The report published by the SBA Office of Advocacy about the trend and data of Small Businesses confirms the fact that for every 5 businesses started, about 6 established businesses go out of business. Despite the pitfalls of business ownership or the atrocious numbers, the failure rate of businesses is not a deterrent to someone who wants to start his/her own business.
Just like you. Business ownership is not for the faint-hearted. There are both risks and rewards involved. Let's rephrase that- calculated risks.
The ENTREPRENEURIAL MANTRA (tm) is simply: the higher the risks the bigger the rewards.
So, is your business ready to create massive results in 2011? How much thought have you given to where you want your business to go? What are you goals, what are your plans, who will be executing the plans?
A great plan is as good as the efforts you put into executing the plan. Otherwise, your Plan sits on your shelf or in your computer for another year, unharmed, untweaked, untouched and zero results.
Have you heard of the saying "'Doing the same thing over and over again and expecting different results?' is THE definition of INSANITY." So what are you executing in 2011 to achieve results?
5 Checkpoints To Get Your Business Ready for 2011
NUMBER 1: Time to review your BUSINESS PLAN.
Did you start your business off with Business Plan - the one you took to the bank or shared Trusted Advisor when you were all excited about being your own boss?
If you did, well time to take it out and review it. When did you create the plan? 1, 2, 3 or 5 years ago? Are you where you thought you would be now?
If you answered YES. CONGRATULATIONS. You deserve every bit of praise. It means that you are committed, focused and disciplined to execute your PLAN! It seems that you are on track to getting to your goals of the original business goals.
If you reached your mark - 1, 2, 3 or 5 years of the business plan; what are you going to do in 2011 to take your business to the next level. A business can only grow to the level of Leadership that you can take it to. So as a Leader in your business, what knowledge, re-education, skills or add-on talent do you need to grow your business?
If you answered NO. CONGRATULATIONS to you too. It means that you've actually taken the time to review and acknowledge that you are not where you should be! You are not in denial and that's a great thing.
You know where you are, the state of your business and all you can do is plan and move forward. Time to tweak your plan, rewrite it and build into your plan SMART Goals! Maybe you were too excited about starting your business and you dreamed about the empire you were going to build. Now that you have your feet firmly on the ground, you'll need to figure out what you need to do in your business - better planning, better execution, the right people on board, etc.
If you have a Trusted Advisor and a Business Coach for your business, there is the best place to start. Remember that to succeed you'll need the help of other people. Your customers, your clients, your family, your business associates, your friends and most of all, CONFIDENCE in your self. So, start LEVERAGING to get to where you want your business to be.
It's ALL about seeing OPPORTUNITY in everything you encounter.
PS: By the way, just how high is your level of INSANITY?
Wednesday, December 15, 2010
Monday, December 13, 2010
Your Opportunity to Take Action on Your Entrepreneurial Dreams
Check out this SlideShare Presentation:
Your Opportunity to Take Action on Your Entrepreneurial Dreams
View more presentations from Patrick & Jacqueline Coan.
Friday, November 19, 2010
Build A Successful Business On Transparency
To build a successful business, you need to practice TRANSPARENCY.
The concept of Transparency is nothing new. The first place that needs to start is with your self! Be honest to yourself about yourself - about where you are, where your business is and how one impacts the other.
Transparency also means that you must have clarity of where you want your business to go and how your team can help you. If a team member that you ARE paying is no pulling his/her weight i.e. not getting the job done and not getting results, you've got to do something about it.
As Business Owners, you've got to stop playing 'nice'. If your team cannot help you get the results you want or close to it, you've got to have the tough discussion and call the play!
Because, guess what? If your team does not perform, you will come to a point when you will not be able to pay your bills!
As a Business Owner, there are NO BAILOUTS. The only person that can save you is you! So be TRANSPARENT with your SELF first and foremost!
The concept of Transparency is nothing new. The first place that needs to start is with your self! Be honest to yourself about yourself - about where you are, where your business is and how one impacts the other.
Transparency also means that you must have clarity of where you want your business to go and how your team can help you. If a team member that you ARE paying is no pulling his/her weight i.e. not getting the job done and not getting results, you've got to do something about it.
As Business Owners, you've got to stop playing 'nice'. If your team cannot help you get the results you want or close to it, you've got to have the tough discussion and call the play!
