Articles Archives - Page 10 of 11 - Hybrid Business Advisors

Substance Before Style – For Advertising That Get Results

Posted on by Joan Nowak

When it comes to your company’s advertising, are you more concerned about how it looks or what it says? While design and style are important, all the glitz is worthless if there is no real substance to your message. Whether you use print ads, direct mail, email, digital or social media, the copy is king!

So the next time you sit down to prepare a new marketing campaign, give a little more thought to your copy.

6 Steps To Make Marketing Easier and More Effective

Step 1: Define Your Ideal Customer

The best marketing starts with a clear ‘audience’ in mind! Write a one-page description of your most ideal client/customer. Describe in detail all about them. For consumers, this might include age, marital status, the car they drive, the number of children, income range, personality type, common problems or challenges. For businesses, this might include size, industry, the number of employees, decision maker title, hobbies, personality type, goals, and common problems. This answers the question “Who” is your ideal client (not your target market – your IDEAL “A” class customer)

Step 2: What Would They Buy?

“What” would your ideal customers buy from you? Most businesses offer more than one product or service for their ideal customers, so identify all of them.

Step 3: Why Would They Buy?

This is important and is two-fold. Why would they buy from you instead of your competition and what are the benefits they receive when they make the purchase? Your Unique Value Proposition is important here so you don’t compete on price alone!

Step 4: Headlines That Speak to Ideal Customers

Whether you are creating a landing page on your website, an email marketing campaign or direct mail piece, a powerful headline is a must to get attention and encourage ideal customers to read more. Brainstorm and write down 10 headlines that speak to your ‘who’ and grab the attention of your ideal customers. Here are a few headline starters to get you thinking:

- Here’s How You Can …
- 7 Ways to Increase Your…
- 5 Reasons to Try (or Call)
- For Less Than $5 a Week…

Step 5: Outlandish Offers

Offers are a must for small businesses to get people to take action – call, visit your website, come into location, sign up for an event, etc. So based on “What” they would buy – come up with 3-5 outlandish, over-the-top kind of offers.

Step 6: WIIFM

Develop benefit-oriented copy based on the answer to the ‘why’ above. Remember the WIIFM (What’s In It For Me) — How can your products or services solve their problems, ease their fears or make their life better, simpler or more profitable.

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.

How to Make Package-Based Pricing Work for Your Service Business

Posted on by Joan Nowak

In an attempt to simplify pricing for both the business and customer, many service companies look to package-based pricing. It’s convenient for customers who have a clearer expectation of cost and saves the business time by eliminating the need for individual quotes on certain projects. Sounds like a win-win right? It can be if you avoid some common pitfalls.

When Packaging Services, Avoid Common Pitfalls

Think Efficiency. Most businesses have an opinion of what their time is worth – a combination of cost and value. But determining the amount of time dedicated to doing the work is often more of a challenge. When it comes to packaging, experience and efficiency matter – for you and those in your company who do the work. It allows you to deliver value at a price that is competitive while optimizing margins due to efficiency.

If you have a system or proven method to ensure consistent repeatability and quality results, then packaging may be a great option. If not, your package-based pricing may erode margins or hurt sales opportunities.

Define What Is Included. Set clear expectations on what the package includes or the scope of work. What do you plan to do, how often? What is the deliverable? What services, if applicable, will be extra. Be specific to avoid confusion that can lead to unhappy customers or “unpaid’ work.

Stay True to Your Target. Packages are not ideal for every customer. Some will need or want more than your package includes. Build your package with a specific target in mind and be willing to say NO when it is not a good fit. If a prospect needs a custom solution or wants more, create a unique package (aka proposal) for them with the appropriate extras or be willing to let them go. Otherwise, you erode margins or end up with unhappy customers!

Good-Better-Best. Some customers like choices. Because packages are pre-set and pre-priced, they are less flexible by design. You can address this with multiple package options. Think good, better and best and be clear on differences between packages. It provides customer choice and up-sell opportunities for your business.

