Taking your business to the next level : the essential step-by-step plan for success / Frances McGuckin. And then comes this book by Frances McGuckin Take Your Business to the Next Level.
WHY WRITE ABOUT GROWING A BUSINESS?
HOW WAS THIS BOOK WRITTEN?
WHY WAS THIS BOOK WRITTEN?
WHOM IS THIS BOOK WRITTEN FOR?
SMALL BUSINESS IS BIG BUSINESS
WHAT DOES “GROWING A BUSINESS” MEAN?
MORE OR BIGGER?
WHAT WILL YOU LEARN?
T here is a reason you picked up this book. Something moti- vated you to make time in your busy day or evening to start
Are You Taking Care of Business?
WHERE ARE YOU NOW?
Your dream or harsh reality?
TAKE FOUR STEPS TO SUCCESS
Grow with your business
YOU ARE YOUR BUSINESS
You are your business
Are you in top entrepreneurial shape?
Be positively positioned: You have a good sense of humor, □ stay educated and stay up to date with competitors. You keep track of global, consumer, local and national news and trends, and adapt accordingly.
BUSINESS IS ALL ABOUT SERVICE
Make each customer a VSP
COMPLAIN ABOUT POOR SERVICE
Small Airline—Big Service
THE TOP TEN MISTAKES IN GROWING A BUSINESS
No growth plan
2.Wrong business, wrong location
RULES TO KEEP YOUR CUSTOMERS
- The customer is always right
- The customer is always right
- The customer is always right
- Lack of technical skills
- Lack of sales and marketing skills
- Lack of financial skills
- Undefined financial resources
- Lack of market research
- Investment in trendy businesses
- Over-projection of sales, under- projection of marketing costs
If you've chosen a company that dictates learning new technical skills, your frustration level must be high. If you have a business plan, your market research would have revealed where and who your market is.
CATER TO LONG-TERM
Professionals are not consulted
Once their business is operational, few people budget to regularly meet with an accountant, business consultant or lawyer, so unless you are all of these, you need help.
TAKE THE TEST: THE “WHERE AM I NOW?”
QUESTIONNAIRE
How will you rate?
CHART YOUR PROGRESS
You may even have lost your passion and stopped dealing with small but important details. If you've consulted professionals with your plan and researched the market, you're off to a good start.
Commit to overcoming obstacles
The “Where Am I Now?” Questionnaire
Please circle only one answer that applies.) a) my net worth .. b) my spouse's and my net worth .. c) a small business loan from the bank and one third of my net worth d) money from my family .. e ) cash from my retirement savings f) a small business loan and some capital g) my own capital plus d) or e) . h) my own capital plus a line of credit i) a line of credit .. j) money obtained mainly through credit cards k) an extension of my mortgage .. l) a loan with a higher interest rate, not from a bank. Circle each that applies.) a) the seasonal sales trends .. b) my average monthly gross sales c) my average monthly gross profit d) my monthly break-even point e) how much my customers owe me .. f) how much I owe to suppliers and tax authorities g) my approximate personal tax situation at the end of the year h) the correct balance in my bank account .. i) my estimated turnover in the next six months .. j) how much I can safely record of my business each month k) how I'm going to market for the next three months. 8. My current state of mind in relation to the company is:
A true entrepreneur has the ability to learn and develop amultitude of abilities and talents.Entrepreneurs are risk-
Do Your
Entrepreneurial Skills Need
Fine-Tuning?
YOU’RE THE BOSS
THE EIGHT ESSENTIAL ENTREPRENEURIAL SKILLS
SCCOPPED?
- Self-motivation and discipline
- Confidence
- Communication skills
- Organization
When things look a bit bleak and there are no predictable solutions, it's hard to get through the day, let alone feel motivated. When there are assignments to be fulfilled and work to be done, motivation is usually not a problem.
MONITOR YOUR CONFIDENCE
Passion and a positive attitude
Enthusiasm makes you play the game well, but passion makes you score the goals. How to get passionate about your business.” If you don't have it, you can't learn it; you are probably in the wrong box.
PRACTICE POSITIVITY
Persistence and perseverance
Highly successful people don't use the words "I can't" or "I don't." They learned that you learn from mistakes and that failures are just challenges. Some call it stubbornness or "sticking to it." Whatever term you use, perseverance ensures that the task is done correctly and that your goals are achieved.
