July, 2012 | BizSieve.com

June SBT Balance Transfer Index – Where Are Balance Transfer Fees Headed?

Having difficulty managing a financial portfolio? In this period of economic woes one has to be very prudent—nay, wise, in making investments or any financial move for that matter, so as to maximize the value of every dollar that comes out of one’s pocket. One area that constantly poses a problem for everyone is the use of a credit card. If an individual is not careful and not cautious in choosing what card to use and how to use it, one will find oneself entangled in a web of charges and interests that makes him forever shackled in debt.

But there is one best kept secret that could help untangle that chain of indebtedness and that is the smart way of playing around with current offers on balance transfers which have proved to significantly reduce the charges and interests, giving the cold-shoulder a breather in managing his card balances. Therefore, it is always essential that one is on top of the indices of balance transfer movements and the ramifications of the same. A thorough analysis of the data hereunder is presented could spell the difference in terms of dollar savings.

The SmartBalanceTransfer.com index revealed some initial rate variations at the beginning of this year; however, durations remained at approximately 13 months with an average balance transfer fee of 3%. According to reliable baseline data generated from the past several months, the balance transfer market has shown a predominately steady rate of progression which should continue to hold through this month of June.

The general movement of the 0% top balance transfer promotional lengths has remained relatively consistent in the previous months to date. The average term of offers; on the other hand, have been slightly wavering between the figures of about 12.5 to 13 months in duration, shortly after dropping to below 11 months in the fall of 2010. The recorded fluctuation in numbers may have been affected by the rates maintained by Chase Slate, which offered a staggering 15 months of 0% interest on balance transfers; as well as, new purchases using their Freedom rewards card that incurs a 3% balance transfer fee.

The current trend of top balance transfer offer fees that suggest the absence of any major inflections that would merit any significant concern. In fact, this range of balance transfer rates has clearly lingered at 3% and shows no sign of change in the near future. Given that Chase Slate retains its no-fee offers; which had been temporarily matched by Discover in the early part of the quarter, no further fluctuations would be seen in the standard progression of the market.

In the same way as the duration of balance transfer promotions are displaying long term increases, the average balance transfer rates of fees are indicative of a prolonged decline, which was seen to move subtly at almost 4% in middle of 2010. This positive movement is typically symptomatic of a well-balanced state for consumers. The present activity that we are seeing would be ideal for those with long-term plans in transferring high interest balances to a low interest cards. However; should the no-fee offer by Slate is suddenly withdrawn, the average fees will immediately soar to more than 3% and at a rapid rate.

Although the projected amount of profit that a bank earns in credit cards are at a steady pace of growth, the level of debt incurred by consumers are considerably low. In essence similar incentives; by way of these balance transfer promotions and various sign-up bonuses, continue to be priorities due to the fact that they weigh heavily as effective strategies to retain customers and obtain more in the process. If the tendencies of the market persist; as is the case of stable rates indicates, the flow of offers will inevitably remain.

A useful tool that may provide a comparative analysis of different cards which may prove to be suitable for your needs may be attained at: http://www.smartbalancetransfers.com/balance-transfer-search-assistant/

How to Design Banners and Signage for Your Corporate Event

If you are hosting or attending an event then this is a great opportunity to promote your business and to increase your brand awareness in a big way. However in order to do this you need to attract people’s attention – you need them to be interested and you need them to come over to look into what you are doing or listen to your presentation.

For this reason then you will want to involve some banners and other signage and the way you design this can make a big difference to whether or not you benefit from the event. Here we will look at how to go about designing your banners so that they are effective.

Types of Banners

When you design your signage you will need a couple of different items. For one you might want some regular hanging banners, probably made from vinyl for the best durability, that you can hang over your entrance or your tradeshow display in order to draw the eye from a distance. It’s important you get this right so that people can find you and so that people know where you are. It also serves as a great way to strengthen your brand – think of it like the title on a website or a magazine.

Next you will probably also want some pop up banner stands. These banners are free standing meaning they go at ground level and the ‘pop up’ or ‘roll up’ bit refers to the fact that you can compact them down to transport them nice and easily. Finally you might also want a backdrop which you can use if you give a presentation or if you have a tradeshow display and this can provide a suitable background for the rest of what you do.

company banners — *Image by Nigel Lamb / Flickr*

The Design

Now you need to think the design you are going to order. Of course this is going to be printed out very largely, so you want to make sure that you have an image that is very large and very high definition that will spread out across it well.

