Free Credit report go to www.annualcreditreport.com
Before we can be of service to our customers, we need to know WHO our customers are.
ADVOCATE:These are our best customers – the ones who return to our business time again, because they LIKE doing business with us. We have proven to them that we are their advocate – we are there to help, especially when things go wrong. In return, this customer will come more often than others, he will spend more money than others, he will tell his friends and family why they, too, should do business with us – AND, he will forgive us when something goes wrong – Because we are his Advocate, he is our advocate.APATHETIC:This customer may have only visited our business once. During this visit, nothing went wrong. He received the goods or services that he paid for. But, there was no human connection – this was a transaction, not a relationship. So, when he goes home he does NOT recommend us to his friends and family, he would switch to our competitor in a minute for a $5 coupon and when something goes wrong, he will demand restitution – we have not done anything to show him that our number one concern is for his satisfaction – we have not demonstrated that we want to be his advocate – therefore, he will not be ours.ASSASSIN:This is the customer who feels that he has been treated poorly and will not rest until he has told everyone he knows that they should not patronize our business. He feels unappreciated and wants the world to know it.These are also the faces of your INTERNAL CUSTOMER – these are YOUR faces.
To serve you must become an Advocate. It is the only way to sincerely demonstrate to your customer that you care and you want their repeat business.How many of you own a Lexus? 74% of Lexus owners buy a second Lexus. When surveyed to find out why they buy the second one, the overwhelming response was that something went wrong with the first Lexus, and they liked the way Lexus handled the problem. Lexus demonstrated the proper care and concern for their customers, going the extra mile to ensure the customers were no inconvenienced while the car was being repaired.Customers do NOT expect us to be perfect. They expect us to be responsive to their needs.
Quick resolutions to problems is the BEST way to guarantee that customers will continue to do business with us.
This quote defines PERSONAL EMPOWERMENT. Realize that you, and you alone, have the ability to change your situation, simply by changing your attitude about your situation.For the rest of your life, others will tell you what to do – your spouse, your boss, your children, boyfriend, girlfriend, parents. But, NO ONE can tell you how to FEEL about what you do – only you can decide that.
Review Top 10 Secrets to Being HappyIt is not a selfish thing to take time for yourself. You spent at least a few minutes every day doing something that brings you personal joy and fulfillment. Only by serving yourself first, will you have the desire, the energy and the ability to serve others. When you fly on an airplane and the flight attendant gives the speech about the oxygen mask dropping down, if you are flying with a child who gets the oxygen first? YOU DO…..if you do not first take care of yourself, you will not be there to take care of the child.
WAYS OF TALKING: Tone of voice is body language. “Thank you for shopping with us. Have a nice day.” The meaning is lost when these words are spoken in an insincere tone.POSTURE: Don’t slouch. Stand tall. It makes you look confident – it makes you look smart.APPEARANCE; Comb your hair, brush your teeth, don’t wear to work the clothes you slept in – iron that shirt! And, don’t forget about the appearance of your building… The physical appearance of your building is an extension of body language. Be sure your space is clean and orderly. EYE MOVEMENT: “Young lady, don’t you roll your eyes at me!”Facial Expressions: SMILE – sometimes it requires practiceBody Contact: A good handshake is one of your greatest customer service tools. Be aware of another’s personal space. Tell Luray Caverns story.Laughing: Always WITH our customers, not AT them (External and Internal)
None of us is as smart as all of us.
