Free daily tips, information, advice and ideas
to help you better manage your small business.
The mechanism of starting up and growing a business has long fascinated me. And it came quite naturally.
I grew up in a family business. My two sisters and brother established businesses. Being the youngest, it took me longer to get there. Just out of college, I started off in corporate America. Disgusted, I left and started my first business. There have been four or five, depending on how they are counted.
A business can be set up using any idea. Of course, some ideas are bigger than others. The marketplace and how you structure your business determines your success.
The marketplace is big enough to accommodate that idea you are passionate about. If you are interested in something, others are as well. They are your target market. How you reach them will determine your success.
Example: A lady once asked me how she could increase her sales in her small pet store. When I asked her what she was doing to promote her place, she said she took ads in the local paper. I suggested she use social media, post pictures of pets, and begin reaching out. "But I don't sell pets," she objected. "And I know nothing about social media." We talked it through. Later, she realized how easy it was to attract attention with pictures of puppies and kittens. She emailed me that sales had more than doubled in a relatively short period of time--she had set up on Facebook, Pinterest, and LinkedIn. Hers had been a simple question, and it was solved with a simple answer.
Social media makes it simple, easy, and inexpensive to get the word spreading in your community. It's even more productive when your business offers services and products that appeal to a wide spectrum of the marketplace. Everyone has a pet. Everyone has alternative health issues. Everyone needs help around the home and yard.
Example: A young man once asked what business he should go into. He wanted a business of his own, but he was perplexed as to the type of business he could pursue. Unfortunately, public school had not prepared him to make a business decision. In a quick back-and-forth, I helped him realize that he already had the answer. "Look inside," I told him. "Find the thing that you are most passionate about, and set up your business around that idea." Today, he owns a small construction firm--renovations and additions to homes. Occasionally, he tackles whole structures. His passion for building has become his business.
A career can be built on your passion. Artists and authors, therapists and tradespeople, landscapers and lawyers, shopkeepers and specialists--no matter your interests, you can build your business to serve that market. Start and grow.
And don't neglect the use of today's social media. The marketplace is continually changing. To a great extent, social media is leading the way. Find your place in it. It can reward your business with growth.
Monday, March 23, 2015
Friday, March 20, 2015
Looking ahead
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to help you better manage your small business.
Are you in the business you want to be in? Does the market support this? What are some directions you can take to better address current and emerging market trends? Are your original goals outdated? What are some ways you can head off in different directions? Do you have the resources to support new goals? Are you comfortable using social media in managing your business?
All businesses drift. They take on a life of their own. Maybe this is a good thing, maybe not. Every now and then, you need to step back and take a hard look. You might find that your business has grown stale.
You need to get yourself in that quiet place where you can think about where you are and where you are going. Only you can evaluate where you are in relation to where you want to be. You know the possibilities. Now sift through everything.
Clear thinking can turn today's hunches into tomorrow's realities. Clear thinking can turn around a failing business, and it can expand a business that's just stumbling along.
Always keep you eye firmly fixed on the marketplace. It's the marketplace that will make your business successful--or support a new direction. The marketplace is continually changing. Stay on top of it.
Example: My older sister operated a florist shop back in the 1950s through the 1980s. When I was a teenager, I helped her--delivering orders, picking up flowers at the distributor, cleaning up. Hers was a very successful business. Looking back, I wonder what her reaction might have been to today's communications technologies. Today, people dial an 800 number, order flowers, and they're done. My sister had to answer every phone call. Or, they click on a website and order what they see there. There were no websites back in her day. Or, they would have found her on social media sites--had the sites existed then. I know that she would have taken advantage of all of today's technologies. Why? Because she was always looking ahead.
While business is all about the marketplace, the marketplace has many new ways to reach you today. Technology moves at a very rapid pace. When you're looking ahead in your own business, keep your eye on technology. It can have a major effect on the market and on your business.
Looking ahead means juggling three things. Match your thinking to the marketplace, to technology, and to your dreams. This is basic business planning. If you have learned anything in business, you have learned to juggle.
So, get yourself into that quiet place and begin looking ahead. You might already be on the right track, but you might not. Only you can answer all the questions when you start looking ahead.
to help you better manage your small business.
