4 Ways to Reduce Your Insurance Costs

4 Ways to Reduce Your Insurance Costs

Successful entrepreneurs and seasoned business professionals are always searching for new ways to cut down on the costs associated with doing business. If a company can’t find a way to do more with less, it’s unlikely to endure for long in a competitive marketplace where it’s surrounded by savvy competitors. Far too often, however, business leaders fail to pay attention to one key area where they can seriously save money – their insurance costs.

Smart consumers regularly shop around for their best insurance options and search for ways to mitigate their rates. Why should your business be any different? Taking a little time to do the research and look for ways your company can reduce its insurance costs will save money in the long run.  Here’s how companies can cut their insurance costs without cutting corners.

Know your options before you commit

The best way any company can cut their insurance costs is by being aware of their options before they make a hefty financial commitment to one particular provider. Failure to do so could land a business in a commitment with a provider that is not cutting them a good deal and getting out of an insurance plan early is often tricky. 

If you’re uncomfortable with your current business insurance policies, there’s no need to stick around with a provider that generates lackluster results in an important area of commerce. After all, shoddy insurance isn’t just something that will drain your accounts every month. In the right circumstances, it could cost you the entire business. Not having adequate coverage is one of the leading reasons small businesses fail when calamity inevitably strikes.

Many small businesses make foolish mistakes, which end up costing them huge sums of money in the long-term while their corporate competitors invest more wisely in insurance.

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What Small Business Need to Know About Accounting

What Small Business Need to Know About Accounting

Most small business owners aren’t accountants by trade. But whether their background is in product development, HR, management, or anything else, they have to learn the nuts and bolts of accounting.

The good news is that small business accounting is relatively simple. Companies that operate in a single state and have a simple business structure have three accounting priorities: ensure their revenues exceed expenses, keep their books clean and pay their taxes. Still, small business accounting can be tricky for leaders without any sort of financial background. Use these tips to make sure you’re on the right path:

1. Keep business and personal accounts separate

One of the messiest accounting blunders small business leaders can make is to mix their business and personal funds. Although plenty of entrepreneurs chip in their own startup money, business revenue and expenses must be kept separate from personal ones. 

The best solution is to start with a sound structure. Establish your company as a distinct legal entity, such as an S Corp or LLC. Open a business checking account as your financial hub, and pay yourself a salary from it each month. Get a business credit card for expenses you can’t, or don’t, want to pay cash for, and open a business savings account as a rainy day or investment fund. Track any usage of personal items for business reasons.

2. Classify workers properly

When it comes time to build a team, you have two choices: employees or contractors. The IRS considers employees as those who you have behavioral authority and financial control over, as well as a long-term relationship with. Contractors, meanwhile, are people who work for your company on a per-project basis and retain control over their own schedules and business decisions.

Beware that the penalties for misclassifying workers are

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5 Ways to Increase Holiday Sales

5 Ways to Increase Holiday Sales

 

  • 20% to 40% of all sales for many medium-sized businesses come during the last two months of the year. 

  • Segmenting your email list can potentially double your click-through rate. 

  • Online contests are effective tools for lead generation, sales, and engagement during the holiday season. 

  • Reviewing your analytics can help you make informed decisions when planning future marketing campaigns. 

The holiday season is a lucrative one for many businesses. In 2018, shoppers spent 719.15 billion dollars during the holiday season. This year, consumers are expected to spend more than ever before. Black Friday is not just the most profitable shopping day of the year; it’s the kickoff to the holiday shopping season. 

Business owners who don’t take the time to prepare for holiday shoppers may find themselves at a disadvantage during the final quarter of the year. Here are several ways you can step up your marketing campaign this season for more sales, engagement and leads. 

Optimize for mobile devices

As of July 2019, there were 3.7 billion mobile users. In other words, over half of the population owns a cell phone, and many of those people shop online during the holiday season. The key to creating an effective mobile design for your users this year is simplicity. When someone lands on your website, they should know within seconds who you are, how you can help and why they should care. 

Mobile design goes far beyond the initial appearance of your business; it also includes how your site functions. For example, mobile users are notorious for abandoning their shopping cart if they have to fill out multiple pages to complete their order. 

One way to optimize for mobile is to try and create a simplified checkout page that allows users to browse your store, pick what they want and complete

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7 Ways to Increase Customer Retention

7 Ways to Increase Customer Retention

Businesses grow by acquiring new customers, but they thrive by keeping their existing ones happy. Businesses need to put in the effort to retain current customers. Doing so can be even more important than acquiring new ones.

 There is compelling data that backs up the need for businesses to focus on their customer retention strategies.

It’s clear that you should avoid getting complacent regarding the customers you have. By using retention strategies, you’ll be able to better engage with customers and keep them happy. 

Here are some useful strategies and tools that can support your customer retention goals.

Stay ahead of churn rates

The first step is to know what your churn rate is. Your churn rate tells you how many customers are leaving your site or have stopped buying from you. Knowing your churn rate will help you anticipate changes in your bottom line. It will guide your strategies to boost customer retention. You’ll also be able to understand if your customer retention strategies are working by monitoring your business’s churn rate. 

Use CRM software

Customer relationship management (CRM) software supports and enables customer retention. Using CRM software will help you track customer behavior over time. It can tell you about their purchase patterns, product usage and when they stop buying from you. You can also track customer service interactions to understand what their problems are. Such key variables of customer behavior can act as warning signals you can use to improve customer retention.

Once you have a clear idea of your customers’ behavior patterns, you’ll be able to find critical points where they are no longer buying from you. This gives your customer retention strategies a clear direction. You’ll also be able to gauge if you’re on the right track. CRM supports customer retention in many ways:

  • It

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Credit Card Processing Scams to Avoid

Credit Card Processing Scams to Avoid

Credit card processing is essential to modern small businesses. Working with a credit card processor allows you to accept debit cards and credit cards as payment, both at the point of sale and online. As more customers go cashless, credit card processing is increasingly important; it’s no longer a matter of choice, but a necessity for most businesses.

However, when choosing a credit card processing company to work with, there is more to keep in mind than rates, terms and conditions. You should also stay on the lookout for one of the many scams and shady practices that plague the industry.

Here are some of the most common scams in the credit card processing industry and how your small business can avoid falling victim to them.

Editor’s note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

 

 

Common credit card processing scams

When you are researching credit card processors, there is a lot to keep in mind. Choosing a viable processing partner is a complicated and labor-intensive process that requires you to study multiple pricing models and clearly understand your potential processor’s terms and conditions.

The process is made more burdensome by the risks of encountering fraudulent practices or scams designed to rip you and your customers off. But as G.I. Joe said, knowing is half the battle. Awareness of the most common types of these scams can protect you from stumbling into a bad situation.

Low-risk wholesale processing

One of the most common scams you might encounter involves an unsolicited offer of “wholesale processing,” typically accompanied by a message that you’ve been designated a “low-risk” business.

You might receive a message from a credit card processing sales representative that says something like, “Your

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