Category: Business

Financial security, whether that’s for a business or an individual, requires planning. You need to know where you want to be, where you are now, and how to cross the gap between the two places. Having goals and a plan makes it more likely that you’ll achieve financial security–whatever that means to you.

Here are some steps to setting your financial goals.

1. Be specific with what you want

It’s easy to say you want “financial security” but what does that mean to you? After all, financial security can mean different things to different people. Do you want money to cover your retirement? Do you want enough cash that you can handle emergencies? Do you want to live a lavish lifestyle or are you planning on downsizing?

Once you know your big goal, write out what that actually looks like to you. How much money do you feel you’ll need in retirement to cover your lifestyle? How much would make you comfortable? If you’re not sure what you’d need, talk to your financial advisor, who can ask you the questions and provide you with the guidance you need to determine how much money you should be planning for.

Remember that the most actionable goals are SMART (specific, measurable, attainable, realistic and timely). Know when you want to retire, for example, how much money you’ll need and how much you can realistically save by that time.

2. Write your list of goals and put each in a category

Some goals are short-term, some are medium-term and some are long-term. Planning for a vacation this year is a short-term goal, while retirement planning is long-term. Once you know what your goals are, put them in a category based on whether they are short-, medium-, or long-term goals. This will help you plan how much you need to set aside to achieve each, and what sort of timeline you’re looking at.

3. Determine your assets and debts

If you’re like most people, you likely have both assets and debts. Achieving your financial goals won’t be as simple as saving money. You’ll have debts you need to pay off. In the past, people often focused on paying off their debts, but that meant there wasn’t as much money set aside for the future.

Before you can map out a plan to achieve your goals, you need to know where you are currently. How much money do you have available to you? How much are you bringing in monthly? What are your expenses? What debts do you have and what are the interest rates?

Take stock of money flowing into and out of your accounts over a few months. Where do you spend the most money? Are there places you could cut back?

4. Build a plan to help you reach your financial goals

This can be a difficult step to take on your own because your own patterns and habits might influence how you plan. It’s worthwhile to talk with a financial advisor, who can review your information and help you set up a path forward. They can also keep you accountable for achieving your financial goals, and assist you in addressing any emergencies that may arise. They will also identify areas where you could cut back and how to make your money go further for you.

Final thoughts

By knowing what your goals are and having a plan to achieve them, you’re more likely to achieve financial security. Talking with an advisor can help you get your finances on track.

A business plan is essential for business development. But even with a solid plan, there is some aspect of unpredictability. There is a multitude of variables that have to be taken into account, any of which could have a great impact on the prosperity of a small business.

Sales forecasting may well be the most difficult and complicated of all areas covered in a strategic business plan. To predict sales, a business has to consider numerous economic, demographic, and social variables.  Because sales have a major impact on income stream, a business plan should include a continuity strategy for dealing with poor sales performance. But what happens if a business does better than expected?

Can Customer Service Handle Additional Requests?

A lot of small businesses fail to appreciate the impact sales have on customer service resources. Even quality products and services have mishaps, and when this happens customer service will be expected to resolve any issues. The more sales a business makes, the greater the number of product-related issues it will receive.

No business will ever complain about booming sales but it should be prepared for increased customer service issues.  If a business finds itself unprepared, the following problems may result:

1. Customer service overload: The sheer volume of customer contact is too much for current resources to handle and calls and emails from customers go unanswered.
2. Reduction in service quality: In a rush to answer all customer issues, staff doesn’t take the time to fully deal with a problem or assure the customers the issue will be resolved. This leads to customer dissatisfaction and can have a negative impact on future sales.
3. Delayed resolutions: Greater pressure on customer service resources affects the time taken to resolve consumer issues. The delayed resolution will lead to increased refund requests and decreased business reputation.
4. Reduced production and sales: A business uses all available staff resources to deal with customer queries, in order to maintain a quality level of service, but this results in a slowdown of production and sales.

Customers Don’t Get What They Order

There are other key business processes affected by increased demand:

1. Production/stock
2. Packaging/delivery

Let’s look at the problem associated with each process one at a time. Starting with production and stock:

Production and stock

If goods are made to order: Increased demand instantly places pressure on production. Employees will have to work overtime or the business may have to employ additional staff to complete orders on time.

Product stock levels: Increased orders will eat away at stock levels. A business with pre-existing stock is initially in a better position to cope with increased demand. However, if demand remains high there will be increased pressure on production to fulfill orders and replenish stock levels.

In either situation, a business has to have plans in place to deal with a sudden rise in sales. If a business is unable to increase production to cope with demand, there will be a delay in order processing. This is damaging to both reputation and profitability.

Packaging and delivery

More sales mean more packaging material is required and a there will be a larger volume of orders to deliver. If a business handles packaging and delivery in-house, then the onus falls on the business to have adequate packaging materials and logistics to cope with a sudden spike in demand.

For the businesses that package goods in-house and use a postal service or courier to ship, the responsibility for delivery can still fall on the business. Customers don’t care about high-demand excuses and expect a business to have sourced a delivery solution that can process and deliver orders on time, regardless of order volume.

Prosperity Favours the Prepared

The focus has been on material products. However, all the examples given so far are transferable to digital products or services. Digital products also require production and delivery. A digital product can be affected by limited human resources. The effect of additional demand on supply can impact any product or service.

Businesses often make plans for less-than-perfect situations. Disaster recovery and continuation processes are a pessimistic, but necessary, business fail-safe. A start-up business always hopes its sales will achieve best-case forecasts but is unlikely to forecast a sales boom. The outcome of this is that not many small businesses factor in adverse effects of high sales into short-term strategy.

There is nothing foolhardy or unrealistic about planning potential solutions for increased demand. It’s better to have a plan and never need it than to have no plan and fail to meet demand. Making a plan will only cost some forethought and time. Failing to meet demand will wreak havoc on business reputation and prosperity.

If you’re like many small business owners, your business may not be adequately insured in the case of a fire, flood, natural disaster, theft, or personal injury.

Often home-based business owners assume they are covered under their homeowner’s policy. Other entrepreneurs, working long hours and pulled in too many directions, may never get around to talking to an insurance agent about their business.

If you’ve been procrastinating on business insurance, consider this: small businesses are much more likely than larger companies to be devastated in the event of an unforeseen loss, and business insurance needn’t be costly. You can save money on a bundled business insurance package, or lower your premiums by simply increasing your deductible.

