Tag Archives: business

Practical Tips on Pricing Your Managed Services

Competitor analysis conceptYou’ve put a ton of research, thought, and effort into choosing the managed services you offered, and you already know that pricing your services right is immensely critical.

But, if there’s one thing many managed service providers (MSPs) still need to master is pricing their products. While there are plenty of ways to price your managed services, before deciding on a pricing strategy, consider these tips first.

1. Be clever about increasing prices

You don’t necessarily have to stick with just one price forever, because increasing costs, provided that it’s at the right time and for the right reasons, is actually a necessity for MSPs. But refrain from increasing prices due to greed or jealousy.

For example, you don’t need to increase your prices just because you found out through your competitor and price tracking efforts that a competitor increased theirs and are enjoying benefits. If you find that you failed to make your target profit for a certain month, figure out why and go from there.

2. Sell essential bundles and not just single items

Although it’s great that you want your customers to have flexibility over choosing what services they want, this strategy often backfires since many customers don’t really know what services they really and often leave out crucial services.

To counteract this, consider putting together an essentials bundle made up of core software, hardware, and services. You might need to allow for some flexibility, whenever it’s appropriate, but’ you would generally avoid the stress of selling just single items or services.

3. Consider value-based pricing

With value-based pricing, you set prices mainly based on a service’s estimated or perceived value to your customer instead of based on the service’s actual cost.

The beauty of this pricing strategy is that you’re essentially marketing your expertise to your customers, and not the actual cost of the service, so they’ll see more value in your service. Focusing too much on cost would result in difficulty maintaining customers and attracting new ones.

Getting your pricing just right is tricky. However, following the tips above would rid you a ton of unwarranted stress. It is likewise vital to remember that setting proper prices for your managed services does not necessarily mean that you must offer your services on the cheap.

Put simply, if you successfully manage to highlight the value of your offerings, it might cost a bit higher than some of your competitors, and smart customers would know and appreciate this.

A business transaction

Selling Your Business: When is the Right Time?

A business transaction“There’s a time for everything,” as the common saying goes. While this is true at some point, the big questions are how and when you’ll know if it’s indeed the right time to do something. This can be applied to different aspects of your life, even your business and professional career.

As a businessman, you might have come to a point where you considered selling your business for a variety of reasons. Ubcutah.com says that this is normal, and there’s no right or wrong time to sell your business. All you need to do is know the signs when you need to do so:

1. You lost your passion

You started your business because you have a passion for it and have established your own goals. As time passes, however, these goals will soon be achieved and your passion will slowly fade. This is a sad reality that many businessmen face and is one of the leading reasons they sell their business. You simply face it and learn to go on with your life.

2. The business no longer needs you

As the owner, you have surely put an effort and time to make your business where it is now. As the business grows, however, they would need your skills and presence as the owner. After reaching your peak, it could decline slowly. As unfortunate as it might seem, this is a reality you have to learn to accept. Once you feel like your business no longer needs you, don’t be afraid to move on.

3. The market is against you

Advancements in technology, as well as changes in taste and perception of people, make some businesses boom and others fall down. If you belong to the latter, then it’s high time to sell your business before incurring even more losses.

Again, there’s no right or wrong time to sell your business. It all boils down to your personal preference and decision on whether you’re ready to part with something you’ve worked hard to achieve or not.

Group of businesspeople

What is Demand Generation and How Do You Do It?

Group of businesspeopleDemand generation is the process of creating a desire among consumers for a specific product or service. This process usually starts with showing your target market that they have a problem that needs solving, then it puts your business forward as the one that has the solution.

One of the ways marketers generate demand is through advertising. On the Internet, you have pay-per-click (PPC) or paid search ads to attract customers. Experts in PPC management in Denver help businesses get their products at the top of search engine results and bring in more prospects.

What kind of “desire”​ do you aim to create?

A desire among consumers doesn’t necessarily mean the desire to purchase—at least, not right away. In an ideal marketing situation, there’s always a demand for your product or service, with people lining up to become your next customer. Since things aren’t always that easy, the desire you need to create among consumers should work toward establishing a strong and long relationship with them.

Through your demand generation strategies, you can interest prospective customers in the following:

  • Engaging with your brand on social media,
  • Getting a free sample of your product or starting a free trial of your service,
  • Signing up for your e-newsletter to become one of the first to be notified of a new product or service,
  • Receiving discounts on products or services, and
  • Attending an exclusive event or webinar.

