Archive for September, 2010

Ways to Save Green – Cost Saving Tips

By: Gillian Earle, Toronto Hydro

There are five easy and effective ways to make your business more eco-friendly and better manage electricity costs:

1. Upgrade your lighting with conservation in mind. You can find small business incentive programs available at many utility companies throughout Canada. For example, small businesses in the Toronto area are invited to participate in Toronto Hydro’s Power Savings Blitz program by having conservation retrofits up to $1,000 completed for free. Through the program, older T12 fluorescent technology lights are replaced with newer T8 fluorescent lights, which will help save up to 25 per cent in operating costs. Traditional EXIT signs (which, by law, must be illuminated whenever the building is occupied, often for 24 hours-a-day) are also replaced with newer, efficient light-emitting diode (LED) signs. It’s an energy waster of up to 30 watts replaced with as little as 2 watts, and LED bulbs can last 10 years without needing replacement. If you do change your lighting, please ensure your contractor is disposing of ballasts and fixtures in an environmentally friendly manner.

2. During the holiday season, consider decorating your business with LED light strings. You’ll reduce energy costs by up to 85%!

3. The truth is, all electronics consume more energy if you leave them running rather than turning them on and off. Be sure to switch equipment, computers, monitors, photocopiers and appliances off when they are not in use. Upgrading older electronics to ENERGY STAR® products will also result in cost savings.

4. The most simple way to see results is to teach staff energy saving tips such as temperature control or using natural lighting when available, and they can apply this knowledge at work and at home.

A variety of conservation programs are available for small businesses through local utilities. Most offer incentives for participation and all offer the benefits of conserving electricity and seeing the savings add up month after month on your electricity bill.

Here’s an example of how one small business owner recognized the importance of conservation:

Being the owner or operator of a small business requires a lot of decision-making, especially when it comes to keeping profits up and operating costs down. Recognizing the importance of conservation is one of the easiest ways to begin reducing your operating costs. Simple actions such as turning lights and electronics off when not in use will make a difference on your electricity bills at year end. Besides these basic measures, there are many conservation programs offered by local utilities throughout Canada, designed and targeted specifically to address the unique issues faced by small businesses.

Call your local utility company to enquire about business incentive programs available for small businesses. For example, Toronto Hydro is currently promoting their Power Savings Blitz, to help make area small businesses more efficient. This program was created for Toronto Hydro’s retail business or small office customers—such as dry cleaners, grocery stores, restaurants, flower shops and other small retailers—with an annual electricity demand of less than 50 kW. The program offers up to $1,000 in free energy-efficient upgrades, with a goal of helping participants save money on their electricity bills.

Typical upgrades include: overhead lighting such as T-8 fluorescent tubes and compact florescent bulbs, which could save up to 25 per cent in operating costs; LED exit lights—these newer signs use as little as 2 watts, and the LED bulbs can last 10 years without needing replacement; water heater insulation blankets and hot water pipe insulation; and faucet aerators.

Shabnam and Frank Weber

Shabnam and Frank Weber

The proof is really in the electricity conservation pudding, although it’s not recommended for eating!

Shabnam and Frank Weber participated in the Power Savings Blitz through their business, Tea Emporium Inc.
“Toronto Hydro changed two dozen regular bulbs to compact, fluorescent bulbs. From a lighting perspective, it looks the same—nice and warm. And we’ve also noticed some savings on our bills!”

Using less electricity is good for your businesses bottom-line, and it’s the right thing to do for the environment. Some forms of electricity generation create greenhouse gas and other pollution. Generating less impacts climate change and improves air quality. It’s easy to do your part—just say “YES” to conservation.

For more information on the programs your business can take advantage of, check with your local utility company.

Have you found ways to save “green”  for your business this year or set any goals to? If so, we’d love to hear about them!

Posted by Lynnette in Lifestyle on September 29th, 2010

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6 Ways to Mix Business with Pleasure

By Donna Marrin

Meetings around the boardroom table are a necessary part of doing business, as well as a tedious one (who doesn’t sigh at the thought of yet another meeting?). Once in a while, mix it up by planning a different, more casual style of meeting.

1. On the links: Invite your client to a ‘nine hole’ meeting. There’s nothing like fresh air, lush green expanses, and some friendly competition to get the conversation started. (Just try not to whip the cleats off your client!)

2. On the water: Are you fortunate enough to own a cruiser at a nearby marina? Or do you have access to a rental? During nice weather, pack a basket with sandwiches and drinks and have a lunch meeting on the water. Are your clients fishing enthusiasts? Invite them to join you for a day of angling. (But don’t forget to hide the photos of the five-pound pickerel you caught last week, just in case they aren’t as skilled lucky as you!)

3. Over a hearty breakfast: Is there a local diner near your home/office with a reputation for serving scrumptious breakfasts? It’s a great way to start the day. (And keep this in mind: A well-fed client is a happy client. And when the client’s happy, everybody’s happy!)

4. In a serene setting: Take a walk with your client at a nearby park and have your discussion as you relax on seating that overlooks a pond or fountain. A tranquil environment loosens everyone up by boosting the mood. Are you the proud owner of a beautiful garden at your home? Invite your client to join you there for a cup of coffee in pleasant surroundings. (Please note: If your client suffers from an allergy to pollen, your meeting may not go so well.)

