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Business

Helen Cherry

2013-04-29 15:19:06

Q-I want to create a diverse workplace. Can you tell me the advantages of hiring someone with intellectual disabilities?

A-Many people shy away from hiring anyone with intellectual disabilities. This is very unfortunate indeed—especially for the business owner! Hiring people from all backgrounds and abilities has tremendous value for every business and the community. First, hiring someone with a disability shows a commitment to the community which resonates with your customers. They care because you care, and become repeat customers. Second, your company benefits from the individual's unique abilities and adds in ways that you might not even realized is needed. For example, the employee might excel in working with people, can present information well, or can make customers feel welcomed when other employees find it difficult or intimidating. Another great reason for hiring someone with a disability is tapping into a ready and underutilized workforce. Research shows that employers report overwhelming advantages that translate into productivity and profitability. These studies find employers report employees: 1. Average or above average in safety on the job 97% 2. Hardworking 93% 3. Positive attitude 93% 4. Reliable 90% 5. Good employee 86% 6. Long-term employee 79% 7. Lower turnover-5 times more likely to stay on the job 8. Good team work 79% 9. Willing to work part time 76% 10. Good work ethic 76% When you stack up those statistics against the general population, you see that there is no question that there are enormous advantages. Given the right training and right support, hiring someone with intellectual disabilities ends up being right for everyone involved. In my experience at EOC, I can honestly say the experience has been overwhelmingly positive and enriching for me personally. Statistics can only show so much. What they do not show is that the amount of personal growth and satisfaction gained from a willingness to include all segments of the population.

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Business

Scott Blythe

2013-02-01 08:49:32

Q-With everything that is available on the market today, what brand of phone equipment would you recommend?

A-For any small to moderate sized business, say as few as two phone sets, with one or two directory numbers, to as many as thirty to fifty phone sets, and many directory numbers, I recommend the N.E.C. corporations DSX-80/160 or SL1100 series of phone systems. Without any question, I find it to be the most reliable and reasonably priced system available .The system is well engineered, and constructed, and the phone sets are very user friendly, No more hand written notes in your top drawer to remind you how to complete a function like changing the time and date, or how to access your voice mail. Each phone set has a large display and feature buttons, which allow the user to scroll through all the functions of their personal phone. With the programmable buttons on each phone set, you can stay in touch with your co-workers by pushing a single button, see who is currently using their phone, and tell which line they are using. With voice mail, you cannot only receive messages from your customers 24/7, you can also throw away your sticky notes, and record your message to a co-worker for immediate delivery. Calls can even be forwarded to an employee’s cell phone if they are out of the office. Some System wide features are, remote programming, music on hold, caller ID, paging, speed dialing, conference calling, automatic attendant, and call accounting. Other frequently used accessories are, voice mail, cordless headsets, battery backup, cordless phones, VOIP (voice over IP) and many more, Too many to cover here, but they can all be seen at the N.E.C. website. (www.necdsx.com) Thank you for your question. I hope this helps!

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Business

Scott Blythe

2013-01-02 16:05:43

Q-What can I do for the least amount of cost to get the most out of my phone system?

A-PROGRAMMING! All Business telephone systems have huge quantities of available programming options. Do you need them all? Almost certainly not. In my experience even the largest companies only use a small percentage of what's available to them. However the key is knowing what is available and using what YOU need. Unfortunately here is what normally happens when you have a telephone system installed. The equipment installers show up at your business with a bunch of boxes and some wire. For a day or 3 they will show up every morning, you'll hear noises from the equipment closet, you'll receive a bright shiny new phone set at your desk, and then they're gone. If you're lucky, they may have been courteous enough to ask which phones you want to ring. Every business phone system ships from the factory with a nice thick programming guide, and every phone set comes with a user's guide. From this point on it's kind of like buying a new truck. Sure, you can get right in and drive off. You may drive that truck for years and not have any trouble at all. Or you can read the manual and find out what it can (and can't) do for you, and how you can best get your money's worth from your purchase. Ask for all the literature that comes with your system before you have the system installed. Do a little research on the internet. You paid for the entire phone system, including the manuals. Have someone at your business (your IT dept.) look at the manual. Be prepared to tell your installers how YOU want it programmed. Get some input from them while they're there, and make sure they test it before they leave. If you find you have a program feature that you don't like, it can be easily changed or removed. Your installers should expect to return once or twice before everything meets your satisfaction. It's your call.

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Business

Scott Blythe

2012-11-19 10:54:15

Q- I have a busy professional office and want to keep my systems as efficient as possible. However, I want to balance that with making economical choices. Right now my big consideration is the phone system. It is not really old, but I know that newer phones offer more capabilities. Can anyone suggest the things to consider in determining the best time to upgrade my telephone system?

A- There is no good single answer to that question since there are numerous considerations involved. Many factors are also very personal and specific to the type of business. Here are a few things to help you sort it out. First of all, does your current system function properly? If youre only problem is a single phone that is noisy, or you can hear your customer but they can't hear you, or the dial pad is bad, that's not enough to warrant a change of equipment. The problem might be solved with a service call or simply replacing the one phone. If all your lines are noisy, or your phone system reboots itself randomly, you may have a bigger problem that requires replacement of equipment. Unfortunately some of the older telephone systems were sealed case units where a technician cannot get inside to work on them. That alone may be a factor in deciding the worth of purchasing a new system. Almost all of the newer digital telephone systems allow you to switch cards internally, which keep you from having to change the entire system in order to fix a single problem. Sometimes nothing more than a programming change can fix quite a few issues. Remember that telephone systems are nothing more than job specific computers. Unfortunately, unlike your desktop or laptop computer, your telephone system won't remind you to upgrade your software or check for troubles. Sometimes the trouble is not your phone system, but may exist in the hardwiring leading up to your phone system or at the phone system itself. All of these things can usually be very quickly discovered by having a technician simply visit your site and look at your existing conditions. Most telephone systems have a built in end of life. The manufacturer develops the system knowing that within 7 to 10 years they will replace it with something newer and better. That does not mean you have to replace your equipment that often. If it works for your job and functions properly you can use the same system for decades. Quite literally, it's your call.

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Business

Hillary Houston

2012-08-02 11:06:23

Q- I am starting a small business and want to go “all in” with promotional things to create brand awareness. Go big or go home, if you know what I mean. However, I want to do it right and invest in promotional items that will give me the traction I need in the community. Can you tell me what items do people use and keep?

A- I understand your desire to brand your business well, right from the start. It is a highly competitive business atmosphere where consumers are getting very careful about spending habits. When it comes time for them to need your services, it is important to come to mind first. For that to happen, you need a compelling marketing plan with elements that get into the community and last. That is exactly why company t-shirts and the like work so well. Even though t-shirts are a hot trend, folks have ventured out by adding their team/school/groups prints to hats, bags, pants, hand bands, vinyl arts for windows, car decals, etc. It seems like folks not only want their favorite logo on shirts but the entire world around them. From a local marketing aspect, using all of those things in your branding is highly effective in creating a “cult like” following for your business. As for which ones are best for your business that would depend on the particulars of your situation. However, one thing stands out in what promotional items have the longest staying power and widest reach, and those are the ones that are most usable in the widest number of situation and applications. Since you are a new business, I would choose the ones people use and keep, like shirts, hats, canvas bags, and coffee mugs. Those have the best chance of having a wide audience, plus they create an instant professional image for your branding efforts. Once you get your name and logo out in the community, you can always reward your cult following with decals, stickers, and some of the more specialized items. Congratulations on your new business. We wish you ongoing success.

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Business

Lawana Esch

2012-04-20 15:23:59

Q: I recently accepted a job that requires a lot of travel throughout the United States. I am kind of excited about it, actually, since I have never really been out of state much. Any ideas on how to make the most of my travel time?

A: Congratulations on your new job! It sounds like you are in for an exciting adventure. Travel within the US offers many exciting opportunities, and you will want to take advantage of as many as possible. My first tip in making that happen would be save money where you can so you have extra to enjoy local sights and attractions, if your time allows. For example, if staying in a hotel that offers one, enjoy the continental breakfast or breakfast buffet and save money on going out. Check with the hotel staff to see if the hotel has a partnership with any local attractions and for any available discounts. Your credit cards and membership associations might also offer discounts. Next, if you are traveling by plane or train, make the most of your commute time by researching local attractions, discounts, and free sights, events, and attractions. Check out city websites, travel sites and once you arrive, with the local hotel staff for recommendations. Most cities have points of interest that are overlooked but add value to any trip. Another way to make the most of every moment is to find out what is available to see and do in relation to your hotel and your meeting locations. Even a lunch break can provide enough time to walk through a must-see exhibit or grab a bite at a hot new restaurant. Finally, pack well. Over packing means time spent finding what you really needs and lugging around extras you never use. Little things burn more time than we realize and advanced preparations and packing well can equal seeing old friends or discovering fascinating historical sights that you may never have had a chance to see otherwise. My advice, take time to enjoy each location and your job will be even more rewarding.

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Business

Alan Rogers

2012-04-20 11:23:14

Q: As a business owner, I try to combine my efforts of advertising with those of great referrals as different “streams” to create relationships and good business. But getting and giving a good referral isn’t so simple. What gives?

A: Conceptually, most people understand the idea of referrals. But as you stated, getting and giving a referral isn’t so simple. Referrals in business aren’t meant to be “leads”, referrals are exactly what they say they are, “referring” someone directly to a business. A lead is fine and there is a very nice place for business leads. But referrals should be someone directly introducing a prospecting customer directly to you, the business owner that can fulfill their needs. It takes the guessing game out of the equation and that referred prospect is actually looking forward to hear directly from you as a result. Makes things much easier huh? Think and play out this scenario in your head: Pretend you are in a room of 20 people, and you ask everyone to take out their keys. You look around and find one who has the most keys on their key ring. You then take that key ring, say to the roomful of people: “There are 20 people in this room, would you agree that there are more keys than people?” After everyone agrees, you pick out one key from the key ring you borrowed and ask, “Can anybody tell me what door this key can open?” When most everyone shakes their head, you say, “The only person who can give me the right answer is hopefully the person I borrowed the keys from.” This silly story demonstrates that referrals are really about opening doors for one another. It’s all about trust. Now that you have the key, you must find out if the person who gave it to you will trust you with it. Turn to them and ask, “Can I take the keys with me?” The person usually refuses. How can they know you are trustworthy? This is the second stage of the referral: Building Trust. Within a trusting relationship, a person might give up their home key or office key. But without that trust, we clench the key, consequently missing out on an open door. It’s really simple, the key to making and receiving good referrals is to find the right key. But remember, the key to make the key work is trust.

