Planning and hosting a business event can be a time-consuming task. Depending on how large your event is, there are various vendors to book, registration, scheduling, and more. Hosting a successful business event can work wonders to help you achieve your business goals however, whether it be sales, networking, or something else. Learn how to successfully host a business event to promote or celebrate your business or industry.
Step One: Set Goals
Before you get into the details, step back and figure out the main purpose or goal of your event. Are you looking to connect with others in your field, or other small businesses in your local area? Are you trying to promote your business and bring in new customers? Are you celebrating a successful year with your team? The range of possible business events is broad, so figure out what the goal of your event is before you begin planning.
If you’re hosting an all-out, day-long conference, you’ll need more time to plan. If you’re hosting a simpler corporate event, there’s still plenty to coordinate, but it will take less time and effort. Figure out why you’re hosting the event, what you hope to accomplish, and more first. This will help you figure out the scope of the event so that you have more direction when inviting guests, planning details, and booking vendors.
Step Two: Figure Out Your Budget
The next step is to plan your budget. Depending on the type of event and your business, you may have a nice budget or it may be up to you to find sponsors. If you need corporate sponsors, plan out a list of who to ask, along with backups, and start reaching out. For larger events, it’s helpful to have a team to delegate some of these tasks so that you can focus on the big picture issues.
Once your overall budget is established, break down your costs and prioritize what you can spend the most money on. Venues can be pricey, especially if you’re hosting a large event or a business conference. The size of your event will also affect catering prices, so keep your guest list in mind when planning your budget. For certain business events or conferences, you may charge attendees a ticket fee, so planning your budget can help establish what tickets will cost.
Step Three: Pick a Date and Book Your Venue
With your budget established, you can book your venue. You may have a certain date in mind, in which case you’ll have to find a venue available on that date. On the flip side, if you have a perfect venue in mind, you may have to be more flexible on dates. Shop around for different venues to see prices and other accommodations before you commit.
Booking your venue is the first big vendor you can cross off of your list. This will also officially set a date for your event, which means you can start counting down the days until the event or conference.
Step Four: Book Vendors
Once your date and venue are set, you can begin booking any other necessary vendors. Many venues have their own vendors or a list of pre-approved vendors that you will be required to choose from. Make sure you discuss this first with the venue, especially if you had specific vendors in mind outside of their list.
Depending on the purpose, size, and activities at your event, you may need different vendors. Figure out what you’ll need for your specific event. Most likely you’ll be in need of a caterer for food and beverages for your guests, although if your event is at a restaurant or a hotel food and drink may already be provided.
For larger corporate conferences, consider booking a business conference production company to handle audiovisual and other staging needs. If there is a speaker or presentation of any sort, you’ll need to have the technical equipment set up correctly; an event with shoddy sound or visuals or other technical difficulties will look unprofessional. Depending on the event, you may also need to book a photographer or videographer to record the conference.
Step Five: Confirm Your Agenda
For smaller corporate events, this step may be easy. If you’re hosting an all-out business conference, however, it’s vital to confirm your agenda and work out schedules for guests and employees, volunteers, and vendors.
Confirm all vendors and their arrival times for the day of the event. If there are presenters or speakers, confirm their participation and see to any of their scheduling, transportation, or other needs that they may have. Set a schedule for the event activities as well as for yourself to ensure that everything runs smoothly when the big day comes.
Step Six: Promote Your Event
You may have a list of invited guests, or you may promote the event to the public to bring in new customers or interested participants in your industry. Whatever your target audience is, be sure to promote the event in advance, sell tickets, or confirm RSVPs. Considering all the effort you put into your business event, it would be disappointing to have an underwhelming turnout.
Once the day of your event of conference has arrived, stay on top of the schedule to ensure that everything is on-time and running as planned. Hopefully, you’ll have a team to help you execute the details of the event on the day of, so you can enjoy your event and see your hard work paid off.
In the past, a small business owner might not consider using a Non-Disclosure Agreement (also called a confidentiality agreement or an NDA). But times have changed, and today having an NDA in your toolbox is a must.
