The Basics of A/B Testing

June 19th, 2013 JenniferDE

bucket testing

This guest post is brought to you by WePay – the easiest way to accept credit cards online.

You have a terrific idea for a marketing campaign for your new business, but are a little stuck with the particulars. Mainly, you worry how the wording of your new slogan is a little off-putting. You’re not sure how people will react so you don’t want to print out a thousand flyers and business cards with the slogan on it just yet. What to do?

In this scenario you’ll want to use what’s called A/B testing. It’s a method commonly used by marketers and web developers to determine the best option for various marketing and messaging quandaries. Eventually you’ll whittle down the results to pinpoint what people like the most.

Confused? Let’s take a closer look at A/B testing and how it can help your business.

The Rundown

Sometimes you just can’t decide between two or three great options for your business. You want to focus on selling your homemade trinkets but you also know a great source for brooms you know will sell like hotcakes. You can’t afford to concentrate on both – so which one do you go for?

This is the perfect kind of thing for A/B testing. It’s simply a way to feel out what the public will respond to so you don’t spend too much time going down the wrong path. It’s the true test of the free market – you let customers decide your fate by showing them what you’ve got. The better choice (to them) wins.

So for (a simplistic) example, you can create two versions of ads. One says “Come check out our new store! Coming soon: fabulous homemade trinkets!” and the other says “Come check out our new store! Coming soon: super handy brooms!”

All you have to do now is sit back and look at how much more traffic you get with one option or the other (in other words, A or B). The result? You know what to focus your store on because the public told you. Sites like usertesting.com, fivesecondtest.com, or even Adwords allow you to cheaply try new concepts and test your ideas with people online.

Other Ways to Use A/B Testing

Of course you may already know what you want to sell, so how does this affect you at all? There are a ton of ways to use A/B testing to improve your business. Testing can be used in almost every aspect of your company.

For instance, you may be redesigning your website. You want to try a radical new way of organizing your “Sales” section but aren’t sure people will like it. The best way to test this is to put up the redesign and monitor your traffic. Afterwards, put up the old design and see if there’s any change. You’ve no doubt seen this a lot in a website you probably use all the time: Facebook.

Another great way to use A/B testing is in email marketing. If you’re trying to get the word out about your business you want the fastest route possible. You have no idea what the best result is unless you try them all and view the results. Which subject line got more opens? Which version of the article about your brand new product got more click-throughs?  Try Optimizely for website testing and Mailchimp for email marketing tests.

Final Tips

Make sure you give your testing enough time to make a difference. If you don’t, you won’t get real results that mean anything. It’ll look like nothing’s changed and you’ll be left at the starting line. This helpful tool allows you to see if your results are statistically significant.

Also, if you’re going to test two options, make them different enough to matter. Changing one word of a phrase in an email subject line probably won’t bring about a huge result – try to make them two entirely different phrases based on a hypothesis of what you think will make a big change. You never know what the results will be as the public will always surprise you with they like. Be prepared to use the results appropriately, no matter what they are!

How To Get A Credit Card With Bad Credit

June 11th, 2013 Nichelle

#nofilter Central Park

This is a guest post from Angie Picardo who is a staff writer for NerdWallet. Her mission is to help consumers stay financially savvy, and save some money with the best checking accounts for bad credit.

In desperate financial times, it can seem like an easy out to get fast credit in order to pay for expenses. However, this quick fix comes with greater risk to your credit and financial health. Most financial experts would not recommend racking up more debt in the short term by obtaining a credit card with bad credit. Sometimes, though, you just need the extra help. First, let’s consider some things before applying for a credit card. Then, we will discuss several credit card options that may fit your current situation. Here are some steps to take now.

CRUCIAL STEPS TO TAKE BEFORE APPLYING FOR A NEW CREDIT CARD
1. DO NOT close your old credit card accounts. Closing accounts that you already have will damage your credit rating and decrease your chances of being approved for a credit card.
2. Bring ALL of your accounts current. If you have a few small dings on your credit report or have fallen behind in payments, try working them out with your creditors to bring them current.
3. If you need more help, contact a credit counseling agency. Below, you will find a list of helpful sources to contact if you are in a real bind and don’t know what to do.
4. Verify that all three of your credit reports are accurate and in good standing. Your credit reports will give you valuable information about your credit that will help you plan your next move. See our instructions below to help you contact Experian, TransUnion and Equifax credit agencies.
5. Know your FICO score. (You only need one from the three credit bureaus)
6. Try lowering your interest rate and bump up your credit limit. Contact your current credit card companies to negotiate lowering their annual interest rate on all of your cards. You can also ask for an increase in the credit limit on each card. This will help decrease the amount you owe on your cards and is significantly better than some of the rates you will pay on a new credit card.
7. Be patient. It takes time to restore your bad credit.
Read more »

Five Things Today, June In Bloom

June 10th, 2013 Nichelle

The orange rose finally bloomed.

