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The Virtual Consulting Discussion List [VCDL]
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Friday, February 26, 2005 Digest #20
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TABLE OF CONTENTS ...
---> [NEW] <---
#1 Are You Letting Sales Slip Away?
- Kathleen Gage
#2 Ten Rights: For Owners of Service Businesses
- Maria Marsala
#3 3 Strategies to Market Your Business Even
When There's No
Money
- Kathleen Gage
#4 Five Stumbling Blocks To Successful Networking
And How To
Overcome Them
- Lydia Ramsey
#5 Financing Alternatives For Small Businesses
- Bill Staton
---> [CONTINUED] <---
---> [RESOURCES] <---
---> [NEWS] <---
---> [INTRO] <---
---> [HELP WANTED] <---
---> [ADMIN] <---
************* [NEW] ***************
#1 Are You Letting Sales Slip Away?
-----------------------------------------------------------
Date: Tue, 15 Feb 2005 18:07:24 +0000
From: Kathleen Gage <kathleen@turningpointpresents.com>
Reply To: Virtual-Consulting@topica.com
Discover a number one reason why sales are lost.
One simple strategy
can drastically increase your bottom line.
Are You Letting Sales Slip Away?
By Kathleen Gage
Recently, I spent an afternoon with some friends
at a go-cart track.
We had the time of our life each pretending to
be world class race car
drivers. Although we were older than most of the
people there we felt
young and alive. We committed to doing this again
and soon!
I found over the next few days I shared stories
of my experience with
countless people. I told story after story of
what a great time I had
had and how nice the staff was and of my plans
to return. With each
passing day my plans to return got swept up with
the day to day
activities of running my business.
A couple weeks after my go-cart experience I
got a call from a friend
who wanted to know the name of the track. Honestly,
I just didn't
remember. I didn't even know what to look under
in the phone book or
on the Internet in order to find the company name.
"Sorry," I said. "I
just don't remember."
How often does this type of situation occur?
Sadly, more often than
not. And how many sales and potential sales are
lost as a result of
poor follow up after the initial sale? Sales that
could be easily won
if people could only remember your company name,
the phone number,
and the web address.
If you are like most people you have set goals
and outcomes for the
coming year that include increasing the client
base and revenues while
increasing profit margins. The sad truth is these
are probably the
same goals that are set every year and the strategies
for achieving
the outcomes are probably the same also.
Why not use a smarter strategy? Cultivate relationships
with your
current client base and keep your name fresh in
their mind.
Fact is if someone has already bought something
from you and they
were pleased with their purchase there is a good
chance they will buy
again. That is if they remember you and your company
when it is time
to make the purchase. This applies to hair salons,
dentists, specialty
gift shops, pet stores and dog groomers, clothing
stores, nail salons,
or just about any type of business.
Additionally, if they were happy with their experience
often they are
more than willing to refer people to you, if they
could remember you
company name. Seems a bit ridiculous they wouldn't
remember your
company name. After all, they had such a great
experience and said
they would be back. Not remembering a company
name is more
common than
you might think.
A good friend loves shopping at an upscale clothing
consignment store
in the Salt Lake Valley. Her sprees there are
sporadic at best.
Although she enjoys her experience and will spend
in excess of $100
each time she does shop at this unique store,
she often forgets about
the shop just because she gets so busy with other
things in her life.
She said if the owner would simply send out an
occasional reminder to
come on it she would likely stop in more often.
Even a quick email
message could work well, she said. An email that
could turn an
occasional buyer into a frequent buyer. Not only
a frequent buyer, but
one who more often tells others about the store
because the name of
the shop is fresh in her mind.
Unfortunately, with many businesses, beyond the
initial sale, not much
is done to keep their name fresh in the customer's
mind. Customers who
have already proven they are willing to spend
money with the company
and customers who get busy and easily forget the
name of the company.
What often surprises people is how simple this
can be. The challenge
for many people seems to be staying with a system.
It's like any habit, it has to be cultivated.
When someone initially
contacts your company make sure to input their
name and contact
information into your database. Send some type
of a follow up
regardless of whether or not they make a purchase.
