Alexandra Levits Water Cooler Wisdom Business Owners How To Navigate a Price Increase

Alexandra Levit's Water Cooler Wisdom Business Owners How To Navigate a Price Increase Small-business owners are often ecstatic that customers want to buy their products and services, and once an offering is successful and has been improved upon, it could be time to consider a price increase. However, this is a decision that does not come easily. To get to the bottom of when and why you should raise your prices and how to roll out price increases without upsetting your loyal customers, I tapped three owners for advice: Keith Alperin, CEO ofHelium Foot Softwarein Chicago; Megan Armstrong, founder ofDogma Training Pet Servicesin Calgary; and Tomaso Veneroso, CEO of metal part manufacturing firmAm Castin Bohemia, New York. How do you know when its time to increase your prices? Keith Alperin:I have an item on my calendar to review our rates every fall. For an increase on the first of the year, myplanningstarts the fall before. This gives me a chance to evaluate the market and our position relative to similar firms in our field and our city. No one likes to have the conversation about raising rates, but if you’re excited about what the rate increase can do for your business, then hopefully you can get your clients excited about what your business will be able to do for them. Megan Armstrong:We are primarily a service business, so we know it is time to raisepriceswhen the demand of the service is greater than our ability to supply it. We also do a review twice a year and take a look at wage and overhead increases. If there have been increases, we plan how to build those into ourprices. Tomaso Veneroso:I increase the price only when I can propose something that is worth more. For example, if I can produce a new alloy state-of-the-art technology that can last twice the life of a competitor’s product, I know that it is time to increase the price because I am improving on the customer’s bottom line. What factors are involved in pricing? Veneroso:Pricing is a function of materials, quality andperformance. If I invent something such as our latest eco-friendly machine for quarry and mining, which is capable of producing usable product from waste, how can I establish the right price? This technology is technically priceless, so I use a fair judgment to cover my costs and make a little profit. However, the price has to be fair. I certainly cannot expect a customer to pay the same price for a Ford that they would for a Ferrari. Armstrong:We monitor the industry and ensure that we are staying at the top of the higher price level for that service. For our product lines, we typically just keep the increases in line with supplier increases. Alperin:Pricing is a little bit art and a little bit science.The main driver is definitely what the market will bear. I also sprinkle in what my costs are and how my team is doing. I’ve personally been in the tech business for almost 20 years, but my team has a mixture of experience ranging from two years to well over 30. As the less experienced folks gain more skills, the team becomes more efficient and the value of our services increases. How do you roll out a pricing increase without customer fallout? Armstrong:For day-to-day services for which an increase will have a large impact on our clients, we ensure we give at least 30 days notice. We post about the upcoming changes in the store and online, and we speak to clients individually to ensure that there are no surprises. We do not apologize for the increase but instead outline our reasons for the increase and thank customers for their continued support. We also take this time to remind them about what sets us apart from our competition. We align the increase with a change in policy that benefits them. For example, with our last increase, we extended the package expiration date from three to six months. Alperin:I have the increase conversation with clients well in advance of the effective date. I always try to couch the discussion in terms of how the rate increase affects the overall health of the company and how the health of the company affects the quality of the work we do for them and the likelihood that we’ll be available to work on their projects. Veneroso:Customers trust us because of our reputation, our technology and our impeccable customer service. They know that we aim to produce products that will enhance their businesses and that it’s not about being greedy. For the rest of the interview, please see the full post at the AMEX Open Forum.

Personal Brand and Word of Mouth - Part I - Personal Branding Blog - Stand Out In Your Career

