Free daily tips, information, advice and ideas
to help you better manage your small business
Expanding your business can be easier than you might think. It doesn't have to be a major undertaking. Rather, do more of what you already do.
Of course, doing more means offering more of the services you provide or selling more of the products you offer. If you are alone, it means hiring someone to help.
On the other hand, you might be able to expand into additional markets without adding more facilities or staff. It depends on the business you are in.
Example: Linda runs a traditional cafe, serving breakfast and lunch only. By 3 p.m. every day, she closes the door, cleans up and heads home. To expand, Linda began offering breakfasts featuring farm-fresh eggs and gluten-free French toast. Newly added lunches feature fresh greens delivered every day from a local farm, along with cheeses produced locally and free range chicken. The expansion worked. More customers came, and some asked if Linda would cater dinners at their place. Linda took on some catering jobs and gradually expanded in that area as well.
Example: Tom used to be a small independent website designer. He expanded his business by offering additional computer services. It happened almost accidentally when a client asked him to set up a new computer system. Tom saw how he could grow the business naturally, as an extension of what he already did. Now, he goes to clients and does most of his work at their site--it includes setting up computer systems, networking the computers, training employees, installing new software, and troubleshooting problems. Tom today has two vans and four technicians on the road helping clients.
Example: Therapists, nutritionists, chiropractors and other specialists can have trouble attracting interest and turning that interest into paying clients. Many of these experts are single-person businesses, meaning that they meet one-on-one with clients. This means that the number of clients served is limited by the number of hours in the day. There is no flexibility when the appointment calendar is filled. However, you can expand by adding a junior partner who takes some of the work load. Or you can add new clients by offering free demonstrations and talks at other venues.
You might be missing opportunities to expand. Rather than jumping off a financial cliff and establishing a new business venture, look to growing your way into your new and bigger business.
Monday, October 5, 2015
Friday, October 2, 2015
Social media markets
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to help you better manage your small business
New markets are springing up for your products and services. Much of this market explosion is driven by social media.
Time was, the reach of your small business was local. You were limited to the geographical area you served.
All that has changed for many small businesses. Social media is upon us, and you can reach a much bigger market. It's not just the local area but far beyond.
Of course, much depends on the business you run. Hot pizzas get cold with distant deliveries, and hot stone massages depend on local clients. But many products and services can be delivered long distance.
Example: Greg established a pet supply store in his town. His operation attracted attention, and his business is growing. He decided to tap into the market trend for fresh meat foods for dogs and cats. He promoted on social media, driving customers to his website. Orders came from the local area as well as from more distant places. Greg now ships fresh meat foods to customers far and near, and he has added expensive pet products to his offerings. He is tapping into the higher end market that is ignored or lost in the offerings by big pet product companies.
Example: Rick operates a vehicle accessories store that serves a wide, but local, market. He carries hundreds of products, including mats, parts, finishes, and other items. To attract more customers, Rick revised his website and posts regularly on social media. Today, he ships orders coming from far and near.
Example: Ella sells brownies--nothing else. She is not a baker, and she does not operate a bakery. She runs her business by arranging contract baking. She fills orders that arrive on her website. And she ships brownies every day via UPS and Fedex. Social media posts three times each week keep the orders coming in and the word going around.
Example: Dwayne is a CPA. He specializes in small business tax problems, accounting, and financial matters. He expanded his operation by offering webinars and training videos. These are sold over the net from his website. How to use QuickBooks and TurboTax are popular. This has led to Dwayne's expansion beyond the local area. Medium size businesses now fly him to their location to give seminars.
Products and services can be sold long distance. Social media can reach out and bring clients and customers not reachable before.
Expanding a small business is difficult. But social media today offers many opportunities to reach markets far beyond your local area.
Thursday, October 1, 2015
Selecting your future
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to help you better manage your small business.
Business owners face many decisions. It's an everyday activity that you do without much thought.
