Getting a solid customer base is essential to any business. Turning good customers into repeat customers can make the difference between survival and success. The Studio Gold Card can help you achieve a steady flow of repeat customers.
This program is designed to be used primarily with children. You can, however, modify it to be used in any of your service lines. Here is how the program works. The card is set up for a certain number of prints to be purchased over a pre-determined period of time. For example you may want to offer 8 8x10 portraits over a six year life of the card with a limit of to 1 8x10 per session. A single child need not use the card. Any member of the immediate family can take advantage of the program.
To determine what the card would be sold for you would multiply the retail price of your prints by the number offered on the card. In our example, we are offering 8 8x10 prints with a normal value of $40.00 each. This means that the value of the card at full retail price would be $320.00 (8 x $40.00). We then will offer a discounted price for the card when it is purchased. For example, we will give them a 50% discount. That means that they can purchase the card for $160.00.
The customer can receive additional savings with the card. As in our example, they will receive each session at half off of the regular session price. The will also get 10% off of any additional portrait purchases that they make from the session. The will get advance notice of all studio promotions.
You can add whatever other enticements you would like to your program. You may want to make your offer totally different. That is OK.
Here are some other considerations for you.
You will want to limit the number of cards you sell (at least as far as your clients are concerned). This will add prestige to the program in your customer’s eyes.
Only offer the card after you have done the first session at full price. This does a couple of things for you. It allows you to meet and work with the client and determine if you want to make a long-term commitment to them. There are some clients that you simply do not want back. It also allows them to recognize the value of the card after they have paid full price for the first session.
There are many options and variations that you can implement into your own program. You may want to allow them to use one or two of the sessions for the whole family. You will need to determine how to price the card. If you offer multiple price lists for different types of portraiture you will need to determine which will be used for the program. You may want to exclude other studio specials and senior photography from the card. A time period between sessions may also be necessary. Limit the card to immediate family members only.
In the business environment where we live, the consumer continues to demand more services and better value. Once you’ve shown them that you offer those things it’s important to keep them. This program allows you to do just that
Saturday, June 28, 2008
Inspirational corner
But seek first his kingdom and his righteousness, and all these things will be given to you as well. Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.
Matthew 6: 33-34
It is easy to become concerned about your future. Let’s face it, times are tough. A weak economy, rising fuel and food prices, global warming, an unpopular war and so much more gives us plenty to worry about. We are reminded in Matthew to concern ourselves with focusing on God and trusting in him to take care of our needs. When we give our troubles to God we are free to worship and glorify him in our everyday lives. Are you putting the Kingdom first?
Matthew 6: 33-34
It is easy to become concerned about your future. Let’s face it, times are tough. A weak economy, rising fuel and food prices, global warming, an unpopular war and so much more gives us plenty to worry about. We are reminded in Matthew to concern ourselves with focusing on God and trusting in him to take care of our needs. When we give our troubles to God we are free to worship and glorify him in our everyday lives. Are you putting the Kingdom first?
Pricing for your market
It is always an interesting exercise to work with clients to establish effect pricing strategies. There are many factors to be considered. They include product quality, competition, target demographics and marketability, and most importantly—profitability.
Let’s look at each of these areas. First, how is your product quality? For many small businesses this is fundamental to establishing a good reputation which allows the business to succeed. Durable products which provide lasting value in themselves establish value and will demand a greater investment.
Researching and understanding the other players in your marketplace is essential. I never advocate setting prices based on what the guy down the street is charging. However, knowing their pricing can help you in understanding where to position yourself in the market. You may be charging more and that is OK as long as you understand why and can effectively convey the reasons to you client.
Next, learn as much as you can about your market area and the customers you will serve. Find out what they value and research their buying habits and where they spend their money. What motivates their buying decision? Your pricing structure should be a reflection of what you have learned.
As you identify your client base, be sure your products are appealing and attainable. It is harder to sell a Lexus to a client who desires a Chevy Truck. Take a look at your past sales and identify those products which are selling the best. From there you can create a price structure which maximizes your profitability in those products.
A profitable pricing structure is essential and fundamental to keeping your business viable. Analyzing your price list to identify your costs and expenses is the quickest way to find your profit. Many times the lack of profitability does not mean your prices are too low. Generally the structure of your pricing can be adjusted to improve profits.
Be wary of “industry standards”. These numbers are generally skewed by the method the data is collected. If this data is submitted on a voluntary basis, it very well does not reflect a true cross section of the industry. Due to a wide range of variables pricing and profitability generally cannot be established for an entire industry. While these benchmarks can be interesting they should not be used to measure an individual business’ sales, pricing or profitability. To create profitable pricing, all of the areas discussed above should be taken into account. Your pricing structure should be a reflection of these factors which will assure your financial success
Let’s look at each of these areas. First, how is your product quality? For many small businesses this is fundamental to establishing a good reputation which allows the business to succeed. Durable products which provide lasting value in themselves establish value and will demand a greater investment.
