Article Check - Business

Step One To Creating An Effective Direct Response Piece
Do you want to get a measurable response from your advertising, or do you want to generate awareness for your business? The answer to this question will direct you to a marketing strategy that generates new, interested prospects, or a branding campaign that creates awareness to an unknown number of prospects in your area.If you want to generate awareness so that people are aware of your business and may eventually come to your practice as a result of hearing and seeing your company name in various media, you better have a big bank account, because this form of marketing, which is also referred to as branding, is a very costly, time-consuming, and risky strategy.If you want to generate new leads, prospects, and referrals for your business then direct marketing will become your best friend. Direct marketing is about generating a response from your advertising versus the opposite effect, which is generating awareness.Direct marketing is not about blasting your company name on the radio, television, and print media so that people become aware of you. It's a costly strategy that you cannot measure. Branding can be effective, but it is a ve

ial customers. Even after all the business planning, developing marketing campaigns and promotions, and monitoring and increasing growth – failure to keep an updated record of your customers’ key demographics and trends can result in you missing out on amazing opportunities. Trends change and the information you worked so hard to gather may be outdated before you know it.

You will need a ‘business toolkit’ to survive in this fast paced playing field. Tools refer to the accessibility to critical information that helps you run your business. It can range from advice counsel, specific documents (application forms, legal documents, and financial spreadsheet templates), employee management and training. In this day and age, technology is a must. Computers, data systems, and Point of Sale systems give you greater insight into your business allowing you to make better business decisions now and in the future. How can a restaurant succeed without all the necessary tools to make that organization work? A plumber would not be able to fix a clog without his handy toolkit… and you will not be able to run a restaurant (at least not successfully) without your business toolkit.

The Time Dimension - Presented Versus 1991 Zip Codes
An important object to keep in mind about ZIP code finder is that they change over time. In some cases these change can be quite amazing, but more frequently they are small and subtle. When a ZIP code changes its definition it does not change its name like a census zone. The ZIP code that was called '63301' in St. Charles County, Mo in 1985 has since been broken into first two and now three ZIP codes. These new codes were not called 63301.01, 63301.02 and 63301.03; they were called 63301, 63303 and 63304. So what is referred to as 63301 today represent about a third of the area that it referred to in 1985.The new code 63303 did not exist 12 years ago and it has already changed its definition so that it now represents about partially of the area it included when it was to begin with created. What this means, of course, is that ZIP codes are really terrible units for doing any kind of time-series analysis unless you have some way of keeping track of all the changes over time. Otherwise, you may wind up concluding that there has been a dramatic downward trend in the population of 63301 since 1980, when in fact just the opposite is true.What the wo

“Businesses with fewer than 20 employees have only a 37%chance of surviving four years (of business) and only a 9% chance of surviving 10 years. Restaurants only have a 20% chance of surviving 2 years. Of these failed business, only 10% of them close involuntarily due to bankruptcy and the remaining 90% close because the business was not successful, did not provide the level of income desired, or was too much work for their efforts.”

–excerpt taken from an article written by Rob Holland, ‘Planning Against a Business Failure’

As a new restaurant owner (or soon to be), that quote must have sent chills up your spine. Everyday, people are pouring their entire life savings, betting their children’s education funds, and risking their marriage to fulfill a life long dream of opening their own restaurant. No doubt, there are risks involved – lots of risks. It’s important to not tumble into the traps that have already robbed the dreams of so many restaurateurs.

Making mistakes is a part of learning - as the old saying goes ‘learn from your mistakes’. However, time and time again entrepreneurs continue to make mistakes and not learn from them. Just like people, organizations tend to make mistakes repeatedly; are adverse in setting up a guard against making mistakes; and tends to focus on the bad while overlooking the good. Business owners often forget to look on the bright side to see what they are doing right.

Mistake #1 (and the biggest one): Failure to Plan

I cannot place enough emphasis on the importance of planning. This critical success factor is often overlooked by current jobs, life styles, personal schedules, and other important details that go into opening a new restaurant. Business and market planning should be the first and foremost step to take when deciding to pursue a new venture. By doing your due diligence and taking the time to research the full potential of your products, service and customer base will give you a clear picture of whether or not your dream is destined for success or failure.

Business and market planning will also give you an insight into the barriers and obstacles you may encounter along the way. You get to know the players that exist in the industry and how to compete in the game. You will know what types of funding you need (because you will need funding!) – what government funds and bank loans will you require at start up? You need to formulate financial plans on how to effectively use your funds. You will have an idea of when you plan to break-even and how fast you plan to expand. A detailed business plan will also assist in obtaining investments. You need to confidently show that you conducted research and have planned strategies on how to reach repayment.

