Two reasons to write your
business plan: STUDIES SHOW:
85% of the people that do not take the time
to plan their businesses or career will not reach their
desired level of success or will fail altogether. Of
those that do take the time to write their plan, 85% will
succeed.
STUDIES SHOW: 40% of people with a strategic plan will double
their income and profits within two years of writing their
plan. With a strategic plan, greater than 70% of these
people will exceed their own expectations within the next 5
years regardless of economic conditions.
"A good hockey player plays
where the puck is.
A great hockey player plays where the
puck is going to be. " ~ Wayne Gretzky
Analyze Failure,
provided by Mark Tinyer,
Research Statistician
A “failure” can be a good
thing. If a project flops, take time to analyze before
moving on. Rather than assigning blame, re-examine the
failure. Determine it’s cause. Was it
insufficient planning? Was it poor timing? Was it
insufficient research? Was it insufficient resources?
Was it erroneous data? Don’t let yourself jump to
conclusions. Allow yourself to get all the facts , so
you can make a well-founded decision on the actual outcome
of the project. You may find some efforts in your
project were useful or correct, however, most of all, with
proper analysis, you will gain a valuable learning
experience.
Question Advice, by
Sumner
M. Davenport, Results Coach Many entrepreneurs
get caught in a trap of taking advice that doesn’t serve
their business in the best way. When seeking advice
for your business consider the following: Be aware of
people who have something to gain from their advice.
As example, a website designer working with one specific
hosting company will only give design advice relating to
that one company; a corporate attorney will almost always
suggest you incorporate (hence the name corporate attorney);
An enrolled agent accountant, a CPA and a Tax attorney may
all three give you different advice on a tax matter; a
newspaper representative will tell you that their newspaper
advertising is the best. Who’s right? Perhaps they all
are. You only know if advice is right for you when you ask
the important question – WHY?
In having someone explain their
advice and why they think it applies to your business, will
you gain the information you need in order to make an
intelligent decision.
Four
important C’s of Business, submitted by Heidi
Prince, Business Consultant 1. Compliment – When you have
received good service or product, it s to everyone’s benefit
when you give a compliment. So few people hear a
sincere Thank you” these days, that yours will be
remembered 2. Complain – It is also to everyone’s
benefit when you pass on a complaint when service or product
is bad. The complaint needs to go to the top
management or owner for best receptivity. Successful
companies listen and respond. If they don’t know it’s
broke they can’t fix it. 3. Continue – When you hear a
compliment on your product or service, continue doing what
earned the praise. 4. Correct – Companies that succeed,
learn to correct the problems that cause unsatisfied
customers.
Respond Quickly,
by Joann Chevron, Customer Service Consultant
No one likes to feel ignored – especially customers.
When a customer calls, send you a letter or email,
your best response is the quickest. The best rule is
to return all messages and respond to letters within the
same day.
Most people want to know their
communication was received and acknowledged. The
answer to their question or solution to their problem is
secondary. Take time to respond to your customers
initial contact, even if the answer needs to be: ”I’ll get
back to you with the full information/solution”. Quick
response to their initial communication, will prevent
additional upsets, and many times give you the time you need
to gather your information for complete response.
Take
Care of Your Customers, by Monica Fryer,
Customer Service Consultant
But only if you want
more.
Too many people make the mistake of ignoring
their customer when a problem occurs and a complaint arises.
Many independent salespeople erroneously feel the customer
can deal with the company themselves. If that is true,
then why do they need you?
Customers remember how you
come through in service, long after the sale was made.
When you respond quickly to a customer complaint or problem,
and get involved to find the solution They will remember you
with more business and referrals. Ignoring a customer
not only loses that customer, but everyone they know.
How do you want to grow your business? With
satisfied customers sending referrals or always struggling
to overcome a reputation for bad service?
When sending business emails,
remember to put your business signature on the bottom of
your email. You should have your company name, web
address, and phone number at the bottom of every email, so
your recipient can contact you easily
Be Wary
of Paying Taxes with Credit Cards, By Tricia
Biner, Tax Attorney
You will have more chances next
year to use your credit card to pay your taxes. But
before you take Uncle Sam up on his offer, be aware that
there are hidden costs that can make this very expensive for
you. In 2000The IRS began accepting American Express,
Discover and MasterCard for tax returns with a balance due.
You are also allowed to use credit cards to pay estimated
tax balances and projected balances on automatic extension
requests. If you are planning to use your credit card, it
will cost about 2.4% of the balance due. So you might
want to re-consider if this is the most economical method
for you to use, especially if you have a large tax bill.
Plus, consider the additional credit card charges if you
don’t pay off the balance each month. The law requires that
private firms handle the collections, so the IRS may not be
totally up front about these fees when accepting your credit
cards for payment. Best solution – discuss it with your
Accountant and chose the best and most financially efficient
method for your needs.
