Free daily tips, information, advice, ideas,
with real business examples.
Customers and clients are the most important part of business. Without them, you don't have a business.
So, how do you find them and treat them?
Let's talk about friends. Everyone has personal friends. And everyone has casual friends who are not so personal.
Customers and clients are a third type of friend. These are business friends.
These people have needs that can bring them to you. You offer products or services they want.
If you treat your business friends as personal friends, some of them will be turned off. They will view your attentions as an invasion of privacy.
If you treat them as casual friends, you run another risk. They might misinterpret your attention (of lack of) as less than serious.
However, if you treat them as business friends, you have the best chance of success.
So, what exactly is a business friend? Two examples tell the tale.
Example: Elaine promotes her fashionable shop for women with social media posts of new designs she offers. Twice each year, she mounts a live fashion show with models wearing the designs carried in the shop. Models mingle with guests. Shoes, handbags and accessories are prominently displayed. Before and after the show, pictures are posted on social media. In addition, Elaine has developed a mailing list and she uses it in two ways. (1) She sends out gift certificates along with an invitation to special private showings. (2) She sends a Thank You card anytime someone spends over $100 in the shop. Elaine also makes herself available at all times to answer questions, discuss trends, and be the go-to adviser for clothing and accessories. All these activities contribute to building the business friend base.
Example: Marsha started out with a small yoga studio, attracting a loyal base of business friends with her training, expertise, and relaxed attitude. Her clients lingered after their sessions, and she listened carefully to their concerns and problems. They had questions about nutrition, meditation, massage and other alternative therapies. So, a couple of years ago, Marsha decided to grow her business into more than her yoga sessions. Since then, she has attracted other professionals who offer a wide range of therapies. Together, they schedule open houses, programs, events, and information sessions built around the interests of the growing base of business friends. Everyone at the wellness center is sensitive to clients, trained to listen, spend time together and freely furnish information. With many pictures and posts on social media, the base of business friends continues to grow. Marsha still sees private yoga clients herself, but her wellness center has expanded far beyond yoga.
These two examples show how small businesses can grow. In both cases, there is an intense focus on the customers and clients--their interests, their concerns, and their needs. When you listen carefully, your business friends will show you the way forward.
Building your base of business friends takes attention, listening, transparency, honesty, and going the extra mile. Social media can provide many opportunities to nourish business friends--and extend your reach to many more people. The marketing mechanisms for small businesses have taken a quantum leap.
Many more examples of cultivating business friends are scattered throughout these write-ups. Promoting and growing your small business has never been easier. Facebook offers a wealth of opportunities that were not available in yesterday's world.
Thursday, October 30, 2014
Wednesday, October 29, 2014
Promotion ideas
Free daily tips, information, advice, and ideas,
with business examples drawn from real life.
Promoting is something you do all the time. You try to get more referrals, you put the word out on Facebook, LinkedIn and other social media, you join networking groups, and you hold events to attract attention.
But there is always something new to try. What works for you might not work for the next person in business, and vice versa. And what works this year might not next year. And so it goes. Remember, the business environment, like the weather, is continually changing.
The best promotions grow out of your operation, or they become a part of the operation. And best of all, they are inexpensive. Here are three examples of this--build on what you already have.
Example: Ed is trained and certified in acupuncture. He set up a place and has a growing list of clients. To grow more, he set aside a large room where several people can lie down, relax in a communal setting. These are short, inexpensive, stress-reducing sessions. It's quiet and no electronics of any kind can be carried into the room. To attract more attention, Ed offers discounts to those who bring along a friend. He posts pictures on Facebook and short explanations on LinkedIn. Many of his clients are corporate types looking for relief from the stresses of their positions. Best of all, it's working to bring in more private clients with problems that require longer sessions.
Example: Ellen runs a small neighborhood restaurant. She knows that her reputation is spreading because more new people are showing up. To speed up the process, she has coupons printed offering one dollar off a meal. They are printed to suggest the size and color of real money. Ellen hands these out when people pay their bill, encouraging them to take a couple more for their friends. Her customers gladly promote for her, and it's working. Ellen is seeing more new faces with coupons in hand.
