Category Archives: Small Business

SMALL BIZ RESOURCE: Small Business Development Center Miami-Dade

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The Florida Small Business Development Center Network (FSBDCN) is a nonprofit organization founded in 1976. State designated as Florida’s Principal Provider of Business Assistance, the Florida SBDC Network has over 35 years of experience helping businesses start, grow and succeed.

The local SBDCs offer everything from extensive one-on-one consulting and small group workshops to large group meetings on important business topics. Training topics cover many areas of business operations including Business Start-up, Financial and Cash Flow Analysis, Accounting and Recordkeeping, Marketing and Sales, and Business Planning.

Why They Started:

Whether you’re starting a business, buying a business, growing a business or selling a business, the Florida SBDC Network can help.

 Funded in 1976 by the US Small Business Administration (SBA), the Florida Small Business Development Center Network (FSBDCN), one of eight original SBDC pilot programs, successfully links the state’s education system with community outreach to aid in the development and education of the state’s entrepreneurs and small business community.

Who They Serve:

FSBDCN serves small and medium sized businesses.

With partners ranging from institutions of higher learning to federal, state and local governments to private organizations, and funding from the U.S. Small Business Administration, Florida SBDCs offer this business management and technical assistance at little or no cost.

Greatest Success Story:

Since its inception, the Florida SBDC Network has consulted 402,528 small business owners and entrepreneurs with 1,778,404 hours of one-on-one consulting and conducted 35,989 business training events for 741,050 participants.

In 2011, Florida’s SBDCs helped its clients open 1,026 businesses; create and save 16,914 jobs; win government contract awards worth $313.9 million; acquire $96.6 million in capital for business formation and expansion; and enjoy sales growth worth $317.9 million.

Biggest Challenge:

The Florida SBDC’s biggest challenge is raising more awareness on their services.

Word of Advice:

The Small Business Development Center Miami-Dade advises people to take advantage of valuable, no-cost consulting, training and information covering all areas of business management provided by their Certified Business Analysts (CBAs).

What to Remember About Them:

State designated as Florida’s Principal Provider of Business Assistance, the Florida SBDC Network has over 35 years of experience helping businesses start, grow and succeed. Florida SBDCs have assisted hundreds of thousands of potential and existing business owners by providing the management advice, training and information needed to make sound business decisions in a complex and ever-changing marketplace. With partners ranging from institutions of higher learning to federal, state and local governments to private organizations, and funding from the U.S. Small Business Administration, Florida SBDCs offer this business management and technical assistance at little or no cost.

Statewide with close to 40 locations from Pensacola to Key West, the FSBDCN’s integrated infrastructure has the professionals and partners needed to successfully serve the Florida business community. No matter the needs of the business, the FSBDCN has the expertise, tools and connectivity to help businesses succeed. Whether you’re starting a business, buying a business, growing a business or selling a business, the Florida SBDC Network can help.

Learn More:

www.miamisbdc.org

FSBDC Miami-Dade – Miami; 8500 SW 8th St, Ste 224; Miami, FL 33144-4002

 

 

It’s All About Location

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When it comes to the success of your small business, it may well turn out that it’s all about location. Based in part off of an article on CNNMoney, this post will focus on the importance of where you open your physical store(s) and what state you start your business in.

Location, Location, Location

If you can afford to, get a prime real estate location for opening your small business. Do the math and see what area you can afford to put your business’ name at. After balancing out where you can put your money, it could definitely be worth it to make a stretch for a better location. Advertising can be expensive, and if your store is out-of-the-way, out of eye’s sight, and hard to find, you’re going to have to spend even more time, money, and effort to advertise your business. When you get a better location where your store’s sign can be seen from major roads, you don’t have to spend as much money advertising because a lot of that job is taken care of simply by location.It’s not wise to get over your head in a lease for a location that you simply cannot afford. This is where wise planning and projections are crucial. Be honest in how much money you think you can bring in to support the location you choose.

