March 12, 2008

Can You Stop Your Business from Becoming Extinct?... See
Quantum Growth in Your Business... Why Once a Year Isn't
Enough... Get Back on Track with a Fresh Outlook...
and More.

** Can You Stop Your Business from Becoming Extinct?
By Adrian Newman, Founder of e-Wealth Daily

There's no question that technology has improved the lives of many people. When you look at certain careers, you probably wonder how people ever did their jobs before the invention of such technology as computers and cell phones. Think about journalists. Before the advent of the Internet, working for a magazine or newspaper was a lot tougher in terms of gathering research, checking facts, and contacting people while on the go.

However, for some people, technology may actually be ruining their careers. Technology is actually bringing some businesses to the brink of extinction. Is your business becoming obsolete?

If you're the owner of a music store, bookstore, video store, or various other establishments, you might be worried that technology will end up being the bane of your business.

People who run music stores are losing out because MP3 players and on-line music are taking over. There are now e-books and people buying books on-line, and if you're not a big- box bookstore, then you're probably suffering. Renting a video is also becoming an antiquated notion, as people can rent movies by pay-per-view services right from the comfort of their home. These are just a few examples.

Here's what you need to do: Forget about dwelling on potentially becoming obsolete and get a plan together. There are ways to keep in touch with today's shopper and keep your business running for years to come.

For starters, getting your business on the Internet is essential. If you don't have a web site yet, you are already behind — no matter what type of business you have. An Internet presence allows you to advertise to a whole new market demographic on the cheap. Not only that, but you can also adapt your business to change along with the times.

For instance, if you have a bookstore, you can start selling books on-line as well as through your actual store location. Start selling DVDs on-line if you run a video rental store. Things like this will allow you to find new customers.

Second, you have something that people still need — customer service. You have to give your customers something they can't get from a web site. You have to give them personal attention when they are in your store. People will still buy books, rent movies, and other things of this nature, as long as there are people willing to find the perfect novel for them or introduce them to a classic film that they will love.

This is what people love about going shopping. They want to take advantage of the service and the opinions of the people running the stores they visit. So make sure that your customers know what they would be missing out on if they started shopping on-line or if they only rented movies over the phone.

Your business will only become obsolete and cease to exist if you allow it to. Be proactive with these changes in consumer behavior and technological advancements. Take charge of your business and you will keep your customers coming back.

If you are looking to grow your business quickly and want to add a few more zeros to your bottom-line figures, then you need to take a more aggressive approach. As I've mentioned, I'm a fan of the "keep your loyal customers loyal" approach, but if you want to see explosive growth to your customer base - - and revenues — you need to get many new customers through the door as quickly as possible.

I've recently read that the winning businesses of the 21st century need to use "hybrid thinking" when it comes to growing their customer base — meaning getting new customers quickly while using customer satisfaction techniques to ensure that they become loyal, repeat customers.

Furthermore, you can't afford to become lax; you need to do this every year that you are in business. Why? Because if you don't, the competition will continue to expand around you and eventually other businesses will knock you out of the market.

Here's what you can do to stimulate new business:

For example, you may offer a "good" "better," and '"best" service for car detailing. Your competitor may offer just one option and one price. This way, people can have a choice of spending $19.95, $29.95, or $49.95, for example, at your business instead of the one set price of $34.99 that your competitor is offering. Depending on the level of service that a customer wants done on his/her car, you can offer several options, which will lead to more streams of income for your business. There's no way your competitor's $34.99 one-price- fits-all option can beat the variety that you have to offer.

** Why Once a Year Isn't Enough
By John Hurd, Chief Wealth Researcher

I've heard from friends and colleagues all about their worries and woes as they try to assess a year's worth of business in just a few weeks.

While many people learn the first time around and plan for their tax preparation early, I'm still shocked at the number of small business owners who needlessly make these end-of- winter months their most stressful time of the year.

It seems to me that the process of checking to make sure your finances are in order is something that most people fear. No one wants to see that things may not be going well, but ignoring a potential problem will never fix it.

The way I see it, the best way to reach any of your goals is by being able to track your progress every step of the way. This is essential not only in your personal life, but also when it comes down to the important numbers generated by your business.

Just as you are making daily and weekly updates on your progress towards your life goals, you should also be checking the books and reviewing with your accountant the financial progress of your company.

And if you don't have one already, you should have your business finances looked after by a certified accountant. You already have a lot of things on your plate, and by taking on too much of the responsibility. you could cost yourself a lot of money on even the smallest error.

Now, this may all sound like common sense, but, unfortunately, there are many people who would rather focus on their end goals and push aside the steps that must be taken to reach them.

The good news is that it is never too late to start taking control and overseeing the important steps you are taking towards meeting personal and financial goals every day. And if your schedule doesn't allow for a daily review, set aside time on at least one day each week for a quick evaluation.

When you have too many appliances tapping into the same power source, you'll blow a fuse. Leaving your cell phone turned on for too long results in the batteries running out. When you've been driving around all day, you'll run out of gas. Basically, when something is overworked, it runs out of energy and has to be replenished. The same is true for you.

It can be easy, especially when you're working for yourself, to get caught up in doing too much. It always seems like there is something that must be done, and taking a break to divert your attention, even in the slightest, is a complete impossibility. Well, although it seems like working 24/7 is the only way to get everything accomplished, let me assure you that it is not.

Every once in a while, it's important to listen to your mind and body, take a step back and allow yourself to recharge.

There a number of ways for busy bodies to recharge; from taking a day or two off every once in a while, to going on vacation or even taking brief breaks throughout the course of the day. After all, you'll need to clear your head.

In fact, sometimes taking five minutes or so a couple of times a day to collect your thoughts can work wonders for your business' progress. Clearing your head allows you to get back to the task at hand with a clean slate and a fresh perspective, allowing you to see things differently than had you kept charging through.

Although hard work is required is required in order to experience success, it is important to have a healthy balance of leisure time. By focusing all your attention on the business, you'll begin to ignore the other things in life that you enjoy, and that ultimately keep you sane. After all, if you're not happy in your life outside of your work, it will be reflected in the quality of the work you produce.

Whenever you feel stress is bogging you down or that you're unable to get past a mental roadblock, consider stepping away from the task at hand and focus on something that you truly enjoy. Then, when you're ready and recharged, get back on track with a fresh outlook.