This is essentially the road map on how you will achieve success. Think about it: you see the big picture – your own restaurant running efficiently, making you profitable, and giving you the kind of life you’ve always imagined. Now, how are you going to achieve that big picture? What steps do you need to take to reach that end goal? Your plan should tell you (1) where you are now, (2) where you want to be, and (3) how you plan to get there. By completing your business plan, you will have reports on your business field, the industry, trends, risk analysis, marketing needs, target markets, competitors, and financial overview. Your plan will tell you how to make your restaurant successful– this is the roadmap of your future.

Mistake #2: Not taking preventative measures

It happens all the time - business owners get too caught up with the venture itself that taking preventative measures to avoid failure are often overlooked. Restaurateurs must ensure they are keeping up with changes that may affect the business. Costs must be periodically reviewed to ensure they are within budget. This goes for overhead as well. Owners/managers should prepare reports on sales projections, cash flow forecasts, labour reports, and benchmarking actual performance to the actual plan. Where was it off and how can business be improved? Regular progress meetings should be held in order to detect future risks and identifying the preventative measures to take to minimize potential losses.

Mistake #3: Refusing to accept changes

Embrace change! Easier said than done, right? But in the world of owning your own restaurant, this is no longer a choice – it is mandatory! The world of business is moving at a lightning speed and those who do not keep up will be left behind. Just when you’ve adapted to a new trend or adjusted to a new way of doing something, it is time to change again. There is no ‘break time’ in this playing field. Constant change is inevitable; whether or not you embrace it is a different story.

The mistake of not embracing change does not just affect new business owners – people who have been in business for 25+ years must continue to embrace change. There is always something new to learn – who your best customers are; changes in tastes and preferences; what marketing ads are most effective; are you staffing efficiently; and the list goes on. Businesses change and so do people. Your market can be changing on a daily basis. Failure to keep up with these changes will unquestionably lead to losses. Consider running a business as a constant learning process – never stop learning!

Mistake #4: Lack of knowledge, tools, and resources

Another cause of business failure is the lack of knowledge, tools, and resources that help restaurateurs succeed. Knowledge is powerful – it can give you priceless information that can assist in making informed decisions. Knowledge can come from your education in college/university, generating reports, monitoring trends, networking with others in your industry, and acting on the information that comes your way. Subscribing to informative magazines and visiting websites that are directly related to your area of business are also quite valuable. Attending tradeshows, seminars, and workshops will help you identify upcoming trends and obstacles in the restaurant industry.

An area where businesses fail on a daily basis is the failure to keep up with learning about new/potential customers. Even after all the business planning, developing marketing campaigns and promotions, and monitoring and increasing growth – failure to keep an updated record of your customers’ key demographics and trends can result in you missing out on amazing opportunities. Trends change and the information you worked so hard to gather may be outdated before you know it.

Loyalty And Rewards Card Programs Will Keep Your Clients Coming Back
Most small business owners don't realize that bringing a new client in the doors can cost up to twenty times what it does to keep an existing client coming back. Small businesses spend freely on yellow pages, radio, television, mailers, and other advertising. While these ways of promoting ones business can be successful in bringing new clients in, they in no way help a business keep clients. Once that new customer comes through the door and makes a purchase the business needs to find a way to keep that person coming back. If they don't they will have to repeat their advertising cycle and continue spending thousands to get another client in the door.So, how do you keep that client coming back? Simply put: you need to give them an incentive. Reward them for being a loyal client. If you are in a business with a lot of competition or you are competing against big box stores or national chains you need to be able to compete on more than price. It is a fact, rewarding your clients for shopping at your store will keep them coming back instead of going to your competition.How does a rewards or loyalty program work? When the client makes a pu

g. This critical success factor is often overlooked by current jobs, life styles, personal schedules, and other important details that go into opening a new restaurant. Business and market planning should be the first and foremost step to take when deciding to pursue a new venture. By doing your due diligence and taking the time to research the full potential of your products, service and customer base will give you a clear picture of whether or not your dream is destined for success or failure.

Mistake #2: Not taking preventative measures

Mistake #3: Refusing to accept changes

Mistake #4: Lack of knowledge, tools, and resources

Agitators In The Office
Rob hangs around when others are talking, always lingers a little after meetings, and just starts talking when people are working. His game is to get people talking whether they want to talk or not.Once people are talking, he jumps in or says something like, 'I could not help hearing what you were talking about.' Of course, he could help it. He made a point to hear. Nonetheless, he now expresses his opinion. Whatever the topic, he has an opinion.His opinion is that things are a mess. He thinks things should be handled better. In fact, the company is going to the dogs. Why? Everyone - except him - is incompetent and does not know what he/she is doing. Adding, 'I have said this before but….' is a master touch.Here is the key to the technique. If someone asks Rob for his opinion on something, he says, 'I have some strong opinions on this, but I want to hear your ideas first.' Notice he is clear about his having opinions - more than one - on the topic. No matter what the other person says, Rob is ready. He has managed to move back to a position from which to react to what others are saying. He is not one to let anyone get him out of position

tell you (1) where you are now, (2) where you want to be, and (3) how you plan to get there. By completing your business plan, you will have reports on your business field, the industry, trends, risk analysis, marketing needs, target markets, competitors, and financial overview. Your plan will tell you how to make your restaurant successful– this is the roadmap of your future.