Do your research beforehand. Go see for yourself the shopping centers where you know people go to. Where are locations that seem customer-friendly and will provide you with a great business opening? After you have a few spots in mind, go there and talk to the other business owners who have stores in the area. You may be able to find out how much they are paying for their location and get any tips or advice that could persuade you one way or the other. Also, put yourself in your potential customers’ shoes. If you were them, how would you find out about your store, and where would you expect to find your store? Where would you shop for your product and what location would entice you to actually go in the store?

Because you know your business the best, draw out what type of location you need and will bring you the most success. If your business does not interact with clients much or doesn’t rely on customers physically coming into the store, then having your business easily accessible to and visible by the public may not matter as much. Proximity to distributors or other partners or even transit and shipping areas may be much more important. If your business mostly relies on people physically coming into your store to purchase your products, then an easily-visible, friendly location may be everything to you.

Entrepreneurial-Friendly States

No matter where you open your small business, there is a risk involved. Being an entrepreneur is not easy, but if it were then everyone would be in business for themselves. According to the article, states such as Arizona, Texas, California, Colorado, and Alaska make up the top five most friendly startup states. Missouri, Nevada, Vermont, Idaho, and Florida follow closely behind.

So what makes these states so startup friendly? One of the first and main reasons is that, in general, business and property taxes in these states are lower than others. Texas, for example, does not have personal or corporate income tax. Alaska does not have state income or sales tax. Nevada has no business income, estate or franchise tax, and income taxes are also low. Another reason is that worker’s compensation costs are also lower, such as in Arizona, which means less payout from small businesses that do not have a lot of capital and income to work with at first. Colorado even has a state-funded training program for business owners.

A growing population, such as in Texas, also helps to create more jobs, and when a growing population is coupled with universities that churn out graduates educated in areas such as science, technology, and business, you have a recipe for startup success.

Some states, such as Nevada, have streamlined the process for small business owners to get up and going. The easier and less expensive it is to start, the more people will be attracted to giving the entrepreneurial rout a shot. Other states, such as Florida, have reduced regulation and business taxes, which is a large draw.

Wherever you decide to start your small business, do the necessary research before you dive in. Every state is different in how they try to entice small businesses. Some states, such as California, are much more friendly to small businesses than large ones, so keep growth in mind as well. Your business’ needs will largely determine location.

 

Click here to view the CNNMoney article

Interviewing for Your Small Business

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Hiring the right employees is one of the most important factors in forming a successful business. Whether you’re the one hiring or you have an HR director who takes charge of that, here are some tips that will help you make the right decision.

 

Take the Time to Read the Applicant’s Resume and Check His References

Chances are that the applicant has done some research on your company in preparation for his interview. He will probably have a question or two for you, and he will have prepared his possible answers around what your company does. As an interviewer, you should take the time to try to get to know the person before he or she walks in the door. By reading over the resume beforehand, you can prepare some questions for the applicant that will better help you to know if he’s the right fit. This may seem common sense, but I’ve seen interviews where the interviewer was unprepared, and this is unfair to both your company and the applicant.

If the applicant provides references or your application for employment requires references, it’s a good idea to contact the references to find out more about the applicant. Most references will be honest in their answers, and it’s also a good idea to let the reference just take a minute to tell them anything you would like to know, as a possible employer, about the applicant.

Focus on the Applicant’s Energy and Eye Contact

I have had the opportunity to conduct interviews before, and the interviewer can usually tell within the first minute or two whether the applicant is right for the job simply by reading the applicant’s energy and noticing his eye contact and the way he presents himself. If you’re hiring for a job that requires face-t0-face interaction with clients, you probably aren’t looking for someone who is timid, soft-spoken, unsure about himself and his capabilities, or does not generally present himself well. If the job requires someone who can work well on his own and take initiative, look for energy in the applicant’s conduct. If your workplace requires someone who is outgoing or your workplace needs a boost of energy for productivity, hire the employee who comes in the door and makes the interview pop. The interview is kind of like a first date – if it’s quiet and boring, filled with awkward silences and no spark, there might not be that click you’re looking for. If the interview turns out to be a good conversation and there’s a comfortableness where things just feel right, you’re probably on the right track.