Balance Quotes and Packages. If you offer a variety of services to a wide range of customers, use a combination of packages and proposals. Develop packages for some common, simple projects or certain types of customers. Use your proposal or quote process for more complex projects or customers who require custom solutions. This provides flexibility to meet customer needs and maximize profit.

Service Packages Make Selling Easier

When done right, service packages can save you time without sacrificing sales and profit. For many, they can open up additional sales opportunities. With training and a good system, even non-sales team members can help generate sales!

I saw this first hand when we implemented this strategy with a client who owned a residential and commercial cleaning service. By establishing packages for homeowners, his assistant was able to close sales and leave him and others to focus on higher-profit commercial work that required on-site visits and proposals. It was a win-win!

More Profit Building Ideas…

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.

Better Systems, Better Results

Posted on by Joan Nowak

I hear it often from business owners, ‘I tell them what we need (or what to do), but it never gets done or done right.’ Sound familiar? Despite what many think, most employees want to do a good job and make a contribution to the business. So what’s the problem?

Here are a few things to consider:

Do they know what you actually want – not just hear what you say or ask?

Do they know how to do what you want or ask? Is it clear and concise or vague and left to interpretation?

Do they understand why the task or behavior is important to customers, the business or other team members?

So what’s the solution? Systematize. That’s right, your people and your business will benefit from taking the time to document critical processes and procedures in your daily operations. From answering the phone and handling problems to billing and collecting money from customers, simple how-to steps, with supporting forms, templates and documents, make it easy for people to deliver what you want and need – consistently and profitably.

How To Make Better Systems

Keep them simple. Effective processes are typically 1-2 pages long with 8-10 specific steps. If your procedures are too long, consider breaking them into smaller tasks. For example, instead of one process for all front desk/receptionist tasks such as answering the phone, handling the mail, scheduling appointments, etc – break them into individual processes.

Include basic scripting or supporting forms. If a process includes the use of a specific form(s), include a sample with the process and reference it. Add scripting where appropriate and don’t overlook frequently asked questions (with answers or actions).

Link processes to goals. Every process should have a purpose and be linked to goals such as creating a positive buying experience, growing sales, delivering consistent service, improving productivity, etc. It’s important that your people understand the purpose or goal and recognize how they contribute to making it happen.

Look for ways to improve. Systems will change over time as the business grows and technology changes. Encourage people to always look for better ways to do things. Get them engaged and create a continuous improvement attitude. You will be amazed at what you all can accomplish together!

It’s not enough to simply document procedures. The payoff comes when they are used effectively and consistently. So get others engaged. When it comes to getting the most from your people, consider the old Chinese proverb, “Tell me and I’ll forget; show me and I may remember; involve me and I’ll understand.”

Leverage Your Business With Systems

If you are serious about leveraging your business with systems but struggle with where to start and how to do it, the check out my Ultimate Systems and Procedures Guide. Designed specifically for small business owners, my step-by-step guide with templates and examples makes it easy to do it yourself.

7 Signs You Need a Business Coach

Posted on by Joan Nowak

Ever wonder why a business owner would invest in a business coach? While the answer will vary depending on the owner you ask, it often comes down to three things: time, money and freedom. In other words, they want a business that works for them – that provides the income and lifestyle they want – but hit some roadblocks or obstacles along the way.

#1 Challenge for Small Businesses

Many of you are probably thinking, “I need more customers, revenue, time or maybe more profit” – and that is likely true. We always tend to want more. Now ask yourself this. What can or should you do to turn this around? Again, you could probably come up with a lot of ideas. And there-in lies the problem.

The biggest challenge most small companies face today isn’t coming up with good ideas – it’s implementing them. Business coaching is the most effective way to bridge the gap between knowing what to do and actually doing it.