Example: Mary runs a fitness center. She tried joining networking groups to spread the word, and she got some results. But she thought she could do better. She went up on MeetUp.com, formed her own local networking group, and set meetings once each month. Her fitness center was large enough to accommodate those who showed up. There were no rules--just show up, meet other people from the area, and expand your own area of influence. Her monthly sessions became a popular community gathering. Regulars looked forward to interacting with others, and they brought new attendees. Mary spreads the word on Facebook, LinkedIn, and, of course, MeetUp. The result has been a great deal of publicity for her fitness center, and she has signed up many additional clients.
Promotional ideas are everywhere. Try something and build on it. Notice that the examples above took little, if any, actual money to put in place--just an attitude willpower and persistence.
Promoting is an on-going activity for your business. And promoting can take many forms. See other examples scattered throughout these write-ups.
with business examples drawn from real life.
Promoting is something you do all the time. You try to get more referrals, you put the word out on Facebook, LinkedIn and other social media, you join networking groups, and you hold events to attract attention.
But there is always something new to try. What works for you might not work for the next person in business, and vice versa. And what works this year might not next year. And so it goes. Remember, the business environment, like the weather, is continually changing.
The best promotions grow out of your operation, or they become a part of the operation. And best of all, they are inexpensive. Here are three examples of this--build on what you already have.
Example: Ed is trained and certified in acupuncture. He set up a place and has a growing list of clients. To grow more, he set aside a large room where several people can lie down, relax in a communal setting. These are short, inexpensive, stress-reducing sessions. It's quiet and no electronics of any kind can be carried into the room. To attract more attention, Ed offers discounts to those who bring along a friend. He posts pictures on Facebook and short explanations on LinkedIn. Many of his clients are corporate types looking for relief from the stresses of their positions. Best of all, it's working to bring in more private clients with problems that require longer sessions.
Example: Ellen runs a small neighborhood restaurant. She knows that her reputation is spreading because more new people are showing up. To speed up the process, she has coupons printed offering one dollar off a meal. They are printed to suggest the size and color of real money. Ellen hands these out when people pay their bill, encouraging them to take a couple more for their friends. Her customers gladly promote for her, and it's working. Ellen is seeing more new faces with coupons in hand.
Example: Mary runs a fitness center. She tried joining networking groups to spread the word, and she got some results. But she thought she could do better. She went up on MeetUp.com, formed her own local networking group, and set meetings once each month. Her fitness center was large enough to accommodate those who showed up. There were no rules--just show up, meet other people from the area, and expand your own area of influence. Her monthly sessions became a popular community gathering. Regulars looked forward to interacting with others, and they brought new attendees. Mary spreads the word on Facebook, LinkedIn, and, of course, MeetUp. The result has been a great deal of publicity for her fitness center, and she has signed up many additional clients.
Promotional ideas are everywhere. Try something and build on it. Notice that the examples above took little, if any, actual money to put in place--just an attitude willpower and persistence.
Promoting is an on-going activity for your business. And promoting can take many forms. See other examples scattered throughout these write-ups.
Tuesday, October 28, 2014
Unusual start-ups
Free daily tips, information, advice, and ideas
with examples from real businesses
Getting into business can be a natural outgrowth of youthful activities. Early interests can form the basis for a little--or big--business of your own.
Example: Krystal loved jigsaw puzzles and hated her corporate job. She had collected hundreds of puzzles over the years, keeping them neatly stacked in bookcases. Her friend Stan encouraged her to open a puzzle store. She was reluctant, but she finally decided to take the plunge. Krystal and Stan found a small place on a side street and signed the lease. He built shelves and together they painted the place. They found a large farm table, fitted it with a glass top, and surrounded it with chairs they found at thrift shops. Krystal brought in her jigsaw puzzles and searched for more at yard sales. She rounded out the store's offerings with other types of puzzles, board games and video games. Gradually, the place found its customer base with the help of social media and word of mouth. Two nights each week, people gather around the big table doing puzzles in a community talkfest. Krystal never regretted leaving her corporate job.
Example: Sheena loved hair. As a child, she helped her sisters and their friends "fix" their hair. She would cut, braid, shape, and curl until she achieved perfection. There was no question about it--Sheena was headed toward a career in hair. She surprised everyone, however, by opening--not a salon, but a wig shop. Sheena had done her research, and she had found a market for high quality wigs shaped and styled professionally. Today, she counts among her clients many celebrities, actors, executives, movie and theater production people. Word of mouth referrals grow Sheena's business.
