The Entrepreneur’s Guide to Improving Customer Retention
Customer retention is essential to the long-term viability and success of all entrepreneurs and small business owners. After all, today’s fickle customer has plenty of options and with the constant threat posed by larger, better financed competitors, entrepreneurs need every tool at their disposal to stay front and center in the eyes of customers. What can entrepreneurs do to ensure their future growth is built on repeatable business from clients who are not only loyal, but who consider them their primary vendor? Surprisingly, there are a couple of simple approaches that all small business owners and entrepreneurs can adopt. In fact, being smaller really does have its advantages. Knowing these advantages will help your company become that vendor of choice and always give you the right of last refusal with respect to your customers’ business.
Coaching Principles
Access to coaching as a personal development tool in the past, has been reserved for senior managers and directors. However, the pace of change in most organisations, the constant role design and re-engineering and the need to support all employees, means that this powerful personal development tool is being sought to support individuals at all levels.
Coaching is a fashionable and a powerful development tool, and if accessed for the right need can be beneficial for those providing the coaching (the Coach) as well as those receiving (the Client).
Did you write your business plan?
Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years. Whether you are starting a new Salon, are looking to raise additional capital to expand your currently profitable Salon, or looking to evaluate and value your Salon to sell, current statistics prove that you will do much better with a business plan than without.
The 4 Principles of Successful Inventory Management
Managing inventory is always a struggle. Too much, or too little is never good, and finding that middle ground seems next to impossible. Having too much inventory means our carrying charges will be higher as we will hold inventory longer. Having too little, and we’ll miss important sales that could generate gross profit. So, with both ends of the spectrum representing high costs and lost profit, how exactly does a company find that middle ground? Is there a way to balance out the scale? Well, there is no guarantee, but there are four principles that all companies should follow when it comes to managing their inventory. Doing so might just get your company that much closer to your ideal inventory levels. First, we’ll review what goes into your inventory costs, and then we’ll look at the four principles of successful inventory management.
5 Steps in Selecting The Perfect Franchise
As all people are different, what constitutes the ‘perfect’ franchise will be determined by business, environmental and financial factors, but also by your personal character, abilities and aptitude. Selecting a franchise is a task that requires you to look at external circumstances, but also demands that you examine your own nature. The following guidelines will help you to focus on the main issues in deciding what franchise, if any, is appropriate for you.
Booth Renter, Employee or Independent Contractor?
There seems to be an awful lot of “Independent Contractors” in the beauty industry. More commonly known as “Booth Renters.” However, the IRS says that very few people working as hair stylists or nail technicians actually qualify as Independent Contractors, according to their definitions.
How to Succeed in Business, Despite Your Emotions
Have you ever started a business that felt great to your ego but just didn’t make sense?
This week, I was offered just such a business partnership. It would have been wonderful for my ego. It was a fantastic brand with which to collaborate and a high-profile venue, with worldwide recognition. All my family and friends were impressed. Yet, it made absolutely no business sense.
How often do we make business decisions based purely on our emotions rather than on logic, insight, and real business savvy? This was my prime example. Had I become involved in this enterprise, I would have done so for all the wrong reasons—all the emotional reasons. Though logic told me this wouldn’t be the best course of action, I could easily have let my emotions win the battle; but, thankfully, common sense won.
Working with Mission and Purpose
I find it is very helpful if we have a ‘guiding light’ that will enable us to make the best choices around our time, our energy, our money and our love (our most valuable resources). When all these resources are operating in harmony, we can literally flow through life….as one client calls it: “It’s like having green-light days!”
Brainstorm anyone????
Brainstorming is a common way of jump-starting the creative process to generate ideas for businesses. It is easy and it doesn’t take much time. It is a great way for small business owners to generate ideas to improve their businesses. It is also a great way for prospective small business owners to come up with business ideas.
Chalk out a business plan
After you are sure you have understood your business, it’s time to chalk out a business plan. You can do it yourself or with the assistance of a professional. Here are the steps to be followed to chalk out a business plan.