Jul 09 2013

Getting Top Priorities for Your Invoices

Published by under Business Tips

Everyone is having trouble getting paid on time in this economy. If you’re a small business owner or a solo entrepreneur, you need to know the strategies that get your customers to make your invoices a top priority. It’s especially important to keep track of delinquent payments during this recession as they can be a signal that worse behavior is yet to come. Take a tip from banks that know how to give out business loans and get paid back on time, and document all the terms of payment in your contracts and invoices thoroughly.

Due Dates

Always let your customers know when they are expected to pay their bill. Some contractors try to reduce the risk of non-payment by spreading out a project into three payments. One is collected upfront to start the work, another is collected midway, and the final one is collected when the project is completed. This can work for companies with a great deal of prestige and social currency, but a small business owner may need offer different payment terms.

Typically, you can ask for payment at the end of a project or within a certain period after invoicing, 30 days maximum. Banks offer credit payments on a 30-day cycle, but you might want to make 15 days. Whatever you choose, be sure to spell out the terms of payment in the contract and in the invoice so that you know exactly when payment is due and when it is late.

Late Penalties and Fees

Next, you should put language in the contract describing the penalties and fees for non-payment. Just like banks might give you a $30-$40 late fee on a bill, or a late charge based on the percentage of the total bill due, you caGetting Top Priority for Your Invoicesn do the same thing. By adding specific language into contract and the invoice, you will know when to start adding penalties and fees. When buyers become aware that they are penalized for late payments, they try to give your bill priority against those that do not have such language in their contracts, and thus aren’t subject to litigation for more monies. Be clear, and know what you want should a customer start to default on payments and convey that to the customer as best as you can for the best results.

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Jul 08 2013

Blogging for Your Business

Published by under Business Articles

Even large corporations are getting in on the blogging band wagon. Once an idiosyncrasy of the anonymous exhibitionists, now blogging has come to mean an intimate, yet widespread, method of gaining new customers and staying up-to-date with existing ones. Whether you’ve been in business for years, or just starting out, consider blogging to raise the exposure of your business in far less time than conventional methods of advertising. It can even be used to increase income by providing a format to put complementary commission-based advertisements for any industry, from merchant cash advance lending to baby accessories.

The Components of a Good Business Blog

Let’s face it, customers may not want to hand you their email address. Too many Internet marketers have abused that privilege, so people are much more wary of handing out private email addresses. A blog can fill the half-way spot from no contact to full email contact, by giving your customers the right to decide when they want to hear from you. Offer options like an RSS feed, subscriptions, or simply announce your new posts via your social network sites. Now, your customers will know when you have a new special offering, when a new product is being introduced, or even just general information on your industry.

It Shouldn’t Be All About You

While the blog is there to help create excitement and publicity for your offerings, it shouldn’t be all about you. Always provide something of value to your readers to keep them coming back. People reading your blog may need helpful tips and hints to resolve problems in their lives that deal with your industry. Take their point of view and include this type of information on your blog and your customers will appreciate you for it and return to read more.

Blog Promotion Is Easy and Free

Unlike other forms of advertising, you don’t have to pay someone to promote your blog (unless you want to). It’s very easy to automate and distribute information about new blog posts via pinging on services like Technorati.com and Feedburner. You can even make your content sharable so that others can bookmark, favorite, and pass along your posts to others without your intervention! If you continue to update the blog frequently, you’ll gain more and more readership that can easily translate into more sales down the road.

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Jul 08 2013

Insuring Against Loss When You’re In Business

Published by under Insurance

Putting out a shingle and getting customers is not the only thing you need to know about doing business. In fact, some of the easiest things to overlook are some of the most crucial elements of a business. A business owner may think business insurance is only necessary for the big guys, but anyone that deals with the public needs to understand the importance of protecting their business operations and assets. If you think it is a unneeded expense, you’ll regret it when your company gets sued, or you find out you could have recovered some of your losses from a business interruption, if you’d just taken the time to get insured. Financing it isn’t hard for a business that has a proven track record, as you can use many forms of credit, even a merchant cash advance, to include this expense in your budget.

Types of Business Insurance

Every business needs a thorough review of their risks to decide what insurance they need to get to cover them completely. For the majority, they will need property insurance on their business assets and location, liability insurance, and business interruption insurance.

  • Property Insurance – Even if you are a sole proprietor, you will need some form of insurance to cover you against loss or damage of your business equipment. You will have to decide what events you want to be covered for: a fire, theft, flood, and so on. It can cover your business location, if that is owned by the business. However, even if you only rent your business property, you can still get property insurance for specific losses associated to property and assets within your business location.

  • Liability Insurance – This type of insurance protects your business when someone sues it for negligence. It covers you and your employees, regardless of whose fault caused the injury.

  • Business Interruption Insurance – If you suffer some interruption to your business that keeps you from operating normally, your losses may be recoverable with this insurance.

When You Have Employees

The need for insurance increases with the addition of employees and a motor fleet for those employees. You will need additional coverage, in terms of automobile policies for commercial purposes (even if you’re the only one using it that way) and worker’s compensation insurance. In addition, health insurance may be added to the roster of costs that need to be budgeted to keep the business operating smoothly and reduce the risk of loss.

