Funding a Start-up, How to Tap an IRA or 401(k)

by with No Comment Helpful Articles & Tips
A Wall Street Journal Article–

There are ways to use IRA and 401(k) funds to finance your start-up business. But it isn’t simply a choice of writing yourself a check. There are significant legal steps. The key is rolling over the money into a corporate retirement account that permits you to invest in the business.

A nonexpert would likely need the help of a financial planner or third-party retirement-plan administrator. These professionals set up a C corporation and establish a corporate retirement account. A person can then roll outside retirement accounts into the corporate plan and invest the money in the company’s stock. Since the person is buying shares of his or her own business, he or she is effectively feeding it money.

Warning: If you’re under age 59 1/2 and you do it wrong, you’ll have to pay taxes on the money you use as well as risk an early-withdrawal penalty.

Tax experts put such investments into a gray area of the law. The Internal Revenue Service says such moves raise legal and procedural issues. While the IRS has issued determination letters validating many of these plans, it is continuing to study the issue. There’s no IRS ruling authorizing the full process.

Advisers are likely to charge several thousand dollars to help set up a plan and levy hefty annual fees. So this strategy makes financial sense only if a person is investing a big chunk of their retirement money in a business.

Since many start-ups fail, it may be unwise to use your retirement nest egg to start a business. Instead, first look to nonretirement assets such to taxable savings and brokerage accounts, reserving at least six month’s worth of emergency savings. Then consider home-equity credit or refinancing, and loans from friends, family, acquaintances and banks.

If you are still employed, you might want to consider a loan from your 401(k). But keep in mind that the loan usually must be repaid before you terminate employment. If you have a Roth IRA, you can take tax-free and penalty-free withdrawals of all contributions to the account that are at least five years old. But you can’t replace the money after it’s withdrawn.

 

Original Post:http://guides.wsj.com/small-business/funding/how-to-tap-an-ira-or-401k-to-help-fund-a-start-up/

Email Marketing Basics for Small Business

by with No Comment Helpful Articles & Tips
By Ijeoma S. Nwatu–

Email marketing is just one of many ways to engage customers and ultimately lead them to purchase a product or service. Building and maintaining a healthy email list is important in learning more about your customer base and how they respond to your business, as well as generating potential new business. If your business has not explored nor maximized the possibilities of email marketing, read more about how to leverage your existing and future contacts. If you are a small business owner looking to try a different tactic or introduce something new, why not use a change in season to test new ideas.

Get permission

First and foremost, your email marketing campaign or listserv should have the option to opt-out of emails. Subscribers may have their reason for removal from your list and to capture their explanation, add a comment section before they officially remove themselves. By having permission to be in the electronic inboxes of your customers, you can better target content and offerings to be the people who want to remain on your list. If you want to incentivize your email list or a special campaign, consider adding a discount code, flash sale or customer appreciation message.

Test and then test again

Once you focus on the subscribers who remain on your list, regardless of how many subscribers, there is an opportunity to experiment with different type of sales copy, promotions, visuals, etc. A simple way to test subject lines or a specific merchandise is to A/B test a call-to-action (CTA), time of day, or even the email’s layout. Send two emails to similar groups within your email list but hold a variable for testing. Make sure to have predetermined goals and review the analytics of open and click through rates of hyperlinks, especially those tied to your website.

Incorporate seasonal trends

If weather or the time of year affects your sales or potential new business, tailor email marketing accordingly. For example, if you manage a summer camp for teens, then you may target different groups to include school staff, parents, and community officials to inform them of your offerings, cost and availability. A common example of seasonal emails is small businesses and big brands using holidays like Thanksgiving and Valentine’s Day to generate sales and customer interest about their products and store specials.

Integrate email marketing as part of an entire plan

A small business may not have a lot of marketing resources but to maximize your efforts, it’s important that email marketing and subsequent campaigns are connected to other business goals and marketing objectives. Think about social media, advertising, events, SEO, and other strategies that can work in tandem with your email marketing.

