As a new year starts, we turn the page on one of the most challenging years for businesses small or large. Its hard to tell, now, where things will be headed in 2010, and what you can expect in your own businesses based on how overall economic health and trends will impact it.
My crystal ball seems to be cloudy - I see contradictory evidence all over the place. This past year has seen the independent small retailers in the downtown of my hometown devastated, with several high profile and long-time landmarks of the downtown retail scene finally unable to hang in any longer. Yet, I see a large number of my local clients in other industries thriving, enjoying the best years they have ever had. Indeed, my own financial controllership/tax business is up over 17%, having already billed the equivalent of my last fiscal year in just 10 months of this one.
From larger businesses around town, I see other signs of economic confidence that have been surprising. The local Mercedes dealership has recently opened a huge, glimmering new showroom (this is consistent with a presentation I heard in December where it was explained that after discount car-maker KIA, the next best performers during this economic downturn were luxury brands like Mercedes, BMW and Lexus). McDonald's just opened a new, larger location near my house and mothballed the one around the corner it replaced, surprising not only in the context of the economy but with respect to trends and views of fast food these days.
So, unfortunately, I have no better insight about 2010 for you at this point - my crystal ball seems clouded with uncertainty. But, then again, if it had of been providing me with all the right answers before now, I would be writing this from my beach side villa in the Caribbean......
Disappointing Discounts
Yesterday it dawned on me. I've thought about it before, but yesterday I actually felt it - completely frustrated about a sale a local retailer was having. It's there 'we're closing' sale so everything is at amazing discounted prices. Sounds good right? Not if you are me.
I bought a bunch of stuff from that store before Christmas, some as presents, some as not. I didn't shop there because of the deal or because they were closing, but rather because I wanted to support them and I wanted what they were selling. But now I feel slighted.
People that may have never shopped there, nor supported them, are now privy to great deals on the SAME MITTS I bought from them at full pop. How is that fair? Their true shoppers / supporters pay full pop, and the bargain hunter (whom is never loyal) gets the deal? ARGH!
So, trying not to be the one that complains without offering a solution here are some ways that businesses (maybe not this one since they are closing shop) could not frustrate their loyal customers and still move their stock:
1. let regulars know about the sale dates in advance so they can decide if they will shop now or wait until then.
2. give regulars (with proof of recent purchase or something) a larger discount then just walk-ins.
3. have a regulars day.
Next time you're going to have a sale (and it seems like this is the month for them) or discount something, please, PLEASE don't disappoint your loyal regulars.
I bought a bunch of stuff from that store before Christmas, some as presents, some as not. I didn't shop there because of the deal or because they were closing, but rather because I wanted to support them and I wanted what they were selling. But now I feel slighted.
People that may have never shopped there, nor supported them, are now privy to great deals on the SAME MITTS I bought from them at full pop. How is that fair? Their true shoppers / supporters pay full pop, and the bargain hunter (whom is never loyal) gets the deal? ARGH!
So, trying not to be the one that complains without offering a solution here are some ways that businesses (maybe not this one since they are closing shop) could not frustrate their loyal customers and still move their stock:
1. let regulars know about the sale dates in advance so they can decide if they will shop now or wait until then.
2. give regulars (with proof of recent purchase or something) a larger discount then just walk-ins.
3. have a regulars day.
Next time you're going to have a sale (and it seems like this is the month for them) or discount something, please, PLEASE don't disappoint your loyal regulars.
Give the best holiday gift - and for free!
As the holiday season gets rolling, its a natural chance for us to take a moment and think about the people and businesses who are important to us, and express our thanks to them in very tangible ways. It might be a holiday party for employees and associates, perhaps a card or gift basket for important clients and sources of referrals. This one time of year, we make the time to express the appreciation that we likely feel all year round, but are too busy, etc. to do much meaningful about it. This time of year is our "catch-up" time for our good tidings and feelings of appreciation.
No matter the occassion, we all like to give gifts that are remembered by others - ones whose impact on the recipient is lasting and deep. Sometimes its hard to do this for our business relationships, partly due to the time and money we have to devote to the gifts for these relationships, and sometimes because we simply don't know those people well enough to find something truly unique or special for them.
So, here's a simple idea which might help you give incredibly valuable and memorable gifts to those other businesses that are important to yours. And, best of all, its free!
As you are preparing your holiday card for each business or associate this year, take a moment and think through your network of associates, friends, mentors, customers, etc., and see if you can identify just one single person or business from amongst that vast, diverse group to refer to the recipient of that card. Now, a quick email or phone call to that person or business to see if its okay for you to include their name and contact info in the card for an after-holiday-season follow-up by the recipient, and voila, your card now includes a gift with an opportunity to provide a lasting and memorable benefit - a warm lead for future business. I can't imagine a better business-to-business gift than that.
