by Marty Slater, MBA - Grant Thornton LLP

General Advice

• If the business has more than one employee, it is key that the business owner or manager demonstrates commitment to the ideas by modelling the correct behaviour and that measurement of the expected behaviour is added to the employee's performance assessment. Spending money on any of these ideas will be wasted if management does not demonstrate leadership. And demonstrating leadership does not mean telling people this is what they should do and then not doing it themselves!
• Pick the tip that will provide the greatest benefit for the minimum effort and focus on that one as a starting point. In addition to the return to the business for minimal investment, it provides the opportunity for a "quick win" which positively reinforces the idea of making changes to improve the business. This is important if there are sceptics or "foot-draggers" in the business. Once it has become second nature, move on to the next one. Too many people try to do too many things at once or take on too large of a change and end up failing as a result.
• Take advantage of free resources such as the Business Link Business Service Center (http://www.canadabusiness.ca/alberta/main.cfm). They have a wealth of information not only on their website, but also in their resource library and with their Business Development Officers.
• Don't necessarily think of spending $500 in terms of putting out money to a third party. It may be investing your time or your employees' time to improve a business process. The time taken away from regular business activities is effectively the same as spending the money.

  For example, two employees are maintaining two databases in spreadsheets that contain overlapping data and significant time is spent reconciling them each month. Instead of just putting up with the situation, dedicate the time to amalgamating the spreadsheets and setting the combined spreadsheet up so access can be shared. (Alternatively, have a consultant come in to do the work if it will never happen internally!)

  Another example might be giving a customer who is dissatisfied an adjustment, refund or credit even if it's possible the customer contributed to the problem. Many times this strategy can turn them into one of the businesses biggest advocates.

• Cheap isn't always the most inexpensive. Trying to do something using shortcuts to save money can sometimes end up costing a lot more in the long run. Make sure you think about what you need and ensure that what you are purchasing meets those needs. Ask lots of questions! Consider making a checklist covering all the things you want done and using that when discussing your needs with potential vendors. It also allows you to compare the various vendors against a common framework.
• If applicable, ask for at least two references where similar services have previously been provided by the vendor and phone both. Don't be afraid to ask if there were any problems or glitches with the work that was done. Ask if they would rehire the vendor again.

Specific Tips

• Have all staff (including the business owner or management) who deal with customers or clients attend a telephone training course that demonstrates how to correctly greet people, direct their call, deal with anger, deal with the desired contact not being available, etc.
• Develop a simple identity for your business using an independent graphic designer to create a distinctive font for your business name or develop a simple logo.
• Spend the money on professionally prepared business cards.
• Engage a marketing consultant to help you develop a simple three panel brochure that succinctly conveys your business message. Or invest in software that allows you to do it yourself if you have the skills and equipment.
• Invest in a Yellow Page ad.
• Investigate various ways your telephone service provider can assist you in meeting your business needs. Subscribe only to the features that you will use and that improve your customer service.
• If you don't have a cellular telephone consider whether or not it will add to your business by improving your accessibility and responsiveness. Be prepared for the discipline it requires.
• Investigate evening courses at continuing education or community colleges that provide tools or techniques that can be quickly and easily implemented in your business. Examples include business letter writing, how to prepare proposals, sales techniques, self-improvement, etc.
• Identify networking organizations that may be most suitable and pay the membership fee.
• If you are working out of your home, spend the money to set up an office area separate from the living quarters so you are not running your business off the kitchen or dining room table. Establish an area in your home where you "go to work". Consider a separate business telephone and fax machine.
• Consider investing in and receiving training on a simple financial software package such as Simply Accounting rather than giving an accountant a shoe box full of receipts at the end of the year. The accountant will be charging you to organize all that information.
• If you are just setting up your business talk to the Business Link initially. Then take the time to meet with an accountant or other professional advisor and discuss it. Usually the accountant or professional advisor won't charge for an initial meeting. If there are specific issues that require detailed discussion it will pay to invest in an hour or two up front rather than trying to deal with the issues after the fact.
• Invest in a time management course. If you have previously attended one and have slipped back into your old ways, take a refresher.
• If you have employees, consider an annual award for the best business improvement suggestion. If there's only you in the business, take a day off and indulge yourself. You deserve it!
• If applicable, provide thank you's to customers or clients who refer new business to you. It can be gift certificates, event tickets, vouchers for services or discounts on services that you provide, etc. Always ask new clients or customers how they became aware of your services or products.
• If applicable, ask existing customers or clients if they know of others who would benefit from your products or services. Follow up with your existing customers or clients to let them know the result of the contact - regardless of whether or not you were successful. It's important they realize the information they provided to you was significant enough that you acted on it. They may continue to keep their eyes open for other opportunities for you. Consider a small thank you gift if appropriate.
• Identify and subscribe to publications that are applicable to your business.
• Investigate limited advertising in targeted trade publications specific to your service or industry. It may simply be a business card sized ad in the classified section of the publication.

Copyright © 2003 Grant Thornton LLP