Personal Brand and Word of Mouth - Part I - Personal Branding Blog - Stand Out In Your Career This is part one of a five part series of the importance of personal branding in garnering positive word of mouth. In our hyper-connected society, word of mouth has become world of mouth and recommendations truly craft your online and offline persona and value.   It makes all the difference between positive or negative word of mouth about you, your service, or your business. I was giving a seminar on the 18 People You Need To Connect with on Earth which really focuses on crafting a strong social capital portfolio when one of the participants came up to me in tears during the first break. She didnt know if what she was doing right now in her life is what she really wanted to do. In fact, she was thinking of seriously leaving her job and doing something totally different. Out of fear of raising any doubts to her employer she continued with the seminar. During the lunch break, her workshop partner (who was not a co-worker) confided in me that he felt she did not want to work with him and that she might be racist because she avoided every conversation with him. I shared with him that she was dealing with other things that had nothing to do with him and assured him that nothing she was experiencing was directed at him. People hear our music not our words In that short time frame, these two people went from not knowing each other to some potentially negative word of mouth that could of began. Why? Because we feel when somethings not right, theres a disconnect or a misfire, even when we cannot pinpoint where or what that is. With songs, we often know the tune and can hum along but the words escape us. Or, we make up our own words. Many hilarious conjugations of songs have been written about in books and websites and the underlying lesson is this we hear the music and not always the words. Personal branding focuses on our authentic strengths, our vision, purpose, values and passions. So, it is really important for us to know what our music is. And, when we have the confidence to be the best version of ourselves our music comes across loud and strong. Like a well-grounded radio station, people hear not static but a strong energy emitting from us. We are all in sales And we are either selling ourselves on why we cant do this or why we can. The biggest sale you make every day is the sale you make to yourself. Are you sold on you? Do you know what makes you unique? Do you know why people like to connect with you? Do you know why people do business with you? Do you know why people request you? Knowing your personal brand will help unearth all of those items that make you so very unique. Positive word of mouth means that you move, touch and inspire others to action and to speak positively on your behalf. How can you provide them the ammunition to speak positively about you when you yourself do not know what makes you uniquely different? In a recent study by the Word of Mouth Marketing Association, they found that 78% of people will act on a referral or recommendation of someone they know, like and trust. They also found that 92% of people prefer to have referrals and recommendations for products, services and people. If you want positive word of mouth about you and to harness that tremendous power, then you have to do the leg work and know what your unique brand attributes are and your strengths. In personal branding, you have to do all the heavy lifting first yet do know that the benefits of doing the work will produce exponential results. First, do a little research To find out what others are already saying about you is not an easy task. Most of us, when asked face to face for our honest opinion of someone, falter at giving a truly honest answer. Start with those people that are within arms length of you. This could be your personal fan club or brand advocates. Dont know who these people are? Heres some people who could be your personal brand advocates: Your parents (yes, its okay to list them no matter how old you are if they speak positively on your behalf and can give some insight on what makes you unique. While there may be many statements that are just because youre their child there could be some golden nuggets that are your personal brand attributes. As we compare this to what other advocates say, what were searching for are trends and commonalities.) A mentor A supervisor Someone youve mentored or taught Classmates Close friends Former instructors Church leaders Former supervisors Come up with a group of five people and now ask each of them this question What do you think makes me unique? What do you think I bring to the table? And, the most important part of this question is to be quiet and let them answer fully and completely. In our next installment, well cover what to do with those answers and next steps in moving, touching and inspiring others to speak positively on your behalf! Author: Maria Elena Duron is chief buzz officer, coach and speaker with buzz2bucks.com. Buzz2Bucks | a word of mouth firm serves as the community manager around your personal or business brand online and offline, and coaches community managers on how to be buzz-worthy. Buzz2Bucks is known for the talk that yields profits. She is author of the book Mouth to Mouth Marketing and the ebook Social I.R.A. Shes been quoted as a marketing and word of mouth expert by Entrepreneur Magazine and contributes to several publications and is editor of the Personal Branding Blog. She broadcasts weekly as the business coach with CBS7.   Connect with her on Facebook at facebook.com/mariaelenaduron or on Twitter @mariaduron Normal 0 false false false EN-US X-NONE X-NONE This is part one of a five part series of the important of personal branding in garnering positive word of mouth. In our hyper-connected society, word of mouth has become world of mouth and recommendations truly craft your online and offline persona and make all the difference between positive or negative word of mouth about you, your service, or your business. I was giving a seminar on the 18 People You Need To Connect with on Earth which really focuses on crafting a strong social capital portfolio when one of the participants came up to me in tears during the first break.   She didnt know if what she was doing right now in her life is what she really wanted to do.   In fact, she was thinking of seriously leaving her job and doing something totally different.   Out of fear of raising any doubts to her employer she continued with the seminar.   During the lunch break, her workshop partner (who was not a co-worker) confided in me that he felt she did not want to work with him and that she might be racist because she avoided every conversation with him.   I shared with him that she was dealing with other things that had nothing to do with him and assured him that nothing she was experiencing was directed at him. People hear our music not our words In that short time frame, these two people went from not knowing each other to some potentially negative word of mouth that could of began.   Why?   Because we feel when somethings not right, theres a disconnect or a misfire, even when we cannot pinpoint where or what that is. With songs, we often know the tune and can hum along but the words escape us.   Or, we make up our own words.   Many hilarious conjugations of songs have been written about in books and websites and the underlying lesson is this we hear the music and not always the words. Personal branding focuses on our authentic strengths, our vision, purpose, values and passions.   So, it is really important for us to know what our music is.   And, when we have the confidence to be the best version of ourselves our music comes across loud and strong.  Like a well-grounded radio station, people hear not static but a strong energy emitting from us. We are all in sales And we are either selling ourselves on why we cant do this or why we can.   The biggest sale you make every day is the sale you make to yourself.   Are you sold on you?   Do you know what makes you unique? Do you know why people like to connect with you?   Do you know why people do business with you?   Do you know why people request you? Knowing your personal brand will help unearth all of those items that make you so very unique.   Positive word of mouth means that you move, touch and inspire others to action and to speak positively on your behalf.   How can you provide them the ammunition to speak positively about you when you yourself do not know what makes you uniquely different? In a recent study by the Word of Mouth Marketing Association, they found that 78% of people will act on a referral or recommendation of someone they know, like and trust.   They also found that 92% of people prefer to have referrals and recommendations for products, services and people. If you want positive word of mouth about you and to harness that tremendous power, then you have to do the leg work and know what your unique brand attributes are and your strengths.   In personal branding, you have to do all the heavy lifting first yet do know that the benefits of doing the work will produce exponential results. First do a little research To find out what others are already saying about you is not an easy task.   Most of us, when asked face to face for our honest opinion of someone, falter at giving a truly honest answer.   Start with those people that are within arms length of you.   This could be your personal fan club or brand advocates.   Dont know who that is? Heres some people who could be your personal brand advocates: Your parents (yes, its okay to list them no matter how old you are if they speak positively on your behalf and can give some insight on what makes you unique.   While there may be many statements that are just because youre their child there could be some golden nuggets that are your personal brand attributes.   As we compare this to what other advocates say, what were searching for are trends and commonalities. A mentor A supervisor Someone youve mentored or taught Classmates Close friends Former instructors Church leaders Former supervisors Come up with a group of five people and now ask each of them this question What do you think makes me unique? What do you think I bring to the table? And, the most important part of this question is to be quiet and let them answer fully and completely. In our next installment, well cover what to do with those answers and next steps in moving, touching and inspiring others to speak positively on your behalf! Author: Maria Elena Duron is chief buzz officer, coach and speaker with buzz2bucks.com. Buzz2Bucks | a word of mouth firm serves as   the community manager around your personal or business brand online and offline, and coaches community managers on how to be buzz-worthy. Buzz2Bucks is known for the talk that yields profits.   She is author of the book Mouth to Mouth Marketing and the ebook Social I.R.A.   Shes been quoted as a marketing and word of mouth expert by Entrepreneur Magazine and contributes to several publications and is editor of the Personal Branding Blog.   She broadcasts weekly as the business coach with CBS7.

