Small Business Owners: 7 Tips for YOU

No matter type of business you operate you've got to know how to
keep your business alive during economic recessions. Anytime the
cash flow in a business, large or small, starts to tighten up, the
money management of that business has to be run as a "tight ship."

(1) Pause Before Paying

Some of the things you can and should do include protecting
yourself from impulse expenditures. We've all bought merchandise or
services we really didn't need simply because we were in the mood,
then we sort of "wake up" a couple of days later and find that
we've committed hundreds of dollars of business funds for an item
or service that's not essential to the success of our own business,
when really pressing items had been waiting for those dollars.

(2) Using Professionals

While you may think you cannot afford it, be sure that you don't
"short-change" your self on professional services. This would apply
especially during a time of emergency. Anytime you commit yourself
and move ahead without completely investigating all the angles, and
preparing yourself for all the contingencies that may arise, you're
skating on thin ice. Regardless of the costs involved, it always
pays off in the long run to seek out the advice of experienced
professionals before embarking on a plan that could ruin you.

(3) Your Financials

Your company's books should reflect your way of thinking, and
whoever maintains them should generate information according to
your policies. Thus, you should hire an outside accountant or
accounting firm to figure your return on your investment, as well
as the turnover on your accounts receivable and inventory. Such an
audit or survey should focus in depth on any or every item within
your financial statement that merits special attention. In this
way, you'll probably uncover any potential financial problems
before they become readily apparent, and certainly before they
could get out of hand.

(4) Advisory Boards

Many smaller companies set up advisory boards of outside
professional people. These are sometimes known as Power Circles and
once in place, the business always benefits, especially in times of
short operating capital. Such an advisory board or power circle
should include a lawyer, a certified public accountant, civic club
leaders, owners or managers of businesses similar to yours, and
retired executives. Setting up such an advisory board of directors
is really quite easy, because most people you ask will be honoured
to serve.

Once your board is set up, you should meet about once a month and
present material for review. Each meeting should be a discussion of
your business problems and an input from your advisors relative to
possible solutions. These members of your board of advisors should
offer you advice as well as alternatives, and provide you with
objectivity. No formal decisions need to be made either at your
board meeting, or as a result of them, but you should be able to
gain a great deal from the suggestions you hear.

(5) Joining Associations

By all means, join your industry's local and national trade
associations. Most of these organizations have a wealth of
information available on everything from details on your
competitors to average industry sales figures, new products,
services, and trends. If you are given a membership certificate or
wall plaque, you should display these conspicuously on you office
wall. Customers like to see such "seals of approval" and feel
additional confidence in your business when they see them.

(6) Free Advice

Whenever you can, and as often as you need it, take advantage of
whatever free business counseling is available. Your local chamber
of commerce or small business advisory will likely have numerous
free publications. Most local universities, and many private
organizations hold seminars at minimal cost, and often without
charge. Take advantage of the service s offered by your bank and
local library.

(7) Direction Is Everything

The important thing about running a small business is to know the
direction in which you're heading; to know on a day-to-day basis
your progress in that very direction; to be aware of what your
competitors are doing and to practice good money management at all
times. All this will prepare you to recognize potential problems
before they arise.

In order to survive with a small business, regardless of the
economic climate, it is essential to surround yourself with smart
people, and practice sound business management at all times.

Important Online Trends for 2010

If you've been paying attention to the various breaking trends for 2010 you'd have noted most of the "new trends" are not new at all! In fact, if you've been reading my blog, emails and other materials for the last year or so you'll be wondering what all the fuss is about - perhaps I should explain.

Here are the various trends that have 'just caught on' for 2010:

* Social Media: Twitter, Facebook, LinkedIn etc. Naysayers have been bashing this for ages. EVen "colleagues" made fun of me and my wish to spread the news in various public forums. The best part now is the strongest opponents have finally converted to SM! Ironic really, they wasted so much time 'bad mouthing' SM and it basic human nature. We're all social - this is just the next evolution. Get with the program or get left behind.

* Local Search - Local content to feed the new 'Google' spiders, global is not relevant when searching local. The implications are profound. What happens if you're an international business? What happens if you need a presence in many countries - are you looking at multiple websites ... *tip* You should be.

* Mobile Internet - Got a smart mobile phone? Then you need to know about this. New frontiers ... it's all I'm going to say at the moment *wink*

* Blogging - it's baaaack. Never went away, and now it's do or die. But how to blog, what to say? Remember good writers make writing look easy - and lets not forget writing is the end result or output of thinking (strategy). Think of writing as the tip of the iceberg - what lies beneath is larger and more imposing than you might imagine Don't let it sink you too.

* Email marketing - Not dead, very much alive and still #1 (even SM uses Email to power the framework.) Are you doing it right? Most businesses are not. If you're sending more than a handful of emails from your computer then you run the very real risk of getting slammed for various email "infractions." Use a reputable 3rd party email delivery service for your email marketing like Aweber or Infusionsoft.

* Automation - "Manual" is no fun (never was) and now automation is the key to autopilot profits. Machines make life easier, let's not forget computers are machines and built for the simple purpose of making us 'redundant' so we can do the things we love to do. Most people don't use computers/machines properly and simply make more work for themselves! There is a process, I've been helping companies define and apply it for over 20 years.

* Reputation Management - Online is forever... think immortal. Do you command and control your presence? Are your main profiles set up, locked down and so on. Don't wait until the proverbial horse has bolted. You'll look silly and sloppy and anything you say will be too late, and discounted anyway. Pre-emptive management is only the way to go.

CMA Report Uncovers Disturbing Email Trends

A report from the Canadian Marketing Association uncovered some
very disturbing data regarding peoples opinions and thoughts about
email marketing.

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Did you know:
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1. 97% of people say email that tricks them into opening it is
spam...

2. 93% of people say email from unknown senders is spam...

3. 93% say email with offensive subject matter is spam...

4. 58% say spam includes permitted email that is now arriving too
often!

5. 57% say spam includes permitted email that they now no longer
wish to receive!

6. 38% say anything that tries to sell them something is spam,
regardless who sent it.

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So, what can we learn from this?
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* #1 teaches us NOT to use 'bait and switch' tactics.

* #2 is pretty obvious - build a relationship BEFORE you pitch
someone.

* #3 Says use good taste - I know, subjective, but hey... you have
been warned.

* #4 and #5 deserve special attention. #4 suggests people who are
happy getting your email have a 'frequency' threshold. Send too
much and people respond negatively - again, highly subjective and
depends greatly on the list, the timing, the offer and other social
issues of the time.

* #5 is similar to #4 in that this is a not a question of sending
email to an unwanted recipient, this is now a function of the
recipient changing their mind and not telling you! You end up being
tagged a spammer because they changed their mind - not fair, but
nothing every is... except maybe the Lottery ;)

* And finally, #6 - nearly 4 out of 10 people don't like the idea
of you trying to sell them something - period. Until of course... the
moment they want it. But hey, who said business was easy?

Email may still be the 'killer app' when it comes to on-line
marketing, but these are some very important issues to consider and
I hope you heed the advice above.

How to Use Facebook Correctly to Build Your Business

by Aaron Rashkin

With the sudden rise in Social Media in the past 12 months, Facebook has become one of the most visited websites online.

it’s now been reported that Facebook gets more visitors every day than even Yahoo.

So with all these people to be-friend on Facebook, the question is, “how do you use Facebook to build your Home Based Business?”

The answer is quite simple.

You make friends first.

Then, you attract followers by providing them good value in the form of thought provoking questions, comments, quotes and dialogue.

You’ll know who your followers are because they will read your status updates and comment on them or let you know that they like what you have to say.

Then, those followers will become a fan of yours, meaning that not only are they your friend and follower, but they will reach out to you and thank you for your contributions to your community and perhaps might even ask you what you do or how they might be able to work with you.

This might even result in a new customer, business partner or both.

