Successful Relationships
Archive for the ‘Small Biz Tips’ Category
How to Develop Successful Vendor Relationships
Wednesday, April 6th, 2011VoIP for Growing Companies
Friday, April 1st, 2011
Improvements in reliability and sound quality and a substantial cost advantage over traditional phone systems have made VoIP the communications system of choice for many businesses.
According to Forbes.com, “small- and medium-sized businesses (SMBs) have perhaps the most to gain from the explosion of new VOIP services. In one move, businesses can outsource their communications, doing away with clunky, on-site PBX equipment and reduce their monthly phone bills.”
Some of the newer VOIP features for smaller businesses include tools like “unified messaging” (converged voicemail and e-mail) that can actually improve productivity.
Because there are so many VoIP providers, it can be difficult to research and choose a vendor. Do a Google search about your potential VoIP service providers to see what others are saying. Below are a few other factors to help you in your search.
VoIP vendors offer a wide variety of features ranging from voice mail, faxing, and toll free lines to conversion of voice mail messages to emails or text messages. Many VoIP services allow you to integrate your voice traffic with SalesForce and other CRM solutions for easier access to customer data during sales and customer service calls.
The price for VoIP service varies a great deal depending on the number of phones a business uses, the features desired, and the vendor itself. Pricing can start as low as $20 per month. It’s a good idea to decide in advance how much you will be willing to pay for your service.
Should you go with a hosted VoIP service or purchase a premise-based system? A hosted VoIP system is owned and hosted by someone else, and is usually the best choice for smaller businesses. The telephones themselves are the only equipment you will need to buy. Service is provided by the hosting company, as are any upgrades.
A hosted PBX or virtual PBX VoIP system comes with all the features of a standard premise based phone system including voice mail, call attendant, call forwarding and faxing and you can usually choose from a variety of additional feature packages.
How to Select the Right Collection Agency
Wednesday, March 30th, 2011Communicating Effectively Before Outsourcing
Wednesday, March 23rd, 2011Seven Tips for Successful Vendor Contract Negotiation
Thursday, February 24th, 2011
Once you’ve found a suitable business service vendor you will want to arrange a meeting to discuss details of your contract. Successfully negotiating a contract that benefits both parties requires a degree of skill. Here are a few tips to keep in mind as you enter the negotiation process:
- Before the actual meeting, obtain a copy of the vendor’s standard agreement, or a sample contract. A good time to do this is when requesting an initial quote from the vendor. This gives you time to completely review the terms of the contract and decide in advance areas in which you will want changes made in your favor.
- Enter negotiations with the right mindset, making sure your expectations are reasonable. The best contract is one that both parties feel good about.
- Be clear in your expectations. Include detailed time frames for specific milestones. It is in the vendor’s best interest to allow some leeway in their service agreement, so you might need to change some of the wording to ensure the work is completed within your expected time frame.
- Stand your ground in areas that are the most important to you but not as high on the vendor’s list of priorities. But be flexible regarding aspects of the contract that have a lower priority for you.
- Remember that it’s not all about price. By negotiating for the lowest price possible you could end up leaving your vendor looking for ways to cut corners in order to make a decent profit.
- Even if the vendor’s opening price is well within your range, don’t hurry to sign the contract. Ask for some adjustment in the price or other concession in your favor, so the vendor does not end up feeling their offer was too low.
- Don’t give into pressure to sign within a certain time. If the vendor warns that their prices will increase after a certain date, you can see if they will accept a letter of intent pending an acceptable agreement. Bear in mind, however, that this could limit your negotiating power by placing a time limit on the negotiation process. Ultimately, you have the choice to walk away if you are not satisfied with the terms you’re offered.
Is a Merchant Cash Advance Right for Your Business?
Monday, February 14th, 2011
Perhaps you’ve heard of merchant cash advances for businesses–a process in which your merchant account provider purchases the right to receive a percentage of your future credit card sales based on your company’s credit card sales history. But if you are not sure whether this would be the best way to obtain funds for your business, here are a few key factors to help you decide…
Your business might benefit from a merchant cash advance if:
• You need short-term financing to help your business maintain cash flow or pay for equipment or other resources that will contribute to the growth of your business.
• Your business is seasonal in nature; a cash advance can help you get through the slower periods.
• You own a restaurant or other type of retail establishment that is considered high-risk by traditional lenders; a cash advance can be an easier way to obtain needed funds.
• Your credit history makes it difficult to obtain a traditional loan.
Some advantages of obtaining a merchant cash advance for your business:
1. No personal guarantee needed
2. No collateral required
3. No fixed repayment amount
4. Flexible repayment terms
5. High applicant approval rate
6. Will not show on your credit report
7. Good credit is not a requirement
8. Simple application and approval process
9. No credit check needed for quote
10. Fees are tax deductible
Additional factors to keep in mind:
The process for obtaining a business cash advance is quicker and easier than applying for a traditional business loan. However, because such advances are a riskier investment for the provider, the fees can be as much as 40% of the total cash advance amount.
The main reason for obtaining a cash advance should be to help your business grow. If you find you are using cash advances just to stay in business, this could be a sign that your business is in trouble. Many providers will require proof of how you are using your cash advance.
See the video below for tips on choosing the best merchant cash advance provider for your business needs.
How to Find Quality Website Designers for Your Business
Wednesday, February 2nd, 2011Before deciding on hiring a website designer, review this video and learn why prospective web designers must have design portfolios that represent your aesthetic tastes.
Five Key Advantages of Direct Mail Marketing
Friday, January 28th, 2011
While technology has definitely had an impact on the way businesses market today, print marketing is still very much alive. Direct mail marketing is an excellent way to reach your target market and bring very good response rates.
