Blog Archives - Page 4 of 10 - Hybrid Business Advisors

5 Cash Flow Killers to Avoid

Posted on by Joan Nowak

Nothing kills your cash flow more than non-payment or slow paying customers. No matter how well you serve them or how good your company performs, some people simply take their time paying you. But all too often, it’s mistakes or other issues that really create the problem.

What Creates Slow Paying Customers

Errors on invoices. Miscalculations or other errors give the customer a reason not to pay you. To make matters worse, some won’t call to let you know. They simply won’t pay it and wait for you to contact them. What a great way to turn 30-day terms into 60 or 90!

Slow invoicing. Today there is absolutely no reason to invoice weekly or worse, monthly. When the project or service is complete, send out the invoice. Financial management systems like Quick Books make it easy. And now you can do it from anywhere, including your phone!

Lack of payment options. Cash is great. Checks work too. But credit cards and EFT options are a simple way to get paid today. Stop worrying about the fees. You don’t even need a credit card transaction machine. With applications like Square, your phone or tablet can make accepting credit cards easy and convenient for you and customers. Payment today, even with the fees, beats waiting 30 days or more – and you eliminate the chasing!

Poor collection follow-up. Again, technology makes it easy and reminds you immediately when something is past due. No need to wait 30 days to take action. Send a friendly reminder the day after a payment is due — if it’s not received. When customers know you are on top of it, they are far more likely to pay sooner than later.

Serving everyone. Choose your customers wisely. Negotiating is fine and expected. But avoid the ‘hagglers’. If they quibble over the quote for a few bucks, they will likely do the same when it’s time to pay the bill – once again, delaying the payment.

While it is difficult to eliminate slow or non-payments, you can certainly improve the results with a good system, flexible payment options, and consistent follow-up.

New Monthly Article & Business Tools

For new business improvement articles, exclusive tools and insights on entrepreneurship, click here to subscribe to my monthly eNewsletter. When you do, I’ll also send you my free eBook, How to Build Profit Through Leverage.

5 Ways To Get More From Networking

Posted on by Joan Nowak

Business networking is a common strategy employed by businesses, especially when we start a new year. It’s a great way to establish new contacts and build strong relationships that can be mutually beneficial – producing a constant stream of quality referrals. But it requires more than being visible – and just showing up.

Here are a few reminders to help you build better connections and more win-win opportunities:

Avoid Selling. People like doing business with people they know and trust and this takes more than a one-minute conversation to develop. Don’t turn off potential prospects or power partners with a strong sales pitch! Be patient. Use networking to start a conversation and build a foundation for a future call or meeting.

Plan a Brief Introduction. If you met someone new at a party or your kid’s soccer game, would you spend 60 seconds introducing yourself? Then why do so at a networking event. Regardless of who initiates the introduction, keep yours short and concise. It should include your name, company, and area of specialty. Since many small business names provide a clue about the type of business, use the area of specialty to hit on a benefit or uniqueness. Be creative but brief.

Engage People With Questions. Questions are one of the most powerful engagement tools. Whether you follow your introduction with one or use one as a method to continue a conversation, questions say ‘I’m interested’. Have a few planned questions in your arsenal and use them effectively to build rapport and create meaningful discussions. Remember to be a good listener too!

Stay Memorable. Out of sight, out of mind. Even with the best intentions, most people forget those they meet at events within 2-3 days. So timely follow-up is important. Connect socially on Linked-In; it’s a great way to keep their name, face and specialty visible. Drop them a brief email or call them to schedule a meeting – in person or via phone. Since most people fail to follow-up, a good system consistently done can help you stand out in the crowd!

Be a Connector. While some event attendees may be potential customers or power partners, others may not. But meaningful conversations may help you connect that person with someone else – to solve a problem or forge a new alliance. It builds your reputation as a great resource and gives you the satisfaction that comes from helping others.

Networking, like any marketing strategy, works best when done consistently and with a purpose. Don’t just show up, make it count.

Ready to Put Your Business on the Path to Success?

Would working with a business coach help you take your business to a whole new level? Then let’s explore the possibilities with a complimentary consultation. It’s a chance to get to know each other, discuss your goals and the obstacles that hold you back. Together we can determine if there is a good fit between your needs and my services.

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

4 Things Business Owners Should Consider When Planning

Posted on by Joan Nowak

It’s that time of year again. If you’ve set some goals for the coming year, excellent! But do you have an action plan to map out how you will get there?

Don’t let the word plan scare you. An action plan is simply a sequence of steps you must take or activities that must be performed well in order to accomplish your goals. It has four elements: what task must be done, by who and by when and what resources (time, money or people). It’s not complicated – but it is a key to reaching new levels of success. Winning in business, like in sports, begins with preparation.

As you plan for the coming year, keep the following in mind:

The profitability of your business depends on how well you and your team consistently perform critical activities. It’s not about doing a lot of stuff, it’s about doing the right stuff well each and every time. What are the critical activities in your business and what do you need to do to improve them and do it consistently?

Small changes in critical areas can have a great impact on the bottom line. Great things are done by a series of small things brought together. As you plan, go beyond marketing and sales. Look at the people and systems that support your business. What about the products and services you offer – do they need a facelift? Do your service levels and operations provide a great buying experience each and every time? Make continuous improvement in all areas a priority in your business. Your customers and bottom line will thank you!

Employees perform best when they understand how their performance affects the bottom line and how their performance is measured. Have you shared your business goals with your team? Do they understand how their ‘job’ contributes to success? Connect the dots and get them engaged. It’s a recipe for success.

What gets measured gets done and what gets rewarded gets done again. Do you want more leads and customers or want to improve efficiency, margins, customer satisfaction or receivables? Measure, track and share what is critical to your success. Then, reward the team when results are achieved – so the actions and behaviors that got you results continue to be a priority.

Have You Hit a Planning Road Block?

If you are serious about setting a better course for your business, then check out my Ultimate Guide to Planning and Goal Setting. With my step by step process, plus easy to use templates and examples, you can create an effective and actionable plan for your small business in less than 8 hours! Click here to learn more and download your copy today.

Is Your Customer Service Really That Good?

Posted on by Joan Nowak

It’s not surprising that when your customer service exceeds expectations, your sales really flow. Afterall, happy customers keep coming back, spend more and tell others. But what really defines great service and how do you take advantage of this small business opportunity?

Creating a great buying experience takes more than simply doing your job. It’s about making people feel important. Being helpful and responsive. Taking responsibility if something goes wrong. Or simply listening attentively to them.

When it comes to service, small businesses have a major advantage over bigger companies because of your close and local relationship with your customers! This personal connection makes you more accessible. Therefore, customers often perceive you as more trustworthy. And as they say, people do business with people they know and trust!

Customer Service: Questions to Consider

Knowing what helps define great service, here are two questions to really consider.

Does your business consistently provide customers with a great buying experience from start to finish?
How does your customer experience compare with others they do business with — both inside and outside your industry?

When it comes to business improvements, the customer experience is often overlooked. Here’s why. Many business owners believe they offer really good customer service. But customers, when we actually ask them, don’t always agree. And sometimes the gap is really big!

This points out something important when it comes to service and satisfaction. By definition, a customer’s satisfaction is the gap between what the customer expects and what he/she gets. It applies to all areas of the business, including customer service. And, it transcends over all industries. Customers do not compare your service levels with others in your industry; they compare it to other companies they do business with!

3 Steps to Better Customer Service

Develop and define the standards of service you want your customers to receive. Consider what is important to you. when you make a purchase or encounter a problem.
Train your people to deliver those standards consistently. Yes, it helps to hire people who care! But it also helps when your people understand what is expected and why this is important to customers.
Set the expectations for your customers and manage those expectations well. As the saying goes, better to under promise and over deliver!

If you are not sure how your service measures up, do a little research. Pick up the phone and ask your customers to participate in a brief phone survey — and really listen! Check out online reviews that are relevant to your business – what are your customers really saying. Implement a mystery shopping program (they are not just for retail establishments). Get feedback and ideas from your team, especially those on the front line!

More Ways to Grow Your Business

For new business improvement articles, exclusive tools and insights on entrepreneurship, click here to subscribe to my monthly eNewsletter. When you do, I’ll also send you my free eBook, How to Build Profit Through Leverage.

What The Numbers Tell You

Posted on by Joan Nowak

What key performance indicators do you use to track how you are doing? While it varies by type of business, most companies track sales, new business, margins and profit at a minimum. While the numbers can tell you a lot, the financial trends can tell you more. Regardless of which metrics you choose, the real value comes from looking at two things:

1. How does it compare to the past three to six months?

2. How does it compare to the same period last year and/or prior years?

Are you running ahead, flat or behind? Are all the numbers trending in the same direction? For example, if sales are up, are your profits doing the same? Armed with this information, you can better identify where you need to put your time and other resources.

To Demonstrate The Value of Trends

I had a conversation recently with an owner of a service company who was looking to grow sales. Sound familiar? I get it a lot. But as I started to ask questions and look at some trends, I saw the lightbulb go off in his head. Here’s why.

Sales were up about 10% versus last year and running about even with the year before. Definitely trending in the right direction but nothing to write home about. At the same time, gross profit was actually down about 5% and had been declining over the past three years. Direct labor, operating inefficiencies, and not-so-ideal customers had caused the decline – and it had gone unnoticed.

This exercise helped redefine the strategies for the coming year. Sales growth is still important, but profit improvement is now the top priority – and his plan for next year reflects this.

As you plan and prioritize throughout the year, go beyond the numbers. Look at the trends and you may just uncover some hidden gems to put more on your bottom line and in your bank account!

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Leadership: What Makes Some Great?

Posted on by Joan Nowak

As a business owner, you wear a lot of hats. But your leadership role is probably one of the most important for your company. But what makes for a good leader?

There are thousands of books on the topic, but one of my favorites is ‘The Secret: What Great Leaders Know and Do’, by Ken Blanchard and Mark Miller. Worth the read!

According to Blanchard and Miller, good leaders possess and continue to develop leadership skills. But great leaders consistently look for ways to SERVE their teams and organizations. In other words, great leaders are serving, not self-serving.

5 Ways Leaders Serve

S = See the Future
A compelling vision tells everyone who you are, where you are going and what core values drive the behavior of those in your company. Do your people know where you are headed and why?

E = Engage and Develop Others
While it starts with choosing the right people, you can accomplish great things when you allow them to fully participate. Developing others involves creating an expectation for learning and personal growth, providing development opportunities and mentoring your team.

R = Reinvent Continuously
How can we do things better, with fewer errors, faster or for less? Instill the desire for improvement into the people doing the day-to-day work.

V = Value Results and Relationships
This is not an either or option. Profit and financial strength is the reward for excellence in entrepreneurship. How much emphasis do you place on getting results? How much time do you invest with your team to make a difference in their lives? What do you do, on a consistent basis, to express appreciation for a job well done? Great leaders value both – and you should too.

E = Embody the Values
What core values are important to you and your company? As the leader, you must establish, articulate and enforce them. Embody the values in what you do – and integrate them into what your team does.

So what are some of the ways you can integrate the SERVE method into your small business – and be the leader you were meant to be?

More Ways to Grow Your Business

How to Make Your Business Work Simply

Posted on by Joan Nowak

There are some things in life that are complicated. Business doesn’t need to be one of them. You don’t need to be Einstein to invent new ways to create a better business. But it does require two things – goals and systems.

Many small businesses lack clear direction. So one of the first things I recommend to clients is that they define and prioritize what they want to accomplish over the next 12 months. When you have simple goals and share them with your team, everyone is on the same page. It gets them focused on the results you want.

I’ve had clients increase sales and profit significantly simply by defining and sharing their goals. Then they track results and communicate how they are doing. This allows the owner to recognize them for a job well done or get their input to make adjustments when necessary.

Client Examples: Simple Ways to Improve Your Business

A medical practice wanted to increase the number of new patients. Before we jumped into marketing, we tweaked some current procedures, including answering phones, scheduling appointments and new patient intake. We made sure that first contact was friendly, efficient and helpful. With scripts and procedures to make it easy, retraining staff and new patient goals, the practice added at least 25 new patients each month. They now have a strong foundation to make future marketing and lead generation activities pay off.

A commercial cleaning company wanted to grow customers in a few key segments. We developed key speaking points, a letter of introduction and a follow-up phone script. We modified their proposals to address both price and differentiation. With this in place, we implemented a campaign to contact 10 new prospects weekly. We generated three new clients the first month. This is now an ongoing effort that continues to pay dividends.

A professional service firm was not pro-actively requesting referrals or testimonials from current clients. We implemented a quick phone survey for them to use when they completed a service such as tax preparation, planning or other business initiatives. While the feedback helped with our ongoing improvement efforts, the survey gave them the chance to ask for and receive referrals and testimonials. New business through referrals has produced sales growth without additional marketing investments.

As these examples demonstrate, doing small, often simple things, can make a difference in your sales and profits. Set goals and get others engaged. Apply a little innovation and you have a recipe for success.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

How to Create A Learning Environment For Your Team

Posted on by Joan Nowak

If you want your business to be flexible enough to change and grow, even in tough times, create a work environment where learning is appreciated and encouraged. The best way to do this is to lead by example. Demonstrate to your team that you are actually interested in learning yourself and create a learning environment for them.

