Managing: Money Saving Tips to Recession Proof your Biz

Upcoming Webinar

Check out the “Successfully Running a Small Business Summit” on July 14, 2009.  Click here to register.

Title: Money Saving Tips on How to Recession Proof your Business
Presenter: Julie Brander, MBA, Adjunct Professor of Buisness and SCORE Mentor
Date: July 14, 2009
Time: 11:00 PST
Duration: 45 minutes
Summary: We’ll discuss ways to save money and immediate action steps to reduce expenses. Examples of how to save money will be explained in the following categories: business, personal, automobile and household.

Julie Brander, New Haven SCORE
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Sales: Growing Your Business Through Giveaways

Ten Sales Incentives and Giveaways to Increase Business. 

In this recession giving something away can be an incentive for your customers to do more business with you. 
Some examples are:

1. Giving a discount on sales…the more you spend the bigger the discount. 
   An example is for every hundred dollars spent you get $10 off your next purchase.  The benefit of this incentive is to encourage repeat business and larger sales.
2. Online purchases offer free shipping with minimum purchase amount.
3. Department store cosmetic counters give away free samples with every purchase.
4. Banks encourage you to open an account or refer customers for a cash bonus. 
5. Starbucks gave free coffee on Wednesdays knowing that people will buy other things. 
6. Sunglass hut is giving a free sunglass  cleaner and visor clip with purchase.
7. Offer a frequent shopper card  for discounts or free product.
8. Give a free gift with a minimum purchase amount. 
9. Offer a membership for $25 which gives customers 10% off every purchase for one year.
10. Many large corporations are realizing that free gifts stimulate sales .  Always think about ways to generate more sales as without sales there is no business.  Look at what other companies are doing  and modify it for your business.

Share your sales incentives that have brought in customers.

Julie Brander, New Haven SCORE
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Business Tips: More Things You Will Not Learn in Business School

Here are Some Things I Learned in Business that I wasn’t Taught in Business School.

Here are a few tips I have to share with you that I did NOT learn in Business school: 

1. Look at your competition and learn from them. What are their strengths and weaknesses?  Look at like companies in other states and countries and observe.  You will always learn something that you can implement.

2. Sell your products or services many different ways.  Never hold inventory always think of ways to sell it and always make a profit.  Examples: online, storefront, wholesale, craft shows, home parties, corporate sales, incentives, joint marketing with another company as added value, and on consignment.

3. For a service business; always exceed your customers’ expectations.  To retain customers make it easy for them to do business with you.

4. Company image is essential: Uniforms whenever possible for a professional image, name tags, proper greetings and attention paid to customers. Know your customers names and nurture customer relationships to ensure that they continue to do business with you.

5. Always educate your customers.  Offer information about your products and services and know the competition.  Most customers compare products and services before they purchase anything. With product knowledge and a higher perceived value the sale will always be made easily.

Julie Brander, New Haven SCORE
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Human Resources: Small Business Employees are Important

Don’t Underestimate the Importance of Your Employees.

1. Employees can drive and build the company, always empower them and pay them well.  Hire leaders that can create synergy in the company.  People that are creative, innovative and have skills that you do not have.

2. Employees with prior experience and expertise will always be more productive and add value to the business.  Productivity is essential to the success of any business.

3. When an employee is no longer productive and stops performing at peak level, never hesitate to replace them.  The next hire will be much better and you will learn how essential training is.

4. Motivate employees with incentives as much as possible.

5. Praise, Praise and give more praise…it costs nothing to do and makes people feel good.

Julie Brander, New Haven SCORE
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Customer Service: How Get and Retain Customers

Three Tips to Get and Retain Customers

1. New products, product development and services should be added to include additional value to your customer’s satisfaction.

2. Be innovative and creative in new products and services.  Always know that the customers will tell you what they want and help you with the next new trend.

3. If you have a great product give a lifetime guarantee, it adds a lot of value and returns will be rare.

Here is to your continued success!

 

Julie Brander, New Haven SCORE
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Business Law: Essential Legal Information for Small Business Owners

For Legal Issues, Always Hire an Expert.

In the long run it takes an attorney less time to research the issue as they deal with these issues daily. If you do not know a lawyer who specializes in the legal issue you need help with contact the local Bar Association for a referral. In most cases you will get a free hour of consultation so that you can determine if the lawyer can help you and if you have a comfort level.

