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Why You Should Accept Credit Cards In Your Business

November 7, 2022 by Contributed Post Leave a Comment

If your small business doesn’t accept credit cards yet, you’re probably losing a lot of money without even realizing it. Imagine all the people who would have bought from you if you offered them different payment options, for example. With that in mind, here are some very convincing arguments for why accepting credit cards is good for both you and your customers, ranging from ease of use to cash flow. Read on to find out more.

Photo by energepic.com

More Credibility For Your Brand

When a business takes credit cards, it gives the business more credibility. Even more so if the company has a merchant account. Getting a merchant account means that a bank did a credit check on the business and decided that it was trustworthy enough to get a bank credit.

Not only that, but small businesses that accept credit cards can put the logos of the companies that issue the cards in their stores or on their websites. Customers will trust your business when they see logos from companies like Visa, Mastercard, American Express, etc., on your cash register or online payment portal. These credit card companies are known all over the world and will get your customers’ attention right away. When their logos are shown, customers will feel like they are dealing with a real business, and they will be happy with how safe their transactions are. This makes it more likely that they will buy from you.

Better Cash Flow

If your business accepts credit card payments, most of your bookkeeping is done for you automatically. A business can just use the records that have already been made. This saves time that would have been spent counting cash and doing bookkeeping. The less cash a business has to handle, the less likely it is that someone will steal from it.

Small businesses can also improve their cash flow by getting paid with credit cards. Credit card payments are paid into your account within a few days of the purchase date, freeing the cash you need for growth without the hassle of issuing invoices and waiting for payments to clear in the bank.

More Customers

The more clients you bring in, the more money you can potentially make. Inviting new clients is as easy as letting them know you accept their preferred method of payment (credit cards or debit cards). It significantly increases the size of your possible customer pool.

Of course, accepting credit cards is not without risk, and the more transactions you make in this way, the more chance there is of something going wrong. That’s why it’s good to have all the facts, and you’ll find a lot of useful information in the article “Credit Card Dispute Resolution: Guide for Cardholders and Merchants”, for example.

Get Ahead Of The Competition

Credit card processing is a win-win for businesses, as it helps cut costs and improves customer service. In today’s market, giving clients the option to use their preferred method of payment sets you apart from the competition.

Consider the methods you use most often when making purchases for your company. You probably prefer to use your debit or credit card. Using a credit card is more convenient than using cash, checks, or remembering your bank’s account number for every purchase. Not accepting credit cards makes it more difficult for clients to do business with your small company, so they’ll go elsewhere. If you do accept them, you’ll stop this from happening.

Easier Analysis Of Your Sales

The information collected by a credit card processor can help businesses figure out how their customers spend money in certain ways. This can lead to the personalization of certain accounts and the creation of marketing campaigns that are geared toward these actions. Data insights can also show you new trends, which can help you find new customer groups to target.

It’s vital that all business owners understand how to use analytics and that they put processes in place to capture this information whenever possible. Since credit card processing will do this automatically, this particular problem is solved.

It Costs Less Than You Think

Credit card processing costs have been reduced to the point where even the smallest businesses can profit from accepting credit cards and debit cards. Business owners find that these reasons to accept cards not only cover the costs, but also help their business grow in a big way. This makes accepting debit and credit cards a great investment with a great return.

You Can Sell Online

Perhaps you currently sell items in a physical store, and you want to start selling from your website, or you have a services business where customers pay you after you have done the work, but you want to start taking deposits before you get to their premises.

Neither of these things will be possible if you don’t accept credit cards. So if you want to improve and expand your business in these ways, you’ll have to have a payment processing option set up. The good news is there are many to choose from, so no matter what sector you might be working in or what you need the payment provider to do, you’ll find something that works for your business.

Customers Can Make Larger Purchases

A credit card is a way to borrow money that lets people buy things on credit. From the customer’s point of view, this means they can buy things right away and pay their credit card company later. This lets them buy more than they would be able to if they had to pay in cash. When you buy something with a credit card, you don’t have to pay for it right away so it’s often used as a means to buy larger items.

When you accept credit card payments, your customers can buy now and pay later, which makes it easy for them to pay. As for you, the money will be sent to your bank account in a few days by the company that handles credit card payments. This could help you grow your business by making the average size of a transaction bigger.

