Tips for Small Business Success

Our soon to hit the streets March issue of Exchange will celebrate the magazine's 37th Anniversary. In the same month we will be celebrating the 14th anniversary of ExchangeEveryDay. In that time we have published over 3,500 issues (over 3,300 of which can be viewed on our online archives) that have been delivered in over 180 million emails to our readers. To celebrate this occasion, I am going to be sharing some of my favorite issues from these years in coming weeks.

Today I am going to share the ExchangeEveryDay from May 2, 2002, in which Rafael Garcia, president of Rafael Architects, Inc., shared some of these tips for small business owners in Black Enterprise magazine (January 2002):

• Surround yourself with experts in various fields. If you don't know any personally, then ask for advice from friends, family members, neighbors, parishioners, etc. Offer to take your new contacts to lunch in exchange for a half hour of advice. By offering to exchange lunch for advice, you're sending a clear message that you're eager to learn, you value their time and advice, and that you're serious.
• Don't procrastinate. When you own a small business, you will find that tasks and paperwork pile up. Avoiding them is similar to piling up debt; eventually it can overwhelm even the most proficient business owner.
• Never ignore the competition. Customer loyalty has consistently dropped in recent years. Customers go where they can find the best products and services, even if that means terminating long-term business relationships. Monitor your competitors and don't be ashamed to duplicate their ideas.
• Avoid sloppy or ineffective marketing. Market your product or service effectively and diligently. Solid marketing keeps your products selling and keeps money flowing into your business.

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