Are you in the business you want to be in? Does the market support this? What are some directions you can take to better address current and emerging market trends? Are your original goals outdated? What are some ways you can head off in different directions? Do you have the resources to support new goals? Are you comfortable using social media in managing your business?
All businesses drift. They take on a life of their own. Maybe this is a good thing, maybe not. Every now and then, you need to step back and take a hard look. You might find that your business has grown stale.
You need to get yourself in that quiet place where you can think about where you are and where you are going. Only you can evaluate where you are in relation to where you want to be. You know the possibilities. Now sift through everything.
Clear thinking can turn today's hunches into tomorrow's realities. Clear thinking can turn around a failing business, and it can expand a business that's just stumbling along.
Always keep you eye firmly fixed on the marketplace. It's the marketplace that will make your business successful--or support a new direction. The marketplace is continually changing. Stay on top of it.
Example: My older sister operated a florist shop back in the 1950s through the 1980s. When I was a teenager, I helped her--delivering orders, picking up flowers at the distributor, cleaning up. Hers was a very successful business. Looking back, I wonder what her reaction might have been to today's communications technologies. Today, people dial an 800 number, order flowers, and they're done. My sister had to answer every phone call. Or, they click on a website and order what they see there. There were no websites back in her day. Or, they would have found her on social media sites--had the sites existed then. I know that she would have taken advantage of all of today's technologies. Why? Because she was always looking ahead.
While business is all about the marketplace, the marketplace has many new ways to reach you today. Technology moves at a very rapid pace. When you're looking ahead in your own business, keep your eye on technology. It can have a major effect on the market and on your business.
Looking ahead means juggling three things. Match your thinking to the marketplace, to technology, and to your dreams. This is basic business planning. If you have learned anything in business, you have learned to juggle.
So, get yourself into that quiet place and begin looking ahead. You might already be on the right track, but you might not. Only you can answer all the questions when you start looking ahead.
Thursday, March 19, 2015
Future income
Free daily tips, information, advice and ideas
to help you better manage your small business.
Many small businesses can increase sales and future income by offering to help clients and customers with partial or extended payments. This can be for products as well as services.
Partial payments, as work progresses, can assure income as work is being done. Layaway plans help buyers purchase items they otherwise might not buy. Retainers and maintenance agreements provide a business with on-going income.
Examples: (1) Massage specialists, lawyers, computer experts, landscapers and others offer on-going retainers or maintenance agreements, assuring future income for the business. (2) Electricians, plumbers and other tradespeople can realize a better bottom line by quoting the overall jobs in pieces for homeowners and other businesses--breaking up big jobs into components, each billed as it is completed. (3) Jewelers and furniture stores can offer layaway plans, breaking up a large expenditure into monthly payments. Layaway was once very popular, especially in large department stores. Recently, it has enjoyed a resurgence in popularity. (4) Printers, consultants, wedding providers and construction specialists can set up projects to be paid in thirds--one third upfront, one third when a critical milestone is reached, and one third at completion. (5) Any small business doing work for larger companies should be aware of approval authorities. A manager might be able to approve up to $500 while a senior vice president might okay a $50,000 project. By knowing who can approve what and for how much, you can structure a project accordingly--doing it in pieces that can be approved. Nobody's hiding anything here. It's just taking advantage of authorities of clients. Both sides win.
Look for ways to guarantee future income for your business. Start by understanding the needs of your clients and customers. Help them solve their problems, and you help yourself. It all goes to the relationship you have with them.
Looking to your future income can help you sleep at night. It's not the whole answer to the cash flow problem, but it might help in your business. And we all know how critical cash flow can be.
to help you better manage your small business.
Many small businesses can increase sales and future income by offering to help clients and customers with partial or extended payments. This can be for products as well as services.
Partial payments, as work progresses, can assure income as work is being done. Layaway plans help buyers purchase items they otherwise might not buy. Retainers and maintenance agreements provide a business with on-going income.