How Does the Applicant Fit In With Who You Already Have

In most cases, the applicant will be joining a certain department or team that he will need to interact well with in order for your business to become more successful. Assess the feel of the group of people that applicant will be working with and have an idea before the interview of what kind of personality would fit well at your business. Remember, you’re picking a team. You have the right to be picky and choose who’s going to help you win. If you can’t see the applicant meshing well with your team, then he may not be the right fit.

A great way to help determine whether the applicant is the right fit is to invite another person into the interview. At one or two interviews at which I’ve been interviewed, the HR manager has invited a member of the department I was interviewing for to come and join. When you, as a possible employer, interview with someone else there to help you make a decision, you can often receive a quick reaffirmation of your initial responses to the applicant. Have both interviewers prepare questions beforehand, and then make sure there’s a good discussion between the two after the interview takes place to discuss the applicant.

Impressive on Paper vs. Impressive in Person

There are many instances where someone’s credentials or what they’ve listed on their resume just doesn’t seem to quite match up with how they are in person. You should take the time to assess your business and have a picture in mind of what type of applicant will best fill that position. If the applicant is an “A” on paper but a “D” in person, then make sure to note that. Take into consideration what the applicant will be doing on a day-to-day basis, and where he might advance to or end up at your business. You might be much more inclined to take a “B” on paper who’s an “A” in person than someone who’s a “A” on paper but a “C” in person. As an employer, only you can determine what that balance will be. Ideally, you would like to have someone who’s an “A” on paper and in person, but that is often difficult to achieve.

What Can You Afford

An applicant’s experience is almost always a bonus, but with that experience will usually come a higher expected wage or salary. Know before the interview occurs how much you are willing to pay the applicant in his new position. Some employers advertise a certain wage or salary, some leave it as “DOE”, and some print a wage or salary with wiggle room for negotiation. Determine which one of those categories you fall into, and be able to negotiate in the case that you need to. How important is someone’s experience for the position you are looking to fill? Are you willing to take the time and effort to train the person, or do you need an immediate expert to start things off by themselves?

 

All said, there are dozens of different tips and methods that could be listed when preparing to interview and hire a possible employee. There’s room for experimentation, and every business is different. Take the time to prepare, because your small business is often only as strong as it’s employees.

 

SMALLBIZ PROFILES: Terra Medicus Corp. – A Life Saving Business

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Have you ever wondered what you would do if someone around you suddenly needed immediate medical attention, but you were the only one around to help at that time before medical help arrived? Are you interested in learning more about CPR or first aid for your job, or are thinking about a medical-related career? Terra Medicus Corp. offers health courses such as CPR, first aid, BLS for healthcare providers, life guarding, and pet CPR. They can help you learn what to do in certain situations that could help you save someone’s life.

Terra Medicus Corp. is American Heart Association certified and offers courses seven days a week in either English or Spanish, focusing on your particular needs. Learn more about Terra Medicus Corp. below.

 

Why They Started:

With a background in EMS and working in a trauma center, I found myself teaching BLS, CPR/AED, First Aid, and BBP. It became apparent that I was really good at teaching and have done it ever since.

Who They Serve:

Healthcare, Community

Greatest Success Story:

Participating in television interviews about CPR for the American Heart Association & The American Red Cross

Biggest Challenge:

Conveying the importance of CPR/AED and First Aid to parents and the community.

Word of Advice:

Persistence

What to Remember About Them:

We are in the business of teaching people how to save lives!

Learn More:

www.terramedicus.com

Or contact Ismael Galvez, 305-300-7736

Visit Terra Medicus Corp.’s website, get involved, and be prepared to help someone or save a life when you’re needed!

 

How Surveys Can Help Your Business

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How do you know if you’re doing everything you can to make your business successful? It is often difficult to assess your own business because you have put so much effort into making it how you think it should be that it may be hard to see the flaws. If your business is your “baby”, you might be slow to discipline or criticize that baby even if you think some things might need to be changed. There are professionals who you can have come in to tell you how to make your business successful, but they can be expensive and possibly not as helpful as a simple survey.

