Free daily tips, information, advice and ideas
to help you better manage your small business.
So, what's the best way for you to use in spreading the word and promoting your small business? What methods work best?
The first question you need to answer is about the marketplace. Who are the people you're trying to reach? Trying to reach baby boomers is one thing. Trying to reach millennials is quite another thing.
Many avenues are available to you. These include social media, websites, direct mail, print, radio, television and Internet advertising.
Social media is a new kid on the block. Think Facebook, Twitter, LinkedIn, Instagram and more. Many more. Facebook is perhaps the best vehicle for small businesses. But the others can reel in results as well. If you are trying to reach millennials, you must use social media.
Websites provide a small business with an anchor. Keep your website simple, easy to navigate, and include information so viewers can read more about what you do. By all means, keep it up-to-date.
Direct mail can be a post card resembling Facebook. Among all the forms of print advertising, the simple post card is arguably the most effective--especially when you put a memorable picture on one side.
Baby boomers react positively to post cards mailed to them.
Radio and television as well as Internet ads can work for certain small businesses--but these can be expensive. The new Internet radio sites can be extremely effective and relatively inexpensive ways to reach out.
Sorting through all these possibilities can be daunting to the owner of a small business. To figure it all out, keep you eye firmly on the marketplace you want to serve.
Example: Jen counsels clients on nutrition and lifestyle, helping people with eating habits, weight problems, overall healthiness and lifestyle. To get her business off the ground, Jen struggled and tried many things. She had a website, she placed ads in local media, and she sent news releases to local papers. The results were poor. When she took a hard look at her potential market, one thing popped out--weight. Weight was a problem on several levels for many people. She began posting before and after photos on Facebook and she had post cards printed showing similar results. This double-pronged approach worked well and was inexpensive. The Facebook photos were passed around among friends--as did the post cards. More people began to call her for an appointment.
You have lots of options. Whatever methods you use, keep your eye on that marketplace.
In business, the marketplace rules. Studying the market will give you clues as to how best to get your word out there--and working.
Thursday, December 3, 2015
Wednesday, December 2, 2015
Headed toward franchising
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to help you better manage your small business
Franchising can be a way to grow your small business. You get established and then you offer to show others the value of buying into the franchising operation you want to create.
It's a big decision and it's not right for every business. To set up to franchise your business idea takes careful thinking, planning and execution. You are headed toward a different business built on the foundation of the small business you have created.
Example: Antwan started his own business delivering packages. He delivered pizzas, auto parts, groceries and other items to a local area. Lots of competition taught him to be lean and mean--he didn't worry about Fedex and UPS. His business model was based on same-day, quick deliveries. His dream grew to be bigger than the local towns he served. All calls for services came into Antwan's office, and he hired a delivery person in an adjacent town to handle a wider area. When one of his people suddenly quit, Antwan scrambled to find a replacement. One applicant wanted more than to be a driver--she wanted to have a business of her own. Antwan set up the framework for offering her a franchise and a territory of her own. Today Antwan has sold several franchises in his state. He is now in a very different business--no longer does he deliver packages himself.
This is the business side of setting up a franchise. There is also a legal side. You'll need a specialist to lead you through the process. There are strict laws governing franchises.
The most critical part in the beginning is your existing business. You must have a going business, and you must have lots of written materials to guide the other people who buy your franchise.
A big part of growing your business into a franchised operation is what it will do to you. To run a franchise is quite different than running the small business you have created. Make sure you are comfortable with this.
Every business needs a business plan. If you decide that franchising is right for you, do a new business plan. It's where you meet the marketplace.
to help you better manage your small business
Franchising can be a way to grow your small business. You get established and then you offer to show others the value of buying into the franchising operation you want to create.
It's a big decision and it's not right for every business. To set up to franchise your business idea takes careful thinking, planning and execution. You are headed toward a different business built on the foundation of the small business you have created.