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Business

Alan Rogers

2012-02-28 10:50:12

Q: I’m new to the social media world but would like to get involved for the sake of networking and for my business. What do I need to avoid?

A: Mistakes are often made when it comes to social media networking. Although social media can be a fun way to network, stay in touch, and/or communicate, it would be a good decision on your behalf to avoid all of these. 1 Setting up a Blog, Facebook, LinkedIn, or Twitter page and then not keeping it populated consistently. Fresh content is the key. 2. Spending too much time on sites you enjoy and not fully evaluating whether that particular site is the most effective one for your efforts. 3. Going onto a site for “work” and then running down never ending “news feeds” getting distracted by friends who may have posted something interesting or something that requires a response. 4. Not being able to properly define when it is more cost-effective to delegate certain social media responsibilities to someone else to handle. Remember, it’s your business and/or image. If you constantly post in a language or context that most would find at a frat party, you’re probably not doing yourself or your business a favor. 5. Forgetting that social media is about engaging in the conversation and not just about selling. Nobody wants to keep reading your posts, tweets, or whatever line of communication you’re using if you keep trying to “sell” them each time. Remember, if you don’t want the world to potentially hear it, you should probably keep it off your social media feeds…

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Business

Lawana Esch

2012-02-28 10:13:37

Q: My fiancé and I are getting married in 6 months. Since we are both from out of state, we have about 300 friends and family driving or flying in for at least a weekend. I would like to help make it easier by recommending hotels and specific rooms for their needs. What things would be helpful to ask when calling area hotels?

A: Out-of-state weddings sometimes prove a logistical nightmare for the bride and those planning the wedding. Of particular concern is finding suitable lodging for guests. While in days past, it was mostly up to the visitor to make and plan travel arrangements, there is a rising trend to include hotel recommendations as an added thoughtfulness to guests and prevents a lot of headache for everyone. If you expect many guests, one of the best questions you can ask the hotel management is whether they would be willing to reserve a block or rooms at a reduced rate. It may be worth a discount to have a significant number of rooms booked at once. Next, ask which rooms are best for families with children. Families may want ground level rooms, adjoining rooms, or a room near certain amenities. If you anticipate any visitors with mobility issues, ask what rooms are most accessible and have the closest parking. Consider things like the location of elevators and other amenities like ice machines. Some guests may want to enjoy some quiet time and extend their stay. Ask about the advantages of each hotel over another, even if you think you know. Chances are good that they will have something special to offer such as shuttle service or gym facilities, as well as have detailed knowledge of area points of interest. Offerings such as a complimentary breakfast can be a real time saver to visitors who are unfamiliar with the city’s restaurant offerings. Asking good questions will yield great results and assure that your guests have a wonderful stay.

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Business

Alan Rogers

2012-01-30 12:44:11

Q: I’m a business owner in what has become a saturated market. While I was in business before many of the “other guys” started up, I have found it a challenge to continue growing my network and referral resources. Can you provide some helpful ideas or tips?

A: Last month, we discussed the critical importance of following up on referrals, and some personal traits that will help turn you into a master networker and one that MANY people will enjoy doing business with. To wrap things up, here are traits six to 10, some long lost: 6. Network always Master networkers never take a day off. 7. Gratitude Gratitude is sorely lacking in today’s business world. Expressing gratitude to business associates and your clients is just another building block in the cultivation of building relationships that will lead to increased referrals. People enjoy referring others to business professionals that go above and beyond. Saying “Thank you” at every opportunity will help you stand out from the crowd. 8. Enjoy Helping Helping others can be done in a variety of ways, from literally showing up to help with an office move to clipping a helpful and interesting article and mailing it to an associate or client. Master networkers keep their eyes and ears open for opportunities to advance other people’s interests whenever they can. 9. Sincerity Insincerity is like a cake without frosting! You can offer the help, the thanks, the listening ear, but if you aren’t sincerely interested in the other person, they’ll know it! Those who have developed successful networking skills convey their sincerity at every turn. One of the best ways to develop this trait is to give the individual with whom you’re developing a referral relationship your undivided attention. 10. Work their network It is not net-sit or net-eat, it is net-work, and Master networkers don’t let any opportunity to work their networks pass them by. They manage their contacts with contact management software, organize their e-mail address files, and carry their referral partners’ business cards as well as their own. They set up appointments to get better acquainted with new contacts so that they can learn as much about them as possible so that they can truly become part of each other’s networks. Do you see the trend with these ten points? They all tie in to long-term relationship building, not to stalking the prey for the big kill. People who take the time to build their social capital are the ones who will have new business referred to them over and over. The key is to build mutually beneficial business relationships. Only then will you succeed as a Master networker.

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Business

Lawana Esch

2012-01-26 15:28:36

Q: My husband just accepted a job that will have us traveling a great deal. Can you give us any tips to get us up to speed on traveling well?

A: Absolutely! No matter how frequently you travel, you will find that there is always room for learning additional travel tips. A great trip begins in the planning stages. Most people plan trips while looking at glossy brochures or impressive websites on the destination. While doing that is an important and fun part of the travel planning, it can only get you so far. Remember, marketing mediums are created to be impressive. They do not always provide all the information you actually need to know to make your particular trip successful. When choosing a hotel, consider your options as if you are in charge of booking the perfect hotel for your boss. Anticipate your needs and walk through your expected itinerary. Here are some points to consider: • Proximity to meeting places • Access to transportation • Nearby dining and points of interest • Amenities • Availability of business work spaces • Availability of wireless connection • Price point • Frequent visitor discounts If you will be traveling to the same places for repeat visits, develop a relationship with local hotels and restaurants. Loyalty has its rewards. Next, know your destination well. Whether you are traveling domestically or internationally, there will important things you need to know to help guide your trip. Look up local laws and customs to avoid any travel faux pas. Know the location of your hotel and the distance from your intended meeting places, as well as the cost and availability of transportation. Many travelers will choose the cheapest accommodations available (which are generally out of the city center) and find out much later that another hotel would have been cheaper including the price of local taxis. Lastly, pack well, and smart, but do not pack everything. Extra bags always translate to extra work, hassle, lost items and increased cost. Know your destination and pack specifically for that destination. For example, do not bother packing your favorite pair of jeans if you are going to the tropics; once they are wet, they will not dry and you not only add more weight to your luggage, the clothes end up moldy and damaged. Pack what you really need and make items do double duty. Finally, eat and sleep well. Traveling is exhausting and if you want to be at your best for business, you will need to follow a plan for optimum health. Think of it as your game plan— sleep on the airplane, eat vitamin rich foods, skip the late night party, work out in the morning. Take those simple steps and you will come to the table prepared for anything, or at least look like you are!

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Business

Alan Rogers

2011-12-27 11:48:28

Q: I’m a business owner in what has become a saturated market. While I was in business before many of the “other guys” started up, I have found it a challenge to continue growing my network and referral resources. Can you provide some helpful ideas or tips?

A: Networking is more than just shaking hands and distributing business cards. Networking is about creating good business relationships that last. In this two part series, I will discuss 10 personal qualities that will have people knocking down your door to do business with you, and help turn you into a master networker. 1. Follow up on referrals. The person who constantly fails to follow up on a referral, whether it’s a piece of information or a valuable contact, it’s no secret that you’ll eventually stop wasting your time with this person. 2. Positive attitude. Positive business professionals are like magnets. Others want to be around them and will send their friends, family and associates to them. 3. Enthusiastic/motivated. Think about the people you know. Who gets the most referrals? People who show the most motivation, correct? It’s been said that the most valuable sales characteristic is enthusiasm. To be respected within our networks, we at least need to sell ourselves with enthusiasm. 4. Trustworthy. You’re putting your reputation on the line when you refer one person to another. You have to be able to trust your referral partner and be trusted in return. Neither you nor anyone else will refer a contact or valuable information to someone who can’t be trusted to handle it well. 5. Good listening skills. Our networking success depends on how well we can listen and learn. The faster you and your networking partner learn about each other, the faster you’ll establish a valuable relationship. Next month, we’ll identify six through 10, including some long lost traits in business that need to be re-established.

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Business

Lawana Esch

2011-12-27 11:35:31

Q: I am head of a committee planning a conference for our company. What kinds of things would you suggest make for an exceptional venue? What things would you take into consideration when planning?

A: Planning an important even such as a business conference can be a huge task, and one you will want to get just right. No matter what the event, the venue has a lot to do with setting the stage for success. There are many elements that you will want to consider. Some of them may be obvious, others are sometimes overlooked. Here is a list of critical points to consider when choosing a meeting space: •Location is, of course, a very important factor. Depending on the length of the event, you will want to consider things like its proximity to lodging, restaurants, attractions and transportation. •Adequate parking is another consideration. The perfect venue and an otherwise flawless event can be ruined by lack of parking. Remember, you will not want to have attendees having to walk from distant parking or subject to unpredictable weather getting to and from your event. •Your venue should have adequate audio/visual resources available to make your presentations run seamlessly. •Internet access is not an option; it is a necessity for every event in today’s high-tech atmosphere. •Consider the size of your venue and the number of people that will be attending. The most valuable tip on size: Bigger is not always better. A small event in an excessively large venue can make your meeting look like it was not well attended. Conversely, having more attendees than space can give the event an anxious or chaotic feel. Look for venues that have several options and flexible meeting spaces. •Factor in ambiance to your choice of venue as well. Make sure the space reflects the company well, as wells creates a feel conducive to the mission you are trying to accomplish. After asking the right questions and running down this list of points, you have a great chance at finding the best venue for your event.

