AngelBiz commented on the following stories on BizSugar
Avoid These 7 Temptations That May Undermine Your Business
"Great tips for all business owners. My favorite it #1. Many businesses make the mistake of expanding too aggressively when things are going well. McDonald's did it about a decade ago and had to retract and focus on improving existing stores and menu. This helped them grow their sales and profit in the following years. One of my favorite failure stories is the Internet company Webvan that went belly up after receiving large funding and going on expansion binge by building automated warehouses all over the country. "3 Tips to Increase Efficiency & Outsmart Your Inner Perfectionist
"These are great tips. I particularly like #1 and #3. We all have heard about 80-20 rule. Tips #1 is really gets to the heart of it. It will take you forever to complete the last 20% of work and it may not even get completed at the end. That's why it is important to focus on things that are important and in 80% bucket. "Small businesses lose millions by not accepting card payments
"In the US start-ups such as Square are upending the payment market by enabling small business owners to accept card payment on their smartphones. Other companies such as Paypal have also jumped in with their own products. It's only a matter of time before these products are introduced in the UK and other countries."7 Things Every Retailer Should Know About Social Media
"Excellent advice. I would also add that retailer (or any business for that matter) need to stay engaged and communicate frequently with the customers on social media. Nothing is worse than having a presence on social media and not respond to customer complaints or interact in any other fashion with customers. After all, most of your customers are constantly using social media to interact with your business and fellow customers. It only behooves you to do the same."Building Customer Loyalty - Smart Business Trends
"Excellent tips on how to improve customer loyalty. It costs 10 times more to attract new customers than to keep the existing ones. Yet I am amazed at how many businesses fail to reward their loyal customers and constantly chase the new ones. Many of the offers they provide are only valid for new customers. Why not reward the loyal ones with the same or similar offers. After all, they are the ones who keep coming back to your business."How Do You Build Loyal Customers When Your Business is Brand New?
"Your suggestion about building engagement with human touch is very important. It is only by building personal relationship with your customers you will be able to build loyal customer base and grow your business. Another suggestion I have is to get involved in the community. Go visit local schools, churches, sports events, Chamber of Commerce and strike conversation with anyone while at the same time making them aware of your business and products / services. I have found this to be very useful especially for those just starting out."Big Picture vs. Details Person: Who Makes the Best Entrepreneur?
" An ideal entrepreneur would be a big picture thinker with the ability to get into details. Of course it is not easy to find this combination in most people. Having said that I think you need to be a big picture guy to at least think about out-of-the-box ideas, but only those who can execute those ideas will be able to create successful business. The detail oriented person will spend too much time analyzing and may be able to take that next step necessary to make the business successful. I would put my money on the big picture guy to create successful start-ups."Social Media and the Benefits for Small Businesses
"These are all valid reasons small business owners need to have social media presence. The bottom line is small businesses need to be on social media because the customers are there. However, I would caution against jumping in the social media blindly. You can get burned if you are not careful and don't know how to handle it properly."How to Make Your Own Startup Capital
"I would two more sources to this. 1) Friends and families - This is similar to crowdsourcing except you are asking people you already know and who may be wiling to take higher risk with you. Now, this can be a double edged sword. If things don't work out your relationship with them might get strained, so this needs to be dealt with carefully. 2) Partnership - If you can find a trusted partner who is willing to invest in your venture for equity stake you may be able to kick start the business without having to ask anyone. Of course you have to sacrifice equity in exchange."Subscribe
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Is Your Customer Service Helping or Hindering Your Business ?
"Providing great customer service is a delicate balance that all small business owners need to learn. While customers are always right and you have to do everything to make sure they are happy you also have to learn to say NO when that time comes. Customer service is all about setting right expectations and then exceeding those expectations by giving them something that they didn't expect."