Bruce Outridge

At What Time Do You Ask for Help?

Posted on November 2, 2011 by Bruce

We are men, raw raw!!!! Sometimes we are too proud to ask for help, for those of you that are married you probably hear this all too often. “Why didn’t you stop and ask for directions, why didn’t you ask the sales clerk?”You know what I’m talking about! Unfortunately there is an air of truth to the fact that we do have a high pride level and don’t ask for help as much as we should. Women are much better at knowing when they have to start asking for help on certain things and when they have it covered. The truth is that in business if you take too long to ask for help you may be out of business. Business has an unforgiving way of making you swallow your pride in a hurry if you plan on being successful. Too long in a bad area and your business will be unable to catch up and have to default to bankruptcy. So how do you know when things are too tough to carry on by yourself and when you should start looking for help with your operation?

First the best way to start is to start correctly. We all could use a helping hand when starting out, especially in the accounting department. It is very important to make sure the accounting part of your business is set up properly and for growth. There are certain tax codes used in the accounting world that are universal and important for you to have located in the right place. This will help your accountant down the road to make sure you’re getting the best tax advice for your business. Realize what you can do yourself and what you should have other people do. Now this area is very gray and I have seen much money spent on stuff that wasn’t required. Let’s take a look at your bookkeeping for example, you could do it yourself but that would take time away from your family, you would require a bookkeeping background, training, and so on. If you don’t have that then you are best to hire a bookkeeper and focus on other ways of running your business. That being said I am a firm believer that you have KNOWLEDGE of the different aspects of your business. So in the bookkeeping example understanding what is required for receipts, how to organize them, is essential for you to know and will immensely help your bookkeeper therefore saving you cash flow. If you are having trouble with your bills, can’t seem to make a profit, or are having trouble getting your business organized then you may be at a point where you should bring in some outside help.

Don’t wait for your business to go down the tubes to realize you should have asked for help.

About the Author

Bruce Outridge is a business and leadership consultant. His OS Program helps owner operators and entrepreneurs run successful businesses. To learn more about the program please visit his website at www.outridge.ca

Securing a Job by Being the Boss

Posted on October 27, 2011 by Bruce

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In my talks with many owner operators and potential candidates I come across many that want to be in the trucking industry, but don’t believe they can take the larger step to the path of Owner Operator. The reason for this is that many candidates for the industry focus solely on the negatives of the industry and not the positives. Being an Owner Operator in the transportation industry is one of the businesses that as long as you show up and of course the company that you are leased on with has the freight available, you have an income stream. Think about this as many traditional businesses you have a marketing program and possibly a sales force, the owner has to go out and get clients and continually be in marketing mode. As an Owner Operator you don’t have to do any of that, you just have to be available for work. No marketing, juts turn the miles. The biggest part of being an Owner Operator is controlling costs, but every business owner has that problem regardless of industry sector. So lets look at the positives of becoming an owner operator.

Income is available, this will depend on your market, but most companies are busy. You can create profits by building equity in your business through proper cost management. You know what equipment you will be driving day in and day out. You are your own boss and can create a legacy depending on the operation of your business. The business can be fairly inexpensive to enter compared to other businesses. You can see the country with no boss looking over your shoulder. The business can be passed down to other members of the family creating a family bond. So as you can see there are many advantages to becoming an Owner Operator or a driver. When evaluating the industry do it fairly and objectively and you will find it to be something that you can count on for years to come.

About the Author

Bruce Outridge is a business and leadership consultant for the transportation industry. More information can be found on his website at www.outridge.ca

What Can Action Plan Do For Your Business?

Posted on October 13, 2011 by Bruce

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How many business owners specifically Owner Operators have an action plan for success. Some feel they have that because they have done that in the past but then never revise it or even look at it again. The new people coming out of truck driving school have a habit of looking at this industry to death, but all in the wrong places because they don’t develop their plan on paper. If you are going to do all kinds of homework, go to seminars, talk with recruiters and different companies, don’t you think taking a note pad around and a pen would be a good idea. It amazes me to see the people that pick a career this way or decide to get into business without writing it all down on paper. Just listening you will not remember the important details of a presentation. Without seeing data listed side by side on a piece of paper it is very hard to evaluate an opportunity properly. That is if generally you are looking at the industry, but what if you are starting a business, buying your own truck, then a whole new set of comparisons are required. You need a business plan if you are in start up mode, evaluating your operation, or planning on expansion. Most people don’t so this and they miss the boat every time. These are the ones that complain they are not making any money. They don’t have an action plan, they don’t have reference as to where they started, are they ready to expand or buy new equipment? As they say the numbers don’t lie and can be the best determining factor of what you need to be doing to reach your goals. A proper business plan will encompass a budget, a snap shot of how you will run your business, your goals for the future, and the particulars of how your business is set up. Some information may be straight forward, but having it all in one place will help keep you focused on what needs to be done. Once you have completed your business plan or action plan it is time to start doing the work, follow your plan keeping money aside to fund your business, repairs and so on. Review your plan on a regular basis, I prefer quarterly or semi annually, but I know people who do it monthly or annually, it will depend on the scope of your business but as a business owner it is important to have a handle on your business at all times. Once you have reviewed the business plan you will need to make adjustments as needed. The best way to do that is to sit down with your business consultant or accountant, your profit and loss statement and your action plan and revise what needs to be changed and adjust to coincide with your goals that you set out for your business.

About the Author

Bruce Outridge is a business consultant for entrepreneurs and owner operators in the transportation market. More information can be found on his website at www.outridge.ca

Pricing Your Products

Posted on October 6, 2011 by Bruce

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One of the areas that many businesses struggle with is pricing of their products. Many times these prices are set low at the beginning of a business startup or just a guessing game for the most part. There are different methods to determine pricing for your business such as tallying up every cost associated with a product plus profit, charging by the hour, or bidding on projects with a fixed price. I as well as many have tried all or many of these and they are a constant struggle to keep in line. If we were all like Walmart it would be a little easier however the nature of many businesses does not allow for a one price fits all type of pricing strategy.

The first step to knowing how to best price your products is to know your costs, how long does it take to manufacture, what materials are involved and so on. The next step is to know what the market will bear, are you in line with other suppliers of your product types and what is the norm of the market. The third step is knowing what are the unique selling features for your product, do you offer a special guarantee, extra benefits, different materials, what is the customer getting from you that they are not getting from your competition? Armed with that information you are able to decide where to position your business among the competition and on what type of criteria you want to promote in your marketing plan. Try not to compete on price as competing that way will put you close to the bottom of the rung in competition and kill any benefits that you may offer.

Once you have your unique position laid out you are ready to start marketing. I find one of the best ways to work is to have a standard price that can be adjusted based upon the clients demands or project scope. This gives you some flexibility but gives you a good starting point. Evaluate your pricing on a regular basis, I usually adjust our pricing at the end of our year end each year some products go up, some get thrown out if they were not working and others may stay the same if they are working well. Try not to change pricing in the middle of the year if possible as it creates confusion for your staff and customers. By waiting until the end of the year you can have a total look at the way your business operated over the year as a whole as opposed to one quarter or short timeframe. Pricing evaluation is a continual process so make sure you are always evaluating what is working and what needs work.

About the Author

Bruce Outridge is a business and leadership consultant for entrepreneurs and the transportation market. More information can be found on his website at www.outridge.ca

Are Your Staff Killing Your Business?

Posted on September 28, 2011 by Bruce

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As owners and entrepreneurs we understand the amount of work it takes to get a business off the ground and running successfully. We also know that without great customer service your clients won’t be back to do business with you again. When I talk with entrepreneurs they get it, they understand the importance, but the real question is, does your staff? Could they be turning away your clients before you know about them? This is where monitoring your staff and having trusted staff go along way into making sure you have a successful business. Let me give you an example of what I mean.

Five years ago my wife and I were on vacation in the Caribbean, we had a wonderful time and went to an upscale restaurant well known in the area with a beautiful setting. Earlier this year we were back in the same location for our wedding anniversary, with no plans for dinner we decided to go back to the restaurant we had enjoyed so much on an earlier trip. Now the island we are visiting is based upon tourism, that is their major industry and with a bad economy over the last few years they have been hit hard and you can see it in the businesses that were closing down. With businesses closing down, we were there over a slow period of the year you would think that any business would be happy to have clients visiting their establishment. So we decided to visit this restaurant without a reservation. Although we weren’t dressed up in suits we did have collared shirts and shorts which is the attire in most establishments in the Caribbean. Upon entering the restaurant which only had six people in it and an empty parking lot we felt we would be welcomed to dinner. When we asked if we could sit outside we were told that they had brought in the tables and chairs due to the rain that day. I would have believed the hostess except for the fact that we had spent the day on the beach right beside their restaurant and it had been a perfect day without a cloud in the sky. When we said okay we will sit inside by a window we were told we had to sit at the bar and wait for a manager to see if they could find room. With a restaurant that could easily fit over 200 people and only six people in the restaurant this seemed like another line to get us out of there. So they won, at that point I had enough and my wife and I walked out and ate across the street. What they don’t realize is that we passed by that restaurant all night as it was by our hotel and the parking lot remained empty the whole night. We also met many people during our time there and they all have heard the story and some of them had even experienced the same greeting from the hostess. Why advertise if that is the type of greeting people will get at the door? You may as well shut it down now. Lying to your customers is a sure fire way to go out of business. Remember every negative comment costs you 100 customers. That is the average amount of people that will be touched by that one person.

Remember first impressions count and the people in your front line you need to trust they are helping your business not hurting it.

About the Author

Bruce Outridge is a business and leadership consultant. He helps companies improve their customer service and client base. For more information visit his website at www.outridge.ca