It’s Time For Your Annual Credit Check-Up!

It’s Time For Your Annual Credit Check-Up!

It’s time for your annual credit check up! It’s not only a smart way to maintain your financial health, but to also avoid financial and identity fraud. A once a year credit checkup is like getting an annual physical…it makes great sense and makes you feel good knowing you’re healthy.

Here are a few steps to review your credit and financial health:

Step 1 – Obtain your free once a year credit reports from all three credit agencies.

Step 2 – Review your credit reports and check if there are any inaccuracies or incomplete credit history.

Step 3 – If you do find a discrepancy, report it to the agency. They are required to investigate the inaccuracy within 30 days.

Step 4 – If you do have a legitimate negative mark, contact the creditor directly to negotiate and arrange for a payment plan.

Step 5 – Your credit report’s health is reflected in your FICO score which is a measure of your capacity to repay loans. This will affect the interest rates for your loans.

Step 6 – Understand your debt ratio. Creditors prefer a debt ratio under 36%. For example, if you earn $3000 monthly they want to see debt payments less than $1080 a month.

Step 7 – Consider keeping only 2 credit cards, maintaining less than 30% of the maximum limit at any time and always pay on time.

Step 8 – Develop a budget and financial plan. Review it annually to fit your financial situation.

Step 9 – Seek help from a certified credit counselor for sound financial advice if you get in trouble.

For more financial tips check out this helpful free government site http://www.ftc.gov/

This is all part of a healthy life style. Eating right, exercising, thinking positively and maintaining your credit leads to a happier you!

Do you check your credit annually? What tips would you offer? Would love to read your thoughts in the comments below!

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How to Promote Your Business Through Word of Mouth

How to Promote Your Business Through Word of Mouth

The best and most effective way to promote your business is through word of mouth. Isn’t it good to know that the best way to promote your business is also the least expensive?

Here are some tips for promoting your business by word of mouth

Join a local event, get your business in the local media and get people talking positively about your business.
Use social networks to connect with your customers, engage in conversations, use it to provide better customer service, and build relationships and buzz.
Make each interaction with your business a memorable one, and you’ll make your business memorable. Follow up with a thank you call or card. Offer a free branded gift and other memorable services.
Offer your customers an opportunity to comment, or take a poll and act upon their suggestions to create buzz.
Ask loyal customers and local influencers to refer your business to others and give them a reward for it.
Treat your customers like VIPs and share their testimonials wherever you can.
Offer customized/personalized customer service to create a buzz.
Ask for reviews from loyal customers and local influencers.
Once in a while, surprise your customers with extras and tell them to share it with others. Give them a discount that they can share with another to help bring new customers.
Start a campaign to help others in your community and create an online forum to encourage conversation and positive word of mouth.
Become the town “know it all.” Post and host on your site interesting facts about your town and residents to encourage conversations.
Offer contests, start trends and other promotions to generate buzz and build brand recognition.

Be creative and have fun with this. Word of mouth news will spread if it’s fun and helpful!

How are you generating word of mouth for your business? Start here! In the comments, share with us what makes your business unique and great!

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Tips for Building Your Local Market

Tips for Building Your Local Market

In a down economy your local market becomes critical to your business success. Your local market is where most of your loyal customers come from, and establishing a strong local market foundation allows your business to grow outwards.

Here are some tips to build your local market:

Join your local chambers of commerce and every community group you can to network.
Reach out to your local newspaper and local media outlet and offer story ideas.
Become your town’s know it all and resource person. (One local business person used this idea to create a spreadsheet that got mailed around with everyone’s teacher assignments in town.)
Create referral and loyalty incentive programs.
Use cause related marketing and sponsor local events and causes for exposure.
Offer to be a speaker or teach a class related to your business. For example, if you sell home decorating products, offer to speak about home decorating.
Partner with other local businesses to promote each other’s businesses.
Create a Facebook page and post current events, coupons, and information about other businesses in your town as a free community service site.
Connect and network with people who live locally on social networks.
Get testimonials from locals and use them to become your “celebrity” spokespeople.
Make sure your business comes up on local search engines and directories.
Make each interaction memorable. Turn your car into a moving billboard, give out magnetic business cards with a free branded pen, distribute T-shirts with your business name and logo, and most importantly become known for incredible customer service that generates praise.

Using these tips will help you create a sustainable business relying on a whole town of loyal customers that will weather any economic storm.

So how are you connecting to your local market?

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How to Keep Your Team Motivated

How to Keep Your Team Motivated

While many businesses these days are focused on sales and cutbacks, smart business owners know that without good people, you’re not going to make your sales goals or run efficiently. Attracting and retaining quality team members takes work, and the most successful businesses spend time focusing on this.

