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10 Things to Grow Your Business This Summer

by Melinda Emerson on June 22, 2011 in 10 Things Lists, Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Business Inspiration, Customer Service, featured, Grow Your Business, My Recommendations, Social Media, Technology

Summer is here! Now that the kids are out of school, you might be thinking about how to reduce your work schedule, but that’s the worst thing you could do. It’s time to turn up the heat in your business. Third and fourth quarters are critical times in business. You may have customers who are in budget planning cycles, or have excess budget to spend. Now is the right time reach out to your existing customers and get your house in order to make your revenue goals for the rest of the year.

Here’s 10 Things to grow your business this summer.

1. Take a break. Even if all you can afford to do is a staycation, take a break from work for at least 7 days. You need to recharge your batteries so that you can go hard the rest of the year.

2. Attend a conference. The Summer is a great time to sign up for a course or attend a conference in your industry to learn the latest trends and techniques.

3. Read a great business book. Pick a book that’s you have been meaning to read and learn a few techniques that will help you grow your business. I really like 201 Great Ideas for Your Small Business by Jane Applegate. http://www.amazon.com/Great-Ideas-Small-Business-Bloomberg/dp/0470919663/ref=dp_ob_title_bk

4. Revisit your business plan. In the first few years of a business, you should be updating your business plan every 90 days. When is the last time you reviewed your marketing plan and how well it was working to drive sales. Make sure your budget and revenue projections are up-to-date.

5. Organize a Business Retreat. Take your team offsite treat them to some good food in a lush environment. Brainstorm with them to solve the top three issues in the business. Bring in a trainer.

6. Ask for testimonials. Go back to all of your customers that you worked with over the last six months and ask for testimonials. Get them in writing to update your website and ask them to post recommendations to LinkedIn.

7. Refresh your website and marketing materials. Take a look at your website and marketing collateral including your blog header, business cards, and newsletter template. If something was just thrown together just to get some out or you’ve been using the same template for a whole, take the time to clean up your design elements to make your brand shine.

8. Update your personal bio and profiles across social media. Every small business owner should have a professional biography. Take this time to update yours with any new marquee clients, non-profit board service, and speaking opportunities. Be sure to update your profiles on your social media accounts as well.

9. Do a waste walk in your office. Summer is a great time to chuck the clutter. The shredder is your friend. Get rid of stray paper, conference bags, direct mail, magazines, equipment that doesn’t work, and giveaways you really didn’t want anyway.

10. Develop a special offer. You need a reason to contact your customers. Nothing is better than a discount, coupon or special offer. You use this as your excuse to call, email or snail mail your existing customers. They are the most valuable asset in your business.

Do you have any other tips to keep a small business growing over the summer?

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog http://www.succeedasyourownboss.com.

Melinda F. Emerson, known to many as SmallBizLady is one of America’s leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of MFE Consulting LLC, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine recently named her one of the Top 20 women for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog www.succeedasyourownboss.com Melinda is also the author of the national bestseller Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. (Adams Media 2010)

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9 Reasons Why Boomer Businesses Fail

by Melinda Emerson on June 13, 2011 in Ask Smallbizlady, Before You Start, Business Inspiration, Customer Service, featured, Grow Your Business, How to Start, My Recommendations

Baby Boomers Businesses

I know a woman (let’s call her Sarah) who was a vice president at a major Fortune 500 company. She was a sassy 48-year-old single MBA who was very successful climbing the corporate ladder. She worked in marketing, managing a brand at her company and making a handsome six-figure income. Then one day she decided that she wanted to start a business.

She did her research and decided to invest in a food franchise. She learned that franchises are 10 percent more likely to be successful than startups, so she decided to go for it. She hired an attorney to look over her franchise agreement. She spent weeks finding the perfect location and then hired an architect and contractor to develop her space. She gave notice at her job and invited everyone to her grand opening. She was so excited. She had prepared a thorough marketing plan and invested in local advertising through a coupon mailer.