This can be done
through phone calls, email or standard mailings.
Here are a few recommendations that can be an
effective part of any
business system. These suggestions will help build
a consistent flow
of business throughout the year.
If, and when, you experience a slow period in
your day, utilize the
time to call clients/customers in your database.
Recently I stopped
into a pet store located in the Salt Lake valley.
The groomer was
frustrated because several people had made appointments
for that day
and failed to show up. Her clients may not realize
if they don't show
she doesn't make money.
The groomer told me she got more discouraged
as the day progressed. I
asked if there was a system in place to assure
a higher rate of
clients keeping their appointment. As I suspected,
there wasn't. My
suggestions were as follows:
1. Require a 25 - 50% deposit when an appointment
is set. No shows
forfeit the deposit. It will only take once before
people realize they
need to be certain when setting the appointment.
A simple explanation
to someone who doesn't want to put a deposit down
should take care of
the situation. Consider this - if someone refuses
to give a deposit
are they going to be a good pay when they get
the full amount to pay?
You may want to consider carefully before you
do business with them.
2. A day or two before the appointment call the
customer giving a
friendly reminder. This one strategy will realize
a dramatic increase
in people keeping their appointment.
3. After the appointment, send a thank you card
to the pet in c/o the
owner. This is not a common practice, so the groomer
will be seen as
someone who cares about the customer's pet rather
than someone who
simply provides a grooming service. By sending
the card to the pet you
add humor that makes the groomer stand out and
the owner may show
the card to his or her friends because it is so
unique.
4. When time allows, pull out past and current
client lists. Make as
many calls as possible. Use dialogue such as,
"Hi Mary, I notice that
Max is due for a grooming. We tend to get very
busy this time of year
and I want to make sure you are able to get an
appointment. Can we go
ahead and book Max for his grooming right now?
Great, let me go
ahead and get your credit card number so we can
take care of your deposit on
that. Thanks and see you on _____."
These communication techniques can work for you,
regardless of your
business. Think of how you can apply these simple
tools to your
business.
In these changing times, it is up to you to be
as flexible and
creative as possible. Take advantage of every
opportunity to keep in
touch with your customers and clients. You will
be amazed at the
bottom-line results. Results that are a result
of people remembering
you and your company name.
Are you looking for effective systems to increase
your revenues?
Kathleen Gage can help you do just that. As the
top rated home based
business owner for 2004 in the state of Utah,
Kathleen Gage invites
you to get her FR*EE Report "Learn How a
Salt Lake City base
consultant made over $100,000 from one idea"
at
www.streetsmartsmarketing.com
Kathleen Gage assists small and home based businesses
in developing
low cost and no cost marketing and promotions
strategies. Visit
www.streetsmartsmarketing.com
for great free marketing resources and
articles.
-----------------------------------------------------------
#2 Ten Rights: For Owners of Service Businesses
-----------------------------------------------------------
Date: Wed, 16 Feb 2005 01:33:45 -0800
From: "Maria Marsala" <yahoo@coachmaria.com>
Reply To: Virtual-Consulting@topica.com
Ten Rights: For Owners of Service Businesses
1. You have the right to price your business services
right!
2. You have the right to raise your prices at
any time.
3. You have the right to say no to those who
only want to
"pick your brain."
4. You have the right to set boundaries that
are in line
with your integrity!
5. You have the right to terminate conversations
with others
because you don't feel that your experience is
being
respected.
6. You have a right to charge clients a late
fee for not
paying you promptly.
7. You have the right not only to charge more
for rush jobs
or jobs requested over the weekend - you have
the right to
say no to doing them.
8. You have the right to make mistakes, missteps.
Learn, and
do better next time.
9. You have the right to have fun and enjoy your
"business."
10. You have the right to say no to someone in
order to say
YES to you!