Example: Arthur showed an early interest in glass. Growing up, he could be found melting together glass from broken colored glass bottles. Early on, he discovered the history of glass-making in the United States, and he put himself through an informal apprenticeship with a glass blower. He learned how to blow table pieces and how to introduce color into the glass. In college Arthur concentrated on art glass and began selling some of his pieces. His reputation grew and today he supports his family with a steady production of hand-blown glass pieces, all exquisite and expensive. He attends a couple of high-end shows each year, but much of his work is done on consignment.
Early interests frequently blossom into the business an adult establishes. Anything can be turned into a business--if you're interested, others are interested. And they become your target market.
If you are in a job you can't stand, quit and do something else. If your business doesn't inspire you to jump out of bed every morning, go off in a different direction. The answer is inside your own head. Look to the things you've left behind.
These write-ups are meant to inform and inspire. Examples of unusual start-ups are scattered throughout. People turn all sorts of interests into thriving businesses.
with examples from real businesses
Getting into business can be a natural outgrowth of youthful activities. Early interests can form the basis for a little--or big--business of your own.
Example: Krystal loved jigsaw puzzles and hated her corporate job. She had collected hundreds of puzzles over the years, keeping them neatly stacked in bookcases. Her friend Stan encouraged her to open a puzzle store. She was reluctant, but she finally decided to take the plunge. Krystal and Stan found a small place on a side street and signed the lease. He built shelves and together they painted the place. They found a large farm table, fitted it with a glass top, and surrounded it with chairs they found at thrift shops. Krystal brought in her jigsaw puzzles and searched for more at yard sales. She rounded out the store's offerings with other types of puzzles, board games and video games. Gradually, the place found its customer base with the help of social media and word of mouth. Two nights each week, people gather around the big table doing puzzles in a community talkfest. Krystal never regretted leaving her corporate job.
Example: Sheena loved hair. As a child, she helped her sisters and their friends "fix" their hair. She would cut, braid, shape, and curl until she achieved perfection. There was no question about it--Sheena was headed toward a career in hair. She surprised everyone, however, by opening--not a salon, but a wig shop. Sheena had done her research, and she had found a market for high quality wigs shaped and styled professionally. Today, she counts among her clients many celebrities, actors, executives, movie and theater production people. Word of mouth referrals grow Sheena's business.
Example: Arthur showed an early interest in glass. Growing up, he could be found melting together glass from broken colored glass bottles. Early on, he discovered the history of glass-making in the United States, and he put himself through an informal apprenticeship with a glass blower. He learned how to blow table pieces and how to introduce color into the glass. In college Arthur concentrated on art glass and began selling some of his pieces. His reputation grew and today he supports his family with a steady production of hand-blown glass pieces, all exquisite and expensive. He attends a couple of high-end shows each year, but much of his work is done on consignment.
Early interests frequently blossom into the business an adult establishes. Anything can be turned into a business--if you're interested, others are interested. And they become your target market.
If you are in a job you can't stand, quit and do something else. If your business doesn't inspire you to jump out of bed every morning, go off in a different direction. The answer is inside your own head. Look to the things you've left behind.
These write-ups are meant to inform and inspire. Examples of unusual start-ups are scattered throughout. People turn all sorts of interests into thriving businesses.
Monday, October 27, 2014
Restaurant ideas
Free daily tips, info, advice, and ideas,
with examples from real businesses.
Restaurants are difficult to establish and operate. Many don't make it past five years.
Those that survive owe a lot to hard work, persistence, and an attitude--never give up. Some try different approaches before settling on the one that works.
Example: Clarence bought a restaurant that was going downhill. The clientele had drifted away, and the former owner did little to counteract the slide. The place had a large dining room and a large extra room for parties. Clarence considered changing the menu, the decor, and the furnishings. But he decided to "punch up" the menu, upgrade the decor, and replace the tables and chairs. He wanted to capture and hold the attention of his regulars while he concentrated on putting that extra party room to more use. He began contacting local organizations, groups, and businesses--offering them free use of the room for their meetings and for a set price he would cater food and drink. Soon, Clarence was catering two or three meetings every week. This introduced his "new" restaurant to more people--he began to get calls from corporate event people. Meanwhile, he kept improving and adding to the menu. It took a couple of years, but the restaurant that was headed toward oblivion is now turned around and profitable.
