7 Ways to Boost Your Business, or How to Ask to Get Ahead

Ask and you shall receive.

How many times have you heard that?

But how many times have you used this fundamental truth in your daily life recently?

Let me put it this way: when was the last time you asked for a written endorsement from a client or colleague?

How about feedback from your customers? Or the opportunity to renegotiate something that just doesn't work for you?

I can't tell you how often I watch business professionals--especially those in sales and marketing positions--falter because they simply stop practicing the art of asking.

If you were to ask successful top executives how they got to where they are, I bet most would admit they "asked to get to the top."

In other words, they knew when and how to ask the right questions so they could gather the right information, build their reputation, seek useful referrals, generate new business, and expand their audience or customer base.

If the simple act of asking is so critical, then why don't more people do it? Because for some reason, people falsely think asking implies weakness and sets one up for potential rejection. It's easy to come up with all sorts of excuses to avoid asking questions that can return unexpected or critical answers. Yet the world responds to those who ask. If you are not moving closer to what you want, you probably aren't doing enough asking.

Here are seven asking strategies you can implement in your business (and in life) to boost your results:

1.) Ask for Information

You can never have too much information; in fact, the higher up you go, the more you need to know. To win potential new clients, you first need to have an understanding about their current challenges, what they want to accomplish and how they plan to do it. Only then can you proceed to demonstrate the advantages of your unique product or service. Ask questions starting with the words who, why, what, where, when and how to obtain the information you need. Only when you truly understand and appreciate a prospect's needs can you offer a solution.

2.) Ask for Business

Would you believe that more than 60 percent of the time salespeople never ask for the order after giving a complete presentation about the benefits of their product or service?! It's true, and a painful statistic that could put anyone out of business quickly if it's not changed. Always ask a closing question to secure the business. Don't waffle or talk around it--or worse, wait for your prospect to ask you. No doubt you have heard of many good ways to ask the question, "Would you like to give it a try?" The point is, ask.

3.) Ask for Written Endorsements

These can be difficult to ask for if you don't like tooting your own horn, but well-written, results-oriented testimonials from highly respected people are powerful for future sales. They solidify the quality of your product or service and leverage you as a person who has integrity, is trustworthy and gets the job done on time. When is the best time to ask? Right after you have provided excellent service, gone the extra mile, or made your customer really happy. Simply ask if your customer would be willing to give you a testimonial about the value of your product or service, plus any other helpful comments.

4.) Ask for Top-Quality Referrals

Just about everyone in business knows the importance of referrals. It's the easiest, least expensive way of ensuring your growth and success in the marketplace. Your core clients will gladly give you referrals because you treat them so well. So why not ask all of them for referrals? It's a habit that will dramatically increase your income. Like any other habit, the more you ask the easier it becomes.

5.) Ask for More Business

Look for other products or services you can provide your customers. Devise a system that tells you when your clients will require more of your products. The simplest way is to ask your customers when you should contact them to reorder. It's easier to sell your existing clients more than to go looking for new ones.

6.) Ask for Feedback

This is an important component of asking that is often overlooked. How do you really know if your product or service is meeting your customers' needs? Ask them, "How are we doing? What can we do to improve our service to you? Please share what you like or don't like about our products." Set up regular customer surveys that ask good questions and tough questions. It's a powerful way to fine-tune your business.

7.) Ask to Renegotiate

The negotiating room should never be locked up for good. Regular business activities include negotiation and often re-negotiation. Many networkers get stuck because they lack skills in negotiation, yet this is simply another form of asking that can save a lot of time and money. All sorts of contracts can be renegotiated in your personal life, too, such as changing your credit card terms and rates. As long as you negotiate ethically and in the spirit of a win-win, you can enjoy a lot of flexibility. Nothing is ever cast in stone. It's only in stone if you don't speak up!

The 5 Secrets to Successful Asking

The first stumbling block for most is knowing how to ask.

There are five secrets to great asking that can guarantee you results, however big or small. If you ever find yourself hitting brick walls and coming up short in responses, come back to these five tips:

> Ask Clearly: No one likes getting a vague or fuzzy question. Be precise. Think clearly about your request. Take time to prepare. Use a note pad to pick words that have the greatest impact. Words are powerful, so choose them carefully. For example, if you throw out the "How am I doing?" question without specifics, it may take time for the other person to understand what you're talking about. Instead, try, "How is my attitude with customers? Do you see room for improvement? Where?"

