Posts Tagged ‘Growth’


20 Quotes to Inspire Entrepreneurs

As an entrepreneur, you are most likely a glass-half-full kind of person. Without a positive attitude, it is nearly impossible to maintain the edge that you need to keep moving forward. But, no one can be happy and confident at all times. Here are some thoughts from entrepreneurs, athletes and innovators, including one from me, that can help you look at issues with a different viewpoint — and fill your goblet to the rim.

Persistence, Success and Failure

“Whether you think you can or think you can’t, you’re right.” -Henry Ford

“Fail often so you can succeed sooner.” -Tom Kelley

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. Twenty-six times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” -Michael Jordan

“Flaming enthusiasm, backed up by horse sense and persistence, is the quality that most frequently makes for success.” -Dale Carnegie

“Success is a lousy teacher. It seduces smart people into thinking they can’t lose.” -Bill Gates

“You miss 100% of the shots you don’t take” -Wayne Gretzky

Ambition and Focus

“Ambition is a dream with a V8 engine.” -Elvis Presley

“Jet pilots don’t use rear view mirrors.” -Joel H. Weldon

“Throughout the centuries there were men who took first steps, down new roads, armed with nothing but their own vision.” -Ayn Rand

“Perfection is not attainable, but if we chase perfection we can catch excellence.” -Vince Lombardi

“Entrepreneurs too often make choices based on ROE– Return on Ego– vs. ROI– Return on Investment.  A particular opportunity may make you feel great, but if that opportunity is not supporting your goal, or isn’t the best way to achieve your goal quickly and efficiently, then pursue the opportunity that will.” –Carol Roth

Leadership

“A good leader takes a little more than his share of the blame, a little less than his share of the credit.” -Arnold H. Glasgow

“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” -John Quincy Adams

“Management is doing things right; leadership is doing the right things.” -Peter Drucker

Competition and Motivation

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle. As with all matters of the heart, you’ll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it. Don’t settle.” -Steve Jobs

“And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department.” -Andrew Carnegie

“I gave it my body and mind, but I have kept my soul.” -Phil Jackson

“Far and away the best prize that life offers is the chance to work hard at work worth doing.” -Theodore Roosevelt

Problem Solving

“We cannot solve our problems with the same thinking we used when we created them.” -Albert Einstein

“The most serious mistakes are not being made as a result of wrong answers. The truly dangerous thing is asking the wrong questions.” -Peter Drucker


Using Case Studies to Grow Your Business

One of the ways to build credibility for your business is to share information about your company’s products and services from satisfied customers. Your ability to get a foot in the door with prospective customers depends in part upon how well you tell your company’s story. If you are a service business, you can’t talk about a tangible product. But what you can do is develop case studies to do that help you illustrate the results you deliver for your existing customers.

case study is in-depth profile of work you've done. This is typically written to highlight the work you’ve done on a high-profile project or client. This summary report can then be used as a one-pager in a marketing kit or on your company’s website. Here are the elements to include on a compelling case study.

Name of Client and Type of Service

Always include the name of the client you plan to profile (with their permission, of course), and select a business that will resonate with your target audience. The goal of writing case studies is to ensure that your ideal customer will hire you after reading the case study.

Also include the type of service you provided. For example, if you provided social media consulting or online marketing, include that as a sub-heading after you list the client’s name in the title. Since this will live on your website, you'll need to ask the company’s permission before publishing.  

Purpose of the Project

This is where you write about the problem the client was facing, and why you were hired to solve it. For example, was the purpose of the project to raise awareness of their company or brand? Was it to build brand awareness, generate sales or increase their online traffic?

Execution Brief

Here is where you illustrate how you solved the problem for the client. Describe in detail all the services you provided, and highlight why you chose certain strategies over others. Do not simply say you increased the number of newsletter subscribers. Be specific and note HOW you increased the subscribers.

Since this section of the case study can be long, don’t be afraid to break up the text into sections with bolded headers, or use bullets and numbers.

Share Results for the Clients

Use real numbers to illustrate the successful work you did. Don’t just say, “We doubled traffic to the website.” Instead list the before and after numbers or percentages and consider displaying those figures in charts and graphs. Using screenshots of Google Analytics information are great additions if that reflects the work you did. This section is a great way to use visuals to display the information.

Client Endorsements

One of the most effective ways to sell your products and services is with customer testimonials. Potential customers are really not that interested in your passion or belief that your work produces amazing results. Let your customers do that bragging for you. Include a few testimonials from the satisfied clients in your case study. Ask the customer to write the testimonial in a way that highlights tangible results and benefits. These words are a great way to close the case study with praise for the work you conducted. 