Email marketing can have many layers and may require knowledgeable staff or additional resources. Starting with the basics can help small businesses take advantage being present in their customers’ inboxes. Don’t lose sight of the chance to engage them, delight them and to make a sale.

Original Post: https://www.sba.gov/blogs/email-marketing-basics-small-business

How to Pick a Credit Card for Your Business

by with No Comment Helpful Articles & Tips
A Wall Street Journal Article–

Credit-card issuers and banks have been expanding their offerings for small businesses. It is often much easier and faster for start-ups to open a credit-card account than to secure a line of credit from a bank. And a credit-card account is also a good way to establish credit in a business’s name.

With dozens of choices, keep several issues in mind. First, what are your spending habits? Do you plan to pay charges each month, or pay them off over time? If you are carrying a balance, pay attention to the annual percentage rate. If you carry a balance, and have good credit, some card issuers may offer you a low interest rate or even a teaser rate as low as 0% for the first year. Some have fixed rates, which could be attractive when rates are rising.

If you pay in full each month, cards with longer grace periods or more generous rewards may be more appropriate.

A related note: Charge cards may be useful to a small business that needs the use of credit for a short time period. The charge card forces the holder to have the financial discipline to pay the full balance amount, usually within 30 days, or penalties apply. Credit cards, on the other hand, provide maximum flexibility for small-business owners. However, that flexibility can be costly if you don’t pay off your balance in full and you pay interest on it.

Many credit-card issuers offer rewards programs. A company that does a lot of travel may want airline-mile rewards. But review the list of exclusions since some programs are so restrictive that you may not be able to benefit from them. If travel isn’t a major factor, consider cards that offer cash back. Many give 1% to 5% back–but pay attention to the fine print. Higher payments may apply to only certain types of purchases, such as business supplies or gasoline. Look for other perks as well. Some cards provide benefits just for using the card, such as discounts at certain retailers, restaurants or services, access to airport lounges and hotel upgrades.

Some cards that charge annual fees may make sense if a particular benefit is worth more to you than the amount of the fee. Another reason to not mind an annual fee is a longer grace period. Some cards with annual fees may offer up to 30 days to pay off without any charges, compared to 20 days on other cards. But if you carry a balance, you might want to get a lower rate versus a card that has no annual fee but has a higher rate.

Visit an online credit-card comparison site to sort through the array of offerings.CreditCards.com, CardRatings.com and Bankrate.com allow visitors to search for cards with sorting tools and apply directly online.

Be aware of what happens if you can’t pay the bill in full each month or make a late payment. Some issuers will take away any rewards earned, in addition to assessing penalties and fees. Don’t ignore the ramifications of not paying on time. You could face steep charges, a higher interest rate–often approaching 30%–and even put your own personal credit score in jeopardy.

Original Post: http://guides.wsj.com/small-business/funding/how-to-pick-a-credit-card-for-your-business/

How to Start a Business with a Partner

by with No Comment Helpful Articles & Tips
A Wall Street Journal Article–

Business partners often start businesses together with little planning and few ground rules. Sooner or later, they discover the hard way that what’s left unsaid or unplanned often leads to unmet expectations, anger and frustration. Partners can clash over countless things, including conflicting work ethics and financial goals, roles in the business and leadership styles. What follows is a primer on how to avoid that and set up — and sustain — a business partnership.

First, ask yourself: Do I really need a business partner to build a successful company? Taking on business partners should be reserved for when a partnership is critical to success — say, when the prospective partner has financial resources, connections or vital skills you lack. You may be better off hiring the other person as an employee or an independent contractor.

Communication is important at every stage of a partnership, and especially so at the outset. A common mistake business partners make is jumping into business before really getting to know each other. You must be able to connect to feel comfortable expressing your opinions, ideas and expectations.

If you haven’t worked together previously, test the partnership out by tackling a small project together that showcases each other’s skills and requires cooperation. This is also a way to learn about each other’s personality and core values.