> Ask with Confidence: People who ask confidently get more than those who are hesitant and uncertain. When you've figured out what you want to ask for, do it with certainty, boldness and confidence. Practice in the mirror if you have to, or write out your question in advance. Be prepared to hear the unexpected or the unwanted. Try to have an open mind and heart (it's okay to feel intimidated by the experience, but don't show it).

Don't get defensive if you hear something you don't like or that makes you uncomfortable. It's good to get a little uneasy once in a while upon the observations or insights of others. They will inspire you to stop, reflect, and take steps to make a shift for the better.

> Ask Consistently: Top producers know that they can't quit if they ask once and don't get a good response. Keep asking until you find the answers, and try different ways of asking if one doesn't seem to be working. In prospecting there are usually four or five "no's" before you get a "yes."

You may, for example, want to ask a co-worker about your performance on an important team project, but you sense a reluctance from that person to offer an opinion. You can always ask another person who is more receptive to the question, or consider how you are asking it and try again. Because people don't normally go around asking others for opinions on how well they are doing, it's not a question typically heard. So be prepared to ask over and over again before you hear a clear--useful--answer.

> Ask Creatively: In this age of global competition, your asking may get lost in the crowd, unheard by the decision-makers you hope to reach. There is a way around this. If you want someone's attention, don't ask the ordinary way. Use your creativity to dream up a high-impact presentation.

Bear in mind that asking someone to stop and evaluate you can seem awkward or time-consuming. Show respect for them first and find the ideal time to ask the question. Here's one way to engage the insights of a superior: "I highly value your opinion and honest perspective, and would love to know what you think I could be doing differently on a daily basis that would make your life easier and make our clients happier."

> Ask Sincerely: When you really need help, people will respond. Sincerity means dropping the image facade and showing a willingness to be vulnerable. Tell it the way it is, lumps and all. Don't worry if your presentation isn't perfect; ask from your heart. Keep it simple and people will open up to you.

Like speaking a different language, asking takes continual practice until it becomes a regular, reflexive habit. The sooner you build your "Ask Muscle", the sooner you'll see the results you've been waiting--and searching--for. Don't think asking only relates to work-related goals and tasks. Bring this practice home to enrich your relationships with your family members and your friends. I trust you'll be surprised and delighted at what you discover about yourself in this process.

Happy asking!

© 2009 Jack Canfield

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Why You Should Buy a Business

It'll cost you more upfront, but you get what you pay for.

By Domenic Rinaldi March 17, 2009

http://www.entrepreneur.com/money/buyingandsellingabusinesscolumnistdomenicrinaldi/article200802.html
As someone who helps prospective and existing business owners for a living, I am heartened by all the media attention aimed at helping people find employment and survive this difficult economy. I'm concerned, however, that there isn't more discussion about the option of buying an existing business.

In the business brokerage industry, we equate buying a business with "buying" a career or profession. For the unemployed and those worried about their job security, buying a business is just as viable an option as a traditional job search or starting a business from scratch.

Though it requires a larger upfront investment compared to starting something from scratch or conducting a traditional job search, buying a business can provide you and your family long-term security while paying you an immediate salary, covering your bank debt and providing a small cushion to grow the business.

It's also one of the best investments you can make, as evidenced by its history of outperforming both the stock and housing markets even during periods of double-digit growth rates. When you buy the right business, you're building something that has real value and can be resold later--potentially for a profit.

But those aren't the only benefits.

Here are six more:

Immediate cash flow:

Taking on a business with existing customers can be extremely beneficial. With a properly structured acquisition, the business revenue should enable you to cover the cost of any bank loan, take a reasonable salary and have a slight cushion for growth. This scenario is a stark contrast to starting a business from scratch with no immediate revenues, clients, employees or cash flow.

Brand recognition:

There is a significant advantage when you acquire a business with existing marketing, advertising, client contracts, trained employees and third-party relationships. The business is established within its trade sector and known throughout the community. This is an intangible benefit that's almost impossible to create with a startup.

Bank financing:

Financing the purchase of an existing business can be easier than raising money for a startup. The bank can see historical performance and not just rely on pro forma financials or projections. If you have industry experience to go with the business acquisition, the banks know you have the business acumen to successfully operate it.

Trained employees:

One of the most valuable assets in a business acquisition can be the existing employee base. With the right team in place, business owners can focus on growing the customer base or developing new products and services. The work of finding, hiring and training new employees has already been done, and you can use this as a springboard for future growth. Plus, the entire business doesn't rest on your shoulders, which gives you peace of mind should you decide to take a vacation or a break from the action.

Systems and infrastructure:

Many businesses will have systems that range from operating manuals to complex IT platforms. Existing systems support the company's operations and should be the foundation for future expansion. You also have the outsider's point-of-view to spot and improve weaknesses in the system.