7 Reasons You Should Work With a Business Coach

You are working too many hours and feel “I never have time for myself and my family”. Taking time off or being out of touch is stressful — things don’t work well when you aren’t there. You are ready to work a whole lot less – without sacrificing sales and service.
You’re ready to make a whole lot more profit. Profit is your reward for excellence in entrepreneurship. If you’re not making enough money to justify the effort, risk and investment you’re making in the business, then it’s time to turn that around.
You are ready to build a team of people – from employees and contractors to alliances – who can help you grow the business whether you’re there or not. In other words, you need people supporting your business that are committed to your customers and company’s success.
You need to fall in love with your business again; you feel burned out, bored or maybe sick of your business. Time to get the passion back – to get re-focused and re-energized.
You have ideas and know things need to improve, but are not sure where to start or how to get things done. You need to bring in some expertise and support to help with implementation – to turn ideas into results.
You need someone who can see the forest for the trees, an outsider who isn’t blinded by your industry and too many years in your business. The obvious is not always obvious to you, the business owner.
You need someone to hold you accountable. Knowing someone is in your corner, and on top of you to do what you commit to doing, brings a higher level of motivation and passion that translates into results. Imagine having an accountability partner to encourage and support your goals, teach you new things, push you to new levels and congratulate you on a job well done.

Building a successful, profitable business won’t happen overnight. A business coach can help you go from where you are to where you want to be – a whole lot faster than you can on your own. With templates, proven systems and a track record of success with small businesses, he/she can save you valuable time and help you avoid common mistakes others make that lead to frustration.

And with the business improvements and increased profit, it’s an investment that pays for itself over and over again!

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

Are You Prepared to Reach Success?

Posted on by Joan Nowak

The summer is in full swing and we officially hit the half-way point in the year. It’s the perfect time to reflect, re-focus and re-energize. If you developed an action plan earlier in the year, now is a good time to revisit and re-prioritize.

Are you on track to meet or exceed your personal and business goals? If not, what’s holding you back? Were your goals realistic or do you need to stop procrastinating? Do you need to shuffle priorities based on competition, customers, team or other issues and opportunities? Be honest.

Or maybe you didn’t bother to put your goals down and create your road map to get there? Well it’s never too late to start.

Planning is not a one and done effort. It’s an ongoing process that includes monitoring progress and making adjustments. It works best when you follow these simple steps:

Look Back. Before you start planning the next 30-90 days and beyond, take a few minutes to look at where you are today – in your business and personally. How do your sales, profit and other key results compare to the same period last year and your current goals? Are you ahead, on track or behind? What about your personal goals – financial, family, social, community, health/fitness, etc?

Acknowledge Accomplishments. Even if you are on track, a natural tendency at this point is to focus on what you didn’t get done or what you could have done better. It’s important to acknowledge your successes, big or small. Jot them down and pat yourself on the back.

Learn & Adjust. No matter how much you plan or how well you execute, some things may not work out as you expected. We tend to view these as failures. If you learn from mistakes and make changes to improve it next time, you haven’t really failed. You simply delayed success! Don’t dwell on it – make adjustments and move on.

Reset Goals. What specific goals do you want to accomplish over the next 30-90 days? Be realistic. Start with 4 to 5 (not 10 to 20). It’s difficult to stay focused if you have too many ‘critical’ goals. You will want to track progress, so make your goals measurable and consider specific outcomes you want. Here’s a few examples. Acquire 4 new customers each month or increase gross profit margins 5% by October 31st, or arrive home by 6:00 pm at least 3 nights per week.

Identify Key Tasks. Results come from doing so for each goal you set above, list the 5-7 key tasks, activities or things you must DO in order to achieve the goal you set. For example, if you set a goal to acquire new customers or increase revenue, one of the things you may need to do is increase the number of leads you receive. What do you need to do to get more leads? Likely a combination of efforts such as — email campaigns, referral system, postcards, monthly website specials, promote via social media, targeted networking and prospecting calls. Be specific, include time frames and assign responsibility, where appropriate.

Take a glass half-full approach. You still have time to finish the year successfully. Decide what you want – and take the actions to get it.

How to Use SWOT to Uncover Opportunities In Your Small Business

Posted on by Joan Nowak

As business owners, we often develop tunnel vision about our business. We may become more removed from the daily operations, have certain beliefs that are outdated or are so busy working IN our business that we can’t see the big picture.

