Small Business

Many of us struggle with raising our prices and charging enough money. How do you know it’s time to raise your fees? Here are three great indicators.

1. You haven’t raised your rates in two years

If you haven’t raised your rates in two years, raise them right now, by at least 6%. (I vote you raise your fees by ten percent!) You have to raise your rates regularly simply to stay up with inflation. And inflation runs about 3% a year, give or take. If you don’t raise your rates regularly, you run the risk of seriously falling behind financially, and then being in the awkward position of having to make a large rate-increase. (And yes, this can be done!) You can raise your rates moderately once a year, or raise them more significantly every two years. But don’t wait beyond two years. Many of our salaried friends get a cost-of-living adjustment once a year, if not a raise. Make s...

Filing cabinets are a large part of today's offices. Although digital files are dominant in our workplace, it will be a long time before we rid the office of paper files the need to warehouse them. Hence, the continual need for quality brand name filing cabinets.

With experience in the receiving and shipping, time logged as an office manager as well as a home office computer geek selling goods online, I can speak for the need of and importance of filing papers, invoices and accounting bills so that they can be found at the drop of a hat.

Here are four ideas to help you in establishing and maintaing a decent file system.

1. keep only what is necessary
   

   a. do you have duplicate files in digital format

2. destroy unwanted paper files
   

   a. shredding is best

3. file routinely
   

   a. make filin...

If you’re a small business owner, you know just how tough it can be to get yourself and your products or services out there. Even if you’re picking up a franchise or moving into an area you know could be lucrative, often making a return on your investment is difficult—if not impossible. But it doesn’t have to be: no matter what size your business is, you just have to know how to sell it.

• Friends: Your first stop for picking up any business should always be friends and colleagues. Remember these are the people who helped you get to where you are today—and more often than not, you’ll find them willing and eager to help. Always keep them posted of changes in stock, new promotions and special events where they can show you support.

• Family: Of course your family has to help, right? Well, not necessarily—but if you ask them nicely and make sure there’s something in it f...

A dipping cash flow curve is a cause of concern so much that, for a small business it is enough to have the panic button pressed. Small businesses in their infancies and adolescence barely generate cash flow sufficient for their monthly bills. A couple of lean months could mean skipping a few vital bills like electricity, mortgage, and salaries to employees. All have the potential to bear heavily on your business. Although established and larger businesses may show concern over a dipping cash flow they have different reasons for being concerned.

While discussing the practical ways to arrest a plunging cash flow we will concentrate on new small businesses which lack management skills and/or resources.

Managing A Plunging Cash Flow Curve

Ideally, the best policy in improving cash flow is the lethal combination of ratcheting up sales performance and chasing any account ...

Many entrepreneurs refuse to run a non-profit for various reasons. Some say they are inefficient and ineffective. Many times this is true. And this is why so many entrepreneurs refuse to run their business as a non-profit. But let us look at this philosophically for a minute. What if your goal is to accomplish something or get something done rather than simply amassing wealth?

In that case perhaps running a non-profit may not be so bad and besides "Refusing" is an interesting word isn't it? Some say that non-profits are often ignored yet we see Bill Gates is now non-profit; is he being ignored? No one cares what you think until you do something? You cannot expect anyone to be impressed with what you will or intend to do in the future? Humans do not work that way? This is not to say you care what anyone else thinks? As chances are if you believe you cannot accomplish anything wit...

Eight years ago, Family Shelter Service (FSS), a provider of services to victims of domestic violence in Wheaton, Illinois, hired a new Executive Director, Karen Kuchar. Kuchar oriented herself to the organization by first listening and gathering information from the staff and board members. She discovered a lack of teamwork and collaboration in an organization that was undergoing a transition.

Over the next several years, Kuchar and the leadership team set about transforming the culture to one that was more collaborative and productive. FSS has now realized great success by implementing strategies to improve communication and collaborative decision-making; emphasizing the professional development of all staff; and educating staff about how to better manage conflict.

Improving Communication and Collaboration

In collaboration with staff, Kuchar began ...

Competitors are one of your largest business threats. You have to know who your competitors are and how they operate. You will use this information to decide how to position yourself, where you price yourself, and how you're perceived by your marketplace.

