You've made the tough cuts to improve the bottom-line. But, being in crisis-mode has led you away from the management principles that drive profitability. The time has come to revisit those principles and put them into action. Your business depends on it! Jim Stewart, business growth expert and founder of Profit Path, helps business leaders leverage the […]
This is a great article because it applies online as well as offline, as even though the techniques may change due to technology, the
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strategy doesn’t change. In fact, when I go over my Online business strategy plan with clients, I get them to focus on much of the same topics that the author lists here in this article. It’s all about creating a solid foundation and a road map that will keep you on track as you move forward towards your ultimate business goals.
Can you define exactly what makes up a business strategy? Some people say no, but we think you can.
In fact, we believe a valid business strategy has five components:
Your company’s current or desired core competencies
A description of how you will differentiate vs. competitors
The industry or industries in which you intend to compete
The initiatives you plan to implement in the areas of marketing, operations, information technology, finance and organizational development
A financial forecast that shows how your plans will meet stakeholder requirements over the next 3 to 5 years
Let’s look at each of these components.The first component of a valid business strategy is a clear description of your company’s current or desired core competencies.
You may be thinking, “Great, but what’s a ‘core competency?’” While there are many definitions, here’s a good one from Wikipedia:
“ACore competency is something that a firm can do well and that meets the following three conditions:
It provides consumer benefits
It is not easy for competitors to imitate
It can be leveraged widely to many products and markets.
A core competency can take various forms, including technical/subject matter know how, a reliable process, and/or close relationships with customers and suppliers. It may also include product development or culture, such as employee dedication.”
For example, we could say that Southwest Airlines is a reliable airline that offers low fares. But in order to provide those benefits, it has to have certain “core competencies,” important capabilities that enable it to have low fares and to be reliable. We believe that Southwest Airlines has four core competencies that it executes so well that it regularly beats all other US airlines in terms of profitability.
These core competencies are:
The lowest operating costs per plane
An economical point-to-point airport network
A fanatical culture focused on customer service and cost savings
An ability to keep planes in the air more of the time than its competitors.
Southwest airlines couldn’t offer the benefits of low prices and reliable service if it didn’t master these core competencies. What key benefits do you want to offer your customers? What core competencies do you need to master to provide them?
The second component of a valid business strategy is a description of how you differentiate vs. competitors.
In our experience, differentiation is about being the best at something. This should be encapsulated in your mission statement - what are your company’s aspirations and how are you going to beat the competition? We just talked about how Southwest Airlines differentiates — what are you going to offer customers that will make them choose your products or services so that you can grow your business?
It takes a lot of hard work to come up with a great answer to this question and even more work to make that differentiation real. It’s easy for us to say that Southwest is the best low-cost airline in the US, but it’s extraordinarily difficult for them to pull it off.
The third component of a valid business strategy is a description of the industry or industries in which you intend to compete.
You need to be able to define just what kind of company you are - are you a furniture manufacturer? A gift card retailer? A consulting firm, a bearings distributor, a toy importer, etc.? This step sounds easy but we find that companies are often so concerned about getting too narrow in their focus that they fail to become really clear about what they want to do. A company with a good business strategy will have thought through these issues and made the hard decisions necessary to clarify its identity. If it has, it can easily pass the litmus test of identifying the industry or industries in which it operates.
The fourth component of a business strategy is the set of initiatives you plan to implement in the areas of marketing, operations, information technology, finance and organizational development.
These are the plans that guide your company’s focus and resource allocation over the next several years. If your business strategy is specific enough to be relevant, you will have detailed plans in all of these areas.
The fifth component of a business strategy is a financial plan that forecasts the results you expect to get from your plans and illustrates how they will meet stakeholder requirements over the next 3 to 5 years.
Your strategic planning process cannot be separated from your annual budget process. In the vast majority of companies, if it’s not in the budget, it doesn’t exist. That’s why you have to have a very senior financial person on your strategic planning team, preferably the CFO. During the planning process, your team must compile a financial plan that estimates the results of implementing your strategy. This plan needs to earn the approval of your company’s management and board and should be reviewed on a regular basis to track results and make refinements.
