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5 Things Wrong With Your Business Plan

By Melinda Emerson on November 7, 2011 in Branding & Marketing, Cash Flow & Finance, Starting A Small Business

If you’ve taken the time to develop a business plan for your start-up business, you are on the right track. You have a roadmap that will help you with decision-making in your new enterprise. Take the time to be sure your business plan doesn’t contain any of the following shortcomings that will prevent your business from being effective. If you need help, check put my three part series on how to write a business plan for even more advice.

You haven’t researched your market. Many business owners don’t have enough information about who is buying their products and why. You need to find out who your ideal customers are, what their income is, what their buying habits are, and how they make purchasing decisions, for a start. You can do this by conducting surveys or polls online, interviewing people you consider potential customers, and searching for existing data on your demographic. Organizing the results will give you a clear picture of your customers’ perspective. This is an advantage when you develop messaging and begin to “talk” to them. All public relations and customer communications should center around customer pain points.

You haven’t researched your competitors. Know who your competitors are and stay up to date on their activities not only helps you make strategy decisions, it is a learning experience as well. You should know who has the best quality product or service at what price and who has the least, what customers are saying about the company, any financials made publicly available, and what kind of marketing or advertising they do. As you follow your competitors’ movements, you will be able to observe the rewards and consequences of their decisions on many levels, and adjust your own strategy to expand, advance, or target your market in new ways.

You haven’t planned for growth. A business plan is an action plan. It’s hard to motivate yourself, your employees, and your investors with research and projections. Be sure your plan outlines an actual plan for at least one future scenario. I say at least one because you should make plans for factors beyond your control that may derail your first plan.

You don’t know your numbers. Running a business is all numbers. Sales projections, production yields, profit estimates and more can swallow the heart of a business plan: the viability of your business model. Don’t get so focused on month-to-month numbers that you lose sight of whether your business idea, operations, and strategic decisions will allow those numbers to be actualized.

Your business plan is not up-to-date. If your plan is outdated, you will not be able to use it to run your business. Most business plans are created before launch. When your new business meets the real world, however, you often need to make adjustments that aren’t incorporated or reflected in your written plans. If you haven’t looked at your business plan in a while, ask yourself why. Is it because you’ve made so many changes to daily operations, or your numbers don’t correlate with what’s on paper at all? Take the time to sit down and go over your business plan once again and decide whether you need to make changes or make a new one that will better reflect your business’s current direction.

Do you have any other common business plans mistakes for small business owner?

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 Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

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How to Generate Revenue for Your Small Business

By Melinda Emerson on November 1, 2011 in Branding & Marketing, Cash Flow & Finance, Grow Your Business

Most people know they shouldn’t attempt to take on a mortgage without having some way to pay for it. Yet small business owners do something quite similar every day. How do they do this? Some small business owners focus on running the business before focusing on generating the leads that fund the business. Sure, every business needs money to stay open, but without building a strategy to funnel the revenue into the business, the foundation is shaky at best.

Just like some new homeowners take on more mortgage than they can afford, eventually it catches up to them. They are then forced to find more money or a smaller home. After a few years, the initial rush of the business wears off leaving a gaping hole where lead generation would have been. Small business owners may have quick sales in the beginning but without a long-term lead generation plan, they will go bankrupt. The cash flow a business needs requires a sales funnel. So how do you create that funnel? Below are a few tips to make lead generation a priority in your business without taking away from your other activities.

Create a list: Encourage people to opt in to your newsletter/free report or to a webinar/telesemiar. Developing a list of people who have opted in to your communications is quite possibly one of the best lead generation tactics you can implement. No, you shouldn’t buy lists or dump your contacts into your email newsletter program. People need to sign up by themselves. So incite them to do so. Host a free webinar or offer a free special report. Just offer them something. Taking action is better than perfecting the freebie.
Devote a set amount of time each week to lead generation. Customer needs change. Industries change. Consumer expectations change. Client budgets for your products and services may dwindle. So you need an ongoing plan for lead generation. Set aside time each week purely for lead generation activities. This could be list building activities social media marketing, warm calling, in-person networking, and many other activities. It’s easy to get caught up in your current client work, setting time aside for lead generation helps you bridge the gap between hunting for new business while producing the work you already have.
Build leads offline. Network, network, network. Have I mentioned networking? It’s a great way to build leads. Attend luncheons and business breakfasts to meet new people and expand your circle. Since your network of contacts will be in a constant state of flux, it’s important to keep adding to it. Some people will filter out, so replenishing is critical. Remember to tie your offline activities to your online activities, meaning connect to them on LinkedIn. Mention your e-report or other freebie on your business card. Direct people to a squeeze page on your website where they can sign up for your webinar.
Accepts “nos.” Getting a “no” is better than being stuck with a “maybe.” With a “no” you can move on to the next lead. Getting stuck with false hope maybes will, “bankrupt your business.” Building in registration deadlines for webinars and teleseminars encourages action. Promoting your reports and newsletters with some mystery encourages people to sign up to find out the punch-line. Demonstrating scarcity, a limited number of copies of a book to hand out, for example, encourages people to take action now. These tactics also weed out anyone who simply isn’t interested.
Make lead generation a priority. It’s easy to stop spending time each week on sales activities. But remember, quick cash creates a false sense of security. Quick cash burns out fast too (if you don’t first!). Build your business the right way even if it means saying no to work that doesn’t fit your business model. There are no shortcuts to success.

