The Contest is Now Closed. No More Business Tip Submissions Are Being Accepted. Thank You to Everyone Who Submitted Their Tip. Stand By, the Winner Will Be Announced Soon!
In business, a good tip can go a long way. Whether it is advice in finance, marketing, management, etc., we’ve all heard a tip at one time that has had a positive impact on our company and/or bottom line. Especially the tip that brought you to FreedomVoice for toll free numbers and virtual phone systems!
As the first Small Business Tip Contest on the FreedomVoice Blog, we would like to ask you to share advice that has helped your business succeed. The person who submits the best business tip will be awarded a HP Mini 110-1012NR XP Edition 10.1″ Widescreen Netbook Computer!
To enter your small business tip in the FreedomVoice Small Business Tip Contest, simply post the small business tip you are submitting to this blog. Business tips must be less than 200 words and should be geared towards businesses with 50 employees or less. The contest will close October 20th.
We are holding the small business tip contest on the new FreedomVoice Blog to open up the floor for constructive dialogue. Make sure to leave your correct email address so that we can contact you should you win the contest. Emails will not be added to any lists, shared with third parties, or used for marketing purposes.
Post your business tip to this blog to get the conversation started and to enter yourself for a chance to win a brand new HP Mini 110-1012NR XP Edition 10.1″ Widescreen Netbook Computer!
Have integrity, and follow a ‘Triple Bottom Line’ business model. Never heard of it before? The Triple Bottom Line business model is a growing trend with entrepreneurs who want their business to make not only profit, but make change in the world. The ‘TBL’ model is putting not only your profits as your bottom line, but also your social and environmental impact. Some may think that this can cost more money. It doesn’t have to. Have integrity in what you do and how you do it.
You rely on your customers and they rely on your business, but do not treat them as a means of money: you will shaft any opportunity available.
Ensure that the Customer is your first and main priority. A happy customer not only calls back, they tell others about you.
Your business should reflect your Life mission. In order to get rich right and have a success business, you should first analyze your past success and failures to discover your future.
Have your values run your company. List the values that you want to project and make them part of every decision about who your employees are, who you sell to, what do your ads say, and what do your actions say about what you believe the world should look like 100 years from now. Not a year from now…100 years from now.
Write down what sales you have at the end of every month BEFORE the month starts For example: We have $500,000 in sales on Oct. 31, 2009. Write it down 25 times EVERY morning. I’m serious. It really works to be specific.
No kidding: Hire a great PR person…
Do with less than you think you need to run the office. Half pennies add up.
Service, Service, Service. When a customer places an order and we ship it, we also track it through usps.com.
We call the customer as soon as the order is delivered to make sure our customer receives the order. If for any reason the shipment is not being delivered on time. We call the customer and let them know and then follow up with usps. Call it top of the line, but our customers love the service.
It is important to implement “Give To Get” marketing. Giving prospects and customers information (i.e. free reports, etc.) not only benefits them but also gets people talking about your business.
My Tip: Become sensitive to waste.
Waste abounds in most small business efforts. Not because we are intentionally wasteful but because we don’t have complete knowledge. Some examples: Would advertising in print media have a better response than a permission driven email? Would using VOIP service be better than using your Cell Phone? Should you use a bookkeeping service or do all your spending through a business credit/atm card and track with quickbooks online? These answers will depend on your goals, and the strategies you choose. But the wrong choice in tactics will yield waste. Be waste averse.
Find a means of extracting more value from what would have been wasted. I’ve seen specialty gift shops make bows from cut up fashion magazine gloss pages. I’ve seen used print-outs get put in a box and turned into scrap pads at the local print shop. If something is being thrown out, ask yourself why? Could it be repurposed? If not why did it come into your business in the first place, and can you find an alternative which doesn’t produce it.
And lastly, when it makes sense and cents, create jobs, products and services which will convert waste into value. Solve the waste problem for your clients when you can. And these efficiencies will boost your profits and theirs.
Business is like a war and the customers are your country, you fight for them, serve them, and make them proud, because customer service always comes first in business. You also want to make sure your organized and that you record everything you do and to always make copies, because there are millions of ways you could lose those records. Also remember business is not just a job its a lifestyle, and even when your not in the office, you want to think of ways to improve the business and to increase profit.
Ethan Holmes
Building a business takes sweat, time, and focus.
Many business owners, particularly entrepreneurial ones, want to control everything.
It doesn’t work!
They end up cycling between a point they aspire to and a point they can control.
To grow a business is counterintuitive.
You must let go. As Sting says, if you love something you must set it free.
In a business sense it means:
• creating a vision
• hiring people smarter than you
• and getting out of the way
So how do you do this?
You need a:
• USP
• competitive advantage
• irresistible offer
• hedgehog
YOU MUST BE BETTER THAN YOUR COMPETITION
… in a way that is IMPORTANT TO YOUR CUSTOMER.
Find your niche.
Become the best.
And…
Communicate your advantage continuously.
By getting clear and focused and communicating with clarity you’ll blow your competitors away.