Example: Phyllis wanted to establish an exclusive cafe serving breakfasts only. She targeted that narrow market segment of upscale executives, professionals, managers and others. These people were looking for a healthy breakfast and relaxed conversation among their peers. Phyllis leased a place that could seat 50 or so at tables in three small rooms. She offered memberships that included a key card to the front door that was kept locked. There was no sign anywhere--members had to know this place in order to find it. Memberships included free coffees and teas, lattes and cappuccinos. Members placed breakfast orders on apps as they headed to the place, or they had standing orders. They paid for individual breakfasts at their convenience--the bill was sent to their phone. Phyllis was apprehensive in the beginning that it would take months to get established, but social media did the job in a few weeks. The place is filled every morning beginning at 6 a.m. and there is a waiting list wanting to buy memberships.
Example: Yma had an idea for a new type of restaurant. Well, not really new. Yma's grandmother had run a boarding house, serving lunches and dinners family-style. The big dining room table could seat 16 people--and it was usually full. Diners passed bowls of vegetable and platters of meats. The aroma of freshly baked bread filled the place. The operation enjoyed a good reputation, frequently attracting townspeople to fill out two seatings. Yma inherited her grandmother's house, that big table, and the memories. She was determined to establish her own restaurant--again, family-style. Yes, she offered a large buffet, but diners were encouraged to pass dishes around the table and engage in conversation. The operation attracted families anxious to experience the community feeling of meeting and dining together. No phones are allowed in the room, but reservations are now required to get in.
Restaurants reflect the food, the ambiance of the place, as well as the personality of the owner. Bringing all this together takes skill--with a view of the targeted diner group.
New ideas can attract new attention. And some old ideas are always good possibilities.
Additional examples of taking restaurants and cafes in a new direction are scattered throughout these write-ups.
with examples from real businesses.
Restaurants are difficult to establish and operate. Many don't make it past five years.
Those that survive owe a lot to hard work, persistence, and an attitude--never give up. Some try different approaches before settling on the one that works.
Example: Clarence bought a restaurant that was going downhill. The clientele had drifted away, and the former owner did little to counteract the slide. The place had a large dining room and a large extra room for parties. Clarence considered changing the menu, the decor, and the furnishings. But he decided to "punch up" the menu, upgrade the decor, and replace the tables and chairs. He wanted to capture and hold the attention of his regulars while he concentrated on putting that extra party room to more use. He began contacting local organizations, groups, and businesses--offering them free use of the room for their meetings and for a set price he would cater food and drink. Soon, Clarence was catering two or three meetings every week. This introduced his "new" restaurant to more people--he began to get calls from corporate event people. Meanwhile, he kept improving and adding to the menu. It took a couple of years, but the restaurant that was headed toward oblivion is now turned around and profitable.
Example: Phyllis wanted to establish an exclusive cafe serving breakfasts only. She targeted that narrow market segment of upscale executives, professionals, managers and others. These people were looking for a healthy breakfast and relaxed conversation among their peers. Phyllis leased a place that could seat 50 or so at tables in three small rooms. She offered memberships that included a key card to the front door that was kept locked. There was no sign anywhere--members had to know this place in order to find it. Memberships included free coffees and teas, lattes and cappuccinos. Members placed breakfast orders on apps as they headed to the place, or they had standing orders. They paid for individual breakfasts at their convenience--the bill was sent to their phone. Phyllis was apprehensive in the beginning that it would take months to get established, but social media did the job in a few weeks. The place is filled every morning beginning at 6 a.m. and there is a waiting list wanting to buy memberships.
Example: Yma had an idea for a new type of restaurant. Well, not really new. Yma's grandmother had run a boarding house, serving lunches and dinners family-style. The big dining room table could seat 16 people--and it was usually full. Diners passed bowls of vegetable and platters of meats. The aroma of freshly baked bread filled the place. The operation enjoyed a good reputation, frequently attracting townspeople to fill out two seatings. Yma inherited her grandmother's house, that big table, and the memories. She was determined to establish her own restaurant--again, family-style. Yes, she offered a large buffet, but diners were encouraged to pass dishes around the table and engage in conversation. The operation attracted families anxious to experience the community feeling of meeting and dining together. No phones are allowed in the room, but reservations are now required to get in.
