Using Technology to Drive Sales

Written by: Mike Flowers, Cachet Regional Manager - South Central States

As we are very much living in a technical age today, with all things tech being the backbone or driving force, to the degree in all that we do is technology driven. We have long said good-bye to the days where prospecting was defined as sitting in the local diner with the Yellow Pages while asking the waitress who the biggest accounts in town were and there you have your prospects! We now have to take a strong look at technology and how to leverage its use in our efforts to increase sales.

How do we do this? The answer to this question is ever changing but today the answer is the utilization of social media platforms like LinkedIn. LinkedIn is a virtual powerhouse in terms of online social networking! This professional social site has 44 million U.S. users and that number is growing at a rapid clip daily. Early this year, I was in attendance at the 2012 IPPA Sales & Marketing Workshop in Las Vegas where this was online social selling the focus. One of the great takeaways from this conference was that with an applied strategy centered around social sites like LinkedIn, you could expect the following;

• Increased visibility and interaction both personally and professionally.
• Gain more meetings with prospects, making warm not cold calls.
• Increased contacts resulting in a stronger network.
• Gain a distinct competitive edge with targeted accounts/prospect.

The key is to have a defined approach as opposed to one that is organic. That defined approach can be summed up this way:

• Picture – Your connections need to be able to see you, this goes far to establish trust and credibility. You're essentially putting a face to the name of your company and yourself as a partner.
• Summary – Connections can get to really know who you are and the value that you can bring to their organization. This section needs to be personal and speak to results that you have delivered in all organizations that you have been associated with.
• Recommendations – Prospective clients can see what others have to say about doing business with you. Your recommendations need to be up-to-date and speak specifically to your experience, skills, services, and you personally. Recommendations should represent a variety of contacts (i.e. co-workers, clients, vendor partners etc.). The key here is that you can never have too many great recommendations!

The deliverable is this... with a dedicated investment into this specific piece of technology and its use you could see your sales numbers double and in some cases triple without increasing your effort! It should be the goal of every sales professional to work smarter and not harder while increasing your income and earning potential. With an applied strategy centered around this great tool, you will be able to do just that!

Conference Planning

There are countless industry conferences each year but how do you decide which to attend? Choose wisely! From an exhibitor's viewpoint, focus on the conferences that offer ample opportunities to promote your company and products to attendees with plenty of networking events. Talk to your referral and alliance partners for recommendations of conferences that have been successful for them.

Once your conference calendar has been set, there are several steps that you can take to ensure a successful conference season!

• Do not miss the Exhibitor Registration deadline date or you will have to register on site or worse, the event will be sold out and you will miss a valuable opportunity.
• Book your hotel rooms early! Most conferences reserve a block of rooms at a discounted rate but the rooms usually sell out quickly.
• Ground and air transportation will need to be scheduled, book early for the best rates.
• Pay attention to discount deadlines, you can save money by taking advantage of the discounts when ordering and registering early. Have a checklist of the items needed for your booth (carpet, padded stools, etc) and order early to receive the discounts.
• Schedule the labor to install and dismantle your booth by hours and manpower. You can personally direct the installation of your booth or hire someone to direct the installation by giving very detailed instructions. Nothing is worse than having your expensive booth set up incorrectly or damaged.
• When making cargo/freight arrangements for your booth to the conference site, make sure you work with a cargo company you trust. You will have the option of advanced or direct shipments.

·       Advance to Warehouse - Locations are set by show management to receive freight before the start of the show. Freight is stored at this location and then shipped to the show at the appropriate time.

·       Direct to Show Site is a shipment that will be sent directly to the trade show location instead of going to the advanced warehouse.

• Work with trusted vendors, we have found that being careful and proactive is a must but sometimes mishaps are out of your hands. Have a backup plan for potential problems and work only with trusted vendors who will do what it takes when things go awry. Stay in contact with your exhibitor attendees and provide them with the support and solutions.
• Don't forget to monitor all of your expenses and track any revenue gained from sales at conferences. Tracking your expenses versus revenue to create ROI reports for all marketing activities is key to determining the effectiveness of your efforts and which activities or conferences to attend in the future.

Booth Etiquette

• Staffing your booth: Make sure that your booth is always fully staffed and operational during exhibit hours and that they arrive early to prepare any necessary materials. Consider adding booth staff during peak exhibiting hours but be careful not to over-staff your booth. For an example a 10' x 10' booth should have no more than four (4) exhibitors.
• Set clear expectations for your booth staff in terms of dress, presentation and schedule. Generally booth staff should remain inside the booth at all times during exhibit hours. It’s bad etiquette to “work” the aisles or talk to attendees at another exhibitor's booth.
• Do not dismantle the booth early or you could miss interested prospects. Additionally some tradeshows are very strict and may impose penalties for not following rules, including fines or not invited back as an exhibitor at future shows.

Attending a conference as an exhibitor is a great way to inject a new energy into your company. Not only do you get to promote your products and services while meeting with potential clients, you will get to know other companies and their ancillary solutions that you can cross promote to your clients. Through PTM’s association with other companies, a new group to assist payroll service bureaus was formed called the Payroll Ancillary Service Association (PASA). We share many mutual clients and prospects and have pulled together a suite of training information to benefit our payroll partners and help smaller service bureaus prepare solutions to make them more competitive with the “big boys.” Check out http://www.onlinpasa.org/ for more information about the PASA group.

How to Create Risk Management Guidelines for your Business

Written by: Summer E. Poletti, Cachet Director of Client Relations

With recent IRS legislation now holding third party processors personally accountable for remittance of clients’ payroll tax dollars, establishing and maintaining proper risk management policies is now more important than ever. For details, see our previous blog post blog.payrolltaxmgmt.com/blog/83dfa1bb-f52f-4415-8574-3e60d79a94c0/third-party-payers-could-hold-liability-tfrp-for-non-payment-of-payroll-taxes

Every business model will differ slightly even in our tight-knit industry. First, think about some key factors related to risk.

Consider your niche market. The first step in creating Risk Management guidelines for your company is to assess your potential risk. Do you specialize in a certain sector of the market, such as restaurant payrolls? You need to understand the potential risk of any niche market in which you specialize. Restaurants are notoriously bad at cash-flow management and far more likely to NSF. Understanding your potential risk as it relates to your niche market will help you create a plan that works for your business.

Consider your "selling factor". You already know what sets you apart from the "Big Box" payroll processors; think about how your marketing techniques may affect your potential risk. Do you allow many of your clients to process next-day or same-day payrolls? If so, that is much riskier than processing most of your clients' payrolls two or three days prior to check date.

Consider the policies of your bank or ACH processor.  Timing is of the essence when it comes to items that put your business at risk. Look at your bank or ACH processor's policies and tailor your risk management policies accordingly -- How soon are they notifying you of a client NSF? Do they give you the ability to suspend or reverse files?

Consider the capabilities of your tax compliance software. You may be able to offset risk by holding payroll tax deposits in the event of a client NSF. It is important to know the capabilities of your system in order to set your risk management policies. Does your system automatically track $100k payrolls? Does your system allow you to place clients on hold for NSFs? Does your system automatically hold payroll tax deposits if funds have not been received?

Once you have taken into consideration all factors that will contribute to your potential risk and your ability to control it; you need to establish written guidelines that are published, known, and practiced by all employees.

Know Your Client. You should consider steps to ensure you do not take on any "clients" tat are fraudulent companies, "payroll jumpers", or companies that are financially unstable. Consider running credit checks on new clients, visiting their offices, calling to obtain references from other vendors with which they process, calling their former payroll service bureau, etc.

Establish procedures for next-day and same-day payrolls. To stay competitive, you need to be in a position to offer next-day and same-day processing. Consider requiring these clients to wire funds to you. If your ACH processor has the capability, Drawdown FedWire (reverse wire) may also be a good choice.

Establish procedures for client NSFs. Your procedures should help ensure that you recover the funds as soon as possible. The procedures should include escalating NSF fees, procedures for holding or reversing payroll tax deposits, procedures on when to terminate a client for NSF activity, etc. Follow your procedures to the letter and don't fall into the "he's good for it" trap. Do not let your clients put your business at risk by soliciting unsecured loans!

