Good and bad economic conditions come and go like a roller coaster and will continue to do so. When the economy, either the country or world, is less than perfect buyers are looking for new ideas. Most people and businesses still have to buy products and services but are more cautious and getting the most value for the money spent. When you can add some additional value to what you are selling you will have an advantage over other competitors. Value added products and services do much better when people feel that money is tight. The rich feel this way all the time (maybe that's how they got rich).
Many of the giant companies today started their business in tough economic times and provides more than the buyer expected or a new concept for an old product. They found that there was less competition at that time because others were hesitant about trying anything new. The opposite is what makes a company grow quickly when there is no one to stop them or hold them back. When the market conditions bounce back (as they always do) the competitors are playing catch-up to the company who has taken the lead and has most of the customers.
When you have a new and possibly great idea or improvement to an existing product or service, don't wait for for the economy, get started now. There's a good chance that you can be way ahead of your competitors before they even realize what happened. Remember that a great general doesn't give out his battle plan before he attacks, he just forges ahead and claims victory!
By Barry Thomsen, business speaker & trainer, international author of 6 books, business coach/advisor. www.idealetter.com
Monday, February 25, 2013
Thursday, February 21, 2013
New Franchise Concept
Like most other businesses,
franchises are often saddled with short- and long-term costs. Capital
investments, rents, employee compensation, inventory, maintenance and other
overhead are normally a fact of life. Unless, that is, the franchise is a new
style of business that requires no capital investments, no full-time employees,
relatively low startup costs and minor overhead.
An emerging business concept, it is a
nationwide system of franchises that provides homeowners and small business with
highly qualified, certified and reliable service contractors ranging from
maintenance, repair and emergency services to select professions such as
architectural design, landscaping and even services such as voice training, pet
sitting or fitness training.
“Our franchise business is like the
AAA auto club for homeowners,” says Sam Goodwin of San Diego
For the past couple of years
Goodwin’s franchise has provided contractor services including a plethora of
trades, including plumbers, electricians, carpenters, painters, air conditioning
& heating specialists, roofers and handymen – virtually any type of
maintenance, repair or construction service that are needed by homeowners,
rental home owners or small businesses today.
All these services are thoroughly
checked out and verified as reliable by the network continually, so members know
they are getting reliable, trustworthy professionals to deal with. Membership in
the network provides ancillary services as well that range from music lessons to
piano moving, maid services and RV rentals, in addition to discounts on
purchases of items such as appliances from quality suppliers like
Sears.
This unique approach is reinventing
the way people think about home services. For the franchisee, it allows one the
freedom to be their own boss, to achieve financial success and community
involvement to whatever extent is desired while not locking one in to fixed
assets such as facilities, inventories and full-time employees.
Goodwin, a former corporate
executive, says he was looking to own his own business, either a pure start-up
or a franchise that offered him the control of a system that he could build
on.
“The business concept made a lot of
sense to me,” Goodwin explains. “It fulfills a real need, gives me a strong
business platform to build on, and also allows me the latitude to develop the
business in my own way.”
Fast
ROI
This franchise does not require the
capital investments, staff, facilities, inventory or other ongoing expenses of
many franchises. Most franchisees work from home, using only a computer,
telephone and professional answering service.
The low overhead and a growing market
contribute to the unusually fast return on the initial franchise investment.
Most franchisees experience a complete ROI within one to three years. In the
case of Goodwin, it took about 18 months.
By Craig Madans,
HOCOA 4701 Hedgemore Dt., Charlotte, NC 28270; Phone: (704) 527-7660; Email:
corporate@hocoa.com; or visit the web site: www.hocoa.com/
Thursday, February 14, 2013
It Takes Time to Build a Business
One of my mentors once said to me, "It takes at least four or five years to
see if a company is going to work. Generally more. If you're really fast, maybe
you can get a sense of where things are going by the end of Year Three."
This surprised me at the time. But I've come to realize that he was right.
There have been many recent accounts of companies becoming immediate successes, particularly in the Internet space. But for most businesses, 'overnight success' is an outlier. Generally, a company makes progress incrementally, and the overnight success was years in the making.
Even for the rare product or software app that does become a rapid hit, it often took the programmers or product developers or designers time to build up the necessary expertise. In many cases, they might have worked on some earlier product that no one ever heard of, learned from it, and came back to build something great. Rovio was around for six years and underwent layoffs before the 'instant' success of Angry Birds, for example.*
Think about what goes into a company. First, the founders are on the drawing board developing the concept, testing ideas and preparing the offering. Sometimes this takes months in itself. They have to spend a considerable amount of time gathering resources (people, capital, know-how, sourcing, vendors, infrastructure). Then, the company has to land its first customers who kick the tires and make suggestions.
Sometimes these initial customers aren't paying. The feedback the founders get at each stage can take months to incorporate. A company can set off in one direction, figures out that it's not the right way to go, and then go in an entirely new direction. Over time, the product or service improves, and the company gets better at executing and delivering.
Eventually, the initial customers are happy enough that they tell their friends, and word of mouth slowly spreads.** Vendors begin assuming you're going to pay them. The company may even start generating enough revenue so that it can invest in sales and business development, perhaps migrating to multiple locations or new distribution channels.
All of the above typically describes a painstaking, multi-year process. Most businesses require a complex network of relationships to function (e.g., staff, investors, suppliers, vendors, partners, customers), and these relationships take time to build. In many instances, you have to be around for a few years to receive consistent recognition. And it often takes time for staff, and founders, to become effective in their roles.