Restaurants reflect the food, the ambiance of the place, as well as the personality of the owner. Bringing all this together takes skill--with a view of the targeted diner group.
New ideas can attract new attention. And some old ideas are always good possibilities.
Additional examples of taking restaurants and cafes in a new direction are scattered throughout these write-ups.
Friday, October 24, 2014
Marketing gifts
Free tips, info, advice, ideas, plus
examples showing real business situations.
Sometimes you can expand your business just by spotting a marketing gift. Alert owners can take advantage of the unexpected situations that come up.
Example: Isabelle is a certified therapist specializing in helping clients through stress, PTSD, grief, and related issues. She noticed that many of her clients had gone through drug and alcohol addiction rehab programs, but large numbers of them were still fighting their old habits. Today, Isabelle has extended her practice to help rehab "graduates" cope with their on-going problems. They represent a well-defined market of people who need specific help. Isabelle is developing several programs specifically for post-rehab people. It's another area of therapy that is bringing in an increasing number of clients. She is building on what she already does.
Example: Joe runs a small independent pest control company. He has experienced difficulty "breaking out" ahead of the competition. When the town suddenly came alive with stink bugs, Joe saw an opportunity. He got busy on his Facebook page, showing the invasion of the bugs--with pictures of the bugs on sidewalks, patios and porches. The calls came in. He gave short talks at meetings. More calls came in. Many of the calls turned into regular customers coping with fleas, ticks, mice, ants, spiders, and, yes, stink bugs. The stink bugs were a marketing gift.
Example: Margaret runs a local recycling operation. She specializes in taking all types of metals, including unwanted electronics. The metals market goes through ups and downs. When prices go up, lots of metal shows up at her yard. When prices go down, not so much arrives at her gate. When a storm came through her area, Margaret spotted another market. The storm left many downed trees. She put the word out that she would take the wood--no payment, just a convenient place for people to get rid of it. Soon her back lot was filled with a jumble of tree trunks and limbs. Again Margaret put the word out--this time to artisans, woodworkers, and businesses offering mulch, firewood, and more. She had suddenly expanded into another market segment--selling wood. Two or three seasonal storms keeps the back lot full.
Look around. Everything changes--technology, weather, and markets themselves. Be alert to opportunities for expansion of your business.
Additional examples are scattered throughout these write-ups. Business expansions can be easy if you build on what you're already doing. Just be careful that you don't head off in another direction that takes you away from what you're already doing. You're adding to, not replacing. Replacing is another topic.
examples showing real business situations.
Sometimes you can expand your business just by spotting a marketing gift. Alert owners can take advantage of the unexpected situations that come up.
Example: Isabelle is a certified therapist specializing in helping clients through stress, PTSD, grief, and related issues. She noticed that many of her clients had gone through drug and alcohol addiction rehab programs, but large numbers of them were still fighting their old habits. Today, Isabelle has extended her practice to help rehab "graduates" cope with their on-going problems. They represent a well-defined market of people who need specific help. Isabelle is developing several programs specifically for post-rehab people. It's another area of therapy that is bringing in an increasing number of clients. She is building on what she already does.
Example: Joe runs a small independent pest control company. He has experienced difficulty "breaking out" ahead of the competition. When the town suddenly came alive with stink bugs, Joe saw an opportunity. He got busy on his Facebook page, showing the invasion of the bugs--with pictures of the bugs on sidewalks, patios and porches. The calls came in. He gave short talks at meetings. More calls came in. Many of the calls turned into regular customers coping with fleas, ticks, mice, ants, spiders, and, yes, stink bugs. The stink bugs were a marketing gift.
Example: Margaret runs a local recycling operation. She specializes in taking all types of metals, including unwanted electronics. The metals market goes through ups and downs. When prices go up, lots of metal shows up at her yard. When prices go down, not so much arrives at her gate. When a storm came through her area, Margaret spotted another market. The storm left many downed trees. She put the word out that she would take the wood--no payment, just a convenient place for people to get rid of it. Soon her back lot was filled with a jumble of tree trunks and limbs. Again Margaret put the word out--this time to artisans, woodworkers, and businesses offering mulch, firewood, and more. She had suddenly expanded into another market segment--selling wood. Two or three seasonal storms keeps the back lot full.
Look around. Everything changes--technology, weather, and markets themselves. Be alert to opportunities for expansion of your business.
