Free daily tips, information, advice and ideas
to help you better manage your small business.
You run your own business. You are creative, hard-working, tenacious and stubborn. But sometimes you get confused.
It's an everyday kind of confusion. Not to worry.
Example: Takisha runs a neighborhood cafe. She used her grandmother's recipes and good advice to establish the operation. Customers rewarded her by returning again and again--and by referring others to the food she served. After a year or so, the business leveled off. Takisha knew that she had to reach out beyond the neighborhood in order to grow. She tried print ads, coupons, and a postcard mailing. There was little success. Then she hit on the thing that worked--she posted pictures of plates of food on Facebook. The pictures got "liked" and passed around. Suddenly, people from other areas of town showed up. Takisha is thinking about renting the space next door and expanding.
Example: Kathy is a massage therapist. She has built up a clientele that is growing--slowly. To speed up growth, Kathy partnered with others to offer free informational sessions. She brought in specialists in nutrition, hypnotherapy, Reiki, and others. Once each month, a specialist joined Kathy in explaining and demonstrating and answering questions. The sessions helped Kathy speed up her growth by introducing her massage therapy to others who were attracted to the sessions. The other specialists enjoyed growth as well.
Example: Bill is a landscaper. He needed to add new equipment and a truck to his operation. Banks turned him down. To get the money, he searched the Internet for companies that specialized in loaning money to small businesses. He found one that suited his requirements.
Worrying about your business is normal. Separate the problems and focus on one thing at a time. Tackle confusion by listing problems. Then solve them one at a time. Work your way through your list.
The paths to success are many. What works for you might not work for me. Find your own path. Never give up!
Persistence pays. Learn to compartmentalize. Separate your problems and you'll find it easier to solve them--one at a time.
Wednesday, May 27, 2015
Tuesday, May 26, 2015
Hello social media
Free daily tips, information, advice and ideas
to help you better manage your small business.
Social media is the new kid on the block when it comes to getting the word out. Advertising has taken many forms in the past, but social media is putting all the older methods to shame.
Social media is still developing, expanding, finding its place in the brave new world of computer technology. Who knows where it will lead us. In the meantime, it's revolutionizing the ways in which we interact.
Take Facebook. It is a way to reach out, stay connected, have fun, play games, laugh and cry, and otherwise escape the more formalized roads our culture has provided in the past.
And it is a way to promote the goods and services small businesses provide. Not the hard sell. But the softer interactions between regular folks getting on with their daily lives.
Example: An upscale women's shop posts pictures of newly arrived dresses, jeans, outfits and accessories on Facebook. Almost every day, there is something new there. The site becomes a go-to place for regular customers--and they not only "like" the photos, they also pass them on to their friends.
Example: A bakery that specializes in scones and brownies posts pictures of mouth-watering products on Facebook. Orders come in from organizations and corporate clients who want to punch up their meetings with some unusual goodies.
Example: A wellness center regularly posts pictures of the activities going on at the center--along with announcements of upcoming events. Massage therapists give free demos, yoga specialists hold free sessions, nutritionists hold free question-and-answer group meetings. Thanks to Facebook, the pictures create excitement and draw people to the center. The Facebook site is the chief means of advertising what goes on there.
Facebook is easy. It's free. And they lead you through the set-up. Of course, they want you to buy an ad, but it's not required.
Facebook is only one of the possibilities. How about using LinkedIn or Twitter or Pinterest or Instagram or some other social media site?
To use social media effectively, you'll need pictures. Well, you snap pictures anyway. They don't have to be professionally done to be effective. They don't even have to be on the subject at hand--any pet can attract attention to your message.
to help you better manage your small business.
Social media is the new kid on the block when it comes to getting the word out. Advertising has taken many forms in the past, but social media is putting all the older methods to shame.
Social media is still developing, expanding, finding its place in the brave new world of computer technology. Who knows where it will lead us. In the meantime, it's revolutionizing the ways in which we interact.
Take Facebook. It is a way to reach out, stay connected, have fun, play games, laugh and cry, and otherwise escape the more formalized roads our culture has provided in the past.
And it is a way to promote the goods and services small businesses provide. Not the hard sell. But the softer interactions between regular folks getting on with their daily lives.