Examples: (1) Massage specialists, lawyers, computer experts, landscapers and others offer on-going retainers or maintenance agreements, assuring future income for the business. (2) Electricians, plumbers and other tradespeople can realize a better bottom line by quoting the overall jobs in pieces for homeowners and other businesses--breaking up big jobs into components, each billed as it is completed. (3) Jewelers and furniture stores can offer layaway plans, breaking up a large expenditure into monthly payments. Layaway was once very popular, especially in large department stores. Recently, it has enjoyed a resurgence in popularity. (4) Printers, consultants, wedding providers and construction specialists can set up projects to be paid in thirds--one third upfront, one third when a critical milestone is reached, and one third at completion. (5) Any small business doing work for larger companies should be aware of approval authorities. A manager might be able to approve up to $500 while a senior vice president might okay a $50,000 project. By knowing who can approve what and for how much, you can structure a project accordingly--doing it in pieces that can be approved. Nobody's hiding anything here. It's just taking advantage of authorities of clients. Both sides win.
Look for ways to guarantee future income for your business. Start by understanding the needs of your clients and customers. Help them solve their problems, and you help yourself. It all goes to the relationship you have with them.
Looking to your future income can help you sleep at night. It's not the whole answer to the cash flow problem, but it might help in your business. And we all know how critical cash flow can be.
Wednesday, March 18, 2015
Aging businesses
Free daily tips, information, advice, and ideas
to help you better manage your small business.
Businesses age. They grow like children. That baby you started out with is beginning to show a personality of its own.
The thing that your business reflects is the marketplace. Don't ever forget this. It is the market for your goods and services that determines the face of your business.
You can start a business doing just about anything. You take an interest of yours and you build a business around it. But the marketplace will determine how it succeeds, how it grows, and how long it lasts.
Example: A farm in my area has been operating as a family business since the 1740s. Same family, same piece of land. But the farming has gone through many changes over the years. The original farm changed many times, becoming a large producer of apples and peaches as the 1800s turned into the 1900s. Since then, it has changed again. Today the farm is a large producer of boxwood and other ornamental shrubs. Sales are to several well-known arboretums, garden centers, landscapers and homeowners. It's still the same piece of the earth and it's still run by the descendants of the original family. But the changing marketplace determined its survival. This family never forgot that farming is a business.
To keep your business alive and well means keeping a sharp eye on the marketplace. You might be building for a nice little income for yourself. Or, you might be aiming for a bigger operation that your kids will take over. Either way, you must be alert to changes in the marketplace.
Example: A consignment shop in my area was established over 75 years ago. It's big and it's almost an institution in itself. The specialty here is vintage and antique clothing. Customers are party goers, actors and production companies, teenagers, and others. There are also racks of more recent clothing. In recent years the owner noticed a developing market for currently fashionable women's clothing. Customers were business women looking to extend their wardrobes. They could get name brands, gently used and at steep discounts off the original prices. They could wear the outfits a couple of times, return them and select others. The owner decided to open a sister shop in an upscale neighborhood. She now reaches out on Facebook to her growing list of customers with pictures of items new to the store. The sister shop is very successful, filling a niche market. And the original store still serves its target market.
Growing your business means staying on top of the ever-changing marketplace.
Don't get in a rut in running your business. The market is continually changing. Stay on top of what's going on. Re-direct your business with the changing times.
to help you better manage your small business.
Businesses age. They grow like children. That baby you started out with is beginning to show a personality of its own.
The thing that your business reflects is the marketplace. Don't ever forget this. It is the market for your goods and services that determines the face of your business.
You can start a business doing just about anything. You take an interest of yours and you build a business around it. But the marketplace will determine how it succeeds, how it grows, and how long it lasts.
Example: A farm in my area has been operating as a family business since the 1740s. Same family, same piece of land. But the farming has gone through many changes over the years. The original farm changed many times, becoming a large producer of apples and peaches as the 1800s turned into the 1900s. Since then, it has changed again. Today the farm is a large producer of boxwood and other ornamental shrubs. Sales are to several well-known arboretums, garden centers, landscapers and homeowners. It's still the same piece of the earth and it's still run by the descendants of the original family. But the changing marketplace determined its survival. This family never forgot that farming is a business.
To keep your business alive and well means keeping a sharp eye on the marketplace. You might be building for a nice little income for yourself. Or, you might be aiming for a bigger operation that your kids will take over. Either way, you must be alert to changes in the marketplace.