Additional examples are scattered throughout these write-ups. Business expansions can be easy if you build on what you're already doing. Just be careful that you don't head off in another direction that takes you away from what you're already doing. You're adding to, not replacing. Replacing is another topic.
Thursday, October 23, 2014
Expanding yourself
Free daily tips, info, advice, ideas, with real
examples from real businesses.
Expanding your business is easier than you might think. But it takes thought and planning ahead. You can expand further into something you already do, or you can take off in a different direction.
Whatever you do, do it with your eyes firmly on the marketplace. Only if there's a market for your planned products/services can you hope to succeed.
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 seniors groups. When she decided to begin concentrating on weight reduction, business picked up. She devised programs for adults and children. This attracted more attention in the marketplace--particularly on her Facebook page. Her solid background in nutrition gave her credibility in devising healthy eating habits. Her seminars filled up, and soon she rented space of her own. It didn't stop there. She partnered with a hypnotist and together they created more programs to help people lose weight.
Example: Lisette was running a traditional gift shop. Sales declined over time, and she decided to make a change. She began contacting artists and artisans, arranging to carry their works on a consignment arrangement. She began posting these on Facebook and other social media--hand-made jewelry, clothing accessories, stained glass pieces, unusual objects in wood and iron. Gradually, the word spread, attracting a higher-end clientele. Lisette's gift shop is now expanding.
Example: Bill runs a fancy cake bakery. His specialties have attracted attention from a wide area. Everybody seems to know and has marveled at Bill's creations. He has made cakes in the shape of party-goers' homes. Once he made a cake for a guitar player's birthday--the guy didn't know which instrument to play. Then there was a wedding cake--two heads kissing. Bill wanted to grow, and he took note of the marketplace interest in healthy eating. He expanded into a line of cakes containing no gluten, others had no sugar, and some had no eggs or other animal products. His reputation increased in the other market segments he had ignored.
Expanding your business--no matter what it is--can be as simple as looking for market trends. Do this by watching television or trolling the Internet. The trends developing in the marketplace are there.
Additional examples are scattered throughout these write-ups. Look for ideas you might use, or they can trigger your imagination. Markets are always changing. Keep up.
examples from real businesses.
Expanding your business is easier than you might think. But it takes thought and planning ahead. You can expand further into something you already do, or you can take off in a different direction.
Whatever you do, do it with your eyes firmly on the marketplace. Only if there's a market for your planned products/services can you hope to succeed.
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 seniors groups. When she decided to begin concentrating on weight reduction, business picked up. She devised programs for adults and children. This attracted more attention in the marketplace--particularly on her Facebook page. Her solid background in nutrition gave her credibility in devising healthy eating habits. Her seminars filled up, and soon she rented space of her own. It didn't stop there. She partnered with a hypnotist and together they created more programs to help people lose weight.
Example: Lisette was running a traditional gift shop. Sales declined over time, and she decided to make a change. She began contacting artists and artisans, arranging to carry their works on a consignment arrangement. She began posting these on Facebook and other social media--hand-made jewelry, clothing accessories, stained glass pieces, unusual objects in wood and iron. Gradually, the word spread, attracting a higher-end clientele. Lisette's gift shop is now expanding.
Example: Bill runs a fancy cake bakery. His specialties have attracted attention from a wide area. Everybody seems to know and has marveled at Bill's creations. He has made cakes in the shape of party-goers' homes. Once he made a cake for a guitar player's birthday--the guy didn't know which instrument to play. Then there was a wedding cake--two heads kissing. Bill wanted to grow, and he took note of the marketplace interest in healthy eating. He expanded into a line of cakes containing no gluten, others had no sugar, and some had no eggs or other animal products. His reputation increased in the other market segments he had ignored.
Expanding your business--no matter what it is--can be as simple as looking for market trends. Do this by watching television or trolling the Internet. The trends developing in the marketplace are there.
Additional examples are scattered throughout these write-ups. Look for ideas you might use, or they can trigger your imagination. Markets are always changing. Keep up.
Wednesday, October 22, 2014
Disasters strike
Free daily tips, information, advice, ideas, with
examples drawn from real businesses.
Like ice cream, disasters come in many flavors--they might be served up in cups or cones. Your small business must be ready no matter what.