Little known secret on how to
get your loan approved Before filling out that loan
application get a copy of your credit report. Clear up any
errors and correct any questionable or negative accounts. If
you've been turned down for a loan because of your credit
report, you can obtain a free copy within 30 days of being
denied credit.
Even the best workers may find
it hard to cope with the distractions of working from home
-- television, kids, food, pets, etc. Tell
participants, in advance, how their work will be measured
and evaluated. Then you'll need to find the right
balance -- making sure they get the work done, without
breathing down their necks.
7
Seconds, by
Bunny Vreeland, Ph.D.
Certified Professional Image Consultant; Registered
Certified Hypnotherapist The Impact we make on each other
depends: 55% on how we look and
behave. 38% on how we speak.
7% on what we say. Quote from Silent Messages Professor
Albert Mehrabian
Others judge us within the first
7 seconds. They decide on our background, education,
socio-economic status, if they like us, want to do business
with us or socialize with us and all based on 7 seconds!
No, it isn’t fair, but it is true. Today’s concern with
appearance is at an all time high. Here are three main
reasons; 1. We have increased
mobility. Most of us move or change jobs more frequently
than out parents did and, as a result, we are continually
having to re-establish our identities with new people in new
environments. 2. The impact of
the media. Television, especially, has had a profound impact
on our ability to form judgments in all things visual.
3. The changing role of woman. Where women once had a
more stereotypical role, their lives are becoming more and
more diverse. Advice and role models abound. Women have many
more choices to act on then they ever have.
Home
Office Coverage by Valerie Schields,
Financial Planner
Many small businesses are currently
being run at home. Many times a separate room is designated,
and should be for tax purposes. Many times the Home
Office Business Owner neglects to consider the appropriate
insurance to cover their business. A Home office
may need an insurance policy that is separate from the one
covering the rest of the house. A typical homeowners
policy usually does not cover more than $2500 in equipment.
Office equipment such as computers, copiers, fax machines
and printers, plus valuable files may add up to more than
your homeowner policy covers. If you are running a full time
business from your home, it is suggested that you talk to
your insurance agent regarding a policy rider to cover the
business. This rider is usually very inexpensive ($200
average), and you will appreciate its value should the need
arise.
Make sure international payments
are made in U.S. funds. The currency conversion might
otherwise be costly and slow down your actual receipt of
funds. You can make sure payments are sent to you as U.S.
funds from a U.S. bank.
The best way to figure out if
your check is drawn on a U>S Bank is to look at the bottom
of the check for the 9-digit ABA routing number. If it's
there you're probably receiving U.S. funds. If you don't
know what an ABA routing number is you can visit the
American Bankers Association at http://www.aba.com to find
lists of publications that give the details.
Where
to Find New Business, by
Kellie
Barbar, Marketing Coach
Along with the perks of
being your own boss, and having charge of your won business,
is the never-ending challenge of finding new business.
The following methods work:
1. Referrals: ASK
your current customers for names and phone numbers of people
they recommend or ASK them to call these people for you.
If they are satisfied with your service/product, they will
be happy to refer you. (Note: You must ASK)
2. Network and Socialize: Meet people in
face-to-face business settings. Make a plan, and make
these gatherings a BUSINESS focus for you rather than
a social chat. Save the conversation about the weather
for another time.
3. Use the Media: Work with someone
or become educated on how to write and send out press
releases. These keep the media alert of you and the
changes in your business. You may be surprises to learn that
there is a great deal of information in the business
sections of local newspapers that is not paid advertising.
It is information gathered from press releases and it is
printed for free.
4. Get Online: Get a
presence on the Web. If not your own web page, get a
page on a small business web page with a link to your email
address. Many web pages offer links, banners and small
business advertising.
Times have changed, our customers have changed
and the old way of doing things does not fit the new
emerging opportunities. It’s time to think outside the box.
Start by erasing your mind of how everyone else is doing
it Let go of the ideas of how they are
getting rich, how they are marketing their product,, etc.
Start writing your own vision.
Start envisioning
your success, and think of new and exciting ways to get
attention, produce and promote a product, make a difference
– from your unique position. Focus on your talents,
your experience, your expertise and you can make a
difference in the marketplace.
Speak
up! By Precilla Kaven, Professional Speakers
Agent
Look for opportunities to speak to groups.
Many charity and civic groups are looking for speakers at
their business meetings. They usually don’t pay for
these speakers, however, the exposure is worth the time.
To get the most from speaking for free: 1.
Choose the groups that have the best target audience for
your business 2. Prepare a short introduction that can
be used by the group in their advertising or when
introducing you before your speech. This way they can
deliver information about you that is important for
prospects to know. By having this information
delivered prior to your presentation, it gives more time to
your presentation. 3. Prepare your entire
“speaking time” in advance. Your “speaking time”
includes your networking before and after your presentation.
