Conference calls continue to replace face-to-face meetings as businesses frantically seek ways to reduce their monthly expenses. The costs associated with travel arrangements, transportation, and hotels can turn an in-person meeting for 20 people into a financial and logistical nightmare. By contrast, a conference call practically eliminates those costs and can be organized quickly.
Unfortunately, shopping for a reliable provider is fraught with potential pitfalls; hidden fees lurk under the surface. Today, we'll explain how to choose a conference call provider while avoiding an assortment of unnecessary fees.
Monthly Fees And Lower Rates
Sometimes, monthly fees are appropriate. If your company intends to use a certain number of minutes each month, a plan that charges a flat rate might offer significant savings. Often, such plans will either provide unlimited usage or low per-minute rates. On the other hand, if you don't expect to organize many conference calls or only need the service occasionally, paying a monthly fee may be more expensive than necessary.
Review your conferencing needs and work with a provider who can support those needs as they grow. Start small. In time, you may discover that conference calls fit seamlessly with your business and wish to upgrade to a more robust plan.
Setup And Processing Fees
Some conferencing services charge a setup fee while others don't. The setup fee alone should not preclude your using a given provider, especially if they offer unique features that are valuable to your company. That said, the setup fee is not always necessary and you can often ask the provider to waive it.
Processing fees are more problematic, partly because they're usually arbitrary. Making matters worse, a lot of conferencing services hide them; customers only become aware of the fees once they've begun using the service. For example, you might be charged a minimum usage fee if you fail to use the number of minutes allotted to you. You may be charged a fee for using a toll-free account despite being led to believe you could do so free of charge. Some fees are even hidden as taxes.
Ask your conferencing provider about setup and processing fees prior to opening your account. A reliable service will be happy to clarify.
Contractual Pitfalls
There is rarely a justifiable need to sign a long-term contract in order to use a call conferencing service. Yet, some of the largest names in the industry require their customers to sign 12-month contracts that lock them in. Most of the time, these agreements come with an early termination penalty; cancel before the contract expires and you can expect a hefty cancellation charge.
If you're absolutely certain that your company will be using a specific conferencing provider for years, a long-term contract may not seem as ominous. However, there are few - if any - benefits to signing one.
Streamlining Your Business With The Right Conferencing Provider
Conference calls can be a fantastic way to reduce your company's monthly costs. The key to finding a dependable provider is to be aware of the various fees that may be unnecessary. Ask upfront. Don't be afraid to negotiate. And if a service requires that you sign a long-term contract, consider looking for a solution elsewhere. With the right provider, the added convenience and lower cost of call conferencing can streamline your business and improve your ability to compete.
Businesses worldwide confidently rely on ConferenceSuite to deliver the best audio, web and video conferencing services at the best rates. For more information, visit http://www.conferencesuite.com
Thursday, February 12, 2009
Monday, February 9, 2009
5 Smart Business Choices For Thriving In A Down Economy
A recession is always challenging for businesses, no matter how small or large. And especially today as the credit markets remain tight and consumer confidence continues to plummet, companies have begun to panic. But, savvy business owners can not only weather the economic storm, but emerge as dominant forces within their market. All it takes is few shrewd choices and plenty of diligence. Here are 5 smart decisions that can help you navigate the rough waters of the current recession.
#1 - Plan Your Week In Advance
Too often, small business owners fall into the trap of reacting to circumstances. That can destroy your productivity. Set aside time at the end of each week in order to plan the following week. Consider the actions you'll need to take and the resources required to take them. That can include meeting with vendors, planning your advertising efforts, and catering to your customers' needs. By planning your week in advance, you can avoid reacting to emergencies which will help preserve your budget.
#2 - Be More Responsive To Customers
As a small business owner, one of the advantages that you enjoy is your ability to respond quickly to your customers' needs. In a recession, that flexibility and responsiveness becomes critical to your success. Take advantage of it by developing a "response plan" for your business. For example, check your email every 2 hours throughout the day and respond to questions from prospects and customers. Follow that "response plan" diligently.
Remember, finding new customers is always more expensive than selling to existing customers. Be more responsive and you'll reduce the attrition rate.
#3 - Cut Your Costs
Even companies that pride themselves on running lean operations develop bloat over time. There are always opportunities to reduce your expenses. Ask your vendors and suppliers for discounts. Consider eliminating employee perks that are unnecessary. Replace in-person meetings with conference calls (we'll explain this in more detail below). This is the perfect time to review your monthly costs. Every dollar you save can be reallocated to efforts that can help your business grow; for example, advertising.
#4 - Maintain (Or Increase) Your Advertising
Whenever rough economic times cause turmoil in the business landscape, the first budget to be slashed is advertising and marketing. That decision can be disastrous. By reducing your advertising efforts, you risk losing market share to your competitors. That's not to say that you should indiscriminately flood your market with advertising. Instead, consider the impact of each media buy; allocate your resources toward those which yield the most productive results.