So - those are the five components of a valid business strategy. Good luck planning your success. And succeeding because you plan.
Ian G. Heller is the founder and senior partner at Real Results Marketing, Inc. With senior executive experience at companies like GE Capital and Grainger, CEO experience at a private-equity owned firm and countless consulting engagements, Ian brings a realistic and bottom-line focus go strategic planning. Please visit http://www.RealResultsMarketing.com for engaging videos and articles on strategic planning.
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Written by admin on Wednesday, November 23rd, 2011
There are all kinds of business coaches that specialize in different types of businesses and different stages of businesses. If you
business coaching for growth
are a business that is looking to grow dramatically, you want a coach who has taken businesses into the next level of business. They know the pitfalls of what needs to be done and how it needs to be done. These needs would be different for a business looking to exit, or a business looking to cut costs. So what does business coaching for growth look like? Read on for more!
Small business growth does not just happen. It requires planning.
It might seem like some owners get lucky. There is something to be said for being in the right place at the right time.
But usually if you take a closer look at those lucky individuals who developed a product at a time when there was a huge demand for it, you will find that they recognized the need for the product beforehand. They did some research. They talked to people and they planned. Sometimes they even created a new market where none existed before.
The details depend on the type of company, which is why individualized business coaching has become so popular. There are some bits of general advice that apply to all businesses. Here are a few of them.
Define Your Goals
It is not enough to say that your goal is to grow your company. You need to specifically define how much growth you expect to see in a specific length of time.
Defining your goals will help you to judge your progress as time goes by. You can create milestones and celebrate every time you reach one of them.
Celebrating is important because it helps you maintain a positive attitude. If you get down in the dumps, you can become depressed and you will quickly lose your energy.
Big companies use “SMART” goals to help their employees decide where they would like to be in one year, five years, ten years, etc. SMART goals are Specific, Measurable, Attainable, Realistic and Timely. When you set your own goals, keep those five words in mind.
Do the Research
Some companies start up without doing the necessary research. They don’t know what the competition is like. They don’t know who their customers will be. Those companies fail as a result.
One of the plans often used in business coaching is a sales and marketing plan. Established companies use the plans to decide where to best spend their advertising dollars and to create sales goals for their teams.
Where does the information in a sales and marketing plan come from? It comes from research.
You need to know your competition. You need to know about the industry. You need to identify your target audience, those people who are most likely to buy your products or services.
Do the Math
Money is something that all businesses need in order to grow. Once you have defined your goals and done the research, do the math to figure out just how much money you will need to achieve your goals. Then figure out where that money is going to come from.
The basic advice you have just read does not guarantee small business growth but it does give you a starting point. The next step might be individualized coaching.
Henry Barbey has been helping business owners for over a decade. He is a professional certified coach and is also the Managing Director of Center for Coaching, a business and personal coaching company that matches up individuals with coaching professionals. Visit our website to learn more about coaching: http://centerforcoaching.com/.
What makes business coaching so effective and powerful is the unique coach matching process that we provide.
Is there a difference between business mentoring and business coaching? What would that difference be if there is one? Well certain types of
business mentoring relationships can actually be called business coaching. Coaching relationships are set up to make you more accountable to your coach, and are more of an instructional type of relationship. These are the more formal types of relationships. The more informal relationships can be looked at as what we think business mentoring is all about. This would include things like sharing experiences, asking questions, making connections and offering guidance when asked, but usually not initiating it. Read on for more about the different types of business mentoring relationships.
Business mentoring is a relationship between an entrepreneur and a
business expert who has experience in the entrepreneur’s line of work,
or experience with the business world at large. The relationship between
an entrepreneur and a mentor can consist of several mentoring
approaches, with the following approaches being common:
Formal
In this approach, the mentor sets formal objectives over a given
period of time, and helps the entrepreneur achieve those objectives.
Regular telephone calls, Skype calls, and/or face-to-face meetings are
usually set.
Informal
In this approach, a mentor speaks as a confidant, not an instructor.
