I have people ask me, usually men, how do you do it all?  How do you take care of the family, and your business, and be so management oriented?  Did you study business management in college, get an MBA?  No sir, I did not even finish high school.  I even worked at McDonalds as the French fry girl 10 years ago, now I run a multi-million dollar company.

Shhh, my Secret!  I had to work really hard, re-train myself, be willing to admit failure, be willing to change what was not working, and develop skills that I never knew I had.

It is not easy!  Let me tell you, however, once you have the skill set, anything is possible.  Here are my 5 tips and secrets that I use EVERYDAY, to do it!

1) Make sure you have a very clear to do list. I cannot function without it jotted down, even on a scrap paper.

2) Enlist people to can help you do these items, or that can do them for you.

3) Do not overload your schedule. I know that after I drop my kids at school, I have from 9 AM to 3:30 PM to get my things done. Because as you know, once the kids get home there is a host of activities going down i.e. dinner, homework, chores, and don’t forget you and daddy time! That is a whole other blog to write about. I have been successfully married for 20+ years, so I guess I can claim to be an authority on how to make it all work.

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TJ

A: I love this quote from the late, great Paul Harvey: “In times like these, it is good to know . . . that there have always been times like these!”

Sure, we have all heard that this Great Recession is the worst economy in 50 years, and it is, but that does not mean that there have not been equally bad times to be in business, because there have.

And what works in times like these? You bet, discounting.

Consider 1974 if you will. That year, new president Gerald Ford had to deal with an ongoing, expensive conflict in Vietnam, a quadrupling of oil prices, a huge drop in the stock market, and 11% inflation combined with stagnant growth – or “stagflation”. 

With the economy in such bad shape, it hardly seemed like a time to start a new business, but that is exactly what Dennis Brown did, and he succeeded because he tapped into the economics and mood of the time and created a business that offered low, low prices.

Specifically, Brown opened a new motel in Aberdeen, South Dakota and set prices at a mere $8.88 a night. By 1979, he had more than 70 hotels in his chain, and today, Super 8 Motels is one of the world’s largest discount motel chains with more than 2,000 locations.

So yes, low prices can work, and work big time. Many businesses in fact tie their brand to low prices and succeed as a result:

• Wal-Mart
• McDonald’s
• Amazon.com

So the question is not whether lowering your prices can work, sure it can, instead, the question is whether lowering prices can work for your business.

Lowering prices does not work for every business, and the one time that cutting your fees usually does not help much is when you have a high-end brand. BMW could gain little by suddenly selling their cars for a lot less because its brand is based, at least in part, on expensive luxury. Discounting would cannibalize its brand.

That said, the low price strategy often works for plenty of small businesses, especially in this type of economy. People are shopping right now. They want a bargain. If you are not willing to give them one, then they just might take their business elsewhere.

I have often said that one key to business is to ask people what they want and then give them what they want. I bet if you asked your customers what they want, today, many would say lower prices. So you better consider giving them that.

And as you do, you do have to be careful how you do it, and how much you do it. Lowering prices will bring in more people, yes, but it will also eat into your margins. Crunch some numbers before diving in.

One good way to start is to choose a loss leader. That is, pick a product or service that you think would be more popular if you put it on sale, and then put it on sale. The idea is to attract attention and entice customers and clients to your business with a great deal. The loss of profit on that item should hopefully lead to more sales of other things, hence ‘loss leader.’

Aside from the loss leader, discounting prices can take many other forms:

• It might be a regular sale
• It can mean bidding on projects lower than you normally would
• You might even start offering discount coupons

Whatever tack you take, be sure that you let your actual and potential customers know that you are in fact giving them a deal. Mention it in your advertising or when you are chatting them up.

Low prices are a big selling point today, and if you do it, take full advantage of it.

Today’s Tip: On Wednesday, May 20, at 11:00 a.m. eastern, Capital One is hosting a free webinar on how to survive and thrive in this economy. I spoke last week with Todd Kennedy, the  Vice President of Capital One Small Business, and he told me that the one-hour webinar is intended to help small business with information on getting credit, tips for motivating employees, and also ideas for succeeding online and with social media.

