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  1. EBPP GAINING IN 2004

    December 19, 2011 by admin

    Electronic bill presentment and payment (EBPP) started showing signs of renewed life in 2003, after its introduction in the late 90s.  It took a few years for the idea to take off, and industry experts are considering 2003 a success, but a high rate of adoption by we average Joes and Janes is still a number of years away.

    If you examine the electronic bill payment landscape you will note that the current usage surge is largely by the Generation X demographic, in spite of the fact that a single-source option is not yet in place. Forecasters thought that banks would probably be the single-source option, but there is still no solid consolidated infrastructure among those banks that have systems in place.  The way it’s working now is very much like the way automated teller machines (ATMs) used to operate, that is providing access only to certain cardholders with specific affiliations.

    While banks are taking steps toward  consolidating infrastructure, in 2004 we will likely see a continued proliferation of individual organizations, where each has its own presentment and payment strategies and solutions.  Consumers will have to go to multiple sites to pay their bills, and for the short term will put up with that system.

    For the long-term though, the single-source EBPP system is going to be the process of choice for consumers.  Eventually, they’ll want to receive and pay all bills electronically from the single site, but that won’t happen until the above mentioned consolidation.

    Many banks will work overtime during 2004 to educate consumers about the benefits of online banking, because it will be a cost saving to them.  There is a lot o upfront costs to banks and financial institutions, the ultimate benefits of processing payments through the Fed’s automated clearing house (ACH) instead of through the Postal Service are immense.  It all boils down to a cost-saving issue.

    I wonder how long it will take the average entrepreneur to embrace this new EBPP?  Will you and I be comfortable maintaining a web site or some type of electronic presence so that we can electronically bill our customers/clients for goods or services?  Perhaps this is how our forefathers felt when Henry Ford tried to replace the horse and buggy with his auto machine, but I must say I find a certain comfort in the good, old-fashioned “paper trail”.

    I must confess that I do use the electronic trail on occasion, especially when I know the mail won’t beat the due date on my supplier’s invoice, but to transact all commerce via EBPP is another matter.  One must admit however, that at least 1/3 of our office space these days is dedicated to files filled with paper.

    Still, that old “paper trail” is comforting – much like the cookie crumbs dropped while walking in the woods that assure us we’ll find our way home again.

    Category Risk Management | Tags: , | No Comments

  2. Prepare Crisis Control

    December 12, 2011 by admin

    A personal crisis doesn’t have to spell disaster for your business if you’re prepared.  Every business occasionally endures a crisis, but what happens when your dilemma isn’t falling profits but personal.

    Because we have no idea what type of personal crisis may await us – an ugly divorce, debilitating disease, or ailing parent/child/spouse, we must be prepared. Just as you plan for advertising and promotions, you must plan for life’s surprises.

    Paul Krasinski, founder of Lion Strategy Advisors, New York, suggests finding somebody NOW who can take over your responsibility and carry on for at least 20 days.  He/she needs to be someone who can communicate well with staff and command respect, and may or may not be the person you feel closest to in the company.

    Once a personal crisis hits, Krasinski recommends “full disclosure” to your employees. This avoids the feeling of being hit by a bomb, and that business will go on as usual.  In case you think this doesn’t work, let me give you a case history.

    Dana Weidaw, 28 and president of her own PR firm had only been in business 1 year when she tested “full disclosure” with her employees.  She was diagnosed with an aneurysm which required a surgeon to drill through her skull.  She had just landed her first major client and was publicizing a major hockey arena.  If all didn’t go well with the project, this client could turn out to be her last.

    Before missing 7 days of work, Weidaw prepped her full-time employee, another agency she was working with, and her client by sharing the nitty-gritty details of her crisis.  She assured them everything would run according to plans and smoothly in her absence, and found that everybody was willing to work around her crisis.  Weidaw found that, by nature, people are very sympathetic.

    A word of caution though, you need to know when to talk.  During and after a crisis – full disclosure is great.  If you’re “contingency” planning though, it might be prudent not to advertise that if your personal life goes in the tanker good old Gary or Suzy will be in charge.  Your employees may needlessly dwell on why they weren’t picked to run the show instead of them.  Above all, you don’t want to cause widespread distress or distract your staff from day-to-day operation.

    Just as surely as you plan for financial allocations for your business, always have a crisis plan in place.  This may need adjustments from year to year as staff leaves and are replaced, so when planning for each year’s business needs include your crisis plan.

