Business Information for Entrepreneurs by an Entrepreneur

When to Say No to New Business

When you are new to your business, you could have a tough time getting new and continued business. In your desperation, you might also cater to clients that you would not normally do business with.

Here are some cases where you should say no to new business.

When Clients Don’t Respect You

There are clients that will be very rude to you - who may think that by giving you business, they own you or that you are obligated to them.

You should avoid this type of client at all costs. You have every right to expect that your clients give you the same respect that you give to them.

Clients Who Value Only Money

There are always customers who will be desperate to make sure that they get the lowest price possible at your expense. They will regularly deduct some amount from your payments for frivolous reasons, and threaten to go to your competition.

Drop customers like these like a hot brick. They will end up costing your more money in the long run.

The Time Bandits

There may be some clients who remain confused, even after you have spent hours trying to explain a particular product or service to them.

Such clients will only end up wasting your time, and in the end might go to your competitor to purchase the product. Spend only a limited time with people like these - you may have to ignore them if they are still confused.

Clients Who Expect Freebies

There are some clients who will expect to pay only once - and then expect all future services to be free.

They will not pay you for any extra effort that you make. Customers like this should tactfully be avoided, since it will only result in a waste of your time and effort.

Turning down new business may be hard; but in some cases it is necessary to ensure that your business is profitable.

How to Keep Your Office Equipment Running Smoothly

With the business world going high-tech, even small businesses need to have a certain degree of automation to speed up their daily work.

Computers, copy, and fax machines are among the more common machines that small businesses use. Here are some ways to ensure that your office equipments perform smoothly.

Installed in the Right Place by the Right People

It is very important to get office equipments installed by the right people authorized to do so. Trying to cut corners by letting inexperienced people install them could literally burn your fingers.

The equipment should also be installed in the right location, so that they are isolated from heat, dust and vibrations.

Use with Care

You should use the equipment with care, and instruct your employees to do the same. Banging on your computers or on the copier isn’t going to make them run any faster - but is surely going to damage them.

Keep an eye on your employees to make sure that they are not mistreating the equipment.

Preventive Maintenance Is Key

You should hire the right people to maintain all your office equipment. They should regularly come to service the machines and should also be available in case of an unexpected breakdown.

Your service provider should have the right mix of testing equipment with experienced staff to look after your office equipment.

It is not only important to procure the right quality equipment for your office, but also look after it properly. If you do this, you’ll save lots of time and money in the long run.

How to Turn Around a Floundering Business

Most new businesses flounder at some time or another. It is during these tough times that you need to gather your wits and dig deep to not only stop the downward slide, but also climb back up to the winner’s circle.

Below are some tips that will help you turn your floundering business around.

Identify the Disease

It is important to identify the problem that is plaguing your business in order to find a solution.

If it is higher prices that are driving clients away, then search for new vendors so that you can offer more competitive pricing. If it is lack of quality service, then you may need to retrain your staff to make improvements.

By ignoring your problems and wishing that they will go away, you will only be letting your business fall further into the hole.

Review All Expenses

Put an immediate stop to all your expenses and review the situation calmly.

Then, go ahead with only critical expenditures and defer all others until you recover financially.

Take Out a Temporary Loan

If you have identified the problem and are confident that you can turn the business around, then you can take out a temporary loan to help you ride out the crisis.

Remember that you will need to pay interest on that loan so take out the smallest amount possible.

Learn From the Turnaround

As you claw your way back into the red, remember what led to the problem in the first place. Change your business strategy so that you do not fall in the same trap again - and have mental red flags in place to warn you if you start sliding toward a similar situation in the future.

While it is tough to negotiate a successful turnaround of your business, true grit and tenacity will ensure that it gets back on track as soon as possible.