Mike
P.S. Using this core philosophy I helped grow a company from $500,000 to over $15,000,000 in sales in 7 years.
Small businesses are often on a tight budget – marketing doesn’t have to cost much, just your time! Use free tools such as Twitter, LinkedIn and other Social Media sites. Don’t forget that a blog is also an important key to staying in contact with customers! It’s an inexpensive way of providing updates of new services, products, and/or promotions to your existing and potential clients, as well as creating more exposure for your business!
If you are a small business borrower of a bank taken over by the FDIC, consider re-negotiating or puchasing your loan for a discount from the FDIC. It can save you $$$$.
Accept the idea that there are people and companies you DO NOT want to do business with. Too many of us think we need to take on all of the business that we encounter. Unfortunately, there are some situations where you will spend a lot of time for little to no return on your investment.
What you want is all of the RIGHT business; those people and companies who value what you have to offer and appreciate developing good relationships. These relationships will take you much further than spending your time trying to get any business out there.
All basics aside, the best thing a small business can do is to make sure employees are in the best position for their natural state of learning and producing. Go through a personality review with your employees (I have used the DiSC test in 3 companies, for example) and marry personalities to positions. Easy with 50 employees or less… You’d be amazed at the progress, employee morale, operational savings and profits after doing so…and, for the record, I sold all 3 companies after doing that, for good money.
Set measurable goals each month, such as networking events attended, sales dollars, etc., to keep you moving forward. Then set up your accounting system and reports to be able to track this information for you and answer the financial questions that you have about your business. Be sure to stay up to date and specific with your accounting each month and use your financial data to run your business and make decisions (managerial accounting) as opposed to saving it up for your tax accountant and only using it to know what you owe in taxes.
Divide and conquer. You are good at something, but not everything. Determine what that is and focus on it. Delegate the rest. If you’re terrible at accounting, hire an accountant, if only part time. If you haven’t a clue about how to market your business, hire a smart marketing consultant. Trying to do everything yourself will exhaust you and work counter to your goals of success.
I have two tips.
First, clients and customers are not as fickle as you think. And that is a good thing, especially when you are trying to grow your market.
Clients tend to be loyal to their current vendors and suppliers. In fact, the more loyal they are toward their current relationships, the more value they are to your organization. Once they become your customer, they will be equally as loyal to you. If a client is willing to change suppliers easily, investigate carefully. What is their financial situation? Have they maxed out their credit with your competitor? Is their business sustainable or are they pushing for unrealistic pricing or credit concessions? A customer that signs up easily can just as rapidly disappear.
Second, if something goes wrong with your service, own up to it quickly and honestly, and then ASK the customer how they would like it rectified. Chances are, they will ask for far less than you would expect them to. If you make an offer first, you may give away far more than you need to, and the customer may end up less satisfied as a result, because by extension, you devalue your goods and services. (If you can give that away, what else can they get from you?)
Developing partnerships with your clients and customers is the best way for you to build long term profits. Keeping the two tips above in mind, will help you build profitable accounts.
When I began my present business, many of the professionals in the woodworking field told me that I could not succeed because there was no ROI in my product especially if I wanted it made in the USA.I didn’t listen to them but instead I pressed on and today I have a small business that brings in a good ROI and it’s developing quite well. Don’t give up when people tell you that you can’t succeed.
Pay yourself first!
“I pay everything else—including my employees—and if there’s anything left, then I pay myself.” This is a common practice for entrepreneurs, but a bad habit. You are your company’s most important worker, so treat yourself accordingly. Pay yourself a regular paycheck—even when you don’t have the money.
“But how, if I don’t have the money?” you ask incredulously. Borrow it! Use your business line of credit to make sure you get paid, just like you would for your employees. Then have the discipline to repay the loan when the receivables come in.
Big benefits to this practice!
• You get much more insistent about getting paid on time.
• You go after work that will bring consistent cash flow. You’ll actually say “no” to slow-pay work.
• You pay closer attention to cash management, including controlling costs, so that you’ll have your paycheck covered.
• Getting regular paychecks will re-energize and motivate you.
• As a result of all this, your company will become more profitable, and you’ll make more money.
This is about an attitude shift on your part, and it is a crucial step on the path to becoming a “real business.”
When I sign a contract with a new client, I explain and highlight the following:
I am not Visa, Mastercard or American Express. In this climate cash flow is king.
All my contracts state that my firm bills every 2 weeks- yes, every two weeks!
That way, the client becomes accustomed to paying every two weeks- similar to the cable bill, etc.
The reason- it’s psychological- each bill is small (because it is every two weeks) and the client does not react negatively. Also, if the client gets billed once a month, it can take you or your firm more than 15 to 45 days to paid.
Lastly, make sure that one client does not make up more than 50% of my business. That way, if one client is/or has paid late, then we can pay our fixed expenses too!
What I like about small business owners is that they are not afraid to take huge risks and lay it all on the line. But, I agree they do need a lot of help with their marketing. I think having them go the social media and email route is not only the least expensive but its also the most effective. Thanks for the stats!