Archive for the ‘Work Your Biz Wednesday’ Category


How to Get Paid 7 Days Sooner in Your Small Business

One of the biggest pet peeves of small business owners is late-paying clients. We’re not running corporations, so cash flow can make or break our businesses! And when a client doesn’t pay on time, we can’t pay our own vendors. It’s a sticky situation, but with a little strategy to light a fire under your clients, you can get paid not only on time but even seven (or more) days early.

Look at Why They’re Paying Late

If you have a client who typically pays on time, one late payment may be nothing to worry about. But analyze your accounts receivables to see if you have other clients who habitually pay their invoices after your due date.

Next, look at your payment policy. Is it clear on each invoice when the payment is due? Do you let your client know at the beginning of your business relationship when payments are due? If it’s not clear to a client when you expect a payment, you can’t blame them for the problem.

If this is the case, send an email letting your clients know your payment policy. Consider sending this to all clients so those late-payers don’t feel you’re picking on them. Make it objective and simply a notification of your company policies. And make sure that due date is clear on each invoice.

You can also send a reminder a few days before the invoice is due. It’s completely understandable that your email invoice might have gotten lost in the stack of emails in your clients’ inbox.

Offer Incentive to Pay

There’s two ways to go about this: in the first, you can charge a penalty for late payments. Not everyone wants to take such a negative approach, but if you think that’s the right motivation to get your clients moving (after all, who wants to pay more if they can simply pay on time?), then try it out.

The other is to offer a discount for early payment. You’ll have to decide how much money you’re willing to part with in order to get paid on time. Many businesses offer something like a 2% discount if the invoice is paid 7 days early, or even 5% off if they pay 14 days early. Make the amount enough to motivate them to pay early.

Whichever incentive you decide to offer, mention it in the email you send about your payment policy. It’s imperative that you clearly communicate any changes to your clients, as well as give them a heads up of a few weeks or even a month before this new policy kicks in. The last thing you want to do is upset your customers.

If They’re Still Not Paying on Time…

Consider each on a case-by-case basis. Perhaps one client is having his own financial woes. In that case, set up a payment plan that works for both of you. If it’s not a financial problem that’s keeping a client from paying on time, consider whether you truly want to continue working with a problematic client like this.

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7 Keys to Digital Marketing Success

Man working at his desk during the dayIf you’re new to running a business online, you might feel like you’re looking up from the bottom of a very tall mountain. There’s so much to learn, and so much competition. Sure, it can be daunting, but you’ll learn the best strategies for your business over time. But for now, here are seven strategies that will give you a little boost to get started on the right path.

1. Have a Strong Presence Online

This is probably my biggest tip from my own personal experience. When I’m not running my #SmallBizChat or blogging, I’m on Twitter, Google+, or LinkedIn chatting with contacts and sharing content. I strive to create value to small business owners, and want them to know that they can find great advice and tips from me, no matter which channel.

Decide what you’re known for and what you can help people with. Then dominate that field on every digital channel that makes sense.

2. Limit The Channels You Use

Notice in the last tip, I said to use “every digital channel that makes sense.” That does not mean you need to be on every single social media out there. Find out which ones your customers are spending time on, then settle in to roost on those. I’d say you can’t successfully manage a presence on more than three or four. Find what number and which sites you enjoy using and stick to those, even if it’s just one to begin with.

3. Read, Read, Read!

You can’t succeed as a business owner if you operate in a bubble. Sure, you know a lot about your industry, but there’s still a ton left for you to learn. And you also need to stay on top of other areas like marketing and business strategy.

Find blogs you enjoy reading and subscribe to them. Participate in LinkedIn groups so you can get access to more content on your industry. Make continuous learning part of your daily to-dos.

4. Get Your Website Right

Because your website is often a potential customer’s first interaction with your brand, you need to ensure it speaks to them. Your copy should be targeted exactly to the audience you’re trying to reach and quickly tell them that they’re in the right place for what they’re seeking.

5. Leverage SEO

Being found on search engines is imperative for the success of your digital business. Use keywords that zero in on what you offer, and that will help you rise up search engines. And if you’re a local brick-and-mortar business, such as a bakery, make sure you include the name of your city or town in those keywords.

6. Use Email to Reach Your Network

Email, too, can help you expand your business. Segment your list so that it’s divided into groups of people that make sense, such as those that have bought shoes, those that have bought women’s dresses, et cetera. You want to send a highly targeted email to each group so they feel connected with your offer, not turned off by it because it’s not relevant.