Experienced entrepreneurs have a number of advantages where pace is concerned. First, they know roughly how long it will take to get something done if they've done it before. Second, they can move faster because many of the necessary relationships are already in place (e.g., they can call people they've worked with, use the same lawyer/accountant/P.R. firm, draw on earlier investors, reach out to past customers, etc.). Third, they can proceed more decisively because of greater confidence in their judgment, both internally and externally.
Still, if you're building a new business, you should expect it to take time, as in several years at least. If you're not prepared to fully invest yourself in the business for 3 -5 years, you might not want to start down the road, particularly if you're planning on having other people rely upon you. Prepare yourself for the long haul, and maybe you'll surprise yourself if it develops faster than you think.
By Andrew Yang
This surprised me at the time. But I've come to realize that he was right.
There have been many recent accounts of companies becoming immediate successes, particularly in the Internet space. But for most businesses, 'overnight success' is an outlier. Generally, a company makes progress incrementally, and the overnight success was years in the making.
Even for the rare product or software app that does become a rapid hit, it often took the programmers or product developers or designers time to build up the necessary expertise. In many cases, they might have worked on some earlier product that no one ever heard of, learned from it, and came back to build something great. Rovio was around for six years and underwent layoffs before the 'instant' success of Angry Birds, for example.*
Think about what goes into a company. First, the founders are on the drawing board developing the concept, testing ideas and preparing the offering. Sometimes this takes months in itself. They have to spend a considerable amount of time gathering resources (people, capital, know-how, sourcing, vendors, infrastructure). Then, the company has to land its first customers who kick the tires and make suggestions.
Sometimes these initial customers aren't paying. The feedback the founders get at each stage can take months to incorporate. A company can set off in one direction, figures out that it's not the right way to go, and then go in an entirely new direction. Over time, the product or service improves, and the company gets better at executing and delivering.
Eventually, the initial customers are happy enough that they tell their friends, and word of mouth slowly spreads.** Vendors begin assuming you're going to pay them. The company may even start generating enough revenue so that it can invest in sales and business development, perhaps migrating to multiple locations or new distribution channels.
All of the above typically describes a painstaking, multi-year process. Most businesses require a complex network of relationships to function (e.g., staff, investors, suppliers, vendors, partners, customers), and these relationships take time to build. In many instances, you have to be around for a few years to receive consistent recognition. And it often takes time for staff, and founders, to become effective in their roles.
Experienced entrepreneurs have a number of advantages where pace is concerned. First, they know roughly how long it will take to get something done if they've done it before. Second, they can move faster because many of the necessary relationships are already in place (e.g., they can call people they've worked with, use the same lawyer/accountant/P.R. firm, draw on earlier investors, reach out to past customers, etc.). Third, they can proceed more decisively because of greater confidence in their judgment, both internally and externally.
Still, if you're building a new business, you should expect it to take time, as in several years at least. If you're not prepared to fully invest yourself in the business for 3 -5 years, you might not want to start down the road, particularly if you're planning on having other people rely upon you. Prepare yourself for the long haul, and maybe you'll surprise yourself if it develops faster than you think.
By Andrew Yang
Monday, February 11, 2013
Make It Better
The best way for a business to survive and grow is to make your customer/client experience better - all the time. People will expect more than they received in the past and if you won't give it to them, they will find someone else who will. Here are some ideas for making your customer experience better.
*Outdo the Golden Rule and give more than you expect.
*It's little things that will matter, lots of them
*Get to know customers/clients by names and the way they like to do business
*Give free information, tips and advice cheerfully
*Ask for referrals and a testimonial if they are satisfied
*Give your best customers perks and they don't have to be big things
*Solve problems quickly and fairly
*Remember you customer's preferences like colors, price range, how they like their coffee etc.
*Don't talk down about competitors, just explain your best benefits
*Keep smiling, even if it hurts
Barry is a speaker, entrepreneur, business coach and published author of 6 business books. www.idealetter.com
*Outdo the Golden Rule and give more than you expect.
*It's little things that will matter, lots of them
*Get to know customers/clients by names and the way they like to do business
*Give free information, tips and advice cheerfully
*Ask for referrals and a testimonial if they are satisfied
*Give your best customers perks and they don't have to be big things
*Solve problems quickly and fairly
*Remember you customer's preferences like colors, price range, how they like their coffee etc.
*Don't talk down about competitors, just explain your best benefits
*Keep smiling, even if it hurts
Barry is a speaker, entrepreneur, business coach and published author of 6 business books. www.idealetter.com
How Much of Your Time Is Billable?
Self employment has a lot of juicy benefits, but billing hours for dollars
has it’s drawbacks.
When you work for someone else, you turn up, do your work, and get paid..week
in…week out. Yes even when you’re not being productive (I don’t think youtube
and facebook are part of most peoples job descriptions).
There is no measure of financial reward against productivity or output in most employees lives.
Self employment. Ah now that’s a different kettle of fish.
We set our work calendar, define our hours. Suddenly you realize that all those hours don’t equate to money.
A good deal of time is swallowed up on the small stuff that goes unrecognized. Suddenly you’re 40 hour week has shrunk to 20, effectively halving your earnings capacity.
