Free daily tips, information, advice and ideas
to help you better manage your small business
To expand a small business, you have a choice. You can let the business rock along adding clients and customers and gradually grow. Or you can look to take off in a direction that builds on what you already do.
Every business has opportunities to grow. Let the marketplace show you the way.
Example: Kristin is a massage therapist. She has an established office and regular clients. She uses social media to grow her client base. One of her postings on Facebook brought in a question that changed the direction of her business. Someone asked if Kristin offered acupuncture to help with problems of stress. She did not, but it spurred her to begin expanding in another area to address wellness issues. Today, Kristin has a staff acupuncturist. It has worked out well--expanding the business into the beginnings of a well-rounded wellness center.
Example: Judy is a candy maker who owns a small sweet shop. She loves making peppermint pillows, caramel twists and other goodies. When several customers asked why she had no chocolate, it caused her to consider expanding. First, Judy brought in lines of chocolates made at a small chocolate shop in a neighboring town. This caused a noticeable bump in sales. Then it was decision time. Judy could learn to make chocolates herself at her place, or she could continue the arrangement with the chocolate shop, or she could exploit the possibility of forming a partnership with the owner of the chocolate shop. She chose the later. Today, the expanded operation offers candies and chocolates at both shops, and, additionally, fill orders and ships to buyers far and near.
Example: Bill is an artist who paints landscapes. His paintings sell for hundreds, sometimes thousands, of dollars, and he exhibits in several galleries. He also attends higher end shows. At one of these shows, he overheard someone complain that there were no smaller, less expensive paintings that could serve as gifts. Bill began experimenting--quickly painting small canvases, signing and framing them, and offering these at lower prices. He maintained quality and vision, and he found that he could sell many of these while waiting to sell just one of his landscapes. By listening to, and answering, the marketplace, Bill is now in a better financial place.
Expansion possibilities crop up all the time in small business. Some are good. Others, not so much.
Keep your ear to the ground. The marketplace is always changing, and you can spot opportunities all the time. You'll probably discard most of these, but now and then, a jewel can be spotted.
Never try to chase every opportunity that you spot. That causes you to run around in circles, not getting much done. When you do find a good opportunity, however, check out the possibilities--and expand.
Monday, August 31, 2015
Friday, August 28, 2015
Goodbye corporate
Free daily tips, information, advice and ideas
to help you better manage your small business
People in corporate positions frequently think about leaving to establish a small business of their own. It happens all the time.
No matter the circumstances, this is a life-changing decision. The corporate world is on one planet, the small business world is on another. They speak different languages.
Before making the jump, do some serious thinking--and investigating. The most important thing is to take a hard look at the market your small business will serve. Get to know everything about that market. This will form the basis of your business plan.
Your business plan will give you confidence to say goodbye to your corporate position. Don't take the big step until you reduce everything in your business plan to the bottom line numbers.
Example: Bob was a CPA working in the tax department of a large company. He often wondered how he came to be stuck in his position. His interests were in gardening--in his spare time, he raised many vegetables in the big yard behind the family home. He decided to make a change--with a time of transition. He built raised beds in the yard, covering them with plastic, and planting several types of lettuce. When the lettuce was ready, Bob gathered several bunches and went calling on local restaurants to see if there was interest in farm-fresh, organically-raised greens. What he found surprised him--every bundle was sold in an hour. Bob came home with more orders in hand. He is now in the process of expanding his raised beds to cover the back yard, and he is looking forward to the day when he can do what he loves and leave the corporate job behind.
Example: Alice was a graphic artist. She worked in the graphics department of a large company. She wanted to leave and start her own operation. While she continued working, she prepared a business plan for the business she had in mind. Working through the numbers, Alice realized that she had to make contacts out in the marketplace, so she began this process. She found several likely prospects, and working nights and weekends, she sold some of her work to them. When she felt the time was right, she gave notice to her employer and sailed into her own small business.
If you want to leave your corporate position, do your homework while you are still employed. Transitioning to your own small business is not easy, but it is doable.
Always do a business plan. The most important part is getting to know the market your small business will serve. No exceptions.
to help you better manage your small business
People in corporate positions frequently think about leaving to establish a small business of their own. It happens all the time.