The addition of case studies to your website will help you tell your business story, highlight the services you provide, and illustrate results at the same time. Try if you can to get testimonials in video as well, to add to your website as well.


To Fix Your Service, Fix Your Systems

Man working with electrial componentsLet’s imagine you own a body shop.  Some of your customers start reporting (in person if you’re lucky; on Yelp if you’re not) an unsatisfactory customer interaction with one of your cashiers.  Your first impulse is to bite the young lady’s head off, but I hope you’ll hold that impulse in check and look at the situation dispassionately.  You may see something like the following:  your cashier’s disorganized, doesn’t have proper change, doesn’t have her computer turned on at the beginning of her shift–in time to serve you, the first customer who walks up to her–and can’t find a pen for you to sign the credit card slip.

What you’ll discover, in other words, is a failure of systems.  Including some or all of the following:

• Onboarding: why wasn’t she prepped on what the necessary supplies are for starting a shift?

• Training: has she been instructed in one of the workplace organization systems, perhaps 5S, which is a component of Lean Manufacturing methodology?

• Scheduling:  Was she told to show up at the minute the body shop opens rather than a more realistic 30 minutes earlier so she could both mentally and physically prepare, get her terminal switched on, get her bank ready to make change, and so forth?

• Hiring. Saying that there was a failure in hiring is sort of like saying it’s the employee’s (cashier’s) fault, but not really.  If she is wrong for this position–too shy, not detail-oriented enough, etc.–it’s not her fault, it’s the fault of the system (or hunch, in far too many companies) that is responsible for selecting her, in error, for this position.

So, when the customer service at your business goes bad, it’s almost certainly because one or more of your customer service systems are broken. (As the founder of the Ritz-Carlton Hotel Company has often said, if something goes wrong once, it might be the fault of the employee.  If it happens twice, it’s definitely the system.) And that’s what’s most important to understand about customer service systems: Gaps in organizational performance are almost always the result of a breakdown or lack of an appropriate Service System.

In my cashier example, it’s clear that a system needs to be developed to ensure that all supplies are stocked before each shift. This could be in the form of a small checklist or a job description that clearly defines the role of each employee. However the organization chooses to deal with the situation is fine – as long as it solves the problem for good. The absolute wrong thing to do is to yell at the cashier for not stocking the items. Not only is this demoralizing for a good employee who is trying her best, but it also doesn’t solve the problem systematically–in other words, in a sustainable manner.

So, how do you discover the systems that are missing or mis-designed? There are systems for that, but it is first and foremost dependent on building a culture where mistakes are embraced as learning opportunities, and guest complaints as opportunities for improvement. Turning every issue that comes up into a witch hunt will make your service team timid to the extent that they’re more focused on covering their, uh, assets than on providing service. You need your employees to tell you when they’ve made a mistake – so that it can be fixed in the future–systematically.


Nextiva Tuesday Tip: How (and Why) to Improve Your Internal Customer Service

6-16 internal customer service smallYou’re all about customer service—but how well does your company handle internal customer service? Internal customers are the employees at your business, all of whom depend on—that is, are “customers” of—other employees to get their jobs done.

Internal customer service is important because if it isn’t up to par, your business will function less efficiently and professionally, and your external customer service will suffer. Here are 4 steps to improving your internal customer service.  

  1. Make sure employees understand the relationships among their roles. As your business grows, employees may become less familiar with what each person does and how their jobs support each other. You can introduce the concept of internal customer service by using an organizational chart and explaining what each department does and how its functions support other departments. For example, your marketing team generates leads that your salespeople pursue to make sales, while your fulfillment department ships the orders. If marketing doesn’t do its job, the salespeople can’t sell. If fulfillment messes up the orders, salespeople’s efforts are in vain.
  2. Cross train employees. Cross training employees to handle each other’s jobs gives them a real sense of how important each job is to internal customer service. It can also open their eyes to the challenges of other jobs, and ways they could be making their teammates’ jobs easier or more difficult.
  3. Improve your systems and processes. Work with your employee to identify sticking points in your existing systems and processes that are preventing good internal customer service. For instance, if salespeople aren't inputting orders in a timely fashion, this slows fulfillment and overloads customer service with angry calls.
  4. Build team spirit. Poor internal customer service often comes from personal rifts or misunderstandings between employees. When employees see each other as comrades and even friends, however, providing great internal customer service comes naturally. Encourage employee bonding by hosting regular events like Friday potluck or pizza lunches, company picnics and other outings. Model the behavior you want to see by being friendly, upbeat and getting to know your employees.

