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201 Great Ideas for Your Small Business
Revised and Updated Edition
Jane Applegate
Smart tips for running, organizing, and promoting a successful enterprise from America's top small-business expert
Podcast of Author
Format: Paperback
ISBN: 157660117X
Publisher: Bloomberg Press
Series: BLOOMBERG SMALL BUSINESS®
Pub. Date: 6/2002
416 pages, 5 1/2" x 9"
Retail Price: $19.95
Your Price: $16.96
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Insightful, enthusiastic, and straightforward, renowned small-business expert Jane Applegate shares ideas that will give your company an edge--201 powerful approaches for managing, organizing, and promoting a more successful enterprise. Whether you have an established business or are launching one, this book could be the smartest purchase you ever make.
- Simple, useful ideas and step-by-step explanations of how to make them work for you
- Practical solutions and inspiring real-life stories from small-business experts and prospering entrepreneurs
- Revised and updated throughout, with thirteen creative new ideas
- Consider a company party or picnic--and don't stint--these events are good for morale and are 100 percent tax deductible
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Jane Applegate is the CEO of The Applegate Group, a multimedia communications and consulting company. She's an award-winning columnist and television producer, and a sought-after speaker.
Applegate has written and produced original programming for CNN, NBC, ABC, and Lifetime. She created and produced "Bloomberg Small Business" for the USA Network and served as the small business correspondent for Bloomberg Television.
The author of four books on entrepreneurial success, Jane has developed and executed innovative marketing programs for big and small companies. Her corporate clients have included: The New York Times, MasterCard, Sprint, Chase, Merrill Lynch, Assurant Employee Benefits and IBM, among others. Her smaller marketing clients include an art gallery, book publisher, cosmetics company and a professional violinist. She recently served as content director and moderator of the New York Times Small Business Summit and has spoken at the Vermont Venture Network.
She is also the author of The Entrepreneur's Desk Reference.
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"I wish I had this kind of invaluable information when I launched my company forty-seven years ago. It took me a decade to learn these important tips for managing a successful business. From one entrepreneur to another, don't start your business before reading Jane Applegate's book."
- Lillian Vernon
Chairman and CEO, Lillian Vernon Corporation
"The most comprehensive book I've ever read for the owner of a small business. If you are in business for yourself, make sure you get your personal copy. It could prove to be your biggest asset."
- Wally Amos
Founder of Famous Amos Cookies
and Uncle NoName Muffin Company
"Just one of these smart ideas can help boost your business. Glean a dozen and you'll cream your competition."
- Martha Rogers
Coauthor of The One to One Future
and Enterprise One to One
"Brilliantly researched. Brilliantly written. A gem of priceless value on almost every page. Read. Inhale. Absorb. Great stuff."
- Tom Peters
Author of The Circle of Innovation
and coauthor of In Search of Excellence
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| Introduction |
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Chapter 1: Management Strategies
Lessons to master the everyday challenges of building your business |
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Chapter 2: Money Matters
Crucial solutions and novel opportunities to keep the cash flowing |
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Chapter 3: Marketing Strategies
Creative ways to attract new customers and trounce the competition |
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Chapter 4: Developing and Launching Products
Nurturing your big idea and finding the perfect niche |
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Chapter 5: People
Recruiting talented, resourceful team members and keeping them productive |
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Chapter 6: Time Management
Organizing your office and yourself for better results |
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Chapter 7: Technology and Telecommunications
Using the latest equipment to streamline your company |
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Chapter 8: Customer Service
Keeping customers happy to create a stronger business |
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Chapter 9: Going Global
Expanding your reach and establishing an international network |
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Chapter 10: Great Ideas from VIPs
Influential entrepreneurs tell you how they do it |
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Conclusion
Resources
Index |
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Great Idea #6: Tell the Truth—It’s Critical
This idea may seem obvious, but telling the truth is critical to business success.
Being truthful helps hone your vision for the company. While you may be tempted to hype sales figures or inflate projections to make yourself feel better, don’t. These little untruths will come back to bite you.
Convincing yourself that things are great, or even OK, when they are really terrible creates serious trouble sooner or later. Successful business people admit they need help. They are willing to acknowledge mistakes and change direction, no matter how embarrassed or upset they may feel. They base their decisions on fact, not fiction, and take responsibility for their actions.
Telling the truth to your employees shows you care enough about them to share the good and the bad news. In most cases, keeping bad news secret backfires. Smart employees will eventually pick up on negative information and feel betrayed by your silence. If you are facing a cash-flow crunch or major crisis, rally the troops around you, ask for their help, and work together to turn things around.
