We don't know when it's coming, but the upswing will come from this one of many recessions the world economy has seen.
The question is: Will you actually be ready for it?
I guess the real question would be: How do you get ready for it?
That all comes down to understanding what your clients need from you. Like it or not, they need vendors that understands what it means to operate an SMB business. That means not being a total techie but also being able to speak business. They need to know that who they are working with is a stable entity that will talk to them on Friday and still be there on Monday. And they want to know that the businesses they choose to work with can understand and handle being an advisor to their business.
Is this George sneaking in the Business Will Win and Businesses Run Like a Job Will Lose speech? You bet it is and I'm getting more fired up about it every week that goes by. I want you to not only survive this (media over blown)recession, but be in a position to pick up the pieces and trails of abandoned businesses that fit your expert niche.
And believe me, there will be many potential clients for you to be the hero for as these pseudo businesses falter and fail over the rest of this year. Make no mistake, this is not me spouting my own unproven beliefs and hype. If you haven't seen this happening first hand yet, you will and there is absolutely no reason for you to be on the short end of the stick unless you choose to be.
I'm going to strongly encourage you to take a listen in on the radio interview I did this week. It can be found at the following link. Catching Bytes on blogtalkradio.com
On the show I go over:
- What's on the horizon for the SMB IT Solution Provider business
- How to combat the tightening of the spending belt by your clients/potential clients
- Prepping for the upswing
If you will be at SMB Nation East, I'll see you at one of my sessions or at least come up and say hello in the hallway.
To Your Business Success-
George Sierchio
The Consultant's Coach
Friday, April 24, 2009
Wednesday, April 15, 2009
Catching Bytes- Blog Talk Radio Show for Technology Business Owners
While I'm swamped with getting things ready for SMB Nation East coming up on May 1st at Montclair State University in NJ, I wanted to update you on a radio show I'll be a guest on for Tues 4/21.
Doña and Charles Keating have invited me to be the main guest on their 4/21 show on blog talk radio. The show is called Catching Bytes and details with a link can be found below if you're interested.
Upcoming Show: 4/21/2009 3:00 PM EST
Host Name: Catching Bytes
Show Name: Grow Your Technology Consulting or Service Business
Length: 1 hr
Description: Leading national expert and author George Sierchio joins us from New York in a discussion about setting up your business for maximum profit while building its value for future sale. Time management, leadership, dealing with employees/contractors, client management, marketing, financial metrics, new revenue streams and exit planning are some of the enriching and hard-hitting topics we'll explore.
Come on over and listen to the 1 hour show. I'm sure you'll get something good out of it. And if you're so inclined, chime in as a caller.
If you're coming to SMB Nation East, I'll see you there. If not and you will be in the area, be sure to get your pass from the link above or contact me through the my main website at consultantscoach.com and I'll help you out.
To Your Business Success-
George Sierchio
The Consultant's Coach
Doña and Charles Keating have invited me to be the main guest on their 4/21 show on blog talk radio. The show is called Catching Bytes and details with a link can be found below if you're interested.
Upcoming Show: 4/21/2009 3:00 PM EST
Host Name: Catching Bytes
Show Name: Grow Your Technology Consulting or Service Business
Length: 1 hr
Description: Leading national expert and author George Sierchio joins us from New York in a discussion about setting up your business for maximum profit while building its value for future sale. Time management, leadership, dealing with employees/contractors, client management, marketing, financial metrics, new revenue streams and exit planning are some of the enriching and hard-hitting topics we'll explore.
Come on over and listen to the 1 hour show. I'm sure you'll get something good out of it. And if you're so inclined, chime in as a caller.
If you're coming to SMB Nation East, I'll see you there. If not and you will be in the area, be sure to get your pass from the link above or contact me through the my main website at consultantscoach.com and I'll help you out.
To Your Business Success-
George Sierchio
The Consultant's Coach
Saturday, April 11, 2009
Gettin' Paid- Improve your technology business collection process
So many things to talk about and somehow I am falling a bit behind on keeping up this week with the blog. For that reason I decided to go back to some basics on collecting payments for the hard work you've done.
As a small to medium sized technology business owner, you have to do all you can to protect your business from the unwanted costs and hassles of late and unpaid bills. But odds are, your business already has or will someday have to deal with uncollected debt.
Surveys say 50% of all small businesses get stiffed every year and not necessarily just by small accounts. Ouch, that'll leave a mark alright.
While some businesses are profitable enough to sustain these significant losses from bad debt, many are not. Sadly, many of these problems occur because a business doesn't bill clients in a timely fashion, has no internal rules to deal with invoicing and collection, and never relays these rules to the client before the work even starts. Amazing but true.
Here are 5 tips that may improve your billing and collections process.
1. E-mail and mail your invoices. The process is very straightforward and should be used whenever possible. No stamps, no envelopes, no waiting in line at the post office. Most importantly, online billing helps you get bills out faster, so you can paid faster. You may also want to drop a paper copy of the invoice in the mail to your customers, so they are sure to know what they owe.
2. Look for more ways for your customers to pay. Besides accepting checks and cash, consider offering other payment options, such as credit card payments to your customers. You need to make payment an easy step in your customer's buying process.
3. Use payment reminders. Whether a short note or a quick e-mail, friendly payment reminders are a cost-effective way to stay on the radar of those who owe you money. Don't expect customers to police themselves. Instead, make sure to properly send statements and reminders of past due invoices.
4. Purchase credit reports. If your invoice amounts to any particular company are more than you are prepared to lose, then you may want to consider buying a credit report. These reports can be extremely helpful if you don't know much about the customer/company or its financial record. And as mentioned earlier, credit reports are an inexpensive way to verify the creditworthiness of your customers.
5. Monitor the credit rating of your top accounts. Stay on top of the credit health of your most important customers. D&B offers business credit reports starting at $20 per company. D&B sells a range of credit reports, from a simple report that provides a quick overview to a more detailed report that offers in-depth information and credit monitoring.
Here's one more little scare tactic that works well with medium to small business clients:
Let them know you use outside credit agencies. If you use D&B, you have the ability to report favorable and unfavorable payment experiences to D&B, as well as the option to use the D&B name on your invoices informing customers that you share their payment history.
That's it for today.
To Your Business Success-
George Sierchio
The Consultant's Coach
PS If you are on the NYC area, don't miss out on SMB Nation East. There's still alittle bit of time to sign up for this awesome event that starts on May 1.
As a small to medium sized technology business owner, you have to do all you can to protect your business from the unwanted costs and hassles of late and unpaid bills. But odds are, your business already has or will someday have to deal with uncollected debt.
Surveys say 50% of all small businesses get stiffed every year and not necessarily just by small accounts. Ouch, that'll leave a mark alright.
While some businesses are profitable enough to sustain these significant losses from bad debt, many are not. Sadly, many of these problems occur because a business doesn't bill clients in a timely fashion, has no internal rules to deal with invoicing and collection, and never relays these rules to the client before the work even starts. Amazing but true.
Here are 5 tips that may improve your billing and collections process.
1. E-mail and mail your invoices. The process is very straightforward and should be used whenever possible. No stamps, no envelopes, no waiting in line at the post office. Most importantly, online billing helps you get bills out faster, so you can paid faster. You may also want to drop a paper copy of the invoice in the mail to your customers, so they are sure to know what they owe.
2. Look for more ways for your customers to pay. Besides accepting checks and cash, consider offering other payment options, such as credit card payments to your customers. You need to make payment an easy step in your customer's buying process.
3. Use payment reminders. Whether a short note or a quick e-mail, friendly payment reminders are a cost-effective way to stay on the radar of those who owe you money. Don't expect customers to police themselves. Instead, make sure to properly send statements and reminders of past due invoices.
4. Purchase credit reports. If your invoice amounts to any particular company are more than you are prepared to lose, then you may want to consider buying a credit report. These reports can be extremely helpful if you don't know much about the customer/company or its financial record. And as mentioned earlier, credit reports are an inexpensive way to verify the creditworthiness of your customers.
5. Monitor the credit rating of your top accounts. Stay on top of the credit health of your most important customers. D&B offers business credit reports starting at $20 per company. D&B sells a range of credit reports, from a simple report that provides a quick overview to a more detailed report that offers in-depth information and credit monitoring.
Here's one more little scare tactic that works well with medium to small business clients:
Let them know you use outside credit agencies. If you use D&B, you have the ability to report favorable and unfavorable payment experiences to D&B, as well as the option to use the D&B name on your invoices informing customers that you share their payment history.
That's it for today.
To Your Business Success-
George Sierchio
The Consultant's Coach
PS If you are on the NYC area, don't miss out on SMB Nation East. There's still alittle bit of time to sign up for this awesome event that starts on May 1.
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