Security!

While running errands this weekend I stopped by one of the large retail office supply stores. As I perused the software section I noticed a product offering the ability to print your own checks rather than purchase pre-printed checks for business use. The entrepreneur in me got a little excited, but then I started to do my homework - the marketing almost worked!

It turns out that since the inception of checks in the late 1600's the methods of making them a more secure form of payment have increase with the demands of the users. By today's standards there are more security methods than I care to try and count ensuring that forgers really have to work hard at their version of entrepreneurship! One of these security methods is something referred to as MICR (Magnetic in Character Recognition). I could attempt to relay every last detail of my reading research, but suspect that your coffee pot may start running into overtime use! So, I will boil down what I have sorted out and make my point about this "print your own checks" option.

By the year 1952 there were 47 million checking accounts with 8 billion checks written annually. On an average business day there were about 69 million checks processing through the payment system. Wow! Consider the population growth since 1952 and try to imagine what these numbers look like today... Because of the volume of check use the banking industry determined that they needed to develop an automated processing system to expedite the processing and keep up with demand. By 1956 the method of MICR was suggested and quickly implemented. There are, of course, a number of details about this special ink, but in the interest of time let me explain it the way I understand it to work. The ink contains special ingredients infusing it with magnetic attributes allowing it to stand out against other ink imprints made upon the check during processing (endorsement stamps, etc.) Combined with a special font selection and a few other features, MICR also provides a processing feature readable by both machine and human. The catch to this security and processing feature is that it requires use of a special ink. Now let's take things one step further... special ink means you also need a special type of printer in which to use it. "Special" most often also means that the ink cartridges can be quite costly. My point?

As with all business decisions - try to move past the initial marketing based excitement of a new product and investigate the details fully before making your decision. Purchasing a special printer and special ink just for printing your own checks might save you money if you print ALOT of checks routinely, but it also increases your maintenance and equipment costs. Check out all of your options and run the numbers - you might find that purchasing pre-printed business checks from a trusted supplier could save you time and aggravation in the long run without sacrificing security measures!

'Tis The Season!

I know that summer has just entered full swing, but for the people in charge of company holiday cards the time for selection is fast approaching! With this in mind, it seems appropriate to share some thoughts regarding the selection of the Company Holiday Greeting. As with most annual/seasonal items, card selection can sometimes suffer from attention neglect as busy workers make their choice with a "that will do" approach to the process. Although this may provide an acceptable card for each year's mailing, with a little more consideration given to the process these cards could do so much more to promote your company!

Here are a few things to consider:

1. Make a good match! Every company has a "personality" of some sort whether it is formal (traditional), semi-formal (contemporary), or creative (silly fun). When selecting a company greeting card consider your company personality and be sure that the card you pick is a good match. Why does this matter? It helps to build consistency in your customer communications which also contributes to brand building. If your company is a really creative place to work and all of your customer communications reflect a hip and contemporary style, sending a traditionally styled greeting card for the holidays could leave your customers wondering if you had an identity crisis.

2. Know your customers! A keen understanding of your customer base is key in selecting a greeting card for your company. If your customer base covers a wide range of businesses you may want to stay on the safe side and select a card with a message appropriate for the many holidays celebrated during the season. Keeping this in mind during the selection process can help to avoid any unintended offenses of card recipients.

3. What is your intent? Are you sending holiday greeting cards as a simple gesture or are they tied more closely to your marketing efforts? If you are making a gesture, then a single card selection is probably your best bet. If, however, your holiday cards are also a method of extending your marketing initiatives, you may consider purchasing different card styles to pair with your different customer bases. Why? Repeat customers might appreciate a more personal message to convey your appreciation of their continued patronage. This same message sent to a customer who has only worked with you on a single occasion could be a little much - sort of like a marriage proposal on a second date! Electing to use a more general card message to cover all customer bases could leave your dedicated customers feeling a little unloved. Again, this goes back to knowing your customers and selecting the approach that best matches your intentions for the card and your company personality.

4. Make it personal! I keep reading articles lately about customers trending toward smaller businesses for a more personalized shopping experience. With this trend in mind, my suggestion is to get on board and maximize this trend. Customers who love the personal service they receive when doing business with you may get the wrong impression if you send them a general holiday card with no personalization and this could lead a decrease in their loyalty to your company. How do you overcome this hurdle without developing writer's cramp? There are a wide variety of cards that allow you to add customization of both your company name/logo, as well as a personalized message. These customization options are pre-printed on the card when you receive them which decreases your writer's cramp and still shows your customers that you cared enough to send more than just the standard greeting. There are also cards that allow you to pre-print your signature which can save you a lot of time. Before you make this selection, however, consider your customers! If your company motto revolves around personalized customer service, a pre-printed signature could be seen as a miss-match to your company identity.

Now that we have addressed some of the key points in what to consider during your selection process, let's touch on some things to avoid.

1. What is funny inside your office could be a tad offensive to your customers. Consider all angles when selecting your card style. If you send a company photo as part of your holiday greetings be sure to avoid simple missteps such as wearing a team jersey that is the key rival of your customer's home town. Though your team may appreciate the support, an overzealous sports fan on the receiving end may frown upon such a display. Likewise a silly photo of your boss napping at their desk may seem like a hoot to your office, but a customer receiving the card could misinterpret the message to mean that you don't take your business seriously which may send them looking for a company that they see as a better fit.