With freelancers now regularly taking part in projects with small businesses, you have to use an NDA. And if you don’t make your freelancer sign one, it could have negative repercussions down the road. But NDAs can also protect you with inventions, purchase or sale, development of a project, and even a private party.
A new infographic from LegalTemplates has some valuable information about NDAs. Additionally, LegalTemplates provides some free NDA templates and everything you need to know about NDAs.
An NDA is a contract between a disclosing and receiving party, and It recognizes a legally binding relationship between them.
Anyone can be the disclosing party, such as an individual, company or an entity. The receiving party is the one getting confidential information, such as an employee.
When you sign an NDA, you agree not to disclose information which is in the agreement.
According to LegalTemplates, an NDA is also known as Confidentiality Agreement (CA); Confidential Disclosure Agreement (CDA); Proprietary Information Agreement (PIA); Secrecy Agreement (SA). This will depend on the region or industry.
There are many cases which require an NDA. If you are not sure, you can err on the side of caution and have one drawn up. But it is best to consult a legal expert to make sure you are doing the right thing and you have the necessary elements in the contract to protect yourself.
NDA may be required for:
Employees – Notifies employees not to discuss business information.
Interviews – Because sensitive company information can be revealed during an interview, an NDA ensures it is protected.
Inventors – Inventors use NDAs with investors or other parties when they discuss details of their creation before they get a patent.
Real Estate – This type of NDA protects the buyer, seller, broker or anyone else involved in a property transaction.
Trade Secrets – Companies use this NDA to protect their trade secrets when talking to third parties.
Anyone can draw up an NDA contract to ensure your information and privacy is protected. As long as both parties agree to the contract and sign it, it is valid.
Whether you have invented the next big thing in tech, or you are protecting the recipe for your fried chicken, an NDA safeguards your information. But if you don’t use an NDA, someone can potentially use the information as their own.
As a legally enforceable agreement, an NDA will ensure the parties involved can’t use your information for their own advantage.
Some of the information an NDA can include are business practices and/or strategies; customer lists; drawings, designs, documents; financial information; marketing materials; proprietary information; prototypes or samples and much more.
There are two types of NDAs, a unilateral (one-way) and mutual (bi-lateral) non-disclosure agreement. Although both NDAs protect confidential information, they are not the same.
In a unilateral NDA, only one party is disclosing valuable information, only one party promises to protect the information, and it is used by an inventor and potential investor.
On the other hand, in a bilateral NDA, both parties are disclosing valuable information, both parties promise to protect the information, and it is used in a joint venture or merger.
Take a look at the LegalTemplate’s infographic below for more on NDAs, and make sure to visit their site to get the free templates here.
This article, "Non-Disclosure Agreements: When Does Your Business Need Them?" was first published on Small Business Trends
The news of the Capital One data breach comes just as Equifax paid a $700 million fine for its 2017 incident. And this undoubtedly will have consumers and businesses more on edge about the security of their financial data.
Even though the perpetrator of this crime was arrested, it wasn’t due to Capital One or the authorities. The theft of the data took place on March 22 and 23, 2019. However, no one knew about it until a tipster warned Capital One its data may have been leaked. This was on July 17, almost four months after the fact.
This further highlights the need for everyone to keep an eye on their financial records on a regular basis.
You can set five minutes a week to go through your records to make sure your data hasn’t been compromised. Those five minutes will save a lot of headaches. Headaches that can last for months or even years if someone steals your information and destroys your credit.
As this case clearly points out, you can’t depend on these companies to monitor your data at all times. After all, they have hundreds of thousands or even millions of customers around the world. You are the only one that can give your data the attention it deserves.
The best you can hope for is for a quick reaction once an organization finds out. And in the case of Capital One that is exactly what it did.
As the Justice Department says in the release, these are just allegations and a person is innocent until proven guilty.
According to the Justice Department, a Seattle tech worker named Paige A. Thompson (aka erratic) posted the theft of information from Capital One on GitHub. On July 17, 2019, a user saw the post and alerted Capital One on its Responsible Disclosure Program.