7. Be Consistent

Everything you do online has to keep being done if you stand a shot of success. Update your social media daily, or at the very least, several times a week. Blog consistently. Send your email newsletter out at the same time each month. 


5 Things to do to Prep Your E-Commerce Site for the Holidays

It’s crazy how the end of the year seems to speed up, isn’t it? One minute we’re enjoying fireworks on the Fourth of July, and the next…it’s Christmas. For most people, this just means it’s time to start thinking about buying presents, but if you run an e-commerce store, it means a lot more planning. Don’t procrastinate until November to get your holiday marketing and sales strategies in place. Get started today.

1. Decide on Your Marketing Campaigns

No, it’s not too early to brainstorm on what this holiday season’s marketing campaign will look like. You’ll need ample time to plan out your social media and blogging calendar, as well as purchase advertising and tweak your SEO keywords.

Look at past campaigns and assess what worked and what didn’t. Then use that information to develop an even smarter campaign to reach new and existing customers this year.

2. Get Your Email List in Order

Even if you’re regularly using email to market to your customers, you need to get a game plan for the holidays. If you use a sophisticated ecommerce system, you should be able to pull the email addresses of the customers that bought from you last holiday season. Start a new list of past holiday customers to send promotions to. They already know the quality of your products, and you’ll make it easy for them to buy again from you this year.

3. Plan for a Bump Up in Inventory

The last thing you want is to run out of a product in the middle of the busiest shopping time of the year. So budget to increase your orders with your suppliers, and even find backup suppliers in case the companies you typically work with can’t keep up with demand. See if you can negotiate a lower per-unit price if you boost your order size.

4. Recruit Holiday Help

You should consider bringing on additional hands to help you fulfill orders and answer customer service calls for Q4. Start looking now. You need time before the holidays to recruit and train your temp staff to ensure that they’re on top of their game when sales start escalating in late November.

5. Plan Promotions

Will you take advantage of Black Friday or Cyber Monday? What about Free Shipping Day, which falls on December 18 this year? These are all easy opportunities to build promotions around, so set up a calendar, select the days you want to pump up promotions for, then plan out your emails and social media updates for each.

Speaking of social media, make sure you’ll have time to manage your accounts, if you’re the person who usually does so. If you let your social networks fall to the wayside last year, consider hiring a freelancer or part-time marketing assistant to help with it this year. After all, retailers have seen as much as 66% of Black Friday sales as a result of social media shares, so you want to capitalize on that this year!

The sooner you start planning and working on your holiday sales strategy, the smoother it’ll go at the end of the year.

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5 Steps to Starting Your First Business

Woman Running Up the StairsIf you’ve been considering starting a business for some time, stop letting your fears and worries keep from making it a reality. Sure, it will require plenty of work and quite a lot of stress initially, but the payoff, both financially and spiritually, will be well worth the journey. Not sure where to begin? Here are the first five steps to starting your first business.

Step 1: Develop Your Viable Business Idea

Before you fall in love with an idea for your business that no one will actually buy into, do a little research to first see what the market is interested in, what other companies you’ll be competing against, and how you can come into a crowded market with something unique.

  • Conduct surveys and focus groups to understand how people perceive your business idea
  • Look at your competitors. What are their strengths? What areas are they leaving wide open for you?
  • Determine your unique selling proposition. Will you be the cheapest? Best quality? Unique in some other way?

Step 2: Take Care of Branding

Now that you know what you will sell, get your branding in place. This is an area I don’t recommend trying to DIY unless you happen to be a phenomenal designer. Work with a graphic designer with experience creating professional logos, as well as one who can develop a website that will attract new customers. Realize, too, that branding goes far beyond just your visual representation, and will include every message you put out to the world.

  • Look at other logos and take notes on what you like (and don’t)
  • Decide what’s critical to include on your website, and what’s extra
  • Provide as much input as possible on the branding process so that your expectations are met

Step 3: Get Your Plans in Place

You wouldn’t step into the forest without a map, so why would you start a business without a plan? You’ll need both a business and a marketing plan, though neither have to be gigantic, in-depth documents. Your documents are designed to guide you and to establish the direction you want to take. Your business plan should be an overview of your company, what you want to sell, and your approach to the business. Your marketing plan should encompass who your customers are, the different channels you’ll use to reach them, and strategies for each.

