By Marie Nelson
The eCommerce store has made a number of common business practices obsolete. You no longer have to have a clunky cash register sitting in your garage to cash out your customers or give them a receipt. You can handle it all from your streamlined laptop or even your tablet. But some of those old business habits have not become obsolete yet. Here are some that you’ll want to continue to practice, even if you don’t think you have to.
Balance Your Check book and Balance Sheets
To remain in the black and know how to adjust your finances, you need to make sure that you have a good idea of the money that you have currently and where it’s going. To do this, make sure that you regularly balance your check book and check your balance sheets. Then at the end of every month, take the time to reconcile them to the statement. For many eCommerce stores, this is fairly easy to do since most platforms allow for automatic tracking. But automatic tracking can still make mistakes. Be sure that you check everything. Reconciling to the penny may be annoying, but it’s still essential for keeping everything on track.
Take Out Estimated Taxes
It doesn’t matter whether you’re a one-man eCommerce store or an eCommerce store with thousands of employees, taxes can be brutal. You need to make sure that you take them out and make the payments on time. You can use an online accounting system that will help you to be more accurate in your estimates, and that will also automatically take out the money. Make sure that you double check it so that you know the money has been taken out. Remember that whenever you’re in doubt, you should take out more than you think you will owe rather than less.
Send Thank You Notes to Your Loyal Customers
Thank you notes used to be a common part of doing business, even though they may now seem to be rather outdated and old-fashioned. However, making that personal contact can go a long way in increasing your perceived value and sincerity with your customers. When you have customers who have been with you for a certain period of time or who make particularly large purchases or just in general, sending a thank you note can make it more likely that they will return later. It also increases the chance that they will tell their friends and family members about your business, which may increase your customer base.
Even though eCommerce stores can make do without a lot of things that traditional stores used to use, you don’t need to get rid of everything. Some of the old habits and customs for businesses should be a part of your regular business practices. Balancing all of your finances and taking out the estimated taxes is important. Sending thank you notes is also important for developing connections, and increasing the likelihood that your customers return and speak positively of your business.