Example: Antwan started his own business delivering packages. He delivered pizzas, auto parts, groceries and other items to a local area. Lots of competition taught him to be lean and mean--he didn't worry about Fedex and UPS. His business model was based on same-day, quick deliveries. His dream grew to be bigger than the local towns he served. All calls for services came into Antwan's office, and he hired a delivery person in an adjacent town to handle a wider area. When one of his people suddenly quit, Antwan scrambled to find a replacement. One applicant wanted more than to be a driver--she wanted to have a business of her own. Antwan set up the framework for offering her a franchise and a territory of her own. Today Antwan has sold several franchises in his state. He is now in a very different business--no longer does he deliver packages himself.
This is the business side of setting up a franchise. There is also a legal side. You'll need a specialist to lead you through the process. There are strict laws governing franchises.
The most critical part in the beginning is your existing business. You must have a going business, and you must have lots of written materials to guide the other people who buy your franchise.
A big part of growing your business into a franchised operation is what it will do to you. To run a franchise is quite different than running the small business you have created. Make sure you are comfortable with this.
Every business needs a business plan. If you decide that franchising is right for you, do a new business plan. It's where you meet the marketplace.
Tuesday, December 1, 2015
Collecting old bills
Free daily tips, information, advice and ideas
to help you better manage your small business
In business, some clients and customers pay bills right away. Most restaurants and coffee shops, retail establishments, chiropractors and wellness practitioners get paid as the customer leaves.
It's common practice for other businesses to send an invoice for goods and services. Printing operations, machine shops, caterers, florists, computing professionals and others are more likely to send a bill and wait for payment.
Good customers pay bills within a reasonable time frame. Others, not so much. And it's these laggards who give you headaches.
Example: Tony runs a computing services operation. A senior vice president at a major corporation hired Tony and his people to develop and install a new program to handle a new segment in their human relations department. It amounted to a big job for Tony's business. Tony asked for and got a substantial upfront payment, the balance to be billed when the work was completed. Everything went well, and the final invoice went out. Tony waited, but the bill went unpaid for two months. Tony made an appointment with the senior VP. He first asked if everything was going well. It was. He then reminded the senior VP that his final bill had not been paid. The senior VP went into action. Tony left with a check.
Example: Ana runs a frame shop. Her clients are companies, professional offices, clinics, as well as walk-ins. She got a big order from a new clinic in town, and she scrambled to meet the deadline for the grand opening. When the sizable bill was not paid for several months, Ana visited the clinic, engaged the administrator in a friendly conversation about future assignments. When Ana mentioned that the old bill had not been paid, she got immediate action.
Example: Ellen is an artist who makes jewelry. She managed to get her jewelry into a high-end gift shop and was thrilled with the outlet for her work. Weeks later, Ellen visited the gift shop and saw that most of her jewelry had disappeared from the display cases. She asked about payment, but she got the classic runaround--being told that she would have to wait until everything had been sold. Then, the gift shop owner explained, Ellen would be paid for everything. She did, indeed, finally get paid, but only after several additional visits. She no longer deals here.
When your invoices are overdue, you must take action. Threats, incessant phone calls and letters from lawyers might not be the best way to resolve these types of problems. Try the personal approach.
If a good customer doesn't pay on time, pay a friendly visit. If nothing works, stop dealing with customers who don't pay.
to help you better manage your small business
In business, some clients and customers pay bills right away. Most restaurants and coffee shops, retail establishments, chiropractors and wellness practitioners get paid as the customer leaves.
It's common practice for other businesses to send an invoice for goods and services. Printing operations, machine shops, caterers, florists, computing professionals and others are more likely to send a bill and wait for payment.
Good customers pay bills within a reasonable time frame. Others, not so much. And it's these laggards who give you headaches.
Example: Tony runs a computing services operation. A senior vice president at a major corporation hired Tony and his people to develop and install a new program to handle a new segment in their human relations department. It amounted to a big job for Tony's business. Tony asked for and got a substantial upfront payment, the balance to be billed when the work was completed. Everything went well, and the final invoice went out. Tony waited, but the bill went unpaid for two months. Tony made an appointment with the senior VP. He first asked if everything was going well. It was. He then reminded the senior VP that his final bill had not been paid. The senior VP went into action. Tony left with a check.