Training and transition:

Sellers can be invaluable in helping you transition into the business, offering guidance ranging from specific training, introduction to key clients and suppliers, supplying an employment contract for future services, and in many cases, seller financing for the business purchase.

Being aware of all the options during these tough economic times will give you the leverage necessary to make good decisions. If you've already been impacted by this economic meltdown or you're fearful about an impending layoff, small-business ownership could be an option.

Pursue all of the avenues available and, if small business ownership is a viable alternative, then seek the advice of professionals and those who have done it before.

Avoid These 7 Partnership Killers

Pitfalls abound when entrepreneurs decide to become partners. Know what they are ahead of time so you can set up guidelines that allow people to walk away if things go wrong.

By Brad Sugars September 10, 2008

http://www.entrepreneur.com/startingabusiness/startupbasics/startupbasicscolumnistbradsugars/article196912.html

From powerhouse financiers like Kohlberg Kravis Roberts to retailers like Baskin-Robbins to IT pioneers like Hewlett-Packard, business partnerships have been an important part of entrepreneurship and startup success.

The reasons are simple: complementary skill sets, shared equipment or expenses, and the idea that one person with "hard" money capital can create synergy with the intellectual capital of another person so both can profit from their venture.

In theory, a partnership is a great way to start in business. In my experience, however, it's not always the best way for the typical entrepreneur to organize a business.

The tough thing about most partnerships is that they are just like marriages, and if you know anything about those statistics, you know half of all marriages don’t survive. Making a marriage work involves handling a volatile mix of partnership issues: ego, money, stress, monthly overhead and day-to-day expenses.

Throw in some employees you must manage, and you have a good idea of the work required to make a business partnership successful.

If you're thinking about a partnership, consider the following list and avoid the potential pitfalls:

1. Sharing capital instead of expenses

Whenever you share your own capital--be it money, resources, information or property--you automatically give away your enterprise ability. In a perfect world, the person you are partnering with is upright, full of integrity, and not at all tempted to take this gift and run with it as his own. However, the world's not perfect. So be careful. Instead, work out an arrangement where expenses are shared in an "associative" arrangement. It also makes it easier to walk away if things go wrong.

2. Partnering with someone because you can't afford to hire

This is a partnership killer right from the start. The scene is always the same: Bob has a business idea and Fred has the business skills, but Bob can't afford to hire Fred as an employee, so they decide to share duties, expenses and profits. What happens is both Bob and Fred end up working against each other, and Bob finds himself liable for Fred's obligations (financial and otherwise) under the partnership agreement. If you've got the idea and someone else has the skill, simply hire him or work out an independent contractor agreement. Don't give away what you don't have to.

3. Lacking a written and signed partnership agreement

Due to the nature of partnerships, every detail and obligation must be clearly defined and written out, and agreed upon by all parties. This is best done with a written legal agreement drafted by a well-qualified, mutually agreed-upon lawyer. Just make sure the attorney is well-versed in business partnerships, and be sure to keep her card handy at all times. You may need that person again when things go wrong.

4. Overlooking a limited partnership

One of the main downfalls of a partnership agreement is the assumption of liability each partner makes for the other. A way around this is a limited partnership, where the limited partner is not liable for the actions or obligations of the general partner. Again, make sure an attorney well-versed in partnership agreements writes this arrangement.

5. Lacking an out or an exit strategy

Big-time marriages start with a pre-nuptial agreement. In business and contractual terms, a pre-nup is analogous to an exit agreement. In any partnership agreement, define the terms of an exit strategy that allows you or your partner to walk away from the partnership, or that provides options to buy out the other party. This can be done very clearly and simply--and without imploding the operations of a successful business.

6. Expecting the friendship to outlast the breakup of the partnership

Again, from the perspective of a marriage, how many ex-couples do you know who are truly friends? Not many, I suspect. So don't go into any partnership with a friend expecting to remain friends after a partnership breakup. It may sound great to do business with your friends, but remember, in the business world, it's always business first and friendships second. Also remember, most times when the business ends, so does the friendship.

7. Having a 50/50 partnership

Every business, including partnerships, needs a boss. If you decide to go the partnership route, make it a 60/40 or 70/30 split. Then you and the business have a point person for accountability and overall operational control. Also, keep your buyout or exit strategy clear and in your favor--benefitting you and saving problems down the road.

As a final note, I leave you with an interesting solution to the partnership issue from one of the companies mentioned earlier: Baskin-Robbins. Hopefully, it provides additional perspective.

