Free daily tips, information, advice and ideas
to help you better manage your small business
Expanding and growing your business can be intertwined. Expanding means taking the small steps that can lead to real growth.
Expanding means taking on a related market. This can lead to real growth for your business. The way to approach an expansion is to research the market, carefully plan out the steps you'll take, and then take the plunge.
Example: Marcia is a chiropractor. She decided some time ago that she wanted to head in the direction of becoming a wellness center. She didn't know how many wellness experts she would be able to attract, and she didn't know how much space would be required. So she spent several months talking with holistic providers, looking at buildings, investigating the market, and doing the numbers--projecting forward several scenarios and arriving at a business plan that made sense. Today, Marcia's wellness center attracts clients looking for all sorts of treatments, including Reiki, massage, acupuncture, yoga sessions for individuals, nutritional guidance, aromatherapy, and other popular wellness interests. She provides space for the experts to meet and treat their clients--transients can simply pay her a fee, or longer term rentals can be made. There is a small room for information displays, including video. The center has attracted lots of attention in the community and beyond. Marcia still sees her chiropractic patients.
Example: Bill runs a landscaping service. He cuts grass, trims shrubbery, helps homeowners put plants in their yards. He parks his truck and trailer behind his own house, and his garage is full of equipment and materials. Inside, he turned part of a bedroom into a small office setup. To expand, his wife reminded him, he needed to get the business out of the house, out of the garage, and out of the yard. To do this, Bill found a small garden center owned by an elderly man who was willing to enter into a lease-purchase agreement, selling the garden center to Bill. After carefully assessing the situation and the numbers, Bill jumped at the chance to expand and grow at the same time. Today, he attracts many more customers for an expanded list of services. He has added another truck and a crew to serve the needs of the bigger business.
Expanding your business means selecting additional markets to serve. When you serve more markets, you are growing the business.
Thursday, November 5, 2015
Wednesday, November 4, 2015
Educate your customers
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to help you better manage your small business
Your business can handle more sales than you have. You can sell more. But you know that.
Did you know that some of your customers don't know all the things you can do for them? Some get accustomed to coming to you for one thing, but they ignore--or don't know about--all the other things you do.
You must educate your customers. It's up to you to tell them about all the things you can do for them. Otherwise, they tend to pigeon-hole you as expert in only one thing.
Example: You hired a web site designer and you were more than happy with the result. Now you need someone to set you up on social media. You call your web site designer and ask for a referral. Instead, he tells you that he also can help you with social media. He had never educated you in all the things he could do for you.
Example: Your regulars enjoy your restaurant's healthy meals. They come back again and again and refer others. But you never reminded them that you also do catering--you can handle small corporate events, home parties, and the like. But you lost that business when they called a competing caterer.
Example: Fred handles taxes for several small businesses. He knows that few people in small business give much thought to selling their business or practice. He announces a free seminar and invites all his clients. There, he discusses how to get a business ready to sell, what a buyer might expect, how to negotiate, what value to place on the business, etc. He answers many questions. During the following month, Fred gets calls from business owners wanting a private meeting with him to further pursue selling their businesses. On-going, it represented a big expansion for Fred's operation--he now works with businesses wanting to sell their operation.
Example: Linda is a reflexologist with many happy clients. They return again and again and refer others. She is also certified in hypnotherapy--helping clients with weight reduction, smoking cessation, and other problems. This has resulted in two sets of clients, so Linda continually cross-educates so that all her clients are aware of everything she can do for them.
Every time you interact with your customers, try to remind them of all the things you can do for them. Otherwise, they think of you in a narrow way.
to help you better manage your small business
Your business can handle more sales than you have. You can sell more. But you know that.
Did you know that some of your customers don't know all the things you can do for them? Some get accustomed to coming to you for one thing, but they ignore--or don't know about--all the other things you do.
You must educate your customers. It's up to you to tell them about all the things you can do for them. Otherwise, they tend to pigeon-hole you as expert in only one thing.
Example: You hired a web site designer and you were more than happy with the result. Now you need someone to set you up on social media. You call your web site designer and ask for a referral. Instead, he tells you that he also can help you with social media. He had never educated you in all the things he could do for you.