A missive from me,  the founder of Keeping Nickels.com

Happy summer!  I hope you are doing well with career and/or entrepreneurial endeavors.

Summer school is not just for kids.  Last week I took Salesforce admin class and it was great. I plan to get certified in Salesforce as a certified administrators. Salesforce is a cloud-based Saas which is often used for large companies and nonprofits.

Speaking of the cloud, here’s eight reason why small businesses should look to the cloud.

Everyone is an entrepreneur. Check out this infographic.

Flexscore is a startup that give financial advice based on the information you share with them.

Do you conference much? Go to meetups often? Here’s a way to remove that pesky name tag residue off your shirt.

 

Your Quarterly Estimated Tax Refresher

June 7th, 2013 JenniferDE

This guest post is brought to you by Outright.com, the alternative to Mint for business. Sign up for Outright Plus today for a less taxing tax time!

Keeping up with your finance as a small business owner or freelancer can be a real chore. Seriously, it seems like every day there’s some new thing you have to look at or calculate so you’re not charged a ridiculous fine. On top of every day finances, you also have to worry about taxes, which there always seems to be another payment coming up around the corner.

One of the most prevalent and confusing taxes small business owners have to deal with is the quarterly estimated tax, or QET. They come around every few months and if you don’t stay on top of them they can cause you huge problems. Worse, if you just ignore them, you can expect fines and penalties come April.

To help you out, let’s take a minute to go over what QETs are and how they can actually benefit your business.

What are Quarterly Estimated Taxes?

The U.S. is a pay-as-you-go-tax system. This is why, when you were an W-2 employee, you saw big chunks of taxes taken from every check. Quarterly estimated taxes are the government’s way of collecting pay-as-you-go tax money from small business owners, freelancers, and other independents. Since you don’t work 9-5 salary or wage jobs, the IRS had to make alternate arrangements to collect your taxes.

Every few months – January 15, April 15th, June 15th and September 15th – you and other business owners and freelancers are forced to calculate how much income you’ve made over the taxable period. This is so you can then figure out how much money you owe to the government to send it in.

What do I do?

First and foremost, it’s time to get organized if you aren’t already. Adding up all your sales and client invoices over a period of time involves finding all your old paperwork. This can eat up a lot of your time if you don’t know where everything is.

Instead of running around search for pieces of paper or receipts, simply sign up for an account at Outright. There you can import all of your business financial accounts (bank, credit card, even PayPal) and instantly see all your invoices for a certain time period so you don’t have to do all the calculations yourself. Plus, you’ll never have to worry about tracking your finances again since Outright will do it for you!

Sound tough? There is a short cut. You can look on last year’s tax form and see how much you owed to the government, then divide that number by four. The only caveat is that if you make a lot more money this year, you may want to make extra payments or be left owing extra tax come April.

Another tip: sign up for an account at EFTPS to send in your federal payment quickly and painlessly. Most states also require a quarterly estimated tax payment, so visit your state’s department of revenue or other taxing authority to find out if you can pay them online, too.

How Can QET’s Be My Friend?

After all that mess, how could any of this possibly benefit you and your business? Well, for one, you now have an organizational system in place for all your paperwork. This way you can not only find everything you need quickly, but can also use the collective data to get a better look at your business.

On top of that, you also have a heads-up on taxes due in April. Most taxpayers only deal with taxes once a year so they’re caught off guard when it’s time to figure everything out. You, on the other hand, deal with taxes all year, so you should be good and ready when springtime hits!

Do you have questions about quarterly estimated taxes? Let us know in the comments!

Act Like a Big Business for Big Results

May 29th, 2013 JenniferDE

 

This guest post is brought to you by WePay – the easiest way to accept credit cards online.

Tired of always being overshadowed by the big guys out there? It’s rough for the small businesses of America to get a foothold against the huge conglomerates. They seem to have endless amounts of money to throw at any problem they encounter, whereas you have to use all your wits just to get through the day.

However, the digital age is quickly leveling this playing field for the better. Small businesses everywhere enjoy countless resources previously only available to big companies. For example, are you having trouble getting your name out to the public? If so, the following three services are extremely affordable for every budget and can blast your company in front of millions of people.

AdWords

It doesn’t get much better than Google’s AdWords, which lets you buy an ad and display it across all of Google’s services. This includes YouTube, Gmail, Google+, and of course Google search itself, which is used countless times every day by your target customers. The process is fairly simple, too. You check out the keywords people are searching using the Google AdWords Keyword Tool and then buy an ad to reach people when they search that keyword on one of Google’s many web properties.

