Free daily tips, information and advice for small business
from personal experience--been there, done that.
Many of your current--and future--clients and customers are living the digital life. The Internet is the new go-to. Along with all the mobile cousins.
People follow each other on Facebook, tweet their friends, text everything, join LinkedIn, and much more. They check you out on Angie's List and read the reviews on Yelp. Google has a new addition to their maps--you can now upload a virtual tour of your salon, restaurant or store.
All sorts of possibilities are open to you today that didn't exist 10 or 20 years ago. And going digital can mean re-thinking your business.
Example: A baker I know made a drastic transition. He closed his retail bakery storefront, opting for an Internet-based operation. His cookies and pastries are now sold all over the country, delivered overnight if the customer orders before 2 p.m. His customers now find him, and his goodies, on his Facebook page which drives traffic to his website where they place orders. Customers once drove several miles to get to his bake shop. Now they order online--and Facebook does the driving along with UPS and Fedex.
The baker has used the Internet to expand to a much bigger operation. This would not have been possible with just the storefront.
Example: Joyce owned a long-established frame shop. She decided to take the Internet plunge, hired a local website designer, and was pleased with the project when it was done. The site was attractive, easy to navigate, and she emailed an announcement to her corporate and business clients. After months of keeping up with the costs and maintenance of the site, Joyce took a second hard look. Only a couple dozen viewers had actually used the site, and she could not attribute a single sale to it. She decided it was time for a change. She reached out on Facebook with pictures she snapped herself and posted. The response, including referrals, was immediate. Within the first month on Facebook, Joyce had added three new clients. Facebook drives viewers to her website, and viewership there quickly tripled.
Businesses once put up their websites and that was that. Today, many of those stagnant websites are everywhere--costing time and money and delivering little.
To make them useful, businesses now must drive traffic to them. Social media like Facebook, Twitter, LinkedIn, and others are much more likely to capture the attention of potential customers/clients. Mobile apps do the same thing. Then, and only then, do you get that bump in site viewership.
Your business is unique. You test the different ways to attract attention. Going digital is about much more than setting up a website. Get in there and do it. Find out what works best for your business. Through a lifetime of founding and running small businesses, I've learned that you must keep up with the changing times.
Tuesday, August 5, 2014
Monday, August 4, 2014
Business dreamers
Free daily tips, information and advice for people in small business
from personal experience starting and running small businesses of my own.
You are an entrepreneur. You had a dream and you created a business.
This simple fact separates you from those who dream of starting a business but never get there. They had the dream, but you took it another step and made it happen. They are the business dreamers. You are the business owner.`
Example: A lady breezed into my office one day looking for funding to start-up her dream business. She announced that she was a designer of women's clothing. Judging by the clothes she was wearing, she had exceptional talents and an exquisite eye for fashion. I asked her if she had applied for a bank loan. She was clearly taken aback, replying that banks wanted to be paid back--with interest. She then said that she was looking for a grant--in other words, free money. Now it was my turn to be taken aback. Trying to re-focus and help her get where she eventually wanted to go, I asked if she had sold any of the clothes she had designed. She was incredulous. How could she do that, she asked, without funding to buy materials and equipment, rent a place, and hire a seamstress or two. I was ready to explain how to make a start, generate some sales, and get on the road to that dream business. Instead, she got up saying she was in the wrong place, turned and left, slamming the door behind her.
This is the difference between an entrepreneur and a wannabe. The lady's eventual dream business was getting in the way of actually getting there. She wanted someone else to take the risk of starting up her business.
You already know this what it takes to start up a business. The baby steps you took prepared you for what was ahead.
There are no shortcuts. Only hard work, frustration, persistence and a little luck.
I fear that we have raised a generation or two who believe they deserve everything. They have not been taught the value of hard work. And they know absolutely nothing about small business--what it is, how it works, how it serves the community, and how important it is to the fabric of this nation.
Keep doing what you are doing. Never give up! You, your business and others like you are the stuff that makes America great.
Your problems of running your business are similar to the problems every small-business owner faces. It doesn't matter whether your business is a salon or an allergist, a plumber or a landscaper, an auto repair shop or a bakery, problems that businesses face are similar. You need more referrals (that's the biggie!) and you need the cash flowing. That's what this blog is all about. I didn't read about business in a book--I've been there, done that, hands-on.
from personal experience starting and running small businesses of my own.
You are an entrepreneur. You had a dream and you created a business.