Competitor Analysis

When you research your competitors you should list what kinds of companies are your biggest competition. Possible competitor types you should consider are:

Big PC manufacturers

Computer consulting moonlighters

Established computer consulting businesses

Software producers and distributors

Once you decide which types of competitors pose the most threat, go through the list and identify specific companies in each category that you consider to be significant competitors.

When you have a good idea who exactly your largest competitors are, then you need to find out how th...

While out running errands the other day, I found myself stopped at a crosswalk. The crossing guard was leading young schoolchildren across the quiet street in a very organized fashion. I thought to myself, “What will the children do when they have to cross a busy street by themselves?” Hopefully they will learn by following the crossing guard's system. I often work with small businesses that need help crossing busy streets. They had no trouble in the beginning, when traffic was light. But now that their business has grown, the traffic is much heavier and the street much busier. Many could use a crossing guard to help them safely cross. However, most business owners don't have a crossing guard and they have to cross on their own. Don’t worry, if you remember the lessons of the crossing guard: Stop, Look, Listen, Think, and Walk….Don't Run; you’ll be able to safely cross the street no m...

Business growth is something we all want. During startup, however, you have to balance your business growth rate with your ability to keep on top of the business launch. You don't want to get overextended because that will cause you to cut corners and your future success may suffer.

Controlling the rate of business growth is difficult to do especially if you are moonlighting. In this situation you have so many more balls to juggle because you have work issues to deal with as well as business issues. The key to effective business growth control is excellent organization and planning.

Micro manage for Business Growth Control

During your startup it is more important than ever that you micro plan your major projects. If you sell a 10 node network you will probably quote it by the number of hours for server installation, cabling infrastructure, taking care of the ISP a...

I'm sure it comes as no surprise, having a small business and making a profit are two different things. The difference is a matter of executing a basic set of business steps. To maximize your small home based business profits compare your current performance as a small business owner against the following checklist.

Clarify Your Objectives:

1. Understand what you want your business to help you accomplish as an Individual.

2. Clearly state your Business goals regardless of your personal talents or skills.

3. Schedule activities for each Lifestyle area: individual, family, spiritual, career, financial.

4. Plan your use of Time in 30 minute increments with an emphasis on mandatory items.

Enhance Your Management Skills:

5. Develop a step-by-step action Plan for each of your individual and business ...

Beating the competition can often be very difficult, especially when your business is fairly new and the competition has a stranglehold on the market. Thankfully there are several options for getting a piece of the market.

• Create a bigger market. If the piece of the pie has been pretty well taken, then bake a bigger pie. What I mean is find a niche that your competition is not working on. You can establish yourself by knowing where your competition sells their products and services and where they do not. You are far better off going where they are not currently selling and own that piece of the pie. When they see you are successful in that niche, they may want to follow. If you own that niche, you will be the one that is established. The competition will not have the stronghold.
• Learn everything you can about the competition. Do some resear...

It probably started with the first person you hired. As a brand new small business owner, you hired your first employee without knowing exactly what role they would play, a well thought-out job description, no skills testing or resume checking, no source of funding for their pay check and no game plan for getting the best they had to give. Guess who you hired? You hired "You" for the position of business owner and every other job you're currently doing. Here's how to avoid the same small business hiring mistakes in the future.

Create an Organizational Structure

Every small business must perform certain basic functions to ensure their success and profitability. Your organizational chart should reflect not the people who occupy the position but the position itself. What must be accomplished is the function you will ultimately hire an employee for.

For example, i...

Start up business plans are developed because the process of writing them creates huge benefits. A lot of people resist writing a start up business plan. They are under the false notion that start up business plans are an academic exercise that people are made to do in college or business school.

Another common misconception is that start up business plans are only needed if you are going to raise capital through pubic share offerings, taking on private investors, or looking for angel investors. The fact is, there are a tremendous number of benefits to putting together a simple start up business plan regardless of the type of business you intend to launch.

Even if the start up business plan will only be read by you or your spouse, the benefits are undeniable. The things you will learn about your business by going through the process of writing a start up business plan f...

If Brand is identity, Package is the wrapper identity is presented in. A strong Brand really helps small businesses pull new customers into the store. Satisfied customers spread the word about your business. We call this “Waving your Brand Banner”.