Big companies have deep pockets. They have relationships with big banks and can ride out disasters--including a bad economy. They can go to the short-term overnight loan market to even out cash shortfalls and disaster recoveries.
Small businesses do not have these resources. The only deep pockets are your own.
Example: Daryl faced ruin when heavy rains resulted in a flooded street. His pet store suffered extensive water damage. It didn't stop there. An electrical fire broke out and did more damage. Daryl had insurance, but it took almost three months to get the store fully operational again. Facing no sales and no income, Daryl struggled to pay on-going bills and get back in business. He contacted his regular customers and supplied standing orders for dog and cat food he had stored in his garage. He temporarily partnered with a local veterinarian to display some of his pet products. He involved his customers in the reconstruction by posting pictures on Facebook every day. When the pet store was finally ready, he held a grand re-opening, and his business thrived again.
Example: Eleanor runs a graphic arts firm. the business was going well when suddenly the landlord informed her that the building was to be completely renovated--she had 60 days to vacate the premises. The lease she had signed granted the landlord that option. It also stated that the landlord could buy out the remaining months of the lease--so Eleanor received a sizable amount of cash. This helped her find another place, move, and transition to new quarters. But the disruption in on-going work was significant. She turned the disaster into a positive by growing into a larger space, buying new equipment, and hiring an additional employee.
Example: Early in my first small business, I had a problem that taught me a valuable lesson. The husband of a key employee called one morning, saying his wife was in the hospital. Doctors were treating her for a ruptured appendix, and she would be absent for at least the next two weeks. I felt badly for her and assured the husband that if we could do anything, just let me know. Then I realized I had a predicament--she was the only one who knew how to run the new computer to produce some critical on-going work. It was a different kind of disaster. I learned that I must always cross-train employees so that someone could jump in to handle any job. It was a valuable lesson that I carried with me through several small businesses later on.
Disasters happen. Think through how you can react when the unthinkable happens. Your planning ahead can help you sleep at night.
More examples of businesses coping with disasters are scattered throughout these write-ups. Fire and flood, even key employees, can be covered with insurance. But the best insurance is your own planning ahead.
examples drawn from real businesses.
Like ice cream, disasters come in many flavors--they might be served up in cups or cones. Your small business must be ready no matter what.
Big companies have deep pockets. They have relationships with big banks and can ride out disasters--including a bad economy. They can go to the short-term overnight loan market to even out cash shortfalls and disaster recoveries.
Small businesses do not have these resources. The only deep pockets are your own.
Example: Daryl faced ruin when heavy rains resulted in a flooded street. His pet store suffered extensive water damage. It didn't stop there. An electrical fire broke out and did more damage. Daryl had insurance, but it took almost three months to get the store fully operational again. Facing no sales and no income, Daryl struggled to pay on-going bills and get back in business. He contacted his regular customers and supplied standing orders for dog and cat food he had stored in his garage. He temporarily partnered with a local veterinarian to display some of his pet products. He involved his customers in the reconstruction by posting pictures on Facebook every day. When the pet store was finally ready, he held a grand re-opening, and his business thrived again.
Example: Eleanor runs a graphic arts firm. the business was going well when suddenly the landlord informed her that the building was to be completely renovated--she had 60 days to vacate the premises. The lease she had signed granted the landlord that option. It also stated that the landlord could buy out the remaining months of the lease--so Eleanor received a sizable amount of cash. This helped her find another place, move, and transition to new quarters. But the disruption in on-going work was significant. She turned the disaster into a positive by growing into a larger space, buying new equipment, and hiring an additional employee.
Example: Early in my first small business, I had a problem that taught me a valuable lesson. The husband of a key employee called one morning, saying his wife was in the hospital. Doctors were treating her for a ruptured appendix, and she would be absent for at least the next two weeks. I felt badly for her and assured the husband that if we could do anything, just let me know. Then I realized I had a predicament--she was the only one who knew how to run the new computer to produce some critical on-going work. It was a different kind of disaster. I learned that I must always cross-train employees so that someone could jump in to handle any job. It was a valuable lesson that I carried with me through several small businesses later on.
Disasters happen. Think through how you can react when the unthinkable happens. Your planning ahead can help you sleep at night.
More examples of businesses coping with disasters are scattered throughout these write-ups. Fire and flood, even key employees, can be covered with insurance. But the best insurance is your own planning ahead.
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