What do you know...about your business?

Yesterday we briefly talked about reviewing what you have learned about your business and what you have learned about during the recession. Today I am going to list some vital questions that need to be part of your review. Take the quiz below and see how you answer.

1. Who is your customer?
2. How do they find you?
3. When do they buy from you?
4. Why do they buy from you?
5. How much money do they spend with you ?
6. How often do they buy from you in a year?
7. What is important to your customer... Price? Value?
8. What do you have to do to get them to come in your door, click the mouse or pick up the phone?
9. How do you determine what price to charge your customer?
10. How much "profit" do you make on each sale?
11. What is your break even point of sales?
12. Are you satisfied with your income in the business?

A savvy business owner knows these answers and she is also aware that market conditions can quickly change the answers. If these are tough questions for you to answer and you are muttering to yourself why should I do this...stay tuned folks as I write about this further.
Or give us a call 412-440-6969 or e-mail: selfimagebz@ aol.com
and let's talk about your answers
Tip of the day: THINKING about your business ..is also important as DOING business.

Adversity makes us STRONG

I am a Pittsburgh Steeler fan, and have been rejoicing that we beat the New York Jets and we are off to a 7th Superbowl. This team is like the city it thrives on adversity. Tell us we cannot do it...tell us the odds are against us ..we are the under dog..and we are going to find a way to beat the odds.

Small business people are like the Pittsburgh Steelers, we thrive on the odds being against us. We usually start with the cards stack against us..do not have the 'franchise player's.. or the huge contracts and vast cash reserves...yet somehow we survive and make it flourish. The past couple years have been difficult and many business have not made it, including some very big ones. Lessons have been learned and it is time to use those lessons to build a stronger business and future.

One of my most resilient clients, a woman owned contracting company, besides the lesson of managing money, the most important thing is managing employees. Her employees made all the difference in her business. They have looked for ways to constantly improve the company, be competitive and cost efficient. Her next challenge will be to reward the employees appropriately. We are working with her on establish a bonus plan based on her break even point and the growth of income in the business.

The recovery is here... slow... but it is here. Start thinking of what you have learned, write it down, share with colleagues and employees. Then work on the growth strategy of how you are going to build your "new business" in the new economy.

Tip of the day: Take an inventory of the business..not just counting things..but put down all the information pertaining to your business in one place and have back up copies off site.

For a business review check list give us a call at 412-440-6969

Make it a positive day folks and go Steelers!

Numbers Tell a Story

Ok admit it. When you hear your accountant, banker or other numbers type talk about "the numbers", most of us wish we were out the dentist having a root canal. This is Not the fun part of business. But...numbers are not something that just jumped out of the air to annoy you...they are the results of the decisions you made on HOW to use or spend your money. Some of the decisions you make are "wise" and some are are not. Most of us look at money as something to use..spend on what we need or want to get things done..instead of a TOOL. Looking at money as your number one tool puts you in control. Periodically we will be talking about MONEY and how you can be in charge of it, instead of it in charge of you.
Have a great day and start making a plan on HOW you are going to use your "dollars and sense" wisely.

Daily Thought: Monday

A business plan only works---if you work it. Just writing one to satisfy the "money people" and then tossing it in the corner and winging it..can and does create hard times and possibly bankruptcy.

Daily Thought: Arizona

I was struck with horror when I heard the news of the rampage in Arizona. The rhetoric of hate that dominates our politics has to cease. The words that have been so casually thrown about.... by those who seek power have found there mark.... with someone who acted put their words.

It is time we all stop and say enough us enough...we are Americans...and we live by the rule of law and fair play. We refuse to become a nation of bullies. For all those who have been silent and have sat on the sidelines while words of hatred, prejudice, extremism and threats are thrown about---it is absolutely crucial we speak and demand that we will not be part of the culture of hatred.

If not...then the risk we run is great. Once guns and violence are seen as the method to be used to intimidate and change government policy, we have lost all we thought we were.

As I pray for the congresswoman and all those who have been killed or wounded, I also pray for the soul of our nation. May we remember what we can be...instead of what we are becoming.

Happy New Year...tip of the day

May 2011 be a good year of renewed enthusiasm, vitality, creativity and energy. Tip of the day..Call me old fashion...but folks for important documents..things you do not want to lose..have back up in several ways..paper, electronic and off site. One of my clients who sold computers and related services was so proud that they went "paperless" . They had gotten rid of tons of old paper records and busy telling everyone to get with it.... especially me.
When BAM! A terrible storm came along, torrential rain, high winds, hail, lighting and POW their building was hit with a powerful thunderbolt...and every system was fried! What a mess..recovering took months.
So think back up folks ...if you cannot afford to lose it..find a way to protect it.