Customer input

I often wonder just how many businesses really listen to their customers.

A business owner I know has just introduced a new product line. It’s innovative and the products are nicely designed and he has started to nationally promote the product. Orders are coming in and customers like the products.

An interesting thing has happend. Customers and prospects alike have started to provide unsolicited ideas for wonderful improvements and extensions to the product line. One customer suggested exhibiting at a national trade show for the purpose of not only selling but to solicit critiques.

Imagine the valuable information this owner will collect by getting comments from the hundreds of people who will go by his booth. Most businesses who exhibit at a trade show do so solely for the purpose of building product/company awareness and selling their offerings. It could be that they are missing great opportunities for input into new products and product improvements by not soliciting input from people who stop by their booths. What an interesting idea.

From customer input already received, the business owner has already extended his product line. Just think of the potential of great ideas that can result from asking questions of potential customers at the show.

Will Limkemann
www.siqualtd.com

Interview on WCPN 90.3 Cleveland

Listen to my five minute interview with Eric Wellman on home businesses. WCPN 90.3 Cleveland

Will Limkemann
www.doublewarepub.com

Employees

Columbus Woodruff, CEO of Hot Cards, spoke today at the West Shore Entrepreneurs Club luncheon. One of the key points he made was that employees are more important than customers and should be treated as such.

He suggested that if the richest person in town comes to your establishment to make a million dollar purchase but there are no employees in evidence, or that the employees are rude, no purchase will be made. Employees who are made to feel important, are well trained and compensated, will in turn attract customers and make them feel important. Sage advice.

Will Limkemann
www.siqualtd.com

Twittering

Here is a good article about how some businesses are effectivly Tweeting to improve customer satisfaction and get new business.

Home business scams

In an effort to get an even better understanding of home-based businesses as well as promote my new book, I have become active in Twitter and home-business-related LinkedIn groups, and have been reading many blogs relating to startups and home businesses.

What has surprised (although it shouldn’t) and upset me are the huge number of get-rich-quick schemes targeted to a growing population of people contemplating becoming their own bosses. Many are outright scams promising huge incomes after buying a starter kit or otherwise sending in money. Others are simply questionable schemes. With the huge number of multi-level marketing (MLM) schemes being promoted one could easily be led to believe that there is no other way to have your own business. Unfortunately, MLMs generally provide riches for a few and disappointment for many.

All of these scheme have a common theme: wealth for the promoter. They do not take into account the needs, passions, desires, and skills of the potential entrepreneurs. Anyone starting a business should first examine what they are passionate about, what their skills, experience and training qualify them to do, and then find a business model that will work for them. If the model dictates getting in league with an outside party, check the business out carefully, research, research, research, and be satisfied with reference checks before signing anything or, heaven forbid, paying up-front money.

Will Limkemann
www.doublewarepub.com

Is NCR move worth the financial and human costs?

One of the many reasons I like working for myself, especially as a home-based business, is that I can live and work wherever I want. Early in my career I worked for corporate America. I left my corporate job for a variety of reasons, not the least of which was the fact that in five years the company uprooted me (and my family) three times. When all signs pointed to yet another move in order to climb the corporate ladder, I said “enough” and left. Now, I understand that multi-national companies want and need to put the right people in the right locations. But there is often little consideration for the needs of the individual and the devastating effects of moving a family. Refusing a move is almost considered insubordination and one can easily be overlooked for the next promotion.

Now, consider NCR, an old-line business that has been in its founding city, Dayton, Ohio, for more than a century. NCR announced this week that it is moving its headquarters to Georgia where the state has offered an $8 million incentive. The move, according to NCR, will cost upward of $30 million. (How does an $8 million incentive offset a $30 million cost?)  NCR, the second largest Dayton employer with a payroll of around 1300 workers, has an economic impact to the Dayton area and to Ohio of over $100 million – money that will soon disappear.

But consider the fate of the 1300 workers. I don’t know how many of them will be terminated or how many will be offered job transfers. What matters is that every family will be traumatically affected by this company move. Those who transfer will uproot their families. Those who stay behind will have uncertain job prospects. Who wins here?

I have no idea what has prompted the NCR move. Could it be the CEO prefers Georgia golf courses? My question is this. Is it really worth the human costs and the cost to shareholders for a business to pull up its roots and transplant itself hundreds of miles away?

Will Limkemann
www.siqualtd.com

Shift in Lending to Small Businesses

According to a June 2 report in Business Week, the SBA is seeing a shift in lending patterns to small businesses. While traditional business loans are down, credit cards are becoming more available to small businesses. This is particularly good news for home-based and other micro businesses whose credit needs are relatively small. See the full article here.

Will Limkemann
www.siqualtd.com

Free Publicity

I have just returned from a taping of a five minute segment to be aired locally on NPR’s Morning Edition show Friday Morning. The interview was the result of a simple suggestion I made to the station and presenting my credentials as an expert on the subject.

This experience got me to thinking that every business person is a specialist in his or her field. But I fear that most people don’t take the time to tap into their expertise and create an interesting story about their expertise. They certainly don’t leverage their expertise to effectively promote themselves and their businesses. There must be countless opportunities for telling your story. Radio stations, TV stations, even newspapers have space to fill with interesting and compelling stories. Best of all, media publicity is free and is viewed as much more credible than paid advertising.

There are even books waiting to be written.

If you don’t feel you are an expert, become one by doing reading and listening. I’ve heard interviews with more than one author who became interested in a subject and by the time the book was written had developed into an expert!

Will Limkemann
www.doublewarepub.com

Why some businesses succeed

Why is it that some small businesses seem to succeed against all odds, while others seem to be doomed to failure from the start?

Watch this video for some of the keys to a successful small business.

SWOT Analysis

Are you considering a new product or service? Have you been thinking of expanding into new markets? Are you hoping to grow your business? Whatever your objective may be, a SWOT (Strengths Weaknesses Opportunities Threats) analysis can validate whether your goal is achievable and help you to determine the steps needed to achieve the goal. Discover how to a method and the benefits of making a SWOT analysis in my summer newsletter.