The potential for this can’t be overstated. All it takes is for someone to search for something remotely related to your business and you’re right there in front of their face. If you provide users with good material after they click, you’re golden.

Of course nothing’s guaranteed on AdWords. You could rack up a huge bill when users click your link but don’t buy a thing from you. The trick is to make sure you entice people with great products and services and interesting information. Pro Tip: Consider building a landing page on your website designed solely to entice new customers from your AdWords ads. If your AdWords ad makes a promise, make sure that your landing page delivers.

Facebook Ads

How many people do you know who do not use Facebook? Not very many probably, as it’s one of the most used websites in the world. So why not take advantage of how popular it is by running an ad?

It works basically like Google AdWords does as your ad will pop up when users poke around the site. As they view their news feed, your ad will appear to people matching your demographic targets.

A Facebook Ad is advantageous as it puts you in front of as many faces as you tell it to. If you have a local store, you can limit your ad to reach people within driving distance. Unfortunately, you may experience more “bounce” from this ad than AdWords as people generally are using Facebook during lunch hours or after work. They don’t want to be bothered by ads. Again, make sure the destination of your ad is interesting so you capture your captive audience!

Yelp

Since you’re a small business, you no doubt have ties to the local community. You want to expand on that and make sure everyone in your neighborhood not only knows who you are but how awesome your business is.

Yelp is a great website to do just that. You add your business to the Yelp database making sure to include all relevant information – hours of operation, phone number, what you sell, etc. Then when people visit your store or use your services, they can leave comments and rate their experience.

Be warned – Yelp isn’t designed for introducing you to people outside of your local area. Unless they’re driving in from out of town, most Yelp users won’t see your store if they live in another area. It’s great for local exposure and gaining a good reputation but not that great at gaining you new fans from around the country or the world.

Have you ever used one of these big business tools for your small business? How did it work out?

How to Leave a Long-Term Job on Good Terms

May 9th, 2013 Nichelle

Resignation Cake via Buzzfeed

Everyone who hates their job dreams of the day they can march into their boss’s office, and let their evil employer know that they’re moving onto bigger and better things. It’s a common fantasy for many individuals, but it’s a far different story if you’re presented with a better offer when you have a job you enjoy and you work with people you genuinely care for. It can be hard to let a long-term employer know you have decided to move on, but there are ways to do so in the most professional and painless way possible.

Give Ample Notice
It can be tempting to put off telling your employer the good (well bad for them) news, but the considerate thing to do is let them know as soon as you find out, preferably with at least two weeks’ notice. Even if you’re afraid things will be tense around the office for the time you’re still employed there, your boss will be grateful that you have given them enough time to try to find and train a replacement.

Keep Your Letter of Resignation Short and To the Point
Many places require you to give a written letter of resignation after you’ve confronted them verbally, and it can be easy to get carried away when thinking of what to write. Keep in mind it’s not a college essay; your letter doesn’t have to chronicle all the events that led up to your decision to leave nor does it have to gush at how grateful you are for the opportunity. Say you’re resigning, mark the date, and end it with a short thank-you. Letters of resignation are typically required for legal reasons, so straight and to the point is the most painless approach.

Offer Your Assistance
Make it clear to your employer that you’re willing to help tie up any loose ends on your part; this could mean finishing up a final project you’ve been working on, or it could be as simple as helping to train your replacement. Many people possess the attitude that once they quit their job, they can slack off a little bit, but working just as hard as you usually would lets the company know you value and respect the time you’ve spent there as well as helps secure a solid reference for the future.

Clue Your Favorite Co-Workers In
It’s natural to make stronger bonds with certain co-workers over others, so make sure you let the ones who helped you the most, had the best listening ear, or shared the most laughs with know you’re leaving before the word spreads around the office. You don’t owe everyone in the company a lengthy explanation, but letting those special co-workers know of your plans to resign will mean a whole lot more coming from you than anyone else.

Send a Thank-You Card
To really help end things on a good note, prepare a thank-you card with a positive sentiment about your experience there. It does not have to be overdone, but express your gratitude for the company along with some happy wishes for everyone you’ve met on your journey. Either present it to the office on your last day, or mail it in a few weeks after. Showing your employer and your co-workers that you’ve given them an afterthought will be a respectful final closing to your employment.
Life is full of unplanned events, and you don’t always know when a better opportunity will pop up for you to grab. While it can be hard to let a period of employment you’ve thoroughly enjoyed come to an end, there are ways to do it to make sure you leave in a respectful and kind way. There’s no reason to feel guilty; just be grateful you’ve been lucky enough to have a job you’ve enjoyed, and after you’ve said your final goodbyes, get ready to start a job you love even more than your last.

