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Add You - Baffle Your Competition and Win Market Share
Ways to Determine the Value of a Business
Determining the value of a business you are considering purchasing is a tricky subject. Most owners think their businesses are worth far more than they are. And in the end the true value of anything is determined by what a willing seller is willing to sell it for and a willing buyer is willing to buy it for.Step one would be to acquire the use of West’s Business Brokerage Handbook and skim through the rules of thumb sections. If you are looking, for instance, at a dry cleaning business Tom West, the author, describes the nationwide average values of dry cleaning businesses using either the gross sales percentage method—usually from .75 to 1.5 times the annual gross sales; or the cash flow method, which is usually 2.5 times the net income plus discretionary spending the owner benefits from. Value of real estate included is added to this figure. As you can see there can be a wide variation.Of course, nothing really beats a true business valuation, or third party independent appraisal of the value of the business. A business broker who is also a certified business intermediary can probably arrange for a valuation from one of the companies the SBA recognizes. These valuations for a small business can range in price from $800 to $1,500 with a reputable company. But beware! There are several companies charging from $5,000 to $10,000 for worthless “valuations” that are simply overpriced opinions. If considering a valuation, first check the price and make sure it is in the lower range. Then ask the representative if it is accepted by the SBA and if he can prove it. Your banker, if he is
of the Schlitz facility. Even though the central brewing plant was located on the shores of Lake Michigan with its enormous fresh-water supply, the company had dug five, 4000-foot artesian wells because they wDetermining the value of a business you are considering purchasing is a tricky subject. Most owners think their businesses are worth far more than they are. And in the end the true value of anything is determined by what a willing seller is willing to sell it for and a willing buyer is willing to buy it for.Step one would be to acquire the use of West’s Business Brokerage Handbook and skim through the rules of thumb sections. If you are looking, for instance, at a dry cleaning business Tom West, the author, describes the nationwide average values of dry cleaning businesses using either the gross sales percentage method—usually from .75 to 1.5 times the annual gross sales; or the cash flow method, which is usually 2.5 times the net income plus discretionary spending the owner benefits from. Value of real estate included is added to this figure. As you can see there can be a wide variation.Of course, nothing really beats a true business valuation, or third party independent appraisal of the value of the business. A business broker who is also a certified business intermediary can probably arrange for a valuation from one of the companies the SBA recognizes. These valuations for a small business can range in price from $800 to $1,500 with a reputable company. But beware! There are several companies charging from $5,000 to $10,000 for worthless “valuations” that are simply overpriced opinions. If considering a valuation, first check the price and make sure it is in the lower range. Then ask the representative if it is accepted by the SBA and if he can prove it. Your banker, if he is
The Tale of Logos
Logos are everywhere to be seen... rather, we can even call them omnipresent! Wherever we go, we find ourselves literally surrounded by logos. Be it our homes, office, restaurants, market, shopping malls, roads................ you name it and it's there. Since the Industrial Revolution, there has been a sea change in the commercial outlook of the world. Rapid industrialization led to the emergence of corporate organizations and business houses; all striving to make their products popular in the common market. The present century is now confronting the outcome of the Industrial Revolution that began in the 19th century- the boom of numerous industrial products and their logos, all competing to create a niche for themselves in the market.Regardless of the present scenario, have you ever wondered about the inception of these symbolic drawings, now called logos? Most of them have not even spared a thought about its origin. The logo history dates back to Greece in ancient times. The term 'logo' was coined to mean a trademark, name or symbol designed for easy recognition. The logo made its first beginning through a cipher of single letter, and later a design or mark comprising of two or more letters. It's however, not known whether the cipher was used as the name of a person, or surname or stationary or business purpose. A number of early Greek and Roman coins bear the monograms of rulers and towns. The Middle Ages saw the abundant use of similar logos for ecclesiastical and commercial purposes.In the thirteenth century, the logo remained in vogue as simple letterhead used by merchants in their tra
NOTE: As I was preparing to submit this article, I had to think about which category was most appropriate. The content primarily deals with developing effective marketing tactics for your business. However, upon further contemplation, I decided to place this article under the Business Customer Service category because I’ve concluded that all effective customer service is the best and highest form of business marketing. I think you’ll agree.Logos are everywhere to be seen... rather, we can even call them omnipresent! Wherever we go, we find ourselves literally surrounded by logos. Be it our homes, office, restaurants, market, shopping malls, roads................ you name it and it's there. Since the Industrial Revolution, there has been a sea change in the commercial outlook of the world. Rapid industrialization led to the emergence of corporate organizations and business houses; all striving to make their products popular in the common market. The present century is now confronting the outcome of the Industrial Revolution that began in the 19th century- the boom of numerous industrial products and their logos, all competing to create a niche for themselves in the market.Regardless of the present scenario, have you ever wondered about the inception of these symbolic drawings, now called logos? Most of them have not even spared a thought about its origin. The logo history dates back to Greece in ancient times. The term 'logo' was coined to mean a trademark, name or symbol designed for easy recognition. The logo made its first beginning through a cipher of single letter, and later a design or mark comprising of two or more letters. It's however, not known whether the cipher was used as the name of a person, or surname or stationary or business purpose. A number of early Greek and Roman coins bear the monograms of rulers and towns. The Middle Ages saw the abundant use of similar logos for ecclesiastical and commercial purposes.In the thirteenth century, the logo remained in vogue as simple letterhead used by merchants in their tra
An Intriguing Story
This true story is about the legendary marketing strategist, Claude Hopkins and the Schlitz beer company. Schlitz was about to go flat in the beer brewery industry. They wanted desperately to break into the top ten American breweries but didn’t know how to do it. That’s when they contacted Claude Hopkins.