Capital One verified the information on July 19, 2019, and it alerted the FBI. The FBI was then able to identify Thompson as the person who posted the content. Agents then executed a warrant at her residence and they seized devices which contained copy of the data.
Thompson was able to exploit a misconfigured web application firewall that enabled access to the data.
For its part, Capital One says, “We immediately addressed the configuration vulnerability and verified there are no other instances in our environment. Among other things, we also augmented our routine automated scanning to look for this issue on a continuous basis.”
If guilty, Thompson can face up to five years in prison along with a $250,000 fine.
You can take a look at the complaint below.
Capital One says the victims in this crime total 100 million individuals in the U.S. and another 6 million in Canada
The majority of the information comes from consumers and small businesses who applied for credit card products from 2005 through early 2019. The information includes names, addresses, zip codes/postal codes, phone numbers, email addresses, dates of birth, and self-reported income.
Thompson also allegedly obtained portions of credit card customer data; customer status data such as credit scores, credit limits, balances, payment history, contact information; and fragments of transaction data from a total of 23 days during 2016, 2017 and 2018.
The company goes on to say this didn’t affect bank account or Social Security numbers. However, it did affect around 140,000 Social Security numbers of its credit card customers and roughly 80,000 linked bank account numbers of its secured credit card customers.
In Cananda, 1 million social insurance numbers were stolen.
Capital One will notify all affected individuals and make free credit monitoring and identity protection available to them.
In the end, Capital One says this incident will end up costing the company anywhere from $100 to $150 million in 2019.
The threat to all financial institutions is a relentless attack which takes place 24/7/365. And eventually, people will break through.
Before this happens, you have to take matters into your own hands. This means being proactive in the protection of your digital data. Monitor your credit report with all three agencies, update the software on your computing device with the latest version, and change your passwords on a regular basis.
These are just a few of the things you can do, but if you want to take additional measures the Federal Trade Commission has a guide you can follow here.
Image: Capital One
This article, "How the Capital One Data Breach Could Affect Your Small Business" was first published on Small Business Trends
Although my desk at the Salesforce Tower might seem far removed from the kitchen table where I worked as an entrepreneur, small businesses continue to be the heart and soul of everything I do. Prior to working at Salesforce, I co-founded a small children’s lunchbox company with my wife — and we were fortunate enough to be featured on “Shark Tank.” During that time, I learned a lot about what’s important when running your own business. You need to be passionate and believe in yourself to see it through. You need to be resilient because there will be hard times and long nights. And you need to pick tools that are easy to use and can grow with your business. That last reason is why I came to Salesforce. I couldn’t pass up the chance to work on a product like Essentials, an all-in-one sales and service CRM app designed specifically for small businesses. I feel like there’s no better place to build a CRM product for small business than at Salesforce.
To build the best products, you need a real understanding of what challenges customers face. That’s why our team can often be found on the road, meeting with small businesses and listening to their needs. One thing that stands out in all these conversations is that building relationships with customers is critical to their success. But it’s hard for many small businesses to stay on top of customer conversations and even more difficult to maintain an individualized level of service as they grow. That’s where Salesforce comes in.
A personalized customer service experience can mean the difference between a bad review and a happy, repeat customer. That’s why I’m so excited about the new conversation channels in our latest release. Many small businesses have grown-up on social media platforms and need to be able to communicate and engage with customers on their preferred channels — from Facebook Messenger, Instagram, YouTube, web chat or on the phone. Our new features are easy to set up with a few clicks and are included with Salesforce Essentials at no additional cost — in fact, our small business customers can turn them on today.
While my wife and I ran our lunchbox company we didn’t have a lot of spare time. Between product design, manufacturing, marketing, and a dozen other things, we didn’t have time to struggle with difficult systems or learn complicated processes. That’s why my team and I want to make Essentials simple and easy. We have in-product walkthroughs for each step in adding new channels, and if you need more support, we have a team ready to help you get up and running. We even offer free hands-on workshops to get you on the road to success.
