Survive the Recession – Build Customer Loyalty

As a business consultant, I often tell clients that customer service can make or break a business.  Service, service, service.  Nothing is more important.  The other day, I had a firsthand example of my mantra in action.

I took my Lincoln MKS to the dealership (Varsity Lincoln Mercury in Novi, Michigan) for a repair on a door lock.  I was told the part was on backorder.  A week later, Bill Hardin, from their service department called to tell me that the supplier for that part had gone out of business.  Ford had located another source but there would be a delay.  I’m thinking this is just another example of how this economy has affected everything.  An auto supplier goes out of business and I’m left waiting for a part.   Another reason people are nervous about buying a new car.  I didn’t say anything, but I was on the verge of becoming an unhappy customer.

But then something really extraordinary happened.  (more…)

Where will your next job come from?

by Paul Bensman
Details In Retail, Inc.

Wake up people! Yesterday alone almost 50,000 job losses were announced in the U.S.  This does not include thousands more being lost every day from small businesses around the country.

If you truly believe that the job fairy will create a new one for you, it’s time to wake up.  If you’re waiting for the next stimulus package to save you, then wait. The number of layoffs in this county will outpace job creations for many years to come, so you’ll be waiting a long time.

Now is the time to take charge of your life. Start thinking about taking control of your future.  Even if you land a new job, is there a guarantee you’ll keep it?  Start being proactive and consider the possibilities. Should I start my own company?   Should I buy an existing business?  Should I buy a franchise?  Open your eyes and explore all your options.  (more…)

Job Loss Creates 2.6 Million Opportunities

As reported on CNNMoney.com today, 2008 was the second worst year for jobs lost since 1945. America lost 2.6 million jobs.

I take a look at this number and think 2.6 million opportunities for new companies.  Ok maybe not all 2.6 million can start new companies - but many can.

More Americans can, and will have to, start some form of business to replace the job they lost. Sure there is some risk to starting your own company, but by doing so you take control of your own future.  If you go back to work for someone else your job is never guaranteed.

I see 2.6 million potential success stories…will you be one of them?

What’s ahead for small retail business in 2009?

by Paul Bensman
Details In Retail, Inc.

For starters, it’s a great time to be small.
I see you rolling your eyes, but bear with me.

First the bad news…

We’re going to see a rush of bankruptcies in the first few months of the year and retailers get their final holiday sales numbers in.

Layoffs will continue – from the retail sales staff right through to the vendors.

We’re going to see store closings caused by lack of funds, lack of customers, lack of confidence.
Large retail outlets and malls will continue to suffer and empty storefront spaces will continue to multiply.

So how is this good news for the small retailer? (more…)

Small Business Fuels Innovation

I just received my copy of the Small Business Advocate newsletter (an interesting read by the way, subscribe at http://www.sba.gov/advo/) and I was pleased to see a report on a SBA study which demonstrates, once again, how small business is often the driving force behind innovation.

Here are the highlights:

• Small firms are a significant source of innovation and patent activity.
• Small businesses develop more patents per employee than larger businesses, with the smallest firms, those with fewer than 25 employees, producing the greatest number of patents per employee.
• small firm patents tend to be more significant than large firm patents, outperforming them in a number of categories including growth, citation impact, and originality.
• small firms tend to specialize in high tech, high growth industries, such as biotechnology, pharmaceuticals, information technology, and semiconductors.

Pretty interesting stuff. You can read the full report at http://www.sba.gov/advo/research/rs335tot.pdf