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Member You - Mom & Pop Internet Business Thrives Despite Dot Com Bomb
Customer service and customer service training are vital for any business.But, is your business a leaky bucket?This is a question I always ask small business owners who attend my marketing seminars.The reason I ask is because many businesses are so focused on attracting new customers they forget about retaining and providing good customer service to their existing clients.Many are also unable to quickly identify who their most profitable customers are.In the leaky bucket example we have two businesses in the same industry. Both businesses attract 10 per cent new customers each year. Not a bad effort considering the increasingly crowded and competitive industry they operate in.Business number one has a 95 per cent retention rate and 5 per cent slippage, while business number two has a 90 per cent retention rate and 10 per cent loss of customers.Not bad figures to have, but after 14 years business number one has doubled in size and business number two has stayed the same size.This business is just treading water because it suffers from a ‘leaky bucket' with too many customers slipping through the holes in the bottom of the bucket.Much of this is due to poor customer service. And they don't even know it!For example, the research shows a typical business does not hear from 96 per cent of unhappy customers.For every complaint there are 26 others with the same problem and the average person with a problem tells 9 or 10 others. Thirteen per cent will
Here are a couple of things that you should think about as you’re preparing for an interview with a potential employer:First of all make sure that as you prepare for the interview, you learn as much as you can in advance about the company. What are its core markets? Which customers does it target? Who are the competitors? What is the company unique selling proposition? What is management’s vision & values? What does the leadership stand for? What is the culture about? These are all things that you should study and research prior to going into your interview.You should also prepare questions to the hiring manager on these issues. Their answers will help you to determine the fit between yourself and the company as you explore the job opportunity, and it will demonstrate an advanced understanding of the company to the interview team. This will give you a leg up on other interviewees who don’t do this advanced preparational work. I’m amazed by the number of candidates I meet who can’t think of one intelligent question to ask about the company or the opportunity!When you’re preparing for a sales and marketing interview, make sure that you have a clear set of responses that are prepared for standard questions, such as “what are you looking for?,” “where do you see your career going?,” “give me an overview of your career”, “tell me about your achievement track record?”Prepare a succinct profile that outlines your specific achievements and experience in the position that you’re looking to
Year by year, the business has grown. There have been some ups and downs. "We have survived a recession, the dot com bust, the 9/11 terrorist attacks and subsequent loss of consumer confidence (that is, loss of business), and two wars," says Bill.
We asked the Rowes what tips they have for entrepreneurs who want a home based business that has a good chance at success.
A Passionate Focus
"The first thing we looked at was whether our shop would sell goods or services, and to pick something you are passionate about. We also recommend a narrow focus so that you, as a small business owner, may compete with the big guys," said Bill.
Bill adds, "Finding and filling a niche with a narrow focus it crucial. It is better to be zoned in on one subject and do it well rather than try to have a little of this, a little of that, and not much of anything, especially with the competition one has on the Internet. I saw one web site that just sold clown shoes, not
Status exists in all societies but varies in fundamental ways. Cross cultural differences in they way in which we perceive status, gain status and react to status differ from culture to culture.In this article we examine the cross cultural differences with relation to status and analyse how they manifest in certain areas in the workplace. For the sake of simplicity we identify two types of status; ‘ascribed-status’ and ‘achieved-status’.Ascribed-status:Ascribed-status refers to those cultures that base status upon external qualities such as age, wealth, education or gender. If one has the right external characteristics, status is ascribed to them. In such cultures there is little room for others to gain status through actions and achievements.Achieved-status:Achieved-status, as its title suggests, is earned. Internal qualities are valued more than external ones. Therefore, status is achieved through accomplishments such as hard work and contributions to a company or community. In such cultures status is malleable, in that it can be lost as quickly as it is gained and status can shift to other individuals.Status and Hierarchy:An area that status impacts within businesses is organisational hierarchies. In ascribed-status cultures there tends to be rigid hierarchies that define roles, practices and processes. For example, employees will tend to focus solely on their own responsibilities and generally not offer suggestions to those above them in the hierarchy, as to do so wou
Year by year, the business has grown. There have been some ups and downs. "We have survived a recession, the dot com bust, the 9/11 terrorist attacks and subsequent loss of consumer confidence (that is, loss of business), and two wars," says Bill.
We asked the Rowes what tips they have for entrepreneurs who want a home based business that has a good chance at success.
A Passionate Focus
"The first thing we looked at was whether our shop would sell goods or services, and to pick something you are passionate about. We also recommend a narrow focus so that you, as a small business owner, may compete with the big guys," said Bill.