Transcript of "Business Basics1052010"
How to Build a Successful Business<br />October 5, 2010<br />
Agenda<br /><ul><li>Business Plan</li></ul>Financing Your Business<br />Customer Service in Business<br />Promotion and Branding through Social Media<br />Resources for Businesses in Virginia<br />
Business Plan<br />Two ways to see if a business idea will work:<br />Write a business plan and see if the idea makes sense…<br />2. Open up a business and hope you made the correct decision…<br />“Guess which one has the greatest chance of success?”<br />
Business Plan Your Roadmap to Success<br />A good business plan helps set you on the road to financial success. By mapping out your goals and strategies, you’ll get a clearer picture of what your business really needs. <br />Business Profile:<br />This introduction to your business plan provides important information about your company’s business structure, key principals, professional advisors, and financial history. <br />Business Plan:<br /><ul><li>Market Analysis
Business Success Rates<br />“Writing a business plan increases<br />your chances of success by 25%.”<br />
Assistance?<br />Brett Vandyke, Assistant<br />Joyce G. Kinder, Director<br />(276)964-7345<br />Email: firstname.lastname@example.org<br />Located on the campus of SWCC, Tazewell Hall Room 349<br />
Business License & Registration<br />Determine legal entity<br />Check name availability with SCC (trademarks also)<br />Register with the SCC your corporation, LLC or/and fictitious name (www.scc.virginia.gov)<br />Check to see if a URL is available (www.internic.net)<br />Get your FEIN with the IRS (www.irs.gov)<br />Register with VA Dept of Tax (www.tax.virginia.gov)<br />Register with VEC (www.vec.virginia.gov)<br />Check with Dept of Professional & Occupational Regulation to see if you need any special permits. (www.dpor.virginia.gov)<br />Obtain Business License from local Commissioner of Revenue<br />Local fictitious name registration with courthouse<br />
Legal Entity<br />One of the most important decisions you need to make before starting your business is determining what legal form your business will take.<br />Effects personal liability<br />Effects taxes – personal & business<br />Effect the way the IRS treats you<br />Marketing reasons<br />
Ownership Structures – Determine What is Right for Your Business<br />Deciding on a business structure that is right for you is an important decision for your business. The form of ownership you select will depend on what your future business plans are. <br />Sole Proprietors:<br /><ul><li>Simple & easy to start
If no employees no additional payroll reporting or unemployment taxes
Fully responsible for the debts and obligations of their business</li></li></ul><li>16<br />Ownership Structures – Determine What is Right for Your Business<br />Deciding on a business structure that is right for you is an important decision for your business. The form of ownership you select will depend on what your future business plans are. <br />Partnerships:<br /><ul><li>An agreement between two or more persons often protected by a partnership agreement
Profits are shared according to their agreement
More complicated to start-up and usually requiring legal assistance</li></li></ul><li>Ownership Structures – Determine What is Right for Your Business<br />Corporations: (stock and non stock)<br /><ul><li>Two types: C – Corporation or S-Corporation
Owner must pay self employment tax on 100% of earnings from business</li></li></ul><li>Legal Entity<br />Accountants & Attorneys<br />Consider talking to your accountant and attorney before deciding which is best for your company.<br />Other considerations:<br />Operating Agreement<br />Partnership Agreement<br />Buy/Sell Agreement<br />
Starting a New Business<br /><ul><li>Establish a business checking account
Poor execution creating dissatisfied customers</li></ul>Creating an effective business plan will assist you in avoiding the pitfalls of running a business. Seeking professional help is another important way to avoid or plan for business challenges.<br />
How do you finance your business?<br />There are two main ways to finance your business<br /><ul><li>Equity
Debt</li></li></ul><li>Financing your Business<br />Equity Financing<br />Can be obtained through savings or investors. Investors typically receive an ownership interest in your company in return for their investment<br /><ul><li>Start up equity financing is typically sourced through yourself and people you know:
“Angel” or informal investors</li></ul>Why invest your Money in the Business?<br /><ul><li>Least costly source of funds
You are more likely to get a loan with adequate equity in your business
A business that has adequate equity is more likely to succeed</li></li></ul><li>Financing your Business<br />Sources of Debt Financing<br /><ul><li>Line of Credit – used to cover short term expenses like supplies, payroll and rent.
Credit Cards – to cover and track small expenses or everyday business expenses.
Suppliers’ Credit – sometimes a very cheap source of financing, do not overlook the value of this source.
