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Setting Up Your Small Business for Accepting Credit Card Payments

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StrategyDriven Managing Your Finances Article |Credit Card Payments|Setting Up Your Small Business for Accepting Credit Card PaymentsIf you own a small business, then you should be aware of how important it is to offer your customers the option to pay via credit card. Without this option, you may find yourself actually losing money. This is because, many times, people will walk into a business already expecting there to be a credit card payment option.

If your business doesn’t offer this, then the customer might not have any other choice than to cancel the sale. With today’s technology, not many people still carry cash on them, or at least not a large amount of it. Paying with a card is quick and convenient.
So, how can your small business start accepting credit card payments? Read on to learn more.

Choose a Payment Service Provider

With merchant accounts becoming a thing of the past thanks to their contracts, many hidden fees, and their inability to provide multiple services, payment service providers are on the rise. Payment service providers are an all-in-one payment and processing system. These providers allow for small businesses to accept both credit and debit card payments without the need to open a merchant account.

Any associated fees using a payment service provider are more clear than when opting for a merchant account. And your merchant account is part of the payment service provider system. With a payment service provider like Dynamics GP Credit Card Processing, you can track inventory, manage accounts, deposit funds, and much more!

Choose a Payment Gateway

The payment gateway secures and encrypts customer information when they make a purchase through your website. It then sends the information for approval. It’s then either approved or denied instantly.

If approved, the payment is complete and the funds are deposited into your account. Many payment service providers include a gateway with their system, but others require you to purchase one separately.

Purchase the Needed Equipment

You’ll also need to be sure that you purchase all of the necessary equipment for accepting credit card payments. This differs depending on where you’d like these payments to be made.

Online

For online purchases, you’ll need a merchant account with a payment gateway, or you’ll need a payment service provider that includes both of these. You can also buy a virtual terminal, which is software that’ll turn your computer into a credit card terminal perfect for accepting purchases over the phone.

In the Store

For purchases made in the store, you’ll need a merchant account and a traditional credit card terminal or a point of sale system. Either option allows the customer to swipe, tap, or place their card into the terminal for payment.

Smartphone or Tablet

Mobile card readers attach to your smartphone or tablet and allow purchases made from swipe cards or chip cards. This is a great idea for food trucks, massage therapist, and other on-the-go businesses. Most point of sale providers offer this service.

Accepting Credit Card Payments Is Good for Business

Accepting credit card payments is the best way to ensure that your customers can make a purchase whenever and wherever they may be. Without credit card acceptance, you may find yourself losing business. For more information on the business world, be sure to check out our Insights section today!

The Qualities Of A Good Team

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StrategyDriven Talent Management Article |Team Management|The Qualities Of A Good TeamAny business is going to be made up of teams, and the quality of those teams is going to determine to a large degree the success of the business. If you are hoping for the many myriad teams in your business to operate and function as you would hope them to, then there are many things you can focus on to be sure that they are as good as you would hope. One way to begin is to start thinking about what kinds of positive qualities you are likely to want or need in a good team. As long as you are aware of these, you can try to instill them a little more, and you should find that your teams are much more likely to do well and so improve your business performance in no time too. Let’s take a look.

Skilled Individuals

Any team is only as good as the people within it. That is a simple enough thing to realize, but it is something nonetheless which you are going to have to think about if you are to make sure that your teams are going to be as strong as you would hope. The matter of finding the best individuals you can for a team is complex and varied. First of all there is the initial recruitment process, whereby you need to make sure that you are filtering out those who are less than ideal for your team. Professional help from the likes of DSC Personnel could be the way to go here, as could having a clear image of what kind of individuals you are hoping to hire. Then it’s just a matter of ensuring that everyone is in the right team within the business, so that their skills are going to be put to the best possible use.

Shared Values

The more that these individuals have values in common, the easier they will find it to work towards a common goal. For that reason, you need to try and put people together who seem to want the same kind of result or output, as that is going to be a much more successful team on the whole. If you can encourage them to share their values and to discover their similarities here, you will find that it makes a huge difference to how well they work together, and the kind of results they produce as a team.