Take a look at these 4 essential types of business insurance designed to protect businesses of any size.

General liability insurance
Protects business owners should they, an employee, product, or service cause personal injury or property damage to a third party.

Property insurance
Protects business owners who own a building or other valuable assets (e.g. equipment, computers, tools, or inventory) in case of fire, flood, vandalism, or theft.

Business interruption
Protects business owners from financial loss should business activity be suspended for a period of time (e.g. following a theft, flood, or other unforeseen loss).

Vehicle coverage
Protects business owners for damage and collisions when vehicles owned or leased by the business are used by staff to perform their jobs or transport products/equipment.

Save cash with a business owner’s policy

A number of factors come into play when determining business insurance premiums, including the type of business insured, location, gross revenue, and types of coverages required. A business owner’s policy (BOP) offers the most complete coverage in a customizable bundled package, and the best value. This type of policy typically includes:

• Liability insurance
• Property insurance
• Crime insurance
• Business interruption insurance and
• Vehicle coverage.

Insurance for home-based businesses

If you run a business out of your home, you may prefer an add-on or rider to your homeowner or renter insurance rather than a separate comprehensive policy. This can be a cost-efficient option for solopreneurs who don’t own a large amount of inventory or valuable equipment—in other words, a business owner for whom a fire, theft, or flood won’t greatly disrupt or devastate the business.

An in-home policy is another option for home-based business owners who need greater protection than a rider or add-on to an existing policy can offer. Generally speaking, this type of policy costs a bit more than a rider but protects the owner and up to three employees against theft, injury, and other risks to the business.

Final tips

When it comes to protecting your small business, your profit margins aren’t what should determine whether or not to get insurance. What matters is how great the impact would be to your business should something unexpected go wrong.

Get in touch with a reputable insurance company, or seek out an independent business insurance broker, to do a risk assessment for your business—then see exactly what kind of insurance you need.

If cost is a barrier to getting business insurance, take heart; your premiums may very well qualify as an end-of-the-year tax write off.

Meetings are often a source of contention in the workplace. Have too few meetings and people feel disconnected. Have too many meetings and people feel that their work is being interrupted. Meetings that are too short might not accomplish enough, while those that are too long lose people’s attention. With some planning and preparation, you can easily turn your meetings into a productive, pleasant experience. Your attendees will come away feeling good and looking forward to the next one.

Define the goal

Meetings take time out of everyone’s day so make sure everyone knows the point of getting together. That way, they aren’t left wondering what the purpose of the meeting is, and they’ll feel more prepared when everyone gets together. Defining the goal can also help you stay on track, meaning you’ll be more efficient at getting things done.

Choose participants with diverse perspectives

The purpose of a meeting is to get everyone on the same page. But it’s also an effective way for you to quickly learn things that you may not have considered about the project. Have a good mix of different voices at the table to get the most out of everyone’s time.

Before inviting a person to the meeting, ask if it’s absolutely necessary they attend. This isn’t to exclude people, it’s to protect their time. If their expertise or role doesn’t match the topics being discussed, don’t invite them. They’ll value meetings much more if they’re only included in sessions that their insights would be useful for.

Create an agenda and send calendar invites

This may seem basic, but it can’t be stressed enough. Lay out the timeline for your meeting, break down how long you’ll spend on each topic – and then stick to it! Keep people on track by allotting a certain amount of time for discussion and stepping in if the talk gets unfocused.

Send out the agenda to your attendees in a calendar invite. This lets everyone know how the meeting will go, and gives you a chance to see who will be there. It also gives them the opportunity to decline to attend if they see that their presence isn’t necessary based on the agenda.

Define roles and leaders

One of the quickest ways you can lose attention is if someone doesn’t understand why they’re there. Make sure that everyone knows why they’re part of the meeting, and what their role is on the team.

Create a safe collaboration space

This looks different across businesses, but everyone has to feel comfortable enough to contribute. Start the meeting with some ground rules. This helps everyone understand how and when to jump in, and ensures that you won’t have a few attendees dominating the conversation.

Never use a meeting to publicly blame or shame. Use positive reinforcement to showcase achievements. Don’t use the opportunity to highlight shortcomings.

Additionally, make sure the room is physically comfortable. Good lighting and airflow, as well as refreshments, go a long way to put people at ease.

Finally, ask for feedback. This shows your group that the meeting is a two-way street. Your goal is collaboration and team improvement.

Only have meetings that are necessary

We’ve all seen the memes. The last thing you want to hear as your attendees leave the meeting are whispers of “could’ve been an email” as they roll their eyes. If the purpose of your meeting is to download information, save everyone the trouble – just send an email!

A meeting is an opportunity to exchange ideas and information quickly among a group. It’s about the perspectives you’re bringing together and the importance of those perspectives being shared with everyone at the same time. If something could be shared in another manner, use that. Save meetings for topics and issues that are important.

Engage equally to ensure participation

With hybrid work here to stay, many attendees will be joining virtually. It’s a tricky balance, but make sure you’re engaging with both groups.

Additionally, don’t assume that because someone is quiet they have nothing to share. They might be hesitant to speak up or not want to interrupt anyone. Before you move on from a topic, address participants individually and ask if they have any thoughts they’d like to share or questions to ask.

End with clear actions, owners, and timelines

Don’t let anybody leave questioning the point of the meeting or what they’re supposed to do next. Give everyone a sense of purpose and direction, and clear due dates for their tasks.

Final Thoughts

There’s a lot to consider when planning and running a meeting, but with a bit of preparation you can make it a worthwhile exercise that attendees truly value. It’s nice to get together face-to-face, especially if everyone feels included and like it was a good use of time. A chance for a coffee and a chat with colleagues doesn’t hurt either.

When you’re in business for long enough, you’ll likely come up with new ideas you want to try. Innovation is important for your company to grow, diversify its income, and attract new customers. An important step between having an idea and jumping into it is testing the idea.

Here are some important ways to test your idea, so you can launch it with confidence.

1. Talk to people

One of the best ways to test your idea is to share it with people, internal and external to your company.

You’ll need to talk to people internally to find out if your company and team have the necessary skills, capacity, and equipment to carry out your vision. Your people may also have additional insight or ideas for things that could work, and suggestions for avoiding possible pitfalls.

Talk to your customers or clients as well, to get their feedback. Ask some important questions:

• Is your new product or service something they could or would use?
• Is it something they would pay for?
• Does it solve a pain point for them?

