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Sweet marketing music

Tanner Montague came to town from Seattle having never owned his own music venue before. He’s a musician himself, so he has a pretty good sense of good music, but he also wandered into a crowded music scene filled with concert venues large and small.But the owner of Green Room thinks he found a void in the market. It’s lacking, he says, in places serving between 200 and 500 people, a sweet spot he thinks could be a draw for both some national acts not quite big enough yet for arena gigs and local acts looking for a launching pad.“I felt that size would do well in the city to offer more options,” he says. “My goal was to A, bring another option for national acts but then, B, have a great spot for local bands to start.”Right or wrong, something seems to be working, he says. He’s got a full calendar of concerts booked out several months. How did he, as a newcomer to the market in an industry filled with competition, get the attention of the local concertgoer?

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by Steve Kenney
June - July 2006

Related Article

Management

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Ten important questions deserve annual attention

 

Companies can help ensure they are in healthy condition by identifying areas requiring increased focus and arranging adequate staffing support for upcoming projects.

To help maximize personnel resources and productivity, small-business owners should consider the following 10 questions:

1. Is it time to update your financial systems? Outdated financial systems can hinder business performance. Many companies that postponed major systems initiatives in the past are now making them a priority in an effort to enhance efficiency.

Before undertaking these tasks, identify a project manager to oversee the budget and timeline, and consider the impact on internal personnel during the implementation, integration and staff training phases. Make sure they can perform their regular responsibilities with as little disruption as possible.

2. Does your company have 3-, 5- and 10-year business plans? Short-term planning won’t yield long-term results. Determine if you have the appropriate intellectual capital to drive your company’s future growth.

For example, if you are preparing to launch a new product or service or expand into a new market, make sure you have an expert on hand to determine if projected growth plans are attainable. Careful planning now can save time later.

3. Is your business secure? E-mail viruses, worms, unauthorized systems access and data theft are among the many threats that can leave a company vulnerable. Businesses should have adequate security systems in place and technical support staff available to implement the necessary safeguards.

Firms also should regularly update employees on new policies and guidelines for protecting the company’s systems.

4. Are business costs under control? Even with an improving economy, companies are looking to maintain sensible operating budgets. In a new survey by Robert Half Management Resources, nearly half of 1,400 chief financial officers surveyed said the rising cost of insurance and health care is their top concern.

When asked how they are addressing it, more than 53 percent of respondents said they are cutting spending in other areas of the company. Before the annual budget review process, brainstorm new ways to help offset the rising cost of health care and other general business expenses.

5. Are you adhering to current accounting best practices?  Consider howyour existing financial team can enhance its knowledge of bestpractices in accounting procedures. Identify key staff members who canbenefit from attending industry conferences or training courses.

They can learn how your business measures up to similar companies inareas such as financial reporting, tax planning, systems, costaccounting, inventory management, strategic planning, procurement andpayroll. Also encourage employees to share relevant industry articlesthat focus on specific accounting challenges.

6. Have you experienced another taxing tax season? State and localtaxes can be particularly complex when a company operates in multiplejurisdictions. Even when businesses file for tax extensions, theyshould have qualified accounting and finance professionals in place toidentify savings opportunities and make sure all necessary paperwork isin order.

7. How do you rate on the corporate governance scale? Terms such as”corporate governance” and “internal control” give cause for allbusinesses to determine how they are affected by regulations such asthe Sarbanes-Oxley Act of 2002, HIPAA, the USA Patriot Act and theGramm-Leach-Bliley Act.

8. Are you holding on to your best people? As the economy gainsmomentum, don’t be surprised if your top performers get other offers.Managers can help prevent employees from seeking outside opportunitiesby ensuring they are challenged in their roles and rewarded for theiraccomplishments.

Providing competitive compensation and bonuses, as well as creativebenefits, will help your organization retain the most qualifiedemployees. Recognizing individual and team successes on a regular basiswill also help instill staff loyalty.

9. Are you losing market share to the competition? Companies are facedwith competition on a global level as well as from businesses in theirown area. Ask clients and business associates how they feel the companymeasures up to the competition and solicit ideas to improve. Even smallchanges could yield big improvements.

10. Has your company been a victim of fraud? While small businesses arenot required to establish an internal audit function, many bring ininternal auditors on a full-time or project basis to work withaccounting and other departments companywide. These individuals canimplement checks and balances.