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Business

Byron Stokes

2011-11-30 15:30:59

Q: Can you tell me about the importance of referrals in business? I have always just rather assumed that the referrals would come naturally. I am wondering how much effort I should put into this, or should I use my resources to beef up my marketing?

A: I talk to many business owners in exactly your position. The question is, "Is it worth my time to gain referrals?" and the answer is—absolutely. One of the biggest contributing factors to successful businesses is an active referral campaign. Many independent businesses, such as beauty professionals, financial services professionals, interior designers, landscape designers, caterers, or personal trainers – grow their business nearly exclusively through referrals. Why are referrals your best resource for consistent business and loyal customers? There are several great reasons. Let us consider the most prominent: • A referral is typically in your geography and sphere of influence and more likely to use your services • Your reputation precedes you since they come from happy customer or clients • You typically have a good idea that they are a good potential customer because they are often similar the current customers who referred them. • They cost very little to produce and deliver a high Return On Investment (ROI) Without leveraging referrals, your business is relying solely on the power of your marketing. Many business owners believe that their good reputation, along with their marketing, is enough. In some cases, it may be. However, for most businesses it is a shortsighted strategy. Whatever your goods or services, you as the business owner, are always the best asset. Simply put, people respond to people and remember personal relationships much longer than products and services. My advice, don't underestimate the power of referrals.

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Business

Alan Rogers

2011-11-18 10:39:03

Q: A fellow business owner suggested that I join a referral group. Can you tell me about what they are and the value of such groups and what kind of time investment would be required for it to be of benefit?

A: Referral groups all work on the premise that a core group of individuals commit to promoting the goods and services of others within the group. Most times, the groups are divided into chapters, which are limited to one professional from each service area so there is never a conflict as to which Real Estate agent, hairstylist, or contractor to promote for example. Groups exist in several different formats with different levels of structure, offerings and commitment. Some groups are primarily online and meet once a month or quarter to exchange business cards and brochures for distribution, get updates, and share ideas. Others meet more frequently but may have more or less structure, may or may not be a part of a larger parent group and may have varying amounts of support services. There is a huge advantage to being part of such groups as positive word of mouth is often your best source of new customers or clients. If the group offers other services such as guest speakers, workshops, or training in such things as public speaking or networking, a member may find they there are untapped techniques or markets that they could leverage. Finally, one of the most important aspects of joining a referral group is that it allows you to be proactive in the success of your business. When you have the opportunity to share the worth of your good or services you remain positive and enthused, which is something very attractive to potential customers.

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Business

Alan Rogers

2011-10-20 11:45:23

Q: Is word-of-mouth marketing the same as growing a referral base? If I provide a great product and excellent customer service, can I expect my referrals to grow substantially?

A: This month, in our ongoing discussion on the value of referrals, we will discuss practical ways to grow your referral base. Many people mistakenly believe that word-of-mouth marketing is the same as a plan to grow your referral base. When someone shares your business, information as it comes up in the conversation and may not have come because of any proactive effort on your part, other than providing great service and products. While beneficial when it happens, it is not the same as an active system of gaining referrals. Growing your referral base does not happen by chance. It requires an active and ongoing plan for referral prospecting, which in turn, delivers predictable results. So, what can you do to actively gain referrals? You ask for them. That may seem simple, but you would be surprised at how many businesses fail to do that very thing. There are many ways you can implement an ongoing, multilayered approach to gaining referrals. Here is a sampling of the most effective and easily implemented: •Ask directly at the time of service in a way that prompts action. Instead of saying, “Please remember to recommend my services.” say “Chris, do you know of anyone that might benefit from my services? If so, would you mind passing along this business card?” •Make referrals cards readily available on counters and in waiting areas. Train all personnel to direct customers to them and ask for their help. •Make asking for referrals part of regular communication for staff. When setting appointments, say, “We value you as our client and are grateful for the opportunity to serve you. We would love the opportunity to serve your friends and family as well. If you have someone in mind that needs our services, would you share our name?” •Send a letter to your customers and clients thanking them for their continued patronage and ask them to support you with their referrals. Be sure to provide a few extra business cards in the letter. Lastly, one of the most valuable ways to gain referrals is to widen your own center of influence. Admittedly, running a business takes a lot of your time, but taking time out to network with others is time well spent.

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Business

Byron Stokes

2011-09-29 11:43:06

Q: Can you tell me why it is so difficult to gain referrals? It seems that people are slow to give them, even when they are happy with your service.

A: In our ongoing discussion on the value of referrals, this month, we will answer that specific question. You are not alone in struggling to gain referrals, even from happy customers. Even if a customer or client is happy with your goods or services, there may be many reasons why they fail to give a referral, with any number of those reasons playing a part in why that particular customer failed to refer to you or your service. Let’s run through the most common reasons why referrals fall through the cracks: • You may not be as memorable as the next business. If the customer goes to several businesses offering the same service, they may only remember the most memorable name or logo. • They may have recently seen or have marketing material from another company readily available that prompts them to refer another business. • The client remembers the general location of your business, but not the name, leaving the “almost referred” misdirected. • The client or customer forgets to offer because too much time exists between needing the service. “Out of sight, out of mind” problems develop. • The client may feel a lack of incentive to offer a referral. • While a referral was given, the referral-receiver is too shy to initiate contact. • Or, in the case of online referrals, a person has too many referrals from which to choose. When you think about it, a referral must overcome many obstacles before it is developed. Someone must first think to ask for a referral, then the customer must remember your name and contact information or have your marketing material on hand, and finally, the person must act on the information. Some express that it happens as frequently as an eclipse. However, you should not merely wait for referrals to come to you. There are many things you can do to grow your referral base, which we will discuss next in our continuing series in The Power of Referrals.

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Business

CW Betz

2011-07-01 08:19:00

Question: I am in the process of organizing and opening a new business. Can you give me your best tips on using a logo? What are your views on over use?

Answer: Your logo may be the single most important image your business will ever use so you will want to consider the design and its implementation carefully. If you have not already had a logo developed, please consider these things: •Is it unique? •Does it convey the brand well? •Does it express a message of trust? •Is it memorable? •Does it look professional? While I do understand your concern with over saturating the customers with branding, using a logo well and frequently has proven beneficial in study after study (after study). There are many ways that you can use your logo that is not only acceptable but expected by the customer such as on your website, company shirts and hats, and signage. It is also very important to integrate your logo in the ways that many companies fail to do, missing a valuable opportunity to compel them to remember the brand. These frequently missed opportunities include failing to customize and put logos on things like invoices, sales slips, receipts and other outgoing communications. Logo placement is essential in making your service part of the fabric of your area of service. Think of the local companies with whom you do business; it is very probable that their logos have made the company familiar to you and therefore you are more likely to think of them when you need their service. It builds trust just by existing! As you consider how, and how often to use your logo remember this, your logo may be the only or last connection to your customer and it speaks when you can’t. When you think of it that way, it really makes sense to use it frequently!

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Business

CW Betz

2011-06-01 12:22:00

Question: Are business cards, and similar forms of customer contact, still as important as they once were?

Answer: In our Internet exuberance, many businesses have forgotten the value of business cards and the importance of adding personal touches to their transactions. Not only are business cards still important, they can actually be more valuable to you than ever. As more businesses have relied so heavily on internet interaction, it has left a void of personal interaction that customers and clients crave. One of the best ways to make your business stand out is by leveraging the power of proven tools. One of the best ways to gain the attention of those customers is to leverage the power of the business card. Business cards are much more than a way to share your contact information; they remain one of the best ways to get remembered. Your business card is often the first impression you have to make on a potential client and should be thought of as an extension of not only your business image, but your personality. Here are a few advantages: •Effective •Affordable •Stays with potential customers •Reflects your brand identity •Most effective in reminding a potential customer of personal interaction •Show professionalism Much of building a strong foundation for your business is taking time to build relationships with clients, something that relies heavily on interaction. Today, personal interaction is key to building client relationships, getting remembered, referred and boosting your profits.

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Business

CW Betz

2011-05-01 09:54:00

QUESTION: Do you have any suggestions as to what items are kept, used and remembered as promotional items for my business? I’m looking for effective items with a personal touch.

ANSWER: Promotional items offer a lot of advantages to the businesses. They are the only marketing solution that is beneficial to all types of businesses. Unlike other products they are usually kept on hand and seen. Also, as you noted, the use of promotional items requires personal interaction which is key to building client relationships, getting remembered, referred, and boosting your profits. There are a wide range of promotional items out there and lots of strategies on how to use them and which ones are best. Here are a few things to consider when choosing which promotional items to you may want to use: •Interesting to a target audience •Universally useful, if your business covers a wide spectrum of people and interests •Connected to or reminiscent of your business •Items that will get used frequently or used around target audiences •Give seasonal items When it comes to promotional items, it is best to choose practical products that people will really use. This way, not only do you have the advantage of longer lasting, far reaching advertising, people are happy to receive it. Here are some very popular ideas along with the tried and true: •Golf balls are highly effective (especially this time of year)! because they are kept and used in both recreation and when business is conducted on the course •Pens •Koozies •Drinkware •Flashlights •Bags •Mouse pads There are many more items that can be used of course so you might want to choose more than one and customize the item to the potential customer. Since they can be launched at any time, anywhere, remember to include their use in gaining the attention of other business in the area that may suggest your name and widen your exposure.

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Business

Steve Fischer

2010-10-01 11:45:00

Question: What is a business broker?