Lead generation is one of the most important things you can do to build and sustain your business. Focusing on working in your business instead of on your business will keep you from achieving the profit and longevity you seek. Focusing create quality content that will attract your target customer. Building quality leads into your sales funnel is what will make your business stand out and help you avoid sleepless nights.

Do you have any more ideas to share about lead generation and building a sales funnel?

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

By day Morgan Leu Parkhurst helps individuals put the pieces of their marketing puzzles together. By night she teaches
marketing communications to aspiring entrepreneurs. Reach her atwww.sharpmindmarketing.com or on Twitter at @Morgan_LP.

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Are You Ready To Finish the Year With a Bang?

By Melinda Emerson on October 31, 2011 in Branding & Marketing, Business Inspiration, Grow Your Business, How to Start

This past weekend I conducted my last BYOB2011 Workshop in my national tour. I held the last one in Philadelphia, my hometown. The focus of the tour was on three things; How to Become Your Own Boss, How to Develop a Killer Marketing Plan and How to build a Social Media Brand. For the last year I have travelling the country teaching small business owners and would-be entrepreneurs the Emerson Planning System, How to align their marketing and sales activities and how to leverage social media to grow their businesses. I thought it would be helpful to highlight what I have been teaching. Here are 7 tips to finish the 2011 with a bang, and go into 2012 with a plan for success.

It’s Time to Update Your life plan. The cornerstone of the Emerson Planning System is to develop a life plan and a vision board. Your business goals and your personal goals must align or you could lose your business and your family. Once you have a life plan create a vision board. You can use the board as personal motivation to remind you why your work so hard. My life plan is taped on the wall near my computer monitor so that I have a daily reminder of my big picture goals.

BYOB also stands for Be Your Own Bank. Your ability to save has everything to do with your ability to start a business. The nature of business has changed and you will need to fund your own enterprise. The most you can borrow is a microloan for $25K, most people can life off that and launch a business, so the money needs to come from somewhere. I suggest you look in the right or left pocket.

90 percent of Success is Self-confidence. If you don’t believe in your business no one else will. Fake it until you make it! Look yourself in the mirror (like I do sometimes), and say Girl, you are doing IT!!! Most business problems are not so well hidden personal problems. Learn to compartmentalize your drama and stress and get your work done. You must stay focused.

Be an Agent of Convenience. Small businesses who are still getting big business in this economy are making it easy for their customers to say yes. They solve problems before the customers can say ouch. They understand industry trends. They use metrics heavily. They know the value they bring to the table. They can accept all forms of currency. They brainstorm with their clients for free because they care. What kind of agent are you?

Plan Sales in 30 day Increments. Your biggest concern should be how much money you need to make in the next 30 days. Once you breakdown your sales goals by month, you can easily breakdown how much you need to generate each week. Doing this, will help you get more aggressive about your sales process. You can also plan your marketing activities around lead generation.

Done is Good Enough. Your small business brand will evolve over time. Don’t be one of these people who have not released your new website or newsletter because you are still messing with your logo or layout. No one cares about your logo but you, and you can always revise it later. Just get it out there. Get feedback, and adjust your branded as needed. You are supposed to cringe at the original art work years later.

Harness The Power of Social Media. As a walking social media brand, trust me when I say that social media is the best thing that has happened to small business owners. You must Listen + Engage + Add Value + Promote Others in order to be an Influencer in social media. You must build trust and credibility in order for social media to really work for you. Use social media to speak directly to your target customer.

I am looking forward to teaching more entrepreneurs next year with the BYOB2012 National Tour. The schedule of cities I’ll be coming too in 2012 will be released in December. Stay Tuned. Special Thanks for Corpnet.com and ConstantContact.com for sponsoring this year’s tour.

