Is Your Small Biz Ready to Leave the Nest? What You Need to Know to Make the Right Choice
Your business is booming. Congratulations! Now you’re starting to consider moving out of your home-based office to a commercial office location. That’s a big decision and one that shouldn’t be taken lightly. Finding the right location for your small business is critical. First, this is a good time to consider a commercial space because there is a significant amount of available inventory. During the recession, many businesses closed their doors leaving office buildings and retail districts with availability. That means you should be able to negotiate a reasonable price. However, do you really need to leave the nest? For example, do you want to hire employees to help you grow? Before you take on additional overhead ask yourself if your team can work virtually. I haven’t had an office since 2010. Technology allows me to work from anywhere, and there are members of my team I’ve never met in person. If you’ve done your homework and you’re sure a move is the next step, then make a list of what you need. Here are a few things to consider. Location. Do you need to be in an area with a considerable amount of foot traffic, or is an industrial office park acceptable? What about convenience for your clients or customers? If most of your business comes from one geographic area, you don’t want to locate your business somewhere that will be a long drive for your customers. Also, if you’re an interior decorating firm, you may not want to locate in a building primarily filled with medial offices. I’d recommend you find a location with more synergist tenants. Understand ALL the Costs. Make sure you understand all the costs involved in a commercial lease. There is more to consider than just the monthly rent. Who is responsible for building out your new work space? Many landlords offer a certain dollar per square foot for a build out. Is that sufficient for your needs? What about utilities, insurance and trash pick-up? And don’t forget to include items such as office furniture, equipment, signage, new business cards, etc. Room for Growth. As your small business continues to grow, you may find you need additional space. Make sure there is room for expansion. I’m sure you’ve seen restaurants who have built large followings in a small space and as a result, they are nearly impossible with which to get a reservation. These small businesses are hamstrung by their inability to expand. Reasonable Time. Many landlords want business owners to sign long leases. While it’s unlikely you can negotiate a one or two year lease, try to avoid committing yourself to a long-term lease. Most likely, the landlord will require you to personally sign for the lease. So if your business can’t support the on-going commitment, you’ll be personally responsible. Get Professional Advice. Commercial leases are tricky. Don’t try to go it alone. Spend the money on hiring a lawyer who is familiar with commercial leases. It will be a smart investment. It’s an exciting time for your business as you consider this move. Make sure you make smart, not emotional...
read moreCustomer Service — Above and Beyond at Cafe’ Eau
The restaurant business is fickle. You can be on top of the world one day and the next day find a room full of empty tables. The market reaction isn’t quite that quick, but the point is word of a few bad experiences spreads fast and soon customers have moved on. That’s why I want to share an experience that happened to me last week that is a perfect example of the right way restaurant’s should treat customers to maintain a loyal base. My husband and I decided to try a neighborhood restaurant known for its beautiful out-door dining. After being stuck inside during the horrible winter weather, we were ready for a little sunshine. We were seated right away, ordered drinks and an appetizer and enjoyed relaxing in the ambience. When our waitress, Amber, returned, we gave her our dinner order. I selected a New York strip steak, medium rare — and I emphasized on the rare side. She smiled and nodded, indicating she understood. Unfortunately, when our food arrived my steak was medium at best. Definitely not medium rare. However, I’m not a complainer and decided it wasn’t worth making an issue out of it. I had eaten about half the steak — which was all I wanted — when the manager, Tony, stopped by. “Is everything to your liking,” he inquired. “Yes, it’s all fine,” I replied. “Was your steak prepared to the right temperature,” he asked? “Well, now that you’ve asked me, no it wasn’t. I asked for medium rare,” I said. Tony looked at my steak and said, “That’s definitely not medium rare.” Then he insisted on returning the steak to the kitchen to make sure they knew that this is not the way to serve a medium rare steak. And despite my protest, he brought me a new meal, packaged to take home. I was wowed at his proactive management of the situation. He could have easily walked away and let the whole thing slide because I really wasn’t making any issue out of the incorrectly cooked steak. However, I also wouldn’t have been too excited about returning to this restaurant in the near future. Now, my husband and I will definitely return. Tony turned an average experience into a WOW! experience. Think about your own business. Are you going above and beyond to provide the best customer experience. Being good isn’t enough in today’s competitive market. You need to WOW your customers to build a loyal brand following. Thanks to Tony and Amber for the great service. We’ll see you at Cafe’ Eau soon....
read moreSmall Businesses Honoring Our Fallen Veterans This Memorial Day
It’s Memorial Day and many small businesses around the country are honoring our fallen soldiers on this federal holiday. For me, it’s a special day to honor my father who served in the Navy in World War II. The ship in this blog post photo is the one he served on in the Philippines. After his military service, my dad used a VA loan to go to mortuary school to become a licensed embalmer and funeral director. Eventually, my mother and he launched their own funeral home in the small town I grew up in where they served the community until we sold the business in 1999. My dad, like many veterans, was a hard-worker. He was loved by so many and was always willing to help someone in need. He epitomizes everything good about our country. As we celebrate this holiday, think about ways in which your small business can honor our Veterans. Consider participating in a local parade. Highlight soldier’s stories on your website or in your company newsletter. Donate product, services and/or time to local Veteran organizations. Most importantly, when you’re hiring, please consider those who have served our country. Hope you all have a wonderful holiday weekend. ...
