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How to Connect During a Crisis

Small business owners are facing new challenges during this crisis.  Communicating with customers requires more focus and depth than ever before.  In Mat Zuker’s latest article for Forbes Magazine, he cites Jay Mandel who runs The Collective NYC, a marketing consulting team focusing on a customer’s experience, who underlines the importance of businesses to understand their mission statement and values in order to re-enforce marketing strategies. 

Information is Crucial.  Each customer purveying your business’s website needs to understand your hours of operation, any limitations to service and what is being done to ensure cleanliness.  Providing this information establishes to your customer your seriousness of precautions which will be appreciated during this time.

If your financial situation allows, focus on your employees, donate to charities or offer discounted or free products.  By marketing this information, your brand’s scope will bolster with the customer as well. 

Utilizing the Customer’s Time.  Most customers are adhering to social distancing guidelines put forth by their state and the federal government.  Now, more than ever, it is important to exhibit to your customers how your brand can be utilized beyond your brick and mortar.  Zuker cites how universities are beginning to offer free online classes and telecommunication companies are offering two months of free service to low-income families; King Arthur flour is promoting its library of comfort food recipes (yes, please!).  Thinking beyond your storefront to put your service or product into your customer’s virtual hands is important.

Remember to entertain.  By each passing day, customers are looking for new stimulation to help the time go by at home.  Movie companies are making the best of the situation by sending theatrical releases to online streaming services.  We don’t think it is necessary to always make your customers laugh, but it might be within your branding to aim for content geared towards warmth, humanity and empathy. 

The metric for engaging your customers is changing; moving beyond views and shares to quality feedback or social impact on your community.  Do not bite off more than you can chew.  Cited in Zuker’s article, Social Media Today warns of virtue signaling; meaning declaring a set of values, but not following through on the actual deeds. 

Also, this is a fantastic opportunity to consider your marketing strategies for when this crisis ends.  What will your business look like once you are able to open the doors?  How are you able to stay relevant with your competitors?  These are all questions needing answers, but today we must do our best to accomplish what is in front of us. 

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Whether you are looking to exit your privately held business, represent an acquisition-minded corporation, value your business, or are personally interested in owning or building value in your own company or franchise, Colonial Business Brokerage offers the professional services that successfully bring buyers and sellers together.

Read Mat Zucker’s full article here: https://www.forbes.com/sites/matzucker/2020/04/01/content-in-a-crisiswhat-brands-can-deliver/

Copyright: Business Brokerage Press, Inc.

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How to Be Sure You Are Leaving Your Business in Good Hands

Most business owners are considering several options for the future of the ownership of their businesses. If you’re keeping your options open, that is typical. But business owners who end up selling their businesses to an outside, unrelated buyer often report that they wish they had known more about what the sale process would be like, and that they wish they had spent more time (years) preparing. So, whether you are actively looking for a buyer right now, or if a sale is only one possibility you’re considering for the future, it’s important to take steps today that could be helpful in a future sale. If you put the company on the market, there will be a lot to think about, and anything you can do today to make that process easier is well worth the effort.

Benefits of Planning Ahead

Selling your business can be overwhelming. You probably want to be sure that your company will be in good hands after you leave. Don’t wait until after you’ve made the decision about who your buyer will be to make sure that your most important employees remain loyal to you and the business. By then it might be too late. To improve the chances that your employees stick around and continue to support the business plan that enabled you to attract a good buyer, consider taking the follow precautions.

Tips to Keep Your Key Employees Around

1. Although this may seem obvious, you may want to have your high-level employees sign a covenant not to compete well before you put the company on the market (and ideally, at the time they are hired). This can be tricky because you could easily offend your most valuable employees with this request, and they could do exactly what you didn’t want them to do in the first place – leave and work for a competitor. Of course, you always need independent legal analysis to determine the conditions under which, if any, covenants not to compete are enforceable. In most, but not all, states, covenants not to compete are generally unenforceable except or unless they meet certain rather narrow exclusions—exclusions which often apply to key employees and management. If you are not a candidate for the non-compete, you may be able to implement other types of restrictions that suit your needs and are enforceable.