Creative Ways to Reward Employees without Money

November 4, 2022 by Guest Post Leave a Comment

People sitting at a conference table with many laptops, as one man holds a presentation

A big part of running a successful business is making sure your employees are happy. Them being satisfied means that they’ll be willing and able to work better, which benefits both the business and yourself. Rewarding your employees is one of the best ways to get them on your good side. Of course, the first way to do so that comes to anyone’s mind is money. However, if your business has been struggling a bit financially, you’ll probably not be able to give them appropriate monetary rewards. You’re not alone in this, and luckily there’s a solution. There are plenty more ways to reward employees without money, and we’ve put together a short list for you.

Give them some extra responsibility

Even though it may seem contradictory, giving employees more responsibility is sometimes a terrific way to let them know that their efforts and hard work are respected. It’s one of the most effective methods to convey your confidence in their skills and appreciation for what they bring to the table. You can help your employees reach their full potential if you take the time to sit down with them and find out what positions they’d like to grow into or where they’d like to learn. By giving them more responsibility, you’re showing them that you trust them, and trust is an excellent show of gratitude.

A man sitting in front of a laptop, making hand gestures — Giving your employees more responsibility can make them more confident

Freshen up the workspace

Most people benefit from working in a good-looking environment. If you want to switch things up in the office, you can start small. Try adding a few plants or moving the tables and workspaces around. However, if you’re looking for a more significant change and you can afford it, moving offices is also an option. Find a new office, put everything on paper by making an office moving checklist so you don’t forget to pack anything, and hire a moving company. Your employees will for sure appreciate a change of scenery.

Throw a party

One of the best ways to let your employees know you’re grateful for them is to celebrate their success. Throwing a party with that in mind is guaranteed to make everyone in the office happy. It doesn’t have to be some grand gathering, but you should still put effort into organizing it. You should make sure to check the time and date with everyone to make sure they’re free. This way, your employees will know you appreciate their time and are willing to work around it. It’s also a great tool for socializing and making sure that everyone gets to know each other better.

Provide learning opportunities

Getting situated in a 9 to 5 job doesn’t mean you have to stop learning. However, this is something quite a few people seem to forget about. They either feel too old to learn or just don’t think that’s an option anymore, which is completely wrong. A great way to reward employees without money is to get them opportunities to expand their knowledge. You can get them involved in different seminars, courses, and similar activities. Also, your employees learning new things is very beneficial for your business, as you directly profit from their abilities.

A bunch of people sitting in a room listening to a presentation — Seminars are a great way to reward employees without money

Give them a new job title

Even though a job title may seem like just a bunch of words, it’s much more than that. Having an important-sounding part of the title, such as “lead” or “director,” can be both rewarding and motivating. Not only will your employees feel appreciated, but they will also put in work to live up to their title, which can help you improve your business. This also shows them that you trust them and see them as serious coworkers. Also, they will feel important and more connected to the company, which is always a plus.

Give out words of affirmation

Verbal recognition is probably the easiest way to let people know you’re thankful for their involvement. It can be a simple hallway interaction with the words “good job” in it or a more formal conversation in which you express your gratitude. Either way, directly praising people is a great type of non-monetary reward. It’s direct, honest, and heartwarming, and it will ensure your employees feel like they’re a part of a supportive community.

Offer different lifestyle perks

It’s important to note that your employees have a life outside their work. However, that doesn’t mean that you, as an employer, can’t make that life easier and more enjoyable. One of the most common ways you can do that is by paying for a gym membership. In addition to making them happy, many studies have shown that physical activity increases productivity. You can also try to make a deal with a nearby restaurant and maybe get them a free meal during the day. Though these things may seem small, the fact that your employees have one less thing to worry about is going to make them feel appreciated. Finally, if a significant number of your employees are parents, consider organizing an in-office daycare. This will take a huge load off their shoulders, both mentally and financially.

A man running on a treadmill — Being active will benefit the physical and mental health of your employees

Be more lenient with time off

If you’ve recently gone through a very busy patch, it’s understandable that both you and your employees are tired. They would probably be thrilled with the idea of being able to take a break. This is why giving them some extra time off is a great way to show them your gratitude. They can use this time to get on with everything they potentially missed due to work. Whether it’s hobbies, time with family and friends, or just some quality alone time, they will use the break to its’ full potential.

Conclusion

Money being tight is no excuse to ignore your employees’ hard work. A kind word or various perks don’t cost anything, yet they will be much appreciated. Of course, these two are hardly all there is. There are plenty of ways you can reward employees without money. Sometimes, these methods can be even more valuable than the monetary ones in the long run. Give your employees a proper reward, and they are guaranteed to be more satisfied with their work, which in turn makes the business bloom.

