India and Muhummad

A: I think the best way to answer your question is to share a tale I heard a few years ago that exemplifies how some companies unleash their people to innovate. What they do, you can do too.

Here’s the story: 3M is a company that is truly innovative: It invented sandpaper in 1904, masking tape in 1925, transparent tape in 1930, electrical tape in 1945, surgical drape in 1950, and synthetic running tracks in 1963. But its an invention from the 70s that I want to share with you today.

In 1968, 3M research scientist Dr. Spencer Silver was doing some work regarding glue and in one of his experiments, Silver stumbled upon a unique substance: An adhesive that was gummy, not sticky, but it remained sort-of sticky even after it was repeatedly used. Silver knew that he had invented a highly unusual new substance, but the question was – what to do with it? A glue that didn’t stick very well might have been considered a mistake at other companies, but at 3M it was something to explore.

And what is cool about 3M is that it gives its employees the room to do just that. 3M has a policy that allows everyone in the company to pursue what they call “15% time projects.” That is, everyone at 3M is allowed to use 15% of their time to follow their muse and innovate. This policy has been in effect since 1948 and has resulted in products ranging from clear bandages to painter’s tape that sticks to the edge of a wall to prevent paint bleed.

Maybe not surprisingly, this sort of policy has become a hot topic for innovative businesses. For instance, Google has a similar policy: It allows employees to use up to 20% of their time to innovate and think outside the box. Amazon has something similar too.

You may want to do something comparable as well. After all, who knows what genius is inside some of your employees?

The gummy bookmark became a sticky note.

The rest, as they say, is history: In 1981, one year after its introduction, Post-it Notes were named the company’s “outstanding new product.” In 1990, ten years after their introduction, Post-its were named one of the top consumer products of the decade.

So my long-winded answer is – if you want to innovate in your business, then consider giving your staff the time and ability to do just that.

Today’s Tip: “The best way to have a good idea is to have a lot of ideas.” – Dr. Linus Pauling

Now what? Get ready to shout it from the rooftops? Not exactly. There are three legal step “to-dos”:

• Ensure the name is available.
• Register the name with your state.
• Register your property (that is, the name) with the federal government.

Learn more about the ins and outs of naming your business, and check out the U.S. Small Business Administration for additional information on registering your business.

Happy naming!

And what about Microsoft Office 365, which also has apps specifically for small businesses? Learn more here. If you’re looking to move to the cloud of SaaS, ensure that you do your homework first. And then make the decision that’s best for you and your business.

A mundane “Let me see what I can do” or an enthusiastic “I’d be delighted to help you”?

Words are powerful. They can mean everything. There’s a big difference between “I can” and “I will”.

So what are these six magic words that are essential to your business? Are they words you’ve never heard of? Not at all; they’re amazingly common.

Think “yes” and “sorry”. Wondering what the other four words are? Read on and learn more about solid customer service strategies.

Information was compiled from an article that appeared on CBS Money Watch.

While the economy has improved, customers – by and large – have been watching their pocketbooks, and they’ll continue to do so. So what’s the right approach for your business, raise prices, stay the course, or cut them? Read on for information and insight that can help you decide, including four rules for pricing products and why you don’t want to be the low-cost leader.

Part 2 of 2

In Monday’s post, we discussed The Iceberg of Ignorance. As a refresher: The theory indicates that senior leaders often fail to understand business operations from the perspective of the customers and employees.

So, what’s the secret to senior leadership staying in the loop as related to customer issues? While it’s not rocket science, these four tips can be imperative to building trust with employees and ultimately delivering great customer service:

1. Spend time talking to employees – do you have a structured process in place for talking with employees so that front-line issues are addressed?
2. Collect and analyze performance data – do you have this fundamental management practice – no matter the size of your business – in place?
3. Manage by walking around – when was the last time you walked around the office and mingled with employees?
4. Test the service or product – walk the walk, talk the talk

Today’s customers are impatient. Why wait around for your company to “fix” the customer experience when another company – the one that’s listening to and addressing front-line concerns from customers and employees – would be happy to step in and help? Dive deeper into the four tips above, and make awareness one of your top customer service goals for 2012.

Information was compiled from an article that first appeared in Service Untitled and other online sources.

The study revealed:

• Issues known to senior management were 4%.
• Issues known to managers were 9%.
• Issues known to supervisors were 74%.
• But front-line employees were aware of 100% of the issues that affect the product or service that was being delivered to a customer.

The study also revealed that The Iceberg of Ignorance can affect a company’s profits by as much as 40 percent. So, the very people that have the authority to make the necessary changes aren’t even aware that there’s a problem. They don’t know what they don’t know. In addition to working to keep long-term customers, it’s imperative that senior leaders be aware of customer issues.

Watch for four ways that senior leaders can become aware of customer issues in Friday’s post. In the meantime, check out these customer service articles.

Information was compiled from an article that first appeared in Service Untitled and other online sources.

Download the PDF: Alerus Monthly Insights: January

Overall assessment: The year ended on a mixed note. On balance, the economy seemed to have improved, though people are also focusing on negative factors such as unemployment and downward revisions to gross domestic product. The lingering questions also center on whether adequate groundwork has been laid to allow economic growth to build and accelerate into the future. Much of the broader media attention is now focused on the lead-up to the Presidential election and differences in economic policy.

Data and the related opinions have been compiled by Alerus Financial’s strategic information partner, Dr. David T. Flynn.

Dr. David T. Flynn is an Associate Professor of Economics and Director of the Bureau of Business & Economic Research at the College of Business & Public Administration, University of North Dakota. Dr. Flynn has developed forecast models for personal income and employment in North Dakota, and analyzed small business location patterns for the top 200 cities in North Dakota. His commentary on the North Dakota economy has appeared in print and online publications such as BusinessWeek, NewsWeek, American Banker, the Financial Times, the Wall Street Journal, and in newspaper and magazines from the United States, Brazil and Finland. Dr. Flynn is a member of the International Institute of Forecasters, the National Association for Business Economics, and many other professional organizations

1. Draft a social media mission statement – No mission statement or primary brand message attached to your social media marketing? Now is the perfect time to establish one.
2. Set your primary goal – Don’t have a social media program? Make successfully integrating one your primary goal for 2012.
3. Work backwards for milestones – With a primary goal in place, set realistic milestones for the program.

Dig a little deeper into the goals, and then hit the ground running. Still a bit unsure on where to start or how to map out your social media plan? Check out our Social Media 101 for Small Business.

1. Give cash year-end bonuses – Like any compensation, the bonuses you give to employees are tax deductible.
2. Give company stock as a year-end bonus – If you’re willing to share ownership with your employees, you can give company stock as bonuses.
3. Buy new equipment – Need a new computer? Some heavy machinery? Office furniture?
4. Buy used equipment – If you’re trying to save money by buying pre-owned items, you can still claim a generous write-off.
5. Donate cash – Your business can make cash donations to IRS-recognized charities.
6. Donate inventory – Instead of giving cash, you can use inventory to benefit a charity.
7. Set up a qualified retirement plan – You can shelter your profits while saving for retirement by adopting a qualified retirement plan, such as a 401(k) or profit-sharing plan.
8. Pay outstanding bills – Cash-basis businesses can deduct the payment of invoices when they are made.
9. Order next year’s supplies – Buy now what you expect to use next year.
10. Renew subscriptions and membership dues. – Before the end of the year, decide which subscriptions and dues in professional and trade associations you’ll want for next year.

Learn more at this CNBC.com article by guest columnist Barbara Weltman but hurry: January 1 is right around the corner!