Business

FOB Shipping Point vs FOB Destination Point? Essential Points Of Difference

Arnab

Business Feb 16, 2024

FOB shipping point vs FOB destination point often becomes a matter of confusion between many people and supply chain providers. You should be well aware of the reality before you use it.

Free On Board shipping point states that the buyer takes onus for the loss or damage of goods. Once the goods are away from the shipper. However, you need to understand it before getting an insight of the entire concept.

Free On Board Destination means that the seller retains the liability for the loss of damage. Unless the goods delivery process is initiated to the buyer. These are the basic differences between the two concepts. FOB vs CIF will also offer you some clear insights into it.

Difference Between FOB Shipping Point vs FOB Destination Point

There are several points of difference between the FOB shipping point and the FOB destination point. You need to go in-depth to have a better insight into it. Avoid making your opinion and conclusion depending on inaccurate information.

Both parties need to clearly define their responsibilities regarding documentation. It can include bills of lading to ensure a smooth and efficient transfer of ownership and control.

1. Ownership & Responsibility: FOB Shipping Point vs FOB Destination Point

In FOB Shipping Point, the buyer assumes responsibility and ownership for goods as soon as they are loaded onto carrier. They are usually a truck or a vessel at the seller’s shipping point. FOB shipping point vs FOB destination point has this core point of difference.

In FOB Destination Point, the seller has ownership and responsibility for the goods until they reach the buyer’s specified destination. It is essential that you know the facts well while attaining your needs with ease.

This is one of the crucial points of differences between the FOB shipping point vs FOB destination point. You need to identify the perfect solution that can make things easier for you in attaining your requirements.

2. Loss Or Damage Responsibility: FOB Shipping Point vs FOB Destination

The buyer is responsible for the shipping costs, insurance, and any potential damage or loss that may occur during transit from the seller’s location to the destination. The onus will stand still with the buyer.

The seller is responsible for the shipping costs, insurance, and any potential damage or loss that may occur during transit from the seller’s location to the buyer’s specified destination. FOB shipping point vs FOB destination point has some differences in terms of their damage of property.

3. Accounting Entry

The accounting entry for the seller is typically recorded as a sale once the goods are loaded onto the carrier at the shipping point. You should get through the complete concept to need a correct idea of it. FOB shipping point vs FOB destination also has differences in terms of their accounting entry. The type of consignment you use matters a lot here.

The accounting entry for the seller is usually recorded as a sale once the goods reach the buyer’s destination. You need to know the truth while attaining your requirements with complete ease. Once you develop the perfect solution, things can become easier for you in the long run.

4. Shipping Cost: FOB Shipping vs FOB Destination

FOB Shipping Point: The buyer is responsible for shipping costs from the seller’s location to the destination. You need to understand reality if you want to grow your business in the right order. Try to ensure that the shipping cost must be as low as possible.

FOB Destination Point: The seller until the goods reach the buyer’s specified destination. You need to know the truth while meeting your requirements with absolute ease.

5. Insurance

FOB Shipping Point: The buyer is typically responsible for obtaining insurance coverage for the goods during transit. Here, the onus of getting the insurance for the shipment lies with the buyer. The distribution channel here matters a lot.

FOB Destination Point: The seller is usually responsible for providing insurance coverage for the goods during transit. Try out the perfect solution that can make things easier for you in attaining your requirements simply.

6. Delivery Cost

FOB Shipping Point: The buyer has more control over the shipping process and can potentially receive the goods faster. The reason is the ownership transfers at the point of shipment. You need to get through the complete idea that can make situations easier for you to get your requirements with ease. Ensure that you make the proper arrangements of the delivery cost.

FOB Destination Point: The seller has more control over the shipping process, and the buyer might experience a longer delivery time. The reason is that ownership transfers at the point of destination. Although the responsibility of the seller keeps on moving with the places.

7. Revenue Recognition

FOB Shipping Point: The seller can recognize revenue once the goods are loaded onto the carrier at the shipping point. The point of seller recognition holds the key here. You must be well aware of it while meeting your needs.

