Startups and New Businesses Have Special Financial Needs, How to Plan for Success

Women, owner of small business packing product in boxes

For many new entrepreneurs, managing finances is one of the more intimidating aspects of a startup business. Ensuring that funding, expenses and other financial elements are controlled from the beginning prevents minor issues from snowballing into major problems.

The good news is that financial management is not as difficult as you might think. Our fulfillment warehouse has been part of several successful startups, so we’re offering these expert tips to get your fledgling business rolling with solid financial planning.

Manage Expenses

In the beginning, expenses can be a huge drain on cash flow during the time you need it the most. Fortunately, most costs can be reasonably estimated ahead of time. Create a year-long budget covering rent, wages, materials, taxes and other fixed expenses and focus on keeping them as low as possible.

Avoid Commingling Funds

As the owner, you may feel all funds are ultimately yours so the line between personal and business finances becomes blurred. When you keep both sides completely separate, it’s much easier to track business finances and prevent personal spending from draining the company account. You should also formally pay yourself a salary rather than simply dip into company funds.

Keep Detailed and Accurate Records

When it comes to judging your company’s performance, you can’t afford to rely on gut feelings or instinct. Make sure an experienced accountant, either in-house or outside, is keeping track of revenue and expenses. Review financial statements regularly and make adjustments based on a clear, overall picture.

Don’t Overdo It

You may feel compelled to take on as many roles as you can to save money, but that strategy can actually be counterproductive. Learning unfamiliar skills on the fly can end up costing more time and money than hiring an experienced person in the first place. Delegating work frees you up to focus on your passion and grow the business.

Learn to Negotiate

Don’t take vendor terms at face value. You’ll be surprised at how often suppliers are willing to make concessions to gain your business. Prepare a game plan ahead of time so you know what your goals are. Remember that it never hurts to ask!

Invest in Technology

Business technology has become so advanced and so widely integrated that your company will be at a serious disadvantage from day one without it. Any investment you make in technology will pay for itself in money and time savings.

Establish an Emergency Fund

Financial experts recommend that people maintain an emergency fund to cover unexpected expenses, and a company is no different. Put aside a percentage of income during peak times to help tide you through the slow periods.

Fulfillment Warehouse Services That Grow Along with You

Are you struggling with adjustments as your business expands? Our fulfillment warehouse services can be tailored to meet you specific needs today and scale to accommodate future requirements. Contact us at Medallion Fulfillment & Logistics to learn more about why we are the first choice for one-stop warehousing, inventory control and order processing services.

5 Last Minute Black Friday Marketing Strategies from Your Fulfillment Warehouse

Black Friday and Cyber Monday Flash Sale Sign from a Fulfillment Warehouse for eCommerce Customers

Are you ready for Black Friday? It may be just the kick-off of the holiday shopping season, but a successful jump start can position your eCommerce business for a profitable finish to the retail year. Our fulfillment warehouse experts offer five helpful tips to drive shoppers to your virtual storefront.

1. Leverage social media for Black Friday & Cyber Monday Deals.

When customers are already online, it’s easier to draw them to your digital store. Use your social media channels to promote new merchandise and spread the word about sales and other promotions. Incorporate eye-catching visuals and interactive opportunities, such as post-sharing and hashtag campaigns, to keep visitors engaged.

2. Offer free shipping.

You may already be offering free shipping based on specific purchasing levels, but the holidays are the time to open this perk up to all sales. Studies show that free shipping triggers a purchase for nearly three-quarters of Black Friday and Cyber Monday shoppers.

3. Conduct flash sales.

Fear of missing out, popularly known as FOMO, is a powerful psychological factor. Create a sense of urgency by running flash sales that expire after a limited time period. Research has found that flash sales are a great way to increase email click-through rates and boost transaction rates.

4. Create bundles.

Even with the convenience of online shopping, people are always looking to save time. Make gift shopping easier by creating bundles that allow customers to clear several spots on their gift list in one place.

5. Curate a gift guide.

Wading through the digital marketplace can be overwhelming. Put together a gift guide featuring selected products that meet parameters such as interests, budgets and features.

Navigate the Holiday Season with Our Fulfillment Warehouse

Medallion Fulfillment & Logistics offers warehousing, shipping, customer service and other programs that are scalable to seasonal fluctuations and company growth. Contact us today to learn more.

The Future of Fulfillment: Consumer Trends to Watch in 2024 and Beyond

Consumer Trends and Fulfillment Company Customer Satisfaction

The shift to online retail is here to stay, as more consumers turn to this convenient shopping option. With a growing number of consumers depending on online businesses, it’s important to make sure your company keeps up with customer expectations. Learn more about the latest trends and how a fulfillment warehouse can benefit your business.