Regular telephone calls, Skype calls and/or face-to-face meetings still
occur, but they are casual in nature, instead of formal.
Face-to-face
Face-to-face mentoring is often recommended for new entrepreneurs,
as it establishes a stronger bond between mentor and entrepreneur. If
the ideal advisor is located in another city, face-to-face meetings may
not be an option.
Online
Since the advent of Skype, online mentoring has increased in
popularity. Now, more than ever, entrepreneurs and their mentors choose
to correspond online out of convenience and cost effectiveness.
The Benefits of Business Mentoring
Mentoring
has several benefits that can improve the performance of business
leaders and their companies. If you operate out of Atlanta, speaking
with a member of Atlanta Vistage can bring the following benefits, among
others:
Help Make Important Decisions
Every week, executives make important decisions that impact their
company’s bottom line. For new executives, informing others of their
decisions is often academic in principle, often lacking worldly
experience. A seasoned mentor can supply wisdom that benefits the new
executive’s academic knowledge.
Development Ideas for New Products or Services
If you have an idea for a new product or service, but you do not
know how to bring it to the development phase, corresponding with an
executive who has experience in service or product development can yield
invaluable advice.
Help Solve Critical Dilemmas
From human resources dilemmas, to difficulties in project
management, consulting with an expert who has dealt with predicaments
you are facing can help you (a) resolve those problems in a timely
manner, and (b) improve your resolution skills in preparation for a
similar dilemma.
Access to Additional Contacts
In addition to supplying firsthand advice, mentors can also connect
you with their extensive list of contacts. In many instances, the advice
from these contacts proves as valuable as the mentor’s advice.
How to Choose Mentors
A
person need not have a particular pedigree to be an effective mentor.
In fact, non-executive mentors can be as effective as executive ones,
for they observe executive decision making from a distance, and feel its
effects in ways that executives do not. Nevertheless, protocol for an
executive to choose a consultant as his or her first mentor, and confer
with other mentors as needed.
Effective mentors can be found in
all areas of business. For Atlanta entrepreneurs, contacting Atlanta
Vistage - an extension of Vistage International-is the best way to find a
mentor. Vistage International is a network of advisors that offer
insightful and experienced advice on a variety of entrepreneurial
issues.
In my research on business mentoring, I found Atlanta Vistage to be the best mentoring source for Atlanta business owners.
I have often heard many things referred to as the “lifeblood” of a company, items such as cash, customer service, operations, among others.Every essential element of business are vital to the long term growth and prosperity of any company but the truth be known, new business development (BD) is in fact the true lifeblood of any business!!!
All companies have a need for new business, not merely for profit but to simply survive!No matter what the product or service, the cost of doing business increases almost every year……employees expect pay raises, parts and materials cost continue to escalate, and we need newer and better equipment, etc.
As a result the cost of doing business is constantly increasing and we must be able to cover those cost just to remain in business, regardless of the need for profit!In reality, a firm does not need any operations, accounting, admin, or other personnel and services if they don’t have adequate new business opportunities.Yet despite this fact, business development continues to be the single most misunderstood and neglected area in all of business.Why?Because most people do not really know what constitutes business development.While there are many definitions, simply put BD isany action/activity associated with the identification, development, quantification, pursuit, bid, and capture of new opportunities that can be profitably executed.
Many people enter business because they have what they consider to be a product or service to be of interest or value to the marketplace.Many fail to get their product or service to market or never realize measurable success, which I define as an adequate Return on Investment (ROI).The primary reason is they mistakenly assume that in depth subject matter knowledge or a passion for what they do is all that’s needed to succeed.Even those companies that do succeed to some degree oftentimes fail to understand and appreciate the value of the business development function and team.More times than not great emphasis is placed on other functions and activities and sometimes rightfully so.However, the benefit of these other functions and activities become significantly diminished and in some instances meaningless without consistent new business.
Businesses are constantly “going out of business”!New business development, therefore, is the true life blood of any company!A constant demand for higher quality products and services at lower prices are but a few of the consistent demands on the marketplace that influence the need for more business.Employees desire and deserve pay raises, new and additional resources are needed, etc.None of this is possible without new business and the monies that are generated.
