Estimates vary, but most studies suggest that the average small business loses up to 40 percent of its customers a year. Many entrepreneurs assume that these patrons are gone for good, that there’s nothing they can do to lure people back. This is a huge mistake, customer-service experts say, because the cost of recouping lost customers is always less than attracting new ones.
from idea to success
By now you’re probably familiar with my struggles to navigate a mess of rules in order to be ready to hire employees, but I haven’t said much about benefits. Then an issue cropped up last week that made me realize I needed to do a little more work in this area.
Dave Wood is CEO of Willamette Community Bank. I asked him for his insight into community banks, what makes them different, and how they can be a smart fit for small businesses. Part two of our Q&A is below. Read part one here.
Intuit CEO Brad Smith and Adobe CEO Shantanu Narayen grew up worlds apart. Smith hails from Kenova, a small town in West Virginia while Narayen was born and raised in India and moved to the Bay Area in 1986.
When you started your business, you probably never even thought about a travel policy. There was far more important work to be done and besides, you could just go online and book things quickly whenever you needed. But now the company is growing, and so are travel costs. It-s easy for those costs to get out of control, especially the more people you add to the organization, so it makes good sense to put together a travel policy to keep things in check.
Use your love of shopping and put money in your pockets by considering retail business opportunities.
If you are interested in starting a home based business that builds on your own shopping and retail experience, you can have the enjoyment of shopping for others as a career.
Upgrading to a new PC is always a treat - that is, until you have to configure it. Re-installing all of your applications and moving over your documents and settings can be an all-day task, and even then there’s no guarantee you’ll catch everything. If you’re actually willing to try to copy Registry settings from an old PC to a new one, you’re braver than I.
The world continues to pay more attention to preserving and protecting its natural resources. Because of this incredibly important trend, green business opportunities are sprouting up like weeds.
For the ambitious small business owner, the environmental entrepreneur landscape is ripe for the picking.
Don-t think of launching a business as a sprint to the finish line. It-s more like a marathon that requires the proper training, equipment, and support. It may sound nice to send a few tweets to garner thousands of eyeballs to your business and watch it instantly take off, but reality is a little different. Expect months of planning and a slow, steady build-up.
As entrepreneurs go, work from home moms are likely the most resourceful and creative of all small business owners.
Anyone who’s tried to balance the demands of both a home based business and a family know the challenges. And the opportunities this challenging lifestyle presents!
Many people decide to become entrepreneurs while they’re slogging away for someone else. If you’re passionate about your job — yet would prefer to be your own boss — shifting into a consulting role may be the ideal path to becoming a small-business owner. As a consultant, you can use your accumulated knowledge to help others learn to manage their operations more effectively, perhaps even starting with your current employer.