FOB Destination Point: Revenue recognition may be delayed for the seller until the goods reach the buyer’s destination. Try to make things work in the correct order while attaining your needs with complete ease.

Final Take Away

Hence, these are some of the core points of difference between the FOB Shipping Point and FOB Destination point. You need to be well aware of it while attaining your requirements with absolute clarity.

You can share your views and points in our comment in our comment box. It will assist us to know your take on this matter. Once you follow the right methods, things can become simpler for you. It’s crucial for parties involved in a transaction to negotiate carefully and specify the FOB terms in the sales contract. To avoid misunderstandings and ensure that responsibilities and risks are clearly defined.

FOB shipping point vs FOB Destination Point has some core differences that you must go through with proper plans. Without a piece of proper knowledge, you cannot boost your business to the next level.

Need More Global Business News Please Click Below!!

Arnab

Arnab Das is a passionate blogger who loves to write on different niches like technologies, dating, finance, fashion, travel, and much more.

Great Business Opportunities in Thailand

If you have fallen in love with the Land of Smiles and have decided to relocate and live in a tropical paradise, there are some amazing business opportunities that await you. Thailand had more than 30 million visitors pre-pandemic, making it a premium tourist destination, and in this short article, we take a look at some of the business sectors that you could enter. Thailand is a great tourist place. There are multiple business opportunities, especially businesses that are related to the tourism industry. That is why many business entrepreneurs are considering taking their first step in this country. And if you already are a citizen of Thailand, then you can avail this golden opportunity at any time. Details About Great Business Opportunities In Thailand Which are the best business opportunities in Thailand? Usually, any business types which are linked with the tourism industry are perfect to start. Hence restaurants, resorts, and many food industries are perfect for start-ups. The entertainment unit business is much more profitable for people who want new business opportunities. Resorts The southern region of Thailand is home to some spectacular resorts. You could lease a resort for 30 years, with the option for a further 30 years. The price is usually all-inclusive of all furnishings and fittings, plus the owner would show you at least 3 years of accounts. Hire Thai staff and create your own brand; the low season is quiet, but you make your money from November to March, which is the high season in Thailand. The resort business of Thailand is very profitable for anyone who likes to have a business venture. Thai Restaurant Franchise Taking out a Thai restaurant franchise is a smart way to create your own business. The franchiser is heavily motivated to help you succeed, and with their help, you can carve out a market share if you have the right brand and location. Start with a Google search to locate known franchisers and contact the ones that seem interesting to you. Restaurant franchise or be part of the long food chain. When you become part of the big food chain, you no longer have to consider your branding and advertisement. The big food chains already have their name on the popular list. 7-11 Franchise There are 7-11s on every street corner, and they are all franchised to Thai or ex-pat entrepreneurs. You could expand and take out a second branch after the first couple of years. Click here for detailed information on smart coin trading. 7-11 is the popular destination for every grocery purchaser. If you are thinking of becoming part of any big franchise, then you must put the 7-11 on your top priority list. All available 24-hour open franchise stores. E-Commerce There is nothing to stop you from marketing Thai-made products on your e-store; indeed, many ex-pats make a living selling Thai products. If there is a niche market that you are passionate about, why not explore that in Thailand? E-commerce stores of luxury items are also very popular sources of income. Along with food and grocery items, luxury items like handbags, swimsuits, and dresses are the most popular items frequently purchased by tourists. Health Spa/Wellness Resort There are some exclusive wellness resorts in Thailand that cater to wealthy foreigners; with a holistic approach, you can create your own brand. Buddhism is very popular, and with meditation and healthy natural food, you can create a soothing ambiance. Hire qualified therapists and masseuses to build your brand; do some online research into the popularity of such venues, and you might get some good ideas. Muay Thai/MMA Gym Franchise Many foreign MMA athletes come to Thailand to train, and by hiring a top trainer, you can become an established venue that top athletes will want to visit. Phuket is the center of the MMA gym scene, perfect for fitness fanatics with a business head on their shoulders. Like most businesses, you need to gradually build up your brand and that might take a few years. Bottomline: The above are just a few of the ways that you can set up a winning business; as with all investments, there is an element of risk. Therefore you need to do your due diligence before entering into any legal agreement. If you are thinking of setting up a business in Thailand, check out the Thai Board of Investment website, where you will find a lot of relevant information. Read Also: How To Start A Dropshipping Business In 2021 – A Beginners Guide Boxed Packaged Goods: The Right Guide To Uplift Your Business Top Signs Your Boss Is Threatened By You