If you’re not earning what you would like, I suggest that you take a look at where your time is being eaten up to see if you can’t squeeze some more billable hours into your time schedule.
Here’s a shortlist of some areas that might be eating into your paid work time.
Could you meet virtually instead of traveling, can you combine meetings with individuals to making them more collective. Can you be more selective with your meeting attendees, eliminate the ramblers if you will.
I mean, really… a lot of these “meetings” really turn out to be completely non productive time sucks. Be well guarded of your time on the meeting front.
Do you have a system in place to lead the potential client efficiently through the process of becoming a client? Can you replicate all elements so that you’re not having to reinvent the wheel each time you take on a new client. Can you put in a filter process to take you out of the loop until a certain stage.
Assess the time you’re spending on team functions, meetings, project management, training etc. How can you streamline the time you spend on team management. Create evergreen trainings, work wiki’s, reference or swipe files for your team to fall back on rather than you.
By Jackie Purnell
There is no measure of financial reward against productivity or output in most employees lives.
Self employment. Ah now that’s a different kettle of fish.
We set our work calendar, define our hours. Suddenly you realize that all those hours don’t equate to money.
A good deal of time is swallowed up on the small stuff that goes unrecognized. Suddenly you’re 40 hour week has shrunk to 20, effectively halving your earnings capacity.
If you’re not earning what you would like, I suggest that you take a look at where your time is being eaten up to see if you can’t squeeze some more billable hours into your time schedule.
Here’s a shortlist of some areas that might be eating into your paid work time.
Administration
Poorly organized or piecemeal tasks may be causing you to spend more time in this area than needs be. Systems will streamline your ability to get things done, as well as setting time aside to tackle admin requirements in a block, rather than doing tasks here and there. You could also look at outsourcing your admin too.Meetings
Are they necessary. If they are can they be less frequent. Or perhaps shorter more on focused on a particular task, rather than trying to solve world issues in a single sitting.Could you meet virtually instead of traveling, can you combine meetings with individuals to making them more collective. Can you be more selective with your meeting attendees, eliminate the ramblers if you will.
I mean, really… a lot of these “meetings” really turn out to be completely non productive time sucks. Be well guarded of your time on the meeting front.
Client Acquisition
This too could fall under the meeting scenario. Obviously time has to be allocated to this function of your business, without clients there’s no one to bill, right? But take a look at how your are doing things in this area. Are you minimizing the impact on your time, maybe by running your client meetings or calls in particular time blocks or are you “on call” which can be really disruptive to your productivity.Do you have a system in place to lead the potential client efficiently through the process of becoming a client? Can you replicate all elements so that you’re not having to reinvent the wheel each time you take on a new client. Can you put in a filter process to take you out of the loop until a certain stage.
Teams
You may be fortunate enough to have built a team to support your business, in which case you should have more billable hours at your disposal. That is, unless the team is now taking as much time out of your day as it was to complete the tasks you’ve given them. I would hope not. But it does happen.Assess the time you’re spending on team functions, meetings, project management, training etc. How can you streamline the time you spend on team management. Create evergreen trainings, work wiki’s, reference or swipe files for your team to fall back on rather than you.
By Jackie Purnell
Start-Up Marketing Plan
Start with the marketing plan.
There are two reasons: 1) You must know who is your paying customer; 2) You must know how you are going to stand out in the marketplace. Once armed with these two critical points, you’ll be ready to write your full business plan.
Your Marketing Plan should answer the following questions:
• What is/are your product(s) or service(s)?
• Who is the target market customer?
• What is your placement strategy?
• How will your product or service be distributed?
• How will you price your product or service?
• How will you promote your product or service?
• What are the sales activities that must be executed on a daily, weekly and monthly basis to achieve your marketing goals?
• What are your budgetary needs to execute your marketing plan?
Market Analysis: Outline the business opportunity, then drill down to what share of the market you believe you can capture. Define each customer segment in terms of revenue. Include trends analysis about your industry and define where the market is going. If you are not in a growth industry you need to understand how long you can pursue your business strategy before the market moves or is saturated.
Explain your target customer and niche strategy. Make your description:
1. Meaningful – know the problem you will solve, and offer a real solution.
2. Sizable –make sure the market you want is large enough to turn a profit.
3. Reachable – be certain you have the resources to reach your target audience.
Remember, your network is your net worth when starting a business.
Competitive Analysis: Today, your customers’ needs are already being met by some other vendor or company. Describe your top three competitors, their strengths, and their weaknesses. Explain why their current customer will buy your product or service over theirs.
Customer Profile: Describe your customer in detail. Your description should enable anyone to see the face of your customer. Based on this information, you can now create a message and then a strategy on how you plan to communicate with your target customer.
Niche: Define a niche market for your products and services. You have limited time and limited resources as a small business, so you need to pick a lane and be disciplined enough to stay there. Strive to own an area of specialty. Think about it this way, which makes more money — your primary care physician or your cardiologist. Niche to get rich.
Your Signature Move: Michael Jackson was famous for the moonwalk. What is your signature move? Defining your secret sauce or signature move will enable you to stand out in the market place. A signature move could be uniforms, an extra free service, how you say thank you, a discount coupon for the next time. Little things can be big winner with your clients.
Marketing Budget: Now you know who you are selling to, your niche, the competition and your signature move, you must develop a budget to execute your marketing plan. Once you have a 30-day revenue goal, you need to determine how many sales leads you need to generate to hit that number each month. Then you need to figure out how many resources you need to put those leads in your pipeline (website, sales people, call center, tradeshow, Facebook ads etc.)