Example: Your regulars enjoy your restaurant's healthy meals. They come back again and again and refer others. But you never reminded them that you also do catering--you can handle small corporate events, home parties, and the like. But you lost that business when they called a competing caterer.
Example: Fred handles taxes for several small businesses. He knows that few people in small business give much thought to selling their business or practice. He announces a free seminar and invites all his clients. There, he discusses how to get a business ready to sell, what a buyer might expect, how to negotiate, what value to place on the business, etc. He answers many questions. During the following month, Fred gets calls from business owners wanting a private meeting with him to further pursue selling their businesses. On-going, it represented a big expansion for Fred's operation--he now works with businesses wanting to sell their operation.
Example: Linda is a reflexologist with many happy clients. They return again and again and refer others. She is also certified in hypnotherapy--helping clients with weight reduction, smoking cessation, and other problems. This has resulted in two sets of clients, so Linda continually cross-educates so that all her clients are aware of everything she can do for them.
Every time you interact with your customers, try to remind them of all the things you can do for them. Otherwise, they think of you in a narrow way.
Tuesday, November 3, 2015
Business beginnings
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to help you better manage your small business
A business frequently grows out of things we do in our early years. As a child or teenager, we become interested in an activity that can later become a viable business undertaking.
Example: Tom worked summers during high school for a small construction company. He learned how to install siding, gutters and downspouts, build steps, paint and pour concrete and more. Tom saved his earnings. When he graduated high school, Tom could have started his own renovation and repair business, but he had a bigger idea. He used his savings to make a down payment on a three-family building that needed work. He put the place in tip top shape, rented the apartments to three tenants, and looked around for another building to buy.
Example: As a child, Jennifer watched her grandmother sewing. Needle and thread became magical to Jennifer--things got joined together and became something new and exciting. Out of the scraps from her grandmother's work, she made little outfits for her dolls. As a teenager, Jennifer's sewing became more ambitious. Encouraged, she made blouses and tops to wear herself. Fabric fascinated her. She turned old jeans into jackets and handbags. When she graduated from high school, Jennifer and her grandmother opened a small shop. It was filled with Jennifer's creations and they sold well. While Jennifer created new designs, her grandmother waited on customers and helped with the sewing. They reworked the shop's layout, installed a short runway and small stage, and today they hold regular fashion shows featuring Jennifer's designs. She is now graduating her business to the next level, farming out production and selling to other stores.
Example: Dave and Jim were buddies as teenagers and both were into fitness. They spent hours in the local gym working out and playing sports. When they graduated, they talked with the owner of the local weight training center about how to open a gym. Their idea was not to compete with weight training but to have an up-scale fitness center--offering weight reduction programs, healthy living, with a smoothie bar and vitamins and supplements. To their surprise, the owner proposed that Dave and Jim take over the weight training center and turn it into what they had in mind. The owner offered to structure a loan to cover the payout over several years. Dave and Jim were suddenly in business and on their way.
These examples show how people can take their interest to the next level. Keep in mind that any activity can be turned into a business. It takes time, planning and lots of hard work.
Whether you are in high school or stuck in corporate America, look to your interests and turn them into a business. It can be done at any age.
Starting a business takes hard work, an attitude, confidence, and persistence. Just do it!
to help you better manage your small business
A business frequently grows out of things we do in our early years. As a child or teenager, we become interested in an activity that can later become a viable business undertaking.
Example: Tom worked summers during high school for a small construction company. He learned how to install siding, gutters and downspouts, build steps, paint and pour concrete and more. Tom saved his earnings. When he graduated high school, Tom could have started his own renovation and repair business, but he had a bigger idea. He used his savings to make a down payment on a three-family building that needed work. He put the place in tip top shape, rented the apartments to three tenants, and looked around for another building to buy.