Answer: To put it simply, a business broker is to a business what a realtor is to a home. When a business owner reaches the point that he no longer wishes to continue as an owner, he needs a person or group to turn to. A business broker fills this need. There are many individuals who will help sell a business as a service of their existing office but a professional business broker specializes only in helping people buy and sell businesses. They don’t split their focus. They are trained in evaluation and pricing businesses, qualifying and working with prospective buyers, negotiations, and structuring transactions. While they may come from a variety of professional backgrounds, many brokers are previous business owners themselves. They can either work as sole proprietors or as part of a national network. To the seller, a broker can be an invaluable asset. Working to determine the value of the business, confidentially marketing, qualifying and screening buyers and unbiased negotiations are just some of the services that they perform. In many cases, the broker becomes a silent partner, focusing on the sale while the owner maintains regular operations. As the business navigates through the transfer process, it is imperative that the norm be maintained. A good broker allows this to happen. To the buyer, a broker can be equally invaluable. Many entrepreneurs have the desire to be their own boss but don’t know where to start. A business broker works to educate and inform buyers not only about a specific business, but businesses in general. When a buyer finds the perfect business, the broker also works with them to ensure that all of the requirements are met as they successfully navigate through the transfer process. The transfer of the ownership of a business can be stressful, time-consuming, involved and complicated. A business broker can make this process much more tolerable and manageable.

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Business

Steve Fischer

2010-10-01 10:11:00

Question: I’m trying to decide if I should sell my family business. How should I proceed?

Answer: Family businesses are a different ball of wax. Family businesses may resemble their non-family counterparts in most ways, but there’s one crucial difference. Whenever close relatives work together, deep emotions invariably become involved, emotions that can further complicate the already difficult decision whether to sell a family enterprise. If you’re thinking about selling a family business, don’t overlook what your emotions are telling you about the potential sale. In some instances, you’re better off listening to your head. But it’s just as important to consider what your heart is telling you. Your decision to sell a family business may start with financial need. You’re looking ahead to retirement and want to feel more secure. Maybe you see stiff challenges ahead for your company. With fewer growth prospects available and increased competition looming, the desire to continue has waned. You might also look to sell a family business if no one in the next generation has stepped up as an obvious successor. In addition, the stress of working together can be too much for some families to handle comfortably. Family strife is always unpleasant. When family members who work together don’t get along the tensions can spill into the workplace. This can make for a destructive personal and professional environment. Selling a family business can feel like selling a part of your family. If you sell, your decision will have a significant impact on the lives of people you care about: relatives, employees, and, especially if the business is in a close-knit community, local residents. Your decision to sell may be especially stressful if you’re thinking of selling a business handed down to you. You may wonder about what your predecessors would do in your shoes. With such factors to consider, you may decide to keep your business. This is a decision that will allow you to maintain your independence, and pass on to future generations the same opportunities that you received. Before you decide to list your business for sale, make sure you discuss your expectations with the members of the next generation. If your chosen successors aren’t interested or able to manage the business, you may be setting the stage for serious family conflict. There are no easy answers. Sometimes, selling your business may be the best solution for everyone involved. Providing you and your family with the assets you need to pursue your dreams is a significant accomplishment for any business, whether you decide to keep or sell. Because the decision to sell can be highly emotional, make sure you are comfortable with the idea of selling. Just because the numbers may add up, doesn’t mean you’ll be happy when you no longer have the business that has been an important part of your family. In many cases the advice of a professional can make this decision easier. Whether that person is your accountant, attorney or business broker is up to you.

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Business

Steve Fischer

2010-09-01 13:38:00

Question: Can you give me some insight on financing my business acquisition?

Answer: Understanding the Engagement from the Buyer and Seller: Whether you’re looking to buy or sell a business, the biggest challenge can come from how the financing is going to take place. Many factors influence the selection of the right avenue for both the buyer and seller. Regardless of the side you’re on, you must be aware of the options available and methods employed when financing a business. Both sides have to know how this part will be accomplished in order to have a successful transaction. From the Seller’s End: If the seller wants all cash, he or she is making it clear they don’t want to be involved in any kind of seller financing. The buyer will either have to use the liquid capital they have available or seek to obtain a loan. In the latter case, the business must qualify for a loan through an approved lender. The seller will have to produce a list of items from the approved lender in order for the business to be approved – ie. Tax returns, financial statements, pro forma operating statement for next three years, procuring a lease to allow for a sufficient occupancy window to match the loan term. From the Buyer’s End: If a buyer does not have the capital to make the purchase, they may qualify for a bank or SBA guaranteed loan. Most states follow similar requirements for obtaining a SBA loan. Cash Equity - Depending upon the buyer’s experience with the kind of business being purchased, the approved lender will require cash equity – at least 20% with experience, at least 40% without it. Credit and Life Insurance - With most approved lenders, the buyer must have a solid credit record as well as carry decreased life insurance in equal amount to the loan. Property and Investments - Approved lenders may ask you to pledge nonresidential real property and investments as collateral for the loan – IRAs, 401Ks and Keogh investments are exempt from this. With an SBA loan, you may have to wait the 30 to 45 day processing period before obtaining approval and funding. You also have to be willing to hold the business for half of the note term before selling by assumption or refinancing. Option for Seller Financing: In many cases, the seller may be willing to finance the sale. If so, a few areas have to be addressed. Financial Statements and Credit Checks - The seller should perform a credit check on the buyer. They can also require them to send copies of the business’ financial statements once ownership has changed hands. However, the buyer doesn’t have to encumber his other assets in the agreement. Payment and Liens - Unlike the cash equity of a loan where the buyer has to pay anywhere from 30% to 50%, in the case of seller financing, the buyer will have to pay anywhere from 50% to 70%. In addition, the buyer holds the right to prepay the note in full or in part without penalty. The seller should also have a recorded first lien on all assets of the business.

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Business

Steve Fischer

2010-05-01 14:25:00

Question: What do you see in the local business sales market?

Answer: With the uncertainty in the local, regional and national economies, this question is asked frequently. Here are some of the things taking place. Sellers – Uncertainty has caused many people wanting to sell their business to be very tentative in moving forward. They want to sell, but an uncertain future and the perception that the negativity of the past year will hurt their sale price have caused them to delay. In some cases, this perception can lessen enthusiasm and has lead to burn-out. When this happens, a business can suffer and the damage that may be done cannot be recovered. Other sellers are concerned that by selling now, their business will be viewed as troubled and not receive a fair price for their business. This is not necessarily true. The best time to sell your business is when you don’t have to. The average business is on the market for over 6 months. Being in a position to wait for the right terms and offer can lead to maximum benefits for the seller. Buyers – The ability of a business to maintain and increase its present sales and earnings are a paramount concern for any buyer. Some buyers are looking for stability and the opportunity to grow. Others are looking for a good bargain. For some small businesses, the past year has been challenging. While there are no guarantees that the Wichita economy will bounce back in 2010 and 2011, this has created some excellent opportunities for people looking towards the future. Availability of Capital – Routinely, there are people who have a small amount of cash and are ready to buy a business. They have heard or read that the SBA will guarantee up to 90% of the value of their loan and think this is all need to purchase a business along with the 10% down. Unfortunately, this is not usually the case. Lenders still have requirements and the very nature of many small business transactions include intangible assets that a bank cannot consider as collateral. Whether your loan is backed by the SBA or not, there must be assurances in place that the money you are loaned can be recovered should you fail to make payments. The inability of buyers to secure conventional financing has led to more seller financing and has enticed savvy entrepreneurs to bring in investors. Just because a transaction does not meet the criteria for a lending institution, does not mean it is a bad deal. There is a degree of risk involved with any business. The challenge is balancing the risk tolerance of the buyer with the risks of the business. The assurances offered by a seller willing to help carry a note on their business can help to minimize the concerns of this risk. The decision to buy or sell a business is never one to be taken lightly. The advice of a competent professional is essential to moving forward. A business broker is one of these professionals that can help you make this move.

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Business

Steve Fischer

2010-03-01 08:47:00

Question: Why do I need a Professional Business Broker to determine an asking price of my business for sale?

Answer: When it is time to sell, many small business owners know exactly how they want to determine their asking price. How did they know this? -I asked a friend. -I checked the local newspaper or internet ads. -I asked my accountant….. -My attorney told me….. -I invested that much and it has potential! Or, they may also use the age-old seller’s valuation formula of: Original Investment + Salary + Inventory + Assets + Whatever I Want = Selling Price True to the above, there are many ways to determine the value of a small business. In the final analysis, it is the market and buyer who will determine the true worth of a business. A well-run business in a market segment that is deemed undesirable can struggle to sell, while a struggling business in a ‘hot’ sector can attract multiple offers. Utilizing the services of a professional not only helps an owner realize how a business compares in the local and national markets, but provides access to data and information not readily available to the public. Just as the business owner is skilled at running their business, a Professional Business Broker is skilled at helping determine an asking price. To discuss all of the methods available to determine the value of a small business would require more space than we have in this article. It is best to contact a local Professional Business Broker to discuss specific situations to learn about business evaluations and valuation services. Locally based themselves, they will have insight into not only the Wichita, but national markets. When interviewing a prospective Business Broker, be sure to ask how they intend to determine the asking price for a business. Be wary of the individual whose first priority seems to be selling a valuation. While this is a paid service offered by most Business Brokers, it should not be their first priority. Most brokerages offer competent evaluations and asking price recommendations based upon resources available to them. For those instances where it is advised to secure a formal valuation, insist the price for this service is deducted from any commissions due to the broker when the business sells. Most professional business brokers offer valuable services to the business owners they work with. By properly utilizing this resource, an owner should be satisfied that the value and asking price for their business can be supported with reliable data and facts. A small business owner, considering the sale of a business, owes it to themselves and their business to seek counsel from a professional before making what could be one of the biggest decisions of their life.

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Business

Steve Fischer

2010-01-01 15:32:00

Question: I want to sell my business; is there a difference in business brokers and their offices?