For the vinyl banner you will probably only need to have the name of your company, though it might be wise to also use a sub heading for those who don’t know what your company does. If you have a descriptive slogan then this is ideal. Make sure that the colors you choose are high in contrast so that the writing stands out well against the background. If you are hosting the event then you can hang this anywhere and it will help to strengthen your branding.

For the free standing banner stands however you will be using a different approach. People will pass these at eye level meaning that you don’t need to draw them in from a distance, but that you do need to get them to turn their heads. A great way to get their attention is to put a person in your image and due to the nature you can make this person to scale. If they are attractive and smiling then the person will normally look.

Meanwhile you want to use this banner stand to provide some more information and maybe even to provide leaflets. The idea is that people who don’t want to talk to you about what you do can get most of the basic information quickly. At the same time though you don’t want to write paragraphs’ worth of detailed information – instead you should include just a few bullet points so that someone can quickly cast their eyes over it and know everything they need to.

About the Author: This guest post is written by event management blogger Jim Carrey. He has authored numerous guest posts on organizing events and press conferences. He recommends The Oxford Hotel as the perfect venue for your business events.

How Utilising Security Labels Can Save Your Business Time and Money

Security labels can save your business time and money in a variety of ways. Barcodes and serial numbers on security labels provide the clearest form of identification for a company, and can be used to help restrict errors during moves. At the same time, having an excellent labelling system means that you can find stock items more quickly, ensuring that you are able to decrease man hours and focus on other parts of a business. Security labels, moreover, can help to reduce the risk of electrical damage through regularly updated information, and act as a strong deterrent to thieves. Some of the cost and time saving benefits of security labels are developed in more detail below:

1 – Identify and Protect Stock

The main strength of security labels is arguably their ability to clearly identify and protect stock. A consistently branded set of security labels allows for easy identification across an office, a shop floor or a warehouse, and can provide scannable information that locates items within particular departments. In doing so, the amount of confusion caused by misplaced items, or doubts over whether an asset in a business belongs to it or an individual, can be reduced. Lengthy stock checks are reduced here by being able to visually identify these items, while double checking them through a handheld scanner.

2 – Reduce Errors During Moves

Security labels’ ability to standardise the relationship between multiple assets within a business means that it is possible to save time and money on moves. Barcoded and serial numbered items can get lost, or placed in the wrong containers for long moves, or when being sent out to customers and clients. Security labels allow for barcodes to be tracked, and for items to be scanned and recorded at their delivery point. Inter-office loans of expensive equipment can also benefit from the same approach, with item numbers recorded on loan sheets.

3 – Deter Theft

A security labelled asset within a business is much less likely to be vulnerable to theft. Security labels can be designed to be almost impossible to remove, and will leave tamper and voided marks when they are scratched or peeled off. This marking means that any stolen items can be quickly identified, particularly in the case of the theft of small items by employees. Minor costs can be saved on these types of theft, as well as major costs on any attempted thefts of larger items.

4 – Reduce the Risk of Electrical Damage

Security labels can be attached to electrical appliances that require regular testing for safety. These labels can contain rewritable spaces, which can be used to monitor the maintenance schedule for an appliance. Doing so means that a business is likely to save more money in the case of a fire or damage due to an electrical fault, as there will be a log of when the appliance was last tested, both on the appliance and through paper records.

5 – Allow for Better Inventory Management

Security labels can be essential to managing a large inventory. Expiry dates can be attached to labels for food and perishable items, and can also be used to mark out any damaged items within a warehouse. Again, rapid information, and the storage of information through barcodes can make it easy to track items. This level of precision is important for any company audits.

About the Author: Lisa jane is a freelance copywriter promoting Tollgate Labels and increasing awareness of the printed labels service that they offer.

How to Carry Out Market Research

Effective market research can help you to figure out whether there is demand for your product or service, and can also help you to identify the right target demographics (which can sometimes be different to what you originally expect), as well as which stores to place them in, and how to market the product. Whether you’re doing pharma market research or trying to promote a TV show, asking the right questions and interpreting the data you get back correctly is the key to success:

Finding a Research Partner

If you’re launching a new business on a shoestring, then you’ll probably end up doing most of your market research by yourself. However, once you’re fully up and running, you may find that you don’t have the time or resources to do market research efficiently in-house. Finding a market research specialist that works within your vertical is a good idea.