Six streets come together to form a big intersection near my home. One street leads to downtown. Another goes off to the Interstate highway. A third will take me to the supermarket. The others disappear into local neighborhoods.
Approaching this intersection, you must know ahead of time where you want to go. Waiting until you get there is not a good option.
So it is with business decisions. You frequently face big--and unexpected--intersections.
Example: Sue designs women's clothing. As a child she learned to sew and made multiple outfits for dolls. She went on to get a degree in design and established her business following a detailed business plan she had developed. When she got a proposal to join a major corporation heading up the company's design team, Sue turned it down without a second thought. When another company offered Sue a big contract to produce the company's line of fashions, she declined. Both of these offers would have led Sue into areas inconsistent with her plan to build her own dream business.
Example: Steve is an attorney who joined a big law firm. Dissatisfied, Steve left the firm and tacked his shingle to the door of his own small office. He saw an opportunity to become the go-to attorney for workers compensation cases. It has proved to be a valuable basis for his new practice. He handles other cases, but his dream is being realized.
Example: Marta is a second generation Italian-American. When she discovered that she was gluten intolerant, she went into action. From family contacts, Marta found that wheat flours from Italy did not affect her digestion. She made arrangements to import Italian flour and she offered these on her new website. She expanded by offering Italian cheeses, spices, even tomatoes. Marta supplies specialty food stores, restaurants and private parties. Now she is coming to a fork in the road. To grow to the next level, Marta will need a significant cash infusion. She could sell out to a big company, or go the investor route, or she could continue and grow more slowly. Marta is at a crossroads.
Your business plan helps you decide ahead of time which street you take when the intersection looms. The basic decision is still yours.
to help you better manage your small business.
Business owners face many decisions. It's an everyday activity that you do without much thought.
Six streets come together to form a big intersection near my home. One street leads to downtown. Another goes off to the Interstate highway. A third will take me to the supermarket. The others disappear into local neighborhoods.
Approaching this intersection, you must know ahead of time where you want to go. Waiting until you get there is not a good option.
So it is with business decisions. You frequently face big--and unexpected--intersections.
Example: Sue designs women's clothing. As a child she learned to sew and made multiple outfits for dolls. She went on to get a degree in design and established her business following a detailed business plan she had developed. When she got a proposal to join a major corporation heading up the company's design team, Sue turned it down without a second thought. When another company offered Sue a big contract to produce the company's line of fashions, she declined. Both of these offers would have led Sue into areas inconsistent with her plan to build her own dream business.
Example: Steve is an attorney who joined a big law firm. Dissatisfied, Steve left the firm and tacked his shingle to the door of his own small office. He saw an opportunity to become the go-to attorney for workers compensation cases. It has proved to be a valuable basis for his new practice. He handles other cases, but his dream is being realized.
Example: Marta is a second generation Italian-American. When she discovered that she was gluten intolerant, she went into action. From family contacts, Marta found that wheat flours from Italy did not affect her digestion. She made arrangements to import Italian flour and she offered these on her new website. She expanded by offering Italian cheeses, spices, even tomatoes. Marta supplies specialty food stores, restaurants and private parties. Now she is coming to a fork in the road. To grow to the next level, Marta will need a significant cash infusion. She could sell out to a big company, or go the investor route, or she could continue and grow more slowly. Marta is at a crossroads.
Your business plan helps you decide ahead of time which street you take when the intersection looms. The basic decision is still yours.
Wednesday, September 30, 2015
Expand with rentals
Free daily tips, information, advice and ideas
to help you better manage your small business
Rentals and rental related services are everywhere. We are a rental society. Rentals by other names pervade our daily lives.
People regularly rent apartments and vehicles. Rentals are available in movies, furniture, phone services, software, even costumes and dance floors. Even clothing, DJs and bands.
When you hail a taxi or call Uber, you are renting a ride. When you take your vehicle for repairs, you are renting expertise. When you get a massage from a therapist, you are renting expert services. And when you hire a landscaper or a plumber, you are renting a professional.