Answer: Business brokers and the offices they represent are not all the same. Some offices or brokers may represent businesses across a broad range of industries and price ranges; others focus on a specific market segment. Another may focus on businesses that will sell at prices in excess of one, five or ten million dollars. Some charge fees for consultation and valuation services, others do not. Some are local, some are not. All can provide a valuable service to their clients. To the business owner the broker becomes a ‘silent’ partner. It is essential to be comfortable with this person. The broker’s background, qualifications, office, affiliations, past performance, and current operating practices are critical. While credentials, initials behind a name and titles are good, they can also be misleading. The background, professionalism, execution and results are what matter the most. Do not be afraid to interview a broker before signing a listing agreement. In addition to asking about previous individual and office transactions, some good questions to ask a business broker include, how are you qualified to sell my business? How will you determine the value of my business? How will you be marketing my business? What are you going to do to ensure that everything stays confidential? How do you determine if a person is qualified to view my business? What if you find a buyer and I don’t like them? What other professionals are you networked with? Ultimately, your decision will likely be based on your level of comfort with the individual broker. While most brokers are part of larger organizations, affiliations and associations, the chain is only as strong as the weakest link. You need to be sure that your brokerage contact is not a weak link. Remember, this person will become your silent partner; you want them to take care of you. You want them to represent you and your business with the same pride and professionalism upon which you have built your business. The decision to sell is one of the biggest decisions a business owner can make. Doing your homework regarding the person or firm that will represent you is critical.

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Business

Steve Fischer

2009-12-01 08:17:00

Question: What is a business broker?

Answer: To put it simply, a business broker is to a business what a realtor is to a home. When a business owner reaches the point that he no longer wishes to continue as an owner, he needs a person or group to turn to. A business broker fills this need. There are many individuals who will help sell a business as a service of their existing office but a professional business broker specializes only in helping people buy and sell businesses. They don’t split their focus. They are trained in evaluation and pricing businesses, qualifying and working with prospective buyers, negotiations, and structuring transactions. While they may come from a variety of professional backgrounds, many brokers are previous business owners themselves. They can either work as sole proprietors or as part of a national network. To the seller, a broker can be an invaluable asset. Working to determine the value of the business, confidentially marketing, qualifying and screening buyers and unbiased negotiations are just some of the services that they perform. In many cases, the broker becomes a silent partner, focusing on the sale while the owner maintains regular operations. As the business navigates through the transfer process, it is imperative that the norm be maintained. A good broker allows this to happen. To the buyer, a broker can be equally invaluable. Many entrepreneurs have the desire to be their own boss but don’t know where to start. A business broker works to educate and inform buyers not only about a specific business, but businesses in general. When a buyer finds the perfect business, the broker also works with them to ensure that all of the requirements are met as they successfully navigate through the transfer process. The transfer of the ownership of a business can be stressful, time-consuming, involved and complicated. A business broker can make this process much more tolerable and manageable. Steve Fischer is the president and owner of the VR Business Brokers office in Wichita. With an established network of offices across the country, the VR Business Brokers network has sold more businesses in the world than anyone. As a previous business owner, Steve symbolizes the value and relationships that a professional business broker can bring to the buyer and seller in today’s market. Steve can be reached by phone at 316-262-8722 or e-mail at sfischer@vrplains.com.

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Business

Dan Hartman

2007-02-01 16:23:00

What is the innovation killer of small business?

ANSWER: “The man with a new idea is a crank until the idea succeeds.” -Mark Twain It’s always amazed me how Mark Twain seemed to regularly hit the proverbial bull’s eye with his straight forward, simple country logic. Twain’s take on new ideas and success is as accurate today as the day it was first articulated. Why do we see many organizations rushing to hire outside consultants to form opinions one might think should easily be attained from within. I read almost everyday an article in a newspaper or some other publication generally berating the practice of hiring outside consultants. Often this practice is seen as wasteful spending…but, is it really? There are valid reasons for seeking outside opinions and advice on just about every topic imaginable. In practice, many creative organizations bring in outsiders who are not weighed down by the “way things have always been done”. Outsiders bring a fresh perspective, and therefore exercise what might be described as “zero-gravity” thinking – that is, clear thinking unbound by established practices, internal politics or other internal baggage. These fresh perspectives often push people to think outside the limits of their existing mindset. Zero-gravity thinking addresses directly the human side of innovation. It is based on the fact that every invention, every great idea and every breakthrough product or process is the brainchild of real people, or groups of people combining their thoughts and talents, stretching perceived boundaries, reaching beyond the realm of everyday thinking. What makes innovation so difficult to achieve in organizations: “Insanity in individuals is something rare – but in groups, parties, nations and epochs, it is the rule.” – Friedrich Nietzsche When innovating, human nature is an obstacle which must be overcome. Our thinking is constrained by the fact we accept offhandedly what others have said and what the “experts” say is possible or impossible. To innovate successfully, we need to put aside what is known and let our imaginations run free. We need to break away from what we know, what our organization believes and what the experts in our field accept are the established boundaries. Innovation can be defined as “the development and application of an original idea which results in a valuable improvement being made”. Some innovations are breakthroughs (radical departures from what was) while others are small improvements on existing ideas. Everyone loves the idea of being innovative because that can be highly profitable. If you or your organization can come up with a breakthrough idea, it can make a huge difference in the marketplace. Yet despite this appreciation of the benefits of being innovative, many organizations find it difficult to innovate. So, why is innovation so difficult? There are many reasons why innovation is difficult. Some may be the policies and management processes of an organization. Often it requires so much effort to navigate the in-house red tape to get a new idea recognized that it becomes discouraging to even try. Company policy may require new ideas to be backed up with facts and figures which nobody has any chance of generating. People naturally assume if an idea is good, everyone would already be doing that. Internal politics and turf wars can get in the way, and the tendency for organizations to have momentum – let’s just keep doing what we’ve always done In short, the answer is pretty simple. Organizations are made up of people. People resist change. Innovation requires change. Generally, one can be reasonably safe to assume factors, other than technical merits, have an inordinate influence on an organization's ability to be creative. These factors can be present, even when management is outwardly enthusiastic about being innovative. However, there are two fundamental inhibitors frequently found in organizations: 1. GroupThink – the tendency of a group of people to go along with the majority opinion rather than speaking their mind. In the business context, GroupThink stops people from stating their opinions openly and vocally. 2. ExpertThink – ExpertThink means to follow the leader and accept the conventional wisdom about ideas without question or challenge. This kind of thinking is predictable in organizations having a track record of notable success. When acting in combination, GroupThink and ExpertThink can cause extreme myopia, severely limiting our field of vision. Ironically, this effect is even more evident in organizations which have a sustained history of success than it is for a startup. The Solution - Zero G Thinking If what an organization already knows makes it hard to innovate, then the solution is to introduce into your team some Zero-G thinkers on a temporary basis so they can help everyone escape the maze of what is known thereby allowing some fresh, new and creative thinking to take place. Zero-G thinkers have three primary characteristics: 1. They have psychological distance from the rest of the team, meaning they don't care about the accepted “norms” within the group. Instead, Zero-G thinkers are perfectly happy to challenge the status quo. 2. They need to have broad interests and capabilities rather than deep specialization in just one narrow technical area. They know a little about a lot of different topics and are perfectly comfortable taking a concept which works well in one field and using it in an entirely different application. 3. They need to have broad basic expertise. These people won't add more of what is already known by the team. Instead, a Zero-G thinker will inspire the team members to explore their world from a different perspective. How To Make Zero Gravity Thinking Work In Practice When it comes to innovation, there is no one-size-fit-all set of rules. All you can do is build a good foundation and then innovate from there. The following are six key practices of Zero-G thinking: 1. Increase your detachment. Look at your business objective as if you were someone else... and then someone else... and then someone else entirely different. 2. Form unusual combinations. Bring together two or more different ideas which normally would not be combined. Train yourself to look for weird combinations which work when put into practice. 3. Change the way you think. Change the way you think about thinking. Instead of always trying to be doing something, spend a few minutes reflecting and allowing new ideas to get noticed. As Leonardo da Vinci wisely advised, “Every now and then go away, have a little relaxation, for when you come back to your work your judgment will be surer. Go some distance away because then the work appears smaller and more of it can be taken in at a glance and a lack of harmony and proportion is more readily seen.” 4. Define in detail first. Spend some quality time actually defining the problem first before you make an intensive effort to try and solve it. 5. Understand your constraints. Understand what exactly constrains your thinking at the present time and come up with some practical ways to lift those constraints, even if only temporarily. 6. Encourage Zero-G thinking. For most people and organizations, Zero-G thinking won't come naturally. It's something you'll need to work at and nurture. Albert Einstein once declared, “The intuitive mind is a sacred gift and the rational mind is a faithful servant. We have created a society that honors the servant and has forgotten the gift.” Don’t fall into the trap of putting convention above innovation. To do so may make you an unintentional innovation killer.

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Business

Dan Hartman

2007-01-01 10:14:00

What do elections have to do with small business?

ANSWER: Actually, not much. Dramatic change, such as this election will most likely foster, usually has little to no effect on small businesses. In fact, as we move into a new era in Washington, DC, the climate for small businesses including start-ups will most likely improve. Mega corporations, normally reacting negatively to large scope change, often using typical cost cutting maneuvers such as layoffs and downsizing in reaction to what is perceived as bad news. As America discovers the repercussions of last months elections, the markets are currently casting their vote which is unlikely to be good news for big business. A recent Ned Davis Research study suggests the market could weaken between the elections and the end of the year, if the last 104 years are any guide. Markets hate uncertainty and if profits are at stake don't be surprised if the usual corporate cost-cutting methods are just around the corner. So what does this mean for you? If you've been thinking about launching your own business, the post-election climate could very well work in your favor. Overall the American economy is slowing down but small businesses continue to play a vital role in the supply of goods and services to their local economy. When the mega companies downsize they tend to give up market share. Generally, that means more business for small operators and new opportunities for entrepreneurs. Many times excellent potential arise from these perceived downturns for enterprising individuals looking for a franchise. As companies downsize, they may turn to franchising as a means of cutting costs and generating revenue. Becoming your own boss can be an easier task with franchising. You've probably already heard descriptions such as 'work for yourself but not by yourself' and that's just it - successful brands have a proven business model in place and you can share in their success, earning the income you truly deserve. Moreover, you'll profit from the strong support most franchisors offer. Words of caution…seek help in selecting a franchise that will work for you. It's easy to overlook weaknesses in the desire to be your own boss. Having an objective eye looking over your shoulder can make the experience far more productive while helping you recognize and steer clear of potential problems. As I've said many times before, get help. A well chosen team is always stronger and more effective than one person.

