Business

Research shows that when you answer a customer’s complaint, that customer’s advocacy for the business increases by up to 30%. And if you can actually solve their problem, they remain a customer 70% of the time. Conversely, if you do not answer a customer complaint, the decrease in advocacy is as much as 50%. Not acknowledging dissatisfied customers makes a bad situation worse, every time. So, answer every complaint, in any channel where it is shared, every time. Managing unhappy customers is an unfortunate aspect of running any small business. No matter what you do, every small business owner will eventually face complaints, whether it’s because of product, service, price, delivery, or something else. Because it’s inevitable, learning how to resolve customer complaints early on in you...

While the COVID pandemic resulted in severe problems, the one benefit it had was for home businesses. The trend of work from home increased as did home based businesses. However, that brings a different kind of issue to the work life. People somehow need a separate space for their office. Indeed, most people wouldn’t like to share their home address with their clients. This is where the concept of a virtual address is very helpful. photo credit: Yelena Odintsova / Pexels In the past, people would use a post box number as their mailing address. This is not a very convenient method since it necessitates visits to the post office and is very impersonal. A virtual address is the best option in the post COVID world for businesses that work from home. What is a Virtual Address? As the name i...

The first one-dimensional barcode was scanned in 1974 in a Marsh Supermarket in Ohio, America, placed on the very first barcoded retail product. Since then, barcode technology and the use of barcodes has moved far beyond the first scan. Now, more complicated types of barcodes have been created. These days, two-dimensional codes have become very popular in our modern society. Codes have spread to every sector of business and they are appearing in places where they are not expected at all. We are now able to use codes in many different, innovative ways in order to make our lives easier and more efficient. Types of Barcodes There are two main types of barcodes. Barcodes started out as very simple one dimensional codes. These consisted of a rectangular image with black lines against a whi...

Have your entrepreneurial inspirations motivated you to run a business? If so, you are likely trying to decide if you want to incorporate or operate as a self-employed individual. But, believe it or not, these two are not the same. Instead, their business models work differently in several important ways, dramatically impacting how you run your company. If you’re stuck trying to determine the best option when starting up, this guide is for you! What Does it Mean to Be Self-Employed or a Business Owner? In business, two of the most common interchanged terms are “self-employed” and “business owner.” The difference between these concepts relies on the application more than the meaning. Technically, if you’re a business owner, you are also self-employed. But, not everyone who is self-e...

Just because you start a business in a garage doesn’t mean you should remain there forever. Many great businesses had humble beginnings. It’s said that Jeff Bezos dreamed up Amazon in the garage of a home he rented in 1994. And in 1998, Larry Page and Sergey Brin rented out a garage from homeowners in Menlo Park, California. Page and Brin, who were doctoral students at Stanford University at the time, went on to build the Google juggernaut. And who can forget Bill Gates and Paul Allen, who started Microsoft in a garage? That’s just the tip of the iceberg. photo credit: Pinterest / 9GAG While these and other companies started in garages, they eventually moved to offices. When your business grows to the point where a garage won’t do, what factors should you consider before moving? Keep r...

After two devastating years for the air travel industry, we are finally seeing a rebound. Many airports around the world almost completely shut down, and instead of thousands of flights a day, many cities only saw a handful of planes take off and land. The scope of the rebound has been amazing, and in only a few short weeks, airplanes that have been in mothballs were suddenly filled to capacity with passengers. Although McKinsey says that air travel will not hit pre-COVID levels for another few years, things are looking up for an industry that was in dire straits. photo credit: Gustafo Fring / Pexels Along with this increase in travel, there are expanding marketing opportunities for companies in just about every industry. That’s because airports are some of the most heavily trafficked ...

Dedicated to motivating, empowering, and uplifting women to live a life of MORE, Michelle Washington is the CEO of Women of MORE Organization, LLC, and the author of Women of MORE Magazine, which was featured by Harper’s Bazaar. In addition to hosting inspiring events and highlighting women at the top of their game through these endeavors, Michelle also serves as Chief Brand & Innovation Officer at The People Resource Group. She is also the founder of the High Achievers Motivational Academy and formerly served as a Senior Analyst at the Bank of America. Michelle joins me today to share how she built her brand, Women of MORE, and differentiated herself in the marketplace by staying relevant. She shares the difference between approaching your work from a hobby mindset versus a busines...

Repurposing content is one of those content marketing strategies that everyone should be doing, but most people forget. The idea of recycling a quality post to use in other types of content is a great opportunity. This blog post will share advice for creating a repurpose strategy, including why you should do it and what content is best for repurposing. The Rationale for Creating a Repurpose Strategy Many content creators are focused on churning out post after post or video after video. It takes a lot of time to create this new content, and a repurpose strategy will help you revive your old content in a fraction of the time. Remember, if you’ve been blogging and developing videos for years, like me, you’ve got plenty of great content you’ve already produced. You likely have tons of helpf...

#Smallbizchat Podcast LIVE is a monthly video interview show where small business owners can get answers to their questions. The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss. Please join us live every third Wednesday of the month from 8-9 pm ET Live on my SmallBizLady Facebook Page, YouTube Channel and LIVE on Twitter.  Barbara Casey is a customer engagement and text marketing expert. She has 30 years of marketing experience. She was a member of the team which launched the very first frequent buyer program in the country for AT&T. She is the CEO of Mobile High 5, which provides full-service SMS marketing solutions. For more information: https://mobilehigh5.com   SmallBizLady: What is the biggest benefit to adding a text ...

Poor cash flow management can put you out of business. This article will discuss various strategies for handling cash flow, including securing bank loans and lines of credit, to start and grow your small business. Keeping Track of Finances Want to know the key to handling cash flow? Staying on top of your monthly statements.  By the fifteenth of every month, you should have a current balance sheet, profit and loss statement (P&L), and a cash flow statement. These will tell you what your business did in revenues and expenses for the previous month. Your bookkeeper or accountant should produce these three statements for you each month.  Falling behind in this paperwork is dangerous to the health of your business. You need accurate financial information to make sound business decisions...