Example: Ray runs a local computer services firm. He installs new software for small businesses and trains employees to use it. When Ray convinced a client that a new computer system was needed to handle an expansion, the client asked Ray if he could rent the new setup. Quick thinking resulted in Ray's expanding into the computer rental business. Today, Ray's own growth is substantial--in rentals.
Example: Don loves the theater, but he is not an actor. His main interest is centered around set construction, props and stages. He turned his passion into a business--rentals of all the things needed for theater productions, corporate exhibits, organizational meetings, business dinners, and, of course, theater productions by community groups, high schools, bands and caterers. He has a warehouse filled with all sorts of spectacular props that clients eagerly seek. Sometimes he sells props, but his main business is rentals.
Example: Jeanie runs a flower shop. She specializes in fresh flowers and silk arrangements--selling to walk-in customers. She expanded her business when she began renting silk flower arrangements to banks, clinics, and corporations. She charges a monthly fee to place her flowers in offices and lobbies. She is now considering expanding her rental business to offer large containers of live green plants.
Many businesses can enhance the bottom line by offering rentals. Restaurant dining rooms can be rented to others for their meetings, or the restaurant can rent out the kitchen to aspiring bakers when the ovens are not being used. Artists and artisans can rent their works to others. Even maintenance contracts are a form of renting the on-going services by professionals. A new trend sees business women renting dressy outfits.
Put on your thinking cap. Adding rentals to your business offerings might be a quick way to enhance your bottom line.
to help you better manage your small business
Rentals and rental related services are everywhere. We are a rental society. Rentals by other names pervade our daily lives.
People regularly rent apartments and vehicles. Rentals are available in movies, furniture, phone services, software, even costumes and dance floors. Even clothing, DJs and bands.
When you hail a taxi or call Uber, you are renting a ride. When you take your vehicle for repairs, you are renting expertise. When you get a massage from a therapist, you are renting expert services. And when you hire a landscaper or a plumber, you are renting a professional.
Example: Ray runs a local computer services firm. He installs new software for small businesses and trains employees to use it. When Ray convinced a client that a new computer system was needed to handle an expansion, the client asked Ray if he could rent the new setup. Quick thinking resulted in Ray's expanding into the computer rental business. Today, Ray's own growth is substantial--in rentals.
Example: Don loves the theater, but he is not an actor. His main interest is centered around set construction, props and stages. He turned his passion into a business--rentals of all the things needed for theater productions, corporate exhibits, organizational meetings, business dinners, and, of course, theater productions by community groups, high schools, bands and caterers. He has a warehouse filled with all sorts of spectacular props that clients eagerly seek. Sometimes he sells props, but his main business is rentals.
Example: Jeanie runs a flower shop. She specializes in fresh flowers and silk arrangements--selling to walk-in customers. She expanded her business when she began renting silk flower arrangements to banks, clinics, and corporations. She charges a monthly fee to place her flowers in offices and lobbies. She is now considering expanding her rental business to offer large containers of live green plants.
Many businesses can enhance the bottom line by offering rentals. Restaurant dining rooms can be rented to others for their meetings, or the restaurant can rent out the kitchen to aspiring bakers when the ovens are not being used. Artists and artisans can rent their works to others. Even maintenance contracts are a form of renting the on-going services by professionals. A new trend sees business women renting dressy outfits.
Put on your thinking cap. Adding rentals to your business offerings might be a quick way to enhance your bottom line.
Tuesday, September 29, 2015
Pathways to growth
Free daily tips, information, advice and ideas
to help you better manage your small business
Key employees are just that. They are key to building a business, keeping it healthy, expanding into the future. You are key. But you cannot do everything.
Small business owners who want to propel their operations into the big time frequently look outside for talented individuals. It's a matter of complementing internal capabilities.