Within two years, Sarah was back working in corporate America, grateful to have a job. I bumped into her and asked her what happened. She said, “I cannot be a slave to anything — especially something that does not fulfill me, and on top of that I hate teenagers and that’s who my employees were. I am grateful to be back at work with a regular paycheck.”

For baby boomers, making the transition from having a job to starting a business can be a tough road, no matter how successful you were in your previous life. Some of the issues that come up may have little to do with how well the business is doing financially.

Here are nine common trouble spots that cause baby boomer businesses to fail. These are the things that can destroy your entrepreneurial dream if they go unaddressed.

1. Not being coachable
To be successful in business, you must be a life-long learner and understand that you can learn something from anyone, even your interns and teenage employees. You also must be able to seek out– and take — advice from mentors and other entrepreneurs. Sometimes when you’ve been successful in the corporate world you might ask yourself “How hard could it be to run a small business?” Don’t be fooled; the hard work is endless!

2. Not developing a life plan
You need a life plan before you ever write a business plan. Take the time to think about what you want out of life, and then build a business around that. You need to know things like “How much money do I need to earn to be happy?” and “Is day-to-day variety important to me?” You do not want to start a business that is NOT a good business for you and your family.

3. Not having the energy
You must be honest about what you are willing to do to make your business a success. One of Sarah’s complaints was that she could not be a slave to anything. But that’s what it takes. In the first few years of running a business, your business owns you: 14- to 16-hour days are common, especially if you open a retail business that has long store hours. Can you physically sustain working seven days a week?

4. Not having a network
As a startup business, your network is your net worth. People do business with people they like, know and trust. You had no problem getting calls returned when you had a big corporate job, but once you are on the outside pounding the payment, it might be another story. Before starting a business, spend at least a year cultivating the market. If you are not good at making friends or are one of those people who never keeps in touch, entrepreneurship might not be for you.

5. Not willing to scale back your lifestyle
When you’ve been working a long time, and making good money, chances are you spend what you make. When you decide to become an entrepreneur, the first thing you should do is end your addiction to your paycheck. You must scale back your lifestyle to the essentials — and you need to cut back at least 12 months before you start your business. If you are someone who regularly enjoys retail therapy, eating out, extensive travel or indulging in the latest electronic gadgets, you might not adjust well to the entrepreneurial lifestyle.

6. Not saving enough money
In my book, Become Your Own Boss in 12 Months, I outline three pools of money that you should ideally have before starting a business. First, make sure you have the money to start your business. Then set aside enough resources so that you can survive for up to two years without a salary. On average it takes 18 to 36 months for a small business to break even, let alone replace your corporate salary. The third pot of money is your emergency savings. Your car may need to be replaced, your air conditioner may die, and your children may need college tuition. Your ability to start a business has everything to do with your ability to save money.

7. Having competing priorities
After age 40, you may have aging parents and perhaps a first grandchild that you’ve welcomed into the family. If you need to stay on top of your mother’s doctors’ visits or help out your daughter and son-in-law with the new baby, it may be really tough to get a new business off the ground because you will not have any spare time.

8. Lack of a niche target market
Too many small-business owners sell to anyone they think has money. Define your niche customer and make sure you know why your customer will buy from you. It is so much easier to develop a marketing strategy when you know who you are trying to reach. You have limited time and limited resources. Customers want to hire businesses that specialize in solving their problem.

9. Lack of personal and fiscal discipline
If you do not run your household on a budget, you likely will struggle to run your business on one. You must make business decisions based on up-to-date financial information. Will you make money decisions without consulting your budget? How will you focus on tasks that generate money? Will you raid the cash register whenever you need money? You should know in advance how much money you are making on each sale; otherwise, you might have an expensive hobby.

If you focus on these nine areas as you are planning your midlife transition, you are far more likely to start a sustainable and profitable small business.