Today’s customers increasingly reach out to businesses on Facebook and Instagram. But it’s challenging for them to track all of these conversations and make sure they answer every customer’s question. To address this, we’ve enabled real-time conversations via Facebook Messenger from within Salesforce. When a customer sends a company a question via Messenger, the message is routed to an employee who can have a live conversation without ever leaving Salesforce. We also provide notifications when customers comment on your Instagram and YouTube posts, so you can respond to all customers from one place. These new channels expand our existing support of Facebook pages and Twitter.
One of the things I discovered as a small business is that nothing beats a real-time conversation. Most customers want help immediately, not hours later. That’s why we enable small businesses to add a Salesforce chat widget to their website or help center, with capabilities that include having each new chat routed immediately to an employee. At the start of a chat, complete customer information is automatically presented — previous interactions, case history, open sales opportunities, and more, all without searching through different systems.
We also help small businesses save time with Lightning Dialer for Essentials, an easy-to-use call center solution built right into the CRM. When someone on your team makes or receives a call, the customer’s profile and account information pops up within Salesforce, giving them a detailed customer history for fast and personalized service. Calls are automatically logged, reducing manual data entry and making sure that information doesn’t get lost.
Since launching Essentials in 2017, we’ve doubled-down on helping small businesses succeed with innovations ranging from online buying and check-out, guided set-up, and Essentials for Service, to in-app help and a team of dedicated coaches. So far the response has been great. Businesses of all sizes — from sole proprietors to companies with ten or more employees — have embraced Essentials. G Photography, which creates stunning portraits, PepTalkHer, which works to close the gender pay gap, and Mission.org a leading podcast provider are just a few of our customers. We continue to invest in new features that will help small businesses thrive and grow — while remaining at a price point they can afford.
If you’re a small business owner interested in innovation, I’d love to hear what’s important to you @ppedrazzi. And if you haven’t already, you can check out Essentials for free for 14 days. So, go ahead, take it for a spin!
Republished by permission. Original here.
Photo via Salesforce
This article, "Building for Small Business: New Features That Help You Meet Your Customers Where They Are" was first published on Small Business Trends
The pet industry is surging. But there are still some markets where it’s hard to find quality dog walking, pet sitting and grooming services.
The founders of Woofie’s experienced that gap in the marketplace with their own pets. So they decided to do something about it. Read all about their story in this week’s Small Business Spotlight.
Offers pet sitting, dog walking and mobile pet spa services.
Co-Founder and Co-CEO Amy Reed told Small Business Trends, “Each client’s pet is matched with the best pet sitter, dog walker or groomer in order to offer a truly exceptional experience. Woofie’s holds multiple fundraisers on an annual basis to raise money for local animal shelters.”
A focus on customer service.
Reed says, “We built our business on this approach from day one and we have never deviated from it.”
Because of a common interest.
Reed and Leslie Barron were neighbors and friends who shared a love of animals. Over time, they realized the lack of a quality pet care service in their area. So they thought others might appreciate what they had to offer as well.
Getting their first two franchisees to invest in the brand.
Reed says, “I can’t think of a higher honor and validation of the Woofie’s business model, our team members and the Woofie’s brand.”
Narrowing their service area.
Reed explains, “While all of the other pet sitting companies in our area had large service areas, we scaled ours down so that we had a small, highly concentrated service area. We gave away a lot of business to our competitors who were in those other markets (which was especially tough to do in the early days of our business) but we felt it was the right thing to do for our long term strategy.
We made this decision because it allowed us to know our clients on a much more personal level, thus providing them with a better customer experience. It also enabled us to be an integral part of our local community and it gave us the opportunity to support our team members better by keeping them close by. This resulted in our business growing quicker and more efficiently over the years than our competitors who had large service areas. This is also why we ultimately decided to franchise our Woofie’s business. We wanted to give other pet lovers the opportunity to invest in a Woofie’s franchise in other markets.”
Automation saves time.
Reed adds, “[If I could do it over again] I would automate more of our business processes from the very beginning and I would document all of those processes in detail.”
Building tech for clients and franchisees.
Reed says, “We would use it to help build our Woofie’s University grooming school and to make additional enhancements to our customized client software system.”
Interacting with dogs.