5. Do like the Brits: Is there a specialty tea shop in your area? If you know your client is a tea lover, extend an invitation to join you for high tea one afternoon. (But don’t try being fancy by sticking your pinkie out while you sip. That’s just grounds for losing the account.)

6. A unique setting that complements your business: Are you a florist? Meet your client for a stroll through a public garden. A book editor? Meet at a book shop coffee bar. You’re a portable toilet distributor? …Just stick with the boardroom.

Depending on the type of business you operate and the type your client operates, there are countless unique meeting spot ideas. Spice up your meetings every once in a while by mixing business with pleasure!

Do you ever hold meetings off the beaten track? Let us know what you do to make your meetings more interesting.

Donna Marrin is a freelance Senior Writer/Editor specializing in corporate communications and advertising. She also founded and runs the Markham Village Writers. You can visit their website at www.markhamvillagewriters.com

Posted by Lynnette in Lifestyle on September 27th, 2010

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An Interview with Louise Leduc, Founder and President of Biz-e-Fingers

By Donna Marrin

Tell us about your business and how it came about.

Louise J Leduc

Louise J Leduc

Biz-e-Fingers provides a new and innovative way for small businesses to acquire office support without incurring significant costs or commitment. We cater to the administrative and secretarial needs of small businesses by providing them with highly-qualified, bilingual “virtual” assistants and secretaries at a fraction of the cost of hiring in-house support staff, and with greater flexibility than temporary help agencies.  
A Virtual Assistant (or VA) is an entrepreneur who specializes in providing ongoing, one-on-one, collaborative-style administrative support. Like other professional service providers, Virtual Assistants operate remotely from their own places of business and utilize today’s technology to deliver their services and communicate with clients. Virtual Assistants are first and foremost administrative experts. They sometimes offer additional, separate specialties that fall under creative and/or technical services.
When a small business owner outsources its administrative and secretarial needs to Biz-e-Fingers, they notice a reduction of up to 30% in overhead expenses, because they simply pay for the service and do not pay for benefit packages, sick leave, vacation time or training and there is no need to provide equipment and office space.
In today’s stalled economy, with business owners struggling to grow their business or to just stay afloat, I combined my experience with my desire to help small businesses, and took a leap of faith, launching Biz-e-Fingers in June of 2009. I wanted to help small businesses stay competitive with the larger firms by being able to provide them with all the in-house services they need for much less than the cost of a new hire. Because Biz-e-Fingers’ contracts range anywhere between one to forty hours per week, the small business owner has the flexibility of hiring an assistant or secretary when they need one. And most importantly, during the slow months, small business owners have the option of simply not renewing a contract until they get busy again. When the small business owner decides to outsource once again, we assign the same assistant since he/she is already familiar with this particular business and it eliminates the need for the client to have to re-train another person.

Before you started out, did you have any doubts, and if so, how did you overcome them?

Sometimes, our fears may overwhelm us to the point that we feel like giving up. Putting my faith in God and knowing he has control over what happens gives me peace and strength to continue and succeed.  

What was your early vision for your business, and how has it changed over time?

My vision hasn’t really changed since the beginning. I have always envisioned partnering with other small businesses by providing them with much needed office support, thus allowing the business owner to focus on core business activities so he/she can grow their business and succeed.

What has your biggest learning curve been in terms of building your business?

Learning all about Internet marketing and utilizing social media networks to market my services. Although traditional marketing still carries a certain value, social media has dramatically increased in strength and popularity, and has become a very cost-effective way of advertising.

Describe a day in the life…

It is never the same routine from one day to the next. But one thing for certain is that I always look forward to starting my day. A typical workday for me starts at 6:00 am, getting my family organized. At 9:00 am, I am at my desk contacting clients and working through ongoing projects. At 5:00 pm, I’m back in my role as wife and mother, getting my family settled for the evening. I take an additional couple of hours in the evening to tie up loose ends and get ready for the next day.

How do you find balance between your business life and your home life?

Work/life balance is always a challenge, especially when working from home. Being disciplined, having consistent hours and leaving your evenings and weekends available for the family are very important.

Do you have a favorite business tool or resource?

I enjoy spending some of my free time at the public library because it is a wonderful place to get helpful information and resources. And, I just can’t live without my post-it notes. I use them for anything and everything.

What is the key to your success?

I keep my focus on my clients and not on myself. Having honesty, integrity and respect are extremely important for me.

What is the one piece of advice you would like to give to others thinking about starting a business?

Make sure you do your research and most importantly… write a business plan. Even the smallest businesses need one. It forces you to organize and document your thoughts, ideas and goals.  

 

image001LOUISE LEDUC is Founder and President of Biz-e-Fingers. Prior to starting her own company in 2009, she was an Executive Assistant with the Canadian Federal Government. She acquired experience as a skilled, right-hand administrative support professional and is well versed in tasks associated with meeting the needs of small business owners and executive management. Louise’s experience also consists of designing and implementing the Canadian Pavilion and Government of Canada booth at one of the world’s biggest biotechnology trade shows. She also acquired experience organizing large networking receptions for Canadians and high-ranking Canadian and U.S. officials. Her experience also includes co-owner of an Ottawa-based Graphic Design firm as well as Travel Counselor. Louise’s experience has afforded her the opportunity to become an independent entrepreneur, providing high-quality virtual secretarial and administrative assistance to small business owners. To learn more about Biz-e-Fingers or for a free consultation, contact Louise at louise.leduc@biz-e-fingers.ca or at 613-824-3120. You may also visit her website at www.biz-e-fingers.ca

Posted by Lynnette in Small Business Spotlight on September 24th, 2010

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An Interview with Terry O’Reilly, co-founder of Pirate Radio & Television, and host of the award-winning CBC radio series, “The Age of Persuasion.”

