5 Tips for Effective Business Planning

Brought to you by SCORE - "Counselors to America's Small Business":

1. Clearly define your business idea and be able to succinctly articulate it. Know your mission.

2. Examine your motives. Make sure that you have a passion for owning a business and for this particular business.

3. Be willing to commit to the hours, discipline, continuous learning and the frustrations of owning your own business.

4. Conduct a competitive analysis in your market, including products, prices, promotions, advertising, distribution, quality, service, and be aware of the outside influences that affect your business.

5. Seek help from other small businesses, vendors, professionals, government agencies, employees, trade associations and trade shows. Be alert, ask questions, and visit your local SCORE office.

How Customer Service Outsourcing Can Help a Business

In recent years there’s been a growing trend in big business. Companies are seeing the potential in customer service outsourcing. This is not only a cost effective method of providing quality customer service to clients, but in many cases, it results in a better experience for the customer too. Customer service outsourcing is actually something any large business should consider.

The notion itself is very innovative. Traditionally businesses would hire individuals to work on site in providing one-on-one customer service. Although this was a great method of providing customer care it could become costly for the business. Not only did they have to pay for the salary of each customer service representative but they’d also be responsible for the overhead that came with having an on-site call center.

Outsourcing customer service is simply a more economical approach. Many businesses utilize this type of system now including banks, credit card companies as well as computer technical departments. Paying an outsourcing company tends to be much less expensive than going the traditional route.

Customer satisfaction should still be very high on the list of a company’s goals even when they use an outsourced customer service call center. This is one of the reasons it’s good to interview several different companies to discuss your needs in detail. The importance they place on customer satisfaction is typically a good indicator of how they will treat your current and future customers when representing your company.

There are different outsourcing companies that handle different areas of business. For instance, one call center may actually be responsible for providing the customer service to several different financial institutions. In this case the call center employees would all be handling very sensitive financial information and for this reason, the financial organization would want to be very prudent about the qualifications of the provider. Obviously there could be serious legal ramifications if customer’s personal and sensitive information was mishandled.

Contacting several different customer service outsource providers seems to be the best approach to finding the right fit. Their experience in the required field along with their knowledge should both be considered as important deciding factors. It may actually be more prudent to use the company on a short-term, trial basis to see how they perform and whether or not they are indeed the right firm to handle your customer satisfaction issues.

There are obviously some drawbacks to using a customer service outsourcing firm. Many of these firms are located in other countries which can cause both understanding and language issues. Another problem that some companies who utilize one of these services face is a hire turnover rate within the call center which means more training which can increase their costs.

For more on how to go about customer service outsourcing effectively, go to http://www.icustomerserviceoutsourcing.com

Article Source: http://EzineArticles.com/?expert=Louis_Zhang

Warning Signs When Buying A Franchise

I often give seminars in my local community. One question that I am asked at every single seminar is "What are some of the most common "warning signs" about a particular franchise system?" My reply is something like: buying a franchise is usually the biggest business decision most entrepreneurs will make, so one has to use a great deal of care. There are many good franchise systems AND bad ones as well.

A good indicator is how the franchise responds to your questions, and in what time frame. If they do not keep appointments, or return calls, emails in a timely manner, you may want to consider whether you really want to invest in that franchise.

I also like to see all the franchise fee’s up front, instead of buried in the fine print. I like percentage royalty fees instead of flat fees. Having a percentage fee will ensure the support from the franchise, because they have a vested interest. The more support they give, the more successful you are, and therefore the more success you experience. If you pay one flat fee per month, they get their fee, whether they help you or not.

An aspect I investigate with my clients is the franchise infringement policies. Sales can be greatly reduced if there are not strict infringement policies in place. An example is Ben & Jerry's Ice Cream. If you can buy it in the grocery store, will people frequent your ice cream store as often?

Lastly, I highly recommend to the client that they do validation calls to current franchisees. Franchisees do not mind these calls, because they have been through the process, and did the same thing. There are a variety of questions I council clients to ask. The most important question I think is “If you had to do it again, would you?” Then the follow up with “Why?”

