Biz Crusader

 

It looks like 2008 will finally come to an end soon.  And, what a year it has been!

 

I know many of you are thinking about your New Year Resolutions this week.  And because you are entrepreneurs, your resolutions aren’t about losing a few pounds or taking a trip abroad.  Instead, you’re probably making a list of business objectives you would like to see come to fruition next year.  You are not alone.  The last week of any year is a time to reflect and plan for the challenges ahead.  Perhaps, this timeless ritual for business owners has even more meaning this year because of the current disastrous economic conditions.

 

Nevertheless, this is a business ritual you should not skip.  So, grab your favorite hot drink, a clean pad of paper and a pen to start the brain storm.  To help you along, here is a short list of questions so that you may come up with a simple and concise set of business goals for 2009.  Remember, these aren’t your typical New Year Resolutions, which are generally ignored by the end of January.

 

All of these questions require just ONE specific answer only—no novels.  The answers should not even require a full sentence.  It’s not about how many things you can list.  It’s about listing 10 specific achievable business goals.

 

 

1)  What specific business leadership style or management trait will you improve in 2009?

 

2)  What specific thing will you do or implement to reward your performing employees in 2009?

 

3)  What specific thing will you do or implement to thank your customers?

 

4)  What specific thing will you do or implement to generate more customer referrals?

 

5)  What specific thing will you do or implement to automate a cumbersome process in your business?

 

6)  What specific thing will you do or implement to better your sales process?

7)  What specific thing will you do or implement to better your customer service performance?

 

8)  What specific piece of equipment will you purchase in 2009 to better your business?  This question is for everyone and not just for manufacturers.

 

9)  Who or what will you do business with, affiliate with or partner with in 2009 to grow your business?

 

10)  What was your biggest business mistake of 2008 and how will you reverse this mistake in 2009?

 

 

 

 

 

It’s that time of the year again.  I am not referring to the holiday season.  If you own a business, now is the time to consider your advertising options for 2009.  This process is typically called ad planning.

 

As you consider your advertising and marketing options for 2009 and as you make decisions on what to keep and what to axe, I want you to consider a few line items that aren’t traditionally listed on ad planning budgets.  These “red-headed stepchild” line items are Business Networking and Customer Referrals.  If your organization has been around for at least a few years, chances are a certain percentage of your revenues in 2008 were a direct result of Networking and Referrals.  And yet, most businesses will not budget for these two key revenue generating tools in their annual advertising and marketing budgets.

Ad planning in this economic recession is all about stopping what’s not working and doing more of what is.  In 2009, many businesses will not have the luxury of testing new advertising or marketing initiatives.  Therefore, business owners should pay special attention to how much revenues were the direct result of their business networking and client referrals.  If more than 15% of your revenues were derived from these timeless sources, it is highly advisable to make them line items on your 2009 budget.

 

Here are some specific line items you might want to include as part of your advertising and marketing budget.

 

 

 

1)  Association or Club Dues

2)  Event Participation Costs

3)  Weekly or Monthly Lunch Dates w/Clients, Partners and/or Prospects

4)  Networking Collateral (could be something as simple as a business brochure)

 

 

 

1)  Proper Holiday Greetings (not too late for 2008)

2)  Proper Client Thank You Gifts

3)  Proper Client Referral Thank You Gifts

4)  Referral Collateral (could be something as simple as adding a line to your e-mail signature)

5)  Client Appreciation Events (ask them to bring another business owner for networking)

 

 

As I have always stated before, you know your business best.  Only you can determine if a $500 expenditure on a Client Appreciation Happy Hour will generate more business than an advertisement at the same cost.  My point is to make sure you don’t dismiss these key revenue-generating tools as just “add-on” business.  Generating revenues through Business Networking and Client Referrals are just as important as any ad you might budget for next year.  In this economy, many will argue that it might be much more important.

 

I leave you today with the following statement.  It is often printed on the back of business cards in the Real Estate Industry.  There is much we can learn in the most remote and simple places.

 

 

 

 

I’ve been working with business owners for over 15 years now and during that time, I’ve met many business owner types.  I’ve come across the big egos, the endless analyzers, the frugal and I’ve even met a few dictators along the way.  After meeting and working with so many personalities and leadership styles, there is no business owner type that frustrates me more than the “I am not a techie” owner.

 

The reason for my frustration is because I have a unique vantage point of seeing for myself how street-smart and courageous most small business owners are.  Because of this observation, it makes me wonder why these business owners won’t take on the challenge of learning some basic technology skills to advance and grow their businesses.

 

The bottom line is that your small business will FAIL if you do not embrace modern business technology.  It doesn’t matter if your business has been around for 20 years and you’ve never relied on anything but “word of mouth”.  The entire landscape of doing business is changing rapidly and it will move on without your business if you do not learn how to utilize technology to your advantage.

 

 

 

1)  You’ve repeated the phrase “I am not really a technical person” more than 5 times this year.

 

2)  You blame your age constantly for not being on top of business technology.