Melinda F. Emerson, known as the SmallBizLady, is an entrepreneur, professional speaker, small business coach and the author ofBecome Your Own Boss in 12 Months. In 2010, Forbes magazine named her as one of the Top 20 Women for Entrepreneurs to Follow on Twitter.

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9 Reasons Why Boomer Businesses Fail

by Melinda Emerson on June 13, 2011 in Ask Smallbizlady, Before You Start, Business Inspiration, Customer Service, featured, Grow Your Business, How to Start, My Recommendations

Baby Boomers Businesses

Here are nine common trouble spots that cause baby boomer businesses to fail. These are the things that can destroy your entrepreneurial dream if they go unaddressed.

If you focus on these nine areas as you are planning your midlife transition, you are far more likely to start a sustainable and profitable small business.

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Social Media Customer Service: Don’t Fake It

by Melinda Emerson on February 8, 2011 in Customer Service, Guest Articles, Social Media

In recent years, social media has effectively taken everything that we know about customer service, and turned it upside-down. Online, there is no place for your company to hide. If you leave your customers unsatisfied, you are pretty much guaranteed to see a rant or rave about it on a social media network somewhere. Consumers are quick to embrace this power that they have received- the power of mass exposure. And this can leave you and your company feeling, well, massively exposed.

One of the most valuable things that you can do as a business owner today is to develop a specific and detailed social media customer relationship management program in order to foster a positive rapport with your customers. There are plenty of small business owners out there who stumble across negative threads about their business, and do not know how to conduct themselves in response, nor do they have a plan for how to handle this type of negative exposure. If nothing is said, the problem is guaranteed to escalate. If the business owner poses as a “fake” customer to post a contradicting positive comment, the falsehood almost always shines through. However, with a plan in place, you can quickly change a customer’s negative experience into a positive one without taking on a false identity.

Oftentimes, what fuels a customer’s discontent in the first place is a company’s lack of response. For example, if a customer writes to a shoe company that he bought a pair of leather shoes that disintegrated the first day he wore them, and receives no response, it is likely that he will post a negative thread about the company on a public forum. Noteworthy is the fact that the likely focus of his thread will be the simple lack of response and lack of customer care from the shoe company, not the lack of quality in the shoes. The relationship that your company establishes with a customer is equally as important, if not more, than the product itself.

When your social media team responds to a customer service issue, such as a negative comment posted on your Facebook page, you must have a specific plan in place. First, ensure that your company has access to each customer’s contact information. A designated customer service representative should contact this customer personally in order to assist him or her. A social media customer service representative should always leave the customer with his or her own email address and personal phone extension. While social media allows your company to be available and accessible to consumers, you should never doubt the power of personal one-on-one contact.

When aligning your social media customer relationship management plan, insure that your customer service representative will follow through appropriately with the customer. For example, if a replacement pair of leather shoes has been sent to the customer, the representative should call the customer back in 2 weeks to make sure this pair has not disintegrated. Insuring that the same CSR checks back with the customer is necessary. We have all had the experience of being transferred to 4 different reps on a customer service line before, and it’s an experience that leaves you steamy under the collar, isn’t it? Insuring that a customer is able to correspond with one dedicated representative allows him or her to establish a comfortable, trusted relationship with your company. Enable your customer to provide a satisfied testimonial once you have corrected the problem, and you will see that the level of attentiveness you have provided is reflected in the customer’s new feedback.

As you continue developing and refining your social media customer service methods, make sure that your plan evolves as social media evolves. For example, if you use Twitter as a forum for customer’s to post feedback to your company, how do you handle the fact that Twitter is always on? Will you designate customer response hours in your bio? Will you designate a CSR to Tweet when the CSRs will be offline for the day? Allow your methods to evolve and develop over time in order to provide the best customer service possible.

Debra Leitl is the Mentor in Residence at eMentormarketing.com. You can find her on twitter @MentorMarketing. Her specialty is interactive marketing with a focus on ecommerce and online marketing strategy.