Arlene Chandler is a freelance writer who loves helping people face the uncertainty of tomorrow. When she’s not relaxing in the hills with her two dogs, she writes about finance tips, career advice, and income protection insurance (Suncorp).

Keeping Your Tangible Assets in Arms Reach

May 1st, 2013 AnnieH

About the Author: Annie Harrington is a small business owner and freelance writer. Outside of work-life, Annie revels in design and the design process. She currently works with Vista Print, a company that specializes in creating business cards and ordering checks.

Already, 2013 has been marred by several instances of account hacking and compromises, many of which have superseded similar events in previous years.  So far, 2013 has seen the Wall Street Journal fall victim to cyber-attacks as well as the deal sharing super group Living Social which stated over 50 million accounts has been compromised (more than 70% of its total 70 million global users).  Equipped with the right tools and the right information, a hacker can do some serious damage to a business and individual alike.   To avoid this, there are many preliminary steps that you can take to keep your private information private and an unattractive option for their malicious users to target.

Don’t be the latest statistic.  Prevention comes through education.  Each year company after company falls victim to different forms of fraud and theft through unattended accounts or loop holes in a pay roll process.  Keeping your tangible assets in the right place is simply a matter of knowing.  In order to prevent theft, you need to take a moment to think like a thief.  If you were looking to embezzle a few dollars from your company, how would you do it?  What loop holes are open that would allow for this to occur?

Tangible Assets Security

If you own a business the following information might be particularly useful to you.

Payroll Check Security

It goes without saying that you should keep tight tabs on your business checks.  While checks are becoming a thing of the past, many businesses still use them for things like payroll and paying for supplies and even vendor fees.  If you use a printer to print of these checks, keep the check paper under lock in key only to be used by the right person at the right time.

If you use your business checks for a variety of reasons other than just payroll, make sure both you and a trusted employee are always up to date on what money is going where.  Keep on top of check numbers and amounts and constantly aware of what has cleared and what has not.

Software Access

If you use a program like Quickbooks to do the majority of your accounting make sure the access codes are kept in the hands of the right people.  Having your financial data exposed to those it should not be is a sure fire way to find yourself on the path of missing funds.  Update you passwords regularly and in the event that an employee leaves the company, immediately change your access information.

Payroll Fraud

Payroll fraud can happen several ways and occurs a lot more than you might think.  Last year alone businesses across all industries in the United States lost about 5% of their annual earnings due to some form of payroll fraud.  Fraud was most prevalent in the construction sector with losses reaching upwards to $500,000 per fraud scheme.

Payroll fraud can occur via the following means:

  • Terminated employees still receiving pay
  • Ghost employees receiving pay
  • Pay for more hours than worked

Handling and identifying each situation is a little bit different but it all comes down to being familiar with your payroll system and on top of who is and who is not currently employed. Again, be familiar with your accounting software.  While electing someone to be in charge of the accounting department is a must make sure that you keep yourself in the loop with your finances.   Know what is coming in and exactly where it is going.

Have any other great tips for keeping your personal information safe in 2013? I’d love to hear from you either in the comment section below or directly at annieharrington24@gmail.com.

 

 

Saving Money, Time & Resources at Your Eco-Friendly Office

April 30th, 2013 Jenna

As a society, we are becoming more aware of the damage that has been done to the environment. With each passing year, we begin to fully understand the extent of the damage, but we also dream up – and put into action – new ways to help remedy the current damage and prevent further damage. For most people, the phrase “going green” is most associated with their business, as it should be. All businesses operate under the same principles: save resources, reduce cost and work more efficiently. These happen to be the same principles that environmentalists subscribe to.

Being green is great, but as a business if it isn’t saving you time or money, it just won’t work. Below are a few tips that can be incorporated into any office to make it more environmentally, as well as saving you money, or time.

Ditch the paper cups. Disposable paper cups are among the most wasteful products in your office. Most times, a paper cup is used once and then tossed right into the trash, ending forever its usefulness. You can help cut down on needless waste like this by investing in a set of washable mugs and glasses for your office. Nobody likes doing dishes, but if everyone in your office did their small part and washed a cup every time they wanted a drink, no paper cups would ever go to waste in your office.

Set all office machines to energy save mode. With all of the technological advances in the world, one of the most overlooked advances is those having to do with power-save technology. Most, if not all, new office equipment comes with built-in power-save features that you should be utilizing in your office to cut back on energy consumption. It’s even easy to use the power-save options on many new machines as well. To be safe, consult the user’s manual before trying to change the settings, though. By setting all of your office machines to power-save mode, you will not only save money on your office’s electric bill, but you will be helping the environment.

