Free daily tips, information, advice and ideas
to help you better manage your small business
Your small business is never static. Either you are growing or falling behind. Trying to tread water and stay at the same level of business is not a good option.
The reason for this is based on a simple truth. Sooner or later, you will lose every customer you have. They move away, they outgrow you and your products and services, their brother-in-law goes into a similar business, you drop the ball in customer service, and so on.
Your business environment is always changing. What worked last year falls flat in tomorrow's market. The marketplace moves and you must move with it.
Example: Greg is trained and certified in acupuncture. He set up his place and attracted a growing list of clients. To promote more, he offers talks and demonstrations at business and organizational meetings. In addition he arranged to do a brief workshop at the local medical clinic. These activities began to attract more clients to the acupuncture treatments Greg offered. He was promoting--and educating--by reaching out into the community.
Example: Cheryl runs a fitness center. No heavy lifting here--she targets people 40 years old and above, using treadmills, cycles, and the like. To spread the word, she joined several networking groups but the success was limited. She went to MeetUp.com and formed her own group--people looking to solve weight problems, get in better shape, and deal with post-surgery problems. She also used Facebook, LinkedIn and other social media to spread the word. This has resulted in promoting her fitness center far beyond the small circle of regulars she served before. Social media put Cheryl on the map, plus referrals came.
Example: Vicky opened a small neighborhood restaurant, serving breakfast, lunch and dinner. She knows her reputation is spreading, because new faces are showing up. To promote, Vicky had coupons printed offering one dollar off on any meal. These were designed to suggest the size and color of real money. (You cannot print a dollar bill unless you want a visit from the federal government.) Vicky hands out her coupons to everyone as they pay their bill, encouraging people to take a couple of extras for their friends. Her regulars helped Vicky promote the restaurant. A dollar amount coupon works better than offering a percentage off.
Inexpensive promotional ideas are everywhere. Put on your thinking cap and home in on what works in your business.
Promoting your business is a never-ending activity. Try one method and see how it does. Then try another. Home in on what works best.
Wednesday, December 9, 2015
Tuesday, December 8, 2015
So long, corporate
Free daily tips, information, advice and ideas
to help you better manage your small business
Leaving a cushy corporate position is not easy. I did it, and I can tell you that it is scary. At the same time, it can be very rewarding.
In a corporate position, you have the resources of a big organization to call on. Your computer is suddenly acting up--you call the department that handles such things. You want an electrical receptacle moved--call the maintenance department. You want a raise in pay--sit with your boss.
When you say goodbye to corporate, you leave all this behind. You are on your own. You handle everything. Instead of asking your boss for a raise, look in the mirror.
Example: Mary handled customer service in a manufacturing company. She was very good at it, and she regularly got commendations and raises in pay. But Mary wanted her own business. She considered several options, investigated several possibilities, and then came to her conclusion. Handling customers was the key in any business. It's all about the marketplace and customers. She gave her notice, and today Mary runs her own firm representing a growing base of manufacturers. Hers is a business handling the interface between manufacturers and their customers. The key to her success is her years of experience handling customers--their needs, their concerns, their complaints. Her reputation is such that new clients call her asking to be represented.
Example: Gene went to law school because that was the career path that was common in his family. He passed the bar exam and landed a position in a big law firm. He was on his way. But the thing that Gene really enjoyed happened after a day in the office. He would go home and head for the kitchen. There, he would bake--usually experimenting with cakes. The more he did this, the more he dreaded going to the law firm every day. Gene began creating spectacular cakes for a growing list of specialty clients. Today, he has his own successful cake bakery, often wondering why he got so sidetracked with a law degree.
To leave corporate, concentrate on the thing you're interested in and good at. Turn that into a business. You will find yourself jumping out of bed every morning and you won't mind the long hours.
Before you give notice, however, do a business plan--concentrating on the market for your product or service. And make certain that you have enough funds to support yourself for that first year or two in business.
Saying goodbye to corporate and starting your own business is a major move. Remember, you'll be taking out the trash and fixing your own computer. And then you turn out the lights and get a little sleep.
to help you better manage your small business
Leaving a cushy corporate position is not easy. I did it, and I can tell you that it is scary. At the same time, it can be very rewarding.
In a corporate position, you have the resources of a big organization to call on. Your computer is suddenly acting up--you call the department that handles such things. You want an electrical receptacle moved--call the maintenance department. You want a raise in pay--sit with your boss.
When you say goodbye to corporate, you leave all this behind. You are on your own. You handle everything. Instead of asking your boss for a raise, look in the mirror.