Expertise
Failure is not a crime, but not learning from failure is a crime. Persistence and perseverance take over where passion leaves off and guide you through the long and sometimes tedious process of achieving your goals.
Dreams and goals
LEARN THE PERSISTENCE
Since long-term goals take time, reward yourself by setting short-term goals or small steps. After a few months, you will be surprised how far these baby steps have taken you.
HOW TO SURVIVE AND SUCCEED IN A CHANGING WORLD
BIG IDEA: DREAM
S. Business Start-Up and Closure Statistics
Reprogram your negative thinking tape
YOUR GOLDEN BOX OF OPPORTUNITY
DON’T FEAR CHANGE
Think Outside the Box
Use the Seven Tools of Change
It's one thing to tell you to change the way you do business, but most people find change quite difficult. If you start small, bigger challenges don't seem insurmountable when they happen.
FIND CREATIVE SOLUTIONS
Fran," she said, "I'm no artist, but after you talked about making small positive changes, I went back to the dorm and drew your smiley poster on a sheet of paper and put it on the computer lab door. It's amazing how that one sheet of paper changed the way they reacted when they walked through the lab door.
Which tools of change does your golden box need?
Tools of Change Needed For My Golden Box
THE A TO Z ENTREPRENEUR
Your Entrepreneurial Wardrobe
TAKE THE TASK TEST
Instructions
Your Daily Task List
ENTREPRENEUR OR OPERATOR?
The Resurrected Entrepreneur
It would be a shame if the magazine went out of business because it burned down. He later told me that he found a partner who brought a sales force with him and now has seven people working on the magazine.
GETTING BY WITH A LITTLE HELP FROM YOUR FRIENDS
Should you hire friends?
Some friendly advice
WORK SMARTER
WHAT DO YOU REALLY WANT TO DO?
The “Where Am I Going?” questionnaire
Put the plan into action
BUDGET FOR HELP
Problems take time to solve and new skills take time to learn and put into practice.
The “Where Am I Going?” Questionnaire
I t appears that the more technologically streamlined webecome with time-saving gadgets (like email—hah!), the
Are You Organized
Or Out of Control?
GET ORGANIZED
The Cycle of Business
SET GOALS AND PRIORITIZE
Multitasking is mind-cluttering
Which time zones are you operating in?
Get Your RPM Going: Review, Plan,Then Map Your Time
How to Use a Weekly Time Planner
Transfer blocks of time to your weekly schedule and note what you will do in each block. What you are now left with on your time map are spare "golden" blocks of time to complete.
YOUR MAP IS YOUR MASTER
Use the remaining blocks of time to map out what needs to be accomplished by the end of the week. Estimate the time each job will take by allocating smaller jobs—such as administrative functions—into grouped time blocks (eg, one hour for following up and paying bills).
Map your own time
It became too easy to get involved in the daily minor disasters, so he often returned home feeling like he had accomplished nothing. I realize now that I was wasting my days, and now I have organized it to follow up and include some projects that have been long overdue.”.
ORGANIZE FOR THE
FIVE Fs”
SCHEDULE IN EVERYTHING
But twenty-four hours is not enough—right? Wrong!
ORGANIZE THE OFFICE: MANAGE TIME
INVOLVE THE
FAMILY IN FITNESS
Use a separate folder for the suppliers you use the most and a "misc" file for occasional suppliers.
ORGANIZE YOUR FILES
Business and tax files
Banking and financial files
COLOR-CODE FILES
Sales invoices
If you only bill a few bills per month, consolidate them together after posting them to your accounting records and file them numerically. All invoices must be numbered to provide an audit trail for both you and the tax audit department.
Marketing files
Voided invoices must be submitted or the IRS may think you are laundering money so don't throw them away.
UTILIZE YOUR FILING SYSTEM
KEEP CUSTOMER FILES
ORGANIZE YOUR COMPUTER
CLEAN OUT YEAR-END FILES
ORGANIZE YOUR EMAIL
ORGANIZE AND MASTER TIME
CLEAN OUT EMAIL
Tame telephone calls
Limit lunches and “doing coffee”
BE PREPARED FOR
DOING COFFEE”
Manage meetings
ORGANIZE A MONTHLY ROUTINE
CAPTURE THAT BIG IDEA
The presenters had to cut their one-hour workshops down to 40 minutes, which annoyed both the presenters and the participants. Some of the presenters did not finish on time, so when the participants changed rooms and the second round of workshops started, they also had to be shortened to finish by noon.