Delegation

Finally, any good team needs to know who is going to do what and why. As long as there is someone in charge who can divy out the tasks and delegate where necessary, you will find that the teams are going to work out much more successfully on the whole as a result of that. Delegation is an indication that the team is working well, and that everyone is in the right place, which is absolutely something you are going to want to aim towards if you want teams that work well.

How To Grow Your Business In A Competitive Industry

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StrategyDriven Entrepreneurship Article |Grow Your Business|How To Grow Your Business In A Competitive IndustryThe business world is one which is highly competitive, which means that a company must always be looking for ways to grown order to stay ahead of the competition. Even if you are the most successful brand in your industry, you can be sure that the competition will be looking for innovative ways to grow and knock you off of your perch. This can be stressful as it means that the work never stops yet it is also exciting and a great way to refine your business, earn more money and dominate the industry. Here are a few different ways that even a big company can grow.

Expand

One of the most obvious ways to grow a business is to expand into new areas. This can be particularly effective if you are scaling into areas with less competition as it can be much easier to dominate the local market. This could involve expanding overseas, which is an exciting process but one with many hurdles to overcome.

Diversify Product Range

It is also worth considering your product range and seeing if there are any gaps in the market that you can fill. Your target customer will come to your business because you can provide a product that they want/need so think about what their other wants and needs are to see if you could be providing other products too.

Attract & Retain Top Talent

It is impossible to grow a company without the right people powering the operation. You need to make sure that you are attracting the top talent with competitive wages, bonuses, and a pleasant working environment and retain these top performers with job satisfaction and career development opportunities. When you can attract and retain the top talent, it allows you to delegate and focus your efforts on the big picture.

Create & Share Content

In today’s internet-drive age, it is important that you are creating and sharing content online. This is a way of promoting your brand, showing your expertise, and providing value to your target customer. There are many different types of content to consider, including:

  • Videos
  • Infographics
  • How to guides
  • Interviews
  • Product demonstration videos
  • Case studies

It is important to share this content on social media and to use this platform to directly engage and communicate with your target customer.

Promote Customer Loyalty

It is easier and cheaper to retain customers than to acquire new ones so this needs to be a key area of focus for businesses. In addition to providing a high-quality product/service at good value for money and with excellent customer service, you can keep hold of your customer with the use of a customer loyalty program.

Attracting New Customers

Although easier and cheaper to retain customers, you will also need to attract new ones if your company is to grow significantly. Fortunately, there are many different ways that you can attract new customers to your business with the most effective strategies being promotions and deals that can entice them away from their current provider. Additionally, if you are able to get recommendations from existing customers then this can be highly effective. This is possible through customer referral programs and by seeking customer reviews, which can then be used on social media and on your company website.

Improve Customer Experience

Ultimately, in order to grow you need to provide a good experience for the customer yet this is an area that is often overlooked by businesses. How you improve the customer experience will depend on your operation but it could involve making changes to the buying process, reducing shipping fees, going the extra mile and being friendlier to customers.

Ramp Up Marketing

One of the most effective strategies for growing a business is to increase your marketing efforts as there is always more that could be done.

Digital marketing is important for increasing your visibility online and is particularly important if you are operating in a highly competitive industry. You should always use reputable digital marketing agencies for the best results.

Traditional marketing remains important, especially if you are targeting customers in the local area. This could include TV/radio adverts, print adverts, attending trade events, sponsorship etc.

Form A Strategic Alliance

A strategic alliance is a smart business move which can help a company to access an entirely new market, increase brand awareness and grow while forming important business relationships. The key to a successful strategic alliance is finding the right business – this should be a company that has the same target customer but is not a direct competitor. A florist, for example, could form a strategic alliance with an event planner or wedding dress shop where they can recommend each other to their customers and offer discounts.

