Integrated Call Center Solutions For Your Business

Call centers are a well-established part of the corporate production model. Call centers have evolved to become the front-facing workhorse of not only sales, but also of customer service and support. The voice technology solutions available for call center management must be adaptive to multiple locations and automatically integrate all assets to maximize response time and available information for Customer Service Representatives. Multiple roles should be managed properly so that clients do not wait while key personnel that are able to intervene are not utilized due to rigidity with older solutions.

Leveraging Unified Communications and remote access options facilitate this. With multi-site infrastructure in a call center environment, remote access and network unification is critical. The solution must merge the entire network into a single, virtual entity so access to resources is readily available. Whether it is Instant Messaging, email, or web collaboration, options must be on-screen and ready. This allows a matrix of collective intelligence to be created, turning customer service issues into a wins every time. The client may benefit from a web collaboration session taking a few minutes to address an issue, but only if it is ready now, not later. If the answer is immediate, the client is benefited without excess business process overhead, resulting in higher sales conversion, client relationships, and reduced costs.

The simplest example is client information personalization. When a Customer Service Representative can address a client by name, it is an appreciated personalized touch. When the representative can answer a client's concerns with detailed information that comes from knowledge of the client's operations, installed solutions, and business model, it is much more impactful. This makes the difference between simply keeping an existing client and moving the client to the next level with ready solutions. Clients must feel they are personally important and that his or her needs are understood and proactively addressed. Unified information and instant access is a requirement in order for this to be facilitated.

Those same capabilities facilitate the reporting and interaction recording needs that are critical to business operation. Every word and contact must be retained for future analysis, and for ensuring the quality of communications. For training alone, this is a known value. Ensuring that clients have a clear picture of your information and that you are fully aware of all of the content and context of communications is also a known value. Having that information, unified across facilities and technology profiles, allows for Business Intelligence that is used to identify weak points in client services, or opportunities for client conversion for future sales.

Read more »

10 Android Apps for Small Business

I have to admit, I'd addicted to my cell phone. I depend on it for a number of business and personal things such as: making phone calls, accessing my email, writing emails, keeping track of appointments, using it as an alarm clock-and most importantly for playing "Angry Birds". (just kidding)

I've had my HTC Incredible Android Based OS Phone for about a year now, and I totally heart it. There's just so much that you can do with it and a ton of applications that can be downloaded from the Android market that can be used for business related tasks.

One of my personal favorite apps that I use on my phone to connect to the internet from my laptop PC is PDANet by June Fabrics. This neat little tool allows you to surf the Internet -via your android phone (No, I'm not kidding). Best of all, you only have to pay a one-time fee to use the program. Simply download the application to your Android phone and install it onto your pc, plug in your USB cable (one end from the phone the other to your PC) and Voila...you're connected to the Internet. PDANet is perfect for the traveling business person-or whoever needs to have access to the internet when there is no connection available.

Since I'm such a nice person, I decided to spread the love by sharing 10 of the Best Android Apps that can be used for Business with you.

#10. Weatherbug - Stay up to date with the latest weather conditions locally or wherever you are planning to travel to for business

#9. WordPress - Keep your blog or Website updated with this nifty tool

#8. Expenser - Can be used to stay on top of your business expenses and budget

#7. Find My Car - Trouble finding your car after parking at a biz conference? This app will help you find your way

#6. Tweetdeck - Integrate all of your social networking media using this App; Post status updates and other information using a single dashboard

#5. Skype Mobile - Stay in touch with friends, business colleagues, employees and others with this mobile video and voice app

#4. Drop Box - Great app for editing, sharing or viewing business documents and other files anywhere and anytime you need them

#3. Google Maps Navigation - Have an appointment scheduled with a client and need directions? Google Maps to the rescue.... Google Maps Navigation is an internet-connected GPS navigation system with voice guidance, turn by turn directions and more. What's even more awesome about this application is that after you arrive at your destination it will be shown in Google Street View.

#2. Google Voice - Perfect App for business owners wanting to keep track of phone calls efficiently and with the use of one number..instead of multiple phones

#1. PDANet - I cannot begin to tell you how useful PDANet is...especially for a small business user on the go. The PdaNet Android Tethering app is Awesome! With this app you can take advantage of 3G or Wifi Internet connection speeds to power your PC.

Kimberly George is the owner and founder of Lab-Ratz Technical Solutions an IT Services company based in Richardson Texas. Lab-Ratz provides computer and network support to small offices and business with 5 pcs or more. Kim has worked in the field of IT for 10 plus years and has several industry certifications, including the CCNA and CCVP Certifications. She started Lab-Ratz Technical Solutions to help small business owners eliminate computer problems--quickly and affordably.

Read more »

Innovative IT Support Is Crucial for Your Business

Everyone depends on IT for day to day personal and business needs. IT is as essential as power and heating - without it, our daily business becomes more difficult and time consuming.

Like electricity, IT is expected just to work. When it stops working, all IT problems should be fixed immediately and at minimal cost. Additionally, it is the IT persons fault for the problem in the first place and anyone who cannot fix the problem is incompetent!

In short, it's a tough job to be an IT support person. They only get called when there is a problem and the people calling usually expect the IT person to instantly understand their problem with minimal detail.

One of the biggest challenges when looking for IT support for your home or business is who to pick? There are hundreds of IT companies out there - they all seem to be brilliant at everything and the websites all look fantastic.

Below are some of the questions you may want to ask as you evaluate which IT support company to use:
• Location - are they close to your offices and able to attend to issues promptly?
• Years in business - have they been around for a while?
• Skills needed - can they support you now and in the future?

One big factor that should be considered is that the support company will speak with you to really understand what your business is about and what you plan to do in the next few months and longer term. They should also want to understand what your current challenges are and suggest ways of overcoming them.

Ideally the IT support company should be able to offer alternatives and solutions in a way that makes sense to you and is not full of technical jargon.

Once the IT company understands your business and what you are trying to achieve, they will partner with you to find solutions not only to your day to day problems, they will be able to suggest ways of helping your business grow through smarter working practices that help you work when you are out of the office or looking to expand.

Quite often people think that they can do their own IT support. This often works initially, however generally people run in to problems when their day job gets in the way - they are not employed to do IT support and quite often don't have the necessary expertise which causes problems down the line and makes it even more frustrating for other employees in the business.

Read more »

Install GPS Tracking Devices For Successful Business

With the help of GPS Tracking Devices, one can keep track of his consignment until it reaches its destination. Such devices are especially useful in transportation services so that the business owner or service provider can be informed about the location of his trucks and other vehicles.

Useful In Trucks and School Buses

To make his transportation business successful, the owner has to ensure that his clients are satisfied with timely delivery of goods. The best way to ensure that his trucks are on the right track is by opting for GPS devices. These can be fitted on the trucks and when required, the owner can access information regarding his vehicles. Such GPS Tracking Devices are essential to run a transportation business successfully. The main focus in these kinds of services is the timely and safe delivery of goods.

Most clients desire to be informed by the business provider regarding their goods and the time required for delivery. To keep the clients routinely informed about the position of their goods, the owner can keep checking the location of the trucks. Such checking systems also ensure security of the client's luggage and also the company's vehicles. If there is an accident or break down on the way, the owner can immediately become aware of the mishap and ensure appropriate help at the earliest time possible.

This kind of monitoring is not possible without fitting GPS Tracking Devices on one's vehicles. Such equipment is also useful in school buses so that parents can learn the reason for their child's delay in reaching home after school. To keep parents informed, school bus operators provide some phone numbers where they can call to learn the reason for their child's delay. Transportation business owners can keep control over their vehicles and their drivers by installing good quality tracking equipment for knowing the vehicles' whereabouts.

Check Out Various Models Online

By monitoring their vehicles, they can ensure that the drivers do not travel on some other route for their personal work. This helps to satisfy clients by ensuring timely delivery of goods and also prevents fuel waste. Without GPS Tracking Devices, the transportation business owner is at the mercy of his vehicle drivers. Sometimes, drivers travel through longer distances and also travel in other directions and routes to fulfill their own requirements.

Such acts cause a lot of trouble to the client who has to wait endlessly for his goods to arrive without any knowledge of their location. This causes a lot of tension for the client and he may even opt for another transportation company the next time he needs such services. To keep his clients satisfied and ensure a successful business, truck owners should install monitoring devices on all their vehicles. This will keep the drivers under control, as they cannot travel in unknown routes as the employer can easily detect their misdeeds.