Says Kennedy: “We want to give small business owners practical tips on how to succeed in a tough economy.” It’s a great service of which any small business should take advantage. You can watch it live, or a recording of it later. Steve says check it out, here.

With e-retailers expected to buy less holiday season merchandise this year because of the economic downturn, they need to sharpen their strategies in coordinating pricing promotions with available inventory, says Paula Rosenblum, managing director at research and advisory firm Retail Systems Research LLC.

“Plan a pricing strategy, plan your inventory strategy, and make sure the two are in synch,” Rosenblum says.

She adds that retailers this year, worried about overbuying merchandise in an off economic year, may experience unusually high levels of inventory out-of-stock. If that turns out to be the case, it will be even more important for retailers to take several steps to increase gross margins on merchandise sales to help compensate for the loss of revenue, Rosenblum says.

Retailers working with lean inventory levels should take a harder at free-shipping offers and how they’ll affect product sales, for instance, and work with merchandise suppliers to apply the steepest promotional price discounts to products that will be available in the highest volume.

“Work with merchandise vendors to figure out what your sacrificial lambs will be and how you can work together to maximize order fill rates,” Rosenblum advises retailers. She adds that arranging for some suppliers to ship heavily promoted products directly to customers could be a good option for maximizing both order fill rates and gross margins.

“We know there’s a lot retailers cannot plan, and we don’t know what the economy is going to really look like,” Rosenblum says. “But we can plan for all kinds of contingencies. A retailer winner will do that now to have a better holiday season.”

http://www.internetretailer.com/dailyNews.asp?id=30433

Linda

A: There’s an old maxim about advertising and dogs which that is pretty true, and I once I had the dog to prove it. Her name was Gert. Like most dogs, Gert hated it when she had to swallow a pill. She would spit that pill out as fast as she could.

I learned that the only way to get Gert to swallow a pill was to wrap it in something she loved. I usually stuck it in a hunk of cheese. She would gobble the cheese up, pill and all.

Well, your mass media advertising is not unlike that pill. Customers don’t really like ads. They try and to avoid them and figuratively spit them out by turning the page or changing the station or zapping through them.

So what do you do?

You need to wrap your ads in some tasty metaphorical cheese of course. Your cheese may be a great benefit, or humor, a giveaway, or maybe a catchy jingle.

Whatever it is, the first lesson of mass media advertising is that creativity works.

But let’s drill down a bit more.

Radio: If you want to succeed in your radio campaign, here are three rules to follow:

Rule # 1. Pick the right station: It does not matter how great your ad is or how clever it is, if you pick the wrong station, the ad is a waste of money. The people who need to hear it, who might buy what it is you are selling, will never hear it. So be sure to pick the station with the right demographic.

Rule # 2:. Have a creative ad: Right, the cheese. First, make sure you have a “headline” that catch’s their attention! After that, the key is to be engaging and creative. Radio is a medium that takes place between the ears; people must use their imaginations to make it work. Whether that means telling a story or using wacky sound effects is up to you.

Rule # 3:. Buy as much frequency as you can afford: Radio requires frequency. It is said people have to hear an ad six times before they really hear it. In addition, listeners change stations, tune out ads out, and talk on the phone while listening, so you have to repeat the same message again and again to get it heard. How many ads do you need to buy? As a general rule of thumb, on any given station, no less fewer than 15 is preferable for during a week, and 25 or more is desirable.

And remember, no matter how clever it is, you ad must answer one basic question the listener is asking: “What’s in it for me?”

Television: TV is the 800- pound gorilla of traditional advertising because it works. That said, it most certainly is not for everyone.

The challenge and opportunity of television has to do with its reach. Because you will be reaching a large audience, you will pay accordingly.

How much? One 30-second spot in the afternoon may cost $250 (depending on the station and city, of course.). That same ad during the evening news may cost $750 or more. During prime time, it may be double that. Overnight, it could drop to $50.

So the first thing to consider is whether you even need to reach that many people. Ask yourself:

·        Do I have a business that has regional appeal?

·        Can I afford to advertise often enough to get people to notice, remember, and act on my ad?

·        Is there a better, more cost-effective, use of for my advertising dollar?

·        If my ad works, can I handle the increased traffic that will result?

