Finance is an integral part of the business, and therefore it is vital that your finance is handled by a professional who knows what they are doing. Here are some tips to help business owners ensure that they are on the right financial track.
Don’t procrastinate – Putting off the books is not a good idea as this will make the accounting of a small business unmanageable. Look at documenting your financial process before you start your business and fine tune it as your business grows and changes. Consider recording your financial operations so that even if you are not able to be at the office, your employees will understand the process.
Understand your annual cash flow – Cash flows usually follows a seasonal trend and understanding this pattern is key to ensuring your business has enough money throughout the year. You also will need to understand your sales cycles to ensure that you have a buffer for days that your sales are low but you have to maintain your inventory.
Focus on your core strengths – Although doing all your finance requirements in-house is an excellent way to save money, it may leave you with less time to plan. Look at focusing on your key strengths and then look at outsourcing other areas to professionals who will be able to give you the information you need to make critical business decisions.
A start-up is designed to grow fast, and although rapid growth is what every entrepreneur dreams of, most start-ups are not prepared for rapid growth. Here are some tips on how to manage a fast-growing company.
Medium-term goals – Although most business plans focus on short and long-term goals, it is also a good idea to look at medium-term goals. Medium-term objectives help to bridge the gap between short and long-term goals and provide a much-needed stepping stone. Medium-term goals will help a company look at what they need regarding people and resources to reach their long-term goals.
Keep customers happy – It is important that you never stop listening to your customers. Look at gathering as much customer feedback and use this information to improve your business.
Find a great mentor – A mentor who has experience in a similar business or industry can be a lot of help to assist you to guide your company in the right direction. Avoid letting your ego or your pride get in the way of receiving good advice and understand that every start-up needs a good mentor.
Have the right team – Having the right team working for you is your best bet to growing and sustaining your business. To steer the company in the right direction, look for team members that are ready to wear different hats and those that have worked in a startup before.
Summary: Taking a look at your business model and revamping it may be the solution to any financial woes you may be harboring.
How much time has passed since you’ve taken a good look at every aspect of your car rental business? You might be thinking back to when you first started drafting your business plan. Well, how is it doing now? Are your goals clear? Are you working towards these goals, and actually improving along the way? Is it where you want it to be?
By asking yourself these questions, you’ll stay involved in every angle of your rental business. You have to be obsessed with crunching numbers and stay focused on the end goal. How well you perform these things will correlate to how well your business runs in the future.
Revisit Your Business Model
Take the time to look at the vehicles you’re offering, the customers you’re doing business with, and the market. Consider all of the possibilities and find ways to challenge your business model so you can exceed what you originally planned. After all, every business wants to thrive and grow into a successful company. Perhaps you could extend a service that provides a car lease to Abu Dhabi, Asia or other areas in the world that are high in tourism. Or, you could offer a variety of different packages that allow customers to take advantage of reasonable prices. The opportunities are endless.
Know Your Customer Base and Adapt
While you might be obsessed with making the most money that you can, you have to let your customer base dictate how you make the next business move. For instance, say you have a customer claiming that they found a lower rate at Monte Carlo Rent a Car, LLC and wants to know if you can price match it. There are two options you have here. You can either tell the customer off and lose business, or you can work with him and come to a mutually beneficial agreement that still brings in some money to your business. Little choices like this tend to stray from the ordinary business model and rely on instinct.
Finance needs to play a big role in any business enterprise as a strong finance team will help to build a strong, healthy business. Here are some key tips that will help management get the most from their finance team.
Training and development – The role of the finance team have moved from traditional governance like accounting, auditing, and budgeting to include areas like advanced analytics, demand planning, pricing, etc. Therefore, finance teams will need the right training and development with the right software and hardware to provide the information that is needed to make key decisions. Start by analyzing the knowledge gap that exists within your department and then look at suitable training plans to bridge this gap.
Finance transformation – Finance transformation are strategic initiatives that improve the service provided by the finance department. Tasks can include shortening a budget cycle, reducing overheads to implementing new accounting software. The general goal is to align finance to the overall strategy of the company. Start with the core responsibilities of finance like governance, scale, and services before looking into other areas.