Hopkins’ first item of business was to take a tour of the Schlitz facility. Even though the central brewing plant was located on the shores of Lake Michigan with its enormous fresh-water supply, the company had dug five, 4000-foot artesian wells because they wa
Setting Parameters at Work to Enable Achievement of Your Goals
At one time or another, most of us have experienced a loss of momentum in achieving the goals we set. This particularly seems to be true when we resolve to take better care of ourselves or spend more time with family and friends. Work often seems to relegate such goals to the back burner.Ironically, I have observed that when my coaching clients set clear parameters at work to enable them to achieve what they perceive to be personal goals, there is a profoundly positive impact on their focus, productivity and satisfaction at work.One leader whom I coach (we’ll call her Kelly) has recently achieved fantastic improvements in her clarity and effectiveness at work. She started by simply making one small personal commitment. Kelly decided that one day a week she would commit to taking her daughter to an after-school activity that was very important to her. She began to structure her work day in such a way that she would be set-up for success in meeting this commitment. Being someone who is highly responsible to others, this led to keeping commitments to finish initiatives at work in time to leave the office. She found herself working in a more focused way. She was energized by knowing that she would be meeting a commitment to her family, instead of wasting energy worrying about whether she should stay at work or attend the after-school activity. For one day each week, the decision had already been made. This became the parameter and work simply had to fit in to the time allotted for that one day a week.Interestingly enough, the effect of this one small personal commitment rapidly be
pon further contemplation, I decided to place this article under the Business Customer Service category because I’ve concluded that all effective customer service is the best and highest form of business marketing. I think you’ll agree.At one time or another, most of us have experienced a loss of momentum in achieving the goals we set. This particularly seems to be true when we resolve to take better care of ourselves or spend more time with family and friends. Work often seems to relegate such goals to the back burner.Ironically, I have observed that when my coaching clients set clear parameters at work to enable them to achieve what they perceive to be personal goals, there is a profoundly positive impact on their focus, productivity and satisfaction at work.One leader whom I coach (we’ll call her Kelly) has recently achieved fantastic improvements in her clarity and effectiveness at work. She started by simply making one small personal commitment. Kelly decided that one day a week she would commit to taking her daughter to an after-school activity that was very important to her. She began to structure her work day in such a way that she would be set-up for success in meeting this commitment. Being someone who is highly responsible to others, this led to keeping commitments to finish initiatives at work in time to leave the office. She found herself working in a more focused way. She was energized by knowing that she would be meeting a commitment to her family, instead of wasting energy worrying about whether she should stay at work or attend the after-school activity. For one day each week, the decision had already been made. This became the parameter and work simply had to fit in to the time allotted for that one day a week.Interestingly enough, the effect of this one small personal commitment rapidly be
An Intriguing Story
This true story is about the legendary marketing strategist, Claude Hopkins and the Schlitz beer company. Schlitz was about to go flat in the beer brewery industry. They wanted desperately to break into the top ten American breweries but didn’t know how to do it. That’s when they contacted Claude Hopkins.