Reed says, “We always have dogs in our office during employee interviews to see how the applicants interact with the pups. This allows us to see if the applicants are a good fit with our company and how they would treat our client’s pets. All applicants and any vendors who work with Woofie’s must be 100% dog-approved!”
“It’s not the size of the dog in the fight, it’s the size of the fight in the dog.” – Mark Twain
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Find out more about the Small Biz Spotlight program
Images: Woofie’s; Top Image: (rom left to right) Caroline Murphy (VP of Franchise Development & Support), Renee Ventrice (VP of Marketing), Amy Reed (Co-founder & Co-CEO), Jack Ceschin (Golden), Maggie Cruz (VP of Recruitment Operations), Leslie Barron (Co-founder & Co-CEO)
This article, "In the Spotlight: Woofie’s Makes Animal Care its Pet Project" was first published on Small Business Trends
The integration of an EHS Software in an organization can immensely contribute to the effective implementation of workplace safety practices. The reason is because there are already a lot of individuals who are becoming interested in an organization’s approach to laboratory environmental health and safety (EHS) management that includes laboratory personnel, customers, clients, supplier, the students (if applicable), the community, shareholders, contractors, insurers, and the regulatory agencies. There is already a growing number of organizations that have attached the same importance to high standards in EHS management as they do to other key aspects of their activities. These high standards, however, will demand a structured approach to the identification of hazards and the control of work-related risks.
Role of EHS Software to EHS management
There is already a comprehensive legal framework that already exists for laboratory EHS management. With this, it will require organizations to manage their activities so that they can anticipate and prevent circumstances that might result in occupational injury, ill health, or to an adverse environmental impact. This is where the integration of an EHS software comes into play because the process of manually monitoring all of the flags and hazards will be greatly minimized, thereby providing for an efficient and effective implementation of the EHS policies in the organization. The EHS performance of an organization as integrated into the EHS management with other aspects of the organization will also be improved through an EHS Software. There are also a lot of effective EHS management features that are identical to management practices which are advocated by proponents of quality assurance and business excellence.
Within a lot of organizations, there are already some elements of EHS management that are already in place, like policies, risk assessment records, however, there are still other aspects that need development. As part of that development, the organization should consider integrating these data in an EHS software in order to easily provide analysis and resolutions on critical areas. It is also essential that all of the necessary elements are being incorporated into the overall EHS management system. The manner and the extent as to which individual elements are to be applied will depend on factors like the size of the organization, the nature of the activities of the organization, and the conditions in which the organization operates. The organization should carry out an initial status review especially if they do not have an established EHS management system yet. The output of this initial status review will then provide information regarding the scope, adequacy, and the implementation of the current management system. If there is no existing formal management system, or the organization is a new one, then the initial status review should indicate the position of the organization with respect to managing risks.
Why is EHS Software important?
One obvious primary benefit in integrating EHS software in the workplace is that it helps in preventing incidents like injuries, illnesses, and harmful environmental releases.
The Triangle Shirtwaist fire incident was one of the classic and most horrible historic examples that manifested the need for EHS efforts. The Bhopal/Union Carbide explosion in 1984, the Upper Big Branch Mine-South explosion of 2010, the BP Deepwater Horizon oil spill of 2010, and the fire and ultimate downfall of the Saval building in Bangladesh were other well known and the more recent incidents that call for the need of EHS integration.
These hazards are real, that is why there really is a need to put in an EHS software that can provide real benefits to the organization. Thus, for example, there is this OSHA website on safety and health management programs that provides a lot of case studies that demonstrate these benefits.
Furthermore, the integration of EHS software at work will show employees that their company cares about their well-being. Thus, if your organization has an active EHS culture, then your company sure has fewer incidents in the workplace. This will also make the employees in the organization to feel safer and more valued as an individual component of the organization. With this, it will create a positive effect on employee morale, retention, productivity, including hiring.