ORGANIZE THE HOME OFFICE
Ordering consumables Beginning of month Extends credit period by nearly 30 days Invoicing customers Beginning of new month Increases cash flow. Salary Reconciliation At the end of the first week Avoid overdue fines, plan cash flow Accounts Payable Twice a month Avoid interest, plan cash flow.
Family frustrations
Grappling with growth
Dealing with other diversions
DON’T OVER- VOLUNTEER
Sharing with shift workers
Overcoming geographic isolation
SEEK ALTERNATIVE SPACE
PLAY A LITTLE
You can do this at night in your pajamas or when you are preparing your list of things to do. If you can't attend to something right away, mark it on your priority list and put it in your inbox.
PLAN TO STAY ORGANIZED: A CHECKLIST
Keep your to-do list close to you on your desk or use sticky notes to transfer information to your list once or twice a day.
Now you’re in control
Operation “Get Organized” Checklist
Just as historians record the development of the world in written form, so too should you record the development of your business.
J ust as historians record the evolution of the world in writ-ing, so must you record the evolution of your business from
Are You in
Control of the
Financial Reins?
WHAT DOES ACCOUNTING TELL YOU?
How does accounting work?
THE SIX-STEP
ACCOUNTING CYCLE
SHOEBOX OR COMMON SENSE?
The Six-Step Accounting Cycle
Any entries that cannot be recorded through normal journals are prepared in a general journal, then entered into the general ledger, usually by your accountant at the end of the year. The difference between income and expenses represents either a profit or a loss, which is transferred to the "retained earnings" account on the balance sheet.
WHAT ARE SOURCE DOCUMENTS?
KEEP ORGANIZED AND INFORMED
Accounts Payable: Referred to as accounts payable, if you prepare regular financial statements, use an accounts payable journal to record unpaid trade accounts. Other information: Transactions that cannot be recorded in any of the above journals are recorded in the general journal.
THE GENERAL LEDGER—YOUR BUSINESS “BIBLE”
For retail stores, if you use a manual accounting system, record the cash on tapes in the sales journal every day - a five-minute job that becomes a chore if you only do it once a month. Keep credit card receipts and receipts in a plastic wallet found in most check binders.
FINANCIAL STATEMENTS—YOUR BUSINESS HEALTH BAROMETER
If there is enough space on your credit card statement, please include the account code for the charge.
REVAMP YOUR CHART OF
If you prepare financial statements during the year, take the time to review them carefully.
DESIGN AN INFORMATIVE CHART OF ACCOUNTS
Snappy Lawn Equipment Services Inc
Chart of Accounts
How to use costing information
HOW TO ANALYZE AN INCOME STATEMENT
Cost of sales: material, labor, merchandise and manufacturing costs; if they are increasing, why they are increasing and how costs can be cut 3. Overheads: where overheads have increased significantly and why, how they can be reduced without reducing efficiency and profitability.
Analyzing Snappy’s first six months
Sales Analysis
Therefore, the cost of new equipment and parts will vary, which is reflected in the percentage of cost of sales. In this case, the owner was projecting a 50% gross profit, so he should examine the messages the numbers are telling him and evaluate why the gross profit dropped by four percent.
CATCH COSTLY ERRORS QUICKLY
Cost of sales is the key to a profitable business as gross profit pays for all other expenses. Because the business deals in thousands of parts, much time was spent searching for suppliers in the various catalogs and microfiche records.
KNOW YOUR BREAK-EVEN POINT
How do you use this information?
MONITOR
CHANGING COSTS
Break-Even Point Calculation
Break-even point analysis
Possible solutions
Could Snappy diversify?
Your Business’s Break-Even Point
USE CONSERVATIVE CALCULATIONS
Service Businesses
Break-Even Point
If you have regular days where the breaking point is not reached, ask yourself, “Why am I opening the door. Now is the time to calculate or review the breakeven point for your business.
Calculate Your Break-Even Point
How can I increase sales on these slow days?” A retail store must cover overhead and management salaries at least every day. List the current monthly overhead costs of your business as shown in Snappy's example and complete Figure 4.7.