Like radio, frequency is one an important element to of successful television advertising. You simply must air your ad a lot to get people to act on it. This is even more difficult in this age of the DVR, where when people zap ads.

Another option is cable television, where the rates are far less expensive because the audience is much smaller. If you decide to advertise on cable, the same rules apply (creativity, etc.) but be sure that you specifically choose what which stations and shows you will be on. Ending up on the “broad rotator” schedule, though cheaper, means that your ads will be placed anywhere, anytime.

Also consider also overnight and weekend ads.

Mass media advertising can indeed work, if you make it “cheesy.”

Today’s tip: One key to a successful TV or radio ad is to repeat vital information: “Head On: Apply Directly to the Forehead! Head On: Apply Directly to the Forehead! Head On: Apply Directly to the Forehead!” Annoying, yes, but memorable, too.

More importantly: Be sure to repeatedly repeat your phone number and URL.

Mike

A: As a general rule, buying a business can be a very good idea, but as with everything else in this economy, to make sure it will be a successful venture, you have to proceed with caution and do your due diligence.

First the pros: With a pre-existing business, you should have a pretty good idea of what you are getting. The business makes X number of dollars in profit a year, has Y number of customers, and so on. The kinks should mostly be ironed out and the brand is already established. All good, that.

There are two potential pitfalls, as I see it:

1.      First, you have to make sure that the success of the business is not due to the current owner. If the customers, for instance, are his personally and not really those of the business, that is a red flag.

2.      Similarly, you need to be extra certain, given the economic times we are in, that the business will remain as profitable as it has been in the last few years.

When it comes to buying a business, there are few people more knowledgably about the process – selecting, financing, etc. – than the folks over at BizBuySell.com. The site is one of the top marketplaces for businesses and franchises for sale. It lists everything from inexpensive home-based businesses to gas stations, large ventures, franchises, and more.

So to better answer your question, I called up Mike Handelsman, the general manager of BizBuySell.com and spoke with him.

Like any good business coach, he thinks you need to begin with the basics: “Start with a self analysis, decide what you are good at, figure out whether you are an entrepreneur (aside: The Small Business Bible can help with that!), and then start thinking about the sort of business that fits your interests and affords you the right type of income.”

Once you pass that self-analysis test, then it’s time to start digging in. BizBuySell.com for instance, allows you to find all sorts of businesses for sale in your area. You can see how much they are going for and what other requirements may be needed.

Once you start to really get serious, Handlesman suggests that you check into hiring a business broker, for several reasons.

·        First, good brokers will help you make a smart decision.

·        They also know what is for sale in your area.

·        They will help you with loan options. And finally, and importantly,

·        They are paid by the seller, not the buyer.

When I asked Mike Handlesman if it is possible to buy a business with no money down, that is, with 100% seller financing, he answered that is possible, but it won’t be easy, noting, “Most sellers have been waiting for 20 years to retire and won’t want to wait longer to cash out.” But you never know; you just might find someone willing to help you get started if they see that you will be able to pay them off in a few years.

“But remember, the danger of finding a seller willing to do 100% financing is that the business may not be very viable.”

Rather, he noted, partial seller financing is far more commonplace, and likely to happen. In fact, Handlesman noted, “if you have some money, or some financing lined up, it’s a buyer’s market. There are distress sales out there.”

If you want full or partial seller financing, the expert gave these tips:

·        “Show that you have a high likelihood of success” – you have experience, contacts, etc.

·        “Offer aggressive terms” – a 3 year note, that sort of thing.

·        “Work with a broker.”

·        “Engage the seller as a consultant for six to 12 months” – that way, you up their income.

Buying a business, especially with some seller financing, is another option in this challenging economy.

Today’s Tip: Want to find a broker, or get the value of a business? BizBuySell helps with those too. Steve says check it out.

Jim

A: I know you will be happy when I say, no, it isn’t. In fact, not only should “Going Green” not entail any major expense, it can actually save your small business money. After all, the whole idea is to reduce, reuse, and recycle.

There are any number of small steps any small businesses can take to help reduce their carbon footprint. Here are some of my favorites:

Change your light bulbs. By simply replacing your standard bulbs with compact fluorescent (CF) bulbs (the squiggly ones), you can reduce your power bill significantly. Added bonus: The new bulbs also provide better color and flicker less.

