Profit-Building Strategies for Business Owners articles from May 1993

Profit-Building Strategies for Business Owners archives from May 1993

Grooming an offspring to take over your corporation. (includes related article) (Managing for Success)
May 1, 1993... Passing on your business to the next generation is an intensely personal process. Under the best circumstances, it's complicated and time-consuming, demanding a close examination of your own motives and goals and an impartial analysis of the...

What your business pays your offspring should be fair to them and to you. (Managing for Success)
May 1, 1993... Ralph Jones apprenticed with his father, a master plumber, and worked in the family business after he got his own license. Father paid son a weekly salary. Jones (not his real name) later married and his financial needs grew faster than his...

Making your business site a safe place to work. (Managing for Success)
May 1, 1993... You have an obligation to provide your employees with a safe workplace. Problem is: Most people agree with the concept, then stash it somewhere in the back of their minds and don't do much about it. Meanwhile, hazardous conditions may develop...

Choosing a chair with the right support. (Managing for Success)
May 1, 1993... Until the computer age, an office chair just had to be "comfortable." But as computer work has lengthened the time spent sitting virtually motionless, workers now suffer more backaches, neckaches muscular complaints in hands, wrists, arms, and...

Numbers you should know to keep in touch with your business. (Business Money Management)
May 1, 1993... Business was booming at ABC Printing Company. Sales were up 30% over the previous year. The firm's owner was considering leasing more factory space. Yet suddenly, at the end of May when it came time to meet the payroll, he found himself short of...

Why-and how- some small businesses manage to give benefits to part-timers. (Employee Relations)
May 1, 1993... In some businesses, part-timers may be just cogs in the machinery, interchangeable and replaceable. But if you're like most owners, you need well-trained and motivated part-timers, and you invest time and money to get them to that level. If...

What it takes to build employee loyalty and respect. (Employee Relations)
May 1, 1993... Developing good employee relations is essential to business success. By recognizing the natural aspirations of your employees and by following common-sense procedures in your relations with them, you can greatly increase their loyalty and...

Employee returning from leave must get job with equal status and authority. (Kelley Co. Inc. vs. Marquardt, Wisconsin 1992) (Legal Update)
May 1, 1993... Elizabeth Marquardt started as a billing clerk at Kelley Company, a manufacturing concern. A year later she was promoted to credit and collection correspondent. Eventually she rose to credit manager. Overall, her performance evaluations were...

Prepare to answer objections when selling goods or services. (Sales & Marketing)
May 1, 1993... Answering objections successfully is a skill that can be learned, sharpened and perfected. Like every other sales skill, it requires study and practice. The first step: Put every objection into perspective. Realize that the prospect uses the...

Turn consumer complaints to your advantage. (Sales & Marketing)
May 1, 1993... From a short-range view, consumer complaints are a bother. They force you to backtrack and deal with past sales instead of moving ahead to new ones. They're expensive, too, taking time and often involving repairs or replacement of merchandise....

Should you give employees the power to back up your guarantee? (Sales & Marketing)
May 1, 1993... "Customer satisfaction guaranteed" is easy to offer. But to show you mean it and get the financial rewards satisfied customers bring, you must involve every employee in the process. Does your company: * Require high-level approval for...

Advertising sales - words you should and shouldn't use. (Sales & Marketing)
May 1, 1993... If you're a shop owner, you should know the words you should and shouldn't use when advertising your sales. Federal laws that protect consumers from deceptive advertising are enforced by the Federal Trade Commission. Saying "Save." The words...

Buyers of franchises generally get good training. (Professional Counselor)
May 1, 1993... We are primarily real estate investors, but we're looking into the purchase of a fast-food franchise we'd locate in the now-vacant space of a shopping mall. Since we know nothing about the business, we'd like an independent opinion about how well...