Plain Talk 50 Smart Tips to Help Boost Your Business By Rob Buksar Editor’s Note: These – A oh tips were presented at the April E+ Show with this tongue-in-cheek 7 i | introduction: “Hoosier Electric brings you Rob’s 50 smart tips that =, were pillaged, pilfered ri | pillaged, p a ‘| and plagiarized in order for us to help you boost your business. A good idea is there to be taken advantage of, no matter where it’s lying around.” Thanks for keeping your eyes open and sharing good strategies with us, Rob. 1. Use your business plan for your daily operations. You should have a business plan and it should be more than just a start-up exercise. Make ita living, breathing document that helps keep your business on track. An ef- fective plan doesn’t have to be elabo- rate; an effective plan can be as simple as putting down a few lines under each topic. After it’s written refer to it regu- larly, update it at least once a year— more often if you work on short-term projects that can have a major impact on the direction of your company. 2. Keep your records current. You may be tempted to let administrative chores slide when you are busy serv- ing customers, but don’t. You will maintain more accurate records and spend less time in the long run by do- ing it as you go. Check out the soft- ware packages that make record keeping relatively simple. Good record keeping habits also (See graphical location in which you operate. A mission statement helps you maintain your focus. 7. Know your insurance needs. Consult with a business insurance agent to make sure your business equipment and inventory are pro- tected. You may also need additional liability coverage, both for your office and your products and services. In- come replacement coverage in case some sort of disaster that keeps you from operating for any length of time, and disability insurance. Ifyou have a partner, you may want to purchase “‘keyman” insurance on each other to protect financial security in the event ofan untimely death. 8. Back up all critical data and store in separate place. Make this part of your required work routine. A com- puter system crash, theft, fire or other disasters can devastate your business, if the information has not been dupli- cated and stored elsewhere. 9. Have a growth plan. Set tar- gets for short- and long-term growth, and map out a plan to reach your goals. Know how you are going to handle the growth; simply bringing the busi- ness in is not good enough—you need to know how you will service your customers. 10. Set up accounts with vendors before you need them. Your growth plan should tell you what kind of sup- pliers you will need. Establish a rela- tionship and credit line with appropri- ate suppliers before you need them so you will be ready when the time comes. 11. Establish backup resources. For the times when you’ re too busy to do itall, build relationships with tem- porary help agencies, sub-contractors or other rebuilders that offer services similar to yours. This way you will be able to meet your customers’ needs in an overload situation. 12. Bea backup for someone else. When business isn’t as brisk as you would like, offer to support another company that needs help. You may find that company you once considered to be a competitor is actually an excel- MAY, 2001 lent client. 13. Use letters or agreements and/ or contracts. Putting business transac- tions in writing provides a number of benefits: It enhances your professional image; clarifies your terms, warranties and agreements; and eliminates the risk of any misunderstandings. It also in- creases the level of commitment on everyone’s part and gives you docu- mentation should you ever need it to resolve a dispute. 14. Review your communication system at least once a year. Telecom- munication technology is advancing at arapid rate, and more companies are regularly adding services that you may be able to use. Also, most phone com- panies have created special depart- ments to service the needs of small business. 15. Be accessible. If your work takes you out of the office regularly, be sure your customers can get a hold of you when they need to. 16. Install a dedicated phone line in your business. This is real important for those of you whose shops are still home-based. Do not use the same line for your personal and business calls, and don’t allow anyone who doesn’t work for you or with you to answer the company phone. Always answer the business line in a professional man- ner with the company name or your name. 17. Consider a dedicated fax-data line. Depending on how many faxes you send and receive and the amount of time you spend using e-mails and other online services you may benefit from this. 18. Buy a computer. Have an e- mail address. Consider a Web site. This technology has become inexpen- sive and user friendly. Most who lack it say “we made it this far without it,” Page 1 of 2