Thursday, October 29th, 2009
David provides an economic update, relaying to listeners some good news for the economy.
Guest Robert McDowell, Vice President of Information Worker Business Value for Microsoft, provides valuable advice for businesses looking to generate a better return on their technology investments. These IT investments include hardware, software and personnel. He discusses how Microsoft works with other vendors to create efficient business solutions.
Getting Value from Technology
Posted in Getting Down to Business, ROI, Small Business, Technology | No Comments »
Wednesday, October 28th, 2009
In October’s edition of Business/News & Views®, you will find some great advice on blogging for small business, pricing for profits and protecting your business’ wireless network. David Weatherholt also provides an economic summary, including unemployment figures, personal income and consumption and the national GDP.
We write Business/News & Views® for your small business, so we are certain you will find the articles informative and useful.
Click here to read October 2009’s Business/News&Views®
Posted in Business/News&Views®, Marketing, Reducing Business Expenses, Small Business, Technology | No Comments »
Friday, October 23rd, 2009
What does it cost?
Have you ever gone to a local store because of their advertisement? And have you been disappointed by the overall customer experience?
The company, you add the name, just wasted valuable advertising dollars on poor customer service. Buy low. Sell high. Keep the difference. Customer service is an expense that increases businesses costs, the buy part of the equation and reduces the difference. Businesses face a myriad of costs from credit, insurance, bank and credit card fees, labor, shipping, travel, taxes and now add the cost of customer service, wow!
If you can pass all of these costs along to your customers and remain competitive, great. If not, then your profit margin takes a hit. In business someone has to pay every cost (although the government is trying to change that). The simple choice is; either you or your customer. If the business does not pass a cost along to the customers, then they are paying. The question, are your pockets that deep? Will your customers accept these costs?
There is a way to take charge and reduce businesses expenses. These are scary times to be in business and determining the real cost of doing business may be something you would rather not know. The good news is that a close examination of business expenses will identify areas that are controllable. Armed with this information, a plan can be developed to trim costs and increase profits.
Customer Service is one controllable expense that, when addressed, will produce a win/win for you and your customer. Advertising should always be looked at as an investment in your business. Creating and implementing effective advertisement is a great way to increase sales. You are buying leads to interested potential customers. Customer service converts these leads to sales.
If the advertisement effectively attracts potential new customers, it has done its job. If this potential client is converted to a customer returning again and again, then your investment has paid off. If, however, a potential customer has a bad buying experience, then your investment in advertising has turned into a business expense that should be reduced.
The value of a new customer can be calculated, and that final number may surprising. In a simple example of a restaurant bringing only $10 per customer means that single customer represents over $1,500. If you spend $5,000 on an advertising campaign that produces 10 new customers…well it doesn’t take an MBA to figure out this was a good business decision. Using the “New Customer Value” worksheet is the tool needed to calculate the value of a new customer. The sheet is available in two formats, an Excel spreadsheet containing formulas and a PDF file for hand calculation. Click to download below:
Value of a Customer Worksheet (Adobe PDF)
Value of a Customer Worksheet (Microsoft Excel)
During economic downturns you will have time to closely examine your business, make corrections, and be ready for the inevitable upturn, returning with a leaner, more profitable company. Knowing the value of a customer, new and old may not only pleasantly surprise you but become a helpful tool for measuring your advertising investment against the benefits produced. Your staff can see the economic value of providing good customer service, which promotes the success of your business, moving it to the next level.
Posted in Customers, Marketing, Recession, Reducing Business Expenses | No Comments »
Saturday, October 17th, 2009
Having a great strategy is only the first step of a successful business. Dave’s show this week is about putting legs on your strategy and giving you tips for effective implementation.
Dave’s guest is Dwain DeVille, author of The Biker’s Guide to Business. Dwain is an entrepreneur coach and asks, “What do entrepreneurs and business leaders have in common with bikers?” The answer? More thank you think!
In the news, Dave alerts small businesses to the opportunity of applying for grants and stimulus money. Someone has to get it. Why not you?
Listen or download here:
The Tragedy of Strategy
Posted in Business Planning, Entrepreneurs, Getting Down to Business, Small Business | No Comments »
Saturday, October 10th, 2009
What is social networking? Does your small business need it?
Dave finds out what his Facebook page and Twitter account really mean. His guest, Mindy O’Neill, is the Director of Integrated Marketing for news magazine Alaska Dispatch. She imparts her social media expertise to Dave’s listeners (and Dave himself!).
Listen or download below:
Making the Right Connections
Posted in Getting Down to Business, Sales | No Comments »
Saturday, October 3rd, 2009
Tourism is 11% of Alaska’s economy, so a small change in growth can affect the state dramatically. What will tourism look like in 2010?
Dave welcomes Julie Saupe to the show. She’s the President and CEO of the Anchorage Convention and Visitor’s Bureau and provides a forecast on the upcoming 2010 tourist season.
How can small businesses that depend on tourism weather the economic storm? Dave’s next guest, Amanda Cullen, gives small businesses advice for reaching their customers– and it might surprise you just who she thinks is your customer. Her company, Zoo in a Jungle Marketing, specializes in small business marketing.
In the news, Dave talks about the credit crisis still plaguing small businesses, even while larger businesses see credit loosening. Dave’s moved “Getting Down to Business” over to station 1080 KUDO, and he’s excited for the new opportunities this station provides.
Listen or download below:
Alaska Tourism Report
Posted in Alaska, Getting Down to Business, Marketing, Small Business | No Comments »
