Entries from September 2008 ↓

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For the first time in its 26 year history, the 99 Cents Only Stores will be raising their prices to offset the rise of household items, foods and other goods.

To raise or not to raise, that is always the question. Well, if your not making enough to cover your costs, you must raise your prices (or lower your costs) in order to make a profit. But what if you just feel like you are worth more?

If you feel that you are worth more than you probably are. If you know that your product or service brings your customers incredible value, quality, ease, relief, hope and/or benefit, then consider separating yourself away from the competition and raising your prices.

Raise prices during an economic downturn you say? Well, if you are competing on price right now then you are facing a difficult battle. You can never win when you are competing on price alone. Your value and your service are your competitive edge so if you want to attract the clientele that can pay for what your worth AND you can deliver on that promise, then a price increase may be an option to think about when looking for ways to increase your revenues.

If you are STILL unsure though, complete the following exercise from Dr. John DeMartini, world leading behavioral expert, speaker and author:

1. Calculate how much you would like to raise your prices
2. Write down 100 benefits to your customers that would result from this raise
3. Write down 100 reasons why NOT raising your prices would be detrimental to your business and customers
4. Give yourself a raise!

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Everyday I get a treat from Daily Candy Los Angeles Stepmom hd , a free e-mail newsletter, in my inbox. Something new and stylish that is happening in and around the city. Friday’s candy took a different direction however. Not a new bar or t-shirt company, but a new service that is so desperately vital for fledgling small businesses.

Trade a Favor is a new service offered as an application on Facebook, that allows users to barter services with one another, no cash involved. Are you a great writer but have no idea where your unpaid bills are hiding? Trade out your copy-writing services for a professional organizer or a bookkeeper!

In order to grow our businesses, we must be focusing only on our highest impact producing activities. So if you’re not great at something or there is a task that just takes up too much of your time, you could either hire someone to help you out OR you can just make the trade.

Log on to your Facebook account and add the application today to start. While your there, join the Los Angeles Small Business Owners group in order to network with local entrepreneurs and hear about the latest events in Los Angeles.

As a reward for 100 years of customer loyalty, on October 6th from 4pm - 8pm, they are rolling back prices to 1908 (10 cent sandwiches)!

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but many Angelinos agree that, Philippe the Original, is the birthplace of the famed french dip.  And to this day still serves up the best beef dip/au jus combo in the universe.  This family-run landmark is so precise in maintaining their brand integrity and in keeping with what their customers want - that they held a family meeting when deciding whether to add ketchup.  Not to mention they took a survey of their customers regarding the waiting time and the long lines…consensus?  “…they actually like a five- to ten-minute wait.  It’s kind of an accomplishment when they get to the counter.” (Los Angeles Magazine Oct. issue pg. 42)

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I see so many businesses focusing on new client acquisition, which is great - but only a fraction of the equation when it comes to sustaining business growth. The other crucial factor is building a strong culture of customer satisfaction, which will become the foundation for creating longevity with your brand.  By rewarding loyal customers you can create a fascination around your brand, or perhaps a ‘cult classic’.

How’s that for understanding the importance of lifetime value and its impact on the ongoing success and growth of their business.  To 100 more years Philippe!!

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There are no shortages of film festivals, especially in Los Angeles, so why on earth would someone even try to enter in to this saturated market?

Suzanne DeLaurentiis and business partner, Juliette Harris, co-founders of The Cinema City International Film Festival and owners of Venice-based ItGirl Public Relations, are taking their chances. The two entertainment industry veterans have uncovered the one niche that has not yet been tapped, TV pilots. They’ve created an entire festival for new TV shows.

Are you a business owner in a seemingly saturated market? Are you having trouble convincing prospects that you should be their vendor of choice? Take a page out of DeLorentiis’s and Harris’s playbook and look for ways to innovate your business. what can you do that is different than and BETTER than the competition?

According to LA Business Journal writer, Brett Sporich, “the unusual TV pilot category does serve to distinguish the two-year-old event amid an increasingly crowded field of L.A.-based festivals. The Santa Monica Film Festival, the Hollywood Film Festival and the granddaddy of them all, the Los Angeles Film Festival.”