Customer or client surveys are a great way for you to look at your business or evaluate what you are doing. Those who receive your services are in a great position to offer you some advice through their evaluations and suggestions of your business. They provide a look at your business from the other side of the mirror, whereas you may only see your business a certain way.

Offering Surveys Much of the time, customers or clients may be hesitant to take time out of their busy schedules to fill out a customer survey. There are several things you can do to hopefully get customers to actually fill them out. One way to encourage someone to fill out your survey is to offer them something in return for their time. You could hand them a coupon, gift certificate, or other small token of appreciation upon their finishing the survey. Something that will be stated many times on this site, but is something that we forget all too often, is to put yourself in the other person’s shoes. If you were in their position, what would you think about your product? What would you think about your customer service? How about your prices, ability to actually get in contact with a person who can answer questions, location, advertising, etc.?

As a small business owner, you are in the best position to design questions to help you improve and grow your business. Keep your surveys honest, clear, and concise. A long survey with a lot of boxes and fields to be filled out is an immediate turn off. If your questions are not carefully crafted and to the point, not only are you going to confuse the survey taker, but you’re not going to get the responses that will help you the most. Avoid confusing language and long statements. Also avoid questions that would lead a customer to answer a certain way. You want the survey to be an honest assessment of your business.

How to Begin There are numerous examples of surveys available for free on the internet that can provide you with a starting point as far as format and possible questions. The key to your small business survey should be to tailor it as closely as you can to your business and services so that you can receive an honest opinion. Don’t get over-technical with questions or too specific, just keep it simple. Hand surveys out to customers and clients and explain the perks of their taking a short minute or two to complete that survey. Keep in mind that if you do it right, the benefits you will receive by taking the effort to create the survey and have people take it will outweigh the time and money you spend to get it underway.

Be Proactive

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One key to success in business is to be proactive. Entrepreneurs prove that they are proactive simply by starting their journey to create a business. It is important to remain proactive in growing your business and to not become complacent with the way things are going.

Don’t Be Over-Aggressive

There’s an important balance that needs to be reached between being proactive and becoming over-aggressive in your strategies and relationships. Pushing yourself, your funds, your employees, and your equipment to the edge may work every once in a while, but it is not a good habit to develop. You want to find the “sweet spot” where everyone is doing their best and working hard, without being tired out and frenzied.

You do not want to become over-aggressive with your business contacts either. This includes how your employees interact with potential customers, vendors, etc. While a certain level of aggressiveness is good because it demonstrates that you really care and are pushing toward your goals, many people are turned off by someone who is too aggressive. No one likes to feel pushed into something, and sometimes when you try too hard to make a sale or get a better price for your materials, etc., you may actually be hurting yourself more than helping.

Be approachable in whatever way you deal with clients and customers. Developing good communication skills will show your sincerity and passion in your dealings and will also help establish a trust between you and your clients. People often want to approach someone who they will not feel pressured around, and if you’re always trying to make the sell at every opportunity you get and are being over-persuasive, you may likely not get that sale.

How to Be Proactive

There are so many ways that you can be proactive in your business dealings without going over the top. The best thing to do is to look at when you have been the most successful, and then try to mimic those activities, state of mind, strategies, etc. and repeat them in the future. If you feel like nothing’s really happening at your business or you’re not making the progress you want, it’s likely because there’s an area that you’re neglecting or have let slipped.

Always be thinking about where you want your business to go. By setting achievable goals, you are giving yourself and others something to work toward that will help motivate your every decision. When people lose productivity, it is often because they do not have something to work toward. If a goal seems to large to accomplish, just break it down into smaller pieces that you know you can do.

You’ll find that when you make a conscious effort to be proactive, things will just start to go your way. Success doesn’t just happen, but is rather a result of the big and little things you have been doing all along. Don’t let yourself slack in your business practices – you’ve worked so hard to get where you’re at. Seek to maintain a balance in your activities and you will get where you want to be.