  • Use your business plan as a guidance for the future, but don’t be afraid to tweak it every few months
  • Determine how much you can afford to spend on marketing before you decide on the channels you’ll use
  • Keep these documents handy where you can review them regularly

Step 4: Test It All Out

If you will be operating as an ecommerce site, ask friends or colleagues to play around on your site to ensure everything works well. Pay special attention to the checkout process, as it needs to be as simple and streamlined as possible. If you’ll be running a brick-and-mortar retail, make sure your staff is well-trained on your point of sale system, and that everything is running smoothly.

  • Click all links on your site to ensure they go where they should
  • Minimize the checkout process to just 1-2 pages
  • Hold a soft launch event in your store to test run how everything will go

Step 5: Just Do It

Waiting around for the perfect moment to open the (real or virtual) doors on your business is futile. Just jump in! There will be mistakes, so note them quickly, learn from them, and make changes for the better. Aim to create a big splash around your grand opening.

  • Notify local press about your grand opening and invite them for a tour
  • Offer special discounts your first days open
  • Amp up your social media efforts with your launch

You’ll never be flawless when you open your business (or later, either!) so consider it a learning process that will continue to help you evolve as a business owner.


5 Tips To Building a Successful Team for Your Small Business

??????????????????????As a solopreneur, you can only do so much. But as your business grows, you’ll need to expand your staff. Finding and hiring the right people will help your company become more successful faster. Here we look at five tips that will not only help you find quality talent but also nurture them so they feel vested in your company and want to help it thrive.

1. Know What You Need

Pinpoint exactly the skillsets you need to fill to round out your team.  Each person should have a slightly different background and experience so that they complement one another. But really drill down into your needs. Do you need to hire someone who has skills in social media? What specific social sites do you need help with? The more you know about your needs, the better fit your hire will be.

Also consider what types of employees you need. Not every addition to your team needs to be a full-time staff member. You can hire part-time, intern, or freelancer if your needs in one area are less than full-time.

2. Look to Your Network

Before you hit the job boards to find your next employees, ask your network for referrals. They’re cheaper to hire, faster to get on board, and have a retention rate of 46% after being at a company a year. Ask your colleagues, friends, employees, family, and business contacts if they know of talent that would be a good fit for your company.

3. Set Up Your Onboarding Process

The more training materials and processes you have set up, the faster a new hire will feel acclimated to your company and start being a productive member of your team. Have general training materials for your company, as well as those specific to the role you’re hiring for.

If you plan to work with a freelancer or agency, give them access to all the documents, login info, and details they need to be successful at helping you.

4. Foster Team Activities

Hiring one person is a small success. Integrating them into your team is another. Make sure your team is apprised throughout the hiring process so they feel vested and connected to this new addition. Encourage communication among team members, and consider setting up a team-building activity, like attending an event together or even having dinner after work.

Even if you as the business owner aren’t involved in the day-to-day with your team, you want to leave them to be able to build and foster their own relationships with one another.

5. Check Back In Often

A month after you’ve hired a new team member, check back to see how she’s doing. Get open feedback from her, and do your best to remove any obstacles she might be experiencing that keep her from being 100% productive.

Once you’ve done this successfully, make it your road map for future additions to your team.


How to Develop an Email Lead Nurturing Program

??????????????????????????????????????One of the biggest obstacles I’ve seen for small business owners is closing the sale. Now, I understand that we’re not all born salespeople, but even if you despise sales, you can’t get away from them if you run your own business. It’s just a matter of sorting through the leads you take in and nurturing them until they’re ready to buy. Email is a wonderful tool to help you do just that.

First, What Does Your Email Marketing Strategy Look Like?

If your answer to this question is “it’s nonexistent,” go back to square one and get started. You’d be amazed how quickly you can grow your email contact list simply by offering something of value, like a free report, whitepaper, or discount in exchange for web visitors’ email addresses.

But if you do have a way for people to join your list, what do you do with them once they’re there? Do you regularly send out email newsletters or promotions? If not, that’s where we’ll start.

Next, Segment Your Contacts

Understand that not everyone that signs up for your email list is in the same place in the buying cycle. Some people may simply be doing research to see what options are out there to solve their problems. Others may be specifically seeing what your brand offers and considering it against the competition. Still others may be ready to pull the trigger.

