I carry many hats working for a law firm. I am a legal assistant, billing clerk and also the receptionist. A couple of weeks ago I attended a seminar called “How to Be an Outstanding Receptionist.” Not that I wasn’t any good at my job, but in recognition of the fact that no one is perfect and we all need improvement.

Most of the seminar was a refresher course, if you will, but there were some interesting topics and point that I thought useful for any business owner, not just the girl up front. One topic in particular was dealing with clientele over the phone.

Regardless of your position in a business, there are some things everyone should know:

Continue reading : Telephone Etiquette Tips - Handling Client Calls »

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At some point in the self-owned business timeline, an entrepreneur will inevitably face the question of whether or not to jump in the deep end and go global. Some entrepreneurs, like myself and the photography business I started, don’t necessarily have the means or desire. I want to stick with my local market. Others, however, especially businesses who provide a tangible product rather than a service, could easily stretch their boundaries beyond the shining seas.

Why Not?
To some these may be excuses, to others, legitimate reasons to evade a risky venture:

• Language barriers.
• You may be unfamiliar with cultural practices and etiquette.
• You may be unfamiliar with local law and politics.
• Limitations of foreign labor laws.
• Time consuming and complex.
• Difficult to find a partner you can trust.

Why?
A list of reasons to overlook the risks in order to help your business grow:

• 95% of the worlds’ consumers reside outside the U.S. (according to the Office of the U.S. Trade Representative) - those are all potential new customers!
• Possible untapped market.
• Because if you don’t, your competition will.
• You don’t have to actually move overseas to do business there - the internet is your gateway to expansion.
• The risk, reward and challenge are appealing.

Whatever side you teeter toward, remember that going global doesn’t have to be a “right now” sort of thing. It’s always a possibility that you should consider, simply because you’re a business owner. If you are considering such an expansion, then there is a lot of work to be done before you begin. Be sure to check back the rest of the week as we continue discussing Expanding Your Business Overseas.

Pt. 2: Labor Laws
Pt. 3: Protecting Your Product
Pt. 4: Money and Taxes

Source:
• Inc.com: Gone Global (Inc. Magazine April 2007 cover story)

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When you first started your business, the excitement was raw and tangible. With every step forward everything in you wanted to jump for joy, though you contained yourself (most of the time). Your dream was becoming reality. Your business was seeing success. Life was just plain good.

Fast forward a few years. Same dream, same business, but with a different feel. You’re still making money and still a success, but the excitement is all but gone. So, what’s the deal?

When a business is in its first years, you are establishing a structure. The problem is, once that structure is established, everyone thinks that it shouldn’t change – to stick with what you know (because that’s the easiest way). It becomes a comfort zone and no one wants to depart from a comfortable location. Besides, very few people deal well with change.

Continue reading : Revitalize Your Stagnant Business »

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Ah, it’s that time of year again. Time to start worrying about getting your taxes filed. And if you own a business, taxes can be a really stressful burden. If you do your taxes yourself or have a friend/family member help, you may want to consider hiring a CPA. Having a CPA do your taxes can be much more relaxing and take some of the burden off your shoulders.

First, it may help to know what a CPA is (if you don’t already). It stands for “Certified Public Accountant,” though it may be more appropriate to call them Certified Professional Advisors, because their roles in aiding your business will often go beyond your accounting.

Continue reading : Finding a Good Accountant »

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On November 5, 2007 the Writer’s Guild went on strike. This we all know. But prime time entertainment is not the only thing suffering from the strike. Many small businesses in the Hollywood area are beginning to go under, since they cater to the Hollywood industry, providing equipment and services to movie and television productions. And they’re having to think of other ways to make it.

History for Hire, a vintage rental business in North Hollywood that provides props for shoes like The Office, Heroes and Cold Case, has seen a dramatic drop in revenue. The owners truly saw the strike coming and started making preparations, by not replacing staff members who left, letting go of part-time positions, getting rid of overtime and cutting their personal salaries. But all of their short cuts haven’t been enough and the owners are afraid they won’t be able to keep the 22 year old business running if the strike continues much longer.

Continue reading : Broadening Your Market May Save Your Business »

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As business owners, we face a constant battle when it comes to the decisions we make - should we go with our gut instinct or chose based on the facts? It’s an everyday part of keeping things running, and can sometimes cause a bit of stress if our instincts and the data don’t match up.

So which do you go with? Well, truthfully, either way you can risk failure or accomplish success. Your instincts are based upon experience, and you are more likely to feel comfortable doing something that has worked for you in the past. If, however, your instincts are telling you to go for something that has never crossed your mind before, it may be a hard step to take.

Continue reading : Business Instincts vs Data »

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As the holidays come to a close, I’ve been spending my weekends around the house recooping from all the travel and excitement (which can be very wearing on a pregnant woman, eight months along). Yesterday I spent the majority of the evening doing a little sewing and watching television.

What I ended up watching was a marathon on TLC of a show called Say Yes to the Dress about Kleinfeld Bridal in New York. Basically, cameras follow sales clerks around as they try and sell that perfect dress to soon-to-be brides. A chic-show to be sure, but there was something in particular that caught my attention.

There is one “bridal consultant,” Claudia, who just can’t seem to meet her sales quota. At the time the shows in the marathon aired, she had been working for Kleinfelds over a span of 3-8 months. She just wasn’t getting it, and, despite many, many attempts by the owner and manager to work with her and help her be successful, Claudia continually asserted that there was nothing wrong with her or her sales style and she just kept happening to get clients who weren’t going to buy.