Because, guess what? If your team does not perform, you will come to a point when you will not be able to pay your bills!
As a Business Owner, there are NO BAILOUTS. The only person that can save you is you! So be TRANSPARENT with your SELF first and foremost!
Thursday, October 28, 2010
Do unto others as you would have other do unto you
Another TWO QuickTips (QT) on the Customer Service month October 2010!
First TREAT your Customers well and more. Make the 'A' Customers your lifelong clients because they are the Lifetime Value to your bottom line.
Think about it.
Experience 1: There are numerous companies out there (credit card companies are notorious for this), they will give away all the goodies to attract you to become their customer. Meanwhile, you who has been a long time customer keep watching all these amazing offers that you are NOT entitled to because you are already a customer!
That is no retention strategy!
Experience 2 : You have a client that has spent hundreds dollars at your Spa, for a wedding shower. Al you so is reward the host with a $10-off your next spa treatment gift certificate. Are you seriously trying to insult your customer?
QT (Quick Tip) 1:
-So, remember the customers and clients who have been loyal to you. Don't just give them a loyalty card, knowing how hard it is for them to use those points,etc. make it special!
-Remember their special days, treat them to a "The Day You Became Our Customer" Anniversary and gift them with something special and useful.
Do something simple and kind. Create a WOW factor, so they can talk about their experience with you. Keep them in your newsletter, ask them if they'd like to hear about your future specials. Give them something to walk away with. A little sampling of your delicious cupcakes or eclairs if you own a bakery, a calendar, a book, etc depending on the nature of your business.
Think outside the box (as long as you know what's in it first!)
Most of all, HAVE FUN implementing FUN strategies to keep and make clients!
Let me know how it goes!
First TREAT your Customers well and more. Make the 'A' Customers your lifelong clients because they are the Lifetime Value to your bottom line.
Think about it.
Experience 1: There are numerous companies out there (credit card companies are notorious for this), they will give away all the goodies to attract you to become their customer. Meanwhile, you who has been a long time customer keep watching all these amazing offers that you are NOT entitled to because you are already a customer!
That is no retention strategy!
Experience 2 : You have a client that has spent hundreds dollars at your Spa, for a wedding shower. Al you so is reward the host with a $10-off your next spa treatment gift certificate. Are you seriously trying to insult your customer?
QT (Quick Tip) 1:
-So, remember the customers and clients who have been loyal to you. Don't just give them a loyalty card, knowing how hard it is for them to use those points,etc. make it special!
-Remember their special days, treat them to a "The Day You Became Our Customer" Anniversary and gift them with something special and useful.
Next, what do you do when somebody does not buy from you? Do you totally forget about them?
QT (Quick Tip) 2:
Make sure you treat your prospects well. You'll never know when the timing is right for them to come back and buy from you.Do something simple and kind. Create a WOW factor, so they can talk about their experience with you. Keep them in your newsletter, ask them if they'd like to hear about your future specials. Give them something to walk away with. A little sampling of your delicious cupcakes or eclairs if you own a bakery, a calendar, a book, etc depending on the nature of your business.
Think outside the box (as long as you know what's in it first!)
Most of all, HAVE FUN implementing FUN strategies to keep and make clients!
Let me know how it goes!
Wednesday, October 13, 2010
What is Going On With Your Customer Service? A Quick Two Step System
Looks like the THEME for October is CUSTOMER SERVICE... so here we go
Did you know that 68% of your customers leave you because of perceived indifference? They believe that you don't care about them, what they want or what they need. They believe that the only reasons you communicate with them is because you want their money.
So, let me ask you this - what's going on with Customer Service that people are leaving you?
How many times do you send out a THANK YOU card, an email or a note when someone buys from you? How well do you know your customers?
An example of a guilty party - Hairdresser/Salon. Why?
Well, how many time when you walk into a new salon - they'll ask you for your contact details - so they can keep notes as to what they did with you hair, cut, color,etc. How many of your personal hairdressers have even called you or emailed you or better yet, wish you a Happy Birthday while you're sitting in the chair getting your hair done on you birthday!
As a Customer, how would you feel?
YOUR QUICK TWO-STEP
1. Send out a birthday card/email/note on their birthday. Make a note on your Calendar, especially if they are your A-listers customer!
2. Make sure you remember to THANK them for their business. with a call, with flowers, with emails or any other form of communication!