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

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7 Golden Rules for Home-Based Businesses

By Melinda Emerson on October 18, 2011 in Guest Articles, How to Start

Starting a new home-based business can seem like a daunting task. The transition from working in corporate America to working inside your home

can often lead to the downfall of your business before it has even begun. The first thing you need to do is get organized. It’s important because you need to put yourself in the best position to be successful.

To ensure that you make this switch to spare room tycoon successfully, try to follow the 7 golden rules for a new home-based business.

Designate an area

When you work from home, it’s often hard to stop work activities taking over your personal space and home life. To prevent this from happening, try to designate an area of your home that’s specifically for your work. This could be a spare room, garden office or even a section of another room. Try to keep this space solely for work activities and materials. This should help you to keep a healthy work/home life balance as you can ‘shut the door’ on your work at the end of the day.

Invest in the right insurance

When you first start working from home, there are some insurance considerations to think about. Firstly, if you’ve started a business from your home, be careful that you’re not invalidating your home insurance. Most standard home insurance will not cover you if you’re using the property for business purposes (which usually refers to having stock or clients at the property).

In addition, you could require some business insurance for your home-based business. For example, if you provide a professional service to paying clients (such as accounting, legal or marketing consultant) it could be wise to think about professional indemnity insurance. This could help you cover costs if you ever faced a negligence claim. If customers or clients visit your home business, you may also need to put public liability insurance in place too.

Get dressed

Sitting about in PJs and slippers in not conducive to a work mind-set. If you feel like you’re dressed for bed or lounging on the sofa– that’s probably what you’ll do. Get washed and dressed as if heading out to the office – it will make you feel more alert and ready to get started in the morning

Watch your posture

In professional organisations, particularly larger companies, they’ll be obliged to provide a workstation that is not detrimental to your posture. Adjustable chairs and monitors, adequate desk space and hand supports are common elements of most offices. When starting work from home, ensure you have a comfortable work area that supports good posture and doesn’t put regular strain on your body or eyesight.

Set a start and finish point

Are you fit to work from home? When you work for an employer, you’ll have set working hours and structure to your day. Having a set start time and finish time for your day can give you more focus and ensure that the work doesn’t spill over into your domestic life. Try to stick to the start and end times you assign yourself. Make sure you switch off the computer and turn off your email alerts at the end of the day.

Eat a proper lunch

Without a designated lunch hour written into your contract, it can be quite easy to forget about eating altogether when at home, or you could find you end up snacking your way through the day. Make sure you dedicate a full hour for lunch and have enough food in to make a healthy, filling meal. It will give your eyes a rest from the computer (if you use one) and will make sure you have enough sustenance for the afternoon’s tasks.

Check your car use

If you’re running a business from your home, you might also use your car for business purposes. For example, you may move stock or make deliveries to clients. If this is the case, make sure these activities are not invalidating your car insurance. A standard policy may not cover your vehicle for business use – so it’s worth checking with your provider.

Do you have any more tips for home-based business success?

This article was written by Policy Expert who are insurance specialists, providing house insurance to homeowners in the UK. You can use their website to compare quotes and buy online.

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5 Things Every Entrepreneur Must Do Each Day

By Melinda Emerson on October 17, 2011 in Business Inspiration, Cash Flow & Finance, Featured Post, Grow Your Business, My Recommendations

Meditate— The worst thing you can do for your business is start each day in a race. I am strong believer in thinking about your day before you jump into it. I start each day in prayer before I leave my bed. I find that I am able to keep a positive disposition throughout my day regardless of what happens as a result. Years ago, Oprah Winfrey featured a book on her show called Simple Abundance; A Daybook of Comfort and Joy by Sarah Ban Breathnach. In it, she provides daily lessons about the concept of peace, joy and gratitude. This is a great book that I have used over 10 years to stay centered. If you start your day thinking about what you are grateful for it’s much easier to keep perspective when things go wrong. Running a small business involves 10 or more jobs at one time. Do yourself a favor, slow down and mediate on something before each day starts.

Know your cash flow situation– Cash is King! You have to know what your cash flow is, every single day, or you could lose your business. You should run your business based on a 30-day cash flow projection. You need to know how much money is coming in and what money needs to go out daily. You also need to stay on top of what invoices need to go out, and what the payment procedure is for each of your clients. Start collections procedures the first day after your money is past due. Never hesitate to call your client or the bank to get clarity about your cash flow situation. No matter what accounting software you use or what bookkeeper you hire, as the owner of the business you must know your cash flow situation every day.

Set aside 1 hour a day for business development– Work on getting in front of someone who may buy your product or service every day. Sales is the life’s blood of your business. Each day you must conduct business development activities in order to stay ahead of the competition. You can make calls, write emails, send thank you notes, Connect with new connections on LinkedIn, search for conferences and trade shows to attend, develop signature content, use social media to build relationships as lead generating activities. You need to make it a priority each day to spend at least one hour generating new business.