2. Create an effective incentive plan for your employees. In your incentive plan, be sure to “handcuff them to the business” (so to speak). This means create an incentive plan that encourages key employees to stay with your company for many years after your departure. You can do this in several ways. It’s best to work with your full advisory team to think through incentive compensation options, vesting schedules, funding devices, forfeiture provisions, and payment schedules.

Time is on your side when you start planning early. It can mean the difference between options being available to you or being off the table. Planning ahead to keep key people around can also have additional benefits, even if you decide you’re never leaving your company.

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Whether you are looking to exit your privately held business, represent an acquisition-minded corporation, value your business, or are personally interested in owning or building value in your own company or franchise, Colonial Business Brokerage offers the professional services that successfully bring buyers and sellers together.

Do You Know How To “Innovate” Your Business So You Dominate Your Competition?

Do You Know How To “Innovate” Your Business So You Dominate Your Competition?

Your spouse has decided to return to the workforce, so you must find a daycare center for your kids. All of them offer the same basic services and charge around the same price… except one. That “one” is 25% higher in price, but they offer additional services the others don’t.

For example, they offer beginner computer training for pre-schoolers, as well as beginner reading and math classes to give kids a head start before entering grade school. They offer a web-based surveillance system so parents can watch their kids during the day to insure they’re receiving proper treatment.

Which daycare do you want your child to attend?

What you need to know…

When you innovate your business, you automatically become “unique” in the marketplace. Your business now offers “extraordinary value” to its clients. Just like we need air and water to sustain life, for any business to truly succeed, it MUST become unique and offer extraordinary value.

The key is to know and understand what parts of the business require innovating. Prospects buy what you sell because they “want” it. It’s critical that every business owner know exactly what their prospects “want,” and then massively innovate their business to give it to them… and do so in such a way that it’s viewed by those prospects as “unique” and “extraordinary.”

Why you need to know this…

Innovating your business is the quickest and surest way to dominate your market. It enables any business owner to separate their business from their competition, eliminate them in the minds of their prospects, and have their prospective clients say to themselves that they would be an absolute fool to buy from anyone else but them.

Businesses that don’t innovate look like, smell like and feel like every other competitor in their market. These are the businesses that are doomed to compete forever on price. They aren’t unique, they offer no extraordinary value and therefore the only value they can offer their prospects is the lowest price.

The cost to you if you fail to act…

Do you want to spend the rest of your life competing on price?

Do you know specifically what your prospects “want” from your business?

Do you know the best areas of your business to innovate?

Do you have any idea how to tell if your proposed innovations will produce a positive Return On Investment (ROI)?

If you don’t innovate, and are forced to forever compete on price, what will be the future costs to your business if that happens?

How can you learn to develop these critical skills?

The problem that most small business owners have is they don’t understand how or what to innovate to increase their revenue and profits.

We’ll help you develop these skills quickly and easily through our E-Learning Marketing System™. In fact, we would be honored to share our expertise with you and to demonstrate our expertise.

To take a Test Drive on our system visit http://increaserevenueandprofits.com/guidedtour

To your success,

Tom Flowers

P.S. Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

 

Does Your Marketing Grab Your Prospects Attention?

Does Your Marketing Grab Your Prospects Attention?

Do your marketing messages compel your prospects to buy what you sell? Do they tap into their basic emotions? Are you aware that prospects buy on emotion and justify their purchase with logic?

What you need to know…

Your marketing must convince your prospects that you offer “extraordinary value.” And it must resonate with them emotionally. Simply telling them that you’re the best at what you do won’t work. You can’t just say you’re trustworthy, reliable and exceptional. That’s the same thing your competition does. Prospects don’t believe you. You MUST educate them as to why you’re trustworthy, reliable and exceptional.

Why you need to know this…

To consistently attract more clients to your business… and to effectively convert prospects into clients, it’s critical that you create a series of short, clear and concise messages that compel your prospects to instantly want to know more information about your product or service. These short messages must focus on the benefits your business provides to them, and on the value you provide that your competition doesn’t.

When you create compelling messages that quickly and clearly articulate what you do and the value you provide, interested prospects will feel compelled to seek you out for additional information. In other words, a well-crafted message “pre-qualifies” your prospects for you… allowing you to focus your limited time and efforts on those prospects that are truly interested in what you sell.

The cost to you if you fail to act…

A well-crafted and well-developed message can generate a tremendous number of new leads for your business each and every time you use it in your marketing. This same information is then incorporated into scripts that you or your staff will use to convert interested prospects into actual paying clients. It doesn’t do you any good to generate a thousand interested leads if you don’t know what to say to them to convert them from leads into sales.

Marketing is always the key to small business success, and the small business owner who learns the process to creating and implementing great marketing will dominate their industry.

To take a Test Drive on our system visit http://increaserevenueandprofits.com/guidedtour

To your success,

Tom Flowers

P.S. Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Finding the Best Business for You

Owning a business and owning the right kind of business for you are, of course, two wildly different things.  Owning the wrong kind of business can make you absolutely miserable.  So if you are considering buying a business, it is prudent that you invest the time and effort into determining the best kind of business for your needs and your personality.  In a recent Forbes article, “What is the Right Type of Business for You to Buy?” author Richard Parker explores how buyers should go about finding the right business fit.

Parker is definitely an expert when it comes to working with buyers as he has spoken with an estimated 100,000 buyers over his career.  In that time, Parker has concluded that it is critical that you don’t “learn on your own time.” 

His key piece of advice concerning what type of business to buy is as follows.  “While there are many factors to be considered, the answer is simple: whatever it is you do best has to be the single most important driving factor of the revenues and profits of any business you consider purchasing.”  And he also believes that expertise is more important than experience.  Parker’s view is that it is critical for prospective buyers to perform an honest self-assessment in order to identify their single greatest business skill and area of expertise.  The last thing you want to do is pretend to be something that you are not.

Parker makes one very astute point when he notes, “Small business owners generally wear many hats: this is usually why their businesses remain small.  Remember that every big business was once a small business.”  As Parker points out, whoever is in charge of the business will ultimately determine how the business will evolve, or not evolve.  Selecting the right business for you and your skillsets is pivotal for the long-term success of your business.

All of this adds up to make the process of due diligence absolutely essential.  Before buying a business, you must understand every aspect of that business and make certain that the business is indeed a good fit for you.  According to Parker, if you don’t love your business, it will have trouble growing.  This point is impossible to refute.  Owning and growing a business requires a tremendous amount of time and effort.  If you don’t enjoy owning and/or operating your business, success will be a much more difficult proposition.

Finding the right business for you is a complicated process even after you have performed a proper evaluation of your skills and interests.  After all, do you really want a solid business with great potential for growth that you would hate owning?  By working with brokers and M&A advisors, you can find the best business fit for your needs, personality, and goals.  These professionals are invaluable allies in the process of discovering the right business for you.

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Whether you are looking to exit your privately held business, represent an acquisition-minded corporation, value your business, or are personally interested in owning or building value in your own company or franchise, Colonial Business Brokerage offers the professional services that successfully bring buyers and sellers together.

Copyright: Business Brokerage Press, Inc.

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How Can You Build A Million Dollar Business?

Build A Million Dollar BusinessHow would you like your business to generate a minimum of $1 million dollars per year?

OK… so how do you plan to accomplish this goal? Here are the startling facts you MUST know…

Less than 3% of small business owners make more than $100,000 annually and less than one half of 1% ever reach $1 million dollars in total revenue

When you factor in a 30% profit margin on a million dollars in revenue, that only translates into an actual income of $300,000. And a big chunk of that goes to the government.

That’s not much more than the business owner was making when they worked a regular job and didn’t have all the worries and headaches they have now. And for those that do make $300,000 annually… they’re in the top one half of 1% of ALL wage earners.

Most small business owners make far less than that, and have no clue how to make things better

What if we could hand you an entire series of strategies that have a proven and tested track record for generating million dollar businesses?

How would you like to receive information every week by email that will walk you, step-by-step, through the process required to build a multi-million dollar business?