Use Energy Star equipment. Energy Star certification means that the appliance or product you are buying and using is green, highly energy efficient, and can save you money.

Choose an all-in-one printer. By using an all-in-one printer that offers two-sided printing (also called duplex printing) you can easily and immediately reduce your paper consumption, and costs, in half.

For example, Brother (a company I have done some work with) has a cool printer (the MFC-9840) that automatically allows you to print on both sides of the paper, is super fast, and is Energy Star-certified. I love that printer.

Use timers and motion sensors. Lights are often left on in conference rooms and other offices when they are not in use. By installing occupancy sensors, you will be assured that your office energy use will be efficient and not wasteful. It will save you money.

Similarly, electronic equipment like computers and monitors are usually not turned off when not in use. To remedy this, put a timer on that power strip.

Reuse and recycle. Boxes, packaging, paper, and office folders can easily be re-used. And, if you don’t reuse them, then at least have recycling bins handy so people can recycle them.

Buy recycled office supplies. Paper, pads, sticky notes, file folders, and even ink and toner cartridges can be purchased in recyclable versions, and often at the same price as similar “regular” items.  Indeed, many recycled paper products are now roughly the same price as conventional paper due to increased demand and better production operations.

Use green power. Many local utilities offer customers renewable power from green sources such as wind farms. Often, there are local incentives for using such sustainable energy supplies, and the new stimulus law also includes federal tax incentives for alternative energy use. Similarly, there are all sorts of breaks for investing in green tools like solar panels.

As with many of these ideas, while in the short run these things may seem like an expense, over the long term, such changes don’t cost, they pay.

Let people know what you are doing. Lots of consumers are making purchasing choices these days based upon how green a company is. So be sure to make note of what you are doing, what changes you have instituted, and then be sure to get the word out to the local media and your customers. Many customers will reward your efforts with increased loyalty.

On this Earth Day, remember that going green is your classic win-win: Not only does it help the environment, but it also can significantly lower your operating expenses. Who would thunk that going green actually saves green? 

Today’s Tip: One final idea: Be sure to get your employees involved. No doubt, many will have ideas of their own for how you can do even more in the greening of your business.  Involving motivated employees will allow them to participate in a cause they believe in while also helping the planet, and your business.

Kelly

A: There is no doubt that big business needs small business. Not only do they sell to us, but they also buy a lot of goods and services from us. But big business is much different than small business. If you are going to try and crack the corporate market, I think you need to keep these tips in mind:

1. You have to solve a problem: Your first step (after identifying your target of course) is to show the company in question generally, and the manager to whom you are pitching specifically, that you have a service they need and that by buying from you, you will be solving a problem they have.

So before ever even making that first phone call, educate yourself about the company. Find their pain points and be ready to explain how you can alleviate them.

2. Know with whom you are dealing: Corporate managers are busy people who have to justify the decisions they make to higher-ups. You will need a dynamic presentation and need to follow up, and then follow up some more. Show them that you are the best choice for this expenditure such that they can explain it to their manager (and their manager’s manager.)

A proven track record helps, as do testimonials from other companies with whom you have worked (even if they are not Fortune 500 companies.)

3. Appreciate budgets: Every department and every manager has a budget. When they buy from you it means they will not be spending their money elsewhere, so you really need to be able to show them that this expenditure is the best use of their limited budgetary dollars.

4. Have a dynamite proposal and presentation: A good business proposal explains your idea, simply and logically. It will be easy to read and understand. It will explain to the reader, who may know nothing about your idea, what the proposition is and how it will work. It will also avoid jargon and hyperbole.

More importantly, a good business proposal is a sales tool that shows the reader how it is in his or her self-interest to agree to what you are proposing. The proposal must therefore be persuasive, well-written, and compelling. Don’t over-hype, but don’t under-sell either. And remember what I said about their time; they’re busy.

So keep your proposal sharp and to the point. To be taken as a professional it must be professional.

5. Check out their supplier diversity programs: Many corporations have what are known as “Supplier Diversity Programs.” These are efforts to increase their purchasing of goods and services by selected small businesses, typically those owned by veterans, women, the disabled, and minorities.