A recent study by Vertis Communications found that 63 percent of adults surveyed have responded to direct mail that offered a percentage discount on merchandise, and 72 percent indicated they have replied to direct mail containing a “buy one, get one free” offer.
Direct mail can also be used to increase both your online and offline traffic, as the study reported that 46 percent of adults responded to direct mail by visiting the advertiser’s store or Web site, or by calling a toll-free number or mailing an enclosed response card.
You may also discover that direct mail marketing has a few advantages over online marketing, such as:
- A postcard or letter addressed to the right person can make its way past a company’s gatekeepers and get your message directly to the decision makers.
- A letter is a more personal communication; a well-written direct mail letter reads as if you are speaking directly to your prospective customer, giving you the opportunity to expound on how your product or service can benefit them. This type of communication can help you get into the mind of your prospect much more effectively than a display ad or social media campaign.
- Your direct marketing vendor will have access to a comprehensive database of U.S. residents and businesses broken down by demographics and industry. This information is gathered on an annual basis from U.S. Census data. By targeting an audience of individuals and businesses that may be interested in your product or services, you are increasing the chance that your marketing efforts will lead to a business conversion.
- Direct marketing gives your target audience a tangible item, which may remain in their home or office to be viewed multiple times, and by different individuals. You can increase the likelihood that your mail will be saved by including a coupon, small calendar, helpful hints, or other relevant items.
- Direct mail can help level the playing field for smaller companies. A well-executed direct marketing campaign can present your company at its best advantage and help you build your brand.
As stated in the Direct Marketing Association’s 2010 Response Rate Trend Report, “One reason why direct mail continues to be a go-to strategy for direct marketers is that improvements in printing and database technology as well as analytics have allowed direct mail and other offline media to deliver consistent response rates.”
Ten Key Factors to Consider When Choosing a Web Host
Monday, January 10th, 2011
Computer hosting, or web hosting, allows you to have a business website under your own domain name, which will greatly enhance your company’s professional image. Web hosts abound, however, which can make the prospect of choosing a host seem daunting. Here are a few points to help you make an informed decision:
- Price - Web hosting accounts are typically billed on a monthly basis. Fees start at about $5 per month and increase based on the hosting vendor and add-ons.
- Set-up Fees - These fees cover the cost to transfer files from another host as well as costs associated with getting your site hosted. Most hosting services waive the set-up fee for new customers.
- Disk Space - Disk space is the amount of hard drive space your host allocates to you on their computer servers. This will include space for you to store all your files for your entire website as well as any data files that your company will need to periodically backup and store on the hosting company’s servers.
- Data Transfer - Data transfer involves the amount and speed that your hosting company provides to you for sending and updating your data files.
- Year Established - When was the hosting company founded? If a web host has been in business for a considerable time, then it is probably a safe choice. A brand new hosting company may not be as reliable.
- Online Reputation – Perform simple Google searches on your preferred computer hosting vendors before making your final choice. By reading blogs and forum posts, you’ll be able to find out which services truly provide the solutions you need.
- Email Accounts - Some hosts limit the number of email accounts that you can have associated with each website domain. Choose a provider that allows you to have as many email accounts as you need in order to operate your business effectively.
- Added Features - Many web hosts offer features like content management systems, design software, and an assortment of widgets. You might not need many add-ons at first, but at least you’ll have the option of using them in the future.
- Technical Support - Look for a vendor that has 24 hour customer service via a toll-free number. That way, if your website is ever down, you can contact a technical support team for immediate help to get your site back online.
- Shared Host vs. Private Host – Shared hosts and private hosts offer different security measures. With a shared host you face the possibility of your website and data files being corrupted by a virus from the files of another company using the same host. A shared host, however, is generally far less expensive than a private host. Therefore, you should weigh the benefits and cost of having a private server against the savings and risks of using a shared server.
Seven Key HR Functions You May Want to Outsource
Monday, December 20th, 2010
Many companies, both large and small, use HR outsourcing firms to handle either some or all of their HR needs. Outsourcing human resources functions can save your company time and money, and the specific expertise of HR providers can be of great benefit to your organization.
The human resources industry involves a wide variety of critically important business service functions. To help you decide which areas of HR your business would benefit by outsourcing, here is an overview of the most commonly outsourced functions:
- Payroll Processes – Your HR provider can handle tax-sheltered annuities, garnishments, bonuses, salary structuring, paycheck distribution and all other payroll related processes.
- Benefits Management – Medical, dental, vision, disability, and life insurance options, as well as 401k and other retirement plans can all be effectively handled by a qualified HR vendor..
- Employee Assistance Programs – Many companies would like to provide access to qualified counselors for employees and their families but lack the budget to hire in-house counselors. EAP counseling sessions are private and confidential, and provide employees with the help they need to cope with family issues and other life challenges they may be facing.
- Drug Testing and Background Checks – Drug testing is another function that is commonly outsourced. In fact, some states require that such testing be performed by an outside testing facility. Many employers also want all employees to undergo a background check and credit check as part of the hiring process.
- Recruiting – Many HR firms offer services ranging from providing a temporary workforce to screening and recruiting for upper level executive and managerial positions.
- Employee Data Management – Your vendor can collect and manage information regarding new hires, re-locations, promotions and other vital employee data.
- Compensation Consulting – Outside consultants with expertise in total compensation can design custom plans that can motivate sales team members and executives to achieve optimum performance.
Your HR services provider will work with you to establish rules for compensation, bonuses, disciplinary actions, and other processes to help you successfully manage one of your company’s most valuable assets–its employees.