Example: Jim runs a small firm specializing in solving the many technological difficulties experienced by small businesses when they attempt to promote their business on multiple social media platforms. (Whew!) To say it's complicated is an understatement. Many prospective clients do not understand the value of Jim's service when he attempts to sell his programs to them. Recognizing that he himself is lost in the weeds of technology, Jim hired Mary to pitch the service to prospective clients. Instead of concentrating on the technical aspects of Jim's services, Mary used her past experiences in small businesses of her own to "speak the language" of her targets. She concentrated more on the end game of growth and expansion than on the intricacies of social media platforms. She is adding more clients to Jim's firm.
Example: Bob runs a small printing operation. His interests are in providing the best end products, in satisfying his customers in a timely manner, and in staying on top of the latest technological developments in the printing industry. Bob let the business grow by the natural referral process--because he had little interest or time to sell his service. To kick his business up to the next level, Bob began searching for a suitable partner--someone who could fill the gap in marketing and sales. He found Ted and brought him on board. Ted was a printing broker with a client following. His clients placed orders with him and he arranged the actual printing with various printers in the area. When Ted joined with Bob, many more clients were quickly being served in the new operation. Together, the two of them embarked on building a much bigger operation than either could have done separately.
You can complement--and build--your business by looking for complementary people. But it can be much more than adding people.
Pathways to growth are many and varied. Additional services can enhance your appeal in the marketplace. Additional product lines can extend your reach in the community. Adding social media can explode your growth potential.
Whatever you do on your pathway to growth, do not neglect customer service. Give them what they want, when they want it, no questions asked.
to help you better manage your small business
Key employees are just that. They are key to building a business, keeping it healthy, expanding into the future. You are key. But you cannot do everything.
Small business owners who want to propel their operations into the big time frequently look outside for talented individuals. It's a matter of complementing internal capabilities.
Example: Jim runs a small firm specializing in solving the many technological difficulties experienced by small businesses when they attempt to promote their business on multiple social media platforms. (Whew!) To say it's complicated is an understatement. Many prospective clients do not understand the value of Jim's service when he attempts to sell his programs to them. Recognizing that he himself is lost in the weeds of technology, Jim hired Mary to pitch the service to prospective clients. Instead of concentrating on the technical aspects of Jim's services, Mary used her past experiences in small businesses of her own to "speak the language" of her targets. She concentrated more on the end game of growth and expansion than on the intricacies of social media platforms. She is adding more clients to Jim's firm.
Example: Bob runs a small printing operation. His interests are in providing the best end products, in satisfying his customers in a timely manner, and in staying on top of the latest technological developments in the printing industry. Bob let the business grow by the natural referral process--because he had little interest or time to sell his service. To kick his business up to the next level, Bob began searching for a suitable partner--someone who could fill the gap in marketing and sales. He found Ted and brought him on board. Ted was a printing broker with a client following. His clients placed orders with him and he arranged the actual printing with various printers in the area. When Ted joined with Bob, many more clients were quickly being served in the new operation. Together, the two of them embarked on building a much bigger operation than either could have done separately.
You can complement--and build--your business by looking for complementary people. But it can be much more than adding people.
Pathways to growth are many and varied. Additional services can enhance your appeal in the marketplace. Additional product lines can extend your reach in the community. Adding social media can explode your growth potential.
Whatever you do on your pathway to growth, do not neglect customer service. Give them what they want, when they want it, no questions asked.
Monday, September 28, 2015
Tracking your business
Free daily tips, information, advice and ideas
to help you better manage your small business
Keeping track of the health of your business is crucial to success. No two business owners do it the same way.
Today's technology offers new opportunities to track the health of your business. But older methods also work. Whatever method you use, don't get lost in the weeds of too much data.
Example: Dexter runs an automated computer service. His computer setup is connected to his clients' computer operations. His machines are always monitoring and automatically repairing problems that arise at the client's operation. Every morning Dexter reviews the previous 24-hour activity--interrupt time and amount billed automatically to each client. This has become for Dexter a quick way to track the financial health of his own operation. If billable time declines, he can quickly spot it and take appropriate action. This also helps him monitor longer term trends.
