How can you Hold on to your Existing Customers


As mentioned in previous post most businesses lose large percent of their customers on a regular basis. We identified several reasons why customers leave. In this post we want to give you tips on how to make sure you retain large portion of your existing customers.
Losing a customer can cost you lot more than you realize. Research shows that it costs multiple times over to get new customers than to hold onto existing ones. You have to spend money on marketing and advertising as well as offer them incentives to come to you again. Our advice to all business owners is this – DO WHATEVER YOU HAVE TO DO TO HOLD ON TO YOUR EXISTING CUSTOMERS.
Here are the steps that show how you can accomplish this:
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5 Proven Ways to Reduce Credit Card Processing Fees


Most small businesses are overpaying for credit card processing. After the Mafia was eliminated from Italy this has become the next legitimate way of extorting money from businesses. Visa and Master Card are making billions of dollars in profit every year just for acting as a middle man to process the credit cards.
Is there anything businesses can do to lower this cost rather than just give this “extortion” money to credit card processing companies? Although there is no way you can eliminate this cost; there are few steps you can take to bring it down. Here are 5 steps you can explore:
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Are you Giving your Heart or just Hands to your Business?


If your heart is not in your business (or anything you are doing for that matter); you might as well not own the business. Your business is just going to drag along at best and in worst case it will fail causing you financial and emotional pain.
We say this from our experience at a concert we attended this past weekend.
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What can you learn from Zappos.com’s $1.6 Million Mistake


If you are not standing by your core values at the time of crisis and instead take a myopic view of the situation you will miss out on building a long-term, thriving business. Just look at what Zappos, the popular shoe site, went through on May 23, 2010. It lost $1.6 Million dollars within matter of hours. But it’s what it did afterward that is the real story.
For those who don’t know Zappos; it is an online web site that sells shoes. In the process it has built a Billion dollar business!! It has done this by focusing on core tenets of providing exceptional customer service at any cost. Amazon.com just bought the company last month for $928 million.
So what happened?
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Pros and Cons of Multi-unit Operations


Many of the business owners who expand from a single unit to multi-unit operations fail and even end in a worse situation than before. It’s human nature to think of a simple math – if you are making $100K from one unit; you should be able to make $200K from two, right? They may go even further thinking that the outcome should be more than $200K when you include all the synergy you can derive from multiple units.
Even though there is some truth in this argument the reality is operating a multi-unit business is hard work. You need to think long and hard before expanding and consider the pros and cons of multi-unit operations before making a decision. Below I have tried to highlight some of the key points to consider in terms of the benefits and pitfalls.
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Does Your Business have Social Media Strategy?


If you don’t have a strategy to deal with Internet and social media you might be in a danger of losing lot of business. Just look at this article in Detroit Free Press past Saturday. To summarize the article – a student from Western Michigan University claims his car was illegally towed from his apartment complex by the tow truck company. He created a Facebook page to fight with the towing company and attracted 11,000 “fans” on the page; who joined him in the revolt saying they too had similar complaints against this company. The result was that that towing company lost half of its commercial accounts.
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