Notice in this article, I use the term new business development not sales, or sales and marketing, etc.Most companies, however, think it is the sales department’s responsibility to keep everyone in work…..this unhealthy ATTITUDE eventually leads to reduced revenue if not outright failure.Business development refers to a function versus a department……….my personal philosophy is that everyone employed by a company has a vested interest in the success of that company.Therefore, anyone in my employ is involved in BD to some extent or another……… The bottom line is that business development must, of absolute necessity, be a top priority………. for everyone within a company!
Business success is maximized when proven systems are implemented ito the business. Business coaching can take place at many levels, from the overall business to specific areas, such as sales or management. When focusing on coaching at the management level, the improvements can percolate through the entire business as the changes go from top down. Coaching at the CEO level can really allow the management to improve the overall functioning of the business. Read on for more on business management coaching
Here are some videos on business management coaching:
Business Management: Best Practices
Dr. Dan Lavanga of the Lavanga Group Coaching the management team at NBAutogroup.
Why Survive in Business, when you can Thrive?
www.wesherndon.com presents why your business needs W. Herndon Consulting, sales training, a marketing strategy, and business coaching.
Here is an article titled: “Achieve Business Management Success Through CEO Coaching”
CEOs, business managers, and other officers-in-charge in the workplace are responsible for executing a variety of tasks including training people, solving internal issues, and finding means to increase sales among others. Due to the gravity of the responsibilities assigned to them, many of these executive officers, especially those who have just received their promotions, are encountering office stress that can sometimes be too much to handle. More often than not, such stress could take its toll on executives, which could eventually lead to loss of the strategic direction of the organization and underperformance not only on the part of the officer but also the people he or she is managing. Yes, it becomes difficult to remain a high-performer when put against high expectations and pressures in a fast-paced environment, and this is when CEO coaching can be truly helpful for the company.
Coaching to improve organizational performance and to help bring about the potential of executives has also gone through a history of increased acceptance. Although there is no specific timeline as to when coaching for executives began, some business professionals believe that coaching has been going on for fifty years or so under the names of consulting or counseling. Most people would simply agree, however, that this exercise is not a common practice until the latter years of the 1980s or early 1990s.
In the earlier years, CEO coaching was often triggered when it became apparent that an executive is lacking a certain skill necessary to become a leader, such as the inability to speak effectively in front of many people or over the television. More often than not, the primary reason for hiring a coach in the organization had to do with personal issues, or probably there were concerns of “personal” nature that is closely related to health, career, or family matters. Usually, these situations are dealt with secrecy because of the desire not to let anybody know that a coach was being used to resolve such issues. Today, however, the workforce platform has changed significantly, and coaching has become a cutting-edge leadership technique employed by many organizations to become a core part of their executive development programs.
In its simplest form, CEO coaching is a specialized form of consultation that aims in helping employees in top management positions to develop or improve their leadership skills such as the art of influence, the ability to delegate as well as to train their successors. This process begins with establishing a contract between the coach and coachee that sets forth the goals as well as the schedule. The work plan in this effort does not need to be carried out face to face at all times, rather it is also possible to arrange phone conversations, instant chats, web conversations, and other real-time and virtual-enabled approaches that would reinforce the whole coaching process. The executive coach could also administer psychological assessments to the coachee.
There are many reasons why executive coaching instantly evolved into the mainstream. For one, it is seen as an effective way to help top company executives maintain their competitiveness inside the workplace, while still keeping a healthy work-life balance. Coaching allows top company executives preserve focus by giving them the motivation and strength that are usually applied in sports coaching. That is, the coaches or the mentors help the executives point out their strong points and shortcomings in order to efficiently carry out their daily tasks, develop expertise or mastery along the way, and increase employee morale. This process additionally aids executives in learning how to manage their time and tasks efficiently so that they can function on their feet, especially when critical workplace situations ensue. Executive coaching is also seen to benefit executives in building and maintaining effective team dynamics. As executives would be able to learn how to bridge the gap between them and their employees through communication, in the end everyone else will be persuaded to work as a team since they would feel that their work contributions are valued, avoiding the instances of workplace misunderstanding.