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Mar 20 2013

Trading Forex is Profitable! But Also Risky

Published by under Finance

Every trader knows that there is a certain amount of risk associated with each trade he places in a financial market. Whether it is the equity market, the real estate market, the futures market or the commodities market, there is always an element of risk associated. Capable traders work towards reducing the level of risk associated with a trade to ensure higher probabilities of profit and success. However, there are no guarantees with regards to the outcome of a specific trade.
Despite the fact that every trade is associated with a specific level of risk, the Forex market is notorious for the high level of risk that a trader takes when he takes the plunge.

There are some characteristics of the Forex market that lead everyone to believe that trading in the Forex markets is riskier. Here are the main ones:

  • Daily volumes – The size of the Forex market is big. To get an idea, you need only to understand that the daily trading volumes in the Forex markets are more than the cumulative of all the stock exchanges worldwide.. It is estimated that more than $3 trillion dollars exchange hands in the Forex markets on a daily basis. While this presents a large opportunity for profit, this size is one of the main reasons for high levels of risk in the market.
  • Unique characteristics – There are many aspects of Forex trading that differ from those of trading in equities or commodities. For one, all quotes and prices are in the form of currency pairs since you buy one currency by making payments in another. The conceit of currency pairs takes some getting used to and can sometimes cause issues with new traders. Some traders assume that it the Forex market is a great place to trade because forex brokers do not charge any commission. Again, this is something that needs to be understood because brokers have to make their money somehow. They make it based on something called a pip.
  • Minimum lots – Those who speak in favor of Forex markets state that the markets are great because brokers provide leverage to enable the trader to trade in higher lot sizes. The fact is that there is a minimum standard lot size of the base currency that needs to be invested for a single trade. This amount is not small and therefore there is the need for leverage. While leverage can be obtained, it increases the risk of a loss significantly.
  • Global regulatory bodies – While there are country specific governing bodies for Forex trading, there is no single authority that manages the affairs of Forex trading across the globe. Given the global nature of Forex trading, this lack of one governing body can cause issues at times. In addition,, it increases the risk of fraud and scams.
  • Fundamental changes – While technical analysis can be used to forecast the movements of currency pairs, there are a large number of factors that can affect the strength of a currency. The numbers are so large that they cannot always be fitted into an algorithm in order to understand the manner in which the currency prices will move.

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Mar 12 2013

Transportation Management Software

Published by under Business Tools

Because of the competitive business era, utilization of tools to maximize efficiency and reduce cost associate with your product logistics and shipping is very important. This is where transportation management software is crucial for your business. This system can help you plan and execute deliveries across the supply chain to increase efficiency and reduce unnecessary cost. The combination of experience and a software package will help you to optimize your assets and time to get more profit.

Transportation management software is a complex tool but if you already understand how it work I am sure all the details will be easy to handle. Finding transportation management software provider is a little bit tricky these days since many company offering this kind of service. Make sure you find one reputable company with experienced professionals and has knowledge in this field. Sometimes they also can help you to decide what supply chain technologies will fit with your business so you can implement it to your business efficiently and effectively.

There will be some options of software set up like licensed solution, hosted solution and hybrid solution. Make sure you choose one that will perfectly match with you business needs. Every tool may be come with different features and benefits so you need to take a closer look which one is perfect to help you run your business better.

Special shipping solution is also available for researches and doctor so their hazmat shipping from one lab to another lab can be manage more safety and efficient. So, whatever your business as long as they need transportation and shipping you better use this software.

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Feb 07 2013

Tips Business Owners Need to Know About How to Motivate Employee

Published by under Business Tips

One thing many business owners or managers assume when they start their business is that their employees will be as motivated as they are. This is simply not true. Most employees are there for one thing, a paycheck and many will do the bare minimum or just enough to get paid.
So, how do you motivate employees? You have to get to know how they work and you have to start trying different things. Every employee is unique and you may want to get to know them a little better to determine what they like, dislike, what motivates them, and why. Simply ask them.

Don’t try the supreme dictator approach because making employees afraid of you will just make them want to find another job. The trick is to make them look forward to coming to work so they have fun with it and soon, before you know it, you’ll have a group of motivated employees who love their jobs.

Motivate Employees With A Reward System

When researching ways to motivate employees, you will hear a lot about reward systems. Don’t think that this means you have to give them money or buy them things. That’s a good way for you to go broke and for your business to go under. However a simple $50 bonus on a holiday or a birthday is not a bad idea to keep their motivation in check.

Reward based motivations can include anything from a casually dressed Friday or maybe taking people out for happy hour after work. In a sales situation you may want to offer commission on top of a salary to motivate your employees to sell more.

Or, you might even want to try an employee of the month scenario where the winner gets his or her picture hung on the wall or a prized parking space. By incorporating these rewards, your employees will want to work hard so that they can get that coveted reward. Play around with it and learn ways to best motivate your employees as everyone is different.

There is no right or wrong way when it comes to ways to motivate employees. If you’re stumped for ideas, pick up a book on the subject of ways to motivate employees as there are many available. However, the basis of ways to motivate employees changes from business to business. What motivates one group of employees might not motivate another, so try and try again.

You should never give up until you find the right method of motivation because when you do your business will sky-rocket. One way to try to motivate your employees is to put yourself in their shoes. Ask yourself, what is it that they need to make them as interested in my business as I am.

They will probably never be quite as interested as you are, but the closer you can get them to that point the better off the company or your business is. A motivated employee will think for the company or business, not themselves.

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