Free daily tips, information, advice and ideas
to help you better manage your small business.
Opportunities to grow your business are all around you. One way is to grow your clients--educating them in all the things you do.
Clients tend to put you and your business into a narrow category. When I need this, I call Angie. When I want that, I call Jim.
Example: John designs websites for clients. When he began to make it a point of telling each one of them that he could also set them up on social media, the calls came in. His clients had not made the connection until John told them.
Example: Sue is a hypnotherapist. She specializes in offering sessions on weight reduction and stopping smoking. Recently, Sue reached out to local physicians, informing them that she could help their patients with weight reduction and stopping smoking. It resulted in more calls. When Sue informed the physicians that she would also work with patients to handle pain management, even more calls came in.
Example: Russ is an independent insurance agent. He has built up a client base filling various needs--homeowner's insurance, flood, accident, life. He began reminding clients that he could write other types of insurance--loss of business, key man or partners insurance, etc. This has expanded his business.
Example: Donna's restaurant was a go-to place for healthy meals. Customers regularly returned and referred others. Donna also offered catering, but she did not remind people often enough that she could handle their parties and special events. When she began reminding her regulars that she also did catering, business picked up. Using social media helped even more.
Every business tends to settle into a comfortable routine with the customers and clients. And they tend to do the same thing.
Remind people of all the things your business can provide. Work it into a conversation, print it on your business cards, give a talk, put it up on social media.
Unless you remind customers and clients of all the things you can do for them, you'll lose some of their business to your competition. People tend to think of you in one way only--break out!
Wednesday, July 1, 2015
Tuesday, June 30, 2015
Business thinking
Free daily tips, information, advice and ideas
to help you better manage your small business.
Our brains are like giant computers. But there is a big difference.
Computers are built from little components that give them their power. They are organized in such a way to give us pathways to solve all sorts of problems.
Brains also consist of little pieces. Brains have great potential. But until the brain is organized, it flails about from one perception to the next, absorbing everything it encounters.
Brains get organized by moms and dads, by language and culture, by education and experience, and by trial and error.
People program computers, and people program brains. The process is somewhat similar. Garbage in, garbage out.
Example: Adele loved the fiber arts. She tackled crochet, knitting, tatting, rug making and lace making using all sorts of materials. A friend encouraged her to establish a website and open a tiny studio open to the public. Adele soon discovered that she could do only so much with her own hands--but she did not want to have employees. She did not want to price her output too high because she felt sorry for many buyers of limited means. To her dismay, Adele quickly found that her income did not support her expenses. Her solution was to turn her small business back into a hobby which she pursued at home.
Example: Marge also loved fiber arts. She wanted to establish a small business, so she did several business plans. She discovered a good market for handmade rugs using her original designs. So she took the plunge with a website and a working studio. Today, Marge has two employees making rugs using her own designs and under her close supervision. To price her rugs, Marge sets prices at a level that defines her target market. She is not looking to sell a rug to every homeowner. Rather, she sets prices at levels that attract clients who appreciate the uniqueness, the design, the custom colors--and they have the money to indulge these preferences.
Business works by the numbers. Those bottom line numbers tell us with a degree of certainty whether or not the business is viable.
When a business owner mixes feelings with business, the business heads down a slippery slope. When emotion crowds out the numbers, bankruptcy looms.
Bad bottom line numbers weed out business owners who fly with feelings and emotion. It rewards those who do the logical, numbers-based thinking.
This does not mean that business is amoral. The current loud mouths who bemoan greed don't know how to put greed to work in a moral way. A moral business tames greed and turns it into a good social mechanism.
to help you better manage your small business.
Our brains are like giant computers. But there is a big difference.
Computers are built from little components that give them their power. They are organized in such a way to give us pathways to solve all sorts of problems.
Brains also consist of little pieces. Brains have great potential. But until the brain is organized, it flails about from one perception to the next, absorbing everything it encounters.