Avoid broad goals – It is best to avoid broad goals like being a world-class finance team and instead look at reducing costs and increasing services offered. However, make sure that the cost reductions are realistic and that the company follows standard industry benchmarks. Allow sufficient time for a finance team to add new services and to get accustomed to the process. Sufficient time will help to smoothen out any issues and help to build a standard process that can be followed by everyone.
Businesses pay for every transaction they process, and usually a penalty for chargebacks. Chargebacks are not good, they amount to a dispute between the credit card company, and whoever is trying to collect from the customer. Too many of these, and your account could be revoked or put in the “high risk” category. In this guide, you’ll learn how to reduce your odds of facing one.
Let Customers Know Your Policies
Major retailers print out their return statements on the back of a receipt because they know that customers will need that information sooner or later. Not every store has that option, so put a page up on your website in addition to having something at the register. Reminder your employees to tell customers your return policy. Don’t be afraid of returns, they are a marginal part of doing business, and customers will usually buy something else from you to replace the return.
Some store owners think refunds are bad, so they offer store credit only. On some items, it’s unavoidable, but refunds are good for the customer and your business because they avoid chargebacks. If you decline a refund, and the customer disputes the charge, then you’ve lost a customer and taken a ding on your merchant account.
Trust but verify. Ask your customers to present ID for any transaction involving their card, make sure you check the ID and that you check the CVV or CVV2 code to complete the transaction. Some of these measures can be taken periodically, others should be done every transaction.
When you’re shipping to customers, make sure your fulfillment is as soon as possible. It’s important to send packages to customers before they decide to chargeback. If you can, include a tracking number and email the customer updates on his or her order.
Blog submitted by Charge.com: Charge.com provides an efficient way to handle your business transactions. With decades of experience, let Charge.com be your merchant account provider for your business today.
Summary: Global money transfers are relied on more than ever in today’s economy. Here’s how it’s done.
One of the most pivotal components of today’s modern economy is the global money transfer system. As large-scaled businesses are continue to shift their focus on cutting costs by outsourcing work to contractors overseas, there’s a substantial increase in the amount of global transfers.
The Utilization of Online Wallets
One unique way of transferring money online is through the use of an online wallet. For some individuals, the wallet is either a checking or savings accounts. This allows the consumer to maintain a fair currency exchange rate when spending around the globe – essentially when one works with any merchant service that will accept credit cards online. Also, for businesses that send their employees to various countries, it’s also a significant factor in cutting costs.
Bitcoin: The Currency of the Future
Bitcoin is considered the most popular forms of crypto currencies. Furthermore, it’s also being utilized across the globe as we speak. With a complex algorithm system, money is safely transferred from country to country without duplication concerns. This is done similar to that of a merchant credit card processing system, but varies in the amount of keys that are assigned to each transaction. Already, the economy is witnessing a substantial increase in digital currency, and it’s only the beginning. It may become a universally accepted means of money transfer, but only time will tell.
Bio: For merchant processing services and goods such as a credit card swipe machine, visit the experts at Charge.com today. With years of experience on their side, their seasoned staff is ready to assist you at a moment’s notice.
Starting a new business can be difficult and involve many financial mistakes. Here are six financial tips for entrepreneurs launching a startup.
Manage your cash flow – It is important that new startups are aware of where their money is coming in from and going. Manage your cash flow by hiring an experienced accountant or by taking a few courses in accounting basics to understand your financial position.
Monitor spending – Understanding how your business is spending its money is important as it will give you a good idea about how to manage your business and maintain growth.
Limit your fixed expenses in the beginning – Avoid investing in an elaborate office and furnishings and instead concentrate on how you can grow your business and generate revenue.
Remain optimistic but prepare for the worst – Business environments are ever changing, therefore stay alert and prepare for the worst. Make sure that your business has grown before you decide to quit your current job and eliminate your main source of income.
Reserves – It is important that you have personal and business reserves that you can tap into when bad situations arise. Remember that as an entrepreneur, you have to take control of your retirement fund to ensure that you have something to fall back on when you are unable to work anymore.
Every minute has monetary value – Small businesses revolve around the owner and therefore your time is very valuable. Schedule your daily activities to ensure that you have sufficient time to look into all aspects of your business.