I found myself continually frustrated with Claudia because she just refused to see how she was harming the business. First and foremost, the owner and managers pointed out to her that she wasn’t taking the time to listen to the needs and desires of the client. Claudia insisted that she was a great listener and they just didn’t see the discussions she had with the brides. The viewer, however, knew better, and the owner and managers were right. Claudia continued to assert her opinions about certain dresses and why they would work for the bride, even when the bride disagreed.

I wanted to take the opportunity to make a couple of points from my critique of Claudia’s sales process that any business owner/employee should take into consideration:

Continue reading : Good Listening Skills Mean Success »

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Black Friday and Cyber Monday were a big hit this year. As usual, sales were up, despite the fact that many businesses feared that higher gas prices and the like would keep shoppers from spending as much money this year.

The unfortunate aspect of the Christmas season, for retailers anyway, are the returns. And returns are inevitable. You can’t please everyone, and gift giving is no exception. But, as an online retailer, if you want customers to keep coming back to you, then you need to provide an easy and clear-cut return policy.

According to a survey conducted by return processor Newgistics, Inc., at least nine out of 10 consumers cited a convenient return policy as important when shopping with a new or unknown online retailer. And 69% of those surveyed said that they wouldn’t use that online retailer again if the return policy is a pain or unclear.

So, what can you do to provide your customers with an hassle-free return process? Here are some tips to get you started:

Continue reading : Easy Return Policy Means Return Customers »

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OBTAINING A BUSINESS LOAN
Okay, so your Business Plan has been edited, revised, perfected and now you’ve got your final packet ready to go. You’re ready to march into the world and present your business to lenders in hopes of obtaining funds to get your business moving.

But not so fast.

Before you walk through the doors of any bank, you need to know what else they will be looking for outside of your Business Plan in order to approve a loan.

Credit History
What potential lenders will look at most are credit records for both the individual owners of the business (the credit report associated with your social security number) and the business itself (the credit report associated with the business’ EIN or tax identification number). So, before you take your fund request to a bank, request a copy of your credit report from all three agencies: Equifax, Experian and TransUnion. Examine each report for errors and resolve all discrepancies before applying for a business loan.

Continue reading : Obtaining a Business Loan - How to Write a Business Plan – Part 8 of 8 »

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COMMON BUSINESS PLAN MISTAKES
Even with all of the information provided in the first six parts of this post series, there are still mistakes to be made on a Business Plan. No one is perfect and your Business Plan won’t turn out perfect on the first draft either (and probably not the second or third). However, there are some common mistakes to keep in mind when writing and reviewing your Business Plan that will at least aid in attaining perfection.

Failure to be Clear and Concise
The most common mistake when preparing any document is a failure to convey what you want to the reader. There are two main elements that can contribute to this error.

Continue reading : Common Mistakes - How to Write a Business Plan – Part 7 of 8 »

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THE EXECUTIVE SUMMARY
The executive summary is the most important part of your Business Plan and, in fact, should be the first section. However, you can’t do the executive summary until you are finished with all the other sections, which is why I saved it for last.

The executive summary is exactly as it name implies – it is a summary of your entire business plan. You also need to include a brief history of your company. The entire executive summary should not be longer than four pages. Consider using a bullet system to highlight information and make a smoother read. You want to provide information, but you don’t want to bore potential investors/lenders from the start. This is what will either grab their attention or give them the urge to find a wastepaper basket.

Continue reading : Executive Summary, Table of Contents and Appendix - How to Write a Business Plan – Part 6 of 8 »

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Welcome to the second half of my eight part post series on creating an effective Business Plan. I’m sure you enjoyed the break over the weekend, but are anxious to obtain the rest of the information you need. So let’s get started.

THE FUNDING REQUEST
The whole point of your Business Plan is to request money from investors and/or obtain a business loan through a bank. So, what would the Business Plan be without specifics on what funds your business needs? It’s one thing to request a dollar amount out loud, it’s another to specify exactly why you need that money and how it will be used. We’re certainly not talking about a few dollars here, so those that provide the funds to you want all the details they can get before making such a commitment.

Continue reading : Funding Request & Financial Information - How to Write a Business Plan – Part 5 of 8 »

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MARKETING & SALES MANAGEMENT
Without marketing your business and your product/service, customers have no way of knowing that you’re out there. While the information regarding the organization of your business is important to investors, knowing your marketing plans is equally as important, since the marketing you do will generate revenue.

Marketing Strategy
You need to define your marketing strategy. Granted, your marketing strategy will often change, as you evaluate its effectiveness and changes in your business require changes in your advertising. But you do need to have a basic strategy in mind, which includes the following elements:

1. Market Penetration
In order to obtain customers, you have to make yourself known in the market. While you need advertising to do this, you also need to have a means. In other words, you need to continually develop new products and innovations to keep the customers interested. Market penetration requires using new products in existing markets and new markets using existing products. Explain in your business plan how you intend to penetrate the market.

Continue reading : Define Strategies, Service & Product Line - How to Write a Business Plan – Part 4 of 8 »

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MARKET ANALYSIS

The Market Analysis portion of your business plan is a means for showing your knowledge of the industry your business is involved in. This is where your market research will come into play. And you’re going to have to do a lot of work for this portion.

Start by studying, very thoroughly, your industry market and gathering as much information as possible. Additionally, you will need to conduct market tests of your product/service and compile that information. While the data and information you collect is crucial, this portion of your business plan will only cover the highlights and conclusions of all of your diligent work. The bulk of the information, as we will later see, will be contained within the Appendix section of your business plan.

Continue reading : Market Analysis - How to Write a Business Plan – Part 2 of 8 »

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