Example: As a child, Jennifer watched her grandmother sewing. Needle and thread became magical to Jennifer--things got joined together and became something new and exciting. Out of the scraps from her grandmother's work, she made little outfits for her dolls. As a teenager, Jennifer's sewing became more ambitious. Encouraged, she made blouses and tops to wear herself. Fabric fascinated her. She turned old jeans into jackets and handbags. When she graduated from high school, Jennifer and her grandmother opened a small shop. It was filled with Jennifer's creations and they sold well. While Jennifer created new designs, her grandmother waited on customers and helped with the sewing. They reworked the shop's layout, installed a short runway and small stage, and today they hold regular fashion shows featuring Jennifer's designs. She is now graduating her business to the next level, farming out production and selling to other stores.
Example: Dave and Jim were buddies as teenagers and both were into fitness. They spent hours in the local gym working out and playing sports. When they graduated, they talked with the owner of the local weight training center about how to open a gym. Their idea was not to compete with weight training but to have an up-scale fitness center--offering weight reduction programs, healthy living, with a smoothie bar and vitamins and supplements. To their surprise, the owner proposed that Dave and Jim take over the weight training center and turn it into what they had in mind. The owner offered to structure a loan to cover the payout over several years. Dave and Jim were suddenly in business and on their way.
These examples show how people can take their interest to the next level. Keep in mind that any activity can be turned into a business. It takes time, planning and lots of hard work.
Whether you are in high school or stuck in corporate America, look to your interests and turn them into a business. It can be done at any age.
Starting a business takes hard work, an attitude, confidence, and persistence. Just do it!
Monday, November 2, 2015
Avoid business strutting
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to help you better manage your small business
You believe in your business. You know every aspect of what you do. You know where you are headed. You will not deviate from your plan because you are convinced that your plan is best and will get you where you want to go.
Careful. Strutting your own stuff in your business can be dangerous. It's one thing to believe in yourself, but it's another to turn a blind eye to what's happening around you.
The marketplace is continually changing. Technology is continually changing. How you attract your clients and customers is continually changing. Effective promotional tools change. Strutting your business stuff must change as well.
Example: Mika designs handbags. She began her business because of her interest in leather as a fashion accessory for women. Mika's business made a splash in the industry--magazines devoted spreads to her leather handbag designs. Television shows brought her in for interviews. Then came attacks by animal rights activists who were opposed to leather. Suddenly, no one in the media called Mika. Her free media splash ended, and sales plunged. Mika was hard-headed and persisted with her leather bags. Today, she is struggling, but she is still strutting her original business model--designing handbags entirely made of leather.
Example: Sara also designs handbags. She uses leather and many additional materials--colorful plastics, natural bamboo, woven fiber materials including even glass fiber. Sara keeps a sharp eye on the marketplace. Her business plan includes several lines of handbags--different materials, different sizes and uses. She insists on top quality production, both with the handbags produced in-house and those under contract production elsewhere. When sales of leather bags went through a down period, Sara shifted with the market demands. She regularly contacts her retail partners to obtain their inputs, and she closely follows fashion industry trends. She has even used inputs from focus groups. Her business strutting is solidly grounded in the marketplace demands--not her business plan which gets updated regularly.
Think of driving to the Grand Canyon. Alternate routes are everywhere. Different roads can get you there. You plan your route, but encounter inviting side trips, and these can alter your overall plan.
Business strutting occurs when you become a slave to your business plan. Business plans change as the world changes. Avoid business strutting.
to help you better manage your small business
You believe in your business. You know every aspect of what you do. You know where you are headed. You will not deviate from your plan because you are convinced that your plan is best and will get you where you want to go.
Careful. Strutting your own stuff in your business can be dangerous. It's one thing to believe in yourself, but it's another to turn a blind eye to what's happening around you.
The marketplace is continually changing. Technology is continually changing. How you attract your clients and customers is continually changing. Effective promotional tools change. Strutting your business stuff must change as well.
Example: Mika designs handbags. She began her business because of her interest in leather as a fashion accessory for women. Mika's business made a splash in the industry--magazines devoted spreads to her leather handbag designs. Television shows brought her in for interviews. Then came attacks by animal rights activists who were opposed to leather. Suddenly, no one in the media called Mika. Her free media splash ended, and sales plunged. Mika was hard-headed and persisted with her leather bags. Today, she is struggling, but she is still strutting her original business model--designing handbags entirely made of leather.
