Bloomston, co-president and CFO of Buckhead-based Payscape Advisors, a merchant- and credit-card processing company, gave 10 tips on how to improve one’s business to the Buckhead Business Association at its weekly breakfast meeting Thursday at City Club of Buckhead.
The 37-year-old longtime entrepreneur and salesman founded the Peachtree Social Club, a large-scale events company, and Boundless Bus, a luxury bus rental business, before selling them in 2005. That year the Buckhead resident and co-founders Jeremy Wing and Leo Wolf started Payscape in Wing’s basement with $500 and built it into a 10-office, 150-employee company with multiple honors. Bloomston’s advice:
1. “Make money now. I can’t tell you how many times I’ve heard from business owners saying, 'We’ve got incredible business infrastructures.' But they’ll say they don’t have enough sales. They don’t focus on making money today.”
2. “Stop getting ready to get ready. It means you’re not ready to go and sell that product. You’ve said you need more training or need to get your marketing materials together. That’s so backwards.”
3. “Everyone has to be selling something to someone at all times … in order for progress to take place.”
4. “Think about your opportunity costs at all times, … what you lost out on. It allows you to maximize efficiency.”
5. “Whenever you create compensation teams for your employees, think about your employee first and your company second. … It’s important for any employee in your company to feel important.”
6. “You have to learn how to communication in depth with people in order to have success and to make sales. You have to get buy-in in life. You’ve got to talk about the good and not just the bad. If you have to scold [employees], you have to .. say, ‘Let’s focus on the positive.’”
7. “Your moral compass has to point north. … You can’t use poor judgment.”
8. “You’ve got to protect the well. Your well is your company atmosphere, your company mojo. You have to create a positive environment.”
9. “Surround yourself with the right people. I can’t tell you how important that is. … Ask the right questions when interviewing job candidates.”
10. “Business has to be a two-way street at all times. Both parties have to prosper.”
After the meeting, Bloomston was asked by a reporter about the importance of security with Payscape, especially since Sandy Springs-based Global Payments, a similar business, has had its data stolen by computer hackers twice since March.
“It’s paramount,” he said. “In this cyber environment we’re in, it’s the most important thing we can do to protect our data.”
Association president Catherine Cattles, who works as a retail sales manager for First Citizens Bank, said she found Bloomston’s advice to be helpful.
“I think with the [poor] economy, for the last couple of years, it’s easy to get into a negative frame of mind,” she said. “His comments to stay positive and put your employees first I really liked, plus his comment on getting ready to get ready. I think a lot of people don’t jump into the deep end [in business] and should.”