Researching and understanding the other players in your marketplace is essential. I never advocate setting prices based on what the guy down the street is charging. However, knowing their pricing can help you in understanding where to position yourself in the market. You may be charging more and that is OK as long as you understand why and can effectively convey the reasons to you client.
Next, learn as much as you can about your market area and the customers you will serve. Find out what they value and research their buying habits and where they spend their money. What motivates their buying decision? Your pricing structure should be a reflection of what you have learned.
As you identify your client base, be sure your products are appealing and attainable. It is harder to sell a Lexus to a client who desires a Chevy Truck. Take a look at your past sales and identify those products which are selling the best. From there you can create a price structure which maximizes your profitability in those products.
A profitable pricing structure is essential and fundamental to keeping your business viable. Analyzing your price list to identify your costs and expenses is the quickest way to find your profit. Many times the lack of profitability does not mean your prices are too low. Generally the structure of your pricing can be adjusted to improve profits.
Be wary of “industry standards”. These numbers are generally skewed by the method the data is collected. If this data is submitted on a voluntary basis, it very well does not reflect a true cross section of the industry. Due to a wide range of variables pricing and profitability generally cannot be established for an entire industry. While these benchmarks can be interesting they should not be used to measure an individual business’ sales, pricing or profitability. To create profitable pricing, all of the areas discussed above should be taken into account. Your pricing structure should be a reflection of these factors which will assure your financial success
Give 'em a Reason to Come Back
This promotion is a great idea for getting increasing sales from your current customer base. It really is more of a marketing philosophy than a single promotion.
The idea is to give your customer a reason to come back to your business for other products and services you offer. Simply create coupons which can be placed in customers’ orders. These coupons can be for anything from a percentage off their next purchase to a free gift with the purchase of a specified product. You may want to offer some kind of customer loyalty incentive. Such as, buy ten of a specific item gets the eleventh free.
Think about your product offerings and consider how you can offer and promote these services to your customer through coupons and brochures to be placed in orders.
Keep in mind all of these people are customers of yours already and for many they only need to be given a reason to come back to your business.
The whole idea behind this program is to create customer loyalty. This is a great way to give them a reason to return to your business and to spend more money with you. This program works best when you to make a concentrated effort to follow through with it on an ongoing basis.
This can be a terrific way to promote existing products, introduce new products, and most of all give your customer a reason to come back to you.
The idea is to give your customer a reason to come back to your business for other products and services you offer. Simply create coupons which can be placed in customers’ orders. These coupons can be for anything from a percentage off their next purchase to a free gift with the purchase of a specified product. You may want to offer some kind of customer loyalty incentive. Such as, buy ten of a specific item gets the eleventh free.
Think about your product offerings and consider how you can offer and promote these services to your customer through coupons and brochures to be placed in orders.
Keep in mind all of these people are customers of yours already and for many they only need to be given a reason to come back to your business.
The whole idea behind this program is to create customer loyalty. This is a great way to give them a reason to return to your business and to spend more money with you. This program works best when you to make a concentrated effort to follow through with it on an ongoing basis.
This can be a terrific way to promote existing products, introduce new products, and most of all give your customer a reason to come back to you.
Inspirational corner
Then, what looked like flames or tongues of fire appeared and settled on each of them. And everyone present was filled with the Holy Spirit and began speaking in other languages, as the Holy Spirit gave them this ability
Acts 2:3-5
It was with utter astonishment of those present early that Sunday morning to hear men speaking in languages not their own. We hear further on in Acts that everyone present could hear and understand what was being said in their own language. Those who today doubt the validity of this event need only pause and realize we know the message of Jesus Christ today. It is alive and well and continues to be translated for those who have yet to hear the salvation story. It then becomes incumbent on each of us to spread the good news of a saved world. Who can you share the story of Jesus?
Acts 2:3-5
It was with utter astonishment of those present early that Sunday morning to hear men speaking in languages not their own. We hear further on in Acts that everyone present could hear and understand what was being said in their own language. Those who today doubt the validity of this event need only pause and realize we know the message of Jesus Christ today. It is alive and well and continues to be translated for those who have yet to hear the salvation story. It then becomes incumbent on each of us to spread the good news of a saved world. Who can you share the story of Jesus?
Who is Your Customer?
Do you know who your customer is? What type of person purchases your goods or engages your services? What are their buying habits? What do they value? Answering these questions is a key component of creating a successful marketing plan for your business.
Finding the answers to these questions will help you identify the products and services you can and should be offering. It will help you to build identity and create direction for your marketing efforts. Understanding your target demographic will certainly help you create much more effective marketing based on their needs and desires.
It’s said, “It’s hard to sell to snow boots to people living on a beach.” In other words you need to find out what your client base is looking for and create products and services to fill those needs.
So, how do you get this information? First, look around. Pay attention to your surroundings. Look at the clothes being worn, the cars being driven, the houses people live in. Where do people work and socialize. What do they do for recreation? Answering these questions will help you to begin to get a snapshot of your potential client base.
