Starting a new business always comes at a risk -- about half of small businesses fail within their first five years. It is also not an easy time to start one, given tighter lending standards, higher energy and food prices, and weaker consumer spending. Yet these types of conditions certainly didn't stop Bill Gates from starting Microsoft in 1975, during another grim recession.
The truth is, starting a business right now could be smarter than ever. While corporate America is by and large still hunkered down, taking few risks, there may be some advantage in the versatility of a start-up. But even better, here are three big reasons why this might be the right time to take the leap:
1. Rents are low. With hundreds of commercial properties sitting empty and landlords reevaluating their pricing, you may be able to get into an excellent space for cheaper than ever. You may also be able to negotiate more agreeable terms on the lease than in stronger economic times, such as shorter terms or lower increases. Or, if it isn't time to get your own space just yet, a virtual office or executive suite may be for you. With flexible terms, affordable leases, and turn-key services, providers of such services are often a life-saver for cash-strapped nascent companies. Supplies and support services may also be cheaper. Suppliers may be willing to cut deals that they never would have in a strong economy.
2. Good employees will be easier to find than ever. With so many people looking for jobs, few have the freedom to be choosy and to "wait it out" for a better salary. Now more than ever, the best and brightest will be easier to come by and for much cheaper than you would expect.
3. The startup is all about you. Regardless of the economic conditions, the most important element of a startup is the starter. Combine a smart, innovative, versatile business model with a driven, persistent entrepreneur, and you have a recipe for success in any market. Of course, investors and customers alike will be tighter, but these conditions are not necessarily new to the startup. Investors are always fickle, and one can never predict what the customer will choose. If anything, now is a good time to capitalize on the tighter economy by creating a product that helps people or businesses save money.
The moral of the story is, if you have a vision, pursue it. Naturally, it is important to ensure that the plan is sound, the goals reasonable, and the risks accounted for, but with a proper roadmap the only boundary to success is imagination. The greatest among us are those who follow their vision.
Monday, May 24, 2010
Friday, May 21, 2010
Davinci on KSL's "Speaking on Business"
Davinci Suites was featured on KSL's "Speaking on Business" on Tuesday! As always, we are honored and humbled by those who choose to highlight us, especially in such an eloquent and enlightening way. Here is the text of the feature, available at http://www.ksl.com/index.php?nid=545&sid=10840553:
If you're a small business owner just starting your own company, there's a lot for you to set up all at once. Establishing a corporate identity might be just one more addition to an already lengthy to-do list.
Thanks to davincisuites.com, it's now easier for small business owners to assemble the business essentials such as a professional address, a place to meet clients, professional phone answering, IT support and central meeting place. DaVinci provides the support system for all sizes and types of small businesses.
The concept of the centers is working smarter. While still operating out of their homes, small business owners can have a prestigious corporate address, access to top-of-the-line conference rooms, executive suites with mountain views and professional phone and mail services. DaVinci's clientele varies by location, but it includes attorneys, technology companies, real estate professionals and financial consultants and planners.
Company founder Sam Souvall says the idea behind the company's creation 11 years ago was to develop an environment in which businesses could grow and thrive. He has an extensive background in commercial real estate and has always been fascinated with community infrastructure. The idea of creating a dynamic, thriving business community continues to drive and inspire him. Today, DaVinci serves more than 2,000 clients in seven business centers in Utah, Nevada and New Mexico.
Sam's goal is to help davincisuites.com become an essential resource for Utah's emerging small business community. He enjoys watching how the company's range of services can help level the playing field so small businesses have a better chance for success in an increasingly competitive marketplace. In addition to physical tools, DaVinci also provides important networking opportunities.
If you're a small business owner just starting your own company, there's a lot for you to set up all at once. Establishing a corporate identity might be just one more addition to an already lengthy to-do list.
Thanks to davincisuites.com, it's now easier for small business owners to assemble the business essentials such as a professional address, a place to meet clients, professional phone answering, IT support and central meeting place. DaVinci provides the support system for all sizes and types of small businesses.
