201 great ideas for your small business

415 Pages·2012·1.28 MB·English

1
praise for the first edition of
2
3 201 GREAT IDEAS FOR YOUR SMALL BUSINESS
4 by Jane Applegate
5
6 “I wish I had this kind of invaluable information when
7 I launched my company forty-seven years ago. ... From
8 one entrepreneur to another, don’t start your business
9 before reading Jane Applegate’s book!”
lillian vernon
10
11 Chairman and CEO
12 Lillian Vernon Corporation
13
14 “The most comprehensive book I’ve ever read for the
15 owner of a small business. If you are in business for
16 yourself, make sure you get your personal copy. It could
17 prove to be your biggest asset.”
wally amos
18
19 Founder of Famous Amos Cookies
20 and Uncle Noname Company
21
22 “Give your business an extraordinary advantage—
23 buy this book.”
harvey mackay
24
25 Author of Dig Your Well Before You’re Thirsty
26 and Swim With the Sharks
27 CEO
28 Mackay Envelope Corporation
29
30 “Jane Applegate has done it again. In her uniquely
31 approachable yet insightful style, she has assembled a
32 treasured collection of 201 of the best practices in
33 small business use today. An invaluable resource for any
34 entrepreneur.”
todd m cracken
35 C
36 President
37 National Small Business United
38
39
1
“An Applegate a day will keep the business problems away. 2
A wonderful collection of practical solutions to everyday 3
business problems.” 4
bob rosner
5
Author of Working Wounded: Advice That Adds 6
Insight to Injury 7
and Nationally Syndicated Columnist 8
9
“Jane Applegate’s expert voice is a welcome one 10
for small business owners. Her book is full of solid, 11
commonsense advice; it will provide great comfort to 12
entrepreneurs who don’t know where to turn for ideas, 13
who fear they are alone in facing the many challenges 14
of running a business.” 15
jack faris
16
President and CEO 17
National Federation of Independent Business 18
19
“Any idea from Jane Applegate is a good one. 201 is a 20
treasure!Grab this book and use it often!” 21
joline godfrey
22
CEO 23
Independent Means, Inc. 24
25
“Just one of these smart ideas can help boost 26
your business. Glean a dozen, and you’ll cream your 27
competition.” 28
martha rogers
29
Coauthor of The One to One Future 30
and Enterprise One to One 31
32
“Brilliantly researched. Brilliantly written. A gem of 33
priceless value on almost every page. Read. Inhale. 34
Absorb. Great stuff.” 35
tom peters
36
Author of The Circle of Innovation and 37
Coauthor of In Search of Excellence 38
39
This page is intentionally blank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
2
3
4
5
6
7
8
9
10
201
11
12
Great
13
14
15
16
Ideas
17
18
19
FOR YOUR 20
Small
21
22
23
Business 24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
available from
1
2 Bloomberg Press
3
4 The Entrepreneur’s Desk Reference:
5 Authoritative Information, Ideas, and Solutions
6 for Your Small Business
7 by Jane Applegate
8 (January 2003)
9
10 Clicking Through: A Survival Guide
11 for Bringing Your Company Online
12 by Jonathan Ezor
13
14 The Business Owner’s Guide to Personal Finance:
15 When Your Business is Your Paycheck
16 by Jill Andresky Fraser
17
18 Outsmarting Goliath: How to Achieve
19 Equal Footing with Companies That Are Bigger,
20 Richer, Older, and Better Known
21 by Debra Koontz Traverso
22
23 The Small Business Owner’s Guide to a
24 Good Night’s Sleep: Preventing and Solving
25 Chronic and Costly Problems
26 by Debra Koontz Traverso
27
28
a complete list of our titles is available at
29
www.bloomberg.com/books
30
31
ATTENTION CORPORATIONS
32
33
bloomberg press books are available at quantity discounts
34
with bulk purchase for sales-promotional use and for corporate
35
education or other business uses. Special editions or book
36
excerpts can also be created. For information, please call 609-279-
37
4670 or write to: Special Sales Department, Bloomberg Press,
38
P.O. Box 888, Princeton, NJ08542.
39
1
2
3
4
5
6
7
Jane Applegate 8
9
10
11
12
13
201 14
15
Great 16
17
18
19
Ideas
20
21
22
FOR YOUR 23
Small 24
25
26
27
Business
28
29
30
31
REVISED AND UPDATED EDITION
32
33
34
35
36
37
B L O O M B E R G P R E S S
38
P R I N C E T O N 39
1 © 2002 by Jane Applegate. All rights reserved. Protected under the Berne Convention.
Printed in the United States of America. No part of this book may be reproduced, stored
2
in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical,
3
photocopying, recording, or otherwise, without the prior written permission of the pub-
4 lisher except in the case of brief quotations embodied in critical articles and reviews. For
5 information, please write: Permissions Department, Bloomberg Press, 100 Business Park
Drive, P.O. Box 888, Princeton, NJ 08542-0888 U.S.A.