2. Set your budget

Have a budget to develop your new product or service and make sure part of that budget is set aside for testing. You may have to set aside a few weeks for testing, but it’s worth it in the long run before you dive into an unproven idea. Showing yourself your idea is profitable gives you increased confidence moving forward.

3. Determine what resources you need

If you’re trying something new, chances are you’ll have to expand your resources in some way. If you’re building a new product, you may need to purchase new equipment or materials. If you’re adding a new service or location, you may have to hire new staff with additional qualifications.

Conduct a needs assessment to determine what resources you’ll need to be successful in the venture. Then conduct a gap analysis to determine which resources are already accessible to you and which you’ll need to source.

4. Build a prototype or test service

Choose 50 potential target clients to test your product or service and ask them to be really critical of it. You want all their thoughts on your idea, not just positive ones. The people testing it should feel free to express any issues they noticed, so you can build the best possible solution for them.

5. Embrace failure

Being comfortable with failure allows you to take risks and try new things. Embrace the idea that your new product or service won’t be perfect immediately, but with some constructive feedback and testing, you can tweak it so that it works.

Rather than focusing on the possibility of failure, focus on the idea of experimenting to make things work better. As a result, you’ll be more open to new ideas and pursue innovation.

Final thoughts

Successful businesses are built on innovative ideas, and it’s important to embrace great ideas. That said, with careful planning and testing you can increase your chances of success in the long run. If you have an idea for your business, these five tips will help you refine it so you can move forward.

If you’re wondering about the financial feasibility of your business idea, speak to us about your circumstances. We can help you take control of your business’s finances.

Payroll is one of those things that starts out simply enough. You start your business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is… they grow!

This is a great thing, but it also means that payroll becomes more complicated. As such an important aspect of your business, it’s important that payroll runs smoothly. Getting paid is, after all, the primary reason that most people come to work.

Here are some tips to manage payroll effectively:

1. Simplify

Payroll is one of those things that can be overly complex, and the importance of simplifying it can’t be overstated. Many companies, especially small and medium-sized ones, have their own quirks about how they manage their payroll. This can make it difficult for somebody else to step in, or for someone new to be trained.

Keep things as simple as possible wherever you can. One way to do this is by switching to direct deposit. This will drastically reduce the amount of work put into issuing and tracking payments.

2. Schedule

At least once per year, and preferably more, it’s important that your payroll professional take some time to create a payroll calendar. This will allow them to highlight any dates that may cause a lag in your employees getting paid.

It will also allow you to plan for any potential shortcomings or other issues that may arise from holiday closures or oddities in the calendar. Making a payroll mistake is a surefire way to lower employee morale, so it’s important to be aware of these dates ahead of time.

Once compiled, distribute the calendar to your managers so that they can communicate the information to their employees. This will keep everyone apprised of any potential delays in getting paid that may come up.

3. Automate

The computer can be your best friend. Finding the right software to help with payroll can automatically take care of simplifying and scheduling, freeing up valuable time for your payroll specialist.

It also eliminates the potential for human error in payroll processing and creates a crystal clear picture of your finances. There are many options available these days that are easy to learn and straightforward to maintain.

4. Brush up

Payroll rules and regulations can change frequently and for any number of reasons. It’s important to stay informed on any changes in your region and proactively plan for them.

A lot of time can go into correcting a payroll error, so know what’s happening ahead of time to avoid this. With more and more employees being hired remotely, it’s also important to be aware of any regulations that may pertain to those that are geographically located in a different area from your business.

5. Get help

There comes a point for all growing businesses where they have to outsource their payroll processing. If this is you, congratulations! It is truly a milestone.

There are many options out there as far as hiring a payroll specialist is concerned, and many of them are available online. Choose the one best suited for you without leaving your desk. This takes the pressure off of you to know all of the nitty-gritty details about payroll processing. By hiring an outside professional, you can be sure that your employees will be paid correctly and on time.

Final thoughts

Payroll is most effectively managed when it’s simple, straightforward, and coordinated. When it starts getting tough to keep it that way, it’s likely a sign that your company has grown and you’re ready for more robust support.

The working environment of the past 2 years has brought the concept of burnout to the forefront. Unexpected work-from-home situations, juggling the new normal, and mental fatigue have all contributed to the issue. Recognizing employee burnout and having a plan to address it will ensure you retain employees and keep your company healthy.

1. Ensure everyone takes their time off

In an attempt to appear as though they can handle it all, many people try to do too much. They neglect to take time off because they believe it will make them appear reliable and committed. The problem is, that everyone needs time to recharge. Not taking it can actually affect productivity negatively. Set a reminder to check twice yearly to make sure that everyone has taken the time off that they’re entitled to. If they haven’t, give them a gentle reminder to do so.

2. Be generous with your policies

All workplaces have rules. Be on time, work a certain amount of hours, be reasonable with breaks. These rules keep things running smoothly, and they’re important. But don’t get uptight if someone is a few minutes late once in a while, or expresses an interest in working from home from time to time. Allowances like these often make little difference to the company as a whole, but they can make a colossal difference to an employee who just needs a little bit of grace now and then.

3. Offer extended benefits

Extended benefits plans for your employees are such great incentives to draw people to your company. They allow your employees to rest and recuperate in ways that they may not otherwise. Anything that can be done to contribute to the overall health of your people is a terrific bonus, and one all employers should provide.

4. Encourage work-life balance

The Internet has made it so that we are always available, which is very convenient. It’s also terribly demanding. Since many of us are now working from home at least sometimes, it’s increasingly difficult to leave work at work. Make sure your employees are crystal clear about taking time away from their job. Ignoring this divide and having your employees feel like they have to be “on” 24/7 is a very efficient way to ensure they reach burnout quickly.

5. Make use of performance metrics

Every role in your organization should have a clear set of expectations, and they should be defined so that it’s clear how your employees can meet or exceed them. Not knowing how they’re doing, or being unpleasantly surprised at a performance review, is a fast track to burnout. Make the job easier by outlining expectations and rewarding those who exceed them, and watch morale rise.

6. Allow side tasks

Yes, we were all hired to do a specific job, but there are different things that make each employee tick. Allowing side tasks that your employees find enjoyable and rewarding allows them to mix it up a bit and show off their passions and talents. It’s a great way for people to flex muscles they wouldn’t otherwise, and workers tend to bring extra drive and creativity to activities that interest them. It brings more joy to work, which adds to the overall health of the company.

