Avionics News December 2014 - 48

series

BUSINESS BASICS
B Y

G R E G

L A S L O

Down for the count
Seven ways to destroy your business

A

few months back, I received bad news about one
of our quirky local businesses, which announced
plans to shut the doors and liquidate.
The owner managed the store nearly a decade as a
retirement dream gig. Along the way, he did everything
a specialty shop was supposed to do: offer classes,
maintain a strong social media presence, publish a monthly
electronic newsletter and blog, and even support local
organizations and events. He owned it as a passion. But by
all appearances, he also managed it well.
Unfortunately, he'd been diagnosed with cancer earlier
this year. While his treatment was going well, he succumbed
to a problem that most small-business owners face: without
him, the shop couldn't exist. Yet freshly scared straight, he
decided it was time to live a little outside those four walls

Photo by bigstockphoto.com

48

avionics news

*

december

2014

and spend more time with family and friends. Unfortunately,
another independent business bit the dust.
Things happen - yet most don't have to. Small businesses
are rarely successful because of chance or good fortune;
they prosper because of hard work and thoughtful decisions.
Turn that around, and they don't fail solely because of hard
times; some nuts are often left uncracked.
While there are as many ways to mess up an avionics
shop as there are shops to mess up, these seven moves are
common business busters that will efficiently do the trick.
Knowing each offers insight to avoid them in the first place.
1. Ignore existing customers. Your most accessible
source of business shouldn't be a surprise. You've already
invested time, money and energy to attract them to your
store, according to Mark S. Wilmot, senior vice president at
dunnhumbyUSA.
According to the IBM Institute for Business Value's 2011
Retail Industry Study, 76 percent of customers think their
favorite retailers should communicate with them more often.
So ask them back, and do so at least monthly - whether
that's by email, phone, post card or newsletter. Tell them
about upcoming events, sales and new items.
Social media sites are rapidly changing marketing.
According to a survey by communications software provider
Hybris, the number of customers who like or follow stores
- mainly to receive invitations, participate in surveys and
contests, and get news of preferred-customer promotions -
continues to grow every year. This is a bonus; today's fans
help inspire tomorrow's business with you. Reward their
loyalty with special benefits that encourage these brand
advocates to spread your message.
2. Market ineffectively. You need new customers, but


http://www.bigstockphoto.com

Table of Contents for the Digital Edition of Avionics News December 2014

Point of Communication
AEA Now
The View from Washington
International News and Regulatory Updates
Head-up Displays offer a Look Ahead
Member Profile
The Age of Unmanned Aircraft Systems
A Conversation With...
Member Profile
Garmin Debuts Low-Cost ADS-B Solution
What's Working?
Business Basics
Before & After
A Conversation With...
AEA Members make news at NBAA Convention
What's New
Marketplace Classifieds
Avionics News December 2014 - Intro
Avionics News December 2014 - Cover1
Avionics News December 2014 - Cover2
Avionics News December 2014 - 1
Avionics News December 2014 - 2
Avionics News December 2014 - 3
Avionics News December 2014 - Point of Communication
Avionics News December 2014 - 5
Avionics News December 2014 - AEA Now
Avionics News December 2014 - 7
Avionics News December 2014 - 8
Avionics News December 2014 - 9
Avionics News December 2014 - 10
Avionics News December 2014 - 11
Avionics News December 2014 - 12
Avionics News December 2014 - 13
Avionics News December 2014 - The View from Washington
Avionics News December 2014 - 15
Avionics News December 2014 - International News and Regulatory Updates
Avionics News December 2014 - 17
Avionics News December 2014 - 18
Avionics News December 2014 - 19
Avionics News December 2014 - Head-up Displays offer a Look Ahead
Avionics News December 2014 - 21
Avionics News December 2014 - 22
Avionics News December 2014 - 23
Avionics News December 2014 - Member Profile
Avionics News December 2014 - 25
Avionics News December 2014 - 26
Avionics News December 2014 - 27
Avionics News December 2014 - The Age of Unmanned Aircraft Systems
Avionics News December 2014 - 29
Avionics News December 2014 - 30
Avionics News December 2014 - 31
Avionics News December 2014 - 32
Avionics News December 2014 - 33
Avionics News December 2014 - A Conversation With...
Avionics News December 2014 - 35
Avionics News December 2014 - Member Profile
Avionics News December 2014 - 37
Avionics News December 2014 - 38
Avionics News December 2014 - 39
Avionics News December 2014 - Garmin Debuts Low-Cost ADS-B Solution
Avionics News December 2014 - 41
Avionics News December 2014 - 42
Avionics News December 2014 - 43
Avionics News December 2014 - What's Working?
Avionics News December 2014 - 45
Avionics News December 2014 - 46
Avionics News December 2014 - 47
Avionics News December 2014 - Business Basics
Avionics News December 2014 - 49
Avionics News December 2014 - 50
Avionics News December 2014 - Before & After
Avionics News December 2014 - A Conversation With...
Avionics News December 2014 - 53
Avionics News December 2014 - AEA Members make news at NBAA Convention
Avionics News December 2014 - 55
Avionics News December 2014 - 56
Avionics News December 2014 - 57
Avionics News December 2014 - 58
Avionics News December 2014 - 59
Avionics News December 2014 - 60
Avionics News December 2014 - 61
Avionics News December 2014 - 62
Avionics News December 2014 - 63
Avionics News December 2014 - What's New
Avionics News December 2014 - 65
Avionics News December 2014 - 66
Avionics News December 2014 - 67
Avionics News December 2014 - 68
Avionics News December 2014 - 69
Avionics News December 2014 - Marketplace Classifieds
Avionics News December 2014 - 71
Avionics News December 2014 - 72
Avionics News December 2014 - Cover3
Avionics News December 2014 - Cover4
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