Ace in the Hole

When you are in a sales negotiation many times it will be a back and forth discussion between you and your prospect. You will give a little more and they will accept a little less and it goes on. They will usually want more than you can offer and you try to close the sale with all the tools available to you.

When you are very close to closing the sale but not quite there, it's time to bring out the one big offer that you have been holding back on. Something that will end the discussion because it's you best "Ace in the hole." Always hold it to the end and don't even use it if you can close the sale without it. The Sales Pros know just when and how to use this method and put a smile on the prospect's face.

Your Business Name

Here are some ideas to consider when naming your new business. A little thought in advance will save you a lot of time and expense later trying to change it.

 *Make it more general in case you want to expand into more products and services later
 *Can the name be shortened into a nickname that's easy to remember
 *Is there an acronym the words can form
 *Check other languages to be sure that your name is not offensive
 *Make the name distinguish you from your competition
 *Ask freiends, relative and even strangers what they think of the name
 *See what the name looks like in different printing fonts
 *Check out what it looks like in different colors and multi-colors
 *Have back-up names ready in case your name is already registered by someone else
 *Use search engines to see what comes up when you search the name
 *Keep it short and easy to pronounce, if you like more more words use that as your slogan
 *How will the lenght & size of the name fit on business cards, literature, packaging and delivery vehicles
 *Avoid using other people's names, living or deceased
 *Never use slang or implied profanity in a name

Barr is a business and franchise coach/advisor by-the-hour (no contracts) that had started over 20 businesses. www.idealetter.com

Advantages of Making Your Business an LLC

An LLC or Limited Liability Company in the USA has some features of both a partnership and a general corporation. Each state has it's own rules and it's quicker to form than a C corporation. There are now several online sites where you can set up your LLC and register it with the state for less than $150.00. It may not be for everyone but here are some reasons why many new business owners prefer an LLC.

 *An entity in which owners & members can't be held responsible for company debts or creditors
 *More flexible than a pratnership when distributing profits
 *Not required to hold regular directors meetings and keep minutes
 *No company tax on profits; they go directly to members personal tax returns
 *No ownership restrictions on number of members
 *Owners & members can be other companies, corporations as well as individuals

There are several other business structures and you should check into all of them before you make a final decision. Once you setup your business as one structure it can be very expensive and time consuming to change.

More on business structures pros & cons in chapter 2 of the new book, The Smart Guide to Starting Your Own Business available at amazon.com

Your Big Break is Coming!

Many of us see people around us that we know and don't know who get good fortune in life and business. We sometimes wonder, "Why not me?" Things happen in this world for reasons we don't know and may never find out while we're here. But if you are optimistic and keep your focus on moving forward toward your goals you could be closer than you think to what you really want. But if you stop and give up you will never get there and reap the rewards you worked so hard to achieve. There's an old saying, "that it's always darkest before the dawn." That big break could be closer than you think.

This goes for your business when times get tough and you feel like giving up. I have had this feeling many times in my career and fought it off. Many times I was close to a big profitable order, a windfall of business or a new opportunity. If I gave up and threw in the towel in when things were not doing well I would never have experienced that coming good fortune. Hard work and smart decisions always pay off but sometimes not as soon as you expect them. I always said that if you can keep your business open more day and another day you still have a chance of being successful. Many baseball teams have won the game when behind in the bottom of the 9th inning with 2 outs and you can too!

Barry is a business & franchise coach who helps owners and manager solve problems to keep their businesses open and growing.

Getting poor service?

We are all customers and we see the service we get get from some businesses that is not up to par with what it should be. You have the choice of not going back or using that company again in the future. I always look for another place where I can get that same product or service because why should I give my business and money when it wasn't a pleasant experience. If the owner/manager does not correct poor or rude service then they should have lower sales and lower repeat business. This is where small businesses can win over bigger companies and take some of their sales.

Let's all tell each other about any bad service we get by posting the experience on social media; twitter, facebook, linkedin, our blogs etc. If you were treated badly everyone needs to know so they can decide if they want to use or visit that business. When we do something offensive in life we seem to pay the penalty so why not also a business that did it to us? On the other hand if you were treated exceptionally well (and you when that is because it's rare) we all want to know about that so we can give them more business. Be honest but don't just do nothing when treated pooly by a business.

Still Tough Times?

Many of us that own a business, regardless of the size, are still trying to recover from the recent Great Recession. Just because the national statistics say we are now out of danger means nothing to some of us. One of my favorite sayings is, "The recession isn't over until it's over for your business." Many of us have had to change how we actually do business because what we did before is gone forever. We have had to cut expenses, employees and products that no longer sell well. But if your doors are still open you have a chance to recover, so don't give up.

I am also trying to save one of my businesses that has changed in the past 3 years. Some customers have stopped using the products, some left for a lower price elsewhere and some have made us reduce our price and profit. I believe that with new cost controls and adding related products that our target customer also may purchase, we can become a profitable company again. It's not easy to hang on when bullets are coming from all directions but if you can, your business will become stronger when it recovers. Good success to all of you who fighting to save your business.

Barry is a business coach & consultant who helps businesses grow and solve problems and only charges by-the-hour, no long term contracts. idealetter@aol.com, www.idealetter.com

Remember the Slogan

If you want people to remember your business make it easy for them. They may not always think of your company name but a catchy slogan or tagline can be the key. If you already have one use whenever you can. If not come up with one with the help of friends and associates as soon as you can. An effective slogan should be no more than 5 to 6 words long and be easy and simple to say. It should accent you benefits and what's in it for the buyer. Not "we have 35 flavors of ice cream" but " Happy days includes XXXX ice cream." Give them a selfish reason to buy your products because we all think 'what's in it for me?'