No matter the circumstances, this is a life-changing decision. The corporate world is on one planet, the small business world is on another. They speak different languages.
Before making the jump, do some serious thinking--and investigating. The most important thing is to take a hard look at the market your small business will serve. Get to know everything about that market. This will form the basis of your business plan.
Your business plan will give you confidence to say goodbye to your corporate position. Don't take the big step until you reduce everything in your business plan to the bottom line numbers.
Example: Bob was a CPA working in the tax department of a large company. He often wondered how he came to be stuck in his position. His interests were in gardening--in his spare time, he raised many vegetables in the big yard behind the family home. He decided to make a change--with a time of transition. He built raised beds in the yard, covering them with plastic, and planting several types of lettuce. When the lettuce was ready, Bob gathered several bunches and went calling on local restaurants to see if there was interest in farm-fresh, organically-raised greens. What he found surprised him--every bundle was sold in an hour. Bob came home with more orders in hand. He is now in the process of expanding his raised beds to cover the back yard, and he is looking forward to the day when he can do what he loves and leave the corporate job behind.
Example: Alice was a graphic artist. She worked in the graphics department of a large company. She wanted to leave and start her own operation. While she continued working, she prepared a business plan for the business she had in mind. Working through the numbers, Alice realized that she had to make contacts out in the marketplace, so she began this process. She found several likely prospects, and working nights and weekends, she sold some of her work to them. When she felt the time was right, she gave notice to her employer and sailed into her own small business.
If you want to leave your corporate position, do your homework while you are still employed. Transitioning to your own small business is not easy, but it is doable.
Always do a business plan. The most important part is getting to know the market your small business will serve. No exceptions.
Thursday, August 27, 2015
Answer your phone!
Free daily tips, information, advice and ideas
to help you better manage your small business
Every week, I talk with a dozen or so business owners--usually on the telephone. The conversations are fodder for my writing mills.
It is amazing how many calls to small businesses go unanswered. The caller is shunted off to voice mail, or, worse, the ringing goes on and on. I'm left to wonder if the place is out of business.
There was a time when I left voice mail messages, requesting a call back. When I found that most of these went unanswered, I stopped.
These days, unless I get a live person when I call, I simply hang up and go to the next business person on my list. I can get back to that business at another time.
In business, the telephone is a principal means of communicating with clients and customers. You have a telephone for THEIR convenience, not yours.
Example: Marge is a therapist. She works alone, and when she's in a session with a client, she lets calls go to her voice mail. First time callers as well as on-going clients are understanding. So is Marge. She checks and returns voice mail messages many times each day. To do this takes time, so she leaves a half-hour open between scheduled sessions with clients. This gives her a chance to return calls as well as make notes and get ready for her next appointment.
Example: When I had my own businesses, I knew intuitively that telephone calls were important. It might be a new referral calling, or it might be an existing client wanting an appointment or additional services. I insisted that all calls be answered promptly. And I checked up on my operation by calling in when I was away.
We have many ways to communicate, but the telephone is the most indispensable. It connects your business with the outside world. Always answer your phone! Promptly! Nicely!
If you must use voice mail, check out your messages and return calls. After all, you never know where the next order or client or customer will come from.
to help you better manage your small business
Every week, I talk with a dozen or so business owners--usually on the telephone. The conversations are fodder for my writing mills.
It is amazing how many calls to small businesses go unanswered. The caller is shunted off to voice mail, or, worse, the ringing goes on and on. I'm left to wonder if the place is out of business.
There was a time when I left voice mail messages, requesting a call back. When I found that most of these went unanswered, I stopped.
These days, unless I get a live person when I call, I simply hang up and go to the next business person on my list. I can get back to that business at another time.
In business, the telephone is a principal means of communicating with clients and customers. You have a telephone for THEIR convenience, not yours.
Example: Marge is a therapist. She works alone, and when she's in a session with a client, she lets calls go to her voice mail. First time callers as well as on-going clients are understanding. So is Marge. She checks and returns voice mail messages many times each day. To do this takes time, so she leaves a half-hour open between scheduled sessions with clients. This gives her a chance to return calls as well as make notes and get ready for her next appointment.
