Adjusting to a Profit Margin Mindset There’s a strange phenomenon that many entrepreneurs and small businesses suffer from. Fear of raising prices. You’re scared that your customers will pull their business from you if you do. Yet your business is growing. You’ve got loads of work coming in. So much so that you’ve taken on staff. You’ve increased your tools and your tech. The results speak for themselves. You’re inundated with requests for prices from referral business. Take it from me, you deserve to charge more. And if you don’t you probably won’t make it. While many many entrepreneurs choose to work long hours, do you really want to work more for less? I’ve got news for you. … [Read more...]
Small Business Articles on Processes
Read small business articles from the Anchor Advisors team for best practices on building and improving your organization's processes. Go back to all Articles »
More Ideas Than Time
I have more ideas than time! My team is so frustrated. We are loaded with good ideas—ideas that will make us money! But we can't even get the work done to execute on the services we already have going! When my team sees me roll in with another "great idea" their eyes shoot daggers at me. How do I decide what we should execute on, and what we should delay? Should we just work harder? What do I do with these ideas we can't get to? When a business is just starting out, the most important question that a business owner is asking (and they ask it a lot) is "Will this thing GO? Can we survive?". When you're facing survival, trying everything is a rational strategy. You don't really know … [Read more...]
How Great CEOs Spend Their Time
Freedom makes a huge requirement of every human being. With freedom comes responsibility. ~Eleanor Roosevelt One of the best things about being a business owner is FREEDOM. In any given moment, I’m the only one that I have to answer to. My time is my own and I use it as I like. One of the worst things about being a business owner is FREEDOM. There is no one to tell me what to do! I am 100% responsible for how I use my time! (And I’m frequently disappointed in myself…) This paradox is like a tiger stalking around the back of my brain. It keeps me up at night. Am I doing a good job? How would I know…? So when I saw that Michael Porter published an extensive study called The Leader’s … [Read more...]
Why You Will Hire The Wrong Person
One article consistently stood at the top of the list of “Most Read Articles” on the New York Times website in 2017: Why You Will Marry the Wrong Person by Alain de Botton. In it, de Botton argues that we are looking for an ideal partner (without flaw or conflict), while ignoring the fact that, as human beings, we all are deeply flawed and often a little bit crazy. In summary he says, “Marriage ends up as a hopeful, generous, infinitely kind gamble taken by two people who don’t know yet who they are or who the other might be, binding themselves to a future they cannot conceive of and have carefully avoided investigating.” To me this sounds like the way most of us make hiring … [Read more...]
Too Many Ideas, Not Enough Time
Ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon you have a dozen. ~ John Steinbeck Entrepreneurs are starters; we love to begin something new! We also see opportunities that others don’t see. So as we live our lives we are always coming up with new ways of doing things, new ideas that need to be pursued, new opportunities. How many times have you come back to your office, all excited by a new idea; you share it with your team and they grimace. They aren’t excited, to them it looks like work – and besides – what happened to the last 40 great ideas you came running in the office with? Ouch! That stings. Opportunity is missed by most people because … [Read more...]
PROPOSALS…HUNH! YEAH! What are they good for?
(ACTUALLY? Not a whole lot.) I work with a lot of service firm owners and there’s one thing they all hate, and that’s writing proposals. They love meeting with prospects, identifying the problems the prospects are having, and talking about how they can help. But then they get back to their office and the work of actually writing the proposal is a grind. And it’s easy to see why when you look at the proposals themselves; they are (truly) works of ART! My clients will craft unique descriptions of the problem, then outline (step-by-painful-step) how their unique process™ will produce the solution their prospect is looking for. Then they add to that team bios, case studies, and all kinds of … [Read more...]
So you think your agency needs a salesperson…
As the business owner, the job of business development for your creative agency has been yours—from the beginning. But the thing is, you don’t like it. Maybe you don’t feel good at it, or successful as a salesperson, or maybe it just feels icky. But none of that matters now, because there’s a solution. You’re going to hire a salesperson, and that’s going to fix everything. It makes perfect sense. A skilled and experienced salesperson would (likely) know exactly what to do in order to increase sales. A skilled and experienced salesperson would handle the clients better, write better proposals, and close more of them…You’re asking yourself “Why didn’t I do this sooner?” before you even have … [Read more...]
How to make a business decision
It could be said that business leaders have one job, and that’s to make decisions. The decisions we make affect people’s livelihoods, their careers – not just our employees – but our customers, our vendors, our community. I wonder how often any of us sit down and think about how we make business decisions – is our process any good? What could we do to improve it? It’s in that spirit that I offer you Brad’s guide to business decision making! (I’m sure books have been written about this, there’s lots to say, so consider this an incomplete summary…) To help us to walk through this I’m going to illustrate how to decide if we need to expand our account management team by hiring someone … [Read more...]
The easy way (and the hard way) to get leads and sell your services
“I’ve tried that, it didn’t work…” I was having a discussion with an owner of a B2B creative services firm about his business development process. He had a strong business that he’d built by leveraging his personal network, but he wanted to see more growth. This is a business owner who’s aggressive and isn’t afraid to take a risk and try something, but sales tactic or process he’s tried ever got any traction. His business sort of sputtered along from year to year — one year it’s up 15% the next year down 10%. He wanted me to give him the answer, the one method or trick that was going to create an endless stream of leads, that didn’t cost him too much money so he could sell more creative … [Read more...]
Crafting a price increase notice: 6 ways to tell your clients
To start, here's a little price increase notice sample. I then follow it up with 6 ways to how to tell clients you're raising your prices below: Dear John (your client's name is John, right?); How are you doing? We used to be so close. Lately there's been some distance between us; I just want to make sure that, from your end, everything is still good. I mean, the work we've done together has been nothing short of terrific. I'm so grateful for the opportunity to work with you and your team! The challenges that your assignments provide have kept me at the top of my game; and you have always been appreciative of my team's long hours, late nights, and responsiveness to last minute … [Read more...]
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