Ten states have increased their minimum wages for 2013. How will that affect your business? As of January 1, 10 states increased their minimum wages by between 10 cents and 35 cents per hour. Analysts expect these boosts in minimum wage to affect more than 1 million workers in Arizona, Colorado, Florida, Missouri, Montana, Ohio, Oregon, Rhode Island, Vermont and Washington. Rhode Island is the only state where an increase was made by choice by the governor; the other states' increases were … [Read more...]
treating a new customer like a long-term returning customer
The value of treating a new customer like a long-term returning customer. Many business owners fail to understand the true potential value of a customer nor do they come close to realizing that value. It takes time, effort and resources to close a sale with a new customer. If that customer returns to buy more from you—even if its a small purchase—the cost associated with the closing that second sale is far less; they already know you, your business, how you operate and therefore they don’t … [Read more...]
web-based investment guidance
Will the Web Replace Your Financial Advisor in 2013? Finance expert Mike Periu on the emerging shift from small businesses using financial advisors to less expensive, web-based investment guidance. Many small-business owners need financial advice because they just don’t have the time to take away from their businesses (and perhaps the discipline) to make a proper financial plan and execute it. There are two types of financial advisors: fee-only advisors which charge a fee for their advice and … [Read more...]
Affiliate Sales Model Making a Comeback
As online advertising becomes more and more challenging in capturing customers, finance expert Mike Periu explains how the Affiliate Sales Models is making a comeback. Many websites that generate revenues primarily through advertising are having a difficult time staying relevant in the eyes of consumers. Web users have largely learned to ignore ads creating a vicious circle of more ads being displayed and in more obtrusive ways in order for website owners to meet their revenue goals. This cycle … [Read more...]
Online Calculator Helps Determine the Value of Your Possessions
Finance expert Mike Periu shares a useful tool, a Online Calculator to help determine the value of your belongings in case disaster strikes. If a natural disaster struck and you lost everything, would you be able to provide your insurance company with an accurate estimate of what you lost? For many people the answer is no. The value of your home can be easily determined using publicly available information but what about your clothes? Furniture? Electronics? Most people don’t have an accurate … [Read more...]
Increase Current Customer Revenues With Loyalty Programs
Finance expert Mike Periu on improved customer loyalty programs that have gone mobile and result in a more effective way to retain customers. Loyalty programs—where consumers are rewarded with gifts, discounts or other benefits—can be quite effective in building long-term relationships with customers. Traditionally purchases had been tracked on a punch-card or note card; and some businesses even invested in electronic systems with credit-card type cards or barcode scanners. But these solutions … [Read more...]
Dry Cleaners Suffer Under New Trade Sanctions
Finance expert Mike Periu on stiff upcoming trade sanctions for the dry cleaning industry. The dry cleaning industry has been dealing with a problematic situation since this summer which now may become permanent in January. The Obama administration recently enacted a duties of 187 percent on wire hanger imports from Vietnam, one of the leading wire hanger exporters in the world. This has increased the cost of wire hangers for dry cleaners. It couldn’t come at a worse time when economic … [Read more...]
How Does Your Company’s Return Policy Compare With Big Retailers?
Finance expert Mike Periu on the latest return policy trends for retailers. Larger retailers spend a great deal of time crafting return policies. According to the National Retail Federation, 83 percent of retailers kept their policies more or less the same as last year with 7 percent tightening theirs. Those with more restrictive changes usually shortened the period of time during which a customer may return the purchase. During the holiday season, however, many retailers have implemented … [Read more...]
Microsoft to Launch Office 2013, Advance Copies Available
Finance expert Mike Periu on some of the new features of Microsoft's new Office 2013 and how you can find a trial version. Microsoft will launch Office 2013 during the first quarter of next year, but just as they have done with previous versions, you may download a trial version now to start experiencing the new functionality and features built into the latest version. Excel, the finance and accounting workhorse of the Office suite is packed with more than 50 new and interesting features that … [Read more...]
Retirement Account Contribution Limits Rise in 2013
Finance expert Mike Periu on the new Retirement Account Contribution amounts set by the IRS for retirement accounts like IRAs and 401(k) plans. December 26, 2012 The Internal Revenue Service announced the annual cost of living adjustments for retirement plan contributions for 2013. Every year the IRS increases the amount you can contribute to retirement accounts to compensate for the ever-rising cost of goods and services to ensure that you are saving enough for retirement: 401(k) plans The … [Read more...]
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