Generally, executive coaching improves business performance in so many ways. Aside from helping top management employees to develop their leadership skills, it is also a ground for them to understand their new generation of employees who have different set of ethics and values. With the aid of systematic coaching as an integrated part of a company’s leadership program, any organization would be able to refine employee skills that would help achieve them success for the years to come.
Business management coaching provides huge benefits to leaders seeking personal life coaching and small business coaching. You do not need an executive coaching consultant to discover the timeless lessons great leaders use. …
The Workplace Coach, an executive coaching firm in Atlanta, provides business management coaching, leadership skills coaching and assessment services help you move toward new levels of achievement.
the business world is not one for the lighthearted. hiring a business management coach is a big decision to make. when you are given the task of deciding who you will hire for business management coaching, you want to make sure that you …
95% of all small business fail within the 1st 5 years…. It’s not that business is that difficult, it is that most would be entrepreneurs don’t get the proper education they require before going into business. One doesn’t start driving a car, without learning the basics of driving. Surgeons don’t start operating on your brain without learning how to do brain surgery. However, most people don’t think about learning how to run a business before starting a business. Therefore, many business owners find themselves over their head after they start a business. The good news is however is that having a good business coach or business development consultant can turn things around tremendously. Read on for more on how business development consultants can turn a business from failure to success.
Business Development Consultant Videos:
Business Development Consultant
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Top 3 Business Success Tips
stevepohlit.com Today I am sharing the stage with JT Foxx and Raymond where we are teaching the principles of business success. Financial success is not possible without synchronicity in the areas of health and relationships and that guidance is offe…
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askcoachmiguel.com Miguel has an extensive career in leadership and coaching people, executives, and organizations to peak performance. His business development, leadership and processes are crisp and clear. Please feel free to submit your questions …
Here is an Article titled: “Business Development Consultants Are Saving Small Businesses”:
Business consultants provide the answers you need to make your business a success. They will objectively assess strengths and weaknesses and then develop a plan that is right for your business. These consultants will give you the answers you need for long-term revenue and profit. They will consistently work with you and your employees on how to use the tools they provide for you, so you and your employees will have a profitable business for the future. Just because you open a business does not mean you know how to run it. Many people have great ideas but their operating strategies need work. While there may be a simple plan that doesn’t cost too much, consultants can give you personalized marketing tips such as website ads and promotions, direct mail, or a half-page ad in the yellow pages. You, too, may have come up with these ideas all on your own. However, unlike business consulting companies, you have no idea which one of these ideas would be the best choice, or how to strategically place your ad were it will get the best results.
When hiring a Business Development consultant, you should align their skills and expertise with the area of your venture that needs the most help. For example, if you desperately need to contract the right sales force, hire a consultant with sales and marketing expertise. If you need assistance in production, then hire specialists that are manufacturing and sourcing experts in your industry.
The best thing to do is go online and search for the right website that will give you information about business consulting companies, and how you can get in touch with them. Most of these sites are low-cost and using someone to help you find good business consulting companies is worth it. They do all the hunting for you and look for all the qualities you’re looking for in a candidate. Be sure to use the same level of caution in hiring a business consultant that you would a new employee. When hiring a new employee, you typically perform an initial screening, conduct a background check, and schedule a formal interview to ensure that you are hiring the right candidate. The same process applies to hiring the right Business Development consultant. Hiring the right candidate will relieve a tremendous amount of stress. It is difficult to be an expert about all aspects of your company. Outsource this responsibility to someone who is more skilled, and spend your time worrying about strategy.
Aveta Solutions - Six Sigma Online ( http://www.sixsigmaonline.org ) offers online six sigma training and certification classes for lean six sigma, black belts, green belts, and yellow belts.
Here are more Blogs about Business Development Consulting:
Leading MSP Consultant and Business Development Consultant Forge Ahead With New Partnership. Stuck for quality leads in your MSP business? Doing all the right thought leadership activities but not getting anywhere.