PaySense Loan App: Information, Eligibility Criteria, Interest Rates, Review & More

With the help of the PaySense app, you will be able to get loans at low-interest rates, which are as low as 1.4% to 2.3% per month. Furthermore, the amount of loan that you will be able to take ranges from INR ₹5,000 to ₹5,00,000. You will be able to get PaySense personal loan instantly if you are a salaried individual or self-employed. In this article, we will mainly talk about the PaySense loan app and how you can get instant personal loans from PaySense. We will also discuss the types of personal loans that are available for you. Furthermore, we will also discuss the loan eligibility criteria, rate of interest, loan fees, PaySense reviews, customer care, and many other factors. PaySense Loan App – General Information If you want a loan from PaySense, you will need to do a PaySense app download and go through a PaySense login process, after which you will have to register. After the registration process, you will have to choose the type of loan you want. Once you choose the loan amount you want and the type of loan, you will need to go through a verification process, after which you can get the loan. You will also need to follow these steps if you are availing loan through the PaySense website. If you are a seller agent, you will have to do a PaySense DSA registration and will also have to go through PaySense partner registration if you are connecting with a partner. The best part about PaySense loans is that they will check your eligibility the first time you visit the website or the app. If you are eligible, only then will you get to choose the loan you need. PaySense is a non-banking financial institution (NBFC) that actually follows a paperless documentation procedure. Here, as a borrower, you will have to upload your verifiable documents and KYC documents, and only then will you be able to digitally sign your loan applications. PaySense Customer Care If you want some details, you can call the PaySense customer care number, and there will be experts to help you with your queries. If you want to get a loan and meet experts in person, you can visit the PaySense office in Mumbai. You will get the detailed address and contact numbers in the following button: Contact us PaySense Review: Types Of Loans The following are the types of personality that you will be able to borrow from the PaySense loan app or the PaySense website: 1. Instant Personal Loan If you are a salaried professional or a self-employed individual, then this type of loan is the best for you to meet your financial needs. 2. Personal Loan For Salaried This is a type of unsecured loan if you are a salaried individual if you want to meet your financial obligations related to emergencies. 3. Personal Loan For Self-Employed This loan is for the self-employed, and it is free from any collateral. This can be a great option if you want to expand finances for your business and you need some working capital. 4. Personal Loan For Medical Emergencies If you have a medical emergency or you want financial assistance for someone close to you, then this loan is for you. 5. Personal Loan For Marriage If you need some quick financial assistance for your wedding, then you can avail of this personal loan for PaySense. 6. Personal Loan For Home Improvement This is a type of loan that is free of any collateral, and you can avail of this loan if you want some quick financial assistance for the improvement of your home. 7. Personal Loan For Travel And Holidays If you want some loans as quick financial help to meet your travel and holiday expenses, then you can avail of this type of personal loan. Why Select Paysense Loan App? You must select or download this app to get an instant loan. You need to get through the details of the loans that can make things work well in your way within a specific time. Some of the key factors to take care of here are as follows:- You will receive instant personal loans from Rs 5000 to Rs 5 Lakh. Getting the option of quick approval and disbursal will become easier for you. You can upload pictures of the KYC documents as it will sign your loan application digitally. It is easy to manage the EMI plans with reminders, and you will get the auto-debit features, too. It will allow you to receive the