What does demand generation entail?

In general, demand generation:

  • Assimilates elements of different kinds of online marketing (PPC, direct, inbound, social media, and email) to build and nurture relationships with prospective customers,
  • Involves teamwork between sales and marketing teams, and
  • Requires a well-thought-out lead nurturing process that would provide sales teams with high-quality leads.

The process of demand generation may be long, but if implemented well, it would result in better conversations between your sales team and your prospective customers. This, in turn, will lead to a higher conversion rate and increased sales.

But first, your business needs to come up with effective demand generation strategies to get customers and make a profit. Here are just some of the proven strategies you can use to start building long-term customer relationships:

  • Develop a solid content strategy,
  • Apply search engine marketing techniques,
  • Work smart by optimizing your email marketing campaigns,
  • Give prospects your best stuff for free,
  • Partner with industry influencers to conduct webinars,
  • Get your business listed on review sites,
  • Sponsor an event your target customers would most likely attend. and
  • Make lead nurturing a priority.

Keep these pointers in mind so you can come up with ways to get your prospects and existing customers excited about your brand. The more they engage with you, the more they will be involved in helping you increase your profits and make your business grow.

Secrets of Success: How Staffing Firms Help You Find Talents

Male applicant and recruiter in job interviewThe success of a company depends on working on its core business in the best way it can. It also helps to have high-quality employees and talents. When trying to fill a new or vacant post, companies use recruitment firms to find top talents.

Recruitment agencies such as Bradley Scott Resources can address a broad range of staffing needs, from executive posts to front desk customer-facing functions, IT, and administrative support jobs.

Choosing Candidates

One key difference between hiring via a recruitment agency and direct hiring is the quality of the applicants. Recruiters already have a pool of talents to choose from. These include passive and selective candidates.

Strictly speaking, they are not applicants because they already have jobs and are not actively seeking other employment. Having these in the candidate pool increases the chances of hiring someone who can be productive from the first day.

In addition, these candidates have already been pre-screened and sorted before there was a need for a new employee. This shortens the time needed to find and evaluate a potential hire.

Networks and People Who Want to Work for Them

Another secret to the success of recruitment firms is that they have the contact details of the top people in the industry. These talents do not go out searching for companies to work for. Instead, they leave the search to the recruitment firms. They want to work with agencies because they trust the recruiters’ ability to find companies that would make the best use of their abilities and challenge them.

If the recruitment firm does not have the contact details of top talents in their field, at the very least, they know where to find them. Using their network of contacts, they can find passive candidates who fit the job description.

Finding the right people is not an easy task, but successful recruitment and staffing firms are able to do their job in providing the best people for the job because they have the contacts. A company that is trying to find qualified personnel should consider hiring through established and reputable staffing companies.

PRI vs SIP Trunking: Which is the Best Option for Your Business?

Happy businessman talking on phoneCommunications technology has been heavily reliant on the Public Switched Telephone Network (PSTN), even when the earliest iterations used analog lines. The digitization of telephony then paved the way for Primary Rate Interface (PRI) lines. These allowed businesses to field and receive up to 23 calls at the same time and on the same line. As things progressed with Internet connectivity, the SIP trunking-supported VoIP system started gaining prominence.

So, PRI vs. SIP, which is the best for you? This guide takes a look at both to help you decide.

Primary Rate Interface (PRI)

PRI has the advantage of over four decades of infrastructure and standardization to ensure that things flow smoothly. It can also be easily backed up by a second PRI for redundancy and security in case of an emergency. Additionally, it doesn’t need to rely on data bandwidth to support the voice calls it’s called upon to handle.

On the downside, PRI systems are costly to implement and upgrade. It also requires long-term telecom contracts that are still stymied by a 23-line limit. Lastly, upgrades or modifications could take weeks to implement. The system remains viable for businesses without sufficient bandwidth allocation to sustain modern IP phones as well as those with working structures in place, however.

Session Initiation Protocol (SIP)

SIP services are the marketing term used when implementing VoIP calls, a communication system that offers several benefits to businesses. It supports the transmission of all-important voice calls as data and multimedia. While still maintained by a vendor, the system doesn’t need much in the way of a physical infrastructure. Moreover, it is cheaper than traditional PRI systems and can integrate mobile phone calls in an emergency. Best of all, it’s thoroughly modern, offering remote connectivity and support.

