Free daily tips, information, advice to help you run your small business
from my personal experience in starting, operating and expanding my own.
When a business is struggling, many things can be done to rescue it. If that is where you are, see previous write-ups for ways to get your business back on a healthy course.
But sometimes a business can sour beyond repair. It might be the fault of the economy, or regulations, or technology, or your bad decisions. Whatever the fault, bankruptcy offers you an alternative.
You need to know what you're facing in bankruptcy. You need to educate yourself before you visit the bankruptcy lawyer.
Basically, there are two types of bankruptcy that you need to investigate. Chapter 7 is liquidation, and Chapter 13 is reorganization. But to get from here to there, do a Google search. You'll find tons of information, background and the differences that might apply to your situation.
That's if you're thinking of bankruptcy for your own business. Be forewarned, however, that your business can be on the receiving end of someone else's bankruptcy.
Example: Shelley ordered accessories for her dress shop from a small manufacturer/supplier--jewelry, scarves, handbags, and more. The invoice for the goods always arrived a few days later, giving Shelley 30 days to pay in full. Ten days after the latest delivery came, a court order arrived. The manufacturer had declared bankruptcy. and the court ordered all shipments be returned. Shelley had not paid for the accessories, and she had already sold some of them. Nevertheless, she was caught up in another's bankruptcy. It took time to straighten out the mess, but Shelley survived--and learned a valuable lesson. Never depend on a single manufacturer/supplier for a major portion of things you buy for resale. And always know the practices of bankruptcy courts in your area.
The ways in which laws are implemented can vary in different areas of the country. I do not recommend handling a bankruptcy yourself--you need to consult an attorney.
Example: Bill had a problem of a different sort. His printing business had gone downhill as technology marched ever onward. Bill had not stayed on top of advances in printing efficiency and productivity. Former customers left, finding cheaper alternatives elsewhere. Bill's business spiraled down, and finally he was forced to call a bankruptcy lawyer. The Chapter 13 proceedings (reorganization) took time, but Bill managed to save his business by getting it on a better footing. By concentrating on different types of customers, he gradually pulled the business out of the fire. Today, Bill's bankruptcy is behind him. Having gone through a near disaster, Bill is acutely aware of technological innovations in his industry, and he is determined that bankruptcy won't happen again.
Small businesses exist in a soup of economic changes and regulation. To thrive, business owners must be aware of what's going on around them.
Bankruptcy laws exist to give you a second chance. The time to avoid bankruptcy is before you arrive at the point of no return. Dust off your business plan. Whether you write it down or keep it in your head, a business plan can help you avoid bankruptcy.
Your business plan is your guide. Take a selfie now and then. Is your operation in line with your business plan? If not, rethink it. (See previous write-ups here on business plan fundamentals.)
Friday, September 5, 2014
Thursday, September 4, 2014
App or Facebook?
Free daily tips, information, ideas, advice and examples for people in small business
from a lifetime of personal experience in starting, operating and growing businesses of my own.
Finding and keeping customers is a constant concern in small business. Today's technology offers many options.
You can put up a website, post pictures on Facebook, spread the word via LinkedIn and other ways.
Or you can have your own app.
Example: I know a restaurant/bar that some time ago set up a phone-in system so that regulars could order ahead. When they arrived, their table was ready and the meal was served immediately. The lady who runs this restaurant is on top of today's galloping technology. She has arranged to set up an app for mobile phones to take ordering ahead to a whole new level. She has her eye firmly on customer convenience--and expanding in today's technology-savvy marketplace.
Many bigger companies try to reel in customers with apps on mobile phones. But the big boxes are still learning the ropes. Some to a good job, others do not.
Use of apps differs drastically from the use of a website. Content on websites is usually lengthy and requires some navigation. Content on apps is brief and to the point--or it should be.
Your customers will not waste their time on apps that are hard to navigate, that take multiple steps to get what they want, or that lose track of where they were when they interrupt the experience. It's all about them, not you.
Examples: Apps have exploded in popularity. If you're not quite ready to have your own app, consider Facebook. Facebook offers an easy to use alternative for small businesses. And it's free. I know dozens of businesses that have established their Facebook pages. The list is endless--restaurants, dress shops, pizza places, fitness centers, gift shops, chiropractors, holistic practitioners, auto repairers, ice cream emporiums, galleries, artists, artisans, and more. Quick pictures can be uploaded to your Facebook page to attract customers--and referrals.