There was a recent study conducted by the American Psychological Association that showed millennials are ranking safety as an issue of workplace stress higher than among other types of issues. This, of course, makes sense for a generation that was practically raised in the shadows of the 9-11 tragedy, the Great Recession, school shootings, and the devastating Hurricane Katrina. Thus, since there is already a growing number of millennials who are entering the workforce, the integration of EHS programs is going to be increasingly important in an organization.
This is just one way of how EHS programs can help provide a dramatic positive effect on your company’s bottom line. As an example, a certain study shows a direct correlation between the safety and health program and the stock performance of a company. There are websites that provide you with an online calculator that you can utilize to estimate the cost of health and safety incidents at your own workplace. You can give these websites a try so that you can see it for yourself.
With the integration of EHS programs, this also increases customer loyalty. There are a lot of customers today that are researching these issues before they go decide which companies will be getting their money. Your organization can consider tapping into this EHS-friendly revenue stream, by doing the right thing at the same time.
What to do before integrating an EHS Software?
The top management of the organization should first set in place the procedures that will define, document, and endorse a formal Environmental Health and Safety (EHS) policy for their company. This policy should be able to deliver a clear outline of the roles and expectations for the organization, the faculty, the EHS personnel, and the individual employees or students. The policy should be developed in communication with the laboratory personnel to make sure that all major concerns have been properly addressed.
The EHS policy and the policy statement should be periodically reviewed, revalidated, and if necessary, revised by the top management as often as needed. This should also be communicated and be made readily accessible to all of the employees and be made available to relevant parties who are interested.
One of the elements that are widely recognized to be the most critical in order for the EHS program to succeed is the management’s commitment to EHS performance. Therefore, it is essential that the management system documentation will be able to institute management commitment with a formal statement of intent defining examples of how performance goals are supported.
Planning is indeed an integral part of all the elements of the management system. And for the system to be effective, this will involve the design and development of suitable processes and organizational structure to manage EHS aspects and their associated risk control systems which are proportionate to the needs, hazards, and risks of the organization. It is equally important to deal with planning so to further deal with the health risks that might only become apparent after a long period of latency. This is also going to establish the objectives defining the criteria for judging the success or failure of the management system. The objectives should be identified on the basis of either the results of the initial status review, subsequent periodic reviews, or other available data.
When the applicable EHS aspects have been identified, a risk-based evaluation should be performed in order to determine the potential impact and adequacy of existing control measures. If there are additional controls or corrective actions needed in order to reduce risk to acceptable levels, these are going to be integrated into business planning. By categorizing each item in this manner, this will allow gaps that are identified to be prioritized and incorporated which is based on the level of importance and available resources.
There should be precaution when it comes to developing and disseminating new controls and corrective actions. If these requirements are perceived by the laboratory personnel as non-essential, then there is a potential for lower compliance within the organization and it may even create a loss of credibility on the part of the EHS personnel.
The design of the management arrangements should be reflective of the organization’s business needs including the nature of their risks. But, there should also be appropriate activities across all of the elements of the model, stemming from policymaking, planning, implementation, performance measurement, audits, and change management, and management review.
Although it is the responsibility of every individual researcher to make sure that work is being performed in a prudent and safe manner, it is still in need to be formalized through the implementation of the EHS policy. These regulations, policies, and plans will never be able to cover every contingency, therefore it is important for these different groups to communicate with each other in order to ensure that new situations can be handled appropriately.
The post Enhance EHS Implementation through an EHS Software appeared first on MyVenturePad.com.
Fighting for the reversal of a fraudulent chargeback is both time-consuming and can cause anxiety and aggravation for the customer that has a legitimate reason. Set a system in place that can help guard against wrongful chargebacks and give you peace of mind and continuity of revenue.
Deciphering Fraud From Legitimate Chargebacks
Trying to determine a fraudulent chargeback from one with merit is not always easy when it can days to receive notification there’s a disputed charge. The banking institution is always on your side and can allow a chargeback for situations in which they aren’t warranted.
The Price of Chargebacks to Customer Service
One major problem with frequent chargebacks is that it makes any company leary of dealing with card transactions. It makes it more difficult for a customer with a legitimate reason for a return or chargeback to get it done without a battle. Having a system in place that alerts to potential chargeback fraud helps reduce this problem.