This simple fact separates you from those who dream of starting a business but never get there. They had the dream, but you took it another step and made it happen. They are the business dreamers. You are the business owner.`
Example: A lady breezed into my office one day looking for funding to start-up her dream business. She announced that she was a designer of women's clothing. Judging by the clothes she was wearing, she had exceptional talents and an exquisite eye for fashion. I asked her if she had applied for a bank loan. She was clearly taken aback, replying that banks wanted to be paid back--with interest. She then said that she was looking for a grant--in other words, free money. Now it was my turn to be taken aback. Trying to re-focus and help her get where she eventually wanted to go, I asked if she had sold any of the clothes she had designed. She was incredulous. How could she do that, she asked, without funding to buy materials and equipment, rent a place, and hire a seamstress or two. I was ready to explain how to make a start, generate some sales, and get on the road to that dream business. Instead, she got up saying she was in the wrong place, turned and left, slamming the door behind her.
This is the difference between an entrepreneur and a wannabe. The lady's eventual dream business was getting in the way of actually getting there. She wanted someone else to take the risk of starting up her business.
You already know this what it takes to start up a business. The baby steps you took prepared you for what was ahead.
There are no shortcuts. Only hard work, frustration, persistence and a little luck.
I fear that we have raised a generation or two who believe they deserve everything. They have not been taught the value of hard work. And they know absolutely nothing about small business--what it is, how it works, how it serves the community, and how important it is to the fabric of this nation.
Keep doing what you are doing. Never give up! You, your business and others like you are the stuff that makes America great.
Your problems of running your business are similar to the problems every small-business owner faces. It doesn't matter whether your business is a salon or an allergist, a plumber or a landscaper, an auto repair shop or a bakery, problems that businesses face are similar. You need more referrals (that's the biggie!) and you need the cash flowing. That's what this blog is all about. I didn't read about business in a book--I've been there, done that, hands-on.
Friday, August 1, 2014
Pushing growth
Free daily tips, information and advice for people in small business
from personal experience starting up and growing several small businesses.
Growing your business by doing the same things everyday is one way. Pushing growth by pushing yourself in new directions is another way.
I'm not talking bank loans here. And I'm not talking getting away from your overall business plan.
The idea here is to carefully select among the many client/customer requests you get, and home in on one or two that will push your business into new areas.
Example: A caterer usually delivered and served food to a client's guests. The business was expanded when a much more extensive job was accepted. This client wanted a big tent for a party, tables and chairs, a dance floor and lighting--along with the food and usual service. The caterer had been looking for just this sort of opportunity--it could push the growth of the business into areas beyond food. It was a new level of expansion, a new business branding, and would attract new clients. The event was successful--for both client and caterer. Many referrals came in from attendees at the party.
Example: A chiropractor expanded the business by pushing into related areas of patients' concerns. Arrangements were made with a massage therapist and a nutritional expert. (These specialists sometimes do not have their own facilities.) To kick start the expanded services, the chiropractor held an open house offering free, brief sessions in chiropractic, massage, and nutrition. Several attendees made future appointments and referred others to the "new" place in town that offers continuing information sessions on health matters.
Example: Landscapers typically take care of gardens and yards. A landscaper I know had a good customer who wanted a decorative fence installed. The landscaper knew nothing about fencing, but he knew people who did. He accepted the job, and it pushed him into an area he had never offered before. Today, fencing jobs bring him clients not seen before. And the natural referral network goes round and round the neighborhoods.
Looking for ways to grow, people in small business have a world of opportunities available to them. Rather than tackling growth as a big new project, try easing into a growth path.
When a customer or client trusts you, you can ride that wave of trust into other areas. This has the effect of pushing the growth of your small business.
You can get frustrated and stressed out looking to grow your business. The answer is always inside your own head. What you need is someone helping you find the way. That's what I do with these write-ups, and there's never a charge.
Thursday, July 31, 2014
Performance enhancers
Free daily tips, information and advice for people in small business
from personal experience starting up and running small businesses--been there, done that.
Every business, large and small, needs to optimize the performance of employees. No whips and chains. Just positive stuff.
People appreciate being appreciated. Deep down, all of us crave acceptance. And we want recognition. That's why a simple "Thank you" goes a long way toward enhancing performance.
Many other ways are effective as well. Here's a laundry list--food for thought.
1. In very small businesses, handing out a $20 bill now and then for extraordinary effort can spur even greater effort and creativity in an employee.
2. Call everyone together and recognize superior performance in front of the group. If you have weekly or monthly gatherings of employees, do it then.
3. Set up a bonus system to reward superior performance with bonuses. See one of my previous blogs on variations you might consider--it's titled "Bonuses".
4. Set up an employee of the month program. Don't let it become routine--make it part of the monthly meeting. Use a plaque on which names can be added--inscribed on metal plates.
5. Make up company T-shirts and hand them out at company picnics or other get-togethers. These can be for a good reason--or no reason at all.
6. Go the extra mile: If your business is incorporated, consider giving stock certificates out to your best employees. If parking is a problem at your place, consider putting employee names on parking places--yours should be at the end of the line, not closest to the door. If you don't already offer a retirement plan, consider setting up one--you'll need professional help with this.
Other options can be effective. Put on your thinking cap and get creative. Little things that show your thoughtfulness and appreciation for the person are often more effective than big splashes.
Whatever you do, do it by saying "Thank you" to the employee. Even by itself, a simple "Thank you" goes far in enhancing performance. Make it part of your routine management style.
Running your own business is stressful and frustrating. You need input that is useful and spot on. And that's why I write this blog every day. I know the acid burn when cash flow is not flowing. Been there, done that in several small businesses myself.
from personal experience starting up and running small businesses--been there, done that.
Every business, large and small, needs to optimize the performance of employees. No whips and chains. Just positive stuff.
People appreciate being appreciated. Deep down, all of us crave acceptance. And we want recognition. That's why a simple "Thank you" goes a long way toward enhancing performance.
Many other ways are effective as well. Here's a laundry list--food for thought.
1. In very small businesses, handing out a $20 bill now and then for extraordinary effort can spur even greater effort and creativity in an employee.
2. Call everyone together and recognize superior performance in front of the group. If you have weekly or monthly gatherings of employees, do it then.
3. Set up a bonus system to reward superior performance with bonuses. See one of my previous blogs on variations you might consider--it's titled "Bonuses".
4. Set up an employee of the month program. Don't let it become routine--make it part of the monthly meeting. Use a plaque on which names can be added--inscribed on metal plates.
5. Make up company T-shirts and hand them out at company picnics or other get-togethers. These can be for a good reason--or no reason at all.
6. Go the extra mile: If your business is incorporated, consider giving stock certificates out to your best employees. If parking is a problem at your place, consider putting employee names on parking places--yours should be at the end of the line, not closest to the door. If you don't already offer a retirement plan, consider setting up one--you'll need professional help with this.
Other options can be effective. Put on your thinking cap and get creative. Little things that show your thoughtfulness and appreciation for the person are often more effective than big splashes.
Whatever you do, do it by saying "Thank you" to the employee. Even by itself, a simple "Thank you" goes far in enhancing performance. Make it part of your routine management style.
Running your own business is stressful and frustrating. You need input that is useful and spot on. And that's why I write this blog every day. I know the acid burn when cash flow is not flowing. Been there, done that in several small businesses myself.
Wednesday, July 30, 2014
Property business
Free daily tips, information and advice for people in small business
from personal experience founding, growing small businesses--been there, done that.
Real estate can be a business. I'm not talking about selling houses as an agent. And I'm not talking fixer-uppers or flipping--these are different types of property businesses.
Personal example: As a sideline to my main business, I set up a property business with a partner. First we set some criteria--it was a business plan of sorts. We concentrated on existing rentals--two and three family apartments. We looked for properties with cash flows that could carry the mortgage and a maintenance fund, and we were counting on appreciation long term. We looked for buildings (1) in a self-contained neighborhood that (2) had good access to city jobs with (3) well-constructed apartments that (4) were fully rented. When our criteria were met, we bought the place. No bungling together--each building was managed as a unit unto itself. In other words, we did not pyramid the whole--that's asking for trouble.
Managing apartment rentals is easy if you go about it in a no-nonsense way. All tenants had my personal phone number and they were told not to hesitate calling me day or night, seven days a week with any problem. I maintained a stable of tradespeople--electricians, plumbers, carpenters--who would come any time I called them, including Sundays and holidays. This rarely happened, but they knew they would be paid immediately and could expect a cash bonus for Sunday, holiday or overnight work.
You can consider real estate as a sideline, or you can make it your primary business.
Example: I worked with a man who concentrated on commercial real estate. He limited his targets to small, older stores and buildings in suburban towns. The storefronts needed attention, but the town showed unmistakable signs of growth. He checked carefully before buying a property--town councils, business organizations, regulatory people--to understand impacts going forward. When he bought a property, he renovated it and upgraded it. This had the effect of working with towns to help them improve the shopping district. He attributed his success to working closely with local authorities.
A property business offers a good business opportunity. These two examples show what can be done with residential rentals and commercial rentals.
People in small business get the benefit of my personal experience covering a lifetime in small business. These tips and advice are free, short, hard-hitting, and they come to you daily. I'm not selling anything.
from personal experience founding, growing small businesses--been there, done that.
Real estate can be a business. I'm not talking about selling houses as an agent. And I'm not talking fixer-uppers or flipping--these are different types of property businesses.
Personal example: As a sideline to my main business, I set up a property business with a partner. First we set some criteria--it was a business plan of sorts. We concentrated on existing rentals--two and three family apartments. We looked for properties with cash flows that could carry the mortgage and a maintenance fund, and we were counting on appreciation long term. We looked for buildings (1) in a self-contained neighborhood that (2) had good access to city jobs with (3) well-constructed apartments that (4) were fully rented. When our criteria were met, we bought the place. No bungling together--each building was managed as a unit unto itself. In other words, we did not pyramid the whole--that's asking for trouble.
Managing apartment rentals is easy if you go about it in a no-nonsense way. All tenants had my personal phone number and they were told not to hesitate calling me day or night, seven days a week with any problem. I maintained a stable of tradespeople--electricians, plumbers, carpenters--who would come any time I called them, including Sundays and holidays. This rarely happened, but they knew they would be paid immediately and could expect a cash bonus for Sunday, holiday or overnight work.
You can consider real estate as a sideline, or you can make it your primary business.
Example: I worked with a man who concentrated on commercial real estate. He limited his targets to small, older stores and buildings in suburban towns. The storefronts needed attention, but the town showed unmistakable signs of growth. He checked carefully before buying a property--town councils, business organizations, regulatory people--to understand impacts going forward. When he bought a property, he renovated it and upgraded it. This had the effect of working with towns to help them improve the shopping district. He attributed his success to working closely with local authorities.
A property business offers a good business opportunity. These two examples show what can be done with residential rentals and commercial rentals.
People in small business get the benefit of my personal experience covering a lifetime in small business. These tips and advice are free, short, hard-hitting, and they come to you daily. I'm not selling anything.
Tuesday, July 29, 2014
Bonuses
Free daily tips, information and advice for people in small business
from personal experience starting up and running small businesses--been there, done that.
Giving out bonuses is a way to reward superior performance. There are ways to jiggle the process to better advantage both employee and employer.
Example: A company with about 30 employees regularly handed out end-of-the-year bonuses. A pot of money was set aside, then divided among employees whose performance had been exemplary for the year. The owner decided to try another method--shortening the period. Using the same amount of money, he divided it into four pots. At the end of each quarter, he handed out bonuses to employees showing the performance most valuable to the company. By giving out bonuses four times each year instead on only once, the effects were better. It put the reward closer to the performance deserving the bonus. Employees got a little extra motivation four times a year instead of once.
Example: Still looking at the situation, the same owner decided to try another variation. Using the same pot of bonus money, he divided it up into $100 bonuses. Whenever an employee showed exemplary performance or made a significant suggestion to improve the company, the owner called everyone together and presented the $100 bonus. This variation caused considerable increase in enthusiasm among employees. It kept the bonus very close to the performance that earned it. At the end of the year, the owner still gave out small bonuses--gift cards in small amounts. Although this experimenting took several years, the owner arrived at a bonus system that worked well.
If you give bonuses to employees in your company, you might want to get creative in structuring the way you do it. What works in one place might--or might not--work in the next. But it's food for thought.
My experience covers a lifetime of founding, growing and worrying with my own businesses, as well as helping other business owners with the problems we all face. I spend my retirement days writing about what I've learned--and learning new things every day. Remember: If you are not learning something, you're wasting your time.
from personal experience starting up and running small businesses--been there, done that.
Giving out bonuses is a way to reward superior performance. There are ways to jiggle the process to better advantage both employee and employer.
Example: A company with about 30 employees regularly handed out end-of-the-year bonuses. A pot of money was set aside, then divided among employees whose performance had been exemplary for the year. The owner decided to try another method--shortening the period. Using the same amount of money, he divided it into four pots. At the end of each quarter, he handed out bonuses to employees showing the performance most valuable to the company. By giving out bonuses four times each year instead on only once, the effects were better. It put the reward closer to the performance deserving the bonus. Employees got a little extra motivation four times a year instead of once.