Follow-up with 3 three existing connections– People do business with people they like, know and trust, but you must nurture those relationships. Reach out to existing customers you haven’t spoken too in a while. Give three recommendations on LinkedIn. Send a lengthy personal note on Facebook. Make three calls or send follow-up notes with an article your read in the New York Times or Washington Post over the weekend. You will spend a longer time on these contacts, but they are further down your sales funnel, so they are worth it.

Get your plan together for the next day– One of my other favorite books is the 7 Minute Difference by Allyson Lewis. In this book, she says you need to do 5 things before 11am each day and anything else is a bonus. I love this and I do this every day. I make my list of the five things at the end of each day so I have a game plan for my day each morning. This, by the way, is also how I sleep well at night.

Do you have any suggestions for the daily priorities of a small business owner?

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 Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.

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Time to Start Planning for 2012

By Melinda Emerson on September 26, 2011 in Branding & Marketing, Grow Your Business

The kids are back in school and Halloween is fast approaching. People it is time to start planning your budget and marketing plan for the coming year. 2012 will be here before you know it and you do not want it to sneak up on you. Just like many of your clients are reaching out to you for budget information for 2012, you must be thinking now how you will take your business to higher heights next year. Here are 4 things you must do to plan for 2012.

Meet with your Accountant and/or Tax Preparer. You’ll want to know if there’s anything that needs to be done that could reduce your tax burden before the end of the year. For example: Do you need to purchase any equipment and lease a new delivery van to get it on the book this year. Do you need to delay a payment from a client? You also should review you projected 2011 budget vs. actual budget 2011 for your business, so that you can make sure that you are keeping track of all your costs and adjusting your pricing accordingly.
Create 2012 Budget and Sales Projections. Once you have your meeting with your tax preparer, it’s time to develop your annual budget. At the same time, you should update your sales projections for 2012. The most important thing is to understand how much money you need to make every 30 days to cover your expenses and earn a profit.
Create a New Marketing Plan. Once armed with your sales projections you should use that information to develop your marketing. Now I have written many times on this blog about how to write a marketing plan and business plan, but here is a quick refresher course. You should start with your 30 day sales goal. Then determine what it takes ie. How many calls, email, blog posts and other lead generation activities it takes to close that number of sales each month. Never start a marketing activity you can’t afford to maintain for at least 6 months. Be sure to go back a measure what worked, so that you can eliminate those efforts that didn’t pay off in 2011. (How did that pay-per-click (PPC) ad campaign work for you?
Stay Current with Your Clients. Make sure your business is still relevant to niche. Stay up on the industry trends and the needs of your niche target customer. Sometimes businesses run a course and a competitor or new product comes along and fill the need better than you. Do an annual check meeting face-to-face to make sure you are still giving them what they need. If you run a business that is not based on relationship selling, then offer your customers a free gift to take a short survey to give you the feedback you need to keep being their best resource.

Do you have another tip on preparing your small business for 2012?

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 the #1 woman 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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Do You Have a Holiday Sales Strategy Yet?

By Melinda Emerson on September 14, 2011 in Branding & Marketing, Customer Service, Grow Your Business

Do You Have a Holiday Sales Strategy Yet?

If you sell stuff online or offline, it’s time to create a Christmas holiday strategy. Some businesses make 80% of their profit over the holidays, so you need to make sure that you get your share of the holiday spending. You should be thinking about how you will stock up to fulfill holiday orders at least three months in advance. Preparation is key. You should know the closing dates of magazines so you can get products samples to editors to be included for holiday round up features. You also want to place your orders early for advertising you plan to do on local TV or radio.

Your supplies: Look at what your sales were last year to determine what you need to have in place. Order your packaging, shipping and raw materials in advance. Be sure to order extra too.

Your suppliers: Communicate with your manufacturer and distributers about your holiday plan. Make sure you have a back-up for you main supplier in case they are slammed with other holiday orders. Also keep in mind that your manufacturer may also be using temporary help too, so if you have a product which requires a high level a craftsmanship you may want to order product early, so that your quality does not suffer.

Shipping options: Know when you need to have your items read to ship so that they arrive before Christmas. Figure out your best shipping options. If you belong to a trade organization or association you may qualify for a discount with Fedex or UPS for shipping. You can also set up a USPS click-and-ship account so that they will pickup orders from your home or office.

Contact Your Merchant Account Provider: If you are going to focus on sales over the holidays you need to make sure that your credit card processor provides a daily limit high enough to process all the transactions. If you are fortunate enough to have your product featured in the media or in a magazine you can have huge amount sales in a day which could shut down your shopping cart.