Example: Mary handled customer service in a manufacturing company. She was very good at it, and she regularly got commendations and raises in pay. But Mary wanted her own business. She considered several options, investigated several possibilities, and then came to her conclusion. Handling customers was the key in any business. It's all about the marketplace and customers. She gave her notice, and today Mary runs her own firm representing a growing base of manufacturers. Hers is a business handling the interface between manufacturers and their customers. The key to her success is her years of experience handling customers--their needs, their concerns, their complaints. Her reputation is such that new clients call her asking to be represented.
Example: Gene went to law school because that was the career path that was common in his family. He passed the bar exam and landed a position in a big law firm. He was on his way. But the thing that Gene really enjoyed happened after a day in the office. He would go home and head for the kitchen. There, he would bake--usually experimenting with cakes. The more he did this, the more he dreaded going to the law firm every day. Gene began creating spectacular cakes for a growing list of specialty clients. Today, he has his own successful cake bakery, often wondering why he got so sidetracked with a law degree.
To leave corporate, concentrate on the thing you're interested in and good at. Turn that into a business. You will find yourself jumping out of bed every morning and you won't mind the long hours.
Before you give notice, however, do a business plan--concentrating on the market for your product or service. And make certain that you have enough funds to support yourself for that first year or two in business.
Saying goodbye to corporate and starting your own business is a major move. Remember, you'll be taking out the trash and fixing your own computer. And then you turn out the lights and get a little sleep.
Monday, December 7, 2015
The next employee
Free daily tips, information, advice and ideas
to help you better manage your small business
Finding that next employee can be frustrating. Much of the frustration might be your own--you might be looking in the wrong place.
All of us know that good employees are hard to find. It's really understandable--good employees already have jobs. To hire them to work for you can mean hiring them away from some other business.
Another option is to train an existing employee to do the next level job. This means you are left with a lower job opening that must be filled.
To look for that next employee, you might think about placing an ad. Or you might look to social media to find an applicant. Either one of these options can result in resumes flooding your desk. Not a good option.
But there are better ways--particularly for owners of small businesses. Once you're clear about what that next employee will be expected to do, tell your present employees what you're looking for. One of them might step up, wanting the job. Or, they might know someone else who will be good at the job--ask them to refer others.
Example: Tony ran a small printing operation. He had just four employees. He wanted to add a new press and he would need someone to operate the machine. His existing pressman jumped at the chance, leaving an opening to run the small, older press. The receptionist jumped at the chance to learn to operate the older press. This left Tony needing a new receptionist--an easier job opening to fill.
Example: Sara is a chiropractor who built her business into a wellness center. Her massage therapist moved away, leaving a hole in Sara's operation. She had a conversation with the nutritionist who practiced at the wellness center. The nutritionist suggested several possible candidates from her circle of contacts. Quietly, Sara checked out three of them, settling on one. She called that one, had an interview, and they settled on an arrangement. By networking her way through contacts, Sara avoided the resumes an advertisement would have brought in.
Example: Bill's private law practice was growing, and he wanted to add elder law capabilities. He had the expertise to handle elder law, but he needed another attorney to handle the other pieces of his practice. He began searching for a young, relatively inexperienced lawyer, feeling that he could train the younger attorney to handle anything that walked in the door. He found Ellie who had recently completed her bar exam. Today, Bill handles elder law while Ellie handles just about everything else.
You always want to hire someone who shows up on time, knows the language, has a good attitude, and gets along with others. Most of the time, you can teach them everything else.
Placing an ad in newspapers or on social media can be the answer for big companies. But small business is a different animal.
to help you better manage your small business
Finding that next employee can be frustrating. Much of the frustration might be your own--you might be looking in the wrong place.
All of us know that good employees are hard to find. It's really understandable--good employees already have jobs. To hire them to work for you can mean hiring them away from some other business.
Another option is to train an existing employee to do the next level job. This means you are left with a lower job opening that must be filled.
To look for that next employee, you might think about placing an ad. Or you might look to social media to find an applicant. Either one of these options can result in resumes flooding your desk. Not a good option.
But there are better ways--particularly for owners of small businesses. Once you're clear about what that next employee will be expected to do, tell your present employees what you're looking for. One of them might step up, wanting the job. Or, they might know someone else who will be good at the job--ask them to refer others.
Example: Tony ran a small printing operation. He had just four employees. He wanted to add a new press and he would need someone to operate the machine. His existing pressman jumped at the chance, leaving an opening to run the small, older press. The receptionist jumped at the chance to learn to operate the older press. This left Tony needing a new receptionist--an easier job opening to fill.
Example: Sara is a chiropractor who built her business into a wellness center. Her massage therapist moved away, leaving a hole in Sara's operation. She had a conversation with the nutritionist who practiced at the wellness center. The nutritionist suggested several possible candidates from her circle of contacts. Quietly, Sara checked out three of them, settling on one. She called that one, had an interview, and they settled on an arrangement. By networking her way through contacts, Sara avoided the resumes an advertisement would have brought in.
