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Identity theft is a crime that impacts the lives of more than 10 million consumers every year-and the numbers are increasing. It’s hard to imagine that one out of every 20 consumers is at risk of being a victim this year alone. The cost of identity theft among consumers costs businesses worldwide an estimated $221 billion a year, according to the Aberdeen Group. However, consumers are no longer the only ones being targeted by these criminals. Now business owners have a new kind of threat to be concerned about that can cause a whirlwind...
The Great Recession officially ended in 2009, but it sure didn't feel that way for most consumers (or businesses). Now, however, the economy finally is on an upward trajectory, with consumer sentiment, business hiring plans and employment data all looking up. Whether your company targets consumers or businesses, here’s what to keep in mind to successfully market to customers as their spirits rise and their wallets start to open again. Take advantage of pent-up desire. According to Time magazine, one indicator of the improving economy...
Need a new desk? A file cabinet? Machinery? A truck? Instead of simply buying a brand new item from your local dealer, consider some alternative ways to get what you need for little or no money. Here are three strategies to help you. 1. Buy used or last year’s models You don’t necessarily have to buy a spanking new car or the latest tablet. You may be able to satisfy your needs by looking for a pre-owned car, a reconditioned machine, or a refurbished laptop. A slightly slower tablet, such as the previous version of the iPad, may do...
As of March 30, 2012 – like it or not – your Facebook page for your business changed. If you had a custom Welcome tab, as many small businesses did -- one that said “Like our Page” or had a special offer -- it is no longer the first thing that people visiting your Facebook page will see. Now you have something called the Facebook timeline. People landing on your Facebook Page for the first time can see a large image at the top, plus other items below. Visitors to your page can also go back in...
Technology has certainly made an impact on the way we do business these days. It’s practically impossible to run a small business without it. In the world of franchising, technology is a very important part of the actual business model. A good franchisor with good technology makes it a lot easier to be a franchisee-an owner. If you’re considering franchise ownership, make sure that you find out what’s being used by the franchise company that you’re thinking of joining. Make sure that the systems in place are designed to...
Opening a business bank account online can be an easy and painless process when you have all the necessary documentation in place. First, it is important to realize there are several factors that can prohibit one from opening a business bank account on the internet. For example, if a company provides money services, including check cashing, issuing money orders, issuing store value cards, exchanging currency, or wiring funds in exchange for a fee, banks will not allow you to open an account online. You will need to go to the branch personally...
Think of social media as a tool for dealing with customers. Like any other tool, or channel, it’s not inherently good or bad for business; its value depends on what you do with it. The underlying problem is clear. It’s essentially the same problem you have with a toll-free number that nobody calls, or an ad that nobody sees. The tool is only as good as the use you make of it. I believe in the business planning process as the secret to good management. That means you use a flexible business plan, reviewed and revised often, to...
You know Daylight Savings Time just started and that St. Patrick’s Day is this weekend. You might even know that it’s Women’s History Month. But did you know it’s also National Crafts Month? Or that the 21st is Kick Butt Day and the 23rd is National Puppy Day? If not, you’re probably not taking full advantage of the power of seasonal and holiday promotions. Holiday promotions don’t have to be limited to the October-December shopping season, or even to major holidays like the Fourth of July, Halloween...
What happens to your business if something happens to you? How can you retire without destroying the business you spent a lifetime to build? Your business may be your largest asset, and deciding what happens to it can impact your retirement income, your family’s wealth, and the life of the company after your departure. Even if you are only just starting out, these questions should be addressed now because the future is uncertain. Here are four ways to dispose of your company when you retire (or when you die). 1. Sell your business You...
In my last post I said I would discuss consumer behavior and the levels of market segmentation in this one. I have since changed my mind (I can do that, really, I can). That is simply too much for one post so the consumer behavior will have to wait for Part 3. Now onto the market segmentation! Entrepreneurs are passionate people. They have put their blood sweat and tears into their business, be it service or product. They love it and can’t image how anyone could not see the value that their product provides. This passion and...
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by BusinessCredit, Guest Blogger on Monday, April 23, 2012 - 09:00