Ideally partners’ professional skills should complement one another, but not overlap too much. For example, you may be detail oriented and your partner may be a big-picture thinker. Or you may be an expert in marketing and sales, while your partner prefers to stay in the backdrop poring over financials.

To gauge how well you might work together, have a chat with each other’s colleagues and family members. Key questions to answer include:

  • Do you and your partner share personal and professional values, ideas and goals?
  • Do you trust your partner’s motivations and character?
  • In what areas of everyday life and business do you agree?

Other points to consider:

  • What if a spouse or kid later wants to join the business?
  • How will it be handled if one partner acts unethically?
  • What if one partner wants to move out of the country?

Potential partners may want to consider taking a two- or three-day retreat together to go over their individual expectations for the business and partnership, one by one, and compare notes. It can help the conversation to have the partners guess each other’s expectations before revealing them to each other.

Be especially careful when partnering with close friends or family members. Like many marriages, business partnerships can end in bitter divorce. Consider whether you’re willing to risk hurting your relationship if the partnership falls apart.

Approach a partnership with close friends or family as you might with strangers: Thoughtfully plan and prepare for every aspect of it in advance so there’s no question about how difficult situations will be handled.

A note about partnering with a spouse: Working together puts an added strain on a relationship, and couples can quickly discover there is a little too much togetherness. Those who succeed often have learned to set boundaries keep the business from dominating every aspect of their lives. For example, they may have agreed to leave the office at 5 p.m. and put all conversation about work on hold until after the kids are in bed.

Once the decision is made to start a business together, you should create a partnership agreement with help from a lawyer and an accountant. Take this step no matter who your partner is. People with strong personal connections may feel certain that their supposedly unbreakable bond will help them overcome any obstacles along the way. Big mistake. Get a written agreement.

Every agreement should address three crucial areas: compensation, exit clauses, and roles and responsibilities. Include who owns what percentage of the business, who is investing what, where the money is coming from, and how and when partners will be paid.

Typically partners set up equal ownership and each contributes 50% of the initial investment. But terms can vary greatly. For instance, one partner might contribute more money if the other partner can bring in expertise or business contacts. As the business grows and changes, adjust compensation accordingly. For example, partners may agree to work initially without compensation, and to get paid after a certain revenue target is reached. In addition, if the business partnership brings on more people or if a particular partner is putting in more or less time, building some flexibility into the contract can let you adjust payments.

The agreement should also cover how you plan to exit the business. Include clauses that spell out cases in which one partner is obliged to buy out the other’s interest — for instance, if one wants to quit the business. For instance, it can state that the other partner must buy him or her out for a prenegotiated percentage of the business’s value.

If neither partner wants to continue the business, partners can also liquidate and divide all assets. It’s also a good idea to settle on in advance how to assess the total value of the business upon dissolution. The agreement should specify who appraises the business and the methodology to use.

Outline your expectations for how you’ll operate your business. Clearly delineate the roles and responsibilities of the partners based on their skills and desires. This will eliminate turf wars and clearly show employees to whom they should report.

Establish routines for daily communication. For example, agree to talk twice a day at designated times and to re-evaluate their goals on a regular basis. At least once a quarter, sit down and discuss how you envision the future of the business and what steps to take in getting there.

Addressing these issues up front will help you better focus on your business later. How you work out the details of setting up a partnership could be an indicator of how well or poorly your prospective venture will operate. Inevitably, some potential partners will realize through the process they weren’t meant to be.

