As millions of Americans struggle financially as a result of the coronavirus outbreak, now is an excellent moment to look for any additional income.
We’re not talking about looking under the couch cushions for spare change or expecting to discover $20 in your coat pocket. Looking online might help you locate money you’ve forgotten about. There’s a good chance there’s some cash with your name on it.
According to the National Association of Unclaimed Property Administrators, 1 out of every 10 Americans has unclaimed property or money floating about someplace (NAUPA).
This money is derived from monies discovered in banks, financial institutions, or businesses that have not been in communication with the owner for more than a year and have been given over to the state. It’s usually a neglected bank or savings account, an uncashed paycheck, stocks, security deposits, customer overpayments, unredeemed gift cards, or an IRS tax return.
Select delves deeper into ways to recover money owing to you and how to cash in on money you’ve earned but may have forgotten about.
How to Find Your Lost Money
During this period, a neglected savings account or a missing salary might be a lifeline for many individuals. Fortunately, there are reliable websites that may assist you in your hunt for these financial windfalls.
To begin, go to NAUPA’s website Unclaimed.org, which is a national network that collects information from all 50 states. There are connections to each state’s official unclaimed property program from there. Because these are all vetted government resources, it’s critical that you use NAUPA-provided websites rather than a general search engine.
Clicking on a state will take you to its official webpage. If you officially changed your last name, look for your unclaimed money using both your current and maiden names. You might also wish to try various search queries, such as using your first initial plus your complete last name.
Because unclaimed property is reported to the state in where the firm or organization is situated, it is typical to have lost money in more than one location, particularly if you have relocated between states. NAUPA suggests utilizing MissingMoney.com, a free website they recommend, to search numerous states at once. Check every state in which you have resided or done business.
How to claim unclaimed money: Each state has its own process when you’re ready to claim your lost money, but it should be pretty straightforward. You need to be prepared to show proof of ownership of whatever you are claiming such as a pay stub, utility bill or your Social Security number. You will also need to have proof of identity, like a copy of your driver’s license or passport. Processing times vary by state but some can take less than 30 days, the NAUPA website says.
Well, that’s it. Now it’s time for you to go check and see if you have any free Money waiting for you to claim. After all, it’s YOUR money!
It is reasonable to wonder why there is a need to get credit cards for your small business. Well, It is not only necessary but extremely vital – especially during the early stages of the business. Essentially, a credit card, or several, is the asset you need to streamline daily expenses while acquiring numerous benefits, including purchase protection and beneficial rewards.
Benefits of Credit Cards to Small Businesses
In a nutshell, here are the primary benefits of credit cards to a small business
Simplified Cash flow and finance purchases
Most startup businesses do not have the luxury of making purchases via cash. Therefore, the ‘spend money to earn money ‘ idea may be limited to some. A credit card comes in handy in the line of cash flow by facilitating purchases for stock or equipment, thus empowering businesses to deliver service or any other orders.
Access to account management tools
The primary benefit of using business credit cards compared to cash is that every cent is usually accounted for. Most companies offer periodical summaries and access accounting programs like Quickbooks, which help them follow their transactions and track their spending.
Streamlined employee expenses
A business credit card is also a smart way to centralize the company expenses and limit them to a single bill. Additionally, it saves business owners the hassle of reimbursing employees whenever they spend on their personal bills and allows them to regulate employee spending.
Redeemable rewards
Typically, purchases made on credit cards earn rewards, redeemable in various ways. Therefore, business owners can compare reward programs while shopping for a business credit card and go for the most sensible ones.
Travel and purchase protections
Business credit cards, like personal cards, also offer exciting travel and purchase protections such as cell phone protection, zero foreign transaction fees, auto rental damage collision waivers, Trip cancellation, interruption insurance, etc. Also, depending on the nature of your business, some credit cards may offer better deals than others.
The 7 Best Credit Cards For Small Businesses
A good business card offers higher spending limits, several rewards, an insurance benefit, and perhaps some cash back. Now that you understand the importance of having a credit card for your small business, here is a round-up of some of the best options for various situations.
Capital One Spark Miles is an excellent choice for business owners chasing after generous cashback as it has a welcome offer of up to a $1000 cashback bonus. The bonus is broken down into two- $500 on the first $5000 spent within the first three months and the other half upon spending at least $ 50,000 within the first six months.
The card also has something for frequent travelers, whereby users get rewards in miles rather than cash or points. A Capital One Spark Miles Card earns you 2X unlimited miles on each purchase made for the business and an additional 5X on rental cars and hotels booked through their affiliate service, Capital One travel.
Other benefits include:
Zero foreign transaction fees
Free employee cards
Low credit score permits- applicants with limited fair credit may qualify
The American Express Business Gold is ideal for the big spenders as it has a relatively high annual fee. Regardless, users stand to earn massive rewards thanks to the 4X reward rate in two categories from the following options:
Shipping
Gas Stations
Advertising Purchases
Technology
Restaurants
Airfare
The 4X points are redeemable for the first $150,000 spent annually and any top two categories, and a point per dollar earned after that. The Amex Business Gold Card also offers customers robust travel benefits and flexible redemption and point transfer options.
