If You Had A Magic Wand What One Thing Would You Change About Your Business?

[PaulSimister]

I am doing some market research into the needs of small business owners so it would be great if you could help me out.

So if you had a magic wand, what one thing would you change about your business?

What drives you crazy? What frustrates you?

What holds you back and stops you having the business of your dreams?

Thanks.

If we see some recurring themes I am sure that both Rob and I will do our best to find you the right advice. It's more than likely that at least one of us has already written something that could help you or we could point you at a great source.

[C.A.B.s]

Hi paul

If i had a magic wand and could change one thing about my business, it would be to be able to attract and pull in some much need customers to keep the business afloat in this very tight econmic climate.

The other thing i would probably change is that way bank managers frown down on new start up businesses when it comes to loans and overdrafts.

After being turned down now several times by my bank on both

CABs

[Rob]

The other thing i would probably change is that way bank managers frown down on new start up businesses when it comes to loans and overdrafts.

After being turned down now several times by my bank on both

CABs

Picking up on this point I have today posted an article on my blog looking at how you can increase your chances of getting a small business loan - you can read it here (http://www.smallbusinesssuccess.biz/forum/blog.php?b=14).

Turning to Paul's great question - as you may know SBS is my night time/weekend hobby, so I'll answer his question from teh perspective of my day time job as a banker. Whilst I don't deal with businesses on a day to day basis anymore, during my days of lending money the one thing I would want business owners to change is to write business plans.

Whilst preparing plans can appear to be complicated it doesn't have to be. As I cover in today's blog entry, a business plan makes it so much easier for a banker to understand the business - the crucial element of being able to give a 'yes' answer.

BP's not only help the banker but it can bring substantial benefits to the business owner also - it forces you to take a long hard look at your business and to ask questions you may not have thought about.

You can find out more on writing business plans here (http://www.smallbusinesssuccess.biz/writing_business_plan.htm).

There is plenty of information on writing business plans scattered on the internet, many with templates, so you have no excuse!

So that's what I would like to see changed.

[C.A.B.s]

Hi Rob

On the subject of business plans, I have actually got a Business plan and refer to it quite regualy (my goal was to secure my first client in the first year of trading and another 3 -4 in the next 5 years).

One this note To quote rob "BP's not only help the banker ", I took along my business plan to my bank manager as well as some business stationery, and the Bank Manager didnt even bother to ask or look at my business plan.

:confused: He was quite happy openning up a business account with no questions asked :confused: (this may be due to the fact that i had been banking with them for 5 years already).

So apart from help the business find its direction the business plan didnt actually help me at all with my Bank Manager.

[Rob]

Well, all I can say is what a useless banker he is! Business Plans were my first port of call - they tell you everything you need to know about a business.

My advice would be to immeidately change banks if this is the best they can do.

If you haven't done so already take your plan and hawk it around; get to understand what they are looking for by asking for specific feedback. If you are serious about moving the business forward you need to devote some time to this important task.

[PaulSimister]

Caroline I will send you an email through this forum (or at least try) because I don't want my ideas to be visible to all your competitors.

On the banking issue, I don't understand how any bank manager can turn down your request for a loan without even having the coutesy of seeing your business plan.

Paul

[C.A.B.s]

Hi Rob & Paul

yes you both have very good valid points and facts about my bank manger.

i have tried several times for both a loan to back up existing capital and for equipment, the overdraft they turned around and said we will only let you have an overdraft of £150 if with see between £500 - £700 worth of business going into the account each month, and my initail thought was, if i had £500 - £700 going in each month i wont need an overdraft, so as far i can see they are shooting themselves in the foot with that silly rule.

The Loan they woudnt even entertain, yes i can see their point of view on this, but how are small businesses like mine suppose to survive in todays climate without the help and support from their banks.

if it wasnt for the fact that we already have personnal accounts with this bank i would have changed it long ago.

[lady macbeth]

Caroline - your bank manager seems to be very unhelpful. I would definitely think about swapping or at least going to see some more banks to see how they respond. Our bank manger gave us some good feedback our our business plan so even if we hadnt opened the account with him it was still worth going to see him.

On the original questions of magic wands. The answer for me has to be my business partner - who does drive me loopy! Although I do have to admit I have similar problems with my main supplier who is a small family business like ours and is as unprofessional as my partner. I am also currently being driven to distraction by my accountant and the bank following our incorporation in May. All dont seem to have any sense of the problems they cause by lack of communication and their mistakes.

So maybe my answer is dealing with unprofessional people who dont understand how their errors and laid back attitude affect my business and the level of service I am able to provide. Our USP is our level of service so its very important to keep on top of things and its constantly an uphill struggle. I feel like I am always fighting to get people to keep promises and understand what I need from them. For example I ask my supplier for a quote for a change to a product and instead he just makes the change and charges me whatever he feels like. Drives me up the wall and my partner just rolls his eyes like its all good !!!!!


Grrrrrr !!!!! Where's that rant board !!!

Samantha

[PaulSimister]

Samantha

I feel your frustrations coming over loud and clear.

Your partner is another issue but your supplier/accountant needs to understand that you as the client is the boss and you do have the option of taking your business elsewhere.

If you continue to reward poor service, there will be no incentive to improve.

I can't stand sloppy customer service and it goes against everything I coach for customer focused entrepreneurs.

The statistics say that 68% of business is lost because of poor customer service/disinterest and apathy.

The good companies like yours who want to deliver a great service and do deserve to be rewarded, but those who don't deserve to be punished.

Many years ago I was on a consultancy assignment for a very large client targeted at improving their customer service but the buyer constantly undermined the company by sacrificing service and reliability for a small cost saving. Fortunately when I pointed out the inconsistency, they saw the light.

[lady macbeth]

Hi Paul

the stupid thing is this is the first year we used this accountant and when he came for the interview he was told that I was leaving my old one because or terrible service and lack of communication!!!

When I e-mail him to whinge about stuff not getting done it happens but I dont think I should need to moan to get what I paid for!!

Well they are about to finish of another set of accounts for me - but I can guarantee that until they have finished the work I paid for the first time around - they will not get another penny from me :cool:

[PaulSimister]

Samantha

Sorry you have had such a bad experience of accountants.

There are some good ones out there who can make a big contribution to a business.

It seems to the moral of the story is to keep looking and you will find.

Paul

[FionaFell]

If I had had a Magic Pill or Magic Wand to wave during the early days of the business I would commit one full day each week to starting the business.

Knock 1 day off at the 'real job' to turn my brain into a business focus.

Then work with the 'job's boss' to make it two-three days, with the aim to retire within 6 months from the 'job' and work on the business.

[PaulSimister]

Fiona

I think you are so write in building a business while still being employed.

It does take time for a business to become established and it is so easy to spend a lot of money in start-up costs with nothing coming in for you to live on.

I like the idea of gradually easing down on the job as the business builds and the difficult economy may even support people in this ideal.

[vijaychn]

I would have asked GOD to always keep my employees motivated cos even in turbulent times the only force that will be on your side is your employees. You know what the best way to have your employees on your side is actually being by the side they want us to.


I knw it mite be confusing but if you read the book 7 winning habbits - your issue of keeping will be resolved and then we will not require any magic wand.

Pls let me know if you come across any good book on team building or motivation.

God Bless