© 2004 Maria Marsala, Business Builder and former
Wall
Street Trader. "Powering-UP service busine$$es
and
their owners". Providing articles, tips,
classes, and
business resources in our ezine "SIMPLE Business
Steps"
Learn more at http://www.ElevatingYourBusiness.com
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-----------------------------------------------------------
#3 3 Strategies to Market Your Business Even When
There's No
Money
-----------------------------------------------------------
Date: Mon, 21 Feb 2005 12:02:28 +0000
From: " Kathleen Gage " <kathleen@turningpointpresents.com>
Reply To: Virtual-Consulting@topica.com
3 Strategies to Market Your Business Even When
There's No Money
By Kathleen Gage
Many small and home based businesses know they
need to market and
yet, have little or no money to do so. Sadly,
many use this as a reason not to market. Even
on a limited budget you can promote and gain
visibility for you and your business.
The following three strategies have proven extremely
effective for
countless businesses as they can for you.
1. Press Releases - Very effective and they offer
a great deal of
credibility when published. You must have a well
written release that
is pertinent to the media source you are sending
it to. You can
distribute press releases both online and off.
A quick Internet search under media resources
in your city will bring
up radio, television, newspapers and magazines
in your area. To find
online resources do a search under "free
online press release
distribution." Numerous listings will come
up. Be sure to utilize the
free services when on a limited budget.
There are services you can pay for if you are
so inclined. Two
excellent resources for both free and paid are
www.prweb.com
and
http://arrivenet.com/.
Prior to writing a press release, determine the
following:
-Who is your target market?
-What is your target media?
-Who is the contact person at the media outlet?
-What is the timeframe for submission?
-Do you have an attention-grabbing headline?
-Do you know the who, what, when, where, why,
how?
-Do you have good quotes, research and technical
date if appropriate?
Click this link http://press.arrivenet.com/bus/article.php/593635.html
to see how powerful a well-written release can
be.
2. Articles - Writing articles is a great way
to gain recognition as
an expert in your field or specific industry.
By providing practical
information, you can reach targeted audiences.
This can create
exciting opportunities for you and your business.
Whatever you write about should be something
you are knowledgeable
On and your information is factual. Incorrect
or untrue information can come back to haunt you.
Recently I read an article by someone claiming
to be an Internet
marketing expert. Their article was about gaining
visibility on the
Net. To find out how much visibility this so called
expert has I did a
name search on the author. The "expert"
author had only 10 postings
under his name. Not very impressive when other
experts have
thousandsof listings. The author immediately lost
credibility.
3. Presentations - One of the most incredibly
effective ways to
market your product or service is to offer a complimentary
information
seminar. When you provide great information that
is of interest to
your market you have become a resource before
you are a vendor.
By positioning yourself as a resource you are
marketing in a very
unique way.
Hosting a presentation can be virtually expense
free. You can offer to
do a presentation at a staff meeting for a client.
Many large
companies have brown bag lunch speaking opportunities.
You can host a meeting open to the public at
your local library. Be
sure to send press releases to the local media
when you are offering a
presentation open to the public.
Many associations, including your local Chamber
of Commerce, are
constantly seeking presenters who can provide
timely and content
driven talks that benefit their members.
When you apply one of the three recommendations
to your marketing
Mix you will gain benefit. When you apply all
three the results can be
phenomenal.
Learn how to market online with little or no
money. Access FREE eBook
Street Smarts eMarketing Tips Guaranteed to Jump
Start Your Internet
Presence to Put You Miles Ahead of the Competition
http://www.streetsmartsmarketing.com/free-ebook.htm
written by
Kathleen Gage, an award winning entrepreneur,
keynote speaker and
author, specializing in low cost, high return
marketing strategies for
small and home based businesses.
-----------------------------------------------------------
#4 Five Stumbling Blocks To Successful Networking
And How To
Overcome Them
-----------------------------------------------------------
Date: Mon, 21 Feb 2005 15:27:05 -0800
From: "Lydia Ramsey" <Lydia@MannersThatSell.com>
Reply To: Virtual-Consulting@topica.com
Five Stumbling Blocks To Successful Networking
And How To
Overcome Them
The ability to connect with people is essential
to success in
any business. Professional networking events present
opportunities to interact with others on a personal
level and to
develop profitable relationships. These occasions
are critical
for anyone who wants to grow a business or promote
a career.