Example: Sara also designs handbags. She uses leather and many additional materials--colorful plastics, natural bamboo, woven fiber materials including even glass fiber. Sara keeps a sharp eye on the marketplace. Her business plan includes several lines of handbags--different materials, different sizes and uses. She insists on top quality production, both with the handbags produced in-house and those under contract production elsewhere. When sales of leather bags went through a down period, Sara shifted with the market demands. She regularly contacts her retail partners to obtain their inputs, and she closely follows fashion industry trends. She has even used inputs from focus groups. Her business strutting is solidly grounded in the marketplace demands--not her business plan which gets updated regularly.
Think of driving to the Grand Canyon. Alternate routes are everywhere. Different roads can get you there. You plan your route, but encounter inviting side trips, and these can alter your overall plan.
Business strutting occurs when you become a slave to your business plan. Business plans change as the world changes. Avoid business strutting.
Friday, October 30, 2015
Promotional pictures
Free daily tips, information, advice and ideas
to help you better manage your small business
You already know the value of using social media to promote your business. You snap those pictures all the time and post them on Facebook or LinkedIn or Twitter or whatever.
The whole idea on social media is to use pictures to attract attention. Wellness centers show pictures of hands working on a client's backside. A home improvement specialist shows pictures of bathrooms turned into spas. A bakery reaches out with pictures of awesomely designed cakes.
But you don't have to use your own products and services to grab some eyeballs. Pets always attract attention as do close-ups of various things in nature.
Example: Ted is as chiropractor. His website and his posts on Facebook always include his dog. The dog is big, active, friendly and lovable. Ted takes many pictures of the dog--showing him running, jumping, chasing a ball, carrying a stick, or curled up asleep. With his pictures, Ted is getting across the message of an active, pain-free life style. His chiropractic message is not about bones and muscles--that discussion is on Ted's website, awaiting viewers who want to know more. Ted's dog is the message. The pictures on social media is upfront, attention-getting, and draws the viewer inside.
Example: Tom operates an independent pest control business. To promote his services, Tom takes close-up pictures of bugs and post them on his website. Close-ups of roaches, spiders, termites and ants are regulars on his Facebook pages. But he really made a hit when the town experienced an invasion of stink bugs. He posted pictures--not only of individual bugs, but hundreds of the insects littering sidewalks. The calls came in for Tom to get rid of the pests.
Example: Susan operates a women's clothing and accessories shop. Her customers are well-heeled and discriminating. Susan entices them with close-up pictures of clothing patterns, stitching, buttons and the like. She rarely takes pictures of entire outfits, opting instead for the fine details and quality workmanship that her customers care about.
Put your creativity to work in your promotional pictures. Close--ups of just about anything can be attention-getting. Pictures of pets and flowers can pop your message on social media.
to help you better manage your small business
You already know the value of using social media to promote your business. You snap those pictures all the time and post them on Facebook or LinkedIn or Twitter or whatever.
The whole idea on social media is to use pictures to attract attention. Wellness centers show pictures of hands working on a client's backside. A home improvement specialist shows pictures of bathrooms turned into spas. A bakery reaches out with pictures of awesomely designed cakes.
But you don't have to use your own products and services to grab some eyeballs. Pets always attract attention as do close-ups of various things in nature.
Example: Ted is as chiropractor. His website and his posts on Facebook always include his dog. The dog is big, active, friendly and lovable. Ted takes many pictures of the dog--showing him running, jumping, chasing a ball, carrying a stick, or curled up asleep. With his pictures, Ted is getting across the message of an active, pain-free life style. His chiropractic message is not about bones and muscles--that discussion is on Ted's website, awaiting viewers who want to know more. Ted's dog is the message. The pictures on social media is upfront, attention-getting, and draws the viewer inside.
Example: Tom operates an independent pest control business. To promote his services, Tom takes close-up pictures of bugs and post them on his website. Close-ups of roaches, spiders, termites and ants are regulars on his Facebook pages. But he really made a hit when the town experienced an invasion of stink bugs. He posted pictures--not only of individual bugs, but hundreds of the insects littering sidewalks. The calls came in for Tom to get rid of the pests.