Original Post: http://guides.wsj.com/small-business/starting-a-business/how-to-start-a-business-with-a-partner/

Association Networking

by with No Comment Frequently Asked QuestionsHelpful Articles & Tips

Networking is something that we all have to do to get business. I am sure you all know that there is an Association for everything. Many of these associations have local meetings for you to network with. For Example, I love working with Automotive related companies so I wanted to be in a room where their was Automotive Related business owners so I joined The Automotive Service Association. How did I find out about them? The Washington State Association List. Check it out athttps://www.sos.wa.gov/library/wa_orgsubjects.aspx. It is a long list but can get you thinking about who you want to be in front of. Enjoy 🙂

How to Find a Business Owner Who Wants to Sell

by with No Comment Helpful Articles & Tips
A Wall Street Journal Article

Buying an existing business from an owner looking to retire or otherwise cash out is an attractive way to become an entrepreneur. But finding owners who are looking to sell may not be easy.

Many business-acquisition opportunities aren’t always widely known, even by the investment bankers who facilitate such deals, because sellers fear roiling employees and customers by taping a for-sale sign in the window. Instead, they wait patiently for the right buyer to knock.

Accountants or lawyers who work with small-business owners might know of a client’s desire to sell, but often it pays to focus on one particular industry and contact owners directly.

Try the strategy that one entrepreneur calls “call-mail-call.” Start by calling a few business owners in the industry and ask if they know someone who may be interested in selling. Don’t request an immediate answer, but say you’ll follow up. Two weeks later, send a letter with your business card reminding them about your desire to find prospective sellers and say that you’ll call again soon. Finally, call back to inquire if they’ve come up with any ideas.

This strategy shows that you’re a serious buyer. And even if the owners you contact aren’t looking to sell, they might know another who is.

Other resources are trade-group newsletters with classified ads. You can also read local business publications. As you do, look for business owners who seem old enough to be ready to retire. It’s possible that they want to but don’t know what they’re going to do with their business.

It can’t hurt to build a network of investment bankers, primary lending institutions, mezzanine lenders, brokers and venture capitalists. (Professional investors may be looking to divest businesses from their portfolios.) But in the end, directly networking with actual business owners might be more effective and efficient than relying on middlemen who ought to be in the know but often aren’t.

Original Post: http://guides.wsj.com/small-business/buying-and-selling-a-business/how-to-find-a-business-owner-who-wants-to-sell/

26 INEXPENSIVE CUSTOMER APPRECIATION DAY IDEAS

by with No Comment Helpful Articles & Tips
by SARA SUGAR

We have a few inexpensive customer appreciation tricks up our sleeve that can assist you in making your loyal (and soon-to-be loyal) customers feel like the valued patrons they are. After all, happy customers make for even happier cash drawers. So for those ready to start the New Year off with an appreciative bang, here are 26 budget-friendly customer appreciation day ideas you can leverage all year round.

1. Choose A Customer Of The Day

Who doesn’t like surprises, especially when they save you money? Choose a customer of the day and take this opportunity to drive in-store traffic by announcing the promotion via your social channels. Then, post a picture of the lucky winner to encourage future visits. Since it’s so easy to keep track of sales with your POS system, why not reward the customer of your 50th transaction with a discount? Even if it’s as little as 10% off a cup of coffee, it’s really the thought that counts. Ultimately, you want your customers to know that they’re just as appreciated during a busy holiday season as they are during the slushy days of March.

2. Give Special Attention to Loyal Customers

This next approach requires a little more legwork, but will definitely keep your most loyal customers returning to your store (while keeping your costs down). You’re probably already keeping track of what your customers are buying, so this might seem like a big ‘ol obvious, but it’s all about what you are doing with this information. Your POS system does a great job of tracking your inventory and monitoring sales, but did you ever think of taking that data and using it to improve customer loyalty and appreciation? It’s time to for you to use this info for all it’s worth! Every three to six months, take a look at what your most loyal customers are purchasing and mark that information in their profile in your POS. The next time these customers are checking out, reference what they most frequently buy and ask them if they’d like to make a purchase at a discount. For example: If loyal customer Janet regularly purchases the same bottle of wine, offer her a discount on a bottle of her favorite. Even if it wasn’t on her shopping list, she might jump at the offer. If she doesn’t, she’ll definitely still appreciate the gesture.