Seasonal Staff: Have your seasonal help and interns lined up in advance. Develop a training program or a step b step guide with pictures so that you brand is not damaged by a temporary worker. You can also enlist your kids, spouse, church members and friends to help get you through the holidays.

Black Friday and Cyber Monday Marketing Strategy: Figure out now what inventory or specials you must push for Black Friday and Cyber Monday. You want to develop special pricing and volume discounts as well. You may even want to develop a pay-per-click campaign (ppc) for the holidays. You’ll want to develop 3-5 different ads so that you can adjust your campaign to the one that is resonating the most with you target audience.

What is your best holiday sales tip?

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 the #1 woman 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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How to Interview For Your First Employee

By Melinda Emerson on September 7, 2011 in Grow Your Business, Starting A Small Business

Choosing the right person to do the job can be a challenge. It all comes down to your interview process. Once you have reviewed the resumes, its’ time to get in touch with your prospects. You should interview at least 5 people for every available position. A great candidate will have a strong match between their skill set and your position requirements. For example, if you are looking for a salesperson and your candidate does not have an engaging personality, they may not be the best candidate for that position.

The interview is one of the most important stages in hiring your first employee. As this is the first time that you’re having an interactive conversation with a potential worker there are a few tactics that may be helpful to you in the process. There are five things to keep in mind when conducting an interview:

Be a good listener
Know how to redirect a conversation to the areas you consider important
Take notes during the interview
Go with your gut instinct (if something doesn’t feel right, it’s not right)
The candidate is also interviewing you, so be ready to answer questions too.

Interviewing potential employees is a 7-step process:

The Selection Process

Phase 1: The Google Test: You should put every candidate’s name and city in a search engine to see what your candidates do online on their own time to determine if you even want to have them working for you. Judgment and discretion is important.

Phase 2. The Phone Screen: Before inviting a potential candidate to your office schedule a 30 minute phone interview. You want to see if the interviewee is worth face time. You also want to see if have chemistry with the prospect and to make sure that what you are reading on paper matches up with who you are speaking with on the phone. .

Phase 3. The Face-to-Face Interview: If the candidate passes the google test and phone screen, it’s time to meet in person. This is your chance to evaluate the prospect’s appearance, communication style and preparedness. You want them to arrive with questions for you too. It’s also your opportunity to discuss the qualifications for the job in-depth.

Phase 4. The Reference Check: This is a step many busy entrepreneurs miss, but you need to know what the person was like at their old job. Ask the relationship of the reference to the candidate. You need to make sure the best friend or brother isn’t the reference.

Phase 5. The Follow-Up: No matter how confident you are in a candidate, don’t make the job offer without conducting a follow-up. You should run a background check, credit check and if necessary a drug screening. You might not want to hire a delivery driver with a drug problem or a secretary with an un disclosed criminal record. Be safe and do not invite trouble in the door.

Phase 6. The Job Offer: Now that you’re ready to bring in your first employee you want to make a verbal offer by phone and then make the offer in writing. Be sure to outline the compensation plan and when they will become eligible for any benefits. I recommend not making employees eligible for benefits until after 90 days of employment. Once the candidate signs the offer letter, it’s official you have your first employee.

Phase 7. The Onboarding Process: Your must create an official orientation process for your new employee. No one can teach your business better than you. It’s your responsibility to get your first employee up to speed. Develop a new employee handbook and a daily check list of action items for your new worker. Be sure to delegate things you need to get off your plate too.

Do you have a process that you use to hire new employees?

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 the #1 woman 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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Do you have a Bank or a Banking Relationship?

By Melinda Emerson on August 21, 2011 in Become Your Own Boss Tips, Cash Flow & Finance, Grow Your Business

Many business owners have a bank, but what you need is banking relationship. Entrepreneurs with a bank just make deposits and withdrawals. Business owners with a banking relationship know the branch manager, the business banker and the head teller at the bank they use. The business banker has seen your business plan and is aware of any big contracts or awards that the company has received. The head teller knows you so you can deposit a check as cash based on your reputation. Why is this relationship important?

