them. Explain that you’d really like to meet them and that there’d be no obligation on their part; you just want to explore the possibilities for satisfying a need in their business. If you’re sincere and don’t start selling something right away you’ll have a much better chance of turning the call into a conversation. All you want is a meeting, not a sale.

5. Have an offer ready

Because you’re already taking up their time, and want to take up even more of it, find a way to make it worth their while. You might say, “Look, I’ll set aside whatever time suits you on Thursday morning and I’ll take you out for breakfast or a coffee, whichever suits you best.”

6. Rehearse your call lines
Rehearse with someone on the phone who can answer your call and take the role of your prospect. As they come back with a variety of responses you’ll get the feel for handling them. The person you want to speak with may be out, may be busy, or may just not want to talk with you. Success in cold calling is frequently the result of the way you convince the person screening the calls more than anything else.

Rejections will happen and they’re nothing personal so don’t take them that way. Some people may be rude or hang up on you – it’s just part of cold calling. However, your call may remind them to take another look at the leaflet you sent them and they might call you back later. You can never tell.

Just remember to be yourself. If you believe in what you do and that you can really help your prospect’s business, there’s every reason to be confident that you’ll win through with the prospect and eventually get the opportunity to present your product to them.

Information in this article is sourced from RAN ONE, Inc

Categories : Marketing
Tags : Cold Calling, Cold Calls, Marketing, Sales, Selling

Cut The Costs Of Finding And Managing Leads

Posted by Linnea Blair on
 09/13/2006

Every organization with a sales force keeps an eye on the leads it generates – how many does each salesperson get and how many are converted into customers. But as most companies now appreciate, the costs of generating and converting leads need to be carefully managed or they can become a real drain on profitability.

The basic tasks of lead management are to lower the costs of lead acquisition while at the same time increasing the rate of conversion into customers. To do this it’s best if you separate the lead-getting activity from the selling activity and develop metrics for monitoring each. The two are actually separate functions and require different sets of skills and resources. Lead-generation is a marketing function, while the job of converting those leads to customers is a sales function.

Lead quality is essential

Leads are acquired in any number of ways. For marketers who purchase prospect lists the content and quality of the list should be far more important than the cost, yet how many lists are bought on the basis of price? The answer is, far too many. Those who specialize in lists know that good lists are worth what they cost. They’re regularly updated, their data is accurate, and it’s possible to nominate prospects by geographical area, by age, by occupation, or any other profile that will allow the sales team to target suitably qualified prospects. You don’t have to pay for a huge list if you’re only a small company or are restricted in your geographical coverage. Carefully targeted prospects are available on a cost-per-lead basis; it’s even possible to rent or buy lists of people who have previously responded to the same form of marketing you intend to use.

The most important metric to monitor is not the cost per lead, but rather the relationship of leads to final sales, by dividing the number of leads purchased by the number of conversions obtained from those leads. The closer this result is to ‘1’ the better the quality of the leads you’ve paid for.

Another way to improve the quality of the leads you get is to have your existing customers provide you with referrals or word of mouth. Referrals are really a way of leveraging off a high level of customer satisfaction and represent a much more likely set of prospects than leads gained from cold calling.

Raise conversion rates

High quality leads make it possible for your sales team to achieve better rates of conversion from leads to customers. This effectively lowers selling costs and will go a long way towards offsetting any additional costs incurred to ensure that lead quality is consistently high. There are many more steps you can take to improve the conversion rate your sales force achieves.

Have a system that assigns a relative value to each lead at the first contact. ‘Hot’ leads are those who are definitely looking to buy; ‘Warm’ leads are those who might buy; and ‘Cold’ leads are probably not interested in buying. Discard ‘Cold’ leads at the outset of the selling process. Concentrate selling efforts on ‘Hot’ leads. Give them priority and only after all the ‘Hot’ leads have been processed should the sales team turn its attention to ‘Warm’ ones.

Leads are often obtained through offers. Before the handover to the sales team the lead should be provided with any information they may have requested – a sales brochure or product order form for example. Have a system that records what was requested and what was provided. Be persistent. One inquiry handling expert estimates that 45% of all leads turn into a sale for someone, but only 22%- 25% actually convert within the first six months. That means that 45 out of 100 leads might eventually convert to customers if they’ve correctly handled.

Keep in touch

Another consideration is that competition usually decreases over time. The reason is simple – most businesses lose interest in a lead if it doesn’t turn into a customer pretty quickly. Patience and ongoing communication will eventually deliver all the conversions you’re going to get, but many won’t convert until several months have passed.

This tells us that every lead management system must accommodate the need to stay in touch with leads over a fairly long period of time. So communicate with leads – perhaps by telephone, email or a newsletter – until they either convert to become customers or must be reclassified as ‘Cold’.

Keep in touch for an appropriate length of time until you’re absolutely certain there’s no hope of ever converting that contact to a customer. Remember too that most businesses have competitors and if you’ve done your prospecting correctly even the people who initially reject you are somebody else’s customers. They may eventually become yours if you don’t give up.

Each member of your sales team will have a conversion rate that shows how successful they are at converting leads to sales. This metric can be used in conjunction with total dollar volumes when you’re comparing the results of individual members of your sales team and determining which salespeople are your top performers.

Information in this article is sourced from RAN ONE, Inc

Categories : Marketing, Relationship Marketing
Tags : Conversion, Leads, Marketing, Relationship Marketing

Tech Corner – How Viruses Spread

Posted by Bill on
 08/01/2006

by Justin French, Perfect Integration – Small Business Computer Consultants

Viruses usually spread in one of three ways: from floppy disks and other media; from downloads off the Internet or certain websites; and from email attachments.

