NEW! Business Tips
March 09, 2014
SAN ANGELO, Texas — When starting a business, one of the many questions for the entrepreneur to answer is a basic one.
What would compel your target market of potential customers to stop purchasing from your competitors and start purchasing from you? The compelling reasons must be important to your target market, which are customers most likely to do business with you. Most successful businesses consider only certain groups of people as their target customers. “Everyone” is usually not a realistic target market.
March 03, 2014
Inevitably in our growing up years, we played a game with our peers whereby the initiator or “owner” of the game made the rules up for the game as the game progressed. As could have been predicted, one or more of the players became agitated as the rules that were made favored the “owner” of the game.
Such frustration can be avoided when all players know the rules in advance and can make informed decisions about whether they want to play the game.
Things are no different in business. In fact, take the above scenario and substitute employees for players and work or job for game and it takes on a personal feel. Have you ever worked for someone who kind of made the rules up on the go? How frustrating is it to be penalized or disciplined for rule violations that you didn’t even know about?
Now that you are a business owner, is this how you are operating your business? Are you making the rules up as you go along?
February 23, 2014
SAN ANGELO, Texas — Working in different environments surrounded by different people can be challenging, but also an educational experience.
The world is composed of diverse people, and I am not referring to personalities. In this case, I focus on the different generations, the famous age gaps.
Working at the Angelo State University Small Business Development Center, we work with clients from all generations. Interacting with all in a pleasant manner can be overwhelming at times. It is like flipping on and off different switches. But, the ability to do so will provide multiple benefits. Generational flexibility with clients and employees can become the key to a successful business.
February 17, 2014
SAN ANGELO, Texas — Being an adviser with the Angelo State University Small Business Development Center for eight years, I have seen many small businesses go up for sale.
I also have seen many people who are interested in purchasing a small business. When valuing a business for sale, start by reviewing basic financial statements.
Let’s say a husband and wife have been working in his father’s small business for several years. They want to purchase the business from him. They know the market potential and the father has used an accountant to assist with taxes and other record keeping. How do they evaluate the company and gain the knowledge of what they should offer him for his business?
February 09, 2014
SAN ANGELO, Texas — The caller simply asked, “Can you help me with an idea I have for an invention?” My answer was, “Let’s meet and I can teach you how to perform a basic Web search on the United States Patent and Trademark Office.”
The appointment was set and I did a mental review of the information I would be sharing at our first one-on-one counseling session.
At the first meeting, I visited with the client about the Small Business Development Center and the wide variety of services we offer. I mentioned the center is funded through state and federal tax dollars and that every center, more than 900 across the nation, respects that responsibility. All centers are associated with colleges and universities and Angelo State University is our host institution.
Business Tips Archive
The most current Business Tips article is available on the San Angelo Standard Times online newspaper The following Business Tips articles are provided for you in an Adobe PDF format.
- Seven Questions Asked in a Borrowing Situation
- Starting Your Own Business Part 1
- Starting Your Own Business Part 2
- Starting Your Own Business Part 3
- Starting Your Own Business Part 4
- Positive Thinking
- In-home Service Providers
- General Partnerships
- Five C’s of Credit
- Emotional Intelligence is Not an Oxymoron
- Emotional Intelligence #3
- Contribution Margin
- Buying a Business