Chase Ink Business Cash is the ultimate go-to for many business needs. They reward you for things you are sure to spend your money on, such as business phone services, Internet and cable purchases, gas stations, and restaurants. They offer 2% to 5% cash back on the first $25,000 spent on these essential services and guarantee a 1% cash back on all other purchases.
With a Chase card, you can save on collision insurance, usually offered by rental car companies, and allow you to protect valuables from theft or damage for 120 days on $10,000 per claim and $50,000 per account. It certainly does not end there, as the benefits extend to manufacturer warranties on purchases made within an additional year.
This card offers zero annual fees and 2% cash back for $50000-worth of purchases made within a year, followed by 1% cash back on other purchases. The Blue Business Cash Amex also empowers its users to spend above their credit limit through an expanded buying power program.
Other considerable benefits include the following:
Automatic crediting of rewards to your statement
Zero charges for employee cards
Account management tools, including an end-year summary and expense report
The Chase Ink Business Unlimited credit card is an excellent addition to the Chase Ink credit card line-up. It has numerous similarities to a personal credit card, offering 1.5 % unlimited cashback on purchases across all categories. It also provides employee cards at no additional costs and a zero annual fee.
Similar to the Ink Business Cash Card, the Unlimited version has a $900 cash-back sign-up bonus for newcomers for $6,000 spent within the first month. However, Chase Ink Business Unlimited earns customers the highest base rate, which could benefit businesses that spend huge amounts on expenses.
The major selling point of the Business Platinum Card is the welcome offers that usher new users to 120,000 Amex Membership rewards after spending $15000 within the first three months. Other considerable benefits include the following:
5X points earned on booking flights and making hotel reservations through the Amex platform
Statement Credits for purchases with Dell and a CLEAR membership
1.5x points on purchases from various categories
A free pass to Global Lounge Collection
The premium card may have a $695 annual fee. Regardless, the perks definitely outweigh this hefty price.
The CitiBusiness Advantage Platinum credit card is a great option for small business owners looking for a standard rewards program with some benefits, including:
Introductory APR for purchases and balance transfers
No annual fee
A chance to earn 1 point per dollar on purchases and 2 points per dollar on travel and dining purchases
The chance to earn 5 points per dollar spent on qualifying business expenses, including business cards and business checking accounts
Small businesses around New Jersey have continued to emerge, creating a great environment for investment. Business insurance plays an essential role in the development and establishment of your enterprise by covering costs associated with liability claims and property damages. As a business owner, especially small enterprises in New Jersey, insurance should be the first option you look into to protect your assets.
Over the years, NJ insurance companies’ growth and diversity have greatly influenced the better performance in creating accommodative and efficient services that even cover small businesses. In this article, we are going to discuss the importance of insurance in NJ.
What types of insurances would a NJ small business need?
There are various types of insurance involved in businesses. They are mostly determined by the type of business you have, a risk profile, products or services offered, and employees and clients, among other possible improvements that may be put in. Some of the insurance packages that you can consider in New Jersey include:
General liability insurance in NJ. This covers damage costs and potential lawsuit claims if someone accuses your business of property damage, bodily injury, or slander.
Professional liability insurance. Also known as errors and omissions (E&O) insurance, professional liability insurance partially pays for any damage and lawsuit costs made on work mistakes, missed deadlines, and incomplete projects.
Business income insurance. Also known as business interruption insurance, this type of insurance aims at helping you recover your lost income, which may be very efficient, especially for a small business, before it becomes completely stable. This coverage can help you pay ongoing expenses such as rent, payroll, and utility bills.
Commercial auto insurance. It covers accident damages that may happen when driving for work. This helps protect you and your employees, especially while using company-owned vehicles for business. This can help cover for property damage and bodily injuries.
Workers compensation insurance. It aims to compensate employees who may suffer work-related injuries in covering for their medical bills, funeral costs if an employee loses their life due to work-related injury, and compensation for their lost wages.
Flood insurance in NJ. Flood insurance is only necessary if you are located in a flood zone. To find out check out this website NJFloodMapper where they show flood zones in NJ
Business insurance mainly depends on the policy limits set in other states. Insurance policies are set to promote stronger and more effective services to businesses and thus require equal treatment for all businesses. Public policies also help your business get approved for coverage, especially concerning the state policies that regulate insurance operations and business.
Process of getting an insurance
In New Jersey, to obtain an insurance license, you must follow a series of steps that make your business viable for insurance coverage. These steps include:
Assess your risks. This can be easily determined by understanding and defining your work, the kind of accidents that may occur, and the lawsuits that may face your business. These can help you know what kind of package is necessary.
Identify the type of insurance best suitable for your business. Considering small businesses, you must choose an efficient package that will adequately cover you in case of any damage. Also, familiarize yourself with the types of insurance policies required in New Jersey that can help determine the license you need. It is important to understand what insurance should also include to help you have better control over the choices you will make.
Perform an online search on insurance providers highlighting their services and reliability. Small businesses can easily be tricked into engaging with fraud and inconvenient coverage that may affect your business. A reputable licensed agent must put your best interests and serve as they were their own. Commercial insurance agents can also help identify policies that match your business needs.
Background check. This is essential in insurance covers that also help you ensure that the coverage is in line with the New Jersey state policies and is fulfilled effectively.