Managing Marketing Mistakes

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Just like there were home runs in the Super Bowl, there were also ads that did not quite work out as planned.  Take the above ad from Groupon.com.  The ad was misunderstood or offended many views and it had a much more negative reaction than other commercials.  Interestingly, though, misunderstood ads can create nearly as much buzz as great ads.  This has been the topic of conversation for several days as people debate the intent of the ad and Groupon.com has explained the purpose and reasoning behind the ad.  The lesson that I drew from this was that regardless of the conversation, you have the opportunity to create positive buzz if you manage it properly.

Concerns of a Global Business

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Ready to launch?

 

The market is wide open.  Opportunities are out there.  Now what?

Business consistently seems to progress and morph based on the developments that societies and people make.  Because of all the recent developments in technology, logistics and communications, business are able to work across borders with increased ease.  But as in every venture, there is risk that needs to be managed.  Here are three main considerations for small businesses as they look to expand globally:

1) How Secure is the Market

Whenever exploring new markets overseas, you need to do a risk analysis of the country or countries that you will seek to enter.  How stable is their government?  How friendly are they to outside businesses?  What registration requirements do they have?  As you evaluate these things, it will allow you to better understand the new market and the costs associated with doing business in that market.

2) How Will I Get Paid

This is always an issue for business owners, but it becomes more of an issue when dealing with currency exchanges and different capital structures from country to country.  You need to make sure that you have mechanisms in place to ensure prompt and complete payment on contracts.  On large contracts, make sure that you can structure a letter of credit or similar bank mechanism to protect yourself in the market.

3) How Do I Know Where to Go

Market research is a critical tool for business owners and it is important to do the necessary research to determine whether or not your product translates to a different market/culture.  What works in one country may be a flop in another.  Also, there may be a country where there is a lot of interest in your product that you do not even know about.  A famous story about a product that didn’t “translate” is that of the Chevy Nova when they tried to market it in Mexico.  In Spanish, No va means, it doesn’t go/run.  People in Mexico did not want to buy a product that “no va” and it was a commercial failure.  Make sure your product names are correctly translated to the new market.

As you focus your international efforts on understanding and managing the risks, you increase your likelihood of having success.

Rational Contracting

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Avoiding common contract pitfalls

One of the major issues of concern for small business owners is the negotiation and management of contracts.  Contracts come in all shapes and forms and can seem to be a daunting task for small business owners.  Regardless of the concerns, though, most small business owners recognize the need to protect their interests and manage potential liabilities.  Because of the importance of understanding contracts, I have included this presentation that I have about the pitfalls many business owners face in Florida when working out their agreements.  While the presentation focuses on Florida law, there are general principles that would assist any small business owner.

Connecting With Your Target, Super Bowl Style

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Well, the annual Super Bowl event has passed and everyone has been able to analyze and re-analyze the various commercials and/or game play of everyone involved.  One thing that really stood out to me about this years hits and misses was their ability to connect with the viewer.  Marketing truly is about creating that relationship between the consumer and the product/service provider.  This VW ad that I have included did an amazing job connecting with its target demographic because it appealed to parents on multiple levels.  That connection is what made it a memorable commercial.  What commercials stood out to you?

How Can I Be More Social?

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The nature of today’s business market is constantly shifting with changes in access and interaction.  Because of these changes and shift, it is important to evaluate what works and does not work for your business.  Businesses should not engage in a type of marketing or interaction that they do not understand, but at the same time should not avoid shifting and adjusting.  In order for your business to improve, find ways that you can use or improve the social experience of your clients/customers.  Educate yourself on trends and opportunities.  It is still about finding a way to distinguish yourself and provide value.  You just have a new forum.  Have a great weekend and enjoy the connections…

Following the Crowd

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Who's in the stands?

 

Crowd is the new name of the game…  Crowdsourcing and crowdfunding are reforming the way that we develop and the way that we finance our businesses.  Because of the increased interaction and interface that we have online, it is important to pay attention to the “crowd.”  Because of the increased impact of the “crowd,” here are some things that you should keep in mind for your business.