Put us to the test!

If you’re serious about building a successful business and you’ve decided that now is the time to finally seek out the professional help that can make a dramatic difference in your revenue and profit, then click the link below and we’ll show you first hand exactly how we help thousands of small business owners worldwide to generate more leads, attract more clients and make more money then they have ever made before.

Watch Our Guided Tour

Whether you are looking to exit your privately held business, represent an acquisition-minded corporation, value your business, or are personally interested in owning or building value in your own company or franchise, Colonial Business Brokerage offers the professional services that successfully bring buyers and sellers together.

Does Your Business Need More Profits?

More ProfitsWould it shock you to know there are a multitude of strategies that could easily double or triple your business’s profits?

For example, how often do you leverage off of your relationships with your current customers?

Most business owner’s count their blessings that they sold them once and never consider going back and asking them to buy multiple times.

In fact, for those prospects of yours that don’t buy from you, how many times do you contact them and give them additional chances to purchase what you sell. The answer for most business owners is NEVER!

Did you know that only 3% of all prospects are ready to buy right now?

The remaining 97% are not… and they need to be nurtured on a repetitious and continuous basis. For the businesses that do this, their profits soar through the roof.

In fact, research shows that most prospects don’t become serious about buying until you market to them at least 6 times. Often existing and past customers and prospects are all but forgotten by most businesses. They assume that when these people need something they will either come in or call.

Businesses with this attitude are missing out on an enormous amount of revenue that comes from staying in continuous contact with their customers and prospects.

So how often are you contacting your prospects?

What if we could give you an entire array of profit-generating strategies that could skyrocket your business financially and eliminate your money worries forever?

Put us to the test!

If you’re serious about building a successful business and you’ve decided that now is the time to finally seek out the professional help that can make a dramatic difference in your revenue and profit, then click the link below and we’ll show you first hand exactly how we help thousands of small business owners worldwide to generate more leads, attract more clients and make more money then they have ever made before.

Watch Our Guided Tour

Whether you are looking to exit your privately held business, represent an acquisition-minded corporation, value your business, or are personally interested in owning or building value in your own company or franchise, Colonial Business Brokerage offers the professional services that successfully bring buyers and sellers together.

Do you have a compelling message?

Do You Have A Message So Compelling It Practically Forces Your Prospects To Buy?

You’re at the store waiting in line and you strike up a conversation with the person next to you. They ask you “what do you do?” Most people respond by saying: I’m an attorney, I’m a consultant or I’m a jeweler. Not very compelling is it.

Most business owners just tell people exactly what they do… not knowing that it’s usually the wrong thing to say if you want to peak someone’s interest.

What you need to know…

Knowing the right way to position what you do can be the difference between a highly successful business and a mediocre one.

Why you need to know this…

The truth is this. No one cares who you are or what you do. They only care about themselves, and what’s important to them. The key is to always frame what you do in terms that relate to prospects who want your product or service.

For example, instead of saying “I’m a jeweler,” what if the jeweler said this… “”I provide discounted diamonds with the highest quality, the lowest prices and the boldest customer protection guarantee in the industry.”

In less than 10 seconds, would you feel like an absolute fool if you bought a diamond from anyone else but this jeweler? That’s the power of what we refer to as an “elevator pitch.”

The cost to you if you fail to act…

Do you have a 10 second elevator pitch? Do you have a follow up 30 second pitch in the event someone says “how do you do that?” If you don’t, you’re losing a lot of revenue as well as precious market share to your competition. Your message is the heart and soul of your business. It communicates value to your prospects and without it you’re doomed to compete forever on price.

Create your very own compelling elevator pitch, and let us know if we can help you make it a “million dollar message.”

To take a Test Drive on our system visit http://increaserevenueandprofits.com/guidedtour

To your success,

Tom Flowers

P.S. Please remember that at any time you feel ready and qualified to move forward and acquire the professional help that can enable you to build the business of your dreams, just click here and check out our E-Learning Marketing System™. It’s helping small business owners just like you get the answers and the help they need to build the business they have always wanted.