Example: When I had my own businesses, I knew intuitively that telephone calls were important. It might be a new referral calling, or it might be an existing client wanting an appointment or additional services. I insisted that all calls be answered promptly. And I checked up on my operation by calling in when I was away.
We have many ways to communicate, but the telephone is the most indispensable. It connects your business with the outside world. Always answer your phone! Promptly! Nicely!
If you must use voice mail, check out your messages and return calls. After all, you never know where the next order or client or customer will come from.
Wednesday, August 26, 2015
Resetting expectations
Free daily tips, information, advice and ideas
to help you better manage your small business.
Owners of small businesses generally fall into three categories. It is a reflection of human nature.
Some are thrilled that things are going well, and they sit back to enjoy the ride. Others are so excited that they overestimate their prospects. Then, there are those in the middle--watching, evaluating, trying different things, being careful as they step into an uncertain future.
Example: Anne always wanted to run a bakery. She opened a small operation and was pleasantly surprised that so many people stopped in. Anne was inspired to bake even more goodies. She thought more cakes and cookies would fly off the shelves. But customers drifted away and they didn't return. Anne was suddenly donating lots of baked goods to local food banks. She was at a loss as to how to proceed.
Example: Rachel also started a bakery business. People came but Rachel wanted more. She took customers' early interest and rushed to turn it into a springboard to expand. She immediately began many postings on social media, expanded her website to include shipping, and began offering to cater events. The response overwhelmed Rachel. Her equipment could not handle the sudden new volume of orders. She didn't have employees to handle everything. Deadlines were missed, orders and shipments were not met, and testimonials turned sour. Rachel had to back off and pay more attention to growing more slowly.
Example: Susan's bakery was different. She got the place established and began building the operation over several years. She concentrated adding more products slowly--the interest she saw in the marketplace guided her expansion. She used social media to grow her base of customers. She spotted an interest in the marketplace for brownies--shipped overnight to customers far and near. She restructured her bakery to handle anticipated volume, made arrangements for shipping, and promoted this on her website as well as social media. When growth came, Susan was ready to handle it.
Centuries ago, Alexander Pope wrote: "Be not the first by whom the new are tried, nor yet the last to lay the old aside." Seems like good advice in this brave new world of technological change.
Operating a small business means continually resetting expectations. Where you take your business is up to you. Know the market, know yourself, and know how to get where you want to go.
to help you better manage your small business.
Owners of small businesses generally fall into three categories. It is a reflection of human nature.
Some are thrilled that things are going well, and they sit back to enjoy the ride. Others are so excited that they overestimate their prospects. Then, there are those in the middle--watching, evaluating, trying different things, being careful as they step into an uncertain future.
Example: Anne always wanted to run a bakery. She opened a small operation and was pleasantly surprised that so many people stopped in. Anne was inspired to bake even more goodies. She thought more cakes and cookies would fly off the shelves. But customers drifted away and they didn't return. Anne was suddenly donating lots of baked goods to local food banks. She was at a loss as to how to proceed.
Example: Rachel also started a bakery business. People came but Rachel wanted more. She took customers' early interest and rushed to turn it into a springboard to expand. She immediately began many postings on social media, expanded her website to include shipping, and began offering to cater events. The response overwhelmed Rachel. Her equipment could not handle the sudden new volume of orders. She didn't have employees to handle everything. Deadlines were missed, orders and shipments were not met, and testimonials turned sour. Rachel had to back off and pay more attention to growing more slowly.
Example: Susan's bakery was different. She got the place established and began building the operation over several years. She concentrated adding more products slowly--the interest she saw in the marketplace guided her expansion. She used social media to grow her base of customers. She spotted an interest in the marketplace for brownies--shipped overnight to customers far and near. She restructured her bakery to handle anticipated volume, made arrangements for shipping, and promoted this on her website as well as social media. When growth came, Susan was ready to handle it.
Centuries ago, Alexander Pope wrote: "Be not the first by whom the new are tried, nor yet the last to lay the old aside." Seems like good advice in this brave new world of technological change.
Operating a small business means continually resetting expectations. Where you take your business is up to you. Know the market, know yourself, and know how to get where you want to go.