What To Do When You’ve Been Out Of Work For An Extended Period

September 15, 2022 by Contributed Post Leave a Comment

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Being out of work for longer than expected can be a frustrating and confusing time for you. There might be several reasons why you aren’t working currently but no matter what they are your focus should be on landing a new job.

Here’s what to do when you’ve been out of work for an extended period so you can feel hopeful and have a plan of action in place for going forward. What you don’t want to do is give up or stop trying because soon enough the right role or position will pop up and you’ll be on your way to thriving in your career.

Volunteer

If you’ve been out of work for an extended period then start by volunteering your time and giving back to those in need. Find opportunities that interest you and are in the line of work you do or that you have experience with. You never know who you’ll meet or what skills you’ll pick up along the way. It’ll look good on a resume and you’ll be helping someone out who needs it as you keep busy and remain involved in the world around you. Potential employers will want to know how you’ve been spending your time and you’ll have this to show for it.

Consider A New Path

You might also want to consider taking a new path or looking into starting a new career in your situation. Take into account your skills, talents, and interests, and then start seeing and researching what’s out there for you. For instance, you can go online and take a business course if you’re thinking about starting your own company or gaining experience in a particular field or trade when you apply for carpentry apprenticeships here. It may be just what you need to start fresh and gain your motivation back.

Develop Your Skills

If you’ve been out of work for an extended period then you may be getting rusty in certain areas. Therefore, it’s essential that you develop your skills and work on yourself during this off period. You want to make sure you’re keeping up with the latest advancements in technology and software and are gaining new knowledge daily. There are many free classes and courses or resources in your local community that you can take advantage of so you can remain an attractive candidate for a new job and eventually excel in your career.

Network

It might also help if you reach out and ask others about their experience and for advice and tips. When you’ve been out of work for some time you should get out there and network with other professionals and meet new people. Set up your online profile and go out and attend in-person events and conferences or seminars. There may be someone you meet who can enlighten you about new experiences or help you get your foot in the door at a company you want to work for. Keep networking and building your relationships and deepening your connections which will only help you in the long run.

Helping Your Employees to Improve: Why it Matters and How to Do it

May 21, 2022 by Contributed Post Leave a Comment

Operating and running a company requires ensuring that every aspect of the business is well managed, including your employees. Good employees are like gold. They’re difficult to find and incredibly valuable.

One of the first steps to building a team of effective people is to hire the right employees in the first place. A vigorous interview and hiring process will sort through applicants and help you to find candidates who are the best fit for your team. However, the journey doesn’t end there. Staff training is a vital part of creating a great team who you can trust.

Image Credit.

How Training Helps Your Staff

The most obvious way that employee improvement and training is beneficial is how it helps your employees. With more training, they have more opportunities for advancement within their industry. They can specialize or move onto better paid positions.

Also, humans have a natural desire to learn and improve their skills. By offering training courses, you can help your employees to fill this desire and learn something new and useful. Ideally, employees should have this ambition, so it’s up to you to encourage and foster it.

When employees are allowed and encouraged to develop their skills, their morale will increase. This is good for the employee, for obvious reasons, as they’re happier in their role. But a happy employee is a stable employee, which is ideal for you.

How Training Helps Your Company

To start with, if your employees are happy, then they will be a better fit for your team. A happy employee is more efficient, productive, and is far less likely to leave for greener pastures. If you give them all the opportunities they need in your company, then they might not see the need to look somewhere else. This means that you don’t need to invest time and money finding and training new employees.

Employee morale is good for the whole team, as they can see that they have a clear place in the company and that they are valued. If people feel invested in, then they’re more likely to be loyal.

Treat your employees well in every avenue for this reason. It’s easy to see employees as another part of the business machine, especially when things grow and you have a less personal relationship with them. However, this viewpoint is flawed.

Employees are people, and people have hopes and ambitions of their own. If they don’t get what they need at your company, then they will look somewhere else. Even worse, other employees may follow their lead.

As well as improving morale, training makes your employees more effective in their role. If you need a new manager, for example, then you have the option between hiring someone new or offering your employees an opportunity to train up for it. There are pros and cons to both of these methods, and every situation is different, but it’s something to consider.

Also, training helps you and your employees to branch out and develop your company more. It can also reduce the need to outsource certain tasks and services, as it will be possible to cover them in-house. This can save a lot of money in the long run.

One pitfall to avoid is offering training to allow employees to progress in your company without giving them clear benefits. If someone ends up doing more work or more skilled work for few benefits, then they will take their training elsewhere. Give them an incentive to stick around, such as an appreciable payrise that reflects their value in the job market.