    Category Strategic Planning | Tags: , , , | No Comments

  3. Markets & The Dynamics of Competition

    December 5, 2011 by admin

    Today marketing is not the same as it was in the ‘60s or ‘70s, because there are enough products to satisfy customer’s needs.  In fact customers are “hyper-satisfied”!  Companies have segmented the market until it has become almost too small to service profitably.

    Distribution is now largely in the hands of giant corporations such as Wal-Mart and Costco. There are more brands and fewer producers, products “life” have been shortened, and it’s cheaper to replace than to repair – all complicating the process further.

    Marketing has always started with identifying the needs of your customer, but many companies are now focusing on the product.  They focus on what category it falls into, and then what sub-category (for instance pudding and then what flavors). By focusing on the product, companies then focus on who’ll use the product, and those considered “not using” are excluded from the picture.  In doing this, you’ve just given your competitor a target market.

    You may have captured 75% of your “user market” because you have a USP (unique selling position) i.e.; more flavors, more convenient packaging, longer shelf life, etc.  But why can’t YOU also take care of the other 25% instead of your competitor?

    To do that, requires a new way of thinking known as “Lateral Marketing”.  Stop thinking about how you can keep the 75% in love with your product (Vertical Marketing), think about drawing in the 25% of the market that wasn’t your customer.  This is done by innovative thinking.  This may be seen as further “segmenting” the market-place, but at the same time it’s making it bigger.

     Let’s say you sell soap.  You’ve captured 75% of your market because of some formulary development that makes more suds with less product.  The 25% that your competition is trying to capture would rather spend less for soap, than use less.  Your method of also capturing that 25% is to start thinking “innovation” and not different product.

    Lateral Marketing works within the original category of product and complements it, not competes with it.  You could come up with a soap with more bleach, with less foam, fragrance free, with more foam.  You can innovate by size – selling in large economy packs, selling in individual packs, and do this without ever changing the formula of the product.  This type of marketing works best for mature markets with no growth (after all, what new uses can you come up with for soap).  It also can create markets from scratch, requires greater resources, and may redefine your company’s mission and business focus.

    This innovative method of marketing doesn’t create “new” categories or markets, it always occurs “within” the category where the idea originated.  If you’ve done everything right, you’ve garnered the 25% of customers that might have got away and it didn’t require a lot of overhead – you’re still producing soap!

    Category Sales Management | Tags: , , , | No Comments

  4. Good Companies Grow No Matter What

    November 28, 2011 by admin

    Every business demands growth, and double-digit growth is the dream of every dedicated business owner, even when lackluster results show up at quarter’s end.

    Most entrepreneurial business owners need a guide to navigate their way toward substantial, sustainable growth.  It can be done even in a slow economy as demonstrated by such companies as Harley Davidson, Starbucks, and WalMart.  Even smaller companies such as Paychex and Oshkosh Truck have been able to make gains in revenue, gross profits and net profits.

    Here are 5 disciplines of sustained growth:

    1. Retain Your Customer Base:  Keep the growth that you have already earned by coaxing customers into complex relationships that make it a hassle for them to switch to your competitor.  Tailor your products/services using data gleaned from your customers giving you an advantage.  Proactively managing customer defections will help you anticipate and pre-empt them. Bonding with customers wherever emotion is tied to an interaction is another great way to retain them.
    1. Gain Market Share at the Expense of Your Rivals: Give customers a reason to abandon a competitor’s product/service for yours.  Do what it takes to lower the switching costs.  Pulling customers away from a competitor can be difficult, so you must devote many resources to raiding their customer base.  Offering higher value and quality are crucial to this end.  Buying a competitor is another way to do this.
    1. Exploit Market Position:  Show up where growth is going to happen by spotting it early.  This can be done by watching the industry for shifts in buying criteria, product or service innovations, and population trends.  You must be able to spot positioning opportunities to make the most of them by continually using a systematic approach to the process.
    1. Invade Adjacent Markets: Before moving into a nearby market, decide whether it offers significant long-term growth and profitability.  Determine whether you have an advantage over a competitor, and ensure you can match its standards of quality and value.
    1. Invest In New Lines of Business:  If you take this approach, never overpay for a new line.  You must find simple strategies instead of complex ones, and partner with the new business by assessing its leadership team and balance sheet.

    Although a successful growth portfolio might not include all five of these disciplines, it must contain more than one.  Only a balanced growth portfolio can keep an organization growing when the market shifts dramatically.