Encouraging employees to see each one another as customers will spark better behavior and greater professionalism. That means a happier team…and happier customers. 


Mondays with Mike: Win Customers With Your Authenticity

6-15 Be Authentic smallEven though I’m not an accountant, I understand just how important effective accounting and accountants are to running my business successfully.  A few years ago, I attended an accounting conference, and I’ll admit it:  I wasn’t very excited about it.  I hire accountants because that’s not where my natural talents lie.

But there I was, armed with a gallon of high-octane coffee, committed to sitting through what I predicted would be a boring presentation.  The featured speaker stepped up to the podium, and I nearly groaned out loud.  He was everything I was afraid he’d be:  boring suit and matching monotone voice, with a heaping helping of a snooze-worthy Powerpoint.  Making numbers interesting ain’t easy, and this guy didn’t even try.

I made it through the presentation without falling asleep and drooling on my neighbor, and I hightailed it out of the seminar, glad to be gone.  You can imagine my dismay when I attended a friend’s barbecue a few weeks later and literally bumped into the accountant speaker.  Since we were face-to-face (and because he recognized me,) I was stuck.  While I was thinking of excuses to escape, he surprised me, though.

He was actually funny.  He was relaxed, dressed casually, and he was really interesting.  It was like it had been his boring clone making the presentations, because this guy was nothing like he’d been the first time we’d met.  We were laughing about a joke he’d told when he said something that simply stunned me.  He said, “Man, I hate having to be all professional at work.  I wish I could make money just by being myself.”

I’m pretty sure I spaced out for a moment as I though about the weight of what he’d just said.  He had no idea that he was more compelling, more appealing, and even seemed more trustworthy when he was being himself.  By putting on a false front in an attempt to appear professional, the accountant was making himself fit a mold that not only wasn’t comfortable for him, but was also unappealing to his clients.

I left that barbecue with two important takeaways.  First of all, that guy is now my accountant – the very best I’ve ever had.  Secondly, I realized just how important it is to be brave enough to be our authentic selves.  In fact, it’s when we give ourselves permission to let our real personalities emerge that we’re most likely to find clients who really connect with us, our values, and our big-picture goals.

Now I’m not advising that folks stop showering or litter their sales pitches with dirty jokes, but what I am advising is that we stop trying to pretend to be someone we’re not.  Let your creativity peek out.  Give your quirky sense of humor a chance to brighten your sales presentations.  Will everyone get your off-the-wall jokes?  Probably not.  But the ones who do are more likely to end up as customers for life.

I’m reminded of the wise Dr. Seuss’ timeless advice:  “Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind.”  Let your authentic self shine through, and you’ll find your best, most loyal customers.


7 Things Small Businesses Do To Lose Online Customers

6-10 online shopping smallRunning a small business isn’t easy. Finding and keeping customers is even more difficult. If you don’t make it really simple to buy from you online, shoppers will go elsewhere for their next purchase. There are specific bad behaviors to avoid with the shopping experience on your website.

Here are seven things small businesses do to lose online customers.

1. You Have Confusing Information on Your Site.

As an entrepreneur, time is often your most precious commodity. If you don’t regularly review what’s on your website, you might be turning away potential customers with misinformation or simply old data.

If your newest blog post, for example, was written over a year ago, that’s a turnoff. If your products don’t have a sales page or enough detail to help shoppers make an informed decision about buying them, they won’t.

Remedy:

Periodically review all your web copy. Update it on an annual basis at minimum, and make sure it’s always accurate.

2.  No Contact Information.

Spam is a definite concern when posting your email address online, but there are alternatives that will make it easy for customers to reach you via email while keeping your inbox spam-free. Instead of burying your email address on a never-visited page, post a phone number and set up a contact form for customers to use to reach you.

Use FAQ page to help answer many of the questions people have before they hit submit on that contact form. Being helpful is always good customer service!

Remedy:

Ensure your contact information is clear and easy to locate. Offer multiple ways for customers to contact you (email, chat, phone, social media).

3.   You Don’t Answer Email in a Timely Manner.

Have you even sent an email trying to get help and no one every got back to you? Sure you have, but don't have that happening in your business. Don't set up an info@xxx.com email account no one checks. Time is money when people are shopping online.

It might have been acceptable for you to respond to a customer’s email within 24-48 hours several years ago, but now every minute counts in your response time. As in: the sooner, the better. Taking even a day could lose you serious business.

Remedy:

If your inbox is overflowing, consider hiring a customer service rep or social media virtual assistant to help field some of those emails.

