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My Zimbio

We’re Sorry…the Voice Mail Box for XXX-XXXX if Full
Equine Accounting
Friday 10th of July 2009 12:06 AM

Do you ever miss calls and wonder how much money it has cost you?

One my our clients receives so many calls each day that her mailbox regularly fills up and she misses calls from potential customers.  She had no idea how much it was costing her until we ran a test.

The stable advertised in a direct mail campaign that had resulted in a past return of 300%, but rather than using her own phone number, she routed the calls to our office where an office manager answers the phone from 8am to 5pm daily.

In a 30-day test, we found she had only received 30% of the calls that were being made to her.  Since she closes 50% of the potential clients she speaks with about lessons, she was suffering a huge loss of clientele and money.  When we did the calculations, we found the stable was missing out on over $17,000 in lesson sales annually.

What did it cost her to have someone else answer the phone?  $120 for the 30 days.  So it will cost her $1440 for the year, but will make net over $15,000 additionally because the owner is smart enough to hire someone else to do something she doesn’t have time to do.

What else are you spending your time doing that someone else could do better so you could focus on building your business?

 

Jennifer Foster, President, EQ Bookkeeping

Specialized accounting services for horse businesses


Accepting Credit Cards - If You're Not, Maybe You Should Be
Equine Accounting
Monday 6th of July 2009 09:42 PM

In the current economy, our clients have seen increased collections time.  On average, the number of days it takes to collect moneys from customers has increased 25 days. 

Having customers pay late can cause huge cash flow issues for small businesses. 

One of the ways we have helped our clients get paid faster is by encouraging them to accept credit card payments.  Many people will pay on time if using a credit card since they have another 20-30 days to actually pay the bank (or longer if they carry a credit card balance.) 

There is a cost associated with accepting credit cards ranging anywhere from 1.7% to 4.5% depending on the type of card accepted and the terms of payment for the card customers (rewards cards and Amex cost more to process).  The credit card processor also charges a monthly fee of $10 or more.

You may be using your own credit cards to pay your vendors and paying interest on those cards or you may be drawing on your line of credit and paying interest to your bank while you are waiting for payment.  If you have employees, you may need the cash faster so you can make payroll. 

Only you can weigh the advantages or disadvantages of accepting credit cards as payment from your customers, but most business owners have a credit card they can use so you may get your money faster by choosing to accept credit card payments.

 Jennifer Foster

www.eqbookkeeping.com

Specilized accounting for the equine industry.

 


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