Every 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 Brian Moran @BrianMoran is dedicated to helping small business owners and entrepreneurs run better businesses. As CEO of Brian Moran & Associates, he leverages his 20+ years of experience in publishing magazines for business owners to assist entrepreneurs with everything from social media to accessing growth capital to expanding into the global marketplace. For more information http://smallbusinessedge.com
SmallBizLady: What was it that made you take the leap and strike out to launch your own business?
Brian Moran: This is actually my second business. I owned a publishing company for almost 10 years in between other stints in corporate America. I was born to be an entrepreneur, but it still takes careful planning (and yes, guts!) to strike out and set up your own shop. I put my plan together before I left my job so that I could hit the ground running. In the end, I wanted to be in control of my own destiny.
SmallBizLady: What would you say is your biggest struggle as a small business owner?
Brian Moran: I never think of anything I do as a struggle. That said, I do have quite a few “challenges!” For me, one of the biggest challenges is delegation. I need to do a better job of giving up control of some of the work. A second challenge for me is saying “YES” too much. I need to guard my time and project list better to ensure that every project can get the time and devotion it deserves. And lastly, a tip I would encourage all small business owners to consider, I need to remember to take scheduled breaks during the day – take a good walk to clear my head and get some fresh air. It’s amazing what a few minutes of decompressing can do.
SmallBizLady: So how can SMBs find the time to work on their businesses when they’re pulled in so many directions?
Brian Moran: I’ve got a great quote for them: If you can’t find the time to do something right, when will you find time to do it over? The best way to tackle this issue is to address the “root source” of the pulling. Is it one client, person, or project? Or is it a combination of many elements? If you can identify the source of the issue, you can nip it in the bud, and quickly. Business owners also need to have a plan, and work the plan. At some point during the day, you’ll get a call from a vendor, customer or one of your employees that could throw off your entire day. Don’t allow distractions to alter your course. Stay focused on what needs to get done.
SmallBizLady: What advice do you have for small businesses trying to find access to capital?
Brian Moran: Accessing capital is a critical consideration for almost every small business and can definitely be a challenge. This year’s “DNA of an Entrepreneur” study from Hiscox (the eDNA) showed that three out of four (74%) SBOs felt that finding funding for a new business wasn’t easy. Rather than going right for your own wallet, small business owners should find the time to educate themselves on alternative forms of financing like vendors, customers and peer-to-peer options. Crowdfunding, for example, offers a unique way for businesses to raise investment capital, but most small business owners have never considered it.
SmallBizLady: What types of businesses should consider crowdfunding? What’s the first step to get started?
Brian Moran: Before Part II of the JOBS act went into effect on September 23, 2013, most crowdfunding was in the form of donations for prizes or gifts, but not for ownership benefits. Now, accredited investors can invest in return for ownership which is an important new element to consider. Business owners need to decide if they want to give up equity in return for capital to grow their company. Crowdfunding can be used for businesses in many industries, but it really comes down to what your goals as a business owner are.
SmallBizLady: What is the most important strategy businesses should employ in their marketing campaigns?
Brian Moran: Your marketing strategy is like a GPS system in the sense that it should help guide you to your goals or objectives. In all likelihood, other companies are already providing similar products and services to your customers, so your marketing must make you stand out from the crowd. The best campaigns will have a message that connects with your target audience and encourages them to take action to reinforce the relationship.
SmallBizLady: Is there a right or wrong way to use social media in your business?
Brian Moran: For most small businesses, ignoring social media really isn’t an option because they risk being left out of the new way people are conducting business. The only thing possibly worse than not engaging in social media, is doing it haphazardly or inconsistently. Think of social media like going to college. You can’t take 128 credits in one semester and you won’t learn social media in 30 days. The best approach includes taking a long-term view. Take the time to do it right.
SmallBizLady: There are a lot of obvious benefits to using social media, but what are the risks?
Brian Moran: Social media has its advantages, but just one inappropriate tweet or post has the potential to cost your business plenty! Ineffective or poor social media control can not only damage your brand or reputation, but could even put you out of business. Business owners should have a plan and protection in place against hackers and cyber crime. According to this year’s eDNA, 30% of small business owners in the US view cyber crime and hacking as a major risk to their business, but do not have insurance to protect against it.
SmallBizLady: How should small business owners deal with remote employees?
Brian Moran: The flexibility to work remotely can mean increased productivity, loyalty and, perhaps most importantly, happy employees. But whenever employees are working remotely – whether it’s a permanent arrangement or just vacation – businesses are opening themselves up to a different cache of risks. It is important to consider the technology impacts and issues of this working arrangement. One significant concern is making sure that data and confidential client information is kept safe. My advice is to not jump with both feet in to having remote employees. Dip your toe in first and test the water to make sure that this style works for you, your employees and the company.
SmallBizLady: How should you prepare your business for a disaster?
Brian Moran: Many small businesses do not have a formal disaster plan in place, which is a big mistake. If you don’t have a plan, make one TODAY! Should disaster strike, many companies without proper planning will go out of business. You plan doesn’t need to be very detailed, but it should cover what is essential to keeping your business running. It’s also not just your business or staff that you need to worry about. You can also be impacted when vendor or subcontractors are out for extended periods. It is important to make sure that the companies you rely on keep you aware of staffing and/or expected delivery delays so you can plan ahead. Visit www.ready.gov for more info.
SmallBizLady: What kinds of processes should you have in place to deal with new employees?
Brian Moran: Make sure that you have a proper on-boarding process in place and set expectation on their first day of the job. It also helps to have a co-worker that is a top performer, and possibly a future manager, help keep an eye on their work and guide them along. For new staff and veterans alike, providing professional development and training opportunities will not only offer a forum to learn or improve upon key skills, but will also serve as a great retention tool. In this year’s eDNA study, we saw that the majority (55%) of small businesses did not dedicate any days to professional development or training, but this is an area that cannot be overlooked.
SmallBizLady: Do you have any advice for how to get through the hardest days in your small business?
Brian Moran: First and foremost, you have to love what you’re doing or don’t bother doing it. Passion is nearly impossible to fake. Secondly, have a business plan that shows you where you want to go – your strategic goal – and how you plan to get there – your operational plan. Then, get the right team in place with enough resources to make it happen. Also, take advantage of the experts in your network, get your hands on books or read the news relevant to your business and the small business world. And last but not least, understand that not everything will go according to plan. There will be dark days. Take it from Winston Churchill, “If you’re going through Hell…keep going!”
If you found this interview helpful, join us on Wednesdays 8-9 pm 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.
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