Coachology Get angel funding for your business idea

Coachology Get angel funding for your business idea There is a glut of people who are dying to fund business plans. Especially now, as starting a business online becomes less and less expensive, people require less money from investors, so investors have to look harder for startups to fund. The problem is that people only want to fund good business ideas. Its very hard to tell if an idea is stupendous. But it is easy to tell if an idea is terrible. And its easy to tell if you are pitching your idea for a company in an incompetent way. Of course, there are a lot of resources online to help you get started with a business plan and a pitch. Entrepreneur.com is full of great resources. Pamela Slims blog, Escape from Cubicle Nation is a great community for getting moral support to make the leap into entrepreneurship. And Guy Kawasaki has a classic list of ways to screw up your pitch. To get funding, you need to know how much money you require to execute the business idea. If you need a lot of money you need to go to a venture capital firm. If you only need a little money (e.g. $50,000) you can go to an angel fund. Guy Kawasaki lists ways you can get to a venture capitalist, and Paul Graham has an essay on how to fund a company on a shoestring. But to make any of this work, you need a plan that is good enough to make people who know business plans think, Hm. I wonder if this will work? So you need a great elevator pitch the one-minute summary of why your idea is good and you need a smart business plan that you can send to potential investors. This weeks Coachology will match you with an angel fund manager, Teresa Esser. She oversees Silicon Pastures, a group that funds early stage startups. She wrote Venture Cafe, a book about entrepreneurship, and she teaches entrepreneurship at the University of Wisconsin. Teresa will help you sharpen your elevator pitch and business plan so you can land the angel funding youre looking for. To work with Teresa, email three sentences to me about the business idea you have. The deadline for sending an email is Sunday, April 8.