Example: Susan operates a women's clothing and accessories shop. Her customers are well-heeled and discriminating. Susan entices them with close-up pictures of clothing patterns, stitching, buttons and the like. She rarely takes pictures of entire outfits, opting instead for the fine details and quality workmanship that her customers care about.
Put your creativity to work in your promotional pictures. Close--ups of just about anything can be attention-getting. Pictures of pets and flowers can pop your message on social media.
Thursday, October 29, 2015
Choosing directions
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to help you better manage your small business
Managing a business is an art, not a science. You can use inputs from science and technology, but how you put it all together is unique to you.
It is a high wire act and you are juggling limited funding with marketplace realities. You must like this balancing act to be successful in building and operating a business.
Artists who live by their creations, alternative health practitioners, technology businesses, restauranteurs and every other small business owner must tackle each day with gusto, choose among the many possibilities, and enjoy the process.
Managing involves many pieces. You motivate yourself and your employees. You watch the bottom line. You prepare for emergencies. You stay on top of technology. You stay alert to market opportunities. And, most importantly, you listen to your clients/customers.
Example: Alex is an artist who paints in oils. His abstracts attract attention, but sales are not enough to support him and his family. He began doing portraits, but commissions are few and far between. At a show where Alex was displaying his works, he overheard someone say that there was nothing available priced low enough to be considered as gifts to friends. It gave him an idea. Today, Alex turns out many small paintings, quickly done, and reasonably priced. He frames them himself and sells them on his website, in high-end gift shops, and at shows. He has found a way to make ends meet.
Listen to the marketplace. You gotta give 'em what they want.
Example: Mary is an expert Reiki practitioner. She works from home, seeing clients at their place. Mary was approached by a wellness center to join the group. For a reasonable monthly payment, she would have her own room to see clients. With her certifications, Mary could now offer to teach others. And by being part of the wellness center, she is attracting more clients. It was a good directional choice for her business.
Joining with compatible business partners can solve growth problems.
Example: Sue runs a small printing operation. She stays on top of the technology that has revolutionized the printing industry. Instead of listening to salespeople trying to sell her bigger presses, Sue opted for a newer, smaller, cheaper, technologically advanced press that could turn out short-run color work. She chose a direction that has propelled her into a narrow, but very profitable, market segment.
Technology changes everything. All businesses are affected.
Managing a small business means you stay on top of everything. You make all the decisions. Then you take out the trash and turn off the lights.
to help you better manage your small business
Managing a business is an art, not a science. You can use inputs from science and technology, but how you put it all together is unique to you.
It is a high wire act and you are juggling limited funding with marketplace realities. You must like this balancing act to be successful in building and operating a business.
Artists who live by their creations, alternative health practitioners, technology businesses, restauranteurs and every other small business owner must tackle each day with gusto, choose among the many possibilities, and enjoy the process.
Managing involves many pieces. You motivate yourself and your employees. You watch the bottom line. You prepare for emergencies. You stay on top of technology. You stay alert to market opportunities. And, most importantly, you listen to your clients/customers.
Example: Alex is an artist who paints in oils. His abstracts attract attention, but sales are not enough to support him and his family. He began doing portraits, but commissions are few and far between. At a show where Alex was displaying his works, he overheard someone say that there was nothing available priced low enough to be considered as gifts to friends. It gave him an idea. Today, Alex turns out many small paintings, quickly done, and reasonably priced. He frames them himself and sells them on his website, in high-end gift shops, and at shows. He has found a way to make ends meet.
Listen to the marketplace. You gotta give 'em what they want.
Example: Mary is an expert Reiki practitioner. She works from home, seeing clients at their place. Mary was approached by a wellness center to join the group. For a reasonable monthly payment, she would have her own room to see clients. With her certifications, Mary could now offer to teach others. And by being part of the wellness center, she is attracting more clients. It was a good directional choice for her business.
Joining with compatible business partners can solve growth problems.
