HOW BUYERS DECIDE WHO TO BUY FROM

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

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 »

Don’t Overlook Your Suppliers

Don't overlook your suppliers--they are hidden assets and can help your business grow. Your approach to suppliers needs to be part of your strategic plan since almost every company, whether product- or service-oriented, is dependent on suppliers. Many business owners seem to get this supplier issue backwards. They think that because they write the order, they're in the dominant position and can exploit it with unreasonable demands, including personal perks. Let's get this right--you need good and reliable suppliers. When you find them, treat them like gold. Read more »

FIGHTING BACK AGAINST CREDIT CARD FEES

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

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 »