Measure the proportion of ongoing rapport you build versus the number of times they'll come and buy form you again and again! Let's start SIMPLE!
PS: Let me know how that goes!
Did you know that 68% of your customers leave you because of perceived indifference? They believe that you don't care about them, what they want or what they need. They believe that the only reasons you communicate with them is because you want their money.
So, let me ask you this - what's going on with Customer Service that people are leaving you?
How many times do you send out a THANK YOU card, an email or a note when someone buys from you? How well do you know your customers?
An example of a guilty party - Hairdresser/Salon. Why?
Well, how many time when you walk into a new salon - they'll ask you for your contact details - so they can keep notes as to what they did with you hair, cut, color,etc. How many of your personal hairdressers have even called you or emailed you or better yet, wish you a Happy Birthday while you're sitting in the chair getting your hair done on you birthday!
As a Customer, how would you feel?
So, as a Business Owner, make sure you have systems in place not only to collect data but also utilize that data. Remember the saying- People don't care how much you know, they want to know that you care! Apply it!
YOUR QUICK TWO-STEP
1. Send out a birthday card/email/note on their birthday. Make a note on your Calendar, especially if they are your A-listers customer!
2. Make sure you remember to THANK them for their business. with a call, with flowers, with emails or any other form of communication!
Measure the proportion of ongoing rapport you build versus the number of times they'll come and buy form you again and again! Let's start SIMPLE!
PS: Let me know how that goes!
Tuesday, October 12, 2010
Dear Business Owner, Do You Truly Know How Your Product or Service Is Delivered
Dear Other Business Owners,
Do you know what goes on in your business? Do you know how well your product or service is delivered in your business? Do you know how feedback is handled in your organization?
As a Business Coach, these are some of the questions I ask you to consider as you grow your business and add team members to leverage the delivery of your product or service.
TIP #1 - Customer Service - Feedback
Here's what you can do to teach and educate your team about handling feedback:
1. THANK the customer/client for taking the time to send in the feedback - good or bad.
2. Take in GREAT feedback and document it - LEARN from it - what you and your team need to do again and again to provide that same great exceptional service.
3. Take in BAD feedback or COMPLAINS as an opportunity to improve your product or service delivery. Don't LAY THE BLAME for the incorrect delivery on somewhere else in the chain of command in your organization, TAKE CHARGE, TAKE RESPONSIBILITY - that's why an APOLOGY is a great start in handling complains.
Note: Document what was done that left the customer dissatisfied and what steps you can take to -
a) Satisfy the customer who complained and fix it. WOW them so they'll be back and RAVE to their friends about how well your company took care of the situation and
b) Re-educate and empower your team how they can be better at satisfying customers. Provide them with "Rules Of The Game" of what to do when.
Being in the service industry for many,many years I agree that the customer is NOT always right! I also agree that 80% of business comes from 20% of your customers - who do come back regularly and buy from you. It does not however mean that YOU CAN TREAT YOUR CUSTOMERS like they owe it to you to do business with you.
Remember, as long as there is demand for your product or service, there's a lot of competition out there. People buy from people they like - and that's the truth about buying! If you don't help FIX a customer-communicated problem - you have every opportunity to lose their business. In today's day and age, you don't want the 'ugly truths' about doing business with your company surfacing through Social Media.
To quote: "What happens in Vegas, stays on Facebook."
Be aware. Grow your business consciously. Treat your customer feedback with respect and FIX what you can respectfully. The cost of losing a $150 business may not be a lot to your team, but multiply that by the number of people who will hear about it from social media- that's a whole lot more zeroes that can be added!
Do you know what goes on in your business? Do you know how well your product or service is delivered in your business? Do you know how feedback is handled in your organization?
As a Business Coach, these are some of the questions I ask you to consider as you grow your business and add team members to leverage the delivery of your product or service.
TIP #1 - Customer Service - Feedback
Here's what you can do to teach and educate your team about handling feedback:
1. THANK the customer/client for taking the time to send in the feedback - good or bad.
2. Take in GREAT feedback and document it - LEARN from it - what you and your team need to do again and again to provide that same great exceptional service.
3. Take in BAD feedback or COMPLAINS as an opportunity to improve your product or service delivery. Don't LAY THE BLAME for the incorrect delivery on somewhere else in the chain of command in your organization, TAKE CHARGE, TAKE RESPONSIBILITY - that's why an APOLOGY is a great start in handling complains.