By Donna Marrin

Tell us about your business and how you started it.

Terry O'Reilly

Terry O'Reilly

Pirate is a creative post-audio production company. Essentially, we create the sound and music for TV and radio commercials. We create all sound effects, write the music, and direct all the voiceovers for both mediums. Pirate has eight sound directors in Toronto, and another four in New York. Pirate is also unusual in that we have a creative department, so we write and create ideas from the ground up for clients as well. I co-founded Pirate in 1990. Pirate is the company I could not find back then. I was a copywriter for ad agencies for about ten years, and when I needed a radio script or the sound done for a TV spot, I always found myself fighting with the directors. Instead of directors enhancing my work, they were always trying to change or alter it. What I really wanted to find was an audio company that directed from a writer’s point-of-view. So that was the genesis of Pirate – a creative audio production company that worshipped and protected ideas.

In the beginning, did you have any doubts, and if so, how did you overcome them?

You always worry a bit when you launch a company. And our company had no real precedent in Canada. I never worried that ad agencies wouldn’t be interested in working with us; I mostly worried about running the “business of the business”–in other words, the day-to-day accounts payable/accounts receivable/line-of-credit part of running of a business, which was brand new to me. Thankfully, my co-founding partner was good at that. We were a good team back then. He had the business chops, I had the creative ones. Today, I have equally savvy business partners in Tom Eymundson, Chris Tait and Tom Goudie.

What was your early vision for your business, and how has it changed over time?

It was to be a “radio only” company, initially. But over time, we found ourselves doing as much TV as radio. So we became a radio and television sound company. And today, we do more TV than radio. As well, we never had any ambitions to expand past Toronto, but now we have four recording studios in Manhattan.

What has your biggest learning curve been in terms of building your business?

For me, learning the “business of the business,” as I mentioned above. And, as we grew, learning how to manage people. It was easy in the early days, when there were just six of us. But as we passed the twenty employees mark, then thirty, then forty, the demand for people management grew. A company’s culture is its biggest asset, and that means finding the smartest people per square foot. It gets more and more challenging as a company grows, because the culture strains with each person added.

Describe a day in the life…

The best part of my job is that it’s different every day. But as a rule, I will have one or two meetings with clients in the morning, then have a couple of conference calls. Next, I’ll have a recording session from noon till 5:pm. Then I’ll jump back to my desk to answer emails and phone calls. I have a two-hour commute, so I’ll listen to actor auditions for upcoming jobs while I drive. I also write and research my Age of Persuasion CBC radio show in stolen moments—mostly nights and weekends. And I do a lot of thinking about the show in the car. I record the show every Thursday. On Tuesday mornings, I have a meeting with my three partners to discuss and update the business of our Toronto and New York Pirate offices.

How do you find balance between your business life and your home life?

Very important question. Nobody is truly successful unless your family and your business are both cared for. I am extremely busy. Pirate is more than a full-time job and so is the Age of Persuasion. And I just co-wrote a book, and I’m writing another one. I have a lot of speaking dates throughout the year across the country and I’m working on a screenplay with a good friend of mine. With that said, my family is the most important thing to me. Spending time with my wife, Debbie, and my three daughters is a top priority for me. We’re a close family and we like to spend a lot of time together. You can’t be successful unless your spouse is 100% with you. Debbie is beyond incredible. She used to work in the advertising business, so she understands the pressures and demands. Our daughters are the joy of my life—so smart, so funny—they teach me a lot. This business can make you a bad dad/husband before you know it, because it’s so demanding and unforgiving, but I have to say, Debbie deserves a lot of credit for making sure that didn’t happen. She is our family’s Rock of Gibraltar.

Do you have a favorite business tool or resource?

I have to say I love Twitter. It is the best resource for sharing information I have seen to date. I am constantly reading Tweets and downloading incredible information and research, both for my business and for my radio show. Can’t say enough about it.

What is the key to your success?

Going above and beyond the call of duty. Plain and simple. Under-promise and over-deliver. It’s my motto. I am in Las Vegas as I write this, judging an award show. Vegas constantly reminds me of that thing America does so well—service. A big, bright smile and a “what can I do for you?” attitude that couldn’t be more helpful, prompt and efficient. I think Canadian businesses need to re-learn that lesson; that the highest level of service will attract the largest amount of customers.

What is the one piece of advice you would like to give to others thinking about starting a business?

Decide what type of business you want to be—a small one or a big one. A small shop can be wonderfully liberating and nimble, but has limitations. A big shop has unlimited opportunities, but you have to constantly feed the beast. It’s not a question anyone really asks, but it’s one everyone should contemplate.

 

pirate_homeTERRY O’REILLY began his career as a copywriter for some of Canada’s top creative ad agencies. In 1990, he co-founded audio production company Pirate Radio & Television, which now has eight recording studios in Toronto and New York City. Terry has won a few hundred awards from around the world for writing and directing. Marketing Magazine chose him as one of Canada’s “Most Influential” marketing people, and he was also named Canadian judge for the inaugural year of Radio at the 2005 Cannes Advertising Festival in France, Radio Jury Chairman of the International Clio Awards in Miami, and Radio Jury President for the London International Advertising Awards. When he’s not creating advertising, he’s talking about it as host of the award-winning CBC radio series, “The Age of Persuasion.” He co-wrote a best-selling book based on the radio series, published in Canada by Knopf and in the U.S. by Counterpoint Press. The advertising industry has given Terry the Les Usherwood Lifetime Achievement Award and the Fritz Spiess Lifetime Achievement Award for Television. He has a wonderful wife and three lovely daughters. Who like some of his work.