There are some general market research companies out there, and they can work if you just want help running surveys or focus groups, however for specialist market knowledge, hiring a pharma market research company or an industry expert is a better choice. If it’s secondary research you’re interested in, rather than information about attitudes to one of your existing products, then they may already have the data prepared and up for sale.

Researching Yourself – Mystery Shopping

Following market trends is important, but if you’re convinced that you’ve found a gap in the market, but you’re not seeing the demand you expected, then maybe you’re looking in the wrong direction. Don’t focus all of your research efforts on “the industry”. It’s always a good idea to spend a little time looking at what your own company is doing. Mystery shopping, sample orders, and quality testing are just as important as surveys and infographics.

Don’t make the mistake of focusing on a list of things that you think consumers want when you’re doing quality checks and mystery shopping. Some companies waste resources sending mystery shoppers to fill out a checklist of items such as “Were you asked about a loyalty card? Did you get offered insurance?”, but that endless list of questions is precisely why the store is empty. Let the shoppers go in with an open mind, and then ask them what they liked and disliked about the experiece.

Competitors and Colleagues

It’s all too easy to get so absorbed in your way of doing things that you let the rest of the market pass you by. One way to prevent this is to hire someone to mystery shop your competitors, and take notes on what they’re doing. In addition to shopping with your immediate competitors, why not visit some companies that trade within your niche, but aren’t direct competitors – either because they’re trading in a different geographic area, or aiming at a different segment of the market. Keep an open mind to the things they’re doing, and look at how you can use their ideas within your niche.

You might be surprised at how open other companies are to answering questions and offering help – as long as you’re willing to reciprocate.

This guest post was brought to you by James Harper on behalf of Hall and Partners, specialists in innovating pharma market research. Find out more by following them on Twitter.

How to grow your Business with a clever use of Space

If you’re a small business, expansion isn’t always about getting bigger, it can also mean a more effective use of the resources you already have. Take storage for example. Whether you sell products and need space to keep merchandise, or run a business working out of a spare room at home, the right storage can not only remove hassle, but can streamline your business to help it move forward. Here are our top tips:

1. Re-evaluate your office space

For anyone whose business has grown overnight can testify, space comes at a premium. If you’re moving offices, expanding or (in this economic climate) downsizing, a short-term storage solution can be a life raft. But storage can also help your business make money too. Most SME’s have unused space in their office, or space that’s not being used well (often filled with filing cabinets or extra furniture). As shared office spaces are getting more popular, by putting the items you don’t need into storage, you could sublet the space to another company or a freelancer (sites like Office Genie can be a good place to start), helping keep your overheads as low as possible.

compact office space — *Image from apartment therapy*

2. Plan for overspill

Whether you’re an eBay seller or a traditional retailer, planning for the unplanned is vital. Most businesses don’t consider overspill until its too late, but by future-proofing your storage needs, you can make sure you have a cost effective solution. Consider access, security, and location and of course – cost. Making partnerships with other local businesses ahead of time can ensure you always have a next-door area if your stock room is full (and offering extra space for their overspill can mitigate extra costs).

3. Don’t get tied into long contracts

No one knows what the future holds, but making sure your business isn’t locked into long contracts will help you stay flexible. With warehouses you’ll need to consider the necessary evils of business rates, service charges, utilities and VAT (you will get VAT back eventually, but its an initial outlay) – plus upfront deposits. This outlay can make it unappealing, especially for start-ups wanting less overheads. One solution might be to look at space sharing with other smaller companies, finding partners that will contribute to hiring a room in a warehouse, a floor or the whole building. Consider how you would segment the warehouse space to make sure stock isn’t mixed up, and think of the security ramifications if you’re sharing an open space.

4. Go virtual but take precautions

Cloud based, or virtual storage for businesses, is very topical right now. Using online storage is a great way to save physical space – scanning documents and uploading them to a safe repository, for example – and many small businesses are making the shift. A vital thing to consider first however is support (is there someone available to answer questions if you have them?) and back up (is there any chance you can lose your online data?). Google offers limited support for its free suite (gmail, google docs) and so it might be worth upgrading to a more comprehensive service that can guarantee your stored information will be secure. Apple, Dropbox, Amazon, Microsoft all have online storage solutions.

About the Author: Drew Davies writes for Big Yellow Self Storage. Check out their business section for more information.