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Archive for April, 2009

Customer Service Lesson from Zappos

Thursday, April 30th, 2009

Inc.com has an article/ slideshow online about the lessons that can be learned from Zappos. Zappos is an online shoe retailer, founded in 1999, that is growing by leaps and bounds. One of the reasons for their expanded sales is their focus on customer service:

For customers, he has focused on the art of surprise. Zappos advertises free ground shipping, but most orders are mailed overnight. The idea is to give customers an unexpected sense of joy–and, of course, to get them to buy another pair of shoes.

In a tightening economy surprising and delighting your customers is a great way to gain market share while your competitors are cutting back on their service or engaging in business-as-usual practices.

One of the best ways to provide consistent customer service is by properly automating and organizing your business. A business that is organized around a “franchise model” will be able to provide the same exceptional service to their clients every time!

New Type of Business Insurance

Thursday, April 23rd, 2009

BusinessWeek has an Article Posted on a new type of business insurance – trade credit insurance – which can be useful for companies that depend on receivables:

A business can purchase trade credit insurance for individual customers or as a blanket policy, covering a percentage of its receivables. Within a blanket policy, key accounts are identified for coverage. Once a policy is approved, the insurer sets a credit limit for each account and monitors them closely using proprietary risk management tools. If a customer appears to be in trouble, the insurer notifies the policyholder and will usually either reduce the credit limit or tighten the credit terms. In the event of a default, most policies provide full payout, minus a 10% deductible.

Obtaining Business Insurance is already the 9th step on MyNewCompany.com’s Start-Up Checklist. It is always recommended to obtain a general Business Insurance Policy after starting your business. Trade Credit Insurance can provide an added safety net for your company beyond what is covered with a general policy.

Opportunity Knocking for Advertising

Thursday, April 16th, 2009

BusinessWeek.com has an Article Posted pointing out that now is a great time to be starting new advertising campaigns:

Prime-time TV slots are going for 25% less than they sold for just last year, says Steve Cox, spokesperson for the Better Business Bureau. “The playing field for TV advertising is becoming more level, and small business owners can now take advantage of steep discounts for prime slots, as well as cut rates from PR firms and productions companies,” he says.

Not only are ad rates down (not just for TV ads – radio and online advertising is also dropping in price), but new ads can be more effective because viewship is increasing:

In addition to more flexible rates, small businesses can get more bang for their ad bucks today because viewership is up, Hroncich says. “People aren’t going out as much; they’re staying home watching TV or looking at the Internet. So these venues are getting more impressions but they’re charging less money” for their ads, he says.

During a slow economy many businesses immediately reduce or eliminate advertising as a cost-cutting measure. This may seem sensible, but can actually be a missed opportunity to strengthen your market position while your competition remains stagnant.

MyNewCompany.com has a Free Tools & Resouces page, which includes a general overview and useful resources on the Sales & Marketing Process.

Tax Tips for Small Business

Thursday, April 9th, 2009

SmartBiz.com has an article posted with 7 Tax Tips for Small Business:

Small Businesses have an especially hard time when it comes to taxes. Here are seven tips that will help keep you focused and could help save you money.

All MyNewCompany.com clients have access to the “My Account” section of our site, which contains “The New Corporation Handbook” or “The New LLC Handbook”. As well as telling you everything you need to know about properly running and maintaining your new company, the Handbook contains a section on taxes your new company will have to pay, including due dates. Clients who select our Entrepreneur or Complete Package also receive our MyCompanyForms CD which includes all your federal tax forms and a tax calendar, as well as over 200 sample business forms. Clients who did not order the CD as part of their Formation Service can always order a copy of the CD for only $35!

Independent Contractor Use Increasing

Thursday, April 2nd, 2009

Small Business Trends has an Article posted about the increased use of independent contractors:

The Contractor Index for March 2009 shows that an increasing percentage of staffing help are independent contractors — nearly 4 out of 100 workers are brought on as independent contractors

It is frequently easier to get work as an Independent Contractor if you have a Corporation or LLC in place (most companies are unwilling to hire Sole Proprietors as independent contractors). Using MyNewCompany.com’s Formation Services can take the hassle out of setting up an LLC or Corporation in any state!


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