6
7
Books are available for bulk purchases at special discounts. Special editions or book
8 excerpts can also be created to specifications. For information, please write: Special
9 Markets Department, Bloomberg Press.
10
bloomberg, bloomberg news, bloomberg financial markets, open bloomberg,
11 bloomberg personal, the bloomberg forum, company connection, company
12 connex, bloomberg press, bloomberg professional library, bloomberg
personal bookshelf, and bloomberg small business are trademarks and service
13
marks of Bloomberg L.P. All rights reserved.
14
15 This publication contains the author’s opinions and is designed to provide accurate and
16 authoritative information. It is sold with the understanding that the author, publisher,
and Bloomberg L.P. are not engaged in rendering legal, accounting, investment-plan-
17
ning, or other professional advice. The reader should seek the services of a qualified
18
professional for such advice; the author, publisher, and Bloomberg L.P. cannot be held
19 responsible for any loss incurred as a result of specific investments or planning deci-
20 sions made by the reader.
21
First edition published 1998
22 1 3 5 7 9 10 8 6 4 2
23
24 Applegate, Jane
25 201 great ideas for your small business / Jane Applegate. -- Rev. and
26 Updated ed.
27 p. cm.
28 Includes index.
29 ISBN 1-57660-117-X (alk. paper)
30 1. Small business - - Management. I. Title.
31 HD62.7 .A64 2002
32 658.02’2 - - dc21
33 2002001941
34
35
36
37
38
39 book design by Don Morris Design
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
this book is dedicated to Joe, Jeanne, and Evan Applegate, 17
18
who make my life worth living—also to my parents, 19
20
Sherrie and Marty Weisman, who always encouraged me 21
22
to “go f0r it.” 23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
1 INTRODUCTION............................................1
2
3
4 C H A P T E R 1
5
MANAGEMENT STRATEGIES .........................4
6
Lessons to master the everyday challenges of building
7
your business
8
9 1: Always Deal with Decision Makers 8
10 2: Don’t Be Afraid to Recreate Your Business 10
11 3: Hire a Great Lawyer 12
12 4: Turn to Spiritual Leaders and Science for
13 Management Advice 13
14 5: Solicit a Quick “Yes” or “No” 16
15 6: Tell the Truth—It’s Critical 17
16 7: Say Goodbye to Corporate Life 18
17 8: Create an Informal Advisory Board 20
18 9: Move Your Business to an Incubator 23
19 10: Overcome a Fear of Public Speaking 24
20 11: Find a Mentor 26
21 12: Organize a Company Retreat 27
22 13: Create a Smarter, Safer Workplace 28
23 14: Think Ergonomically 31
24 15: Make Your Meetings More Productive 33
25 16: Never Work with Anyone Who Gives You a Headache
26 or a Stomachache 34
27 17: Meet Clients in Public Places 35
28 18: Do Something about Your Stress Level 36
29 19: Work the Phones or Walk the Floor 38
30 20: Join a Business Owners’ Support Group—There’s
31 Strength in Numbers 39
32 21: Create a “Roundtable” Editorial for a
33 Trade Publication 40
34 22: Get Help from a Restaurant Consultant 41
35 23: Listen to the Telephone Doctor 42
36 24: Create a Disaster-Recovery Plan 44
37 25: Work Hard and Play Harder 45
38 26: Know When to Reach Out for Help 46
39 27: Know the DOSand DON’TSof Buying a Franchise 48
28: Consider Joining the Family Business 49 1
29: Get Free Government Counseling 51 2
30: Move Your Business into a Main Street 3
Revitalization Zone 52 4
31: Ask Your Employees to Evaluate You 53 5
32: Take This Self-Help Quiz for Managers 55 6
33: Understand What Success Means to You 57 7
8
9
C H A P T E R 2 10
11
MONEY MATTERS.......................................60
12
Crucial solutions and novel opportunities to keep
13
the cash flowing
14
34: Become a Profit Enhancement Officer 64 15
35: Look for “Smart Money” 66 16
36: Write a Killer Business Plan 67 17
37: Learn from David Bowie 69 18
38: Hire a Good Accountant 70 19
39: Find Yourself an Angel 72 20
40: Choose the Right Bank 74 21
41: Find a Strategic Partner 76 22
42: Sell Stock in Yourself 78 23
43: Rent a Financial Genius 81 24
44: Sell at the Right Time and Price 82 25
45: Be Prepared for the Sale 84 26
46: Use a Savvy Real Estate Broker 85 27
47: Shop Carefully for Long-Distance Service 87 28
48: Lock Your Supply Cabinet 88 29
49: Set Up a SIMPLE Retirement Plan 88 30
50: Create an Employee Stock-Ownership Plan 90 31
51: Join a Captive Insurance Company to Cut Costs 92 32
52: Be Prepared to Accept Credit Cards 93 33
53: Collect the Money People Owe You 95 34
54: Hire a Debt Arbitrator 97 35
55: Fight Unnecessary Chargebacks 98 36
56: Buy Disability Insurance 100 37
57: Expand Your Vendor Network 102 38
58: Ask for a Deposit 103 39