Hopkins’ first item of business was to take a tour of the Schlitz facility. Even though the central brewing plant was located on the shores of Lake Michigan with its enormous fresh-water supply, the company had dug five, 4000-foot artesian wells because they w
4 Ways to Double the Power of Your Business Cards
Sure, everyone needs business cards. But why not make your business card do double or triple the work of an average business card.Here are 4 proven ways to supercharge your business card into a powerful business tool.1. Use the back of the card to include sales info. Good marketers know that customers need to be reminded at every opportunity how your product or service will help them. Even though business cards are small, you can still include some information on the back of the card that will remind customers how you are unique, better, and valuable. You could include a short bullet list of features and benefits. You could display some stats and figures, mention awards your product has won, or list a brief testimonial or two. Just a little bit of extra sales information can make a big difference in building relationships and encouraging sales.2. Use the back of the card as an appointment card. Dr.’s and dentists do this frequently. But other businesses can use the same concept. Sales people of all kinds, realtors, consultants, professionals and more can use the back of their business cards as an appointment card. This is a good idea for several reasons. First of all, it increases the likelihood that a prospect will keep your card close by – at least until you have the appointment. Second, it gives you a reason to give customers more than one business card. The more cards they have the more likely they are to always have one handy when they need it. This is especially important if they are referring you to a friend or relative. They may have an extra card of yours laying
g. I think you’ll agree.Sure, everyone needs business cards. But why not make your business card do double or triple the work of an average business card.Here are 4 proven ways to supercharge your business card into a powerful business tool.1. Use the back of the card to include sales info. Good marketers know that customers need to be reminded at every opportunity how your product or service will help them. Even though business cards are small, you can still include some information on the back of the card that will remind customers how you are unique, better, and valuable. You could include a short bullet list of features and benefits. You could display some stats and figures, mention awards your product has won, or list a brief testimonial or two. Just a little bit of extra sales information can make a big difference in building relationships and encouraging sales.2. Use the back of the card as an appointment card. Dr.’s and dentists do this frequently. But other businesses can use the same concept. Sales people of all kinds, realtors, consultants, professionals and more can use the back of their business cards as an appointment card. This is a good idea for several reasons. First of all, it increases the likelihood that a prospect will keep your card close by – at least until you have the appointment. Second, it gives you a reason to give customers more than one business card. The more cards they have the more likely they are to always have one handy when they need it. This is especially important if they are referring you to a friend or relative. They may have an extra card of yours laying
An Intriguing Story
This true story is about the legendary marketing strategist, Claude Hopkins and the Schlitz beer company. Schlitz was about to go flat in the beer brewery industry. They wanted desperately to break into the top ten American breweries but didn’t know how to do it. That’s when they contacted Claude Hopkins.
Hopkins’ first item of business was to take a tour of the Schlitz facility. Even though the central brewing plant was located on the shores of Lake Michigan with its enormous fresh-water supply, the company had dug five, 4000-foot artesian wells because they w
9 Tips on Creating a Professional Emailed Job Application
With the advent of the Internet, many of us have the opportunity to apply for work through email.However, just because this is the Internet and email is so fast and convenient, that does NOT mean you should give up professionalism and polish!FIRST IMPRESSIONS COUNT. I recently looked over a few emailed applications, and let me tell you, it was an eye-opening experience! Here are a few examples of how *not* to do things...One person simply forwarded the job description to the hiring company. There was no explanatory letter, no name (just some garbled email address), no nothing. Why should a company want to hire someone who can't be bothered to make an effort?Several people got the name of the hiring party wrong. Some misspelled it, others substituted someone else's name.Spelling mistakes, typos, grammatical errors, and formatting problems like you wouldn't believe. One person said that her greatest strength was her attention to 'detal' (should have been 'DETAIL'); another said it was his responsibility to 'a tent to customers' ('ATTEND to customers').It almost goes without saying that you should always follow the application instructions provided. If you're inquiring or applying for a job - regardless of whether it's online or in the 'real world' - there are certain rules of etiquette that apply:GREET THE PERSON. Don't just barge in and start writing. A simple "Dear ___" is great.CORRECTLY SPELL THE COMPANY NAME AND THAT OF THE HIRING MANAGER. If you don't know how to spell them, take a few