So getting feedback about your strengths, weaknesses, opportunities and threats is important as you develop your goals and plan your direction moving forward. Here is what you should consider:

What A SWOT Tells You

Strengths are those things that make your business stronger than your competitors and might include things like an established (loyal) customer base, a good reputation, a product or service that sells well, high-traffic location or quality employees.

Weaknesses are those areas in which your company could stand improvement. These make you susceptible to economic pressures, market forces, and aggressive competitors. Examples might include employee problems, lack of marketing and sales expertise, poor products or services, lack of capital or cash or bad location.

Opportunities are those things that have the potential to make your business more enduring and profitable. These might include new or expanding markets or products, mergers or acquisitions, strategic alliances, or competitors going out of business or leaving the market.

Threats are those things that have the potential to adversely affect your business. Threats might include changing market conditions, rising debt, cash flow problems, stronger competition, legal or tax changes, failing or weak suppliers or strategic partners or new technology.

How To Get Started

A SWOT analysis helps give you a very clear picture of the issues facing your business so you can take advantage of your strengths and opportunities and formulate a plan to address the weaknesses.

Keep your SWOT simple – but don’t do it alone. Ask for feedback from others. Here’s the steps to do a SWOT analysis for your small business:

Identify the people you want to get feedback from, including employees, vendors, alliance partners, clients, investors, mentors or other ‘friends’ of your business.
Send an email requesting feedback on your business. Include:
- Brief explanation – example: “As part of our continuous improvement efforts, we are conducting an analysis that will look at our strengths, weaknesses, opportunities and threats.”
- Survey questions – example: What are the strengths of [company name]
Recap the feedback into a summary document. List your Strengths, Weaknesses, Opportunities, and Threats. Don’t take everything as gospel, but look for some consistent trends or comments. Use this to help guide you as you formulate your goals and plans.
Thank participants for their honesty and summarize for them what you learned – at whatever level of detail you are comfortable with.

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.

7 Reasons Why You Should Make Systems a Priority

Posted on by Joan Nowak

Need business systems? Of course, you do. You already know this. And you probably have systems: methods to attract new customers, serve them, bill them and keep them coming back. But…

Are they written down so others consistently do things the same way?

Are they efficient or do they have a lot of duplication or unnecessary work that robs people of precious time – while adding little or no real value?

Are they effective? Do they get you the results or outcomes you want?

As you can see, it’s not about having systems. It’s about having GOOD ones. Those that deliver the results you want AND allow you and your people to do what you do efficiently and consistently.

While systems and procedures are not glitzy, but they are profit-building tools! Documenting procedures and monitoring results make everything you do – from marketing and sales to daily operations and billing – more efficient, more effective and more consistent. And isn’t that a critical key to profitability?

7 Reasons Why Systems Should Be a Priority

Make more money! Yep, I’ve seen this a lot with clients. Good systems put more profit on the bottom line and ultimately in your bank account. That alone should give you a little motivation!
Deliver what YOU promise to customers each and every time. Whether it’s convenience or quality, give customers what you promise and they keep coming back and gladly tell others. It’s a recipe for success — and systems help you deliver.
Train new employees better. Documents systems (for their tasks) makes training easier so they contribute sooner and are more productive! It saves time and money. It also takes away the anxiety owners often feel when an employee leaves or is terminated.
Take time off without stress. We all need time away to re-energize and relax. The constant ‘checking in’ and continuous phone calls make it stressful for many small business owners. With systems in place, your team can handle it just fine, maybe even better!
Delegate tasks to others. Looking to expand or start up another location? No problem. Your systems are repeatable for others to use.
Plan to retire and pass your business on to your children? You put your heart and soul into growing the business and want to see it continue to thrive. Your systems make it easier to transition and keep the business running well.
And if you ever want to sell your business, proven systems that are documented make your business more valuable and sellable! You won’t need to stay on for a year or two to ‘teach’ the new owner how things are done. Your business is no longer totally dependent on YOU.

How to Get Started

So if you are putting it off, it’s time to re-think your attitudes about systems. It’s easier than you think if you keep these four things in mind:

Set the right goal. Setting a goal to complete a ‘how to’ manual is just plain boring and overwhelming. Instead, set a goal to build systems into your business – as you are building it. You will end up with a practical, how-to manual, but you’ll build profit along the way to keep you motivated.

Take it one system at a time. For every procedure you document and implement, you will see improvements in efficiency, productivity, and profit. Things will run more smoothly without your day-to-day involvement.

Start with the most critical. Procedures, like customers, are not all created equal. Focus first on the ones that impact YOUR sales, delivery, profit and time.

Keep it simple. Procedures must be understood by those who implement them if they are to deliver results. Include scripts and samples where appropriate to help people perform the task at hand.

Leverage Your Business With Systems

If you are serious about leveraging your business with systems but struggle with where to start and how to do it, the check out my Ultimate Systems and Procedures Guide. Designed specifically for small business owners, my step-by-step guide with templates and examples makes it easy to do it yourself.

More Ways to Grow Your Business

4 Strategies to Grow Revenue in Your Small Business

Posted on by Joan Nowak

When you want to grow revenue, many small business owners are surprised when I say that there are only four ways to increase sales in your business. Sure there are hundreds of tactics or methods you can implement – but they all support these four basic strategies:

Get more customers … in current or new markets

Get customers to spend more … increase average transaction

Get customers to buy more often … increase frequency

Get customers to stay longer … customer retention

So before you start selecting the techniques to grow revenue, be clear on what you want to accomplish. It keeps you focused on the desired outcome and makes it easier to choose the right tactics to get there.

4 Strategies To Grow Revenue

Get More Customers.

This is the most obvious and common approach when it comes to growing sales. It is also the most expensive method in terms of both time and money. As a result, I typically recommend that my small business clients maximize the other three areas before focusing their resources here. You can get more customers with existing offers to new targets or new offers to existing targets. The key to success comes from matching the offer with the needs of the target and communicating it in a way that is compelling to them!

Get Customers to Spend More.

Often overlooked, this is one of the easiest ways to grow revenue. If you could increase every transaction by just 5%, what would that mean to your business? So how can you do this? Raising prices is certainly one option, but you can also promote premium products, upsell or cross-sell complimentary products or services or expand payment options or plans.

Get Customers to Buy More Often.

It’s not enough for customers to buy, you want them to buy again and again. So you need to keep them coming back. You need to stay connected and give them a reason to do so. Maintain a customer database and use it to promote customer only offers via mail, email or text. Start a monthly continuity program or newsletter. Use a reminder system. Develop followers on social media and promote special offers to them. Educate customers on your full range of products (don’t assume they know).

Get Customers to Stay Longer.

If your new business simply replaces lost customers, you gain nothing. Keep the customers you have. It costs 6 – 7 times more to get new ones. Plus existing customers tend to be more loyal and less price sensitive. If you could keep every customer for an additional month or year, how much revenue would that represent to your business?

The key to retention is simple. To quote one of my clients, deliver what you promise and then some! Here are a few techniques to consider: thank you or bonus gift with new or first purchase, send birthday and holiday cards, follow-up call after purchase or job completion, ask for testimonials, recognize customers in newsletters, blogs or social media, and give ‘free’ information or advice.

More Ways to Grow Your Business

Business Value: 7 Ways To Maximize Yours

Posted on by Joan Nowak

Have you ever wondered what your business is worth? While profitability will certainly contribute to the business value, many small business owners are surprised to learn that profit alone is not enough – until it’s too late.

If you want to maximize the business value today and the sales price in the future, you must create a business that will operate effectively without you. The more dependent it is on you, the less value it will have to someone else.

Whether you want to increase the value today, turn it into a passive income stream or sell it outright to fund your retirement, it’s time to start thinking like a potential buyer. Here are some areas you should consider:

Customer Diversity. If a large part of your business is dependent on a small number of customers, your business will have less value. Lose one of these customers and the sales and profit are at risk. Start focusing on diversification.