Being honest with customers and suppliers is critical to forming strong relationships. If you make a mistake, quickly admit it and find out what it will take to remedy the situation. Making excuses, pointing fingers, and shifting blame will get you absolutely nowhere. Customers appreciate dealing with a company that admits it’s not perfect but works hard to untangle problems.
Deal in an open and clear manner with all your vendors and suppliers. If your sales are slowing, and you know you won’t be ordering as many cardboard boxes, yards of cloth, or other regular supplies, give your suppliers a heads-up. They will appreciate your candor and, in many cases, stick by you if you are going into a temporary slide. If your business is seasonal, make sure they understand the fluctuations so they can serve you better.
Telling the truth in negotiation also has a powerful effect. This goes against most negotiating strategies, but I’ve found in my dealings with blue-chip corporations that being truthful works. If I want the deal to close, I tell my lawyer or agent to work out the details as quickly and as amicably as possible. We begin from a positive position and sort out the details. We are very clear about our expectations and how we like to do business.
I know people appreciate our straightforward approach. Down the line, if something doesn’t feel right, I try to get out of it as smoothly and as ethically as possible. Sometimes the chemistry isn’t right, or you realize you’ve made a mistake by taking on a certain aspect of the project. Maybe you simply don’t like dealing with the people you have to deal with.
So tell the truth and move along. People will respect you, and new opportunities will surely replace the ones you leave behind.
Great Idea #84: Set Up a Strong Referral Network
Unlike the folks at big companies, small business owners are usually eager to help each other out by making referrals. Entrepreneurs really believe that "what goes around, comes around."
While many referrals are made informally by word-of-mouth, some entrepreneurs take it a step further. Dana Adkinson, owner of Keepsake Floral Inc. in Orlando, Florida, runs a national floral preservation service. Because her service relies heavily on referrals from florists and wedding consultants, her challenge is getting these folks to recommend her services.
"We put together information so it looks like they’re providing a very needed service for their clients, yet the end result is a valuable referral," said Adkinson. "We do all the work, then give them a 10 percent commission for each referral." The beauty of this cash-incentive system is that Adkinson in effect expands her sales force "for the cost of postage, printing, and phone expenses."
You don't have to be in the floral preservation business to share customers. For instance, years ago I wrote about a group of Orange County, California, hardware and software companies that formed a marketing alliance to provide better service. If someone called one of the companies for help, they would inquire if they should also bring along someone from an associated company. Business owners benefited from the extra service and usually appreciated a turnkey approach to solving their computer problems.
David McLean, with the Institute of Business Excellence in Orlando, suggests faxing a coupon to customers and clients offering them a discount on their next order if they provide three referrals. Betsy Holtzapple, with Apple Irrigation Inc. in Orlando, also sends coupons to clients offering them a free sprinkler system inspection if they come up with three referrals. Setting up a strong referral network is a great way to receive a constant stream of new customers.
Ways to encourage referrals
WORD OF MOUTH is still the most powerful marketing tool for a small business. That's why you want to do everything possible to encourage your clients and customers to make referrals. Here are some ways to recognize people who refer business to you:
- Establish a "best customer" program to reward good customers for referrals with free shipping, two-for-one and early-bird specials, or extra discounts on products they buy frequently.
- Ask customers if they know anyone who needs your products or services. You have to be proactive and not wait for them to make referrals.
- Publicize good referrals in your company newsletter or on your website. People love to be recognized for doing good things.
- Offer incentives to your employees who ask customers to refer new business. A day off with pay is a welcome reward for landing a new client or customer.
- Thank customers for their referrals by sending flowers, a fruit basket, a gift certificate for a restaurant, or movie tickets.
Great Idea 161: Beat Your Deadlines
Janice gay, a freelance desktop publisher in Florida, shared this great idea during a brainstorming session a few years ago. It's simple but smart.
"I move my deadline up a few days earlier than the date I quoted the client," she said. "Then I meet my personal deadline. The client is surprised and pleased that I turned out a quality product ahead of schedule, and I always get return business."
This is a great idea because it sets you apart from the rest of the business world, which is thick with folks who beg for deadline extensions. Better yet, it exceeds your clients' expectations and costs you absolutely nothing.
I like to set internal and external deadlines for projects. With so many different projects under way at one time, it helps to stagger the deadlines so things are not all due at the same time. Setting earlier deadlines also helps avert last-minute disasters.
Moving the deadline up a few days gives you peace of mind. If a computer crashes, the printer freaks, or someone calls in sick, you won't fall behind.
Making a promise and keeping it sounds so simple, but too often, it's the exception and not the rule.
From 201 Great Ideas for Your Small Business—Revised and Updated Edition ©2002 by Jane Applegate
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