How to “fire” Customer the Right Way

September 27, 2010


Post from Guest Contributor Chris Blanton, editor of Ingenious Business Guide.
Sometimes you just need to let a customer go. If a client is abusive to staff, or demanding but you’re unable to satisfy or reason with them, you may have to show them the door.
It can be valuable to periodically evaluate your customer base and jettison the ones that are no longer a fit. Many companies routinely rid themselves of their “D” class unprofitable customers. It is a valuable strategic practice that will not harm customer relationships provided you do it correctly.
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Filed Under: Customers, Management Tagged With: ,

15 Signs the Franchise You are Buying is Good

September 23, 2010


In the U.S. alone there are hundreds of franchises eager to find small business owners as franchisee. The new ones come up every month. However, you should keep in mind that for every McDonald’s franchise out there a number of other ones have been started and disappeared over the years.
In an earlier post we mentioned that you should make sure the franchise you are looking to get into is good and will make you successful as well. After all, selecting the wrong franchise can hurt you and may even wipe out your hard earned savings.
Below we have listed signs you can look for to determine if the franchise is successful.
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5 Qualities to Look for in a Franchise

September 22, 2010


The franchisor and franchisees have a love-hate relationship. They cannot live with each other and cannot live without. While there are certainly benefits to “going the franchise route” when buying a small business, particularly for first-time buyers, selecting a wrong franchise can hurt you and may even wipe out your hard earned savings.
So how do you know if the franchise you are considering to get into is a good one?
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Filed Under: Buyers, Management, Operations Tagged With: ,

How to Write Sales Letters that Catch Buyers’ Attention

September 18, 2010


Guest Contributor Chris Blanton is a former serial entrepreneur and business
advisor. He is currently editor of Ingenious Business Guide, a collection of proven practical techniques to ignite business growth and profitability. He can be reached by email and tweets under the handle @cmblanton. His guests posts appear here each Sunday.

In many situations small business owners will need to write to senior executives of large corporations. If you have dealt with them in the past you know how difficult it is to get their attention, particularly when you are trying to sell them. However, it is still possible to get their attention by using the techniques in this post when writing to them.
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Filed Under: Marketing, Sales Tagged With:

5 Myths that Hold Back Potential Small Business Buyers

September 16, 2010


In our previous post we showed several misunderstandings potential small business owners have that hurts them. In this post we want to show the other side. These are the myths that prevent many would-be owners from getting into small business. While it is certainly challenging to own and operate small business; they are not insurmountable and the rewards make it worthwhile to pursue that dream.
We hope that by understanding these common myths and realities you will not get scared by the challenges and be able to make an informed decision.
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5 Myths that Hurt Potential Small Business Buyers

September 14, 2010


Many potential buyers of small business dream of one day owning a business where they can hire people to do all the hard work and they can sit back, relax and collect money. They think of owning a small business as some form of nirvana to escape from the drudgery of everyday corporate life. It’s only when they get into it that they realize how difficult it is to own and operate a small business.
In this post we aim to identify common myths about owning a small business along with the truth the owners can expect to face.
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Do You Understand Why Customers Buy Your Products?

September 11, 2010


Guest Contributor Chris Blanton is a former serial entrepreneur and business
advisor. He is currently editor of Ingenious Business Guide, a collection of proven practical techniques to ignite business growth and profitability. He can be reached by email and tweets under the handle @cmblanton. His guests posts appear here each Sunday.

One of the most important questions business owners should be able to answer is why their customers are buying their product or services. You have to determine what benefit your customers pay for. You can employ a skilled marketing consultant to guide you in this exercise. But if you’re determined to go it alone, you can get great mileage performing a thought experiment to uncover the true benefit your client realizes buying from you.
Our consumer culture so artfully manipulates us that we are often unaware of our own motivation. For instance, examine the process of buying a new car. Why does someone buy a new car? What wants or needs does it satisfy?
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5 Qualities of a Good Business Broker

September 8, 2010


Majority of small business owners use a business broker when buying or selling their business. A business broker takes the headache out of buying or selling process and lets you focus on your primary tasks. A broker also presents you with more and targeted opportunities that you cannot otherwise find yourself. One of the most important considerations when choosing a broker is whether he/she can help you sell your business at the highest possible price in the shortest time or buy a business at the lowest possible price quickly.
However, not all business brokers are created equal. There are good business brokers and there are mediocre ones.
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How to Earn Additional Profit from Every Sale

September 6, 2010


Guest Contributor Chris Blanton is a former serial entrepreneur and business
advisor. He is currently editor of Ingenious Business Guide, a collection of proven practical techniques to ignite business growth and profitability. He can be reached by email and tweets under the handle @cmblanton. His guests posts appear here each Sunday.

Do you know that every company loses potential profit on every sale? It’s true. You could be earning much more income than you are now. The key is to reduce your price flexibility.
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10 Questions You must Ask Seller Business Broker

September 2, 2010


We mentioned in the previous post that selling your business is the second most important decision you will make. We also provided reasons why it is important to be careful about choosing a broker to sell your business. Hiring a wrong broker will not only leave you with lot of headaches; but also will waste your valuable time in the selling process.
So how can you make sure you are hiring the “right” broker for your needs? Below we have listed 10 questions you can ask the broker before making decision to engage him/her.
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