Utilizing Training Tools

Training, as you’d expect, doesn’t just happen. Your employees will need to take time and use resources to complete their training. How they train depends on several factors. For example, some courses and qualifications can only be undertaken in a university setting or via a university course. This, as you can expect, takes time and money, but it is worth it.

However, many training courses can be undertaken online. These might take weeks or months to complete, but by the end of the course, your employee will be trained for a new task or role. You can learn more about virtual training and virtual spaces in the community by looking at https://cie.spacefoundation.org/education/virtual-space-in-the-community/.

If you expect your employees to undergo this training, then you may have to subsidize it to a degree. Allow your employees any needed time off, so that they have a chance to learn and improve.

Unique Ways to Implement AI in Every Business

May 19, 2022 by Guest Post Leave a Comment

Artificial Intelligence, once only fantasy brought out by science fiction movies is now a reality. So many tech companies are looking for ways to implement AI into software and technology and how it can be used to help businesses grow. With new AI implementations coming out every year, here are some of the ways these professionals use it to their advantage.

Influencer Marketing

“A great yet often overlooked way to implement artificial intelligence into every business is through influencer marketing. Influencer marketing in the coming years will grow significantly with AI. AI makes it possible to identify the best influencers that can produce results in your company’s campaign rather than just choosing influencers based on followers. AI can save time and money by analyzing data on influencers and creating more relevant content. Having more in-depth data on influencers will create an opportunity to make better decisions. AI can also determine an influencer’s future performance and reach target audiences. Using AI to measure engagement and feedback will allow businesses to better use their budget and expand their reach on social media”

– Jeffery Pitrak, Marketing and Account Manager at Transient Specialists

Chatbots

“Artificial Intelligence is transforming the way businesses operate. One great AI tool is Chatbots, which are known to improve sales and make it simple for customers to interact with your site. By producing personalized messages and responses, customers can receive answers to their questions, learn more, or come back at a later time, wherever they left off. They also provide 24/7 communication without a human employee, making it ideal for users all over the world. These AI-powered bots will reduce wait times and connect deeper with customers, overall improving user experience and sales. Just ensure that your chat box leaves an alternative resource to connect with a live person, in case the chatbot isn’t able to answer all of their questions.”

– Jarrid Raney, Director of E-Commerce and Marketing at Shop Blends

Performance tracking

“These days businesses can use artificial intelligence in performance management. When

properly configured, the AI can take a lot of the legwork out of tracking performance, reporting goals and achievements, and providing individuals feedback. When the AI detects an employee is overperforming, it can prompt a “keep up the hard work” message to reassure the employee that they’re appreciated. On the other hand, when it detects an employee isn’t on track to reach their goals, it can suggest the individual take a different approach, take some time to review training materials or reach out to management for suggestions. This can also eliminate the feeling of micromanagement in an organization while allowing management to focus on other areas.”

– Kevin Mako, Founder of Mako Design + Invent

AI In Customer Service

“Implementing AI in customer service can help provide better and faster support for your clients, increasing productivity for your business. One of the greatest benefits of having AI customer service is 24/7 support. This allows customers to access your support team whenever it is that they need help, and not have to wait for regular business hours. Implementing AI can also allow companies to gather predictive data, which will then in turn allow their customer service to predict their customers’ inquiries. If you’ve been wondering how to implement AI in your business, I would definitely recommend looking into AI customer service solutions.”

– Rich Rudzinski, Founder of Tragic Media, Oversight and Drivey

Using Data Analysis

“AI can be used to retrieve large data sets within a matter of seconds and translate that information into a more easily digestible format for humans to analyze. It can be used best for developing more innovative pricing strategies, highlighting where costs can be reduced and uncovers inefficiencies. You should use AI to gather insights into customers’ preferences. This is super helpful when identifying the different patterns that your data shows. These insights can be used to help the business and employees make better-informed decisions. In the future, AI may be able to complete tasks in milliseconds and just continue to get faster and faster. But Ai programs that will only improve the efficiency at which humans can get tasks done will help businesses astronomically. AI can help get your monotonous tasks out of the way so you can put some time back onto your team’s calendar.