Brains get organized by moms and dads, by language and culture, by education and experience, and by trial and error.
People program computers, and people program brains. The process is somewhat similar. Garbage in, garbage out.
Example: Adele loved the fiber arts. She tackled crochet, knitting, tatting, rug making and lace making using all sorts of materials. A friend encouraged her to establish a website and open a tiny studio open to the public. Adele soon discovered that she could do only so much with her own hands--but she did not want to have employees. She did not want to price her output too high because she felt sorry for many buyers of limited means. To her dismay, Adele quickly found that her income did not support her expenses. Her solution was to turn her small business back into a hobby which she pursued at home.
Example: Marge also loved fiber arts. She wanted to establish a small business, so she did several business plans. She discovered a good market for handmade rugs using her original designs. So she took the plunge with a website and a working studio. Today, Marge has two employees making rugs using her own designs and under her close supervision. To price her rugs, Marge sets prices at a level that defines her target market. She is not looking to sell a rug to every homeowner. Rather, she sets prices at levels that attract clients who appreciate the uniqueness, the design, the custom colors--and they have the money to indulge these preferences.
Business works by the numbers. Those bottom line numbers tell us with a degree of certainty whether or not the business is viable.
When a business owner mixes feelings with business, the business heads down a slippery slope. When emotion crowds out the numbers, bankruptcy looms.
Bad bottom line numbers weed out business owners who fly with feelings and emotion. It rewards those who do the logical, numbers-based thinking.
This does not mean that business is amoral. The current loud mouths who bemoan greed don't know how to put greed to work in a moral way. A moral business tames greed and turns it into a good social mechanism.
Monday, June 29, 2015
Business handwriting
Free daily tips, information, advice and ideas
to help you better manage your small business.
There is a move afoot in education to eliminate the teaching of cursive writing, or handwriting. Instead, kids learn capital letters--or they simply text everything.
This is depersonalization of the language. It is rampant today. And it is bad for business.
Example: Ella runs a bakery, and some of her popular products are cakes. People order cakes to be decorated for birthdays, anniversaries, retirements and other special occasions. When Ella needed to hire another employee, she found that many of the applicants did not know handwriting--a major requirement for decorating and putting the finishing touches on cakes.
Example: Alice runs an embroidery service. People want their names embroidered on uniforms and other items. Many prefer the writing to appear as if handwritten. While the computers Alice uses does most of the work, even with fonts that imitate handwriting, her employees must know how to proofread the finished product. Many don't.
Example: Bob is an expert auto technician with 40 years experience. He and his people tackle all sorts of mechanical and electrical repairs. The shop has the latest computerized equipment. Today, diagnosis of problems would be impossible without taking a reading from the auto's computers. When the repair job is done, Bob provides the client with a computerized summary of what was done. Nevertheless, Bob always makes extensive handwritten notes "on the run" as each auto moves through the shop. These handwritten notes are kept with the files so that they can be consulted later. Bob has found it invaluable.
If all you use to make notes is some fancy computerized device, what will you do when the power/battery goes down? How will you understand handwritten instructions from a client?
Handwriting is back-up. People who know how to quickly make handwritten notes will have a big advantage in a crisis.
If schools won't teach your children how to do handwriting, do it yourself. One day, they will thank you.
to help you better manage your small business.
There is a move afoot in education to eliminate the teaching of cursive writing, or handwriting. Instead, kids learn capital letters--or they simply text everything.
This is depersonalization of the language. It is rampant today. And it is bad for business.
Example: Ella runs a bakery, and some of her popular products are cakes. People order cakes to be decorated for birthdays, anniversaries, retirements and other special occasions. When Ella needed to hire another employee, she found that many of the applicants did not know handwriting--a major requirement for decorating and putting the finishing touches on cakes.
Example: Alice runs an embroidery service. People want their names embroidered on uniforms and other items. Many prefer the writing to appear as if handwritten. While the computers Alice uses does most of the work, even with fonts that imitate handwriting, her employees must know how to proofread the finished product. Many don't.
