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  • 4 Things Every Business Owner Should do for a Financially Happy Year - SG Small Business Centre
    them over to a collection agency Have your attorney write a letter People tend to take letters from lawyers seriously Have your attorney send a letter to all of your non paying clients and demand what s due Sell them If you simply can t collect the debt sell the invoices to a factor You ll only get a portion of their value but if you don t expect the customer to pay a small portion of the invoice value is better than not getting paid anything at all In addition to cleaning up all of your old accounts receivables you should create a new credit policy that drastically reduces past due invoices in the future For example you should run a credit check on new customers and do the same once a year on existing ones If you notice a customer is paying late consistently insist on cash on delivery payments until they have financially recovered 3 Set Your Sales Goal Zig Ziglar famously said A goal properly set is halfway reached Your sales goal isn t just a number you pull out of thin air It should be based on real numbers and trends and one that you can achieve realistically To reach your goal you can forecast your revenue and work toward that figure all year Or you can work toward your goal backwards Here s how to do it Use last year s sales with adjustments or projections to predict your sales target Work out what the main thing that needs to happen for you to reach your sales target For instance based on your average salesperson s yearly numbers you may find that you need to hire new salespeople to reach your goal Now figure out what needs to happen before that You might determine that you need to transition your salespeople to work from home arrangements because you don t have enough room to add more people Continue to work backwards until you identify the first milestone that you have to take in order to reach your goal Finally set a time frame for each milestone 4 Rewrite your Marketing Plan If you re still relying on phone book and newspaper ads for marketing it s probably time to throw out your marketing plan and start over Even if you run a brick and mortar business uch of today s successful marketing is centered around the internet Successful business owners reach out to their customers in a variety of ways Before you rewrite your plan make sure that you can answer the following questions What do you offer your customers In other words what need do you fill in your customers lives Hint it s the reason they buy from you Who are your ideal customers Most businesses have a core group of repeat customers Who makes up your core What are their characteristics and traits Who are your competitors You need to understand your competitors what do they do better or worse than

    Original URL path: http://quickbooks.intuit.sg/r/finance/4-things-every-business-owner-should-do-for-a-financially-happy-year/ (2016-01-01)
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  • The Small Business Guide to Measuring Social Media ROI - SG Small Business Centre
    time to discover You can t base the success of your social media efforts solely on the number of followers you have because while you might have thousands of followers on social media only some of them will be quality fans meaning that they actually are interested in your brand and what you sell Run some tests by creating the same offer say 20 percent off a certain product on all social platforms and then measure which converts to the largest number of sales Take notes and tweak future efforts based on what you see Assign Monetary Value to Social Media Data Now that you ve set financial goals for your social media efforts assign monetary value to metrics that help you achieve those goals such as sales number of followers engagement and shares You can find general data online such as the statistic that a Twitter follower is worth about 2 and a Facebook fan 8 But the actual value of your followers will depend on several things including Average purchase amount How frequently the average customer buys from you What percent of your social media followers become buyers Your profit per purchase For example let s say you have 5 000 Twitter followers and about 3 percent of them have purchased from you in the last year 150 On average each Twitter customer spends 50 on your site and the average customer buys once per year Your profit per 50 sale is 30 so your total profit on 150 sales a year from Twitter is 4 500 Let s say you spend 1 000 a year in advertising or hiring a social media manager That means your ROI is 3 500 4 500 minus 1 000 As you ramp up your efforts you keep converting 3 percent of your followers and sales grow while your advertising and marketing costs remain the same The same can be applied to other metrics like social shares clicks and reach You can configure and see through your Google Analytics how many of those people actually clicked to your site and how many did more than just stay on a single page or even perform an actual purchase Once you figure out your overall social media ROI use it to get smarter about how you spend your marketing budget If you re not seeing the return you d like for a particular platform consider pulling back your efforts there in favor of another site that helps you convert more buyers Remember You re looking for the best return you can get which requires making changes to your marketing strategy for better results See all articles The True Cost of Acquiring a New Customer 4 tips to hyper charge your sales force A Small Business Guide to Turning Leads Into Sales Why content is the next big thing in marketing How to Use Split Testing to Improve Your Online Sales Advocate Marketing what is it and why you should care The Small Business Guide