    In closing I wish a happy and safe Memorial Day to all my entrepreneurial buddies and readers. Drive carefully!

    Category Innovation | Tags: , , , | No Comments

  5. Business Dress – Men

    November 21, 2011 by admin

    The general dress code guidelines for men during an interview are that they wear suits in navy blue or dark blue.  This is preferred over gray or charcoal gray. Sometimes brown can be acceptable but not on the first interview.  Usually, the darker the suit, the more authority it carries. But beware; a man should never wear black to an interview unless he is applying as an undertaker.  A two piece suit is acceptable as is a three button single breasted jacket.  What matters most is that the suit fits well and it is good quality.  The trousers should fit comfortably at the waist and a slimmer fit is preferred.  There should only be a slight break where the trouser hits the shoe.  If your ankles are showing, they are way too short.

    A man at an interview should always wear a long sleeved shirt either in white, cream or pale blue.  Monograms are not a good decision on the first interview.  If you tend to perspire often, cotton shirts are the way to go professionally cleaned and starched.  The higher the cotton content, the better the shirt will look.  Make sure your shirt fits the neck properly and that the sleeve cuff ends just at the wrist.  All your interview clothes should be professionally cleaned and pressed and ready to go.

    Ties that are cheap looking do not give off a good first impression.  A pure silk tie makes the most powerful professional impact, has the best finish and feel, and is easiest to tie well.  The tie should complement your suit, not match it.  No outlandish, flamboyant ties are necessary.  The length of the tie should be extended to your trouser belt.

    Shoes should be brown or black leather.  No other materials or colors are acceptable.  Socks should complement the suit, blue, black, gray, or brown.  A briefcase is a symbol of authority, which makes a strong professional statement.  Brown or burgundy are the colors of choice.

    As with women, men’s jewelry should be kept to a minimum.  No visible body piercing or tattoos -if you can help it.

    This clean cut, well manicured image says a lot about a professional man.  He should smell wonderful, have a nicely trimmed hair cut and appear clean and crisp.  Good luck.

    Category Sales Management | Tags: , , , | No Comments

  6. The biggest advantage of the pubs for sale

    November 21, 2011 by admin

    Did you ever get the benefit? can benefit you without your knowledge. Some people who build businesses or businesses also must require a profit or return on investment. You can get the greatest advantage of the pubs for sale. Therefore, it is extremely efficient to use. You will get maximum results in obtaining it. You can gain certain advantages when assessing the maximum results. This is a great opportunity to achieve a quality business. You would expect once to get the best of success. Some employers have tried the business and then have a lot of direction about some things. It makes you easier to create an online business.

    Nowadays there are so many people who succeed and generate a lot of money but on the other hand they do not understand the true meaning of life so they take advantage of that success in a way that is not good. You can find out everything related to that market. You will find various kinds of information about online shopping. You will not be disappointed and lose because you’ll get some service from the online services. You do not need to use cash to pay for your groceries because you can do money transfer through bank.

    Category Strategic Planning | Tags: , | No Comments

  7. There are so many enthusiasts of pubs for sale

    November 21, 2011 by admin

    Would you like to drink? You definitely want the expensive drinks and quality. Instead, you open a personal pub filled by expensive drinks. You can use this opportunity as the most appropriate business area. Lots of pubs for sale enthusiasts. You can see it at some stage the best for your life. Some people never know the most important things for your life. You can find a solution for perfect results. This is a very different business. You certainly know a lot of differences. You can learn from many experiences of others. Experience is a great teacher in a life. You can build a business with a lot of expectations.

    Hope it can make happen when you have another chance to see the results more pleasing. You can see further information and simply by visiting a site that has been provided so you will understand how to learn it. ? You definitely want them without requiring a lot of things that can make you more comfortable to improve something that is most interesting in making the work. This can make it easy for you so that you only need a few things just to be able to do online shopping with the best possible way. This market provides a wide range of needs and in it the same as the goods sold in other markets but the market is indeed more convenient and affordable.

     

    Category Strategic Planning | Tags: , | No Comments

  8. Tips for Achieving Your Goals

    November 14, 2011 by admin

    Do you have long-term projects with short-term expectations?  If you do, that is a sure path to frustration and failure.

    Lifestyle goals such as exercise and healthy diet have to become habits in order to be effective.  Career change also takes time and planning, and it doesn’t happen overnight.