If you want to take advantage of using your own app, then by all means go for it. But if you want an easier alternative for the time being, use the Facebook route.
You face many choices when you run a small business. I know--I've been there and done that. Just keep your goal always in mind. And never give up!
from a lifetime of personal experience in starting, operating and growing businesses of my own.
Finding and keeping customers is a constant concern in small business. Today's technology offers many options.
You can put up a website, post pictures on Facebook, spread the word via LinkedIn and other ways.
Or you can have your own app.
Example: I know a restaurant/bar that some time ago set up a phone-in system so that regulars could order ahead. When they arrived, their table was ready and the meal was served immediately. The lady who runs this restaurant is on top of today's galloping technology. She has arranged to set up an app for mobile phones to take ordering ahead to a whole new level. She has her eye firmly on customer convenience--and expanding in today's technology-savvy marketplace.
Many bigger companies try to reel in customers with apps on mobile phones. But the big boxes are still learning the ropes. Some to a good job, others do not.
Use of apps differs drastically from the use of a website. Content on websites is usually lengthy and requires some navigation. Content on apps is brief and to the point--or it should be.
Your customers will not waste their time on apps that are hard to navigate, that take multiple steps to get what they want, or that lose track of where they were when they interrupt the experience. It's all about them, not you.
Examples: Apps have exploded in popularity. If you're not quite ready to have your own app, consider Facebook. Facebook offers an easy to use alternative for small businesses. And it's free. I know dozens of businesses that have established their Facebook pages. The list is endless--restaurants, dress shops, pizza places, fitness centers, gift shops, chiropractors, holistic practitioners, auto repairers, ice cream emporiums, galleries, artists, artisans, and more. Quick pictures can be uploaded to your Facebook page to attract customers--and referrals.
If you want to take advantage of using your own app, then by all means go for it. But if you want an easier alternative for the time being, use the Facebook route.
You face many choices when you run a small business. I know--I've been there and done that. Just keep your goal always in mind. And never give up!
Wednesday, September 3, 2014
Independent stores
Free daily tips, ideas, information and advice for people in small business
from personal experience starting, operating and growing small businesses of my own.
Small single-location independent operations are often the backbone of communities. But all of them--neighborhood grocers, bookstores, hardware stores, butcher shops, cafes and restaurants--face big time competition from big box chains.
Example: William took over the family butcher shop when his father died back in the 1980s. William had learned butchering at his father's knee. He quickly began to realize that it took more than butchering to survive in the face of the big supermarkets. He took a multi-faceted approach: (1) He spent more time with customers--explaining different cuts of meats, answering their questions on how to cook a roast and what to do with left-overs. (2) He added recipes to his web site, along with tips on meat preparation. (3) He posted conspicuous signs in the shop--grass fed, hormone free, all natural, etc. (4) He took pictures of sides of beef and more pictures as he butchered the various cuts--and he posted them on his Facebook page. In short, William promoted the shop and became the "go to" butcher in the area. Today, he has many loyal customers, and they bring referrals.
Promoting is the key to thriving in today's competitive marketplace. And there are many ways to promote your business.
More examples: I know small bookshops, fitness centers, small cafes and restaurants, gift shops, hardware operations and others that use all sorts of techniques to promote service and value. Small independent cafes and restaurants target specific classes of customers. You cannot be everything to everybody, but you can concentrate on hearty breakfasts to attract office workers and tradespeople. Offering healthy lunches featuring fresh foods or farm-to-table can attract certain customers. Small independent book stores can order and get a requested book overnight, they run book clubs (popular with children), they schedule book signings, and they partner with other businesses in the community to hold events. Small independent gift shops specialize in one-of-a-kind creations by artists and artisans to attract a loyal and returning customer base. Small independent fitness centers provide personal trainer services to clients, they might target specific types of clients--out of shape middle aged, students looking for more training, strength enthusiasts, seniors needing exercise.
When you target your customers and promote your operation, you are getting your business out into the community. Clients remember you and refer others to you.
Educating the public (and your customers) is very important in small shops. Everyone has been disappointed with the lack of knowledge and concern by clerks at the big box stores. Play off it.
from personal experience starting, operating and growing small businesses of my own.