3. Give Special Attention to your Not-So-Loyal Customers

There are always going to be customers who stop by your store a few times and then seem to drop off the face of the earth. Most likely, it’s nothing you’ve done, but you still want their business, right? So how do you get those customers back into your store? Try sending customers a “We Miss You” card with a discount code. If they plan on returning, they’ll come running! Just make sure your code has an expiration date to help create a sense of urgency.

4. A Simple Gesture Goes a Long Way

Sometimes it’s the smallest gestures that make the biggest difference. The most inexpensive way to show customers appreciation — and keep your brand popular — is to always practice excellent customer service. Make sure you don’t overlook the little day-to-day gestures. Actions such as greeting customers when they walk in, and walk out (even if empty-handed), create an inviting atmosphere that customers will notice. Also, don’t forget the art of conversation! You probably became a merchant partially due to your love of people. So don’t forget to take time out of your busy day, slow down, and make small talk with you patrons. You might be surprised by what you learn about your customers and the expectations they have. This kind of information can be invaluable to your business and will provide you with ideas on how to best manage your store going forward. In retail, it’s the little things that are going to set you apart.

Bonus Tip:

Use your POS system to take notes of customer information that will help you provide them with a personalized experience every time they walk through your door. For example, you can surprise your customers the next time they check out by asking how they enjoyed their last purchase of a certain bottle of wine or if they’ve worn that special blue dress they picked up at your store last month.

Use your POS system to take notes of customer information that will help you provide them with a personalized experience every time they walk through your door.

5. Speaking of Personalizing…

Even if you aren’t one of those people that celebrates their birthday all month long, most people appreciate the acknowledgment of their special day. So reward your customers for getting older! This can come in the form of discounts, cool swag that helps further brand your business, or (based on sales information from your POS) your customers’ favorite products. If you want to get a little creative, you can offer your rewards in the form of experiences. If you’re a coffee shop owner, reward loyal customers with a coffee tasting. If you’re a boutique owner, provide your customer with a personalized wardrobe consultation. As mentioned before, make sure to add an expiration date to create a sense of urgency — within one or two months of their birthday is typical. By far the best part about rewarding customers with an experience is that it will get them back into your store. Who knows, they might even spend a little more money thanks to that free sample or consultation you just provided!

6. All Customers Deserve a Little TLC

Everyone needs a little TLC once in awhile, and customers are no exception. To let your customers know that you appreciate all that they do for your business, slip pre-written thank you cards into their shopping bags. Not only will your customers appreciate the warm gesture, you can use this as an opportunity to include your business’ contact information, social accounts, and an invitation for them to visit you again. This is one of those times you should let your personality shine through. So, if it’s relevant to your business, make the card funny or sweet. It’s really up to you!

Everyone needs a little TLC once in awhile, and customers are no exception.

7. Give Them A Rain Check

Though this concept might sound a little outdated, but here’s how to give it new life! Traditionally a rain check is a ticket given for later use when a sports or outdoor event is interrupted or postponed due to rain. But it can also be a great way to convince customers — who walked out empty handed because you were out of their desired item — to give your stores a second try. There’s a few ways you can go about this. If a customer didn’t find what they were looking for, request their email (if you don’t already have it) and offer to email them when the product is back in your store, or even ship it to them directly. The important thing is to not let an issue with your inventory prevent you from making a sale. If the customer is not interested in either of these options, this is where a coupon comes in handy. The coupon will provide them with a discount for that specific item or a similar item of their choice. It’s a way of saying “we’re sorry you were disappointed”. The coupon incentivizes them to come back and purchase their favorite item from you. That is, instead of visiting a competitor.

8. A Picture Is Worth a Thousand Words

Everyone, including your uncle (and maybe even your grandmother), is on social media these days. So why not indulge a few customers in their fantasies of being famous! Encourage customers to post about your business or products on their social channels for a chance to be featured on yours. You can regram, retweet, and repost your favorite customer posts to show them your appreciation. Because doesn’t everyone — in one way or another — want to be Instagram famous?