7. Remember we’re all human

Nobody likes to feel like a cog in the machine. There are, of course, expectations to meet in every job. However, employers would do well to remember that every single person working for them has an entire life outside of the company. Anything could be going on behind closed doors. A company that understands, supports and shows compassion to its employees is more likely to keep the good ones from burning out.

Final thoughts

Happy, well-rested employees are more productive and loyal. It’s in your best interests to do what you can to combat employee burnout.

Perhaps you’d always planned to build a thriving business to eventually sell for a tidy sum – or maybe for unexpected personal reasons, it’s best to let your company go sooner rather than later.

No matter what the reason for selling your business, experts agree: it’s best to be prepared well in advance as it can take years to complete a successful sale.

These four tips will help you get a head start on making your business attractive to buyers for the day you’re ready to sell.

1. Get a business valuation

Even if a business sale isn’t imminent for the next five years, it isn’t too early to meet with an appraiser. A valuation will give you a realistic picture of what your business is worth right now, and invaluable information on what you can do to improve its value.

When you’re ready to sell, having already had an appraisal can be a real plus for potential buyers. Sharing the details of your valuation shows transparency, creating trust and building credibility—while saving a buyer the expense of getting one done themselves.

Remember that timing is often everything with a business sale. Once you know what your business is worth, you can decide whether it’s best to move forward—or wait for a growth phase or improved economic conditions.

2. Make a succession plan

Every business, large or small, needs a succession plan. And when you’re ready to sell, having an exit strategy in place will put a buyer’s mind at ease because you’ll have already ironed out a smooth transition for you and the new owner.

A succession plan should include both the human resources aspect (e.g. a training plan for the new owner and any employees that stay on when ownership is transferred), as well as the management of any financial, legal, or tax issues. 

Once you’ve made all the hard decisions about how the business will run without you, be sure to review it once a year to make sure it’s always up to date. 

3. Tidy up your financials

The biggest red flag for anyone considering a business deal has to be disorganized or incomplete financial records.

A potential buyer will want to see your yearly tax returns for the last three to five years, as well as balance sheets and your profit and loss statements. You may also be asked to share accurate sales and marketing data, the value of your assets, and any outstanding liabilities – as well as your plans to resolve them.

4. Hire a business broker

Hiring a business broker with a proven track record can really simplify the sales process—especially if you’re too busy to look for an interested buyer or need professional expertise to get your business in order to sell on your preferred timeline.

You’ll want to meet with a few brokers to make sure you find the right fit. Look for someone with experience selling businesses in your industry, a large database of interested buyers, and an impressive closing ratio.

When you interview a broker ask for testimonials and info on the strategies they’ll use to market and sell your business. Reach out to your network for referrals—as with any professional service, when it comes to business brokers an honest recommendation can help you find a winner.

Final tips

Ask your broker about the best way to structure your business sale for the best return. If you’ve built up some solid equity it may be wise to offer a buyer a gradual sale or lease. In addition to a continued income stream for you, this type of arrangement can help make the deal attractive by reducing the new owner’s financial burden.

Making a few good local business connections can go a long way in helping your business grow. Networking can spark mutually beneficial partnerships, lead to new opportunities, and attract more customers through word of mouth.

In the age of social media, small business owners may think networking isn’t as valuable as it used to be. On the contrary, it’s just as important for people to get to know your face out and about in the community as it ever was. And fellow business owners are much more likely to refer you once you’ve met in person, even if you’re known for running a successful business online.

Here’s how to start networking more effectively with business owners in your neighborhood.

Join local business groups

Getting involved with your local Chamber of Commerce, Rotary Club, industry associations, or a local meet-up group is a great way to increase your visibility.

As an active member, you’ll quickly get to know a host of other small business owners to bounce ideas off of, partner up with on projects, and support each other’s professional growth.

Here are a few ideas for expanding your list of local business contacts:

• Run an ad and offer a member discount in your association’s newsletter
• Participate in networking events organized by and for members of your business community
• Host a workshop that helps members increase profits and/or improve an aspect of their business

Pay it forward

One of the simplest ways to the network (without feeling like you’re networking!) is to get involved in projects that benefit your local community.

Consider these opportunities to work with community leaders and business people for a good cause –while spreading positive word of mouth about your business.

• Host a community fundraiser
• Volunteer for a local hospital, shelter, or school
• Serve on a non-profit board or offer pro-bono services

Doing good work in your community will help you get to know other small business owners you can refer your customers to, and who may return the favor.

Pro networking tips

Here are a few proven ways to make better business connections at your next community event:

• Do a bit of background research on the people you’d like to connect with. When you meet in person, you’ll be able to break the ice more easily with a question or two prepared in advance.
• Follow up immediately after meeting someone. Stay connected on your shared social networks. Email a useful article from time to time to build goodwill and stay in touch.
• Use social media to stay abreast of what’s happening in your area, chat with local businesses make referrals, and target new customers.
• Be helpful. Networking isn’t about what a new connection can do for you. Ask how you can help your fellow business owners. Be supportive. Share ideas and information.

Final thoughts

Networking with local business owners can do much more for your business than help you gain exposure in your community.

Running a small business can be a lonely venture at times – especially if you work with remote staff or you’re operating as a freelancer or solopreneur.

Connecting with other businesses in your area can certainly boost your business, but it can also lead to close friendships, as well as mentorship opportunities, you’d never come across any other way.

Many entrepreneurs operate with their business processes and systems in their heads. They know what they need to do each day and the way they want to get things done.

Unfortunately when a business grows and staff needs to be hired – or the owner needs to take time away from the business – it’s a real liability not having processes and systems documented in one place.

Read on to learn the top five reasons to record your company processes and systems, so your business can run more efficiently and effectively even when you’re not there.

1. Improve efficiency

When you sit down to record your processes and systems, you may discover gaps where improvements could be made. You might find better ways to perform routine tasks, reduce bottlenecks, and eliminate extra steps. You may decide that some tasks are too time-consuming, and you’d save time and money by switching to an automated solution. Reviewing how you do things as you record systems can help create better systems, improving productivity.

2. Support staff training

When it’s time to hire new talent, a systems manual can dramatically reduce the time you spend training. Documenting your processes can also ensure jobs are consistently performed to a high standard. Sharing your procedure guidelines can help new employees and casual staff quickly get up to speed on expectations and give them a reference to check before asking questions.