Business Term Loan – used to purchase long term assets required to operate your business.
Leasing – used to obtain assets to run your business, may provide more flexible options than traditional loans.
Government Programs – there are many government programs to support Small Business. Investigate all options.</li></li></ul><li>Sources of Financing<br /><ul><li>Credit Cards
3 Faces of Customers(External and Internal)<br />1. *Advocate ---<br />2. *Apathetic --------------<br />3. *Assassin -----<br />*Satisfaction<br /> Chris Denove and James D. Power IV<br />
Become an Advocate<br />One that supports or promotes the interests of another<br />
7 out of 10 complaining customers WILL do business with you again IF you resolve the complaint in their favor._______________________<br />If you resolve it on the spot, 95% will do business with you again.<br />
ATTITUDE<br />The greatest discovery of my generation <br />is that a human being can alter his life by<br />altering his attitude.<br />William James (1842-1910)<br />
How to deal with Challenging Customers<br />Stay calm yourself<br />Let the customer vent<br />Deal with the emotion first<br />Avoid emotional trigger words<br />Gently confront abusive customers<br />Delay action or consult a second opinion<br />
Avoid Emotional Triggers<br />Triggers<br />Calmers<br />Here’s what we can do<br />Can<br />Thank you for telling us<br />I’ll find out<br />I understand why…<br />That’s not our policy<br />Can’t<br />I’m sorry you feel that way<br />I don’t know<br />You should have…<br />
TEAMWORK<br />Not finance. <br />Not strategy.<br />Not technology.<br />It is TEAMWORK that remains the ultimate competitive advantage, both because it is so powerful and so rare.<br />Patrick Lencioni<br /> The Five Dysfunctions of a Team<br />
How we get our news<br />▪ The first pictures of the crash were posted online via Twitpic on the microblogging site Twitter by a user who had witnessed the accident.<br />▪ The pictures traveled around the world in only a couple of minutes.<br />
What brand name comes to mind when I say ‘hamburger’?<br />
What brand name comes to mind when I say ‘soft drink’?<br />
What brand name comes to mind when people think of your product or service?<br />Your Name/Company?<br />Or Your Competitor’s?<br />
Time to Re-think Your Marketing Strategy!<br />Old/Outbound Marketing<br /><ul><li>TV Radio Ads
500 million active users<br />Average 130 friends each<br />Second most trafficked website next only to Google!<br />50 million status updates per day<br />100 million access through mobile devices<br />
More than 1.5 million local businesses have active Pages on Facebook.<br />
People with incomes over $150,000 of $200K + were seven times more likely to have 150 plus connections than lower income users.</li></li></ul><li>
145 million users<br />300,000 new users each day<br />64 million tweets/day<br />140 character message max<br />The average number of tweets per hour is around 2.7 million.<br />1382% Growth rate from in 2009<br />2 billion average tweets per month<br />
4. It takes too much time<br />1. It’s a waste of time<br />2. Why do I need this nonsense?<br />ACCOUNTING<br />5 Top Excuses For Not Joining Social Media<br />3. My customers aren't using social media<br />5. Don’t want to give people opportunity to talk negative about me<br />Twitter & Facebook makes networking easy, painless, and powerful. <br />Lines between personal and business networks are blurring.<br />Have you checked to see?<br />You have the ability to stay on top of the people you want to hear from.<br />People are already talking about you. It's better to know what they are saying then to not know.<br />
Who’s Got the Time?<br /><ul><li>None of these tools take much time to set up</li></li></ul><li>Who’s Got the Time?<br /><ul><li>None of these tools take much time to set up
But they do require regular check-ins and updates</li></li></ul><li>Who’s Got the Time?<br /><ul><li>None of these tools take much time to set up
But they do require regular check-ins and updates
You can’t just “set it and forget it.” </li></li></ul><li>How People Share Content on the Web<br />