Example: Bob is an expert auto technician with 40 years experience. He and his people tackle all sorts of mechanical and electrical repairs. The shop has the latest computerized equipment. Today, diagnosis of problems would be impossible without taking a reading from the auto's computers. When the repair job is done, Bob provides the client with a computerized summary of what was done. Nevertheless, Bob always makes extensive handwritten notes "on the run" as each auto moves through the shop. These handwritten notes are kept with the files so that they can be consulted later. Bob has found it invaluable.
If all you use to make notes is some fancy computerized device, what will you do when the power/battery goes down? How will you understand handwritten instructions from a client?
Handwriting is back-up. People who know how to quickly make handwritten notes will have a big advantage in a crisis.
If schools won't teach your children how to do handwriting, do it yourself. One day, they will thank you.
Friday, June 26, 2015
New or used?
Free daily tips, information, advice and ideas
to help you better manage your small business.
Astute business owners know how to save money. One way is to consider buying used equipment instead of new.
Massage therapists, Pilates instructors, chiropractors and others can save a good deal of their upfront funds by buying good used equipment instead of shelling out the big bucks for new stuff.
People in other businesses can do the same. Even if your business is conducted entirely online, you can frequently pick up used computer equipment, printer cartridges, and other things at steep discounts by searching out used items in good condition at trustworthy sources.
Example: Mike spotted an opportunity. Over a hundred retirement homes were being built just outside town. In addition, a strip mall was going in nearby. Mike had always wanted a bagel shop, and he decided this was the place and time to realize his dream. His problem was funding. A franchise bagel operation would cost $250,000. If he bought new equipment for his planned operation, it would cost half as much. All Mike could scrap together was $50,000. He went searching through used restaurant equipment dealers, and he hit pay dirt. He found an antique bagel making machine priced at just $10,000. He jumped at the chance, cleaned up the machine, got it in good operating condition, and installed it in the front window of his newly leased storefront. It was a lot of work, but the money saved made the difference. The machine was old and clunky and slow, but bagels dropped out every few seconds into the boiling water and then moved down the mechanical line and onto the counter. Mike's set-up attracted lots of attention--he even got a write-up in a major regional newspaper. People came to watch the operation and take away a sack of his bagels. His reputation spread far beyond the retirement home complex, and business was good.
Buying used is not new. Used houses and used vehicles sell all the time. There is a big market for both.
Before you bad mouth used, think of the health care industry. It is filled today with transplants of hearts, livers, kidneys, and more. These used organs are life-giving.
Check your own operation to see if used can serve you as well as new. You might find some money-saving opportunities.
It all starts with your business plan. If you project numbers based on new equipment, see how many dollars can be saved by buying used. It could make a big difference, as in the above example.
to help you better manage your small business.
Astute business owners know how to save money. One way is to consider buying used equipment instead of new.
Massage therapists, Pilates instructors, chiropractors and others can save a good deal of their upfront funds by buying good used equipment instead of shelling out the big bucks for new stuff.
People in other businesses can do the same. Even if your business is conducted entirely online, you can frequently pick up used computer equipment, printer cartridges, and other things at steep discounts by searching out used items in good condition at trustworthy sources.
Example: Mike spotted an opportunity. Over a hundred retirement homes were being built just outside town. In addition, a strip mall was going in nearby. Mike had always wanted a bagel shop, and he decided this was the place and time to realize his dream. His problem was funding. A franchise bagel operation would cost $250,000. If he bought new equipment for his planned operation, it would cost half as much. All Mike could scrap together was $50,000. He went searching through used restaurant equipment dealers, and he hit pay dirt. He found an antique bagel making machine priced at just $10,000. He jumped at the chance, cleaned up the machine, got it in good operating condition, and installed it in the front window of his newly leased storefront. It was a lot of work, but the money saved made the difference. The machine was old and clunky and slow, but bagels dropped out every few seconds into the boiling water and then moved down the mechanical line and onto the counter. Mike's set-up attracted lots of attention--he even got a write-up in a major regional newspaper. People came to watch the operation and take away a sack of his bagels. His reputation spread far beyond the retirement home complex, and business was good.