4.  You Use Social Media Inconsistently.

Social media can be a game changer for small business owners…but only if you use it regularly. If you aren’t making an effort to update your profiles at least once a day, potential customers will not know you exist. A steady stream of fresh content, on the other hand, can pique people’s interest and lead them back to your website, which is your best opportunity to generate a sale. 

Remedy:

Focus on only one social media site to engage prospect customers. Update your social media account daily. Dedicate a few minutes each day to the effort.

5.   You Don’t Engage with Potential Customers with Email.

You need to make sure you have at least three ways to capture a potential customers email address when they come to your site, so even if they don't buy that day you can nurture the relationship. Use email to building your brand to attract future customers, share helpful information to a build a like, know and trust relationship with your prospects.

Remedy:

Use email marketing to engage potential customers by demonstrating your ability to anticipate their needs, and offer help.                                                                                            

6.  You Share Too Many Promotional Updates on Social.

One of the best ways to create a relationship with a potential customer is to provide assistanceOf course, you want to bolster your connection with your audience, but it is critical to provide value first especially in social media. Don't start selling relentlessly as soon as you start using social media, Instead, share informational tidbits in the guise of links, tweets and conversations to build community with potential customers. Make it about them and not about you.

Remedy:

Use the 4:1 ratio. For every four useful, informational updates, post one promotional one.


Three Ways that Viral Fads can Create Successful Businesses

Posted on by Carol Roth

6-8 instant success smallEvery entrepreneur dreams of “going viral”, but sometimes, that virality leads to a fad rather than a bona fide business. Fads can make big money, but if your business is based on a single trend, you need to make some important decisions upfront to make sure it’s a net money-maker, rather than a money-taker.

Take the Money and Run

Within six months of introducing the Pet Rock to the marketplace in 1975, Gary Dahl earned $15 million in profits. Not knowing if his silly idea would be a hit (and way before the Internet), Dahl kept his costs low. The product that he sold for nearly $4 cost less than a dollar. He had very low overhead, introducing the product at a gift show, and selling to major stores, with a little help from free publicity obtained from a Newsweek article and two appearances on The Tonight Show.

Clearly, Dahl never intended to start a long-term business, but his one product made him an instant millionaire.

If you have an idea for a one-hit wonder — and you don’t have to expend a great deal of time and money to get it to market — go for it. As long as you don’t spend your profits on too much overhead (expensive rents or inventory, for example), you might gain enough money that you never have to work again.

Add Value

Many workout programs have come and gone (remember Suzanne Sommers and the ThighMaster?) Well, direct response retailer Beachbody has managed to take some hot properties that could have died like so many before and has given them long lives by adding value. 

Programs like P90X have been supplemented by a number of items, including program line extensions and nutritional supplements to keep the customer engaged with the products (and consumable ones that require continual purchases).  These offerings add value to the original product — and keep their programs popular today.

To remain relevant over the long term, your product needs to morph over time. If it’s a toy or other object, make it bigger or smaller, or introduce must-have accessories.  If it’s a fitness program, think about follow-up videos, nutrition and personalized coaching. And, considering that consumers get bored, do not assume a consumable product is safe. Add more flavors or accompaniments, or create a low-fat or low-calorie variety. Even cream cheese now comes in an abundance of fat levels and flavors.

Expand Your Focus

On July 8th, 2014, Crumbs Bake Shop, which focused solely (and for a time, successfully) on the cupcake trend, announced its apparent demise when they closed their doors. Six days later, they filed for reorganization under Chapter 11 bankruptcy and about a month later, they announced the planned reopening of two dozen stores, under new ownership.

The new owners plan to expand the business beyond its popular cupcakes to a variety of sweets and snacks, instead of relying on a one-item fad like a cupcake.

If you have a one-product business, keep in mind that fads lose popularity over time. Set your focus over the long-term and find ways to expand your product line to keep it fresh and interesting to customers.

A similar strategy is being used by I Want to Draw a Cat for You, which reportedly earned $200,000 in its first year, by, you guessed it- drawing cats for customers. Knowing that this Internet-led sensation would not likely be sustainable in its current form, the company expanded by adding physical products (pins, greeting cards and tee shirts) to its initial offering of customized cat-drawing services.

So, either take the money and run or evolve your core, and you may be able to make your fad worthwhile.


Lifetime Network Value: Even More Important Than Lifetime Customer Value

Roundabout traffic signTaking the time to calculate the lifetime value of a single customer can be a powerful motivator to treat your customers right: Once a company realizes how enormous the value of a single customer can be over her lifetime, it provides a great encouragement to stop nickel and diming your customers, to stop arguing over responsibility for a FedEx upgrade, and so forth.