This is called Permission Based Marketing and it makes for the best transaction between a seller and a buyer online.

Now, the worst thing you can do on Facebook, is pitch your deal.

Not only will people ignore you, but many will remove you as their friend if they feel that the only reason you are on Facebook is to sell your product or service.

Imagine going to a doctor and before they even ask you any questions, they are writing you a prescription.

Not only didn’t they ask you anything about yourself, but they didn’t even find out if you even have a need for one.

To suggest to someone on Facebook that they should look at your company, product or service is considered rude, pushy, even annoying. This is otherwise known as spam.

Nobody likes to be sold, but everybody loves to buy.

So, brand yourself as a leader first – someone that people will come to know, like and trust.

Then, if people ask you about your business, that’s great. Let them engage you and then you can provide them with more information.

Now, if you contribute to your community on Facebook often, with great value, it’s fine to include a link to your personal blog or hub page or any other Social Media that you’ve created or that has been written or spoken about you.

Just don’t keep posting the same status that reads, “Make a Jilion in a Jiffy” with a link to your website.

Nobody cares about your business opportunity until they see that you are someone they’d even want to work with.

If all you post is business information, your intentions speak loudly on their own and you will alienate yourself.

If you treat your Facebook friends with respect and courtesy and contribute often, chances are that you will attract great people who ask what you do and how they can get more information.

Salespeople Who Engage Customers

by Benson Smith and Tony Rutigliano
Excerpted from Discover Your Sales Strengths (Warner Books, 2003)

How do great sales reps create customer engagement? Gallup’s researchers have identified four emotional dimensions that comprise customer engagement. These dimensions begin with Confidence and move on in order to Integrity, Pride, and Passion. Together, these are the building blocks of customer engagement. Without question, high levels of customer engagement represent a tough benchmark to meet. In the various industries we studied, the number of “fully engaged” customers has ranged from the single digits (around 6% to 8%) to as high as 35% to 40%. Contrast that with the 80% of customers reportedly “satisfied” in these same industries.

In order to assess the level of customer engagement, our researchers first undertook a comprehensive research and development effort in which they tested a series of statements that had been used at various times to indicate the emotional “attachment” felt by a customer. The following eight statements turned out to be the best indicators of the important emotional connection between the customer and a company. Take a moment and imagine that you are one of your company’s customers. Fill in your company’s name in the blank and read each statement.

1. [ _________ ] is a name I can always trust.

2. [ _________ ] always delivers on what it promises.

3. [ _________ ] always treats me fairly.

4. If a problem arises, I can always count on [ _________ ] to reach a fair and satisfactory resolution.

5. I feel proud to be a [ _________ ] customer.

6. [ _________ ] always treats me with respect.

7. [ _________ ] is the perfect company for people like me.

8. I can’t imagine a world without [ _________ ].

How many of your customers would strongly agree to all eight statements? You can see why high levels of customer engagement represent a very tough standard to meet, and why it’s much easier to “satisfy” customers than it is to “fully engage” them.

Customers respond to these statements based on their experiences -- experiences with the product (service) and experiences with people. In some businesses, such as the airline industry, customers may deal with many different people every time they purchase a ticket or fly on a plane. Every time there is contact, engagement can be affected for better or worse. In businesses in which customers deal principally with a single salesperson, however, those salespeople have enormous impact on customer engagement. So, in many industries, customers are really saying, “My salesperson is someone I can always trust,” or “My salesperson always delivers on what he or she promises.”

Building customer engagement is not a “sometimes” thing. Notice that the word “always” appears in five of the eight statements. That’s intentional. Our research has shown that trust has to be there all the time or there is no trust. The same is true of respect, confidence, fair treatment, and the other practices implied by these important statements.

Consistency is clearly important in building customer engagement. Every time we have an interaction with a customer, we are either building engagement or eroding it.

Is this simply a matter of liking the salesperson?