Buying used is not new. Used houses and used vehicles sell all the time. There is a big market for both.
Before you bad mouth used, think of the health care industry. It is filled today with transplants of hearts, livers, kidneys, and more. These used organs are life-giving.
Check your own operation to see if used can serve you as well as new. You might find some money-saving opportunities.
It all starts with your business plan. If you project numbers based on new equipment, see how many dollars can be saved by buying used. It could make a big difference, as in the above example.
Thursday, June 25, 2015
Getting rich
Free daily tips, information, advice and ideas
to help you better manage your small business.
People don't set up a small business to get rich. Those who do will be disappointed.
I suppose you can get rich running an illegal drug operation. But you're likely to go to jail or, worse, somebody will send you to the great beyond.
The reason to set up a small business has to do with being your own boss, pitting your smarts against the marketplace, earning a living for yourself and your family, and pursuing your dream.
Example: Ranjeet in an expert in information technology. With social media exploding, he saw a unique market opportunity. He quit his job at a corporation and set up a small business to show other small businesses how to take advantage of the enormous opportunities available to them in social media. Today, Ranjeet employs several people and has hundreds of small clients. Many are using the tools of the information age to grow and expand their businesses. Ranjeet is on his way to becoming rich.
Example: Jon was a young man in a hurry. He used a sizable inheritance to establish an architectural artifacts business. He bought an old warehouse and filled it with architectural items recovered from buildings being torn down. He built up a stock of old windows and doors, iron fencing, antique gingerbread and banisters, hardwood carvings, even used brick and slate. His clients were architects, designers, contractors and homeowners. Jon expanded the operation when a unique opportunity presented itself--an old 5-story building was to be demolished. It contained a motherload of yellow pine flooring, virgin wood dating from the 1800s. He was suddenly the go-to place for the valuable wood, a hot item in upscale construction and renovations. Jon was on his way to becoming rich.
Getting rich depends on your efforts, your dreams, your management, your alertness to opportunities, your hard work, and other things in your control.
The current admonition by some misguided politicians that "You didn't build that" is nonsense. Those mouthing these words have never run a business. These people limit their own futures and their personal satisfaction to the stifling world of government.
Getting rich is a by-product of chasing your dream business. Making a living is more likely the end game of setting up and doing what you love doing. It's what makes every day an adventure.
to help you better manage your small business.
People don't set up a small business to get rich. Those who do will be disappointed.
I suppose you can get rich running an illegal drug operation. But you're likely to go to jail or, worse, somebody will send you to the great beyond.
The reason to set up a small business has to do with being your own boss, pitting your smarts against the marketplace, earning a living for yourself and your family, and pursuing your dream.
Example: Ranjeet in an expert in information technology. With social media exploding, he saw a unique market opportunity. He quit his job at a corporation and set up a small business to show other small businesses how to take advantage of the enormous opportunities available to them in social media. Today, Ranjeet employs several people and has hundreds of small clients. Many are using the tools of the information age to grow and expand their businesses. Ranjeet is on his way to becoming rich.
Example: Jon was a young man in a hurry. He used a sizable inheritance to establish an architectural artifacts business. He bought an old warehouse and filled it with architectural items recovered from buildings being torn down. He built up a stock of old windows and doors, iron fencing, antique gingerbread and banisters, hardwood carvings, even used brick and slate. His clients were architects, designers, contractors and homeowners. Jon expanded the operation when a unique opportunity presented itself--an old 5-story building was to be demolished. It contained a motherload of yellow pine flooring, virgin wood dating from the 1800s. He was suddenly the go-to place for the valuable wood, a hot item in upscale construction and renovations. Jon was on his way to becoming rich.
