In every industry, most small business startups fail, and no matter what we tell ourselves, it’s not simply because of bad luck.
Startups fail for a variety of reasons, but they are always attributed to specific miscalculations. When a small business fails, either right after take-off or farther along the company’s life-cycle, it’s likely because of one of these five reasons:
Bad business model
Often, entrepreneurs are overly optimistic, and unfortunately, the “If we build it, they will come” mentality is not a sound business model. Acquiring customers takes time and strategic marketing. You may have a great product, site, or service, but without a great business model, it will not hold your small business afloat. Read more...
78% of consumers have canceled a transaction or decided not to make an intended purchase because of a poor customer service experience. -American Express Survey, 2011
Running a small business or startup can be an exciting time for a motivated mobile entrepreneur. With a growing client base, new business opportunities, and a strengthening brand, it’s important to keep your customer service consistent and responsive. Recent surveys have shown customer service and communication with current and prospective clients are hugely important when it comes to improving a small business’ bottom line. Having a team of live receptionists to answer calls, process orders, provide client support, and help keep your communication with clients organized is one of the most cost-effective and immediate ways to elevate your customer service. Read more...
We live in a society that demands commitment to be successful, but putting in too many hours is actually detrimental to your health. Employees that work at least eleven hours a day have a higher risk of depression, cardiovascular issues, insomnia, and even early onset dementia.
It’s important to balance work and your life outside of it, not only for your sanity, but also to increase efficiency at work. But when you are the owner of a home-based business, sometimes it might seem impossible to separate your two lives when they share the same space.
With these work life balance tips, you can create a perfect balance between work and your personal life:
Dress for work
If you don’t treat your home-based business like a real workplace, then it’s not going to be a very productive space in which to work. While some business owners like to take advantage of working from home by staying in their pajamas all day, this may not be the best option for someone who wants to stay professional and efficient. Read more...
There are several things you need to start a successful business: a great business plan, the necessary funds, and of course, the right personality.
Successful entrepreneurs’ personalities vary from one to another: they don’t all derive from the same mold. Looking closely, however, you’ll see that many successful entrepreneurs share a similar set of core personality traits. Developing the core traits of successful entrepreneurs will give you a greater potential to lead a prosperous business.
The first trait shouldn’t surprise you. To effectively make sales, pitches, and proposals, an entrepreneur must be overflowing with confidence. It is rare that you will find a successful entrepreneur mired in self-doubt. They believe in themselves, their employees, and their business’s purpose, and it is made very apparent in all of their encounters. This includes a penchant for conversation, strong belief in one’s self and their business, and a natural air of trustworthiness that encourages others to engage and invest in their company. Read more...
It is said that most people decide whether they like you within the first seven seconds of meeting you. Unfortunately, that doesn’t give a lot of time to make a positive first impression. However, there are five things you can do to invoke a great initial reaction during those seven seconds, and continue to reinforce that positive reaction for the rest of your encounter.
Dress for success
The first thing someone may notice when meeting you for the first time is what you look like. Many people form an opinion about someone based on their appearance, and this is especially true in a business setting. Before you meet with a client or potential customer, be sure that you are well groomed and dressed for success. This will communicate that you are a highly professional individual, which is the foremost sought after trait in someone with whom others want to conduct business. Read more...
Worldwide surveys indicate that businesses with a global presence report better results than those restricted to the domestic market.
This research shows evidence that we are, indeed, moving toward a global economy, and that small businesses and large corporations alike should expand internationally to seize the most business opportunities, such as:
According to the International Trade Administration, two-thirds of the world’s purchasing power is located outside of the United States. And while many small businesses are too busy to consider exporting or establishing a presence overseas, it can actually make their sales grow faster and they would gain a competitive advantage over similar companies that either have not tapped into their businesses’ international potential or have already expanded globally. Read more...
The cost of occupying an office space isn’t just limited to a monthly lease. It comes with many frequently overlooked operating costs. Quickly, it can extend beyond your business’s budget, especially if you are a startup or small business.
However, this should not deter you from expanding or seeking office space, nor should you settle for anything less than perfect. There are many things you can do to find an affordable office space in a prime location:
Take over another business’s lease
One option for businesses on a budget is to take over another business’s lease. Sometimes, you can find other businesses who need to break lease before they reach their contract’s end date, and in many cases they want to get out of their lease as soon as possible. This creates a unique opportunity to negotiate for a better rate. In many cases, they may also reduce or eliminate upfront costs typically associated with getting a new lease, such as security deposits or advance rent. The original business owner will still be losing less than the actual penalty costs of breaking lease, and you will get a great deal on an otherwise expensive location. Read more...
Here at Davinci Virtual we are always excited to hear about clients that experience success while utilizing our products. Our sales agent, Laura Asti, brings us our client success story this month.
New Hope Properties, Inc. owner Mia Dorton was looking for a business phone number and fax service to provide her company with a professional business phone so she can market herself without having to use a home or cell phone number. She also needed a system that would route her calls during business hours and not send her calls during all hours of the night. Davinci’s Auto Receptionist service was perfect for her needs. Read more...
How many things does your business pay for that is not used to its fullest capacity? No matter how many or how few, the full truckload methodology applied to businesses results in loss of revenue and opportunities to grow. Adopting a less than truckload strategy, however, can actually save your business money and increase its efficiency.
You may have heard the term “LTL” or “less than truckload” before, particularly in reference to trucking and transportation. Generally speaking, trucks would transport full truckloads of goods because it was more efficient than carrying less than a truckload. Transporting half of a shipment was wasteful. But then the “less than truckload” idea was innovated, and many companies would share resources, loading one truck with many partial shipments to create a conglomerate. In Seth Godin’s blog post, he explains that businesses can similarly increase their efficiency by sharing resources. Read more...
How often have you felt overwhelmed with work? It’s easy to admit that finding the perfect balance between life and work is challenging, especially when you are a small business owner. As much as 1 in 5 business owners work over sixty hours a week. These statistics prove how easily we overload ourselves with work, and a lot of the time it isn’t entirely necessary.
Luckily, there are five things you can do to reduce stress, increase profitability, and streamline your business operations.
1. Learn to say no.
There is one thing you can start doing immediately, and that is to learn to say no. Oftentimes, the workload with which we find ourselves is a monster of our own creation. When a new task arises, you are the first to step forward and try to tackle it all on your own. Read more...