So how do you do it? Here are some ways to keep your team focused and motivated, and bring out their best:

Develop relationships with your team. Find out what they care about and what motivates them by spending time talking to each team member individually.
Let your team know that their input, feedback, and suggestions are important to you, and put a system in place for exchanging ideas.
Schedule formal meetings as well as social interactions like in a book club or bowling team, or just have coffee together.
Connect on social networks and have a team group online to improve communication.
Recognize and praise positive actions and excellences publicly. Have your team develop a excellence chart and display it publicly.
Develop team incentives and rewards. Money is not always a motivator, and that’s why it’s important to learn what motivates each team member. Consider team incentives that everyone achieves as a group, as well as individual incentives.
Promote personal and business development. Organize and implement ongoing training, motivational products, and highlight great team members and improvements.
Be a coach, be proactive, be the first to lend a helping hand, praise, give advice and most of all be supportive.
Lead and model what you preach.

Instead of simply focusing on sales numbers, find out what motivates your team. You’ll find that your sales numbers will go up because you’re surrounded by people who are invested in your business success!

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Tips for Maximizing your Warm Market List

Tips for Maximizing your Warm Market List

Any kind of business requires relationship building. Those who have great social and communication skills are a step ahead. But for most of us it’s trial and error before we develop those skills. Here are a few tips to make it easier.

Once you’ve made your warm market list and written down everyone you know, create another list of people you think are using the type of products/services you will be selling. Then compile a final and most likely list. These are all the people you think will purchase from you immediately and support your new business.
Invite the people on your “mostly likely” list to a small party or BBQ. At the gathering, announce your new business. Make it social…don’t try to sell anything yet. Just ask to make appointments to meet with them individually to talk about the new business.
Once you begin to follow up on your appointments from your mostly likely list, seek people who are most excited about your new business and are willing to support you. These people are those most likely to do business with you, and send you their referrals.
Provide your most excited people with excellent customer service consistently and they will likely be your loyal customers and repeat customers.
Start to connect with all the people on your warm market list on Facebook or other social networks to begin the process of building relationships.
Meanwhile, also call the rest of your list and ask to meet with people for coffee or breakfast to discuss your new venture.
Always keep your appointments social, friendly and pressure free. Ask about them first, and discover needs that your products/services may meet. Then share how your products/services help people solve their problems. So even if they aren’t interested for themselves they will see the benefits and may still give you a referral or two. Ask them to put in a good word for you to their referrals.
As you build your social network online, offer solutions with your products/services that solve the problems of your friends. Share tips/useable information related to your products/services without selling online. Think of social network as a subtle way to introduce your new products/services and NOT e-commerce.
Start going to family, friend and other social gatherings. Be social and don’t sell, but if they ask about your new business, offer to make an appointment to meet. Always have your appointment book with you, offer dates you are available and don’t leave any request for information open-ended.
Start getting involved with your warm market’s organizations and causes, and genuinely participate. Being with them at these events can imply you can be trusted and may help you generate face to face referrals.
Use the principle of quantity and many numbers. At this point you want to connect with as many people as you can through your warm market. These people are more likely to be converted because they trust you and/or your warm market referrals. Don’t rely on your salesmanship skills, rely on the numbers. This way if you get a few no’s you won’t be discouraged, because there are still a lot of people to talk to.
At some point you will encounter no’s from your warm market and that’s to be expected. But keep them updated with your progress. You never know why they said no in the first place: maybe wanted to see you do it first or maybe it was poor timing.

Take it a step at a time. Connect socially, develop relationships, ask for an appointment, and then ask for the sale. After the sale, follow up to make sure they’re happy with their purchase. The key to success is to go through the process, learn from your mistakes and stick with it for a while. In the end it will help you build your business skills and lead to more opportunities for success.

How do you work with your warm market? What tips would you give to someone new to this? Would love to read your thoughts in the comments!

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13 Easy and Low Cost Tips for Keeping Customers Happy

13 Easy and Low Cost Tips for Keeping Customers Happy

In these extremely competitive times, businesses need to keep their customers happy or when they walk out the door they’re gone forever! Remember, it costs ten times as much to attract new customers than keep loyal ones happy.

Here are some easy and low cost tips for keeping your customers happy!

Get involved with a community cause – Promote a donation drive where customers bring in food, clothes or school supplies for the needy, and reward them with a discount.

Stay in touch with your customers – Connect with them on Facebook or other social networks. Send them a loyalty coupon or send out an e-newsletter full of useful tips once a month.