Does Your Company Need An Expert Business Development Consultant? You’ve likely heard the term “Expert Business Development Consultant“, but do you know what it means? It refers to a person who is hired to help a new company grow.
Employing A Business Development Consultant Can Be A Great Idea Are you acquainted with the idea of a “Business Development Consultant“? It means an individual who is hired to help a new company grow. It can be hard to get off the …
When going into business at an international level, if you are new to this type of commerce, then you will do very well to get consulting and coaching in this area to help you avoid the costly mistakes that can destroy your business. This posting gives you some information on how important using a business consultant who specializes in international trade can be.
Here are some videos on Business Consulting for International Entrepreneurs:
Brad Sugars - 5 Levels of Entrepreneurs
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EMBA-MCI Management Consulting International
How former students, the course director Prof. Dr. Rolf-Dieter Reineke and Mr Peter E. Naegeli (former president of ASCO Switzerland) view the EMBA-MCI course of studies.
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Here is an article titled: Importance Of Consulting Services In Export And Import Markets:
In today’s globalization era, it has become imperative for companies to expand outside their home markets in order to survive. With margins shrinking in the domestic markets due to competition from small size vendors; large companies have been forced to expand their operations in other countries. Organizations face severe challenges while expanding their operations outside their home territories. These challenges could be linguistic, cultural, or legal. Companies also face regulatory problems due to their limited knowledge about local business practices; it is at this juncture that business consulting services prove to be useful.
These business consulting outfits provide information, consulting, and insights to importers and exporters so that they can take accurate decisions. Most of these agencies are staffed with professionals who have decades of experience in international sales management and export consulting. Availing the services of these business consulting outfits will help you acquire the know-how to penetrate foreign markets successfully. If you are looking for a suitable acquisition target to complement your existing bouquet of services then these consulting outfits will help you search for the right company for acquisition or investment. These agencies suggest acquisition targets only after doing a thorough analysis of the target company’s business model and financials.
Usually services begin right from the first client meeting till the signing of the contract. If clients want assistance during business negotiations or while drafting business contracts these agencies will help them with this also. Assistance with respect to sourcing of suppliers is also provided. Whether you are looking for new equipment manufacturers or procurement vendors these agencies will assist you on all these counts helping you to stay competitive in the marketplace.
Some of these business-consulting outfits also offer linguistic support enabling you to enter those markets where English is not the native language. In fact, English is the native language of less than ten percent of the global population which highlights how important these agencies are for international business development. This type of translation support proves very crucial while translating brochures, advertising texts, contacts, web pages and similar such marketing literature. Though these business consulting services are slightly costly but the experience of companies who have availed these services is that the return on investment far exceeds the investments made.
Marl Jensen has 1 articles online. Marl has helped a lot of people over the years with everything from global business strategy consulting, to international management consulting, so stop by and let us know if you ever need anything. …
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If you are a starting out home business owner, it is very very easy to get caught up in so many things that you don’t have time to do anything for yourself. How do you avoid falling into this trap? Careful planning and being very aware of where you time is going and what tasks you are doing. Read on for more!
Here are some Videos on Home business time management:
Home Business Time Management
tinyurl.com If you operate any kind of home business, you must have become familiar about the difficulty in home business time management. Operating a home business can be challenging.
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Here is an article about becoming a slave to you home business:
Although the expressed reasons for wanting to work from home are
many and varied, most home based business owners cite the ability
to set their own hours as a major factor in their decision to
work at home. However, many people that have work at home
businesses often fall into a trap that flies directly in the face
of their stated desire for time flexibility.
The strong growth in home based business activity continues and,
according to the Small Business Administration`s Office of
Advocacy, fifty-two percent of ALL small businesses are
home-based.
Some home based business owners have been known to become
‘workaholics’ because their office is so accessible. Don`t
become a slave to your business…get out of your home office
regularly to renew and revitalize yourself.
Close the door to your office or otherwise remove yourself from
your designated ‘work area’ and go into your ‘home’ area to live
your personal life. If your business involves the use of the
telephone and you find it difficult to ignore a ringing
phone in the office, simply turn the ringer off and turn the
volume on the answering machine way down. If your business is
internet based, just turn off your computer (or at least get away
from the monitor and keyboard).