Reconcile Daily. Make sure you are reconciling your accounts, especially your tax impound account, down to the FEIN (client) level, on a daily basis.

Consider contracting a risk management expert. You can limit your risk by contracting with a trusted partner, allowing you to focus on your core product -- payroll. A service like PTM's FlexTax, gives you the control you desire in an in-house tax processing system, but with all the checks and balances you get with traditional payroll tax outsourcing solutions.

Whichever way you go, make sure you establish risk management policies, and that you review and revise them no less frequently than annually. Make it a point to read articles on industry trends and adjust your business policies as needed.

How to Leave Effective Voicemails

Written by: Summer E. Poletti, Cachet Director of Client Relations

Anyone who reads business blogs and publications knows that on average, Americans are constantly trying to cram more and more into a "standard" workday, which means the people you need to reach are more and more likely to be unavailable when you call. It's time to take a look at how to leave effective messages when it seems like voicemail is taking over as the primary way in which we communicate over the phone.

Prepare before you call. This might sound strange, but you have to realize before you make a call that there is a likelihood, even if you have a scheduled call, that you will get voicemail. Take a quick second to prepare what you will say if you have to leave a message. This will help you avoid the embarrassment of leaving a rambling, incoherent voicemail that you wish you could erase.

Speak Slowly. Make sure that you speak slowly and clearly so that the recipient can understand (and take notes on) your message.

Leave your name and company. You would think that this goes without saying, but I cannot tell you how many times I have received a voicemail that said "Hi, it's me..." or "Hi, it's John...” Perhaps you think you have a distinct voice and people will recognize you, but don't leave it to chance. Even if you have a unique name, it's also best to leave your company name so you don't leave people guessing.

Leave your call back number twice. Even if you know the recipient has your number, make it easy for them and leave it in the message, this way they don't have to take time to look it up. Make sure you speak a little slower when leaving your call back number, and give it twice. This ensures the recipient can write it down and double check it without having to replay your voicemail.

Keep it short. This is the most important rule to leaving effective voicemails. You should never try to leave a message that, when hand-written, would not fit on a sticky note. If you prepare ahead, you will be less likely to ramble on and on. If you have more than one or two items to discuss or confirm, it would be best to ask the recipient to call you back at their convenience or send an email. Your email can then begin "Per my recent voicemail ...” Refer to our blog post blog.payrolltaxmgmt.com/blog/ptm-client-relations-blog/how-to-write-an-email-people-will-read for tips on writing effective emails.

Don't leave a message. This also may seem strange, but you may not want to leave a message every time you get a voicemail. This is especially true for those of you in sales. If you have a feeling the message you leave will sound something like "Hello, it's me again..." hang up and try again. If you are getting caught in a voicemail back hole with this person, it's best to try to catch them live.

Getting voicemail all the time can be frustrating, but you can increase efficiency if you learn to leave better messages. Good luck and happy dialing!

Watch Your Back(up)

Written by: Cachet IT Department

Every company should employ some type of backup system no matter how small or large they are… but the question is what type of backup is best? Before we get into that, we need to understand what “backing up” means.

There are several reasons to backup:

1. Keeping copies of important data and information
2. Providing redundancy in case of system failures
3. Disaster recovery to allowed continued operation of services.

In addition to the whys, there are also several levels of backup:

1. Archiving a copy of documents and files
2. Backing up databases and programs
3. Backing up user systems and even the entire network.
4. Onsite replacement hardware such as computers, servers and hard disks in case of failures
5. Backup power supplies
6. Backup broadband lines because many businesses rely on internet and email

And within each of these storage based backup levels; there are also several methods to do so:

1. The oldest standard is physical media, backing up to either tape, CDs or DVDs (in the past, used to be floppy disks for anyone old enough to remember those)
2. External hard drives for instant access to data for restore or recovery.
3. Online backup (usually paired with “cloud” services)
4. Real-time replication (similar to online backup but creating an actual mirror copy of a database/system that can be activated and put into use in case the primary system fails)

We believe the best method is to employ a combination of these backup procedures depending on what kind of data and systems are being backed up.