3. Sell your systems

Develop a unique turnkey system that other businesses can implement to save time and cut costs, and you can increase profits by selling your operating manual. Those documented processes are part of your company’s intellectual property and can be licensed just like your brand name.

4. Getaway

One of the perks of running your own business is setting your own schedule. But without systems in place, it can be difficult to get away for a vacation, let alone retire. In order to build a business that can run without you, you need to be able to delegate the tasks and processes to someone else, with confidence they’ll be performed correctly and consistently. Another excellent reason to make sure your systems are recorded and your manual is updated regularly.

5. Sell your business

When it comes time to sell your business, you’ll get top dollar if you can provide a buyer with an operating manual. A potential buyer wants to know the business will continue to run smoothly without you throughout the transition period, and that institutional memory will be retained when there’s staff turnover. The greater ease with which someone can step in and operate the business, the greater the value and the higher your compensation when you’re ready to sell.

As we’ve seen, there are a number of excellent reasons to review your systems and record them, even if you’re just starting out. You might plan to update it yearly, just like your business plan, to discover best practices and ensure it maintains its usefulness to you and your staff.

Ready to begin documenting your processes and systems? Try this free template offered by manualtemplate.org to help you get started.

Cybercrime is a serious concern for business owners. Recently IBM Chair, CEO, and President, Ginni Rometty, called it “the greatest threat to every company in the world”. According to Juniper Research, by 2019 cybercrime will cost businesses a staggering $2 trillion.

It’s impossible to put a dollar value on what your customer data is worth – or the cost to your business should sensitive data be compromised by theft or loss. For many small companies, a security breach could simply mean the end of the business.

If you don’t already have a data security plan in place, these tips will help you take steps to prevent a devastating loss.

Protect your company’s information assets

Given what’s at stake, every company should prepare a data security plan that identifies their information assets – that is, hardware that stores private customer and employee information. Your plan should also outline potential threats to keeping information assets safe, and strategies to protect them.

Your information assets may include:

• computers
• tablets
• mobile phones
• servers
• USB keys
• fax machines
• employee devices used for work

In addition to inventorying information assets with descriptions and serial numbers, your security plan should outline your strategy for protecting data by asset, prioritized by severity of loss in a security breach.

This free cybersecurity self-assessment can help you determine the strength of your internal cybersecurity processes – a useful starting point to develop your company’s security plan.

Move to cloud-based storage

Storing company data in the cloud is one way to minimize the risk of customer data loss by keeping sensitive information off devices.

Cloud storage providers offer secured data centers, encryption, and authentication for your company data, as well as trained professionals working around the clock to keep your data safe from cyber-attacks.

Another benefit to cloud-based storage is that employees can log in securely to access customer information – a much safer option than transferring data over email or downloading it to computers, laptops, or mobile devices.

Set rules for company devices

Many small businesses rely on tablets and mobile phones to conduct day-to-day operations. Unfortunately, these company devices pose a serious threat to customer data if they are lost, damaged, or stolen.

Protect customer data with encryption, and be sure to install tracking software, update anti-virus protection regularly, and wipe data remotely from lost or stolen devices.

Talk to your employees about the importance of keeping customer data private and secure, and consider implementing these security guidelines:

• All employee passwords should be unique, difficult to guess, and re-set frequently
• Files should not be downloaded from the cloud to company devices, nor should apps that may carry malicious codes or security flaws
• Personal devices should not be used for work

Limit customer data access

Ensure only employees who need access to customer data in order to perform their jobs can do so. Take advantage of software settings that “lock” customer data by user, and disable access rights whenever employees retire or move on to a job at another company.

By following these guidelines, you can rest easy knowing you’ve taken important steps to keep your customer data safe – and your business safe from a devastating cyber attack.

Research suggests that as much as 93% of communication is non-verbal, so it’s not surprising that the tone and meaning of emails are misinterpreted as much as half the time.

For small businesses, email is frequently the preferred way to communicate with new leads, customers, and employees – but if haven’t mastered your tone, the meaning of your message may be lost. In the worst-case scenario, you may even unintentionally offend your audience.

Follow these tips to improve your tone when writing emails – or any other business communications.

Adapt to your audience

The tone reflects the writer’s attitude toward the reader, so you’ll use a different tone depending on whether you’re asking a bank officer for a loan or your customer to attend an exclusive sale.

Your relationship and your purpose will help you decide on your word choices, which might be formal and serious or relaxed and fun.

Using an active voice will bring your reader right to the point. Taking care to always use courteous language will keep them on the side.

Simple tone tips

If you’re ever in doubt about how an email may be interpreted, hit save and go back to it a day later – or ask a colleague to read and provide some feedback.

These additional tips can help you write emails that get read and avoid offense or confusion:

• Avoid using slang or sexist language
• Be concise, removing any unnecessary words
• Be appropriately respectful of subordination
• Be gracious (please and thank you go a long way with creating the right tone, and will keep you from coming off as too abrupt, especially if your email is brief).

Delivering a negative message

If your message contains some bad news, the tone becomes a bigger challenge. After all, there is no way around creating some unpleasant feelings in some circumstances.

You can, however, avoid insult to injury by following these tips:

• Thank the reader for their message, briefly explaining why you are unable to approve a request. In this case, passive voice is preferred because it helps neutralize the message.
• Take care to avoid personal attacks. You can maintain a professional tone by deferring to policies rather than your personal feelings about an event or situation.
• Avoid the “bright side”. Listing any perceived benefits can come off as uncaring, by downplaying the emotional impact the reader may experience upon receiving the message.

Final tips

Drafting a style guide will help make your company’s “tone rules” clear to staff, help build greater brand recognition with a consistent voice, and help you avoid the wrong tone in your communications.

Start by defining your tone. Is it casual and fun, formal and serious – or a bit quirky? Come up with five words that describe the tone of your brand. Then make a list of words that may and may not be used in your marketing emails.

To illustrate exactly what you’re aiming for with tone, include some sample text in your guide – perhaps some of your company’s collateral or examples of marketing emails that you’d like your business to emulate.

When things are hectic, most small business owners wish they could find a way to get more than 24 hours into a day.

Often, your ‘to-do’ list can get so long that you feel you never get to put as much attention into every task as you would like. It can also mean more time in the office or dealing with work issues after-hours – cutting into your free time and affecting your work-life balance.

Applying these simple time management tips and tools will help you get the most out of your work time and get more of the important stuff done.

