Best Read Friday - Making Customers Remember You

CUSTOMER LOYALTY EARNED...

From the local grocery store to the hotel to the car dealership, customer service can make or break the desire to continue to spend money.  Rolling out the red carpet can increase the revenue just by word-of-mouth and social media.  But a poor remark on twitter can be costly depending on the number of followers and social media rank of the customer.  

Check out this article on the ways to increase customer satisfaction with some real-life examples of how companies go the extra mile to retain customer loyalty.

For more information on gauging customer loyalty as it relates to successful businesses, please be sure to check out the book Get A Clue - 10 Steps to an Executive IQ.

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Posted in: bad business,business planning,customer experience,customer service,Get A Clue,new business,Temeko Richardson

Customer Service Lows Are Competitor Highs

STRIVE FOR THE BEST...

The most valuable asset for any company is the customer. Therefore customer satisfaction has to be balanced and sometimes must overshadow revenue when it comes to preventing customer turnover.  But companies are missing this fundamental perspective and competitors are rightly taking advantage. In the past few years, I have witnessed smaller companies to large Fortune 500 conglomerates forget this fact. 

So what is causing some companies to be arrogant with how they deal with their customers?

Higher Revenue.  The profit margin is the biggest culprit.  The more revenue realized, the less loyalty can mean to the company.  Normally poor decisions are being made because the true reasons for the higher revenue have not been revealed (e.g. lower quality products and services, cheaper employees, high volume low paying transactions, or overpriced charges for a few customers who don't bother to research for lower prices). The increase in revenue may have nothing to do with more satisfied customers.

High Demand.  This can oftentimes cause salespeople to be more condescending and unscrupulous by browbeating or daring a customer to take their business elsewhere. If what is being offered is in high demand and the timing is not optimal to switch to the competitor, the prices rise and the service lowers. It appears the higher the demand, the less respect and loyalty the customer should expect.

Customers can make or break a company.  It is evident in the online reviews on Yelp, Facebook, BBB, Yellow Pages, Google, and the like.  It is better to satisfy a paying customer than to lose recurring business or potential new business.  Customers do matter and are absolutely worth the loyalty and the respect.

For more business tips, be sure to purchase the book, Get A Clue - 10 Steps to an Executive IQ or check the wealth of videos on the YouTube channel.

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Posted in: bad business,business planning,business referral,customer experience,customer service,Get A Clue,revenue,Temeko Richardson

A Business Spending Makeover

SLASH SPEND FOR PROFIT WIN...

Between the holiday seasons, the end of year closing and getting ready for next year’s new business, every business owner must take the time out for a financial makeover.  This should not be too intrusive but effective, nonetheless, in revamping the spending patterns to increase the bottom line that can be used to reinvest in the business.  Here are a few tips to reduce those expenses and maybe give bigger bonuses at the end of the year.

• Hire People from the Cloud.  There is no need to keep people on the payroll indefinitely if there is not constant work.  Cloudsourcing is better for hiring qualified remote professionals that are only needed for specific short-term assignments like graphic design, writing, and event planning/scheduling.  And there are plenty of alternatives to global outsourcing for the cheapest labor since plenty of quality resources are available on sites like ODesk and Freelancer.
• Move the technology to the cloud. Unless the work and productivity require installed software, look to cloud solutions that cost less and require no manual interventions and desktop support for employees.  The monthly or annual subscriptions may cost more in the long term but it frees up time and money over time.  For small businesses, hire an intern to review all the applications that exist for the mobile market and there might be one that has minimal to no cost.  For large corporations, hire a technology implementation consulting firm to identify what enterprise solutions can be streamlined to run leaner.
• Leverage Social Media for Marketing.  Television and radio spend can blow a marketing budget especially since a consumer requires hearing a message 7 – 10 times before purchasing a product or service.  Use Facebook, Twitter, Vine, Pinterest, StumbleUpon, and Instagram to stay relevant and promote new products.  Of course, there is the price to pay for sponsored Tweets and Facebook ads but that reaches more people in specific demographics and can be reposted enough times to generate sales that would pay for the promotional spots.
• Eliminate dead beats.  True, tis the season to be jolly and giving but not silly.  Complete a clear evaluation of anyone charging to overhead.  Are they holding their weight? Can their tasks be combined with another person’s?  Are they best suited in another role that can be charged back to a client?  And to make this less personal and more about business, a third-party can review and make unbiased decisions that you might have been afraid to make.
• Video/Tele-conference.  At the end of the year, the best way to curb expenses is reducing travel.  By this time of the year all the relationships should be sturdy enough to be absent in person for a couple of weeks a month.  Skype, join.me, WebEx, and even my least favorite (Lync) all have conference capabilities to allow any meeting to go on as scheduled with each participant sharing their desktops and mobile devices where necessary.