But a freshly minted referral customer is a fragile being. Even if the new customer visits your store on the basis of a good word from a trusted friend, that first-timer will still be a bit skeptical. Be sure to keep that in mind. Recall your own experience as a consumer. The first time you enter a new place you are unfamiliar with the surroundings and the specific retail culture. Unless it is a cookie-cutter like franchise chain, you probably won’t know where the washroom is, how long it will take you to get help, or exactly where the particular item you are looking for will be.

Now come those vital minutes when two components ...

Starting a carpet cleaning business is one of the most affordable small businesses opportunities. Many homes need to have carpeting done at least at least once a year.

Some homes have their carpets cleaned several times a year. This is because they have small children who tend to drop things or they have a pet. Another reason people often hire someone to come in and clean their carpeting is because of allergens. Dust and pet dander can become lodged within the fibers of carpeting and although regular vacuuming helps the problem, having the carpets cleaned really attacks the problem.

There are several different approaches to pursue when you want to start a carpet cleaning business. One is to join with an established business by purchasing a franchise. There are several companies that have made a strong name for themselves in the carpet cleaning business. These companies oft...

Package is the wrapper for your small business. Why wrap a present? Because it adds to the anticipation of opening and makes the present seem even more special.

OK, well why even bother to wrap a present in colorful wrapping paper, then? Why not just use plain brown wrapping paper, instead? Much simpler, right?

You know we use it because the colorful wrapping paper is pleasing to the eye…and the theme-oriented wrapping paper adds to the occasion itself. Colorful balloon patterns on birthday wrapping paper reinforces the occasion for both the gift giver and the birthday girl or boy. It boosts the joy.

Yet package is possibly the most neglected marketing element in a mature small business.

It’s time to boost the joy for your clients, just a little. It’s time to make their lives a less gray place.

Here’s what usually happens to a small business:

The b...

OK, you know you need a mentor, but how do you go about getting one. And, what do you look for?

The easiest thing to do is to find people who possess traits you want to have someday, but haven’t managed to achieve for yourself yet. We urge you to find three or four people you can use to help you develop as a marketer and as a business professional.

In an earlier article we discussed Maslow’s Hierarchy of needs. The highest human need is the Need for Self-Actualization. Many of the people you will chose as Mentors have “made it” in their field. Don’t just think in terms of captains of industry or tech-gurus, here. Ordinary people that have made it include successful teachers or parents or that small business owner down the street. The point is that these people are accomplished in their fields and one way they can feel good about themselves is to pass on a bit of a legacy ...

This article sends you Chief Marketers on a scavenger hunt within your small business. Just search, for now. Discover and learn for now; we’ll apply later.

We are looking for three things:

1. Look for places to touch the customer. Identify those likely places you can plant a “sweet something”.

2. Listen for customer phrases or comments about your service. Let her tell you those sweet somethings that you’d like her to pass on.

3. Ask customers a key question—“what’s your favorite thing about our store?” Rephrase it however you’d like, but ask, when appropriate. Remember, not all staff will be comfortable doing this; don’t punish the ones that aren’t.

Now is a fantastic time to use that Bloom Team to help you out. Sit down with them prior to the start of the scavenger hunt and brainstorm with them. Many of them are in contact with your customers. Draw out...

OK, your small business wants to outshine the competition. Start by surprising your customers with some inexpensive but delightful surprises.

Customer Respite means creating either a physical space for the customer to relax, or at a minimum making the environment inside your store less rushed so they can mentally relax.

Surprise Upgrade is creating a pleasant and unexpected reward for your customer. Classic rewards-driven marketing tells us that the primary way to upgrade or reward customers is to tie the upgrade to a purchase. The simple but effective punch-card at the corner donut shop or coffee house is the most common means for small business to achieve this. This is an effective and cheap way to build some customer loyalty.

But you can also upgrade customers randomly. If done consistently, a high percentage of your good customers will exper...

This article is aimed at your small business marketers who don’t own your own companies.

Yet.

You probably won’t be with the same company forever. Few people are. As a new year begins, let’s discuss some ways to improve yourself as a professional.

In the past we’ve discussed Crucial Customers and Achievers. Time and again we refer to these two vital “People” elements. But there is a third and often overlooked group you must build into your people mix if you are to grow as a successful marketer: Mentors.

Mentors are those people who can help you achieve the critical difference between the marketer you hope to become and the marketer you now are. Building a solid network of three or four mentors you can use--when needed--is yet one more critical component of marketing success. Choosing your mentor isn’t merely looking for those people that are successful you can...