small business Archives

Would You Profit More by Making Less?

June 19, 2024/in Business Development/by George Krueger & Mary-Lynn Foster

A small business owner recently told us about an innovative opportunity he had passed up. (Actually, he said “Maybe.” He wanted to think about it. Hence, our conversation with him.)

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Another small business owner had offered him a turn-key operation. The first owner said he and his people had been talking about offering a similar product to their customers.

He didn’t accept the offer because:

1. They could do it themselves
So we asked: Why haven’t they? They haven’t had the budget or the manpower. However, he didn’t expect to have the necessary resources going forward either.

He also acknowledged that his firm doesn’t have the same sort of expertise in this particular product as the other firm. We think this is at least as much of a contributor as resources to it not getting developed.

2. It might cannibalize sales
He was afraid that this new product may compete with one of his existing products. This new product capitalized on new technology. His product didn’t.

He admitted that his customers might want both of them. But let’s assume that’s not the case:

If his customers prefer a new product instead of the one he’s offering them, wouldn’t he be better off at least making some money from it? Otherwise, his customers will find the new product somewhere else.

3. He had to share the profit

When he sold his own products, he got to keep 100% of the money earned. With the program he turned down, he was only going to get 20%.

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I’ll paraphrase something I often heard my Dad say: “20% of something is better than 100% of nothing.”

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That’s one of my favorite quotes from your Dad, George. It makes the point – right now, they’re not making anything on the new product. To make 20% or 10% or even 1% would be money in the bank!

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Sometimes, as small business owners, our independent nature works against us. Sometimes, it pays to collaborate with other like-minded business owners. You may make more money by making less and, in the process, reach BIGG success!

Direct link to The BIGG Success Show audio file | podcast:
https://traffic.libsyn.com/biggsuccess/01153-061924.mp3

4 Secrets to Business Success

November 29, 2022/in Business Development/by George Krueger & Mary-Lynn Foster

We celebrate our 15th year in business with a podcast that shares the secrets to our business – or really any business success. Click the player to listen to The BIGG Success Show. The summary is below.

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In today’s ever-changing business landscape, it’s hard to find a company that has been around for more than a decade. But BIGG Success is one of the exceptions.

Despite the challenges it has faced, our company is still going strong after 15 years. So how have we done it?

Let’s go to The Professor’s whiteboard for the 4 secrets to business success…

Pivot Don’t Panic

May 6, 2020/in Business Development/by George Krueger & Mary-Lynn Foster

Pivot don’t panic tells a tale. Some small businesses are pivoting. Others are panicking. What causes them to react in these two different ways?

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On The BIGG Success Show, we talk with Dan Peterson – entrepreneur, business consultant, and owner of FlipSwitch Social Media, a digital marketing agency that serves businesses spanning dozens of industries across the U.S. Their Pivot Don’t Panic campaign (#PivotDontPanic) spotlights businesses who are successfully adapting to a new business environment. Dan shares the lessons to be learned with us today. Here’s a snapshot of our conversation…

What businesses are thriving during the pandemic?

[1:10]

Is It Unpatriotic to Take Paycheck Protection Program Money?

April 9, 2020/in Business Development/by George Krueger & Mary-Lynn Foster

The Paycheck Protection Program promises aid for small businesses in need. But some business owners wonder if it’s unpatriotic to take the money.

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On The BIGG Success Show, we discuss the question underlying certain questions we’ve had, from a number of our clients, about the Paycheck Protection Program (PPP). Some wonder: Is it unpatriotic to participate in this program? Here’s a summary of that discussion.

Business owners – we are an independent lot, are we not? Well, that’s why the idea of taking money from the government is like fingers on a chalkboard to some of them.

Some entrepreneurs think that taking government money through something like the Paycheck Protection Program is unpatriotic.

So is it unpatriotic?

Expert Answers to the 6 Top Questions on How to Start a Business

March 10, 2020/in Business Development/by George Krueger & Mary-Lynn Foster

The U.S. Small Business Administration recently hosted a Twitter chat on how to start a business. We were among the expert participants including Google Small Business, Constant Contact, IRS Small Business, QuickBooks, SCORE and more, who shared tips and resources on how to take the first steps to entrepreneurship! Below are some highlights from the session.