P.S. Read a review of Terry’s book, “Age of Persuasion” here.

Posted by Lynnette in Small Business Spotlight on September 22nd, 2010

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Thinking Outside The Box

By Eric Gilboord

Eric Gilboord

Eric Gilboord

We live in a world full of buzzwords and new ways of saying things. For instance: ‘thinking outside the box…;’ in other words, moving beyond restrictive thinking to rethink it from a different perspective.

I’ve always taught my children that, when they get frustrated trying to do something, it’s important to take a step back, catch your breath, and look at what you’re trying to do from a different angle. If you’re frustrated by trying to reach a particular prospect and you think you’ve exhausted all the avenues, chances are there is at least one other way you haven’t yet considered. We live in a very competitive environment and if you are not on your toes, constantly thinking ahead, attempting to outpace your competition, you’ll find them nipping at your heels and, before you know it, winning the race.

Your customers’ businesses are changing on a daily basis and as their needs evolve, you must strive to provide the best products and services to help make them winners. Some entrepreneurs dread change; others anticipate the challenges and new opportunities change will bring. If you are the first to find a new way to do something, not only will your customers continue doing business with you, but think about the new prospects you could attract.

The next time you prepare a mailer, advertisement, Twitter or LinkedIn discussion, try something different. You know the results you’ll get with your current marketing materials, but how do you know there isn’t a better way?

If you’re operating a small business, it’s likely you don’t want to gamble an entire marketing program on a new idea. Either test the new marketing piece on a small group before you do your main mailing, tweet, etc., or test the new piece at the same time. Send out 10 or 20 percent of your mailers using the new test piece and use your previously proven material for the balance. Tweet two or three different messages or LinkedIn activities. Test at least one new idea in a small way with every marketing program that you do.

Rules for thinking outside the box.

There are no rules. There are lessons to be learned, but no rules.

Talk to the end user, not just the purchaser. Could be the person in shipping really needs your service and didn’t know you existed. Your marketing efforts were directed to the front office and they didn’t think the shipper needed your service. How many lost sales are waiting to be found?

Ask someone you’ve never asked before for their opinion. Show your new marketing piece to someone who knows nothing about your product or service. If you can educate them and they see the benefits, you have a chance at actually reaching your target group with your message.

Write a bogus ad filled with reasons why people should not buy your products or services. Who knows, maybe some of your prospects are thinking the same way.

Imagine that your company is a vehicle. Is it possible your customers perceive you to be expensive like a Rolls Royce and, therefore, will use you only when they have to, but not for all their orders? In your mind, you’re strong and functional like a new pick up truck might want to begin to portray your company in a different way with your marketing materials. Maybe you have given the impression of being an expensive resource because your brochures are six-color, printed on expensive stock (they don’t know your brother-in-law is a printer) and you distributed elaborate Christmas gifts to your customers last year. More often, small businesses undersell themselves with cheap-looking brochures and ads that appear out of date and unfocused. People only get what they see. As the old expression goes, ‘perception is reality.’ If they believe you to be something, then that’s what you are in their minds. It is your job to plant the correct image in the minds of your customers and new prospects.

Go into the marketplace and ask your existing customers how they perceive you. Keep an open mind—you might be surprised by some of the answers you get. Also talk to prospects that you have been unable to land. You might discover that it is purely their perception of you preventing them from placing that first order.

And that’s According 2 Eric.

Eric Gilboord is a specialist in making marketing easy for business owners/operators and any staff with sales or marketing responsibility. He demystifies marketing so they can use it to generate sales today and grow their businesses faster. Eric believes in blending traditional marketing with new media/social media. ROI is a must. Eric is a popular speaker, coach, columnist and author of many articles and books on moving a business up to the next level. The Expert Business Calls for Marketing Advice… That’s Easy to Understand. For more information, call 416-686-2466. To sign up for his marketing tips newsletter and to read his blog please visit: www.EricGilboord.com.

Posted by Lynnette in Growing Your Biz on September 20th, 2010

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STAPLES BizTIPs: How to build a great reputation

By Small Business Expert Roger Pierce, BizLaunch 

The essence of brand and image is based on your product or company reputation. People are adverse to risk, so help them to buy from your small business by following these suggestions: 

  • Deliver a quality product or service. Go that extra mile with customers to “wow” them with your offering. Invest in quality materials or allow sufficient time to serve your clients. Pay attention to details because that’s often what people will notice about your company.
  • Do what you say you’re going to do. Lip service only goes so far, and actions speak louder than words. Be sure to keep your promises to develop the trust of your customers. Remember the expression, “under promise and over deliver” to truly delight your buyers.
  • Fix problems immediately. A mistake only becomes a problem when it is ignored. Remember that an existing customer is worth more to your small business than a new customer, so be sure to address any dissatisfaction right away. Replace a faulty product, correct a wrong or do something to “surprise and delight” a disgruntled client.
  • Never bad mouth the competition. It’s tempting to say rotten things about the other guy, but it can reflect poorly on your small business. It’s better to talk about what your competition does well but mention what you do better. What goes around also comes around.