BY Melinda F. Emerson
There are two reasons: 1) You must know who is your paying customer; 2) You must know how you are going to stand out in the marketplace. Once armed with these two critical points, you’ll be ready to write your full business plan.
Your Marketing Plan should answer the following questions:
• What is/are your product(s) or service(s)?
• Who is the target market customer?
• What is your placement strategy?
• How will your product or service be distributed?
• How will you price your product or service?
• How will you promote your product or service?
• What are the sales activities that must be executed on a daily, weekly and monthly basis to achieve your marketing goals?
• What are your budgetary needs to execute your marketing plan?
Market Analysis: Outline the business opportunity, then drill down to what share of the market you believe you can capture. Define each customer segment in terms of revenue. Include trends analysis about your industry and define where the market is going. If you are not in a growth industry you need to understand how long you can pursue your business strategy before the market moves or is saturated.
Explain your target customer and niche strategy. Make your description:
1. Meaningful – know the problem you will solve, and offer a real solution.
2. Sizable –make sure the market you want is large enough to turn a profit.
3. Reachable – be certain you have the resources to reach your target audience.
Remember, your network is your net worth when starting a business.
Competitive Analysis: Today, your customers’ needs are already being met by some other vendor or company. Describe your top three competitors, their strengths, and their weaknesses. Explain why their current customer will buy your product or service over theirs.
Customer Profile: Describe your customer in detail. Your description should enable anyone to see the face of your customer. Based on this information, you can now create a message and then a strategy on how you plan to communicate with your target customer.
Niche: Define a niche market for your products and services. You have limited time and limited resources as a small business, so you need to pick a lane and be disciplined enough to stay there. Strive to own an area of specialty. Think about it this way, which makes more money — your primary care physician or your cardiologist. Niche to get rich.
Your Signature Move: Michael Jackson was famous for the moonwalk. What is your signature move? Defining your secret sauce or signature move will enable you to stand out in the market place. A signature move could be uniforms, an extra free service, how you say thank you, a discount coupon for the next time. Little things can be big winner with your clients.
Marketing Budget: Now you know who you are selling to, your niche, the competition and your signature move, you must develop a budget to execute your marketing plan. Once you have a 30-day revenue goal, you need to determine how many sales leads you need to generate to hit that number each month. Then you need to figure out how many resources you need to put those leads in your pipeline (website, sales people, call center, tradeshow, Facebook ads etc.)
BY Melinda F. Emerson
Avoid Becoming Obsolete
When you look at the industries that have collapsed, or are in the process of collapsing, you realize that those industries were usually serving consumer needs that have not gone away. People still need to read the news. They still enjoy reading books, watching movies and travelling. What they don’t necessarily need was the same way of fulfilling those needs.
The leading companies in each of the declining industries are almost never the ones who benefit from their long-term understanding of consumer needs because they are invested in the method of fulfilling those needs.
Barnes and Noble, for example, was late to the party with e-commerce and the Nook was a me-too by the time it was launched. When you are so heavily invested (both mentally and in terms of capital investment) in the old way of fulfilling needs, it takes incredible courage to disrupt yourself.
By the time desperate, last ditch moves are made to change the model, it’s usually too late.
If you’re in an industry that has been successful in the past but you now see yourself slipping, take heart. You understand one thing about that industry better than the entrepreneurial start-ups.
You have been satisfying consumers’ needs for something for a long time. Start with that knowledge. Wipe everything else on the slate clean and ask yourself these questions:
The leading companies in each of the declining industries are almost never the ones who benefit from their long-term understanding of consumer needs because they are invested in the method of fulfilling those needs.
Barnes and Noble, for example, was late to the party with e-commerce and the Nook was a me-too by the time it was launched. When you are so heavily invested (both mentally and in terms of capital investment) in the old way of fulfilling needs, it takes incredible courage to disrupt yourself.
By the time desperate, last ditch moves are made to change the model, it’s usually too late.
If you’re in an industry that has been successful in the past but you now see yourself slipping, take heart. You understand one thing about that industry better than the entrepreneurial start-ups.
You have been satisfying consumers’ needs for something for a long time. Start with that knowledge. Wipe everything else on the slate clean and ask yourself these questions:
- How do they want it fulfilled today and in the foreseeable future?
- Can I satisfy that need by packaging it differently, or delivering it differently?
- Am I capable of doing what’s necessary to change?
Making the Perfect Sale
My husband and I have recently been in the market for a new bathroom. The
back story is, that last year we moved into a beautiful new house, and
immediately discovered that the previous occupants had lived there for 9 years
without a shower (how does anyone do that?!?!) No problem we thought, we’ll just
get a plumber in, tile up the wall and put in a shower above the bath.
So we bought our shower kit, a whole load of crazily priced mosaics, arranged the tiler and plumber and waited for the transformation to happen.
But inevitably it wasn’t to be as simple as we’d hoped. The tiles behind the bath didn’t sound right and the tiler suspected that water was leaking through to the stud wall behind. This was where we discovered, that what looked like a perfectly attractive and well put together bathroom, was actually a botch job, that warranted taking the whole thing apart and starting from scratch.
So we stuck up some very unattractive tile boards and decided to get a new bathroom.
We sourced 2 bathroom design companies and this is our experience with the second one.
We arrived with my 5 year old daughter in tow, to find a lovely pot of tea and a plateful of little muffins and flapjacks. They were a big hit with my daughter. We then proceeded to have a detailed discussion around our requirements, our budget, and what we were looking for.
The whole experience was really friendly, chatty and relaxed. We arranged for Joanne to come round to our house that week, and made an appointment to view the design the following week.
…When you start a project like this, you have a budget in mind. We knew what we were hoping to spend, and we had an idea of the split between the build and the fixtures and fittings.
…. So the price was a bit of a shock. We had left out loads of little costs, which added up to an additional £1500 on top of what we expected. Plus we had also chosen some items that were a little pricier than we’d intended (as you do…)
Then she showed us the build cost. The build cost amazingly, happened to be approximately 1/3 less than we were expecting. And in that moment she had us.
By spending so much time with us, explaining her choices, helping us to imagine what our new bathroom would be like, understanding our budget, and really showing us the impact of different choices – we were sold. Hook line and sinker. We made noises about needing to discuss it and went and had lunch – but the reality was that my husband and I both knew that this was the one. There really was nothing to discuss. After an hour we returned and put down a 50% deposit on our new bathroom.
By Women Unlimited
So we bought our shower kit, a whole load of crazily priced mosaics, arranged the tiler and plumber and waited for the transformation to happen.
But inevitably it wasn’t to be as simple as we’d hoped. The tiles behind the bath didn’t sound right and the tiler suspected that water was leaking through to the stud wall behind. This was where we discovered, that what looked like a perfectly attractive and well put together bathroom, was actually a botch job, that warranted taking the whole thing apart and starting from scratch.
So we stuck up some very unattractive tile boards and decided to get a new bathroom.
… 1 year later …
Does anyone else find that it takes a long time to actually get moving on
projects like this?We sourced 2 bathroom design companies and this is our experience with the second one.
The first visit
One Saturday morning, I popped down to the local franchise showroom and was immediately greeted by a very friendly young woman called Joanne. After I had a look around their lovely showroom, she explained that their process is to sit down with clients first, understand their needs, show them some products and THEN if they are happy with that, they come round and put together a free design based on their specifications. Following this, they arrange a meeting to discuss the design and provide the quotation.The second visit
After a disappointing design meeting with Design Company No. 1; I phoned Joanne as we were pulling away in the car and arranged a meeting for an hour later.We arrived with my 5 year old daughter in tow, to find a lovely pot of tea and a plateful of little muffins and flapjacks. They were a big hit with my daughter. We then proceeded to have a detailed discussion around our requirements, our budget, and what we were looking for.
The whole experience was really friendly, chatty and relaxed. We arranged for Joanne to come round to our house that week, and made an appointment to view the design the following week.
The sale
On arrival the following Saturday, we sat down with Joanne (with more tea and flapjacks) and she showed us a hand drawn design that stopped us in our tracks. Wow, this was our bathroom, but not our bathroom. It was exactly what we were looking for, bar a couple of little things. I loved it! She then ran through all the choices she’d made, from shower enclosure, to floor tiles, to bathroom furniture, to sinks, to plugs, to mosaics, to bath, to toilet. Everything in detail with photos and catalogues. And then she showed us the price.…When you start a project like this, you have a budget in mind. We knew what we were hoping to spend, and we had an idea of the split between the build and the fixtures and fittings.
…. So the price was a bit of a shock. We had left out loads of little costs, which added up to an additional £1500 on top of what we expected. Plus we had also chosen some items that were a little pricier than we’d intended (as you do…)
Then she showed us the build cost. The build cost amazingly, happened to be approximately 1/3 less than we were expecting. And in that moment she had us.
By spending so much time with us, explaining her choices, helping us to imagine what our new bathroom would be like, understanding our budget, and really showing us the impact of different choices – we were sold. Hook line and sinker. We made noises about needing to discuss it and went and had lunch – but the reality was that my husband and I both knew that this was the one. There really was nothing to discuss. After an hour we returned and put down a 50% deposit on our new bathroom.
Why was this a perfect sale?
- She qualified her customer. We were beyond the research stage and into decision-making mode. Joanne recognised that and behaved accordingly. She invested her time at the right point in the process.
- She checked our budget. Before she invested any real time with us she made sure that we were her target customer and had the right amount to spend and also made sure that what she presented us, matched that price.
- She made every touch point professional and pleasant. People buy from people they know like and trust, and she ticked the box on all three points. She was extremely friendly and a real pleasure to deal with. She spoke very confidently about all our requirements, including how to achieve our walk in ‘wet’ shower area in a very small space and there was no sense that what we were requesting was difficult or expensive to do.
- She listened. She didn’t sell us what she wanted to sell us, she listened to what we were saying and drew up plans that showed she understood. She reflected back our requirements to us perfectly.
- She made the experience feel special. The tea / coffee / cakes was a really nice and unexpected touch. Her drawn plan of the bathroom was fantastic, and it felt like she had spent a lot of time on it. These things show that she valued us as a potential customer and was giving us a ‘high end’ service.
- She took the time to help us imagine ourselves living with our new bathroom. By showing us all the products and going through why she chose them, she made it very difficult for us to downgrade our aspirations based on the price.
- She was comprehensive. We are very confident that there will be no surprises. The attention to detail was like nothing I’ve ever seen before, right down to the type of plug we will have in the sink.
