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Give Them More Than What They Expect!

July 23rd, 2010 by Matthew C. Keegan | 1 Comment | Filed in Achieving Success

Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected — Steve Jobs

We live in interesting times. The Internet has brought the world together like never before and we all have access to vast amounts of information.

But it is easy to get lost in the midst of the data jungle, with your words…your voice, crowded out.

I included the quote from Apple founder Steve Jobs for a reason. Of all the tech companies we know, Apple is a cut above the rest. Above Yahoo. Above Microsoft. And, yes, above Google.

Though Google is prized for its sheer size, much of what it develops has been acquired. With Apple, all of their products are of their own innovations. You may not own a Mac, but you love iTunes; you may own an iPhone and you are absolutely intrigued by the iPad.

Quality Yardstick

Apple got where they are because they are THE yardstick of quality. It took nearly two decades of using PCs to show me that Macs are best and are without all of the goofy registry problems plaguing Windows based units. I promise I won’t become a Mac snob, but their computers are exceptional.

Few of us can be compared to Steve Jobs when it comes to scale and influence. But that shouldn’t stop us from pursuing our best. Jobs and many tech wonders like him started out small, but thanks to a relentless pursuit of excellence have made a name for themselves and their products.

Niche Dominator

So, what is the best approach for being a stand out in your particular niche? That’s easy: give “them” more than what is expected from you. Here are some examples I like to employ:

Writing — Your client may call for a 400-word lightly researched article, but why stop there? Consider contacting at least one expert for an in-text quote, add in some long tail keywords and pluck a related public domain photo from Wikimedia Commons. You’ve not only demonstrated to your client that you can get the job done, but that you took leadership in crafting a well researched, nicely written and proofread piece.

Marketing — Your expertise may be along the lines of marketing, a broad category that may include on-line and off-line strategies. Though I would never advise people to give away the store, I do encourage them to dress up their presentation. For example, offer clients a detailed spreadsheet outlining articles written, links exchanged, ads placed or some other tasks completed.

Design — You have found a suitable WordPress theme, but does it do enough? Probably not, unless you paid for a professionally designed theme. Importantly, it is often the back end issues that make all the difference in the way a blog looks and runs. Those issues include plug-ins to make the blog more secure, watermarks for photographs, optimization of posts and pages for SEO purposes and so much more. Your customer may not understand the importance of these things but you do. Tell them and then show them what a difference you make.

Lasting Value

One phrase you will never hear from Steve Jobs is this one: “we lack new customers.” Because Job set a yardstick for quality, people know that what Apple makes will be of lasting value and will continue to beat a path to Apple stores.

In whatever sphere you work, you can do the same by dominating your niche because you consistently go beyond what is expected from you.

Adv. — Looking for online deals? Shop the nBuy Shopping Plaza and save!


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How to Satisfy Your Collection Agency

July 6th, 2010 by Matthew C. Keegan | 4 Comments | Filed in Business Services

When a collection agency contacts your business about funds owed, its means business. By the time a collection agency becomes involved in the collection process, you already may have received multiple requests from your creditor to make good on what you owe. By responding promptly to a payment demand, you can avoid embarrassment and possible legal action. You may also be able to preserve the credit your small business has achieved if you handle the matter with care.

How to settle with a collection agency.

Your Debt?

The first step is to verify that the debt is yours. You have received notice from a collection agency that you owe money, but is that claim legitimate? If the claim has veracity, is the amount reported as being owed correct?

If the debt is yours, be prepared to respond to the collection effort. If not, you may need to prove that the debt does not belong to your business. Ask the collection agency to provide written documentation of what you owe.

Detailed Notes

Once notified by a collection agency, you will want to document everything. All calls, letters, emails and other interaction must be tracked. Because you may be dealing with more than one person, obtain each person’s name, title and contact information.

Submit a settlement offer with the collection agency. If you are unable to pay the entire debt, negotiate a reduced dollar amount to settle the collection claim. The collection agency may have obtained your debt from your creditor paying them just pennies on the dollar for the right to collect what you owe. At this point, your business credit has already been adversely affected, but you may still have leverage with the collection agency to reduce the amount owed.

Make Payment

If the collection agency agrees, in writing, to accept your negotiated settlement, prepare to make payment on that amount. You may be able to pay the settled amount all at once or be given several months to make payments. Once your final payment has been made, have the collection agency issue you a letter stating that the debt has been paid in full.

Obtain copies of your business credit reports. After the debt has been settled and paid, obtain a copy of your business credit reports to verify that the debt has been reported as being paid off. Your credit reports will reflect that your debt went to collections, but it should also show that the debt has been paid. If the reports have not been updated, supply the credit reporting bureaus with proof that the debt has been settled.

One point to remember: Record of any collection procedure will stay on your business credit report for several years.

References

All Business: Can I Settle For Less Than I’m Owed?

Consumer Reports: How to Settle Your Credit Card Debt for Much Less

Gaebler: Business Debt Collection

NOLO: When You Can’t Pay Your Business Debts: Personal Liability and Bankruptcy Options


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Small Business Costs: Employee Benefits

June 23rd, 2010 by Matthew C. Keegan | 2 Comments | Filed in Business Services

Even before an employee begins her first day of work, she has already cost your company some money. Recruiting expenses including newspaper and on-line ads, agency fees and background checks must be included in employee upfront costs. While salary is a huge expense for companies, it averages 69.6 percent of total compensation with the remaining 30.4 percent set aside for employee benefits according to the Bureau of Labor Statistics. Some benefits are mandated by law while others are optional. Identifying and controlling these costs are critical to ensuring the success of your enterprise.

Employment Taxes — Your employees may contend that employment taxes are not a benefit, but they are. A delayed one for the most part, covering social security, workers compensation, disability, unemployment and Medicare. Social Security and Medicare are taxed at 6.2 and 1.45 percent of salary respectively, a cost you must match though there are limits for your high net worth employees.

Wellness Care — Health, dental and vision insurance are among the benefits employees expect to receive. Your costs can vary tremendously depending on the type of insurance plan procured, the age of your workforce, number of employees and your location. Writing for Entrepreneur, corporate strategy expert Burton Goldfield advises companies to adopt a “robust health benefits package” so that they can “attract, retain and motivate talented people” the sort of staff you want on hand to help your company to grow. That may mean offering full health benefits to family members, a much costlier expense than providing funding to employees alone.

Time Off — Although you are not necessarily adding an expense when taking into consideration paid time off including vacation pay, holidays and sick days, the loss of worker production for those days must be taken into account. Unless your other employees can pick up the slack, you may need to hire temporary help to cover worker absences.

Retirement Plans – Small business operators may not believe that they can afford to offer a retirement plan, but can you afford not to offer one? IRS publication #3998, Choosing a Retirement Plan, outlines options for small businesses including IRA, SEP, 401(k) and profit sharing plans. Certain tax advantages can help defray some of your costs including employer contributions which are deductible from your business income. Consult with a tax accountant to find the best plan for your small business.

Other Benefits — What other benefits can you afford? Or more accurately said, what other benefits do you need to offer in order to recruit and keep top workers? Life insurance, long term disability, dependent care and tuition reimbursement are self funded plans where your company’s contribution pays directly for this benefit. This means that you’ll need to count these benefits as a full expense without the benefit of an insurance group picking up a portion of your costs.

In order to attract and retain qualified workers, you need to provide comparable benefits to what your competition has to offer. Without that you risk harming your business.

References


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