For instance, AT&T states that the:

“AT&T Supplier Diversity Programs are designed to promote, increase and improve the quality of the overall participation of small, minority, women and disabled veteran business enterprises (M/WBE and DVBEs) in our supply chain. Our goal is to procure 21.5 percent of our products and services from M/WBE and DVBEs. . . . Together, we look for opportunities to work with diversity suppliers in all aspects of our business — from advertising to central office engineering, computers, outside plant construction and network provisioning.”

Many corporations have offices dedicated specifically to helping small businesses enter their diversity programs, so check them out.

Today’s Tip: A book you might want to read is Bag the Elephant: How to Win & Keep BIG Customers, by Steve Kaplan.

Ann

A: I do agree that we are in extra-ordinary times and it makes sense to be on the lookout for cutting edge ideas and strategies. You never know which one might make a big difference.

Let me give you an example:

We have all heard about R.O.I. – Return on Investment. It’s a useful way to analyze whether you are receiving sufficient bang for your buck for your efforts.

But have you ever considered your R.O.O. – your Return on Organization?

Look, we all know that main two pain points for most small businesses are not enough time and not enough money. This is even truer in light of the current economic environment. But what if I told you there was a simple, affordable way to get more of both? After all, as we all know, time is money.

I have been doing some work with Office Depot recently in order to help small business owners understand how, with just a few smart changes, they can increase their ROO, and how that can have a significant impact on the bottom line. In fact, it is estimated that increased ROO can yield up to an extra two hours of productive time a week and up to an additional 6% of revenue.

How? Well, think about it. It costs five times more to create a new customer than it does to keep a current one. The whole idea is that with some extra time you can take better care of your best customers. No, 20 minutes a day may not seem like much, but what if you used those 20 minutes a day to their maximum effectiveness? You could check in with customers, make some sales calls, send out some ‘checking-in’ emails . . . that sort of thing.

It all adds up.

Being more organized means having more time to be more effective and make more money. It’s as simple, and as important, as that.

So here are a few examples of some things you can do to increase your ROO:

Get your office or workspace organized: No matter what kind of business you are running, having the right work environment saves you time and money every day.

Incorporate a filing system that actually makes sense for your business. Always have Post-Its on hand so you are ready for your next brainstorm. Whatever it is, make sure you have you need to be organized.

The right tools can make a big difference.

Make sure you are sufficiently mobile. What business are you in? No matter the answer, let me suggest that you are in the service business, especially in this economy. You simply have to offer exemplary customer service right now.

And one of the best ways to do that is by taking advantage of mobility computing so you can respond to customer needs wherever you happen to be. Notebooks are the best-selling computers right now for a reason; make sure you have a good one.

What about your Blackberry or Smartphone – is it helping you help them? It better! And, there are a lot of apps to choose from to make you more efficient and that help you use your time better.

These types of tools will ensure you’re always able to meet and exceed customer needs, regardless of where you are.

Own your software, and don’t let it own you: It’s amazing how often small business owners buy the best software to help them with their business, but fail to take the extra time necessary to fully learn how to use it, when doing so can save them a lot of time down the road.

Software manufacturers spend enormous amounts of time and money learning about small business and they use that to make programs to help us succeed. Take advantage of that. Learn how to really use your software.

The important thing to see is that there are savvy ways to get ahead right now that do not require spending heaps of money. Being more organized in all areas of your business will increase your ROO, and that will yield some powerful results and rewards.

Today’s Tip: According to SCORE, here are two important things to keep in mind regarding customer referrals:

• If a customer compliments your work, ask them for a written testimonial to put in your marketing materials.
• Always follow up a referral with a thank-you to the referrer. Also consider sending the referrer a coupon or other discount.

Allie

A: Good negotiation skills are vital to small business people because it is something we use every day. Whether it is asking a vendor to lower a price or getting a potential customer to sign on the ‘ol dotted line, negotiations are part and parcel of small business life.

Indeed, as my brother Larry is wont to say, “everything is negotiable.”

No, I doubt you need a lawyer to do your negotiating; not only might that be cost-prohibitive, but it would take some of the fun out of the game. If you do not see negotiating as a game, then pull up a chair for Lesson One: Don’t take it too seriously, and most certainly, don’t take it personally. It is just a game.