We created the E-Learning Marketing System™ with the perfect combination of online resources, tools and support to get you out of any financial distress you’re presently experiencing… help you get laser-focused on your highest income-producing activities… and help you develop and then apply the fundamentals that build multimillion dollar businesses. click here to see for yourself.

Is Your Business Charging Optimal Prices?

Higher PricesWant to know the closely guarded secret when it comes to price?

The buyer decides if the price you charge is acceptable by determining the benefits they’ll receive. Follow this to the letter and you can quickly and easily dominate your market.

In fact, you’ll not only dominate, but you can charge double what your competition charges and still be viewed as the best deal around.

That’s because prospects don’t buy based on price.

They buy based on value. The more value you add, the more you can charge and the more the prospect perceives they’re getting the best deal.

The key is to implement a series of proven and tested value-add strategies that position your product or service as offering the best deal… despite the fact that you charge double or triple what your competition charges.

But that’s just the tip of the iceberg.

Did you know there are a multitude of pricing strategies that can dramatically increase your bottom line?

For instance, we recently discovered a pricing strategy that allowed one of our clients that sold a product for $39.95 to instantly DOUBLE their price.

Although this is a 100% increase in price, when we tested this strategy it only decreased their customer order rate by 17% versus offering the product at the original $39.95 price point. Do you realize that’s a 75% increase in gross revenue… just for applying one simple strategy that didn’t cost this business owner a thing.

How would you like a 75% overnight increase in your total?

What if we could give you an entire array of pricing strategies that would forever remove price from your prospects decision making process?

Put us to the test!

If you’re serious about building a successful business and you’ve decided that now is the time to finally seek out the professional help that can make a dramatic difference in your revenue and profit, then click the link below and we’ll show you first hand exactly how we help thousands of small business owners worldwide to generate more leads, attract more clients and make more money then they have ever made before.

Watch Our Guided Tour

Whether you are looking to exit your privately held business, represent an acquisition-minded corporation, value your business, or are personally interested in owning or building value in your own company or franchise, Colonial Business Brokerage offers the professional services that successfully bring buyers and sellers together.

Great Tips for Selling Your Business

It takes preparation and focus to sell most businesses.  The reality of the situation is that it can take years to achieve this goal.  Partnering with a business broker or M&A Advisor is a smart step towards selling any business, as these pros know the very best tips.  In that spirit, let’s take a look at some great tips for selling your business.

Getting your business ready to sell means carefully evaluating the foundation.  Any significant problem can send buyers “running for the hills,” so be sure that you work out any problems well before placing your business on the market.  If you have any litigation or environmental issues, you most definitely want to address those issues before it is time to sell.  Nothing will scare away prospective buyers quicker than pending litigation or the specter of a potentially costly environmental clean-up.

A second key issue you’ll want to address is determining who exactly has the legal authority to sell the business.  If a board of directors or majority stockholder situation is in place, then selling a business can become more complex than it would be if you were dealing with a sole proprietorship or partnership.  Again, the last thing you want is for “legal surprises” to occur when you get ready to sell a business.

If you have non-negotiable items, be certain that those items are discussed upfront.  Revealing your non-negotiable items at the very beginning of negotiations will save everyone involved a great deal of trouble.

Tip three involves maintaining a flexible mindset.  In most circumstances, you simply can’t have everything that you want.  Both buyers and sellers need to be flexible.  Sellers will want to be flexible about any real estate.  Buyers may not want real estate associated with a given business, and you need to be prepared for this.  Sellers should also be prepared to accept valuation multiples for lack of management depth and other factors, such as reliance on a small number of customers.

At the end of the day, sellers should partner with experienced professionals such as attorneys and business brokers.  You’ve put a lot of time, energy and resources into building your business.  When it comes time to sell, it is only prudent to put together the best team in order to achieve optimal results.

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Whether you are looking to exit your privately held business, represent an acquisition-minded corporation, value your business, or are personally interested in owning or building value in your own company or franchise, Colonial Business Brokerage offers the professional services that successfully bring buyers and sellers together.

Copyright: Business Brokerage Press, Inc. 

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