Expanding Your Business With Business Credit Cards

Business Credit CardsHow is your business doing right now? If you are one of the few who can say things are humming along just fine, you may be able to use the current recession to your benefit and actually help your business grow.

During a recession, most businesses hunker down and wait it out. That means they are cutting back on spending and watching every last penny. This is not a dumb reaction as many businesses are being forced to close their doors because of dropping business.

But if this is not how you have to operate, maybe you can use this tense time for others to be a benefit for your business.

Should you buy?

If all the businesses around you are pinching pennies, but you have a business credit card that you can use, you may be able to get some of the supplies that you need much cheaper than usual.

Here’s why. Those distributors and wholesalers that you purchase your supplies from are struggling. No one is purchasing items from them so they are willing to drop prices in order to make at least one or two sales instead of being stuck with inventory. This is really a buyers market where you can wheel and deal until you get the price you want as long as you have a business credit card to back it up.

Look for Liquidations

One thing that is happening is that a lot of businesses that were not strong before the recession are closing their doors. While this is sad for them, it can be a boon for you. Many of these businesses are going into liquidation or bankruptcy. This means all of the their equipment and supplies are going to the highest bidder at auction.

While you may think that means you need a lot of money at the auction, the truth is that you may be able to purchase thousands of dollars in items for a few hundred dollars because no one wants to spend too much right now. If you have your business credit card, you can get the best deals you have ever been able to.

Time to Grow

While your competition is afraid to do anything because of the recession, if you have a great promotional or advertising idea, why not jump with it now. You can put it on your business credit card and if it works well you might be able to take some of your competition’s customers and strengthen your business while others are getting weaker.

How to Market Your Business With Business Cards the Right Way

Today, business cards are still as one of the most powerful and effective marketing and advertising weapons, just like they have always been for decades. Although most companies use them primarily because of their low cost, business cards are able to offer a lot more benefits to companies and businesses of all kinds. If you are wondering how exactly using business cards can help your company, read on.

Business cards offer a convenient way to introduce your company to your target market or reach out to more people:

Whether you are just starting out in the market or are looking to reach out to a wider customer base, choosing to use business cards offer an easy and excellent way to both announce the launch of your company and introduce the kind of business you have to the public. Because they are small and portable, you can easily carry a hundred with you anywhere you go so that you can give them out to prospects. Some places where you can give out biz cards include business meetings or appointments, trade fairs and conventions. You can also leave a couple on the counter of your store or on the desks of your employees so that customers can easily get one for their future reference.

Business cards can be designed to have all the information you want your target audience to know:

Although they are small, business cards can pack a punch and can be printed to have tons of valuable information. As a matter of fact, you can even add some information about a special deal or offer that the receiver can take advantage of, which can make your marketing card design even more effective.

Business cards can be used to reinforce the other marketing tools and strategies you have in place:

As a company, it is important for you to make sure that you are able to utilize a wide range of tools and techniques so that you can create an overall marketing strategy which can effectively carry out your business goals; and the good thing about marketing cards is that they are versatile and flexible that they can be used for reinforcing whatever types of marketing tools you are already using.

These are just some of the ways on how biz cards can be useful for marketing your company and the type of business you have. Before using business cards, however, just like other types of marketing tools, you should make sure that you are able to come up with a design which can effectively represent your company and the products and services that you have for your target market.

Understanding the Need of Having Adequate Business Insurance Cover

Insurance is a means to protect the businesses from unforeseen risks; it provides peace of mind to the business owners. However, choosing adequate insurance cover is crucial to leverage the benefits it offers. This article sheds light on the negative impact of under or over insuring a business and the importance of having adequate insurance cover.

Under-insurance or over-insurance – impact
Besides determining various risks that your business is likely to face, you also need to calculate the amount required to cover the risk to determine adequate cover, failing which you may face the following issues –

• Revenue loss: Under-insurance may cost you dearly. The low premium may initially attract you, but it may lead to revenue losses when the risk arises. If any risk arises and your business is not covered with adequate insurance, it may affect your business financially, as you have paid for an insurance cover that is less than its value and you have to bear with the loss of revenue.

• Business interruption: Being under-insured may lead to business interruption, because, if your business is not covered with adequate insurance, you have to endure losses in case of physical property damage or liability claims. Until you spend some money from your pocket to re-build the business, you may not be able to run your business. Business interruption, thus, halts the revenue you are generating.