- She explained why each choice was the right one. We understood her thinking and her choices and agreed.
- She gave us a reason to signup right away. It was sale time and the sale was finishing that weekend. However, she did also say that they would be having another sale for a weekend in two weeks time. We could make our decision now and get things moving or we could wait two weeks and still get a similar price.
- She closed the sale. She put the paper in front of us, explained what the next steps were and she asked us to proceed. It was all done in a really comfortable and easy way.
By Women Unlimited
Monday, February 4, 2013
Your Moving Billboard
Your company vehicles can spread your message at no additional cost. Use professional lettering or magnetic signs with your logo, slogan, phone and website easily visible. It's low cost advertising and will help grow your business in the local area. Here's a few ideas to help get the greatest benefit from this type of advertising.
*Keep it Clean - Don't give the impression that you don't care how your vechiles look.
*Use High Numbers - If you number vehicles don't start with #1, try #22 it makes you look like a bigger business.
*Don't Say Too Much - Use large letters & numbers so people can see easily. You want them to contact you for more information.
*Drive Carefully - Always be aware of how you drive with courtesy and don't irritate other drivers or your advertising will don't the opposite that you want it to.
*Don't Block Other Cars - When you unload or make deliveries let others get out or in easily.
*Park to Be Seen - When not driving leave the vehicle near busy streets so the advertising can be seen by passers-by.
*Don't Speed - Nothing worse than a vehicle with your business name on it getting a ticket by the side of the road. Yes, everyone does look.
Barry is a speaker, business and franchise coach. www.idealetter.com
*Keep it Clean - Don't give the impression that you don't care how your vechiles look.
*Use High Numbers - If you number vehicles don't start with #1, try #22 it makes you look like a bigger business.
*Don't Say Too Much - Use large letters & numbers so people can see easily. You want them to contact you for more information.
*Drive Carefully - Always be aware of how you drive with courtesy and don't irritate other drivers or your advertising will don't the opposite that you want it to.
*Don't Block Other Cars - When you unload or make deliveries let others get out or in easily.
*Park to Be Seen - When not driving leave the vehicle near busy streets so the advertising can be seen by passers-by.
*Don't Speed - Nothing worse than a vehicle with your business name on it getting a ticket by the side of the road. Yes, everyone does look.
Barry is a speaker, business and franchise coach. www.idealetter.com
Sunday, February 3, 2013
My Upcoming Schedule
Wed Feb 6th I will be speaking at Currently Speaking Toastmasters. The meeting is 6:30PM to 8PM at the fire house meeting room Dublin & Academy. I will tell a short story called "Barry's Paper Route" Guests welcome
Wed Feb 20th 7:30 AM I will speaking at the Valley Hi golf clubhouse on "The Customer Experience" for the Pikes Peak Sales Pros meeting. Guests welcome
Wed Feb...... 20th 11:30 AM I will be speaking at the Jose Muldoon's restaurant near Constitution & Powers on "The Customer Experience" for the Colo Spgs Business Alliance. Guests welcome
Tues Feb 26th 7:45 AM Colorado Springs Business Partners meets to network and exchange ideas. At the Embassy Suites meeting room just North of Woodmen & Commerce Center Dr. No cost/guests welcome
Tues Feb 26th 11:30 AM I will be speaking at the Sky Sox Banquet room 4th floor near Barnes & Tutt on "More Cheap Marketing Ideas" for the Business Linx meeting. Guests welcome
Thurs Fed 28th 5 PM I am speaking at the Interquest Rotary at Liberty Hts Retirement Comm, 12105 Ambassador Dr 80921 on "The Customer Experience" (longer version). Anyone who wants to know what the Rotary is about is welcome as a guest.
Hope to see you at some or all of these, more coming soon.
Friday, February 1, 2013
When to Give Up?
Knowing when to call it quits on your startup
FORTUNE -- Before Craigslist, before Monster.com, there was Drei Tauben Ltd,
a proprietary system for help-wanted advertising for technology jobs.
Christopher Frank started the company with two business partners in 1991 and
spent two years building the business.
They created a user-friendly platform that could be customized by organizations that wanted to advertise job opportunities online under their own brand. Revenue started to come in and the partners had connected with an association of technology schools interested in using the system. All the signs were promising to tap into the $100 million market for technology job ads.
But revenue was growing more slowly than they had anticipated. Every month or two, the partners had to sink more of their own money into the business. In the fall of 1993, they decided to shutter the company.
"It was painful. It was like a death," says Frank, 45, who is currently a vice president at American Express and author of Drinking from the Fire Hose: Making Smarter Decisions Without Drowning in Information. "When you're passionate about something, you feel it in your bones. When that doesn't work as planned, it just drains you."
Closing down a business and giving up on the potential that inspired you to launch it in the first place is perhaps the hardest thing an entrepreneur can do. By nature, entrepreneurs see setbacks simply as problems whose solutions aren't yet evident. That same quality can put a blind spot when the answer is one you just don't want to hear: "Move on." The history of small business is littered with the shells of could-have-been success stories, companies built on a brilliant idea whose time hadn't come or was too challenging to execute profitably.
"Optimism is a gift of the entrepreneur and also an occupational hazard," says Jay Goltz, a Chicago-based serial entrepreneur. "There's a very thin line between optimistic and delusional."