Shop around. Compare the different rates and terms of work and service from different agents that can help you have a different opinion or view before making a final decision. Compare significant benefits and prices that can be efficient for your business.
Re-assessment. Your business continues to grow, and thus your liabilities. Perform a thorough assessment of your business after a certain period. New developments and operations affect your coverage. Thus, discussing this with your insurance cover is important to ensure convenient coverage.
Small business insurance providers in New Jersey
Techinsurance specifically deals with small business insurance for technology businesses. They are aligned with state requirements and policies and thus can adequately protect your business.
Hortica insurance. They are involved with horticultural products, including greenhouse growers, nurseries, and florists.
Other insurance providers like Plymouth rock assurance, Insureon, are also involved in creating solutions for your small business through efficient coverage with reasonable packages. However, it would be best to research the different rates and their reliability or effectiveness. This is an essential part that may affect your business very dearly. Thus, take your time to ensure you have the right partner.
Gary’s Insurance Agency LLC – with over 775 review on Google, Gary’s Insurance Agency in Linden, NJ is a solid option for your insurance needs.
Dollar A Day Insurance – with 14 reviews and an average rating of 3.3, Dollar a day insurance isn’t the top of the list of recommended insurance provers. However, they are an option for you to explore.
Final thoughts
Setting up your business in New Jersey is a viable option, especially due to the policies on insurance coverage. You must ensure that your coverage is effective and convenient. Learn as much as you can about the insurance providers and the policies they use, especially if they align with state regulation.
The word excel has multiple meanings depending on the context in which it is used. In computer software, Excel refers to Microsoft’s proprietary spreadsheet program developed by the company over 30 years ago as an addition to their suite of Office products. It was designed as a competitor to other popular programs like Lotus 1-2-3 and works across multiple platforms (Windows, Mac OS X, etc.).
In addition to being able to perform typical spreadsheet functions like calculations, conditional formatting, pivot tables, etc., Excel also allows users to embed multimedia objects like images or videos within their spreadsheets so that they can more easily present data in an engaging way for their audience.
Microsoft Excel can be found in virtually every office environment across the globe because it provides businesses with a cost-effective solution for storing and analyzing large amounts of structured data quickly and easily without having to hire expensive IT professionals or developers who would otherwise be required if they were using other products on the market today such as Google Sheets or LibreOffice Calc.
So, what’s another word for excel?
Below is an image from Freethesaurus.com of the different meanings of Excel. However, none of them have to do with Microsoft Excel so we’re gonna have to dig a little deeper.
As much as we would love to provide you with a list of “other words for excel” or excel synonyms it’s just not something we can do.
You see, “Excel” is a product from Microsoft. Much like Word, Outlook and others you’ve never heard about. Much like those products, Excel is what it is, a product that allows you to create and edit spreadsheets.
With that said, Spreadsheet has a list of synonyms that may be what you’re looking for.
Are you looking for JGOD’s spreadsheet of weapons?
But wait, this spreadsheet is for gamers, not business?
Well, we thought we’d have a little fun by covering a spreadsheet that is actually NOT for business, but for fun instead.
What is Call of Duty Warzone?
Call of Duty: Warzone is the tenth installment in the popular first-person shooter series. In this game, players will find themselves battling it out in large maps filled with other players competing for victory.
This new entry into the franchise has been completely rebuilt from the ground up and offers some of the most intense online gameplay yet seen in the series. If you’re looking for a game that will keep you on your toes then this is definitely one to check out!
Who is JGOD and what is he famous spreadsheet all about?
JGOD is a famous YouTube and social media personality. He is best known for content that helps others improve their first person shooter games, like Call of Duty. In the gaming world, he’s know as the “warzone guru”. Mostly, because he has made it his objective to study every weapon and attachment in the game in order to understand which is the most effective weapon.
You can find JGOD playing COD (Call of Duty: Warzone) on Twitch (JGOD_Gaming), Youtube or part of a gaming group called KARNAGE.
So what’s the big deal with JGOD’s spreadsheet?
Well, take a look below as the screenshot. You can see right of the bat, JGOD spent A LOT of time on this spreadsheet for his follow gamers.
*keep scrolling for the actual download link*
Call of Duty Warzone Weapon Spreadsheet
Sort of hard to understand, right? Well, to be fair, you can’t see much with the screenshot.
Well, you’ve been patient enough, here is the link for JGOD spreadsheet. It’s actually a google spreadsheet so you don’t actually have to download anything.
Be sure to check out all the tiny blue tabs at the tip as well!
Now that you have JGODs spreadsheet, your COD: Warzone game play should get better, right?
If you’re just starting with Microsoft Excel, you may feel overwhelmed by the sheer number of options available at first glance. The good news is that these programs and their functions will start to make sense after using them for just a few minutes. Once you get your footing, you’ll be able to take advantage of all of the great features that Microsoft Excel offers and become an Excel pro in no time! Here are some tips and tricks to help you become an Excel master.
1. Master the Shortcuts
2. Import Data from a Website
You’ll also need to know how to import data from a website. If you’re not sure how here’s how! Open your spreadsheet, go to File -> Import, and select From Web. Paste in the URL of the webpage with your data, select what columns you want to import, enter any filters that you might want (optional), then click on Import.