Tuesday, August 25, 2015
Grow with the net
Free daily tips, information, advice and ideas
to help you better manage your small business
Many small businesses get a website, and then they wait. Complaints abound among owners that the website is a waste of time.
Putting up a website and waiting for the world to beat a path to your door is like putting up your business sign and expecting people to come. Marketing your business is much more than this.
Example: Susan runs a pet shop. She stays on top of the pet foods her customers want for their dogs and cats. She stocks fresh foods for pets, including meats from area farmers. Susan has a website and keeps it updated. But she expanded her business considerably when she began putting pictures of dogs and cats on social media. She began with Facebook. It has been so successful, she is now putting pictures on other social media. This reaches out to people in a wide area and brings more people to her pet shop--or they place an order on her website.
Example: Joanne began business with a small consignment shop. She was not satisfied with the limited customer base she attracted. A friend suggested that she use eBay to sell to a wider audience. Joanne decided to turn her shop into an eBay consignment shop. She began by redesigning her website and posting pictures on social media. She promoted the fact that high-end items and collectibles could be consigned to her shop, and, additionally, she would put them up on eBay. She is now reaching a much wider audience of prospective buyers, and she has outgrown the old consignment shop.
Example: Judy started her business by offering bookkeeping services and tax filings for small businesses. She grew by helping them install automated accounting systems, making it easier for them and for her. To promote her services and attract new clients, Judy changed her website to offer webinars. Some are introductory and free, others are detailed and require a fee. But all bring in new clients, not just in Judy's area, but from beyond.
Using the many possibilities offered by the Internet can significantly change, improve and grow your business. The net is continually changing the business landscape.
Start with that website. Keep it simple and updated. Then drive traffic to your business using all sorts of avenues not available 20 years ago.
Social media offers a huge advantage to small business. Start with Facebook and then check out the other possibilities. You'll be pleasantly surprised at how quickly, and cheaply, you can grow your business.
It does not matter whether you offer products or services. And it does not matter whether you are local or national. By using the net, you are reaching out to new prospects. And that's what marketing and growth are all about.
to help you better manage your small business
Many small businesses get a website, and then they wait. Complaints abound among owners that the website is a waste of time.
Putting up a website and waiting for the world to beat a path to your door is like putting up your business sign and expecting people to come. Marketing your business is much more than this.
Example: Susan runs a pet shop. She stays on top of the pet foods her customers want for their dogs and cats. She stocks fresh foods for pets, including meats from area farmers. Susan has a website and keeps it updated. But she expanded her business considerably when she began putting pictures of dogs and cats on social media. She began with Facebook. It has been so successful, she is now putting pictures on other social media. This reaches out to people in a wide area and brings more people to her pet shop--or they place an order on her website.
Example: Joanne began business with a small consignment shop. She was not satisfied with the limited customer base she attracted. A friend suggested that she use eBay to sell to a wider audience. Joanne decided to turn her shop into an eBay consignment shop. She began by redesigning her website and posting pictures on social media. She promoted the fact that high-end items and collectibles could be consigned to her shop, and, additionally, she would put them up on eBay. She is now reaching a much wider audience of prospective buyers, and she has outgrown the old consignment shop.
Example: Judy started her business by offering bookkeeping services and tax filings for small businesses. She grew by helping them install automated accounting systems, making it easier for them and for her. To promote her services and attract new clients, Judy changed her website to offer webinars. Some are introductory and free, others are detailed and require a fee. But all bring in new clients, not just in Judy's area, but from beyond.
Using the many possibilities offered by the Internet can significantly change, improve and grow your business. The net is continually changing the business landscape.
Start with that website. Keep it simple and updated. Then drive traffic to your business using all sorts of avenues not available 20 years ago.
Social media offers a huge advantage to small business. Start with Facebook and then check out the other possibilities. You'll be pleasantly surprised at how quickly, and cheaply, you can grow your business.
It does not matter whether you offer products or services. And it does not matter whether you are local or national. By using the net, you are reaching out to new prospects. And that's what marketing and growth are all about.
Monday, August 24, 2015
Expanding can be easy
Free daily tips, information, advice and ideas
to help you better manage your small business.
Expanding your small business might be easier than you think. The key is to look inside your operation and how a change extends you into the market you want to serve.