Get the Chargeback Assistance You Need
Seeking the chargeback representment you need from a company like Ethoca is the most sure way to cut down on fraud and rising numbers of chargebacks. You’ll finally have tha ability to communicate rapidly about chargeback issues, rather than waiting days for answers to disputes.
Make Immediate Monetary Reimbursement Simple
Better determine right away if a chargeback is for the right reasons and make the decision to not fight the process. The customer can be reimbursed faster and is made happier. It reduces friction between merchants, banks, and consumers. Customers will prefer coming to you to do business if the process for legitimate chargebacks is without hassles.
Protect Your Ability to Generate Revenue
Fraudulent or loose chargebacks for buyer’s regret is a way to take money out of your own pocket on a daily basis. Get the alert system in place that’s necessary to protect your profits and business revenue. It’s important to bring in the money you need to stay solvent and operational.
Stop Fraud From Ineligible Chargebacks
It can be difficult to know what every banking institute uses as guidelines to reverse chargebacks. By setting agency services in place that can find this information out quickly, you’ll drastically reduce the number of ineligible chargebacks to your business.
Keep more money coming through and staying in the door of your business by reducing the number of chargebacks that happen on a daily, weekly, and monthly basis. Whether you are a brick-and-mortar business or sell strictly online, losing money through ineligible chargebacks and fraud is a problem you need to combat right away.
The post Quit Losing Revenue and Getting Headaches From Fraudulent Chargebacks appeared first on MyVenturePad.com.
Accepting online payments and multiple forms of payment is the norm for most small businesses today. The few business that don’t accept multiple forms of payment are no doubt missing out on additional sales and revenue.
We already know that people want to pay for goods and services that offer convenience and value, but it’s also convenient to make the payment process smooth and efficient. When you offer convenient payment methods, it does come with a price…literally.
Small business owners usually pay a fee when accepting credit card payments. While sites like PayPal and Stripe can also help you get paid quickly online, they charge a fee per transaction as well. To keep your business going and preserve your cash flow, the best thing you can do is balance out payment processing fees.
Here are 4 easy ways to do it.
This seems like an obvious solution, but you probably wouldn’t believe how many people are overpaying for payment processing fees. According to Investopedia, payment fees typically cost between 0.05% – 5% of the transaction amount, plus $0.20 to $0.30 per transaction.
When choosing your payment processing software, it’s important to compare a variety of features but really focus on the transaction fees. They may seem small but they add up if you’re going to be accepting multiple payments throughout the month. You can save literally hundreds (or more) in fees per month by choosing as low-fee payment processing system.
When you know how much fees you’re going to be paying per purchase or invoice, see if you can factor those into your pricing. Small businesses that sell goods do this all the time. This is why there is usually a purchase minimum when you make a credit card payment.
The business has to pay a fee to accept your payment so they might as well make sure it’s worth it by requiring you meet the minimum spending limit. Another option would be to slightly raise the price of your good and services to balance out payment processing fees.
If you’re sending invoices, ask clients if you can factor in the price of the fee when you send your payment request. I work with a contractor who does this and I don’t mind paying for the fee at all as I enjoy working with this person.
This is a lesser known way to balance out payment processing fees, but it can still work. Try asking your payment processing company if they can lower your fees and see what they say.
Try to leverage what benefits you can especially if your business makes a certain amount of revenue each year. If you can promise them a specific number of transactions, they may be willing to work with you and lower your fee.
If you like one company’s features but wish their fees could be lower, scope out the competition and see if they will match a competitor’s lower fee structure so you can still use them. While there are no guarantees, doing this is definitely worth a shot.
Every business transaction you do doesn’t have to be via credit or debit card. Depending on your business, you can also encourage customers and clients to pay in cash or via check and just keep track of your payments for tax purposes.
As a freelancer, I get paid in a variety of ways. I do accept credit card payments to accommodate clients who wish to use them, but I also have a few clients who pay via check and direct deposit.
Not paying fees in order to receive a portion of my income really helps me balance out payment processing fees when I do have them.
