Types of Corporations Webcast

Click here to listen to our M.B.A., Mr. EJ Owens, explain the advantages and disadvantages of the different types of corporations available to you. 

types-of-corporations

Small Business – Big Impression

Here are some ways to really make a a big impression on your customers. Rememberthe power is in the perception. The repeat patronage is in the quality.

Business Cards

Print really impressive business cards. Get professional help in designing and printing them to add that professional appeal to them. Make sure your website is on them and your blog (if you don’t have one…get one). You need a brief description of the products and services you provide right on the card. Consider printing your mission statement on the back. Remember, this is your only representation when you leave, make it a good one!

Get a logo and a slogan

People have a naturaldesire to be a part of something great. Make a logo that you can put on everything you provide and do. This will become your hallmark. Put it on letterhead, business cards, products, website, blog, vehicles, brochures, etc. Logos stay in the mind of customers and promote a lasting impression. Your slogan will simplify your message. Use this as a tag line under your companies name. Put in your footer on your letterhead. Have it as a main item on your website. Relate your mission statement to it. Put some time and effort into it because good or bad, if it sticks your stuck   forever. Tell the Army about that one. They went from “Be all you can be” to “Army of One” and now to “Army Strong” but nothing is more synonymous with the Army than “Be all you can be”. In essence, their stuck with it! So, get this one some thought!

Dress and Act like a Professional

Your office should have a professional look to it. Even a home based business should dedicate a separate room for you to do business in. When talking to customers, ensure that the atmosphere of your office is professional. You are always on stage in front of a customer. Your dress should be very professional. Customers typically but into you first and then the product. Your office should be neat and tidy, fresh smelling, and the garbage should be empty as much as possible. Restrooms are an example of how you really are. They are often not thought about till needed. If they smell good and are clean that leaves a subliminal message to your customers that you are professional and have attention to detail.

Market Aggressively

Marketing doesn’t have to cost an arm and a leg. Most small business are on a budget and can not afford to to do main stream advertising. Seek out ways to get your name in front of as manny people as possible. Sponsor a baseball team, an ice cream party, maybe a charitable event. Never miss an opportunity to market. You should keep your brochures and business cards with you at all times. Opportunity does not keep normal business hours.

Get Online FAST!!!

Get a website and ge it today! The internet is a great arena to advertise your business and it is relatively inexpensive. A professional and attractively designed website will entice visitors to learn more about your business and what it has to offer.

Train Your Staff To Be Professionals

Train your employees to behave like professional at all times. Enforce a dress code if needed. Professional apperance is important – wheter or not you see customers on a daily basis. If you have a construction crew, get matching t-shirts for them. Get matching polo shirts for the staff. Everybody should look like they are part of the team. There is power in numbers and power in perception. Customers equate professionalism with quality. What did I say quality relustedin?  Repeat Patronage. Thats how you get a steady revenue stream. Getting people to want to come back and getting them to recommed you to thier friends.

Active Income vs. Passive Income

Active income is income you earn from actively participating in the business. If you are a handyman and you perform the drywall repair our customer requests then you are earning active income. Passive income is income you earn without participating in the service required. It should be the desire of all business owners to have a significant amount of their personal income that is driven by passive income. But what are the steps to achieving that goal? First you have to have a plan of action to meet your strategic goal for your business. Once you have that in place and are well down the road to meeting it then you must document your business processes. They must include time, cost, skill sets, resources, and risk. From there you can “LEAN” those processes for a more efficient way of conducting business. After you know who you are as a business then you can start to look over your competition for strategic weaknesses. There maybe an opportunity for a merger or acquisition, or even more exciting, a hostile takeover. Many business owners that I talk to have not thought past next weeks work and therefore continue to live month to month and worry about payroll week to week. A solid business plan will help you achieve your goal of passive income. Think about your business honestly, do you have a written plan for 3-5 years out that describes the vision, mission, and direction? If not, get one!

How did the business end of my business get away from me?

Well it seems more often than not that people start a business around something that they are good at and really enjoy. Somewhere they thought “I would love to do this for a living!” and on down that road a risk was taken and a business was formed. The business grows because the person is good at what they do and are passionate about it. Month go by and the business is growing and things are great…..till the books need to be reconciled or some tax is due or a large payment is needed in order to keep going. WOW, what happened. Well it should come to no surprise that they are great at cake baking, dress making, woodworking, tailoring, etc. but they didn’t have the business prerequisites. the home economics checkbook balancing education is what they are relying on to get them buy. In a regular household that is all you need. Not in business. Cost accounting, marketing, management, contracting, negotiating, legal understanding all seem to need their own special attention in business. This can seem daunting to a small business owner. After several run ins with these beasts the business owner finds themselves longing for the “security” of a regular job and shortly thereafter closes and returns to the workforce. And thus ends the great ride. Maybe they will attempt it again but most likely not.

How could this have been avoided? Do you think education is the key? How can you fix it if you never knew it was broke in the first place?

Let’s discuss!

The 1-Day M.B.A. Program is coming to the Mid-South

1 Day M.B.A. Collierville Flyer PDF 

On August 15th, 2008 Kell-Sibley – An Executive Management Training Company (www.kellsibley.com), presents its 1-Day M.B.A. Program to the Mid-South. This program is for small business owners and those thinking about starting a business the knowledge, skills, and abilities to succeed in this economy. The class is held at the Collierville Chamber of Commerce from 8a-4p. Graduates will receive a certificate to take with them. To register call the Collierville Chamber of Commerce at 853-1949 and speak to Kelly. The course cost is $175.00 per person. Visit www.colliervillechamber.com for more information.