Track your time

Remember that tried and tested business adage: “You can’t manage what you don’t measure”? Well, it applies to time management too. Without tracking your time, any attempt at improving time management will be a hit-and-miss affair. If you don’t track where and how you spend your time, you’ve got no way to measure your current time management or means to identify time wasters or tasks you could delegate.

Start by recording what you do each day and how long it takes you. This can be as simple or tech-savvy as you like – ranging from rough notes scribbled on a weekly timesheet, to an Excel spreadsheet that will add up the minutes and hours for you. Alternatively, you can harness technology to do this for you.

Before you write off this idea, deciding that the amount of additional time you’ll waste tracking your time is not worth the effort, at least try out one of a range of paid-for and free time management tools that can help to make this task simpler. Some options include Harvest or Toggl and most come with features that can be rolled out for overall staff time management and integrated into your billing.

Although there are benefits to continuing to monitor and track how you use your time, you don’t have to. After a few weeks, you’ll have a good indication of what you spend most of your days, weeks, and months doing. You might be surprised at the amount of time that is lost in meetings, doing things you could delegate, or on things you do out of habit rather than need.

Eliminate the time wasters

Armed with information about how you spend your time, you’ll be better able to eliminate unnecessary time wasters. Some common time wasters are:

• Monitoring social media
• Responding to emails
• Fielding telephone calls
• Drop-in visitors and salespeople
• Meetings that go on longer than necessary

Jumping between tasks and reading and answering emails as they come in during the day can reduce your productivity. Set aside time to check and answer emails rather than letting them distract you from the task at hand.

Ask your staff to field telephone calls or take a message if you need uninterrupted time to focus on a task. Train staff not to allow salespeople in to see you without an appointment to avoid wasting your time listening to a sales pitch for office flowers or equipment you’re not thinking of buying.

There are a number of other ways to eliminate, or manage, time-wasters at work. Don’t have pop-up messages from social media accounts running while you’re trying to get work done. Appoint a staff member to monitor certain business functions with daily or weekly reports, rather than spending hours a week doing this task yourself.

Run meetings to a tight timetable. Draw up an agenda and allow only a couple of minutes (yes, literally a minute or two) for each item on the agenda to avoid meetings becoming a social gathering and wasting the productive time of all those present.

Delegate appropriate tasks

Have a close look at your current workload and see if there are suitable tasks you could delegate to others. Can you delegate some simple accounting functions such as managing petty cash and reconciliations? What about general correspondence, sales and marketing tasks, product development, quality control, and more? Small business owners are generally notorious for their reluctance to delegate in the belief that they do the job better. However, delegation can free up your valuable time, allowing you to focus on growing your business rather than spending all your time focusing on the day-to-day running of your business.

Draw up a list of tasks you could delegate and responsible staff who could take them over. Most employees want to develop in their jobs and would value the opportunity for added responsibility or the chance to learn new skills. Try not to fall into the trap of only delegating the jobs you don’t really like doing – you want to free up as much time as possible to allow you to work more strategically and effectively and have time for that work-life balance.

Get organized

A little bit of time invested now in developing efficient systems for your business will save you a lot of time in the long run. Whether it’s time spent setting up a computerized accounting system, or implementing a physical or virtual filing system so that you don’t waste time looking for paperwork or documents, setting up systems and getting organized can save you a lot of money.

If your time tracking indicates you spend a lot of time answering basic sales questions, you could, for example, save time by writing up some template responses that you (or an employee) could personalize in response to queries. Similarly, adding an FAQ page to your website could help to free up more of your time. Customer relationship management software can also save a lot of time and effort.

If you’re no longer so busy running from one problem to the next in your business, you’ll probably be able to identify a number of ways you can work smarter, rather than harder – and find ways to increase staff productivity too.

Draw up a prioritized ‘to-do list

It’s easy to get sucked into the problem of the day – or the problem of the hour, in some businesses. This is where that ‘to-do list can help. A simple list of the tasks you need or hope to accomplish, together with a deadline, will help to keep you focused.

Ranking them in order of priority will help to ensure the most important tasks get done by the deadline and that jobs don’t fall off your radar and get forgotten. Ticking items off your to-do list can be surprisingly motivating, too.

Work to your personal productive times

It makes sense to work when you work best. We all have different cycles and preferences. If you’re a morning person and full of oomph and drive at the crack of dawn, but this time aside to tackle those big projects. Schedule more routine things or less creative tasks for the afternoon when you’re in your less-productive cycle. Avoid routine production planning meetings during your most productive times.

If you’re not a morning person and don’t really reach your form until after your second cup of coffee, get those routine tasks out of the way first thing in the morning, and then tackle the big projects, or schedule important meetings for when you’ll be able to give it your very best.

Get the tools or help you need

If you expect your staff to work effectively and efficiently, you’ll need to provide them with the right tools to do the job. The same applies to you as the business owner. You can’t work efficiently if you don’t have the tools or skills (whether training or personnel) to do the job.

This does not give you justification to dash out to buy an iPad2 if you don’t really need it. However, it does mean you shouldn’t limp along wasting hours to do a job when investment in technology would mean you’d be able to be far more productive.

It’s usually false economy trying to make do with outdated technology. If you’re not sure about whether to invest in tools, software, training, or staff, do a quick calculation of how much time it will save you, and then compare this with how much it will cost. Assuming your cash flow can accommodate the purchase, this cost-benefit analysis will quickly tell you whether investing in the tools or help you need is a financially sound decision for your business.

Looking for simple ways to cut costs? These tips will help you make a noticeable difference in your bottom line.

1. Reduce staff costs

Without a doubt, having someone to help deal with routine tasks can greatly improve productivity. The rub is that hired help is often too expensive for small business owners.

Internships can be a real win-win: a student gets hands-on experience assisting you with marketing, accounting, or administrative work and you get time-saving help for free.

Crowdsourcing a qualified remote worker is another cost-effective way to bring on some much-needed support for administrative tasks.

2. Think thin

Small business owners are often advised to trim down their offerings to a niche market. You can save money by applying that same thinking to how you do business.

For instance, subcontracting can allow a service-based business owner to keep a narrow focus on the work they do while attracting more customers. Taking on more work and paying someone to do it at a lower rate than you charge your clients will increase capacity and your bottom line – while maintaining your focus on what you do best.