Owners can check on the Internet for manufacturers of such instruments and learn about the various models available and their costs. One can also order such devices online as reputed manufacturers offer prompt home delivery of the product along with detailed descriptions on how to use them. By installing appropriate GPS Tracking Devices, transportation business owners can ensure satisfied clients.

Read more »

Using Cloud Services to Enhance Your Business

If you're not an Internet-savvy person, it can be hard to think about using cloud services to make your business better. After all, using more technology always involves a time of transition, and moving to cloud services is no different.

Fortunately, it's easy to see how these services can help your company work more efficiently. Since they're also easy to access and don't take long to learn, you should be able to get everyone on board in no time.

Editing Documents

One of the best ways to use cloud services in the context of business comes when you need several people to look over a document before it can be considered "finished." Before, you had to pass hard copies around to each person, then incorporate all of their changes, mediating when people disagreed or didn't like what the other wanted to say.

When you use cloud services, though, all you need to do is upload the document to the service and make sure every relevant person has access to it. Then, they can make their changes online and hammer out any disagreements amongst themselves. Most cloud services will track who made which changes, so you can see what everyone is doing.

Distributing Documents

Another thing that working in the cloud will help you to do better is to distribute material to your employees. Instead of printing out your employee manual, for instance, all you'll need to do is upload it to the cloud, where you can then give everyone read-only access to it. Now, when they need to look up how many vacation days they have left or whether they get Christmas Eve off, they don't have to lug out a huge notebook to find the answer.

This also saves you money because you'll buy less paper. While this might be an expense you're used to by this point, you'll notice a big difference in your expenses when you start using cloud services instead. Give it a try to see how much you'll save.

Saving Files

Another way your company can benefit from using cloud services is through having access to each other's files. You can set up your computers to automatically save certain items to the cloud, and then set up permissions so anyone who needs access to those items can have it. Instead of sending files back and forth across the company, several people can look at something at once.

Often, using cloud services to save your files also means that you have backup copies of things if you need them. You never know when a computer will crash, but saving to cloud services means you don't risk losing everything if that happens.

These services can be a lifesaver for business owners. Whether your company is small or large, there are many, many ways that it can benefit when you use the online resources available to you. If you have more questions, be sure to find answers so your company can work as efficiently as possible.

Read more »

SIP Trunking And How It Benefits Businesses

The meaning of SIP Trunking is Session Initiation Protocol. It is a type of service which enables businesses that have installed PBX to use real-time communication VoIP included. When this trunk is connected to a traditional public switched telephone network (PSTN) system, a company is able to communicate over internet protocol to the outside world. The company can also replace its fixed PSTN lines with the IP telephone system connected through this trunking service externally. This creates single conduits for multimedia components such as data, video and voice.

This trunk is made up of 3 primary components. These components include IP PBX which communicates with all the endpoints over the IP network. It is able to switch calls between the VoIP users of local lines and at the same time allow the callers to share several external telephone lines. It can also switch calls between the traditional phone users and VoIP users.

The other component is Internet telephony service provider (ITSP). The role of this component is to enable connection to PSTN for the IP network for fixed and mobile communication devices. IP communication is also transported across a public internet or private IP network.

Then there is the border element which enables connectivity between the PSTN, external IP-carrier network and the enterprise IP network. This element could be a switch for transferring calls out of and into the PSTN. It could also be an SIP-enabled firewall or even an enabling edge device that is connected to a firewall. The service provider usually manages this element.

This trunking works by blending both voice and data connections into a single line. It serves as a converter between the company's internet connection and a legacy telephone system. This enables the data network to effectively carry the voice traffic. Its features normally include E911, long and local distance calling, caller ID and directory listing. All these are then integrated into the existing telephone system of the company.

The benefits of using this trunking system are numerous. Since a large portion of calls made travel over the IP network, there are no additional costs. The service provider normally charges a fraction of what it would cost if there was no IP connection. As a result, this system delivers not only increased reliability but also delivers huge cost savings to the company.

Another benefit is that the need to invest in less capable and costly desktop equipment and TDM-gateway infrastructure is eliminated. Monthly expenses are also reduced because only a single connection for voice and data is needed. It also allows businesses to outsource the PSTN connection to third parties thus reducing the cost of long-distance charges.

Today, there are various reliable SIP trunking service providers available in the market. They offer various options to their customers at varying costs. A company requires to purchase products and services such as IP phones, IP PBX, friendly firewalls and soft clients among other requirements. However, when this service is deployed properly, it can bring a good return on investments within a few months.



The meaning of SIP Trunking is Session Initiation Protocol. It is a type of service which enables businesses that have installed PBX to use real-time communication VoIP included. When this trunk is connected to a traditional public switched telephone network (PSTN) system, a company is able to communicate over internet protocol to the outside world. The company can also replace its fixed PSTN lines with the IP telephone system connected through this trunking service externally. This creates single conduits for multimedia components such as data, video and voice.

This trunk is made up of 3 primary components. These components include IP PBX which communicates with all the endpoints over the IP network. It is able to switch calls between the VoIP users of local lines and at the same time allow the callers to share several external telephone lines. It can also switch calls between the traditional phone users and VoIP users.

The other component is Internet telephony service provider (ITSP). The role of this component is to enable connection to PSTN for the IP network for fixed and mobile communication devices. IP communication is also transported across a public internet or private IP network.

Then there is the border element which enables connectivity between the PSTN, external IP-carrier network and the enterprise IP network. This element could be a switch for transferring calls out of and into the PSTN. It could also be an SIP-enabled firewall or even an enabling edge device that is connected to a firewall. The service provider usually manages this element.

This trunking works by blending both voice and data connections into a single line. It serves as a converter between the company's internet connection and a legacy telephone system. This enables the data network to effectively carry the voice traffic. Its features normally include E911, long and local distance calling, caller ID and directory listing. All these are then integrated into the existing telephone system of the company.

The benefits of using this trunking system are numerous. Since a large portion of calls made travel over the IP network, there are no additional costs. The service provider normally charges a fraction of what it would cost if there was no IP connection. As a result, this system delivers not only increased reliability but also delivers huge cost savings to the company.

Another benefit is that the need to invest in less capable and costly desktop equipment and TDM-gateway infrastructure is eliminated. Monthly expenses are also reduced because only a single connection for voice and data is needed. It also allows businesses to outsource the PSTN connection to third parties thus reducing the cost of long-distance charges.

Today, there are various reliable SIP trunking service providers available in the market. They offer various options to their customers at varying costs. A company requires to purchase products and services such as IP phones, IP PBX, friendly firewalls and soft clients among other requirements. However, when this service is deployed properly, it can bring a good return on investments within a few months.

Read more »

Why Use Google Apps for Business?

Google Apps have been around for a while now and Google have been promoting the Cloud for business for over 10 years now. For those who don't know what Google Apps are, it is a service from Google featuring many web applications with similar functionality to traditional office suites like Microsoft office. Some of the many apps include Gmail, Google Calendar, Talk, Docs and Sites. The difference between Google Docs and office suites like Microsoft office is that all of Google apps are on the cloud, in other words on a server available 24/7 and can be accessed anywhere. You don't have to buy any software or hardware to use the apps and there is very little administration. Google apps bring the power of mobile computing to your fingertips. You don't have to be tied down to the office anymore, you can work anywhere at any time and be confident that your documents and critical business data is safe and secure in Google's hands.

Modern business is not just carried out in the office anymore. Mobile working is growing and that is thanks to cloud computing. You can be anywhere in the world and access your data, email, calendar and talk to colleagues. All you need is an internet connection. All of these applications can be used via an iPhone, blackberry or android phones and even some less powerful phones. This is how modern day business is carried out and it is set to stay

You get far more storage with Gmail and more security. Gmail is powered by Postini which is an E-mail and Web security and archiving service which has been owned by Google since 2007. The service provides efficient cloud computing services for filtering e-mail spam and malware actually before it is delivered to a client's mail server.

The benefits are obvious. Apart from the mobile working benefits and security the cost savings really add up. If you have 10 employees you need 10 office software certificates, whereas with Google apps you don't need to buy anything. All you need is a computer with internet access. For new businesses working with Google apps is ideal, training your staff to work on the cloud will ensure you business is run smoothly and securely without any worry about hardware and software down time.