Brian Tracy says it best. “People who develop the ability to continuously acquire new and better forms of knowledge that they can apply to their work and lives will be the movers and shakers in our society for the indefinite future.” So be a learner and encourage your team to do the same.

3 Secrets To Be A Good Learner

Be excited, not threatened, by new ideas. People who see innovation as a threat that will diminish their power are making a big mistake. If you are dedicated to your company’s growth and work hard to achieve it, any change that creates improvement will simply make your position stronger.

Recognize your personal biases and admit them to others. Sacred cows and biases in business can stifle innovation. They can make you blind to good ideas and cause you to spend resources on potentially risky concepts.

Remain humble. Even the most important business knowledge is, at best, temporary. Today’s ideas may not be effective tomorrow. By remaining modest about your accomplishments, you’ll build a foundation of support in your organization that will help you later.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Pricing: What Yours Should Do

Posted on by Joan Nowak

One of the questions I’m often asked is ‘how much should I charge for a product or service’. This is typically the starting point for most discussions on pricing strategy. But the question you should be asking is ‘How much do customers value the products, services or other intangibles I provide’.

There is no right or wrong when it comes to pricing – but your profit margins will ultimately reflect the pricing strategy you choose. So it actually depends on your goals and objectives.

Three Things Your Pricing Should Do

Achieve your financial goals and profit objectives. The key here is to have objectives and know your true costs.
Fit the realities of the market. Will customers buy at that price based on value and competition?
Support your positioning and other elements of your marketing, such as distribution channels, promotions, and product uniqueness.

The first two are obvious and most small businesses incorporate these into their pricing decisions. But often they overlook the third one. In doing so, they often lose profit and sales.

So as you set or change your prices, make sure you consider all three elements. To learn more about pricing strategies, check out my article, Pricing: 6 Common Mistakes to Avoid.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com

Is Information Overload Stealing Your Time?

Posted on by Joan Nowak

From emails and text to social media, is it any wonder that many of us operate on information overload. While relevant information certainly builds knowledge, we often need to cut through the clutter to get the nuggets that make a difference in our lives and business.

In the early 1900’s, John Wanamaker, department store founder, said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” The same can be said about email, text and social media – about 50% of it is worthless, but you don’t always know which half.

So the key to managing all the information today is simple. Handle each message once, decide what to do with each message and take one of the following actions:

Delete It
Do It
Delegate It
Defer It

Delete It
Half of the information you get can be quickly read and deleted. But many in business hesitate to delete anything but the most obvious junk mail for fear they may need the information later. Certainly, some information is worth keeping, but much of it can be deleted.

Not sure what to delete? Here’s some questions from productivity trainer, Sally McGhee of McGhee Productivity Solutions that may help:

Does the message relate to a meaningful objective you are currently working on? If not, you can probably delete it.
Does the message contain information you can find elsewhere? If so, delete it.
Does the message contain information that you will refer to within the next six months? If not, delete it.
Does the message contain information you are required to keep? If not, delete it.

Do It
If you can’t delete it, then ask yourself “Can I take action (do it) in less than two minutes?” Some common quick actions include a simple response to a question, confirming a meeting, making a quick phone call or filing it for future use . If you can do it in less than two minutes, do it. There is little value in closing it to do later. Once you have handled it, delete the email from your inbox.

Delegate It
If you wish to delegate the ‘doing’ to someone else, do so right away. And remember to include specific instructions — what you need him/her to do. Typically delegating emails can be done in less than two minutes – and the person on the receiving end will appreciate your timeliness. After you delegate it, delete the email from your inbox or move it into a follow-up system file.

Defer It
At times, the action required is something that only you can accomplish – and it will take more than two minutes. These emails should be deferred – to work on later. While you can leave it in your inbox with the greatest expectations to act on it later, buried emails are a recipe for missed deadlines and blown opportunities.

Deferred emails typically require time to work on a project or task or need collaboration in the form of a meeting or conference call. The easiest way to handle this is to create an action item on your to-do list or tasks application if you use your computer or smartphone. Then, as part of your daily and weekly planning, you can prioritize the tasks and schedule time to act on them.

Ready to Put Your Business on the Path to Success?

To learn more or schedule an appointment, call me at (856) 533-2344 or drop me an email Joan@HybridBizAdvisors.com