Are You Harming Your Business?

There are two schools of thought that have been proving right when it comes to killing business or killing a sale. I wanted to share these tips for you, as a business owner, to help my audience understand what NOT to do when it comes to business. If you follow my advice, you will grow your profit margin. So- without further delay- here are the two things that will kill your business;


1. Thinking the customer is always right.

This will kill your margins. Reducing costs, giving away freebies, comping things.... all of these practices will put you out of business. The customer isn't always right. While you want to try and smooth things over with an annoyed client, you don't want to destroy your business in the duration. Think about how to resolve a problem with value added services, not discounts or freebies.

2. Toxic employees.

This should seem obvious but toxic employees can cost you customers and turn off great employees. Bad HR practices will hurt your company. Even poorly behaved contractors can ruin your company. Avoid this problem all together by looking beyond experience and more at attitude. Remember, external customer service starts with internal customer service.

Don't let these two things ruin your company or potential growth. Know that the customer isn't always right and that your employees' bad behavior will hurt your profit margin.

Until Tuesday,

Twyla N. Garrett

Is Your Brand Failing?

Just because you built a brand doesn’t mean you can sustain a brand. Going into the weekend, you want to ask yourself if you have any of these three signs related to danger. If so, your brand is failing and you need to regroup.

Sign number one: The phone isn’t ringing. If your business used to have tons of phone calls, inquiries, and flat out business and now the phone isn’t ringing- your brand is in trouble.

Sign number two: You are inconsistent. What do I mean by this? Well, either you are spread too thin to focus on your brand or your trying to accomplish too many things at once.

Sign number three: Your social media accounts don’t reflect your company’s message. Yes, I mean your personal accounts. If you own a company understand people will look YOU up and not just your company. Don’t have a professional website and then photos of you in the club on your Facebook page. It scares investors and possible customers.

Until tomorrow,

Twyla N. Garrett

Working with Uncle Sam!

Ever wonder how hard it is (or easy) to get a government contract? Let me provide you with the tips to obtain (and maintain) the government's business!

First off, visit https://www.fbo.gov/ because there are usually (on average) 25,000+ contracts available at any given time. Know what is available and what you (or your company) or truly qualified to bid on.

Next, don't dismiss the 25,000+ contracts as reserved for major players. The government sets aside contracts for small businesses, women owned businesses, minor owned businesses, etc. Basically, you are set up to fairly compete with the big boys!

Consider subcontracted work. A good way to get your foot in the door is to perform subcontracted work through a provider that already has a government contract. Who has the current contracts you ask? Click here! https://www.supplier-connection.net/SupplierConnection/index.html

Lastly, understand that paperwork is the major part of the process. And, there is a lot of paperwork! Start with the Central Contractor Registration (CCR) http://www.osdbu.dot.gov/related/ccr.cfm . In order to do business with the govermennt (and start the paperwork for consideration) you must be registered with the CCR. Bonus: The CCT lets you review what companies are retaining contracts and how. It can help you become more competitive with your bids!

Twyla N. Garrett

In the Business of Excuses

I did a radio show on Monday and we touched briefly on why some people don't follow their dreams. Simply put, I believe many people don't do what they want in life because they are in the business of making excuses. What, you thought I would sugar coat this? Really, c'mon! I don't want to sound harsh or insensitive, but I want to tell the truth. I don't have a magic wand and I certainly didn't grow up with a silver spoon in my mouth. No one from the US Government came to my house, tapped me on the shoulder, and said I was going to be successful. Some people, unfortunately, like to dream big, talk even bigger, and then make up excuse after excuse as to why their dreams didn't come true. Well, boo hoo to those people.

No one is going to reward you today for the work you didn't do yesterday. You have to go after what you want out of life. When you fail, you have to get back up on your feet and try again. There will never be the right set of circumstances to start a business. I had 4k in the bank when I started IME and I had just quit my job with the Government. That's right, 4k- no income coming in- and no client leads. I couldn't make excuses. Instead, I had to make things work. I truly believe this is the difference between those who do and those who talk about doing. Some people make things work, others make excuses.

So, I beg of you today, to ask yourself what side of the fence you are truly on. Do you talk about your dreams a lot or do you execute action plans? Do you happen to lean on excuses vs. lean on reasons why things aren't working out and then develop recovery plans?

I know a woman who is very smart. She is naturally gifted at being both book and street smart. She wanted to start her own marketing company. She went to school to obtain her marketing degree. There is nothing wrong with this, right? Well, then she went to school to get her Master's degree. After this, she wanted to get a communications degree. School became her crutch NOT to open her business, rather talk about it and seem like she was really working on it. After 15 years of intense education, this woman got pregnant. After being home with the baby for two years, she then decided she needed to return to school to brush up on marketing trends in the current time. At this point I asked her if she wasn't a professional student, was she planning on simply teaching marketing vs. opening up a marketing agency. We haven't spoken since....

Don't allow valid excuses to become stagnant reasons for you to not move forward in your life. If you want to open up a business, do it - unless, that is, you are in the business of making excuses.

Until tomorrow,

Twyla N. Garrett

Business & Insurance Forms

Chances are if you run a business, you have seen a few insurance forms. But, what are these forms and why do you get them a week after signing up for a policy? Let me help.

All that legal print that you will not read but should, that’s the Insurance Policy Form. The insurance policy form, or policy language, outlines who is an insured, the insuring conditions, what type of loss(es) are covered, and what type of loss(es) are excluded. This is pretty important stuff for your business and employees, so why not read it?

The insurance policy form matters because it can save you some money or cost you tons of money! The types and amounts of coverage matters, but what matters more is what these forms DON'T cover! For example, an insurance policy may cover the exact same risks (or not to same extent) as a policy from another carrier- even if the name of policy the exactly the same!

So, time is valuable. I know this as I own many businesses. But your insurance coverage and knowing what you have covered and what the insurance isn't covering is more valuable. Read the forms. Ask questions. And, if you're not happy, switch insurance carriers. It will save you from worry in the event you need to file a claim.

Twyla