Example: A consignment shop in my area was established over 75 years ago. It's big and it's almost an institution in itself. The specialty here is vintage and antique clothing. Customers are party goers, actors and production companies, teenagers, and others. There are also racks of more recent clothing. In recent years the owner noticed a developing market for currently fashionable women's clothing. Customers were business women looking to extend their wardrobes. They could get name brands, gently used and at steep discounts off the original prices. They could wear the outfits a couple of times, return them and select others. The owner decided to open a sister shop in an upscale neighborhood. She now reaches out on Facebook to her growing list of customers with pictures of items new to the store. The sister shop is very successful, filling a niche market. And the original store still serves its target market.
Growing your business means staying on top of the ever-changing marketplace.
Don't get in a rut in running your business. The market is continually changing. Stay on top of what's going on. Re-direct your business with the changing times.
Tuesday, March 17, 2015
Gift certificate info
Free daily tips, information, advice and ideas
to help you better manage your small business.
Gift certificates can be good promotional tools for your small business. Use them to expand your reach into the community you serve.
Gift certificates can take different forms. Think of them as upscale coupons. Some business owners print them on post cards and mail them--to existing customers or to a mailing list. Other business owners hire an artist to create a special certificate for that business only. Stock gift certificates are available at office supply stores--just fill in the blanks.
Example: Elena operates a wellness center. She started out as a specialist in several types of massage. She expanded by bringing in other specialists--in yoga, hypnosis, nutrition, and more. She has used gift certificates in various denominations to be used for massages. This promotes the center and the other specialists benefit as well. Clients use the gift certificates Elena hands out for themselves--they are made out in the client's name. They also buy gift certificates to be used as gifts for their friends.
Gift certificates can be for any amount and still be effective. With an amount printed on the gift certificate, it has the feel of real dollars. A $10 certificate can be just as effective as one for $100--depending on the circumstances. Either one can return to you in the hand of a new client.
Example: Takira is an artist, a designer who makes jewelry and small accessories for women. She specializes in using unusual materials--no gold or silver here. What she is selling is her unique and creative ability to bring together everyday things in new ways--pins, earrings, bracelets, necklaces. These sell for prices beginning at $25 and going up to $125. She hands out $5 gift certificates to people. The certificates carry a one-month expiration date but no name--anyone can use them. These bring customers back to Takira or they pass them on to friends. The $5 is prominently displayed--it feels like money and works better than a 20% off coupon.
Try gift certificates in your own operation. You can have them printed for handing out, or you can add to your website. They keep you in the minds of your existing clients, and they can get passed around--bringing you referrals.
Many small businesses hand out gift certificates or cards to employees--for holidays or to reward excellent performance. You win, the employee wins, and the business that issues them wins.
to help you better manage your small business.
Gift certificates can be good promotional tools for your small business. Use them to expand your reach into the community you serve.
Gift certificates can take different forms. Think of them as upscale coupons. Some business owners print them on post cards and mail them--to existing customers or to a mailing list. Other business owners hire an artist to create a special certificate for that business only. Stock gift certificates are available at office supply stores--just fill in the blanks.
Example: Elena operates a wellness center. She started out as a specialist in several types of massage. She expanded by bringing in other specialists--in yoga, hypnosis, nutrition, and more. She has used gift certificates in various denominations to be used for massages. This promotes the center and the other specialists benefit as well. Clients use the gift certificates Elena hands out for themselves--they are made out in the client's name. They also buy gift certificates to be used as gifts for their friends.
Gift certificates can be for any amount and still be effective. With an amount printed on the gift certificate, it has the feel of real dollars. A $10 certificate can be just as effective as one for $100--depending on the circumstances. Either one can return to you in the hand of a new client.
Example: Takira is an artist, a designer who makes jewelry and small accessories for women. She specializes in using unusual materials--no gold or silver here. What she is selling is her unique and creative ability to bring together everyday things in new ways--pins, earrings, bracelets, necklaces. These sell for prices beginning at $25 and going up to $125. She hands out $5 gift certificates to people. The certificates carry a one-month expiration date but no name--anyone can use them. These bring customers back to Takira or they pass them on to friends. The $5 is prominently displayed--it feels like money and works better than a 20% off coupon.