Mistake #2: Not taking preventative measures

Mistake #3: Refusing to accept changes

Mistake #4: Lack of knowledge, tools, and resources

Building Staff Into A Team
Suppose you’ve made the effort to decide what kind of people you’re seeking for your business, and you’ve even gone to the trouble of making sure you hire staff who match those criteria. Is that enough? No it’s not. As the business leader, your last critical activity is to build staff into a team, and there are four areas you should address to accomplish this.TELL ‘EM WHAT’S GOING ON Whether a business is large or small, communication is always at the top of staff complaints. Most bosses assume this means they should talk more, but that’s only a small percentage of it. When you hire good people, one of the characteristics that makes them “good” is that they want to know they’re making a difference. How will they know they are doing that? They’ll know it when you build a system to keep them abreast of how the business is doing. Now, you don’t have to tell them everything, but you should keep them informed of the important stuff. “Like what?” you ask?Well, how about the challenges the business is facing, new procedures you’re considering, or new twists the market is taking. You might let them know when you or other leaders are going

eak time’ in this playing field. Constant change is inevitable; whether or not you embrace it is a different story.

Mistake #4: Lack of knowledge, tools, and resources

Minimize No Shows For Your Events
Any event will have people who register to attend and fail to show up. There are many reasons for not attending, but it really comes down to priorities.No shows create problems for event planners ranging from wasted meals and poor event atmosphere to listening to excuses and deciding whether or not to charge the posted cancellation fee.Everyone, including the attendees would be better off if people would attend events as planned. Here are some reminders about how you might minimize the number of "no shows" to your event.Get their money (if your event has a fee)With online registration and real time credit card processing, this is easy. Once you have full payment, people will be more likely to show up and if they don't you still have their money.This is where you need a good refund and cancellation policy clearly stated on the registration form. Your policy will need to reflect the type of event that you are working on, but in general you don't want to make the policy too lenient as people may not take the registration seriously, nor do you want it to be too strict as people may be discouraged from registeri

Your resources are the backbone of your business. Resources are any person or any organization that contribute to the success of your restaurant. This includes lawyers, accountants, staffing agencies, your networks, the Internet, tradeshows, and most importantly, your staff. These VIP (very important people) can make or break your restaurant. There is also an abundance of resources available to restaurateurs – some are free while others you have to pay for. For example, you can attend tradeshows that relate to the restaurant industry – this will give you knowledge. There, you will be able to learn about new technology advancements that can help you run your restaurant more efficiently – this can contribute to your business toolkit.

Mistake #5: Not realizing the time consumption involved

Although this mistake is rarely mentioned, it is one of the main culprits that cause restaurants to fail. Opening a new business is incredibly time-consuming, and not just at the beginning. It is an on-going responsibility for as long as you want to stay in business. It entails serious time commitment and requires you to make sacrifices on a weekly if not daily basis. Pressure from family and spouses are often the reasons that restaurants do not make it pass their first year of business. A successful restaurateur must be able to balance their family life and work life. That is why more often, those who do decide to pursue this type of venture or either single, divorced, or have a heck of a supportive family that will be there for them.

Failed owners were most likely unable to sacrifice missing another one of their kid’s schools play, another birthday or anniversary, and pressure to spend more time with family. So before you hop onto the ‘let’s open a new restaurant’ bandwagon, be 110% sure that you will be able to balance and devote time to both running your business and maintaining a healthy relationship with your family.

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.caseupon.com/article/214/caseupon-Top-5-New-Business-Mistakes-To-Avoid-When-Opening-A-New-Restaurant.html">Top 5 'New Business' Mistakes To Avoid When Opening A New Restaurant</a>

BB link (for phorums):
[url=http://www.caseupon.com/article/214/caseupon-Top-5-New-Business-Mistakes-To-Avoid-When-Opening-A-New-Restaurant.html]Top 5 'New Business' Mistakes To Avoid When Opening A New Restaurant[/url]

There are a variety of ways in which we might be inadvertently frustrating our customers and clients. One of the most common involves our policies and procedures, which may be unnecessarily confusing or restrictive. By being alert for situations that put our customers on the defensive and handling those situations gracefully, we can retain our customers' loyalty and avoid driving them away.

The Profitlance Course is an amazing course that has caught the eye to many entrepenuers. This course teaches you how to create multiple streams of income. This is the hottest profitable course on the market!

Choosing your Wholesale Products to sell can be complicated. To avoid confusions just start by looking around you!

Tags

Links

Article Check - Top 5 'New Business' Mistakes To Avoid When Opening A New Restaurant

Related Articles: