10 best ways to… - top tips from experts on negotiating, closing the sale, raising money, attracting and keeping employees, print ads, cutting costs and getting organized

Entrepreneur, March, 1996 by David R. Evanson, Jerry Fisher, Cynthia E. Griffin, Lisa Kanarek, Danielle Kennedy, Robert McGarvey, Bob Weinstein

3. Get your name in the local newspaper. People want to work for businesses they have heard about, so getting local publicity can be a big plus in recruiting staff, says Winning. Just a little ink will win you visibility and enhanced credibility with prospective employees.

4. Offer benefits. Many small businesses scrimp on benefits. Big mistake. "You won't attract quality workers if you offer nothing. You don't have to match what big corporations offer, but cover the basics," says Winning, who considers health insurance and paid vacations mandatory.

5. Give employees the right tools. "Without the proper equipment, employees can't perform to their or your expectations," says Mary D. Lee, a performance consultant with Creative Courseware Inc. in Kansas City, Missouri. Don't pinch pennies on computers, photocopiers, phones and the like. The money you save on equipment may be spent replacing lost workers.

6. Give regular feedback. "Employees want to hear how they are doing, and they really value pats on the back," says Lee. Research is emphatic that one of the best--and cheapest--motivators is sincere, specific praise for a job well done. So when workers perform, tell them!

7. Train for success. "A terrific way to reward workers--and benefit the com- pany--is to invest in them by paying for training," says Christopher Hegarty, a Novato, California, management consultant. Training pays off by boosting loyalty and job performance.

8. Match the worker with the job. Whenever possible, Lee urges, "put workers on tasks they want to do and are good at." The payoff is a happier worker--and better work.

9. Let workers design the work. "Whenever a worker can choose how to do a job, let him. It substantially raises satisfaction," says Hank Karp, a management consultant in Virginia Beach, Virginia.

10. Give bonuses. Money talks when it comes to keeping high-performing employees, and the best way to reward them is with bonuses, says N. Elizabeth Fried, a Dublin, Ohio, compensation consultant. "When employees are performing at high levels, they'll prosper--and so will the business."

Cut Costs

"Don't wait until you're in trouble to cut costs," says Marge Lovero, president of the Entrepreneurial Center Inc. in Purchase, New York. "Cost-cutting should be an ongoing process, built into the framework of your business." Here are 10 proven tips to help:

1. Review your production methods monthly. "Routinely analyze your production methods, looking for ways to reduce costs and improve productivity," advises John Mullins, assistant professor of marketing at the University of Denver. "[Cost-cutting] may require scrapping present equipment and purchasing a new model to save money in the long run."

2. Eliminate marginally profitable products and markets. If a product isn't selling, find out why. Is it the product, or is it the market you're trying to reach? If it's the product, improve it or eliminate it, says Mullins. If it's the market, "cut your losses and concentrate your energy on markets with growth potential," he says. Concentrating on winners trims expenses.