timely repayments of the loans. You can avail of the one-click subsequent personal loans. Only one-time documentation is enough to give you the personal loans. If you have zero credit history and have yet to take a personal loan, you can also apply for the loans. You can share your views and opinions in our comment box. It can assist you in attaining your requirements with complete ease. You need to get through the process that can make things easier and more effective for you. Essential Steps To Follow For Getting Personal Loans There are some of the easy and simple steps you have to follow to get easy personal loans using the Paysense app. Some of the steps are as follows:- Check the eligibility and the personal loan plan. You need to select some of the basic details of the personal loans to understand it better. You can upload the KYC documents to attain your requirements with complete ease. After the above steps, you will get your money. If you want an instant loan, you must use the Paysense loan app to make things work perfectly well in your favor. Tryout the best options to help you reach your goals completely. Is Paysense Legit? If you are wondering if Paysense is legit or not, then you should wipe out this worry from your mind. You should complete the process that can make things easier for you in attaining your requirements. They work by abiding by the rules and the law of the state. Some of the critical factors to consider here of this app are as follows:- They partner with some of the reputed Indian Financial Organizations NBFC. They also partner with Credit Saison. Fullerton, IDFC First Bank, and PayU Finance are some of the reputed institutions they are tracked with. You should get through the complete above details to make things work perfectly well in your favor. Tryout the best solution to make things happen in your way. PaySense: Interest Rates Of Loans The interest rates of PaySense range from 1.4% to 2.3% per month. However, the final loan interest rate that the borrower gets will mainly vary on the basis of the credit score, income, type of job, employer, etc. All the details of the salaried individual or the self-employed person will get checked. Highlights Of PaySense Instant Personal LoanLoan Amount₹5000 to ₹5,00,000Loan Tenure3 months to 18 monthsRate of InterestFrom 1.4%- 2.3% per monthLoan Processing FeeUp to 2.5% of the loan amount borrowedLate payment charges ₹500 + G.S.TLoan Foreclosure Charges4% charge on principal outstanding at the time of foreclosure. PaySense: Loan Eligibility One of the best things about PaySense is that it offers personal loans to even people that do not have any credit history. These are the people that have never taken any loans and also do not possess any credit cards. If you are a self-employed person or a salaried individual, you will be able to get a loan for a tenure of 3 to 60 months, based on the type of loan you take. Here are the eligibility factors for PaySense personal loans: FactorsEligibilityResidenceMust be a Citizen of IndiaMinimum age requirements21 years to 60 yearsType of employmentSalaried/ Self-employedMinimum monthly income- Salaried Professionals: INR ₹18,000 (minimum)- Self-employed Individuals: INR ₹20,000 (minimum)Other factorsCredit scores, Occupation profile, Employer’s profile, and other factors.Documents Required- Proof of Identity: PAN card, photo, and selfie.- Address Proof: Aadhar Card, Passport, Voter ID, and Driver’s License (in any).- Income Proof: Bank e-statements of the last three months. Summing Up In this article, you came across a quick PaySense Loan Review. You mainly learn about how to get a loan from PaySense either through the app or the website, the eligibility requirements to get a PaySense loan, types of PaySense personal loans, interest rates, and many more. If you want to know more details about PaySense and the loans it offers, you can always visit the website at https://www.gopaysense.com/. Furthermore, if you have queries, you can also call PaySense customer services. What do you think about PaySense personal loans? Share your opinions in the comments section below. Have A Look :- Why Get An MBA Degree: Reasons And Benefits Digital PR: The Gamechanger Of The Marketing Landscape How Using The Right Job Search Engine Can Boost Your Career Success