• Always interview more than one lawyer for any case.
• Always get a price for services in advance and always cap legal fees if possible.
•  Never pay a retainer unless absolutely necessary.
• If possible get legal services on a contingency basis.

 
Always know that if the lawyer wins or loses he/she gets paid. Each situation is different do your homework and understand all the options that you have.

Wishing you business success!

Julie Brander, New Haven SCORE
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Business Tips: Things You Won’t Learn In Business School

How to deal with challenges and problems in business

Know that there are many solutions to all problems.  Think about all the possible options and identify many solutions to determine which would give you the best result.

-  Noticing a problem and finding a way to solve it is an opportunity for the business to grow in other areas and to increase productivity and sales.

-  New ideas are always hidden in the problems which we solve each day and as the problems are solved the business will be stronger and makes the business model better.

-  Listen to the problems that people complain about and realize that every problem is a brilliantly disguised opportunity.

-  When one problem is solved others always appear and the biggest challenge is how you deal with them.

Please share other ideas on how you have dealt with challenges in business.

 Julie Brander, New Haven SCORE
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Strategy: A Business Plan Today Will Generate Profits Tomorrow

A business plan is an essential management and operating tool for using your time, capital and energy the most effective way. This plan of action for building a successful small business examines the environment in which you expect your business to operate including potential problems, cyclical trends and growth opportunities.

If you plan to get financing, most lenders will require a business plan as part of the loan application. Putting your business objectives in writing as you build a business plan also forces you to think realistically about sales, expenses, short and long term goals. The more specific your goals are the better.

Make sure that the plan is easy to read, clear and can convince family, friends bankers and investors to give you a loan. A formal professional document is essential.

A complete business plan should identify: target customers and you plan to attract them; approaches to differentiating your products and services from competitors; sales and promotions; financial projections and a much more. Ideally, it will show anyone who sees it that you have done your research and understand the industry.

Every business plan starts with a cover page containing your contact information, which is vital to loan officers and other financial backers. The sections that follow include:

How to be an Effective Motivator in Business

In business today it is sometimes difficult to pay high-quality people what they are really worth, so how can we motivate these people to work hard when we cannot pay them more money?

Here are some ideas on how to motivate key employees with non-financial incentives.

• Make sure that very good work is acknowledged and, if possible, rewarded!
• Give positive feedback and praise often!
• Encourage employees to share new ideas and strategies. Open communication creates a team that works well together.
• Allow employees to make decisions.
• Pay for educational and training expenses.
• Try to make sure that employees look forward to work each day!
• Create a happy, positive, clean and safe working environment.
• Promotions and titles can motivate employees.
• Give paid days off whenever possible.
• Offer benefits to employees.
• Pay for on-site food, drinks and even lunch.
• Present awards annually or monthly to employees.

These are among many steps you can take to motivate employees, increase productivity and achieve greater employee satisfaction. Always recognize, encourage and appreciate your employees! Their contribution is key to your business success.

With conscientious, effective and efficient employees, your business will succeed.

Please share incentives that you have used that have been effective in your business.

Julie Brander, New Haven SCORE
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Marketing: Effective Elevator Speeches that Leave a Lasting Impression

An elevator speech is a short introduction of who you are and what your company does in about 200 words or less. It should highlight your uniqueness and focus on the benefits that you provide. It is delivered in an enthusiastic upbeat way, introducing yourself, shaking hands, having eye contact, engaging the potential client and handing out a business card.

A good elevator speech would include:

1. The services or features that you provide.
2. The benefits that your clients will receive from these services.
3. Include successful client outcomes.
4. Create an opening sentence that will grab the listeners attention, the best opening lines leave the listener wanting more information.
5. Finally your elevator speech has to sound sincere, engaging and delivered with passion.
6. Always introduce yourself, shake hands and have a business card to hand out

This essential networking tool will allow you to grab the attention of anyone you wish to do business with.

This would be an example of mine:

Hi, my name is Julie Brander and I am a SCORE counselor with 20 years of business experience, I have my MBA and Real Estate License. I help people start and expand their businesses. I’ve helped clients get business loans who have been turned down. I’ve helped clients with their marketing plans in which they have increased their business and helped with business plans in order to get bank financing. SCORE counselors are available free of charge to help you with all your business needs. Please contact us at www.newhavenscore.com or call 203-865-7645 for an appointment.