Example: An upscale women's shop posts pictures of newly arrived dresses, jeans, outfits and accessories on Facebook. Almost every day, there is something new there. The site becomes a go-to place for regular customers--and they not only "like" the photos, they also pass them on to their friends.
Example: A bakery that specializes in scones and brownies posts pictures of mouth-watering products on Facebook. Orders come in from organizations and corporate clients who want to punch up their meetings with some unusual goodies.
Example: A wellness center regularly posts pictures of the activities going on at the center--along with announcements of upcoming events. Massage therapists give free demos, yoga specialists hold free sessions, nutritionists hold free question-and-answer group meetings. Thanks to Facebook, the pictures create excitement and draw people to the center. The Facebook site is the chief means of advertising what goes on there.
Facebook is easy. It's free. And they lead you through the set-up. Of course, they want you to buy an ad, but it's not required.
Facebook is only one of the possibilities. How about using LinkedIn or Twitter or Pinterest or Instagram or some other social media site?
To use social media effectively, you'll need pictures. Well, you snap pictures anyway. They don't have to be professionally done to be effective. They don't even have to be on the subject at hand--any pet can attract attention to your message.
Monday, May 25, 2015
Partner to grow
Free daily tips, information, advice and ideas
to help you better manage your small business.
Two businesses coming together can create more excitement than either one acting alone. The public is more likely to show up when more than one business is holding an event.
Open houses, informational meetings, seminars and workshops are popular. People want to learn, ask questions, and discuss the subject of the day. And you are the expert.
Example: A computer expert partners with a local cafe. Everyone has questions about computing--problems, new developments, how-to info, etc. And attendees get to know another place to grab a bite to eat.
Example: A wellness expert partners with a local book store. Free demos attract attention and the question-and-answer session creates excitement. The book store's sales increase and the wellness expert makes future appointments.
Example: A tax accountant partners with a financial planner. They separately discuss taxes, inheritance set-ups, retirement possibilities, and more. They have to schedule another session to cover all the questions that come to the table. Both get good publicity, referrals, new clients.
Example: A landscaper partners with a garden center. They set up a series of workshops showing homeowners how to create a patio, how to install a small fish pond, how to build fences and gates and arbors and more. The sessions are free and they attract more clients for the landscaper and the garden center.
Partnering with each other helps small businesses attract attention, build excitement, get the word out, and find new clients.
To get started, make a list of possible partners. Talk to each one. See if you can set up an event that will benefit both.
When you set up an event, make sure you get the word out ahead of time--this takes 2-3 weeks if you use traditional media (news releases), or 2-3 days if you promote on social media (pictures, pictures, pictures).
Friday, May 22, 2015
Running with credit cards
Free daily tips, information, advice and ideas
to help you better manage your small business.
Buying materials and running your small business using credit cards can be dangerous. It's common. Everyone has done this, but it can get out of control.
Example: Judy runs a pet supply store. In months when cash flow is not flowing, she uses her personal credit cards to buy materials for resale. She has several credit cards and she has good credit--never late and always paying the monthly charge--or more. The problem is that the amount outstanding has been steadily creeping up. It needs to be going in the opposite direction, but Judy cannot make more than the minimum payment.
Example: Emma is a Pilates expert. To get her certification, she used her personal credit card. To get the equipment she needed, she used the credit card again. Then there were the incidentals that she needed. By the time she got into business, Emma was in over her head with credit card debt.
Example: Tom needed several thousand dollars worth of new computing hardware and software. He put everything on his credit card, along with some office furniture and other items. In his excitement of expanding his operation, Tom overspent--all of it on his credit cards.
Credit cards are a marvelous invention. They represent a way to get a loan without the hassle of applying to a bank or credit union. Used wisely, credit cards can help you get into business, expand, and grow. But sooner or later, the bills must be paid.
If you have several credit cards and all of them are killing your monthly budget, it's time to get a handle on the situation. There are several ways to do this. The method I like is to target the one with the smallest total, then double or triple the payments each month until it is paid off. Then tackle the the next one with the smallest balance. Eventually, you'll be left with only the biggest one. Keep paying as much as possible until it's gone.
Credit cards give owners of small businesses some flexibility in managing money. That's the good side of the equation. The bad side is letting things get out of hand.