The concept of the centers is working smarter. While still operating out of their homes, small business owners can have a prestigious corporate address, access to top-of-the-line conference rooms, executive suites with mountain views and professional phone and mail services. DaVinci's clientele varies by location, but it includes attorneys, technology companies, real estate professionals and financial consultants and planners.
Company founder Sam Souvall says the idea behind the company's creation 11 years ago was to develop an environment in which businesses could grow and thrive. He has an extensive background in commercial real estate and has always been fascinated with community infrastructure. The idea of creating a dynamic, thriving business community continues to drive and inspire him. Today, DaVinci serves more than 2,000 clients in seven business centers in Utah, Nevada and New Mexico.
Sam's goal is to help davincisuites.com become an essential resource for Utah's emerging small business community. He enjoys watching how the company's range of services can help level the playing field so small businesses have a better chance for success in an increasingly competitive marketplace. In addition to physical tools, DaVinci also provides important networking opportunities.
Monday, May 17, 2010
10 ways to improve your business today
Courtesy of George Rodriguez, PowerHomeBiz.com
http://www.powerhomebiz.com/vol111/improve.htm
Every new day gives you a chance to move forward from your present situation. You can improve your business on a number of fronts: by increasing profits, reducing losses, getting more customers, expanding the markets, becoming more visible in the community, going public, or a number of other items deemed desireable.
You must have a vision of what you want to achieve, where you want to go, and what you want the business to become. Learn ten ways you can improve your business:
1. Start the year in high gear. Take a notebook (or a laptop or PDA) and jot down your throughts and plans for the year. It's time to get excited to the prospects of this New Year (even if you are making your plan in July, think of it as the beginning of a new year for your business)! List ideas on new product lines, or new projects that you want to take on. Write down your ideas on how to expand and energize your business. Only through innovation and continuing adoption of relevant new products and ideas can your business improve its competitiveness and profitability. Start the ball rolling with financers, lenders, and bankers if you need to take on additional capital.
2. Dust off your business plan. Review, review, review your business plan. See how far (or little) your business has taken shape from your original idea. Many entrepreneurs write a business plan at the start, only to forget about it. Some stray away from their plans - and fail. Go find your business plan and update it. Since your business' inception, a number of factors mus have changed - from overall business climate to your product line. Take all those changes into consideration, factor in your and your family's goals, and get a clear assessment of the direction of your business. Get in touch with your business advisers, if any.
3. Rekindle your relationship with your customers. Now is the perfect time to tap your customer database and get in touch with your existing customers. Whether by phone, email, or letter, contact your customers to greet them, remind them how important they are, and remind them that your business is committed to their ongoing satisfaction. You need to constantly look for ways to encourage repeat business. Although marketing and advertising are important to get more customers, quality, service and customer satisfaction are what keep a business successful in the long run.
4. Evaluate your pricing. Think about raising your rates. Now is the time to inform clients that your rates are going up. Just be sure to check what your competitors are doing and make sure your prices or rates aren't too low. You don't want to overprice yourself out of the market, yet you should not bear the burden of a cash flow shortage. Give your customers a month or two advance notice should you decide to increase your rates.
5. Find ways to cut your costs. Even if you secured funding from investors, you need to constantly look for ways to reduce costs. From making double-sided paper copies to ordering shipping supplies in bulk, you can reduce wasted material, effort, and time in making, selling, and delivering your product. The result is an improvement in your company's bottom line and an increased competitive advantage.
6. Resolve to improve your weak spots. Take stock of all aspects of your business operation and list down the areas that you want to improve. If your list of delinquent receivables is longer than Santa's list, find out how you can improve your billing and collection process. Perhaps you need to improve your record keeping to help flag you on delinquent accounts.
7. Institute measures to assess the performance of your business. Setting clear standards for your business allows you to determine the effectiveness and efficacy of your strategies. If you haven't done so in the past year, start determining how much you are making per hour of work, how effective your advertising is, and some other measurements of where your business has been. Set some benchmarks and periodically assess how your business is doing. You need to know what you consider an improvement before you can start to improve on it.