Makeovers are intended to enhance the beauty and there is nothing more beautiful than looking better financially when the spotlight is on the spending.  Use these tips quarterly to save big and possibly influence your outlook on changing your personal finances around for the better. 

For more business planning, be sure to follow this blog at blog.therlcgroup.com and pick up a copy of the book, Get A Clue - 10 Steps to an Executive IQ.

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Posted in: business continuity,business expert,business plan,business planning,business spending,eLance,Entrepreneurship,financing,Get A Clue,join.me,oDesk,skype,slashing spending,Temeko Richardson

Before Referring Business, Think Again

Make Referrals That Work...

Nowadays it is rare to hire vendors or contractors who have the expertise they claim to have.  The old boy network has grown so much that there is hardly any real knowledge because it is overshadowed by who people know to get the foot in the door.  On the opposite side, there are plenty of "solopreneurs" who claim to be experts in many fields that don't require any certification or proof by example.  This is why it is important as a business professional to be cautious about referring others that have not had proven results for your company. Good referrals keep your reputation intact while bad ones can dampen solid relationships.

Before you refer someone else's services/products, do the following:

1). Get a clear understanding of the desired results.
Vague results leave too much room for interpretation. It increases opportunities for people to be taken advantage of if they don't really know what they want.  This normally means there will be additional costs to outline what the expected results should be before even knowing if it can be achieved.
2). Recognize that hard work does not mean the right fit.
There are plenty of individuals who work hard but that does not mean they have what it takes for a particular position.  If the need requires aggression and the person is a passive task-taker, it is not a good fit.
3). Ask if some free or discounted services/products will be provided as a guarantee of work.
If what is asked for is not delivered, at least there will not be a full price paid by one of your colleagues. This eases the burden off of you if what was asked was either not delivered or poorly executed.

The people with whom you are associated is a reflection of you.  Do not risk longstanding relationships for uncertain potential.  In business and in life, relationships are priceless so protect them.

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Posted in: business expert,business planning,business referral,referral,referring others,Temeko Richardson,The RLC Group

Best Read Friday - Using ObamaCare To Run Lean or Mean

As anticipated, corporations are taking advantage of the ObamaCare mandates as an opportunity to either clean house or run lean.  As noted in my post last week (ObamaCare and the Business Fare), businesses with over 50 full-time employees and an average company annual salary of at least $250,000 will need to contribute to the workers' health benefits.  It appears some research of over 300 companies has prompted a drive to cut back on hours, furlough workers, and increase workload in areas where 1 person can really do the job of 3.  Read this Investor Business Daily article to see the latest in corporate activity partly contributed to the October 1st implementation of ObamaCare.

And check out this video to see if these corporations are running lean or running mean!

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Posted in: 2013 government shutdown,business expert,business planning,Government Shutdown,ObamaCare,Temeko Richardson,The Truth about Obamacare

Being Prepared for the Worst

DISASTER RECOVERY REQUIRES A PLAN...

Natural disasters like hurricanes, tornadoes, floods, earthquakes, explosions, and fires are happening all too often.  The shift in reasoning for the good of the American people in the United States government should have everyone on watch for potentially worse calamities than last week's government shutdown. It has been estimated that 40% of businesses closed by an unforeseen situation never reopen and 72% of nonprofits never regain footing - impacting the individuals they employ or serve.

Here's how both business and non-profit leaders can properly prepare for the worst:

1) Create a business continuity plan.  Identify what is required to have on stand-by for the basic operations to run without delay. This plan should include the individuals responsible to put the plan in action, named alternate locations, several months (recommended - six) of allocated funds to enable the minimalist approach to operating, and disaster recovery plan for data/storage/servers.
2) Develop a communication plan for employees, customers or donors.  Implement a strategy to get the word out to employees who do not need to come into work or telecommute.  There should also be a plan to identify who needs to be on-call or readily available at alternate locations.  Customers or donors will also need to be sent an email to alert them of the situation and that all precautions have been taken to ensure their personal identifiable information is protected and secure during this transition period.  For those expecting pay or assistance, they will need to be informed about how this will work or if there will be any slight delay.  This should be clear by understanding the employee, customer, and donor makeup of the entity. (Read Chapters 3 - 5 in my book, Get A Clue - 10 Steps to an Executive IQ).
3) Keep telecommuting options open.  Ensure the VPN, firewall, and security measures are offloaded to a third-party agency outside of the company's local area to minimize risk of downtime.  Do not expect cell phones to be the only mode of communication.  Email and secure messages provided on the company network should be able to continue without interruption.
4) Start moving systems to the cloud.  Get over the "I need to keep my data inhouse" syndrome.  There are reputable cloud companies that provide storage space, database and business intelligence analytics systems, sales, marketing, inventory, and ordering systems.  Identify the systems with the most valuable data and operational impact and create a 3-6 month plan to move that data to a cloud solution.
5) Revamp contracting with government agencies.  The post on the 2013 Government Shutdown and the follow-up one on  Lockheed Martin furloughs should explain this perfectly.  Shore up enough contracts that will allow you to keep people on the bench and still maintain profit in case of issues.

