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Business Broker – Tip Of The Day

Streamline Processes for the New Year

Streamlining and standardizing procedures make daily operations easier, efficient and more effective. They are also a key to increased profitability. As you plan for the coming year, make systematizing your business more of a priority. Start with just a few. Focus on those that save you time, increase sales, or fix problems that consistently erode profit.

Edmonton Business Broker – Tip of the Day

Limit Sales Pitches on Social Media

Only 20% of your posts on social media sites such as Facebook and Twitter should be marketing messages. The rest should be about helping and informing your audience. People will follow and fan you because they’re interested in what you have to say. Sales will follow.

Edmonton Business Broker- Tip of the Day

Stay on Top of Invoicing

You’d be surprised how many businesses fall behind here. Failing to send out invoices is a sure way to put your company in the hole. Why? Because most customers who do not receive a bill will not volunteer to send a payment. Stay on top of invoicing and build in steps in the accounting process to follow up with accounts that become overdue.

Business Broker – Tip of the Day

Don’t Compete on Price

You’ve probably already put a lot of time and thought into setting your prices, and if you’re like many small-business owners, you may be barely skimming by on your current prices. That’s why it’s usually not a good idea to match the competition when their prices are lower than yours. Instead, focus on offering a superior product or service. Customers and clients will pay for it.

Edmonton Business Broker – Tip of the Day

Add These Important Extras to Your Emails

Make sure you include a signature file in all of your outgoing email–personal and business—that includes full contact details, including phone number, address and website address. This is also a great place to promote a special offer or to highlight a promotional page on your website.

Edmonton Business Broker – New Year Tune Up

One of the best ways to give your future the maximum opportunity to be successful is to make sure each new year begins with as little baggage from the past as possible. So, what grandmother used to do after a long winter, businesses need to do in December. Instead of spring cleaning, let’s do some December baggage elimination. Here are a few places to start.

Eliminate stuff: Even if you’re not a pack rat like me, you’ve accumulated stuff you don’t use anymore. If you’re not using it, sell it, give it away, or throw it away.

Digital graveyard: Don’t say you don’t have one. Whether it’s an old PC, monitor or printer–even if it isn’t broken–if it hasn’t been used recently it’s occupying valuable space. Sell it or call a computer recycling company.

Retool the team: The only thing worse than firing someone is letting an unproductive employee hold your team back for another year. The timing may seem insensitive, but it’s just an unfortunate coincidence that
the holiday season coincides with December cleaning. You owe your productive people the most effective organization possible, which often means you have to let the unproductive ones do that elsewhere

ABCDs of customers: Segregate customers into four groups, from the most profitable As to the least profitable Ds. Worship the As, cater to the Bs, encourage the Cs and teach the Ds about self-service. Customers who demand more commitment from you than they’re willing to reciprocate should be allowed to join your unproductive employees elsewhere.

ABCDs of inventory: As with customers, categorize inventory from the most profitable As to the least profitable Ds. Stock lots of As, some of the Bs, maybe a couple of the Cs, but never let a D spend one night under your roof unless it’s paid for. Remember, profitable inventory management means just-in-time, not just-in-case.

Scrub accounts receivable: Take the hit, and write off uncollectable A/R this year so you can start January with a clean list. A/R write-offs that are later collected become gravy for the new year, otherwise they’re tax deductions this year.

Each new year deserves to have the maximum opportunity to be successful, which means it shouldn’t be saddled with the baggage of last year’s obsolescence and bad decisions. By taking these steps you’ll be proving to yourself–and your banker–that you have the discipline to make critical decisions for which successful managers are known.

Write this on a rock: Don’t wait for spring. Start December cleaning today.
The Author: Jim Blasingame

Selling Businesses in Edmonton Tip of the Day

Don’t Bank on a Line of Credit

If you run your business on a line of credit, as many entrepreneurs do, you may be setting yourself up for disaster if your bank decides to reduce or eliminate your credit line. This has happened to many small business owners in the current rough economy. Try to wean yourself off your line of credit if at all possible.

Edmonton Business Broker Tip of the Day

Make Personal Phone Calls

Whenever possible, make personal phone calls to your customers. If your customer hears your voice, they will feel like your company really cares. In a world where email and other quick forms of communication are popular, you can make your small business stand out by making personal phone calls in addition to your usual communication methods.

Selling your Business Tip of the Day

Be an Energetic & Enthusiastic Leader

Negative attitudes bring the whole team down. Adopting a can-do attitude and implementing enthusiasm in your day-to-day interactions will energize your team and encourage them to look for the positive in even the most challenging situations presented.