8. Keep employees involved. Good employees are hard to find, yet they are an important element of your business. Check to see if they are getting what they need and make them part of the team. Help them understand the importance of their role in your business and how their job impacts the business as a whole. Review your relationship with your employees and find ways to keep your relationship happy and avoid costly attrition.
9. Explore new markets or improve marketing. Start the year by exploring new markets for your business. Whether you are looking at targeting a new demographic or getting your business up on the web, take time to plan how you can expand your existing market. Look for ways to improve your marketing, whether by winning easy publicity, arranging an open house, or preparing direct mails.
10. Find out how you can live a more balanced life. Work and business are not the be-all and end-all of your life. Learn to have fun! Spend more time with your family. Take a vacation once in a while. Engage in activities that will rejuvinate your spirit and your life. Take care of yourself, and your health. Your productivity will improve if you are stress-free and healthy.
http://www.powerhomebiz.com/vol111/improve.htm
Every new day gives you a chance to move forward from your present situation. You can improve your business on a number of fronts: by increasing profits, reducing losses, getting more customers, expanding the markets, becoming more visible in the community, going public, or a number of other items deemed desireable.
You must have a vision of what you want to achieve, where you want to go, and what you want the business to become. Learn ten ways you can improve your business:
1. Start the year in high gear. Take a notebook (or a laptop or PDA) and jot down your throughts and plans for the year. It's time to get excited to the prospects of this New Year (even if you are making your plan in July, think of it as the beginning of a new year for your business)! List ideas on new product lines, or new projects that you want to take on. Write down your ideas on how to expand and energize your business. Only through innovation and continuing adoption of relevant new products and ideas can your business improve its competitiveness and profitability. Start the ball rolling with financers, lenders, and bankers if you need to take on additional capital.
2. Dust off your business plan. Review, review, review your business plan. See how far (or little) your business has taken shape from your original idea. Many entrepreneurs write a business plan at the start, only to forget about it. Some stray away from their plans - and fail. Go find your business plan and update it. Since your business' inception, a number of factors mus have changed - from overall business climate to your product line. Take all those changes into consideration, factor in your and your family's goals, and get a clear assessment of the direction of your business. Get in touch with your business advisers, if any.
3. Rekindle your relationship with your customers. Now is the perfect time to tap your customer database and get in touch with your existing customers. Whether by phone, email, or letter, contact your customers to greet them, remind them how important they are, and remind them that your business is committed to their ongoing satisfaction. You need to constantly look for ways to encourage repeat business. Although marketing and advertising are important to get more customers, quality, service and customer satisfaction are what keep a business successful in the long run.
4. Evaluate your pricing. Think about raising your rates. Now is the time to inform clients that your rates are going up. Just be sure to check what your competitors are doing and make sure your prices or rates aren't too low. You don't want to overprice yourself out of the market, yet you should not bear the burden of a cash flow shortage. Give your customers a month or two advance notice should you decide to increase your rates.
5. Find ways to cut your costs. Even if you secured funding from investors, you need to constantly look for ways to reduce costs. From making double-sided paper copies to ordering shipping supplies in bulk, you can reduce wasted material, effort, and time in making, selling, and delivering your product. The result is an improvement in your company's bottom line and an increased competitive advantage.
6. Resolve to improve your weak spots. Take stock of all aspects of your business operation and list down the areas that you want to improve. If your list of delinquent receivables is longer than Santa's list, find out how you can improve your billing and collection process. Perhaps you need to improve your record keeping to help flag you on delinquent accounts.
7. Institute measures to assess the performance of your business. Setting clear standards for your business allows you to determine the effectiveness and efficacy of your strategies. If you haven't done so in the past year, start determining how much you are making per hour of work, how effective your advertising is, and some other measurements of where your business has been. Set some benchmarks and periodically assess how your business is doing. You need to know what you consider an improvement before you can start to improve on it.
8. Keep employees involved. Good employees are hard to find, yet they are an important element of your business. Check to see if they are getting what they need and make them part of the team. Help them understand the importance of their role in your business and how their job impacts the business as a whole. Review your relationship with your employees and find ways to keep your relationship happy and avoid costly attrition.
