#327 Pricing, Technology, Credit Reports, Communication and Compliance

On episode 327 of Business Insanity Talk Radio, we tackle one of the biggest issues for small business owners – figuring out what to charge customers. We then talk about why the small business sector is the hottest around and what you as a small business owner can be doing to take advantage of it! Next, we show you how to determine which customers you should extend credit to and which ones need to pay you up front. Our next guest shows us how to become a better communicator and finally, learn the three steps to make sure your business is legal.

Listen and enjoy:

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Segment 1: Ellen Rohr is the owner of Bare Bones Biz, a venture capital and consulting company, as well as president of Zoom Drain and Sewer, LLC. She is a columnist for Huffington Post and the author of four business basics books:  Where Did the Money Go?, How Much Should I Charge?, The Bare Bones Biz Plan and The Weekend Biz Plan.

2:10 – Many small businesses pull their prices out of thin air. How should small business owners set their prices?

3:30 – How Ellen entered the plumbing business and figured out what to charge her customers.

6:45 – Why Ellen quintupled her prices and what ended up happening.

7:35 – Any price increase suggestion is good advice. Ellen discusses how to prove it.

9:45 – Advice for raising your prices in the service industry.

Segment 2: Carrie Maslen is the Global Vice President of Small and Medium Business Enterprises (SME) for SAP. She has over 30 years of experience including leadership positions at HP and SAP. Carrie has been recognized as a leader in the technology channel by The Channel Company as one of the ‘100 Most Powerful Women of the Channel’ and as one of the ‘100 People You Don’t Know but Should’.

15:38 – How do small businesses impact the national and global economy and why is their success so important?

16:49 – Examples of what small businesses are doing to unleash their growth potential.

18:20 – How and when should small businesses begin their technological transformation? Where do they start?

19:50 – What are the advantages and challenges of big data for small businesses?

21:18 – Carrie discusses what a small business’s mobile strategy should include.

22:30 – Carrie’s big takeaway about technology for small businesses.

Segment 3: David Knowles is the Group Marketing Director for Creditsafe – the world’s most-used supplier of company credit reports.

31:12 – Why don’t small businesses vet their customers before they give them credit?

31:38 – David describes the process for pulling a company’s credit report.

32:48 – What to review on a company’s credit report to decide whether or not to give that customer credit.

33:25 – What credit limit should be set?

34:10 – David discusses why credit reports are should be used for existing customers as well as new customers.

Segment 4: Dianna Booheris the bestselling author of 46 books, published in 26 languages. She consults, writes, and speaks on leadership communication, executive presence, productivity, and faith. Her latest book is What MORE Can I Say: Why Communication Fails and What to Do About It.

40:55 – Once words leave your mouth, your credibility either goes up or down. Dianna discusses what to do when you’re too quick to speak.

43:05 – Examples of statements that are intended to motivate employees but actually turn them off.  What statements should leaders try to use instead?

44:15 – How leaders can rebuild trust with their words.

45:25 –  How does body language, emotion, and listening affect communication?

Segment 5: Nellie Akalp is a serial entrepreneur and small business expert. She currently serves as CEO of CorpNet.com, an online legal document filing service, where she helps entrepreneurs start a business, incorporate or form an LLC, and offers free business compliance tools.

49:42 – The first step on the legal-side of starting a business: select a business name and register it with the state.

50:25 – Step number two: get a tax I.D. number

50:56 – Step number three: get help. Don’t try to do it yourself!

51:56 – How to set up a completely legal company in a few days for under $500.

Sponsored by SageNextiva and CorpNet.

By | May 26th, 2015|Radio Show|Comments Off on #327 Pricing, Technology, Credit Reports, Communication and Compliance

About the Author:

Barry Moltz gets business owners unstuck by unlocking their long forgotten potential. With decades of entrepreneurial experience in his own business ventures, he has discovered the formula to get stuck business owners and increasing their sales. Barry has founded and run small businesses with a great deal of success and failure for more than 20 years. After successfully selling his last operating business, Barry founded an angel investor group, an angel fund, and is a former advisory member of the board of the Angel Capital Education Foundation. His first book, “You Need to Be A Little Crazy: The Truth about Starting and Growing Your Business” describes the ups and downs and emotional trials of running a business. His second book, “Bounce! Failure, Resiliency and the Confidence to Achieve Your Next Great Success”, shows what it takes to come back and develop true business confidence. His third book, “BAM! Delivering Customer Service in a Self-Service World” shows how customer service is the new marketing. His fourth book, “Small Town Rules: How Small Business and Big Brands can Profit in a Connected Economy” shows how when every customer can talk to every other customer, it’s like living in a small town: Your reputation is everything! His fifth book, “How to Get Unstuck: 25 Ways to Get Your Business Growing Again” helps every small business owners move their company to the next level. Barry is a nationally recognized speaker on small business who has given hundreds of presentations to audiences ranging in size from 20 to 20,000. As a member of the Entrepreneurship Hall of Fame, he has appeared on many TV and radio programs such as CNBC’s The Big Idea, and MSNBC’s Your Business. He hosts his own radio show on AM560, and writes for American Express and Forbes.