Google has partnered up with many Google Apps Resellers so companies can help with the transition from regular software and working practices to working on the cloud. Google also provide customer support all day every day. You can contact Google via email, instant chat online or by phone. The likelihood of need to contact Google is slim because of the advanced security features. They store all of the data on many data centers so if one fail to retrieve your information it will automatically point to another server. As the servers are synchronised, you will only ever get up to date real time date.

You get peace of mind because Google Apps is the very first cloud based solutions to receive the FISMA certification. This means Google's security and network operations have been given the thumbs up from the Federal Information Security Management Act. To receive a certificate from the FISMA, guidelines and the correct implementation security control need to be adhered to. Google have a security team working all hours to ensure that data on the cloud is safe and secure.

If your software of PC has been hacked and you have lost data which lost your business a lot of time and money you can see why Google apps are beneficial to businesses. More and more are catching on to this concept and with what I have stated above it's not hard to see why. I have been converted and I hope more and more businesses will realise the benefits and more their business activities onto the cloud. Google rocks!

Read more »

It Seems Like a Good Idea

Networking can only ever be one part of your overall business marketing strategy. But it is a critical skill for anyone who is looking to succeed in business.

All businesses lose approximately 30% of their customers each year - so you continually need to replenish your sales pipeline. As it can take some time to build relationships to the point were a prospect has enough trust in you to do business with you, you must always be looking for new clients and new opportunities. Many business people find networking is a highly cost effective way of generating new business. It is often much cheaper than traditional promotional methods such as advertising or exhibiting.

The cost is usually based on time and personal commitment and only a small amount of actual financial investment. The time to start is not when you need to find new business, but long before that - in fact you should never stop networking. To use networking as an effective business tool and to use it to help you build productive business links, you must network continuously... and keep on networking! But be clear why you want to network - make sure you understand your objectives. Networking is not about selling, it's about building mutually beneficial relationships.

Preparing Yourself and Know the Benefits
Before you 'go networking' think about what you can offer - what is it that other people might find helpful or useful? Some people will say "I don't have to network, I've enough business" or "I'm very busy, I don't need any more clients".

This is never true.

Now is the time to find those future clients; now is the time to develop those relationships. You are not after the quick sale, but future customers, clients and even suppliers.

How to get Started

There are many different ways you can network both online and offline.

Think about all your contacts. Check through all your e-mails over the last 12 months - who could you reconnect with? Write down all those people, social or business, who you have 'lost touch with' and make it part of your plan to follow-up and get back in contact with a few each month. Write down who you would like to be in touch with - who are the Top 5 people you want to be connected to?

Make this part of your plan.

There are many occasions when business people meet and network. They may belong to a Networking Club, who meet on a regular basis, or meet socially at the Golf Club - the Old Boy Network still flourishes! Organised networking groups or clubs usually meet weekly, fortnightly or monthly for breakfast or lunch for the sole purpose of generating new business for themselves and other members.

Finally

Business networking can be conducted locally or globally via the World Wide Web. Many social and business networking websites are available via the internet, where you can now connect with people from all over the world.

There are over 200 social networking sites listed on Wikipedia,ranging from Facebook with 600 million members and LinkedIn with 100 million users down to local sites with a few hundred members. Many sites specialise in the business arena, such as Ecademy, LinkedIn, Plaxo and Ryze. Business people can use these internet networking sites to raise their profile and connect with like minded people. Networking is a continuous process and building a database of contacts can help you in all aspects of your life.

REMEMBER:

A Referral generates 80% more results than a cold call.

Approx 70% of all jobs are found or filled through Networking.

Most people have 200 / 250 contacts

What Networking Is:

    * connecting with other people
    * building relationships with other people
    * helping and sharing knowledge with others
    * finding people who are interesting and beneficial
    * introducing business opportunities to you and others

What Networking is not:

    * hard sell
    * promoting or selling products / services
    * finding a job
    * gaining charity donations
    * arranging funding
    * schmoozing to gain something
    * stalking

However, done correctly networking will help you in all these areas.(Apart from stalking!)

Paul Ashbury is a Networking Evangelist, an author, speaker and director of one of the UK's most successful networking organisations - Focus On Networking.
He has more than 40 years Sales & Marketing experience and over the last 10 years has help companies and individuals improve their networking skills.

Read more »

The Benefits of Free Audio Conferencing

In the age of technology that we have entered, the need to have instant access to information and communication has become a must for any business. When you have to relay a message to multiple clients or business associates, sometimes time is of the essence. When this is the case, you may want to consider finding a free audio conferencing service to get your message to them all at once. There are many benefits to utilizing a free audio conferencing service provider. Here are a few reasons you should consider:

1. You can choose to run a conference whenever you like

One benefit of using a free audio conferencing service is that you can hold a conference at the drop of a hat. You don't need to set a reservation. If you have an urgent need to create a conference and all those you want to talk to are available, you can have one immediately. You just need to present everyone with the phone number to your account and any login or password information, and you can be holding a conference in a matter of minutes.

2. You are in complete control of the conference

A second benefit of using free audio conferencing is that you can act as a moderator for your conference. You can see what number a person is calling from, where they are calling from, and how long they have been on the call. You can mute all other callers when you want to be the only person heard, or you have the ability to mute an individual caller if they are being rude or getting out of line. You will also have the power to completely remove someone from the conference.

3. You can record your conference calls

A third benefit of using free audio conferencing is that you can have your call recorded. You calls can be recorded in an mp3 format. This can serve multiple purposes. This acts as a great way to archive conversations for reference purposes. You can edit and use these recordings as training tools that are available for download. Most free audio conferencing service providers will store your recordings on their servers for a certain amount of time. This will allow you to distribute the file to those who may have missed the call. You can forward a link to those clients or associates and they can listen to the recording straight from your service provider's servers.

Read more »

Business Performer Commitment to Reduce Carbon Emissions

 

Commitments taken by businesses to reduce emissions 41 percent by 2020 is a form of support for the ambitions of the Indonesian government in reducing carbon emissions. Information released by Green Radio stated that this commitment set forth in the declaration B4E or business to the environment which was read in front of conference participants and the Coordinating Minister Hatta Rajasa.

B4E declaration states that, businesses are committed to reducing the intensity of natural resources through massive investment in energy efficiency programs and resources and programs to redesign the product and distribution chain to achieve a more transformative changes.

The contents of the declaration statement includes support for protecting areas with high biodiversity and natural carbon stores, as well as invest in and promote sustainable urban planning and integrated land use management.

The business person in the B4E conference agreed to put climate change as a challenge to development and economic growth. Individually and in cooperation with governments and civil society, businesses will realize their commitment to support sustainable development.

Read more »

Manufacturing Leading U.S. Economy on Exports, Inventories

 

The Institute for Supply Management’s factory index fell to 60.4 last month from 61.2 in March, the Tempe, Arizona-based group said today. Readings greater than 50 signal expansion and the measure has exceeded 60 for four consecutive months, the best performance since 2004.

Demand from emerging economies like China, the need to replenish stockpiles and investment in new equipment may keep benefitting manufacturers, including Caterpillar Inc. and Cummins Inc. Federal Reserve policy makers last week said the expansion was “proceeding at a moderate pace,” buoyed by stronger business spending.

“The overall manufacturing sector remains healthy,” said Robert Dye, a senior economist at PNC Financial Services Group Inc. in Pittsburgh. The industry “is helping to sustain an ongoing economic expansion,” he said.

The median forecast of 78 economists surveyed by Bloomberg News called for a drop to 59.5. Estimates ranged from 57.5 to 62.

Construction Gain

Another report showed construction spending rose more than forecast in March as companies put up factories and power plants, while home improvement outlays also rebounded. The 1.4 percent gain was the biggest since April 2010 and followed a revised 2.4 percent decrease in February that was larger than previously estimated, Commerce Department figures showed.

Also today, results from a Federal Reserve survey showed banks made borrowing easier in the first quarter as they forecast the economy will improve. Looser standards for business loans reflected more competition among banks, while some financial institutions “also pointed to a more favorable or less uncertain economic outlook,” the Fed said in its quarterly poll of senior loan officers.

