Why It Matters

Some business owners lead double lives. They have a separate set of "business" ethics, apart from their personal lives. For some, anything goes when trying to make a buck. It's okay as long as they go to church on Sunday.

Small business owners sometimes engage in activities that harm or deceive customers. Stretching the truth about products, pushing the envelope when it comes to truth in advertising, and making promises that cannot be kept all seem like standard business practices. The problem is that running your business in the "standard" way is not good enough, not for you and not for your business.

There are fundamental ways of treating people, whether it is during the course of business or in our personal lives. Telling the truth, showing respect, making things right, and caring are as important in business as they are anywhere else.

Forward or Backward?

"In the business world, the rear-view mirror is always clearer than the windshield." -- Warren Buffett

Is that ever true! We know exactly what we "should have" done, but don't know exactly how to go on from there. Still, there is something to be learned in those "should have" dones, as well as in those "should not have" dones. Perhaps the path to the future is staring at us out of the past.

Small business is not just about finding the right product, service, or business model. Successful entrepreneurs have more than a few things in common. Drive, determination, and a willingness to take risks are a few. Another skill that most have in common is the ability to look at those "should" and "shouldn't" haves and perceive the road ahead. Learning from mistakes as well as successes often teaches us the most beneficial way to move forward.

Plans, Plans, and More Plans

Everyone knows that it is important that a business start-up develop a comprehensive business plan. A well-done business plan can greatly improve the chances of obtaining financing and gives the new business owner a blueprint to follow in those first frantic months. Business plans are not just for start-ups, though. A yearly business plan can be of great benefit, allowing the business owner to refine procedures and plan for the future.

Business plans force a business owner to examine every aspect of the business. Discovering what's working and what isn't can be an eye-opening experience. A written business plan is the ideal way to learn whether the time is right to expand your business and, if so, how to go about doing it. A yearly business plan can, just as with a business start-up, help you gain financing to grow your business as well.

Finding Business Sidelines

Sidelines can be a very profitable source of income for both retail and service businesses. While your main business might be selling books, offering related items such as greeting cards, day planners and bookmarks might turn in to a profitable customer impulse buy.

Service businesses can offer related services, as well. As a web designer, I also offer web content and blog writing services to clients. These customers often have a web site they are happy with, but do not have the time to update it themselves. That is where my services come in.

It can be advantageous to diversify. Never offer something that you cannot deliver and make sure you count the cost first. But a well chosen sideline can be a real boon to your business.

Help Your Community and Your Business

One way to help your business and yourself, is to think about ways to help others in the local community. Because of the current economic crisis, local food banks are overtaxed. Fewer donations and more people in need means that more adults and children are going hungry.

How about sponsoring a food drive for the local food bank? It could be a one day event or ongoing. Offer an incentive. Maybe 10% off a service or purchase for everyone who donates a non-perishable food item. Your incentive doesn't have to be big. It is the people helping people idea that counts here. A food drive also reflects well on your business and brings people into your store. It promotes good will and helps people right in your home town.

Click here for a list of food banks in your state.

Remember Who Got You Here

Every business has a group of select customers who were there from the beginning and helped the business get where it is today. It is easy to overlook these faithful clients while we pursue new ones.

But, stop and think. These loyal customers already buy from you. You don't have to spend a lot of money advertising to them, trying to win them over. So, why not target your best customers and keep them coming back? Have a "Current Customers Only" private sale or give them a discount. Let them know you appreciate them. Even if they don't need what you have at the moment, they have friends and family. Special treatment creates good will and people talk about that. And they will remember it when they do need what you offer.

Helping Each Other

In times like these, it is imperative that we as business owners remember that we are all in this together.

Our clients and customers are struggling and other business owners are struggling. People in our communities are struggling, some not having enough to eat. Pets are being turned in to humane societies or abandoned in record numbers because their families can no longer care for them.

Now is the time to focus on ways to help those who are less fortunate. Now is the time to work collaboratively with nearby businesses to offer your customers added value and help those in need at the same time.

How about having a food collection for the local food bank? Several local businesses could participate. Maybe give 5% off a product or service to those who bring in a can of food. Or, how about collecting items for the local humane society? Anyone who brings something is automatically entered into a drawing for a product or service.

If we can pull together and make bonds now, while times are rough, we will also have the strength of those bonds during the good times.

Choosing a Domain Name

You should take some time with this decision. Your first step should be to write your ideas down. You probably want your company name as your domain, but it's possible that it has already been taken by another company or individual.

To find out, go to Internic's Who Is Registry and do a search. If it's not taken, great! Go ahead and register "yourcompanyname.com". If it is taken, you may be tempted to try your company name with a .net, .org or one of the other available extensions. Don't do it. You are a business, you should use a .com extension. If you don't, web viewers will be confused.

OK, your company name is already taken. What to do? Write down your company's main functions. Is there some combination of words that you can combine to come up with a good domain name? Maybe you sell specialty widgets. Is SpecialtyWidgets.com available? Some things to keep in mind when combining words for a domain. Your combination of words may already be taken and you think, "How about using a hyphen in the domain to separate the words"? Try not to do that, either. People will not remember the hyphen and have problems finding your site. They will certainly find the site without the hyphen, though. If you use a combination like SpecialtyWidgets.com, you can capitalize the first letter in each word when using it on your business cards, printed materials and your email address to help people see where one word ends and the next starts. It's much easier to remember SpecialtyWidgets.com than it is to remember Specialty Dash Widgets.com.

You also do not want your domain to be too long. Remember - you will be typing and writing it out when people ask for your web address. You will also have email addresses using the domain. Try to keep it short and memorable. Here's a chance to use your creativity!