Systematization. A business where processes are streamlined and documented will always be more attractive and more valuable. Make sure you have written systems for all the critical business activities and daily operations so tasks can be done consistently and quickly by anyone. No one person, especially the owner, is vital to the successful running of the business.

Recurring and Repeat Revenue. All revenue is not the same. Revenue that is linked to contracts or agreements is more valuable. Repeat business, based on high customer retention rates, is also more valuable. Focus on retention and look to create some recurring revenue streams in your business.

Unique Products, Services or Technology. If others can easily replicate what you do, then your business will be perceived by others as a ‘me too’ business. Know what makes your business unique and communicate this uniqueness effectively. Your business will be more attractive – and likely less dependent on price.

Product Diversity. If your business is heavily dependent on one product or service, then future projected revenue may be riskier and less valuable. Look for opportunities to expand your products and services or package them in new or different ways.

People – Your Team. The right people, with defined roles and clear goals, are a key to getting results. Make sure you have a system for hiring, training and developing quality people. Ensure everyone knows the goals for the business and understands their role in delivering it.

Bookkeeping & Financials. Your financial records are a strong indication of how the business was run in the past. A good financial management system, like Quick Books, set up properly, maintained and updated will help you run your business better today – and influence a buyer in the future. If you are not sure how to set up your system for both tax preparation and decision-making, speak with your accountant.

If you follow the above tips, you’ll be able to achieve more sales and profit from your business today and maximize the value in the future.

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

Selling: 7 Do’s & Don’ts to Get More Customers

Posted on by Joan Nowak

Are you a natural when it comes to selling? Were you born to sell? We’ve all met people who are awesome at sales, and they make it look so easy. But they were not born with sales skills. They learned and developed them. And you can too.

So whether you sell for someone else or your own business, here’s some ways to get more paying customers from your selling efforts.

Do Have Goals. Most sales people and owners have goals tied to results – how much revenue you need to generate. But results come from activities such as phone calls, events, meetings, presentations, proposals, etc. So make sure you set activity goals to support your sales or revenue objectives – and break them down to monthly, weekly or even daily requirements. Then do them!

Ask ‘Smart’ Questions. If you want to demonstrate knowledge or expertise, don’t tell them, ask them. Smart questions not only help you uncover needs, but make it obvious to prospects that you understand their business or personal challenges. It builds trust and positions you as someone who can help them create the best solution – your products or services.

Listen More Than You Speak. Some of the most successful sales people are perceived by others to be quiet, because they listen, ask questions and listen some more. To understand what motivates your prospects, you must actively listen with an open mind and no assumptions. God gave us two ears and one mouth, so we should listen more than we speak. It really pays off in sales.

Don’t Sell. Nobody likes to be sold, but most of us like to buy. Sales come from building trust and educating prospects on benefits and value. So stop selling and you will sell more.

Have a Sales System. This doesn’t mean a series of silly questions, pre-conceived notions or a cookie cutter script. It does mean a process or series of steps to move prospects from initial point of contact (lead) to paying customer, consistently and efficiently. Most sales require multiple contacts via phone, mail, email, meetings or presentations, before closing the sale. Your system will vary based on your business and the services you offer; but every sales person and business needs a system to generate new business and keep the pipeline full.

Be Persistent. I read somewhere that most sales people give up after one or two follow-up calls, but most sales occur after seven or eight contacts. Notice the obvious gap? Persistence doesn’t mean hound your prospects, but you should follow up until your get a yes or no decision. Also recognize that a ‘no’ today doesn’t mean forever. So have a method to periodically check in or stay connected because your ideal prospects will buy when they are ready, willing and able to do so.

Do Be Confident. It is often said that in sales you need to go in there and assume the sale, meaning be confident, not cocky. Confidence comes from two things. First, you must believe you have the skills to uncover customer needs and develop the best solutions. Second, you have the products or services to help your customers solve their problems or pain. Remember, you have to believe you can before you ever will.

Ready to Put Your Business on the Path to Success?

Would working with a business coach help you take your business to new heights — more sales and profit? 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