By SUSAN TEBBEN
Glasgow Daily Times
GLASGOW —
Manon Perdue shared with members of the Glasgow-Barren County Chamber of Commerce on Friday morning a few ways to ensure small business success.
Perdue is director of the Center for Training and Development at Western Kentucky University, and the keynote speaker at the chamber of commerce’s quarterly breakfast.
She referred to the economic situation that existed 10 years ago as the “old economy” and the economic situation that exists today as the “new economy. The “old economy,” is gone, she said. “It was shattered. It’s never coming back. When we think of that we think of the period of time when jobs were plentiful. You were flipping houses, as it relates to buying them. Keeping them a couple of years, selling them, making a huge profit. Those kinds of days are gone. When we think about the old economy we think about things that will help us to be able to build the economy in today’s world.”
The strategies and thought processes that were used during the “old economy” are still reliable and solid and can be used now to expand and grow a small business, Perdue said.
“I had many of those thoughts already from people who shared about their small businesses,” she said. “But one of the things you’ve got to do is not only be stronger in those kinds of things, you’ve got to evolve them. You’ve got to be able to combine them with not only creative thinking but also with entrepeneural thinking. You really need to think of other ways you can do your business and what kind of tools you can use.”
Relationships are hugely important in building a business and keeping a business, Perdue said.
“Customers demand trust in today’s world. We have to constantly work at building trust. Also you have to think of ways you can continue to be creative and build on your expertise. You are the biggest expert in your business. You know more about your business than anyone else. I think one of the things you need to recognize is that you are the advocate for your business,” she said.
There is a critical need for new skills, Perdue said.
“Skills, technology, automation, new processes those will be critical for the success of the businesses of the future,” she said.
Perdue chose a local business, Awards, Inc., a few weeks ago and spoke to the owner, Becky Barrick, about her philosophy for a successful business, Barrick told Perdue, “We give our customers 110 percent.”
Perdue asked Barrick to tell her more. Barrick said, “‘We fix their mistakes and ours today,” meaning if a customer makes a mistake and gives an engraver at Awards, Inc. the wrong date or wrong name, Barrick’s engraver corrects the problem even though it was not her mistake.
“That’s the kind of businesses we all need to be in the future. It doesn’t matter who is right or who is wrong,” Perdue said. “Guess what? Those people will come back and do business again.”
Perdue also asked Barrick about her reasons for success.
“The first reason she gave me was her reliance on God, that foundation she has that helps her know she is doing the right thing,” Perdue said.
Barrick also told Perdue that diversification is also important.
“One of the things she said is we have to constantly have new products,” Perdue said.
In addition to new products, Barrick sells items in her store that relate to others her customers may want. Barrick sells a variety of wedding gift items in her shop. She also carries jewelery that customers may want to purchase as gifts for bridesmaids when they come in to pick up a bridal gift.
Barrick also takes advantage of her staff’s skills and tries to maintain a positive attitude.
“If you can be positive, that sells so much for you,” Perdue said.
One of the things that happened during the shift from the “old economy” to the “new economy” was the collapse of customer service. Consumers didn’t worry about reporting bad service, because they could easily go and purchase a product or obtain a specific service from another source, she said.
Perdue reminded small business owners that there are too many choices available for them to not provide high quality customer service.
She pointed out that power has been returned to the customer, and because of that, small business owners need to cater more to their customers.
“When you think about those kinds of things as you operate a small business, it’s a different world,” she said.
Technology has also changed in the new economy. Perdue urged small business owners to utilize technology to grow their businesses.
“Internet sales, oh my goodness, has that not changed the way we do business?” she asked. “I think you really have to think about how I’m going to manage technology and how I’m going to manage my people who have different ideas about work ethic, so it’s a challenging time for small business.”
She invited anyone who needed help in developing or expanding their small business to visit the WKU Small Business Development Center, or the Center for Training and Development at WKU, which offers training for businesses and industries.
“I’m always looking to provide an unmet training need,” she said.
For more information, call the chamber of commerce at 651-3161 or visit the WKU Small Business Development Center’s website at www.wku.edu