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Business

Dan Hartman

2006-12-01 15:48:00

What goals should I set for myself when starting a new business?

ANSWER: What started some years ago as a bit of an eccentricity has blossomed into a real trend. These days more and more corporate workers are leaving their jobs to start their own businesses. When taking this leap, it is critically important that the goals one sets for the new venture are solid. These goals will most likely be the underpinning of success for the new venture. Unfortunately, many new entrepreneurs start with the kind of goals that don't logically or naturally lead to long-term success. Often, the initial goal is more of a reason for leaving your job than a basis for starting a new business. The most common of these nonfunctional goals include; being sick and tired of the same old corporate routine, dissatisfaction with the way your company is run (think bureaucracy), and feeling you are underpaid or underappreciated in your current job. While these goals will most likely be fulfilled when launching a new venture of your own, they should not be the core reason to start one. Core goals should deeply embedded ambitions that will motivate you to succeed in the face of adversity, in both the short and long-term. For example, the goal of building a company that will truly make a difference in the people's lives that it serves can motivate not only the founder, but employees. However, your core goal need not be so ambitious or noble. Having functional, pragmatic goals such as; to do things better than they are currently done, to prove that you have what it takes to launch a new business, or to become wealthy are all goals which can motivate you in the long-term to succeed. Achieving these kinds of goals can work to provide you with the extra motivation that is often a determining factor between success and failure. When considering leaving a corporate position to launch a new venture, it is important to review your personal goals and make sure they merit taking the leap to entrepreneurship. If your goals are not worthy, you might find yourself in a position down the road where your needs are not fulfilled and your venture is faltering. However, if your goals are such that they are fully engrained within your body, soul and mind, you will find yourself highly motivated and willing to do what it takes to launch and grow your new venture in the face of any adversities that come your way. We are what we think we are; therefore, setting motivations (goals) that become a part of your being, propelling you forward in the face of adversity, are a key ingredient necessary for achieving success. Solid initial goals foster commitment. These two elements are indispensable to an entrepreneur.

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Business

Dan Hartman

2006-11-01 08:37:00

Where do 'start-ups' get money?

ANSWER: YouTube, an internet video sharing phenomenon, landed millions in venture capital money in its first year to expand so fast that its founders were able to sell the video-sharing company to Google this month for $1.7 billion. For most entrepreneurs, however, venture capital isn't an option. Venture Capitalists, investing for institutions and rich individuals, likely will invest in fewer than 3,400 of America's more than 20 million small firms this year. Instead, a significant majority of founders reach into their own funds or turn to family members, who provide nearly $60 billion a year in start-up and expansion funding. Most of today's new businesses typically sell a service, like bookkeeping or consulting, so require little more than a moderately expensive computer, a low end fax/scan/print/copy machine, and a home office. Even trendy start-ups, such as the example I sighted earlier, YouTube, get going with a handful of computers lashed together in a garage. A recent survey of small business owners conducted by Wells Fargo Bank indicated start-up costs averaged a mere $10,000 - exactly what Rita Reed needed to found her customer service consulting firm in Chicago. She tapped personal savings to buy a PC, stationery and other supplies to launch Stage Presence a year ago. Many entrepreneurs "bootstrap" their way into business to keep control over ownership and to maximize profit if they sell their firms, says William Payne, an entrepreneur near Las Vegas who now invests in start-ups. "The object of the game is to keep as much of the company as you can," says Payne, who consults for the Ewing Marion Kauffman Foundation, a non-profit advocate in Kansas City for entrepreneurs. Here's a brief look at three of the most common sources of start-up and expansion capital for small businesses: Personal assets, Small Business Administration study published last month says close to 57% of entrepreneurs used personal or family savings to pay for their company's launch. Banks and other investors are more likely to bet on a company's future when founders have risked their own money first, have good-excellent credit rating, and plenty of collateral to secure the debt. Using savings, instead of borrowing, keeps overhead down during the early years when entrepreneurs don't know whether they'll have enough revenue to service debt, is the advice of Rebecca Macieira-Kaufmann, head of the Small-Business Division of Wells Fargo. For example, YouTube's founders relied on their own money to jump-start the company early last year before they attracted $11.5 million from venture-capital firm Sequoia Capital. In 2003 an Atlanta based communications firm, Write2Market, took the "bootstrap" path to launch its efforts. The owner rented out her home, then moved into a brother's basement apartment to minimize living expenses. That move helped generate the $50,000 needed for computers, software and a website. Write2Market now has 10 employees writing brochures and direct-marketing materials for midsize and larger clients, including ADP, the payroll processing giant. Family and friends, the $60 billion a year that family members and friends invest in U.S. start-ups range from loans to gifts, averaging about $23,000 each, concludes an ongoing study of U.S. and foreign entrepreneurship underway at Boston's Babson College, citing figures from 2005 and 2004. Family money is the biggest chunk of the overall $100 billion in annual informal investing in start-ups. In fact, $75 billion in annual start-up money comes from family members and/or, friends, neighbors or business associates. The rest comes from the professional venture-capital industry, now investing around $25 billion each year. Family investments are often very informal. A family member, friend, or neighbor may give you strings-free money to start a business. Although the gift will most likely be repaid at some point in the near term, it's still wise to create some type of document spelling out the details of even the most informal of investments. Finance experts urge entrepreneurs and their family/friend investors to draft documents specifying whether the money is a loan, gift or purchase of company stock. In doing this important step, the entrepreneur protects relatives and friends who might want to write off the investment if the business fails. The document also acts to protect everyone by detailing what share they own if the business succeeds and/or is sold. A loan agreement also lessens the risk of default by setting a fixed repayment schedule. Commercial loans, banks finance start-ups when owners have a solid credit history, related experience and can offer collateral such as a home. About 12% of entrepreneurs relied on a bank loan for start-up money, the SBA study found. Wells Fargo's small-business loans average $30,000 to $35,000 each, says Macieira-Kaufmann. That's often plenty for a typical small business, such as a flower shop, law firm or consultant, she says. More capital-intensive companies, such as manufacturers or a big restaurant, often turn to taxpayer-backed bank loans of up to $2 million through the SBA. The federal agency guaranteed 97,290 loans, averaging $145,000 each, in the fiscal year ended Sept. 30. About one-third were for start-ups according to the SBA's loan programs division. The SBA guarantees repayment only in the event of a default, after the loans are made by approved lenders. As with other lenders, SBA lenders do not approve everyone who applies. Which applicants are SBA's lenders likely to reject? Those without related work and/or business experience, a formal business plan and money of their own to risk in the venture. A good axiom to remember when you're asking lenders and taxpayers to take a risk is, "An entrepreneur must be willing to put their own blood, sweat, tears and money into the venture, too". Finally, getting money to start your business is no easy task. There's no magic wand to wave that will make bags of money appear at your feet. An entrepreneur must diligently search not only their own assets, but those available within their community. The Small Business Solutions Center in Wichita can be a big help, where an enterprising individual can access all the help they may need. Assistance in building business plans to suit target funding resources, legal advice, accountants, strategic planning, business organization, branding/marketing, banks and private capital sources, are but a sampling of the resources available through agencies such as this. It's hard enough to bring a business inspiration from the recesses of your mind to the austere pages of a workable plan. Seeking out an entity to help you achieve your dream makes it much easier and helps you keep your focus on the big picture...the dream. If I have only one thing to advise it would be this...get help. No one makes it through this life, business or otherwise, without help from someone. Aligning with capable people and learning how to get the best from them will accelerate you on your road to success. That advice is also echoed by Bill Gates and Warren Buffet, folks who ought to know.

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Business

Steve Finley

2005-01-01 08:51:00

:  What is an MFP?

ANSWER:  MFP is short for multifunction peripheral, a single device that serves several functions, such as printing, scanning, faxing, or photocopying.  These devices are becoming a popular option for business users large and small.  Why buy a MFP over individual stand alone devices?  Cost is usually the major reason as they're less expensive than buying three or four separate devices. Money will also be saved because they let you manage fewer consumables, reducing your total cost of ownership, storage requirements, and service interruptions.  Another savings is in the area of service contracts as you can have one contract and one point of contact instead of one for each stand alone device thru multiple service organizations. I believe the real savings comes in the form of increased productivity thru more efficient processing of information, especially when these functions are incorporated into your business critical applications and workflow.  Being able to scan a document with the choices of sending it across the network, out by email, or copying multiple sets in color that are then bound into finished booklets by the MFP can be a tremendous asset to any business.  Incoming faxes can be routed to folders on the network, desktop or stored at the MFP device and viewed or printed as needed.  Documents can be printed and stored at the device until a password is entered for those confidential documents you don't want lying in the output tray.  Compliance of many of the regulations today such a HIPPA and the Sarbanes-Oxley Act's are forcing many businesses to look at ways to securely protect confidential information and store documents in a manner they can be retrieved later for audits and such.Some common misconceptions of MFP's are:• If the device fails, you may lose all of its functions at the same time.• You can only do one operation at a time.  For example, you can't print a document and receive a fax simultaneously.• You can't prioritize the operations; it's always going to print a large report when I need an urgent fax or copy.Today's MFP's have addressed most if not all of these issues, most are true multi-tasking devices with great flexibility to set priorities based on the needs of the business, as well as the ability to interface with other devices on the network.  If you haven't taken a recent look, you owe it to yourself to check out how today's technology in MFP's could bring startling improvements in productivity and efficiency to your business.  Not to mention the hardware and supply savings.

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Business

Steve Finley

2004-10-01 15:07:00

: What is 'Bluetooth’?

