Month: September 2018

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Blog

Boost your business with positive referral relationships

Blog Post Image-1Connections.

In a digital world, connections still matter, especially for businesses that depend on referrals. So, how do successful businesses cultivate a steady flow of quality referrals?

There are plenty of options. What’s your favorite? If it’s flooding your friends’ newsfeed with sales requests, hold back until you read this.

Quality over quantity

It takes more than just quantity to boost business referrals. According to experts, business relationships that are a “mile wide and an inch deep” won’t help your business in the long run. Boosting your business referrals takes time, but it also requires developing “powerful, personal” relationships.

Quality takes time

According to a 2018 study in the Journal of Social and Personal Relationships, it takes 50 hours of interaction to move beyond acquaintance to a casual friend. It can take up to 200 hours to develop a close friendship.

Referrals come, say experts, when confidence grows. No, not your confidence. Referrals happen when the relationship grows enough to where the other person has confidence in your abilities. When they believe in your abilities enough, they’ll refer friends and family.

Returns on your investment

Lasting business relationships probably require more than a quick Facebook share or business card swap. Consider those a great start. Give yourself time to develop that confidence and trust. We promise the returns are always worth it.

Categories
Blog Business Cash Management Managing Your Business

How healthy is your cash flow?

Blog Post Image-2What’s your why?

Whatever your business, you probably jumped in because you saw a great opportunity or you loved the field.

But just because you love baking cakes or you’re an amazing web designer, doesn’t necessarily mean you love every aspect of the business. It’s easy to spend less time on areas you aren’t as passionate about.

But success means not neglecting anything, and cash flow is an important area.

Why cash flow matters

It’s always worth it to keep an eye on your cash flow. Why? A healthy cash flow system accomplishes plenty: it monitors spending, creates funds for investment, and keeps the business strong enough for future loans.

How to keep cash flow healthy

Creating a healthy cash flow involves both balance and some homework. Don’t worry. It’s not as impossible as it sounds.

Study your past numbers and work toward developing a good inventory system. Cash flow homework can also help you buy smarter, say experts. Ask yourself if you could you save money by buying in certain quantities or paying early, for example.

Cash flow is also about relationships. Know which customers pay on time and which are past due. Every single relationship plays a part in creating a healthy cash flow for your business.

Categories
Blog Business Fraud & Security Safety & Security

Could You Spot A Fake Check Scam?

The trouble is: we all think we’d know a scam when we see it. But the numbers tell a different story.

Statistics say 2.7 million people lost a reported $905 million to scammers in 2017, according to the Federal Trade Commission (FTC). Some of those scams involve fake checks. Could you spot a fake check scam?

Here’s what to watch for, says the American Bankers Association.

Congrats! You won! Now, how do you collect those winnings? Scammers will want you to cash a check and send back a chunk of it for taxes and fees. Umm, maybe you’d better hold off on the celebration for now.

Want to work as a mystery shopper? Sounds pretty fun. But these schemes usually involve wiring money somewhere. And the check you’ll receive is – you guessed it – worthless.

You’re an online super seller. Did you sell an item and “accidentally” get overpaid? If they ask you to send back the difference, you’d better hit pause on the transaction.

These schemes happen because banks, by law, must make funds available quickly. It can take longer, though, to learn if a check is bad. A cleared check isn’t necessarily a good check.

You can stop the scammers by asking questions. Talk to someone you trust. Ask your bank for a double check. You can also report your complaint to the FTC.