As a work at home business entrepreneur, you certainly aren`t
required to be available 24 hours a day, 7 days a week just
because your business is located in your home. After all,
your office or workspace is just an area in your home…its not
your home itself!
Working and living under the same roof has a host of advantages,
but it can present some challenges (in addition to the workaholic
syndrome mentioned, above) and stress factors.
Here are four ways to create a less stressful home business
environment:
-Remember why you wanted to become involved with a home-based
business (i.e. more time for family, work schedule flexibility,
etc.)
-Have discussions with your family members and get their input
about the working arrangements and the amount of time they want
with you.
-Use good time management techniques. Keep a list of tasks by
order of importance. There are many low cost and effective ‘day
planners’ or ‘organizers’ readily available today.
-ALWAYS take a little time to ’smell the roses’.
While not experiencing the negatives common to a corporate office
working environment, the home-based business owner may
occasionally experience stresses and frustrations that are unique
to working at home.
Networking with other home-based and small business owners
provides an opportunity to connect with others who may be
experiencing the same stresses/frustrations that you are. Sharing
stressful and/or frustrating issues with someone else in the same
situation can relieve your stress and may bring you good advice
from a different point of view.
As a final note, remember to observe Home-Based Business Week
each year (it is always the week of October that includes the
second Tuesday).
Kirk Bannerman operates his own successful home based business
and also coaches others seeking to start their own home based
business. For more information visit his website at
Proven Work At Home Business
More blog postings on Home Business Time Management:
When you are starting a home based business, time management is an aspect of business management that can be overlooked or left out of the equation. Everybody.
Its hard with modern distractions to get enough time to complete all of the tasks needed to start and run a successful online business. In addition I answer questions about blogging, stay at home businesses, link building, social media …
Pricing is one of the biggest issues in small businesses deal with when they create a new product or service for their target market. Price too high and you don’t get any customers or clients…. Price too low and you don’t make any sales because the value of your product isn’t seen. So what is an entrepreneur to do? This small business coaching tip will help you as the business owner you are to come up with pricing that is a win win for both buyer and seller. Read on for more.
What do you charge for your services? How did you come up with that price? Did you just randomly choose it? Checked out the competition? Tried a price until someone bought? I’m going to share with you 3 pricing strategies that you can implement into your business. These strategies have been proven and they’ll work for your business to bring you maximum profits.
#1 Odd Number Pricing
Have you ever wondered why late night infomercials and some big box retailers such as Walmart and Best Buy price their products with odd numbers? Watch TV or shop at the store and you’ll see $19.95, $29.97, $395, etc. Ever wonder why they do this?
The reason: it works to sell more and higher priced items. For some reason, psychologically we think and feel that odd numbers are less expensive than even numbers… even though they’re basically the same price. We look at $29.95 and think it’s cheaper and less expensive than $30. When in reality, it’s only a difference of .5 cents!
You can use this to your advantage in pricing your services…especially when dealing with higher priced services. Let’s say for example you have a service that costs $5,000. If you were to incorporate the odd number pricing strategy, you could bump that down to $4,995. A difference of only $5, but a huge psychological difference. People will think and feel like the $4,995 price is cheaper than $5,000.
This pricing strategy has been proven and it works! I can attest to this fact in my own business. Just about all of my services incorporate the odd number pricing strategy. I have even had people say they could not afford ___ (my even numbered price) only to turn around and say, “okay great” to my odd numbered service! I suggest you try it in your business. Simply, take all of the prices that you charge and re-price them into odd number pricing. Prices ending in 5, 7 and 9 have proven most effective.
#2 Discount Pricing for Buying Multiple Units
A great pricing strategy is to offer a slight discount if a client purchases multiple units a one time or upfront. For example: A business coach may charge a flat rate fee for a 1-hour session, but if a client purchases four, 1-hour sessions at one time (and pays upfront) then they get a slight discount and better deal. Studies have shown that most will opt for the four sessions versus buying them a la carte.