3. Filter Your Results
1) Select any cell within the column or row you want to filter by.
2) Click on Data > Filter > Create New Filter
3) Type in the condition (e.g., is greater than) and set your parameters (e.g., 10).
4) Click OK when you’ve finished creating your new filter to apply it.
When working with large data sets in Excel, finding the information you’re looking for can be challenging. That’s where the filter function comes in handy. By using filters, you can quickly and easily narrow down your results to only show the data that meets your criteria. Here’s how to use filters in Excel:
4. Calculate the Sum
The SUM function in Excel is one of the most commonly used functions. It allows you to quickly add up a range of cells. To use the SUM function, select the cell you want the sum to appear in and then type =SUM( followed by the range of cells you want to add up. If you want to calculate the sum of a row or column, select that row or column before using the SUM function.
5. AutoCorrect and AutoFill
AutoCorrect is a great way to ensure your data is entered correctly and consistently. Simply type in the first few letters of what you want AutoCorrect to change, hit Enter, and then choose the option you want from the drop-down menu. AutoFill is another tremendous time-saving tool that can populate cells with data based on patterns you enter. For example, say you have an address list that’s easy to create if you know the first letter of each person’s last name. With AutoFill, all you need to do is start typing A, and Excel will automatically fill in all the A’s for each row—no need to manually enter them one by one!
In a nutshell, becoming a spreadsheet master is all about breaking down your work into easy-to-follow steps. You don’t need to be an expert to become proficient in using Excel. Just keep practicing! The more you do it, the better you’ll get. It may take some time before you are confident enough to automate your spreadsheets, but if you keep learning and trying new things – then soon enough, those times will come when you can automate them like a pro!
You’ve heard of a SWOT analysis. But, you don’t know where to start. Even if you did, you don’t have the time.
What if a SWOT analysis could really help your small business, though? What if it could provide direction and help you to look at business decisions through a more beneficial lens?
Are you certain that a SWOT analysis isn’t worth the time and effort? How much of either have you put forth in this pursuit, thus far?
What business decisions have you made recently that you felt were “off.” Do you feel like these decisions are nudging your small business in a decision you don’t want to go?
If you’ve read some of my other posts, you might know that I’m a big believer in the Pareto principle. I think that principle applies here.
Most of the benefits of analyzing your opportunities, threats, strengths, and weaknesses will come from 20% (or so) of the time and effort.
Hopefully, this post will help you isolate that 20% and reap the rewards of a SWOT analysis.
The 5 minute SWOT analysis
Set a timer for 1 minute
Use the ideas I provide as inspiration
Hyper-focus on each section of the SWOT analysis
Don’t overthink
Come back to the analysis with fresh ideas later
For each section, I suggest you take a timer and set it to a minute. Then, spend that minute laser-focused on the task at hand.
In the sections below, I’ll provide thinking points for your small business SWOT analysis. These will hopefully grease the gears and help you to utilize this time to create something useful.
Write down or type whatever comes to mind. Don’t scrutinize your answers too much – there’s not enough time!
The “5-minute” time limit is only used in the title to draw readership. Of course, if you want (or need) more time, take it.
Think of an opportunity while driving home? Discover a threat you had not thought of while reading the news? Has a customer mentioned an undiscovered strength? You can always return to your SWOT analysis and edit it.
Opportunities
Opportunities may not always be obvious. If they were, every company would have a better chance of being successful. You need to keep looking for opportunities and you need to think hard on them if you find one.
Opportunities, in a SWOT analysis, are positive external factors affecting your business. They are outside of your control. Opportunities are great. But, your opportunities are most likely opportunities for your competitors too.
That being said, opportunities aren’t always obvious. If they were, every business would be successful. It can take a keen eye to spot opportunities. If you’re more of a pessimist – remember that nearly every threat can be turned on its head to represent an opportunity. And…vice versa.
It can also be difficult to know how to react to opportunities. But, if you can spot them and take the time to calculate your actions – the result can be very positive for your business.
Ideas for opportunities
What is handled inefficiently in your industry?
What middlemen are offering little value in your industry?
What parts of your business can be digitized?
What would your customers like to have customized?
What training could you provide for customers or other businesses in your industry?
How have franchises performed in your industry?
What are the best-performing businesses in your industry doing right?
Threats are things outside of your control. You should not worry about them for no reason, but make sure you try to be as realistic and reasonable as possible.
Threats, in a SWOT analysis, are negative external factors that could affect your business. They are also outside of your control. But, that doesn’t mean they can’t do serious harm.
Threats, like opportunities, can be turned on their head if you need ideas. Threats and weaknesses are what cause businesses to shut down. Especially when they work in tandem.
You don’t want to drive yourself crazy with threats. But, don’t stick your head in the sand either. Try to be as reasonable and realistic as possible.
Strengths are things that make your business special. This is what makes you better than other businesses. Use them to do good things for your business.
Strengths, in a SWOT analysis, are positive internal factors that (can) help your business succeed. They are unique to you and they give you an edge over the competition.
You want to crank these qualities up and get the most you can out of them. Particularly in instances where you can use your strengths to exploit opportunities or hedge threats.
