True Story About a Gas Station

I needed to buy gas for a trip the following morning and wanted fill up my tank the evening before so I could get a quick start in the morning. There was a gas station near my house that had a sign that said it was open until 11 PM so I decided to go there. I got there about 10:45 PM and when I tried to put gas in the car, the pumps were already turned off. I went inside the small convenience store and the teenager on duty said he had to close early. He was supposed to meet some friends at 11 PM and gave a little laugh. He told me to come back in the morning if I wanted gas.

About 3 months later as I was passing that gas station I noticed it had closed down and the windows were boarded. Gee I wonder why? Don't let this happen in your business because it will only get worse until your customers stop coming back. The buying public expects you to do what you say and advertise or they will find somewhere else to spend their money.

Barry is a business and franchise coach, by-the-hour no contracts. www.idealetter.com

Customer Satisfaction is King

I think it's just common sense that if you make your customers and clients happy they will return and send referrals. But just saying you have great products, great service and great prices is not good enough any more, everyone says that. The key to a great customer experience is going beyond the obvious and surprising the customer with something pleasantly unexpected. Make them say "WOW" and they will remember you and your business.

Trying to come up with something unique and still affordable is not always easy but is possible. Keep thinking of ways to add value to what you are selling and ask customers what they would like have when doing business with you. The answers are out there you just have to find them. Don't just assume that because business is good now that you don't have to improve because your competitors and trying to find ways to take that business away from you. And like a General in war they aren't going to show you their plan in advance.

Barry is a business and franchise coach that works by-the-hour helping companies grow and stay competitive in the changing marketplace. www.idealetter.com

Print Ad Copy Questions

Before you design & write the copy for an ad or direct mail piece consider the questions for the best results.

 *What are the benefits of the product or service?
 *Who will purchase this product?
 *How will they respond to this ad?
 *How long should the ad copy be?
 *How can I create urgency to BUY NOW?
 *What type of payment will I accept?
 *How is it different from competitors?
 *What price are my competitors offering?
 *Can prospects afford to buy it?
 *Any discount for multiple purchases?
 *Can I handle a large number of orders?
 *Can I upsell at time of purchase?
 *Can I tie in a holiday to the ad?
 *How easy is it to buy or order?
 *Will I sell locally, regionally or nationwide?
 *What headline will draw the best response?
 *Will the profit far outweigh the cost?

Barry has over 30 years of business experience in many companies and is available to caoch or assist you to grow your business. www.idealetter.com

3 Signs You May Need to Ditch Your Bank

There's a love-hate relationship between entrepreneurs and banks. In fact, one in four small businesses changed banks in the last four years, according to a survey out this week from the National Small Business Association.
The two most popular reasons for making a move are feeling "mistreated" by a bank and seeking better financing options, according to the report from the Washington, D.C.-based small business advocacy group. In particular, small business owners are least impressed with big banks. Of those small businesses that work with big banks, only 14 percent reported the services and finance offerings as "excellent." At the same time, 43 percent of respondents who work with community banks and 38 percent who use credit unions rate their respective banks as excellent in the same areas.
To be sure, it's a hassle to switch banks, but sometimes it is worth it. Here are three signs you need to make a change:
1. Abrupt changes in financing terms. "If their credit line gets cut or interest rates rise unexpectedly, I think that is pretty telling," says John Paglia, a professor at Pepperdine University's business school. Almost one in four business owners have seen the terms on their loan become worse in the past year, according to the NSBA survey. Some were given no reason, while others were told their business had become more risky or banking standards had been raised. Meanwhile, 29 percent of survey respondents reported having their available line of credit reduced in the last four years.
Whether you're securing a loan or line of credit, be sure to read all of the fine print, keeping an eagle eye for language suggesting the bank can change your loan terms based on "changing market risk," or other vagaries, Paglia warns.
Related: 3 Questions You Must Ask Before Securing a Small Business Credit Card
2. Your bank can't keep up with you. "If the bank doesn't have what you need at the next stage of your growth, then you need to look elsewhere," says Bob Seiwert, head of the American Bankers Association's Center for Commercial Lending and Business Ranking. For example, every bank has a cap on what they can lend out at any one time and a limit on what they can lend out to any one firm. "If you need a lot more money than that banker is comfortable lending to any one business," says Seiwert, "that is a sign that you have outgrown your bank" You may also need additional financial services as your business evolves.
Related: A Common Personal Finance Mistake New 'Treps Make
3. Your banker doesn't talk to you. "Not all business owners are financially savvy from the day they open their doors," says Terry Jorde, the Senior Executive Vice President and Chief of Staff at the Independent Community Bankers of America. You deserve a banker that is willing to sit down with you, talk to you, listen to your business plan, and really learn about the business you are running. The banker "should be there to guide them through the process," Jorde says. And if you have to continually "re-educate" your bank about your business, she says that is a pretty good indication that you should be looking for another bank.
Once you have decided that your current bank is no longer serving your needs, talk to other businesses in your community about which bank they use, adds Paglia. If you are looking for a smaller bank, the BankLocally website has a zip-code look-up for community banks.