The median estimate of economists in a Bloomberg survey projected a 0.4 percent increase.

Stocks dropped, pulling the Standard & Poor’s 500 Index down from its highest level since June 2008, as a slump in commodity shares dimmed optimism spurred by the death of Osama bin Laden. The 500 Index fell 0.2 percent to 1,361.22 at the 4 p.m. close in New York. Treasuries were little changed.

Manufacturing Globally

European manufacturing growth accelerated more than forecast in April, driven by higher production in Germany and France, a separate report showed. A gauge of manufacturing in the 17-nation euro area rose to 58 from 57.5 in March, London- based Markit Economics said in an e-mailed report today. That’s above an initial estimate of 57.7 on April 19.

The ISM’s export index climbed 6 points in April to 62, and its inventory gauge rose to 53.6 from 47.4 in March. Measures of production, new orders and employment eased.

“A lot of this growth in manufacturing is driven by export demand and the weaker dollar,” Norbert Ore, chairman of the ISM survey, said in a conference call from Atlanta. The ISM figures are showing no effect from supply-chain constraints linked to Japan’s earthquake and tsunami in March, even as some automakers had “to make some changes” in production schedules due to the disaster, he said.

The index of prices paid rose to 85.5 from 85. A measure of supplier deliveries decreased to 60.2 from 63.1.

Backlogs Building

The measure of orders waiting to be filled jumped to 61, matching an almost six-year high reached in February 2010.

Caterpillar, the world’s largest maker of construction equipment, posted first-quarter profit that topped analysts’ estimates and raised its full-year earnings forecast as sales surged in China, India and Brazil and other developing countries.

“We expect that the pace of world economic growth will support continued recovery in the key industries we serve,” Doug Oberhelman, chief executive officer at Caterpillar, said in a statement last week.

Demand from countries like China and Brazil is spurring U.S. exports of machinery and consumer goods. Sales overseas reached the highest level on record in January before falling in February for the first time in six months, according to Commerce Department figures.

Emerging Economies

Columbus, Indiana-based Cummins, a maker of diesel engines, more than doubled its first-quarter income from a year earlier and boosted its forecasts for sales and profit this year.

“Our first-quarter results reflect continued strong growth in key international markets, especially China, India and Brazil,” Chief Executive Officer Tim Solso said in a conference call last week. “We are seeing significant growth in demand for our products and services in nearly every geographic market we serve.”

The business spending that helped lead the economy out of recession is being helped this year in part by President Barack Obama’s compromise at the end of last year with congressional Republicans on taxes. Companies can depreciate 100 percent of investments in capital equipment in 2011.

Read more »

Pricing Labels and What They Say to Customers

When you get new product into your store or when your older products go on sale, you need to get the right pricing labels on them so your customer can see how much it is without having to go through the hassle of asking to find out. Everything should be conveniently displayed for them. But depending on the pricing labels you use, the actual color and design can convey different things to the buyer.

Your typical white sticker pricing gun labels are easy to apply to any object with a hard surface. They are simple and direct, they say how much the item is, no more and no less. But they also let the customer know that this is the full retail price and it is possible that the price could drop. They'll debate, much like you do yourself when you shop, whether they want to buy it now or wait and see if it goes on sale.

Red sticker pricing gun labels are the ones that scream clearance. We automatically associate the color with letting us know that this price is probably the lowest the item is going to go in terms of price. It also gives the customer a sense of urgency, that they should act now and buy before there are no more left in stock. This is really important if you have product you need to sell through as soon as possible so you can put out new items in their place.

Besides just your labels on the actual products, you also need to pay attention to the pricing labels you set up on shelves. It's very important that any labels on the sides of shelves or signs match up with the products placed there. It can be very confusing when a customer sees a price and just assumes the product placed above it is the right one, only to find that it was misplaced. A disorganized store is going to lead to customer complaints when they find out that $9.99 item is actually $19.99.

You also need to make sales clear from a distance. You should attract people to that area with a larger, colorful sign announcing sale prices, not force them to search items to see what is discounted. Everyone is looking for a good deal these days so make it easy for them to find as soon as they walk in the front doors.

Read more »

Facts About Wholesale Food Distributors

Wholesale food distributors are those who act as sales brokers between manufacturers and merchants, or in certain cases, individual customers. Generally, a wholesale food distributor operates out of a warehouse or food storage facility. There is a vast array of food products distributed each day by wholesale suppliers, and these include dairy and meat products, vegetables and fruit, seafood, frozen goods, and confectionery. Wholesale food distributors who specialize in certain items can also be found in today's marketplace. Merchant wholesalers usually deal in grocery products, while systems distributors typically specialize in items such as spices, seasonings, coffee and tea. There are also specialty wholesalers who focus on the distribution of dairy products or poultry.

Acquiring Clients

As previously mentioned, wholesale food distributors generally operate from a warehouse and do not usually conduct business with walk in customers, as displays of their products are not always readily available. Most clients arrange for an appointment at which time the wholesaler will offer a full presentation of the foods they can provide. Typically, clients are offered various processing options for their bulk orders. The wholesaler usually handles these functions, which include the cutting and packaging, and even seasoning of the items required to fill the order. In addition, if the customer prefers, the food products can be purchased without any processing. The latter is common with vendors who prefer to process and package their own foods, either to cut costs or because they have their own unique way of marketing their product and for this reason prefer to complete the processing in-house.

Maintaining a Successful Business Relationship

Since most food items are perishable, a good rapport and synergy is essential between business owners and wholesale food distributors in order for them to work together effectively. There are many facets to running a successful wholesale food distribution business, and at times complicated problems can arise. However, many individuals are motivated to stay in this line of work as the continual demand for food gives one a certain degree of job security.

Wholesale food distributors focus on marketing and distributing foods that will ultimately result in increased profits for wholesalers and retailers. If this is accomplished, most customers will return again to do business with the distributor and a professional relationship will be formed. Negotiating transactions that will offer benefits to both the distributor and the wholesaler is vital to the success of this relationship.

Read more »

Isn't My Business Too Small To Worry About Financial Statements?

A common theme from some of the reading and training that I have done over the past few years is that if you think small in your business and life too for that matter, then that will become your reality.

Those thought patterns of "smallness" will be a self-fulfilling prophecy, and you and your business will always remain small.

If on the other hand, you are able to step outside of your comfort zone and grow to become bigger than you are, you will grow into those bigger shoes.

Money and finances are the largest aspect in your life and your business where that view manifests itself.

I know that financial statements can be confusing and the accountants that typically create them like to use words like debits and credits that are confusing to us laymen. I want to dispel that myth. Financial Statements are for everyone who is in business, and you need to be paying attention to them.

When I say financial statements, what I am talking about are the Big 3. They all have multiple names, probably so that the accountants can try to keep us laymen in the dark, but their most common names are the Balance Sheet, Income Statement and Statement of Cashflows.

I want to dispel the myth that you can't learn about financial statements, and in fact I want to argue that they are critical to your success no matter what size your business is today. They are just as critical, if not more so for the small business owner as they are for the big companies.

For years I was of the same mindset that financial statements were only for the big guys, and that though was reinforced by my CPA at the time that refused to create them for me.

I was submitting a bid for a government contract and one of the required elements of the proposal was 2 years worth of financial statements. I pulled something together to add to the proposal, but maintained the thought that if my CPA wouldn't even create them for me, how important could they be?

Over time I came to the conclusion that I needed a new CPA, but I'll leave that story for another post.

When I found a mentor that explained financial statements in terms I understood, and demonstrated to me their importance even to a small business like mine, that was a real eye opener (and the final straw for the old CPA).

I now produce and review financial statements for my Independent Contracting business every month, then roll those up to a quarter and year. That change in mindset has made a significant impact on the success of my business.

When I review those statements it gives me valuable information for how my business is doing over the short term, but more importantly I can see longer term trends and even use those financial statements to forecast the future. I can do "what if" projections to see how increasing revenue or decreasing expenses or other changes will impact the future.

Read more »

Tips For Successful Direct Mail Advertising

Advertising is a great way to drive business, but the key is finding the right vehicle to broadcast your message. The former co-owner of the largest chain of Goodyear dealerships in Texas, I tried an assortment of advertising approaches to raise awareness of my tire shops. I found out that most forms of advertising just did not provide the return on investment I was expecting. I was looking for the best way to get high caliber customers into my shops, but by which advertising method was the question.