Being humble is normally good. But, this is not a time for that. On the other hand, don’t let your ego get the best of you. Pretending you have a strength that you really don’t have, is a weakness.
You should try to improve your weaknesses. These flaws could prevent you from capturing opportunities in the future.
Weaknesses, in a SWOT analysis, are negative internal factors that (can) hurt your business’s chances of success. Your competition may or may not do these things well.
You should strive to improve these shortcomings. You don’t necessarily have to turn them into strengths. But, ideally, you’d like to get them to the point of being “good enough.” Weaknesses could prevent you from capitalizing on opportunities. They could also ruin your business if a threat comes along that exploits them.
Nobody likes to admit their shortcomings. Be honest with yourself here and get input from dependable third parties if you must. Weaknesses that are ignored can’t be fixed.
A SWOT analysis is a good way to think about your business environment. You can find out if you have strengths, weaknesses, opportunities, and threats you weren’t aware of. It might seem complicated at first, but it will be worth it.
A SWOT analysis might seem like business school mumbo jumbo. And, it can be if you get lost in the weeds.
Hopefully, if you took the 5 minutes or so to perform a SWOT for your small business, you now have some ideas on:
Opportunities to exploit
Threats to protect against
Strengths to utilize
Weaknesses to fix
Finally, here’s a little food for thought as you work on your business’s SWOT analysis. This poll can be found in my church SWOT analysis post.
If you decide to perform a SWOT analysis (even if it’s a quick one) AND follow up with action, you’ll probably be in rare company. It could give your company the boost it needs to beat the competition and reach your growth goals.
You’d like to be able to charge more for your small business’s products or services. However, you feel pressure to sell for near or below what your competitors do. Otherwise, your customers will go elsewhere, right?
However, every dollar more that you can charge is (likely) an extra dollar in profit. Bringing in more revenue would help your small business with cash flow and would contribute to achieving your goals. You know that better pricing strategies exist, but maybe you’re not sure how to implement them?
Is every business forced to compete on price? Everybody knows that, to a greater or lesser degree, you get what you pay for. Most people, at some point, have “spent a little extra” but felt like they got their money’s worth.
Do you know everything that compels your customers to buy, besides price? Unless you’re selling highly commoditized products, I’d say it’s unlikely that price is the only purchasing decision.
Why not sell your products and services at a bare minimum, then? Only make enough profit to stay in business – assuming that nothing unexpected happens. Customers are the only side of the transaction that matters after all…
How do your (potential) customers make buying decisions – have you asked them? Think about this, along with what it is that you do better than anyone else. The better you understand variables, beyond price, the better position you’ll be in to maximize your small business’s revenue and potential.
What would really happen if you raised your prices? Sure, it’s probable that some customers would leave. I’m betting it wouldn’t be your best customers. In fact, for a lot of small businesses, I’d hazard to guess that earning more revenue from “good” customers and having less hassle from the “bad” customers would be a very welcome development.
Understanding how much your customer thinks a product is worth is important. That’s why companies try to price their products with what the customer values in mind. This type of pricing is customer-focused. Companies that employ this strategy have to make sure they are meeting customer needs.
Value-based pricing is an approach to pricing products and services that focuses on the value provided to the customer rather than the time or cost incurred by the provider.
Value pricing can be contrasted with cost-based pricing. Cost-based pricing focuses exclusively on the costs incurred to bring a product or service to market.
Since the perceived benefits from a product or service can far exceed the cost it took to create it, the potential for a small business to earn extraordinary returns is very high.
How to convey value to customers?
It is important to know the value of your products and services. If people don’t think they are getting their money’s worth, then you have no power to raise the price. But if people believe they are getting their money’s worth, then they will stay with you even if you raise prices.
Small businesses need to be careful with value pricing, however. If you overestimate how much the customer values the product or service then, it’s possible, that sales will suffer. It’s rare that customers will willingly overpay for something.
Emotion plays an important part in value-based pricing. It’s emotion that drives the desire to purchase a product or a service.
Whereas value can determine price, price can also convey value to the customer. Counterintuitively, not having a relatively high price can communicate a lack of quality to customers. Even if that’s not necessarily the case.
By its very definition, we know that the more value a small business can create for customers the more it can charge. So, how to create and convey all of the value you’re providing?
Be authentic and transparent
Deliver on what you promised to customers. Both explicitly and implicitly.
Customers are customers, not employees. So, don’t expect them to spend additional time and money handling things that should have been handled by you. Make doing business with your company easy, not a chore.
Draw a distinction between you and your competitors
Your customers aren’t stupid. They know that they could spend their money elsewhere. So, there’s no point in pretending that you don’t have competitors.
Highlight where you’re strong and they’re weak. Where the opposite is true – try to shore those weaknesses up.
Every customer is unique. Even those within the same market segments.
Not every business model is built for customization. However, try to look for ways to get closer to giving your customer exactly what they want.
Follow up (gently)
If practical, follow up to make sure the customer is satisfied with their purchase. Most times, they should be. If they’re not, this is a good opportunity for feedback.
Get testimonials
Customers believe other customers. Frankly, more than they believe you. Reviews and testimonials provide valuable social proof that provides very real justifications for raising your prices and increasing your profit.
