December 14th, 2008 — MarketSmart
Just this past Wednesday, as many Angelenos were heading home after a long days work, a select group of smart-minded LA small business owners gathered for the monthly O.N.E. (OneCoach Networking Event), which was once again held at the inspiring entrepreneurial work space of BLANKSPACES, designed and owned by Jerome Chang.
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October 12th, 2008 — MarketSmart
To breathe some life back into the Los Angeles small business community, OneCoach™, BLANKSPACES, and Ameriprise Financial have joined forces to offer a FREE Business-Growth Workshop that will reveal the secrets that EVERY business owner MUST know to not only survive this economy, but thrive!
$675 valued event - Saturday October 18th from 8:00am - 1:00pm @ BLANKSPACES, 5405 Wilshire Blvd.:
• Complimentary breakfast and lunch and business growth workshop
• Additional Financial Strategies Workshop for the Small Business Owner hosted by Ameriprise Financial
• 20 free hours at the BLANKSPACES Work Bar or 10 free hours at a BLANKSPACES Work Station.
• 60-minute Business Growth Assessment with a OneCoach Business Advisor
• A coupon for 1 free hour of BLANKSPACES conference room time, compliments of FreshBooks accounting software
The great thing about being a small business owner is that you have no one to answer to - the challenging aspect of being a small business owner, is that you have no one to answer to…yikes!
A common mindset of small business owners is ‘I don’t need any help, I’m running my business and I’ll do it myself”! Well, sometimes it can be scary running a business, wearing all the hats, just scraping by, worrying about whether you’ll get out of the red - but guess what, it’s ok to admit that you don’t necessarily know everything.
Successful small business owners know when to call on their resources and look outside the box for assistance. They know how to attract more clients and keep their existing customers engaged and spending despite the conditions of the economy. The top 1%, those that are making over $5 Million in revenues a year, get to where they are because they’ve learned what to do and how to do it from other successful entrepreneurs.
You can be in business for yourself but you don’t need to be by yourself - for more info on this opportunity, click here.TMNT ipod
September 27th, 2008 — MarketSmart
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)!
Now, some may argue a certain sandwich originated at Cole’s, buy naprosyn
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!!
September 1st, 2008 — MarketSmart, SellSmart
I didn’t make this up. “Wow” was something put forth by Ken Blanchard years ago. Yet, its potency has never been more significant for the small business owner.
As a consumer of various products and services, I’ve become so accustomed to mediocrity in what is delivered to me: My expectation bar is set way low. Rarely does a service provider provide that one little thing that sends me to “WOW. It happens rarely, and when it does, I want to tell everyone. If fact, I’m still telling “Wow” customer service experiences from years ago. That said, it doesn’t take much to innovate your business in such a way that you create that “WOW” reaction from your ideal clients. And, I say ideal clients because that’s the client you want coming back again and again.
I was stunned the day after a doctor visit, when he called me to check up. I’m telling everyone. I was in disbelief when the owner of an ‘order-and-pick-up-at-the-counter’ burger joint walked around with a pitcher refilling iced tea. My chiropractor sends me articles of interest. That’s “WOW”. And it obviously doesn’t take a lot; just a focus on the hot buttons of your ideal client.
What is one innovation you can make in your business right now to have your best clients express “WOW”?
August 24th, 2008 — MarketSmart
The economy is facing some challenges, no doubt about it. But now is not the time for small-business owners to develop a “recession” mindset. Here are five tips to help you create your own success while everyone else is expecting the worse:
1. Start spending: It may sound counter-intuitive, but hard times call for you to increase some of your expenditures. For example, if sales is the lifeblood of your business, you should consider adding to your sales team by staffing up or investing in a product that could make your sales process more efficient. Or, you could boost morale and positive energy within your sales team by raising commissions for top performers, or giving them gifts that they will appreciate, such as tickets to a sporting event or a concert.
Obviously, this does not mean you should increase spending across the board. Rather, make spending decisions with your customers in mind. For example, if you run a coffee shop, consider going from two baristas to three because your competitors are likely trimming their staff, and you could gain customers who don’t want to wait in a long line.
2. Make friends: A friendly phone call or two to your vendors and creditors is very important at this time. Building rapport and camaraderie with your suppliers can be crucial if your own customers are slow to pay. If you have built a solid working relationship with vendors, in some cases you could ask them to lengthen your payment cycles from 30 days to 90 days, or renegotiate rates.
Keep the phone lines open to your bank as well, and be sure to have a plan in place if you need loans in the near future. If you don’t already have a strong history with your bank, it may be to your advantage to take out some small loans and pay them back on schedule to strengthen your credit.