y industry. They wanted desperately to break into the top ten American breweries but didn’t know how to do it. That’s when they contacted Claude Hopkins.With the advent of the Internet, many of us have the opportunity to apply for work through email.However, just because this is the Internet and email is so fast and convenient, that does NOT mean you should give up professionalism and polish!FIRST IMPRESSIONS COUNT. I recently looked over a few emailed applications, and let me tell you, it was an eye-opening experience! Here are a few examples of how *not* to do things...One person simply forwarded the job description to the hiring company. There was no explanatory letter, no name (just some garbled email address), no nothing. Why should a company want to hire someone who can't be bothered to make an effort?Several people got the name of the hiring party wrong. Some misspelled it, others substituted someone else's name.Spelling mistakes, typos, grammatical errors, and formatting problems like you wouldn't believe. One person said that her greatest strength was her attention to 'detal' (should have been 'DETAIL'); another said it was his responsibility to 'a tent to customers' ('ATTEND to customers').It almost goes without saying that you should always follow the application instructions provided. If you're inquiring or applying for a job - regardless of whether it's online or in the 'real world' - there are certain rules of etiquette that apply:GREET THE PERSON. Don't just barge in and start writing. A simple "Dear ___" is great.CORRECTLY SPELL THE COMPANY NAME AND THAT OF THE HIRING MANAGER. If you don't know how to spell them, take a few
Hopkins’ first item of business was to take a tour of the Schlitz facility. Even though the central brewing plant was located on the shores of Lake Michigan with its enormous fresh-water supply, the company had dug five, 4000-foot artesian wells because they w
Understanding Laser Marking and Laser Etching Systems
Laser marking and laser etching are becoming more and more important in a growing number of industries. The basic reasons to laser marking or laser etch your products include:• The mark is extremely durable, permanent and in most cases cannot be removed without destroying the product itself, this is true for laser marking, laser etching, or laser annealing.• The laser marking process is accurate, 100% repeatable, fast, with very clear sharp results.• The laser mark or laser etch can quickly and easily be changed without any machine change over, and, without replacing any tools. The changing of a laser marking or laser etch is a simple drag and click computer operation.• The laser requires no consumables and no additional purchases of added materials or supplies. Therefore the operating and maintenance costs of owning and running the laser marking or laser etching system are virtually non existent.Laser BasicsThe word laser is an acronym for light amplification by simulated emission of radiation. The laser beam is formed in a sealed tube with an electrode set, laser gas, and electrical discharge. The beam is emitted into a telescope which expands the laser beam from a size of approximately 2mm as the beam exits the laser tube up to 7mm to 14 mm for most laser marking or laser etching operations. The expanded beam is directed into a laser head containing two mirrors located on high speed galvo motors. The laser beam is directed off the mirrors though a single element flat field lens to the product being laser marked or etched.Typically the laser marking
of the Schlitz facility. Even though the central brewing plant was located on the shores of Lake Michigan with its enormous fresh-water supply, the company had dug five, 4000-foot artesian wells because they wanted the purest water available. Hopkins was shown a special laboratory in which over 2,500 experiments were conducted by company scientists to cultivate the finest mother-yeast cell. He was taken through five different three-foot-thick plate glass rooms where beer was condensed, redistilled and recondensed for purity. The final stop was the tasting room where beer was tasted from five samplings on five separate occasions. He learned that the bottles they used were cleaned and sterilized twelve times!Laser marking and laser etching are becoming more and more important in a growing number of industries. The basic reasons to laser marking or laser etch your products include:• The mark is extremely durable, permanent and in most cases cannot be removed without destroying the product itself, this is true for laser marking, laser etching, or laser annealing.• The laser marking process is accurate, 100% repeatable, fast, with very clear sharp results.• The laser mark or laser etch can quickly and easily be changed without any machine change over, and, without replacing any tools. The changing of a laser marking or laser etch is a simple drag and click computer operation.• The laser requires no consumables and no additional purchases of added materials or supplies. Therefore the operating and maintenance costs of owning and running the laser marking or laser etching system are virtually non existent.Laser BasicsThe word laser is an acronym for light amplification by simulated emission of radiation. The laser beam is formed in a sealed tube with an electrode set, laser gas, and electrical discharge. The beam is emitted into a telescope which expands the laser beam from a size of approximately 2mm as the beam exits the laser tube up to 7mm to 14 mm for most laser marking or laser etching operations. The expanded beam is directed into a laser head containing two mirrors located on high speed galvo motors. The laser beam is directed off the mirrors though a single element flat field lens to the product being laser marked or etched.Typically the laser marking
After his tour, convinced of the company’s commitment to both its product and its customers, Hopkins exclaimed to his hosts, “My goodness, why don’t you let people know about this amazing process your beer goes through?” They replied, “This is the way all beer is made.” Hopkins immediately responded, “That may be, but the first
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