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ROGER PIERCE is passionate about helping entrepreneurs achieve success. Co-founder of Canada’s largest small business training company, BizLaunch.ca, he’s launched eleven small businesses of his own and personally experienced what he calls “the good, the bad and the ugly” sides of entrepreneurship.

BizLaunch advises thousands of Canadian startups through its popular how-to seminars and webinars delivered with partners such as STAPLES.

Posted by Lynnette in STAPLES BizTIPs on September 17th, 2010

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BOOK OF THE MONTH

THE AGE OF PERSUASION: How Marketing Ate Our Culture, by Terry O’Reilly and Mike Tennant

You’d have to be living in a cave to not realize that “advertising has insinuated itself into virtually every aspect of twenty-first century life” (to quote a line from The Age of Persuasion). Even in that cave, I bet there are some who took the time to brand themselves: Tom Thumb was here; Joanie Loves Chachi… you get the idea. The fact is, on any given day, at least 300 and as many as 6,000 marketing messages are lobbed your way.

Terry O’Reilly and Mike Tennant, the ad men behind The Age of Persuasion, a radio show that airs on CBC and Sirius Radio, wrote this book to provide a back-room view of the advertising industry. As an entrepreneur, you might wonder what you’d stand to gain from reading about this topic. It’s not as if you have the kind of budget that Mr. Reilly and Mr. Tennant are accustomed to, right? It’s important to note, though, that your message will always be competing with the big boys, even in your local newspaper. And, if your message is competing with up to 6,000 other messages, yours had better stand out! 

This book gives you a sneak peek into the inner workings of the ad industry. It will also inspire you to think outside the box when it comes to marketing and advertising your business—even when that advertising consists of a simple message on a business card. 

When this writer was taking her advertising courses at college, there was a big-name muffler shop whose tagline started with, “Nobody beats…” This small, mom-and-pop garage, based in a small town that I can’t remember now, based ALL their advertising on, “We’re the nobody that beats…” It was smart, humorous, and certainly left a lasting impression. 

Sure, this book may seem like it’s written for those in the business, but it offers much more than that. It takes you through the history and inner workings of the advertising business in a charming, story-telling style. Many business books read like textbooks and are a chore to get through—but if reading is an outlet for you, you’ll find that this entertaining book makes you think! 

“It’s a must-read for everyone living in this Age of Persuasion,” as written by Doug Checkeris, chief executive officer of MediaCom North America. 

TERRY O’REILLY has been promoting the Power of Radio for many years now. He has a long history in the ad business as a copywriter and director, has won several prestigious awards, including three advertising industry lifetime achievement awards. He co-founded the audio production company Pirate, based in New York and Toronto. 

MIKE TENNANT is the co-creator and writer for the CBC’s radio series, the Age of Persuasion, and often runs workshops on creative communication. He has written several award-winning campaigns for clients throughout North America.

Posted by Lynnette in Book of the Month on September 15th, 2010

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An interview with Rick Spence, president of Canadian Entrepreneur Communications & Business Columnist for The National Post

By Donna Marrin

Rick Spence

Rick Spence

I have a great idea brewing for a start-up. How do I overcome those doubts hovering in the periphery?

Many entrepreneurs are in such a hurry to launch their business that they skip important steps. Long before you open your doors to begin serving customers, you should be fine-tuning your product development and market-research work to make sure your product or service is the best it can be, and that it’s truly what your target market is willing to buy.

One of the best ways to eliminate doubts and make sure you’re on the right track is to take a leaf from high-tech companies and do beta-testing with potential prospects. Let people try out your product or service for free. Let them work with it, discover its uses, and identify the “bugs” or flaws that might have escaped your notice. Use these prospects’ feedback to create a better product for your market’s needs.

There’s nothing more important than engaging with potential customers early in the startup process, to learn what their actual needs are, what kind of solutions they’re really looking for, and how much they are prepared to pay for them.

How do I need to prepare before I approach a bank with my idea?

Very carefully. Understand first that very few banks are interested in financing startups; their margin on commercial loans is too small for them to tolerate much risk. Understand too that banks lend against assets, not against ideas, dreams or profit projections that may never come true.

No matter how flashy your business plan might be, your banker will lend to you only if you personally are a good credit risk. That means that you need a solid credit history – pay your bills and credit card balances on time! – and assets (such as a house with a small mortgage) that are worth lending against.

You can prepare by being able to demonstrate to the bank that you can read a financial statement, that you understand the importance of break-even, and that you are prepared for the daily drama of cash flow. But if you really want to impress your banker, demonstrate that you (and preferably friends and family as well) have believed enough in your business idea to invest substantially in it already. If you and your closest loved ones aren’t willing to take a risk in your business, why should the bank?

I’m about to launch my business. Are there ways of advertising to the general public without incurring huge fees?

You don’t have to spend a fortune to get your message out (although it would help). Make sure you narrow your marketing focus to reach only the target market you’re after. If you’re just advertising to affluent professionals, for instance, or you’ve opened a retail store on the west end of town, it makes no sense to buy a newspaper ad that reaches the whole city.

Look at these seven alternatives to blowing your budget on the mass media:

· Put up ads or posters in selected areas that will reach your target market.