Example: Sue runs a small printing operation. She stays on top of the technology that has revolutionized the printing industry. Instead of listening to salespeople trying to sell her bigger presses, Sue opted for a newer, smaller, cheaper, technologically advanced press that could turn out short-run color work. She chose a direction that has propelled her into a narrow, but very profitable, market segment.
Technology changes everything. All businesses are affected.
Managing a small business means you stay on top of everything. You make all the decisions. Then you take out the trash and turn off the lights.
Wednesday, October 28, 2015
Promoting beyond
Free daily tips, information, advice and ideas
to help you better manage your small business
Promoting your small business is an everyday activity. When holidays approach, businesses tend to shift promoting into high gear. But you need to think beyond the holidays.
In today's world, promoting your business is easier than ever. Social media promotions offer pathways to success that are quick and cheap.
It is now October, and many business owners are already snapping pictures and posting them on Facebook and other platforms. They are anticipating the spending that goes on in November and December.
Example: Ella runs a high end gift shop. She specializes in offering hand made items by artists and artisans. Beginning in mid-November, Ella begins putting up pictures on Facebook--every day. Pictures are meant to attract attention to her website and to her store. They show jewelry in all lines, items in leather and wood, ceramics, glass and other unusual and one-of-a-kind creations. Ella's promotions work for the holidays, but what about January, February and March?
Example: Pepe is a floral designer. His shop attracts and serves clients from a wide area. As with all florists, Mother's Day is the biggest day of the year for Pepe. He begins in March promoting the big day, and the orders begin coming in ahead of time. But what about June and the summer months?
Example: Myra runs a bakery. She offers all sorts of concoctions--specialty cakes, breads, cookies and others goodies. Her clientele includes businesses, corporations, private parties and others. They depend on Myra for the bakery items for holidays, birthdays, parties, meetings and other gatherings. To expand, Myra began offering to ship brownies anywhere to customers who placed orders on her website. This has considerably expanded her operation--accessing a much wider geographical area, but serving the same types of meetings and gatherings far beyond her town.
Of course, you promote for holidays. But don't neglect the rest of the year. With social media, every business can build by promoting year round.
And when you've exhausted your immediate area, put on your thinking cap. How can you use social media and shipping to serve a wider area?
Promoting beyond the holidays and beyond your immediate geographical area is key to building your business. Get with it.
to help you better manage your small business
Promoting your small business is an everyday activity. When holidays approach, businesses tend to shift promoting into high gear. But you need to think beyond the holidays.
In today's world, promoting your business is easier than ever. Social media promotions offer pathways to success that are quick and cheap.
It is now October, and many business owners are already snapping pictures and posting them on Facebook and other platforms. They are anticipating the spending that goes on in November and December.
Example: Ella runs a high end gift shop. She specializes in offering hand made items by artists and artisans. Beginning in mid-November, Ella begins putting up pictures on Facebook--every day. Pictures are meant to attract attention to her website and to her store. They show jewelry in all lines, items in leather and wood, ceramics, glass and other unusual and one-of-a-kind creations. Ella's promotions work for the holidays, but what about January, February and March?
Example: Pepe is a floral designer. His shop attracts and serves clients from a wide area. As with all florists, Mother's Day is the biggest day of the year for Pepe. He begins in March promoting the big day, and the orders begin coming in ahead of time. But what about June and the summer months?
Example: Myra runs a bakery. She offers all sorts of concoctions--specialty cakes, breads, cookies and others goodies. Her clientele includes businesses, corporations, private parties and others. They depend on Myra for the bakery items for holidays, birthdays, parties, meetings and other gatherings. To expand, Myra began offering to ship brownies anywhere to customers who placed orders on her website. This has considerably expanded her operation--accessing a much wider geographical area, but serving the same types of meetings and gatherings far beyond her town.
Of course, you promote for holidays. But don't neglect the rest of the year. With social media, every business can build by promoting year round.
And when you've exhausted your immediate area, put on your thinking cap. How can you use social media and shipping to serve a wider area?
Promoting beyond the holidays and beyond your immediate geographical area is key to building your business. Get with it.
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