3. Network more

Forget expensive print ads and direct mail campaigns. You can save a ton of money getting the word out about your business by connecting directly with your target market:

• Co-host an event with a business owner whose customers will be interested in what you do.
• Connect with your local Chamber of Commerce.
• Attend business networking referral events.
• Run a contest on social media.
• Sponsor a community fundraiser.

Networking at trade shows and industry events is another great way to meet potential partners and customers, without breaking the bank on costly advertising fees.

4. Embrace co-opetition
Often businesses buy in bulk to save money. Unfortunately, purchasing in volume can backfire if you’re struggling to maintain positive cash flow, and the cheap supplies you bought never get used.

A better strategy is to only buy what you need and to share costs with other small business owners. Co-opetition is becoming a buzzword for good reason. Forming alliances with businesses can lead to lucrative partnerships while collectively saving everyone some cash.

5. Save time with technology

If you haven’t yet made the leap, adopt cloud-based software to improve operational efficiency. Try free collaboration tools like Google Drive – also a great way to cut down on the cost of paper. Use virtual meeting technology to save a small fortune on travel costs when connecting with clients in different time zones. And do a free trial of accounting software to see how automating routine tasks like invoicing and payroll can improve accuracy and free up hours from your schedule.

Final tips

Review your business expenses on a regular basis to track rising costs and to find more ways to reduce unnecessary spending.

A few final – and costly – pitfalls for busy small business owners to avoid:

• Always pay vendors and lenders on time to dodge late fees, interest, and a poor credit rating.
• Shop around for the best deals on everything from software and financial services to office supplies and inventory.
• Hold off on renting space for as long as possible. Encourage staff to work remotely, meet clients in coffee shops and remember: home office space is an eligible tax write-off.

What will you do differently to start cutting costs for your small business today?

Help grow your business through collaboration, expansion, improved marketing, and some of the following quick tips.

1. Improve your customer service

Businesses with good customer service retain consumers and attract new business through word-of-mouth. Even if you think you’re already providing good service, make it a priority to provide refresher training to frontline staff at least once a year. Alternatively, hold regular meetings to discuss any issues as they arise.

2. Try out new products

Even if you have multiple products selling well, be on the lookout for opportunities to expand your product line and satisfy customer demand. If you’re unsure how well a product will sell, order a small amount first. Just remember to update your marketing material to let customers know about your new offerings.

3. Rejuvenate your marketing material

Holding on to old, outdated marketing material can make your business appear out of touch or even unprofessional. Review your marketing material at least every 12 months. If you’re on a limited budget, focus on producing basic material that is stylish but functional.

4. Enhance other people’s good ideas

Be aware of great ideas, or new ways of working, from other businesses and think about how you could adapt them to your own business. The best ways to find out about new ideas are to research the latest trends in your industry, subscribe to industry publications, attend conferences and keep up to date with your competitors’ websites.

5. Team up with another business

Joining up with another business to promote a special deal or offer is a great way to get your business into new markets with new opportunities. Another option could be getting your business listed on another business’s website, or in an industry directory.

6. Test your marketing ideas

Before you implement a marketing campaign, test it on a limited basis and fine-tune it before a full-scale rollout. The easiest way to do this is to target selective customers and see if you receive a response. Ask your best customers for feedback before implementing any marketing ideas.

7. Create regular customers

Keep a record of client names and details for future marketing material or special offers. Starting up an e-newsletter is also a good way of keeping in touch with clients – just make sure you have their permission before hitting the send button.

8. Consider expansion

Think about whether your current premises will meet your needs over the next five years. If you’re looking to target new customers, will your current location appeal to your new target market? Keep an eye out for competitively priced lease arrangements, or deals on neighboring properties that could enable you to expand at your current location.

9. Guarantee your products and services

If you want to build future sales through repeat customers, you need to make it clear that you stand behind your offerings. A good start is to offer a money-back guarantee for any product sold or to back up big sales with after-sales support.

10. Pay attention to your customers

Take any feedback from customers seriously and make an effort to thank them for sharing their thoughts – even if they are raising concerns or making a complaint. If you have a regular customer who isn’t happy with a new marketing strategy or product line, listen to what they have to say – there’s a chance that other customers might share their concerns.

Don’t be afraid to try new ways of generating growth. Consider the tips above and decide whether they can help enhance your overall product or service.

Good luck and let me know how you get on.

Customer loyalty programs are surprisingly simple to implement, especially online, and can bring many benefits to your business. Beyond the simple fact of adding satisfaction for your regular customers, here are five ways your business can profit from starting a loyalty scheme.

Customer retention

The most obvious benefit of a customer loyalty program is that it improves retention. Customers want to accumulate points to get the rewards or exclusive benefits on offer and will be tempted to favor your business over a competitor’s.

As retention improves, so does the lifetime value of your customers. This metric takes into account the value of a customer from the first time they completed a purchase, instead of focusing on their current worth. By retaining customers, your business can generate maximum revenue from each customer over a longer period and improve their lifetime value, which also optimizes your return on marketing investment.

Customer data

A customer loyalty program allows you to collect additional data about your target audience. Most individuals are willing to share a little extra information in return for loyalty rewards, and you can use this to improve your understanding of your customer base.

The extra information helps segment your customers into different categories, so as to better target them with marketing campaigns. Your loyalty program thus turns full circle: your customers give you the information in return for rewards, and you give them what they want, with better marketing and the products they love – which also improves customer retention!

Business planning

Once you have implemented a loyalty program and gathered extra data on your customers, you can use this information to better plan your business strategy. Whether the information is in terms of money spent, demographics, or buying behavior, it will help you plan your business decisions based on solid data, instead of guesses and assumptions.

For example, suppose you are thinking of starting a new product line. Your market research will provide details of your target demographic by age, gender, location, income, and other factors. Comparing those to the information you have gathered through your loyalty program will instantly show you whether you have a good match or need to reconsider.

Increased customer purchases

The mere presence of a loyalty program encourages customers to spend more at each visit, to earn more rewards. You can further extend this effect by running limited-time promotions, offering extra points on a specific product or service range (usually the ones you want to clear from stock), or even creating ‘treasure hunts’ for promotional codes hidden throughout your site. The possibilities are only limited by your imagination and your site developer’s ability!

Combining your loyalty program with marketing campaigns can also generate extra purchases. For example, you could run a simple ad that offers extra loyalty points for signing up and bonus points for spending more than a given amount on their first visit, provided they use the correct coupon code.