You can do the same in your business. Massage therapy, coaching, chiropractic, acupuncture, etc. are great industries for this pricing strategy. People love deals. So this one is really a win-win for you and the client. Win for them with the discount and a win for you with upfront payment and booked business.
#3 Small, Medium and Large Package Pricing
Rather than offering your clients one type of service for one price, consider packaging your services into a small, medium and large option… with a small, medium and large price tag. This gives your clients more choices to do business with you and makes your services affordable for just about any budget. If a client really wants to hire you, but simply cannot afford your one price and one option, you’re turning business away. Offering a few packages with a few prices, means more people can do business with you.
Of course the way to make this work and profitable for you is the smaller the package and price tag, the less options the client receives. Also, I suggest offering no more than 3 packages (small, medium and large) so that you are not overwhelming your prospects and clients with too many options.
I challenge you to implement one or all of these pricing strategies. They have been proven and really work. Test them and see what works for you. If you’re just randomly coming up with a price for your services or have no proven, tested method for pricing…I can guarantee you’re losing a lot of business!
Jeanna Pool is an Author, Speaker and Marketing Consultant who helps solo-small business owners attract more clients on a consistent basis. For FREE small business marketing ideas visit her website at http://www.MarketingThatWorks.com
TACTIC #1 — Never simply slash your prices, unless you’re trying to empty obsolete inventory. Instead, try repackaging your prices so they’re more affordable in the short-run so more prospects can afford them. For example, rather than …
When the economy is weak, more and more people decide to start up business for themselves. They realize that they have to be the ones to create their own destiny and make a way for themselves. There are so many ways that a small business can get started. This article discusses some of the ways in which a starting entrepreneur can start a business out of their home. Read on for some of these ideas and think about how you can incorporate these ideas into something that might work for you.
Are you tired of rushing day in and day out to a 9-to-5 job? If you are, perhaps, you should try out one of the many very simple home business ideas you’ll find if you look around.
There are many advantages of running your own home business rather than working for a company. You have a more flexible schedule. You work in your own space and at your own time. In other words, you get a chance to spend more relaxing and quality time with your friends or loved ones.
Depending on the number of hours you put in, the effort you expend, and other factors, you can earn as much money as you wish. You might be more relaxed with no boss to check on your work. Hence, you might be capable of higher productivity and better quality of work. Due to the advent of the worldwide web, it is possible to try out various home business ideas online these days.
What is your specialty? Are you good at cooking, gardening or sewing? Once you have determined your specialty, setting up your business is much easier and simpler. Some people are good at baking and designing lovely wedding cakes or cakes for other special occasions.
Others might be good at baking various types of cakes like chocolate cakes, banana cakes and orange cakes. They may even have their own unique recipes, perhaps, passed down from one generation to another. Homemade cakes can be best sellers if they taste better than the store-bought variety. Alternatively, you can bake homemade cookies or cup cakes for special occasions.
For those who are skilled at sewing, you can offer your services for plain sewing or embroidery stitches. Simply purchase some colorful pieces of plain material. Then, make some embroidery stitches to create eye-catching designs and colors. After some cutting and plain sewing, you can sell the embroidered cloth as coverings for sofa, tablecloths, cushion covers, pillow covers or other items.
Other than selling products, you can sell your service. If you are a qualified accountant, writer, plumber, engineer or any other profession, simply set up your business online and offer your services as a freelancer. Do not be worried about the possible income. Some of the aforementioned products would most probably cost much more in shops, especially embroidered materials.
By buying in bulk, you can save much money on raw materials. If you use a particular shipping company, you can negotiate for special discounts on shipping charges. The trick to a successful home business is the pricing of your service or product based on quality and customer service. Many people prefer to buy homemade cakes or other foodstuff at good prices, rather than buying at shops.
In the case of freelancing services, many companies are outsourcing their work to cut down on operational costs. Hence, there are various job opportunities for those who are serious about setting up their own home based business.
Do you have a product that you would like to sell on the Internet today? Perhaps you are an expert at something and would like to use that to start a home business! In this article let’s take a look at [...]