· Target free or low-cost digital media such as Craigslist, eBay, or pay-per-click advertising (e.g., Google’s Adwords)

· Create eye-catching promotions (sales, contests, discounts, etc.) that will attract customers and encourage word-of-mouth publicity (the best kind you can have);

· Consider sponsorships or creating your own events that will put you face to face with your best prospects (e.g., if you’re targeting executives, get involved with a golf event)

· Get out and meet potential customers through appropriate networking events

· Use LinkedIn to snuggle closer to specific decision-makers

· Encourage referrals by offering a discount or other incentive to people who recommend your services to other customers

Can you suggest some actions I can take to help me better learn and understand the needs of my target market?

Great question! This is your most important challenge in business. There are numerous market-research techniques you can use: customer surveys, interviews, focus groups, statistical research, geographic market analysis, etc. The important thing is to find the technique that best fits your budget and your market sector. Best place to start: ask your local public librarian for the best sources of date on your market. Best free research you can do: grab a clipboard and go to where your customers are. Ask them about their experience with products or services like yours, what problems they have, and what benefits or inducements would make them seek out a new supplier.

My day is busy enough as it is. How important is it for me to devote time to exploring social media?

If you are a natural writer or communicator, you can make friends fast through new channels such as Facebook, blogging, Twitter or YouTube. But if you’re a busy entrepreneur who would rather meet clients and customers face to face, social media may not be a first priority. Do yourself a favor: explore Facebook. Figure out what you think it’s good for, and what your prospects might expect from a Facebook “page” (or mini-site) for your business. Then think through whether you have the time and talent to create new business-related content that would engage customers and prospects and help build stronger relationships. Statistics show that more and more people every day (300-million on Facebook alone) are relying on social media for news, relationships and all kinds of decision-making. But unless you have access to good content and marketing skills, you may find social media a lot of fuss over nothing.

Are there a few key strategies I can use to take my business from good to fantastic?

1. Create more value than anyone else in your sector. Whether it’s through lower prices, better quality, faster service, or higher-quality customer experiences.

2. Know your customers. Understand their frustrations and unvoiced wants. Anticipate their changing needs so you stay ahead of the competition.

3. Treat your employees like customers; they too are the foundation of your business. Communicate with them all the time so they understand what they need to focus on today. Align their goals with that of the business – profit-sharing is just one way to do that.

4. Look for partners whose talents complement your own. Two people with matching skills (e.g., one is the marketing/sales whiz, while the other is more detailed-oriented) can take a business much farther than one person with one set of skills.

What is the most common learning curve that small businesses tend to encounter?

There are so many! Running your own business is one of the toughest challenges anyone can face. I know very smart business people who have succeeded in big corporations, and then failed miserably in their own business – often high-tailing it back to big business, where they have so many more resources and are expected to demonstrate a much narrower skill set. You must understand book-keeping and cash flow. If you don’t master the details of operations, money will run through your fingers like water. You must understand marketing. And you must learn to work with all kinds of people, including employees, customers, and suppliers, to build trust and create lasting, win-win relationships.

Is there a really great entrepreneurial quote you’ve read lately?

“Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it.” William C. Durant, Founder of General Motors and Chevrolet.

What is the one piece of advice you would like to share with others thinking about starting a business?

Always be ethical. You want everyone you meet to go away feeling pleased to have done business with you, rather than regretting it. More than ever before, today’s web-based world puts your reputation on public display, for everyone to discover.

RICK SPENCE is president of Canadian Entrepreneur Communications and an expert in entrepreneurship and business growth. He writes a national column for the weekly Entrepreneur section of the National Post and is the former editor and publisher of PROFIT, The Magazine for Canadian Entrepreneurs. He speaks widely on business trends, marketing, social media and business growth. He can be reached at rick@rickspence.ca, or through his blog, Canadian Entrepreneur.

Posted by Lynnette in Getting Started on September 13th, 2010

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It Pays to Know What You Don't Know

By Eric Gilboord
Eric Gilboord

Eric Gilboord

Knowing what you don’t know means having an understanding and a respect for all the knowledge you do not currently possess. It would be difficult for any of us to have all the answers and know all the questions. Two major stumbling blocks can stand in the way of small business success: The arrogance in thinking you have it all figured out; the belief that nobody else was smart enough to see the great opportunity you discovered; that nobody knows your area of business as well as you do.

Conversely, burying your head in the sand and not admitting that there are unanswered questions about your business is equally harmful. There is nothing worse than being blind to need. Thinking you know it all is a big downfall. This is a time of rapid change: e-commerce, instant communications and changing attitudes. Some companies are entering the same marketplace as you and making millions. Where do you think this money is coming from? It’s coming from your customers—current ones and the ones you’ll never meet.
Customer needs change; they evolve and grow with the familiarity and ongoing use of your products and services. Order the same size pizza from the same location with the same toppings week after week and eventually, you will develop a need for something different. Will you simply change your order or try a new pizza place that recently advertised a new crust or some unusual toppings? Customer needs change to reflect weather, holidays, family growth and changing tastes. Opportunities abound for you to find more new ways to satisfy a customer’s needs.
If you ran a pizza operation, you could easily poll your customers as they call in their orders, to ask if there’s a topping they like that you don’t currently offer. Maybe they tried a pizza from a competitor and discovered that the taste of a new topping was the change they were looking for. Look for some common requests and begin offering this new topping.
 