Are Recruiters Hiding Behind Social Media

Are Recruiters Hiding Behind Social Media The mass abandonment of the telephone is getting extreme in my opinion.   A quick scan across my inbox, social platforms and notifications and I have messages requesting me to email someone else; tweets with email addresses requiring a reply of more than 140 characters (with more than one contact there are a series of tweets and emails attempting to schedule in phone calls and too many to breakdown conversations that I am both tagged but not interested in nor adding any value to thanks anyway though!). Me on the other hand I have been on the phone making calls all morning (Ive stopped to write this post but I will be on the phone again later). These are calls that are not scheduled, that I have not been asked or invited to make. Im not being rude or nosy or intrusive I am being professional and proactive. Since when did it become normal to have to schedule phone calls? Are we really THAT busy? Really? Your voice is your most powerful social networking tool There is no old adage that says “people buy smart statuses and witty tweets first” no there is not.   The old adage “people buy people first” remains firmly upheld but rarely considered it would seem in 21st Century life.   Never more is it missed than in a people business like recruitment where this mantra should sit at the heart of all business practices. Sadly the conversation, one the oldest and most effective forms of communicating has declined with the increase of technology in business.   The first adversary of the “quick chat was email, people honed their writing skills, effortlessly looking busier than a busy person, on a busy day on busy street, in busy town by including, The â€" Entire â€" Company, into backside covering “just to let you know Ive done this and those other matters recently raised are not my responsibility” emails.   There have been countless articles and blog posts written and read about the lack of intonation, absent tone of voice and numerous, unnecessary misunderstandings caused by emails. It is a given the written word isnt the greatest communicator, dont get me wrong it is brilliant for providing details and confirmations but outside of that, the written word has limitations. The advent of social media platforms and networks has demanded more and more writing of us, be it a status update, a blog post, a tweet, a text message or the old arch enemy an email. Now we write more and speak less than than ever so what is the impact of that work in the context of the communication and advertising mantra that “the medium is the message? What does following or connecting with someone really say? What about friending them, adding them to a circle, liking their page or retweeting them does that say something different? Given those are actions you give in equal or undifferentiated value to friends, total strangers from down the road or across the globe even to spoof or cartoon character fronted accounts not a whole lot! It certainly isnt right or professional to mentally tick them off as recently contacted, there is no personal in social and thats the difference.   In our never ending mission for efficiency in a time deprived age we are eradicating the personal, the friendly and meaningful, compromising the real relationships which are by far the most valuable and nicest part of being a recruiter and a human being. Social media marketing has a role I am a huge advocate of social media marketing, and if it is being done correctly it will demand a signifiant amount of time.   What I am saying is that social media should be in undertaken in addition to traditional networking initiatives.   Whilst I fear showing my age thats what the great and senior recruiters of this world did to get where they are today â€" they picked up the phone and met up with people. Not just solely and explicitly about work, casual chats, can-I-pick-your-brain chats, I-saw-so-and-so chats, did-you-hear-about-x chats, do-you-know-anyone-for chats, nice conversations and professional exchanges of ideas and information. These conversations have got fewer, it seems to be considered intrusive, possibly old fashioned or over stepping some virtual line to pick up the phone and call someone without a prior appointment. Yet these are the activities that build genuine relationships â€" a genuine relationship is worth a zillion times that of “an engaged follower”.   Id be delighted to bump into a real business pal on the street, Im not sure what “an engaged follower” looks like or if I would be feeling anywhere near as comfortable perhaps slightly scared by such a meeting! Stand out from the crowd â€" pick up the phone! Quoting straight from the advertising slogan hall of fame from the 1990s “Its good to talk.” Dont groan if your phone rings, dont dump the call or respond to the message with a text or email, just pick up the phone, make a call, take a call. Put intonation, your own regional accent, volume and personality into your words.   Be open and available to the remarkable technology that dates back to the 19th Century that is the telephone.   Set a target, start small make one call a day, chances are that is five more calls than you made last week.   Dont wait to be invited, definitely dont email to schedule a call, be spontaneous and the opportunities, the possibilities and the competitive edge will deliver benefits to you. What do you think has the evolution of the telephone into pocket sized computers led to a recruitment industry hiding behind invitations to connect  and other written communications?