HOW TO DECIPHER A BALANCE SHEET
Balance Sheet
Current assets (items that can be converted to cash with- in twelve months)
Fixed assets (assets owned by company, not for resale, value per item over $100)
Current liabilities (any debt due and payable within twelve months)
Long-term liabilities (debts due to be paid over a term longer than one year)
Shareholder’s equity (capital shares, accumulated profits or losses)
Summary
INCREASE YOUR GROSS PROFIT MARGINS
WATCH YOUR MARGINS
Gross Profit Erosion Factors
What is the solution?
STOP, LOOK, AND OBSERVE
IS YOUR OVERHEAD OUT OF CONTROL?
Twenty-Question Profitability Checklist
REVIEW YOUR CURRENT
PLAN FOR YOUR FUTURE
When you are ready to retire or move on and sell the business, the company's history and its ability to maintain good management salaries and company profits determine the value of goodwill. Plan who will take over the business or how to deal with it in the event of this situation.
Now you are controlling the financial reins
If you buy it before your corporate year-end, you can take advantage of the depreciation. If the business doesn't meet your financial expectations and consistently starts losing money, know how you're going to get rid of it, how you're going to pay off the debt, and where you'll stand financially if that happens.
Twenty-Question “Do I Need It?” Checklist
Financial Control Checklist
H ave you ever reviewed your year-end financial statementswith your accountant, only to be told that the profits were
How Else Can You Increase Your Profits?
INCREASE PROFITS BY INCREASING EFFICIENCY
TAKE A SYSTEMS INVENTORY
Accounting system
Billing and collections
Accounts payable
Checks
Payroll
USE A
PAYROLL SERVICE
1. Accounting: Keep detailed accounting records and source documents so that your accountant doesn't waste time and your money solving problems at the end of the year. 10.Meals: Rate each promotional meal and whether it's worth both your time and money.
IS YOUR INVENTORY UNDER CONTROL?
How does inventory dictate profits?
If they are aggregated with your material purchase account, this cost will increase.
Inventory Error Comparisons
What happened?
Which system will work for you?
I have seen stores place items directly on the shelves without checking packing slips and without pricing or recording the shipment in the warehouse. Different raw materials are used in manufacturing, so inventory will move from raw materials to partially completed work to finished goods, and your system must accommodate these transitions.
HOW TO COUNT INVENTORY
These cards are designed to record the date of stock movement, who the product was sent to, invoice number, who the goods were received from and the price of the goods.
ALLOW FOR WASTAGE AND
Using an inventory program
Using a manual system
Glorious Gifts and Candles: December 31, 20__
What’s in a Decimal Point?
HOW TO COST INVENTORY
Cost items accurately
Account for obsolescence
How to record non-sale items
USE TWO PEOPLE
If you write off the full product cost, remove it from inventory and charge it to the "damaged product" account. The material cost will be reduced by the dollar amount and the damage account will be increased by the same amount.
Keep the records straight
For personal use, deduct these products from your inventory records and charge either your credit or your stockholder's equity account. Theft: Inventory theft is always a concern, so tight internal control and security monitoring—especially for retail stores—is necessary.
KEEP A RECORD OF SAMPLES
You need to know the approximate amount of waste, and in most cases you can use a fixed percentage of material costs to be calculated when your financial statements are prepared. If there are areas that really concern you, they will come to your attention as you read your financial statements.
Inventory Accounting Journal Entries
ARE YOUR CUSTOMERS PAYING YOU?
SET CREDIT POLICIES
The Thirty-Question Credit Questionnaire
EXTEND CREDIT
HOW TO USE CREDIT APPLICATIONS
Questions for Credit Checks
Politely introduce yourself and your company and ask if it would be convenient to request a credit report on one of their customers.
Set credit limits
MONITOR ACCOUNTS RECEIVABLE
Develop a daily collections system
JOIN A CREDIT REPORTING
On the list of past receivables, note the date they promised to send you the payment. Inform the customer that shipments will be suspended until the account is updated.
Cutting Off the Credit
Prepare a list of past due accounts, breaking down each unpaid invoice by customer and amount into current, thirty, sixty, ninety days and more. After the statements are sent, review the list of old receivables, starting with the ninety days and older columns.
WHAT IF YOUR CUSTOMERS DON’T PAY?