ANSWER: Conceived in 1998, Bluetooth is a wireless standard that lets electronic devices connect and communicate wirelessly up to approximately 30 feet apart.  Bluetooth was basically designed for "personal connectivity" eliminating the need for wires such as those used in connecting to printers, phone headsets, PDA's, and other electronic devices. You may be asking where did the name Bluetooth come from, the Swedish engineers that developed the standard named it after Harold Blue-tooth, a Viking king who lived in Den-mark from 910 to 940 AD.  In the original language, Blue-tooth meant, "dark complexion", which means the king had dark hair.  King Harold brought Christianity to Scandinavia and also unified Denmark and Norway, thus the connection, as its’ purpose was to unify the worlds of telephony and computers.A good way to think about the differences between Bluetooth and Wi-Fi / 802.11 standard is that Bluetooth replaces short cables and Wi-Fi replaces long cables.  Bluetooth’s purpose is not really to eliminate any other types of wireless networks rather to complement with its ease of configuration and setup.  A Bluetooth device will recognize when another Bluetooth device is nearby and provide options for transferring information such as printing or synchronizing data.An example of how you may see Bluetooth being used today would be using your Bluetooth enabled cell phone to connect your notebook or desktop computer with a Bluetooth enabled modem internet service.  Microsoft has also developed a mouse and keyboard that works with a Bluetooth hub that connects to your USB port on your computer to give you a completely wireless keyboard and mouse.  Among other devices currently available are:• Telephone Headsets• Desk Telephones• Mobile Phones• Digital Video Cameras• Printer Adapters• Computer Keyboards and Mice• Networked Print Servers• PDA's and PDA Add-On Cards• PC Cards

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Business

Clem Ast

2004-10-01 15:07:00

: I would like for you to describe a ‘family council’ meeting. I have seen these meetings mentioned in several articles I've read recently.

ANSWER: A family council meeting should be composed of family members who are impacted by the family business.  In smaller families, this may be all family members and spouses (in-laws, too).  In larger families, the council might represent households or family branches.  It is not a prerequisite to be working in the family business.  One of the greatest assets of the council process is to include those who might otherwise feel "left out" of the family business.The family council is a wonderful place to discuss important issues facing the family in business.  But remember, the focus of the council is to build a stronger family, not to take the place of business management meetings!  In order to ensure effective family council meetings, we offer the following tips:• Always have an agenda to focus your time.• Establish a simple Code of Conduct that guides discussion both during and between family meetings. • Include "family fun" time - a meal, ball game, skiing, or just hanging out.• Have one person act as the coordinator. They will get input on the family members' "desired outcomes" for the meeting.• Avoid too much discussion of business matters, and stay away from management decision-making - this is not a business meeting.• Bring in other advisors to educate family members regarding buy/sell agreements, tax issues of ownership, estate planning, etc.• Use a family business consultant if there are sensitive issues that need to be discussed among family members (e.g. choosing a successor, ownership transition, personal conflicts, etc.).Try one meeting! You can always make changes.

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Business

Clem Ast

2004-10-01 14:55:00

QUESTION: In today's paper, there is another article about a local family-owned business selling to a national chain. As a second generation family business owner, I find this worrisome because it is so tempting. I have always hoped my children and my brother's children would take over the business. Give me some guidance on staying the course with our family business.

ANSWER:  As I'm sure you have read, the family business will undergo a massive "sale" in the next two decades--a sale to the next generation. It is estimated that approximately $15 trillion in assets will be transferred from one generation to the next in the coming twenty years. Most of this wealth will be in the form of the family business. Although this is an exciting opportunity for those who are next-generation heirs, it also offers an anxious amount of uncertainty.A sobering statistic regarding family business is that only one in three will survive to the next generation. But, there's no reason the future should repeat the past. Just as a company engages in strategic or product planning, there are steps we suggest you take to prepare for this inevitable transition. 1. Ask the following questions: "Is there a deep desire, and are we willing to do what it takes to transition to the next generation? Are there family members who have a passion for the business and are willing and able to lead?" If you and your brother truly want to leave a legacy and are willing to tackle some very difficult issues and decisions, there is a strong likelihood your business will progress to greater success. 2. Communicate! The family should get together for a day to discuss their dreams, aspirations, fears and challenges. Sounds simple, but it's difficult. You will hear -- "I'm nervous. Can you tell me what will happen?"  The reply -- "We don't know what will happen."  From experience, we can assure you that communication is usually the only thing between you and two-thirds of businesses that don't survive. So, do what you can to create a safe environment where members can say what they think. There is no family that does not have its own demilitarized zones where no one dares to tread. Rather than avoid issues that must be addressed, you should consider using an advisor with a background in family business development to guide your family safely through these zones. 3. Establish a framework for transition. This is not an estate plan, a will, or a charitable trust (although these are important). Rather, it's a series of processes and documents that describe: your interests and intents; guidelines and policies regarding family employment, compensation, promotion, liquidity, etc.; and a strategic plan for the business, including the involvement of non-family leadership. 4. Determine how future leadership will be developed (including family, non-family, and especially the successor). This is essentially a career development plan, but includes exposure to the board, mentors, and peer group involvement. We know a firm that has asked the next generation of sons, daughters and cousins to take a lead role in defining their development paths, family policies and governance roles. As they visit these issues in their family meetings, they are able to continue an open dialogue that focuses on process, not personalities. They balance their efforts with input from the company's leadership team and board of directors, which includes outside non-family directors. 5. Establish timeframes and accountability. Nothing is more discouraging than to hear the senior generation say "We'll discuss that later," or "I'll tell you when you're ready." However, it cannot just be left to Dad to initiate. The architecture must be developed to essentially force the owners, board, managers and family members to be accountable to the plan. There are an abundance of sad stories about leaders who died before they got around to discussing their successor, their financial and legal intentions, and their dreams for the business. As crazy as it seems, these stories are no different than the companies who had to sell, or ended up in court with opposing siblings. The best strategy? Develop the contingency plan ("if I die tomorrow") and the transition plan ("how and when I'll pass the baton").

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Business

Steve Finley

2004-09-01 12:02:00

: What is OCR? How can OCR make me more productive?

ANSWER: Whether at home or at the office, the use of scanners to efficiently turn ordinary paper documents into data files is changing the way we store, manipulate and distribute information.  OCR (Optical Character Recognition) is just one of the optional processes that can take place on the data file once it has been imaged or scanned. When scanning, the imaging process records changes in light intensity reflected from the document and records that information as a matrix of dots.  An electrical representation of the original is now stored as a bitmapped image usually in TIFF (Tagged-image File Format) or PDF (Portable Document Format).  The resolution or number of dots per inch (dpi) produced by the scanner determines how closely the digital image will represent the original.  As a rule of thumb, 300dpi will give optimal results for OCR from a good quality original.  If the text is small or the original quality is low, a higher scanning resolution may be required.  Beware that the higher resolution results in a larger file size, which may become an issue if the file is to be stored for later use.The OCR process transforms the bitmapped image of printed text into text code that is now machine readable.  From here the real benefits of OCR can be realized.   Consider that a person manually entering data can only enter 2 to 3 characters per second, while OCR characters can be read at 10,000 per second.  Take that letter or contract that needs to be retyped; instead scan and OCR, giving you an editable recreation of the document in your favorite word processing software for minor changes or updates. Think of the time that can be saved.The United States Postal Service has been using OCR machines to sort mail since 1965, Banks and financial institutions scan enormous amounts of checks each day using MICR (magnetic ink character recognition), another form of OCR with less than one read error per 20,000 to 30,000 checks. For Document Management Systems, large numbers of forms such as invoices, insurance forms, etc. can be quickly scanned with zone OCR performed on specific areas of the document such as invoice number, account number and customer name and address.  This information is then recorded for instant retrieval of the files at a latter time.In the legal world digital documents must be exact duplicates of the originals to be used as evidence in court.  Making the documents searchable enables attorneys to find the half-dozen pertinent pages among the potential 50,000 or more pages in a case.  When attorneys work on the PDF files they have created, they can annotate them, and those annotations can later be searched as well. The ability to create, find, and distribute information is not only increasing our productivity and efficiency, it is also freeing up acres of storage space once used for file cabinets and boxes full of paper documents.  With the price of OCR software now down to an affordable level, think about how you are handling paper and what imaging with OCR can do for you.

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Business

John Madden

2002-12-01 17:13:00

:   I've just opened a new business  and I haven't been able to rest for weeks. The pressure is on for the next few months as we develop and grow the business. Tension levels are very high. There is so much to do in a short time. How can we lower the pressure and anxiety, without lowering our service to our new customers?

ANSWER:  There is no doubt that starting a business is very stressful for most people, especially if it's your first time.Part of the problem is that your normal pace of work tends to speed up dramatically with all the new responsibilities, horrible deadlines, and your dependency on so many people. Although you knew what to expect, you may not be as prepared as you would like to be. The following tips will play an important part in minimizing pressure, while maintaining good productivity.Acknowledge the status quo. Acknowledge that this is going to be a hectic time. Be aware in advance of how much of your time this project will demand, and accept that some things will typically go wrong no matter how organized you are - you've heard of "Murphy's Law."  It's when we are surprised by events that we tend to react. When you know what to expect, you are better equipped to respond.Plan to be ready. Make a list of problems that typically come up in your type of venture and type them up. Next to each problem, type out what you can do about it if it occurs, or how you can prevent it altogether. Remember how many times in the past you said, "I wish we had done so and so before we got started."  Keep a log of what goes wrong and what action you took: this way you'll be better prepared for your next similar project. Delegation. Delegation is the art of good management. Many tasks that you choose to do yourself should be delegated. Look for activities that would be better and more quickly handled by a subordinate so that you're freed-up for the big stuff like getting to know your customers, marketing your new business, controlling quality, and monitoring expenses.Teamwork. Good teamwork comes from good coaching by the boss. Part of good coaching is to be in touch with each of your coworkers: know their strengths and weaknesses, and what makes them tick. Under pressure, you may forget to acknowledge their efforts and inadvertently make them more tense - leading to lost productivity, poor customer service, and absenteeism.Time Management.  Time is our ultimate challenge. You can add two hours of productivity to your work day by practicing some simple disciplines. Know your most productive time of day and do the most difficult tasks then. Mine is the morning, which is why I never accept invitations to play racquetball upon rising: I don't want to lose any of that good brain timeLast thing before you stop in the evening, take five minutes to update your To Do list for tomorrow. Select the most important thing you are going to do first and place the paperwork relevant to that in the middle of your cleared desk. This gets you focused in advance and reduces the stress of indecision next morning.Humor Things will go wrong no matter how hard you try. Make up your mind to laugh at yourself when you goof up. Make a choice to extend an encouraging smile to your employees, and find an opportunity exchange some lighthearted banter with your team amidst all the urgency. Victor Borge said, "Humor is the shortest distance between two people." Be grateful. Above all else, remember there are some people less fortunate who don't have a job, let alone their own business; so count your blessings and give thanks. Reach out to help others grow and prosper in all your endeavors: this will pay great dividends - and it may be your greatest relief from stress.