Make giving testimonials and positive reviews easy. Provide an incentive if you can.
Calculating a value-based price
Value-based pricing is a way to set a price. You start by figuring out what your product is worth, or how much someone might pay for it. This can be confusing because some people think that they should charge as little as possible.
Data about customers and their purchasing patterns can help drive value pricing decisions. Analyzing this data can help you decide what your customers value. CRM software can help with this.
The problem is – nobody is really average and every individual values different things. It’s not advisable or even practical to charge each individual a different price based on what they value.
Marketing your product or service with value in mind is a great place to start. It actually puts you into the mind of your customer. This helps ensure that you are giving them what they want.
Save time with value pricing
Most businesses are trying to get as many eyeballs on their products and services as possible. Since value pricing forces you to get into the mind of your customers, you’ll better define your customer segments. More importantly, you’ll not waste time on those customer segments that aren’t interested in your small business’s products and services.
Not every small business has a good grasp on its costs. This makes discounting dangerous. If you haven’t allocated all your costs in a meaningful manner, you could be losing money on sales.
Alternatively, by focusing on value pricing, your presumably getting the most revenue possible out of every sale. You still need to know your costs. However, your likelihood of maximizing profit is much higher versus an alternative strategy.
Not every small business owner is a math or accounting wiz. That’s absolutely fine unless you are selling math or accounting services.
Once you get a feel for value pricing, you might find it simpler than, say, a cost-plus method. You might find it more intuitive.
Promoting quality instead of quantity
Value-based pricing isn’t just about selling more products or services, it’s also about selling better products with higher quality standards.
Value pricing makes you focus on what you are providing your customers. So, you have quality on your mind. Contrast this with a discounted pricing strategy where you’re starting from a point of cutting costs (and likely quality). Even if prices are higher, your customers might appreciate a focus on quality.
Disadvantages of value-based pricing
Different markets might have different values
Subjectivity
Time-consuming
Every decision has upsides and downsides. There are disadvantages to value-based pricing that you should consider when deciding if it is suitable for your small business.
Different markets, different prices?
One of the most notable disadvantages of value-based pricing is that different niches will have different values. Having niche markets for customer loyalty purposes is good. But, it may also mean that certain niches may get over or underpriced. That, or you have to charge different prices to different markets. Which, can get tricky.
Challenging to set the prices
This might seem to contradict the “simplicity” advantage. But, it all depends on where your strength lies.
If you’re a more quantitative-minded small business owner, then a cost-plus pricing strategy could come more naturally to you. The nuance of a value pricing strategy might elude you.
Time and effort
If value pricing proves to be challenging to you, it could take an inordinate amount of time. Time that could be spent on other aspects of your business. Generally speaking, given the importance of pricing, even if it is time-consuming, it is most likely time well spent.
Benefits probably outweigh costs
Competing on price is a losing battle. There are only so many costs that can be cut. Plus, low margins put your small business at risk of cash flow issues and impede growth.
A little thought and a little research will help to uncover what it is that your customers value. Highlighting the value you are giving your customers will reassure them that what they spent was worth it.
Anecdotally, I’ve never seen a story where a business was regretful for raising prices. Granted, this could be an issue of survivorship. But, I think, generally speaking, raising prices (and conveying value) offers a bigger upside for your small business than downside.
Some small businesses are quick to embrace technology. Others, not so much.
For small businesses in technology-heavy industries, it’s natural, and often necessary, to understand digital trends. Other small businesses are in more “traditional” industries. Even if they wanted to be on the cutting edge of technology, they’ve still got a business to run. An “analog” business that doesn’t need digital dohickeys to operate.
Digital advertising is a complicated subject. Navigating this domain takes a certain amount of know-how. It might even require the help of somebody with in-depth expertise. This post won’t tell you everything you need to know about digital advertising. Hopefully, it will start you on a path to understanding what your next steps should be.
Consider the following:
Are you able to calculate an ROI for your non-digital advertising?
Do you currently know all of the digital advertising options available to your small business?
What other technological tools have you tried and been pleasantly surprised with?
How can you manage your small business’s digital advertising so that it provides a satisfactory ROI?
What’s the worst that can happen? You can do nothing and your competitors can gain an upper hand. Perhaps jeopardize your business’s existence. Or, you can be proactive and learn a little about this subject so that you can proceed with confidence.
Digital vs traditional advertising
If the media you’re using was created before the internet – it’s traditional. After – it’s digital.
Tradition advertising includes the following mediums:
Billboards
Radio
Broadcast television
Direct mail
Magazines
Newspapers
Anything tangible
Not surprisingly, attention has shifted over the past 10+ years away from traditional mediums toward digital. In fact, in 2018, it’s estimated that digital media eclipsed traditional. Source.
Credit: statista.com
Simply put, advertising is when you pay for a place to talk about your company. The goal of advertising is to find people who want what you have and convince them to buy it. It follows, of course, that advertising is going to gravitate toward where the attention is.
“I still use, and benefit from, traditional advertising” you might be saying. If traditional advertising is working for you, you’re not going to abandon it. It might be time, however, to start gauging exactly how well those old mediums are working for your small business. One of the simplest ways to do this is to simply ask how customers found you.
Why is digital advertising superior to traditional?