It might say, “If you have sent a payment that has not yet been credited to your account, please accept our thanks.” Monthly statements help both parties maintain better records and often alert customers to missing invoices or account issues. If customers request copies of invoices, fax them immediately and note it on the list.
Legal action—the last resort
If the customer promises to send follow-up or regular checks and honors their commitment, decide whether to allow further credit or keep them on COD basis.
Document all details
USE A THIRD PARTY
HEED THE
WARNING SIGNS
If the gods are with you, some bad debts may be partially or fully repaid in the next financial year. Your accounting entry will then debit "bank" and credit an income account called "recurring bad debts". The expense you deducted last year now becomes taxable income in the year of repayment.
IMPROVE YOUR ADMINISTRATIVE EFFICIENCY
An account is considered a bad debt when it is considered uncollectible or if it has been outstanding for more than twelve months. Accounts Receivable is credited to offset the amount owed and a "bad debt" account is debited.
Administrative Efficiency Checklist
A fter speaking to thousands of entrepreneurs, many whohad prepared a formal business plan, I have found that
Are You Ready for Growth?
DID YOUR PLAN GO TO PLAN?
Heed the signs of uncontrolled growth
Is My Business Growth Out of Control?
Your business cannot grow if you are uninformed, overworked, out of control and depressed.
USE THE SIX-STEP GROWTH ANALYSIS PLAN
SIT DOWN AND SET GOALS
EVALUATE WHERE YOU ARE NOW
Review previous worksheets
For those areas in Figure 5.5, “Administrative Effectiveness Checklist,” that you marked “needs work,” you will complete the task of streamlining your administrative operations. After reading this chapter and completing Figure 6.6, the “Going for Growth” action plan, add your answer to the checklist in Figure 6.2.
Are You Ready for Growth?” Checklist
What is your commitment?
DECIDE WHETHER YOU ARE READY TO GROWREADY TO GROW
In most cases, growth does not just happen; you need to grow your business at a pace that you can physically, mentally and financially manage. Once you have completed the checklist in Figure 6-2, you will be aware of the areas that need work.
To grow or stay small?
HIRE HELP
If you haven't already marked the things you don't like or can't do, go back and complete this exercise. Many of the jobs you highlight are administrative jobs that take up the time you need to focus on growing your business.
CHECK
HOME-BASED REGULATIONS
SET GOALS
Goals should not all be materialistic, nor should they all be short- or long-term. Personal goals: increasing self-confidence and self-esteem, feelings of achievement, inner enrichment, peace and happiness, community recognition, retirement.
ELIMINATE FEAR AND LIMITS
The importance of goal setting was discussed in Chapter 2, and now is the time to commit those goals to paper. Material goals: increase personal assets and net worth - do you dream of a bigger house, a better vehicle, a boat or travel.
SHARE YOUR GOALS
PLAN HOW YOU WILL GROW
A manufacturing company may be able to capture only a certain portion of the market due to cheaper exports or competitors. Part of planning for growth is knowing why you want to grow, how you want to grow, and whether it will be beneficial.
TAKE BABY STEPS
My Go-Getter Goal-Setter Plan of Action
PLAN YOUR FINANCING NEEDS
Research loan programs
What do banks offer?
How do banks view your business?
The three crucial questions
BE PROFESSIONAL
Tailoring the Formula for Success
COMPARE PROGRESS TO PROJECTIONSTO PROJECTIONS
Once you have a viable growth plan in place with the funding to accompany it, review your financial numbers and projections every month. Consult your plan, then update financial numbers and projections before making financial decisions—that's why you plan in the first place.
Compare spreadsheets
ANALYZE
EXPECTATIONS
One Month Financial Comparison
Sales were $3,500 below budget, and cost of sales increased six percent as materials and wages increased three percent, a decrease in gross profit. If projected sales were achieved at a 56% gross profit margin, the company would only lose $70 per month.
GROW YOUR BUSINESS BY EXPORTING
What are the benefits of exporting?
Global Competitiveness: The experience your company gains internationally will help you and your domestic market to remain competitive in the global marketplace. Domestic Competitiveness: If your company is successful in the global marketplace, it means your product can compete with the best the world has to offer.
What are the challenges of exporting?
A domestic recession will be less damaging if you have other markets where demand remains high. New knowledge and experience: The global market is full of new ideas, approaches and marketing techniques.
Exporting goods versus exporting services
Are you ready?