The Customer Experience - Free meeting

Barry Thomsen

Mark your calendar for Tuesday July 24, 2012 8AM to 9AM. I will be speaking at the Colorado Springs Business Partners meeting at Colorado Tech Univ room 252. My topic is "The Customer Experience" and why should anyone buy anything from you? Guests are welcome and there is no cost, just show up before 8AM. You will also get a free mini breakfast buffet. Hope to see you there!

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Entrepreneur - What Does it Take?

Not everyone can be an entrepreneur or small business owner but those who can will have the desire, drive and perserverence to make it a success. They will possess some qualities and traits that others don't have and work to make those qualities even stronger. Here are some to consider before you take theat important step:

 *Ability to sell your ideas
 *Ability to accept risks
 *Persistence to keep going
 *Willingness to do whatever is necessary
 *Ability to understand needs & wants of others
 *Ability to understand reports
 *Able to learn from experience
 *Willing to delegate and train
 *Strong curiosity
 *Willingness to face facts
 *Ability to take the contrarian road

Barry is a business & franchise coach who has assisted many people building a successful business. www.idealetter.com

Networking Groups

There are usually several to choose from in your local area and they can benefit you if you are looking for local business. They allow you to meet and network with other professionals who are usually not competitive with your business. Most meet weekly, semi-weekly or monthly and exchenge leads and listen to member presentations. Some have food and some don't and that should not be a reason to join. They will let you attend a couple of meetings to see if it is right for you so check out several before you select one.

Probably the most well known is BNI because it's everywhere but that doesn't mean it's the best. They charge about $100 to join and over $300 per year dues. Most of those dues are sent out-of-state and don't benefit your local group. They also have many rules you must follow or be ejected form the club you belong to or join. I am a member of Colorado Springs Business Partners which meets the 2nd & 4th Tuesday every month, is $90 for 6 months and includes breakfast at the 8AM meeting. They have some rules but not as strict as BNI and all the money stays in the local group. I'm sure there are other so don't just jump at the first one you see.

If you can afford to also join the Chamber of Commerce, Better Business Bureau and Toastmasters, these are very beneficial organizations that don't compete with the networking groups. Once you get involved you will be surprised at how you look forward to the meetings and the new business people you meet. Don't just run you business alone let others who want to share & exchange referrals with you be a part of it.

Barry is a business & franchise coach who works by-the-hour only as needed  with no contracts.

Outbound Telemarketing

Some good reasons for using outbound telemarkeing in a professional way are:

 *To make an immediate sale
 *To explain a limited time offer
 *To get a buyer's name
 *To qualify a prospect
 *To set up a personal appointment
 *To follow up on a price or products quote
 *To update a mailing list
 *To offer to send product literature
 *To direct a prospect to your website
 *To get feedback on a recent order or sale
 *To ask customers for referrals
 *To up-sell a current order
 *To inform customer of other products and services

If you are professional, follow all your state's calling laws and don't waste the time of the person you are calling, you can get positive responses to most of your calls.

Much more on telemarketing in chapter 14 of Barry's recent book, "90 Days to Success as a Small Business Owner", available everywhere.

What About Franchise Loyalty?

How does a franchise creat loyalty with it's customers? When you travel and want a quick fast-food meal, you may look for a familiar logo because you fell that the quality will be more or less the same as it is back home. That works to the advantage of the franchise owners when it comes to out-of-towners and other casual buyers.  But for them to keep their local customers they need to add friendliness, smiles  and cleanliness to their local store's personality.

You can develop a store personality that that customers will remember and if they like it, they will keep coming back. The same goes for other types of franchises and those that work with business clients. If they see a specific professional personality they will feel comfortable and continue purchasing from your fanchise business. The franchise home office gives you the basics of the franchise operations but it's up to you to create the lasting loyalty with the customers and clients. A franchise is like any other business when it comes to pleasing it's customers and creating loyalty.

Barry is business & franchise coach that only charges by the hour (no contracts) and has 6 published business books available everywhere. www.idealetter.com

Your Advertising Budget

Most smaller business owners use a seat-of-the-pants spending method for their media presence. They see or hear of a new place to advertise, so they try it once and mentally write off the cost. They get little or no results and decide not to go there again. The better approach is to set a spending limit and spread it accross the most productive areas reaching your target market. But how do you determine how much to spend?

A lot depends on your goals for the business and what you want advertising to accomplish. What gross sales levels and what total profit would you like to achieve? Will more advertising result in these numbers and goals? And you also need to consider what competitors are spending in your target market and if they are getting results. Spend the time to analyze all the factors before you write the check for advertising that may or may not work.

Barry is a professional business coach and consultant that assists business owners in marketing and growing their company. www.idealetter.com