Use recycled paper. There’s a good chance your office is already utilizing recycled paper. If so, great! If not, what are you waiting for? Recycled paper offers all the usability and printability of its brand new counterpart, but without the loss of more trees. There are a host of other great benefits as well, including lowering greenhouse emissions as well as reducing water energy consumption, among others.

Encourage carpooling. Carpooling is one the easier and most overlooked ways for any office to help the environment. By riding together, the people in your office can help cut down on harmful emissions from cars, which weaken the ozone layer. There’s also the added bonus that everyone will have a little more time to get to know one another. Carpooling also opens certain restricted lanes to vehicles and more. With so many benefits, there’s no reason not to carpool.

Carpooling isn’t just environmentally friendly, it’s a time saver. Now, if you have a long commute to work, or you get stuck in traffic, you have the option of using the time efficiently for work-related activities (assuming you aren’t the driver) rather than staring out the window as frustration builds.

Get your resources aligned. Having go-to contacts for everything saves you time, energy and the carbon emissions caused by traveling all over town to find something you need. Going to the grocery store? Make a list and get everything with one trip. Going to interview a new legal team? Do it over the phone and meet with them in person after you’re relatively sure your values align. A company who made themselves reputable in a usually frowned upon industry can be found at www.expertbail.com because they sought out to change the reputation of their industry. Find a lawyer, a groundskeeper, a tax professional or a housekeeping staff that does the same. Look for honest and reliable people to surround your business with and you’ll run smoother than ever.

It’s not hard to have your office make a shift to green. Incorporate one or all of these simple tips for an office that supports the environment.

These aren’t the only changes you can make. A quick search on Google will yield thousands of results. Every day, we move so many steps closer to a cleaner, more efficient workplace. Encourage your officemates to help make sure your office is part of these sweeping changes.

Everyone has to do their part. This is yours—what are you waiting for?

What Quantitative Easing Means For Investors

April 24th, 2013 Nichelle

 

Though it appears the Federal Reserve will continue its policy of quantitative easing, the release of the central bank’s minutes from its December meeting showed some discord among officials. The Fed will continue purchasing $45 billion in treasurys and $40 billion in mortgage-backed securities every month for the foreseeable future. These mass injections of newly-printed U.S. dollars into the economy are meant to lower unemployment and stimulate spending. But ultimately inflation will kick in, though the Fed insists inflation should not exceed 2.5 percent. Investors must heed historical precedent and protect their assets.

Precious Metals

An ounce of gold would have bought you three or four nice suits — including shoes, socks, and ties — in Renaissance Europe, and will do the same today. The price of gold was first made available to the American public in the 1970s, after President Richard Nixon ended the gold standard for the U.S. dollar. Gold’s value rose sharply in the 1980s, declined in the 1990s, and has grown nearly 500 percent since 2003. Fluctuations in the prices of gold and silver mean very little in the long term. The Fed and European Central Bank both have adopted liberal printing policies this past decade, which have directly impacted the skyrocketing values of precious metals. Gold and silver bullion sold by dealers, such as US Money Reserve, can be stored on your own property, and are exempt from capital gains taxes. As long as the central banks continue debasing the currency, gold and silver will be excellent hedges against inflation and economic loss.

Stocks and Bonds

Apple briefly dipped below the $500 mark for the first time in over a year in mid-January. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite Index were all flat or down on that same day. Similar to precious metals and their values, investors awaited speeches from John Williams, president of the San Francisco Fed, and Dennis Lockhart, president of the Atlanta Fed, before determining their investment strategies for the day. Stocks have always been a risky proposition due to Wall Street insider trading, among other things. But there is even more risk now due to the central banks’ policies of printing their way out of trouble. Stocks have proven to be extremely poor hedges against inflation. The S&P 500 returned only 0.6 percent from 2000 to 2011, with 2.5 percent inflation, according to Larry Swedroe of Moneywatch. Inflation-indexed bonds, such as Treasury Inflation-Protected Securities, not only guarantee returns, but pay a periodic coupon indexed for inflation based on the Consumer Price Index.

Real Estate

The housing bubble in the 2000s was a wake-up call to investors who discounted the importance of central banking policies as they pertain to real estate. These same policies of liberal printing, along with Fannie and Freddie’s “everyone’s approved” policies, are what caused the artificial bubble. Though banks are no longer lending like they used to, the increase to the money supply has once again raised home values in several markets. Phoenix, for instance, has seen home values grow three percent from October to January, and 35 percent since November 2011. Cash buyers can benefit from real estate in the current market only if their goal is to sell while QE remains the Fed’s policy.