The future of online credit card processing lies with companies that are diving head first into the market for mobile payments. The more mobile devices are deployed with applications built for sharing payment data, the better the integration of this technology. Consumers need to know it’s safe to use a cell phone to make payments, and more retailers are beginning to accept these alternative payment forms as a result. This was a major step forward in supporting freelancers worldwide, and will no doubt be the first in many to come.
Mobile Offers Convenience
With smartphone adoption rates trending upward, almost everyone has the ability to move money from wherever they are. What’s changed is that more retail outlets are beginning to accept mobile payments from customers on the go, which means they are no longer tied to the debit card or cash. These new merchant accounts protect a customer’s identity and payment information. Making everything safer. Mobile devices are usually protected by a password, and are often secured by the person carrying them. So, rates of physical theft are low and there are multiple security measures one can take to protect their device.
Mobile payments also allow a lot of tracking on the merchant’s end, which is a good thing for consumers. It’s possible to allow customized coupons that apply specifically to what a consumer actually buys, rather than forcing him or her to buy outside of habit. It may be possible to “remind” customers of deals at the payment processor, where the customer would be most receptive to loyalty offers and coupons. There are exclusive deals you can offer through mobile that encourage customer loyalty as well.
Imagine you’re in line at a terminal, when your phone buzzes. Upon opening, you discover that the item you’re about to buy has a coupon for 20% off the store’s asking price. You can scan this coupon from your phone, without remembering where you might have left it, and you’ll be able to claim your offer seamlessly from the terminal.
Ultimately, it will come down to experimentation but mobile payments are finally beginning to see increased adoption rates. Companies will be looking for ways to harness this new technology, so that merchants can deliver tailored solutions to customers looking for a great deal. Consumers will love taking advantage of the new methods to save money and earn loyalty rewards bonuses.
With a low-cost guarantee, and no setup or cancellation fees, Charge.com is one of the most affordable and secure payment processing services available online.
The costs for small business credit card processing can add up pretty quickly if you’re not careful, but there are some things you can do to try and lower those costs.
Review Your Contract
Most payment processing companies will require you to have some kind of contract filled out in order to process your new account. Usually, these contracts hold you to a period of about two years and contain language that defines your fee structure. Pay close attention to any discounts, to be sure you can meet the requirements to utilize them, and make sure your account is setup properly to take advantage of the fee structure.
If you have the option to utilize phone support during setup, do so.
Reduce Fraud Risk
Payment gateway services process transactions at a set rate, but fraudulent transactions can cost money when they are reversed. Get too many of these transactions and it may even trigger removal of your merchant account. If you become a high risk, reducing your fraud risk will eventually help to correct that status and get lower fees on transactions as well.
The best way to stop fraud? Swipe as many of your customer’s cards as possible!
If your first option is to go to a bank, then definitely shop around. Banks usually contract this processing to another company, so you’re paying extra fees to cover those costs and using a branded terminal. Why pay those extra fees if you can just go to the source yourself? Shopping around will ensure you find a contract with a good fee structure, and discounts you can actually use.
For more than 20 years, Charge.com Payment Solutions, Inc. has been the easiest and most affordable solution for accepting credit cards online.
The store’s slogan read “Expert service. Unbeatable price.” The best buy chain also claims that with more than 1400 stores at present that it “offers expert service at an unbeatable price more than 1.5 billion times a year.”
This is definitely true in a variety of products, specially on electronics. Here are the 5 best deals at best buy.
Televisions – Best buy is mainly an electronic retailer and therefore offers the best deals on televisions. Most deals will give you 25% off plus free shipping. For a further discount, look at buying your TV during thanksgiving or black friday. Apart from this, best buy offers a price match guarantee on local and online competitors.
Major Appliances – If your looking to purchase your next major appliance such as refrigerators, dishwashers and washing machines, best buy will give you the lowest price. If you are unable to pay the full value up front, the store offers 18 months no interest financing for purchases over $599.
Apple Products – Best buy is a certified retailer for Apple products and the store offers greater discounts than the Apple stores.
Video Games – The store has a gamers club for the best pre order deals on new games. Most discounts range from $10- $20.
Four-Hour Flash Sale – At least once a month, best buy slash their prices on a four hour flash sale. This sale is only available for online purchases.