HOW BUYERS DECIDE WHO TO BUY FROM

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After decades of personal selling and observing others sell, I am convinced most buying decisions are based on emotions rather than on a rational basis. The ratio of the two motivators varies with the individual buyer and the circumstances at the time, but clearly the seller must always be aware of the emotional component of the decision process. Having the best product, service, price, warranty, etc. does not ensure a sale. Here’s a sampling of some of the non-rational reasons I have observed buyers employ in their buying decisions. Read more »

THE MISSION STATEMENT–Good For Small Businesses Too

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The mission statement is something very different from the business plan. Mission statements set the moral and human goals to which your company is supposed to aspire. In many cases, they also state higher order business goals, such as a corporate commitment to maintaining an annual compounded rate of growth of a certain percentage. Mission statements are most often associated with large corporations—an effort to get thousands of people to pull in the same direction across a far-flung corporate empire. But I think a mission statement is a good thing for a small business as well, and it’s something that should be developed at the outset. Read more »

FIGHTING BACK AGAINST CREDIT CARD FEES

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I recently attended an SBDC Small Business seminar and was surprised to discover how many small businesses were financing their businesses via credit cards. I understand the difficulty of securing money for start-ups and the passion of pursuing one’s dream to have their own business move them to the desperate act of securing high multiple credit cards to get started. I don’t understand this tactic unless you have cash flow to pay off the card balances. If you don’t, you will severely damage your credit ratings. Be that as it may, if you are going this route, be aware of the high charges awaiting you if you are late in paying your bills. Read more »

DON’T BE BULLIED BY YOUR LAWYER

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There are many occasions in the life of a Small Business where a lawyer is needed--a rental lease, a royalty contract, an employment contract, a business partnership, an investor, a lawsuit, etc. Small Businesses rarely have a full-time lawyer and staff, so the CEO hires one for the specific task needed. Here are some things to think about when hiring a lawyer. Read more »

FACTORS: How They Can Help Your Cash Flow and More

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Factors finance $120 billion in receivables, yet most small and start-up businesses are not aware of them. Business schools rarely acknowledge them. However, they can alleviate your cash flow problems. They can loan you or advance you money against your receivables and in some cases against your inventory. In other words, your receivables are an asset that the lender (Factor) purchases. Read more »

Never Forget Your Customers

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Customers are the key to business growth. Meet or exceed their expectations and prosper. The No. 1 need for business success is a customer. That's pretty obvious, so why am I telling you this? It may be obvious but most companies seem to quickly forget this essential fact. Small and startup companies desperately need customers to begin their journey to profits and sustainability. Many large Fortune 1000 companies forget the customers who made them successful. Read more »