Example: Myra runs her women's clothing shop the old fashioned way. She accepts credit and debit cards, ApplePay, PayPal and cash. At month's end, she turns everything over to her accountant who furnishes a report a week or two later. When sales decline, Myra is not aware of the seriousness for some time. The results of her special sales and promotional activities are not timely. She has decided to move to an automated system to better track business activity, keeping her accountant for taxes.
Example: Marco runs a printing operation. He has a mix of both small and large businesses. When jobs are completed, invoices are prepared and sent to clients. His office person prepares these invoices and receives payments that arrive both electronically and in the mail. Every Monday morning, the office person prepares a special report for Marco. It shows all payments received the preceding week and all invoices still outstanding. Payments received and invoices outstanding are shown as actual dollar amounts. Marco tracks his business by plotting these figures on a chart--giving him a long term glimpse as to whether the business is steady or increasing or declining. Older outstanding invoices prod Marco to call the client for payment.
No two business owners will track the health of their business in the same way. Technology offers many alternatives, but no less effective are older methods.
Tracking your business must be done. It can be your guide to future growth and expansion.
Every business person tracks the business. Choose a method that you are comfortable with. Base it in actual numbers you can use.
to help you better manage your small business
Keeping track of the health of your business is crucial to success. No two business owners do it the same way.
Today's technology offers new opportunities to track the health of your business. But older methods also work. Whatever method you use, don't get lost in the weeds of too much data.
Example: Dexter runs an automated computer service. His computer setup is connected to his clients' computer operations. His machines are always monitoring and automatically repairing problems that arise at the client's operation. Every morning Dexter reviews the previous 24-hour activity--interrupt time and amount billed automatically to each client. This has become for Dexter a quick way to track the financial health of his own operation. If billable time declines, he can quickly spot it and take appropriate action. This also helps him monitor longer term trends.
Example: Myra runs her women's clothing shop the old fashioned way. She accepts credit and debit cards, ApplePay, PayPal and cash. At month's end, she turns everything over to her accountant who furnishes a report a week or two later. When sales decline, Myra is not aware of the seriousness for some time. The results of her special sales and promotional activities are not timely. She has decided to move to an automated system to better track business activity, keeping her accountant for taxes.
Example: Marco runs a printing operation. He has a mix of both small and large businesses. When jobs are completed, invoices are prepared and sent to clients. His office person prepares these invoices and receives payments that arrive both electronically and in the mail. Every Monday morning, the office person prepares a special report for Marco. It shows all payments received the preceding week and all invoices still outstanding. Payments received and invoices outstanding are shown as actual dollar amounts. Marco tracks his business by plotting these figures on a chart--giving him a long term glimpse as to whether the business is steady or increasing or declining. Older outstanding invoices prod Marco to call the client for payment.
No two business owners will track the health of their business in the same way. Technology offers many alternatives, but no less effective are older methods.
Tracking your business must be done. It can be your guide to future growth and expansion.
Every business person tracks the business. Choose a method that you are comfortable with. Base it in actual numbers you can use.
Friday, September 25, 2015
Start that small business!
Free daily tips, information, advice and ideas
to help you better manage your small business
No road map exists to start a business. You find your own way to begin by providing goods and services that other people will pay for.
If you are young, you have little experience in business. But what you have is a passion about something. And if you have a passion, others have the same passion. They are your market.
In you are in corporate America, you have little appreciation for the world of small business. But you have years of experience doing something. It might be part of your present job, or it might be something you enjoy doing in your off hours. Either one of these can form the basis for a small business.
Example: Jane was a customer service representative in a large company. She had a book of accounts and handled their problems. Exhausted at the end of long days in the office, Jane came home to relax with her jigsaw puzzles. She looked forward to this quiet time, sitting at her dining room table fitting pieces together. Usually, she had 4 or 5 going at once. One day, Jane screwed up her courage, gave her employer notice, rented a small store front, and began filling shelves with jigsaw puzzles. Her grand opening attracted some interest, but when she put pictures on social media, she pulled in many buyers. She sold puzzles and board games on her website and on eBay. It took some time to get her business off the ground, but it worked. Today, Jane's shop is the go-to place for people interested in her products. And she is happy.
