Business Information for Entrepreneurs by an Entrepreneur

To close any major business deal or even to sell a product, you will first have to gain your clients' confidence.

Here are a few helpful tips to do just that.

Know Your Product – And Your Company

It is very important for your product knowledge to be better than that of your clients'. The last thing you want is for your client to know more about your products, or related products, than you do. That could be pretty embarrassing!

Study your product line by doing research before you start selling it. You should also upgrade your product knowledge as time goes by.

You should also know your company's history and important achievements, so that you can relate that to your prospective clients. You'll be able to sell more effectively.

Be Honest and Clear

Be very honest if you do not have some particular information about your product or service. Tell your client that you will get them that information – and do it. Be crystal clear in your dealings clear with your clients, especially when it comes to price. Don't shock them with new charges or prices once the order is confirmed.

Honesty in selling genuine products at genuine prices boosts your credibility — and ensures that your clients come back to you time and again.

Think About the Long Term

Think of keeping your clients on a long-term basis. Treat them with proper respect. Address them by their names and try to become friends with them.

Accept and work with their feedback. This will confirm their feeling that you value them as your clients.

Think and Act Like A Professional

Customers don't like to be left hanging — and they quickly leave businesses that do this. Your clients will stick with you if you and your employees act professionally and attend to their questions and problems promptly.

Use these tips to make your clients comfortable with you and gain their confidence so that both of you can reap the long-term benefits.

If you have an online business, then no doubt you're constantly searching for ways to find new clients and searching for existing ones.

The great thing about doing business online is that the cost of marketing to clients is no longer prohibitive. Email marketing is not only cost-effective, but it can be efficient and highly effective.

Your first step is to find a good email marketing service.

Keep Your Customers in Mind

First and foremost, you want to make things easy for your customers. Second, you want administration to be easy for you. The last thing you want to do is spend hours trying to figure out how to use the service.

You also want to make sure your customers can open and read your marketing emails. This means that your email marketing service provider should be able to send messages in both HTML and text.

Even though you may think everyone has a broadband connection, you shouldn't take it for granted.

What Features Do I Need?

This depends on the size of your list and your online business' marketing reach. However, there are certain features that nearly all small businesses will want from their service providers:

• Custom signup forms
• Message personalization
• Ability for customers to auto-subscribe/unsubscribe
• Email click/open tracking
• Easy administration

Check out MailerMailer email list management service which does all this and more!

What About Costs?

Email marketing service providers usually base their costs on the size of your list or the number of messages you send per month. Many companies offer different plans and price points; most are very cost-effective.

Best of all, most small business owners can write off email marketing expenses on their taxes!

Email marketing is something that all small businesses need to invest in. Use the above tips, and you'll find that your list — and profits — will grow faster than ever!

If you are running a small business or have just started out on a new venture, then you probably already know that there will be times when you're going to need an additional amount of money for a short period of time.

You may receive an unexpected huge order from a client, or your sales may suddenly increase after the introduction of a new product. Either way, you're going to need more cash to keep the products coming.

Here are some finer points to keep in mind when applying for a short-term loan.

Have Your Documents Ready

Have all your financial documents – especially your previous 3 years profit and loss statements – ready show to your lenders.

If you have just started your business, then you might have a tough time convincing banks to give you a loan, but sufficient collateral might get the job done.

Know What Collateral You Have

Banks and other lenders may require security in the form of property or vehicles to be used as security against your loan.

This will keep their investment safe in case you default and don't pay back the loan on time.

Keep Your Financial Books in Order

Lenders will also need to check out your financial position in the market. So if you have a lot of outstanding invoices that you need to collect from customers, or if you owe lots of money to your suppliers, then you might have difficulty in getting a loan.

Make sure that you collect any money due to your company on time; conversely, make sure that you pay your vendors and suppliers on a timely basis as well.

If Rejected, Try Elsewhere

If a particular bank or lender rejects your application, then try elsewhere. Different banks have different conditions to be fulfilled before they approve any loan.

Make these preparations before applying for a short-term loan; and once you get the money, try to repay it as soon as possible to save on interest.

Advertising through content sites ensures that the advertisements posted on the site are relevant. This can enable website visitors and potential customers to not only understand more about your products and services, but also get help in procuring them.

Place Your Advertisement on a Relevant Site

If customers are interested in any product, then the first thing they will do is to search for it on the Internet through a popular search engine such as Google or Yahoo!.