Example: Bill's private law practice was growing, and he wanted to add elder law capabilities. He had the expertise to handle elder law, but he needed another attorney to handle the other pieces of his practice. He began searching for a young, relatively inexperienced lawyer, feeling that he could train the younger attorney to handle anything that walked in the door. He found Ellie who had recently completed her bar exam. Today, Bill handles elder law while Ellie handles just about everything else.
You always want to hire someone who shows up on time, knows the language, has a good attitude, and gets along with others. Most of the time, you can teach them everything else.
Placing an ad in newspapers or on social media can be the answer for big companies. But small business is a different animal.
Friday, December 4, 2015
Customer complaint goldmines
Free daily tips, information, advice and ideas
to help you better manage your small business
You get complaints when you are in business. Complaints are part of the territory. They come in many colorful ways, but all are useful in helping you improve your operation.
Example: Gina runs a hair salon. When a new customer posted negative comments on Facebook, Gina responded in a professional way. She posted positive comments of her own, keeping the focus on every customer's concerns. She offered a free do-over for the lady who complained, turning the complaint into good vibes.
Example: Jill runs a breakfast cafe. One customer complained about the meal, although he had eaten everything--the eggs were runny, the coffee was cold, the orange juice watery. Jill wiped out the charge and apologized to the man. When he left, she immediately looked into the situation. She found that the cook was rushing orders and the waitress was overwhelmed that day. Jill used the customer's complaint to re-organize the flow of orders through the kitchen, and she hired part-time waitresses she could call to help out as needed.
Example: Karl is a massage therapist. A first-time client complained at the end of her session that she had been bruised. While nothing was apparent on the woman's skin, she insisted that it was a deep bruise and therefore would not show. Karl offered a double solution--he would waive the charge for this session and he gave her a gift certificate for a future session. He suspected that she was angling for this all along. Today, the woman calls regularly for an appointment.
Example: Mary is an artist who makes glass mosaics. She has a small studio and the public is welcome to visit. She also has a website and a Facebook presence. Her phone number is published and she gets calls, but when she is busy on her mosaics, she sometimes lets the call go to voice mail. One woman called every 15 minutes for an hour, finally leaving a telling message: "If you cannot pick up the phone, I assume you are out of business." When Mary tried to call the woman back, the woman hung up on her. Today, Mary answers every phone call--promptly.
Whatever the complaint, it is an opportunity to improve your business. Of course, sometimes, people complain because that's who they are. Know the difference. Complaints can be goldmines.
Complaints are useful. Think positively and use complaints to help you improve your business.
to help you better manage your small business
You get complaints when you are in business. Complaints are part of the territory. They come in many colorful ways, but all are useful in helping you improve your operation.
Example: Gina runs a hair salon. When a new customer posted negative comments on Facebook, Gina responded in a professional way. She posted positive comments of her own, keeping the focus on every customer's concerns. She offered a free do-over for the lady who complained, turning the complaint into good vibes.
Example: Jill runs a breakfast cafe. One customer complained about the meal, although he had eaten everything--the eggs were runny, the coffee was cold, the orange juice watery. Jill wiped out the charge and apologized to the man. When he left, she immediately looked into the situation. She found that the cook was rushing orders and the waitress was overwhelmed that day. Jill used the customer's complaint to re-organize the flow of orders through the kitchen, and she hired part-time waitresses she could call to help out as needed.
Example: Karl is a massage therapist. A first-time client complained at the end of her session that she had been bruised. While nothing was apparent on the woman's skin, she insisted that it was a deep bruise and therefore would not show. Karl offered a double solution--he would waive the charge for this session and he gave her a gift certificate for a future session. He suspected that she was angling for this all along. Today, the woman calls regularly for an appointment.
Example: Mary is an artist who makes glass mosaics. She has a small studio and the public is welcome to visit. She also has a website and a Facebook presence. Her phone number is published and she gets calls, but when she is busy on her mosaics, she sometimes lets the call go to voice mail. One woman called every 15 minutes for an hour, finally leaving a telling message: "If you cannot pick up the phone, I assume you are out of business." When Mary tried to call the woman back, the woman hung up on her. Today, Mary answers every phone call--promptly.
Whatever the complaint, it is an opportunity to improve your business. Of course, sometimes, people complain because that's who they are. Know the difference. Complaints can be goldmines.
Complaints are useful. Think positively and use complaints to help you improve your business.
Thursday, December 3, 2015
Getting your word out there
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.
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.
Wednesday, December 2, 2015
Headed toward franchising
Free daily tips, information, advice and ideas
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.
Subscribe to:
Posts (Atom)