To take a big expansion step takes detailed planning and big time funding. Expanding by taking smaller, incremental steps is easier.
Example: Don runs a computer services company. He uses his computer expertise to help other small businesses access and better utilize the social media tools that are readily available but little understood by his clients. To reach out and drive more clients to his services, Don decided that he would offer a series of educational workshops, free and open to the public. He set up sessions, offered them through local chambers of commerce and other business organizations. He also posted them on social media, including Facebook and LinkedIn. The sessions were well-attended, and he encouraged people in small businesses to bring their problems and questions. This simple initiative has resulted in many new clients who signed up for Don's services.
Example: Dawn is a certified therapist specializing in helping clients get through their stress, grief and related issues. She noticed that many of her clients had gone through rehab programs to address their drug and alcohol problems. Large numbers of them were still coping with their old habits. Dawn extended her practice, helping rehab "graduates" cope with their on-going problems. They were people in a well-defined market and they needed specific help. She began developing several programs aimed at post-rehab clients. She is building on work she already does, but this initiative is expanding her business in an entirely new direction.
Example: Fred runs an interior decorating operation. He helps residential and commercial clients define work areas, tackle window problems and dressings, reorganize seating, and decorate entire areas. When a realtor friend asked Fred to organize and stage a residence to better attract buyers, Fred spotted an easy expansion. He now offers staging services to several realtors in his area--staging homes for resale. It was an easy expansion of services he already offered. To expand this new area of his business, Fred now offers basic "how-to" staging expertise online. Realtors afar now direct their agents to enroll in Fred's online webinars.
Sometimes, it only takes a change in attitude to attract new clients in a completely new way. Other times, a new market can develop in an area your already serve.
Your business addresses a moving target. Markets change, technology changes everything, people change. Heck, even the weather changes.
Be alert to who you serve and how. Opportunities are everywhere. Discard the negative ones, but embrace those that make sense.
Some opportunities can look good at first glance, but they might lead you in a direction you don't want to go. Before embracing changes, make sure you are heading in the direction you want.
to help you better manage your small business.
Expanding your small business might be easier than you think. The key is to look inside your operation and how a change extends you into the market you want to serve.
To take a big expansion step takes detailed planning and big time funding. Expanding by taking smaller, incremental steps is easier.
Example: Don runs a computer services company. He uses his computer expertise to help other small businesses access and better utilize the social media tools that are readily available but little understood by his clients. To reach out and drive more clients to his services, Don decided that he would offer a series of educational workshops, free and open to the public. He set up sessions, offered them through local chambers of commerce and other business organizations. He also posted them on social media, including Facebook and LinkedIn. The sessions were well-attended, and he encouraged people in small businesses to bring their problems and questions. This simple initiative has resulted in many new clients who signed up for Don's services.
Example: Dawn is a certified therapist specializing in helping clients get through their stress, grief and related issues. She noticed that many of her clients had gone through rehab programs to address their drug and alcohol problems. Large numbers of them were still coping with their old habits. Dawn extended her practice, helping rehab "graduates" cope with their on-going problems. They were people in a well-defined market and they needed specific help. She began developing several programs aimed at post-rehab clients. She is building on work she already does, but this initiative is expanding her business in an entirely new direction.
Example: Fred runs an interior decorating operation. He helps residential and commercial clients define work areas, tackle window problems and dressings, reorganize seating, and decorate entire areas. When a realtor friend asked Fred to organize and stage a residence to better attract buyers, Fred spotted an easy expansion. He now offers staging services to several realtors in his area--staging homes for resale. It was an easy expansion of services he already offered. To expand this new area of his business, Fred now offers basic "how-to" staging expertise online. Realtors afar now direct their agents to enroll in Fred's online webinars.
Sometimes, it only takes a change in attitude to attract new clients in a completely new way. Other times, a new market can develop in an area your already serve.
Your business addresses a moving target. Markets change, technology changes everything, people change. Heck, even the weather changes.
Be alert to who you serve and how. Opportunities are everywhere. Discard the negative ones, but embrace those that make sense.
Some opportunities can look good at first glance, but they might lead you in a direction you don't want to go. Before embracing changes, make sure you are heading in the direction you want.