 

3)  You are constantly seeking help from anyone inside and outside the firm for basic technical assistance.

 

4)  Your children are your technical support.

 

 

I know what you’re thinking.  This post is a bit harsh.  The straight talk is needed.  Keep in mind that I’ve dedicated a big portion of my adult life in the pursuit of advancing small businesses.  Believe it or not, I am trying to help by kicking you in the you-know-what.  Many of you will also believe that this blog is geared towards older business owners.  On the contrary, I’ve found that age has very little to do with this problem.  In fact, according to the latest AARP surveys, one of the fastest growing technology usage groups are people over the age of 55.

 

 

 

1)  Change your state of mind about technology.  Without this paradigm shift of thinking, you won’t be able to move forward.  Are you the “throw my hands up” type?  If you own a business, I know you’re not.

 

2)  Take the time and put forth the effort to learn basic computer usage skills.  Do you know how to save files, create folders, save photos, cut and paste, install software and etc?

 

3)  Take the time and put forth the effort to learn basic e-mail usage skills.  Do you know how to attach files, create folders, auto-respond, add a signature and etc?

 

4)  Take the time and put forth the effort to learn basic Internet usage skills.  Do you know how to search, add to favorites, organize favorites, download files, shop/buy online and etc?

 

5)  Invest in some resources to train yourself and the staff if need be.  You might even want to consider an in-house one day training for your entire staff.  A full day dedicated to learning and training on how available basic technology can help your business, would that be a good investment?

 

 

If you follow some of my suggestions, you will feel incredibly empowered and a sense of rejuvenation will fill your business.  Take full advantage of ALL that technology has to offer small businesses and be an insider in the 21st Century.  This is my hope.

 

 

 

Believe it or not, my little business blog has logged over 18,000 page views and just under 1,000 unique visitors in the first 3 months.  In the big world of the WWW, these stats are not that big of a deal but nevertheless, I am very pleased to see that so many of you are enjoying my posts.  If you’ve read more than a few of my rants, you already know that I have somewhat of an “inner conflict” about technology.  In many cases, use of technology will make your business better but there are times when it will encourage you to abandon the basics.  This post is about one of those times when it can hurt your business.

 

Don’t forget to say Thank You.  If you have kids, this phrase is probably very familiar to you.  I must utter these words at least once a week to our 5 year old.  After saying it again today, I thought it would be a perfect topic for discussion with my business owners.

 

In today’s fast-paced world of the Internet, e-mails and instant everything; many business owners are abandoning traditional business basics.  The bottom line is that it’s just too easy to send an e-mail or leave a VM when more is required.  Saying thanks in a proper way is a basic business etiquette that should be practiced no matter what the circumstances or economic conditions.  The good news is that so few business owners send proper thank yous these days that it will be much easier for your business to stand out above the crowd.  Unfortunately, it has become all too common for customers to spend thousands of dollars and not get so much as a thank you card in the mail.  In most cases, they might not even get an e-mail thank you.

 

 

 

1)  You will immediately elevate the positive perception of your business in your prospects’ or customers’ minds.

 

2)  You will immediately separate your business from the competition.  And by doing so, you will give your prospects and your customers a reason to remember you.

 

3)  Give your prospects and customers a positive memorable experience and watch them turn in to your business ambassadors. 

 

4)  Your closing ratios will increase.  Your repeat sales will increase.  Your referral business will increase.

 

 

 

1)  After meeting a prospect.

 

2)  Upon securing a sale or contract.

 

3)  When a customer has referred you to someone.

 

4)  Periodically with long term customers.

 

NOTE:  NEVER use form letters.  They are worthless and you might as well not send them.  Handwritten cards and notes are best.

 

 

Like all worthwhile efforts, implementing a proper THANK YOU program for your business will take a commitment by you, the business owner.  As an example, when my sales representatives secured a deal, I would not allow the processing of that order until he or she handed in a hand-written thank you card with the sales order.  It was one way to implement the policy.  Remember, when it comes to these kinds of basic business principles and practices, easier for you does not mean it is better for your business.

 

 

 

 

 

My advice is to schedule your business day with a firm regiment of time blocks.  Of course, you won’t follow the schedule to the exact minute because we are not robots and the unexpected will always interrupt you.  Do your best to stick to the regiment.  At the very least, the time blocks should serve as a constant reminder of your business priorities.  If practiced correctly, this daily schedule will give you a much better feeling of accomplishment at the end of each day.  And most importantly, you will have moved your business forward.

 

 

 

BLOCK 1:  ???am to 11am — New Business, Sales Calls, Sales E-mails

BLOCK 2:  11am to 12noon — Return Client Phone Calls & Client E-mails

BLOCK 3:  1pm to 3pm — Client Care, Deliverables, Employee Relations

BLOCK 4:  3pm to 4pm — Return Phone Calls & E-mails

BLOCK 5:  4pm to 5pm — Administrative Duties

BLOCK 6:  5pm to ??? — Wrap-up, Organize, Plan for Next Day