If you are planning to place an advertisement for one of your products, then it makes full sense for you to advertise on a site that contains information on that product, as well as related ones.

The reader now not only gets information of the products that they are looking for, but also views your advertisement. This, along with the information displayed, will make your job easier since you will not have to insert key phrases in your advertisement to attract readers.

In turn, your advertisement will still shoot to the top if the site's content is relevant to readers' key words.

Enhance Your Reputation

Your advertisement will also enhance your reputation as an expert if it is surrounded by similar content. Web surfers tend to follow through more if the advertisement is placed along with the content.

Design Your Own Website

Alternatively, you can develop your own content by hiring independent writers to write it for you and then placing your advertisement on related sites. You might also find articles free of charge over the Internet to post on your website.

Keep changing the articles so that visitors returning to your site do not get bored. That way, you will ensure that your site tops the list in any search and reaps the dual benefits of related content and well-placed advertisements.

It’s still pretty cold in the Washington, D.C. area where I live. But spring is around the corner and every week I get flyers from landscapers and lawn mowing services in my mailbox at home. Even in the lawn care business, there are subtleties in the service delivered. Some will clean up the weeds, others include edge trimming, one or two might leave a receipt or note so you can keep track of when they stopped by.

I learned from one of my mentors, an accountant, long ago that even services can be packaged like a product to make it easier to sell. If you are not clear on your offer, fewer people will understand it well enough to buy.

The easiest way to package services this way is to create an outline of the services you will perform, what it will cost, and what the result will be. As an accountant, he created a product called an “Accounting Assessment” in which he would do a complete review of a company’s accounting and bookkeeping procedures, software configuration, and other financial elements and provide a thorough report of what is done right and what could be improved.

The best lawn service flyer I got had a similar format: number of mows per month, weed pulling optional cost, spring mulching and fall clean-up. It was a fixed price contract with a discount for up front payment. The company’s flyer, their first contact with me, was not the prettiest design but it was passable. Yet the content was so compelling that I picked up the phone and called. I loved the idea of a packaged deal for my lawn care – it was easy to conceptualize and comforting to know I won’t get nickel and dimed to death with extra service fees.

To package your product and service so it resonates with potential buyers, be sure each customer “touch” includes all of these elements:

• Clean, easy to read design
• Clear explanation of what you offer
• What’s included
• Call to action (i.e., “Call for free estimate” or “First month free if you sign up by March 31″)

Don’t miss out on sales due to bad email communications that lack focus. Stay on message and make it easy for prospects to digest what you offer.

For your growing small business, it is natural that you will slowly require more employees to take care of additional sales and the extra paperwork that comes along with it.

Here are some tips for knowing when to hire help for your small business.

When You Wish You Were Superman

If you feel overworked and stressed out by doing too many different things at one time, then it is time that you got some help in sharing that work.

Don't wait until you get so stressed out that you turn up at work with your underwear outside your pants to make that decision.

When Your Existing Employees are Working Overtime

If you feel that your existing employees are working and getting paid for overtime on a regular basis, then hiring help will ensure that essential tasks get done on time. If a critical employee is absent for some reason, then the others can take care of the extra load.

When You Can Afford It

You should only consider hiring new help if you are comfortable in making new salary payments. There is no point in getting stretched out financially if you simply cannot afford it.

If you cannot afford a full time employee, then you should think about hiring a part-time one.

When You Need Specialization

If you have a new computer system with accounting and inventory software to be installed, or if you have received an order that requires the services of a specialist, then you should hire a specialist to ensure that the work gets done right – the first time.

Keep any eye on your business and your financial position before making the decision to hire new employees.

Just as you would need an experienced driver to teach you to drive a car, so too are experts required to guide you when you are about to start your own small business.

A proper business plan is the first requirement for any new business, but adhering to that plan will require some guidance. Here are some ways to get the right guidance from the right sources.

Contact the Small Business Association (SBA)

You can contact the SBA to get basic knowledge on how to go about starting and running your business. This Government-recognized arm can be of great help in guiding you in the proper legal way to set up your business.

They can also help with business plans and financing.

Get the Help of an Experienced Expert

Contact a friend, relative or a mentor who has had prior experience in running a business similar to yours. Their guidance will help you to avoid making mistakes, which they will probably have committed at some time during their earlier years.

