Small Business Boomers

Yesterday, I gave you the first three of 10 Tips for Successful Business Startup.  These tips work for any kind of business, whether you are a Baby Boomer or Gen Y entrepreneur.  Today, the next 4 tips.

7.  Start with a clear picture of your business.  This one comes from my favorite business author Michael Gerber, author of The E-Myth Revisited.  Gerber says that success comes from setting up a clear picture of the business you want then going after it.  Here is what you need to do: Sit down and imagine your business as it will exist in 5 years or so.  Make your picture as detailed as possible and put it in writing.  The detail should include all five senses – How does it smell? What does it taste like? What do you hear?  Imagine the people in the business – employees and customers; draw pictures or find pictures.  What are the employees wearing?  What are they doing?  What are the customers doing?  If your employees are talking on the phone with customers, what are the conversations like?  The more detailed, the better, to help you get a really clear picture fixed in your mind.  It’s a fun exercise and worth your time, believe me. And include financials, which brings me to my next tip….

8.  Create a Business Plan. Many studies have shown a positive correlation between business success and the presence of a business plan.  If you need a business plan, look on the SBA website; they have lots of good information on how to put this plan together.  If you are going to talk to a bank, the most important part of the plan is the financials.  Make sure they are accurate, not too optimistic (remember #? yesterday), and complete.  They are just guesses, for sure, but they will help you form your business concept for the bank.  Even if you don’t need a bank, having

5.  Be Flexible - Stuff happens.  Don’t have your mind so set on one way that you ignore other possibilities.  That includes the picture of your business and your business plan.  Your banker may tell you to cut down on your needs, or you may need to borrow more.  You may discover you can’t find a location for the price you want, and you’ll decide to build.  Or you may find a business to buy that you never thought you would find.  Who knows?  Stay open and flexible and be ready to move quickly when opportunities show up.

4.  Under-promise and Over-deliver.  Relentless, continuous extraordinary customer service is the only way you can  get and keep customers.  Don’t promise customers anything you can’t deliver and deliver more than you promise.  If you say you won’t keep people waiting more than 10 minutes, keep them waiting no more than 5 minutes, or not at all!  It is all about managing expectations.  If people get more than they expect, they are excited.  They don’t expect much from most businesses, so giving them some little extras can turn new hesitant customers into raving fans.

Tomorrow, my final 3 tips for successful business startup.  Stay tuned….

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