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Business

Michael Kinard

2002-11-01 16:36:00

:  What is the process for a SBA loan?  How long does it take?  Can you normally get all of the funding you need with the loan?  Do you have to have any money to put down?

ANSWER:  The following information was provided by Elizabeth Auer, District Director for the Wichita District Office of the SBA.  The key to any business is adequate funding, this is especially true for start-up businesses but raising capital is not an easy task which many new entrepreneurs quickly discover.  Many people turn to the SBA for financing; however, the SBA does not have any direct lending authority but does have programs wherein they act as guarantors for the loan. Financing programs vary according to the borrower's financial need. SBA loan guarantees are made through both bank and non-bank financial institutions and can be guaranteed up to 85 percent.  There are basically three parties involved with a SBA loan: the lender, borrower and SBA. The process is very straight forward; first the lender determines whether a borrower's application is acceptable. If approved the lender may forward the application and its credit analysis to the SBA. Once SBA reviews and approves the application it is returned to the lender who disburses the loan funds to the borrower.The borrower must pledge sufficient assets (collateral) to secure the loan, with personal guaranties from all the principal owners of the business. Note that insufficient collateral will not automatically decline the loan but could be an unfavorable factor depending on other variables. Other considerations to keep in mind are that the business must be a for profit entity and fall within SBA size standards (call SBA for standards).A personal credit review is a good starting point if you are unaware of your personal credit status.  Another important document is your business plan which is the key element to obtaining financing because it details many questions lenders will ask, i.e.,  the purpose of the loan, business form, accounting/bookkeeping procedures, labor complement,  marketing plan, financial projections, and an equity investment in the business which is different than collateral. Lenders will not finance 100% of the project and you, as the business owner, will need an equity injection of between 20-30% of the loan amount requested for the business venture.Contact your local SBA office at 269-6273 or 269-6616 for detailed information about the various loan programs available.

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Business

Michael Kinard

2002-08-01 12:27:00

:  What grants are available for minority and women owned businesses?

Michael Kinard Question:  What grants are available for minority and women owned businesses?Answer:  This is the most asked question we get here at the Kansas Minority Business Development Council. While there are specific grants targeted for this segment there is not one specific agency providing grants for minority and women owned businesses. Depending upon your business idea there may be grant dollars for that project but it will be open to anyone and not exclusive for minorities or women. Banks do have to comply with the Community Reinvestment Act (CRA) which basically states that the banks must reinvest back into the communities that bank with them. Giving the banks the incentive to provide services to undeserved areas. Minorities can help banks receive positive CRA ratings by doing business with them. These are not grants that banks provide but rather LOANS and must fall under the banks lending guidelines.

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Business

John Madden

2002-07-01 15:42:00

Question:  Why is it that customer service in nearly all sectors seems to be the worst it has ever been?  What can be done about it from a consumer's position? 

Answer:  It is true that there has been a serious decline in customer service. A major reason for that is the time in which we live. Today, consumers are demanding that products and services be faster, better quality, and cheaper. So, in order to survive in business today, you have to be more creative in developing your product or service, more efficient in getting product to your customers on time, and more disciplined in controlling your costs.And as everyone is trying to get his or her piece of the pie, you have to be very conscious of price. And that's where customer service falls down - when you cut back too eagerly in the wrong places.An article in the Wall Street Journal recently described the latest in annoying automated phone lines, where the hunt for a live operator seems to get tougher by the day. It reports that U.S. companies are spending $7.4 billion this year to beef up their automated customer service, making it almost impossible to reach a real person.Some say, "Stop belly-aching, that's the world we live in, get used to it." There is some merit to that argument except when you realize that instead of speeding up service and providing quicker responses to customer concerns, much of high tech has been used as a way to save money on humans, hide from customers, and do away with the personal touch that is the foundation of good service.We consumers and customers crave the personal touch. We're fed up with machines that pass us on to another machine or to another announcement that tells us how important we are (some of us actually believe it!), and then they let us stew for as long as we're prepared to hold - secretly hoping, I believe, that we'll go away. What can you do in your business to stem the decline of service quality and get yourself some loyal customers?Bring back the personal touch in whatever way you can.Minimize the number of hoops your customer has to jump through to get satisfaction.Contact customers who have called you for the first time (without knowing your direct line), and ask them what kind of an experience they had.Be a customer for a few hours and test the way a customer is treated by your company, shop or service. Sit weekly with your staff and go over the complaints, particularly the recurring complaints; and solve them! What can you do as a consumer?Where possible, don't accept bad service.If the product or service is not acceptable, complain and ask for it to be put right, or ask for compensation in lieu. Only 4% of people who have a problem actually complain - which might be why service doesn't get any better.Don't accept vague statements that they'll get back to you. Ask them how long that will take. Write that down and repeat it back to them.Write a letter to the President/CEO of the company. Get the person's name, and address him or her personally. Make the letter objective with clear, detailed information. Avoid arrogance and personal criticism. Ask for action. Put this on your company's letterhead. If you're not a big shot, you might title yourself as Purchasing Selection Advisor (P.S.A.) or Chief Complaint Officer (C.C.O.). Anything with a C and an O in the title often gets attention.  If you're being passed all over the place in a telephone call, hit the zero button and try your luck at getting a real person. Some systems are sneakily adjusted so that you have to hit the zero button twice. Try it.Of course you can always go to the competition. If you do, tell them why - and see how they respond so they'll get to know you up front. That works better with a small business.If you are very pleased with a business, write and compliment them - and copy your friends. This is a great motivator for them to continue to provide the best in service.

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Business

John Madden

2002-04-01 12:14:00

Question:  My career depends on finding new customers for high tech products. Unfortunately cold calling is a big part of what it takes.  I think I would rather do just about anything than make a cold call.  Is there a way to make cold calls... successfully... and do it 'fear free'

Answer:  I'm not the best at cold calling either. Years ago I got my greatest education about cold call selling. I discovered I was no good at it at all. I hated rejection, always got flustered when I was trying to make a pitch, got frustrated when the client wouldn't agree to a meeting or wouldn't make a decision. Now, in my own business for six years, I've had to make some cold calls to generate business. But I found a better way that works for me. I practice great networking, Just as cold calling comes naturally to some great salespeople, networking comes naturally to me - and maybe to you. With practice you can be good at it. Networking sets up the foundation for the sales call. When you meet someone socially and connect with them, it is far easier to get them to take your call, and if you did your homework, you'll know how you can help them, and so you'll know what to say.How can you merge the networking and cold calling to get best results?When you attend a breakfast, a seminar or a lecture, always sit next to someone you've never met. Don't do what many company sales people do…they all sit together! What a waste of a great networking opportunity.Always carry business cards. If you don't, you're not even trying to be successful! When you get their card, scribble some notes on the back about their business, and a problem they might have, high turnover, inter-departmental conflict, shipping problems - and if you're lucky, the name of their children. You won't find out that information unless you ask them! Follow-up with a note or an email as soon as possible. Let it go too long and they've forgotten you and whether they liked you or not.

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Business

Steve Fischer

1969-12-31 18:00:00

Question: What do I need to do to get my business ready to sell?

Answer: Every privately held business will change owners or close at some point in the life cycle of their business. Good organization and a little effort beforehand can make the process much easier when the time comes. Here are some of the specifics needed in order to aid a successful transfer of ownership: •Provable books and records. The person who buys your business wants proof of past sales, expenses and profits of your business. You need to keep detailed records. If you can’t prove it – it didn’t happen. •Reasonable price and terms. The person who buys your business must be able to live on the profits or get the desired return on their investment. •Documentation of assets being sold. You need to prepare a complete list of assets, furniture, fixtures and equipment being sold along with realistic values for each. •An attractive lease. Your lease is a significant part of your business. It is of the utmost importance that the groundwork be laid for either a new lease or the transfer of the existing lease. •Best possible appearance. Appearances do matter, you need to have the premises neat, clean and in good repair. •Value the business properly. A professional business broker can offer evaluations and opinions of value based on the past history and comparisons, not only to industry standards and models but also comparable sales. This service or a formal valuation shows the buyer the business is competitively priced. •Covenant not to compete. No one wants to buy a business only to compete with the seller. You need to have a new plan in place after the sale. •Reason for sale. Buyers want to understand the reason for the sale and need to be comfortable that there is not undisclosed information that could negatively affect the future. •Time is of the essence. Keep your records updated and be prepared to move forward when a qualified buyer shows interest. •No surprises! Everyone hates surprises and many adverse situations such as landlord problems, outstanding loans, judgments, tax arrears, liens, unfavorable equipment leases and even non-compliance with zoning, health or other regulations can be overcome if known up front. Be sure to share this with your broker. Whether or not you sell your business, having control of the above items is simply good business sense. At some time there will be a transfer of ownership. By addressing these issues in advance, the process will be much more manageable for you or your heirs.