If you were a customer of your service, what would really make you go WOW? Almost every small business today has thousands of competitors so only the strongest will be left standing. Your best survival tool is your ability to innovate your business so that you stand out above and beyond the crowd.

The Cinema City International Film Festival, which will launch Sept. 29 at Universal City’s AMC theater complex.

For a short exercise on how to identify what makes you unique, download the following document.
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The markets have had a topsy-turvy week!  Some people lost their shirts, others made a ton of money - what are you doing to ensure your success?

Speaking to dozens of small business owners each week - I can quickly analyze which ones buy into the negative spin media is putting on the recent market whoas simply by the gripes and moans relating to the challenges they are having in their business; too much competition, no one is spending money, housing and stocks are down, high gas prices etc.

On the other side of the coin, I see other business owners in the same industry and the same market flourishing during these same temultous times.

Why is this?

Continue reading →

Let me guess?

As a small business owner you’ve got 25 things on your ‘to do’ list.  Number 26 is “clean out email inbox”.

If you want to make use of all of the thousands of emails still sitting there and expand your network exponentially RIGHT NOW, check out this application from LinkedIn.

You can download a LinkedIn dashboard that will sift through your inbox, cross check to see if those senders are already in your Outlook Contact list and if not, it will add them.  Then, it will cross check again to see if you have connected with those people on LinkedIn.  I trippled my network in 30 minutes!

Unfortunately, you still have to deal with Number 26…at some point.

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There is a big difference between can’ts and won’ts- I’m talking about wont’s - What task do you have on your list that you just will NOT complete? 

I was reviewing my list the other day and realized that the same one item just sits there week after week. I keep transferring it on to new “To Do” lists and I keep conveniently avoiding it. What is going on that I will not just sit down and tackle this item on my list? After some consideration, I see what is at the root of my denial….it’s fear.

I am not afraid that I can’t accomplish the task, or I that I won’t know how to do it, I am afraid of the change it will cause. Now the most ridiculous thing about that statement is that the change I am referring to, is for the good! Accomplishing this “To Do” will bring me more clients, more profits and will grow my business. But change, no matter how good it is, is not always easy.

• Did you know that nearly 1/3 multimillion dollar lottery winners become bankrupt in just a few short years after they’re big win?
• Or that 95% of all weight loss patients regain their weight plus some within 5 years?

Why does this happen? Continue reading →

If your steady stream of cash flow is looking more like a soft drizzle what can you do to provide yourself with more stability?

START CREATING STRATEGIC PARTNERSHIPS

Building Strategic Partnerships, or Joint Ventures is a low cost, high impact activity you can use to capture more marketshare, increase brand awareness, save time, build business relationships, and above all, increase your revenues.

To get started, create a list of five or six other businesses that: Continue reading →

I get so much direct marketing crap online and in my physical mailbox.  Most small business owners use the “spray and pray” approach to promote their wares by throwing a few promotional lines on a postcard and sending it to thousands of people.  No wonder they become frustrated and reinforce the belief that “this stuff doesn’t work”  Duh!

Think of a lamp with diffused light spread throughout a room. It’s nice, soothing and subtly stated, hardly powerful, focused or intense.  At the other extreme is a laser, intensely focused, concentrated, which can cut through anything.  Ok, hold that visual in your mind….yes, like a laser.

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That’s how you want to direct your direct marketing:  When you try and talk to everyone, you’re like a lamp.  And you end up talking to no one.  By focusing laser-like on the emotional needs and wants of your ideal client you can talk to them in a manner that excites them and sends the message that you know how to make their life happier with what you do.  Be laser-like in really understanding why people buy what you do.

Rick Lugash

Unless, that is, you combine it with the Law of Action.

The movie, “The Secret” was both a blessing and a curse to the Quantum Physics and spiritual community alike. On one hand it raised some much needed awareness on the concept that the universe is abundant and magnificent; that anything that we want for ourselves and our lives is, indeed available to us. But what “The Secret” failed to reveal is how we actually turn what we want in to what we have.

Why am I writing about the Law of Attraction in a business blog?

Whether you want a new porsche or to increase your sales by 50%, you must start with a clear precise vision of exactly what you want and then you must build a strategy in order to acheive that goal. Staring at a picture or wishing on a star will only make you frustrated if you are just sitting on your bum waiting for your dream to turn in to reality. Continue reading →