Timely and relevant news and articles for professional services firms…
Stop me if you’ve heard this one. Frank is a great employee in one of the trades – let’s say he is a HVAC guy. After years of working in several companies, Frank finally decides to open his own business, so he cashes out some savings, gets his business license, and goes to work as his own man.
Scarcity is a technique used by professional services marketers to boost sales. It's not a comprehensive method by itself. All of the other elements of good marketing need to be in place first. It won't sell your service for you, but it will increase your sales by...
Overhead kills professional service companies. Office space, computer systems, phone or PBX set up costs … oh, yeah, and labor costs (which make up at least 70% of a professional service firms costs).
Let’s face it, as a professional service provider, there are a lot of things that you have to do to stay on top of your business. Marketing is one of those things, but the problem is that you are, ultimately, trading time for money, so you work in your business, not on it.
Let’s be honest, there are only three ways to grow your small business. There are tons of variants to those basic three themes, but when it comes right down to it, three is the number.
In our last post, we mentioned the challenge of how partners should potentially split equity in a new business – one created from two other successful ventures that the partners ran independent of one another.
Welcome back – in our last article, we explored how partners should – or could – split equity in a business and the example we used was that one partner brought a half million in assets and the other brought a half million in capital.
Now we’ve spoken a lot about building partnerships to expand the strength and value of our small business, but one question that must always be asked is this one – how can you effectively bring onboard new partners?
Time for a little honesty. Being a business owner can be great. Being an entrepreneur can be great. Building and growing a business from an idea to an income producing entity is one of the truly amazing things that capitalism has created, and it is hard work.
There’s a great deal to focus on when you’re trying to grow your professional service business and make it profitable. One area that small business owners all too often miss is researching their competitors.