Q: My company is about to release it’s new product. How will we know if it will be successful in the marketplace?

Tom, NY

A: The first thing to consider is the market research you did beforehand. What did it tell you? Do you have a buyer for this product? Is there demand for it? The large corporations always go through market research before they mass produce a product. Without knowing the size of your company, I don’t know how much market research you’ve completed. The best way to tell if it is successful is through your sales revenue. If it meets or exceeds your projections, then it is successful.

Q: Do different types of conference tables change the dynamic of a group when in meetings?

Josh, MI

A: Yes, and they should be used in such a manner as well. Typically, if you’re looking for group input and feedback a circular table would be best. That way everyone will feel like their involved in the meeting. In a board room you will typically see a rectangular conference table. The president or CEO will probably sit at the head of the table with this second in command either directly by his side or sitting across from him on the other side of the table. This type of set up is used by CEO’s to control meetings and remind everyone who is in charge.

Q: What are some essential products or tools you should keep in your office’s first aid kit?

Kelly, OR

A: You want to make sure you have enough in supplies to sustain at least 3 people and last for 15-20 minutes until professional help can reach your office. Of course you have the bandages, clean towels, and disinfection liquids. If someone in your offices suffers from allergies you should have them include their medication to your supplies. Also, if someone has any specific conditions that you are aware of, you should have whatever equipment they would need in an emergence. Another tool that many offices are including are a portable oxygen concentrator because they are lightweight and cost efficient.

Q: Now that the real estate market is falling due to the sub-prime mortgage crises I have some vacation properties that I was looking to sell stay in my inventory. Is there anything I can do to still make money from these properties?

Dale, FL

A: It’s important to have an exit strategy when you buy your properties. Now with the real estate crisis hurting real estate sales, you may have to look into renting your properties until the market rebounds. Condo Hotels is a good location to start and begin marketing your properties for rental income.

Q: I’m looking into upgrading my IBM computer instead of buying a new one. Are there any certain components that I should upgrade?

Andrew, NY

A: The best thing you could do is upgrade your IBM memory. For example, if you have 512k in your memory now by upgrading to 1G or even 2G of memory you will see a huge difference in the speed of your computer. Most computers are able to handle all the technology available when they are first released. However, if you’ve had your computer for a couple of years you will start to notice new applications using more and more memory and thus slowing down your computer.

Q: Do you have any recommendations when traveling by plane for business to make things easier on yourself?

Mark, FL

A: If I’m going to be in a city for a couple of days I normally send my clothing to the airport via Fed Ex or UPS a day or two in advance. When I arrive at my hotel, my package is already there waiting for me. I’ve found this to free up a lot of time checking my baggage when I arrive at the airport and waiting for my baggage once I land. Normally, I’ll pack all my necessities in my Samsonite carry-on and ship whatever else I can. I’ve found this to be the easiest and fastest ways for me to travel.

Q: How do I market my business so it can sustain economic downturns and allow me to pass it off to my children?

-Daniel, TX

A: Branding your business can cause a dramatic effect in the longevity of your company. Companies that stand the test of time and continue for generations have branded themselves within their community and with their clients so they will continue to do business with them.

It’s often overlooked, and usually left on the shelf by failed companies. Branding involves logo design, marketing message, and community involvement. It is the last item that most businesses often don’t fulfill.

An example of strong branding is Air Jordan. Do you know what it stands for? Do you know who it stands for? The answer is probably yes. Michael Jordan has branded his name and company in the mind of the American public. You probably know him as the greatest basketball player the world has ever seen. Did you know that he has built a successful company since retiring from basketball? Yes, the Air Jordan brand is all about Michael. He has built a successful company marketing his clothing and attire through the Air Jordan name. What keeps his business growing is the amount of involvement he has in the Chicago area. If you go there, you can look around and still see his mark on the city. That is successful business, and that’s what will keep his business going strong.

Make sure your business is involved in your community and your business will become an icon and sustain longevity in your community.

Q: I’m having a hard time figuring out solutions to my business marketing. I’ve tried hiring two marketing firms, but they just can’t deliver and it’s causing me a lot of stress. What can I do to solve my marketing problems?

-John, AZ

Yes, it is true. Business is one of the most stressful activities that you can participate in. Sometimes, solving business issues seems like trying to solve a jigsaw puzzle. You know there is a right way to conduct business, but figuring out all the right pieces take time, energy, and determination.

In your situation, it seems like these two other marketing companies were not able to solve your marketing issues. How well did you interview them when deciding on a firm to use? Did they over promise and under deliver? You will want to make sure your idea of marketing is on the same page as the firm you use. They should be able to discover the methods that will work for your business. I would recommend trying out one more firm. Make sure you completely understand what they offer and the process they will use to deliver their solution to you. If you still run into the same problems, there’s a much deeper issue…and it’s probably with your business. That will take a completely different type of business consultant to review your business. If you need a business consultant to work with, please email me and I’ll give you a couple of names.

Q: I’m working on the lighting inside my business. I’ve heard that research as found that a certian type of light can help increase business productivity. Is this true?

-Steve, IL

A: There was some famous research done on the effect that lighting had on employee productivity and it’s effects. The conclusion to the research was it wasn’t the lighting at all, but the business culture determined how productive employees were. There’s still research that says lighting is important to business productivity and you will need to consult with an advisor like kichler lighting to find out what will work best for your business and your employees.

Q: I recently started my business and I’m concerned what will happen to my business and my family if I were to die. What types of insurance do I need to make sure everything is covered?

-Lee, CA

A: I’ve seen businesses and families become devastated when the owner or partner dies. Typically, the mindset of a business owner is that they will never die and they normally don’t plan for their death. The more astute business owners will plan accordingly so events like your asking about don’t happen. The first thing to get is a complete whole life insurance package. This should cover both death and disability. So if either of these events occur, the other business partners and your family can still receive money while you are either dead or disabled. As a business owner, you know you can set up a deal many ways. I recommend that if you die there should be enough money covered in insurance that they can pay off your partners and your position will be liquidated from the company. Your family will receive the rest of the money. If you become disabled, you need to make sure you are covered to pay expenses will you are away from the office.

Another insurance I recommend is divorce insurance. If you become divorced, it can be very stressful to have your ex-spouse own half of your share. You want to make sure you’re covered enough where you can pay off your ex-spouse so you do not have to share business responsibilities with him or her.