The Bottom Line

November 18, 2008 | Link This | Email this | Comments (0)

My jewelry store is located in an outdoor retail strip center and the tenants regularly participate in promotional events—for example for the month of December there will be Dickens style carolers that roam the shopping center along with Mr. and Mrs. Claus. There are many shops in the center that create window displays full of fun items that directly relate to the event—but they never stock up on impulse buys that appeal to passers-by. For example, in October people attending the “Annual Boo Bash Parade” might duck inside to buy a scary mask or glow sticks to wear during the parade. Next time there’s an event at your strip center or in the neighborhood of your business consider carrying these inexpensive impulse buys that will give your customers the chance to get a look at your other merchandise too.

November 16, 2008 | Link This | Email this | Comments (1)

As the end of the year approaches, and the bad economic news shows no signs of slowing, many small business owners find themselves in a tough predicament—business hasn't been as good as we expected when we set our targets, forcing many to cut back on holiday events and promotions. This is not the time to stop advertising or holding promotional events. Understand the economic cycle. Things have gotten way out of whack, but the laws of economics have not been repealed. Consider the following inexpensive promotional events:

1. Christmas Carolers – Hire Dickens style carolers that will roam throughout your store. 
2. Strolling Santa and Mrs. Claus – Consider

November 9, 2008 | Link This | Email this | Comments (3)

Providing stellar personal service through a concierge used to be a perk exclusive to hotel guests and wealthy corporate executives. Today online sites are providing concierge service for both their busy customers and employees. Here's two of today's more popular mobile recommendation and navigation applications:

1. Tap4Taxi which finds taxi services in cities across the U.S. Unfortunately, it’s designed specifically for iPhones but the good news is the application only costs ninety-nine cents; providing users with telephone numbers with the touch of their fingertips, ratings, and whether each company accepts credit cards.
2. If you fly regularly will want this free application from Co

October 31, 2008 | Link This | Email this | Comments (0)

Factoring is a financing tool that provides your company with the necessary capital to operate the business, pay suppliers and grow. However, factoring is not a business loan. Rather, factoring involves selling your invoices at a discount for immediate cash. The factoring company waits to get paid, while you get immediate use of the funds.

Factoring companies make their profit on the fees they charge for their services, which start at around 1.5% of the financed receivables. Most factoring companies don't insure against non-payment. If your customer defaults, you have to pay back the money you've been advanced.

October 28, 2008 | Link This | Email this | Comments (1)

Follow-up is extremely important to growing your small business. Like anything worthwhile, consistent follow-up requires a lot of effort, but over time you'll reap the benefits of a steady stream of repeat business.

Three tools that will ensure customer loyalty:

1. Thank-you notes. Take the time to show your customers that you genuinely appreciate their business. They'll remember your thoughtfulness because most of your competition won't send out thank-you notes.
2. Birthdays and anniversaries. These occasions are very important to your customers and their families and friends. Be among the few who actually rememb