The thing to keep in mind with credit cards is this--you are using other people's money. Sooner or later they will demand repayment. Ain't no such thing as a free lunch.
to help you better manage your small business.
Buying materials and running your small business using credit cards can be dangerous. It's common. Everyone has done this, but it can get out of control.
Example: Judy runs a pet supply store. In months when cash flow is not flowing, she uses her personal credit cards to buy materials for resale. She has several credit cards and she has good credit--never late and always paying the monthly charge--or more. The problem is that the amount outstanding has been steadily creeping up. It needs to be going in the opposite direction, but Judy cannot make more than the minimum payment.
Example: Emma is a Pilates expert. To get her certification, she used her personal credit card. To get the equipment she needed, she used the credit card again. Then there were the incidentals that she needed. By the time she got into business, Emma was in over her head with credit card debt.
Example: Tom needed several thousand dollars worth of new computing hardware and software. He put everything on his credit card, along with some office furniture and other items. In his excitement of expanding his operation, Tom overspent--all of it on his credit cards.
Credit cards are a marvelous invention. They represent a way to get a loan without the hassle of applying to a bank or credit union. Used wisely, credit cards can help you get into business, expand, and grow. But sooner or later, the bills must be paid.
If you have several credit cards and all of them are killing your monthly budget, it's time to get a handle on the situation. There are several ways to do this. The method I like is to target the one with the smallest total, then double or triple the payments each month until it is paid off. Then tackle the the next one with the smallest balance. Eventually, you'll be left with only the biggest one. Keep paying as much as possible until it's gone.
Credit cards give owners of small businesses some flexibility in managing money. That's the good side of the equation. The bad side is letting things get out of hand.
The thing to keep in mind with credit cards is this--you are using other people's money. Sooner or later they will demand repayment. Ain't no such thing as a free lunch.
Thursday, May 21, 2015
Changing directions
Free daily tips, information, advice, and ideas
to help you better manage your small business.
Opportunities to change directions are everywhere. Before you jump, do some careful consideration and planning.
You might have never operated a business before, and you want to take the plunge. Or, you might be in business and want to take off in another direction. Either way, the road ahead can be rocky.
Markets drive all businesses. Carefully check out the market you're about to tackle. Is it stable? Mature? Just opening up? Can you translate that market into numbers? Do the numbers make sense? Can you turn the numbers into a business plan?
Example: Marcia was in corporate America and she was unhappy. She wanted to run her own operation. First questions: Should she buy an existing business? Should she buy a franchise? Did she have a compelling interest that she could turn into a business and start up from scratch? Second questions: Did she have enough money to buy, to start up, to support herself for at least a year? Would the market support what she wanted to do? Did her business plan give her the confidence to proceed?
Example: Tom is a chiropractor. He has a small office that has attracted a regular list of clients, but growth has leveled off. Most of his clients want evening appointments which left Tom with open time during the days. He decided to open a second office at a local truck stop. Truckers traveled the major interstate in large numbers and many of them had back and neck problems. Today, Tom spends about half of his time at each office. The "old" office is by appointment only. The "new" office is walk-in, and Tom has added a massage therapist to this side of the operation.
Example: Mary runs a small cafe. It seems to be lagging. Is it just the economy which, given time, will turn around? Or should Mary start a catering operation, reaching out to corporations, event organizers, weddings and the like? Should she start cooking classes and reach out to people who will pay to attend?
These examples pose questions that need answers. And the answers come from the marketplace. Before you change directions, do that business plan.
Your business plan reduces all the verbiage to hard numbers. All of us know that politicians can fudge in speaking words, but the bottom line numbers don't lie. It's the same in changing directions in business. Reduce your dreams to numbers and you'll sleep better at night.
to help you better manage your small business.
Opportunities to change directions are everywhere. Before you jump, do some careful consideration and planning.
You might have never operated a business before, and you want to take the plunge. Or, you might be in business and want to take off in another direction. Either way, the road ahead can be rocky.
Markets drive all businesses. Carefully check out the market you're about to tackle. Is it stable? Mature? Just opening up? Can you translate that market into numbers? Do the numbers make sense? Can you turn the numbers into a business plan?