The first step then in any negotiation occurs ahead of the game: Decide what tack you will want to take. It is conventional wisdom that one should strive for a win-win outcome. In a win-win, you try and get as much of what you want while also trying to help the other guy get what he wants (or at least needs.)

But as is often is the case with the conventional wisdom, it is not always right. Now, I am not saying that win-win negotiations and results are not good things, in the right circumstances, they are great. But not always.

If you have extra leverage, if you are über-competitive, if singing Kumbaya together is not your style, then don’t worry about the win-win – go for it. Just know that tough win-lose negotiations often leave a bad taste in people’s mouth that does not go away quickly.

OK, so once you have decided upon your strategy, then it is time to think about your tactics:

Use questions to obtain undisclosed information: When you wander onto a car lot, what is the first thing the car salesman does? He asks a series of seemingly mundane questions such as: What are you looking for and how much would you like to spend? Far from being humdrum, questions actually help the salesman craft his pitch to you.

It’s a tactic any of us can use. Not only does it make you seem interested and cooperative, but it also often fosters the disclosure of useful information.

Try to avoid making the first offer: While this is negotiating 101, it is still worth remembering. And if forced to make the first offer, be outrageous: “Well, if you really want me to tell you how much I want to make, I guess $50 an hour would be great!”

Don’t fall in love: When it becomes clear to the other side that you have to have something (whether it be a price, issue, or thing) you’ve tipped your hand and your opponent will use it against you.

Have a red herring: Having something you do not really care about and are secretly willing to give up can creates goodwill by making you seem reasonable when you do give it up.

Make unilateral concessions: As an adjunct to the rule above, a carefully crafted unilateral concession, even of a red herring, get you something in return.

Finally, consider

The calculated blowup: Sometimes it behooves you to have people dislike you a bit, or, even better, fear you somewhat. Say that you bought a new computer system and you have had the company that installed it out to fix it two or three times. If the system malfunctions yet again, then it is time for the calculated blow up.

Call the computer company get mad, really mad! Threaten to sue! Do not back down. They will not only try and calm you down, but more importantly, they will work to placate you. Later, you can apologize. But know this too: They will not want to deal with you like that again and will be a bit afraid of pissing you off again. You just may get what you want because they will want to avoid another confrontation.

Today’s tip: Applications are being accepted through April 6^th for the Dell Small Business Excellence Award which rewards innovative uses of technology. It’s a chance to win $50K and a day with Michael Dell. See details here.

But no one should have to face thousands of exhibitors – try more than 2,900 at this year’s ASD/AMD Las Vegas – without knowing how to get the most of your time spent. And after our own trips to trade shows, goWholesale has figured out how:

Planning

A no-brainer way to plan ahead: scouring through the trade show’s preview guide, then figuring out which exhibitors to see. What the next step should be: reaching out to those exhibitors. Taking care of formalities ahead of time could mean more time for business once on the floor.

Also, much like at the airport you are likely visiting, what you tote now may have to meet regulations. ASD/AMD requires that wheeled bags be no larger than 18 inches by 12 inches.

Shopping

Given today’s retailing environment, exhibitors could be a bit more assertive this year. Even the biggest ones may find more time to talk to a smaller buyer.

Regardless, keep in mind how their products and service could best accommodate your business, with either one or a few key questions:

• How does the exhibitor get and/or create the product?
• What unique quality does this product have, which would give my business a competitive edge?
• What are its shipping rates? If I buy a certain amount of product, will I qualify for free shipping?
• How much product is available? If I buy this, will I be able to buy it again in six months if I create demand?

And as a note of caution, also remember to never purchase a display product from exhibitors – it is prohibited.

Navigating

For hours of shopping and networking, try to keep a load as light and hands as free as possible. Some buyers may use fanny packs or backpacks, though to stow business cards, they could even use the plastic sleeve that covers your nametag – a tried-and-true tactic by goWholesale staff.

Once they receive their show guides, buyers also often highlight which booths they want to visit – though they may also want to have handy the reasons why. Try consolidating your research into a spreadsheet, which you can easily keep with you while walking up and down the rows.

Buyers, what other tips can you offer on how to get the best trade show experience?