Getting Back to Small Business Basics

Tips on Managing Your Small Business Better

With a heavier focus on technology, metrics, media, and big time marketing in many small and large businesses, owners find themselves getting lost in complicated webs when it comes to running their company. Although dealing with some of these issues is vital to business success, it is important to make sure you do not lose sight of the basic business practices that got many successful companies where they are today. Here are some tips to help better manage your business in a very simple way.

Become a Master of Introduction

More often than not, business owners have a very limited amount of time to make a great impression on a new client. Without boring them to death with the detailed history and operations of the business, it is important to present them with the information you want them to know while also presenting it in a simple, fast way. Consider creating what is known as an “elevator pitch” – this should be a two sentence introduction that includes introducing yourself as well as the key points about your business. Premise is that you have the time of an elevator ride to convince someone to do business with you. Make it powerful, but keep it short and to the point.

This elevator pitch will provide the client with the information they need to know without losing their interest during a longer speech. These pitches can be used in a number of different situations including tradeshows, business mixers, as well as meeting new client and employee prospects, which is why it is valuable to take the time to create one. By keeping this introduction simple, it helps to show clients that you know your business and do not want to waste their time or your time with the sorted details.

Let Customers Know When You Provide Them a Discount

In small business, there are many reasons why a client may receive a discount on their product or service. They could be receiving a loyal customer discount, a reduced price if their item was not in stock, or a first time customer price reduction. Just as important as providing these discounts are, it is also important to let them know they received a discount and why. When presenting the client a bill or ringing them up at the register, point out what discount they received and why – this will help customers to feel like they are important to your business (which they definitely are!).

Use Business Friendly Credit Cards, Hotels, and Airlines

If you are in a business that requires you or your employees to travel often, make sure you are taking advantage of many of the perks that are available for business travel. For example, many different major credit cards offer rewards programs on airfare, hotels, and other travel. Consider investing in a mileage earning credit card and seeing what hotel chains offer frequent guest perks, such as earning a free night when you stay with that chain a certain number of times. Although this may not make traveling for business free, it can definitely help to cut down on expenses and earn some of the money back.

Don’t Be Afraid to Fire Bad Clients

We have all heard of a client firing a company, but what about a company firing a client? Although we all want to provide our customers with the best service and products, sometimes working with difficult clients can be detrimental to the business overall – clients who do not pay their bill on time (or at all), those who adopt unethical business practices, or simply drain too much time and energy from your employees are all clients that can easily be fired. If the relationship between your business and the client is not mutually beneficial, it is ok to sever the relationship and not work with them again.

If you need help with your small business, consider contacting Stacy O'Quinn. Stacy, at one time, was deeply in debt, and then he found Dani Johnson training. After taking Dani's classes, Stacy started his own work from home business. In a short time, he was out of debt and making six figures a year! Now he helps other entrepreneurs do the same thing, teaching them everything he has learned from Dani. For more information about Stacy, please click here.