MINORITY BUSINESS REPORT
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It's All About Being Prepared
You've heard all the cliches
"Little things mean a lot," "Every
little bit helps," "Leave no stone
unturned," and "Tie up loose
ends."
They all sound like old sayings
that have been around forever,
and they have been. However,
they are profoundly appropriate
for today's business, just as they
" --
wondered why so many businesses^
get started each year, and either
fail or fall into serious financial
difficulty soon after getting start
led, it could be because some of
I those old sayings were not fol
lowed. Here's one more: "Details!
Details! Details!" When we orga
nize, streamline, and control busi
ness operations, not only do we
[achieve cost-saving efficiencies,
Ibut we also place ourselves in a
imuch stronger position to handle
?those surprises that are surely
headed in our direction. (Just
- imagine what a great confidence
builder it must be when unexpect
ed things happen and we're able
to resolve most of them satisfac
torily without stress or trauma to
ourselves or the business). It's all
about preparation, and being so
finely tuned-in to our customer's
needs that we can anticipate most
obstacles to sales, and likewise
develop a strategy to surmount
those obstacles when we are con
fronted with them.
There are, however, three very
good reasons why we cannot win
every battle. First, the market
place is continually bombarded
with new products and variations
of old ones. Second, consumer
preferences can change quickly.
It's the flavor-of-month syn
drome. what's hot today may very
well be ice-cold tomorrow. And
third* customer loyalty does not
come automatically; it has to be
earned over and over again. If we
must loose a few battles along the
way, let's absolutely minimize
those losses due to lack of prepa
ration.
Therefore, businesses have to
be in an ever-ready state of pre
paredness, using all the creativity
and business savvy available, to
clearly define and identify the tar
get customers, grab hold of them,
and keep them happy. Here are a
few business classics to help us get
prepared, some old, some new.
Be Competitive
Constantly monitor the mar
ket to ensure that your prices are
in line with the competition.
However, do not set your prices
Let's Get Down
to Business
tvmlyn McMohon
too far under the competition.
Low prices can open doors to
more customers, but it can also
undercut your margins and dam
age long-term cash flow and prof
itability. In other words, don't
lose any money that you don't
fiave to ? no matter how small
the amount appears to be.
Know What Your Customers
Want
This cannot be said often
enough.
Providing good service and
keeping customers happy are
#
what makes a business successful.
Also, if you don't know what
your customers want, you will
likely end up with products and
services you can't sell, and a busi
ness that is not profitable.
Provide Quality Service With
A Smile
A customer-friendly business
cuiiomcri will thop etsewTTere
while telling everyone else how
badly they were treated at your
business.
Ask For Help
No business is an island. Join a
small business support group,
network with professionals in
your industry, read business jour
nals, and reach out for help at the
first sign of trouble, long before
the crisis has erupted.
Automate
Get up close and personal with
technology. Automate as much of
your business as possible. Other
businesses have done so, and most
customers are trying to do so.
Cast A Very Wide Net
We live in a multi-cultural
society; make sure your business
is relevant. If you're not quite
sure how to do this, research the r
community to find out what's
going on, and join a professional
organization that will brinft^yy^
nf cunlacl vvtth diverse groups of
people.
Keep The Faith
Small business owners are typ
ically the hardest working people
around and sometimes work so
hard at growing the business, they
momentarily forget that it's about
more than balance sheets and
cash flow analysis, that business is
people, working very closely
together to succeed. So occasion
ally pause, and pat yourself on
the back, because small business
is the fuel that keeps our economy
humming along, and every small
business person has made a con
tribution toward that.
Call the Micro-Enterprise
Loan Program at 722-9600 for
information on business educa
tion, loans, and technical assis
tance.
NAACP to release consumer guide on hotels
NAACP president Kweisi -
Mfume will report on progress
being made on the NAACP's
Economic Reciprocity Initiative at
a press conference in New York
City June 13. The NAACP will
release its first "Consumer Guide:
A Report on the Lodging
Industry" and the "NAACP Hotel
Industry Report Card" and dis
cuss possible actions to be taken
against failing hotel and motel
chains.
The NAACP Economic
Reciprocity Initiative was
launched Feb. 26 and is part of the
NAACP's effort to achieve a recip
rocal economic relationship
between the African-American
community and corporate
America. "The Consumer Choice
Guide" will measure major hotel
W "
chains based on their records in
employment, vendor relations,
equity and franchise ownership,
advertising/marketing, and phil
anthropy.
The survey of the hotel and
lodging industry is the first in a
series of industry-by-industry
reviews aimed at expanding eco
nomic and equal opportunities for
African Americans.
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COMMUNITY NtWS SUBMISSIONS
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LEWIS ? DAQGET, ATTORNEYS AT LAW, P.A.
Mutual Credit Union
Where Your Dollars Make More Cents
"Your Community Credit Union"
FOR SALE:
? 1995 Ford Ranger Pickup
? 1987 Volkswagen Jetta
For more details:
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724-9081 1 V?
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TO YOUR HOME LOAN
APPLICATION?
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case by case
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explanation.
? We will consider full time,
stable part time, consistent
overtime, disability and child
support (paid regularly) as
income.
I
T.J. Slaughter or Marcia Miller
Triad Loan Officers
1001 So"th Marshall St. Suite 2-58
Winston-Salem, NC 27101
910-631-8070
If you can afford this, you can probably afford
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We wanted to make it easier for people to own a home. Especially people who didn't
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C1997 First Union Corporation. ?