Once you have your slogan and are comfortable with it, you must use it everywhere and anywhere. The buyer's mind will accept repetition if it's pleasant and short. Have the slogan on business cards, product literature, labels, envelopes, letters, quotes and everything else you can think of. You can even answer your phone & emails using it. Try not to change it unless you are sure it's not working anymore or your business has big changes. You want anyone who has the potential to buy from you to think of you first. They may not remember your business name but they might remember the slogan.

Mail Your Customers

You should keep in contact with your customers at least once every 90 days if for no other reason than to remind them who you are and how to contact you. The easiest and most economical way to do so is through direct mail. It doesn't matter what type of business you are, you must do this or risk the chance of losing them to your competitors. Your competition is likely mailing or calling your customers as their prospects. Don't let them forget you or think you don't care about them.

In a retail business you might not keep a record of all your customers' addresses. If a restaurant, the same may be true. So how do you get those names & addresses so that you can mail to them? Have a drawing in your store or on your website that requires patrons to fill out a card or form with their mailing address. Add this to your mailing list and send coupons or special offers on a regular cycle. This will keep them informed and remind them wher to buy your products and services.

More in chapter 6 of Barry's book "90 Days to Success as a Small Business Owner" available everywhere

Superstar Employees

We all want the best possible employees we can get for the money we're able to pay but do we always take the time necessary to select them? You must remember that the people on your staff that have direct contact with your customers represent your total company. They are what can make you or break you, as the saying goes. They are the first ones that customers meet and create that "first impression."

If they don't please and WOW your patrons there's no reason for repeat business. And without customers and clients who remember your business, you're just another jelly bean in the jar. Great superstar employees on the front line and behind the scenes are the foundation of a growing, prosperous and successful business. Never underestimate their power in your company.

More in chapter 12 of my new book, "The Smart Guide to Starting Your Own Business" available everywhere.

How They Can Help

Getting assistance and advise when starting or growing your business is important if you want to save time, money and avoid mistakes. Find a coach or consultant who has actual business experience not someone who just learned what they tell you in a course. You can take a course yourself but that won't show you how it works in real life and the unexpected. Someone who has hands-on experience with their own past or current business will coach, consult or advise you with more passion and better results. Here are some ways that they can help you and your business.

 *How to start a business
 *Name selection and slogan
 *Your business plan
 *Your mission statement
 *Selecting your legal entity
 *Selecting a merchant system provider
 *Inexpensive marketing & promotion
 *How to get publicity
 *Hiring first employees
 *Evaluating employees
 *Growing too slow
 *Growing too fast
 *Solving cash flow problems
 *Solving supplier problems
 *Pricing and positioning
 *and many more

Barry is an experienced business coach, consultant & advisor who has started & operated 20+ businesses. He is available by-the-hour, no contracts... www.idealetter.com

You Can't Know Everything

When owning and operating a business there  are many factors that go into making it a success. It's almost impossible for any one person to have all the ideas to keep it growing and profitable. Getting a coach or consultant to help you with those ideas and decisions is a cost effective way to make your company the best it can be. There are many self-proclaimed business coaches out there that want to lock you into a long term contract that requires you to pay them every month for help you may or may not need that month. They also try to make you follow their plan rather than finding what YOU really want out of your business. You may only need advise in one business area not changing everything.

Don't get talked into a contract that becomes an expense every month but find a coach/consultant that will help you on a per hour or project basis. That way you will only pay for the help you need now and can call them back if the need arises again. Most coaching can be done in 2 to 5 hours and additional time added as needed. If you like your business coach let them know and they will keep a file on your business for future consultation. Getting experienced advise is important to making the correct decisions and growing a business that you can be proud of now and in the future.

Barry is a business & franchise coach by-the-hour, no contracts to sign. 719-268-1322, idealetter@aol.com

Keep Mailing to Prospects

I know it seems old fashioned and low tech but direct mail still works in many businesses to increase sales and response. You should, of course, fine tune your mailing list on a regular basis or if you're buying one don't use after 6-8 months. The post office even has a new service called "Every Door Direct Mail" which will deliver your message to every house in a zip code for as low as 14.5 cents each. If you can use this service it's a great bargain compared to other way of mailing. They will even print your flyer or post card at a competitive price. They want you to succeed so you will be a continual customer.

Direct mail gets your message in front of your prospect when you can't get an appointment. I have alwasy said "when you can't get your foot in the door, at least get your mail in there." Direct mail will get the easy customers first and give you  cash flow and time  to pursue the more difficult ones. Always have a new & sharp headline plus an offer that will make them take action quickly. You will only get a few seconds of their attention so make it worth thier while to keep reading. Never put too much information in your offer but just enough to get them to the next step. Keep mailing and keep getting new sales!

Barry is a new business & franchise coach & consultant by-the-hour, no contracts. idealetter@aol.com

Help Us Find You

Whether you are a big fan of social networks or not they will help build your business if you use them. Always put the link to your Facebook, Linkedin, Twitter and blog sites on your business card and business literature. Use the back of your business card to list the info so you don't have to make type style too small. Post to your social network sites at least once a week (more if possible) and offer helpful ideas on your blog.

Since these are all free why not take advantage of them, they might bring you business that you didn't expect. There are many other social networks that targeted to a specific group and you can find them buy searching "all social networks" on your search engine. The more ways to spread your business message that you use the more business you can generate. Social networks don't know if you are young or old and who cares anyway, we all just want your message and comments. Use them regularly and you will see a better awareness for your business.

Barry is a business and franchise coach by-the-hour (no contracts) idealetter@aol.com 719-268-1322