Try gift certificates in your own operation. You can have them printed for handing out, or you can add to your website. They keep you in the minds of your existing clients, and they can get passed around--bringing you referrals.
Many small businesses hand out gift certificates or cards to employees--for holidays or to reward excellent performance. You win, the employee wins, and the business that issues them wins.
Monday, March 16, 2015
Voice mail blues
Free daily tips, information, advice, and ideas
to help you better manage your small business.
Voice mail can be a good thing. And it can be a bad thing.
One thing is sure. Voice mail is on the decline. More people are sending text messages these days and more are using social media for contacts.
The telephone is absolutely necessary in business. But a phenomenon is occurring with voice mail and people in small business should take note.
Voice mail can give you a clue as to the age of your callers. Older callers are more likely to leave a message on your voice mail. No so with the younger set--I'm talking teens and twenties and even thirty-somethings here. These callers simply hang up.
Voice mail can be a useful tool in small businesses. Frequently, a small business is only one person. Think therapists, chiropractors, pet groomers, small shop owners, electricians, plumbers, and the list goes on.
A specialist needs to be doing the jobs that will bring in the cash flow. Voice mail helps small businesses organize time. The distractions of ringing telephones can be re-directed to voice mail. And these can be tended to at a time more convenient to the business owners.
Therein lies the problem. The caller doesn't care about your convenience.
Example: I write a weekly business column for a local newspaper. The column is informational and directed to the general reading public. Businesses are introduced and the write-up offers good promotion for the small operations. To do groundwork, I call a dozen or so business owners every week. Frequently, my call goes to voice mail. I leave a message, identifying myself, referencing the weekly column, and offering to write about the business in the next paper. I am always careful to say that I'm not selling anything, saying that it will be free publicity for them. About half the time I get a callback within a day or two. Some call back a week or a month later. And others are never heard from.
Voice mail is too often used for the convenience of the business owner, not the caller. Callers expect a live voice to answer. All of us know the frustrations of not being able to get a live person on the other end.
When people are directed to leave a message on voice mail, more and more of them are hanging up. You might have lost a sale, a referral, a business deal, or worse. The caller might never call--or visit--again.
Research in this area tells the tale. The latest statistics I've read show that about 75% of callers simply hang up when directed to voice mail. The younger the caller, the more likely the hang-up.
to help you better manage your small business.
Voice mail can be a good thing. And it can be a bad thing.
One thing is sure. Voice mail is on the decline. More people are sending text messages these days and more are using social media for contacts.
The telephone is absolutely necessary in business. But a phenomenon is occurring with voice mail and people in small business should take note.
Voice mail can give you a clue as to the age of your callers. Older callers are more likely to leave a message on your voice mail. No so with the younger set--I'm talking teens and twenties and even thirty-somethings here. These callers simply hang up.
Voice mail can be a useful tool in small businesses. Frequently, a small business is only one person. Think therapists, chiropractors, pet groomers, small shop owners, electricians, plumbers, and the list goes on.
A specialist needs to be doing the jobs that will bring in the cash flow. Voice mail helps small businesses organize time. The distractions of ringing telephones can be re-directed to voice mail. And these can be tended to at a time more convenient to the business owners.
Therein lies the problem. The caller doesn't care about your convenience.
Example: I write a weekly business column for a local newspaper. The column is informational and directed to the general reading public. Businesses are introduced and the write-up offers good promotion for the small operations. To do groundwork, I call a dozen or so business owners every week. Frequently, my call goes to voice mail. I leave a message, identifying myself, referencing the weekly column, and offering to write about the business in the next paper. I am always careful to say that I'm not selling anything, saying that it will be free publicity for them. About half the time I get a callback within a day or two. Some call back a week or a month later. And others are never heard from.
Voice mail is too often used for the convenience of the business owner, not the caller. Callers expect a live voice to answer. All of us know the frustrations of not being able to get a live person on the other end.
When people are directed to leave a message on voice mail, more and more of them are hanging up. You might have lost a sale, a referral, a business deal, or worse. The caller might never call--or visit--again.