Example: Still looking at the situation, the same owner decided to try another variation. Using the same pot of bonus money, he divided it up into $100 bonuses. Whenever an employee showed exemplary performance or made a significant suggestion to improve the company, the owner called everyone together and presented the $100 bonus. This variation caused considerable increase in enthusiasm among employees. It kept the bonus very close to the performance that earned it. At the end of the year, the owner still gave out small bonuses--gift cards in small amounts. Although this experimenting took several years, the owner arrived at a bonus system that worked well.
If you give bonuses to employees in your company, you might want to get creative in structuring the way you do it. What works in one place might--or might not--work in the next. But it's food for thought.
My experience covers a lifetime of founding, growing and worrying with my own businesses, as well as helping other business owners with the problems we all face. I spend my retirement days writing about what I've learned--and learning new things every day. Remember: If you are not learning something, you're wasting your time.
Monday, July 28, 2014
Time off
Free daily tips, information and advice for small business
from personal experience--been there, done that in small business.
Taking a vacation was always difficult for me. All my businesses were set up so that they could run without me. But something else was afoot.
I grew up on a dairy farm. It was 24/7/365. I developed a formidable work ethic. Today, if I'm not doing something, I feel like I'm wasting time. It's the same with most people who run a business.
In running my businesses, I never hesitated taking an afternoon off or disappearing for a long weekend. I didn't call in, but I worried. My employees could always reach me by phone if they ran into a problem they could not solve. That rarely happened.
Example: Mike started a small business running a computer repair shop. Gradually he expanded and provided additional services. He would go to their offices, install new computers and software, network them and train their employees. Soon, Mike had three employees and a service van on the road. Then he broke his leg. He was laid up for a month, and he was faced with running his business from bed. He was constantly on the phone, directing his employees at every turn. Tired and exasperated, he shouted at an employee one day to handle the problem himself. It was an eye-opener for Mike. Not only did the employee handle the problem, he did not call Mike again until the next day. Mike learned a valuable lesson--depend on your employees, and they'll handle most problems themselves.
Many of you already have employees, or you will have them as you grow. Train them how to handle problems and how to handle customers. Then let them make their own decisions. To get the best out of an employee, you must put them on their own.
Don't wait until you break your leg to take some time off. You need time away from your daily business grind to clear your head, let your thoughts roam, and think through some fresh ideas.
Go ahead. Take that time off--even if it's only for a long weekend. See how your business operates without you.
My lifetime of business experience comes to you daily in these write-ups. Over the years, I have founded and grown small businesses of my own, and I have counseled and worked with and written up thousands of different small businesses.
from personal experience--been there, done that in small business.
Taking a vacation was always difficult for me. All my businesses were set up so that they could run without me. But something else was afoot.
I grew up on a dairy farm. It was 24/7/365. I developed a formidable work ethic. Today, if I'm not doing something, I feel like I'm wasting time. It's the same with most people who run a business.
In running my businesses, I never hesitated taking an afternoon off or disappearing for a long weekend. I didn't call in, but I worried. My employees could always reach me by phone if they ran into a problem they could not solve. That rarely happened.
Example: Mike started a small business running a computer repair shop. Gradually he expanded and provided additional services. He would go to their offices, install new computers and software, network them and train their employees. Soon, Mike had three employees and a service van on the road. Then he broke his leg. He was laid up for a month, and he was faced with running his business from bed. He was constantly on the phone, directing his employees at every turn. Tired and exasperated, he shouted at an employee one day to handle the problem himself. It was an eye-opener for Mike. Not only did the employee handle the problem, he did not call Mike again until the next day. Mike learned a valuable lesson--depend on your employees, and they'll handle most problems themselves.
Many of you already have employees, or you will have them as you grow. Train them how to handle problems and how to handle customers. Then let them make their own decisions. To get the best out of an employee, you must put them on their own.
Don't wait until you break your leg to take some time off. You need time away from your daily business grind to clear your head, let your thoughts roam, and think through some fresh ideas.
Go ahead. Take that time off--even if it's only for a long weekend. See how your business operates without you.
My lifetime of business experience comes to you daily in these write-ups. Over the years, I have founded and grown small businesses of my own, and I have counseled and worked with and written up thousands of different small businesses.
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