From here you can dig deeper. There are number of resources to help you find median family income levels, number of residents per household, age and ethnic background. You can also find the number of children in a household and ages. Begin by looking at the http://www.census.gov website. You can also check with your local chamber of commerce, city or county government and the public library who may have this kind of data available.
This process does a couple of things for you. First, you can begin to determine if there is enough potential in your area to support your business or a specific product offering you may be considering. Next, it will help you to create marketing pieces which will attract the attention of your potential client based on their needs and interests.
Understanding your potential customer is vital to creating effective marketing and maximizing your advertising dollars. You may be able to sell snowshoes to beach combers but wouldn’t be easier to sell them suntan lotion. If you only knew!
Finding the answers to these questions will help you identify the products and services you can and should be offering. It will help you to build identity and create direction for your marketing efforts. Understanding your target demographic will certainly help you create much more effective marketing based on their needs and desires.
It’s said, “It’s hard to sell to snow boots to people living on a beach.” In other words you need to find out what your client base is looking for and create products and services to fill those needs.
So, how do you get this information? First, look around. Pay attention to your surroundings. Look at the clothes being worn, the cars being driven, the houses people live in. Where do people work and socialize. What do they do for recreation? Answering these questions will help you to begin to get a snapshot of your potential client base.
From here you can dig deeper. There are number of resources to help you find median family income levels, number of residents per household, age and ethnic background. You can also find the number of children in a household and ages. Begin by looking at the http://www.census.gov website. You can also check with your local chamber of commerce, city or county government and the public library who may have this kind of data available.
This process does a couple of things for you. First, you can begin to determine if there is enough potential in your area to support your business or a specific product offering you may be considering. Next, it will help you to create marketing pieces which will attract the attention of your potential client based on their needs and interests.
Understanding your potential customer is vital to creating effective marketing and maximizing your advertising dollars. You may be able to sell snowshoes to beach combers but wouldn’t be easier to sell them suntan lotion. If you only knew!
Tuesday, March 25, 2008
Selling Something or Something
Motivating yourself to sell up your client can be difficult. Most often it is because we either do not ask for the additional sale or we don’t know how to ask for the additional sale. Are you an order taker, simply selling the customer only what they ask for? Would you like to become a sales maker? Here are a few suggestions that can help you increase your average sale. It really is very simple.
Asking the right questions is the key. When making a sales presentation to your client, you have to ask the right questions. Do not simply ask yes and no questions. You want to ask open ended questions that give them options and opportunities to make choices.
Adopting a mindset which you offer options allows you to give clients all of the information they need to make an appropriate buying decision. Consider these scenarios:
First, you may have a client come to you and ask for a specific item or service. By engaging them in conversation you can better understand their needs and offer them suggestions and recommendation for helping them best fill that need. As an example, a customer comes to your hardware store looking for a garden hose. They may be thinking they need a 25’ plastic hose. By asking questions about what they need you may find they really need a 50’ hose and a rubber reinforced hose would serve them much better.
Now you have helped the customer fill their true need. They buy the better quality hose. They have spent more money than they originally intended. But, by taking the time to ask questions and find their true need, you have shown them the value of the better hose. They are happy with the decision because you have helped them discover their true need. You now have a customer who will likely be back the next time they have a need for your products.
Another, you own a shirt printing business. The client is in to place an order. You have three grades of the product they are interested, a “good”, a “better and a “best”. By explaining each grade and their advantages you are leading the customer to make an educated decision on the product. Let’s say you are selling imprinted or embroidered items. The customer is looking for shirts. By explaining the difference in the shirt material, fabric care and durability you are helping your customer see the value of the “better” and “best” quality as it relates to the “good” quality product.
By explaining these details you are educating your client. Showing them you care about them getting the best value for their money and increasing your bottom line by guiding them towards a buying decision which moves them to a more profitable product line. They win and you win.
One final example, be prepared to offer suggestions for add-on products to their purchase. You are a portrait photographer. The mother of a one-year old is in to place an order from the images you created of the child. As you guide her through her selections you have the ability to offer her additional products. Show her how she can use her images to create multi-image wall portraits, coffee table books and all of the other great products you can create.
Selling the emotion is essential to increasing the sale. When you become emotionally involved in the sales process, so does your client. Be sure to have samples of the products you want to sell them. You can’t sell it if you don’t show it. Help her consider all of the people who deserve photographs of her child and the products you have to fill those needs. Allow her to have all the products she desires.
Remember that all clients are looking for solutions to needs. That is why they came to you in the first place. They needed your services and your expertise. They are relying on you to help them make the right choices. Make sure that you give them all the help they need in fulfilling their needs and in making appropriate buying decisions. And watch your bottom line grow.
Asking the right questions is the key. When making a sales presentation to your client, you have to ask the right questions. Do not simply ask yes and no questions. You want to ask open ended questions that give them options and opportunities to make choices.
