Blog - page 58

How to market your small business?

Darryl Bachmeier Mar 19, 2019 Business

For small business owners every dollar must count. Large companies can afford large marketing budgets. There are many methods you can use to stretch that small budget. When using any marketing method it is important to try to engage customers and track your marketing efforts. Digital marketing including social media marketing are among the low cost effective methods that a small business can use. Email marketing Can have high ROI. Many sources report $30+ return for every dollar spent on email marketing. Elevator pitch Whenever or wherever you meet someone new you have just a minute or two to sell them on what you offer. Cross promote Think of other businesses that complement but do not compete with what you offer. Collaborate your efforts. Think local Opportunities to market locally. Be where your customers are. Network Look for networking events that your customers may attend. Do not just hand out...

How to manage your inventory

Darryl Bachmeier Mar 19, 2019 Business

If you are in the business of selling products, you most likely will carry some sort of inventory. Inventory management it crucial to cost savings and running an efficient business. One of the worst things that can happen is continually wasting inventory, it is just cash out the door. Inventory can be one of the biggest expenses for a company. The goal is to use up 100% of inventory. Inventory is an asset of your business but too high inventory and you are wasting money. Too low and customer has to wait for item to come in and may go somewhere else. Record keeping You will need to manage on-hand quantities to ensure you have enough to do business but only keep the minimum you need to do business. This reduces costs and takes up less space. The amount of inventory depends on customer demand for your products. You should...

How to handle team conflict

Darryl Bachmeier Mar 18, 2019 Teams

Teams are when a group of people come together to with the same goal. Teams go through five stages of development Forming, Storming, Norming, Performing and Adjourning. Team conflict is most likely to occur in the storming phase when team members are competing for power and relationships have not yet developed. When conflict does arise, there are styles to handle conflict: Competing, Avoiding, Compromising, Accommodating and Collaborating. (Daft, R. L. 2014 P.317). Competing using power to pursue your own interests. Avoiding when you ignore the concerns of others. Compromising to find mutually acceptable solution. Accommodating by ignoring your position and satisfy the other individual. Collaborating by working with the other individual to find a solution that satisfies all concerns. Depending on the situation, the leader must make the decision as to which method to take. If the leader decides to fix the issue, they have several methods to alleviate through...

How to Give Excellent Customer Service?

Darryl Bachmeier Mar 18, 2019 Business

Good customer service makes the difference between growing your customer base or not. You cannot afford to lose customers from a bad experience. What can you do to ensure excellent customer service? Know your customers Develop a strong relationship with customers. Ask for feedback and show you are listening. Keep an open dialogue. Plan for trouble Make sure you have standard for what steps your employees need to take if something goes wrong for a customer. Do you have a customer service policy? Be genuine If a customer is having an issue try your best to be understanding, treat them like family or better. Use the right tools Customer Relationship Management (CRM) tools keeps track of all interactions with your customers. This helps to resolve issues faster for customers and keep notes on a customer’s file. Audit your customer Service You need to benchmark where you are now. How does...

How to do cold calling to find leads

Darryl Bachmeier Mar 18, 2019 Business

Cold calling can be stressful and you can receive lots of rejection. It can feel defeating and unproductive. With enough practice, it can be an effective marketing strategy. Many sales people fear cold calling this can only mean that if you do it and well you can reap greater rewards. A phone call is a much richer medium than an email or mail that is easy to delete or toss in the trash. Most people are too polite to just hang up and if you use the right words, you just might get their attention. Prepare Prepare a script of what you will say. How will you convince them to buy? Think of any possible responses that a prospect may have so you have a reply. Make sure you have a goal in mind. Have a good strong hook to your opening statement. Know your script so well so it...

How future trends of retail impacts the small retailer

Darryl Bachmeier Mar 17, 2019 Strategy

Retailing is an old business model that goes back a few thousand years. Only in the last hundred years has there been some drastic changes. Customers today have more choice than ever before. They can buy from small to giant retailers. They can buy local or buy from the other side of the planet via ecommerce. The growth of giant retailers, shopping malls and technological advances have put a lot of pressure on the small retailer. Giant retailers make it hard for small retailer to compete. Giant retailers have become so powerful that most of consumer spending is done in a handful of large companies. These giant retailers have strong purchasing power to buy their inventory for less than the smaller retailer does. They also have collected an incredible amount of information on their consumers. Big Data allows them to analyze trends so they know exactly where to place items...

Hard versus soft power for leaders

Darryl Bachmeier Mar 17, 2019 Leadership

An example of Hard Power is the carrot and stick philosophy also known as Reward and Coercive power. Reward Power is when the leader has power to give or take away rewards. Coercive Power is when the leader has power to punish. I believe that a Theory X leader would be much more likely to use hard power as it is aligned with their belief that people do not like work and need to be motivated. I see this working only followers who respond well to rewards. It can also lead to followers who do not think for themselves and do not develop. Soft Power on the other hand is the use of persuasion and logical argument to attract followers to your ideas and goals. Types of soft power include legitimate, referent, expert and informational. Legitimate power is given to those leaders based on their position or title CEO or...

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