Free daily tips, information, advice and ideas
to help you better manage your small business
Keeping up with what is going on in the markets you serve is part of running a small business. Markets continually change, they mature, and new markets appear. It ain't easy keeping up.
Always give the market what it wants. Customers and clients give you the clues you need. It's up to you to provide the goods and services that will satisfy the marketplace.
Example: Alex is a struggling artist. His large abstract paintings have attracted attention, and he has made sales. But buyers are few and far between. He is confident that in the long run he will be successful. The problem for Alex was how to get through the time it will take until he sells enough of his larger works to support his family. The answer came unexpectedly at a show he was attending. He overheard several people saying that there was nothing inexpensive enough to be considered as gifts for friends. It was a clue to a market segment Alex had not considered. He began turning out small paintings, quickly done, framed, and at reasonable prices. These began selling on his website, at shows, and to gift shops. Now he doesn't worry about income while he concentrates on his larger, more expensive, abstracts. The market is providing him with a bridge to his long-term goal.
Example: Nicole is a Pilates expert. She has her own studio where she sees clients. To exploit people's growing interest in fitness and wellness, she got her instructor's certification. She put the word out on social media and got good response. Nicole now teaches Pilates to others interested in the field while still seeing private clients. It is an extension of what she was already doing, but the teaching sessions bring in additional income. All of this activity has resulted in more referrals.
Example: Mary inherited her mother's small consignment shop. It was long-established and filled with vintage collectibles, games and toys, jewelry and small antiques--no clothing. Mary knew that the market out there was bigger than the locals who frequented her shop. So she reached out on social media, posting pictures every week of new arrivals. She also expanded by using eBay and Etsy to sell long distance. She turned a local destination consignment shop into a bigger and healthier business. The marketplace Mary serves is much bigger than that of her mother's shop.
A big part of managing your business is staying on top of the ever-changing marketplace. Sometimes, the change is in what people want. Other times, technology can propel your business into a bigger marketplace.
Your clients and customers move with the times. Businesses must do the same. To grow, take a step beyond what works today.
Monday, December 14, 2015
Friday, December 11, 2015
Expand your operation
Free daily tips, information, advice and ideas
to help you better manage your small business
Expanding your small business is easier than you might think. It takes thought, planning and moving ahead.
You can expand your present product lines or services. Or you can take off in a different direction.
Whatever you do, keep your eye firmly on the marketplace. No business succeeds unless it fills the public's needs for products and services.
Example: Jackie is a trained and certified nutritionist. She has been trying to establish her business, but attracting paying customers has proved difficult. She gives talks at health food stores, supermarkets and senior centers. When she decided to begin concentrating on weight problems and healthy eating, her business picked up. Jackie devised programs for both adults and children. She posted on Facebook, Twitter and other social media sites. Her solid background in nutrition gave her credibility with the new people who called for an appointment. Her seminars filled up, and soon she was able to rent a place of her own. It didn't stop there. She partnered with a hypotherapist and together they created more programs to help people manage and lose weight.
Example: Lisa was running a traditional gift shop which she had inherited from her mother. The gifts no longer attracted the attention that they once did. Lisa decided to make a change, updating the gift shop to better appeal to today's market. She contacted artists and artisans, arranging to carry their handmade works on a consignment basis. And she began posting the new items on Facebook and other social media. She now carries handmade jewelry, clothing accessories, stained glass items, small paintings and drawings, unusual objects in wood and iron. Gradually, Lisa transformed the old gift shop into a new destination, attracting more high-end customers from a wide area.
Example: John gradually changed his landscaping business by adding additional items to his list of services. Formerly, he cut lawns and trimmed shrubbery. Today, he installs walkways, fences, trellises. fish ponds, and other things to enhance and improve customer's gardens.
New trends in the marketplace pop up all the time. To keep up, get a trade magazine that serves your type business. Watch television. Troll the Internet.
Keep up with the changing marketplace. No matter your business, it will not be the same next year as it is today.
to help you better manage your small business
Expanding your small business is easier than you might think. It takes thought, planning and moving ahead.
You can expand your present product lines or services. Or you can take off in a different direction.
Whatever you do, keep your eye firmly on the marketplace. No business succeeds unless it fills the public's needs for products and services.