Example: Marcia was in corporate America and she was unhappy. She wanted to run her own operation. First questions: Should she buy an existing business? Should she buy a franchise? Did she have a compelling interest that she could turn into a business and start up from scratch? Second questions: Did she have enough money to buy, to start up, to support herself for at least a year? Would the market support what she wanted to do? Did her business plan give her the confidence to proceed?
Example: Tom is a chiropractor. He has a small office that has attracted a regular list of clients, but growth has leveled off. Most of his clients want evening appointments which left Tom with open time during the days. He decided to open a second office at a local truck stop. Truckers traveled the major interstate in large numbers and many of them had back and neck problems. Today, Tom spends about half of his time at each office. The "old" office is by appointment only. The "new" office is walk-in, and Tom has added a massage therapist to this side of the operation.
Example: Mary runs a small cafe. It seems to be lagging. Is it just the economy which, given time, will turn around? Or should Mary start a catering operation, reaching out to corporations, event organizers, weddings and the like? Should she start cooking classes and reach out to people who will pay to attend?
These examples pose questions that need answers. And the answers come from the marketplace. Before you change directions, do that business plan.
Your business plan reduces all the verbiage to hard numbers. All of us know that politicians can fudge in speaking words, but the bottom line numbers don't lie. It's the same in changing directions in business. Reduce your dreams to numbers and you'll sleep better at night.
Wednesday, May 20, 2015
Hiring new employees
Free daily tips, information, advice and ideas
to help you better manage your small business.
Over the years, many business owners have asked me about hiring employees. This is a basic question that goes to the long-term goals of your business.
If yours is a small machine shop and you want to add an employee to help with the growing overload of jobs, then you want someone with specific experience on the machines your have in your shop. But if you are looking for an employee to "grow with" you might look in another direction.
Basic skills are necessary in any employee. You always want someone who can read and write, do basic math, get to work on time, and gets along well with others. That said, I have learned the hard way that a college degree does NOT always mean that you hire the person who comes looking for a job.
College degrees are a dime a dozen these days. They have come to mean very little in the real world of business. Of course, a degree in economics means that the person has passed certain levels of knowledge. He or she can regurgitate, but can he or she think their way out of a paper bag?
I have hired many employees in the past who did not know how to operate the equipment I wanted them to run. But the person was bright-eyed, creative, anxious and willing to be a good contributor to the company. I could teach them to do what I wanted them to do every day, providing they had the basics for me to work with.
Example: Mary runs a flower shop. She designs flower arrangements herself and has a couple of helpers who finish the arrangements. The time came when she needed to hire a full-time designer. Neither of the helpers expressed any interest in design, so Mary went looking for a new employee. To her surprise, she found a graphic designer whose creativity perfectly matched the needs of the flower shop. Mary realized that she was hiring a creative person--not a floral designer who had years of experience. Mary worked with the new employee to bring her up to speed in floral design.
Hiring a new employee is not to be taken lightly. Bringing a new person into your operation will change the makeup of the business. When you sift through the applications of new people, make certain you are looking for the right combination of skills and experience.
Neither my mother nor my father finished high school. But both of them learned to think, to face reality and figure out solutions to problems. It is the most valuable trait you look for in new employees.
to help you better manage your small business.
Over the years, many business owners have asked me about hiring employees. This is a basic question that goes to the long-term goals of your business.
If yours is a small machine shop and you want to add an employee to help with the growing overload of jobs, then you want someone with specific experience on the machines your have in your shop. But if you are looking for an employee to "grow with" you might look in another direction.
Basic skills are necessary in any employee. You always want someone who can read and write, do basic math, get to work on time, and gets along well with others. That said, I have learned the hard way that a college degree does NOT always mean that you hire the person who comes looking for a job.
College degrees are a dime a dozen these days. They have come to mean very little in the real world of business. Of course, a degree in economics means that the person has passed certain levels of knowledge. He or she can regurgitate, but can he or she think their way out of a paper bag?
I have hired many employees in the past who did not know how to operate the equipment I wanted them to run. But the person was bright-eyed, creative, anxious and willing to be a good contributor to the company. I could teach them to do what I wanted them to do every day, providing they had the basics for me to work with.
