The Money Lab

You are contemplating setting up a small online business you should realize it is simply to down to a numbers game. The difference between businesses that succeeded and ones that do not is down to their conversion ratios, meaning the ratio of visitors who actually become paying customers. If one in 50 of your visitors become a paying customer, then you will have a conversion ration of 2%. All businesses should aim to increase this ratio, simple things like using enticing tactics such as a sale can help. The trouble is nowadays people seem desperate for visitors, they panic and pay for batches of visitors. Unfortunately these systems rarely increase your conversation ratio at all; in fact all they do is give you a false perception of your business.  A lot of online small business owners make 3 mistakes: 1. They put Google Adsense/affiliates everywhere, in my opinion these are good systems but they do detract from your core business. 2. They make their websites too complicated, w...

The purpose of a safety program is to involve employees in achieving and maintaining a safe, healthful workplace. This program will have a safety committee that will discuss and find solutions to problems that can cause accidents, injuries, and illnesses. Fewer accidents, injuries, and illnesses will lower your workers’ compensation costs and insurance premium rates and can increase your profit. There are steps that must be taken for a safety committee and program to be an effective one. These steps will include: In holding weekly safety meetings and if your business has 10 or fewer employees, it would be beneficial to have employees attend safety committee meetings. Low-hazard workplaces such as office settings may substitute monthly meetings for weekly meetings.  Discuss what everyone can do to achieve or maintain a safe, healthful workplace. Focus on just one important topic, such as controlling an existing hazard or identifying an unsafe work practice. If you have a constructio...

What do you do when an employee disagrees with something you’ve written on their performance review? How can you prepare for this and deal with it effectively? Start by listening to figure out the source of the disagreement. Is it an issue of fact (you wrote that the employee received a customer satisfaction score of 79 but the employee says that his score was actually 83), or is a matter of judgment (you wrote that the employee’s customer service skills were unsatisfactory; she feels that her skills are terrific)?  If the disagreement involves an issue of fact, get the facts and make any corrections necessary. If it’s a matter of judgment, ask the employee for additional evidence. Then determine whether that evidence is weighty enough to cause you to change your mind, revise your judgment, and amend the rating that you assigned on the employee’s performance review. Most of the time, you have a reasonably good understanding of the areas where disagreements are likely to pop up in t...

You need a website, but how can you tell the professional business web site developers from the college kid in his basement? The answer is fairly simple if you know what kinds of questions to ask.  Professional web site developers are just that - professionals.  They have college degrees and/or experience related to web site development. They understand small and medium size businesses for it is likely they are one too. Most importantly, they speak to you in your language, not theirs. Purchasing a web site is a form of advertisement for your business. Would you pay for the development of a radio or television commercial if you were not sure you would get a return on your investment?  Why risk your professional reputation by trying to get the cheapest site possible just so you can put the www.yourbusinessname.com on your business card? If you have seen the work of a web site developer and the pages look great, do they contain keywords, titles, and descriptions to help sear...

Of late, the topic of succession planning has sparked much concern. However, it seems few organizations have heeded the warning. According to a Human Resource Planning Society and Hewitt Associates study, fewer than 60% of companies have a succession plan in place. Below are some of the most common myths about succession planning.  Myth #1: If there are no imminent retirements, succession planning needn’t be a top priority. According to a survey conducted by Capital H, nearly 22 percent of respondents expect to lose between 10 percent and 25 percent of their top performers to retirement within the next five years. These top performers play a significant role in a company’s success, often serving in high-level, supervisory roles.  For successions to progress smoothly, the people chosen to fill these roles need to be prepared and adequately trained. That process takes time.   Myth #2: Succession planning is only an issue for big companies. 85 to 95 percent of all the c...

Imagine how much simpler your life would be if you had all your business contacts together in one place. One click of your mouse would reveal how effective your latest marketing campaign has been. Know at a glance which of your products/services is the most profitable. Your custom-designed database will put this information right at your fingertips. Today, I'd like to share with you my tips for ensuring that your database gives you the business information you need, when you need it! What is a database? A database is a collection of information relating to a particular topic kept together in one place, for you to access whenever you need. You can use a database to simplify your: MARKETING CAMPAIGN--set up a database to plan your marketing  campaign; track results of your marketing campaign; or analyse trends in your marketing campaign. CLIENT & CONTACT MANAGEMENT--set up a database to keep track of your clients and contacts; analyse your business--which products/services are th...

So you've decided to start your own business - congratulations! It's a huge leap from letting someone else take care of taxes, accounting, payroll, inventory, and/or a myriad of other activities necessary to run a business. However, running your own business has its advantages, too.  You get to be your own boss, set your own hours and days to work, and are responsible for your own success. It can be a great way to free yourself from the tedium of 9-5 and work at doing what you love, but you have to begin by asking a few questions:    1. Are you doing what you love, or just doing something you’re good at?  A desire to get away from the regular working world can be a good motivation to work for yourself, but you have to be excited to get up in the morning to do what it is you have chosen to do for a living. 2. What is it you are planning to do? What niche is it going to fill? Is there a need for what you can provide? Will the market bear another entry? 3. What technica...

Greetings to everybody who writes press and news releases. We'd like to share with you the information you need - new releases files format ROFX. We are sure this word ROFX (or jokingly rofix) is something new you never heard of before. So, if you have a smallest relation to press or news releases writing we hope this site will help you very much. So what is ROFX? It is an abbreviation for Public Press Releases Open Format XML. What is the purpose of ROFX? To make press or news releases creation comfortable and simple. In fact, ROFX files are one part of the system intended to make releases posting more progressive. What this means? ROFX - is an XML based file format that helps to organize release information - release content and author's information. It organizes files, the ROFX system is a very comfortable helper to hold them as project. There is a system for ROFX posting, moderation, API for releases sharing with web sites. This API is realized in different languages, so yo...

