Tag Archives | small business info

6 Things You Could Do Today to Generate a Sale in Your Small Business

By on May 13, 2013 in Business Inspiration, Grow Your Business

6 Things You Could Do Today to Generate a Sale in Your Small Business 198x300 6 Things You Could Do Today to Generate a Sale in Your Small BusinessIt’s National Small Business Month and here are some quick ideas to jumpstart your small business for the second half of this year.

Have you updated your elevator pitch? When is the last time you sharpened your marketing plan? Do you have monthly sales goals? Are your business finances updated by the 15th of the month? Do you do at least one thing a day to generate sales? If you answered “no” to any of these questions, it’s not too late to start moving in the right direction.

Here are 6 things you could do today to generate a sale in your small business:

1)      Send a thank you note. Personal hand-written notes are so powerful. Send one to a friend, customer or a prospect just to check in and let them know they crossed your mind.  If you can, include an article of interest to them, too.

2)      Ask for a LinkedIn or Yelp recommendation. You need to ask for recommendations religiously. Turn your happy customers into an unpaid sales force for your small business. Be sure to send the link to make it easy for them. The easiest way to get a recommendation is to give one.

3)      Follow-up with a recent contact. I meet people everywhere and I’m sure you do, too. Reach out to a contact that you met at a recent networking event to schedule a face-to-face meeting or appointment. Pick out a place that is mutually convenient and have a quick coffee or lunch meeting.

4)      Change your timeline graphic on your Facebook fan page. People respond to visuals.  Make sure to update people on what’s new with your small business.

5)      Write a new blog post for your business blog. Make sure that your article is helpful to your target audience and is at least 500 words.

6)      Track down your outstanding receivables. On a weekly basis, evaluate your accounts receivable. If any client is behind 30 days in issuing payment, give them a call to find out payment status. While you’re on the phone, inquire about any additional opportunities to do more business.

Let me know how these marketing tactics are working for you in your business.

“Standing Business Partners” courtesy of imagerymajestic / www.freedigitalphotos.net

May is the busiest time of the year for me, and here’s where you can catch me live this week.

Monday May 13th: I’m headed to Austin, TX for the RISE Conference Austin sponsored by Dell. I’m be speaking at the Opening Keynote session Monday evening at 6pm https://www.riseglobal.org/about

Tuesday May 14th: Don’t miss my brand new TV Show, Crowd Rules on CNBC 9pm ET Do you have what it takes to win $50,000? In the all new competition series, Crowd Rules, three small businesses compete for the grand prize each week. To win–they must convince the crowd! Check out an exclusive sneak peek. You can see my episode June 18th.

Wednesday May 15th: Come celebrate #SmallBizChat’s 200th episode! Join me on Twitter Wed 8-9pm ET where we’ll have some surprises and giveaways — so do not miss this.  We’ll be talking about how to build a powerful social media brand. Here’s how to participate in #Smallbizchat http://bit.ly/S797e

Thursday May 16th: Join me in Columbus, OH for the Black Enterprise Entrepreneurs Conference #BEEC. I’ll be leading a boot camp on how to develop and launch a brand for a new small business. It’s not too late to join me, register today.

Friday May 17th: Don’t miss Part II of my three part series in the New York Times You’re the Boss Blog on how to have a great website.  Here’s part one: The Problem Social Media Cannot Solve

I feel so grateful to be your SmallBizLady; it’s my mission to end small business failure – and I work hard at it. I love to meet my fans in person, so if you’re attending any of the conferences where I’m speaking this week, please stop and say, “Hi!”

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7 Ways to Manage Your Life and Business as a Mompreneur

By on May 6, 2013 in Business Inspiration, Featured Post, Mompreneurs, My Recommendations

Ways to Manage Your Life and Business as a Mompreneur3 7 Ways to Manage Your Life and Business as a MompreneurSponsored post

Running a small business is hard work, especially for a “mompreneur.” In many cases, you are doing the three full-time of jobs of wife, mother and business owner all at the same time. Every day you are doing more with less and trying to figure out how to get it all done smarter, cheaper and faster.  But remember, on the airplane the flight attendant always says you must put the oxygen mask on yourself first before helping anyone else. This idea is true in your business and personal life as well. Here are 7 ways to manage your life and business as a mompreneur.

Start each day with meditation or prayer:  I run like the wind with my demanding profession as a small business expert on top of my mom duties.  It’s hard to feel like you are not in a race every day. To keep my one-woman circus under control, I pray each morning.  Yoga is another great way to practice meditation techniques.

Stop the never ending to do lists: To do lists leave me feeling overwhelmed.  Who needs that? Focus on getting five things done before 11 a.m. each day. Start each day with a plan and anything you accomplish after your top five is a gift.