How to Get More Customer Referrals

April 16th, 2013 JenniferDE

We all want more business, but finding new clients out of the blue can be challenging. That’s why customer referrals are so great. When someone who loves your business recommends you, you’ve already established instant credibility with new potential clients before you even speak to them.

But how do you get these magical referrals? Is there some secret process or is it just as simple as asking? Below are a few steps to take if you want to ensure your latest client will jump at the chance to send their friends, colleagues, and even worst enemies to your business.

1. Do a Great Job

This may seem obvious, but it’s the absolute first thing you should do to ensure you get a good referral: wow your current customers with solid work! There’s no better way to promote your business than by doing the best job you can – every single time. Eventually, word will get around that you’re the best in the biz, which is an amazing referral by itself.  Furthermore, it’s impossible to get referrals if your customers aren’t satisfied with your work.

Don’t just take for granted you’re doing the best job possible, though. There’s always room for improvement and thinking you’re perfect can be the first step to your downfall. Ask your customers if there’s anything you can do to improve your service. Constructive criticism might hurt at first, but can lead to a more solid business in the long run. If you’re leery about asking for input straight out, considering creating an anonymous SurveyMonkey survey and sending it to all of your clients.

2. Go Above and Beyond

Just doing a great job might not be enough, though. After all, most business owners want to do the best job they can so they represent their company well. As a result your hard work might not be fully recognized by your client.

So you have to go above and beyond the call of duty to really make your clients take notice of what you’ve done. Mind the details and provide customized service that other competitors or big companies can’t match.

For example, do you follow up with your colleagues and clients? Many people already do this once or twice, but few people create lasting relationships. That’s what can make you stand out from the crowd. Perhaps you meet a reporter who regularly writes about your client’s industry. Make an introduction and the client will remember you as a handy person to know. Other examples of going above and beyond might be warning your client about a bad review or broken links on their website.

3. Ask!

How often do you think of helping out someone you worked with unless they ask you for help? We’re all busy people and we may not notice when someone we know would appreciate a kind word that might get them some more business.

Don’t be afraid to ask your clients for a referral – otherwise, they may not know that you want one. Since you already did the two steps above, there’s no reason you wouldn’t get a rave review!

For further incentive, offer a referral bonus. It could be something as simple as offering a discount for another job done down the line, but that simple gesture could be what convinces hesitant clients to go ahead and do it. Also, be sure to thank them profusely – go the extra mile and send them a handwritten thank you card. They’ll remember it.

Do you have any tips for getting customer referrals?

Last Minute Tax Tips And You Can File Later

April 11th, 2013 Nichelle

Your last minute tax questions answered with accountant Gail Rosen.

Secure e-filing. Here are six tips for safe e-filing.

Federal filing done using Turbo Tax or H&R Block is free.  They do charge for filing state taxes.

If you can’t file by April 15th, then you file an extension online using File Later.

6 Essential Guidelines For Successful Debt Negotiation

April 10th, 2013 Barbara

If you have negative but accurate information showing on your credit score, then credit bureau may not be able to remove it. In this situation, you can negotiate with the creditors to remove the negative information in return of partial payment.

According to the Fair Credit Reporting Act (FCRA), creditors are allowed to add information as well as remove information from your credit report. Therefore, you can directly contact your creditors and negotiate in order to reestablish your credit report. You can ask your creditors what they want. You can inform them that you’re interested to improve your credit report. Remember, if your account is paid for a long span of time, it can be easier to remove your negative information from your credit report.

If your previous payments are on time, then your chances are high to convince the creditors to remove the negative information from the credit report.

Make sure your approach towards the creditors need to be different if the account is delinquent, charged off or in collection. You’re required to correspond with the creditors to know where the account is located.

Here are some of the important negotiation tips that you need to consider are mentioned below:

  • Polite- Is crucial for negotiation: If you’re not polite in you approach, while negotiating with the creditors, then the creditors may not agree to settle your debts. The financial experts who‘re associated with debt negotiation services employ this trick to negotiate settlement. The creditors can be convinced easily if you’re polite in your approach.
  • Specify what you want: Make sure you resolve the bills by specifying your interest to eliminate your debt. If you’re clear in your approach, then you can manage to start your negotiation process without wasting much time.
  • Avoid being rigid: Make sure you let the creditors know that you’re keen to compromise. You need to be flexible when you coordinate with the creditors. Therefore, if the creditors are not willing to lower the outstanding balance to a certain extent, you can be flexible in your approach.
  • Persistent and Methodical approach is appreciated: You need to be persistent in your approach when you negotiate with the creditors. Therefore, you may get a brilliant negotiation deal if you’re methodical and consistent in your negotiation approach with the creditors. Make sure you document the date, time, and results of each phone call.
  • Emphasize on totals rather than on payments: In most of the cases, the collection agencies may try to convince you for a payment plan. Well, make sure you avoid negotiating on your monthly payment with the collection agency. You can send any stipulated amount each month that you can afford. In this situation, you need to focus on negotiating on the total amount of debt you owed. Initially, your primary focus needs to be on the total amount and then think of negotiating on your monthly payment with them. If you can afford to pay a lump sum, then they may agree to lower the outstanding balance effortlessly. As a result, it can be easier for you to eliminate your financial obligation with ease.
  • Get the agreement in writing: If your creditors agree to negotiate, then you can get the agreement in writing. Before you submit your payment, make sure you get the agreement in writing. In case, the creditors deny accepting your payment according to the new term, you can use the document as evidence.