9. Expert Tips and Advice are Priceless

Knowledge is power and some of the best pearls of wisdom are free. So reward your customers with emails that provide them with expert advice that they can really use. Are you a shoe store? Share tips on how to best take care of your shoes. A clothing store? Give tips on how to remove stains from delicate fabrics. Or maybe you’re a coffee shop owner? Offer advice on how to store coffee beans to keep them fresh longer. The key is to personalize your tips and tricks so your customers feel engaged and more invested in your store.

10. Call Me, Maybe

Nothing says we appreciate you like a good old-fashioned phone call. But don’t just call to say “hi”. Like all of our other suggestions, you need to be able to add value. Combined with some of the customer appreciation ideas above, this can be a great tactic for birthdays and anniversaries if a customer has been with you for a while. Call them up to congratulate them and let them know you have a little reward waiting for them at the store, in the mail, or sitting in their inbox.

Nothing says we appreciate you like a good old-fashioned phone call. But don’t just call to say “hi”. Like all of our other suggestions, you need to be able to add value.

11. Create a Thank You Video

Now don’t get intimidated too quickly. This video doesn’t have to be high-tech or scary to make. A simple smartphone video will do the trick. If you have the tech know-how and can edit in your store’s graphic, even better! But if you don’t, that’s ok too. Email your thank you video to new customers after they shop at your business, thanking them for their purchase. Yes, this might sound a little corny. But guess what? It will set you apart from the competition.

12. Share Local Goods

This next customer appreciation tip is good for customers, your wallet, and neighboring businesses. It’s a “you scratch my back and I’ll scratch yours” opportunity. Maybe you’re a doggie daycare that doesn’t offer dog grooming, but you know that The Posh Poodle down the street does. Reach out to them and see if they would be interested in sharing a special code or certificate with you. Next time customers pick up their pooches, let them know you are partnering with Posh to bring them the best service possible. Either hand them the code directly or attach it to their next receipt when they pay. It’s a win-win situation for everyone. Just make sure you aren’t promoting any of your competitors!

13. Share Local Wisdom

Similar to #9, you’re giving your customers the gift of knowledge. But rather than sharing tips and advice that highlight your specific trade, here you are providing your customers with insider advice about the neighborhood. Chances are if you own your own business, you know all the hot spots and who’s who in the area. If you’re the owner of a women’s boutique that targets young female millennials, create an email or a physical insert to slip into their shopping bag that tells them the best places to grab a drink, get their nails polished, or the best blowout bars in the area. Using free online tools such as Canva and PicMonkey make it easy for you to create physical flyers or inserts. Just make sure you vet the businesses you recommend and that they are relevant to the demographic you serve.

14. Bad Weather Appreciation

For some businesses more than others, bad weather means bad sales. If your business is likely to take a hit because of a rainy day, show customers that brave the foul weather how much you appreciate their business by providing a reward or incentive for them to visit you during less-than-ideal conditions. For example, an ice cream shop in our neighborhood offers customers 10% off all cones when it’s either raining or snowing. This can be applied to any business, because no one likes going out in the rain! >Show customers that brave bad weather how much you appreciate their business by providing them with a reward or incentive.

15. A Little Something Sweet

As we mentioned earlier, customer appreciation doesn’t always have to come in the form of discounts and promos. Sometimes, sweetening the day of a cranky child with a piece of candy is all you need to do (or an adult with a sweet tooth for that matter). Providing lollipops at your counter can help put a smile on the faces of small children, as well as their parents. We recommend that you go with allergy-free candy, because a healthy child is a happy child! We recommend checking out the candy aisle at your local health food store.