The system, however, requires a strong Internet connectivity package that might be beyond smaller businesses. It is also more vulnerable to cyber crimes and attacks than its PRI counterpart. Finally, the variation of quality of services offered by VoIP vendors can be vast and unreliable if not carefully researched. Carefully implemented, however, this fits most businesses today.

When choosing which technology to leverage, take a look at your company’s needs. Decide which pros fit you best, and which cons are most manageable.

How Business Owners Can Save on Overhead Costs

A money box and electronic calculatorAs a business owner, you should always find ways to reduce your overhead costs without sacrificing the quality and value of your services or products. There are ways to reduce your operating expenses while maintaining every aspect of your company that keeps customers happy.

Consider a Modern Workspace

If you operate a smaller business, consider the benefits of a modern workspace. A virtual workspace allows you numerous modern benefits, including a reputable address and phone number, and even a secretary who will answer customer calls for you.

Contact a company that offers virtual office franchise services in your area for assistance, such as Venture X.

Sublet Your Extra Space

If you have extra office space that goes unused, it is a waste of resources. Unfortunately, many new startup companies find themselves locked into 3 or even 5-year lease terms, making it impossible to move on and find a space that is better suited to their needs.

Fortunately, you can reduce overhead costs and wasted space by subletting the unused office space.

Switch to Electronic Paperwork

It costs money to store paper files. Paperwork takes up space in your office, and you lose time and money when you have to dig through stacks of paper to find what you need. Rather than investing in a space with a storage space or digging through files, switch to electronic paperwork.

Aside from reducing overhead costs, you will also save at least a few trees.

Control Purchases You Make

Another way to reduce overhead costs is to reduce the purchases you make. Evaluate every purchase made to determine if it is necessary. If you find that it is something you can go without, skip it. Also, look into alternatives to what you want to buy to see if there is a cheaper option.

Controlling your purchases can save you money and reduce overhead costs greatly.

You will find that once you reduce your overhead costs, your profitability will increase. You need to improve your profitability to succeed as a business owner in this day and age.

Unleash Your Inner Entrepreneur: The Benefits of Investing in a Franchise Business

Portrait of a businessmanIf you’re not in comfortable purchasing an existing business or establishing your own from scratch, a franchise ownership would be perfect for you. Principally, the franchisor will ask you to pay the initial fee along with ongoing royalties of their computer franchise business. In exchange, you will get to utilize their trademark, receive continuous support from the franchisor. You will even have the right to use their system of conducting the business, as well as, sell their services or products.

Aside from using a famous brand name, purchasing a franchise provides several other benefits. At the end of this article, you will realise that these opportunities won’t be accessible to an entrepreneur who decides to build their own business from the beginning.

Benefits of Purchasing a Franchise

The biggest asset of franchising is its capacity to deliver independent retailers together through a single business concept and trademark. There are plenty of advantages from this affiliation, including uniformity in meeting consumer expectations, control of pooled advertising, the effectiveness of group purchasing, and brand awareness.

Meanwhile, an individual owner will also yield several benefits from a franchise business. As you know, investing in a business always comes with risks, but the risks are substantially lowered by a successfully proven business program. Besides, using a recognized trademark will save you from the price of developing and promoting a brand for consumers to notice.

Other benefits that you can reap include:

  1. Assistance regarding marketing and sales,
  2. Provision of an operations manual,
  3. Guidance when selecting the franchise location,
  4. Financial support,
  5. Continuous development and research of the brand,
  6. Standardised packaging,
  7. Point-of-sale publicity.
  8. Local and national marketing programs,
  9. Readily available consultation and supervision,
  10. Collective purchasing power,
  11. Uniform financial and accounting systems,
  12. Standardised systems and products,
  13. Reduction of risk, and
  14. Turnkey operation.

In the future, a franchising business would lead to an easy expansion. Managing a franchise business could even lead to starting other businesses on the side. Keep in mind that fortunes were built in this method.

Hiring the Right Professional For Your Hospital

HR manager interviewing young man in officeWith the demand for reliable healthcare experts currently on the rise, it has never been more challenging to find the right staff for your medical facility. Given the fact that medical malpractice costs hospitals billions of dollars in lawsuits, you can’t afford to miss the mark in your hiring process.