Competitive advantage

In a competitive global market, you need to make the most of every possible advantage to beat the competition. Having a customer loyalty program hands you just such an advantage. Indeed, the benefits are manifold, as you can see from this shortlist. To put it simply, the more creative you are with your loyalty program, the further ahead of your competition you will be.

These are just a few of the biggest benefits a loyalty program can offer your business. Remember to make sure the program is attractive to your target audience and kick it off with a starter bonus to get them to sign up. Once the program is set up and rolling, it will gain momentum with every new registration and every promotion you run!

A great business name isn’t just a label for your company. It is also your number one marketing tool, serving as a platform for setting yourself apart and defining your brand. At the very least, your business name should do the following.

Convey the industry or area of expertise of your company

When customers search for businesses, they apply some filters to determine whether specific organizations are relevant to their needs. By communicating exactly what it is your business does within the company title, you let customers know right away that there’s a good chance you can help.

Once customers are confident you’re the right type of provider, they’ll usually contact you, stop into your store or visit your website to get more details, ask questions or start shopping.

For this reason, a name like ‘Jake’s Total Vehicle Repair’ is better than ‘Jake’s Shop’, getting across not only the industry but also that the business does repairs. The word ‘total’ implies the shop is qualified for a large number of repairs, as well.

Get your business values across

With thousands of businesses providing services in today’s market, modern customers have more choices than ever before and are increasingly critical in their analysis of their providers.

They look not just for whether the services or products are a good fit, but for whether the business matches their own goals and philosophies. For instance, if a customer is against animal cruelty, they might look carefully at how a particular meat company treats its livestock.

Continuing with this example, if you’re the owner of the meat company, you might name it something like ‘Humane Meats’. From this standpoint, your company’s name sets the foundation for your entire brand.

Evoke emotion

Scientists have figured out that emotional recall happens in the brain faster than rational recall. That is, people feel and then apply facts and information to come to a conclusion.

With this in mind, company names that appeal to what people have experienced or know emotionally tend to be easier to remember and encourage deeper brand loyalty.

For instance, a name such as ‘Grandma’s Cookies’ may get customers to remember all the great times they spent feeling comforted and safe in their grandma’s kitchen, appealing to their sense of family and togetherness.

Capitalize on what people know

Every target market has its own set of idiosyncrasies that you’ll need to pay attention to when you come up with your business title.

People are familiar with certain word combinations or spellings, such as ‘color’ (American) versus ‘color8’ (British). Your name should stick to what’s most common for the language where they are, as people will want to link word pairs and use the spelling version based on the habit they’ve already established. Keep in mind here that you still can be creative with what’s available. Microsoft, for example, is a completely new word based on the common terms microcomputer and software.

One caveat here is that starting completely off the chart can set you apart from your competitors. Names such as Google, Twitter, and Zimbra are examples that prove ‘nonsense’ or made-up names can be successful. The difficulty with this approach, however, is that you will not have any initial meaning behind the name to work with. You have to be extra savvy and aggressive in communicating your industry, purpose, and guiding beliefs.

Appeal to convenience

Although a longer business name can get more information across, it takes longer for your customers to say and type. This matters if you want people to remember the name easily and to feel at ease using it in the everyday conversation where they could refer you. It also makes a difference in Internet searches, as an increasing number of people use mobile devices to enter URLs or search terms. Ideally, aim for a business name that’s just a single word.

Summing Up

Coming up with a decent business name can be challenging, but if you have a few key guidelines in mind, you can narrow down your choices considerably. Look for a name that gets your industry, expertise area, and values across while getting people to respond emotionally to your brand. Names that do all this in a very short space while also addressing the idiosyncrasies of the target market are your ideal options.

 

We now look at eight characteristics important to successful businesses. International researchers who have studied many small businesses have found that these characteristics consistently play a part in the success of small companies.

The eight characteristics are:

• Owners leading by Example
• Having a simple business structure
• Information sharing among employees
• Staff are carefully chosen
• Staff commitment and loyalty
• A unique product or service
• A specific Customer focus
• Prompt follow up

1.   Owners leading by example

The owner or manager leads by example. He or she is usually the first to arrive, the last to leave. The owner knows everyone by name and their presence is obvious. They show a strong commitment, setting the standard where they work. This commitment should be easy to understand, after all, if they don’t work hard in their own company, how can they expect anyone else to take their business seriously?

2.   Simple business structure

They operate a simple and open business structure, encouraging easy access to the owner for every employee. They value the contribution of each employee, many of whom are given the opportunity to influence aspects of the business that would ordinarily be denied them in a large hierarchical company

3.   Information sharing among employees

Staff receives information as soon as the owner does. Goals, problems, and concerns are discussed openly. Feedback on issues is encouraged and staff is asked to contribute their own ideas for making improvements and overcoming difficulties. It is often this aspect of open communication that staff appreciate the most, after all, it is fairly unique to small businesses.

4.   Staff are carefully chosen

Staff is recruited very carefully because the owner(s) recognize they are the lifeblood of any small business. Staff is hired on the basis that their knowledge, skills, and abilities will be beneficial to the organization rather than because of friendships or family relations. Staff are not only carefully chosen but are nurtured and trained so that both the staff member and the organization get the maximum benefit possible out of the relationship.

5.   Staff commitment and loyalty

All staff is very committed and loyal: good performance is rewarded with praise, extra responsibility, and money—poor performance is not. Consistently poor workers are removed as they upset the rest of the team. Organizations whose staff show optimum commitment and loyalty have a source of competitive advantage that is hard to copy or beat.

6.   A Unique product or service

Most successful businesses have unique products or services, such as their own designs, products, systems or some other aspect that sets them apart. This uniqueness is an important source of competitive advantage and one which many companies work hard to sustain, adapt, and innovate their products or services as their competition catches upon them.

7.   A Specific customer focus

Successful small businesses have a specific focus on their customers and clients and are geared to supplying them with exactly what they want. This focus means adopting a market-led approach, with the owners and their managers consistently looking for ways to solve their customer’s problems and improve their products to match their customer’s requirements.

8.   Prompt follow-up

On occasions when an inquiry or complaint is received, successful small companies actively follow up and solve them as quickly as possible. The results are promptly reported back to the client or customer and in the case of complaints, measures are put in place to reduce the likelihood of similar issues reoccurring. Successful small businesses view complaints and problems as opportunities for growth and improvement in their businesses.