While television and radio ads can be good and often provide great exposure, the audience is very broad. And in a city with many options for tire shops, why would someone bypass their local dealership to buy from a shop located across town? Sending coupons via mass mailing services did allow targeting by neighborhood, but after some initial success, it seemed the offers were getting lost in the shuffle.

I wanted the best way to reach the highest-caliber customers located closest to my shops. My answer was direct mail. Through direct mail I was able to achieve my goal with the ability to target higher-income households within two miles of my shop. Direct mail also enabled me to separate myself from the pack with a stand-alone offer that was interesting enough to draw customers.

Like everything, effectively employing direct mail advertising proved to be a learning process. When I think back about some of the first postcards I sent out, I cringe a bit because of how unsophisticated they were. It also took some time to determine which offers were most likely to resonate with customers.

If you're considering using direct mail, here are some tips based on the lessons I have learned after successfully using direct mail to drive business for many years:

- Pick a direct mail company that specializes in your industry or at least has experience serving other businesses in your sector. A mailing service that caters to everyone (from tire chains to pizza parlors) is more likely to recommend offers that won't resonate with your customers. They also may not understand how to help you better target the right customers for your business.

- Ask for references. You want to ensure that the company you choose has a successful track record in your industry.

- Ask for samples. Don't get fooled by deals on low-cost postcards. Oftentimes, the quality and size of those postcards is why the price is so low. Seeing is believing.

- Look for a direct mail service that doesn't require a contract. You're bound to experience some trial and error in your direct mail campaign. But getting locked into a long-term contract requiring a large number of mailings each month doesn't offer you a lot of flexibility. You need to decide minimum number that makes sense for you and find a company willing to accommodate your specifications.

- Deliver what you advertise. Don't offer four brand name tires for $350 just to get customers in the door. They'll leave when they realize those tires don't exist at that price. Instead, feature offers that you're able to provide, such as $50 off any four tires.

- Don't give up. Direct mail takes time. If you do it one month and then take a break, you'll never build momentum. You need to decide to make this a permanent part of your marketing efforts. You also need to measure results over the long term. When evaluating your direct mail campaign, compare sales results from one month with the same month for previous years. Comparing month to month is too difficult because of seasonal variations.

Read more »

Factors That Can Guarantee Your Success When Running A Home Business

The fact that you have no fancy education does not necessarily mean that you lack the propensity and capability to build a successful business empire. With ambition, passion and careful planning you can turn a home based business into a million dollar Business Empire. Below are some of the factors that can guarantee your success when running a business from the comfort of your home.

Exclusivity

In business, potential clients and customers will remain loyal to you if you can provide them with the sort of services that they cannot get somewhere else. Like the saying goes, doing what everyone else is doing would get you nowhere, if you want to achieve something exceptional then you must do something exceptional. We all prefer luxury products because they are exclusive.

Packaging, branding, and presentation

When it comes to packaging products and services, branding plays a very crucial role. Most folks prefer branded products to other products because branded products offer the sort of appeal that non-branded products lack. The fact that you are running your business from home does not stop you from doing some branding and packaging. The perception that your clients will have about your product will solely be based in the way it is packaged and presented.

Pricing And Value for money

Pricing is very crucial when running a business. Chances are that the decision of your clients to opt for your goods and services in preference to that of your competitors would solely be based on your pricing and the sort of value that your product can add to their life. If your service is superior to that of your competitors, your clients wouldn't mind spending that extra cash.

Finance

Setting up a business cost money, big business all around the world all rely on bank loans and credit facilities to exist. Unavailability of funds is one of the major factors that can destroy your dreams of running a business from the comfort of your home.

Skills and tools of the trade

In every sphere of human influence or business, there are required skills and tools of trade. Regardless of the line of business that you have chosen, it is highly recommended that you should hone your skills and learn to utilize all the relevant tools of trade. For instance, if you intend running a graphic design business from the comfort of your home, it is recommended that you should acquire the relevant skills so that you would be able to provide your potential client with quality and professional service.

Local laws

If you intend running a small-scale business from the comfort of your home, the local laws of your community, town, or city is a crucial factor that you should put into consideration. To prevent the local authorities from shutting down your operations, it is recommended that you should get the relevant licenses and permits before rolling out your operations.

Read more »

Is Your Current Mindset Hindering Your Business Success?

Creating the 'Mindset for Success' is vital for achieving your business vision and key business goals. Experience has reinforced my belief that a big part of a 'success mindset' is good thought processing. I'd like to communicate an example of 'poor thought processing', the impacts of it and also share with you a simple and very effective model that I utilize with clients that will help you to create a 'mindset' that will empower you to generate more of the results that you want this year.

Just for a moment: Please open your mind to the following statement:

Your thoughts influence your emotions (feelings), your thoughts and emotions effect your actions and your actions effect your results.

And once again because its important:

    Your thoughts influence your feelings (emotions);
    Your thoughts and feelings influence your actions;
    Your actions effect your results!

How did you and I get here? You & I are the 'result' of specific actions that were fueled by specific thoughts and powerful feelings *

You might be saying right now SO WHAT? - so let's use a business example and lets pretend that:

You're a Business Owner and responsible for driving sales and your current thought processing is:

No one's buying, there's a recession, what's the point - they'll just say no anyway, everyone's struggling, it's tough out there.........

How would you be feeling thinking that way?

You could be feeling unmotivated, flat, anxious, stressed etc...So thinking and feeling that way - What revenue generation actions are you likely to take?

You could not be making sales calls, not following up, not asking for the sale, in other words - complete in-action.

And if there is complete in-action......What will the results be?

The results could be:

Not making your revenue targets for the week, month, year;

More stress & anxiety caused by worry, because regardless of your sales $$$ you've still got fixed expenses to pay

You beating yourself up, labeling yourself as a failure and the result of that is even more lost self-esteem.

Where will this thought processing take you and your business?

The cause and effect relationship between your thoughts, emotions, actions and results is powerful, do not underestimate it.

I hope that demonstrates to you the link between your thoughts, emotions, actions and results and the effect of poor thought processing, please also accept that YOU are never the 'RESULTS' the results are just an 'effect' of your 'actions'.

So now WHAT? If your currently caught up in this...What do you do? How do you break the loop?

Right now...You grab a pen/paper and you work backwards by answering these questions:

What results do I really want in my business?

What will achieving these results really give me?

What actions can I take to generate these results?

In order to be taking those actions....How do I need to be feeling about myself? my business? my offering?

In order to be feeling that way.....How would I need to be thinking about myself?, My business? My offering? My prospects? My customers?

Then consciously choose to think that way and make it your number 1 priority right now because when you change your thinking you will change your feelings, your actions and get better results.

Read more »

Benefits Of Running An Offline Home Business

When it comes to starting up a business, being able to run your business from the comfort of your living space has many advantages. Running a business is quite a herculean task for those who lack the experience to run a business. But in terms of cost, running your business from home is far cheaper than running it from an office space where you would have to put up with the payment of rent.

Besides the payment of rents, if you are someone who loves working late, working from home would best suit you because you would not be faced with the issue of struggling to get yourself home after working late at night.

In terms of cost running a business from home is far profitable and more cost effective compared to running your business from an office space. With an office space, you would have to put up with the challenge of paying water, light, and rent but with working from home, such expense would be avoided.

For women and most especially nursing mothers, working from home would give you the ample time that you need to stay productive and take good care of your kids. For instance, as a nursing mother your office can be the next room after your baby's room.

In terms of furnishing, the cost of furnishing an office in your home is much lower than the cost of furnishing an office in a rented office space. In most rented office space you might have to deal with issues such as partitioning and creating separate areas but when furnishing your living space for business use such restrictions do not exist.

The task of running a business from the comfort of your living space can greatly be simplified in you are able to act able to carry your clients and customers along. Carrying clients and customers along simply entails seeking their views and opinions before making changes to the product or business. Customer dissatisfaction can greatly be prevented when you carry your clients and customers along.

If you intend running a business from your living space it is recommended that you should work extra hard and go that extra mile to satisfy your clients because your success in business depends greatly on their loyalty and patronage. Besides striving to satisfy your clients through the provision of quality service, making friends and building relationship is very essentials because it is the surest way of building the loyalty of your customers.