Are You Ready for Exporting?
SMALL CAN BE BIG
Resources, resources, resources
An international business plan that helps you carefully assess your goals, analyze the industry, and determine the pros and cons of market expansion. The Import-Export Bank and other public and private organizations can help you achieve your export goals.
THE BENEFITS OF INCORPORATION
Project a more consistent business image: Incorporated businesses are viewed more seriously by suppliers, customers, investors and banks. Incorporation allows tax deductions and benefits for both you and your employees that are not available to an unincorporated business.
COVER ALL BASES
Enjoy the security of limited liability: Because registered companies are a separate entity from their owners (shareholders), suppliers are aware that if the registered company goes bankrupt, they may not get their money back. Corporations have authority: Corporate businesses have the authority and power to conduct various transactions that sole proprietors often cannot.
THE DOWNSIDE OF INCORPORATION
Other costs: You may need to print new letterhead and business cards or change signage and website information to reflect the included name. If you are bringing personally owned vehicles into the incorporated business, a transfer of ownership is necessary.
GOING FOR GROWTH” ACTION PLAN
Going for Growth” Action Plan
R ecognizing the need for help is a big step toward growingyour business.Understanding the skills it takes to become
How Do You Find
Good Help?
ARE YOU READY TO BE A BOSS?
Good management comes from the top
No Management, No Motivation, No Money
Expect the unexpected
Ready to Be an Employer?
I CAN’T GET GOOD HELP THESE DAYS!”
Understand our changing society
Know your employment options
PAY BY CHECK
Essentially, these people are self-employed, so you agree to an hourly rate in exchange for services rendered. If you are a manufacturer, you can use a distributor or agent to sell your products to a retailer.
PAY ONLY FOR HOURS WORKED
The advantage of being hired on a part-time basis is that hours can be increased or decreased as needed. As you get busier, the employee can take on more responsibility and eventually become a full-time, already trained staff member, without you having to go through the time-consuming task of hiring a new person.
HOW DO YOU HIRE THE RIGHT PERSON?
Ensure the stability of your cash flow before hiring a full-time employee, as you are committing to paying them regularly. Think carefully as you draw up your list of priorities, as these priorities will be included in both your ads and your interviews.
HOW TO RECRUIT THE PERFECT CANDIDATE
Hire an employment agency
It's interesting to know that when you take the time to write down a job description, the end result often differs from your original concept. You won't be charged until you've hired the candidate, and most agencies offer a three-month guarantee to replace unsatisfactory employees at no cost.
Contact government and
Place a classified advertisement
UTILIZE WAGE ASSISTANCE
OFFER BENEFITS
You will then be presented with two or three suitable candidates for an interview and you will usually be able to make a final selection. Bookkeeper wanted”, you could try “Enjoy figure work?” This subtle change immediately makes the ad sound more personal and will pique the curiosity of the reader.
Surf the Net
Remember—don’t hire friends
LINK TO YOUR WEB PAGE
Friend or Foe?
WADING THROUGH THE RÉSUMÉ PILE
THE ART OF SUCCESSFUL INTERVIEWING
Fulfilling your job description
2.Thoroughly review the résumé
Personal information
ASSESS
COMMUNICATION SKILLS
Ask about expectations
Find out what the candidate's future career goals are and how long this position would meet his or her needs. Discuss salary expectations, benefits and how you think the candidate will be a long-term fit.
No Check—No Money
THANK
APPLICANTS
YOUR RESPONSIBILITIES AS AN EMPLOYER
Hiring the self-employed
Commissioned salespeople
DESIGN A BASIC TEST
Create a policy that dictates whether the employee can claim non-reimbursed employment expenses on their personal taxes.
Part- and full-time employees
HOW MUCH DOES AN EMPLOYEE COST?
This employee costs an extra $3.64 an hour or $630 a month, with an average of two and a half days a month being unproductive due to statutory holidays and vacation pay, so be sure to factor the full cost of employment into your planning . None of these costs—excluding worker's compensation—apply to subcontractors, so be fair when negotiating their rate.
Other costly factors
Additional Employer Expenses
MAKE YOUR EMPLOYEES “LIFERS”
Organize theme days, red nose days, a joke of the month competition, smiley faces or cheerful posters in the lunchroom and special fun events where employees get to know each other and relax. Become known as a nice company – experience shows that the company will grow, as in the Real Life example.