Digital advertising is direct and can be tied to sales
It lets you make low-cost changes or try new things
It requires less of a time and money commitment
It facilitates feedback
It’s easier to reach your target audience
First and foremost, what makes digital advertising most appealing is its direct interaction with customers. Traditional advertising is more indirect. It’s easier to tie a sale to digital advertising than traditional. This analytical data is priceless when it comes to inventory management, product development, and other marketing duties.
Digital advertising also allows you the ability to edit, tweak, and A/B test. With traditional, once it’s out there, it’s out of your hands. You can certainly make changes the next go-around. But, traditional advertising can’t compete with digital in terms of flexibility.
The time and money commitments are also less with digital advertising. At least with a given provider/medium. This, coupled with its flexibility, allows you to fine-tune your digital marketing message in a much more efficient manner.
Feedback is another important consideration. Conveying everything you want your customers to know in limited print space or during a 30 second TV/radio spot is tough. Customers are still left with questions. Digital advertising helps to address your customer objections. This can be done by communicating with them directly, or by making it easy for them to learn more about your products or services.
Finally, it’s easier to get your marketing message in front of your target audience (customer avatars) with digital mediums. This means less waste than with traditional means.
Digital advertising is still relatively young. And, while the actionable insights are greater, digital advertising simply doesn’t have the decades of research that traditional advertising does.
There are other “cons” too…
Your customer avatar might not spend time online. And, if they do, they might go to great lengths to protect their privacy or not share enough to be identified.
Traditional advertising is subject to space constraints. But, so is digital advertising. It’s relatively cheap to produce, but not every digital piece of content gets in front of a lot of eyes (trust me!). Social media and the web are winner-take-all domains. So, “prime real estate” is highly sought after and could become cost-prohibitive.
We all know that digital advertising can be obnoxious. Ad blockers are very popular and as advertisers get more creative on how to work around them, the creators of these tools get more creative too. If your target demographic uses ad blockers, then your ability to reach them could be hindered.
Finally, all of those advantages listed above create more complexity. There is a lot of information to wade through and a lot of decisions to make. It can overwhelm you if you let it.
Types of digital advertising
Digital advertising includes the following mediums:
Search engine
Social media
Streaming
Websites
Videos
Anything internet or web related
Keep in mind that these are ever-evolving and this list could grow or these mediums could be obsolete in a relatively short amount of time. Also, there are some blurred lines between these different mediums. Some digital advertising could qualify under two or more of these categories.
Here’s a very general idea of what each medium entails.
Search engine PPC (pay per click) ads appear when people search the web. When, where, and how much it costs for your ads to appear is typically is decided by an auction system.
Social media ads utilize the information that platforms know about their users. This allows you to target very specific types of customers. The ads typically take the form of the normal content on the platform.
Advertising on streaming services is similar to TV advertising. But with a little more control over who sees your ad. Rates for this type of advertising can vary considerably. There is also the cost of production to consider.
Website advertising can also be done on a PPC or cost-per-impression basis. This type of marketing allows you to incorporate graphic elements more than search engine advertising. Which comes at the slight cost of not being able to target your audience quite as well.
Video advertising allows your small business to piggyback on specific topics. TV has conditioned us to tolerate streaming ads – to a degree. However, I think that video (YouTube) advertising had the distinct challenge of competing directly with the content your customers actually want to see. It’s like someone standing in front of their screen when they just want to watch a movie trailer.
How to get started with digital advertising?
Create a website and social media profile
Learn about what increases exposure (for free)
Try other platforms
Draw inspiration from others
Dip your toe into paid promotion
Learn the relevant advertising metrics
Keep failures small and adapt
Get help as needed
Exploit high ROI opportunities as you find them
Familiarize yourself with the digital “terrain” before moving forward with advertising. The name of the game in digital marketing is understanding algorithms and keywords.
The first step would be to create a website if you don’t have one. Try to get it to rank high on search engines. This will help you learn a little about SEO (search engine optimization).
Also, pick a social media platform to experiment with. Try to find out what constitutes popular content and what doesn’t. Once you feel comfortable on one platform, try another.
Don’t be afraid to copy what others are doing. Don’t make carbon copies, but do look to what works for inspiration.
Once you’re comfortable with the “free” marketing, dive into the paid side of things.
Understand your conversion rates, the value of your customers, and your costs.
You’re going to fail. Keep those failures small and learn from them.
You might consider getting help with the finer points. Tap into any skills that you may have within your staff. If needed, hire out help. There’s no shortage of digital marketing agencies out there.
Proceed smartly. Get feedback. Learn from it and adjust. When you finally discover that super-high ROI message/medium – put your foot on the gas and reap the rewards!
Here are some videos that will hopefully help you get the ball rolling with digital advertising:
Throughout this post, I have used the terms advertising and marketing interchangeably. They are not synonymous, however. Here’s how I’d draw the distinction:
Marketing is about understanding your customers and what they need. Advertising is a way to promote your company. It is just one part of marketing.
Utilizing digital or traditional advertising isn’t a black and white matter. There are shades of grey. If you feel that the advantages of digital advertising are worth it, you should consider transitioning to the extent you are comfortable.