Read more »

How to Start A Successful Business In A Horrible Economy - 5 Important Steps

Business owners and entrepreneurs around the world will agree that starting and maintaining a successful business is next to impossible and full of obstacles. The failure rates for small businesses are incredible and depressing to think about to say the least, but the American entrepreneurial spirit continues to drum up ideas and start businesses in the face of discouraging odds. The following 5 steps give you the best chance of survival when starting a small business in this economy.

Step 1 - Validate your idea, product, or service

Have you ever thought that you had a really great idea, but everyone else had little or no interest in what you had to say? This is a common occurrence, and is a great indication as to how your idea will be received by the public. You should always cast your idea in front of a small number of trusted individuals and ask for honest feedback. Once you have received some positive feedback on your idea, you will need to make sure that you are totally committed and dedicated to developing and marketing your idea. You must commit to and validate thoroughly your idea so that you do not spend time and energy on an idea that no one will ever want or need.

Step 2 - Financial Projections

This part is not very fun, and for that reason, it remains one of the principle reasons that a start up business fails. Any person with an idea or an intention to start a business must first crunch some numbers. It is foolish to start a business that you are not sure can turn a profit in a reasonable amount of time. By doing the numbers and making financial projections, you are able to determine whether or not your idea can actually turn into a lucrative venture. If you find out that your idea is not likely to turn a profit or is too expensive to get started, you may be able to save yourself a considerable amount of time and energy. Crunch the numbers, then proceed. Do it first, and not after you have invested the time and money.

Step 3 - Build A Website

Does it seem strange that building a website would make it into the first five steps for starting a successful business. A few years ago, a website was only an after thought from the marketing department in order to help the company develop a presence online. Today, your website can and should be used for so much more. Because of the centralized role that a company's web presence now plays, the website should be developed first, before the company opens its doors. Failure do so could result in the loss of many first time clients and customers. A website structure can act as a preliminary business plan, and enable a business owner to organize his or her thoughts. If the website is well thought out, and developed properly, it can act as a blueprint for how the product or service is presented to the public. Your website is now your storefront, and no one would ever open their doors unless they had their storefront in order.

Step 4 - Develop Company Procedures and Build Systems

Good systems and procedures are the lifeblood of any successful business. If strong, well thought out systems and procedures are not in place, before your company starts to grow, you may find yourself backpedaling or barely keeping your head above water. This condition may cause your good idea to go down the toilet unnecessarily. Instead, plan and implement good systems and procedures before you start taking on clients. Then you will be in a better position to facilitate growth and weather the storm when it comes. Many times, it is not a lack of interest or lack of customer traffic that kills a business, but a general lack of planning and organization that brings the business to its knees.

Step 5 - Overcome Adversity and Persist

Perhaps at the end of the day, this is the most important step. There will no doubt be bumps in the road. You probably think that hardships only occur in your life and in your business. That could not be farther from the truth. Road blocks will crop up no matter what path you choose. As a business owner, you may encounter more challenges than the average person especially in this economy. To overcome and be persistent in the face of extreme disappointment or challenges is what distinguishes success from failure. If you know you have a good idea, and others feel the same way, you have crunched the numbers, built a website and business model, and developed solid systems and procedures, then you need to have faith in your idea and be persistent. This quality is one of the most visible attributes found in successful business owners.

Read more »

Low Cost Business Ideas - Take Your Business Online

If you are looking for low cost business ideas and how to make money quickly and you don't have a lot of money to spend then this is a must read article for you. In this article we will discuss a few low cost business ideas and how you can make big money from implementing them.

When coming up with ideas for your business whether online of offline you have to consider what kind of return your business will do. In the current economy most of us don't have the spare cash to invest a lot of money to create a big business.

The best low cost business is an online business. This is a great way to do business because

1. the cost of entry is low -

You basically just need to have a website which costs about $10 to buy and $7 hosting and a payment processor, which is free from PayPal, and you are ready for business. Since the over all cost of starting a business is very low anyone can enter into online business and make decent money. Certainly even if some of the work is outsourced even than the cost of entry is no where as high as it is in a brick and mortar business.

2. Growth potential

When you are looking to create a business you are also looking at the future potential of the business - with an online business the sky is the limit. Since even in the US more than 25% people are without high speed internet and globally the figures are even higher. Since the internet is only just picking up traction it can be reasonable said that this is the highest growing economy of the world. While retail spending is shrinking - online spending has gone through the roof.

3. Qualifications are minimal

In any other line of work you would have to spend years and years of learning and training to be able to do anything. A doctor has to go through medical school before they can open a clinic, a lawyer has to pass the bar exam before he can open a practice, and an accountant has to pass the CPA before he can open his own firm.

However online these barriers are broken - you don't need to go through all these schools to open a business online - In fact you can easily enter any market that you want to online since most products online are only educational (think WebMD) and not meant as professional advice.

The best way to get yourself a piece of this pie is to start with the basics - learn what other successful marketers have done and then use that to skyrocket your success.

Read more »

Daycare/Child Care Facility Promotion

Running or starting a daycare center or daycare home involves various planning and considerations. As a daycare provider you are concerned about meeting your state's requirements and regulations. These may include specifications about child area, fire safety measures, medical and health, zoning, child to adult care ratio and the list goes on and on. While these requirements are in place to ensure the safety of the children in your care, they are generally expensive and time consuming to implement. Add to that is promoting your daycare, which adds another layer of costs to your daycare business.

But the truth is that, without promoting or advertising your daycare business, it will be difficult for parents to notice your daycare business. If your daycare business is not noticed, then it becomes impractical to raise the level of revenue required to cover ongoing costs, such as those associated with complying with your state's requirements and regulations.

The good news is that the internet has provided means to advertise businesses, and in most cases, cheaper than the traditional means of advertisements (for example, TV ads). One important suggestion is that you (as a daycare provider) consider listing your daycare business on various websites that connect parents and daycare providers. Since many people search for 'everything but the kitchen sink' on the internet, your daycare will be exposed to more parents than you can imagine who may be living in your town or planning to relocate to your town. You may also be able to list your daycare for free on certain 'daycare listing' websites. This will save you some advertisement money, adding to your bottom line profit. Some websites may also demand minimal fees to enable daycare providers to add more information to their daycare listings.

Daycare and child care providers should always seek ways to promote or advertise their daycare or child care business online. It's usually a cheaper and effective way of advertising. As said previously, it is cheaper because you can either advertise for free or pay a minimal fee. It is effective in the sense that you can easily reach parents who are always on the run.

Caveat. It's important that you advertise on websites that are uncluttered and not overwhelmed by disturbing ads. This may distract parents from paying absolute attention to your daycare listing. In addition, remember that it's usually a daunting task for parents to find a suitable daycare. Therefore, it's important that you list your daycare on a neat website so that parents will not find it too hard to be drawn to your daycare listing.

Read more »

Mobile Service Business Case Study - When to Expand and Buy an Additional Unit

Every mobile service business entrepreneur dreams of a time when he or she has 100s of service vehicles servicing the entire region. That is the entrepreneurial spirit, and it's alive and well. Now then, how does a small business entrepreneur know when to expand their business?

Well, it has always been my contention that an owner/operator can make more money running one-unit with a small team, than several and overseeing it all. In fact, it seems it takes 5 or more units to make the same amount of profit as it does with one which you run your way yourself.

Okay so, if an entrepreneur has one unit, and they run it, when is it time for them to expand and buy a new truck and equipment? Well, it just so happens that the other day a mobile service business entrepreneur with a very strong business clientele, explains that he needs a new truck and trailer for his business, but is wondering if now is the right time to buy, and he wants to make the right decision and wonders if he ought to go apply for a business loan. So he asks;

"I am in a need of a new truck and new equipment due to more work and places that I have to travel. I can go to Ford lot and lease a vehicle, and purchase a trailer to pull around. I drive a Ford F150 now with high mileage and it's about to go out on me. So what are your thoughts?"

Dear Entrepreneur, having newer equipment increases efficiency, but old reliable equipment that you know is fine too. If you vehicle is about had-it then you might consider a new truck. I worry about the F-150 because there is not much weight behind it when towing a big load, unless it has a tow package and upgrades (larger engine) and so, I'd wonder what the weight you are towing is. Yes, you could get a vehicle loan, but you'd also be paying higher insurance too, multiple costs of course.