Small single-location independent operations are often the backbone of communities. But all of them--neighborhood grocers, bookstores, hardware stores, butcher shops, cafes and restaurants--face big time competition from big box chains.
Example: William took over the family butcher shop when his father died back in the 1980s. William had learned butchering at his father's knee. He quickly began to realize that it took more than butchering to survive in the face of the big supermarkets. He took a multi-faceted approach: (1) He spent more time with customers--explaining different cuts of meats, answering their questions on how to cook a roast and what to do with left-overs. (2) He added recipes to his web site, along with tips on meat preparation. (3) He posted conspicuous signs in the shop--grass fed, hormone free, all natural, etc. (4) He took pictures of sides of beef and more pictures as he butchered the various cuts--and he posted them on his Facebook page. In short, William promoted the shop and became the "go to" butcher in the area. Today, he has many loyal customers, and they bring referrals.
Promoting is the key to thriving in today's competitive marketplace. And there are many ways to promote your business.
More examples: I know small bookshops, fitness centers, small cafes and restaurants, gift shops, hardware operations and others that use all sorts of techniques to promote service and value. Small independent cafes and restaurants target specific classes of customers. You cannot be everything to everybody, but you can concentrate on hearty breakfasts to attract office workers and tradespeople. Offering healthy lunches featuring fresh foods or farm-to-table can attract certain customers. Small independent book stores can order and get a requested book overnight, they run book clubs (popular with children), they schedule book signings, and they partner with other businesses in the community to hold events. Small independent gift shops specialize in one-of-a-kind creations by artists and artisans to attract a loyal and returning customer base. Small independent fitness centers provide personal trainer services to clients, they might target specific types of clients--out of shape middle aged, students looking for more training, strength enthusiasts, seniors needing exercise.
When you target your customers and promote your operation, you are getting your business out into the community. Clients remember you and refer others to you.
Educating the public (and your customers) is very important in small shops. Everyone has been disappointed with the lack of knowledge and concern by clerks at the big box stores. Play off it.
Tuesday, September 2, 2014
The role of luck
Free daily tips, information and advice for people in small business
from personal experience starting, operating and growing small businesses.
Running a small business is hard work. You face a new set of problems every day and sometimes you make decisions on the fly. These things can get you off target.
The thing that can keep you sane is your long-term goal. A business plan heads you in the direction of that long-term goal. (See more on business plans in previous write-ups.)
A business plan is an ever-changing blueprint. That long-term goal is more stable. It, too, can change, but a firm goal can keep you out of trouble.
Example: Peter started up and runs a bar tending school. He tapped into a growing interest for trained bartenders to work at bars, taverns, clubs and ever private parties. Suddenly he found himself in the right place at the right time. A client asked Peter why he didn't train others--like barristers. Coffee shops, restaurants, hotels, and others had a need for servers trained in making fancy coffees. Peter already had facilities set up. He hired a Coffee Master and convened his first classes, expanding into an entirely different area, but one which fit in well.
Sometimes, a bit of luck can head you and your business off in an unforeseen direction. But sometimes, not.
Example: James was an insurance agent working for a major company. He had thought about leaving the industry early, or, certainly at retirement, he wanted a small business of his own. It would probably have something to do with carpentry--he had a small workshop with equipment, tools and stocks of fine woods where, in his spare time, he made tables and other furniture. One day a client called, saying that an uncle had died leaving a workshop full of antique wood turning tools and lathes. James went to see the machines and got excited about the possibilities. He bought those old lathes, and it changed his life--an unexpected stroke of luck had taken him down another career path. Today, he is a master wood turner, making bowls and other pieces. Antique lathes can perform tasks not possible with modern equipment. James no longer sells insurance.
A stroke of luck can change your life--and your business. Just be careful. Don't jump into something before thinking through all the possibilities and drawbacks.
All of us need a little luck to get where we want to go. But don't count on winning the lottery.
Keep your options open, but your goal clearly in mind. Lucky opportunities can--and do--come up all the time. But heading down a side road, without knowing where it will lead you, can mess with your overall goal, not to mention your life.
from personal experience starting, operating and growing small businesses.
Running a small business is hard work. You face a new set of problems every day and sometimes you make decisions on the fly. These things can get you off target.