1) How is control impacted?

As you research the benefits of certain crowd functions for you business, make sure to read the fine print.   What type of control are they requesting for your product or service in exchange for your ability to engage the crowd?  Make sure that you only share what you want everyone to have access to.  Make sure that your intellectual property or company ownership is protected properly from unwanted disclosure or use.  You do not want to trade your autonomy for exposure.

2) Who is in the crowd?

Pay attention to who you are engaging when you interact with the crowd.  Are they good potential leads?  Experts?  Is the crowd you are interacting with large enough to make a difference or are their empty seats like this picture?  Just like any venture you engage in in your business, make sure that you get the most return from you energies with the crowd.  Maximize your efforts in the most visible/productive venues.

3) What can you do to improve the crowd?

Don’t just follow, innovate.  As with any crowd, there are always leaders.  Find a way that your product or service can improve the interactions that occur.  Find a way to increase your own productivity as well as that of all those involved.  When you place yourself as a thought leader in that community, it allows you to increase your own success and improve the community as a whole.  Be those things that makes the crowd good and useful.

Who’s Doing Your Projections… A Groundhog?!

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Photo from the News Chronicle

 

First off, Happy Groundhog Day!  There are a lot of lessons that we can learn from traditions and pop culture.  I have always found the events surrounding Groundhog Day to be interesting and fun, but definitely not a top metric for determining changing seasons (in fact, according to Wikipedia, Phil has only be correct 39 % of the time).  Because this is a great time of year to establish projections for your business here are some tips:

1) Be Conservative/Reasonable

Too many small business owners create too rosy a picture when making projections about how successful their business will be.  It is easy to pull together a collection of numbers to make it look like you will be a million dollar business, but it is much more difficult to translate that into reality.  Often the figures are just pulled out of the air without any real metric.  In order for your projections to be useful, you must be conservative and reasonable in evaluating your business.

2) Do Your Research

In order to effective predict outcomes, you must do research and gain a complete understanding of what you are trying to project.  For example, say I sell TVs and I am opening a new store in Miami.  In order to effectively project how well my TVs will sell, I will need to research the market… How many TV consumers are there?  How many need new TVs?  What motivates those consumers to buy?  What prices are people paying for TVs?  What are the administrative/compliance costs of doing business in Miami?  The more information that you are able to gather, the better able you will be to project possible success.

3) Use Good Sources

Make sure that the information that you are relying on is reliable.  If the data is 10 years old or if the outside help you are using has no familiarity with what you are asking them to accomplish, then you are probably not going to get good projections.  Do the best that you can to be as accurate as possible and use the best resources that you can.  Projections are an important part of doing business, so let Punxsutawney Phil deal with the marketing/promotions, and have someone else take care of the projections.

Don’t Deal in “What If’s”

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What if you had to use this motorbike for your business?

 

It is common in business to have to deal with unanticipated problems or concerns.  Part of becoming success is honing that ability to overcome adversity.  Having said that, though, it is sometimes difficult to plan for and anticipate every eventuality.  Also, time can be wasted when we focus on the things that “might” happen at the expense of succeeding in the things that “should” happen.

As a business owner it is critical for you to maximize the time that you dedicated to the various tasks associated with your business.  If you spend too much time speculating about non-essential issues, you miss out on opportunities to focus your efforts on the things that will bring you the greatest success.

The best way to handle any potential problems is to reasonably prepare and then get to work.  Once you find likely problems, focus you energy on the things that you will need to do to overcome them as well as focus on the things that will bring the greatest success to your business.  The less you focus your time on overcoming the unlikely or near impossible the more you can make the best a reality.

What in the World Are You Saying?

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Do you understand what others are saying?

 

Effective business communication is critical in all aspects of what you are doing.  Whether you are trying to work with employees, clients/customers or services providers, you must be able to effectively communicate in order to improve success.  Here are some things to keep in mind as you work to more effectively communicate:

1) Be Clear

Too often when we are trying to explain something, we feel that we need to be elaborate or technical.  This generally will cause something to be lost in the translation.  Even if you are dealing with someone with the same technical understand, always take the time to be clear in your communication, to ensure that they understand and that the information can be shared with others effectively down the road.