Example: Ana runs a frame shop. Her clients are companies, professional offices, clinics, as well as walk-ins. She got a big order from a new clinic in town, and she scrambled to meet the deadline for the grand opening. When the sizable bill was not paid for several months, Ana visited the clinic, engaged the administrator in a friendly conversation about future assignments. When Ana mentioned that the old bill had not been paid, she got immediate action.
Example: Ellen is an artist who makes jewelry. She managed to get her jewelry into a high-end gift shop and was thrilled with the outlet for her work. Weeks later, Ellen visited the gift shop and saw that most of her jewelry had disappeared from the display cases. She asked about payment, but she got the classic runaround--being told that she would have to wait until everything had been sold. Then, the gift shop owner explained, Ellen would be paid for everything. She did, indeed, finally get paid, but only after several additional visits. She no longer deals here.
When your invoices are overdue, you must take action. Threats, incessant phone calls and letters from lawyers might not be the best way to resolve these types of problems. Try the personal approach.
If a good customer doesn't pay on time, pay a friendly visit. If nothing works, stop dealing with customers who don't pay.
Monday, November 30, 2015
Ways to expand
Free daily tips, information, advice and ideas
These decisions take careful planning ahead--before you jump off the cliff. Always do a business plan before changing directions. Otherwise, you can overwhelm yourself and your business.
Example: Ted runs a pet store--no pets, but everything else customers need for their pets. He carries foods, supplies, accessories, and more. To expand, Ted added shipping for orders placed on his expanded website. To his surprise, many of his current customers began ordering online instead of coming to the store. He began posting on social media, and more orders came in--from people in a much wider area. Ted had suddenly expanded his operation. He hired another employee to handle shipping orders.
Example: Alec was the only physician in a small town. He wanted to expand by establishing a walk-in clinic in a neighboring town about 20 miles away. That town was one of several active suburbs of a large city. It was a big step for Alec. Suddenly, he had two operations, and the strain of keeping up with two offices began to affect him. He looked for another physician to run the new clinic, found a good candidate, and put together a partnership. Today, Alec runs four walk-in clinics, each with its own resident physician.
Example: Irene runs a small cafe serving breakfasts and lunches only. She decided to expand by adding dinners. She also decided to step carefully into the new direction. First, Irene began emphasizing healthy, farm-to-table breakfasts and lunches, using social media. Next, she began offering special Friday only dinners, featuring ethnic foods--one Friday it would be Mexican, the next Friday was Italian, then French and so on. Enjoying some success, Irene then extended dinners to Saturday evenings. She is letting the new restaurant's brand settle into the community's go-to thinking before taking another step.
Wandering into an expansion is not a good option. Expanding takes careful planning. Only if the numbers make sense, and only if your own intuition confirms the idea, do you proceed.
Before expanding, always do a business plan. And that means paying attention to the marketplace. Can your expansion be supported?
to help you better manage your small business
Expanding can be a big step for a small business. Or it can be several small steps taken over time.
You might open a new office or add a new group of products. You might add shipping for orders placed on your website and promote on social media. You might move to a new location or take off in a new business direction.
Example: Ted runs a pet store--no pets, but everything else customers need for their pets. He carries foods, supplies, accessories, and more. To expand, Ted added shipping for orders placed on his expanded website. To his surprise, many of his current customers began ordering online instead of coming to the store. He began posting on social media, and more orders came in--from people in a much wider area. Ted had suddenly expanded his operation. He hired another employee to handle shipping orders.
Example: Alec was the only physician in a small town. He wanted to expand by establishing a walk-in clinic in a neighboring town about 20 miles away. That town was one of several active suburbs of a large city. It was a big step for Alec. Suddenly, he had two operations, and the strain of keeping up with two offices began to affect him. He looked for another physician to run the new clinic, found a good candidate, and put together a partnership. Today, Alec runs four walk-in clinics, each with its own resident physician.