How To Choose The Right Commercial Cleaning Service For Your Business

Learn how to choose the best commercial cleaning service for your business. Read our guide to find out what factors to consider when selecting a cleaning company. Make an informed decision and keep your business clean and organized. Whether it’s a brick-and-mortar storefront, retail store, restaurant, office, warehouse, childcare center, nursing home, industrial property, shopping center, etc., the key to maintaining a positive image for your commercial space is to keep your business premises clean and organized. Not only that it ensures a healthy and safe environment for you, your employees, clients, and customers, but it also creates a positive and productive work environment. However, it's no secret that effective cleaning is a demanding task, especially in a commercial space. Often, it requires specialized skills, experience, and cleaning equipment. This is why more and more businesses are ditching their in-house cleaning team and choosing to outsource their office cleaning needs with professional cleaners from commercial cleaning services. But as with most things in life, not all commercial cleaning companies are the same. And with so many professional commercial cleaning services, how do you choose the right one for your business? Here are some of the most important factors to consider to help you narrow your search. Take A Closer Look At Your Business First off, take a close look at your business and organization. What Exactly Do You Need? What Kind Of Cleaning Solutions Do You Actually Need? There is no shortage of professional commercial cleaning service providers to choose from out there. What is more important is that you know exactly the type of cleaning you need. Nature Of Your Business Before you search for commercial cleaning services, take a closer look at the nature of your business, your business establishment, the people using your business premises, and the things you need cleaning and maintaining. Also, if you have a commercial space that multiple clients and customers visit, then you will need a commercial cleaning service that specializes in office cleaning. For healthcare centers, childcare centers, and nursing homes, you will need disinfection cleaning services. If you are running a retail store, then you will need retail cleaning services. If you have an industrial space, then you need industrial cleaning services. Ask About Their Specialty Cleaning Services Many professional commercial cleaning services also offer specialty cleaning services such as carpet cleaning, window cleaning, vinyl floor cleaning, etc. If you are in an environment-conscious industry and want to take part in minimizing your carbon footprint, then make sure you ask for non-toxic, eco-friendly cleaning solutions such as green cleaning. Many commercial cleaning companies are now offering eco-friendly products and cleaning processes. Size Of Your Commercial Space Your commercial space or office space will determine the type of cleaning solutions you need. For bigger commercial properties like warehouses, factories, or megastores, you definitely need to hire janitorial services to keep your premises clean and safe for your employees and customers. Also, you may need deep cleaning twice a year and power washing of your exterior walls. For smaller office spaces, you can hire office cleaning services. For regular-sized commercial property, you cannot go wrong with standard commercial cleaning. Frequency Of Cleaning The frequency of cleaning will help you determine the type of commercial cleaning service you need. Do you need a one-time deep clean? Do you need a deep cleaning twice a year? Do you want weekly commercial cleaning to work in tandem with your small in-house cleaning team? Or do you need daily cleaning services from professional cleaners? Make a list of your cleaning needs. There are lots of factors that can influence your needs, so make sure you consider them too. What Is Your Budget? This is often the clincher for most companies out there. As said earlier, more and more organizations are opting to get professional regular office cleaning and ditching their in-house cleaning team for obvious reasons. Commercial cleaning services provide high-quality cleaning services from their extensively trained and experienced cleaners and access to specialized cleaning agents and commercial quality cleaning equipment and cleaning supplies. Obviously, their professional cleaning expertise