Quick Start<br />Dedicate 15 minutes each day<br />Start posting<br />and sharing<br />news, interests<br />and information<br />Post your <br />professional self<br />on LinkedIn, <br />connect to <br />Facebook, <br />develop a Twitter following<br />Learn about each<br />tool.<br />See how users<br />Interact in <br />communities<br />Build up <br />your network<br />(aim for 10).<br />
Why Social Media for my Business?<br />Buy attention (with advertising)<br />Beg for attention from the media (with PR)<br />Bug people one at a time to get attention (with direct sales).<br />Or you can EARN attention by creating something interesting and valuable and then publishing it online for free: a YouTube video, photo’s, a Twitter stream, a Facebook page, a presentation on SlideShare.<br />
Other Business Resources<br />Sandy Ratliff, Business Services Manager<br />Virginia Department of Business Assistance<br />276-676-3768<br />email@example.com<br />www.vdba.virginia.gov<br />www.vastartup.org<br />
Virginia’sBusiness One Stop<br />Are you starting a business?<br />Virginia’s Business One Stop system can help you determine your business formation requirements and can pre-fill your business registration forms.<br />Winner of the 2009 Governor's Technology Awards<br /><ul><li>Visit http://www.virginia.gov/bos/index.html to access the Business One Stop System.
Answer a few brief questions about your business.
Receive a list of action items and pre-filled business registration forms.</li></ul>Questions? Contact the Virginia Business Information Center<br />1-866-248-8814 (804) 371-0438 firstname.lastname@example.org<br />
Business Information Services<br />To help businesses get started and to grow.<br />Formation Assistance <br /><ul><li> Virginia Business Information Center (VBIC) 1-866-248-8814
Bridges the 26 state agencies, over 100 programs and over 300 forms that may touch a Virginia business
Virginia Central Business Portal (www.business.virginia.gov)
One–on-One Counseling Sessions<br />Need Based:<br />Accessing New Markets/Sales Growth<br />Tailored Sales Development Solutions<br />Financing Resources<br />Social Media for Your Business<br />To schedule an appointment, contact:<br />Sandy Ratliff, Business Services Manager<br />276-676-3768<br />Email: email@example.com<br />
Entrepreneur Workshops<br /><ul><li>Launched October 2006
Partnership with Service Providers and localities
Provide information on available resources to start and grow a business
Small businesses that are retooling and installing new technologies
Company must retrain minimum 10 full-time employees. </li></li></ul><li>OTHER AVAILABLE RESOURCES<br />Turn to SCORE Counselors for Small Business Advice<br />Visit the SCORE Small Business Web Site: <br />www.score.org<br />How-to Advice & Info<br /> Ask SCORE for business advice online<br /> Find SCORE to locate any chapter in the country<br /> 2,000 pages of content for small business owners<br /> How-to articles offer practical business tips<br />
OTHER AVAILABLE RESOURCES<br /><ul><li>Virginia Department of Labor – Apprenticeship Program
Combination of on-the-job training and classroom instruction.
Advantage of skilled workforce and reduced turnover.
OTHER AVAILABLE RESOURCES<br />Virginia Economic Bridge, Inc.<br /><ul><li>Non-profit organization to promote the economic vitality of SWVA and the Commonwealth.
Virginia’s Business Pipeline – Online searchable database of more than 24,000 Virginia based companies, business to business marketing & RFP resource</li></ul> www.VirginiaBusiness.org<br /><ul><li>Virginia’s Linked Workforce Showcase – Designed to create business partnerships yielding contracts between SWVA and Northern Virginia by connecting companies in specific industry sectors. </li></ul> www.LinkedWorkforceShowcase.org <br />
Marketing Resources<br />SCORE = www.score.org<br />Virginia Tourism Corporation = www.vatc.org<br />Virginia Economic Bridge, Inc. = www.virginiabusiness.org<br />Virginia Department of Agriculture – Virginia’s Finest Trademark = www.vdacs.virginia.gov<br />
“ If you don’t believe in your dreams who will?”<br />