2) Ask Questions

The focus of our communication should be on achieving understanding.  In order to make sure that there is understanding, it is therefore necessary to always take the time to as direct follow-up question so that they other party can convey their understand of what has been said back to you.  If there are any misunderstandings, they can immediately be clarified or re-explained to ensure that there is clear communication.

3) Don’t Get Angry or Frustrated

Regardless of the circumstances, never be combative or accusatory in your language.  doing that will always make a bad situation worse and can impair not only your ability to work with that individual but may burn other bridges down the road as well.  Recognize how truly interconnected we all are and a negative conversation can affect us not only with that individual.  We must always be respectful of others and their positions and work for positive outcomes in our communications.

Having the Power to Succeed

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I was introduced to this father and son combo a couple of years ago and continue to be moved by their example.  Too often we concentrate on what we cannot do.  On our deficiencies. When we do this, we lose sight of our capacity to be great and to succeed.  Our communities and our businesses need us to be like Rick and his father.  Willing to fight through and make the best of whatever we are facing.  Too many people are concerned, stressed and without hope.  But we can be different.  We can uplift and succeed.  That is the story of these two and that can be the story for each of us.

Dollar Melons

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Are you working for free?

 

I have heard this story shared by former Utah Supreme Court Judge Dallin H. Oaks and I love the principle that it teaches:

Two men formed a partnership.  They built a small shed beside a busy road.  They obtained a truck and drove it to a farmer’s field, where they purchased a truckload of melons for a dollar a melon. They drove the loaded truck to their shed by the road, where they sold their melons for a dollar a melon.  They drove back to the farmer’s field and bought another truckload of melons for a dollar a melon. Transporting them to the roadside, they again sold them for a dollar a melon. As they drove back toward the farmer’s field to get another load, one partner said to the other, “We’re not making much money on this business, are we?” “No, we’re not,” his partner replied. “Do you think we need a bigger truck?”

Sometimes, business owners do not pay close enough attention to how they are pricing their products.  If you do not create a situation where you can turn a profit on your business, you are not doing things correctly.  When you are setting up a new product, you must clearly understand the costs that go in to that product and set a price that will appropriately generate a profit.

Also, make sure you are focusing your time and energy on things that will actually generate results.  Create ways to track the return on investment for the things that you are doing.  Cut out thing things that are not essential or productive.  As you get a better handle on the returns your actions take, you will be better able to accomplish more in your business.

What Would You Ask the President?

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One of the most powerful aspects of advances in technology and the Internet is that they create a more open forum.  Take this YouTube promotion inviting people to submit questions to President Obama for his response, for example.  By taking advantage of that medium, the President is able to create dialogue where normally there may not have been.  It made me think, what would I ask the President if I had one question?  Would it be a personal question?  A work-life balance question?  Business related?  Foreign policy related?  For me, I would probably ask him what I could do to make his job easier and this country more success.  What comes to mind for you?

Related to this… How are you engaged your “constituents?”  Can you set up a similar promotion with your customers or employees?  How can you do things that will allow for more interaction and discussion?  The more that we are able to engage one another in meaningful conversation, the more likely that we will be able to succeed in whatever our venture may be.

Do You Know How to Play Niche?

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Can you see the light through the trees?

 

Niche marketing.  Sounds interesting and very de modo, but what are ways that businesses can better implement it?  Critical questions that you should know the answer to:

  • Why me and not someone else?
  • What do I do/sell?
  • Why is it unique?
  • Who is interested in my product/services?

Niche marketing is about identifying both who you are as well as who you serve.  As you seek to build your market position, it is first critical to define your market position.  Do some research about who is buying your product/services and see how your marketing is tied to those high volume/high return demographics.  As you hone in on those areas where you can maximize the profitability of your business, you will be better able to find that successful niche for yourself.  Set yourself apart from the other options on the market so that you can manage more efficient growth.