• High premium rates: Over-insurance results in paying high premium costs, for a coverage that goes beyond the actual cash value of the risk that was insured by the policy holder. If your business is over-insured, and you are paying high premium, which is actually not required, you will be in a loss.

Adequate insurance and its importance: Incidents such as accidents, natural calamities like storms, etc. can result in interruption/closure of your business. Having adequate insurance coverage is, therefore, very critical to protect your business from such kind of risk. Following are two more benefits of having adequate insurance –

• Smooth business operation: If your business is insured with adequate insurance coverage, you can operate your business smoothly. You need not worrying about the risks that may occur in your premises.

• Resume operations after unexpected events: After an unexpected event at your business premises, you need to rebuild your business to resume operations. At this critical time, having business insurance is very helpful; it will cover the loss incurred. It helps rebuild your business and resume operations.

Determining the insurance cover for your business
Before you purchase insurance for your business, it is important to calculate the total value of assets and costs required to repair/replace them when an unforeseen event happens. For this, take help of tools such as property value calculator, replacement cost estimator, etc. which enable you to determine the coverage required for your business. This way, you can avoid the instances of both under and over insurance.

Take expert advice
After knowing the importance of having adequate insurance for your business, purchasing it on your own can prove risky, as you may miss on a few things. Therefore, it is better to take advice of insurance brokers as they will help you in choosing adequate insurance coverage after looking at all the aspects of the business.

Your business may be thriving well; however it might face difficulties which you cannot foresee. Purchasing insurance that covers all the potential risks to your business adequately is, therefore, a sensible business idea.

4 Steps to Take Your Local Business Global

Imagine your business being promoted not only by you and your sales team but by thousands around the world. Can you picture what that would do to your bottom line? With all due respect, can you get outta your own way for a minute and consider the possibilities?

As a business owner or executive, too often we become focused on our local market. We become focused on beating our local competition. We become focused on following up with that local lead. We become focused on trying to motivate our sales team. Don’t get me wrong here. Being focused is a great thing. However, let’s harness that focus and explode it globally.

You may say, that’s great Chris, but what are you talking about. How do I take my local mom & pop business, or my local agency, or my local whatever type business, and expand it worldwide?

Relax. It’s not that difficult. Just a few simple steps and we can be receiving inquiries, orders, and sales from sources we didn’t even think existed.

Step 1. Expand your thinking.

I know this may sound like another conference room idea, but let’s take a look nonetheless. You may be surprised. If your business is not restricted to your local area due to state or federal requirements then listen up. (If your business is restricted to your state or locality, consider whatever it takes to expand it.) With the power of the internet today, and sophisticated technology including web conferencing, skype, facetime, gotomeeting, etc. the next best thing to being there physically is being there virtually. So consider the possibilities with the world wide web and how this can increase your companies revenue.

Step 2. Revamp your marketing plan.

Does your company even have a marketing plan? Does your company have a way to attract new customers online? Does your company have an online marketing funnel? Do you know the acquisition cost for a new customer?

For the most part, most small businesses lack the manpower or resources for an effective global marketing campaign. However, for the frugal or low budget business, with a few simple marketing tools you can increase your sales significantly.

Step 3. Improve your marketing tools.

These tools would include the following:

a lead magnet. this is simply an enticing irresistible free offer in exchange for your potential customers email address. After all, the most valuable piece of information online today is the email address. Once the potential customer has opt-in to your offer and provided their email address, you have that email address forever. Usually this lead magnet can be offered in the form of an E-book, a discount coupon, etc. Just make sure your create some urgency in your offer by including a deadline.

a branded autoresponder. that provides pre-written messages to deliver to the opt-in email address obtained. Your messages are delivered at whatever day and time your determine. These messages can be altered, modified and changed randomly. Just make sure your potential customer is provided useful content or information that is beneficial to them (not spammy)

Video email software. Video messages work great. In today’s fast paced world, the average person would much rather watch a video than read an article. If you have gotten this far congratulations. You are not average.

Web conferencing software. Is your team spread over a wide geographical area? Conference calls are great, but webinars with video are better.

Step 4. Create an affiliate program.

An affiliate program is nothing more than someone else selling your product and earning a commission. When you take your program globally using the power of viral marketing, with a generous commission to your affiliates, your sales will multiply. Viral marketing is powerful.

Try using these simple tools to expand your local business globally. Your bottom line will thank you.