Research in this area tells the tale. The latest statistics I've read show that about 75% of callers simply hang up when directed to voice mail. The younger the caller, the more likely the hang-up.
Friday, March 13, 2015
Promote with networking
Free daily tips, information, advice and ideas
to help you better manage your small business.
Networking puts a friendly face on you and your business. Networking is an effective way to talk with other business people. It is informal. It is relaxed. And it is an effective promotional tool.
You know the drill. You are invited to meet with a group of people from your community. These sessions are regularly held by local chambers of commerce, other businesses, economic development groups, and others.
Private networking companies such as BNI also hold regular networking meetings. And MeetUp.com might already have a group meeting in your area--if not, form one. Just go to the website and form one of your own. It's free.
At business networking meetings, people come together, exchange information, and provide leads to expand your business reach. It's business social interaction.
A networking meeting, however, can be a lot more than just exchanging business cards. Some people attend these sessions to do only that. They press a business card into every hand and move on to the next person.
There's a better way to do this and it accomplishes more. Target 3 or 4 business people that you want to meet. Spend time with each of them. In 15 minutes with each, you can introduce yourself and begin a conversation--it's about them, not you.
Getting people to talk about what they do is an easy way to start. Later and quite naturally, the conversation will turn to you and what you do. Landscapers meet chefs. Bakers meet bankers. Therapists meet jewelers. And lawyers meet computer experts or shop owners.
The trick is to get yourself and your business firmly implanted in their mind, and vice-versa. Each one of them might call you in the future, and more importantly, they will refer others to you in their daily activities. I know a baker who landed a corporate account through a referral met at a networking meeting.
Of course, you exchange business cards. But the important thing is to have that 15 minute conversation. You are expanding the reach of your business through relationships and referrals. It is a promotional activity.
If you don't know a local networking group, start one of your own. MeetUp.com makes it easy. Form a group, keep in touch, and schedule events.
Networking is one of the most valuable tools you can use. An hour or two spent networking once or twice each month will bring you new contacts, customers, and referrals.
Social media can be viewed as a networking tool. The stuff you post on Facebook, LinkedIn, Twitter, Instagram, Pinterest and others can have the effect of spreading the word about you and your business.
to help you better manage your small business.
Networking puts a friendly face on you and your business. Networking is an effective way to talk with other business people. It is informal. It is relaxed. And it is an effective promotional tool.
You know the drill. You are invited to meet with a group of people from your community. These sessions are regularly held by local chambers of commerce, other businesses, economic development groups, and others.
Private networking companies such as BNI also hold regular networking meetings. And MeetUp.com might already have a group meeting in your area--if not, form one. Just go to the website and form one of your own. It's free.
At business networking meetings, people come together, exchange information, and provide leads to expand your business reach. It's business social interaction.
A networking meeting, however, can be a lot more than just exchanging business cards. Some people attend these sessions to do only that. They press a business card into every hand and move on to the next person.
There's a better way to do this and it accomplishes more. Target 3 or 4 business people that you want to meet. Spend time with each of them. In 15 minutes with each, you can introduce yourself and begin a conversation--it's about them, not you.
Getting people to talk about what they do is an easy way to start. Later and quite naturally, the conversation will turn to you and what you do. Landscapers meet chefs. Bakers meet bankers. Therapists meet jewelers. And lawyers meet computer experts or shop owners.
The trick is to get yourself and your business firmly implanted in their mind, and vice-versa. Each one of them might call you in the future, and more importantly, they will refer others to you in their daily activities. I know a baker who landed a corporate account through a referral met at a networking meeting.
Of course, you exchange business cards. But the important thing is to have that 15 minute conversation. You are expanding the reach of your business through relationships and referrals. It is a promotional activity.
If you don't know a local networking group, start one of your own. MeetUp.com makes it easy. Form a group, keep in touch, and schedule events.
Networking is one of the most valuable tools you can use. An hour or two spent networking once or twice each month will bring you new contacts, customers, and referrals.
Social media can be viewed as a networking tool. The stuff you post on Facebook, LinkedIn, Twitter, Instagram, Pinterest and others can have the effect of spreading the word about you and your business.
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