Getting rich depends on your efforts, your dreams, your management, your alertness to opportunities, your hard work, and other things in your control.
The current admonition by some misguided politicians that "You didn't build that" is nonsense. Those mouthing these words have never run a business. These people limit their own futures and their personal satisfaction to the stifling world of government.
Getting rich is a by-product of chasing your dream business. Making a living is more likely the end game of setting up and doing what you love doing. It's what makes every day an adventure.
Wednesday, June 24, 2015
Dreams meet reality
Free daily tips, information, advice and ideas
to help you better manage your small business.
When you get caught up in your dreams, you run the risk of ignoring everyday realities. It can happen to every business owner.
Example: Cedric Sr. started a tee shirt operation years ago. He worked very hard, keeping the business lean and mean. It supported the family and sent Cedric Jr. to college. When Cedric Jr. took over the business from his dad, he had bigger dreams. He expanded the old website and he posted lots of pictures on social media. Orders for tee shirts exploded, orders came in from all over, and shipments went out every day. Cedric Jr. arranged for a loan to expand the operation. He moved into larger quarters, bought more equipment, and hired more people. Suddenly, the economy tanked and orders dropped. He had trouble meeting the monthly payments on the loan. And then there was the rent on the increased space. He laid off people, and some of his equipment now lays idle. Going on social media was a good idea, but taking on lots of new debt and expanding too fast was a bad idea. He let his dreams get ahead of reality.
When you think ahead, you do a business plan. The numbers don't lie, and this keeps your dreams in sync with reality. Always factor in changes you see in the economy and the market you serve.
Example: Kathy runs a small tea shop. Customers come in, browse the dozens of different teas, sip a sample, and purchase tea to take home. It was a nice little business, but Kathy wanted to expand. She familiarized herself with social media, and she began posting pictures on Facebook. Suddenly, her website was more active--people began ordering packaged teas online, rarely, if ever, coming to the shop. One customer asked a question: "Will you ship tea to me on a regular basis, like a standing order?" That question prompted Kathy to offer standing orders for tea on her website and on social media. Today, Kathy spends most of her time filling orders to be shipped out.
Older business owners frequently don't appreciate the value of social media. It is changing the way customers get what they want.
Remember that it is the marketplace that determines your success. Customers are well aware of the value of social media in their lives. They are increasingly using social media. This has a big effect on your business. It's where dreams meet reality.
Turning your business dreams into reality means that you must use all the tools available to you. Customers put a high value on convenience. In fact, with many businesses, a case can be made that convenience is what you are selling.
to help you better manage your small business.
When you get caught up in your dreams, you run the risk of ignoring everyday realities. It can happen to every business owner.
Example: Cedric Sr. started a tee shirt operation years ago. He worked very hard, keeping the business lean and mean. It supported the family and sent Cedric Jr. to college. When Cedric Jr. took over the business from his dad, he had bigger dreams. He expanded the old website and he posted lots of pictures on social media. Orders for tee shirts exploded, orders came in from all over, and shipments went out every day. Cedric Jr. arranged for a loan to expand the operation. He moved into larger quarters, bought more equipment, and hired more people. Suddenly, the economy tanked and orders dropped. He had trouble meeting the monthly payments on the loan. And then there was the rent on the increased space. He laid off people, and some of his equipment now lays idle. Going on social media was a good idea, but taking on lots of new debt and expanding too fast was a bad idea. He let his dreams get ahead of reality.
When you think ahead, you do a business plan. The numbers don't lie, and this keeps your dreams in sync with reality. Always factor in changes you see in the economy and the market you serve.
Example: Kathy runs a small tea shop. Customers come in, browse the dozens of different teas, sip a sample, and purchase tea to take home. It was a nice little business, but Kathy wanted to expand. She familiarized herself with social media, and she began posting pictures on Facebook. Suddenly, her website was more active--people began ordering packaged teas online, rarely, if ever, coming to the shop. One customer asked a question: "Will you ship tea to me on a regular basis, like a standing order?" That question prompted Kathy to offer standing orders for tea on her website and on social media. Today, Kathy spends most of her time filling orders to be shipped out.