– Sacha Ferrandi, CEO and Co-founder at Source Capital

Data Security

“Nowadays, data security has become an increasingly big factor in the implementation of every business, especially as we continue to rely on technology to store sensitive information. That said, AI has become a leading agent in helping the fight against data leakage. Some efforts that contribute to data security include, but aren’t limited to the following: phishing, ransomware, malware, or even insider threats to name a few. With the help of AI, companies can use machine learning to make certain that data is secured. While nothing is susceptible to mistakes, ensuring that there is a system in place to include warnings to that behavior is definitely enough to put many businesses at ease.”

– Gregg Dean, Co-Founder, and CEO of Layla Sleep

Timekeeping Management

“AI can be used to help schedule employees and set up appointments for customers which any company can and should take advantage of. Artificial intelligence can determine the best times to schedule employees based on historical peak times, patterns and preferences of individual employees, and other factors in an amount of time that humans wouldn’t be able to do. In the same way, AI can help businesses systematically set up meetings with customers in an efficient way and in a much smaller time frame. You can input your preplanned schedule and rules so that the software can work around you and your team to find the best time to create appointments with others. Artificial intelligence can allow your business to automate these processes which frees up employees’ time and helps improve productivity.”

– Adrian Pereira, CEO, and Co-founder of Eco Pea Co.

Start Small

“While everyone aims to implement AI into their business with full force, simply applying AI to a small sample of data is the best way to ease into these processes. Using AI in increments will allow your business to collect the necessary feedback and grow accordingly. Focusing on specific issues at a time will allow your AI to narrow in on it and now have all of the data thrown at it at once. Once your AI can gradually grasp certain values, you will see the large rewards it’s able to grasp in the future, giving your business the max potential of your AI and diminishing the returns from AI investment.”

– Jim Williams, Outreach Manager for Ziebart

AI In The Accounting Department

“Many businesses are finding it extremely useful to implement AI in their accounting department. AI takes away from the tedious hours that go into repetitive tasks that are usually done by accounting professionals. With AI focused on these tasks, the accounting department can put their time towards higher-level activities that can’t be accomplished by a computer. Not only does AI allocate the accounting department more time, but it also drastically reduces common errors that are commonly made by humans. With the accounting department free of errors and able to put more time towards the important stuff, your business should be running smoother than ever with an AI system.”

– Sanem Ahearn, Head of Marketing of Colorescience

Qualifying Targeted Leads More Accurately

“Technology has made it easier to connect with people and corporations on both a business and personal level. Yet, popular sites have millions of users, so it’s time-consuming to find information alone. Using AI to help gather data on leads in your industry, is an accurate and quick way to increase marketing and productivity. AI tracks clients’ habits and purchases, which allows the system to predict what each user would like to buy. AI knows what to sell because it follows the customers closely. It makes a huge difference when you get the right ads in front of the right people.”

– Megan Jones, Community Outreach Manager for NutraSweet Natural

Personalized Learning

“AI can be used to provide personalized education to individuals through adaptive learning. With various learning software and programs readily available for students, AI can take advantage of this and create a curriculum based on the individual’s needs. This system can adapt to a student’s needs, goals, and progress as it adjusts to focus on units that need more attention. Not only will this be beneficial in a school setting, but it can also be used as a training tool for employees who are looking to further hone their skills in their specific career path.”

– Doug Crawford, Founder of Best Trade Schools
Artificial Intelligence is becoming a part of everyday life and it’s up to companies to stay ahead of the game and take advantage of these new features. AI works to make your day-to-day tasks more efficient and effective. With some of these examples, how will you be implementing AI into your business?

AI In Call Systems

“AI can be used by any business with a phone system to direct phone calls to the right point of contact. This helps free up time for the customer service representatives and can even get the information right to the callers straight from the initial point of contact with the AI call system. This is a great way to save money by taking out the middleman in the call conversation. With the help of AI, the conversation can be sped up and a caller can get access to the person or information they need faster than if there was a person answering the phone.”

-Peter Reagan, Financial Marketing Strategist at Birch Gold Group

“AI can be implemented in every business through AI-powered predictive analytics tools. These can be tailored to each industry’s needs, but it has changed the game for financial institutions, by enhancing risk management, fraud detection, and customer relationship management. These AI tools can analyze huge amounts of financial data to predict things like loan defaults or payment delays, enabling banks and lenders to make more informed lending decisions. AI can provide real-time risk assessments by assessing factors like transaction history, credit scores, and economic trends, allowing financial institutions to adjust interest rates, terms, or approval processes. Additionally, these systems continuously learn from new data, becoming more accurate over time at identifying fraud risks, which helps to reduce false positives and ensure smoother operations for legitimate transactions.”

– From Bill Lyons, CEO of Griffin Funding.