13 Jan

Lowering Prices Could Mean Less Success

 

Your business is doing good enough.  You make enough money to pay your bills and provide for what your family needs.  You are floating along, enjoying this reward when you learn a competitor is lowering prices.  You are numb because this means they will take business away from you and now your bills may not get paid, your family and lifestyle may suffer.  This is not what you went into business for.  Now, what do you do?  Hint; it isn’t lower your prices!

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24 Aug

Is Your Business Wearing You Out?

 

I think it is quite obvious that anyone who has a small business wants that business to be successful.  The business provides them food, shelter, clothing.  It sends their children to school, provides the means for vacations with friends and family; it does a lot.

It is understandable that those who own small businesses put in a lot of hours, a lot of energy, and a lot of emotion into their business.  Why else would you own a business if not to work hard in it to gain the things you want that business to provide for you?

As I observe small business owners I see basically two types;

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16 Jul

Your Small Business Model Doesn’t Have to be Complicated

 

One of my favorite expressions I hear from small business owners is, “That doesn’t fit my business model.”  I have sometimes followed up when hearing that and asking simply, “What is your business model?”  Usually, I am told a lot of “stuff” about demand, processes, partners and things that really aren’t overwhelmingly important.  In other words, a lot of stuff that adds little value to the small business owner.  Most often because somewhere, somehow, someone has made this all very complicated.

Your business model should be simple.  It should be a quick snapshot of what your business is and how it operates.  Like the overused metaphor of layers of the onion, the model can be as multi-layered as you want.  Layer upon layer of stuff that has value to some and to others is gobbledygook.

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19 Jul

The Value of Goodwill to Your Small Business

 

Is Business Goodwill something a small business owner should be concerned with?  I would say, without hesitation, absolutely yes.  Not only does it add to the value of your business but if used appropriately, it becomes part of a tool to manage your business.

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22 Jun

You Don’t Have to Sell More to Make More Profit

How often I hear words like that.  Our sales are down…we have to hire a trainer, coach, consultant to increase our sales.  Our sales are up…we are doing good…look at that revenue pouring in.   If you know how to balance the operations of your company, you may not have to.  If you don’t, then obtaining the appropriate education, training and tools to do that are critical.  Growing your business is the key to long-term business survival.  We often measure that in terms of Revenue, Sales, and Profit.  But …..

 

Let me be very clear…REVENUE (SALES) IS ONLY A BENCHMARK AND IS NOT DIRECTLY RELATED TO GROWTH OF YOUR BUSINESS…OR IT’S SUCCESS.

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