Example: Irene runs a small cafe serving breakfasts and lunches only. She decided to expand by adding dinners. She also decided to step carefully into the new direction. First, Irene began emphasizing healthy, farm-to-table breakfasts and lunches, using social media. Next, she began offering special Friday only dinners, featuring ethnic foods--one Friday it would be Mexican, the next Friday was Italian, then French and so on. Enjoying some success, Irene then extended dinners to Saturday evenings. She is letting the new restaurant's brand settle into the community's go-to thinking before taking another step.
Wandering into an expansion is not a good option. Expanding takes careful planning. Only if the numbers make sense, and only if your own intuition confirms the idea, do you proceed.
Before expanding, always do a business plan. And that means paying attention to the marketplace. Can your expansion be supported?
Friday, November 27, 2015
Customer relations
Free daily tips, information, advice and ideas
to help you better manage your small business
Customers can be a gold mine. Doing more in customer relations can bring them back again and again. As a plus, they will refer others to you.
Example: Frank is a caterer. He helps each client make the most of their affair by showing them how to take it to the next level. It can be much more than food. This sometimes means suggesting a black tie affair or setting up a big tent with a dance floor and band to create spectacular gatherings. Frank's operation has moved from simple backyard events to managing large affairs for corporate clients.
Example: Eve is an accountant. She sees many of her clients only once each year--at tax time. She began spending more time with each client, showing them how to simplify their bookkeeping and educating them on the tax implications of what they are doing--and what they could do. This has solidified Eve's relationship with clients, expanded the amount of work she does with them, and attracted more clients.
Example: Ed runs a garden center. During spring and summer, Ed regularly hosts an event, free and open to the public, showing people how to lay pavers and bricks, how to build walls and fences, etc. He brings in representatives from suppliers--they are glad to contribute their time. These events have built Ed's reputation and expanded his customer base far beyond its previous reach. Even local landscapers and contractors attend the sessions and refer others.
Example: Gina operates a women's clothing and accessories business. She sells to walk-ins and through her website. She attracts customers through regular posts on social media. Every time a customer spends more than $100, Gina sends a personal thank you. When someone spends more than $500, she sends them a gift certificate.
Create good customer relations with your clients. Educate them. Show them how you can do more. Make sure they understand all you can do.
Offering free information is basic to good customer relations. This separates small business from the big box stores and chain stores. Put tips and info on your website from time to time, and frequently post on social media. Show your customers you care.
Good customer relations can build your business. Remember, your customers talk about you in the community and on social media.
to help you better manage your small business
Customers can be a gold mine. Doing more in customer relations can bring them back again and again. As a plus, they will refer others to you.
Example: Frank is a caterer. He helps each client make the most of their affair by showing them how to take it to the next level. It can be much more than food. This sometimes means suggesting a black tie affair or setting up a big tent with a dance floor and band to create spectacular gatherings. Frank's operation has moved from simple backyard events to managing large affairs for corporate clients.
Example: Eve is an accountant. She sees many of her clients only once each year--at tax time. She began spending more time with each client, showing them how to simplify their bookkeeping and educating them on the tax implications of what they are doing--and what they could do. This has solidified Eve's relationship with clients, expanded the amount of work she does with them, and attracted more clients.
Example: Ed runs a garden center. During spring and summer, Ed regularly hosts an event, free and open to the public, showing people how to lay pavers and bricks, how to build walls and fences, etc. He brings in representatives from suppliers--they are glad to contribute their time. These events have built Ed's reputation and expanded his customer base far beyond its previous reach. Even local landscapers and contractors attend the sessions and refer others.
Example: Gina operates a women's clothing and accessories business. She sells to walk-ins and through her website. She attracts customers through regular posts on social media. Every time a customer spends more than $100, Gina sends a personal thank you. When someone spends more than $500, she sends them a gift certificate.