I have experienced success in the franchise business as the owner of multiple types of franchise units. I have extensive knowledge of starting, growing, operating, and selling franchises. Like Fran Mart Connection, I believe strongly that a business should facilitate the dreams of its owner.

In 1983 I completed my MBA in small business management and entrepreneurial studies, then purchased her first franchise. I won numerous awards for quality management, and became a key “go to” business owner upon whom the Franchiser depended on to train new franchise owners.

In 1998, I successfully sold all of my franchises. Today I continue to consult in business development and work force training. I am excited about my relationship with Fran Mart Connection as an independent consultant, as it affords me the opportunity to use my knowledge first hand about franchising and business ownership. I have become is an expert in advising and coaching others in decision matrix development, and execution. If you would like more information there are two great websites: http://www.masterfranchisingandareadeveloperopportunity.com or http://www.franmartconnection.com

Article Source: http://EzineArticles.com/?expert=Katherine_Fein

The Five Imperative Steps To Starting A Business The Smart Way

I have never really thought to dedicate an entire blog post to starting a business the smart way, but I feel now that it is long overdue. Business is a touchy subject for many people. Especially if it is the entrepreneur's life goals and dreams that are on the line. I have been hearing a lot of people lately who haven't taken the necessary steps in starting their business, and they wonder why they keep hitting certain obstacles and dilemmas along the way. I have learned the following steps from experience... and now they are steps that I always make an effort to take when starting a business of my own, or helping a client get their business or new venture off of the ground.

Legalities- So you’ve got this wonderful, superior, awesome, cool, neat, and unique idea for a new business start-up, product, or service, and you’re all ready to get it up and running like yesterday. I’ve seen many cases of the “OH MY GOSH, MY IDEA IS GREAT” syndrome. The only problem is, you haven’t protected yourself before sharing your ideas with peers, investors and other potentials who may be involved in the business. If you have an idea, check around on the internet to see if there are similar products or services out there. Check inventor’s databases for lists of patents based on what your product may be. Trademark anything that is the driving-force behind your idea. As soon as you have an idea that you feel can’t be beat, be sure to contact your lawyer! At this point, your lawyer is the only person you can likely trust with your business’s trade secrets and info. Make sure to have him or her draft your Non-Disclosure Agreements for potential investors and people who would like to be involved to sign. This is imperative… really. Don’t let yourself fall victim to sleezy investors and so-called colleagues. I know many people who have, and you’d be surprised to hear how stupid their mistakes were that made them vulnerable.

Take a Step Back - I say this because to one person, an idea may seem like they just struck gold, but to others, it may seem cheesy, lame, or worst of all…. unorganized and amateur. If your idea is serving a need or cause that is currently NOT being served, you likely have a good idea. Get the opinions of good friends and spouses whom you know will be completely honest with you. There is nothing more embarrassing than putting time, money, and resources into an idea that no one really finds interesting or needed. Gain clarity on your market, and sit in a quite room. Write a list of pros and cons of this business’s start-up and operation processes. Try to go into any large commitments with a totally clear state of mind.

Do Your Research - Search the internet for similar businesses and services. Note all of their current advertising trends, search engine optimization strategies, and other important information. Order a product or consultation with them if you can. Take note of their packaging, customer service, processes, and anything else that will be useful. Take special notice of the mistakes they made, and how their processes could be improved.

Write a Business Plan - This is a must, and everyone should do it…. even if you don’t plan on gaining investor backing. This business plan should not be basic, but should be very detailed. Don’t skip over planning sections because you “know” what you will do in that situation. Having it apart of your business plan should set it in stone, depending on the direction the business goes. The business plan should be your go-to guide for what you need to accomplish. Write a corresponding list of things that need to be done to achieve goals set forth by the business plan. This to-do list should be looked at everyday….. and the motivation for doing things in a timely fashion.

