Tips on Taking Advantage of the Downturn

Ask Score is a feature that we are doing in conjuction with Crain’s Chicago Business.  This week’s  blog posting below.

Ask SCORE: Taking advantage of the downturn Posted by Ann D. at 7/29/2009 6:45 AM CDT

We’ve invited SCORE Chicago, the small business coaching and counseling organization, to answer readers’ questions on all aspects of running a small business. Every Wednesday, we’ll publish SCORE Chicago’s advice on issues that matter to you.

If you have a question or problem that you’d like to run past SCORE Chicago’s counseling team, send an e-mail to adwyer@crain.com. Be sure to put “Ask SCORE” in the subject line.

This feature is fairly new, so allow us to pose a question that’s on everybody’s mind in this painful recession: “How can I take advantage of this downturn?” 

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Many SCORE counseling sessions revolve around helping our clients survive these difficult economic times. Jim Stoynoff, a SCORE member, has this advice.

Whatever you do, don’t stop marketing. Make a special effort to explain to your customers why your product is important. Jim notes that your competitors may have stopped their marketing. Therefore, your message can come through more clearly and loudly.

Look at today as an opportunity to get in the door. With the cost pressures that your customers are facing, many of them are more open to change. Take advantage of the new openness.

Jim also suggests that you take the time to meet with your customers and vendors in person. Take the time to share strategies, and work to form a common bond.

Jim recently talked about this issue on SCORE Chicago’s YouTube channel; you’ll find a brief clip here.

The entire interview with Jim is available on SCORE Chicago’s CANTV 21 Channel on Blip.TV.

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SCORE is a 45-year-old, national, non-profit resource partner of SBA, staffed by former business owners and executives who offer free expert advice through counseling, consulting services and affordable workshops to entrepreneurs operating and starting small businesses. For more information, go to www.scorechicago.org.

Supercharge Your Sales with Good Selling Habits

If you want your small business to succeed, selling is certainly an essential ingredient.

As you go about the sales process, you will need to know why your targeted customers are saying “yes” or “no” to your product or service pitch. This basic information on your buyers’ habits is essential. Even if sales for your business have been strong, the effort can run off track at any time. Even when sales are strong, don’t get overconfident and begin to slack off in your efforts. That may be precisely the time to step things up. You competition will almost certainly be watching.

The key to supercharging your sales is to develop and stick to good selling habits. In a short timeframe, little things you’ve done to disappoint customers can build up. So it’s important for your business to approach selling with a positive, service-minded attitude.

1. One great habit to develop is taking the time to ask about your customer’s needs, desires and expectations. Keeping the attention on them, rather than you, will also help you tune in to why they buy, or why they don’t. Plus, if you take time to listen and ask questions, customers will start to think of you and your business as a valued resource, rather than just a selling machine. You can easily show that you are willing to help the customer by anticipating what they need and having answers to potential objections.

2. Train yourself and your employees to smile. It’s easy to get grumpy or cynical if sales go south. But that’s when a good attitude becomes most important. Don’t be afraid to take a risk or try out a new approach from time to time. It could be a new marketing pitch or advertising channel. When operating a business in today’s competitive world, the greater risk is in thinking that the status quo will suffice.

3. Try to foster an atmosphere within your business that embraces the can-do word “yes.” Sales efforts suffer when people start making excuses, whining about failure and believing that “no” is the natural state of affairs. Encourage belief that appointments will come, sales will follow and success will be yours.

To learn more about sales and marketing issues facing your small business, contact SCORE Chicago.  We are a nonprofit organization of more than 100 volunteer business counselors who provide free, confidential business counseling and inexpensive workshops to entrepreneurs and small business owners.

You can set up an appointment at one of our 15 locations by clicking this link. Check our website www.scorechicago.org for details on our workshops or resources on topics of interest.

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Generate Word of Mouth for Your Business

Manage and Track Your Time for Success

Time can be a small business owner’s best friend, or worst enemy. It all depends on how you use it. There just never seem to be enough hours in the day to get things done. As a business operator, time is extremely valuable to business owners-especially if you bill for time. Wasting time can be extremely harmful to your bottom line.

To operate efficiently, your business may need systems for managing time and keeping track of who’s working on what and for how long.  Most successful small business owners are also successful time managers. And they tend to share certain strategies.

One of the most basic time management devices ever invented is the simple “To-Do” list. Each day, jot down all of the things that need to get done, all on one sheet of paper.

You can also number or check the ones that are highest priority “must-do” items. As tasks are completed, cross them off. This can help you focus on getting them done one at a time, and also gives you a sense of accomplishment.

Delegating more work can also help ease your time crunch. Many business owners accustomed to “doing it all” find this exceedingly difficult. But even if you are a sole operator, you can pass off tasks to others, via outsourcing, for example, to free up time for yourself.

Periodically analyze how time is spent at your business-and not just your time, but everyone’s. Divide the day into small time blocks and record what you, or others, were doing in each block. Now compare this real use of time to your goals, expectations and mission priorities. If they do not align, you’ll need to take action. One step might be to set clearer time-management goals for yourself and your employees.

Banish procrastination from your place of business. Growing, successful businesses don’t put things off. Even a simple “no” response to something on your to-do list can extinguish that item and let you move on.

A variety of technology solutions are also helping small businesses track and manage time. For example, Workarea.com is an Internet-based time tracking system that can provide billing information to the second. The system includes a time clock, time sheet, expense tracking, address book and the ability to access it all via cell phone or PDA.  If you use Microsoft Outlook for email, you can also tap its time management capabilities.