• We use onsite back to multiple file servers, hard drives and physical media for documents, files and emails.
• We use high-speed tape backup that is stored offsite for all system data, databases and programs. Those backup procedures run during off hours.
• We use real-time replication to an out-of-state server facility for disaster recovery.
• We have a backup email system in case our email server goes down.
• We have duplicate hardware of all our critical systems to ensure rapid replacement if a failure occurs.
• We have a backup phone system in case of power outage in our primary facility.
• We have multiple backup broadband lines to our primary broadband line

While implementing many of these protocols could be expensive and time-consuming, we can tell you that we have had to use several of these backup systems at least once. Some of them were put into place because we recognized the need for them based on past experiences and we are always looking to improve our backup procedures.

It’s always better to prepare for such contingencies than having to deal with them when they happen… so whatever method you use, at least do as much as you can.

And backups aren’t just for hardware, systems and data… there is a component that is just as important for your business, personnel and procedures backup. We’ll cover that in a future blog entry.

How to Write an Email People Will Read

Written by: Summer E. Poletti, Cachet Director of Client Relations

The average American worker's inbox is flooded with more emails now than ever, and it is becoming increasingly difficult to prioritize which emails require attention first, after filtering out all of the Spam. I've learned through trial and error that there are a few Dos and Don’ts that should be followed in order to ensure that emails will be read and will garner the desired response for the intended recipient.

Do: Mind your To's, Cc's and Bcc's. To ensure your email will be read and you will get the action or response you require, you must first start with the recipient. Be sure you are sending it to the correct person and that only one person is on the "To" line. Why? Because when we are busy and receive and email directed at more than one person, we tend to put it off thinking that someone else will respond, but in actuality, no one does. If you are unsure as to the right person to address, take your best shot and then add a disclaimer at the end, something to the effect of "If you are not the correct person, please let me know who is." Also be mindful to copy those who are necessary and only those who are necessary. And if this is a sensitive subject, avoid the email altogether, see our blog blog.payrolltaxmgmt.com/blog/ptm-client-relations-blog/5-signs-its-time-to-stop-typing-and-pick-up-the-phone for pointers on how to decide to make a call instead of sending an email. You could inadvertently embarrass someone by copying their boss. Similarly, use blind copy sparingly. If you want someone to know of the discussion privately, you could forward the email under separate cover or better yet, discuss it personally. The person to whom you directed the email could later find out you blind copied someone else and could see that action as sneaky or underhanded.

Format the email properly. A good way to ensure your recipient knows you are directing the email to them is to use his or her name. Email does not require the formality of a business letter, but does require more formality than a text message. A simple "John," is an excellent way to start an email. Tap into what you learned from first grade through graduate school and remember to write complete sentences and break paragraphs when necessary. Use a signature on all emails, replies and forwards so your recipient never has to search to find your contact information if they want to call you.

Start with a pleasantry. The type of pleasantry will depend greatly upon how well you know the recipient. Your email is almost guaranteed to be well received if you give someone the warm and fuzzies before you get down to business. Keep it short and sweet though, no more than two sentences.

Write professionally, but don't get too academic. There is a fine line to walk here, you want your recipient to know that you are an intelligent professional, but you don't want to come across as an intellectual elitist. A good rule of thumb is to keep away from slang as much as possible. If you must have a friendly and joking conversation, it is best to do so over the phone or in person. Another rule of thumb would be to steer away from words you would not hear on the evening news. Your recipient may be offended if they have to use the dictionary to get through your email.

Use bullet points. If you are listing items, giving options or discussing more than two things, consider using bullet points. This breaks up the email, making it seem shorter.

Give a call to action. If you need the recipient to do something, let them know, make it clear and concise and leave it to the end of the email. You'd be surprised -- unless you say "please get back to me", they might not.