Perhaps you need to ask yourself the following questions:

What is your current income from services?
Are you doing well on collecting on receivables?
Are you staying up on payroll?
Is your current vehicle paid for yet?
What is the cost upfront, payments for a new truck + insurance for commercial vehicle?

Are you expanding rapidly, meaning some of those new accounts are not paying you yet, but you are paying all the costs and labor upfront, waiting for a check in a couple of months?

All these are important issues and questions. And the most important of all issues is perhaps cash flow. Now then, in this case the entrepreneur is looking at F150 5.4 8 cylinder with the towing package, and a closed in trailer, and he is from the Great State of Alabama. Okay so, in this case study he must remember summer is coming and he may not need an enclosed trailer in summer to protect his equipment from the weather. Yes, Alabama and weather, well that's entirely another story isn't it?

As an entrepreneur he need to consider if he is worried about theft of equipment, and if that is one of the reasons he wants an enclosed trailer. If he gets an enclosed trailer, it will slow down efficiency a little, as the crew has to keep opening doors to get to the equipment to work, but he will also have room for a big sign, which will really help get new accounts.

Now then, when it comes to operational costs, as in gasoline, yes, a V-6 towing 6,000 pounds on a trailer has got to take the mileage down to 10 mpg or so? Ouch, but a V-8 is more efficient and can do it without using as much fuel. So, fuel costs, insurance, efficiency, increased payments, and safety are keys to a proper decision matrix here.

Here is another important piece of advice; what's most important is that you take your "ego" out of the buying decision. I always like to tell folks to get 130 to 150% maxed out before buying a new piece of equipment like that. Remember also that a $500 per month truck payment, well for a small one unit operator, that is a significant payment, and it takes a lot of profit to overcome that, so what if you have a problem, or a situation?

Please consider all this and think on it. If you have a question for another future article please contact me.

Read more »

How Long Does It Take to Sell Your Business?

49% of businesses that are up for sale find a buyer within 9 months, according to research carried out by website BusinessesForSale.com, with 99.9% sold inside two years.

The survey also reveals that more than 70% of businesses sell for between £100k and £500k.

Promising figures, you'll agree. But how can this help you to get the most from selling your business?

Planning to sell a business - be prepared

When you're thinking about selling your business - now, or in the future - it's important to have a business exit strategy. You should already have a detailed plan of what you want the outcome to be long before you put your business up for sale.

When should I put my business up for sale?

You're more likely to get a better price if you can take your time with the business sale process. Selling your business can typically take up to two years. You should incorporate this timescale into your business exit strategy, so that you won't be forced to drop the price or accept an unattractive offer.

What specialist help will I need?

Firstly, get yourself a broker. All good business brokers should know about the business sale process, but one who is a specialist in your industry could get you a better deal.

As well as a broker, you'll also need a trusted accountant and a solicitor. Their specialist advice won't be cheap, but it will be crucial when it comes to a smooth transaction. You can find out more about the role of specialist advisers, and where to find them on my blog.

What if the sale falls through?

If your sale does fall through, it doesn't have to mean disaster. Although you will still have to pay your business sale advisers, there are ways that you can minimize your risk. Make sure you engage your advisers on the right basis and you think through the worse case scenarios before signing up.

Make the leap

Whether you choose to stay involved, or cut your ties and move on to other projects, selling your business can be a satisfying and lucrative experience. In 2010, I sold the majority stake in my company, staying on as managing director to take the business to the next level. I've never looked back. For help, information and support on every aspect of selling your business, head to my website.

Read more »

Business Exit Strategy - Three Reasons Why You Need One

Knowing when you want to sell your business, and how you want to do it, can help you to ultimately achieve its maximum value.

Even if you're not planning to sell your business right now, it's important to understand how to value your company, and take the necessary steps that will make it worth more to potential buyers.

This is where your business strategy comes in.

What is it?

Your exit strategy is your unique plan of how and when you will leave your business. When you'll sell your company. Who you'll sell it to. And whether or not you'll still be a part of the business as it moves forward.

Why you should always have an exit strategy

Whether its a detailed plan or a summary overview it is a good idea to have an strategy for exiting your business.

Why? For three key reasons.

Firstly, it gives you a road map. How are you going to get there if you don't know where 'there' is? It doesn't need to be too detailed but a rough idea can be very helpful so you can head in the right direction.

Secondly, your exit strategy can be a very powerful motivator to keep going. The daily problems of running a small business are put in to perspective when there is an end goal in sight. For me this is a key one because, as the head of your business, your team will look to you to lead them, having this motivating factor can help you inspire the people that are around you.

And the third reason? Money. An exit strategy will make sure you get the best possible price for your company. Being aware of the prospect of selling your business allows you to focus on the activity that will achieve the greatest value at the point you intend to sell.

Adapting your exit strategy

Of course, like all best-laid plans, you may not exit from your business exactly as you thought you would.

You can always review and change your exit strategy, taking advantage of new opportunities when they come along. Continuous planning will give you something to work towards, exiting your business how and when the time is right for you.

For tips and further information about planning a business exit strategy, head to my blog, where you'll find practical advice on this and every aspect of selling your business.

Read more »

Information on Starting a Small Business

So many issues come to mind when thinking about starting a small business: "What form should the business be in?", "Will I have partners?", "How will I market?", and so on. We'll address these issues in a systematic manner, but first we should take a step back and think about what a business is. A business, in the general sense, is a for-profit organization providing goods or services. A business is going to have a value proposition, a target market, processes that develop value, ways to generate revenue, and a strategy to survive in the competitive marketplace. At the initial stages, we want to focus on the business model conceptually before moving on the how that model will be implemented or executed.

Value Proposition

Starting a small business first means to come up with the answer to:

• Who is my target market?
• What service/good am I offering them?
• How does my offering add value to the market? (Benefits)
• What is my response to existing competition - why would people buy from me?

This should not seem like either a daunting task, or simply an academic exercise. The answers to these questions will help define your strategy for marketing and revenue generation.

Business Plan

The answers to the previously listed questions can help you create your business plan. Why do you need a business plan? The answer is both for people within the business, and people outside the business. For outsiders, the business plan gives a summary of the objectives, history, and strategy of the business. This is important for investors, partners and any credit suppliers. Internally, the business plan is important because it forces discipline and focus in defining a vision for the company. Ultimately, business is about planning and execution. The reason this is important is that entrepreneurship requires personal characteristics of focus, fortitude, and conviction to succeed; the plan can help you stay the course. The plan creation forces you to consider, deeply, how you intend to generate and sustain the business.

There is no "right answer" when it comes to a business plan, and that can make some people feel uneasy. Below is a sample template that you can use to get started though (based on the SBA template):

Statement of business purpose and executive summary

Table of Contents

Description of business

Marketing (target segment, means to reach market)

Distribution and Partnerships

Competition Analysis

Operating Procedure

Personnel Insurance

Financial data

Loans and Capital

Capital Equipment List

Balance Sheet

Break-even Analysis

Profit/Loss statements

Historical Summary

Assumptions Supporting and Legal Documents

Tax Return/financial summary of business partners

Rental or Real Estate Contracts

Business License and Structure

Resumes of Partners

Supplier Data

Personal Skills Need to Succeed at Business

The entrepreneurial mindset is elusive, and there is no agreement as to what traits will lead to success in business. However, there are some characteristics which appear again and again when business analysts talk about success in business.

These are:

• Focus - doing one thing and perfecting it. Doing it better and cheaper than others
• Fortitude - continuing to work in the face of adversity
• Accepting Responsibility - owning the business and owning resolution of problems
• Learning from mistakes - continuous improvement
• Internal motivation - being motivated by internal factors (not by quick successes which may not appear)

Starting a small business is easy. Being successful in business is more difficult; like any other difficult human endeavor. The reason why so much emphasis is given to planning and personal characteristics is because of these difficulties. A very common question people who are starting a business are asked is: "Why do you want to start a business?" I think that the underlying question is, "Are you internally motivated to succeed at your business?"

Structure of the Business After resolving the "what and why" of business formation, the next question is "how?" This is where the structure of the business comes in. There are five common forms of business in the United States.