Improve Project Management

Successful project management can drive growth and help a business to achieve their goals, yet it is an area that many companies struggle with especially larger ones where the risks can be higher. There are a few effective strategies for improving project management, including using medicated project managers to oversee the operation and utilizing the latest and best technology. Places like Catalyst for Business highlight the value of technology like ringless voicemail where you can deliver pre-recorded messages into a voicemail inbox which can help you to market your customers more effectively.

Stay Current

There are constantly new trends, technology and other innovations coming to light in the world of business and taking advantage of these early can be critical for growth. It can be challenging to stay current but it is possible by reading respected publications, reading blogs, joining online communities etc.

Growth is crucial in the ever-changing business world as companies are constantly in competition with one another to come out on top. Growth can help your company to earn more money, dominate the industry and find greater success and the above are a few effective strategies to use to help your company to take the next level. There will always be risks attached but it can be incredibly rewarding when changes to the operation deliver powerful results.

Improving The Quality Of Your Service As A Business

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StrategyDriven Managing Your Business Article |Customer Service|Improving The Quality Of Your Service As A BusinessThere’s always room for improvement for whatever you do in your lifetime, and when running a business, there should be a constant need to improve the service you are providing to your clients and customers. So here are some tips for improving the quality of your service as a business.

Strengthen Customer Service

Customer service is a very crucial part of the service that you supply as a whole. Without good customer service, you potentially lose out on giving your customers what they need, and that can have a negative impact on the business. Strengthening your customer service can be done in a number of ways. Firstly, look at what you’re already providing in terms of communication and explore new ways of reaching out to the customer and vice versa. Social media is one way that’s enabling both customers and businesses to directly reach out to one another via a direct messaging service or by tagging them in their status. Interaction with customers shows that you are wanting to engage as a company and to develop a stronger relationship.

Look At Quality Improvement If Manufacturing

Quality control when it comes to manufacturing products should always be a priority. Whether it’s offering prepackaged medication or using a more eco-friendly packaging, there are always ways to improve the quality that you’re providing to those companies who are then selling your product to a wider market. You can also look at what your competitors are doing too when it comes to quality control and then adapting these methods to your own but making them better.

Always Ask For Feedback

Feedback should always be welcomed, and if you’re not doing that as a company, you’re blindsiding yourself from improving what might need adjusting or developing. Several eyes are better than just the one, so always reach out to clients and customers to ask for constructive criticism and feedback on how you can improve the services you are providing. It might open your eyes to something you’ve not noticed before and is actually something that’s causing a big problem in the success of your business. So make use of your mailing list and always keep track of reviews that come in for your service or product.

Invest In Research And Training

Two of the elements that can make the biggest difference when it comes to the quality of service is research and training. Investing a budget into these can make a huge improvement on your company as a whole. Market research is always useful to see how your industry has changed and is changing so that you’re able to keep up with the trends and what’s current. Training for your staff is always beneficial and a great way to improve their own career prospects, which could benefit the company massively.

A business that is always looking on ways to improve is one that will continue to have success. Don’t become complacent and always look at ways to strengthen your business and how it operates in every area of its existence.

Stretch Goals, The Field, and Choosing the Best Path

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StrategyDriven Professional Development Article | Stretch Goals, The Field, and Choosing the Best Path | Stretch GoalsStretch goals are intended to push the organization to higher levels of performance. They stretch all teams and the individuals in those teams. Stretch goals can rarely be met with incremental changes, thus, management and staff must be dynamic and creative in planning how to meet the goals. This situation can be intimidating, but it is the ideal scenario for you to shift your career in a new, more desirable direction. There are two key components to help you make the shift: understanding how the Field works, and discerning the work activity you most enjoy – regardless of “normal expectations” for your position.

Defining the Field, Understanding Its Drivers. The Field – which is also referred to as “quantum reality” – is a matrix of electromagnetic waves that permeate everything. “So what?” you may ask. Consider the following reality as proven via scientific experiments and measurable observations: i) at the base of all physical matter are tiny electromagnetic energy waves, ii) as two electromagnetic waves intersect, they exchange data, and iii) communication in the Field is instantaneous. This reality means that all living and innate matter in our world are connected every single instant.