Here are four easy tips on how to find best personnel:

Work with a reputable staffing agency

Staffing agencies vet candidates, ensuring that they only keep trustworthy people on their list. Whether you are looking for full-time doctors or you wish to offer locum tenens physician jobs, a medical staffing agency is your best partner. There are many of those around the country, most of which are available online.

Enhance your recruitment procedures

You medical facility’s hiring department needs to reexamine their hiring processes and find any loopholes they should fix. Where do you post your job advertisements? Reliable medical sites can help you land top talents. In addition, ensure that you conduct comprehensive interviews so you get the most qualified individuals.

 Provide residencies and internships

Instead of offering employment on a long-term basis, consider starting residency programs. Typically, residencies last about two years. During this time, you can decide whether an individual is right for your hospital. You may also provide internships to individuals who are less experienced. This gives you the opportunity to choose the best people to hire.

Keep an eye on new employees

Use the first few weeks to monitor your new doctors and nurses. This is the time to evaluate their work habits, attitude, and bedside manners. Doing so helps you decide whether they are the ideal practitioners for your hospital.

The last thing you want is to recruit the wrong medical personnel for your hospital. By being diligent in the hiring process, you can ensure that your patients receive the best health care.

Taking Your Business Further Means Making Sacrifices

Group of businessmen and businesswomen on a mettingIt’s not enough to have a steady stream of contracts and customers. Stagnation is a dangerous thing to happen to a business, especially because customers get bored easily. You will need to find ways to improve, or even expand, your operations.

Worried that things could get a little expensive? Here are some ways to handle the cost:

Get a Title Loan

Sandy’s residents are all about quality service and modernity. If you’re lagging behind in these, you’ll have to say goodbye to your customers as they move on to better options. To keep that from happening, Utah Money Center recommends considering a title loan to fund your business renovations. It’s an accessible loan if the title of the property is under your name, and you can easily get it back once the loan has been paid in full.

Use Your Property’s Equity

Another way to use your property to your advantage is by using its equity. You can get a home equity loan and set up a line of credit to pay for any improvements in your business, or you can also choose to get the loan in a lump sum to pay contractors and buy the needed materials. The good thing about this loan is you can apply for one even if you are not done paying for the property yet. However, note that the amount of equity you have depends on the amount you have already paid.

Consider Refinancing

Improving the property is not a one-time task. It’s something you have to do constantly, so you should always have some funds for it. Refinancing means you may cut down the monthly payments for your mortgage, which leaves you some financial wiggle room. You can use the money you cut back from your mortgage to pay for future business improvements.

Your business can’t survive if you’re not doing something to improve it in all aspects. Be ready to spend to earn more.

 

Stylish DIY Christmas Lighting Ideas in 2017

Streets filled with Christmas lightsWith the holiday season just around the corner, it is inevitable to invest in time and effort to decorate your home. While designing your home to keep the holiday spirit may not be an easy feat, you can reuse and repurpose old decors such as the LED lights and Christmas wreaths.

Bring out the beautiful and magical holiday spirit in your home with these easy and stylish do-it-yourself (DIY) Christmas lighting ideas for residential areas.

Snow Globes

Snow globes are iconic decor masterpieces which remind you of Christmas. You can make a snow globe in just ten minutes. Use clear apothecary or mason jars and fill them with fake snow made of Styrofoam, cotton or tissue paper shaped like balls, LED lights and old Christmas figurines.

A Magical Home with Twinkle Lights

Hang or tape your old Christmas lights onto the ceiling of your hallway to create a starry night vibe inside your house. Another good tip is to place your LED lights in front or near a mirror to create an illusion of fairy lights.

Repurpose Old and Unused LED lights

Wrap around garland lights to your chandelier, wreath, trees or even the edges of your home. Its brightness provides color which helps accentuate the design of your decor by outlining its shape.

You could also step up your DIY game by creating some art. Draw or paint your design on canvas. Plot out dots on the back of your canvas and slightly make a hole to fit the bulb of your Christmas lights. Make sure that the holes should be at least half an inch apart. Secure each bulb or light with tape.

Incorporate more homemade designs by creating various designs for Christmas cards, socks, trees, and even Nativity scenes. String lights within an empty frame and pin family pictures, cards and cutout letters to form words and greetings, and you’ll find that a more personalized Christmas decore creates a happier Holiday Season.