10-STEP BLUEPRINT
BUILDING YOUR BUSINESS IN 2010
There's no one-size-fits all, pre-fab method for ensuring that 2010 is better to your business than 2009, which is why we're providing you with not one, but 10 slam-bang ideas for improving your business' bottom line.
STEP 1 – PAVE THE WAY FOR CUSTOMERS
People who buy goods with credit spend more than twice as much on merchandise as those who buy with cash. What's good for the goose (or customer) is good for the gander (your business). If you don't already have an established credit plan for qualified customers, now's the time to look into setting one up. And, if you already offer credit, find ways to get the word out.
STEP 2 - TAKE YOUR PLACE AT THE BARGAINING TABLE
Consumer Reports Magazine found that individuals who called their Internet/cable/phone providers and asked for a better deal than they were getting actually got a better deal. Think about all of the companies your business uses for services and supplies. Which ones are most likely to negotiate a better rate in order to keep your business? Get on the phone and find out. If you don't ask, you'll never know.
STEP 3 - HAVE YOUR CUSTOMERS WORK FOR YOU
Word-of-mouth advertising isn't just free, it's effective. What makes you recommend a business to your friends and family? Think about the small touches that go a long way - and start implementing them. This can be as simple as making your waiting area a bit more comfortable, or offering a small incentive for referring a customer. A strategy doesn't have to be complicated in order for it to work.
STEP 4 - TAKE STEPS TO HIRE THE RIGHT PERSON (OR BUSINESS) THE FIRST TIME
Performing a simple and routine background check on an applicant, contractor or vendor can save you both time and money. There's no fail-safe way to guarantee you're making the right decision, but a background check certainly increases the odds.
STEP 5 - BE GENEROUS WITH YOUR PATS ON THE BACK
The more satisfied the employee, the better the service. This doesn't mean you need to give your employees stock incentives. There are much more cost-effective ways to raise morale. Help each and every person who works for you (from cleaning staff to accountant) understand how his or her contribution directly impacts both fellow employees and customers. Knowing that your work both matters and has a personal impact on others is a powerful motivator. If you don't have an “employee of the month” or similar program, start one. The reward can be anything from getting their picture on the wall to getting a choice parking space or the opportunity to leave work early one day and still be paid for the full shift.
STEP 6 – TAKE WHAT’S YOURS
Collecting on debts can be a hassle, but it's a hassle worth its weight in gold. Compared to the time and effort expended to acquire a customer, using the right collection tools turns a hassle into an easy way to improve your bottom line.
STEP 7 - GIVE TO GET
According to BusinessWeek.com, charitable giving provides a triple-bottom-line for small businesses as you boost employee morale, increase sales and support a cause you care about. Charitable giving doesn't have to cost a lot. For example, sponsoring a team signed up for a charity walk gets your name out and you can leverage the sponsorship through in-store promotions. A volunteer day can also be good for your business' reputation and generate some buzz as well. Just make sure that everyone's wearing a shirt that clearly identifies them as being employees of your business. Plus, volunteering can double as a team-building exercise.
STEP 8 - CHANNEL FREUD AND GET ANALYTICAL
By now, we're probably all a bit tired of being told we should have a Facebook page, Twitter account and company blog in addition to a website. So, we're not going to tell you that (at least not in this piece). Instead, we're going to recommend that you devote some time to your business' website, which (among other things) means evaluating and then improving upon what you have. Are you using Google Analytics (which is free) or a similar tool to track the traffic on your site? Do you know which pages people spend the most and the least amount of time on? Do they align with your goals for your site? Where does the majority of your traffic (regardless of how small it may be) come from? Search engines? Direct links? Find out, and then use that information to make your website even better.
STEP 9 - TURN "WANTS" INTO "NEEDS"
Depending on your business, you may sell something people truly need. If so, more power to you and skip on down to tip number 10. The rest of us, though, are in the “want” business; technically, people can satisfy Maslow's Hierarchy of Needs without us. Technically. The trick is determining how to make your product so desirable that it transcends being a “want” and becomes a “need.” Brainstorm ideas with your employees and then start testing them out. Chances are it won't take you too long to find a winner.
STEP 10 – DON’T STOP BELIEVIN’
Alright, we're about to go all Rocky Balboa on you. Cue the music please. We know that owning your own business is one of the toughest jobs out there. We know that it means hard work, long hours and sometimes little pay. We also know that if you were a quitter, you wouldn't be a small business owner in the first place. So, set specific goals and create a detailed plan for achieving them. If you fall short, pick yourself up, dust off, figure out where things went wrong and set new ones. By taking the time to reflect on what worked and what didn't, you'll set your business on a steady course for improvement and growth.
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