Category Archives: Franchise Trends & News

How to run a successful small business

How to run a successful small business

At Pango Financial we’ve helped thousands of entrepreneurs launch, expand or capitalize their small businesses. One thing they all have in common: a core belief in the inherent value of the product or service they’re selling.

Translating that belief into a successful income-generating business doesn’t happen by itself. This is not news to you. Whether your business has been operating for days, years or even decades, these tips can help you start on the right foot—and stay on the path to enduring success.

Organize: Even if you thrive on chaos, it’s not good for business. Set up systems and habits that dovetail with your individual preferences to keep you organized at all times. For short-term tasks, make and follow a to-do list every day. For medium and long-term goals, keep a running list—with deadlines. If you’re a morning person, batch your daily to-dos into a concentrated period before lunch. Know what information you always want at your fingertips (perhaps sales figures, expenses, progress against milestones) and update those numbers routinely, so you can refer to it whenever you need it.

Create realistic goals: For sales, expenses, production and other operational activities, it’s critical to develop specific goals, with milestones based on realistic appraisals of your capacity, your market and existing demand for your product or service. Just as important: compare your results against your goals at regular intervals. So you’ll know at any given time how your business is performing and where you need to improve.

Keep up with external info: Put out feelers and develop contacts in your community and your industry. Make time to join and participate in local business organizations. Pay attention to trends, developments and other factors that could affect your business in the near-term. Keep an eye on the competitive landscape. If you plan to hire a key employee eventually, start identifying viable candidates now. If your business is seasonal, anticipate and plan for ways to ramp up and back down. The point here is to make a habit of noting potentially impactful developments, so you can take steps proactively without having to scramble.

Know your competitors: They probably know you. Study their websites, workplaces, client lists, marketing materials and pricing—not to steal from them but to learn from them. Be attuned to what they’re doing right—and wrong. Explore opportunities to work cooperatively and create win-wins.

Differentiate your business: Take an impartial look at your business and identify the qualities that make it different. Those are the ones you’ll want to emphasize as you build your client base and establish your brand. See your business through your prospects’ eyes to identify opportunities to improve. You may even want to have a sit-down with a few established customers and ask them directly what steps you can take to keep them coming back.

Always deliver excellent customer service: With every customer encounter you should be able to check off this box. When an issue arises, fix it immediately, eagerly and completely—even if you don’t necessarily agree that it should be an issue. That doesn’t mean being servile. It means taking responsibility for excellence. People will notice and reward you.

Provide consistency: Well-run businesses don’t have bad days. Do what you do best, every time, so customers can learn to expect a high level of quality each time they come to you. This applies to attitude and behavior (yours and those who work for you) as well as the product or service itself. There’s no greater goal than for customers to know they can rely on your business.

 

Sources:

https://www.entrepreneur.com/article/245081

 

https://www.forbes.com/sites/neilpatel/2016/02/18/how-the-best-entrepreneurs-stay-super-organized/#35068b285008

 

 

Business Credit Cards: Know the pros and cons

Business Credit Cards: Know the pros and cons

For sheer versatility, business credit cards are hard to beat—especially from the vantage point of a small business owner or entrepreneurial startup. But like any sophisticated financial tool, cards are better for some uses than for others. Should you open a business card account for your company? A lot depends on how and why you… Continue Reading

How to attract Great Employees

How to attract Great Employees

If your small business is like most, it’s just a matter of time before you’ll need to hire additional people to work for you. That means you’re probably doing something right. But like most major decisions tied to expansion, this challenge can end well (i.e. greater productivity, enabling greater profitability and growth), or not so… Continue Reading

New business: 5 steps to help ensure success

New business: 5 steps to help ensure success

You’ve got dreams, expertise, resources. But getting your startup off the ground requires more concrete steps. It takes concentrated, focused, productive effort. And tons of research. There’s no single sure-fire recipe, but the ingredients for long-term success should include these critical first steps. 1. Brainstorm your marketing plan. What product(s) are you selling? What needs… Continue Reading

First Vitality Bowls Cafe to open in Omaha, NE on September 6th

First Vitality Bowls Cafe to open in Omaha, NE on September 6th

Katie and Tony DeSantis are set to open the first Vitality Bowls Cafe in Omaha, NE on Thursday, September 6 to give healthy eating a new meaning in Omaha. The new café, is located in Aksarben Village at 1922 S. 67th Street. Omaha’s newest restaurant is a superfood café specializing in açaí bowls – a… Continue Reading

6 Tips to Keep your Credit Clean

6 Tips to Keep your Credit Clean

Most factors that influence your credit score are obvious: a slow payment history, for example, or a bankruptcy can lower your score and render your loan more costly than it needs to be. But some factors are less well known. Find out what hidden factors can cause your credit score to be lower. The formula… Continue Reading

Delaware Small Business Roundtable with Rep. Lisa Blunt Rochester

Delaware Small Business Roundtable with Rep. Lisa Blunt Rochester

This week, Pango Financial President Candice Caruso joined Delaware Representative Lisa Blunt Rochester and local business and franchise leaders for a Small Business Roundtable. Candice serves as the Delaware State Captain for the Franchise Action Network to bring together franchisees and franchisors with government officials. Co-hosted by the IFA and Franchise Action Network, the round… Continue Reading

As part of our continued support of men and women who have served in the U.S. military, Pango Financial participated in the Veterans In Franchising Workshop and Expo in Fayetteville, North Carolina. The event, sponsored by the North Carolina Veteran’s Business Association, American Dream U, and the West Business Group, brought together veterans, their spouses,… Continue Reading

Pango in the News: Franchising World

Pango in the News: Franchising World

Pango Financial President Candice Caruso authored an article published in the January 2017 edition of Franchising World magazine. Entitled “Analyzing Financing and Funding Options for Franchisees,” her article explores the range of options available to entrepreneurs and how funding innovations, like Pango Financial’s DreamSpark Plan, have changed the game in franchising.  The digital edition is available… Continue Reading

4 Small Business Tips for Holiday Shopping Season 2016

4 Small Business Tips for Holiday Shopping Season 2016

Holiday Shopping Season 2016 is in full swing. Consumers are on the hunt for the best deals for their loved ones. While many shoppers think the best bargains are on Black Friday or Cyber Monday, let’s not forgot about Small Business Saturday. According to the National Federation of Independent Businesses and American Express, 95 million… Continue Reading