Create good customer relations with your clients. Educate them. Show them how you can do more. Make sure they understand all you can do.
Offering free information is basic to good customer relations. This separates small business from the big box stores and chain stores. Put tips and info on your website from time to time, and frequently post on social media. Show your customers you care.
Good customer relations can build your business. Remember, your customers talk about you in the community and on social media.
Thursday, November 26, 2015
Increase your business
Free daily tips, information, advice and ideas
to help you better manage your small business
Your customers and clients tend to see you as satisfying only one of their needs. They pigeonhole you. You become the go-to place to get a single item or service.
Joe takes care of my lawn. Mary is my fashion expert. Greg gets the kinks out of my neck. Amy styles my hair. And Frank makes brownies.
You must continually remind customers of the other things you do.
Example: When Joe told a customer that he did more than cut lawns, it resulted in a conversation. Joe reminded the customer that he could put up a fence, build a gate, and put up trellises for the customer's roses. It resulted in more jobs for Joe.
Example: Mary draws fashion conscious clients to her upscale shop. When she began reminding them that she could do short fashion shows to punch up their parties and meetings, she began an expansion that has served to create more business for the shop's fashions.
Example: Greg is a chiropractor. He began reminding his clients that he was beginning regular monthly meetings at his place with a nutritionist talking and answering questions. This proved to be a powerful attraction to getting new chiropractic clients and referrals.
Example: Amy built up her upscale salon business by catering to high end clients--and charging high end prices. When she began reminding clients that she would come to their place to cut and style hair for men and women, she entered a new level of business. She now does much of her work in offices, homes and private airplanes.
Example: Frank's brownies were popular. People made a point of driving out of their way to pick up a box of brownies at his bakery. He began reminding his customers that he could ship to them. It worked. And when he began promoting on social media that he would ship anywhere, his business increased significantly.
Every business tends to settle into a comfortable way of doing business. And customers/clients tend to settle into thinking of you in only one way.
You can grow to a new level by reminding people of all the things you can do for them. You already know the first step.
Get yourself out of the narrow way you are managing your business. Remind your customers/clients of all the things you can do for them.
to help you better manage your small business
Your customers and clients tend to see you as satisfying only one of their needs. They pigeonhole you. You become the go-to place to get a single item or service.
Joe takes care of my lawn. Mary is my fashion expert. Greg gets the kinks out of my neck. Amy styles my hair. And Frank makes brownies.
You must continually remind customers of the other things you do.
Example: When Joe told a customer that he did more than cut lawns, it resulted in a conversation. Joe reminded the customer that he could put up a fence, build a gate, and put up trellises for the customer's roses. It resulted in more jobs for Joe.
Example: Mary draws fashion conscious clients to her upscale shop. When she began reminding them that she could do short fashion shows to punch up their parties and meetings, she began an expansion that has served to create more business for the shop's fashions.
Example: Greg is a chiropractor. He began reminding his clients that he was beginning regular monthly meetings at his place with a nutritionist talking and answering questions. This proved to be a powerful attraction to getting new chiropractic clients and referrals.
Example: Amy built up her upscale salon business by catering to high end clients--and charging high end prices. When she began reminding clients that she would come to their place to cut and style hair for men and women, she entered a new level of business. She now does much of her work in offices, homes and private airplanes.
Example: Frank's brownies were popular. People made a point of driving out of their way to pick up a box of brownies at his bakery. He began reminding his customers that he could ship to them. It worked. And when he began promoting on social media that he would ship anywhere, his business increased significantly.
Every business tends to settle into a comfortable way of doing business. And customers/clients tend to settle into thinking of you in only one way.
You can grow to a new level by reminding people of all the things you can do for them. You already know the first step.
Get yourself out of the narrow way you are managing your business. Remind your customers/clients of all the things you can do for them.
Wednesday, November 25, 2015
Dreaming new realities
Free daily tips, information, advice and ideas
to help you better manage your small business
Every business owner has dreams. But getting caught up in dreams before their time can be dangerous.