and equipment have a corresponding price tag. As with most things in life, quality cleaning, and superior service comes with a steeper price. How Much Should You Pay For Quality Cleaning Solutions The good news is that commercial cleaning services often vary significantly from various factors, such as the kind of cleaning you need, their experience in the cleaning industry, the experience of their trained cleaners, and specialty cleaning services included in your cleaning plan, etc. Rate Per Hour For Commercial Cleaning Services In Australia Commercial cleaning rates per hour in Australia vary widely in different states and cities. The pay rate of the state often determines this. In New South Wales, particularly Sydney commercial cleaning, expect to pay around $35 per hour for commercial cleaning services. For Western Australia, Victoria, South Australia, and Queensland, the rate is around $30. Generally, expect to pay $30 to $40 per hour in most major cities in Australia. Compare Prices Also, most professional cleaning companies offer free quotes. This will allow you to compare prices from different commercial cleaning service providers. Any trusted cleaning company will have no problem giving free quotes, Obviously, when choosing which commercial cleaning company to hire, make sure to understand the scope of the cleaning service they offer. The best way to do this is to ask for a list of commercial cleaning and office cleaning services they provide. Many commercial cleaning specialists offer specialty cleaning to add to your cleaning plan. This is a great way to get value for money, as you only get the cleaning services you actually need. The Expertise And Reputation Of The Cleaning Company Do Your Homework As said earlier, not all cleaning cleaners are the same. This is where the importance of doing background checks, reading online reviews, and asking for referrals from other people can come in handy. Also, make sure you check with the Australian Business Registry Services to see if there are any logged complaints against the potential commercial cleaning companies you are researching about. Make Sure They Are Legit Moreover, make sure the professional cleaning services companies you are considering are legit. Meaning check whether they are licensed, insured and bonded. This will ensure your business and organization are protected should unfortunate things go wrong while they are cleaning your premises. Ask About Their Experience Also, it is crucial to consider the experience of the commercial cleaning provider in the industry. This includes their years in the business, the types of companies and organizations they usually serve, the cleaning job they do, etc. Moreover, it would be best if you inquire about the pieces of training and certifications of their cleaning company and their commercial cleaners. This will ensure that you only get well-trained and certified commercial cleaners who actually know what they are doing and are knowledgeable about the latest cleaning methods and modern cleaning equipment. Opt for a cleaning company that invests in the training and certifications of its staff. This is usually what contributes to their extensive experience. Customer Service Obviously, commercial cleaning services will promise you everything and say all the things that you want to hear just to get you to sign their contract. So, make sure you choose a commercial cleaning company that is easy to communicate with and answers your questions and concerns. A good professional cleaning services company will have no problems with that. The Takeaway Choosing the right commercial cleaning company is an important decision that can impact your business's cleanliness, health, and productivity. By considering the factors outlined above, you can find a company that meets your specific cleaning needs, provides high-quality service, and offers excellent customer support. For your professional cleaning services needs, whether it's office cleaning, industrial cleaning, healthcare facility cleaning, aged care or childcare cleaning, etc., you can depend on Cleanworks. This cleaning service company has been in the industry for more than two decades; they have seen everything and have no problems cleaning anything. Visit the website www.cleanworks.com.au to know more. Additional: How To Start A Dropshipping Business In 2021 – A Beginners Guide Boxed Packaged Goods: The Right Guide To Uplift Your Business How To Start A Concession Stand Business? – A Complete Guide

