Business - page 7

How to Sell Your Small Business

Darryl Bachmeier Mar 21, 2019 Business

Selling your business can be difficult, a long process and be emotional. There are steps you can take to help smooth the process and there are certain external professionals you should consider consulting with. The first thing you probably want to know is how much money will I get. A quick way to ballpark the price of the business is three times cash flow after all expenses and taxes. If your business nets you $100,000 per year, a good starting price for the business is to sell for $300,000. Everything is relative however. First, consider your situation. Why are you selling? This is one of the first questions any potential buyer will ask. Retirement, overworked, relocating, family issues or just other interests are all valid. Your reason will affect the urgency in which the deal must complete. Selling when you do not have to sell is the best place to...

How to schedule staff to reduce costs

Darryl Bachmeier Mar 20, 2019 Business

Scheduling staff can be difficult and time consuming. There is just so much to think about. Labor laws, absences, vacation time and seniority to name a few. Employee wages can account for a majority of the costs to run a business so it is important to optimize it as best as possible. It is important to get scheduling done right so it reduces stress for not only management but also the employees. Job satisfaction increases if you allow employees a variety of shifts to pick from and allow them to swap shifts with others. Schedules should be as consistent as possible and any changes should be communicated to the staff. Do not forget to ask for their input. The requirements of the business is to ensure there is enough staff available to handle customers but at the same time not to be overstaffed and wasting money. Thankfully, there is scheduling...

How to retain your good employees?

Darryl Bachmeier Mar 20, 2019 Business

It is important for an employer to attract and keep employees. Employee retention is focused on keeping those good employees. Employees can be lured away to another company with offers of better salary or benefits. It is important to stay connected with employees and to allow open communication and that they feel respected and valued not only from management but also from their fellow employees. One thing we can start with is gathering feedback from employees to understand what they enjoy and what they would like to see changed. It is important to know what motivates employees to stay with the company rather than look for other work. This can be done through employee satisfaction surveys and exit interviews. Exit interviews is a way to find out the reasons an employee is leaving although in exit interviews leaving employees may not be so truthful. Once the feedback is received, the...

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 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...

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