The thing that can keep you sane is your long-term goal. A business plan heads you in the direction of that long-term goal. (See more on business plans in previous write-ups.)
A business plan is an ever-changing blueprint. That long-term goal is more stable. It, too, can change, but a firm goal can keep you out of trouble.
Example: Peter started up and runs a bar tending school. He tapped into a growing interest for trained bartenders to work at bars, taverns, clubs and ever private parties. Suddenly he found himself in the right place at the right time. A client asked Peter why he didn't train others--like barristers. Coffee shops, restaurants, hotels, and others had a need for servers trained in making fancy coffees. Peter already had facilities set up. He hired a Coffee Master and convened his first classes, expanding into an entirely different area, but one which fit in well.
Sometimes, a bit of luck can head you and your business off in an unforeseen direction. But sometimes, not.
Example: James was an insurance agent working for a major company. He had thought about leaving the industry early, or, certainly at retirement, he wanted a small business of his own. It would probably have something to do with carpentry--he had a small workshop with equipment, tools and stocks of fine woods where, in his spare time, he made tables and other furniture. One day a client called, saying that an uncle had died leaving a workshop full of antique wood turning tools and lathes. James went to see the machines and got excited about the possibilities. He bought those old lathes, and it changed his life--an unexpected stroke of luck had taken him down another career path. Today, he is a master wood turner, making bowls and other pieces. Antique lathes can perform tasks not possible with modern equipment. James no longer sells insurance.
A stroke of luck can change your life--and your business. Just be careful. Don't jump into something before thinking through all the possibilities and drawbacks.
All of us need a little luck to get where we want to go. But don't count on winning the lottery.
Keep your options open, but your goal clearly in mind. Lucky opportunities can--and do--come up all the time. But heading down a side road, without knowing where it will lead you, can mess with your overall goal, not to mention your life.
Monday, September 1, 2014
Opportunities everywhere
Free daily write-ups of tips, information and advice for people in small business
from personal experience starting, operating, growing businesses of my own--been there, done that.
People in small business are where they are because of opportunities. America is the land of opportunity. Ain't America great?
Opportunities are everywhere you look. A few are good, most can be discarded.
When you are young (teens, 20s, 30s, 40s), you take advantage of opportunities. You try different things. You explore different paths. As you get older, it gets harder.
Example: When I was in high school, I saw an opportunity to start a student newspaper. At the time, no student newspaper existed there. So I began one. It was a naive production, but I got it off the ground--with lots of help from teachers, other students, and a pipe-smoking hot lead typesetter at the local newspaper. The experience set me on a path that has led me to write every day of my life. Over the years (I'm now 78), I have started-up many publications. And I founded a printing business in Manhattan that lasted some 30 years.
When an opportunity presents itself, you must make a decision. Either you run with it, or you let it pass.
Example: Ellen was a licensed massage therapist. In business for herself for a couple of years, she often had downtime. One day another massage therapist suggested that she and Ellen become partners--the idea being that partners would share expenses and attract more clients. Ellen did not see it the same way, and she turned down the opportunity. Then, a Reiki specialist suggested a similar arrangement. Ellen took this opportunity and the two formed a wellness center. Today, Ellen still offers massage, along with Reiki, acupuncture, hypnosis, nutrition, and more.
Choose carefully among the many opportunities that come your way. Look for the best fit that can get you where you want to go.
Whether you are a lawyer or a landscaper, choose opportunities that fit with your business plan and long term goals. It's up to you to nurse your business along.
Life is about choices. So is your business success. Consider every opportunity, but run only with those that fit your goals. (And see previous write-ups for more.)
from personal experience starting, operating, growing businesses of my own--been there, done that.
People in small business are where they are because of opportunities. America is the land of opportunity. Ain't America great?
Opportunities are everywhere you look. A few are good, most can be discarded.
When you are young (teens, 20s, 30s, 40s), you take advantage of opportunities. You try different things. You explore different paths. As you get older, it gets harder.
Example: When I was in high school, I saw an opportunity to start a student newspaper. At the time, no student newspaper existed there. So I began one. It was a naive production, but I got it off the ground--with lots of help from teachers, other students, and a pipe-smoking hot lead typesetter at the local newspaper. The experience set me on a path that has led me to write every day of my life. Over the years (I'm now 78), I have started-up many publications. And I founded a printing business in Manhattan that lasted some 30 years.