Be present: Your family wants to feel like they matter more than your work. Limit your work hours. Don’t be afraid to hit ignore and turn the cell phone off at a certain time each day. When you pick-up the kids, talk to them – don’t be that parent in the carpool line on the phone.  Don’t be tempted to multitask at work. Focus on phone calls and face-to-face meetings.  People can tell when you’re mentally checked out.

Use one calendar: You have one life so you need one calendar for your family and your business. I suggest using Google Calendar as it syncs to your phone. Put all your family and work appointments in one place and you’ll be far more likely to make everything happen.

Take regular breaks: I use the app Coffeebreak to make sure I walk away from my computer every 90 minutes. Then every three months, I take at least a 48-hour break from everything to be good to myself. Think about the things you used to do when you had more time: fishing, gardening, hiking, golfing, jewelry making, etc. You need rest to focus.  Have you scheduled a summer vacation yet?

Workout at least 3 times a week: You might feel like you don’t have time, but think about working out in a different way. Use working out as a way to spend quality time with yourself. If you need to think about an important decision in your business, walk or run and think.

Get more rest:  I recently read a study that said the body repairs itself between 10 p.m. and 2 a.m. when we are asleep. Do not get swallowed up in your work. You can’t get a lot done with a cluttered mind. Focus on getting more rest! You’ll be a lot more productive if you do.

Do you have any tactics to add to the list?

Join me Thursday May 9th at 8pm ET for a live QA sponsored by @FedExOffice on Twitter on Ways to Manage Your Life and Business as a Mompreneur. Use the hashtag #SMBMoms and sign into www.tweetchat.com to join in the conversation.

Disclosure:  FedEx Office compensated me to write this post and participate as a small business expert during their Tweet Chat program.  The ideas in this blog post are mine and not ideas or advice from FedEx Office.

Mother And Daughter courtesy of Ambro / www.FreeDigitalPhotos.net

About FedEx Office

FedEx Office, an operating company of FedEx Corp., has more than 1,800 stores and locations primarily in the U.S. and Canada, providing convenient access to printing and shipping expertise with reliable service. The company’s network features retail stores, centralized production centers, corporate on-site print centers, and on-site business centers at hotels, convention centers and universities. Services include copying and digital printing, professional finishing, document creation, direct mail, signs and graphics, computer rental, free Wi-Fi and corporate print solutions. In addition, the company offers FedEx Express and FedEx Ground shipping, Hold at FedEx Location, and packing services backed by the FedEx® Packing Pledge. InformationWeek 500 recognized FedEx Office® Print Online and FedEx Office® Print & Go solutions with the 2011 Most Innovative Products award. Products, services and hours vary by location. For more information, please visit www.fedex.com/office.

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 America’s #1 small business expert. 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 to fulfill her mission to end small business failure. She writes a weekly column on social media for The New York Times. 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 the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. Her latest ebook, How To Become a Social Media Ninja; 101 Ways to Dominate Your Competition Online was released in 2012.

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How To Take a Small Business to the Next Level

By on April 25, 2013 in Business Inspiration, Grow Your Business, Q & A Interview, SmallBizChat

SMALL BIZ CHAT LOGO 20121 e1349098840231 How To Take a Small Business to the Next LevelEvery week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with @AlfredEdmondJr.   Alfred Edmond, Jr. is SVP/Editor-at-large of BLACK ENTERPRISE. He is a content leader, brand representative and expert resource for all media platforms under the BLACK ENTERPRISE brand, including the magazine, television shows, web site, social media and live networking events. He also hosts The Urban Business Roundtable on WVON-AM in Chicago and Money Matters, a syndicated radio feature of American Urban Radio Networks.  Read more from him at his blog. 

SmallBizLady:  What are the top three things a business must do to be positioned for growth?

Alfred Edmond, Jr.:  First, assess the operational and financial resources of the current business.  Can you draw from those resources without hurting existing operations? Do you have the human capital/skill sets to support expansion?  If not, can you finance the additional resources necessary for expansion? How?

Second, assess your financial resources. What is current cash flow? How much cash do you have in reserve? Third, assess outside resources. Will your banker support expansion efforts? Your investors? Can you draw from your credit line? Finally, what is your end game? What does a “win” look like? Do flow charts of the operational structure of the expanded business. Who will report to whom? How will labor be divided? How will processes change? What key factors will you track to stay on course, adjust goals or abandon expansion efforts?

SmallBizLady:  When should an entrepreneur consider hiring advisors or coaches? 

Alfred Edmond, Jr.:  Business expansion may justify hiring an advisor, coach or consultant, with expertise and experience specific to expansion target. That expertise should be industry specific, and could include knowledge of new territory or product segment, such as high-end luxury. Other expertise areas: new manufacturing processes/sourcing for product expansion, such as cuff links for a neckwear company. Before hiring an advisor or coach, be clear on timetable, objectives and how performance will be measured. Also be clear on compensation structure. Payments based on previous agreed upon milestones? Flat fee? Hourly rate?

SmallBizLady:  How important is a strong brand in positioning a business to take it to the next level?