Many people are simply not comfortable walking
into a room full
of strangers and striking up conversations. Here
are five
common stumbling blocks that you may face and
tips to help you
overcome them.
A RELUCTANCE TO TALK TO STRANGERS. You were taught
at an early age not to speak to people you don't
know. It's not safe.
In certain situations today this is still good
advice. In business,
however, talking to strangers is a way to generate
interest and
support for your products and services. If you
only talk to the
people you already know, you will miss out on
opportunities to make
new connections and establish valuable contacts.
To get past your discomfort in talking to strangers,
set a goal
for yourself before you attend any networking
event. Decide how
many new contacts you want to make or how many
strangers you
want to meet. In some cases, you may specifically
target
individuals whom you'd like to know.
Next come up with some icebreakers or conversation
starters.
Have questions prepared that you can ask anyone
you meet at the
event. You may want to inquire about other people's
business,
their connection to the sponsoring organization
or their opinion
of the venue.
LACK OF A FORMAL INTRODUCTION. It's much easier
to
make a new contact when there is someone else
to handle the
introduction and pave the way. If you wait for
another person
to make the move you may not meet anyone. At networking
events, the goal is to meet as many people as
possible.
This is the time to take the bull by the horns,
walk up to
people you don't know, introduce yourself and
start a
conversation. You can do this if you have prepared
your self-
introduction in advance.
You will not introduce yourself the same way
on every occasion.
Perhaps it is your first time to attend an association
meeting.
In that case, you might want to say that as part
of your
introduction. Let people know who you are, why
you are there
and give them a reason to ask more abut you.
FEAR OF BEING SEEN AS PUSHY. You may think that
you
will turn people off if you are assertive and
that if they want to
talk to you, they will make the first move. If
this is your line of
thinking you will find yourself spending your
time alone at the
reception or meeting function and leaving without
a single new
connection. Being open, friendly and interested
does not turn people
off.
You will not come across as overly aggressive
if you seek out
the "approachable" people. These are
the ones who are standing
alone or who are speaking in groups of three or
more. Two
people talking to each other are not approachable
because they
may be having a private conversation and you would
be
interrupting.
THINKING THAT OTHER PEOPLE MAY NOT LIKE YOU.
There
is always the risk that the other person is not
interested in you and
doesn't want to meet or talk to you. It happens.
If that is the case,
don't take it personally. Nothing ventured is
nothing gained. When
you get a cold shoulder, smile, move on and say
to yourself, "Next?"
HAVING YOUR INTENTIONS MISUNDERSTOOD. Approaching
someone of the opposite sex to begin a conversation
may seem
more like flirting than networking. This is more
of an issue for
women than men. Women have an equal place in the
work arena and
need to make professional connections the same
as men do. Women in
business can no longer afford to hold back when
there is opportunity at hand.
Neither men nor women will have their motives
misinterpreted if
they present themselves professionally in their
attire and if
they keep the conversation focused on business
issues or topics
that are not personal or private.
Whatever your stumbling blocks, face them before
the next
networking event and devise a personal plan for
getting past
them. Once you do, you will find yourself connecting
with
confidence and courtesy on every occasion and
the results will
be reflected in your bottom line.
(c) 2005, Lydia Ramsey. All rights in all media
reserved.
Lydia Ramsey is a business etiquette expert,
professional
speaker, corporate trainer and author of MANNERS
THAT SELL -
ADDING THE POLISH THAT BUILDS PROFITS. She has
been
quoted or featured in The New York Times, Investors'
Business Daily,
Entrepreneur, Inc., Real Simple and Woman's Day.
For more
Information about her programs, products and services,
e-mail her at
lydia@mannersthatsell.com
or visit her web site
http://www.mannersthatsell.com/
-----------------------------------------------------------
#5 Financing Alternatives For Small Businesses
-----------------------------------------------------------
Date sent: Mon, 21 Feb 2005 17:46:07 -0500
From: "Bill Staton" <execdirector@profnet.org>
Reply To: Virtual-Consulting@topica.com
* Financing Alternatives For Small Businesses
from Bill Staton
Whether starting up a small business or expanding
an existing
company, you almost certainly will need financing.