8 Tips For Determining What You Don’t Know

1. How Is Your Competition Doing? Ask yourself if your competition is doing better than you are. What do they know that you don’t? Are they asking questions and responding to the answers? Have you seen your competitor try something new, and realize you thought of it years ago? Thinking about it is one thing; taking action separates success from mediocrity. Thinking about it doesn’t make the cash register ring.

2. Ask Your Customers. Your customers know their own needs, likes and dislikes. It’s up to you to draw that information from them. One customer may have a specific need shared by many others. If you satisfy that one customer, you may have found a product or service desired by many others. The opportunity is right there in front of you, waiting to be recognized.

3. Question Suppliers. Talk to your suppliers about new ideas. They see what your competition is doing on a regular basis and have a greater awareness of newly developed, proven opportunities within your industry.

4. Unhappy Customers. Turn a negative situation around. Have you learned to spot an unhappy customer? Do you try to find out what is wrong or just assume they are grumpy? Is your first reaction short-term—solve the immediate problem—or do you invest time to get to the root of the concern?

5. How Big Is The Problem? Is the problem bigger than the one customer who voiced it? Studies show that 80% of unhappy customers will never tell you they are dissatisfied. They may tell their friends about your inability to satisfy them, but they won’t bother telling you. Sometimes, a problem can be turned into a huge opportunity. If you understand that you do not have all the answers, you will be more inclined to take that unhappy customer aside, buy them a cup of coffee and ask for their help. People are flattered to know someone values their opinion and will usually give you the time needed to explore the problem and help you turn it into an opportunity.

6. Go Outside Your Industry. Don’t restrict yourself to your own industry. Expose yourself to other businesses in different industries and investigate how they promote themselves, deal with customer service and gather information. Review magazine ads, visit websites, read brochures and go into their stores. What are they doing right and what are they doing wrong? What turns you on as their customer and what turns you off?

7. Trade shows. Trade shows are goldmines for new ideas. They are where you want to go to ask questions and get instant answers. Explore ideas, both new to your industry and new to you. Be selective of the shows you choose to visit and use your time wisely. Identify specific questions and look for specific answers.

8. Comment Cards. Comment cards from past customers are filled with ideas, directions and opportunities. There are no guarantees. Some ideas will be good, some bad and some great. Keeping an open mind is the most important part of the equation. Accepting the fact that someone else may have the answer is the first big step.

And That’s According 2 Eric

 

Eric Gilboord is a specialist in making marketing easy for business owner/operators and any staff with sales or marketing responsibility. He demystifies marketing to help clients generate sales today and grow their businesses faster. Eric believes in blending traditional marketing with new media/social media. ROI is a must. Eric is a popular speaker, coach, columnist and author of many articles and books on moving a business up to the next level. The Expert Business Calls for Marketing Advice… That’s Easy to Understand. For more information, to sign up for Eric’s marketing tips newsletter and to read his blog, please visit: http://www.ericgilboord.com/index.html. Follow Eric on Twitter (ericgilboord). Find Eric on LinkedIn. Check out Eric’s ‘Get It Done’ Treasure Map, Marketing Plan Workshop at http://www.ericgilboord.com/tm-landing-page.html.

Posted by Lynnette in Growing Your Biz on September 10th, 2010

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An interview with Brian Scudamore, Founder and CEO of 1-800-GOT-JUNK?

By Donna Marrin 

Tell us about your business and how you started it.

Brian Scudamore

Brian Scudamore

1-800-GOT-JUNK? is a full-service junk removal company that targets the residential and commercial customer. You know, we all have junk and we all have busy lives, but we don’t always have time to haul away our own junk and do it in an environmentally friendly way. That’s where we come in. Our customers point to where the junk is located, and we remove it. We get your stuff and you get your space back. We like to think that we make the ordinary business of junk removal exceptional.

I got the idea for the business when I was 18 years old. I was standing in line at a McDonald’s restaurant and I saw an old pickup truck with a sign that read, “Mark’s Hauling,” rumbling along the drive-thru. I thought, “I can do that!” The next day, I invested all my savings ($700) in a truck of my own and started up “The Rubbish Boys” in Vancouver. It quickly became clear that what had started as a way to pay for college had become a thriving business. I dropped out of college and have been building the business ever since.

Ten years later, I decided to franchise the business. I convinced a friend of mine to drive across the country and set up our first franchise in Toronto. Today, Toronto tops the list of successful franchises in our system. We have close to 200 locations throughout Canada, the United States and Australia.

Did you have any doubts in the beginning and, if so, how did you overcome them

Like any entrepreneur, I had doubts from time to time. For the most part, I overcame them through my complete focus and belief in this business. Three examples from the early days come to mind, and each brought with it a lesson. In the mid-90s I had a thriving operation in Vancouver: about 11 employees, 6 trucks, and a lot of frustration. I felt that my employees weren’t really working as a team toward a common goal. A couple of them were really great, but together, it wasn’t working. I took a risk and fired the entire team. I had my work cut out for me for the next while, but I vowed to hire only the right people from that moment on and, of course, treat them right. My philosophy today, and it’s on the Junktion wall for all visitors to see, is: “It’s All About People.”

A few years later, when I was ready to franchise the business, my closest and most admired friends and associates warned me against franchising. They said this business couldn’t be franchised. Hearing that certainly raised some doubts, but in the end, I had to go with my gut instinct. It told me that franchising was the right thing to do. The junk removal industry was a fragmented landscape of Mom & Pop shops and no attempt to professionalize it had ever been made. So I took all the franchising advice I could get and set about building the systems required to create a successful junk removal franchise.

The business really took off and many of our goals were met in those early days. Shortly after the business was franchised, though, I felt we should be experiencing a greater growth trajectory. I needed some time to reflect on this, so I took a couple of days off and spent some time envisioning the future of the business at my parents’ lakeside cottage. The result of that weekend was a living document called The Painted Picture, a description in present-tense language of what 1-800-GOT-JUNK? “will look, act like, and feel like at some point in the future.” It is through The Painted Picture that the entire company sets and works toward our goals.

What was your biggest learning curve in terms of building your business?

There’s a tremendous amount to learn in building a successful business. I guess the one thing that’s been the biggest challenge, is not knowing where the next great challenge is coming from or when it’ll hit. In over 20 years of business, we’ve experienced uncertain economic times, labour strikes, and various other unexpected changes. These are often the biggest test for an entrepreneur’s vision and focus. Staying positive and surrounding myself with positive people, and maintaining a strong belief in the business and how it helps people, has always carried me through.

Describe a day in the life…

During a typical day, I arrive at the Junktion, our 1-800-GOT-JUNK? corporate offices in Vancouver, close to 8 am. I review my schedule and attend to any immediate concerns. My days are very full. Most days, I meet with people from the Leadership Team. Right now, we are working quite aggressively on a project to double our online bookings year over year, so I’m usually working with someone on moving that project forward. I speak with our franchise partners on a daily basis. It may be congratulating someone for landing a large commercial job, hitting a revenue milestone, or undertaking a community event or act of charity. I can often be found working on a business column. I write regularly for Profit Magazine and I’m always working on developing an idea or writing the piece. I also make time for interviews with the media. I do radio interviews by phone quite often, and last week, I went to a local television studio to weigh in as a panelist for a national piece on BNN.

Mentoring is a big part of what I do. I have mentors whom I seek out for advice, as well as people who come to me to ask about 1-800-GOT-JUNK? best practices. I find I spend quite a bit of time these days speaking to others about how we can improve upon our systems, what we can do better, and also, how we can share those practices with others. We hold tours for the business community at the Junktion, and I participate in a Q&A session at each one. As I mentioned before, people are the heart of our business, and so I spend as much time as possible interacting with the people I work with. Our entire call center is adjacent to us all so it’s like one big family!  

Do you have a favorite business tool or resource?

The company Painted Picture is my favourite resource. It’s a picture of our future and gives us the opportunity to create a roadmap and set goals to make it happen. Every employee and franchise partner has a copy of the current Painted Picture 2014. It’s very exciting to read what the future holds, which motivates each and every one of us to engage in getting there.  

What do you believe is the key to your success?

Vision is certainly an important part of any successful business, but key to us at 1-800-GOT-JUNK? is People. Success always comes down to the people you hire and how you treat them. I’ve always believed that people can be taught any skill and be proficient enough. But you can’t teach people to be passionate about business. You find them or they find you. Either way, hiring the right people who are passionate about what they do is the key to success.

What is the one piece of advice you would like to share with others thinking about starting a business?

If you’ve got passion and vision for starting a business, you’re ahead of many budding entrepreneurs. Stay focused, read and learn as much as you can from others who’ve been successful, and have faith in your idea. I’m often asked if there’s a book that I recommend for people starting a business, and there is. Pick up a copy of Michael Gerber’s, The E-Myth.

For more information or to find a location nearest you, click here.

 

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Brian Scudamore is the Founder & CEO of 1-800-GOT-JUNK? He is an entrepreneur recognized for his passion, vision, and faith in people. Brian is widely known as the pioneer of the professional junk removal industry in North America.

Brian started his business in Vancouver, Canada, at the age of 18, and later went on to franchise 1-800-GOT-JUNK? as a way to expand operations rapidly. Today, 1-800-GOT-JUNK? has 1,000 trucks on the road and some 200 locations in Canada, the United States and Australia.

Brian has received wide recognition in the media and business community. 1-800-GOT-JUNK? has celebrated appearances on Dr. Oz, CNN and The View, and Brian’s story has been told in Fortune Magazine, Business Week, New York Times, Huffington Post and Wall Street Journal, to name a few. Crowning media achievements include an appearance on Oprah in 2003, and repeated appearances on The Dr. Phil Show. Recently, 1-800-GOT-JUNK? has been seen removing junk on the hit A&E reality show, Hoarders. Brian also contributes a monthly column to PROFIT Magazine.

In 2004, Brian was inducted into the Young Presidents’ Organization (YPO) and served as a board member for the Young Entrepreneurs’ Organization (YEO). In 2007, Brian was honored to be named the International Franchise Association’s Entrepreneur of the Year. Other accolades include recognition with a Fortune Small Business Best Bosses Award and being a three-time winner of a prestigious Best Company To Work For award.

As a public speaker, Brian enjoys engaging both large audiences and small groups and has brought his incredible story to many conference stages, including the Fortune Small Business Magazine national conference. A strong believer in personal and professional development, Brian graduated from MIT’s four-year Birthing of Giants program, and has subsequently completed several years of MIT’s BOG’s alumni program, Gathering of Titans. He is also a participant in a nine-year executive education program at Harvard University through YPO Presidents’ University.

Posted by Lynnette in Small Business Spotlight on September 8th, 2010

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