Example: Jackie is a trained and certified nutritionist. She has been trying to establish her business, but attracting paying customers has proved difficult. She gives talks at health food stores, supermarkets and senior centers. When she decided to begin concentrating on weight problems and healthy eating, her business picked up. Jackie devised programs for both adults and children. She posted on Facebook, Twitter and other social media sites. Her solid background in nutrition gave her credibility with the new people who called for an appointment. Her seminars filled up, and soon she was able to rent a place of her own. It didn't stop there. She partnered with a hypotherapist and together they created more programs to help people manage and lose weight.
Example: Lisa was running a traditional gift shop which she had inherited from her mother. The gifts no longer attracted the attention that they once did. Lisa decided to make a change, updating the gift shop to better appeal to today's market. She contacted artists and artisans, arranging to carry their handmade works on a consignment basis. And she began posting the new items on Facebook and other social media. She now carries handmade jewelry, clothing accessories, stained glass items, small paintings and drawings, unusual objects in wood and iron. Gradually, Lisa transformed the old gift shop into a new destination, attracting more high-end customers from a wide area.
Example: John gradually changed his landscaping business by adding additional items to his list of services. Formerly, he cut lawns and trimmed shrubbery. Today, he installs walkways, fences, trellises. fish ponds, and other things to enhance and improve customer's gardens.
New trends in the marketplace pop up all the time. To keep up, get a trade magazine that serves your type business. Watch television. Troll the Internet.
Keep up with the changing marketplace. No matter your business, it will not be the same next year as it is today.
Thursday, December 10, 2015
Doing more for clients
Free daily tips, information, advice and ideas
to help you better manage your small business
Clients tend to see you for one thing only. They pigeon hole you. They file you away as a provider of one thing they need.
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 the best coffee in the world.
In business, you must continually remind your customers/clients that you can do more. Otherwise, you'll miss opportunities.
Example: Eli is an independent insurance agent. He has built up a client base filling their needs for insurance--homeowners, accident, life. He frequently reminds his clients that he can write other types of insurance--flood, loss of business, key man or partner insurance. It has brought more call and clients.
Example: Sue is a hypnotherapist. She specializes in offering sessions on weight reduction and stopping smoking. Recently, she reached out to local physicians, informing them that she could help their patients with weight problems and smoking addition. It resulted in more calls. When Sue informed physicians that she could also handle pain management problems, even more calls came in.
Example: John designs websites for clients. When he informed them that he could also set them up on social media, the calls came in. His clients had not made the connection until John laid it out and educated them. This has resulted in additional work--several clients now want their websites redesigned.
Every business tends to settle into a comfortable way of doing business. And the customers/clients tend to settle into seeing you in only one way.
Remind people of all the things you can do for them. It helps to grow and expand the business among a client base already familiar with you.
You can remind people in person of all the things you can do for them. Or remind them on Facebook and other social media.
to help you better manage your small business
Clients tend to see you for one thing only. They pigeon hole you. They file you away as a provider of one thing they need.
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 the best coffee in the world.
In business, you must continually remind your customers/clients that you can do more. Otherwise, you'll miss opportunities.
Example: Eli is an independent insurance agent. He has built up a client base filling their needs for insurance--homeowners, accident, life. He frequently reminds his clients that he can write other types of insurance--flood, loss of business, key man or partner insurance. It has brought more call and clients.
Example: Sue is a hypnotherapist. She specializes in offering sessions on weight reduction and stopping smoking. Recently, she reached out to local physicians, informing them that she could help their patients with weight problems and smoking addition. It resulted in more calls. When Sue informed physicians that she could also handle pain management problems, even more calls came in.
Example: John designs websites for clients. When he informed them that he could also set them up on social media, the calls came in. His clients had not made the connection until John laid it out and educated them. This has resulted in additional work--several clients now want their websites redesigned.
Every business tends to settle into a comfortable way of doing business. And the customers/clients tend to settle into seeing you in only one way.
Remind people of all the things you can do for them. It helps to grow and expand the business among a client base already familiar with you.
You can remind people in person of all the things you can do for them. Or remind them on Facebook and other social media.
Wednesday, December 9, 2015
Promoting effectively
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.
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.
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.
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