Corporate Team Building generally refers to the selection and motivation of teams for fulfillment of organizational goals. Our society is increasingly becoming a multi-cultural one and you are required to work with different groups of people and expected to get along with them as a team.  This is more in the case of transnational and multi-location conglomerates. Corporate Team Building Techniques are methods to help people adapt to these new requirements. Your corporate team building skills are critical for your effectiveness as a manager.  Even if you are not a manager, your understanding of team building makes you an effective member of the corporate team. Corporate Team Building Techniques can make your team accomplish objectives as a team rather than working on their own.  There are certain factors that are critical to Corporate Team Building. You may have a strong fusion of individual contributions. Diversity of skills and personalities are quite effective in Corpor...

With the increased challenges that all companies are faced with, many corporations have implemented various initiatives to continue to grow corporate earnings and shareholder value, some have discovered the strategic value of corporate awards and corporate gifts.  From the boardroom to the front lines to the client across the country, corporate awards and gifts offer many benefits to enhance performance. Not only are you showing your appreciation to the employee or customer, you setting a standard of thanks for the hard work and dedication.  Corporate Awards Benefits: A company’s success depends on its employees and their abilities. With the incentive of a corporate award or corporate gift you attract and retain current employees to pursue for more in the workplace. Corporate awards are great for:  • Direction  • Talent Retention  • Sales Goals  • Public Relations  • A Direct affect on the company’s bottom line.  Things to Consider when giving a C...

Customer security is one of the prime considerations of any retail outlet today. Whilst implementing key marketing strategies in order to promote products and increase sales, retail managers also need to be thinking about how safe their customers feel in-store and ways they can improve the attractiveness of their space for shoppers. 3 Proven Ways To Protect Your Customers 1. Lighting Good lighting is a key aspect of the customer experience. Stores require lighting that allows customers to see what they are doing and to ensure that no area of the shop is dimly lit or dark, as this is where thefts or attacks could occur.  This is particularly important in fitting room areas and in toilet and baby-change facilities where customers are out of the general flow of the shop and there is a reduced staff presence. 2. CCTV systems Customers are comforted by the presence of CCTV systems in retail stores. They know that these systems are designed to prevent crime and automatically feel safer i...

The 1980's business culture in the USA and internationally put a considerable emphasis on personal reward on the basis that highly motivated individuals could transform organisations and societies. The extreme example in film was Gordon Gekko in Wall Street stating that greed was good. The 90's, however, have seen companies traumatized and bankrupted by the inappropriate use of remuneration as a motivator. Yet major corporate successes have been built on reward based remuneration systems. Phones4U recently and Allied Dunbar in the financial services market is an earlier example. The notorious Barings Bank had individual traders on bonuses in the millions yet in the long term these motivated individuals were not fulfilling the company's objectives. Moreover even when an individual's reward system is based on entirely appropriate performance indicators, resulting in the organisation’s success and he or she is rewarded, there may still be problems arising from the large di...

 - Hustle: Generally, people who make it big have one thing in common—they are dissatisfied with the status quo. They will not take what is “common” or “expected” and let that define their lives—they move past it and excel. You must work hard and hustle. - Character: Someone coined the phrase, “character is what you do in the dark.” In other words, when no one is looking, will you behave differently than if someone was looking? If not, then you have character. If you are attacked, be tough—not hard. Don’t be a pushover, but be compassionate, gentle, and flexible—especially on procedure (not principle). - Risk Taking: This isn’t gambling, it’s a willingness to be bold, hearty, and to push forward. People who refuse to take risks are definitely going to lose. If you refuse a new promotion because you’re not confident of your skills, you will likely be passed over when a different chance arrives. Don’t be afraid of rejection, just take it as part of life and you’ll find there’s nothin...

In this day and age it is almost impossible to maintain a decent standard of living on one paycheck, but in a family where children are involved it is not always feasible for both dad and mom to have a job outside of the home.  Daycare expenses, the need for a second car, and too much time away from the children are some common drawbacks.  This however is the exact situation that a Home Based Business works to its greatest advantage.

What is your reaction to advertising? Well, do not tell me that it annoys or irritates you. I know that. The same goes for me. I’d like to know how you act after reading some advertising piece. 

Now maybe the reason you’re interested in setting up a home business is because you’ve seen an ad somewhere, or you’ve been approached by someone. It was all about a great work-from-home money-making opportunity, and you’re excited. Finally, you can quit your job!

Word of mouth advertising creates an awareness campaign where your business information travels from person to person, creating a world wind of awareness. For a new business start-up, word of mouth marketing is often the best and most effective advertising method.

Here is an advertising design idea that will challenge you to make imaginative ads rather than boring ones. I call it the "Photo ID Design Model" and it is a very useful device if you create advertising for your company or organization. It is one of the easiest and most effective ways to create a striking ad, banner or poster. And it will almost always give you a result that gets noticed.

A poster is a visual representation comprising of whatever a person wants to convey to its readers. If done effectively, posters can influence or entice readers to make an action. Advertising through posters necessitates a business owner to consider some tricks and techniques in order to catch the attention of its prospects. Although a simple poster always do the trick, it is still essential that you do something unique and different in order to please your readers. 

And not only your logo, but also your website, your brochure, your business cards and any of your marketing materials for that matter. Yes, colors do matter.