Note: Document what was done that left the customer dissatisfied and what steps you can take to -
a) Satisfy the customer who complained and fix it. WOW them so they'll be back and RAVE to their friends about how well your company took care of the situation and
b) Re-educate and empower your team how they can be better at satisfying customers. Provide them with "Rules Of The Game" of what to do when.
Being in the service industry for many,many years I agree that the customer is NOT always right! I also agree that 80% of business comes from 20% of your customers - who do come back regularly and buy from you. It does not however mean that YOU CAN TREAT YOUR CUSTOMERS like they owe it to you to do business with you.
Remember, as long as there is demand for your product or service, there's a lot of competition out there. People buy from people they like - and that's the truth about buying! If you don't help FIX a customer-communicated problem - you have every opportunity to lose their business. In today's day and age, you don't want the 'ugly truths' about doing business with your company surfacing through Social Media.
To quote: "What happens in Vegas, stays on Facebook."
Be aware. Grow your business consciously. Treat your customer feedback with respect and FIX what you can respectfully. The cost of losing a $150 business may not be a lot to your team, but multiply that by the number of people who will hear about it from social media- that's a whole lot more zeroes that can be added!
Monday, September 13, 2010
5 Months Later, Are You Running Out of Excuses Yet?
E + R = O
Hey there, it's Rich again! Sorry, I've been in hiatus and slow in my knowledge sharing the last 5 months....
One thing I've learned as a Business Owner, SHIFT happens! Every now and then, things happen for you or to you.
The most important this : You have a choice of how you deal with SHIFTS. Thank you to Jack Canfield (thanks to My Coach) whom I had the privilege of meeting 2 years ago. I' d want o share with you the formula you see above.
E = Event
R= Response
O= Outcome
When an Event happens, whether you see it as a negative or a positive, Your RESPONSE to the Shift, can change the perspective on Your Outcome.
Simple right? Agreed, simple but not easy...
The way you Respond to news, events and changes in your life and your businesses, can help you ease what you perceived as an Avalanche in your business into a Snowball.
Attitude in your life and your business is the most important thing to upkeep. Trust me, I learned it the hardway. One of the most frustrating challenges I have is finding the 'right people' to grow with me in my business.
I am all about helping empower others to be the best that they can be. I realize now that if they are not ready to be empowered, they do become a liability in your business. Isn't that interesting?
Well, for now, I need to keep my POSITIVE ATTITUDE always! The ideal team members for my business is out there somewhere. The SECRET is - WHO DO I NEED TO BE TO ATTRACT THEM TO MY BUSINESS?
More coming up....
By the way, my Coach has a 90 Days Business Growth workshop on Sept 24th - come join us! See you there?
Hey there, it's Rich again! Sorry, I've been in hiatus and slow in my knowledge sharing the last 5 months....
One thing I've learned as a Business Owner, SHIFT happens! Every now and then, things happen for you or to you.
The most important this : You have a choice of how you deal with SHIFTS. Thank you to Jack Canfield (thanks to My Coach) whom I had the privilege of meeting 2 years ago. I' d want o share with you the formula you see above.
E = Event
R= Response
O= Outcome
When an Event happens, whether you see it as a negative or a positive, Your RESPONSE to the Shift, can change the perspective on Your Outcome.
Simple right? Agreed, simple but not easy...
The way you Respond to news, events and changes in your life and your businesses, can help you ease what you perceived as an Avalanche in your business into a Snowball.
Attitude in your life and your business is the most important thing to upkeep. Trust me, I learned it the hardway. One of the most frustrating challenges I have is finding the 'right people' to grow with me in my business.
I am all about helping empower others to be the best that they can be. I realize now that if they are not ready to be empowered, they do become a liability in your business. Isn't that interesting?
Well, for now, I need to keep my POSITIVE ATTITUDE always! The ideal team members for my business is out there somewhere. The SECRET is - WHO DO I NEED TO BE TO ATTRACT THEM TO MY BUSINESS?
More coming up....
By the way, my Coach has a 90 Days Business Growth workshop on Sept 24th - come join us! See you there?
Tuesday, April 13, 2010
Business Owners Who Succeed
Time to turn your attention to the POSITIVEs and the SUCCESSFUL! Read and be inspired. Go to: http://pressroom.prlog.org/business_coach/
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