But which
option or combination of financing options: personal
savings,
friends and family, commercial or government loans,
outside
investors? Which options will most likely be available
to you
and what are their pros and cons?
Before choosing financing options, however, determine
how
much money you'll need. That entails developing
a good
business plan, which benefits not only you but
will be de
rigueur for most financing arrangements. Books,
Web sources,
software, and classes are available on how to
write a good plan.
Don't be too conservative estimating the amount
of financing
you need. Undercapitalization leads to a third
of all bankruptcy
filings for small businesses, according to the
federal Small Business
Administration. Some experts recommend estimating
a realistic amount
and then adding 10 percent to it just to be sure
you didn't overlook
anything. Others suggest having enough funds in
reserve to pay your
personal living expenses for at least one year
so as not to put a drag
on your new business cash flow.
Personal savings. The nice thing about this option
is that no
one will turn you down. Of course, you may not
have sufficient
savings or you may not want to risk your personal
savings
(some financing options may compel you to, anyway).
Borrow from family or friends. This is a popular
choice when
you can't get standard financing. Still, it can
come with great
peril because of the emotional bond for both parties.
Expect
some strained times if things go sour, so be sure
everyone
thoroughly understands upfront the risks of their
loan. Show
them your business plan and put the loan in writing.
Put in on plastic. Credit cards are easy to get
and you don't
give up control or have relatives or friends peering
over your
shoulder. But plastic can be expensive and risky
borrowing,
especially if you fall behind on your payments.
That's why
business experts often recommend limiting the
use of cards for
smaller, temporary cash needs you can pay back
more easily,
while using other financing for larger, longer-term
expenses.
Commercial loans. Bank loans are often desirable
because rates
can be among the lowest and a bank loan can make
you look
good to other lenders. The problem is that many
small
businesses have a tough time getting bank loans
because
banks are pretty conservative lenders. You'll
need to show
them a solid business plan, a good personal credit
rating, and
prospects for steady cash flow. You may be asked
to guarantee
the loan with personal assets-something not all
entrepreneurs
are willing to do.
Shop around. Banks have different lending standards
and one
may lend where another won't.
Personal loans. Personal loans from banks are
easier to get and
often don't require collateral. But interest rates
are likely to be
double or even triple a commercial loan rate and
lenders may balk at
using the loan for a small business. Some finance
their business with
a home-equity loan, but that puts your home at
risk.
Federally-backed loans. The federal Small Business
Administration (www.sba.gov) provides an array
of loan
options through private lenders (shop around).
The main
program is called 7(a), which provides funding
for start-ups or
existing businesses for everything from land to
equipment to
working capital. A micro-loan program ($35,000
or less) is
available for small firms employing five or fewer,
particularly
firms with minority, low-income, or disabled owners.
Equity partners. Bringing in other investors
is an option many
small-business owners are loath to do, but may
have to out of
necessity. Financing options from private investors
can be
complicated and you'll likely want assistance
from an attorney
experienced in this area.
The advantage of equity partners is that with
a good plan and
a promising business you may be able to bring
in much-needed
cash for a venture that lenders might shun because
of high risk
or lack of stable cash flow.
The downsides are that you dilute ownership,
investors are
likely to offer lots of advice and criticism,
and the process of
lining up investors can take much longer than
other forms of
financing.
Each of these financing options has their pros
and cons, so it's
critical to develop upfront a detailed, well-conceived
business plan
in order to determine your best funding options.
This column is produced by the Financial Planning
Association, the
membership organization for the financial planning
community, and is
provided by Bill Staton, a member of the FPA.
*************
Bill Staton, MBA, CFA, America's Money Coach®
Chairman,
The Staton Institute Inc. & Staton Financial
Advisors LLC
bill@billstaton.com
Not sure if you need a Money Manager? Take this
quick quiz
and find out: http://www.billstaton.com/quiz.htm
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