A variety of business information to help add insight. Hopefully you find a nugget or two that add value to your marketing. Check out our website at www.duplicatesink.com and www.marketsmartprogram.com
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Tuesday, September 27, 2016
4 Stubborn Business Myths
1. It's not what you know but who you know.
In the course of doing business, business owners or potential business owners come up against this belief time and time again. However, while it is true that knowing the right people may help you get started or get access to some deals, in most businesses it is expertise, experience, and skill that propel you forward in business. If you can provide the solutions customers want, they will refer you to their friends and family.
2. Nice guys finish last.
This myth is a holdover from the era of Western movies and superhero comics. Nice guys (always portrayed as pushovers or wallflowers) finish last because the villains and heroes walk all over them. In film, this may be true. After all, Tony Stark isn't a nice guy. He is an arrogant, self-centered genius. However, The Avengers aside, in real life, nice guys finish first quite often. While a person with low self-esteem who doesn't speak up will not be successful without change, a courteous business owner is appreciated immensely by customers and vendors.
In today's modern world, people are used to dealing with machines, poorly-paid clerks, and online shopping. Finding a business person who is willing to offer them genuine customer service, build a relationship and spend time getting to know them to better serve them is rare. Many people are happy to pay more for real customer service. Therefore, being a "nice guy" is valuable to your contacts. They will remember your excellent service and come back for more.
3. Don't work hard. Work smart.
This myth is one of the worst business myths out there. There is no way you can run a business without working hard. Hard work is what separates the "men from the boys" as entrepreneurs. Successful entrepreneurs put in hours of labor to get their businesses off the ground. Working smart is just another way to say that there is a workaround or that you can find a way to skip the hard work. It just isn't possible in reality. If you aren't willing to work hard, you won't make it in business.
4. It's called work for a reason. It's not supposed to be fun.
All work has elements that workers do not like to perform. It might be the paperwork that you need to fill out for each customer or the data entry on your last case. However, why can't work be fun?
People who find work that satisfies them are much happier in life. That happiness translates to their work and their interactions with co-workers, customers, and vendors. If you love to sell, create graphic designs, or help customers find what they are looking for, then you ARE having fun at work. In fact, many companies are now providing their employees with ways to have fun at work to help reduce stress and fatigue.
So go ahead and have fun while working! It can only improve your outlook and production. Work can be fun.
Wednesday, September 14, 2016
Busy is a State of Mind; How to Stay Productive When You're the Boss
When you're the boss, however, you aren't quite so lucky.
When you're the person in charge of steering the ship, there WILL be mornings where you don't feel as creative as you need to be. There will be days where being productive seems impossible, regardless of how hard you try. If you want to be able to stay as creative and as productive as possible, even when you don't have to answer to anybody but yourself, there are a few key things you'll want to keep in mind.
It's All About Momentum
Staying productive when you're the boss may require you to think about things a bit differently from how you're used to. One of the most valuable assets that you have on your side will be momentum, but unfortunately, that driving force isn't just going to create itself.
Say you have a big task ahead of you that needs to be completed by a specified date. When you look at it as a single goal, it can understandably seem insurmountable - particularly if you have nobody to answer to but yourself. However, if you were to break it down into a number of smaller, more straightforward tasks, suddenly you're building the type of momentum that will carry you far.
Start by making a list of all the more minor things you need to accomplish that will eventually add up to your singular large goal. It's important that you don't try to keep a record of this in your head - write it down on a piece of paper or in a word document on your computer. Doing so will help you visualize both what needs to be done, and the forward progress that you're making. Turn every task less into something that needs to be done and more into a single problem that you need to solve. As you do, physically check each item off the list. The benefit of this method is that you can SEE how much you're accomplishing, even if you haven't technically completed that one larger goal yet. Every time you cross off another task, you're building a little bit of momentum that will drive you forward to the next waypoint. Before you know it, all of those small individual items that seem insignificant by themselves will add up to the proverbial end zone that you were working towards in the first place. You're not doing any more or less work - you're just shifting the way you think about the task at hand when you don't have anyone to look to for motivation other than yourself.
Slow and Steady Wins the Race
Creativity is the same way. Instead of looking at something as a single, big task to be completed, be it a piece of creative material or a catchy new slogan for your business, look at it as a series of small puzzles to be solved. Visualize the amount of work to be done and the amount of progress you've made thus far. Before you know it your creative problem will be solved, even if you weren't necessarily feeling creative yourself along the way.
For those days where creativity seems fruitless and remaining productive seems all but impossible, remember a very mere fact of the business world that you've likely forgotten. Even though you're the boss, you DO have someone that you're answering to, the client. Put yourself in the mindset of one of your employees - what would you tell them if they were supposed to turn in that big project but didn't because they just weren't "feeling creative enough"? You'd say "too bad - it's too important, it needs to be done." Because the work IS too important and it DOES need to be done. As the boss, it isn't so much that you're answering to someone (in this case, the client), but more that someone genuinely depends on you. It's your job not to let them down in any way possible.
Tuesday, September 6, 2016
Using Science to Make Business Decisions
Why Use Trial and Error?
Even in our current modern age of computers and mobile technology, too many businesses use trial and error or other decision-making techniques without any evidence of potential results before they get started. Keeping in mind the adage of what happens to people who make assumptions, there are better ways to decide on business matters.
Using the Scientific Method
If you think back to your high school days, you may remember learning about the scientific method. Like many high school students, if you didn't pursue a career in science, it is likely that you have not thought about the scientific method in recent years. However, business is more like science than you might expect. You can prove and disprove many theories with factual evidence before risking time and money on a new project or campaign. Why should you risk your company income and employees' paychecks when you can test theories before you take the plunge? If you could predict behavior, you would be able to achieve much more reliable results.
Let's see how much you remember about the scientific method. The basic method is to create a theory and then set up a scientific experiment to test your theory. You need a test group equally divided into control and experimental subjects.
Setting Up the Experiment
Google is a prime example of a company that tests its theories on a regular basis. They are constantly running tests to see how people react to various changes in their search engine. When they find a particular change that nets the results they want, they then implement the successful change over a larger group of search parameters.
Tests have been run by various companies to answer questions such as these:
Do lobster tanks increase lobster sales at Food Lion supermarkets?
Do eBay users bid higher in auctions when they can pay by credit card?
Do Subway promotions on low-fat sandwiches increase sandwich sales?
Does a Toronto-Dominion branch get significantly more deposits when open 60 hours a week compared with 40? (from https://hbr.org/2009/02/how-to-design-smart-business-experiments)
When Tests Do Not Work
Testing does not work in all situations. You have to have a large enough collection of data to learn anything significant. However, when you do have enough data to create a test, testing will give you measurable and repeatable results. According to the Harvard Business Review,
"Whether in marketing, store or branch location analysis, or website design, the most reliable insights relate to the potential impact and value of tactical changes: a new store format, for example, or marketing promotion or service process."
If you have a situation with specific, measurable results, instead of guessing the outcome and taking the risk, create a test that will give you a valid answer and confidence in your investment.
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