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Is Everybody Your Boss?

by Melinda Emerson on February 8, 2010 in Customer Service, My Recommendations

The good thing about being an entrepreneur is that you get to be your own boss. The bad thing about being an entrepreneur is that every client is your boss. When you have a job, you generally have one boss, in business every client is your boss. You are not working for a raise; you are hoping to get a long-term opportunity. Anyone will buy something once; you want your client to buy over and over again — from you.

So how do you manage your new bosses? Customers come in three types: those that know exactly what they want, those that know only what they don’t want and the dream client who looks to you for your expertise to solve their business challenge. The dream client comes along two to three times at most in any business. So be sure you are prepared for client option one or two. No matter which kind of client you have the best thing that you can do for your client is carefully manage their expectations. Here are some standard practices you should develop for client management.

Develop a detailed project plan
Create a listserv for all key players involved in the project.
Over communicate with weekly status reports
Anytime there’s a meeting or conference call immediately follow-up with an email recapping the conversation and any action items and delivery dates.

If your client makes a request that changes the scope of a project, never say no. Just explain to the client how this new request will add to their budget and change the delivery timeline. Be careful not to act like you are not flexible. Clients pay for convenience and to have problems solved. Clients will change their mind, especially those that do not know what they want. You must make sure your fee is high enough to include covering these costs. Most importantly, never show your clients that you are overwhelmed or frustrated. Be aware that clients’ staff may sabotage you, too.

So what do you do when there is a problem? When you are struggling to communicate a roadblock that your client has created, never communicate about a problem in writing. Request a phone conversation or a better option… which is a face-to-face meeting. You can’t communicate intent in writing. Talking directly to your clients is always the best way to solve any problem. If you or your subcontractors are the problem, it is best to communicate with the client about any delays or mishaps before you miss a deadline. These are the most difficult conversations to have, but when you are the boss, you have to take responsibility for any mistakes or problems and — make it right for the customer.

So how do you make it right for the customer? It depends on how big of a mistake you made. Here are a few suggestions:

Respond immediately with an action plan
Ask for another chance to do a project or ship additional merchandise.
Offer a heavy discount on future purchases
Offer to refund all or a portion of your fee.

Your goal should be to make sure your client walks away thinking you did everything you could to fix the problem. A happy client is a repeat customer who will be an ambassador for your product or service.

Do you have any suggestions for making nice with customers? Leave me a comment.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #SmallBizChat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in12 Months is scheduled to be released by Adams Media in March 2010.

If you’re ready to start or grow your small business subscribe to Melinda Emerson’s blog at www.succeedasyourownboss.com

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SmallBizLady’s Reading List Part I

by Melinda Emerson on November 23, 2009 in 10 Things Lists, Business Inspiration, Cash Flow & Finance, Grow Your Business, Mompreneurs, My Recommendations, Pink Slip Entrepreneurs, Social Media, Solopreneurs, Women in Business, Your Small Business

In business, reading is fundamental. It is crucial to help you grow your expertise as a business leader. One of my favorite things to do is read books about small business best practices, social media and leadership. Here’s a list of best books that I think will have a major impact on your business strategy heading into 2010. Later this week, I’ll have five more of my favorite books to share.

Small Business Cash Flow: Strategies for Making Your Business a Financial Success by Denise O’Berry (J. Wiley & Sons, 2006) The best thing you can do for your business is understand how much profit is in every sale and stay cash flow positive. Denise O’Berry writes a terrific book that explains the ins and outs of financial management in a successful small business. The book does a good job of pointing out how a small business owner can stay on top of the cash flow issue in running her business. This is an incredible resource book that I highly recommend.

Get Known Before the Book Deal by Christina Katz (Writer Digest Books, 2008) It is not often I read a book that truly enlightening from cover to cover. On a scale of 1-5, Get Known Before the Book Deal is a 10! If you want to know what it takes to get a book deal, Christina Katz gives a very specific recipe, but this book is not just helpful to people who want to be authors. This book is for anyone who needs to build a marketing platform and a brand for their expertise. This book changed my entire business model and my brand. I could not recommend this book more highly.

