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Text Box: Hey There,   I hope your Memorial Day was great!  Thanks to John L. for his very creative answer to last month’s Brain Teaser:  “You throw away the box and locks and then ship it Fedex.”  Thanks John!   We have another Brain Teaser and some helpful business building tips and tricks below.    Read on! Ernie

Text Box: May 2011

Text Box:   Test Your Creativity   How can you get ten horses into nine stables, one per stable?     *Answer at the bottom!

Text Box:     “There is no value-judgment more important to a man--no factor more decisive in his psychological development and motivation--than the estimate he passes on himself.”   - Nathaniel Branden The Psychology of Self-Esteem

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Text Box:   Executive Coaching  · Strategic Planning  · Team Building  · Continuous Improvement  · Professional Development © 2011, E.A. Lewis Consulting          www.ealewisconsulting.com

Text Box: You are receiving this free newsletter at your request or as part of E.A. Lewis Consulting Services.  If you have been forwarded this newsletter from someone you know and would like to subscribe, please click here to send an email. To remove your name from our mailing list, please click here to send an email.   This material is provided as general information only and is not a substitute for legal advice or consulting services specific to you, your employees, or your organization. This content may be forwarded in full, without permission, when used in a not-for-profit format. No other reproduction of this publication, in whole, or in part, is allowed without the express written consent of E.A. Lewis Consulting. This newsletter is a free service of E.A. Lewis Consulting, Management Tips and Best Practices Newsletter, all rights reserved. Copyright 2011 E.A. Lewis Consulting.   *Brain Teaser Answer:  Place one letter from the words: TEN HORSES, into each of the nine stables!

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Text Box:   “Confidence doesn't come out of nowhere. It's a result of something... hours and days and weeks and years of constant work and dedication.”   - ROGER STAUBACH

E.A. Lewis Consulting

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Text Box: The Cost Plus Mistake   Many small business owners have trouble figuring out their pricing.  A common method is Cost Plus which is where you add up your business costs and then add a little more for “profit.”  There are a few problems with this method of pricing.  For one, it does not allow for cost increases and too low a price might send the wrong message regarding quality or credibility.  Also, the little more added on for “profit,” is usually too little and profit margin ends up being small or even negative which makes it difficult to grow your business.   A better approach is to consider the value of your product and service to your customers and what they are willing to pay for it.  If you are not sure, checking out your competition can give you a heads up on what this might be.  Use this number as the high end of your price range and use Cost Plus as the low end.   By establishing the ends of the price range, you now know the minimum you need to charge (so if you want to give a discount, you can) but you also know where to set your price points in regards to the real value of your product and service, your quality message, and effective business growth.  

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Ernest A. LewisText Box: The Next Small Business Boot Camp starts August 23rd! We’ll review the fundamentals of effective business growth including having the right business model, effective marketing, efficient systems, branding, and much more.  Discover the power of peer support and learn how to grow your business right!   Starts Tuesday August 23rd, 5 Weeks, 5:00 to 8:00 p.m., Limited Seating Call for Details:  419-345-4254, or email:  ernest@ealewisconsulting.com  or Register Online

Text Box: Frequently Asked Questions   Working with employees, generate a list of frequently asked questions from customers and even employees. Creating the list can help you see areas for improvement that you may not have recognized otherwise. The list can also be used as a training tool for new employees as well as the usual customer service tool.  

Text Box: Ever Wash a Rental Car?   Something you never see is a customer washing his or her rental car before turning it in to the rental agency.  The obvious reason for this is that the car belongs to the rental agency.  Why would you wash it?  Why take care of it like we would take care of our own?  We don’t and that’s the problem (or the opportunity!)   In the work place, we often hear; “It’s not my company,” or “Don’t worry about it, the company will pay for it.”  Or, we see equipment not being maintained properly or customers being left to wait just a little while longer.  Employees will tend to not care for the company, and our customers, as well as we want them to especially if they think, “it’s just a job.”  However, they do better when they feel even a small sense of ownership, i.e. “this is my future.”  People will take better care of what they own.   We can encourage that sense of ownership simply by letting people get involved in problem identification and problem solving. When employees play an active role in implementing positive changes in the company they will tend to take better care of it and even nurture it because it becomes “their baby.”