As a business owner, eventually you will need money. Once you have a track record in business with positive activity on your balance sheet, you can consider approaching a bank for a business line of credit. Business cash flow tends to be uneven; seldom do revenues and expenses arrive in a timely fashion and sometimes a short-term line of credit is just what you need. The problem could be a pre-season inventory purchase, an unexpected machine breakdown, or a delay in getting a payment from a big client. Cultivating a positive relationship with a bank prior to having a need for a line of credit is key. It could mean the difference between success and failure. Here are some points to consider:

Look local. Look first for a local bank that can address your needs. Preferably, deal with a bank with which you already have a personal relationship history. They will have a pretty good idea of who you are and it will give you an edge in creating a new business relationship. Visit from time to time so people know your face. Use these visits to keep senior-level bank personnel up to date on your business activities. If you don’t have a personal bank, look for institutions that focus on loaning to neighborhood or women-owned businesses, etc.
Do your homework. Know your credit history before you go for a loan or line of credit. In a tight credit market, it is essential to keep your credit score as high as possible. Banks will only make loans to clients with pristine credit. Even the SBA will not support your business if your personal credit score is below 650.
Be prepared. Banks will ask a ton of questions about your business plan, loan requirements, collateral and strategy for repayment. When applying for a bank loan, remember that 90 percent of the bank’s decision to loan is based on two numbers: your cash flow and current net worth. The remaining 10 percent of the decision is based on such items as credit history and continued business viability.
The importance of cash flow, defined as the difference between cash receipts and cash payments, it is a key indicator to your bank on how your business is doing. Your goal is to hold on to your cash as long as you can without getting a reputation as a business that does not pay its bills. You must make sure your business always has enough cash to function.
A word of caution. Make the decision to give a personal guarantee for your business loan only after you fully understand all the ramifications. You are now personally liable for the total value of the loan if the business cannot pay, regardless if the business is incorporated, a partnership, or a sole proprietorship. Banks may place liens against your personal residence as part of these guarantees and this can be done without your knowledge. Personal guarantees are a fact of life for the small business owner, so be prepared for them. But be certain you understand the worst-case scenario.
Get Help. Find your local Small Business Development Center (SBDC) or other small business non-profit that has a micro-lending program. Such groups often have loan packaging deals under $50,000 and more importantly, many have special relationships with financial institutions that will work hard to approve clients these groups send them.

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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How to Keep the Sales Engine Rolling

By Melinda Emerson on August 15, 2011 in Branding & Marketing, Grow Your Business

The day-to-day hustle in your business can make you forget to focus your marketing activities on keeping your pipeline filled. To help you reach your monthly sales goals, I have created a list of 7 marketing techniques you should revisit every 90 days. They are designed to ensure that you focus on revenue-generating activities in your small business.

1. Profile Your Customers. Who are your most valuable and profitable customers? How much do they spend with you annually? Do they fit a niche? While it’s imperative that you understand your products and services, it’s even more significant to understand what value your business brings to your customers so you can continue fulfilling their needs. Business issues can change quickly, making vendors potentially interchangeable. Be sure to thank your customers; no one owes you business.

2. Talk With Clients. If your three most important customers were sitting in a room with you, what questions would you ask them? Even with your long-time customers, schedule a quarterly face-to-face meeting to ask for feedback or just to catch up. You must stay on top of their needs and understand any new factors that influence their decision-making processes. Have 7-10 questions to ask, and then make sure you engage them around some personal small talk: kids, vacations, holiday plans, etc. The more personal the relationship, the more that relationship will allow you to obtain critical information and a strong ally.

3. Align Marketing Efforts With Sales Goals. Sales and marketing have to work together in your small business. Even if you are the only salesperson in your business, you must plan your marketing program based on the amount sales leads you need to generate in order to close the required amount of sales per month. If you know you need 500 leads per month in order to close 50 sales, then determine how many phone calls, e-mails, blog posts, Facebook ads and Twitter messages must be made, sent or posted per month to drive the desired traffic. You must establish a sales process and then proactively work your marketing efforts so that they generate the desired results.

4. Eye the Competition. Identify several competitors. Discover what benefits they provide to their current customers. Use their websites to gain insights. Compare your branding, value proposition and pricing. Based on your assessment, develop at least three strategies that you will use to position yourself effectively against them. Always think, “What is my secret sauce?”

5. Create The Win-Win. How can you develop a partnership that can contribute to your bottom line? Always go into a relationship understanding your partner’s “must have” list. It’s always best when you can find a partner who is not a direct competitor. A strong strategic alliance offers many benefits, including reducing risk, sharing costs and improving time to market.

6. Update Your Elevator Pitch. Your most important job as a small business owner is selling yourself and your business. When you can succinctly explain your business, it builds trust, but you shouldn’t use the same pitch forever. From time to time, switch it up a little. Add a brief client list; mention a recent award or media hit. Elevator pitches are designed to draw in your target and keep the dialogue going. Be careful not to talk too long. Offer just enough to get them interested in chatting with you again.