• Sole Proprietorships
• Partnerships
• Limited Liability Companies (LLC)
• S Corporations
• C Corporations

The factors that you should use to decide which type of business you need are the type of liability you are able to accept, the taxation implications, and finally, your record keeping sophistication. Each of the business structures are possible to create by yourself, but if you find that you get lost in paperwork, you may need to hire a professional to get started with a corporation or LLC.

Sole Proprietorship

A sole proprietorship is the most common and simple form of business. Simply put, the owner is the business; the business profits and losses are considered personal, and business liability is personal liability. This type of business is the quickest to start, and the business lifetime will end at the end of the person's lifetime.

Partnership

A partnership business consists of two or more people working jointly; each contributing some skills, capital, labor, etc... to contribute to the running of the business. The share of the partnership does not have to be even, and the distribution of profits is reported on the personal 1040.

LLC

An LLC (C stands for company, not corporation) is a blend of partnership and corporation. It offers liability protection to partners in the company. An LLC is a pass-through entity for taxation, though optionally it can be treated as a corporation via form IRS 8832. An LLC is considered less complex than a corporation in terms of record keeping.

C Corporation

A corporation is like a fictitious person. It is an entity which handles the affairs of the business. Ownership of the entity is via shareholders, who receive a share of profits. The entity is also taxed separately than the shareholders (who are also taxed). Corporate structure is on a state-by-state basis.

S Corporation

A subchapter S corporation is a variation of the corporate entity where the profit/loss of the corporation is passed through to the shareholders. S corporations are legal entities and generally allow for limited liability for shareholders.

Registering a Business

After deciding the type of legal structure your business has and creating it, you will likely need to obtain permits to operate the business. This may include a business license and other licenses if your industry requires it. A city or county office will have the business license registration form available. If you are using a sole proprietorship business structure, you may want to do business under a fictitious name. This is called a DBA and is the name under which you are operating your business. To file a DBA, you generally will fill out a County form, and also post an advertisement in a local newspaper for one to two months to make sure the name has not already been registered.

Next Steps

At this point, your checklist for starting a small business is not complete. You will need a business bank account, a line of credit, or some funding. These are operational concerns of the business. If you are able to market or find customers at this stage, you should because your business will be legally allowed to operate. Starting a small business is not a small endeavor; however the rewards for success will be worthwhile.

Read more »

How to Use Technology to Help a Business Grow

In essence technology allows any business to work in a smarter and faster way. An intuitive and natural flow of information in and around your business is key to success.

It is certainly common to find many companies that rely heavily on technology but are only in first gear when it comes to reaching their maximum potential.

The first step towards cranking up through the gears is to consider your existing technological framework.

How well does information flow through your organisation?

We can compare this to a motorway; do you have all 4 lanes open with flowing traffic or, as is more commonly the case a large amount of road works and only one lane open with crawling traffic. The later example will normally result in productivity issues and a crippling of functionality.

Most businesses are well aware of their short comings, will confirm their heavy reliance on technology but do not know how to clear all their road works. A common problem can be a lack of IT knowledge at the very top of companies. The decision makers don't understand the technology and the IT department's whizz kids will do what they're asked..Catch 22! Most company leaders will understand the basics of technology but not grasp the overarching potential of a fluid technology strategy.

Technology gives us options, it gives us the ability to

* quickly analyse data,

* look for trends,

* highlight potential problems,

* provide efficient web development and

* create customisable reports at the click of a mouse.

For so long, it has involved working well into the night to prepare that report for the morning meeting, now it can be done in a matter of seconds.

Regularly, some simple steps can help any business gain a marked increase in productivity. You should consider whether you are taking full advantage of the vast range of technologies available today with a comparatively low initial outlay;

* Does your website look dated and risk giving an impression of your business below what you believe is correct?

* Are you still using the ageing client database system that you bought in the 90's?...

* Do you even have a client database?

When considering any upgrade to your IT infrastructure, it is important to take advice from someone who has the ability to make recommendations to suit all aspects of your business. You may be amazed to discover just how many of your day to day tasks could be completely removed by having a review of the systems that you currently have in place.

An efficient client database for example built with modern technologies for example, can carry out a huge range of procedures to show a real difference in productivity.

* Invoices can be printed,

* emailed or faxed at the touch of a button with minimal data entry,

* no manual calculations and

* an audit trail automatically stored.

* Workflows can be designed around your own requirements with tasks allocated to specific staff members or teams.

* Other advantages are provided with client information being stored in one location to allow a low maintenance backup routine.

The biggest advantage however, is the cost involved.

Thanks to open source software, web development is truly powerful, the technology is now available to commission bespoke client databases, web design or software development and never have to pay any costs for any of the software used.

Read more »

Picking a Roaster for Your Coffee Shop

You are opening a coffee shop. Customers will want coffee. You plan to have customers buy your gourmet coffee beans online. You have everything ready to go except beans to brew! That means you need to find a roaster. You should give yourself at least a few weeks to sample several roasters.

You should consider finding a roaster that is relatively close to you. My advice is to find one within a 50-75 mile radius of your shop (or thereabouts) or one that will deliver freshly roasted coffee beans within a few days after it is roasted. A lot of roasters will deliver (for a fee usually) if you are within a certain distance from them. This is not always practical however so you may have to get the closest roaster where you can buy the best quality gourmet coffee beans. They should be able to ship it and enable you to get it within a few days, fresh and smelling great.

However do not pick a roaster based solely on closeness to your shop; they must carry a quality product. Trust me there will be at least one roaster that is nearby AND has great coffee. It's going to be your job to search them out. Enter the artisan micro-coffee roaster.

Every artisan roaster is usually (hopefully) committed to supplying you with a compelling product. After all, you will pay a slight premium for this specialty but it is well worth it in the end. Why? Because this is where your competition fails by comparison. They may be buying roasted coffee for $6.25 per pound on average, but they are not any better than the other guy down the street that is buying the same or similar average coffee.

You on the other hand are paying $7-9 per pound but your product is superior and your customers will taste it. You also get a much better customer service experience with an artisan roaster as they are selective about who their customer is. Of course, the final proof is always in the cup so taste and enjoy! Pick the coffees that you enjoy. With the help of your roaster you can serve an array of awesome coffees that will have your customers spreading the word and coming back time and time again.

Before I started roasting my own coffee, I used to buy from a small artisan roaster that at one time had five coffees from El Salvador alone. And three were from one farm alone: there was a wet processed, a dry processed and a pulped natural all from the same trees. So try to seek out a roaster that can get you something unique and compelling for at least the entire season. What happens next year is another story and an adventure on its own.

This will help you to be unique as well because the next harvest will hopefully bring you another round of Estate grown farm-specific coffees. Maybe this time your focus will be on Kenya or Guatemala. It can constantly change based on the roaster's green buying contacts with farmers and/or reliable green coffee brokers.

Once you find some artisan roasters that meet your criteria, call them up and introduce yourself. Tell them what you are doing and that you'd like to have some samples to cup. Some may even invite you to the roasterie for a tour and cupping. Some will ask to do a cupping at your shop. Both are great opportunities but if I had to pick off the bat here, I'd pick to go to the roaster that invited me to their roasterie first. You do, by the way need to see how coffee is stored and roasted, as well as the roasterie operations first hand. It is a great experience.

As you prepare to start a coffee shop business, get your roasters picked to get samples from and ask them what type of gourmet roasted coffee beans they have. All top notch quality roasters will carry several varietals and maybe even a few custom blends. They should talk to you and get a feeling for what you are looking for and make recommendations to you. There are a lot of roasters that are small, artisan roasters such as myself that limit the amount of stock they carry for several reasons but mainly because they guarantee quality and a compelling product. I would suggest getting coffees that are single origin farm specific or estate grown coffees. What this means is single farm lots are just that: from a single farm (estate grown; both are really the same). These coffee beans are not 'pooled' from several farms and sold in one package.

You can even work with your roaster to develop one or more custom blends specifically for your shop. That is always nice. Then you have a blend that is only available at your shop.

So when you are opening a coffee shop, be sure you get the best coffee you get and charge accordingly. You and your customers will thank you!

Tony DiCorpo is a coffee roaster, barista trainer and coffee business consultant. He has authored many articles on coffee and the coffee business. Tony has extensive experience in business and collectively more than 20 years experience in sales, business management, entrepreneurship and the coffee business.

Read more »