Each week as Smallbizlady, I conduct interviews with small business experts on my weekly Twitter talk show #SmallBizChat. This is excerpted from my #SmallBizChat interview with Anita Campbell @smallbiztends. Anita is the founder and Editor-in-Chief of Small Business Trends, an award-winning online small business blog. As Publisher of several online media properties and syndicated content, Anita reaches over 1,000,000 small business owners and entrepreneurs annually.
I asked Anita to share with us her thoughts on the current and future status of America’s Small Businesses. This is National Small Business Week 2011 and I thought it was important to look at the future of small business so that people could be more prepared for small business success.
Smallbizlady: How social media has changed the small business economy in the last 18-24 months?
Anita Campbell: Hard to say what impact social media has had on the economy. Social media has profoundly changed the way small businesses market. More open. Friendlier. More playful, spontaneous and creative. That’s good for customer intimacy and building customer loyalty.
Smallbizlady: What are the top challenges for small business right now?
Anita Campbell: Much is the same as always: finding money for cash flow, finding and keeping good customers, finding staff and resources to conduct business and grow. Those never change.
Businesses operate in more complex environments today, however. We are required to master more disciplines, and develop internal competencies in more areas than ever. This puts pressure on small organizations that are already stretched thin. Take a function like marketing — today it’s not just about doing some direct mail pieces, a yellow pages display, and some ads in the local newspaper. Now you may have to participate in direct mail, social media, email marketing, have a website and blog, engage in SEO, conduct paid search advertising campaigns, manage local listings — and more. And many of these newer forms of marketing involve a heavy tech component, so you and your staff have to be part marketer, part geek. And once you learn it, the shelf life of that knowledge today is shorter than ever. You have to work to stay up to date because the tools and sites change constantly.
Smallbizlady: Is the Small Business Administration (SBA) and the work they do still relevant?
Anita Campbell: Yes, the SBA certainly is relevant. They keep emphasis on small business lending, and operate as a sort of lender of last resort. They assist small businesses in getting Federal contracts. Most important, they are a symbolic representative of small businesses. By having a visible role in government, it says “small businesses matter.”
Smallbizlady: Do you think every small business should be using social media?
Anita Campbell: I would not go quite that far. Some industrial businesses may not need social media at all (say, oil drilling or coal mining). Others could get value only by limited social media usage (example: B2B firms using LinkedIn or a blog, and nothing else). Those in some regulated industries (such as financial advisors) may be severely restricted in use of social media.
That said, I think the majority can benefit from social media. The trick is to find out which social sites support your business goals the best. Going narrow and deep with a few social media sites is better than a shotgun approach.
Smallbizlady: If a business owner is just getting started with social media what are some first steps to take?
Anita Campbell: If you’re B2C, set up a Facebook Page. Encourage your customers to join you there, by including icons on your website, in email newsletter, in email signatures, on letterhead, etc.
If you’re B2B, set up a Twitter account. If you’re not sure what to tweet, pick a few sites that you like and that you think your customers might like. Start tweeting links from their sites. Listen and observe a lot, until you get the hang of it.
Smallbizlady: One of the trends that I see is that some start-up businesses are using social media as their only strategy. Is that wise?
Anita Campbell: No. They should first set up a website or blog-site (combined blog/website). You need an online home base that you own. Reason? Twitter or Facebook may change next month, and become less valuable to you. Now you have to start over, because it’s not your site. Always use social media to amplify and extend a presence you have elsewhere.
Smallbizlady: Your blog Smallbiztrends.com is one of the most well-respected small business blogs on the internet today. What does it take to build a national daily blog?
Anita Campbell: Time. That means both elapsed time (because it takes time to grow a brand) and hours of time (because anything worthwhile takes effort). No such thing as an overnight success.
Money. Plow all your profits back into the business, to grow it.
Learning. In the 8 years I’ve been at this, things have changed dramatically. The search landscape is different. There’s more competition from other sites, including big funded companies. Social media is ever shifting — social has become a major source of traffic. But it changes all the time. Example: if you’re still using the same social sharing buttons on your site as 2 years ago, I guarantee you’re missing out.
Multiple revenue streams. Do offline events. Publish books and reports. Consult. Have 2 to 3 revenue streams.
Smallbizlady: Blogging has become something that everyone is doing. How can small business owners stay above the noise in social media and keep attracting their target customers?
Anita Campbell: Niche-ify. Become known for a niche
Go against the grain. If prevailing wisdom says do “10 tips” posts, do long in-depth pieces. Or short one-a-day tips.
Use someone else’s platform (guest post)
Smallbizlady: What are some ways for small business owners to leverage themselves so that do not feel like a hamster on a wheel in their business?
Anita Campbell: Outsource whatever tasks you hate to do, as soon as you can afford it. You’ll feel more energized if you do the tasks that give you joy. Get a good time management system — such as Getting Things Done. Use software to help.
Smallbizlady: What are three things you think entrepreneurs should do every day?
Anita Campbell: a) Spend time online and offline with other business owners. You’ll learn things. You won’t feel so alone.
b) Be glass half full. Engage in positive self-talk — and positive talk in general. You will begin to feel more optimistic, like you can kick the world’s butt.
c) Pay attention to your numbers: accounting P&L and any key indicators of business progress
Smallbizlady: Other than smallbiztrends.com, what’s your must-read resource for small business owners?
Anita Campbell: Wall Street Journal
Smallbizlady: Complete these sentence: If standing on a rooftop facing crowds of aspiring or struggling small business owners, I would shout:
Anita Campbell: I’m going to make my business a success, no matter what!
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, SmallBizLady, is one of America’s leading small business experts. She is an author, speaker and small business coach whose areas of expertise include small business start-up, business development and social media marketing. As CEO of MFE Consulting LLC, Melinda develops audio, video and written content to fulfill her mission to End Small Business Failure. She publishes a resource blog, www.succeedasyourownboss.com and hosts a weekly talk show on Twitter called #Smallbizchat for emerging entrepreneurs. Forbes Magazine named Melinda Emerson one of the Top 20 Women for Entrepreneurs to follow on Twitter. Melinda has been featured in the New York Times, Wall Street Journal, The Washington Post, Fortune and Black Enterprise. She’s the author of the bestselling book “Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works.” She writes a column for www.secondact.com, and is an instructor for the Black Enterprise Small Business University.
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