Therefore, these are the few tips which you need to follow while negotiating with the creditors.

Teaching Your Kids to Keep Money Safe

April 4th, 2013 Jenna

You’re working hard to teach your kids the value of a dollar. It’s one of the most important parts of being a parent. In teaching your kids the value of that money, though, have you also been teaching your kids how to keep that money safe and secure? This is a little bit harder to do. You don’t want to scare your kids, but you also don’t want them to grow up to be lackadaisical about what they’ve got on hand.

Money and keeping that money safe go hand-in-hand with general awareness and security.  Here are a few tips on how to merge the two into useful, teachable lessons for you and your household.

Lesson 1: Bragging is Bad

Your kids might be really excited to have saved up a bunch of money, or to have saved up and purchased something special. It’s understandable that they would want to tell everybody about their accomplishment. But just as you know not to tell everybody at work about the most recent major purchase for your home, teaching your kids that telling the whole world how much they have saved up (or how much that new toy cost) isn’t a good idea is important. Not everybody has the best of intentions and jealousy can make people do terrible and hurtful things.

Lesson 2: Keep Valuables at Home

You know not to to keep your valuables in your desk at work because you have no way of keeping them safe while you attend meetings. Your kids might love that toy they saved up to buy with all their heart, but it’s not a good idea to let them take it to school to show off. Explain that they’re welcome to invite friends over to play with the new toy, but that it needs to live at home. Talk about how home is safer than a desk or cubby at school. Talk about how, at home, they won’t have to worry about someone playing with the toy without asking permission the way they will at school.

This can be a really dicey subject. Kids have big imaginations and you don’t want them to suddenly worry about the safety of everything they own, even when they leave it at home and in their rooms. It can help to assuage fears before they grow out of control to talk about your home’s security system. It might even be helpful to show them the different types of securities that homes have through a site like www.homesecuritysystems.com.

Do not be surprised, though, if this route makes them want to install a system on their school desk and cubby. After all, didn’t you want to booby trap your desk that time your phone got up and “walked off?”

Lesson 3: Staying Safe at Home

Talking about how precious possessions are safer at home is a great way to segue into teaching your kids how to keep the house as safe as possible—even when they are in it. Talk to them about remembering to lock doors behind them when they come in. Teach them to ask who is at the door before they open it. If they are old enough to stay at home alone, remind them not to tell people who call or stop by that they are there alone. Teach them to say “my Mom is busy right now but I can take a message” or “Dad is busy with a project but I’ll tell him you stopped by.”

The best way to do this is by example. Don’t let strangers in, even if they look friendly. Do not mention that you are alone with the kids when someone stops by or calls. Practice the same rules that you teach your kids so they can see them in action, being a good role model is a great way to get your kids to practice the lessons you teach. 

Remember to go slowly. Kids are impressionable and can easily blow something out of proportion. It’s easy to accidentally scare your kids when you teach them about keeping their things, their home and themselves safe. Remind them how safe they already are and help them understand that you’re teaching them to maintain a level of safety, not create one.

Credit Card Debt – 5 Signs That Tell You It Is About To Implode

April 2nd, 2013 Barbara

The year 2013 has set in quite some time and most consumers are still carrying over balances from the previous year as far as their credit cards are concerned. It’s a fact that credit card debt can be the worst form of debt ever and it’s known to almost everybody/ In addition, statistics reveal that consumers across the nation are literally carrying 850 billion dollars worth of debt on approximately 600 million credit card accounts. These figures apparently put across a better picture as compared to the 950 billion dollars peak that was reached during 2009 to 2010. In fact, it’s difficult to believe that credit card still happens to be the 3rd largest component of household indebtedness. It just falls behind mortgages and student loan debt for that matter.