Customers For Life: How To Turn That One-Time Buyer Into a Lifetime Customer by Carl Sewell and Paul B. Brown (Doubleday, 2002) This is a must read for every business owner. None of the ideas in this book are ground breaking, but the authors do a great job of explaining how they translate into loyal customers for your business. This book will help you create systems in your business to avoid customer service problems in the first place. This book was originally published in 1998 and has been updated three times since, selling over 1 million copies worldwide. Every business owner should have this book, and I’d also recommend buying copies for all your employees as well.

Blog Blazers: 40 Top Bloggers Share their Secrets to Creating a High-Profile, High-Traffic and High Profit Blog by Stephane Grenier (Levac Publishing House, 2008) This is one of those books that serious bloggers will keep on their shelves. I like that this book features 40 top bloggers and not just 10 or 15 like most profile books. I enjoyed learning great techniques and about what blogs these pros read. Try reading a chapter a day, look at the blogs of the blogger featured, see what they are doing well that you can implement in your blog. Learning how successful bloggers approach their blogging is an exercise that will have lots of benefits.

Greening Your Small Business: How to Improve Your Bottom Line, Grow Your Brand, Satisfy Your Customers – and Save the Planet by Jennifer Kaplan (Prentice Hall Press, 2009) Green is not just the color of money. Going green can be overwhelming, but Jen Kaplan provides a comprehensive guide to practical, meaningful, low-cost changes that can be applied today to go green in your business. Green practices are being measured by everyone including your customers-so use this book to build an additional competitive advantage in your business and save the planet as the same time.

Do you know a book that should be added to the list? Let me know, I love getting your feedback.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

For more tips on how start or grow your small business subscribe to Melinda Emerson’s blog www.succeedasyourownboss.com.

Melinda Emerson “SmallBizLady” is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #SmallBizChat on Twitter. #Smallbizchat is the trusted resource on Twitter to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Become Your Own Boss in 12 Months: A Month-by-Month Guide to Start a Business that Works! is scheduled to be released by Adams Media in Feb 2010.

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First 5 Things You Must Never Forget in Business

by Melinda Emerson on July 7, 2009 in 10 Things Lists, Become Your Own Boss Tips

This blog post is an excerpt from my forthcoming book Be Your Own Boss! How to Quit Your Job and Start Your Own Business in 12 Months or Less! The book is scheduled to be released in February 2010 by Adams Media.

What can this book do for you?

Be Your Own Boss! is organized by month to lead you step by step through the process of how to transition from a job to small business ownership.

The book covers everything from life planning and personal finance, to marketing and business planning, to financial management, opening your business, and how to handle customer complaints.

Be Your Own Boss! is designed to help you lay out your personal long-term goals, get clarity on your personal and business financial picture, understand your personal strengths and weaknesses, lay out timelines for your transition, focus your activities to achieve your transition, set business goals and measurement, and anticipate obstacles that you will likely come across in your business and how to manage them. One of my favorite chapters in the book is 10 Things You Must Never Forget In Business.

Here’s The First 5 Things You Must Never Forget in Business.

1. Make sure you know how much profit is in every deal.

The concept of knowing how much profit is in every deal is something that may seem like common sense, but it is not!! Before you send pricing to any client, it is important that you have clearly figured out what the job is worth to you. Early on in my business, I figured out some general pricing. I had a one-size-fits-all pricing in fact, and when I started analyzing my profits, I was lucky if I made 25% gross revenue on any project. Then I had to pay all overhead and taxes from that before I pocketed any money. This system got me nowhere fast.

Your pricing should include the cost of materials, cost of labor, packaging, and a percentage of your overhead costs should be spread across every sale.