7. Use a Vision Board. All businesses have ups and downs. How you get through the tough days in your business makes a big difference in your productivity. I advise all my coaching clients to develop a life plan and then develop a vision board of your big picture goals for your life. It might include the 10 things you want out of life? Create a visual representation of your life plan. Use cutouts from magazines or clip art pictures–whatever it takes develop a visual symbol of your personal and professional goals. Post this collage to remind yourself why you work so hard. Your vision board will keep you motivated on good days as well as bad ones!

By implementing these marketing techniques, you will be able to evaluate the effectiveness of your marketing strategy and keep yourself motivated to stay on top of your sales processes.

How do you ignite sales in your small business?

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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Use the 3 C’s of Social Media: Content, Community, Commerce

By Melinda Emerson on August 8, 2011 in Branding & Marketing, Social Media, Technology

If you are running a small business today you better be using social media marketing. Social media has taken over the internet over the past few years. The great thing for small businesses is it’s all about the one-on-one connection, larger companies no longer have the upper hand. You must listen, engage and then inform. While social has given people a way to stay connected to friends it has also given small business owners the opportunity and power to network strategically. Once you have identified your niche target customer, it is crucial to utilize the three C’s of social media: content, community, and commerce.

Content

The first C to implement in your social media marketing efforts is content. The currency in social media is value, and that value is created by producing and sharing valuable content. There are lots of ways to create content: You can write blog posts or ebooks, produce audio interviews or podcasts, or offer webinars or short videos, to name a few.

There is no point in using social media to drive traffic to your company’s website if you have nothing new to offer when they get there. Producing fresh content on a regular basis will keep people coming back for more.

Blogging can be a great way to maintain a regular flow of fresh content. If you’re just starting out, here are some useful tips when it comes to launching a blog.

Set up an editorial calendar for your blog to help manage your schedule.
Get into the habit of writing a few posts per week at least three months before your blog goes live. This will result in an archive of blog content you can use to start off with a bang.
Launch your blog with at least 10 articles already posted rather than one lonely post. This will give your readers a taste of your blog’s flavor and what it’s all about.

Community

The next C of social media is community. Social media only thrives because of the people involved. One major benefit of participating in social media is the opportunity to position yourself as key influencer, and a great way to do that is by engaging your audience and building a community.

Put aside the marketing mindset, and be real with people. Your followers and fans want to know and engage with who is behind the content you share in social media. You can’t afford to be one of those people on Twitter or Facebook who is constantly blasting out links to your blog without offering any human interaction. It’s important to instead create a two-way dialogue with your followers and fans and foster social experiences.

For example, I use Twitter to convene small business owners weekly. I host a tweetchat each Wednesday from 8 to 9 PM ET called #Smallbizchat, during which I provide a guest expert and my audience comes to learn and interact with each other. It works because I’m offering valuable content as well as discussion and engagement.

If you want to succeed in social media, you have to get out there and build a network. The more social and interactive you are, the better your chances at building a powerful social media brand will be. Social media is a great way to build relationships on and offline. The biggest form of flattery online is when others share your content. Therefore, I use a 4:1 ratio of sharing others’ content over my own.

Some other ideas for building community with others include:

Posting on forums, commenting on blogs, or connecting with new prospects across your social media footprint.
Connecting with contacts you have on LinkedIn on other social networks like Facebook and Twitter, too.
Guest blogging for other blogs or offering opportunities for others to guest blog for you.

The world is yours to interact with and build community.

Commerce

The final C of the puzzle is commerce, which is a bit trickier than you may think. In a nutshell, people do business with people they like, know, and trust. In person, it takes three interactions before you can make a strong enough impact that will allow you to cultivate a sale. On the internet, it takes seven interactions to build a relationship that will result in commerce.

Obviously, the ultimate goal of social media marketing is to generate web traffic, qualified leads, and sales. But what makes social media so appealing is the fact that it is laid back and “social.”

Be careful about not being too promotional; no one wants to be sold to. In order to succeed as your own boss, first you need to warm up the prospect by attracting them with high quality content. Then you need to engage them through direct interaction.

Ask and answer questions. As soon as you’ve gained their trust and respect, you can approach them about business, but you should only talk about business in terms of the solutions you provide and the results clients have had from working with your business.

Do you have any other tips on social media marketing?

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)

This was originally posted on www.hubspot.com

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3 Technology Tools to Help Your Small Business

By Melinda Emerson on June 29, 2011 in My Recommendations, Social Media, Technology

I love to share great software that will solve problems that come up daily running a small business. Here are three more free or low cost software solutions that could come in handy in your business. I have used all three of these tech tools in my business so I am sure that they could be useful to you. Here are 3 Technology Tools to help your small business

YouSendIt.com

YouSendIt.com is your answer the next time you need to send a large file via email. It will help say goodbye to bounced emails. YouSendIt.com is secure online file sharing software that allows you to easily send large files and email attachments up to 2GB. The intended recipient will have 7 days to download the files. Yousendit.com has a free and paid upgraded version.