Don’t customers really buy, as the old saying goes, from people they like? The answer to that question is a straightforward yes and no! Having your customers like you is a big advantage, but lots of customers are not looking to become best friends with salespeople. Customer engagement relates to the company and its products and services, and not only to the salesperson. Even if your customers “love” you, they still have to feel strongly engaged in what you’re providing if you want some assurance that they will continue to buy.

Sometimes salespeople make the mistake of trying to be too “friendly” with their customers. Chuck told us, “Customers are different from friends. A friendship is a give-and-take relationship. There is no saying that goes ‘Your friend is always right,’ but every customer is all too familiar with the expression ‘The customer is always right.’”

We don’t mean to say that you can’t be friends with your customers -- you certainly can be. You might even be best friends with them, but customer engagement is different from friendship. Customers can be friendly, but they have a whole different set of expectations compared to people who are your friends just for the sake of friendship. Gallup’s research into this area brings some clarity as to how these very special and unique relationships with customers are built.

If It's Not the Money, Then WHY Do We Do What We Do?

Your real “WHY” is never the money.

Answering these questions may help you find your “WHY”.
• What does your family mean to you?
• What do you want for your own personal growth?
• What you want to accomplish in your lifetime?
• What scares you to death?
• What would it mean to you to help others change their lives?

Take your time in answering these questions. You will find your reason why you do what you do, why you really want to do if you are not doing it, and how you really want to have some "fun."

Family: For most, family is the reason why they work from home, create additional income sources, work overtime, get more jobs or less work and spend less. We all want to be with family more and to have fun with them more. All this requires more money!

Personal Growth: If we are not learning, we have stopped living. Most of us want to continue learning and growing into better people. Maybe we want to learn more about our hobby or something scientific or how to help others. We always want to learn more! This requires time and time is actually something we buy or it buys us... With greater earnings, we can decide how we spend our time and with less, we have to work overtime.

Accomplishment: What would you really like to accomplish in this life? This takes a deep contemplation and meditation or maybe you already know it. Usually, it's something you are really passionate about. A huge accomplishment takes time, which is earned through money... yet another reason to have more money!

Fear: What are you really scarred about? Maybe you are currently living out your worst nightmare, working long hours and spending little time at home. Or creating huge debt. Maybe you are scarred to do something different than your friends and family? Maybe you are scarred to speak to someone, who seems bigger than you. We all have fears. It's all normal. It's what you do with them that really counts. If they paralyze you, then you stop growing and living to the fullest. Just face the fear and you will overcome!

Helping others means a lot!! Doesn't it feel great to help others?! To show others a better life or way of having fun or something else. Just visualize for a moment what you would do to help someone, write it down and act on it. Helping people takes time too and time is money. By creating more money, you will create more time to enjoy helping others!!

By now, you probably figured out your "WHY." Now take some action on your why and have an abundant life!

How to Create a Simple Abundance Mentality

We all deserve abundance. Do you believe that? Just think, if you were to have plenty of money, you would choose how simple your life would be. You would choose the simple things in life or choose to "do it all," thus complicating life. Rather than achieving it all and complicating life from having plenty of money, let's look at the simple life, from achieving the simple abundance mentality.

This simple life would allow you to do what you want, when you want. Work when you want, employ partners or outsource. Vacation when and where you want. Give your kids all that you want to give them, without complicating their lives. And allow you to relax after a nice lunch date with a friend. Going out as you want, but not every night. That's achieving simple abundance.

Anyone can achieve simple abundance, it only takes daily practice and the right mentality. Here are some steps to achieving a simple abundance mentality that will lead you to your simple abundance:

1. Define what your simple abundant life would look and feel like.
2. Visualize this daily.
3. Write it down and repeat it daily.
4. Write down your actions that will lead to your abundance.
5. Mastermind with someone who is already there, a mentor.
6. Most important!!! Take action each and every day, keeping in mind that you are reaching for your simple abundant life. Not a special car or status symbol, but a simple and abundant lifestyle.

Each day, you will act as if you already have the simple abundant life. You will carry the simple abundance mentality with you as you take action on the tasks that will get you there. Start today and you will find yourself in a newly designed life sooner than later!