Most of us already get enough fruitcakes and gift cards from family and friends during the holidays. Here is our chance to do something truly special for those who are most important to us in our businesses. How many of your business contacts will truly remember and deeply appreciate your gift of a high quality referral this year?
No matter the occassion, we all like to give gifts that are remembered by others - ones whose impact on the recipient is lasting and deep. Sometimes its hard to do this for our business relationships, partly due to the time and money we have to devote to the gifts for these relationships, and sometimes because we simply don't know those people well enough to find something truly unique or special for them.
So, here's a simple idea which might help you give incredibly valuable and memorable gifts to those other businesses that are important to yours. And, best of all, its free!
As you are preparing your holiday card for each business or associate this year, take a moment and think through your network of associates, friends, mentors, customers, etc., and see if you can identify just one single person or business from amongst that vast, diverse group to refer to the recipient of that card. Now, a quick email or phone call to that person or business to see if its okay for you to include their name and contact info in the card for an after-holiday-season follow-up by the recipient, and voila, your card now includes a gift with an opportunity to provide a lasting and memorable benefit - a warm lead for future business. I can't imagine a better business-to-business gift than that.
Most of us already get enough fruitcakes and gift cards from family and friends during the holidays. Here is our chance to do something truly special for those who are most important to us in our businesses. How many of your business contacts will truly remember and deeply appreciate your gift of a high quality referral this year?
Outside feedback....from WAY outside
At a keynote presentation I made a few weeks back, I learned of an interesting project that the business owners of that town had recently undertaken. They had arranged for business owners from another town about 200 kms away to spend a day secretly visiting their businesses, and examining the town as a whole for how it assists them by way of signage directing visitors to the main commercial area, etc.. They, in turn, then spent a day in the other city returning the favour, and afterwards, the two towns exchanged reports on what they saw, where they felt improvements could be made, etc..
While these folks ended up disappointed with the quality of the report they received from the other town, I think the idea is a great one. In Trucker Management, we talk about the need to have people other than yourself (employees, customers, etc.) do the same Circle Checks of your business space that you should be doing, in order to get an unbiased, third-party evaluation. This idea of partnering with people who pose no immediate competitive threat to your own businesses by being geographically distant enough, simply takes that notion of independent feedback to the next level.
Perhaps you should consider approaching your local Chamber of Commerce or other business association to organize a similar partnering program for your city or town!
While these folks ended up disappointed with the quality of the report they received from the other town, I think the idea is a great one. In Trucker Management, we talk about the need to have people other than yourself (employees, customers, etc.) do the same Circle Checks of your business space that you should be doing, in order to get an unbiased, third-party evaluation. This idea of partnering with people who pose no immediate competitive threat to your own businesses by being geographically distant enough, simply takes that notion of independent feedback to the next level.
Perhaps you should consider approaching your local Chamber of Commerce or other business association to organize a similar partnering program for your city or town!
Attitude + Preparedness = Excellence
I was at a client's the other day, and overheard the administrator/receptionist on the phone speaking with someone trying to visit their offices, which are located within a larger complex and around which parking is very hard to find. After she gave very concise and helpful driving directions to the person on the phone (who was obviously new to the city) and discussing parking options, it became pretty clear from the conversation that the driver didn't have any change for parking meters (it turns out, in fact, he had just recently arrived from overseas).
Without hesitation, this staff person offered to bring change down to the street to give to him as he drove up, hand him the change through his window, and then he could be off to find a spot. This was a great example of attitude and preparedness combining for an excellent experience. Not only was the staff person happily willing to accomodate this person by travelling down the four stories and out into the street on a rainy day, but already had a petty cash fund in her drawer that she simply dipped into to find the funds.
She didn't need to ask permission from anyone to go out, nor did she have to search for the funds or use her own money. The company itself was prepared by having provided her the money and the freedom of decision-making in advance to enable this offer to be made by her, and her own attitude provided the willingness to make it happen.
What would happen in your business if there was a similar call/request come in? Would there be a similarly easy and positive experience?
Without hesitation, this staff person offered to bring change down to the street to give to him as he drove up, hand him the change through his window, and then he could be off to find a spot. This was a great example of attitude and preparedness combining for an excellent experience. Not only was the staff person happily willing to accomodate this person by travelling down the four stories and out into the street on a rainy day, but already had a petty cash fund in her drawer that she simply dipped into to find the funds.
She didn't need to ask permission from anyone to go out, nor did she have to search for the funds or use her own money. The company itself was prepared by having provided her the money and the freedom of decision-making in advance to enable this offer to be made by her, and her own attitude provided the willingness to make it happen.
What would happen in your business if there was a similar call/request come in? Would there be a similarly easy and positive experience?