Adopting a mindset which you offer options allows you to give clients all of the information they need to make an appropriate buying decision. Consider these scenarios:
First, you may have a client come to you and ask for a specific item or service. By engaging them in conversation you can better understand their needs and offer them suggestions and recommendation for helping them best fill that need. As an example, a customer comes to your hardware store looking for a garden hose. They may be thinking they need a 25’ plastic hose. By asking questions about what they need you may find they really need a 50’ hose and a rubber reinforced hose would serve them much better.
Now you have helped the customer fill their true need. They buy the better quality hose. They have spent more money than they originally intended. But, by taking the time to ask questions and find their true need, you have shown them the value of the better hose. They are happy with the decision because you have helped them discover their true need. You now have a customer who will likely be back the next time they have a need for your products.
Another, you own a shirt printing business. The client is in to place an order. You have three grades of the product they are interested, a “good”, a “better and a “best”. By explaining each grade and their advantages you are leading the customer to make an educated decision on the product. Let’s say you are selling imprinted or embroidered items. The customer is looking for shirts. By explaining the difference in the shirt material, fabric care and durability you are helping your customer see the value of the “better” and “best” quality as it relates to the “good” quality product.
By explaining these details you are educating your client. Showing them you care about them getting the best value for their money and increasing your bottom line by guiding them towards a buying decision which moves them to a more profitable product line. They win and you win.
One final example, be prepared to offer suggestions for add-on products to their purchase. You are a portrait photographer. The mother of a one-year old is in to place an order from the images you created of the child. As you guide her through her selections you have the ability to offer her additional products. Show her how she can use her images to create multi-image wall portraits, coffee table books and all of the other great products you can create.
Selling the emotion is essential to increasing the sale. When you become emotionally involved in the sales process, so does your client. Be sure to have samples of the products you want to sell them. You can’t sell it if you don’t show it. Help her consider all of the people who deserve photographs of her child and the products you have to fill those needs. Allow her to have all the products she desires.
Remember that all clients are looking for solutions to needs. That is why they came to you in the first place. They needed your services and your expertise. They are relying on you to help them make the right choices. Make sure that you give them all the help they need in fulfilling their needs and in making appropriate buying decisions. And watch your bottom line grow.
Inspirational Corner April 2008
There is a time for everything, and a season for every activity under heaven: a time to be born and a time to die, a time to plant and a time to uproot, a time to kill and a time to heal, a time to tear down and a time to build, a time to weep and a time to laugh, a time to mourn and a time to dance, a time to scatter stones and a time to gather them, a time to embrace and a time to refrain, a time to search and a time to give up, a time to keep and a time to throw away, a time to tear and a time to mend, a time to be silent and a time to speak, a time to love and a time to hate, a time for war and a time for peace
Ecclesiastes 3:1-8
If you read the first article in this newsletter, you read a great deal about making good and appropriate use of our time. As I wrote the article, I was reminded of this popular scripture from Ecclesiastes. We are reminded there is appropriate time for all things and all things happen in due time. The part of the passage which always resonates for me is “a time to be silent and a time to speak”. For me it reminds me there are times I need to be quiet and listen for God. Whether I am looking to the future or concerned about the here and now, I need to be quiet. To allow God’s plan for me I need to allow him to fill not only my ears but my soul with his spirit. The same is true for each of us. God has a special plan for everyone. If we are quiet enough he will reveal it to us in his way, in his time. Spend some time being silent and allow him to reveal his unique plan for you.
Ecclesiastes 3:1-8
If you read the first article in this newsletter, you read a great deal about making good and appropriate use of our time. As I wrote the article, I was reminded of this popular scripture from Ecclesiastes. We are reminded there is appropriate time for all things and all things happen in due time. The part of the passage which always resonates for me is “a time to be silent and a time to speak”. For me it reminds me there are times I need to be quiet and listen for God. Whether I am looking to the future or concerned about the here and now, I need to be quiet. To allow God’s plan for me I need to allow him to fill not only my ears but my soul with his spirit. The same is true for each of us. God has a special plan for everyone. If we are quiet enough he will reveal it to us in his way, in his time. Spend some time being silent and allow him to reveal his unique plan for you.
What a Waste of Time
Does it seem there never seems to be enough time in the day? Do you feel overwhelmed by the massive amount of stuff you need to accomplish? Does your day lack focus? Are you jumping from project to project? Feel like you are spinning your wheels? Get to the end of the day and wonder what you accomplished?
Well it is time to take control of your life. Time management is one of the very essential factors in becoming successful in business. We are going to talk about three things you can do to become more productive. Please take the time to read this article. 1. To-do or not to-do. 2. Deal with it. 3. Live in boxes.
First, to-do or not to-do that is the question. The answer is, to do it; it must be on your list. Creating to-do lists is one of the easiest ways to become more organized in your day. To get started, write down five things you want to accomplish before the end of the day tomorrow. Do it right now, I’ll wait…Finished? Great, let’s move on. Congratulations, you have just started down the path of putting more time into your day. I would like you to add one more thing to your list and that is “Make my to-do list for tomorrow”.