When an opportunity presents itself, you must make a decision. Either you run with it, or you let it pass.
Example: Ellen was a licensed massage therapist. In business for herself for a couple of years, she often had downtime. One day another massage therapist suggested that she and Ellen become partners--the idea being that partners would share expenses and attract more clients. Ellen did not see it the same way, and she turned down the opportunity. Then, a Reiki specialist suggested a similar arrangement. Ellen took this opportunity and the two formed a wellness center. Today, Ellen still offers massage, along with Reiki, acupuncture, hypnosis, nutrition, and more.
Choose carefully among the many opportunities that come your way. Look for the best fit that can get you where you want to go.
Whether you are a lawyer or a landscaper, choose opportunities that fit with your business plan and long term goals. It's up to you to nurse your business along.
Life is about choices. So is your business success. Consider every opportunity, but run only with those that fit your goals. (And see previous write-ups for more.)
Friday, August 29, 2014
Using Facebook
Free daily tips, information and advice for small business
from personal experience starting-up, operating and expanding small businesses of my own.
If you don't use Facebook to promote your business, you should. Facebook can be valuable in helping you operate and expand.
Just to be clear--I don't work for Facebook, and I don't get anything from writing about Facebook. But Facebook is a useful addition to your marketing tool box, and everyone in small business deserves to know about it and use it.
First, a Facebook page or presence is easy to set up. Even if you are not computer-savvy, you can follow the simple directions and be up and running in about five minutes. Just go to Facebook.com and begin.
Second, a Facebook page puts a photo face on your business. Everyone snaps digital photos these days. And a photo is easily uploaded to your Facebook page. (I've covered this--and given many examples--in previous write-ups.)
Third, a Facebook page is easy to maintain. You don't have to hire an expert. You simply check in every day and add more photos and comments. Quick, easy, cheap.
Fourth, a Facebook page brings in new business. As people "like" the things you put up on your page, they pass them around. This gets your business in front of more eyeballs.
Keep in mind that a Facebook page (I like to think of it as a presence) is a living thing. It's not like a brochure, it's more like a scroll that unfolds day by day. It attracts attention because it is not static--it changes. And you make the changes yourself.
Make your input photos a living record of your business. If you are a baker, photograph every cake as you are making it. If you are a florist, photograph every flower arrangement as you're are creating it. Show before and after photos. If you sell eye glass frames, get up close and personal with your frames, with an eyeball peering through at the camera.
Don't try to be professional. Instead, aim for humor or craziness. These things attract attention. You're not taking photographs for display in a gallery. You're having fun.
Bakers and florists are not the only ones who can benefit from a Facebook presence. Auto repair shops can use a close up picture of a mechanic's hand fiddling with some part under the hood. Pest exterminators can take endless pictures of bugs. Even lawyers and accountants can take pictures of public street scenes--adding comments.
The purpose of these pictures is to inform and entertain. They are quick glimpses or slices of life--something to do with you and your business, but memorable.
I know some small businesses that post pictures almost daily on their Facebook page. It keeps people talking, it keeps you in their minds, it spreads the word.
And it's free.
You can promote your business in many ways. Almost all of them cost you money. But Facebook came along and offered to promote you for free. Amazing. Ain't America a wonderful place?
from personal experience starting-up, operating and expanding small businesses of my own.
If you don't use Facebook to promote your business, you should. Facebook can be valuable in helping you operate and expand.
Just to be clear--I don't work for Facebook, and I don't get anything from writing about Facebook. But Facebook is a useful addition to your marketing tool box, and everyone in small business deserves to know about it and use it.
First, a Facebook page or presence is easy to set up. Even if you are not computer-savvy, you can follow the simple directions and be up and running in about five minutes. Just go to Facebook.com and begin.
Second, a Facebook page puts a photo face on your business. Everyone snaps digital photos these days. And a photo is easily uploaded to your Facebook page. (I've covered this--and given many examples--in previous write-ups.)
Third, a Facebook page is easy to maintain. You don't have to hire an expert. You simply check in every day and add more photos and comments. Quick, easy, cheap.
Fourth, a Facebook page brings in new business. As people "like" the things you put up on your page, they pass them around. This gets your business in front of more eyeballs.