2. Customer service is the truth, the light, and the way!!

There are times in business when you will make a mistake. It happens to everyone; the key is how you fix it. Go the extra yard to make your customers happy, respond quickly to their complaints, and treat them like your paycheck – because they are. Here’s some general rules about performing great customer service

Always know the value of a customer
Generate referrals and great word-of-mouth
Stay positive with your customers
Look for feedback

3. ABC- “Always Be Closing”

“Always Be Closing,” is terrible English, but it is an easy way to remember that new business can come to you at any time and just about from any place. Here are some key rules:

Use Religious Persistence
Create Targeted Marketing Materials
Ask for the Business

If you use the “Always Be Closing” policy, you can always take advantage of every opportunity.

4. You are always under a microscope – Attention to Detail.

Customers are risk-aversive. It is hard to gain a customer’s confidence as a new vendor, not because they dislike you, but they may already have a long-term relationship with a similar supplier and you are the unproven new kid on the block. Who you are and what you do must always be clear and communicated well. Here are some priorities for making the best impressions.

A product well-packaged is half sold
Have well-written marketing materials
Use effective meeting management skills
Respond timely to bid requests

5. Nothing beats a professional presentation

Don’t try to bring your A game in your B suit. How you look and how you speak sends a message to the customer. Bad impressions are often deal breakers because they go directly to trust. People are reluctant to spend money with vendors who don’t look right for the services or products that they are representing. Use the best when you are selling for your business.

Part II of this blog post 5 More Things You Must Never Forget in Business will be posted next week on www.succeedasyourownboss.com

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Newsflash–Nobody Cares About Your Business!

by Melinda Emerson on January 3, 2009 in How to Start

This may seem harsh, but if you do not take the time to build and maintain relationships with your customers your direct mail, emails, brochures, and that voicemail you left at 4pm on Friday is all headed for file zero or the delete button.

All your customers care about is WIIFM or What’s in it for me? They want their problems solved. You and your staff must use solution oriented thinking to engage them and you should call sometimes just to say Hi. So what is solution oriented thinking? Read up on your customers. Study the trends in their industry. Anticipate their challenges ahead of time. Call and ask them what their biggest challenges are currently.

The other thing your email marketers need to learn is that your list loses its effectiveness by 10% every month. So any prospects on your list that have not bought from you in over a year, should be purged from your list.

The same rule applies to your employees will not care about your business either, if you do not engage them in major decisions and take care of their needs. Remember, it’s all about your employees and your customers and never about you. A key ingredient to being a successful business owner is being selfless. Make it a point to acknowledge little things. I like to make a big deal out of my employee’s birthdays. I cater lunch and buy a cake for everyone. My team is under 12 people, so this is not a big deal, but you get my point.

So how do you keep your small business relevant to your customers?

Always position your business as a helpful resource. Instead of sending cards at holiday time, subscribe your clients to a helpful magazine. I have used Pink Magazine, Success Magazine and Black Enterprise for this in the past.
Give away valuable information for free through white papers, blogs, and webinars.
Offer to brainstorm (for free) with clients about a challenge to get helpful insights to bid on potential upcoming projects.
Create a “Clients in the News” section on your website to brag about what your customers are accomplishing.
Meet with key staff twice a year about their future career goals. Look for ways to support them, so they are not planning their exit on your dime.

Remember: When you invest your time and resources in your clients and employees the investment always pays off down the road.

Action: List three strategies you will implement this month to ensure your business is relevant to your customers or you are engaging your employees.

WANT TO USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

Melinda Emerson is a Veteran Entrepreneur, Small Business Expert and Social Media Coach who hosts #smallbizchat on Twitter. #Smallbizchat is the trusted Twitter resource to discuss everything entrepreneurs need to know about launching and running a profitable small business. Melinda’s first book, Be Your Own Boss! How to Quit Your Job and Start Your Own Business 12 Months or Less! is scheduled to be released by Adams Media in early 2010.

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