Example: Ben worked summers and after classes in high school for a construction outfit. He learned how to install siding, power wash decks, build steps, mount gutters and downspouts, paint and pour concrete. He saved his earnings. When he graduated high school, Ben made a choice. He could start up his own renovation and repair business, but he had bigger ideas. With his savings, he made a down payment on a three-family building that needed work. He put the place in tip top shape, rented the apartments to tenants, and then he looked around for another property. He still takes on renovation and repair jobs for others, but his main business is acquiring and managing rental properties of his own.
Example: Sheena was fascinated with the law. She got her law degree and passed the bar exam with flying colors. Then she found herself stuck in a large law firm where someone else made all the decisions. Sheena wanted to be her own boss, so she decided to build her own law practice. She structured a series of presentations on various aspects of legal matters and began offering them to organizations, churches, senior centers, and other groups. These events brought Sheena clients who needed legal help in buying and selling real estate, writing wills, dealing with law suits, handling traffic accidents, and other matters where the law was concerned. It took some time, but Sheena is now doing what she loves as her own boss.
Getting into business is a matter of knowing your own interests and kicking it up to the next level. It takes attitude and determination and persistence. Commit to what you love and begin.
Any interest you have can be turned into a small business. It might never grow into the next Microsoft, or it might. But you will never know until you get it established and start to work with the market that is out there.
to help you better manage your small business
No road map exists to start a business. You find your own way to begin by providing goods and services that other people will pay for.
If you are young, you have little experience in business. But what you have is a passion about something. And if you have a passion, others have the same passion. They are your market.
In you are in corporate America, you have little appreciation for the world of small business. But you have years of experience doing something. It might be part of your present job, or it might be something you enjoy doing in your off hours. Either one of these can form the basis for a small business.
Example: Jane was a customer service representative in a large company. She had a book of accounts and handled their problems. Exhausted at the end of long days in the office, Jane came home to relax with her jigsaw puzzles. She looked forward to this quiet time, sitting at her dining room table fitting pieces together. Usually, she had 4 or 5 going at once. One day, Jane screwed up her courage, gave her employer notice, rented a small store front, and began filling shelves with jigsaw puzzles. Her grand opening attracted some interest, but when she put pictures on social media, she pulled in many buyers. She sold puzzles and board games on her website and on eBay. It took some time to get her business off the ground, but it worked. Today, Jane's shop is the go-to place for people interested in her products. And she is happy.
Example: Ben worked summers and after classes in high school for a construction outfit. He learned how to install siding, power wash decks, build steps, mount gutters and downspouts, paint and pour concrete. He saved his earnings. When he graduated high school, Ben made a choice. He could start up his own renovation and repair business, but he had bigger ideas. With his savings, he made a down payment on a three-family building that needed work. He put the place in tip top shape, rented the apartments to tenants, and then he looked around for another property. He still takes on renovation and repair jobs for others, but his main business is acquiring and managing rental properties of his own.
Example: Sheena was fascinated with the law. She got her law degree and passed the bar exam with flying colors. Then she found herself stuck in a large law firm where someone else made all the decisions. Sheena wanted to be her own boss, so she decided to build her own law practice. She structured a series of presentations on various aspects of legal matters and began offering them to organizations, churches, senior centers, and other groups. These events brought Sheena clients who needed legal help in buying and selling real estate, writing wills, dealing with law suits, handling traffic accidents, and other matters where the law was concerned. It took some time, but Sheena is now doing what she loves as her own boss.
Getting into business is a matter of knowing your own interests and kicking it up to the next level. It takes attitude and determination and persistence. Commit to what you love and begin.
Any interest you have can be turned into a small business. It might never grow into the next Microsoft, or it might. But you will never know until you get it established and start to work with the market that is out there.
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