Use the "Important" button sparingly. If every email you send is of "high importance", your recipient will get annoyed and start placing all of your emails at the bottom of the pile. It's like the boy who cried wolf -- leave that button for true emergencies only and you'll improve your response rate.

Don't:
Hit send when you are still angry. If you have to wait a few minutes or even until the next morning to respond, it is far better than sending something you later want to recall. No one wants to read an email that is essentially you yelling at or berating them.

Use "creative" formatting. Fun fonts, colors, cool backgrounds, and cute graphics do have a place in email -- your personal email. Your mom or best friend will think nothing less of you if you send an email written in pink scripty font with cats all over it, but your clients and your boss will. Choose a conservative font like Times New Roman, Arial, Helvetica, etc. Use a readable size, like 10 to 12 pt. Write in black on a white background. Keep your signature to the basics: name, company, title, phone, fax, email.

Write the way you (or your kids) would text. This is the contrast to the point above about writing professionally. In a customer service environment, it is easy to feel chummy with clients and want to drop some of the formalities, but we have to remember that this is a business relationship. Drop the "whom" and "Dear", but always write in proper English.

Forget to proofread. Adding to the point about writing in proper English, always proof read your emails before sending. Outlook and Word do this automatically, so there is no excuse for sending emails riddled with spelling and grammatical errors.

Take a fresh look at your email style and ask yourself -- if you received that email in a business setting, would you read and respond? If not, it's time to make some changes; you'll improve your communication over all.

5 Signs it’s Time to Stop Typing and Pick Up the Phone

Writen by Summer E. Poletti, Cachet Director of Client Relations

It's no secret that, while allowing us to function efficiently in ways we thought were only possible in Science Fiction movies, technology has greatly hindered our society's ability to communicate in a personable manner. I will admit that I am just as guilty as anybody to fall into the email trap. Email is a fantastic tool, but like anything, too much of a good thing can be detrimental. Following are a few rules I try to follow to keep myself in check.

Your email is too long. Review your email as you are writing it or prior to sending it. Does it read more like a novella than a memo? If so, it might warrant a phone call to discuss the contents, then you can send the email later to confirm the conversation. Keep in mind that everyone is just as busy as you and just as likely to skim over a too-long email. Good rule of thumb is to keep the email short enough to fit on one page if printed (including the headers and your signature).

Numerous emails have been sent back and forth. Everyone has been there before -- emails keep going back and forth, but the message isn't getting across or the argument is escalating. Whatever the reason, there comes a point where you need to get on the phone and discuss the matter at hand. I wish there was a magic number so we could all know when to stop the maddening email chain, but a good sign is when you see another reply in your inbox and you get the sinking "not again" feeling in your gut.

What you have to say is sensitive in nature. If you have to deliver bad news or discuss a sensitive topic, it is always best to do so in person or on the phone. You don't want the recipient to read your email the wrong way and turn a sensitive subject into a huge disaster. If you are speaking with the person live, you also have the opportunity to gauge their reaction and troubleshoot on the spot if necessary. When emailing on a sensitive topic, you never know when the person will read your message, how they took it; you are also giving an untold amount of time for them to sit and stew on it -- good or bad. Again, no magic formula here, if you keep wondering "how should I say this?", it's probably best to deliver the message personally.

Your client is upset. It probably goes without saying, but if your client is upset, the email is probably somewhat sensitive in nature. You also could end up sending a very long email or numerous emails back and forth. At the core of good customer service is relationship building and you should not expect to mend a relationship with an upset client simply by sending an email. Please refer back to our blog blog.payrolltaxmgmt.com/blog/ptm-client-relations-blog/5-things-clients-love-to-hear, clients dig personal service and they love talking to you.

Your client almost always calls you rather than emails. Clients love personalized service and at the core of that is knowing what they want. Not just clients in general, but that person specifically. You will have a happier client if you service them the way they want to be serviced, so it is important to know what each client prefers. If your client calls more often than emails, call them first to discuss the topic and then send an email when you are done to confirm the conversation.

I hope these simple tips help to put email in its proper place -- as a great tool to help us manage our busy days, but not the end all and be all.