Business Tips Blog
Enjoy Evan’s easy-to-use advice for your business.
What Numbers to Track in Your Business
With SO MANY numbers floating around your business (not to mention your QuickBooks!) it can be overwhelming. Which numbers really matter? Which ones should you be keeping track of? I’m a big believer in tracking the numbers you want to grow! By looking at them regularly, you’ll get multiple benefits: [fancy_list style=”star_list” variation=”blue”] Know how you’re doing today Measure the impact of things you’re trying out [/fancy_list] While some of the specifics vary by industry, here’s my list of the top 5 things I track in my businesses, so that I can grow them faster. [margin30] [div style=”float:left;margin-right:20px”] 1 [/div] [div style=”overflow:hidden”] Revenue How much money is coming in the door? How does it compare to your goal? I’m sure you look at this, but do you track it consistently? That’s how you get the best results. Ideally look at your revenue every week…every month at a minimum. (Not just when …
Branded Yoga: How to Stand Out in a Crowded Field
Did Bikram Yoga pervert an ancient spiritual art form, just for the sake of making money? Religious people, business people, and the Indian government are all weighing in on this debate, according to new research by one of my favorite professors at Harvard, Rohit Deshpandé. The research looks at several examples of businesses creating proprietary versions of commonly available things. (Think $4 bottles of premium branded water). Personally I don’t think it’s sacrilege…I think it’s a great business practice that we can all learn from. Many businesses I work with are in very crowded fields, and they struggle to stand out among the competition. There’s a ton of dentists out there, a ton of burger joints, and a ton of unknown yoga studios. Bikram Yoga is now a household name, with 5,000 Bikram Yoga studios worldwide. It all started with Bikram Choudhury coming up with a unique way to package …
How to Predict the Future, and Budget Appropriately
Most business owners recognize the need to have a budget. A good budget tells how much you can afford to spend, when you can make investments, and how much money you can take out of the business. Sound nice? Too many people give up on budgeting because they are stumped: How can you possibly know what’s going to happen in the future? Well, you can’t know for sure, but you CAN still make a really useful budget. Here’s the magic formula: Knowledge of the Past + Knowledge of the Present = Assumptions about the Future Let me explain each part. But first let me say–write this on paper (or a spreadsheet). If it’s in your head, it’s not a budget, it’s just a gut sense. Write it out and you’ll experience a new level of clarity and confidence around your finances! As an example, we’ll use a personal trainer budgeting …
Airline + Fashion? How Unlikely Partnerships Bring New Customers
Today, Virgin America flight attendants debut their new uniforms, designed by Banana Republic. Flyers can buy items from the new looks right from their seats, and Banana has put a full line of airline-inspired clothing in their stores. (Read more about it here.) This may strike you as an odd partnership… an airline and a clothing store??? The reason it works is that the two businesses share similar customers. Banana Republic is betting that many of Virgin’s passengers will appreciate the styles, and buy them in-flight or come into a store. And Virgin gets a great new look for its team, likely at a discounted price from Banana (in exchange for the publicity value). What a great win-win! How to Make Your Own Unlikely Partnerships Who could you partner with in your business? To answer this question, first ask, “What other products or services do my customers like to buy?” …
Five Tips for a Better Job Posting
You know that having top talent is critical to your business success (not to mention to reducing your stress level!). Here are simple ways to find better people with less effort–starting with the Job Posting. The biggest mistake people make is thinking only about what they need to find, and forgetting to think about what the candidate will be looking for. Hiring is like dating: it has to be a two-way fit! If you’re not showing your peacock feathers in the Job Posting, great candidates won’t even bother to apply. Follow these tips to make sure you bring in top talent. [margin30] [div style=”float:left;margin-right:20px”] 1 [/div] [div style=”overflow:hidden”] Don’t Post a “Job Description”! You Have to Sell the Job There’s no faster way to bore a prospective applicant than a laundry list of duties. Explain the job in a way that highlights what’s great about the job. What do they …