Keep in mind that a Facebook page (I like to think of it as a presence) is a living thing. It's not like a brochure, it's more like a scroll that unfolds day by day. It attracts attention because it is not static--it changes. And you make the changes yourself.
Make your input photos a living record of your business. If you are a baker, photograph every cake as you are making it. If you are a florist, photograph every flower arrangement as you're are creating it. Show before and after photos. If you sell eye glass frames, get up close and personal with your frames, with an eyeball peering through at the camera.
Don't try to be professional. Instead, aim for humor or craziness. These things attract attention. You're not taking photographs for display in a gallery. You're having fun.
Bakers and florists are not the only ones who can benefit from a Facebook presence. Auto repair shops can use a close up picture of a mechanic's hand fiddling with some part under the hood. Pest exterminators can take endless pictures of bugs. Even lawyers and accountants can take pictures of public street scenes--adding comments.
The purpose of these pictures is to inform and entertain. They are quick glimpses or slices of life--something to do with you and your business, but memorable.
I know some small businesses that post pictures almost daily on their Facebook page. It keeps people talking, it keeps you in their minds, it spreads the word.
And it's free.
You can promote your business in many ways. Almost all of them cost you money. But Facebook came along and offered to promote you for free. Amazing. Ain't America a wonderful place?
Thursday, August 28, 2014
Answering phone calls
Free daily tips, information and advice for small business
from personal experience starting-up, operating and expanding small businesses of my own.
Serious business owners have a business telephone. And every telephone call should always be answered--live.
The person who answers your telephone is your business. The face of your business leaps into the caller's mind immediately when your phone is answered.
Example: Wendy was always busy in her dress shop. She ran the place alone, aiming to improve the wardrobes of business women. She had many ideas for accessories, and she was continually placing and re-placing accessories on outfits on display--a silk scarf here, a silver brooch there. She changed her store's front window at least two or three times each week. When the phone rang, she usually let it go to voice mail. Wendy woke up when one caller left this message: "I wanted to know if you carried designer clothes. I'll try someplace else."
You can lose a sale and a customer when you don't answer their phone call. And it is unlikely the caller will return to you. People move on.
Example: Andrew operated an architectural design firm. He worked alone and was frequently out of his office, so he had all calls transferred to his personal cell phone. One morning his cell phone buzzed as he walked next door to get a cup of coffee. The caller was from a high end architectural design firm and wanted to know if Andrew had any interest in being part of a team working on new corporate offices for a major company. If he had not taken that call, he might still be struggling. Today, however, he has two assistants and a personal receptionist/office manager who answers every call professionally.
Your business depends on customers and clients getting in touch with you in a live conversation. They deserve your attention--whenever they call.
Some businesses I know have a rule on ringing telephones==answer every call no later than the second ring. Their customers and clients are well-served by the policy.
from personal experience starting-up, operating and expanding small businesses of my own.
Serious business owners have a business telephone. And every telephone call should always be answered--live.
The person who answers your telephone is your business. The face of your business leaps into the caller's mind immediately when your phone is answered.
Example: Wendy was always busy in her dress shop. She ran the place alone, aiming to improve the wardrobes of business women. She had many ideas for accessories, and she was continually placing and re-placing accessories on outfits on display--a silk scarf here, a silver brooch there. She changed her store's front window at least two or three times each week. When the phone rang, she usually let it go to voice mail. Wendy woke up when one caller left this message: "I wanted to know if you carried designer clothes. I'll try someplace else."
You can lose a sale and a customer when you don't answer their phone call. And it is unlikely the caller will return to you. People move on.
Example: Andrew operated an architectural design firm. He worked alone and was frequently out of his office, so he had all calls transferred to his personal cell phone. One morning his cell phone buzzed as he walked next door to get a cup of coffee. The caller was from a high end architectural design firm and wanted to know if Andrew had any interest in being part of a team working on new corporate offices for a major company. If he had not taken that call, he might still be struggling. Today, however, he has two assistants and a personal receptionist/office manager who answers every call professionally.
Your business depends on customers and clients getting in touch with you in a live conversation. They deserve your attention--whenever they call.
Some businesses I know have a rule on ringing telephones==answer every call no later than the second ring. Their customers and clients are well-served by the policy.
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