Networking: What is it good for?

If you're an extroverted chatter-box and certified ENFP on the Myers-Briggs, you probably love the idea of networking. Meeting new people and forming connections is right up your alley, and the thought of walking into a room full of strangers and making friends is your definition of a good time. 

For those who don't share that same level of enthusiasm, the idea of networking is walking into a room full of strangers - but completely naked. It's uncomfortable at best, and if they had to choose between meeting new people and watching an entire season of The Bachelor, they'd give their rose to the latter.

But whether you love it or loathe it, networking is a fundamental part of being a successful business owner. 

Entrepreneurship is often a solo endeavor. The predisposition to be self-reliant and self-sufficient reigns supreme. They keep their heads down, stay focused on the task at hand, and have lofty goals they intend to achieve. 

That...

Will that be cash or charge?

When was the last time you heard that phrase? Or - and here’s a bigger throwback for you - when someone asked if you wanted to pay by check? It seems wild that just twenty years ago, we could walk into the mall (remember those?) and leave with a new pair of shoes simply by putting our John Hancock on a slip of paper (with the logo of our favorite football team in the background) that may or may not clear once it hit the bank. 

How we pay for things continues to evolve, and as a small business owner, you must understand how these changes affect your bottom line. (Spoiler alert: It ALL affects your bottom line.) We now have cash, credit cards, debit cards, ACH payments, checks, mobile wallets, and various peer-to-peer payment and online platforms to choose from. 

So which ones should you accept? And which of them should you kick to the curb? 

The jerk-knee response is, “take them all,” right? You want to make it as...

Under promise and over-deliver.

This seems like a wise bit of advice, no?

Most of us, at one point in our careers, have made the mistake of making guarantees we had no business making. Whether from overinflated confidence, a complete lack of awareness, or just wishful thinking, you promised the moon - and then suffered the fallout when you fell short of those promises. 

Likewise, we’ve all been on the other side of the coin (or the dark side of the moon, if you will). You’ve placed your trust, confidence, and money in a person or business that promised one thing but delivered something very different. Were you a repeat customer after that? Probably not. You got burnt - and it sucks.

It’s not rocket science.

Anyone in the business of consistently overselling and under-delivering will likely not be in business very long. At least, not without the help of a very, very good marketing team.

But does this mean that doing the opposite of underpromising and...

"By failing to prepare, you are preparing to fail." 

Unexpected costs when running a business are going to pop up at the worst possible time (think giant zit right before the big high school dance kind of timing). It doesn't matter how carefully and thoroughly you planned your budget – Murphy's Law guarantees the one expense you didn't account for is the one you're going to incur. 

With that in mind, today, we're going to cover five unexpected costs you might encounter as a business owner. It's our way of giving you the upper hand…and giving ole Murphy the middle digit.

Equipment Failure & Maintenance

Nothing lasts forever, and at some point, everything from construction equipment, machinery, ovens, printers, and computers will need servicing or replaced altogether. Depending on the nature of your business, some of these will immediately negatively impact your bottom line. (If you have a print shop and your printers go up, you're in trouble.) 

...

All businesses have many moving parts and pieces that contribute to or detract from their overall success. Profit margins, supply chain and inventory issues, customer relations, inflation, funding, cash flow, and competition are just the tip of the iceberg.

If you don't want to sail a sinking ship, you need to keep your ear to the ground (or deck, maybe?) on each and every one of these. But for today, we're going to focus on three areas that are all interconnected and can significantly impact your business -- for good or for bad.

Finding Customers. 

Recruiting and Retaining Dedicated Employees. 

Developing Good Customer Service. 

• For a business to grow, you need to attract more customers. 
• More customers mean you need to hire more employees to keep up with the demand.
• More demand means more employee and customer interactions.
• More interactions mean more opportunities for employees to provide excellent (or not so excellent) customer service.
• Excellent customer...

Burnout: exhaustion of physical or emotional strength or motivation usually as a result of prolonged stress or frustration (Merriam-Webster Dictionary)

If you're an entrepreneur or small business owner, you probably don't need the dictionary definition of the word; it's a reality you're all too familiar with. Starting a business -- and keeping it operational -- is no small feat. Elon Musk describes it as "eating glass and staring into the abyss. If you go into expecting that it's going to be just fun, you're going to be disappointed. It's not. It's quite painful." 

Cheery, right?

So, why do people do it? What makes entrepreneurs take the long, hard path with no shortcuts and no guaranteed success? Why the hell would someone choose to take "the road less traveled" when there are plenty of other safer, less tumultuous options out there? I know Robert Frost claimed it made all the difference, but to what end?

Because you want something more. Because you don't want to settle....

If your decision-making skills closely resemble a squirrel trying to cross the street, keep reading.

As a small business owner, you are confronted daily with (what feels like) thousand-and-one decisions -- many of which you don't even realize you're making. But even though you're getting a ton of practice, there is always room for improvement. Effective decision-making is one of the most powerful tools business owners have to drive action; cultivating this skill should not be overlooked. 

 The process of decision-making falls into two broad categories: Intuitive and Rational. Intuitive decisions rely on a "sixth sense" or "gut feeling." They tend to be more emotional-based and influenced by a person's mood. These types of decision-makers are looking for an outcome that feels right. Meanwhile, rational decisions are based on data and facts. It's a more black-and-white approach that has little regard for the emotional consequences and prioritizes an outcome that makes...

"When you stop growing you start dying."

This cheerful little quip (credited initially to William S. Burroughs) is a poignant reminder for small business owners that becoming stagnant isn't an option if you want to be successful. And that's the goal, right? If you want to create long-term success - not to mention survive the competition - you can't rest on your laurels or settle for the status quo. You need to be proactive.

One of the ways you can do this is by increasing the value of your business. This can lead to better profit margins, happier employees, more satisfied customers, and scalability - which means you can continue operating for years to come (or at least as long as you'd like). 

You can add value to your business in various ways, some of which are entirely free while others require a bit more time or money. Below we've listed seven areas you can focus on today to get started.

Review the Current SOPs

Standard Operating Procedures (SOPs), when done well, are...

Owning a business is a dream for many. And by purchasing one that’s already up and running, you avoid the headaches, stress, and risk of starting one from scratch. It’s sort of like adopting a teenager instead of a newborn. You already have a pretty good idea of what you’re getting into. 

But like teenagers, there’s an element of the unexpected and still plenty of mistakes you can make. To help you navigate this new territory, here are 7 Common Mistakes to Avoid When Buying a Business.

Mistake #1: Not understanding why the business is for sale. 

Seller motivation is always one of the first things you should look into. There are plenty of legit reasons why someone would want to sell their business. They might be planning a cross-country move, want to explore a new industry, or are simply ready to retire. It could also be because it’s hemorrhaging money, they’re having trouble retaining employees, the production costs are too...

Great Expectations: How Long Does it Take to Buy a Business?

Making the decision to buy a business is a big one, especially for first-time buyers. And it's also very exciting - the idea of being your own boss, taking those first steps to entrepreneurship, or generating more income are all appealing goals. 

In that excitement, however, it's important to remember that the actual business acquisition process can be pretty lengthy. (This isn't one-click Amazon ordering.) There are a lot of steps to get you to the finish line, including research, market analysis, due diligence, securing funding, and negotiating contracts. Managing your expectations from the starting block will keep you from getting discouraged along the way if it ends up taking longer than you initially imagined it would.

So, give it to me straight. What sort of timeline am I looking at?

There's no one-size-fits-all answer to this question, but on average, you can expect it to take anywhere from 6 - 12...