The time, effort and money you invest in keeping your employees happy is well worth it for your bottom line. Oftentimes business owners fail to consider the fact that unhappy employees can, and do, negatively impact every aspect of their operation. Your employees are your front line in dealing with your customers. If your employees are not pleased, don't kid yourself, it shows. Unhappy employees not only negatively impact the overall experience of your clients but can also make customers worry that something is wrong with your business. Whether fair or not, many customers may believe that a lack of employee happiness reflects on you as a business owner. Some owners believe that their employees should share their dedication to the business; this is the wrong approach. At the end of the day, the business belongs to the owner(s) and not the employees. Business owners should refrain from becoming irritated or angry because employees do not match their own levels of enthusiasm. … [Read more...]

The first key is to have your accountant take a look at your accounting procedures and make recommendations on how to improve them. He or she may also help in preparing financial projections for the coming year(s). Getting your company's financial house in order is very important in establishing the value of your firm. The second key is to review the reputation, image, and marketing materials of your company. Certainly, the quality of your product or service is paramount, but how your firm presents itself to customers, clients, suppliers, etc. – and the outside world – is also very important. The appearance of your facilities and customer services – beginning with how people are treated on the telephone or in the waiting/reception area – are the kind of first impressions that are critical in dealing with your customers or clients. Don't forget about the company's Web site; in many cases, it is the initial introduction to your company. Now may also be the time to update your … [Read more...]

The first key is to have your accountant take a look at your accounting procedures and make recommendations on how to improve them. He or she may also help in preparing financial projections for the coming year(s). Getting your company's financial house in order is very important in establishing the value of your firm. The second key is to review the reputation, image, and marketing materials of your company. Certainly, the quality of your product or service is paramount, but how your firm presents itself to customers, clients, suppliers, etc. – and the outside world – is also very important. The appearance of your facilities and customer services – beginning with how people are treated on the telephone or in the waiting/reception area – are the kind of first impressions that are critical in dealing with your customers or clients. Don't forget about the company's Web site; in many cases, it is the initial introduction to your company. Now may also be the time to update your … [Read more...]

A recent article posted on Business2Community.com entitled “How to Close the Deal and When to Walk Away When Buying or Selling a Business” explains the business sale process and how to differentiate between a good deal and a bad deal during the process. Closing a deal involves quite a bit of legwork, including producing a letter of intent, doing due diligence, acquiring financing, signing a purchase agreement, and actually closing the deal. These items can be easier with the help of a business advisor, broker, or attorney, but emphasis should be placed on the due diligence aspect: knowing the business inside and out is vital to a successful sale. Walking away from a deal can be difficult for a motivated buyer, but is sometimes necessary to avoid emotional and financial disaster. The following red flags help to signify that it's time to walk away: Inconsistencies Neglect Undisclosed Problems Poor Credit Rating The Industry is in Decline Being prepared is one of the best things that a … [Read more...]

A recent article posted on Business2Community.com entitled “How to Close the Deal and When to Walk Away When Buying or Selling a Business” explains the business sale process and how to differentiate between a good deal and a bad deal during the process. Closing a deal involves quite a bit of legwork, including producing a letter of intent, doing due diligence, acquiring financing, signing a purchase agreement, and actually closing the deal. These items can be easier with the help of a business advisor, broker, or attorney, but emphasis should be placed on the due diligence aspect: knowing the business inside and out is vital to a successful sale. Walking away from a deal can be difficult for a motivated buyer, but is sometimes necessary to avoid emotional and financial disaster. The following red flags help to signify that it's time to walk away: Inconsistencies Neglect Undisclosed Problems Poor Credit Rating The Industry is in Decline Being prepared is one of the best things that a … [Read more...]

The National Foundation for Women Business Owners (NFWBO) identifies trends relating to the small business climate for women. New studies examining the role of female entrepreneurs by the NFWBO have yielded some surprising and eye-opening results. A joint IBM, NFWBO study of the top fifty women business owners as well as 10 additional “up-and-coming” business owners reached several interesting conclusions. The women in the study covered a diverse array of industry categories including 27% in manufacturing, 25% in retail and 10% in real estate. 46% of the women inherited a business and over 50% started their own businesses, with 34% starting businesses themselves and another 17% starting businesses with others. A Preference for Flexibility One key part of the study centered on the fact that women business owners, in general, appear to prefer smaller operations. Among the 8 million women-owned businesses in the U.S., a full 75% are one person operations. Women achieve a high … [Read more...]

The National Foundation for Women Business Owners (NFWBO) identifies trends relating to the small business climate for women. New studies examining the role of female entrepreneurs by the NFWBO have yielded some surprising and eye-opening results. A joint IBM, NFWBO study of the top fifty women business owners as well as 10 additional “up-and-coming” business owners reached several interesting conclusions. The women in the study covered a diverse array of industry categories including 27% in manufacturing, 25% in retail and 10% in real estate. 46% of the women inherited a business and over 50% started their own businesses, with 34% starting businesses themselves and another 17% starting businesses with others. A Preference for Flexibility One key part of the study centered on the fact that women business owners, in general, appear to prefer smaller operations. Among the 8 million women-owned businesses in the U.S., a full 75% are one person operations. Through ownership of these … [Read more...]

Far too many customers have grown to expect poor customer service. Whether its rude employees and customer support or impersonal robotic phone system responses, customers are often shocked when they receive pleasant customer service. In such a climate, it is clear that businesses that simply treat customers well are taking advantage of a huge opportunity. If you've ever personally called a credit card or cable company looking for help, then you already know that it can be something of a depressing and even Kafkaesque experience, leaving you feeling drained. More than likely you don't feel too positive about any automated experience that bounces you around from one hold menu to the next. Summed up another way, hold music is never a fun or rewarding experience. Communication is Always Changing In the “old days” a telephone call was often a customer's first experience with a business. Now, the game has, of course, changed, with most customers first experience being via the business's … [Read more...]

Far too many customers have grown to expect poor customer service. Whether its rude employees and customer support or impersonal robotic phone system responses, customers are often shocked when they receive pleasant customer service. In such a climate, it is clear that businesses that simply treat customers well are taking advantage of a huge opportunity. If you've ever personally called a credit card or cable company looking for help, then you already know that it can be something of a depressing and even Kafkaesque experience, leaving you feeling drained. More than likely you don't feel too positive about any automated experience that bounces you around from one hold menu to the next. Summed up another way, hold music is never a fun or rewarding experience. Communication is Always Changing In the “old days” a telephone call was often a customer's first experience with a business. Now, the game has, of course, changed, with most customers first experience being via the business's … [Read more...]

Burnout is a strange phenomenon in that often a business owner doesn't know that he or she is experiencing it until it is too late. Owners who feel beleaguered and over stressed frequently want to sell their business and move on. However, buyers are not so eager to accept burnout as a believable reason for why an owner wants to sell. It is the responsibility of every business owner to be on guard against potential burnout. After all, it is better to “cash in” than to burnout. In this article, we will examine a few of the key warning signs that you may be on the verge of burning out. Sign 1: There is No Joy in Owning Your Business Once upon a time, you were likely excited about your business. But if those days are long gone, then it might be time to move on. Owning a business is hard work and eventually it can take a toll. If you find each day to be boring, then it is probably time to sell, move on and start a new chapter in your life. Sign 2: You Feel Exhausted Just as feeling … [Read more...]