#5 - Replace Face-To-Face Meetings With Conference Calls
Every face-to-face meeting that you organize with your clients, vendors, or your staff carries an enormous cost to your business. Hard costs include transportation, hotels, and food expenses. Soft costs include lost employee productivity and diversion from existing projects. Phone and web conference calls all but eliminate many of these expenses. Not only are conference calls more cost-effective than face-to-face meetings, but they're also far more convenient. They can be organized on short notice for a fraction of the cost of meeting in person.
Growing Your Business In A Recession
It has never been more important to uncover opportunities in your business to save money and use your resources more effectively. That includes planning, being responsive to customers, and maintaining your advertising efforts, even as your competitors are pulling their own efforts back. Also, be aware of opportunities to reduce your expenses; using conference calls as a replacement for face-to-face meetings is a perfect place to start.
The key to remember is that a recession, while financially distressing, can set the stage for positioning your company to take advantage of the coming economic recovery.
Businesses worldwide confidently rely on ConferenceSuite to deliver the best audio, web and video conferencing services at the best rates. For more information, visit http://www.conferencesuite.com
#1 - Plan Your Week In Advance
Too often, small business owners fall into the trap of reacting to circumstances. That can destroy your productivity. Set aside time at the end of each week in order to plan the following week. Consider the actions you'll need to take and the resources required to take them. That can include meeting with vendors, planning your advertising efforts, and catering to your customers' needs. By planning your week in advance, you can avoid reacting to emergencies which will help preserve your budget.
#2 - Be More Responsive To Customers
As a small business owner, one of the advantages that you enjoy is your ability to respond quickly to your customers' needs. In a recession, that flexibility and responsiveness becomes critical to your success. Take advantage of it by developing a "response plan" for your business. For example, check your email every 2 hours throughout the day and respond to questions from prospects and customers. Follow that "response plan" diligently.
Remember, finding new customers is always more expensive than selling to existing customers. Be more responsive and you'll reduce the attrition rate.
#3 - Cut Your Costs
Even companies that pride themselves on running lean operations develop bloat over time. There are always opportunities to reduce your expenses. Ask your vendors and suppliers for discounts. Consider eliminating employee perks that are unnecessary. Replace in-person meetings with conference calls (we'll explain this in more detail below). This is the perfect time to review your monthly costs. Every dollar you save can be reallocated to efforts that can help your business grow; for example, advertising.
#4 - Maintain (Or Increase) Your Advertising
Whenever rough economic times cause turmoil in the business landscape, the first budget to be slashed is advertising and marketing. That decision can be disastrous. By reducing your advertising efforts, you risk losing market share to your competitors. That's not to say that you should indiscriminately flood your market with advertising. Instead, consider the impact of each media buy; allocate your resources toward those which yield the most productive results.
#5 - Replace Face-To-Face Meetings With Conference Calls
Every face-to-face meeting that you organize with your clients, vendors, or your staff carries an enormous cost to your business. Hard costs include transportation, hotels, and food expenses. Soft costs include lost employee productivity and diversion from existing projects. Phone and web conference calls all but eliminate many of these expenses. Not only are conference calls more cost-effective than face-to-face meetings, but they're also far more convenient. They can be organized on short notice for a fraction of the cost of meeting in person.
Growing Your Business In A Recession
It has never been more important to uncover opportunities in your business to save money and use your resources more effectively. That includes planning, being responsive to customers, and maintaining your advertising efforts, even as your competitors are pulling their own efforts back. Also, be aware of opportunities to reduce your expenses; using conference calls as a replacement for face-to-face meetings is a perfect place to start.
The key to remember is that a recession, while financially distressing, can set the stage for positioning your company to take advantage of the coming economic recovery.
Businesses worldwide confidently rely on ConferenceSuite to deliver the best audio, web and video conferencing services at the best rates. For more information, visit http://www.conferencesuite.com
Sunday, February 1, 2009
Conference Calls Versus Face-To-Face Meetings: Which Solution Is Best?
When business is good, it's easy to forget that there are limits to our financial resources. Sales move along at a healthy clip, revenue expands, and budgets seem boundless. In that environment, a lot of business owners and managers overlook the costs related to organizing face-to-face meetings. When business slows and budgets shrink, those costs can become crushing. An alternative is necessary.
Today, we're going to explore the advantages of conference calls. We'll explain why they make sense, not only during the current economic crisis, but even when business is thriving. To drive the point home, we'll also calculate the true cost of a hypothetical face-to-face meeting.
Reasons To Meet In Person
To be sure, there are benefits to meeting in person; mostly, it's a matter of nuance. For example, it's easier to look across a table and see boredom in someone's eyes. Are they fidgeting or slouching in their chair while you're speaking? Also, physical contact like a handshake or pat on the shoulder can carry weight. Meeting in person isn't without value. The question is whether doing so makes sense given your limited budget.
The True Cost Of Face-To-Face Meetings
Managers and business owners often underestimate the cost of organizing an in-person meeting. When you factor in travel expenses, food allowances, hotels, transportation, and the cost of each employee's downtime, the price tag can soar. Below, we'll describe the true cost of a hypothetical meeting. We'll assume that 10 employees are participating, each earns an annual salary of $60,000, and the meeting is an all-day event.
Travel expenses per employee: $300
Hotel room for one night: $200
Transportation (rental car): $50
Meals and refreshments: $100
Salary (adjusted for one day): $240
Total cost for each employee: $890
Total cost of a face-to-face meeting for 10 employees: $8,900
Annual cost of organizing a monthly face-to-face meeting: $106,800
We haven't factored in the cost of each employee's downtime. Keep in mind that requiring your staff to travel in order to meet in person pulls them away from other projects. Measuring the cost of doing so is extremely difficult.
It's clear that face-to-face meetings are expensive. In fact, given your budget, they may be cost-prohibitive. That's one of the reasons why web and phone conferencing offer a better solution.
Advantages Of Web And Phone Conferencing
The two biggest advantages of organizing a virtual meeting are price and convenience. From the example above, you can see how in-person meetings can quickly decimate your budget. A web conference or phone conference carries a fraction of the cost. And while a face-to-face meeting can take weeks to plan, a virtual meeting can be organized within hours.
Another benefit of phone and web conferencing is increased productivity. Even though there's an implicit expectation that employees will work while in transit, that's rarely the case. For example, a Harris poll that was taken for Delta Air Lines found that only 5% of traveling employees work while they're on the plane.
So, which solution makes the most business sense for your company: virtual conferencing or face-to-face meetings? Recently, we've seen several of the largest companies in the U.S. shed thousands of employees in order to cut costs. Every budget is finite. The further you can stretch yours, the more competitive you'll be in your market. That's why you should consider replacing face-to-face meetings with phone and web conferencing solutions.
Businesses worldwide confidently rely on ConferenceSuite to deliver the best audio, web and video conferencing services at the best rates. For more information, visit http://www.conferencesuite.com/
Today, we're going to explore the advantages of conference calls. We'll explain why they make sense, not only during the current economic crisis, but even when business is thriving. To drive the point home, we'll also calculate the true cost of a hypothetical face-to-face meeting.
Reasons To Meet In Person
To be sure, there are benefits to meeting in person; mostly, it's a matter of nuance. For example, it's easier to look across a table and see boredom in someone's eyes. Are they fidgeting or slouching in their chair while you're speaking? Also, physical contact like a handshake or pat on the shoulder can carry weight. Meeting in person isn't without value. The question is whether doing so makes sense given your limited budget.
The True Cost Of Face-To-Face Meetings
Managers and business owners often underestimate the cost of organizing an in-person meeting. When you factor in travel expenses, food allowances, hotels, transportation, and the cost of each employee's downtime, the price tag can soar. Below, we'll describe the true cost of a hypothetical meeting. We'll assume that 10 employees are participating, each earns an annual salary of $60,000, and the meeting is an all-day event.
Travel expenses per employee: $300
Hotel room for one night: $200
Transportation (rental car): $50
Meals and refreshments: $100
Salary (adjusted for one day): $240
Total cost for each employee: $890
Total cost of a face-to-face meeting for 10 employees: $8,900
Annual cost of organizing a monthly face-to-face meeting: $106,800
We haven't factored in the cost of each employee's downtime. Keep in mind that requiring your staff to travel in order to meet in person pulls them away from other projects. Measuring the cost of doing so is extremely difficult.
It's clear that face-to-face meetings are expensive. In fact, given your budget, they may be cost-prohibitive. That's one of the reasons why web and phone conferencing offer a better solution.
Advantages Of Web And Phone Conferencing
The two biggest advantages of organizing a virtual meeting are price and convenience. From the example above, you can see how in-person meetings can quickly decimate your budget. A web conference or phone conference carries a fraction of the cost. And while a face-to-face meeting can take weeks to plan, a virtual meeting can be organized within hours.
Another benefit of phone and web conferencing is increased productivity. Even though there's an implicit expectation that employees will work while in transit, that's rarely the case. For example, a Harris poll that was taken for Delta Air Lines found that only 5% of traveling employees work while they're on the plane.
So, which solution makes the most business sense for your company: virtual conferencing or face-to-face meetings? Recently, we've seen several of the largest companies in the U.S. shed thousands of employees in order to cut costs. Every budget is finite. The further you can stretch yours, the more competitive you'll be in your market. That's why you should consider replacing face-to-face meetings with phone and web conferencing solutions.
Businesses worldwide confidently rely on ConferenceSuite to deliver the best audio, web and video conferencing services at the best rates. For more information, visit http://www.conferencesuite.com/
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