Bill adds, "Finding and filling a niche with a narrow focus it crucial. It is better to be zoned in on one subject and do it well rather than try to have a little of this, a little of that, and not much of anything, especially with the competition one has on the Internet. I saw one web site that just sold clown shoes, not
Why do we read? Well, we read for any number of reasons. I've read books for pure entertainment, to pass time, out of cohersion (school), or to learn about something I was interested in. Last year, however, I discovered a new reason I like to read. In reading Tim Sanders' Love Is the Killer App, a book about love and how it relates to business, Sanders suggests that we read because it allows us to share the knowledge and insight we learn with others. It makes us a more interesting and relevant person when we can suggest ideas or books that help solve other people's problems.Let me give one example of sharing book knowledge and the impact it had. I was looking for a graphic designer to do some work I needed done. I started to ask around and a friend suggested someone he knew who lived an hour north. My friend called and set up and appointment for me. In chatting with the graphic designer after our appointment, I discovered the designer was writing and illustrating a children's book. The meeting ended and we went our separate ways. I scheduled a second appointment with the designer a few weeks later. In between meetings I remembered a concept in a book called The Tipping Point by Malcolm Gladwell that discussed the popular children's show Blue's Clues. The show had been wildly popular among small children and the author theorized the reasons behind the shows success. The show was so successful among children because it was easy for the children to understand. Children are different from adults. Childr
We asked the Rowes what tips they have for entrepreneurs who want a home based business that has a good chance at success.
A Passionate Focus
"The first thing we looked at was whether our shop would sell goods or services, and to pick something you are passionate about. We also recommend a narrow focus so that you, as a small business owner, may compete with the big guys," said Bill.
Bill adds, "Finding and filling a niche with a narrow focus it crucial. It is better to be zoned in on one subject and do it well rather than try to have a little of this, a little of that, and not much of anything, especially with the competition one has on the Internet. I saw one web site that just sold clown shoes, not
Negotiating salary can be one of the more difficult aspects of your job search and during your career as a whole.Solid salary negotiation skills benefit you long term and not only when you are negotiating salary.Myth: Employers don’t like potential staff who negotiate salary and try to get more money than what the employer initially offers.Reality: Negotiating salary (and other aspects of the job offer) is a fact of life and evidence of strong negotiating skills during the job offer process might help to increase your value in the eyes of the employer. A smart employer recognizes your solid negotiating skills.If you were applying for a job where negotiation was part of the position but during the job offer process you simply accepted the first offer put in front of you, what does that say about your negotiating skills?Do you think the employer be comfortable with you negotiating on their behalf in the future?Being adept at negotiating salary is something that can actually increase your worth in the eyes of a potential employer because it shows you are savvy and know your worth.As long as you know your worth, that is.Here are some tips for negotiating salary, beginning with getting the facts on paper and understanding your worth to an employer:1. Do research and have factual salary information at your fingertips that correlates to your job that you can use during the salary negotiation process. Check salary surveys and reviews for your industry and job. A few
Bill adds, "Finding and filling a niche with a narrow focus it crucial. It is better to be zoned in on one subject and do it well rather than try to have a little of this, a little of that, and not much of anything, especially with the competition one has on the Internet. I saw one web site that just sold clown shoes, not
With the advent of the Internet a top business note buyer is literally just a click away. If you know where to look you can find a leading industry professional that will give you a competitive quote for your note usually withing 24-48 hours. If you're looking for an immediate source of cash, there's really no easier way to get it either.Seller financing has become quite popular these days, at it opens up the door to endless possibilities when it comes to selling your business, your house or other property. Yet often sellers, called the payees, find themselves in a position where they want or need a lump sum of cash. This could be for a new investment, a large purchase or even retirement. The small monthly payments just don't cut it anymore.For those people, finding a top business note buyer is a must, because these seasoned professionals can offer them top dollar for their notes. Within a week or so, you can sell your business notes and have the money in hand. It certainly beats applying for a loan at the bank.The best part is there are several options when it comes to selling your cash flow paper. Contrary to popular belief you don't have to let the entire thing go. Rather you can sell just a portion of it, called a partial sale, and retain the rest for yourself. So you get a lump sum of money for "x" number of payments, and once those are paid you resume receiving your monthly income. There are other ways to structure the transaction as well, and a top business note buyer
Inventory or Drop Ship?
The next thing that the Rowes considered was whether or not to carry inventory. "In 1999, there was a lot of talk about having a catalog of items that you did not have on hand and have the maker drop ship when you got an order. I found some problems with that," says Bill. "For one, the cost of the items appeared to be higher. For another, there would be quite a bit of time for the third party to fulfill an order. And finally, what if a customer bought some jewelry from two or more vendors? The customer would get two or more packages, at different times. So, I decided that we would carry inventory and do our own fulfillment. We would be able to buy at better prices and we would be able ship very quickly."
Select Quality Vendors
The Rowes examined a lot of web sites and picked things that they liked and found the vendors that supplied what they wanted to sell. "We were fortunate to find all good pe
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