Having Fun...and Letting Go
SHOW THE TEAM YOUR
On the other hand, Billie-Ray was an uptight, high-strung boss who killed her employees. She later told me that her employees call from hundreds of miles away to let her solve their problems.
Are you a good boss—or a bad boss?
I suggested that she let them know that the phone would be off and that she trusted their judgment and problem solving because they were capable people.
The Dos and Don’ts of Team-Building—
Good Boss, Bad Boss Quiz
Meets regularly to discuss problems □Ignores concerns because it has to be done and listens to employee concerns in his/her own way. Does not penalize an employee for arriving regardless of the delay situation due to an emergency situation □They have their mind and the door closed.
EMPLOYEE THEFT—AN EMPLOYER’S NIGHTMARE
Merchandise theft
Cash theft
3.Time theft
Computer theft
BE OBSERVANT
Stealing with a Smile
Reputation theft
6.White-collar crime
YOUR HIRING CHECKLIST
Your Hiring Checklist
W hether a business has been operating four months orforty years, finding and keeping customers remains the
How Do You Grow and Maintain Your
ARE YOU MISSING YOUR MARKET?
UNDERSTAND THE COMPONENTS OF MARKETING
TRY NOT MARKETING
Targeting your market” refers to finding out who needs your business and narrowing your marketing focus to these people. Many people mistakenly think that print advertising is the only way to get their name out there.
REVISIT YOUR
Advertising is the use of the media, including radio, television, the Internet, coupons or flyers, to get your message out.
MARKETING PLAN
WEAR THE CONSUMER’S
REEVALUATE YOUR MARKETING PLAN
Review of Marketing Strategies
Reevaluate marketing methods and messages
Review of Marketing Methods and Messages
What the heck is a USP?
Jennifer thought for a while and then told the class that the business had been established for over ninety years, and that the employees collectively had over a hundred years of experience in the industry.
Evaluate changing trends
Evaluate finances
CAPITALIZE ON TRENDS
REVISE YOUR MARKETING PLAN
YOUR BUSINESS
Name
MAKE YOUR NAME WORK FOR YOU
I have now signed up for Smallbizpro.com Services and use both for different aspects of my business.
Logo and slogan
Mission statement
PROMOTE YOUR MISSION
Corporate theme
Staff and business appearance
Cleaning Up Their Act
WEAR YOUR NAME
So why don't you clean the shop and the bathroom and take care of your customers then?” Elizabeth asked. If the shop needs a paint job, then paint it because it makes all the difference.
TARGET YOUR MARKET
Defining your market demographics
STUDY THE POPULATION
Remember – the goal is to become known as an expert in one field, not a master of none. Visit your local government office and ask for information on local demographics - all the statistics you need are usually there.
STUDY PREVIOUS CUSTOMERS
If you are a retail business or a local service business, most of your business will be generated from the local community. Listen to their answers – you might find some innovative ways to market that will meet those needs.
DON’T MAKE
Know your physical boundary because it is useless to market outside this geographic area unless you are a specialized business. If it's 60 percent middle-income and 30 percent low-income, your marketing methods, product mix, or service should adjust accordingly.
CUSTOMERS WAIT
Office supplies, dairies, dry cleaners, personal trainers, massage therapists, vehicle repairers and personal chefs cater to millions of people who work from home and need convenience, so why shouldn't your business. After completing the research, you will have a great profile of your ideal consumer.
Finding niche and secondary markets
THINK OUTSIDE THE BOX
Could your business be tailored to the large population of baby boomers and senior citizens. I know of entrepreneurs who teach yoga and fitness or do massage and foot care at senior centers, and who also offer the service in retirement homes.
YOUR MARKETING BUDGET
Once you have thoroughly targeted your market and niche, think about how you can meet their needs. If your consumer market ranges from teenagers to college students, think about where these people spend most of their time.
Plan ahead
My ninety-five-year-old mother has a wonderful woman who comes to her house every six weeks and gives her a full foot massage, pedicure, and foot treatment for $35.
Set a budget
Combine techniques
BOOK SPACE EARLY
Four-Month Marketing Plan
Monitor results
DON’T LET ’EM OUT THE DOOR
Inform, educate, and tabulate
USE A SIMPLE
LEAD MONITORING SYSTEM