Example: Mary runs a flower shop. She designs flower arrangements herself and has a couple of helpers who finish the arrangements. The time came when she needed to hire a full-time designer. Neither of the helpers expressed any interest in design, so Mary went looking for a new employee. To her surprise, she found a graphic designer whose creativity perfectly matched the needs of the flower shop. Mary realized that she was hiring a creative person--not a floral designer who had years of experience. Mary worked with the new employee to bring her up to speed in floral design.
Hiring a new employee is not to be taken lightly. Bringing a new person into your operation will change the makeup of the business. When you sift through the applications of new people, make certain you are looking for the right combination of skills and experience.
Neither my mother nor my father finished high school. But both of them learned to think, to face reality and figure out solutions to problems. It is the most valuable trait you look for in new employees.
Tuesday, May 19, 2015
Customer contacts
Free daily tips, information, advice and ideas
to help you better manage your small business.
Turn customer contacts into fun experiences, educational sessions, and go-to places for information. The idea is to position your operation in the forefront of customers' minds. Engage your customers and they will return again and again--bringing others with them.
Example: An accountant sees clients only at tax time. Take it to the next level. Invite several of them to attend a special session where you'll educate them on the latest tax rules and regulations. You'll answer all their questions, serve coffee, and demonstrate new software for handling accounts. You become the go-to place for expert information, and your clients refer others to you.
Example: A jewelry maker designs earrings, necklaces, and more in gold and silver. One-of-a-kind pieces are offered through the website. Social media drives eyeballs to the site. Clients are invited to submit their own ideas for custom designs, and rough illustrations arrive in emails. There is a back-and-forth to home in on the final design, but the jewelry maker has been very successful in providing finished pieces to happy customers--all done long distance.
Example: A hypnotherapist offers an open seminar on how hypnosis can be effective in pain management. The session is directed to and open to doctors and nurses. Post-surgery patients are referred to the hypnotherapist following the session.
Example: A furniture store looks at every walk-in as challenge to fill a room with appropriate pieces. When a client expresses interest in a recliner, he is guided to a computer screen to show how the piece will look in a room setting. The conversation leads to room layouts, and the client is encouraged to "play around" on the computer--designing a room with furniture. It leads to more sales and a customer who returns again and again.
Becoming involved with customers is good for business. Help them understand the possibilities and guide them through the complexities of whatever their wants might be.
Sometime, people don't actually know what they need or want. It's up to you to put a face on that need or want. Then you can help them solve their problem.
When you are the go-to expert in your field, customers will gladly pay extra for your expertise. Just remember to build the cost of this into your pricing schedules. You are selling not only a product or service. You are selling your knowledge and experience.
to help you better manage your small business.
Turn customer contacts into fun experiences, educational sessions, and go-to places for information. The idea is to position your operation in the forefront of customers' minds. Engage your customers and they will return again and again--bringing others with them.
Example: An accountant sees clients only at tax time. Take it to the next level. Invite several of them to attend a special session where you'll educate them on the latest tax rules and regulations. You'll answer all their questions, serve coffee, and demonstrate new software for handling accounts. You become the go-to place for expert information, and your clients refer others to you.
Example: A jewelry maker designs earrings, necklaces, and more in gold and silver. One-of-a-kind pieces are offered through the website. Social media drives eyeballs to the site. Clients are invited to submit their own ideas for custom designs, and rough illustrations arrive in emails. There is a back-and-forth to home in on the final design, but the jewelry maker has been very successful in providing finished pieces to happy customers--all done long distance.
Example: A hypnotherapist offers an open seminar on how hypnosis can be effective in pain management. The session is directed to and open to doctors and nurses. Post-surgery patients are referred to the hypnotherapist following the session.
Example: A furniture store looks at every walk-in as challenge to fill a room with appropriate pieces. When a client expresses interest in a recliner, he is guided to a computer screen to show how the piece will look in a room setting. The conversation leads to room layouts, and the client is encouraged to "play around" on the computer--designing a room with furniture. It leads to more sales and a customer who returns again and again.
Becoming involved with customers is good for business. Help them understand the possibilities and guide them through the complexities of whatever their wants might be.
Sometime, people don't actually know what they need or want. It's up to you to put a face on that need or want. Then you can help them solve their problem.
When you are the go-to expert in your field, customers will gladly pay extra for your expertise. Just remember to build the cost of this into your pricing schedules. You are selling not only a product or service. You are selling your knowledge and experience.
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