Thursday, March 18, 2010

Overwhelmed business owner

You started a business. Congrats. You're excited that you'll never have to answer to anyone. No one to tell you what to do or not to do. No more depending on others to determine your worth.

The reality is that it is not all rosy. It requires hours of networking, preparing, attending, serving, communicating, marketing, sales, laws, accounting, and very little time for vacations or other relationships. You might feel overwhelmed. The answer is simply to either hire-delegate, partner-delegate, or outsource-delegate. But Manny, I can't afford it right now.

Well you'd be surprise how much better your business would perform and you'd not feel alone. Breakdown your input tasks (hrs it takes to complete a certain task which generates revenue directly / indirectly. Breakdown into sections such as critical, non critical or base it on your strength, weaknesses.)

If it's cost you're worried about, find someone looking to work for gaining experience. High Schools, College, University, Young Companies are great starting places. For critical task, get the best for a bargain. The relationship could help your business.
Wednesday, March 3, 2010

What makes your milkshake different?



Do you have the “It Factor”? The question is really what makes people care about your service/product or milkshake? The answer better be something that cannot be easily duplicated. I had a client in the past that was in a business that in my opinion was dead. I would offer to help come up with ways to differentiate the business but I knew that to stand-out the person/managers/owners had to have a natural 'It factor". Without the “It Factor” is like slapping tomato sauce on an iPad and calling it Pizza.

Everyone is Offering Free This, Free That. Join Them?



McDonalds free coffee. Toronto Star free Newspaper. Free Consultation. McDonalds can afford it the Star can’t. Tim shouldn’t play McDonalds game. Give something to the potential prospect that shows that you are interested in their business and that you are the right partner for them. Whatever you offer for free better not cost you a fortune, ST or LT. Give 5% - 50% of your profit. If your profit per dinner-for-one is $2, give a personalized chocolate chip cookie for free or other. Offering free dinners is only going to hurt your bottom line and attract the wrong crowd, unless you’re running a charity or you’d recoup your cost some how.

I know that everyone is offering free this or free that so I advice you to seek stronger factors to differentiate your offering. Customized Shaped Pizza with a special source. It could be intangible as well.

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