The simple exercise of creating a daily to-do list helps you to become more organized in your time, it allows you to prioritize the tasks which face you tomorrow and helps you each day to hit the ground running.
A key component of making this process a success is to complete a task before moving on to the next. When you are trying to do several things at once you are inevitably going to be less efficient and the quality of your work will suffer. You may need to take larger projects and break them down into smaller pieces in order to manage the entire task. Doing so will make you better able to deal with larger projects.
As you think of other things which need your attention. Write them down to be added to your to-do list. This allows you to get back to the task at hand. I suggest you keep a notepad or day journal with you. This way when you get ready to work on the next day’s list you can refer to the notes you made.
Long term to-do lists are great for you to work out the details of large projects or concepts. You may want to keep a separate list of such projects. On a weekly basis you should set aside time to review your to-do lists and analyze the progress you are making on these long-term projects.
Next, deal with it. There are two major time wasters which you need to take care of. First is the mail. Sort it over the garbage can. If you are not in the market for red plaid snow boots, throw the advertisement away. Don’t need a magazine subscription to Underwater Basket Weaving Weekly, through away the advertisement. And just how many credit cards or home equity loans do you need, throw the advertisements away.
Once you have thrown the junk away. Sort the rest of your mail. File the bills to be paid and deal with them when you have planned to pay bills. I suggest you pay your bills at least once a month. And the Roseanne Barr theory of, “Pay the ones marked final notice and throw the rest away”, is probably not a good management decision.
Take care of the rest such as client correspondence and move on with your day.
The other major time waster is the internet. Deal with e-mail just as you do your regular mail. Get a good spam filter to eliminate your need to wade through all of the junk which shows up on your inbox. By the way, reading our e-mail should be an essential part of your time spent on-line.
Next, limit the amount of time you are surfing the web. And don’t give me the little Miss Innocent look. You have been busted. A recent report suggested American business loses several billion dollars each year from abuse of the internet in the workplace and small business is no exception. The internet can be a great tool. It can also be a great deterrent to getting your work done. If you must be on-line, go with a purpose and when you find the information you need, get off and get back to work.
The final suggestion is to live in boxes. Okay, so you are asking, “How is living in the box the big screen TV came in going to make me more productive?” This is not quite what I had in mind. The suggestion here is to set your daily schedule into specific time segments. To begin, you can log your activity for several days. Use a note pad, write the date at the top, and jot down each activity you do in the course of your day and how much time you spent doing it.
After, review your log and ask where you could be more efficient. What activities could you have done together to maximize your productivity. What things did you do which really did not need to be done or could have been done at a different time. Where were there large gaps of time where you could have been more productive?
Set aside a block of time (at least an hour) to do this next exercise. Now, take a day planner (we have time management sheets available, simply e-mail us at info@inthespiritconsulting.com and put “time sheets” in the subject line and we will send it to you.). Begin by placing all of your scheduled appointments on the time sheet. Next use the to-do list you created above and begin writing in the other tasks you need to complete. Give yourself adequate time to finish these tasks.
Once you have done this you can begin to evaluate how you can better be using your time. This is where living in boxes comes into play. Start scheduling tasks back-to-back. Schedule your appointments the same way. This gives you larger boxes to complete your other work. Now your day becomes more efficient and productive. You are managing your schedule, it is not managing you. And the likelihood you will be living in a box is reduced because you are more productive and profitable in your business.
There you have it. To-do or not to-do, make a list and stick to it. Deal with it, eliminate time wasters handle items once and move on. Live in boxes, create structure in your day and manage your tasks. Anything else is a waste of time!
Well it is time to take control of your life. Time management is one of the very essential factors in becoming successful in business. We are going to talk about three things you can do to become more productive. Please take the time to read this article. 1. To-do or not to-do. 2. Deal with it. 3. Live in boxes.
First, to-do or not to-do that is the question. The answer is, to do it; it must be on your list. Creating to-do lists is one of the easiest ways to become more organized in your day. To get started, write down five things you want to accomplish before the end of the day tomorrow. Do it right now, I’ll wait…Finished? Great, let’s move on. Congratulations, you have just started down the path of putting more time into your day. I would like you to add one more thing to your list and that is “Make my to-do list for tomorrow”.
The simple exercise of creating a daily to-do list helps you to become more organized in your time, it allows you to prioritize the tasks which face you tomorrow and helps you each day to hit the ground running.
A key component of making this process a success is to complete a task before moving on to the next. When you are trying to do several things at once you are inevitably going to be less efficient and the quality of your work will suffer. You may need to take larger projects and break them down into smaller pieces in order to manage the entire task. Doing so will make you better able to deal with larger projects.
As you think of other things which need your attention. Write them down to be added to your to-do list. This allows you to get back to the task at hand. I suggest you keep a notepad or day journal with you. This way when you get ready to work on the next day’s list you can refer to the notes you made.