4. Practice! Practice! Practice! Make
sure you sound casual and confident in your presentation as
well as your networking 5. Listen! Listen to
what others have to say. You will learn who is your
best potential client by listening, especially before and
after your presentation 6. Follow-up
Many small businesses feel that
establishing and keeping customers is the most difficult
part of their business. They are constantly trying to
discover what their prospect and customer wants. The best
way to understand your customer is to ask them. Always
take time to ask a customer why they bought. Ask
customers that have left you to tell you why. If you
asked them why they bought when they first became a
customer, they will be more likely to tell you why they
quit. Some of the feedback you get will be valuable
for the growth of your business. Other feed back will
show you how to define your target market. Even when
customers leave, it isn’t always for a bad reason.
Finding out why helps you to know you are still doing a good
job.
Keep
Your Name in their Face, By Michelle Green,
Lasting Impressions
Wouldn’t it be nice to have your
customers or prospects think of you every day.
Wouldn’t it be nice to have your number handy when they want
to call you? Wouldn’t it be nice to know how? It’s
easy, it’s simple and it can be inexpensive. Promotional
Items also now as Advertising specialties. But before you
rush out and buy 100 pens to give away, start with a plan. Who is your target market? What impact do you want to
make with a promotional item? What image do you want
to project? What is your budget? What will you
follow-up with? Don’t make the mistake of buying
“trinkets” and giving them away like candy. Make a
plan, and make the promotional items work for you.
Start right away to create a new habit of being
organized – it won’t happen on its own.
Write a plan, and book
it into your appointment calendar. Make your
appointments with yourself a priority.
To get on track, avoid promising yourself that you
will do it all in one day. Most people will become
overwhelmed and give up in the process. Instead spend a
few minutes every day to sort, file and discard. Choose
one location to clean and organize at a time, ie:
closets, desk.
Create a filing system that works for you using
hanging folders with plastic tabs (e.g., Pendaflex) for
papers
Stop creating more
paperwork. Scan necessary paperwork into your computer
files and keep it there until you need a printed copy
for immediate use. Only print reports when you need them
in physical form. (the exception to this is legal
documents where the original is essential. In those
cases set up your filing to keep them organized. )
When organizing and
sorting through your papers and other items, ask
yourself - when was the last time I used this or needed
this? How important is it for me to keep? What is the
worst that can happen if I get rid of it. If it is
essential to keep, set up its perfect place to be and
put it there now.
Remember to say "Thank You" to your customers and do it
personally. submitted by
Thank and Grow
Richer
The two points of this tip are
equally important. Your business with your customers is a
relationship, no different than your relationship with
friends that you want to keep in your life.
Like anyone else, your customers
need to know that they are appreciated. This is more than a
quick email with two short words. Your customers will notice
the attention you give to the thank you as part of its
sincerity.
Instead of an email - call them.
Your voice will deliver the message with more sincerity than
your keyboard. If they only have one second to find out the
reason for your call, your message will stay in their mind
much longer.
Use the old fashioned way - send
them a handwritten note. Mail is personal., And it can't be
overlooked. Even if the envelope gets put in the pile of
other papers on their desk, it will eventually be found. And
most likely at the right moment. Just seeing the envelope,
before ever opening it to read the message, they already
know your message and you are different.
Do it soon and do it often.
Would you rather be thanked the next day or next year for
something you did for someone? And would one "thank you"
carry you for the lifetime of your relationship?
When you show your customers
that you appreciate them, they will return the appreciation
as a loyal customer.
Five
Time Management Tips By Sandra Palmer,
Efficiency Consultant
1 - Close
your office door when you want to think strategically.
Even when working at home alone, this action creates an
environment of focus. 2 - Limit
duration of phone calls. Decide in advance how much
time you have available for the phone call. Set a time
and stay with it. 3 - Read only
business related emails, regular mail, notes and faxes
during prime business hours. Save all personal
correspondence for after “money Making” prime business hours
4 - Plan all appointments in advance (1) How much time is
necessary (2) What do you want to accomplish (3) What
materials do you need to have with you (Begin collecting
these materials as your work, and placing them in a
convenient place, you can easily access just before the
meeting , or in your briefcase if the meeting is out of your
office) 5 – Get Organized. It
takes less time to find notes, materials and communications
when you have a specific place for them. Pondering and
searching are two big time wasters.
Article excerpt by Sandra Palmer
Submitted with permission to post
Create a filing system that works for you using
hanging folders with plastic tabs (e.g., Pendaflex) for
papers
When you print a report or notes, set your print
options to print the entire file location at the bottom
of the page. This saves time hunting for the file on
your computer and can prevent reprinting the same
information over and again.
Handle paper once – when you pick up a paper from
your desk, or incoming mail – file it appropriately the
first time. This way when you need it, it will be where
you can find it without searching.
http://twitter.com/wholefoods - posts updates about
store activities, foods, etc. Personally responds by direct
message to many of the tweets and feedback received.
When making presentations to
Venture Capital prospects - start simple and whet their
appetite for more. When you've captured their interest give
your best presentation with the answers to their questions
especially what's in it for them.