From interviews with entrepreneurs, here are a few classic signs that the best choice is simply to close your small business and start fresh.
You draw blank stares
In retrospect, Frank pinpoints his company's trouble to the series of meetings Drei Tauben had with the traditional print publications that knew the ins and outs of the advertising business as well as the clients that paid for job ads. They just couldn't understand why anyone would go online to look for a job instead of opening up a newspaper. At the time, the Internet wasn't anything like it is today.
When you cannot convince your strategic partners nor your customers of the logic behind your business model, it doesn't matter if you're ultimately proven right. No matter how big the potential market may be, you first need real, live customers to write one check, and then a second.
"When you're trying to make that decision, should you stay or should you go, you can't base it on the macroeconomics," Frank says. "You need to assess your local market and your target audience. Is there revenue to support the business? Who are your customers?"
You're pushing a boulder uphill
Another bad sign: you keep sinking more money and time into a venture -- and it doesn't get any easier.
Michael Paolucci spent three years building Solvate, a New York-based peer-to-peer labor market, but kept falling short of the momentum and growth he needed to continue attracting venture capital. Instead, the company showed flat growth and was shuttered late last year rather than seeking another round of funding.
"We were ahead of the market," Paolucci says. "It's a little early for people to be transacting in certain ways for certain kinds of work through the network. I think what we tried to achieve is going to exist at some point."
By contrast, Paolucci is now co-founder and chairman of Slooh, a small, profitable company that connects telescopes to the Internet, broadcasting celestial events like lunar and solar eclipses. This company is on a slow-and-steady upward trajectory. "It doesn't fit the venture mold. We see it getting a little bit better every year," he says.
New or newly discovered roadblocks
For Jill Cartwright, founder of Boston-based Go Gaga, the recession came on like a brick wall. She'd launched the ergonomic diaper bag company in 2007, and it quickly became profitable, with distribution channels throughout the U.S., Canada and Australia and business partners like Babies R Us, Diapers.com, Amazon.com, and eBags.
But by the last half of 2010, Cartwright was losing an average of three independent boutiques a month, due to bankruptcy. With a virtual supply chain and minimal overhead, she could have dramatically scaled back and kept limping along. Instead, she decided to halt production last October.
"Like so many entrepreneurs, I wanted the business I created to be something dynamic that was constantly evolving," she says. "I found myself so bogged down in the nuts and bolts of running the business that I wasn't growing it. This wasn't what I had envisioned for myself."
Similarly, CEO Patrick FitzGerald was optimistic about the prospects of Reproduct, a Philadelphia-based company that recycled greeting cards into office furniture and carpets. That is, until he met with the U.S. Postal Service and learned that it would take an act of Congress to reduce the postage required for customers to return used cards for recycling. Without a lower postal rate, his business model fell apart.
"When the 800-pound gorilla says, 'No, it's never going to happen,' you have to say, 'Okay it's done, it's a failure,' " says FitzGerald, now a lecturer at The Wharton School at the University of Pennsylvania, who previously founded successful companies including Recyclebank. "If you embrace failure, you say, 'I'm going to shut this down and I'm going to use it for my next company.' You wasted your time if you didn't learn anything from it."
They created a user-friendly platform that could be customized by organizations that wanted to advertise job opportunities online under their own brand. Revenue started to come in and the partners had connected with an association of technology schools interested in using the system. All the signs were promising to tap into the $100 million market for technology job ads.
But revenue was growing more slowly than they had anticipated. Every month or two, the partners had to sink more of their own money into the business. In the fall of 1993, they decided to shutter the company.
"It was painful. It was like a death," says Frank, 45, who is currently a vice president at American Express and author of Drinking from the Fire Hose: Making Smarter Decisions Without Drowning in Information. "When you're passionate about something, you feel it in your bones. When that doesn't work as planned, it just drains you."
Closing down a business and giving up on the potential that inspired you to launch it in the first place is perhaps the hardest thing an entrepreneur can do. By nature, entrepreneurs see setbacks simply as problems whose solutions aren't yet evident. That same quality can put a blind spot when the answer is one you just don't want to hear: "Move on." The history of small business is littered with the shells of could-have-been success stories, companies built on a brilliant idea whose time hadn't come or was too challenging to execute profitably.
"Optimism is a gift of the entrepreneur and also an occupational hazard," says Jay Goltz, a Chicago-based serial entrepreneur. "There's a very thin line between optimistic and delusional."
From interviews with entrepreneurs, here are a few classic signs that the best choice is simply to close your small business and start fresh.
You draw blank stares
In retrospect, Frank pinpoints his company's trouble to the series of meetings Drei Tauben had with the traditional print publications that knew the ins and outs of the advertising business as well as the clients that paid for job ads. They just couldn't understand why anyone would go online to look for a job instead of opening up a newspaper. At the time, the Internet wasn't anything like it is today.
When you cannot convince your strategic partners nor your customers of the logic behind your business model, it doesn't matter if you're ultimately proven right. No matter how big the potential market may be, you first need real, live customers to write one check, and then a second.
"When you're trying to make that decision, should you stay or should you go, you can't base it on the macroeconomics," Frank says. "You need to assess your local market and your target audience. Is there revenue to support the business? Who are your customers?"
You're pushing a boulder uphill
Another bad sign: you keep sinking more money and time into a venture -- and it doesn't get any easier.