9. Explore new markets or improve marketing. Start the year by exploring new markets for your business. Whether you are looking at targeting a new demographic or getting your business up on the web, take time to plan how you can expand your existing market. Look for ways to improve your marketing, whether by winning easy publicity, arranging an open house, or preparing direct mails.
10. Find out how you can live a more balanced life. Work and business are not the be-all and end-all of your life. Learn to have fun! Spend more time with your family. Take a vacation once in a while. Engage in activities that will rejuvinate your spirit and your life. Take care of yourself, and your health. Your productivity will improve if you are stress-free and healthy.
Wednesday, May 5, 2010
A blast from the past
How far we have come! I stumbled across this article on Davinci's opening in the Enterprise today: http://findarticles.com/p/articles/mi_qa5279/is_199805/ai_n24334534/?tag=content;col1. It was 1998, and Sam Souvall and Joe Sasich were preparing to open up 20,000 square feet in the Cottonwood Corporate Center for use as shared office space. The facility would have 54 office spaces, be run by a hospitality-trained staff of 3-6, and be equipped with the latest technology (at the time, video tape recorders, networked white boards, and automatic screens and projectors). The concept would be akin to a five-star hotel for businesses, and cost an estimated $1,200 less than a comparable space on the open market.
In the article, Mr. Souvall stated that he would like to expand around the valley if the concept proved successful. Needless to say, Davinci has exceeded everybody's expectations.
In the article, Mr. Souvall stated that he would like to expand around the valley if the concept proved successful. Needless to say, Davinci has exceeded everybody's expectations.
Monday, May 3, 2010
14 Tips for Calming Upset Customers
1.Don’t take it personally.
a. It’s not about you.
b. You will lose.
c. They just want someone to listen.
2. Make it a challenge.
a. See how many customers you can turn around and make happy.
3. Look for the “gifts”
a. You will get valuable experience.
b. You will have fewer upset people in your life.
c. You get the opportunity to correct it.
d. You get the opportunity to learn.
4. The customers are often embarrassed.
a. They know that they made a mistake but they want someone to blame.
5. Keep your cool.
a. Show them that you are going to be professional no matter how upset they get.
6. Listen
a. Don’t give away the store before you know what it is that they are complaining about.
7. Remember that it might be bigger than us.
a. Personal problems.
b. Use to having to get angry to get results.
8. Don’t interrupt.
a. Listen until they are done before replying.
b. It will just make them angrier.
c. Keep eye contact.
d. Keep body language positive.
9. Keep a respectful tone.
10. Remove the upset customer from public areas
11. Let them cool off.
a. Telling them that you need to look into a problem first.
12. Keep it positive.
a. Talk about what you “can” do and not what you “can’t” do.
b. Don’t talk about policy.
13. Use the “broken record” technique.
a. Keep repeating what you can do for them until they calm down.
14. Ignore impoliteness and cursing.
a. Re-write it in your mind.
a. It’s not about you.
b. You will lose.
c. They just want someone to listen.
2. Make it a challenge.
a. See how many customers you can turn around and make happy.
3. Look for the “gifts”
a. You will get valuable experience.
b. You will have fewer upset people in your life.
c. You get the opportunity to correct it.
d. You get the opportunity to learn.
4. The customers are often embarrassed.
a. They know that they made a mistake but they want someone to blame.
5. Keep your cool.
a. Show them that you are going to be professional no matter how upset they get.
6. Listen
a. Don’t give away the store before you know what it is that they are complaining about.
7. Remember that it might be bigger than us.
a. Personal problems.
b. Use to having to get angry to get results.
8. Don’t interrupt.
a. Listen until they are done before replying.
b. It will just make them angrier.
c. Keep eye contact.
d. Keep body language positive.
9. Keep a respectful tone.
10. Remove the upset customer from public areas
11. Let them cool off.
a. Telling them that you need to look into a problem first.
12. Keep it positive.
a. Talk about what you “can” do and not what you “can’t” do.
b. Don’t talk about policy.
13. Use the “broken record” technique.
a. Keep repeating what you can do for them until they calm down.
14. Ignore impoliteness and cursing.
a. Re-write it in your mind.
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