Posts tagged Small Businesses
Approach to Running a Successful Business
Jun 5th
‘First Step-Vision Statement’
A vision is a statement should reflect your future ambition for the business. It represents the very ‘purpose’ of the existence of your business, which stand irrespective of your competition. A vision statement sets a ‘mission’ for your company, which is the target set to accomplish your vision. Apart from the mission, there are some core values and principles which you stand by, these values must be also incorporated in the vision statement.
‘Identify Strategies’
If a vision statement is your business’ guide stick then identify the strategies is the next natural process that you will adopt to move forward towards your vision by fulfilling your ‘purpose’ and achieving your ‘mission’ guided by your ‘values’. You define strategies keeping in mind the competitive scenario and other business environment factors like economic policies of the government. You must create short term as well as long term strategies and measure their impact from time to time to fine tune them, all these strategies must be evaluated and fine tuned.
‘Sustained Business Runs on Revenue’
A business runs by the revenue it earns. Thus, you need to have avcloser look at your financials which consists of your balance sheet and Profit & Loss statement. Accordingly you need to build a ‘revenue model’, which represents your financial baseline along with the forecast of future revenues. On the whole, it indicates your current income sources and the future earnings. The forecast of future earnings is done by analysing the past trends and your plans for future growth.
‘Growing Your Business’
Your business consists of various stakeholders who are affected by and who affect the business directly or indirectly. These stakeholders are mainly- business owner, the business corporation and the external entities like tax authorities. Your endeavour is to grow your business as well as satisfying these stakeholders. Also, the business must be financially sound and free from debts or other liabilities. Thus, the business assets must be protected legally as well as financially.
‘Marketing and Sales’
The crucial part of any business’ success or fail hinges on its ‘marketing’. It is an important function of any business as it is the one which help gain visiblity for your product allowing lit to be sold in the marketplace. Marketing encompasses the process of promotion of your product among your target segment of customers by positioning your product in such a way that they perceive some value in it. You can use various offline tools like Newsletters and PR activities; or online tools like social Media and webpages for promotion. The marketing strategy helps captures the customers’ needs, by convincing them that your product will satisfy their need or desire and also will utimately help close the deal by selling them the product and realising the revenue.
‘Continuing the good work’
Once the business starts generating revenue, you have to make sure that you keep going and measuring what works and removing what does not. Apart from the revenue and resources, you must focus on your team. You must understand that your employees are one of your most important assets. As a leader you should keep them motivated so that they stay committed to helping your business grow. You have to instil motivation by providing them focus, setting a purpose, encouraging team spirit and by recognising their efforts and rewarding them. As a leader, you should exemplify yourself by demonstrating character, capacity, credibility, courage and clear communication among you team. All of these things are needed to help your business become and stay successful.
Understanding Offline Marketing Can Help your Online Marketing
Jun 1st
In today’s hectic, bloated online world where information overload is stifling creativity and trashing old school ideology it is refreshing to step back into the old world to drenge up the methodology of past glory and use it to create new online glories. When it comes to marketing this revival is both useful and warranted and can help small business owners to understand what is really take place online by using terms they understand from offline marketing for comparison.Most importantly if used properly it can increase client conversion.
OK so let us look at some of these ideas, offline when you are going to do a Marketing Campaign you will either get a marketing specialist or do it yourself in either case both should start by
1, Identifying potential customers, offline you may use surveys, the post office services or things like Dunn & Bradshaw’s directory to help you do this. These methods are still extremly useful and work very well in terms of targetting prospects – if you understand what service or product you are selling. Online there is no real difference in that you still should be doing this only this research can be done using deep keyword research or by finding like minded communities and forums both using search engines, blog catalogs and social media sites – Facebook have great tools which are supposed to be used for targeting a Facebook ad campaign can actually be used to tell you how to find your market inside Facebook without spending any money.
2, Placement of your marketing – offline you would not put an ad or run a campaign for a bakery in a car magazine would you? ( I hope not
) by ensuring that the right type of prospect see your ad in the right offline mediums canhelp improve your businesses chance of obtaining new customers – online it is no different you in that you must make sure that the right people arrive at the correct landing place (targetted traffic) for the search query (keword) associated to that product or service and not another unrelated product.
3, Measure responsiveness- just as you would measure response for offline marketing to an ad, radio or TV campaign you should do the same online – measuring which pages or sites are working. Measuring responsiveness helps you to tweak, remove or change an ad and where best to position it for maximum effect – lets face it why spend money on a campaign that does not work , measuring allows you the ability to stop wasting moneye. Use freely available tools like Google Analytics and Optimiser to help you see what is working and also help you split test pages, if you do not know how find an internet marketing specialist to help.
Finally your best gauge of the success of your marketing campaign on and offline are your customers and also the people who you did not convert (yes I did say the people who did not convert) – the people who became customers by buying from you should be willing to tell you why they bought your product or service and how they would use your product or service within their offline/online business – this is no different online – think about testimonials these are just customers recounting why they bought a particluar thing.