Example: Cedric Sr. started a tee shirt operation years ago. He worked very hard, keeping the business lean and mean. It supported the family and sent Cedric Jr. to college. When Cedric Jr. took over the business, he had bigger dreams. He expanded the old website and he posted lots of pictures on social media. Orders for tee shirts exploded, orders came in from all over, and shipments went out every day. Cedric Jr. arranged for a loan to expand the operation. He moved into larger quarters, bought more equipment, and hired more people. Suddenly, the economy tanked and orders dropped. He had trouble meeting the monthly payment on the loan. And then there was the rent on the bigger space. He laid off people, and some of his equipment lay idle. Going on social media was a good idea, but taking on lots of new debt and expanding too fast was a bad idea. Cedric Jr. let his dreams get ahead of reality.
When you are trying to turn your dreams into reality, you do a business plan. Always factor in changes in the market you serve or want to serve. And always consider that the economy can change. Work the numbers--numbers don't lie, and numbers can put a hedge on dreams.
Example: Kathy runs a small tea shop. Customers come in, browse the dozens of different teas, sip a sample, and purchase tea to take home. It was a nice little business, but Kathy wanted to expand. She familiarized herself with social media, and she began posting pictures on Facebook. Suddenly, her website was more active--people began ordering tea online. Many stopped coming to the shop, preferring online ordering. Then Kathy began offering standing orders--customers placed an order and Kathy shipped out replacements each month. Today, Kathy spends most of her time filling and shipping orders. She still enjoys meeting new customers who come to her tea shop, but her business is addressing a much, much bigger market.
Expanding an existing business--no matter the size--takes careful planning. Doing that business plan is crucial to success.
Turning your business dreams into reality means that you must use all the tools available to you. The most important tools are those involving the marketplace. A good business plan can uncover what you can expect in the market you plan to address.
Don't know how to do a business plan? Do a search for "Business Plans" and you'll find lots of help. Spend your time then on the marketing section.
to help you better manage your small business
Every business owner has dreams. But getting caught up in dreams before their time can be dangerous.
Example: Cedric Sr. started a tee shirt operation years ago. He worked very hard, keeping the business lean and mean. It supported the family and sent Cedric Jr. to college. When Cedric Jr. took over the business, he had bigger dreams. He expanded the old website and he posted lots of pictures on social media. Orders for tee shirts exploded, orders came in from all over, and shipments went out every day. Cedric Jr. arranged for a loan to expand the operation. He moved into larger quarters, bought more equipment, and hired more people. Suddenly, the economy tanked and orders dropped. He had trouble meeting the monthly payment on the loan. And then there was the rent on the bigger space. He laid off people, and some of his equipment lay idle. Going on social media was a good idea, but taking on lots of new debt and expanding too fast was a bad idea. Cedric Jr. let his dreams get ahead of reality.
When you are trying to turn your dreams into reality, you do a business plan. Always factor in changes in the market you serve or want to serve. And always consider that the economy can change. Work the numbers--numbers don't lie, and numbers can put a hedge on dreams.
Example: Kathy runs a small tea shop. Customers come in, browse the dozens of different teas, sip a sample, and purchase tea to take home. It was a nice little business, but Kathy wanted to expand. She familiarized herself with social media, and she began posting pictures on Facebook. Suddenly, her website was more active--people began ordering tea online. Many stopped coming to the shop, preferring online ordering. Then Kathy began offering standing orders--customers placed an order and Kathy shipped out replacements each month. Today, Kathy spends most of her time filling and shipping orders. She still enjoys meeting new customers who come to her tea shop, but her business is addressing a much, much bigger market.
Expanding an existing business--no matter the size--takes careful planning. Doing that business plan is crucial to success.
Turning your business dreams into reality means that you must use all the tools available to you. The most important tools are those involving the marketplace. A good business plan can uncover what you can expect in the market you plan to address.
Don't know how to do a business plan? Do a search for "Business Plans" and you'll find lots of help. Spend your time then on the marketing section.
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