Older business owners frequently don't appreciate the value of social media. It is changing the way customers get what they want.
Remember that it is the marketplace that determines your success. Customers are well aware of the value of social media in their lives. They are increasingly using social media. This has a big effect on your business. It's where dreams meet reality.
Turning your business dreams into reality means that you must use all the tools available to you. Customers put a high value on convenience. In fact, with many businesses, a case can be made that convenience is what you are selling.
Tuesday, June 23, 2015
When pigs fly
Free daily tips, information, advice and ideas
to help you better manage your small business.
You have a great idea. You want to start a small business. Or you want to go off in another direction.
You mention it to several people. You discuss your idea with friends and trusted acquaintances.
Example: Duane wanted to establish a big new website. His idea was to have a platform to sell just about anything. It would work like an auction but it would not be an auction site. His platform would act an an intermediary between sellers and buyers. Buyers would peruse the items up for auction, and then they would place their bids against a pre-set deadline. As the deadline approached, bidding would intensify. Finally, there would be a winner.
Everyone told Duane that his idea would not work. Everyone mentioned the technical and legal problems. Everyone told him that his idea was pie-in-the-sky, doable only when pigs fly.
Of course, eBay exploded into a formidable presence. But eBay might never have happened--had its founders thought too much about all the negative advice they must have received.
Example: Ella trained as a hair stylist. She worked in several salons to nail down lots of experience. Her idea was to have her own salon--one day. That day came unexpectedly when the owner of a local salon became ill and placed her salon up for sale. Ella scrambled to put together the funding. But all her friends said to wait for a better economy. They questioned her lack of experience in running a business. They advised her against the deal. Ella considered the advice, but she went ahead anyway. It was an opportunity that she felt might not come again.
Your friends will frequently advise you. They feel compelled to offer their advice. Listen and consider. But pigs don't fly on negative advice.
If the opportunity is real and your gut feeling tells you to proceed, then by all means, do so. You will never know if success is around the corner unless you take the chance.
Before you jump, always do a business plan. The numbers will give you some confidence--or not. But the numbers are your best advice. Your pig just might fly.
to help you better manage your small business.
You have a great idea. You want to start a small business. Or you want to go off in another direction.
You mention it to several people. You discuss your idea with friends and trusted acquaintances.
Example: Duane wanted to establish a big new website. His idea was to have a platform to sell just about anything. It would work like an auction but it would not be an auction site. His platform would act an an intermediary between sellers and buyers. Buyers would peruse the items up for auction, and then they would place their bids against a pre-set deadline. As the deadline approached, bidding would intensify. Finally, there would be a winner.
Everyone told Duane that his idea would not work. Everyone mentioned the technical and legal problems. Everyone told him that his idea was pie-in-the-sky, doable only when pigs fly.
Of course, eBay exploded into a formidable presence. But eBay might never have happened--had its founders thought too much about all the negative advice they must have received.
Example: Ella trained as a hair stylist. She worked in several salons to nail down lots of experience. Her idea was to have her own salon--one day. That day came unexpectedly when the owner of a local salon became ill and placed her salon up for sale. Ella scrambled to put together the funding. But all her friends said to wait for a better economy. They questioned her lack of experience in running a business. They advised her against the deal. Ella considered the advice, but she went ahead anyway. It was an opportunity that she felt might not come again.
Your friends will frequently advise you. They feel compelled to offer their advice. Listen and consider. But pigs don't fly on negative advice.
If the opportunity is real and your gut feeling tells you to proceed, then by all means, do so. You will never know if success is around the corner unless you take the chance.
Before you jump, always do a business plan. The numbers will give you some confidence--or not. But the numbers are your best advice. Your pig just might fly.
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