What Will Spur Economic Development?

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What really spurs economic growth?

 

Last week I attended an Economic Development conference hosted by Miami-Dade County where they discussed some of the studies that have been done for the purpose of spurring economic growth in the region.  They, of course, focused on the main industries in the area of tourism and international trade, as well as discussed the hot item of health care.  Because of the presentation, it made me think of what I would do if I was the one deciding on how to increase economic growth in the area.  Here are some things that stood out to me:

1) Be innovative, even in government

Economic growth often seems to be tied to innovation and forward-thinking action leaders.  This should be the case in government as well.  People in charge should consider new alternatives to the problems that we are facing.  Often, the same or similar solutions are tried over and over again with limited positive or negative results.  A leaders needs to find a way to move and push people to increased success.

2) Pay attention to your demographics

When trying to impact economic growth in a community, it is critical to pay attention to the demographics of your area.  All of the demographics.  Each internal community or cultural group may provide unique perspectives and understanding to the problems that you are seeking to overcome.  They may also have internal challenges that require unique solutions.  If you ignore some of those groups, you will not be able to effectively create that general passion that will more effective stimulate economic development.  Everyone is critical to the discussion and engaging them creates a beautiful diversity of solutions.

3) Don’t just research, create action plans

One thing that really stood out about many of the presentations was that they were simply lists of figures.  You cannot simply “data” away economic problems.  You have to do something with the data.   The indicators are only as good as your ability to adapt your behavior to the demonstrated trends.  If you are simply looking at data, you are not doing enough.  Leadership requires informed action.  Once you have the research, make a difference.

2011 will prove to be an important year for many years as communities seek to increase economic development.  What solutions do you have?

Foster Creativity

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How much creative freedom exist in your workplace?

 

Often times, businesses get caught in a cycle of “to do lists”, checks in boxes and repeat assignments.  This focus on the day-to-day can lead to a stale and mundane work environment.  It can also cause talent to look elsewhere for opportunities.  Instead, businesses should create a venue for creativity and progress that will allow for growth within the organizations.  Here are some ways to foster creativity:

1) Schedule Time

How many businesses give their employees (or as owners) time to be creativity.  By allowing people a specific time to step away from the day-to-day and think outside the box, you allow the freedom to create within your organization.  Come up with exercises that they can do.  Give them free time to think and evaluate.  Setting aside a little time for creativity can go a long way to fostering creativity.

2) Cross-Training

Give your employees the opportunity to learn various functions within the organization.  This allows people to develop themselves and lessens the possibility of staleness in job functions.  It also foster creativity because different employees will deal with problems and solutions in different ways and that will improve the overall function of your organization.

3) Get Feedback

Most importantly, you should create an open line of communication where people feel free to express new ideas, solutions or concerns.  When people are engaged they are more likely to be creative and help solve any problems that may arise.  Create a general and individual feedback structure so that all can feel comfortable and open in the process.

Business should be fun and challenging.  The more that we are able to create and expand within our businesses, the more exciting and fun the process will be.

Stop Listening

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Just stop listening and do it.

 

No, I am not talking about ignoring others.  I am talking about ignoring the voice of doubt and self-deprecation that we too often allow ourselves to speak.  I have often heard the term, “constructive criticism,” but I honestly believe that criticism is never constructive.  The term is constructive feedback.  Unfortunately, we collectively have developed the habit of criticizing in the interest of “fixing” the other individual.  This often translates into how we talk to ourselves regarding “failure.”

Starting and running a business takes a lot of courage, but it also includes a lot of setbacks.  Most of us are well aware of our own shortcomings and deficiencies.  Because of that, we must do more to encourage ourselves to succeed.  People that are successful do not do so without setbacks, mistakes, and course corrections.  Successful people are those that confidently make things happen despite the setbacks.  When the voice of “you can’t do it” comes, they simply ignore it and succeed anyways.

Do not doubt your own capacity to do great things.  Find what you love and what you want to do, and just go do it.  Just stop listening and do it.