Tips For Writing A Strong Hotel and Hospitality Resume

Tips For Writing A Strong Hotel and Hospitality ResumeAs a hotel and hospitality manager, there are some important steps that you can take to ensure that your hospitality resume is strong and comprehensive. First of all, you must be able to effectively communicate your talents and skills with the potential candidate. The best candidates will be able to easily connect with you. If you can use this ability to your advantage, you will be able to get better job offers.You may find that it is not as easy as it sounds to be able to turn a good candidate into a hospitality manager. That is why your hospitality resume should also contain examples of previous jobs that you have held. This will allow potential candidates to see that you are indeed someone who has put in the required amount of work to make yourself successful.You must understand that hospitality resume is only effective if you are able to attract more job offers for the same position. Your resume must be attractive and impressi ve enough to show that you are skilled in a specific field. You should consider the talent, experience, and other qualities that you possess when crafting your hospitality resume.Another thing that you need to keep in mind when developing your hospitality resume is that it must be appropriate to the person who is writing it. It should be appealing to the reader but it should not sound as though it is too long and drawn out. You can use the free resume templates that are available online or hire a professional to create one.Of course, the first thing that you should do before creating your resume template is to determine exactly what you want your resume to look like. This way, you can make sure that the design of your resume is appropriate. It is important to note that your resume should only contain information that is relevant to the position that you are applying for.If you are going to be submitting your hospitality resume through an online submission system, then it is importan t to find out if the system includes formatting options for your resume. The format that is used depends on the organization that is using the submission system. The system should be flexible enough to accommodate your preferences when creating your hospitality resume.You need to emphasize on good communication skills when creating your hospitality resume. This will allow you to be seen as someone who is a good communicator. This will be a huge plus when you are trying to get job offers for hotel management positions.To be successful in creating a resume that will help you land hotel and hospitality positions, you will need to keep in mind the points mentioned above. These tips will help you develop your hospitality resume to be as attractive as possible. You should consider these tips when you are trying to turn your hospitality resume into a great success.

The Key to Business Success Building a Wonderful Workforce

The Key to Business Success Building a Wonderful Workforce Finding the right employees for your team can be difficult- like everything in business, competition is always going to be fierce. Its worth remembering that you’re not just competing against other businesses for customers but for employees too, since similar companies will be offering similar job roles which will appeal to the same pool of candidates. Be aware of the following to ensure your job stands out and you can secure the best workers. Recruiting and Interviewing Your first step is to create an ad describing the job role. While youll want it to sound appealing, its important to not dress it up as something it isnt. If an employee is left disappointed and the role isnt what they expected, they could leave your company and youre left out of pocket in regards to recruiting and interviewing costs. A high staff turnover rate reflects badly on your business, it can reduce productivity, staff morale and can cost you money. If you use a recruitment agency they can put you in contact with the most suitable employees who have skills that match what youre looking for. Otherwise, be sure to interview carefully, finding out as much about the candidates skills and experience as possible. You could use an applicant tracking system to manage the hiring process and keep you in control. Second and even third interviews help you to narrow down the best candidate for you, its better to spend time in the recruitment stage than hire someone thats not right for you r business. Invest in Employee Benefits While its the hourly wage that candidates will place the most emphasis on when looking for a job, employee benefits will also be taken into consideration and are what could help you stand out from your competitors. Health, dental, medical and disability plans are just a few examples. These things can make your job role more attractive than those offered by your competitors and can also make your employees feel more secure. This can reduce staff turnover rate, saving you time, hassle and money in the long run. Other employee benefits include things like company phones, laptops or a car depending on the role being offered. Upgrade Your Office Mood and productivity are closely linked, and one way you can boost both is to upgrade your office. Change the layout to improve space and flow, make the most of the natural light by placing desks next to windows. Give the office a coat of paint and upgrade the flooring to give the space a fresh feel. As well as the decor, you also need to work on creating a positive and friendly working environment. This means a zero tolerance policy towards bullying, this could mean implementing an anonymous reporting system and being open and available to listen if employees come to you with an issue. Utilise Team Building Activities Teamwork is absolutely crucial when you run a business, and one thing you need to do as company owner is ensure that your staff work well together. The first step to this is choosing the right workers, people who have a track record of working well in a team. Secondly you can inspire great teamwork with the use of team building activities. There are lots of fun ways to do this these days, from weekend retreats offered by companies with lots of activities on offer, to treasure hunts, escape rooms and murder mystery evenings. Anything that gets the team chatting, socialising and working together can lead to better communication back in the office.

Marvel at the planet - The Chief Happiness Officer Blog

Marvel at the planet - The Chief Happiness Officer Blog Check out these 200 amazing pictures from the movie Koyaanisqatsi (scroll down a little on the page), one of my all-time favorites and proof that we live on a beautiful planet. Thanks for visiting my blog. If you're new here, you should check out this list of my 10 most popular articles. And if you want more great tips and ideas you should check out our newsletter about happiness at work. It's great and it's free :-)Share this:LinkedInFacebookTwitterRedditPinterest Related