    Original URL path: http://quickbooks.intuit.sg/r/marketing/the-small-business-guide-to-measuring-social-media-roi/ (2016-01-01)
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  • 5 Tips for Responding to Negative Customer Reviews - SG Small Business Centre
    sure you stay on top of these reviews by monitoring and tracking the relevant review sites as well as mentions of your brand Respond quickly and acknowledge the issue We live in a world of instant communication these days Your customers aren t going to wait around forever for a response The longer a review or comment goes unacknowledged the longer the negative sentiment can fester Be genuine Customers like knowing that they are heard by actual people Try not to sound scripted and definitely don t auto respond If you can try to showcase your personality in your responses Being human and genuine works in your benefit Don t take it personally Whatever you do don t pick a fight with anyone It s okay to stand your ground if you didn t do anything wrong but do so professionally Don t insult your customers don t call them names definitely don t swear at them or threaten them Fix Issues Make sure you fix the issues People will notice if the same issues are brought up time and time again You don t want to be written off as a lost cause so make sure you re taking complaints into consideration and make an effort to improve Remember even negative reviews are an opportunity According to 1Financial Services for every customer complaint there are 26 unhappy customers who don t say anything 23 of those just don t return A negative review is a chance for you to interact with the customer fix the issues smooth things over and hopefully have them coming back again See all articles The True Cost of Acquiring a New Customer 4 tips to hyper charge your sales force A Small Business Guide to Turning Leads Into Sales Why content is the next

    Original URL path: http://quickbooks.intuit.sg/r/marketing/5-tips-for-responding-to-negative-customer-reviews/ (2016-01-01)
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  • Small Business Guide to Creating a Marketing Budget You Can Afford - SG Small Business Centre
    Update If you search for your business on Google a listing that is generated by the site will be returned Make sure the information in this listing is correct and up to date Check out this article for how to update this information Review Sites If your product or services are aided by word of mouth or referrals from previous customers you need to have a strong and positive presence on social review sites like Yelp or HungrygoWhere This means reminding customers to write them as well as checking the site and responding to reviews Social Media This falls under the umbrella of important but time consuming If you re not on social media you re missing out on a way of reaching 91 of Singapore s population Note though that you don t have to be on every single site The best advice is to pick one or two sites that lend themselves well to your brand and then optimize those profiles the best you can Post often make sure the content is relevant and timely and use it as a tool to engage with your customers Website Development If you want to have any type of online presence at all spend time developing and designing your website If you re going to spend any money upfront spend the money on your site How to find the best channels Start with your customers When deciding what channels to leverage take into account your average customer but also consider factors such as your location and the type of product or service you sell For example a presence on consumer review sites like HungrygoWhere OpenRice is critical for restaurants but a complete and optimized Google Business account may be more useful for a local service business such as a marketing agency Build Your Budget From Back to Front The most important aspect of any marketing budget is the overall goal While your initial response might be to make sales your marketing goals should be more varied Check out this Entrepreneur article about how to determine marketing goals and objectives How to create goals Start at the end When the campaign is done what do you want to see as a result If it s raised awareness than spending more time on free marketing options like social media might be enough If it s increased revenue then combining social media with paid search and other targeted advertising options might be more effective Be Realistic With What You Can Afford A successful marketing campaign should last for at least three months to show real results ideally it should last for six months A continuous ongoing marketing effort will give you a much better idea of how effective the campaign is and what tactics really work How to be realistic Analyze your revenue Take a look at your revenue and determine what percentage you feel comfortable devoting to marketing One of the great things about online advertising is that you don t need to

    Original URL path: http://quickbooks.intuit.sg/r/marketing/small-business-guide-to-creating-a-marketing-budget-you-can-afford/ (2016-01-01)
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  • 5 Must-Know Marketing Tips for New Business Owners - SG Small Business Centre
    people to easily share your product or service with people around them The incentive can be monetary or even better an organic valuable part of the product or service free online storage in the case of Dropbox This helps to maximize and amplify all your other marketing initiatives that you are spending money on Take the lead in your community No matter what industry you re in there are bound to be activities events get togethers and online groups in your community Once your business proposition is established hustle and get in touch with all the activity there is in your community Once you have been to enough events and have actively contributed to the success of these events trust me it is tough not for people to think of you when there is a customer who require your service offerings Show the community that you care about them and they ll support you in return As Brian Solis Principal at Altimeter Group says Empathy is the future of business Build your personal brand Having a distinct positive personal brand can be even more valuable than developing a good corporate branding in your community This is especially so for service companies as people have a tendency to work with people they trust and know regardless of whether or not the service offerings are truly superior to the competition Let s face it no one likes doing business with a lifeless incorporation we all like the particular fellow human being behind the brand Share freely and often The great thing about human interaction is that it is usually reciprocal As a business owner with domain expertise there are bound to be resources that you find useful and beneficial to your business partners and customers Make use of these opportunities to share freely and establish yourself as a positive influencer at zero cost Setting up email list Facebook groups are just a few ways to get your valuable resources out to people around you Ultimately marketing is really not about shoving your name or your business down people s throat It is about bridging the gap between the value that your business provide and your customers who do not know of your value All you need to do is 1 nail down your business value and 2 put into place a system that allows people to find out about that value at the right time See all articles The True Cost of Acquiring a New Customer 4 tips to hyper charge your sales force A Small Business Guide to Turning Leads Into Sales Why content is the next big thing in marketing How to Use Split Testing to Improve Your Online Sales Advocate Marketing what is it and why you should care The Small Business Guide to Measuring Social Media ROI 5 Lesser Known Marketing Metrics You Should Pay Attention To 5 Tips for Responding to Negative Customer Reviews How to Improve Your Email Open Rate 5 Free Marketing Strategies You Can

    Original URL path: http://quickbooks.intuit.sg/r/marketing/5-must-know-marketing-tips-for-new-business-owners/ (2016-01-01)
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  • 4 Ways to Build a Highly Motivated Team for your Small Business - SG Small Business Centre
    Nobody wants to follow a hypocrite Whatever corporate culture you may be trying to build among your staff make sure that you personally adhere to that as well Your team is more likely to support you and stand behind you if they believe in you as a person 4 Let everyone be the leader Nobody likes to be told what to do all the time All of us want to feel valuable to the organization that we are associated with Every member of your team has ideas on how to grow your business Listen to them let them be heard Even better let them run with their ideas and take the lead on their own projects In doing so they ll have much more ownership of their work and you ll get a team who really want to make your business successful Having a motivated team will not only help you grow your business much more effectively it ll also make working much more enjoyable for everyone involved The last thing you want to do is for employees to hold grudges and poison the entire company from within Give the above methods a try and keep your employees motivated See all articles 3 simple ways to price your products for better sales 4 Ways Your Small Business Can Compete With Corporate Giants 5 Ways to Analyze Your Business Idea Before Taking the Leap 3 tips to cultivating positive employee relationships The Top Fears of Startup Founders 10 Interview Questions That Get to the Heart of Things 4 Ways to Build a Highly Motivated Team for your Small Business Why You Should Build Your Corporate Culture from Day 1 Guide to Co Working Spaces and Alternative Office Spaces Checklist for Setting Up a Home Based Business 5 Resources to Grow Your

    Original URL path: http://quickbooks.intuit.sg/r/starting-up/4-ways-to-build-a-highly-motivated-team-for-your-small-business/ (2016-01-01)
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  • Why You Should Build Your Corporate Culture from Day 1 - SG Small Business Centre
    not discriminate it amplifies everything both the good and the bad Should you have any kind of poorly handled posts from one of your staff on your social media channels or even their own social media word will spread quickly and your reputation can suffer a lot of damage Keep your employees happy People are very sensitive to perceived fairness Unfair HR practices breed internal bitterness amongst your employees A balanced and all inclusive company culture is the best way to eliminate that Having good internal employee relationships means a ton of time saved settling petty disputes Two faced workers Ideally you don t want to spend your time micro managing employees like worrying about whether work is getting done when you re not in the office Having a solid corporate culture and hiring people who fit the culture is the best way to ensure that When your staff are in alignment with your corporate values and vision they ll have more internal motivation Forming a great company culture from day 1 isn t easy but it is worth it By making clear what your company values you ll be able to make decisions and hire the right people in alignment with those values See all articles 3 simple ways to price your products for better sales 4 Ways Your Small Business Can Compete With Corporate Giants 5 Ways to Analyze Your Business Idea Before Taking the Leap 3 tips to cultivating positive employee relationships The Top Fears of Startup Founders 10 Interview Questions That Get to the Heart of Things 4 Ways to Build a Highly Motivated Team for your Small Business Why You Should Build Your Corporate Culture from Day 1 Guide to Co Working Spaces and Alternative Office Spaces Checklist for Setting Up a Home Based Business

    Original URL path: http://quickbooks.intuit.sg/r/starting-up/why-you-should-build-your-corporate-culture-from-day-1/ (2016-01-01)
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  • Guide to Co-Working Spaces and Alternative Office Spaces - SG Small Business Centre
    you to build connections with others in your industry Additionally most co working spaces offer special events and training opportunities that make it even easier for you to connect with others and gain skills in a classroom setting Flexibility You can work how and when you want Plus most co working spaces offer month to month contracts so you aren t locked into a long lease You can leave and move into a more permanent office space when the time is right for you Work life separation If you ve been working out of your home you know that work often overlaps your personal life because you can never quite leave it behind A co working space allows you to separate your home life from your work life for relatively cheap and that can do wonders for your morale and productivity Finding a Co Working Space Finding co working spaces in your area is just a few clicks away If you re looking for a space that fits your needs try searching at ShareDesk CoWorking Singapore or check out TechinAsia s definitive map of co working spaces in Singapore Alternatives Co working isn t ideal for everyone and for some it may feel a little crowded Some people feel co working leads to less privacy a noisier office space more resource hoarding and food theft If co working doesn t sound like the best bet for you here are some alternatives to consider Small business incubators These programs are sponsored by private companies investors and public institutions with the goal of growing young businesses by providing owners with space and other essential resources Executive office suites Essentially a company sublets you a set of offices from its suite of offices renting as much or as little space as you need and can afford You will probably share a kitchen or bathroom but your office space itself will be your own Shared office If you know another small business owner who is also in need of a space and whose work habits are compatible with yours go together on a lease and share the space Telecommuting Technology makes it possible and easy to work from just about anywhere You and your employees can work from home and still find it easy to collaborate online with free resources like Skype Google Drive and Google Docs See all articles 3 simple ways to price your products for better sales 4 Ways Your Small Business Can Compete With Corporate Giants 5 Ways to Analyze Your Business Idea Before Taking the Leap 3 tips to cultivating positive employee relationships The Top Fears of Startup Founders 10 Interview Questions That Get to the Heart of Things 4 Ways to Build a Highly Motivated Team for your Small Business Why You Should Build Your Corporate Culture from Day 1 Guide to Co Working Spaces and Alternative Office Spaces Checklist for Setting Up a Home Based Business 5 Resources to Grow Your Business on a Shoestring Budget 7

    Original URL path: http://quickbooks.intuit.sg/r/starting-up/guide-to-co-working-spaces-and-alternative-office-spaces/ (2016-01-01)
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