As a small business owner, you’ve already got a lot to juggle. Remote work for your employees seems like another expensive headache.
I get it. I’m just some blogger who’s good with a spreadsheet. You’re a small business owner who’s poured their life and soul into building something worthwhile.
However, consider the following:
Are you sure your employees don’t want to work remotely?
Can you be certain that they won’t be more productive if given more flexibility?
If you don’t trust your employees, why not fire them all?
What are you afraid will happen if you allow your employees more flexibility in their jobs?
How can you use the appeal of remote work in your small business’s favor?
Many employees would like more flexibility in their work. You (presumably) count on your employees. So, if you will suspend your skepticism and read through the following. Hopefully, it will help you decide if the “cost” of letting your employees work remotely is worth the benefit.
Admittedly, I make some generalizations throughout this post. The purpose isn’t to definitively conclude whether small business owners should employ a remote workforce or not. That depends on a lot of different factors. The purpose is to ensure that small business owners think through this option thoroughly to determine if remote, on-site, or a hybrid model is ultimately best for their business.
So many questions…
Just as small business owners have all sorts of questions about whether to offer remote work, small business employees often have questions about their right to telecommute. If you’re a small business owner trying to decide whether or not working remotely is a good idea, understanding the legalities involved with small business remote work can help inform your decision.
The legal issues related to remote hiring/work deserve their own post. However, here are some things to research further:
Making employment notices accessible to employees
Discriminatory hiring related to virtual interviewing
Security and privacy concerns
Setting remote work policies
Monitoring employee activities
Timekeeping and overtime
Meal and break time
Expense reimbursement
Sick days/pay
OSHA issues
Disability accomodation
Personnel recorders
Insurance coverage
Whew… That’s not helping with the headache. Fortunately, you already have to deal with most of this stuff. Making it work with a remote staff should, hopefully, just require a little tweaking.
Can small business employees work remotely?
Small businesses are known for being flexible when it comes to the requirements of particular jobs, so small business remote work is much more common than you might imagine. This option is ideal for small business owners who want to give qualified employees greater flexibility in their schedules.
One way to make remote work possible is to utilize the appropriate technology. You never know, you might find tools that make your small business even more efficient. That could save you money!
Have you asked your employees how they feel about remote work?
There are two sides to this coin.
If small business employees don’t want to work remotely, then remote work is not for them. Luckily, small businesses can easily experiment with remote work.
A hybrid model, even one day a week, could be a good place to start for those small business owners that want to test the waters. The key is to communicate clearly with employees about where you stand and what expectations you have.
If your small business has an iffy reputation with regards to trustworthiness, you might consider small business remote work as a way to incentivize employees. Plus, it may help with your hiring efforts.
Here are a couple of surveys regarding small business remote work. One focuses on the owners’ perspective. The other on employees.
Don’t force small business employees to choose between their freedom and their jobs. Not only is small business remote work an attractive hiring incentive, but it may also be a way for you to keep your best small business employees in the long term.
Give your small business’s employees the tools they need to be productive outside of the office. Maybe you’re not up-to-date on what software is capable of, these days. What you find may surprise you.
Here are some popular remote work software tools that could help with productivity:
Slack
ProofHub
Trello
eXo Platform
Dropbox Paper
Many small businesses fall victim to asking their employees which tools they’d prefer to use for small business remote work.
Rather than relying on the subjective opinion of one or two employees, discuss your options with someone who’s transitioned to remote work. This could be another small business owner, a consultant, or a group from social media.
Trusting your employees with small business remote work
This is a small step that could greatly benefit your small business. For many small businesses, the initial investment of small business software for employees outside of the office will be worth it. Once you’ve worked out the kinks with small business software, you’ll find yourself more empowered to give employees the freedom they desire.
If you run a more “authoritarian” business, then trust won’t come naturally. Conversely, if you provide a satisfying work environment, then you may not have to worry about remote/hybrid work.
If turnover is a problem – maybe it’s something you should strongly consider?
Once your small business software has been set up, then employees will know exactly what their day-to-day duties are. They will know that they can’t access certain websites during work hours and that software could remind them of upcoming deadlines.
As a small business owner, you’ll have to trust yourself before you can trust others. You’ll need to let go of your initial fears and brainstorm ways to find balance. If everything goes well, you’ll find yourself with a lot more flexibility in how you run your small business.
This small step quickly becomes rewarding as it creates an atmosphere where your employees will feel more empowered and might return the favor with increased productivity.
What’s the worst that can happen if your small business goes remote?
Some small business owners worry that letting their employees work remotely will lead to a decrease in productivity. But the truth is often the opposite.
You might find you have more productive and dedicated team members as they make themselves at home in their natural environment.
Your small business might even feel larger than it actually is if you’re able to connect with these remote workers using a video-calling tool like Skype or Google Hangouts. You’ll be able to see time zones and understand where someone is calling from without asking where they live.
That points to another benefit of having a remote workforce. If geography isn’t a constraint for hiring, you can hire the best talent you can afford from anywhere in the world. You’re pool of qualified candidates just got a lot larger!
The reason small businesses choose not to go remote largely boils down to one word: trust. Trusting yourself to hire worthwhile people. If you can’t trust them to work remotely, what else can’t you trust them with?