Follow up with your customers – Once they’ve purchased a product/service, follow with a phone call or email to see if they have any questions. Several months later, follow up to find out if they are still happy with the product/service. And in between, stay connected more casually using social networking tools.

Ask for customer feedback – Ask your customers how you could improve your products or services. Show them you value them, and their comments, and then act on it.

Start a rewards program for referrals – For loyal customers who refer your products/services to someone new who then purchases a product/service, give them a reward.

Re-focus your products/services to help solve problems for customers – Ask yourself what kind of problems you solve for your customers. Then offer solutions that integrate your products/services to solve those problems. Help them feel they’re making an informed purchase decision. Make your customer needs the focus of your business.

Continue to network locally – Help out in community events. Support a cause and connect with as many people as possible. Distribute useful and helpful literature. This is still a great way to get your business out there. Since each person knows about 200 other people, you can spread the word about your business effectively.

Make it easy for people to do business with you – Make sure the check out process is quick and easy, make sure your business is able to take orders over the phone and online, and make returns and refunds easy. Make it a pleasure to do business with you.

Highlight testimonials – Make your loyal customers the celebrities for your business. It makes your customer feel special and valued and generates great public relations for your business which attracts new customers.

Focus on converting every customer into a lifetime valued customer – If you focus on making customers feel like part of your family and nurture your relationships with them they will become repeat, lifelong loyal customers.

Create a customer database – Keep track of what they purchase, what they like, their birthdays and any special dates. Then send them coupons, cards or specials on those days. Again it’s about nurturing relationships so that your customers become repeat, lifelong loyal customers.

Do more than what is expected to set yourself apart – Go beyond the simple transactions and take customer service a bit further. Offer free delivery or send a card. Call them up to answer any questions they may have or to simply thank them for their purchase. This kind of treatment shows your customers they’re valued and takes your business from good to memorable.

Be consistent and great every time – Consistently provide excellent customer service. Customers will get used to your level of service and will not go any place else.

Using these tips will help you keep your customers happy and convert new customers to loyal customers. Word of mouth will be that your business is the place to go for customer needs and great service! Implement these tips for success because chances are most businesses will not.

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How to Break Bad Money Habits

We know how it is. You’re busy. You meant to make that bank deposit yesterday, but there just wasn’t time. Now you’re staring at $56 in small bills and have no idea who gave it to you. You’d deposit the cash anyway, but your bank, which is on the other side of town, is closed on Saturdays.

If this scenario reflects the way you run your business, maybe it’s time to take a look at your money management process as you break your bad habits. Here’s how to get started:

Banking

You should have a business checking account in your name that’s separate from any other personal or business accounts
Your account should be with a bank that’s conveniently located and has opening hours that fit your needs
Look into the services the bank offers — and use them! Most accounts can now be securely accessed online and via phone; some banks offer an online check deposit service

Cash Handling

Keep envelopes in your bag to separate cash and checks from various sources; write identifying details on each envelope
If you do a lot of business on a cash basis, get into the habit of making daily deposits; invest in a small safe to hold cash between deposits
Be safe! Make cash deposits during daylight hours when possible

Check Handling

Double check every check as it’s handed to you to be sure the date and amount are correct and make sure the numeral amount is the same as the written amount
Make sure each check is signed
Follow your company’s guidelines for accepting checks (ask for photo ID, stamp with “for deposit only,” etc.

Resources

MyMoney.gov – Financial management site developed by the U.S. government for business owners and individuals
U.S. Small Business Administration – Financial management guidance from the federal government

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How to Grow your Small Business in a Down Economy

How to Grow your Small Business in a Down Economy

Don’t let the constant drumming bad news of our anemic economy get you down. You can still grow your business in a slow economy. While big businesses are cutting back and figuring ways to save money by sacrificing customer service, your small business can pick up their dissatisfied customers. Here are some tips to grow your small business in a down economy.

Maintain a positive and growth attitude
Revise your business plan for the new reality
Be more proactive and flexible
Become more organized and disciplined
Focus on your local market, but think globally for growth
Be more involved in your community to take advantage of the increased exposure
Get social – use social media to promote your business by word of mouth and provide even better customer service
Provide solutions – don’t just focus on selling products/services…use your products/services to provide solutions for your customers and potential customers
Lead with innovations – market your business by promoting new incentives and products/services
Focus on your loyal customers and keep them happy
Provide a easy way for customers to provide feedback, and then act on it!

The key to growing your business in a down economy is satisfying your customer’s needs, providing great customer service, developing and growing a strong loyal customer base.

How are you growing your business? Would love to read your thoughts in the comments!