Order Tracking

Customers expect the ability to track orders. Being able to do so provides a level of transparency that helps build trust between your customers and your company. Provide customers with tracking numbers, along with real-time updates and automated notifications to keep them up to date on their orders.

Speedy Delivery

Having deliveries made within a couple of days or even on the same day orders are made is a top expectation among consumers. Finding ways to speed up the fulfillment process helps ensure that your customers can get their orders delivered as quickly as possible. This can lead to repeat business for your company.

Simple Return Process

Online shopping comes with a risk that customers won’t be satisfied with the items they order. Providing an easy way for customers to make returns is important for online stores. Make sure you have a clear return policy on your website and provide customers with prepaid return labels, so they can conveniently send items back. Consider adding bubble wrap or other protective materials for shipping fragile items back.

Personalize Customer Experiences

Giving consumers the tools to track orders and ensuring fast delivery helps personalize shopping. Making returns quick and simple goes a step further. These steps can help you build a local customer base and attract new business.

If you’re considering partnering with a fulfillment warehouse, please contact Medallion Fulfillment and Logistics. Our services can help your company meet or even exceed customer expectations, resulting in increased business.

5 Reasons Your eCommerce Business Needs a E-Mail Marketing Strategy

eCommerce Email Marketing from a Fulfillment Company

Texting may be the trendy way to communicate, but don’t discount the continued value of email. Our fulfillment company experts share five important reasons why email should still be part of your eCommerce marketing strategy.

1. Promote brand awareness.

Even if a shopper isn’t ready to buy now, you want your eCommerce business to be the first place they think of when they are. When you stay in touch with consumers consistently, whether or not they’re purchasing, they’ll come to see you as dependable and trustworthy.

2. Boost website traffic.

Special events, such as new products and sales promotions, are exciting ways to bring shoppers to your website. Email marketing is an efficient way to alert consumer and trigger their curiosity to learn more.

3. Increase customer engagement.

With the intense competition in the eCommerce marketplace, you can’t afford to sit by passively and hope that shoppers stumble onto your website. Be proactive with regular email campaigns that result in feedback, which in turn provides metrics allowing you to further refine your marketing plan.

4. Diversify marketing channels.

We all know the wisdom of the saying, “Don’t put all your eggs in one basket.” If the scope of your marketing program is too narrow, your eCommerce business is more vulnerable to fluctuations. A well-crafted email campaign broadens your customer base for more consistent sales.

5. Maximize profit margin.

As an eCommerce retailer, you have to be particularly mindful of return on investment. Email marketing is a cost-effective way to maximize sales with minimum expense.

Are You Ready to Partner with a Fulfillment Company?

Medallion Fulfillment & Logistics offers advertising and media resources and other value-added services to help with all aspects of your eCommerce business. Contact us to learn more about our first-rate fulfillment company.

How Our Warehouse Management System Improves Customer Service

Woman Utilizing a Warehouse Management System

In today’s ultra-competitive marketplace, elite customer service makes your eCommerce company stand out above all the rest. Find out how the warehouse management system from our full-service fulfillment company can be the secret weapon in your arsenal.

Benefits of a Warehouse Management System

1. Carry a balanced inventory.

Do you sometimes find that your investment is tied up in slow-moving items? Maybe you have disappointed customers who discover that the item they want is out of stock. Our WMS lightens your load by tracking the best-selling products and making sure your digital storefront displays an accurate inventory.

2. Fill orders quickly and effectively.

Gone are the days of, “Allow 3-4 weeks for delivery.” Today’s sophisticated consumers don’t want to wait, and if you can’t provide prompt delivery, they’ll move on to someone who can. With our WMS, orders can be processed faster with fewer bottlenecks and errors. This also dovetails with having a balanced inventory, which is essential for rapid order fulfillment.

3. Deliver the right products in pristine condition.

No matter how well you manage the rest of your operations, the job doesn’t end once the parcel lands on a customer’s doorstep. Few things will anger shoppers more than opening an eagerly-awaited package to find a broken or damaged item or the wrong product altogether.

This scenario is damaging enough with a regular customer, but if it’s a new buyer, you’re not likely to get a second chance to make a good first impression. Our WMS covers inventory control and supply chain to make sure all segments mesh smoothly.

Our Fulfillment Company Services Let You Focus on Selling

Don’t let your valuable time get eaten up dealing with the nuts and bolts of order fulfillment. Contact us at Medallion Fulfillment & Logistics to learn more.