16. It’s All About The Package

We admit, the tab for packaging (depending on how customized your orders get) can hit your wallet pretty hard. This is the time, however, to snag a page out of the big box playbook. There is a reason that stores such as Victoria’s Secret and Sephora make it a point to package your purchases as beautifully as they do; it makes it feel more like a gift than just an everyday lipstick or bra. Creating your own custom packaging will not only delight your customers’ senses, but will also build your brand

17. Throw An Appreciation Party

Nothing says thank you like a celebratory bash dedicated to your customers. Invite both new and loyal customers. Throwing a party for your patrons is a great way to show your appreciation to customers who have been with you the longest and also a perfect tactic for acquiring new ones. If the price tag of throwing a party scares you, don’t worry. It doesn’t have to be fancy. Here are some ideas o help you get started on a small budget.

18. Start a Loyalty Program

Allowing your customers to use a loyalty rewards program such as AppCard allows patrons to earn rewards points by shopping at your store and other participating retailers. Customers can then redeem these points for future purchases. What we love about AppCard is that it integrates with your POS data to allow you to collect valuable information on your customers. You’ll know exactly what your most loyal customers purchase, precisely how much they spend, and how often they return.

19. Reward Social Behavior

Like it or not, It is very likely that your customers are already talking about you on social media. So why not reward that behavior (both good and bad)? Yes, it seems obvious to reward positive feedback you receive on social. You can Tweet at a customer that gives you a positive review and tell them to stop in for a discounted coffee or a free wine tasting. We admit though that rewarding negative social feedback can seem counter-intuitive. Take a step back however and try and approach any negative behavior as a learning experience. If someone is complaining about your business, take it as an opportunity to learn from what went wrong in his or her experience and invite the individual back for the opportunity to make it up to them, maybe with a bonus offer. You’ll not only show others on social media that you take feedback seriously and look to keep your customers happy, but will also prevent yourself from losing business.

20. Donate To Charity On Your Customer’s Behalf

Make shoppers feel good about spending money in your store by donating a percentage of your sales on their behalf. This is a great idea around the holidays or the national holiday or month dedicated to your cause (e.g. October if you are donating to a breast cancer awareness charity). Ultimately, this tactic makes shoppers feel good about frequenting your store and might urge them to spend slightly more at their next checkout. Just make sure to advertise in your store or business that you are planning on donating, also how much or what percentage of your sales. If this sounds expensive, don’t fear! Remember, it’s a tax write-off. Just stay away from any charities that might be controversial. For example, we wouldn’t go donating to a presidential candidate.

21. Throw in a Free Gift

Move excess inventory and delight customers by repurposing unsold items as free gifts. You know that edible puppy shampoo that never sold in your Paw Shop? We know you don’t like to mention inventory orders that might not have gone as planned, but the fact is that you ordered it and you need to move it! So why not move excess inventory and boost sales all while delighting customers? Include these bottles of shampoo in the shopping bag of customers who spend over a certain amount. Even if it’s something they might not have purchased themselves, they’ll appreciate the gesture and might discover a new product they actually love!

22. Show Them You Listen

Have a sizable amount of customers been complaining about the lighting in your dressing room? The packaging of your donuts? Or the syrup in your coffee? Rather than let this irritate you, take it as an opportunity to use their feedback to show customers how much you appreciate them and really truly listen. Send your customers an email highlighting the changes you’ve made based on their comments and thank them for helping you improve your business. This will position you as a store owner that truly cares and listens to customers, which is liquid gold when it comes to marketing. If you want to learn more about email marketing, check out our blog post here.

23. Have a Customer Appreciation Day Sale

Flash sales are a great way to increase revenue during your slow season, so why not make it a customer appreciation day sale? Invite your entire customer base to a sale in their honor. You can sweeten the pot by incentivizing them with an additional bonus if they bring a friend to the event. Send customers an email thanking them for their loyalty and inviting them to the sale. Make sure the email (or snail mail postcard) lists when the sale is, what the discount will be, and how much of an additional percentage they will receive when they bring a guest.