Paying fees to accept a wide variety of payments for your business is inevitable. Still, you have options when it comes to lowering and managing those fees.
Take your time when it comes to choosing a payments system and compare the fee terms. Also, be open to adjusting your prices and accepting other forms of payment.
Republished by permission. Original here
The space for offices comes in variant shapes and sizes, all available for renting and purchasing process. Even as many different industries of different niches support open floor plans and office spaces that can accommodate them, there are plenty of different types of office space that can fit your company’s needs and requirements.
However, if you are looking for different rental office space listings then just visit Justproperty.com as they are one of the best online real estate portals in Dubai. While if you are still confused about what kind of office space you are looking for then read this article till the end.
Types of office spaces
Traditional office space
The classic office layout is usually best for financial services, hedge funds, and law firms. This type of office space will give employees quiet and private areas to work and handle clients and confidential information. While some common features of a traditional office include
Creative office space
For creative people, there are creative office spaces that have become synonymous with open-plan office space. However, creative office space can vary in style, decor, and layout. While some of the creative office space layouts include:
These layouts highlight the collaboration on a functional and symbolic level. There are less partitions between departments and desks which offers transparency, communication, and collaboration between employees, managers, and leadership.
Creative office spaces are also very spacious compared to other spaces. As it involves square feet allocated per person, you can fit more employees at tables or rows in open space that you can at individual cubicles or private offices.
Startups, tech giants, and creative agencies along with large enterprises and financial institutions are all looking for creative office spaces as this type of space encourages and facilitates communication within teams.
Contiguous office space
Contiguous office space is multiple suites on the same floor that are combined to a single tenant. Moreover, contagious space can also be referred to suites which are located on multiple floors of a building that a single tenant rents.
While shared amenities, spaces, and appliances help keep costs low. On the other hand, longer commitments will ensure lower rent prices but depending on the situation it may be worth paying a premium for the flexibility.
Due to the flexible lease terms and collaborative workspace, coworking spaces often encourages interaction between tenants in the form of organized events, panel discussions, and happy hours.
Executive suites come as fully serviced workspace settled within a full floor of space that has been leased to another company. You can get executive suites on a lease with flexible terms. Most office suites will offer month-to-month rent or in terms of 3,6,9, and 12-month increments.
While some offices will also come loaded with furniture and pre-wired for phone and internet services. The perks of an executive suite include access to a common conference room and break room and a reception area with a receptionist.
Classifying different types of office buildings
Classification of office buildings serves as signals of their amenities, architecture, location, and cost to rent.
Most office buildings fall into these 4 categories: Trophy, Class A, Class B or Class C. However, there is no industry standard or benchmarks that’s what makes these buildings one class or the other. The distinction varies by market and by other buildings that are in the neighborhood.
So, the common factors that decide what class a building falls into are the age, location, curb appeal, historical significance, maintenance, ownership, building infrastructure IT, HVAC, and on the construction awards such as LEED certification.
Class A office space
The largest and highest quality office spaces on the market are the Class A office buildings. Class A office buildings are available in a mix of vintage, historical buildings and new constructions that offers premium location, top of the line technical infrastructure, reputable ownership. Such buildings also include a ton of tenant services such as maintenance team and lobby concierge.
Class A comes with high rent prices and attracts firms with budgets.
Class B office space
Buildings that are older but still offer reliable amenities and property management services fall under the Class B category. Class B office spaces are mostly owned by smaller tenants and earlier-stage companies. Such offices can be found in prime areas but enjoy cheaper leases than Class A building because there are fewer amenities and services.
Class C office space
As the name suggests, Class C office buildings are the properties with fewer tenant services than Class B. While there are very few Class C office buildings on the market because they struggle to compete with higher-quality office spaces.
A trophy is the unofficial 4th term that is used to denote a buildings’ category. A trophy is a high-end class building beyond Class A types. They are well-known iconic structures and represents one-of-a-kind building with distinctive architectural designs and composed of the highest quality of materials.
If you live in Dubai and are searching for office space to expand your old office or for a startup then look for it on Justproperty.com as it is Dubai’s most visited online real estate portal.