Bufferapp

Bufferapp is a scheduling application that works with your Twitter account. After signing up for a 30 day free trial, you can download a browser extension or a bookmarklet. The browser extension is what you will probably want to use. You schedule the times you want the tweets to publish and you can post lots of tweets per day if you wish. This product will save you time by using auto scheduling. Send the tweet in, and it just fills the next open slot. Bufferapp has a free and paid upgraded version.

EchoSign.com

EchoSign provides electronic signature solutions ‘on demand’. Never wait for a signature on a contract again. EchoSign accelerates your document signing process with instant fax or e-signatures, tracks your team performance and their contracts’ status in real time and stores all your signed agreements. EchoSign is 100% on-demand and requires no software or hardware installations. This is a paid service that I think is worth the money.

Do you have another app or software suggestions for small business?

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 Become Your Own Boss in 12 Months Books By Melinda Emerson 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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SmallBizLady’s Summer Reading List 2011

By Melinda Emerson on June 27, 2011 in 10 Things Lists, Business Inspiration, My Recommendations

For those of you who follow this blog, you know that I love books. One of the most important things you must be as a small business owner is a lifelong learner. Reading a key way to learn more to run your business better. You may be counting down to your family vacation, (even if it’s a staycation) I wanted to provide you with some suggestions for great reading material for the beach. These book will all help you start or run your business, and that could make all the difference in your business in the last half of this year. Here are my picks for SmallBizLady’s Summer Reading List 2011.

SNAP Selling, Speed up Sales and Win More Business with Today’s Frazzeled Customers (Portfolio, 2010) by Jill Konrath.

I like this book because nowadays everyone you want is too busy and overwhelmed and we all could benefit from lessons on how to think about selling to busy decision makers.

Inbound Marketing, Get Found Using Google, Social media, and Blogs. (J. Wiley and Sons, 2010) By Hubspot CO-founders Brian Halligan and Dharmesh Shah.

Selling is dead. In order to connect with today’s customers you must stop pushing sales messages and instead start pulling your customer’s in. This book will give you the tools and strategies you need to improve your search engine rankings and analyze which of your online marketing efforts are working..

Enchantment, The Art of Changing Hearts, Minds, and Actions (Portfolio, 2011) By Guy Kawasaki.

This is a terrific book to learn about how to take your relationships to the next level, give a fantastic presentation, and enchant your customers and employees. There’s nothing more important than your existing client list, Guy explains how to keep your customers enchanted.

Full Engagement! Inspire, Motivate and Bring Out the Best in Your People (Amacom, 2011) by Brian Tracy.

Brian is a legendry business leader who has developed a terrific employee manual for small business owners. He explains how to achieve financial results for your company by motivating employees through what he calls “ROE” Return on Energy. Read it if you have two or more employees, you will be a much better manager for it.

201 Great Ideas for Your Small Business by Jane Applegate. (Bloomberg Press, 2011 Third Edition)

This book is full of creative ideas that will help you solve everyday problems in your small business. Jane has collected tons of proven tips for managing, growing, and promoting a small business. Enjoy the third addition of this international bestselling book. You will keep it nearby as a reference for a long time in your small business.

The Start Your Own Business Bible, 501 New Ventures You Can Launch Today! (Adams Media, 2011) By Richard Walsh

No matter what kind of business you want to launch you can the 411 on it in this books. He outlines the start-up costs, pros and cons and potential earnings of hundreds of business opportunities. This book will help match your resources to your plans and kick off a business that works.

Franchising & Licensing, Two Powerful Ways to Grow Your Business in Any Economy (AMACOM, 2011 Fourth edition). By Andrew J. Sherman

This book is a blueprint to developing additional streams of revenue in your small business. Andrew outlines what is takes to license your intellectual property from business acumen, legal expertise, strategy and trends and financial insight to turn your business into a franchise. This book as also filled with sample agreements, checklists and questionnaires.

Become Your Own Boss in 12 months, A Month-by-Month Guide to a Business That Works (Adams Media, 2010) by Melinda Emerson

BYOB is a book on how to develop a 12 month plan to start or reinvent a small business. Use the Emerson Planning System to get serious about your business. If you are one of those small business owners who still does not have a website and social media strategy this book will really help you as well.

There are my 8 picks, and do you have any other suggestions for summer reading for small business owners.

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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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 Post, 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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