24. Start Your Own Secret Society

Well, maybe not exactly secret, but everyone loves feeling like they’re special or privy to a secret. Start by putting loyal customers on an “exclusive” mailing list that will give them first dibs on special events, discounts, and promotions. This doesn’t necessarily mean that you are creating additional discounts or holding additional promotions for loyal customers, it might just mean that your loyal customers are alerted first to when your sales will be. Want to go a step further? For larger sales, open your doors an hour early for these customers. Provide a treat like donuts and coffee and your patrons will come flocking!

25. Celebrate Their Accomplishments With Them

Remember how we mentioned earlier the importance of getting to know your customers? We can’t emphasize its importance enough. If you do this successfully, the customers you build solid relationships with will become like family and start sharing their special news with you. Is Sally having a baby? Or maybe Lisa just graduated from college? Take this opportunity to send either an email or note in the mail congratulating them on their special milestone. Include a discount code to show your appreciation and an expiration date to create a sense of urgency. Because you don’t want them redeeming their discount on Little Johnny’s third birthday! >Get to know your customers and help them celebrate their milestones with a special discount or gift.

26 SMS Messaging (Texting)

We’ve talked a lot about email marketing in this post, but Americans are texting more than ever these days. On average we are sending/receiving 32 texts per day! That is a lot of time on our phones. So take advantage of the current texting frenzy and get your customers’ attention by sending them a little text reminder that your business is still here and misses them. With Valentine’s Day around the corner, SMS messaging is a great low-cost way to revive “dead” relationships with customers. Remember, this works best when you give them a reason to return, such as a promo code or an invite to a special event.

Need more customer appreciation day ideas to help build customer loyalty? Check out our post on how to create the customer loyalty your business needs.

Original Post: http://www.shopkeep.com/blog/inexpensive-customer-appreciation-ideas#step-1

This is Why Every Entrepreneur Needs to Go on an Annual Retreat

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A Small Biz Viewpoints Article

When you run a successful company, it may seem counter-intuitive to think about leaving for a few days. However, taking a break, whether it’s for a vacation or for a work retreat where you’ll learn new tactics, is integral to keeping up with your success. With the demands of entrepreneurship it is easy to get exhausted and burned out. Taking few days off allows you to get rejuvenated to keep the engine going. Still need more convincing? Read on to see why you need to take that time away or sign up for that retreat you’ve been considering.

  1. It is important to disconnect from time to time. It can get easy to work for endless hours, never even realizing that you haven’t taken a break all day long. This is especially true in the early days of launching a business or project. Tunnel vision isn’t conducive to productivity and creativity, though. Without taking some time away to clear your head, you could end up spending too much time on the wrong things without even realizing it. Breaks here and there will help restore your energy and prepare you to get back to work, refreshed and ready to do big things.
  2. It’s a good thing for your employees. When you leave the office and stay out of contact, your team has to rise to the occasion and handle things for you. There aren’t a lot of issues that the owner of a business can only solve on their own. Putting your team in charge communicates to them that you trust that they can handle anything that comes up. Plus, when you see that you can leave for a few days and return to an intact business, you’ll feel more comfortable going away in the future.
  3. You need to be patient and focused in order to succeed. Being able to focus on something, even if it’s that yoga pose you’re trying to master, is important for any type of success. When you force yourself to get out of work mode for a number of days, you practice patience. Businesses don’t turn into successes overnight. When you head back to work, you’ll need to take with you that patience and focus. For more career and success inspiration, check out Robert Bratt online.
  4. You’ll learn that small steps lead to big changes. For example, if you go on vacation and are going to try surfing for the first time, you’ll have to start from the beginning, despite the fact that you’re watching professionals master the waves. This is a great business lesson to be reminded of. Every businessperson, no matter how successful they become, had to start from the beginning. Even when you have professionals to guide you, your journey has to start somewhere.

Getting away from the day-to-day challenges of running a business gives you necessary time to clear your head. Once your time away has come to an end, you’ll discover that you have brand new, fresh ideas to bring back to the business.

Original Post: http://www.smallbizviewpoints.com/2015/05/30/this-is-why-every-entrepreneur-needs-to-go-on-an-annual-retreat/