Michael Paolucci spent three years building Solvate, a New York-based peer-to-peer labor market, but kept falling short of the momentum and growth he needed to continue attracting venture capital. Instead, the company showed flat growth and was shuttered late last year rather than seeking another round of funding.
"We were ahead of the market," Paolucci says. "It's a little early for people to be transacting in certain ways for certain kinds of work through the network. I think what we tried to achieve is going to exist at some point."
By contrast, Paolucci is now co-founder and chairman of Slooh, a small, profitable company that connects telescopes to the Internet, broadcasting celestial events like lunar and solar eclipses. This company is on a slow-and-steady upward trajectory. "It doesn't fit the venture mold. We see it getting a little bit better every year," he says.
New or newly discovered roadblocks
For Jill Cartwright, founder of Boston-based Go Gaga, the recession came on like a brick wall. She'd launched the ergonomic diaper bag company in 2007, and it quickly became profitable, with distribution channels throughout the U.S., Canada and Australia and business partners like Babies R Us, Diapers.com, Amazon.com, and eBags.
But by the last half of 2010, Cartwright was losing an average of three independent boutiques a month, due to bankruptcy. With a virtual supply chain and minimal overhead, she could have dramatically scaled back and kept limping along. Instead, she decided to halt production last October.
"Like so many entrepreneurs, I wanted the business I created to be something dynamic that was constantly evolving," she says. "I found myself so bogged down in the nuts and bolts of running the business that I wasn't growing it. This wasn't what I had envisioned for myself."
Similarly, CEO Patrick FitzGerald was optimistic about the prospects of Reproduct, a Philadelphia-based company that recycled greeting cards into office furniture and carpets. That is, until he met with the U.S. Postal Service and learned that it would take an act of Congress to reduce the postage required for customers to return used cards for recycling. Without a lower postal rate, his business model fell apart.
"When the 800-pound gorilla says, 'No, it's never going to happen,' you have to say, 'Okay it's done, it's a failure,' " says FitzGerald, now a lecturer at The Wharton School at the University of Pennsylvania, who previously founded successful companies including Recyclebank. "If you embrace failure, you say, 'I'm going to shut this down and I'm going to use it for my next company.' You wasted your time if you didn't learn anything from it."
By Katherine Reynolds Lewis
Current Travel Warnings
Travel Warnings are issued when long-term, protracted conditions that make a country dangerous or unstable lead the State Department to recommend that Americans avoid or consider the risk of travel to that country. A Travel Warning is also issued when the U.S. Government's ability to assist American citizens is constrained due to the closure of an embassy or consulate or because of a drawdown of its staff. The countries listed below meet those criteria.
Afghanistan 01/29/2013
El Salvador 01/23/2013
Algeria 01/19/2013
Mali 01/18/2013
Niger 01/16/2013
Kenya 01/14/2013
Libya 01/02/2013
Haiti 12/28/2012
Central African Republic 12/28/2012
Somalia 12/26/2012
Nigeria 12/21/2012
Israel, the West Bank and Gaza 12/20/2012
Iran 12/07/2012
Mauritania 11/30/2012
Eritrea 11/29/2012
Congo, Democratic Republic of the 11/21/2012
Chad 11/21/2012
Honduras 11/21/2012
Mexico 11/20/2012
Yemen 11/19/2012
Saudi Arabia 11/19/2012
Cote d'Ivoire 11/16/2012
Burundi 11/08/2012
Tunisia 10/19/2012
Colombia 10/03/2012
Pakistan 09/19/2012
Lebanon 09/17/2012
Sudan 09/15/2012
Korea, Democratic People's Republic of 09/11/2012
Republic of South Sudan 09/10/2012
Guinea 09/07/2012
Syria 08/28/2012
Iraq 08/09/2012
Philippines 06/14/2012Source: U S dept of State
Little Known February Holidays
Real holidays you can use in your business for promotion and fun!
*1 Serpent Day
*3 National Men's Grooming Day
*5 Disaster Day
*6 Lame Duck Day
*6 Give a Compliment Day
*7 Charles Dickens Day
*8 Fly a Kite Day
*9 Toothache Day
*10 Umbrella Day
*11 Don't Cry Over Spilled Milk Day
*11 National Investor Day
*12 National Plum Pudding Day
*14 Ferris Wheel Day
*15 National Gum Drop Day
*16 Favor a Grouch Day
*18 National Battery Day
*20 Harry Potter Day
*21 National Sticky Bun Day
*22 Be Humble Day
*23 Intl Dog Biscut Day
*24 National Tortilla Chip Day
*26 National Pistachio Day
*27 Intl Polar Bear Day
*28 Public Sleeping Day
*1 Serpent Day
*3 National Men's Grooming Day
*5 Disaster Day
*6 Lame Duck Day
*6 Give a Compliment Day
*7 Charles Dickens Day
*8 Fly a Kite Day
*9 Toothache Day
*10 Umbrella Day
*11 Don't Cry Over Spilled Milk Day
*11 National Investor Day
*12 National Plum Pudding Day
*14 Ferris Wheel Day
*15 National Gum Drop Day
*16 Favor a Grouch Day
*18 National Battery Day
*20 Harry Potter Day
*21 National Sticky Bun Day
*22 Be Humble Day
*23 Intl Dog Biscut Day
*24 National Tortilla Chip Day
*26 National Pistachio Day
*27 Intl Polar Bear Day
*28 Public Sleeping Day
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