You can’t really complain much about the so many credit card debt relief companies sprouting up everywhere considering the nation’s love affair with plastic rages on. Most are relying on credit cards solely and that too to weather away prolonged periods of unemployment in a stagnant economy. Now, obviously if you happen to be one of those who’re using your credit cards as your lifeline, then it’s advisable that you be careful about when it’s going to implode.
5 Warning signs that tell you your credit card debt is about to implode
It’s time you took a close look at the warning signs that’ll help you understand the fact that your credit card debt is more than likely to implode soon.

  • Trigger of default rates: Don’t live under the impression that just because you’ve been making the minimum payments faithfully every month, then your credit card debt won’t implode. One of the most obvious warning signs about the fact that your debt is in a precarious situation is that you’re constantly skating the edge of the defaulted payments margin. When you’re struggling every month to cover the defaulted payments margin, then all it requires is an upward tick of the interest rate and you’d be easily pushed over the edge.
  • Excess of gross income: When your credit card payments start becoming a financial burden, then you need to think on the lines of how to reduce that burden. However, once you start taking this financial burden a tad too easy, then what happens is you get yourself nearer the 15 percent of gross monthly income margin and soon there might come a time when you manage to cross that margin. On top of that if you’ve got mortgage or rent payments to add to this, then you’re in a financial mess for sure. Take heed of your situation immediately.
  • No funds for retirement accounts: When you aren’t funding retirement accounts, then you might as well know there’s something wrong. This is essentially because credit card debt payments are obviously gobbling up more and more of your disposable income. In such a case one of the first things that you’re likely to do is stop contributing to your retirement plan. What you’ve got to realize is that the long term financial impact to a decision like this is practically enormous.
  • Credit limits maxed out: You should know that there’s a hidden problem associated with credit card debt balances for as they climb higher, there comes a time when you’re likely to exceed the optimum credit utilization ratio. This again is bound to affect your overall credit score and once that happens things go downwards steadily. In such a case credit card debt relief remains your only option.
  • Constant anxiety and stress: Finally, if you’re constantly anxious and under a lot of stress, then it’s more than likely that you’re caught in the unforgiving math of debt for good and unless you do something about it, you’re doomed.

Take heed of the 5 warning signs discussed above and opt for credit card debt relief before your debt implodes.

 

This article has been written by Barbara Delinsky who’s a financial expert especially with credit card debt related topics. She’s associated with many financial websites and readers find her solutions rather helpful.

Steps for Starting on the Road to Entrepreneurial Success

March 22nd, 2013 Nichelle

Starting your own business requires planning. You’ll have to make key financial decisions and learn your customer base.  According to an Intuit Small Business infographic, embedded below, small businesses have a 69 percent success rate of surviving at least two years and a 31 percent chance of survive at least seven years. And, with over 27 million small businesses in the U.S., standing out among your peers and competition is key.

Financing: The Lifeblood of a Start-up

Opening up your own business takes money. New businesses owners often make the mistake of using their personal cash or credit card to make business purchases. Instead, open a business account and keep anything business-related separated from your personal finances. Carefully examine business credit card offers and choose the provider with the best benefits and customer service. When used carefully and appropriately, a small business card will help you manage your cash flow and keep good accounting records.

Attitude: Be Clear on Why You Want to Start a Business

Attitude is everything. In the beginning stages of creating your business times might get tough. Stay positive and energetic. When you get down, reinvigorate your entrepreneurial spirit. Remember why you wanted to create this business in the first place. Are you an amazing baker whose cupcakes are raved about by all your friends? Are you the craftiest mom on the block and always sell out of your one-of-a-kind creations at craft fairs?

Don’t start a business because you’ve run out of options and have no luck finding a job. Without true passion, drive and expertise you’re unlikely to succeed. On the other hand, don’t let blind passion and ambition lead you astray. Listen to your gut and make good, informed business decisions.

Choose a Location

Choosing your businesses location is one of the most important decisions you will make. Countless hours of planning and research will be spent on this, and rightly so. You’ll need to consider customer demographics, assess your supply chain and check out the competition. Then you’ll have to endeavor to understand the state, city, borough or county laws and tax codes. Oh, and you’ll need to stay on budget. Understanding your customer and your product is essential for finding the perfect location for your business.

Marketing

No matter how many months you’ve spend perfecting your business, even down to eye-catching business cards, none of it matters if you don’t have customers. You must focus on marketing and growing your customer base. Having a smart marketing plan is key — but hitting the pavement passing out flyers won’t be enough. Create a list of potential prospects and start making calls. Build a serious social media portfolio and make sure you have a positive online presence. The more you can engage directly with your target market, the better off your business will be. Customers enjoy real-time photos, business promotions and offers so make sure you update your social media sites frequently. Instagram, Twitter and Facebook are all useful tools in your marketing arsenal.

 

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