But there has been understandable concern among businesses about brand fickleness in today’s–and tomorrow’s– generations of customers.  The ability of customers to switch providers at the click of a mouse, as well as the surfeit of acceptable providers in many consumer and B2B categories, is troubling and has created a competitive landscape in which our existing lifetime customer value calculations may no longer valid.

However, this required recalculation isn’t exactly bad news. The occasional straying of customers today due to the ease of switching masks a more important positive change in today’s landscape: the extent to which social media and Internet reviews have amplified the reach of every customer’s word-of-mouth.

Never before have customers enjoyed such powerful platforms to share and broadcast their opinions of products and services. This is true today of every generation—millennials, Gen X’ers, Boomers, and even some Silent Generation customers share on Facebook and post reviews on TripAdvisor and Amazon. (Millennials, thanks to their lifetime of technology use and their growing buying power, are likely to make especially active spokes-customers. Boston Consulting Group, with grand understatement, says that “the vast majority” of millennials report socially sharing and promoting their brand preferences.)

Customers today are talking about your business when they’re considering making a purchase, awaiting assistance, trying something on, paying for it and when they get home. If, for example, you own a restaurant, the value of a single guest today goes further than the amount of the check.

The added value comes from a process that the great Patrick O’Connell, chef and proprietor of the double five-diamond Inn At Little Washington, calls competitive dining: “comparing and rating dishes, photographing everything they eat, and tweeting and emailing the details of all their dining adventures.”

By doing so, they’ve greatly increased what I call their Lifetime Customer Network Value. And this makes them at least as valued as any customers in the past–even if they have wandering eyes and wallets to an extent not expected of previous generations of customers.

*****

It’s easy to underestimate the commercial power that today’s customers have, particularly when the network value of the youngest of these customers doesn’t immediately translate into sales. Be careful not to sell their potential short and let that assumption drive you headlong into a self-fulfilling prophecy.

Remember that younger customers are experimenting right now as they begin to form preferences they may keep for a lifetime. A little love lavished on these customers now will likely be repaid in spades in the future.


5 Tips for Picking the Right Business Partner

Having the perfect business partner can help you take your business to another level even faster than you could take it on your own. Not only will you have someone to bounce ideas off of, but you can also have someone whose skill sets complement your own, making you a well-rounded team. But just like any relationship, you need to date first and test the relationship, so that you don't make an expensive mistake. Breaking up a business partnership is a major distraction, so you must choose well.

Here’s how to make sure the person you pick is right for your business.

1. Pick Your Partner Carefully.

Just like you wouldn’t marry someone you barely know, it’s important that you get to know the person you want to run a business with. In other words: date before you get married in business.

How can you do that? Work on a few projects together before joining forces in business. See how you work together. Do you flow well, or do you butt heads? Do you enjoy working together?

It’s also a good idea to do a background check to know who you're getting in business with. 

2. Get an Entrepreneur's Prenup.

Even if you trust your new partner implicitly, it’s still a good idea to hire a lawyer to develop a formal partnership agreement. Make sure it addresses how money will be managed and when net profits will be shared, as well as how hiring decisions will be made, and spells out each of your roles and responsibilities. Make sure to clarify terms on exits, buyouts, death, and divorce.

Money can ruin a good partnership. Have clear policies drawn up on how money is handled, including vendor payments, reimbursements, cash withdrawals, etc. Having this document can help you if things go south and you need legal proof of your original agreement. If you agree to change the partnership agreement, legally document the change. 

3. Keep it Business.

Unless you’re married to your business partner, your relationship will do better if you focus on business and keep your ego in check. Never make decisions based on emotions, and do take your partner’s opinion into consideration. Schedule meetings to rtegularly review your financial statements together. Be open with information and clear with communication.

4. Don't Be a Credit Hog.

There is no "I" in team. Successful partnerships can be ruined when one partner wants to take credit for everything. If your partner has come up with a great idea, pat him or her on the back and make sure credit is given where it’s due. It takes teamwork to make the dream work.  If one of you dominates the relationship, the business partnership won’t last long.

5. Value a Good Partnership.

If you have a good partner and the business is successful, celebrate this. That way both will thrive. Always make sure to make decisions in the best interest of the business and not your personal self interest. Just like in any relationship it will take time and effort on your part to develop trust and keep balance in the partnership.  

Understand the value of that partnership and make concessions for the good of the partnership. Remember: this isn’t just your business anymore. You share it with someone else, and everything you do should take that into consideration.




 
Nextiva Logo

phone-icon Sales phone-icon Support
Nextiva
Nextiva is the leader in Business VoIP Services. Copyright 2015 Nextiva, All Rights Reserved,
Terms and Conditions Privacy Policy Patents Sitemap