6 Tips For Growing Your Small Business And Boosting Your Bottom Line

As a small business owner, you aim to scale your operations and increase your sales and profit over time. However, it doesn’t usually come on a silver platter. With hundreds or thousands of other businesses similar to yours, you may need to put in some extra effort to achieve the growth dream. The good thing is that it’s doable with patience, diligence, determination, and the proper strategy. Below are tips you’d want to consider to take your business to the next level: Important Detail About Growing Your Small Business And Boosting Your Bottom Line 1. Harness Technology Adopting the latest technology in your industry significantly helps to boost business efficiency. Higher efficiency means you can offer more services, produce more goods, and serve more customers, which equates to growth. In 2021, U.S. businesses spent about USD$ 1.94 trillion dollars on technology products, showing how seriously entrepreneurs are embracing technology. Your business must follow suit. Technology adoption is wide. One of the critical technological tools to adopt is industry-specific jobbing software. Almost every industry has specially designed software to streamline operations. For instance, if you’re in the business of heat, ventilation, and air conditioning, it’d help to acquire HVAC Business Software. It helps with estimating, quoting, scheduling, job management, invoicing, and customer relationship management. Other technological tools you should consider are as follows: Payment management system Customer relationship management Cybersecurity solutions Project management tools Inventory management tools Chatbots Big data processing tools Remember, technological adoption isn’t optional. Customers expect every business to level up to modern standards. So, embark on a solid plan to improve your small business’ technology and meet customers’ demands. 2. Smarten Up Your Marketing Plan Marketing is an effective way to reach out to your target audience and let them know your business exists. Ultimately, you attract new customers to your brand and remind the current ones to keep doing business with you. One innovative strategy could be to generate solar leads. For businesses dealing with solar energy, this strategy involves finding ways to attract potential customers interested in solar energy products or services. Notably, marketing is remarkably dynamic, with new trends emerging daily. Thus, it wouldn’t be prudent to stick to age-old tactics like sending brochures via mail and other paper-marketing techniques, mass printing physical promotional materials, and cold calling. Adopt new-age strategies like the ones listed below: Search engine optimization (SEO): In 2021, 69% of marketers used SEO, chiefly because of its exceptional conversion rate. Organic search boasts of an average conversion rate of 16%, which is quite impressive. So, you’d want to set up a business website and optimize it for search engines to allow web users to find it easily. Social media marketing: About 77% of marketers claim that social media marketing is a very effective strategy. It’s because the current generation spends a lot of time on social networks. You may want to capitalize on this. Email marketing: Personalized email marketing is said to potentially boost conversions by 10%. So, don’t see it as outdated. Build an email list and send regular promotional messages to your subscribers. With such future-proof marketing strategies, you can significantly attract and convert more leads, increasing your sales and profit. 3. Invest In Your Team Business growth comes with a lot of responsibilities. As you scale up, you soon realize you can’t handle everything. Your winning point is having a responsible group of workers who share your vision. It’ll help advance your business. Start by hiring highly competent staff. Advertise for positions in your firm with a clear expectation of the academic and professional qualifications you’re after. Also, take time to assess your staff’s cultural fit into your company. Never hire hurriedly because it might cost you a lot further down the road. Once you onboard your team members, craft strategies to continuously develop their skills. Have regular upskilling training sessions to advance your team members’ know-how in handling various business matters. Better yet, support those who wish to go for further studies because they’ll benefit your business. 4. Boost Customer Retention The chances of selling to a new customer are 60-70% and 5-20% for new customers. So, it’s in your best interest to focus on retaining your current customers and ensure they make repeat purchases. Acquiring new customers is costly. You may want to consider the following tips to ensure you don’t lose your precious customers: Provide the option of creating customer accounts to make repurchasing easier. Roll out a customer loyalty program to reward clients who purchase repeatedly. Polish your customer support system to promptly address all their needs. Always collect customer feedback and seek ways to act on suggestions or complaints. Create favorable return policies to build trust with your customers. Cut down delivery times as no one wants to wait ages before getting what they ordered. With statistics showing that it costs five times more to get new clients than to retain current ones, you’d better up the ante in your retention tactics. Enhancing their shopping experience and satisfying their needs go a long way to inducing loyalty. 5. Give Back To Your Community Social corporate responsibility is an excellent stratagem for endearing the masses to your brand. You portray your business as one with steadfast values and a genuine interest in bettering lives. People will keep purchasing from you because of your kindness. You may want to donate cash or products to nonprofitable organizations or try any of the following: Organize And Host Community Events, Such As Sports Competitions, Cultural Food Festivals, or concerts. Adopt socially responsible business practices like using renewable energy sources or sourcing raw materials locally. Provide employment opportunities for local talents. Sponsor students’ education. These acts of kindness convince the locals that you’re the right kind of company to work with, and they won’t hesitate to buy from you. 6. Cut costs You must ensure your revenue exceeds your expenses to boost your bottom line. Find opportunities to cut your operating costs. Below are some tips to help: Negotiate with your vendors to give discounts. Hiring one full-time team member might be more cost-effective than outsourcing to several freelancers or companies. Do away with products that don’t perform well. Seek ways to save on insurance. Unsubscribe to the software you don’t use very frequently. Consider going remote if it’s not a must you work in a physical office space. Buy in bulk. There are many ways to cut costs. Remember, saving a penny here and there significantly adds up to hundreds or thousands of dollars. Conclusion Growing your small business requires a deep understanding of strategies that work, like the ones outlined above. As you pursue these tactics, it helps to evaluate the effectiveness of each. Identify critical performance metrics that can tell you the success of each growth game plan. It might be the increase in sales volumes or the number of additional customers coming to your business. Ultimately, you’ll scale your operations and attain the desired profit levels. Read Also: Why Create A Powerful Business Continuity Plan? What Is Network Marketing And How To Do It In 2021 How To Start A Business In 2021 – Best Business Strategies

FOB Shipping Point vs FOB Destination Point? Essential Points Of Difference

Difference Between FOB Shipping Point vs FOB Destination Point

1. Ownership & Responsibility: FOB Shipping Point vs FOB Destination Point