The TimeClock Plus Small Business Edition, lets you turn any PC into a time clock. Employees can sign in or out with the keyboard or mouse, and easily allocate hours and costs to specific jobs. And TimeTiger.com is a computer-based to-do list that shows all the items you could be working on.

To learn more about time management issues facing your small business, contact SCORE “Counselors to America’s Small Business.“  SCORE Chicago is a nonprofit organization of more than 100 volunteer business counselors who provide free, confidential business counseling and training workshops to entrepreneurs and small business owners. You can set up an appointment at one of our 15 locations by clicking this link. Check our website www.scorechicago.org for details on our workshops or resources on topics of interest.  Call 312-353-7724 for further information.  Not from Chicago?  Visit SCORE.org.

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Train Yourself On and Off Line for Small Business Success

There are many things to know about building a successful small business-from marketing and tax issues, to technology, finance, human resources management and more. Most entrepreneurs don’t have expertise in all of those areas. That’s why individuals interested in starting or expanding a business have been tapping into training programs at a record pace.

For many business owners, learning opportunities and training programs are becoming vital steps to planning, launching and growing a business. During one recent 12-month period, a record 2.5 million people sought help from one of many U.S. Small Business Administration (SBA) training and assistance programs.

Seeking help is simply smart. No business owner can be adept at every aspect of operating successfully. Plus, conditions change, so keeping yourself informed is vital to long-term success.

SBA Training

The single most popular program in America is probably the SBA Small Business Training Network/E-Business Institute, which registers nearly a million users at its Web site each year. The Small Business Training Network is a Web-based conglomerate that can link you to online courses, workshops, publications, learning tools, information resources and access to electronic counseling and other types of technical help.

Free online courses are offered on about 75 topics in areas such as business startup, growing your business, home-based business and re-engineering your skills. Sample titles include: Growth Strategies; Analyzing Profitability; Building Your Brand; and, Understanding Business Insurance.

Local SBA-sponsored training events are offered nationwide. These range from breakfast talks on local economic conditions, to brown-bag networking lunches, loan seminars, startup workshops and free business assessments.  Click your state on the Web site map for a calendar listing dates and event details in your area. In addition, dozens of top colleges and universities offer business training courses you can take online. Most of these require a fee.

SCORE Training

SCORE Chicago also offers inexpensive workshops to help you start or grow your business.  We have a basic certificate series and special workshops on topics like global trade, internet marketing and franchising.   Check our website www.scorechicago.org for details on our workshops or resources on topics of interest.

SCORE also offers online training, and courses are groups in three areas:

Starting Your Business

Developing a Business Plan
Conducting a Marketing Analysis
Analyze your Competition
Targeting Your Market
Maintaining an Agile Company
Creating a Competitive Advantage
Creating a Strategic Plan
Determining Your Business Legal Structure
Protecting Your Business with Patents, Copyrights, and Trademarks

Managing Your Finances

Preparing a Cash Budget
Preparing a Balance Sheet
Managing Your Cash Flow
Running a Profitable Company
Creating a Profit and Loss Statement
Analyzing Your Financial Ratios
Protecting Your Business with Contracts
Assessing Your Company’s Financial Needs
Partners and Investors
Valuing a Business

Foundations of Marketing

Pricing Products and Services
Building Your Brand
Promoting Your Business
Advertising Your Business
Building a Web Site
Personalization Strategies to Attract and Retain Customers
Identifying Your Sales Strategy

SBDC Training Program

The Arkansas Small Business and Technical Development Center offers online training classes for small business for $30 each.

Professional and Trade Association Training, and Corporate Webinars

Many coporations, trade associations and even the IRS also offer online courses and webinars.  The IRS has even done a series of training videos. Companies are using webinars to educate potential clients and generate leads.  For example here are one firm’s series of webinars on search engine optimization of a website. YouTube has many training videos, too.  Click this link for list of 100 webmaster videos on web-related subjects.

To learn more about training opportunities for your small business, contact SCORE.  SCORE Chicago is a nonprofit organization of more than 100 volunteer business counselors who provide free, confidential business counseling and training workshops to entrepreneurs and small business owners. You can set up an appointment at one of our 15 locations by clicking this link. Call 312-353-7724 for further information.

Generate Word-of-Mouth for Your Business

Word-of-mouth is one of the best ways for a small business to attract new customers. It requires no expensive and time-consuming advertising or marketing campaigns, and uses the most trusted spokesperson you could ever find for your business-a satisfied client.

But while the power of word-of-mouth can drive business to your door, even if your marketing budget is nonexistent, don’t expect a marketing miracle to suddenly appear. Contrary to popular belief, word-of-mouth is not something that just happens. It might work that way for a few businesses. But for most it is a phenomenon that you, the business owner, can actually take steps to create and nurture. And it generally does not happen quickly, but rather over time as word has a chance to spread.

Avoid These 8 Mistakes in Your Business Plan

What are the most common mistakes in a business plan? I rounded up counselors from SCORE Chicago and took an informal survey.  Here are mistakes that they see again and again …

1.  Length. “Writing way too much.  No one will every read a 70 page document,” says Mitch Morris. “Narrative sections are always much too long and not appropriately focused,” comments Marge Schneider.  “Too long (and repetitive)” emails Al Grossman.

Rapid Growth Can Be Exciting…And Overwhelming

Strong demand for your product or service is a sure sign of success. But it’s also possible to be too successful-that is, having more orders and requests than you’re able to fulfill.

At first, that might sound like a good problem to have. But if you don’t act quickly, this dream-come-true can quickly deteriorate into a nightmare of frayed nerves, broken promises, lost clients, and irreparable damage to your reputation.

Here are some tips for dealing with over-demand: