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Is Your Life Plan Working For You?

By Melinda Emerson on September 12, 2011 in How to Start, Starting A Small Business

I am a firm believer that you need a life plan before you ever write a business plan. Your life plan is your big picture vision for your life. Your reasons for starting your business should be to fulfill your life plan. It’s also a step in business planning that is often overlooked.

Why is life planning important?

Many people dream about owning a small business. You may be one of those people who have had a “notion” for years that someday you would be president of a company, successful beyond your wildest dreams. Turning that dream into reality is an evolutionary process. It involves not only having a solid business idea but also knowing the “business of running a business.” You will need to get your arms around stuff like accounting, marketing, and operations, but before you dive into crunching numbers for your business plan, consider this:

Entrepreneurs who don’t get clear about what they want from life run the risk of starting a business that might not be a good business for them.

A life plan is your personal strategic plan for your life goals. Before you develop a business plan, you must first have a life goal. Everyone should take the time to evaluate how they live. Then, develop a plan to achieve how they really want to live. Other elements include things like “Where are you a rockstar?” “What makes you laugh?” “What do you love to do?” “What do you dislike doing?” And “What do you need to learn?” With the answers to these questions you will be clear about what your passions are and how you really need your life to work in order to be successful as an entrepreneur.

Do not make the mistake of assuming what the entrepreneurial lifestyle will be like. Not everyone is cut out to be a small business owner. You will go from doing up to 3 jobs at once in corporate America to doing 10-14 jobs overnight for your own business. And guess what? Every job is important. The best way to stay motivated in your business is to know you are working towards your personal life goal.

To really get a good picture of your life plan as an entrepreneur, answer the following questions:

What kind of lifestyle do you want to have as an entrepreneur?
How big do you want your business to get in terms of profits and staff?
Will you have employees?
How many hours a week will you work?
Do you need to meet the school bus every day or take off every Friday?
Are you willing to work seven days a week? If so, how long can you keep that up?
Will you need a partner and could you handle working with one?
How will you fund your household while you start your business?

If you still need help with developing a life plan try my life planning journal. It’s a dynamic 74 page downloadable PDF which will allow you to enter your information right in the document and then print it for your records.

You may have a great business idea, but you must determine if it’s a good business for you and your family. Do not trade a soul-sapping job for a business that feels like a rope around your neck. With a life plan you will have a goal, then you can develop a business that will align with your personal goals and professional success.

Do you have a life plan for yourself? Tell me, is your Life Plan working for you?

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.

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Building A Team For Your Small Business

By Melinda Emerson on August 31, 2011 in Become Your Own Boss Tips, Grow Your Business

When you get to the point where you can no longer survive as an “army of one”, that means it is time to bring reinforcements…employees. Hiring and working with employees will be an adjustment, but it’s one you will thank yourself for later, particularly if you choose well.

One of the first skills you must learn is to delegate. Figure out what tasks you can afford to have someone else take care of for you. Think of it as your time is more valuable than doing basic follow-up and mailings anymore. As a small business, resources are always tight, so it’s important to get the most out of them. The same is true of your employees. If you do not utilize your employee’s full potential, you are wasting money. Pay as high a wage as you can and communicate with them upfront about your long-term goals. Nothing is worse then hiring an employee who leaves two months later, because they really didn’t see themselves in the long-term with your company.

What Kind Of Employee Do You Want? The obvious answer is the hardest working, most conscientious individual you can find at the lowest possible cost who is willing to work when you need them. But first, you need to really understand the staffing needs of your business. Whether it be sales coverage for the hours you have the doors open, a delivery person, a helper, technical support staff, or someone to answer phones, having a clear idea of how many hours you need them, the skills required, and the duration of the position, are keys to making the right hiring decision.

The job description - One of the first things you must do, once you have considered what kind of help you need is to write a detailed job description. Writing a good job description is key to helping an employee do their job effectively. It will also clearly communicate your expectations of job performance. As an additional benefit you can also use this document as basis for their annual job review. Here are some tips in creating a solid job description:

Create an exhaustive list of job tasks, then prioritize them. Try not to be overwhelming, just accurate.
Divide the list into three categories: critical tasks, routine tasks, occasional tasks.
Keep your job description to a page. (You do not want to scare away the person you are trying to hire.)

There are different types of employee that might meet your requirements:

Full-Time – A full time employee generally works 40 hours a week and is paid overtime for hours worked over 40. While you do have requirements for paying Social Security, disability, federal and state taxes, you have options on whether you provide health, vacation, or retirement benefits. If the skill set you require of an employee is scarce, be prepared to offer competitive salary and benefit packages to attract the best talent.

Part-time – A part-time employee generally works from 15–30 hours per week and can be a solid asset in covering hours, like nights and weekends, when your business might need to provide customer service support in off hours. Part-time help can provide great flexibility in meeting increased sales activity or in addressing a surge in call volumes.

Temporary – A temporary worker or agency hire can generally be on the job within a few hours and quickly help you meet an increase in business needs. The time and expense of recruiting, screening, interviewing, and checking on prospective employees are eliminated and unsatisfactory candidates can be easily replaced with a phone call to the temporary agency.

Contractors – This type of worker, also known as freelancers or 1099 employees, can be very valuable in meeting your business needs, especially short-term, complex tasks, without adding to payroll. They work for a straight hourly rate and are responsible for their own payroll taxes. If you pay a contractor over $600.00 you are require to send a 1099 tax form to them and the IRS to report their income. You define the scope and timing of the project that you want done, negotiate the price and specify the benchmarks.

Interns – College students working toward their degrees are often encouraged or required to participate in internship and coop programs that relate to their field of study. This can be a low- or no- cost source of labor for your company. In return for their labor, you give them college credits and experience in your business. Ideally, you can assign them projects that will test their skills, teach them new skills and bring value to your business.

Now that you have some ideas of what kinds of workers are available, please go and get some help for your small business. For more advice on this topic, check out my book, Become Your Own Boss in 12 Months.

Let me know about your first hiring experience.

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 web analytics goals makes your online business better

By Melinda Emerson on August 23, 2011 in Branding & Marketing, Grow Your Business, Guest Articles, Technology

So you may already imagine what a goal is, but if you’re still wondering how exactly does goal setting in web analytics help your business, you’re in for a treat – this post will show some basics and answer that question to make your site a working asset for your business.

How web analytics goals help my business

First of all, a goal is a web analytics setting that counts each completion of a specific visitor task on your website. Goals become helpful to your business by selecting tasks that link your site purpose relative to your business. So each task counted can indicate how well your website is contributing to your business. This is not a light consideration — according to Experian in its 2011 Digital Marketer: Benchmark and Trend report most customer research a business online before arriving to the store. Moreover the number of customers who are using mobile devices to discover businesses are increasing, so it is essential to understand the impression your site has on visitors when they arrive.

To start, you will need to determine what tasks are desired. Desired actions to complete tasks are called conversions in web analytics lingo. A conversion can be a purchase, a sign up, or any task that you can represent in HTML or Javascript code. The number of visitors who undertake the action to the number of site visitors is the conversion rate, so this is the metric you will use to consider. Benchmarks for a conversion rate vary from industry to industry, but most rates are usually a low percentage (see this post from Clickz, an online marketing site, for an example ).

There are typically a few goal settings in an analytics solution. Google Analytics, for example, contains the following settings:

Pages

Average Time On Site (ATOS)

Pages/visit

Event goals (This is a new feature introduced in Google Analytics version 5, as well as having been a feature in Piwik, another free web analytics solution)

You can set the value of a goal accordingly by time (Time On Site), by viewing a certain page, by pages viewed in a visit, by an action (event) such as a page download or video played.

For the Pages goal setting, the goal is typically defined by a dollar amount to show that the page has value to the business or organization. For example if a visitor reaches the contact page and fills it out, then that contact page has a value. But the value of a goal is not a sale. Instead the value is based on the number of times needs to get that sale. So if it takes 3 visits before a customer becomes a sale, the goal vale is 1/3 (1 out of 3 ) times $100 or $33.

This value sounds a bit academic, but just remember that the value is the effort to gain the sale. This type of value helps to compare which pages on a site are contributing to a conversion.

Learn how your visitors navigate

Goals also lets you identify the website navigation you expect from visitors. To do so, you set a home page as the first page of a funnel, a services page as a second and so forth, and then set the goal as the last action. Your selection is included in a funnel, another report that visually shows which pages receives visitors, and which one loses visitors prior to reaching the goal page. The funnel lets you focus on the pages that are losing visitor interest prior to your goal page. You can decide if content changes are needed, or to insert a questionnaire that ask why the visitor wants to leave your site.

Keep in mind, some other settings in your analytics solution must be in place. Filter out traffic from other employees or marketing team with the IP filter is essential for data integrity. Also, evaluate your site structure and make sure pages are named, not just with miscellaneous characters — otherwise the page names will be unrecognizable in a goals report, and you will have poor data for understanding your traffic properly.

Goals can strengthen your business by revealing where to focus on your website – be it adjusting the marketing or even adjust the code itself. Web analytic goals will effectively organize your business and help let you make the most of your online measurement to the benefit of your customers.

Pierre Debois is the founder of Zimana (www.zimana.com), a consultancy providing strategic analysis to small and midsize businesses that rely on Web analytics data. He diagnoses website and provides social media analytics data, web development and search engine optimization services.

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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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How to Make Your Business Look Credible and Trustworthy Online

By Tai Goodwin on July 28, 2011 in Q & A Interview, Q & A Interviews, SmallBizChat

Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from our #SmallBizChat interview with Raj Malik @rajmalikdc. Raj Malik is CEO & Co-Founder of KikScore (@KikScore), a service that enables small businesses to demonstrate trust by displaying verified, interactive and dynamic trust-related data about their business on their website. Raj and the great team at KikScore are passionate about small business success and helping small businesses. Raj is a blogger, past speaker at SXSW and champion of all things Cleveland even though he lives in Washington DC. http://www.kikscore.com/.

*Note: This week’s interview was led by #Smallbizchat co-host Tai Goodwin.*

Tai Goodwin: Why is demonstrating trust important for small businesses doing business online?

Raj Malik: The stats are overwhelming: consumers still have significant concerns shopping and doing business online. For example, a recent study found that 7 out of every 10 shopping carts are abandoned! 63% of shoppers will not complete a purchase online because of security and trust concerns. Still not convinced? A few years back, a study found that consumers fear of online shopping and trust concerns have cost online businesses $21 billion dollars. If you are not showing that you are a trustworthy and reliable business, you are going to lose sales.

Tai Goodwin: Is trust a one time item or is it ongoing and dynamic factor that always is part of your business?

Raj Malik: Trust is a dynamic and ever changing factor in the mind of consumers. That is especially the case online. A website that may look very updated, clean and professional today may look old, tired and suspicious in a few months especially with the way website content and website’s look and feel continually change. That is why businesses should always be thinking about their website from a consumer’s point of view and how they may view not only their homepage, but the key areas of a website where consumers are making purchasing decisions. For online sellers, the shopping cart area has to continually be reviewed to ensure consumers do not have a reason to be concerned about the trustworthiness of a site when it comes to making a purchase.

A good example of the dynamic nature of trust is the rise of social media icons on websites. 12-18 months ago very few websites had social media icons. Now many small business websites have links to their Twitter, Facebook or LinkedIn pages and even Twitter streams. The addition of these icons and streams makes a website more personal and therefore increases the chances that a consumer thinks that website is trustworthy.

A website with fresh and recent content such as blog posts, tweets, and customer feedback also helps build credibility with shoppers.

Tai Goodwin: What key factors do consumers use to make a purchasing decision when buying online?

Raj Malik: Almost everyone will say price, maybe location, whether a product is in stock, free delivery is another important factor. But there is one trump card over all of this. That is trust. If your website does not look like a legitimate, trustworthy and reliable website, then its game over. The consumer will move on quickly and may never come back. That is a lost sale…..forever!

Tai Goodwin: How much do those factors differ for B2B sales?

Raj Malik: Many of these same factors are important for B2B sales, but probably more so than anything else. Trust again is a trump card. If a consumer that is making a one time sale is not going to buy due to a trust issue, a B2B sale where someone’s job is on the line just will not happen if the business purchaser thinks the online business may not have a reputation of reliability and trustworthiness. For B2B and especially online small businesses that are service providers like consultants, testimonials, case studies, summary of results (i.e. I consulted with my technology client KikScore and increased their sales 27% in 6 months) and white papers are very helpful to build credibility. The more of these items the better.

Tai Goodwin: What information should be provided on every website to help indicate trustworthiness for a business? Continue Reading →

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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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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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Ask @SmallBizLady: How do I follow-up after a business conference?

By Melinda Emerson on June 17, 2011 in Ask Smallbizlady, Become Your Own Boss Tips, Branding & Marketing, Featured Post, Grow Your Business, Social Media, Technology

Every Friday, I answer your small business questions in a video blog segment called Ask Small Biz Lady. This week, I took a question live from the New York Times Small Business Summit.

Here’s the question: How do I make a plan to follow-up after a business conference? Here’s the answer: http://www.youtube.com/watch?v=Z3rKLFEkF_I

Immediately reach out to all of your new connections on LinkedIn.

Separate your new contact into piles email follow-up vs. hand-written note.
Wait 5-10 business days to follow-up your initial contact with a personal phone call. I really enjoyed attending this year’s conference.

Here’s some key takeaways: It’s all about being ready to do commerce via mobile devices. All websites need to be mobile ready and google is coming out with some innovate tools to help…stay tuned.

LivingSocial.com CEO Tim O’Shaughnessy, enlightened the audience by explaining how important it is to have a local sales presence for an online business. He also made the audience aware of all the other services his company can provide for small businesses beyond daily deals, which I am intrigued to learn about that more fully.

Susan Sobbott, President of American Express Open, shared sobering statistics on social media use among small businesses. 35% are using Facebook, 14% are using LinkedIn and 10% are on Twitter regularly.

If you have a question for Melinda Emerson, Small Biz Lady, leave a comment on this blog using the contact us page or send me a note on Twitter @smallbizlady, on Facebook at www.facebook.com/smallbizlady or you can hit me up on www.linkedin.com/in/melindaemerson I’m always here as a resource.

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How to Make the Most of Social Media Marketing

By sss4success on June 14, 2011 in Become Your Own Boss Tips, Branding & Marketing, Customer Service, Grow Your Business, Social Media

Image taken from Google Images

Leveraging the power of social media to market your brand in the Web 2.0 world is imperative to remaining viable as a business owner. Having social media profiles on Facebook, Twitter, and LinkedIn aren’t enough to take advantage of the marketing opportunities that new media environment has created. You need to adopt a comprehensive strategy to deliver the results that you want.

Here are five (5) key strategies to insure that you make the most out of your social media marketing efforts:

Have a Plan and Set Objectives: As an entrepreneur, the temptation might be to just jump in and start using various social media platforms to promote your brand and products, but before doing so, you need a clear understanding of how you’re using social media to augment your core marketing efforts to generate leads and convert them to sales. Social media alone can’t be the “be-all, end-all” of your company’s plan, so having a Social Media Marketing Plan that specifically shows how social media outlets will be used to promote your brand is key.

Know Your Niche: In a world where Facebook has over 500 million registered users and Twitter sees 155,000,000 tweets a day from any of its 200,000,000+ tweeters, your message can be easily lost in the “noise” being created in the social media space. Targeting your market and knowing the best places to reach key members of your audience is the best way to insure better returns for your efforts.

Encourage Conversation and Dialogue: If you run a blog, enable your comments and allow visitors to contribute their opinion and provide a sense of community around the content you’re providing. If you visit other blogs regularly, leave useful comments (i.e. relevant to the topic at hand and not just a standard “Great Post!”) and provide your contact/blog information within your comments profile (if possible). Encouraging conversation and dialogue among the people who already find your content compelling is a great way to learn what makes them tick and ensure that you can keep providing what they need to keep them coming back to you.

Be Easy to Contact: It may seem like a “no-brainer”, but you’d be amazed at how many websites, blogs, and Facebook pages provide absolutely no way to get in touch with the people behind them. If your goal is to facilitate a relationship with your customers using social media, you have to be available to them. This can be done by providing easy ways for your customers and future customers to get in touch with you by providing online forms on your websites and blogs, giving email addresses and phone numbers (if you check them regularly and intend to respond), and even providing your Skype ID (if you use the service). Making it easy for people to contact you will provide one more way that you can hear what your audience wants.

Monitor Your Progress: Any Social Media Marketing effort is dead in the water without assessment. Be sure to manage and tweak Social Media Marketing Plan to determine if you’re meeting the long and short-term objectives you’ve set for your company.

What other strategies have you used to maximize the return on investment

of your social media marketing efforts?

Kindra C. Cotton is a Serial Entrepreneur, Technology & Social Media Specialist who runs a small business consulting practice specializing in brand marketing, market research, and strategic information consultancy. Her flagship brand “SSS for Success (Small Business Survival Specialists)” specializes in preparing small and medium-sized organizations to take advantage of the free and low-cost marketing avenues that exist online.

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9 Reasons Why Boomer Businesses Fail

By Melinda Emerson on June 13, 2011 in Ask Smallbizlady, Business Inspiration, Customer Service, Featured Post, Grow Your Business, How to Start, My Recommendations, Starting A Small Business

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.

Comments { 4 }

9 Reasons Why Boomer Businesses Fail

By Melinda Emerson on June 13, 2011 in Ask Smallbizlady, Business Inspiration, Customer Service, Featured Post, Grow Your Business, How to Start, My Recommendations, Starting A Small Business

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.

Comments { 3 }

Ask @SmallBizLady: How can I get my kids to “buy in” to my business?

By Melinda Emerson on June 10, 2011 in Ask Smallbizlady, Business Inspiration, Mompreneurs, Your Small Business

Here’s the answer:

Every Friday, I answer your small business questions in a video blog segment called Ask Small Biz Lady.

This week, we are taking on the question: How can I get my kids to “buy in” to my business?

If you want to get your family to support your business follow these steps:

Communicate with them and teach them what you do.
Don’t be afraid to put even the little ones to work; Get them a job in the business
Share your ideas and ask for their feedback
Everyone loves to be asked for advice, so you can’t go wrong there.