What is wrong with this picture
I had to rent a car the other day, it was a PT Cruiser. Not a bad car, but I was a little disappointed, it was missing 1 thing...
Can you guess what..
Can you guess what..
Earn your degree with us! (sorta)
I was in our local Chapters book store the other day, and saw that Trucker Management: Driving Your Small Business to Success, our small business management guidebook, was displayed prominently on one of their walls that they had designated as their "Indigo MBA" section (Indigo is the chain of their sister stores), with several business and finance books included alongside ours.
So, it seems our little book has been drafted into service as one of the "textbooks" of this little bookstore fantasy graduate degree. I wonder if that now lets me refer to myself as "Professor".....likely only in the same make-believe world where this Indigo MBA is granted!!
So, it seems our little book has been drafted into service as one of the "textbooks" of this little bookstore fantasy graduate degree. I wonder if that now lets me refer to myself as "Professor".....likely only in the same make-believe world where this Indigo MBA is granted!!
What's your Sign say about you?
I really wish I had a picture of this one, really. But I will try to draw you a mental picture of it. I was driving passed a very busy intersection on the weekend when I saw one of those light up changeable sign boards for a nationally recognized tutoring business. It started with 'does your 3-5 year old know how to read?' so it caught my attention as I have a 5 year old. So I continued to read and was totally shocked at the next line - 'bring them in so we can touch them'.
WOW!
I hoping that they either meant touch them as inspire them to read or 'teach them'. Someone really needed to be checking (AND FIXING) that sign on the way in. I can tell you one thing for sure, I'm in no hurry to take my son in to be 'touched'!
WOW!
I hoping that they either meant touch them as inspire them to read or 'teach them'. Someone really needed to be checking (AND FIXING) that sign on the way in. I can tell you one thing for sure, I'm in no hurry to take my son in to be 'touched'!
"Small Business, Big News" Signs
I was driving on the highway between Vernon and Kelowna, BC last week, and at the roadside I saw a homemade sign congratulating someone on their first hole-in-one. It was a simple, hand-painted piece of wood with the happy message painted on in sloppy but legible letters.
Immediately, my brain flipped to the possibilities of how such a simple means of communication could be used by small business owners to give and receive similar congratulations on their business achievements. It would be easy for a group of business owners (perhaps via a Chamber of Commerce, a trade association, Business Improvement Association, home business association, etc.) to work with municipal authorities to create a "small business, big news" sign somewhere in town, celebrating the successes of its daring and dedicated entrepreneurs of all scales and sizes.
It need not be anything more complicated than your standard message sign with a few lines of space for the interchangable letters, like we see used commonly by businesses to advertise sales, etc.. Build one of those message boards into a sturdy, permanent brace, perhaps "prettied" up a bit with an overhead piece that says something like "Small business success!" (or something less cheesy and more original!), and allow the message below to change regularly to tout the achievements of local business owners - expanding to a new location, growing staff, winning an award, celebrating a "milestone" of length of time in business. The possibilities are countless.
In "Trucker Management", we talk about the need to toot your own horn at times as a small business owner. Maybe here's a way to amplify your horn so more people hear it!!
The silver lining can be golden for you!
As many small businesses have been hit hard by the current economic situation, many towns are having more and more empty storefronts appear as merchants have to close down shop. At an event I was speaking at the other night, the merchants of a small town were talking about the possibilities it presented for their surviving businesses, in perhaps providing some additional space in which they can promote their businesses.
Landlords of vacant spaces will usually want to avoid empty, or brown-papered, windows at all costs. If you were to approach the owners of vacant commercial or retail space with nice big windows in high-traffic areas, you can likely come to an agreement that will allow you to use their windows as another display area for your own business, even if its only for a short while before they rent the space again. In fact, these spaces might allow you to do some really innovative and cool, eye-catching things you can't do in your own window or display space. And, if an entire window is too much space for you, partner with some of the other businesses around yours to create something that makes people stop and notice, and become more aware of all of your businesses.
As tragic as these times can be for the loss of other small businesses, sometimes there can be a silver lining amidst it for your own. Will you take advantage of it, and turn it into gold?
Landlords of vacant spaces will usually want to avoid empty, or brown-papered, windows at all costs. If you were to approach the owners of vacant commercial or retail space with nice big windows in high-traffic areas, you can likely come to an agreement that will allow you to use their windows as another display area for your own business, even if its only for a short while before they rent the space again. In fact, these spaces might allow you to do some really innovative and cool, eye-catching things you can't do in your own window or display space. And, if an entire window is too much space for you, partner with some of the other businesses around yours to create something that makes people stop and notice, and become more aware of all of your businesses.
As tragic as these times can be for the loss of other small businesses, sometimes there can be a silver lining amidst it for your own. Will you take advantage of it, and turn it into gold?
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