Get Legal Help

Hire an efficient tax consultant, attorney or a certified public accountant to help you in filing the proper tax returns. They can also help you by guiding you on legal ways of investing any additional money, perhaps lowering your tax liability.

Even when hiring or firing employees, you need to be sure that you have met all the legal requirements before taking any steps.

Attend Workshops or Seminars

If you require any additional knowledge in selling your products, then you can attend workshops or seminars to learn from the experts who might teach you the finer details of sales and marketing. Learn from experts and use that knowledge to become one in the future.

If your small business is guided by proper experts, you will have fewer obstacles on your road to success.

If you have a growing small business, or even if your business is well established, today's competitive market dictates that you spend a certain amount of your earnings on promoting your products and maintaining your presence in the marketplace.

Here's how you can ensure that you get your piece of the pie.

Allocate Funds According To Your Business Needs

If you have just started your small business, then you should allocate a bigger amount for marketing purposes. Once your sales pick up and you start earning decent profits, you can scale back on your marketing expenses.

However, always ensure that you keep some funds reserved permanently for your marketing efforts. In this competitive world, out of sight could easily result in out of sales.

Use All Available Media to Market Your Products

Use different media such as newspapers, flyers and the Internet to gain as much coverage for your small business as you possibly can. Use flyers or send out business cards if your business is local. If you are on a limited budget, you should consider using the Internet extensively since it is not only comparatively cheaper, but also reaches out to a wider audience.

Find an advertising method that matches your budget and provides the highest response – and stick to it.

Respond To Your Competitors' Advertisements

This method is employed by many businesses that want to piggyback on their competitors' advertisements and turn it to their advantage. You can check out your competitors' advertisements regarding their products advantages and release your own advertisement listing any additional advantages that your product offers over theirs.

This type of advertising turns your competitor's advantage into yours. This also ensures that you are spending roughly the same amount on marketing that your competitors are spending.

Marketing is the base of any small business. Make sure that your marketing efforts are funded adequately.

A proper system of maintaining records is necessary for your small business to ensure that the day-to-day running goes smoothly – and that during the end of your financial year, you do not waste time scavenging around for lost receipts and invoices.

Here are some helpful tips for making filing your taxes a snap!

• Organize a proper system. Keep different files where you can file invoices, receipts, payment vouchers, etc. If you are running different businesses, ensure that their accounts are maintained separately. Mark all the files in bold and clear letters.

• Be perfect in maintaining cash transactions. Any bank transaction can be easily cross-checked and verified, but cash transactions without a proper receipt or accompanying voucher can look suspicious in the eyes of the IRS.

  Keep your cash transactions clear by maintaining a detailed record for each of them.

• Maintain your personal records. You should also maintain your personal records regarding the details of any stocks, mutual funds or property that you might own alone or jointly with your spouse.
• Records that should be maintained. Some records that should be maintained are credit card slips, cancelled checks, bank statements and invoices. Specifically for tax records, you should also keep all 1099 and W-2 forms.
• Make your system universal. Keep your filing system easy to understand so that your employees or other family members can find and file the records easily if need be.

Proper accounting procedures for any small business is a necessity, and you should adhere to them even if you feel that it is a waste of time.

Not following a proper filing system might prove to be costly in terms of time and money, if you are unable to find the right supporting documents when the IRS beckons you.

If you haven’t gotten hit with the flu or cold bug this season, you’re lucky. But what if you had to take some sick time off of work? Do you have a team or process in place that picks up if you’re not around? Here are a few ideas to keep your business healthy even when you’re not:

1. Train team members to know how to do other people’s tasks. Relying on one key person can put you at risk. Try to spread the responsibilities so multiple people can handle multiple things.
2. Use email even more than you usually do. If you’re sick, you may be in bed. But you can probably still prop yourself up and work on your laptop. Email gives you the flexibility to stay in touch with your team, and your customers, when you are physically able to do it.
3. Catch up on your reading. You probably have a list of books that you want to read but never seem to have time for. Books stimulate your creativity and can help you tremendously in coming up with new ideas to solve problems. Read in bed and jot down ideas that you can put into action once you’re back on your feet. Or, delegate your team to work on those ideas via email.
4. Don’t over exert yourself. Getting better fast should be your focus, not working more while you’re sick. That would just add more stress and cause you to heal slower. Your body is telling you something: it needs some rest. So, listen to it.