When Burton Baskin and Irvine Robbins first considered partnering in the ice cream business, Robbins' father advised against it, thinking the compromises each man would make in getting the partnership to work would kill the product's potential.

So the men each worked on their own businesses for two years before combining Robbins' five shops with Baskin's three stores under one name decided by the flip of a coin. Only after successfully launching and running their own separate businesses did the subsequent partnership actually work.

That's one partnership formula I do know of that proved effective. And if it worked for those two pioneers of retail success, it just may work for you.

Top 10 Reasons to Start a Business in a Recession

By Brad Sugars February 25, 2009URL: http://www.entrepreneur.com/startingabusiness/startupbasics/startupbasicscolumnistbradsugars/article200342.html
Do you have one good reason to start your business right now?

How about 10?

Regardless of what people around you (including the media) may say, right now is the best time to get into business. Just go back and look at the economic slowdowns throughout history. Most recessions in the post-World War II era last an average of 10 months, followed by growth cycles that last an average of 50 months.

What this means for the startup is there's no better time than right now to get going and start pursuing your business dreams--in anticipation of the next period of growth.
So with a nod to David Letterman, here are my top 10 reasons you should start your business now--despite the current downturn:

Everything is cheaper.
Let's face it: There is great value right now in this and in world markets. This is the right time for fantastic deals in virtually every category, from land and equipment to commercial office space, personnel and labor. As asset prices have been knocked down, there is no better time to get into the real estate or financial markets, or even heavy equipment and construction. Some people have waited years to find value in these markets--and now that time has come.

You can hire more and better-qualified people.
In an era when even Microsoft is laying off, you can find great resources at affordable rates. Thinking about getting your high-tech startup off the ground? There are plenty of engineers waiting to be hired. Thinking about forming a professional services firm? There are many accountants and attorneys looking for their next opportunity.

People are looking to change suppliers.
From a cost perspective, everything is on the table for most companies. Even if your prices are higher, if you can come in with greater value, you have a good chance at winning new business.

You also have the advantage of being the new kid on the block when it comes to pitching your products and services. Many companies are desperate to find new partnerships with new companies that have a different, better or more innovative way of delivering those products and services.

Ownership equals tax incentives.
Business ownership offers a variety of tax benefits that aren't available to employees. While taxes should never be the sole reason to go into business for yourself, it should be one reason to add to you "benefits of business ownership" list.

Family and friends don't want to (or can't) invest more money into the stock or real estate markets.
That means they may be willing to finance a portion of your new venture, or the expansion of an enterprise that has proven itself over time. The main benefit is that they know you and have a relationship with you--and if you have a solid business plan that delivers real numbers, your chances of raising the capital you need increase exponentially.

Suppliers are giving better credit.
Because the credit markets have virtually shut down, the B2B credit flows are keeping money circulating out of sheer necessity. That means a bullish outlook for companies looking for good terms on stock and/or inventories. The main advantage is that all parties have more incentive than ever for finding true win-win situations that allow for cash and stock flow. When everyone is looking to survive, great deals can be had.

You can get good PR by showing you are going against the trend.
The media loves aberrations, and if you are optimistic by expanding or getting into business now, you would be in that category. That means you can generate some great PR by demonstrating your "alternative" view of the market.

You can buy everything you need at auction.
In addition to everything being less expensive, you can find great deals at auctions, especially in terms of any large equipment and office furnishings. Auctions are also a great place to find hardly used or "gently" used restaurant and bar supplies at great prices. These days, you may even be able to get deals on fleets of vehicles and trucks for a delivery service or hauling or construction company.

You can find great "low money" or "no money" down deals.
This is simply being aware of good opportunities others have buggered up, and finding deals where you could get an entire business simply by taking over a lease (along with all the equipment). Many business owners want out at any cost, meaning you can negotiate great win-win deals that allow the current owners an escape while giving you an opportunity to turn around what could be, if run right, a very viable business.

And finally . . .

You've lost your job, and you have to do something.
Sometimes, the best business decision is the one you are forced into, and the incentive (as well as need) for income is often enough to push those previously "on the fence" to strike out on their own. There's nothing wrong with being in this position; it simply means there is greater urgency to do something that will start to generate income as quickly as possible.

There you have it: my top 10 reasons to start your business in a recession. After all, the odds are on your side that the expansion will be many times more robust than the present slowdown.

There's no better time to start than the present, especially if people around you are more comfortable with their own list of reasons why they shouldn't start pursuing their own business dreams right now. It only means you'll be facing a lot less competition.