2. Keep it current! As the recycling trend continues to grow refrain from applying it to your company greeting cards. If you have left over cards from last year's mail out, don't send them to the same customers hoping they won't remember. The exception to this rule, of course, are those companies who choose to send the same card EVERY YEAR to build a sort of brand expectation. (We have a customer who has used this approach for several years and the one year they sent a different style card, their customers let them know that they preferred the old style and looked forward to it each year.)

3. Make it memorable! Safe selections should not automatically equal boring greeting cards. Resist the urge to select the least aesthetically pleasing card in the hope that it will also be the least likely to offend anyone. There are LOADS of lovely holiday cards available with an all-inclusive holiday greeting. Odds are that you can find the perfect fit to avoid sacrificing your company style.

Can I get your card?

Lately it seems that a new digital application or devices is introduced to the world on a weekly, if not daily, basis. While I enjoy the developments on technology and sorting out how it might help me reach my goals, it causes me to do some thinking. Do these new developments make the traditional methods obsolete or are they simply an additional avenue for communicating business information?

My most recent ponderings on this topic have revolved around business cards. Anyone who has been to a networking event can vouch for the importance of having a business card on hand to participate in the traditional exchange. The act of asking for a card has become so ingrained in the networking process that it is almost second nature to the veterans of the business schmooze. What has caught my attention recently are all of the nifty technological ways to share contact information usually contained on paper business cards. Most cellular phones/devices now have a SMS Text feature that allows you to send another phone/device a digital business card. More structured networking events such as tradeshows have even branched into the use of digital devices attached to name badges allowing attendees to simply synch their badges for information transfer. The practical part of me thinks this is a fantastic option that saves time and paper (literally and monetarily). Not to mention that sending your information to someone's phone/device negates the potential of a lost card that translates into lost contact. Of course, switching to this new digital method means adjusting your "system", as well. Most people regularly receiving business cards for networking purposes have developed a system for logging the information. Some add notes to the card to remember where they met the person and even what they may have discussed. Other people I know make a habit of entering collected information into their email contact list allowing them to easily access the contact for email and telephone contact later. If these systems sound familiar to your habits, I would strongly suggest investigating the finer points of digital business cards and the storing of information before making the leap to the paperless world. Making the leap without verification of how you can continue to add your networking notes may backfire causing you have a phone full of names with no reference of where you met them and/or what you discussed.

For additional information on digital business card options, check out these articles:

Digital Business Card Options

Twitter Business Cards

Google Profiles

Profile Aggregators

Whatever your decision is be sure that it works for you and your business. If your company is highly digital and functioning in an arena where new technology is king, then utilizing digital card exchanges could be a great option for you. However, if your company operates in a more "old-school" realm with vendors and customers who are not technologically savvy, trying to go totally digital could send the wrong message and send them looking for other partners who operate in their comfort level. As with most things in business, your choice needs to work for you, your company and your customers in order to be most effective.  

Take it to the bank!

In the world of direct deposit, a lot of people have lost touch with the bank deposit process. Although it seems a fairly straightforward and basic transaction, business owners have a few more details to consider than just filling out the deposit slip. In fact, let's start this discussion with the deposit slip.

Different than a personal account, businesses have to consider a few extra details when it comes to deposit slips. How many transactions do they need to record on the deposit slip? Will someone be hand writing all of the deposit slips or do they prefer to use Laser Deposit Tickets that allow them to process the information from software systems such as QuickBooks? Does the accounting staff prefer to have a seperate book of deposit tickets or a  3-on-a-page format that fits in their existing check binder? Prior to purchasing pre-printed company deposit tickets the features of the tickets should also be taken into consideration. Is the formatting approved by all financial institutions? If not, it could slow down the processing of your deposit and in the business world the old addage remains true - time is money!

After you have reviewed your deposit ticket needs and selected the right format for your business needs, the next item up for consideration is the Deposit Bag.  How much cash is your company handling each day? Will you have equal parts paper and coin? Though the standard canvas bank bags work just fine for most businesses, you might consider the level of security that you need for your deposits. If your deposits are significant in monetary size, perhaps a tamper proof deposit bag might be a better fit. The newest versions of these deposit bags are made for strength and convenience, as well as designed to meet or exceed Federal Reseve Bank requirements. Using a tamper-evident sealing tape these bags offer the comfort of easily knowing if someone has tried to "borrow" a few funds from the company coffer. Worried about the fact that these bags are plastic? Well, turn that frown upside down! These bags are made from recyclable plastic! With a variety of sizes and styles, there are plenty of options to meet your deposit volume needs while also providing the comfort of secure transfer between your business and the bank.

One last item to consider for your business banking needs is the Bank Endorsement Stamp. If your company receives most of its payment via check rather than cash, these stamps could save you from a lifetime of writer's cramps! Listing your company information along with deposit instructions such as "Deposit Only" these stamps can make deposit preparation a quick and simple exercise.

In the world of business, there are no small decisions and this includes such simple acts as making a bank deposit. To ensure that your company funds reach your account quickly and safely consider the type of funds you will be making and spend the extra money on a few key deposit products. The few extra dollars spent on the front end will easily gain you time on the back end which can be spent serving your customers and adding to your bottom line!

Happy banking!