This type of planning needs to be realistic, familiar, tested, and proven.  But it can be done as long as it is well-thought out and constantly updated.  In the words of John Wooden, "Failing to plan is planning to fail".

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Posted in: 2013 government shutdown,business continuity,business planning,Cloud Computing,Entrepreneurship,entrepreneurship contracts,Get A Clue,program management,project management,Temeko Richardson

Best Read Friday - Time Is Money So Delegate Wisely

Time is Money...

The old cliche that time is money stands out for any entrepreneur or gainfully employed person who plans to moonlight to change careers. It resonates more with vendors who charge for services rendered like athletic training, spa treatments, plumbing, electrical, and HVAC needs.  The longer they are on the job, the more money made.  Therefore, the more they are away from the job or commuting, the less money they make.

Correct.  No one does it better than you. However you are the only one who can save you.

This article identifies when to acknowledge that time is not on your side and help is needed.  It outlines when to outsource to free up time to handle other responsibilities and enjoy life's most precious moments.

For more information like this, check out the YouTube channel and the video excerpt on Subcontracting and Delegating without Losing Control.

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Posted in: business expert,business planning,career change,Delegate,Entrepreneurship,Temeko Richardson,The RLC Group,Time,Time management,time.com

Video Series - Running Business On a Diet

Measure the Fat in Business...

It's just as important to have a lean business as it is a lean body.  Trimming fat helps sustain longevity and keeps creativity flowing. 

This may mean a change to who is employed based on productivity and the mission of the company.  It can also mean finding alternative ways to achieve the same goals without overspending.

Check out this video for tips on how to start running a lean business.  http://youtu.be/FUy22crG78w

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Posted in: business expert,business planning,consulting,contract work,employment,Entrepreneurship,Get A Clue,productivity,program management,project management,Temeko Richardson

Best Read Friday - Richard Branson's Funding Pitch Advice

Richard Branson...Virgin Group Founder

Over the last three weeks, we have focused on the business plan in a two part video series (Part I and Part II) and how all the pieces need to come together to structure lending and venture capitalism in last week's Best Read Friday.  

The test comes when the meeting is set up with potential lenders or investors. You must convince them that the plan is so airtight that eventually they will get some return on their investment.  In a nutshell, they don't want to just throw their money away.

Here are some tips on what to mentally prepare when speaking to potential investors when pitching your entrepreneurial creation.  Not only are these tips proven but specifically called out by billionaire entrepreneur and Virgin Group founder, Richard Branson, in this article as successful tools to keeping the interest of the investor.

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Posted in: business expert,business plan,business planning,Entrepreneurship,Richard Branson,Small Business Administration,small business expert,Temeko Richardson,Virgin America,Virgin Group

Limit Business Plan Mistakes and Increase Funding

Gotchas of the Business Plan...

The two part video series posted on this blog on developing a business plan over the last two weeks (Part I and Part II) helped to gather the specifics.  However there are some nuances that might need to be corrected to make sure all the appropriate information is in order to secure funding from lending sources or venture capitalists.  

 Check out this article to prevent from making mistakes of either overloading or under-fulfilling the information needed for funding from the business plan.  http://www.entrepreneur.com/article/81188

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Posted in: business expert,business plan,business planning,Small Business Administration,small business expert,Temeko Richardson

Video Series - Essentials of a Business Plan Part II

Part II...

Hopefully you completed gathering the information for the first part of your business plan from last week's lesson.  http://youtu.be/CMtXiF8WRxg 

Watch this video for the second part to the series to complete the business plan to determine if your business idea is viable and prepare for financial planning for the sustainability of the business.  
http://youtu.be/bzh-Waht1j0

For more information,be sure to follow my tweets on http://twitter.com/temekoruns and my blog at http://blog.therlcgroup.com

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Posted in: business expert,business plan,business planning,small business expert,Temeko Richardson

Video Series - Essentials of a Business Plan Part I

PART I - Starting with an Idea...

It is not enough to have a burning desire to be your own boss, leave the corporate world behind, and do something you like by your own rules.  There must be a plan to make sure it is thorough enough to last beyond a couple of years.  This two part series provides a blueprint for the aspiring entrepreneur who wishes to put a plan together and seek funding to pursue their interests.

Check out Part I of this video series to start the planning efforts:  http://youtu.be/CMtXiF8WRxg

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Posted in: business expert,business plan,business planning,Small Business Administration,small business expert,Temeko Richardson