Friday, August 21, 2015
Get outside the box
Free daily tips, information, advice and ideas
to help you better manage your small business.
Opportunities are where you find them. If you're looking in the wrong place, don't expect much.
Big waves are what surfers are looking for. You watch, you wait, and when you spot the big one, you grab your opportunity.
Example: Dwayne operates a health foods store. He stays on top of current trends, the leading edges of interest in healthy foods. He offers organics, non-GMOs, gluten-free foods, and more. He draws customers from a wide area--they travel to his well-stocked store to satisfy their curiosity and interest. Dwayne wanted to grow, and he caught the wave of shipping opportunities available today. Combining this with social media, he now offers many items on his website. He began with dried berries--readily available from suppliers, light weight packaging, long shelf life, and easy to ship. Today, Dwayne ships dried blueberries, cherries, currants, and other dried fruits to customers far and near. And he is looking for his next wave of growth.
Example: Nick is a dentist. He grew his dental practice by rounding out his offerings with cleanings, dentures, fillings and crowns. His became a well-rounded dental practice. Then Nick spotted a bigger opportunity. He made arrangements with upscale dental clinics, putting together a network of these specialists who could handle dental implants. Then he used a two-pronged approach to attract clients--he uses social media and he places spot ads on localized cable television. When people contact his new dental implant division, he refers them to the specialist closest to them. It is a free service to the new client--Nick is paid by the dental implant specialist who handles the actual work.
Example: Ted is a computer whiz. He started a business offering to design and set up websites. He quickly expanded, helping business owners use social media, install their networks, and trouble-shoot problems. He suddenly realized that he was doing a lot of free training for his clients. So Ted structured several training programs designed for beginners and light-weights. Today, Ted's training program arm has grown bigger than the rest of his operation. He has also published simple, how-to training manuals available on Amazon's Kindle readers.
Get outside the box of everyday business to find opportunities. Not every opportunity will be appropriate, but when you spot a wave, go for it.
Owners of small businesses tend to settle into daily routines. You get up, face the day's problems, and collapse into bed. Take an hour now and then to relax, let your mind wander, and you might spot one of those waves that can get you outside the box.
to help you better manage your small business.
Opportunities are where you find them. If you're looking in the wrong place, don't expect much.
Big waves are what surfers are looking for. You watch, you wait, and when you spot the big one, you grab your opportunity.
Example: Dwayne operates a health foods store. He stays on top of current trends, the leading edges of interest in healthy foods. He offers organics, non-GMOs, gluten-free foods, and more. He draws customers from a wide area--they travel to his well-stocked store to satisfy their curiosity and interest. Dwayne wanted to grow, and he caught the wave of shipping opportunities available today. Combining this with social media, he now offers many items on his website. He began with dried berries--readily available from suppliers, light weight packaging, long shelf life, and easy to ship. Today, Dwayne ships dried blueberries, cherries, currants, and other dried fruits to customers far and near. And he is looking for his next wave of growth.
Example: Nick is a dentist. He grew his dental practice by rounding out his offerings with cleanings, dentures, fillings and crowns. His became a well-rounded dental practice. Then Nick spotted a bigger opportunity. He made arrangements with upscale dental clinics, putting together a network of these specialists who could handle dental implants. Then he used a two-pronged approach to attract clients--he uses social media and he places spot ads on localized cable television. When people contact his new dental implant division, he refers them to the specialist closest to them. It is a free service to the new client--Nick is paid by the dental implant specialist who handles the actual work.
Example: Ted is a computer whiz. He started a business offering to design and set up websites. He quickly expanded, helping business owners use social media, install their networks, and trouble-shoot problems. He suddenly realized that he was doing a lot of free training for his clients. So Ted structured several training programs designed for beginners and light-weights. Today, Ted's training program arm has grown bigger than the rest of his operation. He has also published simple, how-to training manuals available on Amazon's Kindle readers.
Get outside the box of everyday business to find opportunities. Not every opportunity will be appropriate, but when you spot a wave, go for it.
Owners of small businesses tend to settle into daily routines. You get up, face the day's problems, and collapse into bed. Take an hour now and then to relax, let your mind wander, and you might spot one of those waves that can get you outside the box.
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