Issues affecting small business owners
What issues are affecting you as a small business owner? Is it marketing? Finance? Management? Employees? Grow? Let’s discuss!
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About Kell-Sibley
Kell-Sibley is an Executive Management Training Services Company.
An Executive Management Training Company
Kell-Sibley provides Full Spectrum Training Services, including but not limited to, courseware development, instructor-led, CBT Levels I – IV, manuals, and training aids. Kell-Sibley provides Management Training Services. Our professionals have MBA’s and PhD’s. Kell-Sibley conducts 6Sigma Lean Events and Certified Management Training at your location.
Kell-Sibley provides certification and training in the following areas:
Certified International Project Manager
Project Management Certification
Project Manager E-Business Certification
Master Project Manager
Software Analyst Certification
Certified E-Marketing Analyst Certification
Certified Project Risk Analyst Certification
Certified Planning Engineer
Six Sigma Green Belt Certification
Six Sigma Black Belt Certification
Lean Management Certification
Kaizen Certification
Business Writing Skills Certification
Selling Skills Certifications
Time Management Certification
Total Quality Management Certification
Creative Writing Certification
Master Trainer Certification
Human Resources Management Certification
Accounting Fundamentals Certification
These courses are can be taught at you facility reducing your expenditures of gas, hotels, Per Diem, and ancillary items. We provide all curriculum and instructors. All program graduates receive a certificate suitable for framing.
Kell-Sibley Enterprises LLC
134 South Street
Collierville, TN 38017
901-854-7605 office
901-854-7601 fax
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Are you budgeting an overhead percentage into your costs? Many small business owners see the cost to produce vs. the selling price and count the delta as profit. When I break it to them that “Uncle Sam is going to get his” and then show them how they should be costing it is what I like to call “an emotional moment”. You don’t have to raise costs to cover your taxes in most cases but you will have to reduce the amount of “profit” your use to seeing. It is better to count all costs associated with the product or service i.e. gas, shipping, packaging, payroll time for each of those mentioned, etc. So be realistic with yourself and lay out all the costs and then determine the price to your customer including taxes…and remember…if you are paying quarterly taxes you are paying them on last years total revenue. Hopefully you are making more this year, if so, your quarterly taxes next year will be higher than this year. If you are living month to month then this is something to consider going forward. -Your M.B.A. EJ Owens
Set employee expectations and then hold them accountable. Once you hire an employee you should have an initial counseling session with them to lay out your performance expectations, behavior policy, chain of command, consequences and reward systems. I think so many business owners hire with enthusiasm then forget to set standards. Once the “first date” or “interview” face wears off the real person surfaces and sometimes that is a different person. Stress seems to amplify character traits, both good or bad, and that could have disastrous results for quality, production, and most important, moral. Get that laid out first or pay with interest later. Most people like to have their expectations given to them prior to starting tasks, starting a new job should be no different. Here is the key, you must adhere to the standards you set. Coming to work on time, dressing properly, etc. You set the example for your employees. Once you set the expectations, then follow up every so often with an evaluation to keep them informed of your approval or disapproval.Being fired should not be the first time they find out that you really can’t have that type of behavior in your work environment. So, set expectations (in writing), perform routine (every quarter) performance evaluations (in writing) and correct disruptive behavior immediately (verbal and in writing). Your employees will enjoy working for you because you are supportive and fair. – Your M.B.A. EJ Owens
8 Ways to Recession-Proof Your Business
During a recession, your small business is constantly under financial attack from all sides; dwindling sales, increasing expenses and customer and employee retention problems.
Here are 8 ways to recession-proof your small business – and come out of the recession stronger than ever.
1. Make A Practical Plan.
The first thing to do is to make a practical plan of what needs to be done if revenues start dwindling.
You should make a list of all your expenses that could be cut down or eliminated. Make another list of loans or mortgages that are essential to be paid off, irrespective of your financial situation.
Stick with that plan.
2. Give Your Clients the Red Carpet Treatment.
Your clients need to be pampered more during a recession, since your competitors will be desperately trying to attract them by offering lower prices.
It’s an unfortunate fact that customers are usually the first to go during tough economic times.
Now is the time for you to take care of your loyal clients, since they could also bring new clients to your business. Praise your loyal clients by telling them that you appreciate their business during these tough times. If you can, reward their loyalty through discounts, loyalty cards and gift certificates.
3. Hold On To Your Best Employees.
In recessionary times, your best employees have financial problems of their own, and their first priority is to take care of their families – through a raise from you or through a job change to one of your competitors.
Losing well-trained quality workers is something that you can afford to let happen.
Make sure you keep your best employees through bonus programs – but make sure that they are tied to performance. After all, if your business does better through their efforts, and makes more money, then you can afford to give them a bit more money.
4. Get Aggressive In Marketing.
This might sound odd, but if your competition is busy nursing their recessionary wounds, then you should become aggressive in marketing yourself and your products.
This move will increase your market presence and pay off well, even after the recession ends.
5. Offer Special Discounts and Freebies.
Prospective clients, who could also be feeling the heat of the recession, will definitely be on the lookout for special offers and freebies to get some financial relief. Give it to them.
Develop special offers and discounts – but tie them to a specific timeframe (i.e., ‘for a limited time only’), so that you create a sense of urgency and get some cash in the till ASAP.
6. Use Technology.
There’s no better money-saver than modern technology. This includes using accounting and inventory software so that you spend less time on balancing the books.
If you run an online business, install hit counters on your website so that you know how many visitors you’re getting and where they’re coming from.
Motion sensors, which shut off lights when there is nobody present, can also be installed to lower your utility bills.
7. Innovate.
Think of new ideas to save money or increase sales. Get feedback from your customers to find out what new products or services they need and fill up that need fast – before your competitors do.
8. Increase Your Skills.
A recession will provide you with some spare time to increase your skill levels. You can use your newfound skills to provide better service to your customers and in solving their problems. This too, will pay off in the long run.
By using the above methods, you can not only survive the recessionary phase in your small business, but thrive once it passes. -Your M.B.A. EJ Owens
How to Apply for a Business Loan
Small business presents special challenges to start up and maintain. It often takes a small business three to five years to generate a profit. Small businesses often stay in business during that time through loans and various types of business credit.
Step1
Compose a strong business plan. This document outlines your business in detail, how it will function and succeed and what resources you’ll need to maintain the business for the next five years. Kell-Sibley has business plan professionals and software that can guide you through this process.
Step2
Detail which areas of your business need financial aid. You can take a general business loans or arrange financing for specific needs, such as equipment, insurance, overhead costs, payroll and rent. You may have a better chance getting one of these, as the competition will be smaller.
Step3
Talk to your vendors. Vendors and individual companies often offer credit accounts for their clients and may be willing to negotiate prices if you ask.
Step4
Consider leveraging if you’re buying a small business with inventory. Some lenders will arrange financing with the inventory, receivables and equipment as collateral.
Step5
Apply for a business credit card. Every major credit card company offers business cards that are structured differently than personal cards. They have higher limits, lower interest rates and often offer other protections that can keep your business on track. Start with an American Express Credit Card as you will have to pay it off every month but you can build fast and solid business credit.
Call Kell-Sibley at (901) 854-7605 or go to http://www.kellsibley.com for help in writing business plans, operational plans, or strategic plans.