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6 TOP Entrepreneur Success Tips

10/31/2016

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Fontenot Newsletter - October 2016

“Success is getting what you want. Happiness is wanting what you get.” – Dale Carnegie
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It's time the celebrate the ending of a new quarter in the year 2016.

Exciting business moves have embarked on many of us during this year, with so much more to come.  This seemed like a great time to recap on some of the best success tips for entrepreneurs to keep you motivated and inspired on accomplishing your goals for the remainder of the year.  Allow yourself to take a step back in order to take an inventory of how much has truly been accomplished within your business.  Now, take a moment to give yourself a pat on the back.  Your a leader -- continue to remain intentional in your goal settings.

Fontenot & Associates Solutions, LLC newsletter will be just the read you are looking for to keep you on track. Not only does it include six top tips but it also gives light to the importance of establishing a business budget and shows just how simple it is to get started.  

Get started and share with a colleague!  You can also visit our website for more exciting news and business tips.

Click below and enjoy!
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What is Profitability?

10/27/2016

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There's a lot to do but so little time to accomplish everything when operating a small business.  Even though this is true, many business owners remain hesitant about opening up their accounting records to a part-time accountant or business consultant even when they know their financial records are in shambles.  

Profitability is a primary goal of all business ventures. Without profitability the business will not last in the long run.  Analysis of profit is of vital concern to stockholders because they derive revenue in the form of dividends.  Profitability is measured with income and expenses. Increasing profitability involves determining which areas of a financial strategy are working and which ones need improvement.

In a competitive marketplace, a business owner must learn to achieve a successful level of profitability. Without sufficient capital or the financial resources used to sustain and run a company, business failure is imminent.  The bottom line is that no business can survive for a significant amount without making a profit. Measuring growth is possible by looking at statistics such as your weekly sales, staffing and turnover.  

Though present profitability of a company is good, as a business owner you should always explore future opportunities for greater profitability.  Below are three key questions to consider when outlining or revising a business model:
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  • What is the cost to staying in business?  As a new business owner the amount of funds spent to get you started may not be the same when it comes to staying in business.  But what is that amount?
  • Are you pricing product/services accurately?  It is wise to do your research on the industry and like competitors in your area.  Don't leave money on the table.  Trust your skills and knowledge -- that's how your customers become to trust you.
  • Expenses can break your business.  Too often we here about entrepreneurs unable to reach business success past the five year anniversary of their launch.  While many factors may play a part into this, what remains key is analyzing the resources of income and expenses of your business.  
If your company is designed with weak areas such as sales, performance and unexpected growth it can cause your entire business to collapse.  Profitability and growth go hand in hand.  

Take time today to answer the necessary questions about your business stage and the next three to five years of future expectations. What are the areas of your business that concern you?

Here at Fontenot and Associates Solutions, LLC we offer one to one consultations to ensure we put it on paper for you and your customers. Let's get started today with setting your business apart.  

Click here to email us your questions. 

“It’s fine to celebrate success but it is more important to heed the lessons of failure.”
​-- Bill Gates

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Have You Thought About these Procedures For Your Business?

10/25/2016

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Many business owners  would agree that, there is fear associated with launching your own business.   When in the start-up phase of your business there will be a lot of planning and critical thinking involved.  Decisions must be made regarding customer service expectations, client target markets and business accounting  responsibilities. 

Establishing Standard Operating Procedures (SOP) are essential for your business success.  They can provide the visual for how task should be performed and who is responsible for ensuring task are completed.  You may ask if outcomes within your business design are measurable.  The answer to is a definite Yes.  

As a small business owner here are four benefits to becoming highly productive:
  1. Reduce training time for new employees and learning curve:  When you bring someone aboard, obtaining the clarity of their role within your business, upfront, can often be the key to their longevity and loyalty.  A well-written SOP can be the lifeline to retaining a strong employee.
  2. Delegating task becomes a non-stressing matter:  Having a well-written SOP in place answers the question of, who can I delegate this task to?  
  3. Ensure customers are receiving the best possible experience from your business:  Set your business apart from competition and standardize the way your company handles complaints, inquires and refunds.
  4. Standardized process:  How many task can you list at this very moment that are repetitive for your role on a monthly basis?  These time consuming task can easily be transitioned or supported by your key employee when well-written procedures are in place.​
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A SOP is a living document, which is subject to change.  Fontenot & Associates Solutions, LLC offers quarterly reviews and an electronic version of your unique guide as part of your servicing package.

Putting together a clear and unique guide is just a click away, don't hesitate to contact us.  Don't do it for just you, do it for your business.
Every choice you make has an end result. – Zig Ziglar
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Business Complaints, Are You Ready?

10/5/2016

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as a business owner, you may have one specific goal that remains consistent week after week on your checklist.  Is increasing your customer base by a certain percentage, one of them?  An increase in the customer base can be critical to the growth of the business and tends to be the trigger to an increase in revenue sales.  not only that, the increase could aslo mean the current marketing techniques and strategies being performed are finally starting to pay off.
 
However, as the customer list continues to increase along with the projected growth how will the process for managing customers’ change?  Think about it, you will no longer have the additional time for hands on managing with email responses, providing personal feedback to every single customer regarding your product or service questions and business complaints. 
 
Yes, I said complaints -- it's a topic that must be addressed when in business for yourself.  company complaints is not a topic many business owners may want to talk or think about but it does come with becoming a business owner.


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If your business has not reached this stage of customer experiences – it’s important to be prepared.  There are a lot of things customers can complain about, communication breakdowns, delays in product deliveries and staff just to name a few. 

​We never want these matters to escalate as business owners therefore, here are three tips to support you with responding to customer complaints.
 
1.  Acknowledge:  Many customers want business to acknowledge their needs especially if they feel it was not meet with the service provided or product received.  Take the first step in listening to them and diffusing their emotions.
 
2.  Keep communication positive:  If diffusing a matter face to face with customers your facial expressions can sometimes not agree with the words being spoken.  Remain aware and ensure communication is positive.   
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3.  Provide a solution:  An upset customer is not interested in what you can’t do for them.  It will be important to remain focused on what started the matter and how you (as a business representative) can resolve it and put it past you.

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these tips for resolving CUSTOMER complaints are just examples of how business owners may start to improve their internal communications.

Fontenot & Associates Solutions LLC, supports business owners in all phases of their business.  Below is a complaint procedure outline sample:   

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It's just that simple.  

​anyone in business understands the importance of loyal customers thus a system or process to respond is more than APPROPRIATE regardless the size of the business.  

​Let
us know when your ready to take action and protect your business.

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    My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.  


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