Set Goals, and Dream Big. You should have an even more detailed set of goals set forth, that outlines goals needed from the business plan, and how they correspond to your personal life. For instance, a goal could be to achieve $100,000 in sales in the first quarter, and a corresponding goal could be that if this goal is met… you will be able to put a down-payment on a home in a nice area that you’ve always wanted to live in. For every goal in your business plan, there should be a corresponding personal goal as well. I find that this has helped me keep in line with my businesses, and realize how their performance directly affects my personal life. In addition, start shopping for that new home NOW! Go on home tours and realize the lifestyle you want. When you see it in front of you…. it makes it seem more real to obtain.

Terra Andersen is a veteran entrepreneur and internet business expert who specializes in fresh and innovative ideas for up and coming businesses and ventures. She is the author of the popular business blog, Better For Business. http://www.betterforbusiness.com A designer since the tender age of 13, she has seen the changes and evolution of the internet through the eyes of a child, a teen, and now as an adult.

Article Source: http://EzineArticles.com/?expert=Terra_Andersen

Purchasing Office Supplies - What You Don't Know Can Be Expensive

Granted office supplies is a rather mundane topic, but is there a smarter way to buy them? With over 25,000 items, it is a huge industry. Over the last 15 years it has been dominated by the mega national office supply companies. We all know who they are as they spend an enormous amount of money to market themselves with jingles, commercials, and flyer's making sure we don't forget them. And why not? The industry is valued at over $250 billion dollars.

At first, they dramatically lowered prices in a successful effort to eliminate many of the smaller "home grown" office supply companies. Most are now out of business. After the initial carnage, prices slowly began to rise and the transition towards internet ordering began in earnest. In 2005, commercial office supply ordering via the internet was a mere 5%. By 2010, the number is projected to balloon to 40%. Soon after, commercial internet ordering will dominate, as the days of a salesperson trekking through the office with a note pad and a box of donuts becomes obsolete. From a strict economic stand point, the overall price reduction did benefit the consumer while forever altering what was an old school business methodology.

Customers are now sufficiently spoiled to expect deliveries the next day. A hospital has two days to deliver a replacement heart in an ice chest, but in the office supply world, the need to deliver a tape dispenser the next day is all too real. This is now standard practice.

The inexperienced buyer will often look for lower prices through multiple catalogs or toggle through various websites in search of the best "deal". Perhaps saving an extra .30 on a box of file folders can be construed as doing a good job but it is incredibly inefficient. Often not calculated is the lost time and the expense in terms of wages for such an absurd exercise. Still, it's hard to get a buyer excited about office supplies and how they could be purchased more effectively.

Here's what the typical office supply purchaser may not realize. Generally, a company's operating budget is comprised of almost 97% labor expenses, 2% furniture and computer hardware, and only 1% general office supplies. Although it represents such a small fraction of the overall budget, because it is so high profile, office supplies are often the first things attacked during cost cutting efforts. Of course you need to make sure you're paying a fair price for the goods; but, even more importantly is ensuring that the procurement process is efficient. Addressing the labor associated with buying is in fact addressing the 97% of the cost rather than focusing only on the 1%.

Another change to affect commercial office supply transactions is the proliferation of corporate credit cards. Companies of all sizes now understand the ease associated with credit cards, the labor associated with paying via this method is significantly less, and if the right card is utilized, the company can earn valuable points from the card issuer. It simply makes sense.

So, if you are responsible for the thankless task of ordering the supplies for your company, know that effective buying is the result of efficient practices along with the actual cost of the product. You can have it all!

Thankfully there is a company created to assist the buyer with these inevitable trends. It offers a simple yet efficient ordering website designed to immediately produce the internet prices of both OfficeDepot.com and Staples.com. It then automatically produces an instant discount from the lowest price. Now, buyers have proof of savings, and efficint ordering on one simple site. Welcome to OfficeBundle.com. Here the buyer is given the ultimate in control. Immediate price comparisons between two of the biggest office supply companies in the world are now yours. Moreover, we like to reward the buyers directly for managing this thankless task. See how it works here. Join the OfficeBundle.com revolution!

Article Source: http://EzineArticles.com/?expert=Tommy_Andrew_Moore