read moreHow Your Small Business Can Cash In on the Pop-up Store Movement
Not long ago I went to a food truck gathering and as I was weaving my way in and out of the monster trucks sampling their delights, I stumbled on a vendor “that wasn’t like the others.” It was a vintage clothing store on wheels. The store is able to locate all around town and take advantage of special events, foot traffic trends, and hold down its overhead. It’s part of the pop-up store revolution. Well, I don’t know if it’s a revolution yet, but some of them are sure fighting hard to make an impact on retail. Another variation of this would be a seasonal store that opens in a temporarily vacant space. We often see this during the holiday season. Also, I’ve seen some that use smaller vehicles—vans really—from which they pull out display racks and cases so they can set up on the sidewalk. The concept of pop-up stores has the potential to be the highly-coveted “win-win-win.” Let me explain. Low startup costs First, as you see from the examples I’ve cited here, folks who don’t have the resources to start a brick and mortar store can put their inventory on wheels and locate their retail business in the ideal location virtually every day of the year. The overhead is low and moving around will help you create brand awareness all around town; especially helpful if step number two is opening a permanent, fixed-location store. And hey, if you have some nomad blood coursing through your veins, you can travel the country and take your livelihood with you wherever you go. It’s also a win for landlords. If you’re dealing with a vacancy, consider offering a short term lease to a pop-up store. There are few things as bad as an empty space. One empty storefront in a shopping area puts a damper on everyone’s sales. That not only makes it difficult to find a new tenant, it also increases the likelihood that other stores will leave the area. A pop-up store will create buzz, bring more foot traffic to the area and who knows, if the pop-up does well, you may have found your next long-term tenant. Create some synergy The third “win” that I see with pop-up stores relates to the point I just made. Are you a traditional retailer? How about scheduling a pop-up store to set up in your area from time to time. It’s an easy way to attract customers to your location that might not otherwise come by. Traditional retailers might also consider expanding their business by adding a pop-up store. It can deliver flexibility that could be an advantage compared to opening a second fixed location. I always get very excited by business ideas that have a very low barrier to entry. Pop-up stores often have this attribute, although some can be very elaborate and costly. (Check out these high-end pop-up stores.) In any case, take the pulse on the pop-up store scene in your area. You might find a place where you fit...
read moreFind the Right Business Coach For Your Success
May 19-25 is International Coaching week. Business, executive and life coaching are interesting blends of skills and practices that have been around for centuries. The position of “coach” of course is almost always first associated with athletics and that model gives some insights that transfer to coaching in business and life skills areas. Not too long ago, the label of “consultant” would have been attached to almost anyone who signs on to help a business. But a coach takes the relationship deeper. A good coach can be extremely beneficial to a small business, but you need to have a good idea of your needs before you hit Google and start searching for someone. Let me give you three scenarios that would call for coaches with different strengths. Startup coach. There are three different kinds of entrepreneurs: the first-time entrepreneur, the successful serial entrepreneur and the unsuccessful serial entrepreneur. All but the second could benefit from a startup coach. There are special skills required to get a startup off to a strong start. Very often people with great ideas will dive into starting a business and find that the only thing they really have is the original great idea. A good startup coach can help “fill in the blanks” and transform the business owner from just the idea person into the savvy manager. Productivity/profitability coach. After they’ve been rolling along for a while, some small business owners find that they are working really hard, but failing to grow the bottom line. Major corporations always have a “fixer” on the payroll. It’s the person who can go into a situation, find the waste, fine tune the sales and marketing and get more revenue flowing to the bottom line. If this describes your situation, you need to find a coach experienced in turnaround efforts. It is a special skill set and working with this person will increase your small business IQ dramatically in a short period of time. Your eyes will be opened. Growth coach. Perhaps you’re doing okay, but sense that it’s time for a growth spurt. This can cause some small business owners to get very nervous; they are accustomed to having every aspect of their business close at hand. Expansion often means giving up some direct, day-to-day control. A coach experienced in growing businesses can help you make the transformation from on-site manager to CEO of a bigger organization. These general categories share certain skills and you may find a business coach who can work with you through all of these phases; someone with a depth of experience will probably have the tools. However, when you begin to zero in on a coach and start to check references, be sure you’re talking to people who were initially in a situation similar to yours when they started to work with the coach under consideration. By the way, make sure the coach helped them successfully navigate out of that situation! Check out professional organizations such as International Coach Federation, Worldwide Association of Business Coaches, SCORE and others. They help you know that your prospective coach has a strong commitment to the coaching...
read more