    Your world has shifted.  There’s voice mail, e-mail, pagers, and faxes that have made a “waiting” period unacceptable and almost obsolete.  With information immediately available, we expect relationships and goal achievement to be done the same.  As you read this you know that it is unreasonable to expect that, don’t you?  We’ve been led by advertisers to believe that we deserve immediate gratification, and that it is readily and effortlessly available!

    When you want to train a puppy, you know that it’s going to take time and consistent reinforcement.  You’re ready for that, because you want your puppy to behave in an acceptable way.  Why then, are you so patient with the puppy and so hard on yourself?

    When you plant seeds in the garden, you tend them, water them, hope for sunlight and nurture them.  Are you nurturing yourself?

    The best way to move gently and effectively towards your goals is to take a reasonable approach.  Break your long-term project goal into sub-goals.  Break it into doable, short-term chunks.  Today prepare the soil; tomorrow plant the seeds.

    Each action you take and each step is satisfying because you know that it is contributing to the completion of your goal.  You cannot rush Mother Nature with your garden, and the same is true for your goals.

    This process is much more than “bloom where you’re planted”, because when you’re the gardener you choose what to plant and how to nurture it.  Do the same for yourself, and grow yourself beautifully.  Your goals will be accomplished in due time, and you won’t end up up-tight and frazzled.

    Category Uncategorized | Tags: | No Comments

  9. EBook Writing Business

    November 7, 2011 by admin

    If you are a savvy writer with great English grammar skills, you should consider writing eBooks.  It pays very well and you can do it in the comfort of your own home.  It is very simple to write up an eBook.  All you need to do is have Microsoft word and the internet.  Do some research first on the topic.  Know everything you can know about it, read up on it and save some quotes in your favorites area.  You may want to stop by the local library to pick up some books on the topic too.  That will help you when writing up your eBook.  EBooks should be between 50 – 75 pages depending on the topic and what the assignment is.  After you have thoroughly researched your topic and you know a lot about it you want to create a table of contents.  You want the chapters to flow freely from one thought to the other.  Make sure you cover as much as you can about the topic and title each chapter, writing a few notes about what you want to write about -which you will delete later.

    The next step would be just to get started on it!  Start writing creatively, from your heart, not just spitting out facts on a paper.  People are reading your eBook because they do not want to read and search for information located everywhere about a specific topic.  They want a concise, easy to read; interesting eBook they can print out and curl on the couch with.  It goes without saying that no one should ever plagiarize; not only is it unlawful, it is disrespectful.

    Always spell check and edit your work by reading it when you have finished.  Polish it off by organizing each chapter into an eBook.  Come up with a savvy title that catches the audience.  If you really enjoy this line of business, you could do this full time and quit your day job.

    Category Writing Business | Tags: , , , | No Comments

  10. Chargebacks

    October 30, 2011 by admin

    If there is one word most Internet marketers quiver at the sound of, it is chargebacks.  A chargeback is a dispute over a charge -usually an unauthorized or fraudulent charge- between the customer and the company.  The merchant must pay back the entire amount along with any credit card fees.  This amount is automatically deducted from your merchant account.  There are three main problems about chargebacks that concern the merchant:  1.  they lose the payment -and also the inventory if it was sent, 2. the fees associated with every chargeback are between $15 to $25, and worse of all 3. chargebacks don’t look good, and you may lose your merchant account.  Merchant services are pretty finicky; they do not just hand out accounts to anyone.

    The customer could either be dissatisfied with the product, or there could be a duplicate order, or it could be fraud.  Whatever the reason may be, it is crucial to your online business to keep chargebacks to a minimum.  One way to stop chargebacks is to stop fraudulent orders by checking to make sure the order seems legit. This may mean you may have to call each customer to confirm the order.  You do not want to accept an order if it appears fraudulent.  Be suspicious, because in the end, receiving too many chargebacks will damage your profit line.

    If, on the other hand, your customer is simply dissatisfied with the product, give them a call and send them an email.  Ask them what it is they didn’t like about the product.  Ask them if there is anything you can do for them to satisfy them.  If they still seem reluctant to drop the chargeback, your last resort would be to ask them if they wouldn’t mind dropping the chargeback and you can offer them a full refund.  Most people wouldn’t mind this option.  You will find that a simple phone call to the upset customer may actually turn things around in your favor.

    Category Management | Tags: , | No Comments

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