Long term to-do lists are great for you to work out the details of large projects or concepts. You may want to keep a separate list of such projects. On a weekly basis you should set aside time to review your to-do lists and analyze the progress you are making on these long-term projects.
Next, deal with it. There are two major time wasters which you need to take care of. First is the mail. Sort it over the garbage can. If you are not in the market for red plaid snow boots, throw the advertisement away. Don’t need a magazine subscription to Underwater Basket Weaving Weekly, through away the advertisement. And just how many credit cards or home equity loans do you need, throw the advertisements away.
Once you have thrown the junk away. Sort the rest of your mail. File the bills to be paid and deal with them when you have planned to pay bills. I suggest you pay your bills at least once a month. And the Roseanne Barr theory of, “Pay the ones marked final notice and throw the rest away”, is probably not a good management decision.
Take care of the rest such as client correspondence and move on with your day.
The other major time waster is the internet. Deal with e-mail just as you do your regular mail. Get a good spam filter to eliminate your need to wade through all of the junk which shows up on your inbox. By the way, reading our e-mail should be an essential part of your time spent on-line.
Next, limit the amount of time you are surfing the web. And don’t give me the little Miss Innocent look. You have been busted. A recent report suggested American business loses several billion dollars each year from abuse of the internet in the workplace and small business is no exception. The internet can be a great tool. It can also be a great deterrent to getting your work done. If you must be on-line, go with a purpose and when you find the information you need, get off and get back to work.
The final suggestion is to live in boxes. Okay, so you are asking, “How is living in the box the big screen TV came in going to make me more productive?” This is not quite what I had in mind. The suggestion here is to set your daily schedule into specific time segments. To begin, you can log your activity for several days. Use a note pad, write the date at the top, and jot down each activity you do in the course of your day and how much time you spent doing it.
After, review your log and ask where you could be more efficient. What activities could you have done together to maximize your productivity. What things did you do which really did not need to be done or could have been done at a different time. Where were there large gaps of time where you could have been more productive?
Set aside a block of time (at least an hour) to do this next exercise. Now, take a day planner (we have time management sheets available, simply e-mail us at info@inthespiritconsulting.com and put “time sheets” in the subject line and we will send it to you.). Begin by placing all of your scheduled appointments on the time sheet. Next use the to-do list you created above and begin writing in the other tasks you need to complete. Give yourself adequate time to finish these tasks.
Once you have done this you can begin to evaluate how you can better be using your time. This is where living in boxes comes into play. Start scheduling tasks back-to-back. Schedule your appointments the same way. This gives you larger boxes to complete your other work. Now your day becomes more efficient and productive. You are managing your schedule, it is not managing you. And the likelihood you will be living in a box is reduced because you are more productive and profitable in your business.
There you have it. To-do or not to-do, make a list and stick to it. Deal with it, eliminate time wasters handle items once and move on. Live in boxes, create structure in your day and manage your tasks. Anything else is a waste of time!
Marketing Tip of the Month March 2008
Building a loyal customer base is essential to all small businesses. One great way to build customer loyalty is to remember them after they have completed their business transaction with you. Here are three simple things you can do to make your customer feel appreciated after the sale.
First, give them a follow-up call to assure they were satisfied with their products and services. A personal phone call is a great way to show you care and are concerned about their satisfaction. This call should be made within a day or two of delivering the final product.
Next, send a thank you note. A handwritten thank you note shows again you are genuinely interested in your customer and shows you value them. The note should be sent within two or three days of delivering the product.
Finally, be sure to stay in touch with your client. Remembering them on birthdays, anniversaries and other special occasions is great. Be sure to add them to your regular mailing list so they are getting your marketing pieces and newsletters. Create a referral program to entice them to share their experience with other potential clients.
Remember, your customers are the life-blood of your business be sure to take care of them and they will take care of you.
First, give them a follow-up call to assure they were satisfied with their products and services. A personal phone call is a great way to show you care and are concerned about their satisfaction. This call should be made within a day or two of delivering the final product.
Next, send a thank you note. A handwritten thank you note shows again you are genuinely interested in your customer and shows you value them. The note should be sent within two or three days of delivering the product.
Finally, be sure to stay in touch with your client. Remembering them on birthdays, anniversaries and other special occasions is great. Be sure to add them to your regular mailing list so they are getting your marketing pieces and newsletters. Create a referral program to entice them to share their experience with other potential clients.
Remember, your customers are the life-blood of your business be sure to take care of them and they will take care of you.
Inspirational Corner March 2008
Recent weeks have begun to take their toll. The dark gloomy days of winter seem to cast long across peoples spirits. In central Illinois this has been an extremely unusual winter. The thermometer seems to be on a bungee cord. Up one day, down the next. We have experienced below zero temperatures, snow, ice, unusual amounts of rain, thunderstorms, flooding and an exceedingly number of gloomy overcast days. There are days when it takes all of one’s effort to simply make it through.
This must have been what life was like for many before Christ was revealed as the messiah. Living in the darkness of sin and not knowing when the ‘light’ would come. Jesus reveals to us in the 9th Chapter of John, “As long as I am in the world, I am the light of the world.” Through restoring sight to the blind Jesus taught us all he was indeed the light which restores our sight. It is a light so powerful as to break through all darkness and reveal the messiah to each of us.
As we continue to use this Lenten season to reflect on God’s love for us and how he expressed his love, not by living, but by his willingness to die so we may live, we can rejoice in the light. So in the weeks to come, as we trudge out the final weeks of a gloomy winter, we can rejoice in the Light of a Risen Christ. Make this light shine brightly in your heart as you share His message of salvation and redemption.
This must have been what life was like for many before Christ was revealed as the messiah. Living in the darkness of sin and not knowing when the ‘light’ would come. Jesus reveals to us in the 9th Chapter of John, “As long as I am in the world, I am the light of the world.” Through restoring sight to the blind Jesus taught us all he was indeed the light which restores our sight. It is a light so powerful as to break through all darkness and reveal the messiah to each of us.
As we continue to use this Lenten season to reflect on God’s love for us and how he expressed his love, not by living, but by his willingness to die so we may live, we can rejoice in the light. So in the weeks to come, as we trudge out the final weeks of a gloomy winter, we can rejoice in the Light of a Risen Christ. Make this light shine brightly in your heart as you share His message of salvation and redemption.
Three Tips to Stay Financially Viable in a Stagnant Economy
Recent months have shown a slowdown in the national economy. For the first time in many years consumers are showing less confidence in their future financial security. Those businesses that rely on consumer’s discretionary income are especially susceptible to the financial pinch of a tight economy. As consumer confidence wanes it becomes more important for small business owners to pay attention to their finances.
There are three areas to be considered by business owners and managers as they evaluate the financial future of their business. Simply they are profitability, expense and debt management. Let’s consider each.
First, pay attention to your profit centers. First of all, it is important to know where your revenue is coming from. Review your profit and loss statement and look at the areas where you are generating the most net profit. This is the product line(s) you want to continue to focus your marketing efforts. Maximizing sales in these areas will be essential.
Evaluate the areas where you are generating less net profit. See if there are ways to cut production costs of these products. Consider combining less profitable products with those with a higher margin. In marketing terms this is called “bundling”. It allows for more profitable products to increase the overall profits when sold together. By bundling you also bring more value to your client. In a weak economy, customers are looking for the best value. This marketing technique addresses the clients’ desire for finding the best value. This additional value should translate to increased sales.
Next, managing expenses becomes essential in keeping your business financially solvent. Reviewing and understanding the expense lines of your profit and loss statement will help you to find areas where unneeded expenses can be reduced or eliminated.
Pay close attention to product inventory. Keep on hand only those products which you need for immediate production needs. Many suppliers will offer discounts for volume purchases. When cash flow becomes tight, as it may well, in a soft economy it is important to keep your assets as liquid as possible. You may have to pay slightly more for products but in the long run you may save. The reason being, if you have to borrow to cover expenses later on because you overstocked inventory, the interest you pay on borrowed money will very likely be more than the savings on purchasing the original inventory.
Now is not the time to make new capital expenditures. This sometimes can be the hardest thing to reign in. With new technology and products coming into the marketplace comes the desire to have the latest greatest new tool or piece of equipment. STOP! There are some questions you need to ask. First, how will this item improve the profitability of my business? If you cannot justify on paper how this investment improves your bottom line you should not make the purchase.
Next, take your emotions out of these decisions. When considering asset acquisition, compare products, price and performance before making a buying decision. Sleep on these decisions. If you happen to be attending a trade show or your visiting a supplier’s show room, don’t be pressured into making the decision on the spot. Before you consider these items you should do your homework and know exactly what the product can do to benefit your business. Remember, this is a business decision and you don’t want your desire to ‘have’ override the need and the potential return on the investment.
Finally, if you can’t pay cash for the item, you probably should not buy it. Taking loans on capital expenses in a downturned economy can spell disaster for your small business. As cash flow tightens it may become harder to make payments on business loans. Creating a system of asset replacement through depreciation management is a much more viable and safe way to manage asset acquisition.
The last area is taking care of debt. If you are currently carrying debt you should evaluate your interest rate and repayment method. High interest rate credit cards are bad news if you are unable to pay off your balance each month. Making minimum payments means you are only covering interest and maybe a small part of the principal balance.
A good option for many small businesses with debt is to refinance into a traditional bank loan. Generally the interest rates will be much lower and you can establish a monthly payment which will allow you to save money on interest and retire the debt much sooner.
Managing cash flow is also important to managing debt. If you have a good business plan and financial history of your business you may be able to consider a business line of credit. Many banks offer lines of credit for business. Generally the interest rate will be lower. This type of credit allows you to tap into the line when you need funds and repay as you are able. A line of credit takes strict discipline to use it wisely. In your business plan, the bank will want to see your projected cash flow as you ability to repay the credit line.
Bonus tip. Providing your clients with outstanding customer service is a great way to keep the business coming. Taking care of your customers needs and going beyond their expectations is essential to sustaining and growing your business.
So, in review, manage your inventory, keep cash in your pocket not in your supply closet. Don’t make investments into unneeded capital assets. Manage your debt load. Don’t take on more than you can manage and finally, take outstanding care of your customers.
Wednesday, January 23, 2008
Inspirational Corner February 2008
The Apostle Paul was stuck in a Roman dungeon facing the possibility of having his head chopped off. Instead of worrying about dying, he prayed.
And look at his word found in Philippians 4:6-7. Remember, a man sitting in a damp, dark, depressing dungeon penned these words: ""Don’t fret or worry. Instead of worrying, pray. Let petitions and praises shape your worry into prayers. Before you know it, a sense of God’s wholeness, everything coming together for good, will come and settle you down."
When you face a challenging circumstance you have two choices. You can lose heart and let worrisome thoughts control your mind; or you can pray about it
The gift of prayer is wonderful. Even more wonderful is having a loving God who not only listens but also answers our prayers.
And look at his word found in Philippians 4:6-7. Remember, a man sitting in a damp, dark, depressing dungeon penned these words: ""Don’t fret or worry. Instead of worrying, pray. Let petitions and praises shape your worry into prayers. Before you know it, a sense of God’s wholeness, everything coming together for good, will come and settle you down."
When you face a challenging circumstance you have two choices. You can lose heart and let worrisome thoughts control your mind; or you can pray about it
The gift of prayer is wonderful. Even more wonderful is having a loving God who not only listens but also answers our prayers.
Planning for the Bounty of Your Harvest
I love spring and I love to garden. With the gentle warm breeze comes a feeling of renewal. We begin to see evidence of this renewal in the budding of the trees and the greening of the grass. It is during this time of the year, in late winter, I begin looking at seed catalogs and deciding on the things I want in my garden in the spring.
Remembering the successes and failures in my past experiences helps me to choose seeds, which will improve my end results. To help me do this I keep a journal each season of the brand and type of seeds I planted. I record how well they did when I harvest from my garden. This process allows me to select the appropriate seeds and not repeat mistakes I may have made. Not only in the seed selection but also at how well I managed my garden.
There is great satisfaction of putting seeds in the ground and seeing the plants burst through the soil. In many ways it is a wondrous event. From such a small seed grow plants, which produce magnificent flowers or plentiful vegetables. Planting and harvesting can be very rewarding.
We can receive the same great rewards in our business. We just have to learn how to sow the seeds and reap the harvest. The planting begins with planning. And now is the time to be planning.
For many small business owners this is the slower time of the year. It makes it the perfect time to begin planning for your future success. Just like me and my garden now is the time to be selecting the ‘right seeds’. What are those things, which will grow and bear fruit in your business? Look at what has been productive for you in the past and look at ways to improve on its success.
Evaluate what has not worked well or where you may need to add to your marketing plan to improve your results. You should ask questions such as, "Where do we need to increase cash flow?" "What product lines and services are the most fruitful and how do we replicate and improve on those successes?" "Where have we not done so well, and why?" "What tasks seem to get in the way of my success and how do I put my focus back on my success?"
Answering these questions and creating a plan to address the changes needed to improve your success can help you become more satisfied with your end results. With this in mind…Plan, Plant, Reap and Enjoy the bounty of your harvest.
To your success,
Stacey Friedlein
Remembering the successes and failures in my past experiences helps me to choose seeds, which will improve my end results. To help me do this I keep a journal each season of the brand and type of seeds I planted. I record how well they did when I harvest from my garden. This process allows me to select the appropriate seeds and not repeat mistakes I may have made. Not only in the seed selection but also at how well I managed my garden.
There is great satisfaction of putting seeds in the ground and seeing the plants burst through the soil. In many ways it is a wondrous event. From such a small seed grow plants, which produce magnificent flowers or plentiful vegetables. Planting and harvesting can be very rewarding.
We can receive the same great rewards in our business. We just have to learn how to sow the seeds and reap the harvest. The planting begins with planning. And now is the time to be planning.
For many small business owners this is the slower time of the year. It makes it the perfect time to begin planning for your future success. Just like me and my garden now is the time to be selecting the ‘right seeds’. What are those things, which will grow and bear fruit in your business? Look at what has been productive for you in the past and look at ways to improve on its success.
Evaluate what has not worked well or where you may need to add to your marketing plan to improve your results. You should ask questions such as, "Where do we need to increase cash flow?" "What product lines and services are the most fruitful and how do we replicate and improve on those successes?" "Where have we not done so well, and why?" "What tasks seem to get in the way of my success and how do I put my focus back on my success?"
Answering these questions and creating a plan to address the changes needed to improve your success can help you become more satisfied with your end results. With this in mind…Plan, Plant, Reap and Enjoy the bounty of your harvest.
To your success,
Stacey Friedlein
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