Funny but the people who did not buy are equally if not more important as they are the people that for whatever the reason was, were not quite happy with your offering – offline you may ring them up or survey them, online why not find out why by showing them an exit screen offering them a discount for your product or service (some will buy with a discount – this is a proven strategy) but if they will not offer them a free report to tell you why they did not choose your service (do this as a quick survey no more than five multichoice questions or as an open comment box. This may seem an unusual stratergy but it can help you improve the quality of your offering so that you are losing less customers. Again here click path analysis can tell you online what information people are viewing and finding interesting on your site so you can further push promotion of these products or services or work on those not doing so well.
My personal opinion is that offline ideology and methods are as good as they ever were and understanding them makes it much easier to market your business product or service online. Do this simple test – Ask yourself – how does what i want to do online this relate to offline marketing? Which offline idea or method is this? If you cannot answer get an internet marketing specialist and ask them, if they cannot answer find a new one ASAP one who understands both online and offline marketing and will be able to help you maximise your businesses results both online and offline.
The Secret On How to Reduce Business Telephone Bill
May 29th
Today’s post is all about one of the biggest costs for many businesses regardless of the size. All business use their phone for calling clients after all it can well be the lifeline for reaching out to prospective clients and present clients. I need not spout benefits at you, however as great a communication tool as it is the cost of ringing some service providers and or utility companies indeed possibly suppliers can end up costing you a fortune.
Now I know that some businesses have tied themselves into business packages, which reduce some of the cost of calls, but even these most of the time do not cover the dreaded 0844,0845, 0870 and 0871. These calls are non-geographical numbers that are essentially tied to a standard landline number 01,02,03. Now the secret of how to save money is out and The Internet Business Coach is sharing it with you.
Recently you may have noticed a drive from BT to make 0845 numbers free for people, what you do not know is the reason for this. Well over recent years more and more people are complaining about having to call these numbers and the cost of them especially when it was discovered that many of the larger companies were using the money they made from you ringing these numbers to help finance the cost of call centres and such, even smaller companies using these 08 numbers could offset costs using it. Not too long ago a The Guardian newspaper and BBC Radio 2 featured a company who basically said that they would help consumers and businesses to save money on these calls.
Now a lot of people did hear about this site but millions of others did not, so i am going to share this money saving information with you because it must be shared. The idea of this site is to allow you to either enter the companies name or the 0844, 0845, 0870 or 0871 number given for a company and get a standard line number you can ring as an alternative.
On seeing the site I was sceptical that it could work but trust me The Internet Business Coach have been using it for over a month and it has been amazing, I am yet to come across a dead number although it does happen as some companies once they know the word is out will change the number, however this is a minor inconvenience as the saving you can make both on your business and home telephone bill is major.
The site also features a sharing area where if you know a standard number for a company that you can enter the details for it to share with everyone else, this whole site works on the cooperation of all users adding to the database and lets face it sharing is your way of giving back, like how i am sharing this information with you now.
At this point you need to know who it is but before I tell you this let me just mention to you that although this site is amazing, has a forum to answer any questions you may have unfortunately sometimes the site is just plain unavailable. Now i do not know if this is due to the high volume usage of the site or the huge database in any case if you find it is not going on one day it is well worth it to you to keep trying on alternate days till it is back up – it does come back up eventually.
Ok drum roll – the site is called ‘Just Say No To 0870‘ use it. My suggestion is to compile a list of people you regularly ring go to the site and look them all up and put the standard landline numbers next to them. Now go save money on your home and business bills
Outsourcing is ‘Not Easy’ contrary to what some IM’s are telling you.
May 28th
First off there has been a surge of recent towards pushing outsourcing from all quarters and some give good reasons to do it. Others however have jumped onto this bandwagon promoting services either they know little about having not really outsourced or have been doing it so long that they have it down to a tee so YES it is easy for them because lets face it they pay outsourcers to find outsourcers to do the job for them.
Now it might sound like I am bashing IM’s and outsourcers, believe me here when I say I am not, just stick with this a bit longer and you will see where I am going with this.
Outsourcing is an really great way to get more of your work done in a short space of time and basically many of the jobs that never get done or get done poorly due to your inexperience at them can be done for you by an outsourcer, which can be invaluable to your business. The cost savings as compared to getting help in your main country of residence is a major benefit. I am in the UK and if I were to employ someone to do a weeks work here 9-5 it would cost me a pretty penny whereas if I look to outsource to a person in another Country (typical choices when cost is involved are India, The Philippines and Eastern European countries although their prices are starting to become as expensive as the UK) I could get help for half the cost.
Now here is the rub, if you have never outsourced before you can find yourself in hot water quickly as some outsourcers can smell a newbie a mile off and will take you on the long journey to the never-ending hourly rate of no return
Seriously when starting out with outsourcing many business owners are not really sure what they should outsource or how to place the ad to hire an outsourcer and worst still how to give instructions to the outsourcer on how to get the job done (this is how they smell you). All this adds up to disaster, this is then compounded by the not so good IM’s selling their ‘snake oil’ wonder cures that leave overworked business owners, poorer, not any wiser and still overworked and overwhelmed. There are many good IM’s out there that give sensible advise and even some of the tips I will share with you here such as Tim Ferris in his book ’4 hour Working Week’ – If you have not read it i recommend you go by a copy now.
Ok now i have that off my chest, I would now like to offer you a few tips on how to organise your self first, so that you know how to organise an outsourcer.
1, make a list of everything that needs doing.
2, divide the list up first by the things you like to do and those you do not.
3, divide the list of things you like to do by the things you are just plain no good at even though you like the. All the things you like but are not good at add them to the list of things you do not like doing.
4, look at the list of not good at and do not like and sort it by the things that could be outsourced, for instance if on that list it says go to the suppliers for more product each week – then sorry you will have to suck in and do this yourself or hire someone in your Country to do pick up and drop off delivery for you, however if you have email, accounts, invoices, advertising etc on that list then these things are prime candidates for outsourcing.
5, once you have identified what can be outsourced group things by job type i.e admin & office duties, Web development etc.
6, If your tasks are mainly admin this tells you that you need a VA (Virtual Assistant) if it was mainly advertising it tells you that you might need a marketer and so on.
7, sit down and clearly define the exact tasks you require doing – THIS is the KEY to your success as an outsource buyer. So if it is reading email and separating it so that you only read necessary email and that the VA is the person who responses to all others so be it.
8, Make your ad concise and to the point, list the skills necessary to do your job. Make sure when people apply that you ask for C.V as you would if they were in the same place as you, ask questions and ensure proof of employment and qualifications – this is easily done via email as good people will email copies of certificates or employer referrals. Main thing to remember here is DO NOT be afraid to ask.
9, Interviewing out of the way never pay for work upfront always pay one week in arrears this ensures that your work gets done to your satisfaction before you pay and also ensures your outsourcers compliance and best effort. Never agree to upfront fees or partial payment or shoddy work. If you can avoid it never pay by the hour as this is where it can get really long and drawn out particularly if you are hiring any sort of web developer. Last thing to remember here is to put them on a trial basis first if you interviewed two good people put them both on a trial and see which one performs best, then chose to keep that person.
10, Be prepared to spend time with your outsourcer to ensure that they are doing the job properly and that they understand how to do the work, just like any trainee they can only do the job once they understand it, so build it into your plan. Do not just assume that because they are qualified they know everything about you and your business and how it runs. If you want to be successful at outsourcing you must understand this.
Hopefully these tips will make outsourcing easier for you, I know from past experience with outsourcinghow difficult finding good people can be, how hard it is to explain things and why the tips i am giving you here are important, I guess it is experiential learning that allows me to give you these tips as for me I found books like Tim Ferris’ too late in the day but did use it to get a better handle on process modelling for outsourcers and like all things you will find a multitude of not so good people for your job before you find the right ones and then your set.
Marketing Strategies for a Small Business Enterprise
May 27th
No matter how good your product or service is without customers to buy them your business will ultimately fail. Marketing is an enormously important factor in generating customers for your business whether you do this online or offline (conventionally). It is the key success factor for any business (just think Nike), be it a small entity or a large firm.
In simple words, it is creating demand for your product by potential customers and additional demand from existing ones. A proper marketing strategy addresses strategic issues like-a company’s brand image; its competitive strategies, the target customer and his behaviour. Based on the analysis of the above factors, you should look to allocate the correct amount of time, money and human resources to get your marketing done.
There is a tendancy with small business owners to spend less on marketing when things are getting tough and this is short sighted indeed as this could make things even harder for your business to survive in the long run. Regardless of how much money you set aside you can market without deep pockets and without cutting off your nose to spite your face.
The key to this whole process is based on customer focus and outplaying your competitors, not by waging a price war which neither business can really win but by strategical adding value whether actual or percieved in your customers mind which is what builds your brand. Your marketing brand image does not have to be built over years it can be built over shorter periods if you get your brand position correct and you provide good products and/or services.
People do not buy products or services persa they buy people and brand allure, if they like your company slogan or message, they will buy into your company an example is Nike – ‘Just Do It’ or Dominio’s Pizza – ‘ if we do not deliver within 30 minutes you get your pizza free’ or for people look at Paul McKenna – who had got both people (in this case himself) and brand allure -’I can make you Thin’, the point i am making is potential customers and existing ones buy people and brand allure – what can it do for me/ my business.
If you get your marketing brand correct it generates a brand loyalty among your customers which then leads them to tell others about the percieved and actual benefits you bring to them, this in turn could brings you new business. The benefits perceived by a potential or existing customer from a product or service should be inline with the marketing strategy of the company. The market targeting of potential customers is an important step as it can affect the final output of any promotion your business does. Depending upon the market research you decide to do and its outcomes the medium of promotion can then be decided like offline marketing or online marketing. Part 2 in a few days time – check back for it.