Although most people believe viruses usually spread via the Internet or through email, floppy disks and other storage media, like Zip disks, spread many of the most common viruses. Always scan disks and other media — even new shrink-wrapped software — for viruses before installing any program or opening any file. Also make sure you write-protect any disk you loan out so it can’t be infected by other machines. Perfect Integration suggests storing data on pen drives instead of floppy drives. Floppy drives go bad and become de-magnetized very easily and can cost thousands of dollars to recover data from them. Perfect integration also suggests remote backup, to secure your data off-site should a disaster take place.

Although the Internet gets a bad rap as a source of viruses, you’re no more likely to contract a virus from the Web than you are from packaged software. Still, scan everything you download, and update your antivirus software regularly. Perfect Integration is working with new virus software called Nod32 that will be available at the end of this month! Check your virus software subscription to see when it expires, and get a technician in today to switch you over to nod32. It runs more efficiently on older systems then Norton Antivirus. I highly recommend it!

Email is not the virus breeding ground it’s made out to be, either. In fact, it’s nearly impossible for a virus to be transmitted by plain-text email. Most viruses can only spread via attachments — either rich-text email or attached applications. Using antivirus software, scan attachments from people you know, and never open attachments from people you don’t. If you’re a Microsoft Outlook user, you can also select security preferences that keep email-borne viruses from exploiting the close relationship between Outlook and the Windows operating system.

These precautions will minimize the risk of infecting your computer as well as keep you from spreading viruses onto others. For more information please visit our website.

Categories : Business Operations
Tags : Computer Virus, IT, Technology

QuickBooks Tip – Did You Know?

Posted by Teri Milligan on
 08/01/2006

In QuickBooks Pro, you can create an icon on the icon bar for any account register or form, in order to speed up your data entry.For example, if you use your bank check register every day, you can make an icon on the icon bar that you can access quickly, every time you need it.

Here’s how

1. Open the register for which you want to make an icon.

2. Click on the “View” menu.

3. Under the view menu you will see an option that says, “Add ‘xxxx – Bank Account Name’ to icon bar”. Click on that option, then choose a picture and title for the icon, click o.k. and your done.

Now every time you want to use that register, just click on the icon.Icons can also be made for any form you use, including invoices, sales receipts, or receive payments.

Categories : QuickBooks Tips
Tags : QuickBooks Tips

Protect Yourself From Internal Fraud

Posted by Linnea Blair on
 08/01/2006

Smaller enterprises are at the greatest risk from fraud, particularly from within the organization. They’re the least likely to have dedicated security personnel, and most likely to lack adequate internal systems and controls to prevent fraud. You can minimize your exposure to fraud by learning how it’s perpetrated in businesses like yours. There are also policies you should put in place to prevent fraud from occurring. We’ll start with the two most common types of fraud, fake invoicing and cheating on expense accounts.

Fake invoicing

These common frauds are usually along the lines of an employee sending his own company a false invoice which is approved for payment. The employee receives payment that is thought to have gone to a legitimate supplier. The employee simply sets up a company as the fraudulent supplier, establishes a bank account for that business, and then begins sending invoices to his employer.

Frequently the employee has signature authority over the invoices that are sent, so approval is easily accomplished! It’s also possible that the employee is working corruptly with another employee to get the invoices approved. In any event, the company pays for something it never received.

There are variations to this type of fraud in which goods are actually supplied but the ‘vendor’ (the employee’s company) is overpaid for what is delivered. There are also instances where a third party colludes with the employee to overcharge for goods and refund a portion of the price to the employee.

Expense account frauds

In any business there are likely to be a number of employees with the authority to incur expenses on behalf of the company for which they will be reimbursed. These can vary from insignificant amounts, such as for postage and stationery items, all the way up to airfares and accommodation costs for sales staff.

Expense account cheating usually takes the form of wrongly describing the expense incurred or overstating it. Some expenses may have never happened, or were for personal use and not business related at all. Because it’s fairly easy these days to create ‘dummy’ invoices on a home PC, simply having a receipt doesn’t necessarily prove that expenditure actually took place. It’s also possible to copy a genuine invoice and increase the amount or change the details on it.

Well administered policies are the best defense

Fraud is difficult to prevent and often very hard to detect. The best way to combat workplace fraud in a smaller enterprise is to have suitable policies in place and to unfailingly enforce them.

To deter employees from submitting fake invoices, payments should never be made to suppliers that aren’t approved by the owner, nor should a sudden increase in the amounts purchased from any supplier be allowed to happen without a valid reason.

All suppliers should be qualified before any orders are placed with them or payments made to them. This includes having full details of ownership and trading references that verify a history for the business.

Expense account frauds aren’t easy to stop, but once again having appropriate policies and enforcing them will help reduce the possibility of fraudulent claims being submitted. The most basic policy is to pay only for expenses supported by original receipts; photocopies or reprints should never be allowed.

Review the amounts of all expenses and be alert for overcharging or duplication. Be aware of every employee’s responsibilities and their need to incur expenses to meet them. If an employee’s claims show a sudden increase, be sure to query them for the reason as quickly as possible. Experience shows that if they get away with a fraudulent claim once, they’ll almost surely try it again.

Information in this article is sourced from RAN ONE, Inc.

Categories : Business Operations, Employees, Financial Management
Tags : Employee Fraud, Financial Management, Internal Fraud
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