Okay, so how does one use this massive web of connection to choose the best path in a stretch-goal environment? Think about the basic formula that underpins all success in the workplace – to achieve a high performance rating, you need to understand how your boss thinks, what their expectations are, and what their goals are to attain a high rating from their superiors. Once you understand this, then you can design an effective performance plan. It is the same with the Field: understand what is important to the Field, then you can proactively engage the Field to aid in directing your career path to higher levels of success.

Why the Field supports you. What is the top priority of the Field? Expansion. Everything in the universe has a drive to expand – humans, animals, plants, bacteria, even the universe itself. At the individual level, the human feeling of “excitement” is most closely aligned with expansion. Why? The Field is connected to all things, so it is aware of your strengths and how those strengths can best help it expand. Thus, when you are focused on an activity that you enjoy (that you look forward to, that excites you), the Field gives you a clue you are on the right track via the feeling of excitement.

So find a comfortable spot at work – or even head to your favorite coffee shop – and review all your work activities, ranking them by how much you enjoy the activity. Be sure to include activities or skills that you have been wanting to learn. Next pick the top activity (or top two, not more) and create a plan around that activity, quantifying how your efforts will increase productivity or drive efficiency.

In the Field, a Low Risk. Your unique stretch-goal-plan is – in quantum reality – a low risk. This is because you have centered the plan around what excites you at work, and when excitement is combined with venturing into new territory, it will invariably lead to your growth as a professional. Thus, you grow personally, your wider team is challenged and grows with you, and the project itself will be productive. Put another way, each of these aspects expands – and, thus, the Field expands.

The Fringe Benefits. What about the other goals in your overall career plan? The good news is that by focusing so much energy on just one or two areas, your plan/project will create a larger momentum that will inevitably demand the demonstration of other skills. Besides the leadership and innovation capabilities you show in putting forth the plan, the additional skills of project management, team management, communication, selling, leveraging diversity, conflict management, and budgeting will likely be demonstrated.

Stretch Yourself, Stretch Your Boss… Expand the Field. In creating a plan that will stretch yourself in an area you enjoy, you will also be stretching your boss. They will need to acknowledge the merit of your plan, they will need to consider how best to sell the idea to their superior(s), and they may need to think about who else on the team will perform the duties they had expected you to be doing. All of that is a fantastic challenge for your boss. They don’t want a boring job; else they would not have accepted the promotion to manager. Besides, like you they may be a bit intimidated by the stretch goals, so you will be helping them with an innovative idea for meeting leadership’s expectations.

Understanding how the expansive properties of the Field work, combined with a focus on the top one or two work activities that excite you, ensures the design of a successful stretch-plan. It also raises your awareness of potential opportunities that may arise – whether those are hoped for or unexpected.

Stretch goals are not obstacles to success, they are unique opportunities to customize your path and accelerate your success. Embrace and use them to stretch yourself, stretch your boss…and expand the Field.

Rejection Epilogue. If your boss rejects your stretch-plan, this is not a failure. Remember that the Field is connected to all things, so it will be keenly aware of your focused and organized vision for expanding your career/team, and by default the Field itself. After the rejection, maintain a positive “can do” attitude and keep your eyes open for other development opportunities. Perhaps a mentor will ask you to join their team, perhaps someone outside the company will offer you a job, or perhaps your boss will ask you to lead a brand-new project in an area that you find exciting. As long as you focus your stretch-plan on an activity that you enjoy, the Field will not be able to help itself: It will notice your effort, and, one way or another, it will respond.

About the Author

For 28 years John Jay McKey has been a student of success, building and leading data analysis teams in the banking sector, a Big Four accounting and consulting firm, the Office of Inspector General, and a multinational Fortune 50 company. While commuting from Chicago to Washington DC to work for the OIG, Jay had a personal epiphany that led him on a deep dive into the world of quantum physics. That journey resulted in the writing of Leverage the Field for Success, which explains how one can use what scientists call the universal energy field, the zero-point field, or simply “the field,” to support and accelerate one’s success and/or the success of their team.