Simple Tips, Smart Ideas audiobook cover - Build a bigger, better business

Simple Tips, Smart Ideas

Build a bigger, better business

Erica Wolfe-Murray

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Entrepreneurship

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Simple Tips, Smart Ideas
Strategy & Planning+
Value & Revenue+
Intellectual Property (IP)+
People & Relationships+
Marketing & Branding+

Quiz — Test Your Understanding

Question 1 of 9
According to the author, how should small business owners approach their business plans?
  • A. They should update them only when seeking new investors.
  • B. They should replace them with a dynamic 'business map' that evolves with the company.
  • C. They should hire external consultants to draft them to ensure objectivity.
  • D. They should discard them entirely, as small businesses only need a financial ledger.
Question 2 of 9
To uncover untapped potential and expand revenue streams, the author recommends the 'S.P.I.C.K and Span' approach. What does the 'I' in S.P.I.C.K stand for?
  • A. Ideas
  • B. Innovation
  • C. Intel or data
  • D. Investments
Question 3 of 9
Which of the following statements accurately describes the difference between copyright and a trademark, according to the text?
  • A. Copyright must be legally registered and renewed every ten years, while a trademark is automatic.
  • B. Copyright protects new inventions, while a trademark protects the physical shape of a product.
  • C. Copyright is granted automatically to materially recorded work, while a trademark must be legally registered.
  • D. Copyright applies only to written books, while a trademark applies to all web content and pitch documents.
Question 4 of 9
How can small businesses use their size as a strategic advantage against larger competitors?
  • A. By utilizing the OODA loop to quickly observe and act on market trends without long approval processes.
  • B. By continuously undercutting the prices of larger firms until they are forced out of the local market.
  • C. By mimicking the corporate structures of larger firms to appear more established to clients.
  • D. By focusing exclusively on local, physical markets where large firms have no digital presence.
Question 5 of 9
If a client wants to brainstorm ideas with a small business before signing a formal contract, which revenue model does the author suggest using?
  • A. An exclusivity fee
  • B. A first-look fee
  • C. An access fee
  • D. A license fee
Question 6 of 9
What does the author highlight as one of the most incentivizing rewards for employees that is also highly cost-effective for the business?
  • A. Offering unlimited paid time off
  • B. Paying above-market base salaries
  • C. Promoting from within the company
  • D. Providing expensive, all-inclusive corporate retreats
Question 7 of 9
When managing relationships with clients, what advice does the author provide to keep the relationship healthy?
  • A. Always agree to outlandish requests to ensure long-term client retention.
  • B. Focus primarily on wooing new clients once long-term clients are securely under contract.
  • C. Avoid giving critique to clients, as they are the ones paying for the service.
  • D. Aim for a balanced relationship by politely refusing unreasonable requests and offering critique when necessary.
Question 8 of 9
According to a buyer from Selfridges mentioned in the text, what is often the deciding factor when choosing which boutique products to stock?
  • A. The profit margin the product offers
  • B. The story behind the product
  • C. The volume of product the business can supply
  • D. The specific packaging materials used
Question 9 of 9
In an increasingly digital business world, what actionable advice does the author give to help your business stand out to clients?
  • A. Automate all customer service interactions to improve response times.
  • B. Move all marketing efforts exclusively to social media platforms.
  • C. Send clients physical mementos, such as a well-designed business card or a curated gift.
  • D. Host virtual-only networking events to save on overhead costs.

Simple Tips, Smart Ideas — Full Chapter Overview

Simple Tips, Smart Ideas Summary & Overview

Simple Tips, Smart Ideas (2019) is a guide for small businesses that delivers on the promise of its title. Erica Wolfe-Murray distills cutting-edge industry knowledge on business growth, savvy marketing, and sustainable innovation into a range of easy-to-follow tips and ideas, all geared toward businesses that skew more boutique than behemoth. 

Who Should Listen to Simple Tips, Smart Ideas?

  • Small business owners in need of a boost
  • Employees dreaming of creating their own start-up
  • Anyone who wants to turn a profit from their side-hustle

About the Author: Erica Wolfe-Murray

Erica Wolfe-Murray is a big name in small business. Other productivity and innovation experts focus on large brands and corporate conglomerates, but Wolfe-Murray’s passion and expertise lie in translating key concepts in business and marketing for small companies and shoestring start-ups. As well as being an author, marketing expert, and management consultant, Wolfe-Murray owns a media company and is the director of a tax app for freelancers.

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