Alfred Edmond, Jr.:  If you do not have a strong brand in the eyes of consumers, next-level business growth is next to impossible.  You are building from a base of current customers who you will be counting on to communicate your brand promise to others. Current customers can’t communicate your brand promise if they are not sure of it themselves; sign of a weak brand.

SmallBizLady:  How often should you evaluate your pricing?

Alfred Edmond, Jr.:  On a monthly basis, and sometimes even weekly, you should evaluate your pricing. At minimum, evaluate your pricing against that of the competition, and against your costs per unit of goods/services.  What is the perception of value of your offerings in the eyes of your customer? Can your brand promise command a higher price? Also, explore establishing a premium line of goods/services at a higher price than you charge for your basic offerings. Consider a no-frills line at a lower price than your basic offerings.

SmallBizLady:  What should a business owner do if they want to target an entirely new market for business?

Alfred Edmond, Jr.:  Consider who is already serving that market. What can you offer that is better or different? Consider the costs of entering that market. For example, what will real expenses be to open a new location in a different neighborhood?  Consider the potential of the new market. How much additional revenue will expansion generate? How will expansion impact existing business?  Is this new revenue sustainable? Does it justify the costs of expansion? What is the exit strategy, timetable, if potential is not realized?  Before you go into a new market, have specific goals and a deadline to abort effort if they aren’t met. Have a plan for getting out as well as getting in.

SmallBizLady:  Sometimes people expand prematurely and crash instead. How do you know if your business is ready to grow?  

Alfred Edmond, Jr.:  Is growth being dictated by personal desire or market demand? If the potential growth is being driven by market demand, it may be an opportunity for your business. You may be ready to grow if you are having difficulty handling customer demand with existing resources and personnel. You may be ready to grow if your profits are consistent, but your revenue has remained flat. Growth may be necessary to keep up with expanded offerings/service offered by your competition.

SmallBizLady:  You can’t grow as a solopreneur, how many employees should you have in place to start scaling a business?

Alfred Edmond, Jr.:  The number of employees you bring on should be measured against the additional business likely to be brought in on a monthly basis. To avoid overextending yourself in pursuit of growth, explore flexible alternatives to permanently increasing your overhead.  Hire freelancers, independent consultants, temporary help, subcontracting to others on an as-needed basis, before adding to permanent staff. Also consider: What positions do you need to fill in order to capture new business? Is it sales? Customer service? Marketing? Start hiring there.

SmallBizLady:  How to do you hire good employees?

Alfred Edmond, Jr.:  First, be clear on the skill sets you need and what level compensation they command, depending on experience of the candidate.  If you can’t compete on salary alone, consider other benefits, including health care, flexible hours, sales commissions and other incentives. Screen for aptitude, but hire for attitude. Consider the impact of every potential hire on the culture of your company. Chemistry matters. The most skilled person can’t help your business if they are difficult to work with, are unprofessional or lack personal integrity. Look for people with proven ability for the positions you need to fill, but also willingness to wear multiple hats to get business done.  Look for people with the skill to do the current job, but the potential/skills set to grow with your company.

SmallBizLady:  What adjustments does the owner of the company have to make in the face of expansion, especially as a solopreneur?

Alfred Edmond, Jr.:  CEOs have to give themselves a gut check in the face of expansion. They’ll need to be able to relinquish absolute control to grow the business.

Once you hire the right people, can you trust them to get the job done their way? No one wants to be micromanaged. The more the company grows, the more the CEO must delegate technical, day-to-day operational duties and focus on providing strategic direction. Art of staying engaged enough to keep things on course, but distant enough to stay out of the way of team hired to get things done.

SmallBizLady:  What else must a business owner consider when taking the company to the next stage?

Alfred Edmond, Jr.:  At every stage of the business, the owner must have an exit strategy. This will constantly change as the business evolves.  Is the goal to sell the business at some point? Pass it on to a family member? Go public? How does business growth impact those options?

SmallBizLady:  What is the biggest mistake entrepreneurs make when taking their business to the next level.

Alfred Edmond, Jr.:  Biggest mistake made by entrepreneurs is expanding just for the sake of doing it. Before getting bigger, get better. Ways to get better: 1) Investing in technology to boost productivity, 2) Find new markets, uses for existing products, 3) Investing in more training for existing staff. Also, train each person to do multiple jobs.  Maximize the productivity and efficiency of your current operation before expanding, or you’ll end up with an even bigger, more inefficient business.

If you found this interview helpful, join us on Wednesdays 8-9pm ET follow @SmallBizChat on Twitter. Here’s how to participate in #SmallBizChat: http://bit.ly/S797e

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 America’s #1 small business expert. 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 to fulfill her mission to end small business failure. She writes a weekly column on social media for The New York Times. 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 the bestselling author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works and the ebook: How To Become A Social Media Ninja; 101 Ways to Dominate Your Competition Online.

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