The more you can divide your email list into a few categories, the better you can target the content you deliver each group. And people who receive targeted content rather than across-the-board generic drivel are more likely to buy from you!

Once you’ve created a few “buckets” to separate your subscribers, write out a description of each person. It might look like this:

Problem Pete is looking for a solution to his problem: he needs a way to organize his photos online. He’s signed up for our free “10 Ways to Use Your Images Online” whitepaper, and now he’s more educated on the online photo storage space. Our emails to Pete need to address the benefits of using our service over the competition, as well as deliver additional educational content.

Having a buyer persona like this can help you build a strategy in the kinds of emails you send each segment. Knowing that Problem Pete is probably at the beginning of his solution-seeking journey means you can ply him with informative content that will not only educate him on your industry but also nudge him toward choosing your services.

Then, Build Out Your Content Strategy

Using the info you learned in building the buyer personas, you’ll now want to create an email marketing strategy for each segment and then build a content calendar around that strategy. Here’s an example:

  • Initial signup: automatically send the free report
  • Follow-up a week later: send our Top 10 blog post
  • Three days later: offer 20% off
  • If contact doesn’t use that offer, one week later, send personalized note from CEO

Each email, as you can see, delivers a different value, and there are enough of them coming at a steady cadence that your new subscribers can’t help but remember who your brand is.

You can schedule each of these as an autoresponder to automatically go out on the schedule you determine. Most email marketing software programs will do this for you (though if you use a free plan, you may have to upgrade).

Pay Attention to Results

Once you’ve got these autoresponders set up, don’t forget about them. Check in to measure your clickthrough rate (that’s what percent of your subscribers clicked links in the email to get to your site), your bounce rate (how many email addresses were incorrect or otherwise failed to get your emails), and your conversion rate (how many subscribers actually bought from you as a result of each email). Make changes as necessary to ensure your email lead efforts are fruitful.


Are You Getting Everything You Should Be Out of Google Apps?

If you’re like many small businesses, you might be using Gmail for your company email addresses. Or maybe you rely on Google Calendar to alert you about meetings and events from any mobile device. But those are just the tip of the iceberg for Google Apps. There are tons more features that help you collaborate with your team, work away from your desktop, and hold more productive meetings, both in person and virtual.

Build a Smarter Team

The great thing about Google products is they work so well together, as well as individually, especially for teams. While I’ve written about the best apps small business owners need to thrive, I’d be remiss if I didn’t mention Google Drive. When you’re collaborating on documents, sharing them in the cloud makes it easy for multiple people to access the documents and make their changes, without all that crossover of emails with different versions of that doc.You can create word processing documents, spreadsheets, forms, and presentations, and share them with anyone you want to have access to them.

And if your team isn’t in the office with you, Google Hangouts makes meetings easier. Up to 15 people can be on a call, and there are apps for mobile devices, so you’re not tethered to your desktop.

Google Calendar, too, is ideal when trying to schedule meetings for your team. You can share access of your calendar or see availability on others’ calendars, then send invites to your team. You can even include a video call in the invite (on Hangouts, of course!).

Taking it on the Go

There are compelling reasons for Google lovers to choose Android phones over Apple. They’re much more intuitive when it comes to using Google Apps, and many (like the Samsung S5) come standard with all of the apps built in. Sign in once and get access to your Hangouts, email, Drive, and calendar.

It’s the Little Things

Beyond these tools, there are plenty more. Like Google Vault, which helps you archive email and chats, making audits and legal research easy. Or Google Sites, a free tool with simple website templates. Groups let you channel your conversations into one place online, and Translate helps you understand foreign text.

Integrate What You’re Already Using

A little-known feature of Google Apps is its Marketplace (I myself didn’t even know about it until I did some digging). The apps here are from software and programs you’re likely already using, like CRM, workflow, and email marketing. Enabling your accounts to work within Google Apps streamlines the activity between the two.

For example, the Nimble app in the Marketplace gives Nimble users more functionality. It allows you to import contacts from your social stream with one click; link emails, tweets, tasks, and events to a profile; and allow your team to log into Nimble using their Google account.

You might even discover new tools, like the HelloFax app, which lets you fax documents from your Drive. Or QuoteRoller, which helps you build out quotes and proposals.

All This…at What Cost?

If you signed up for Google in 2012 or earlier, you’ve been grandfathered in to free services. But at only $50 a year (or $120 with unlimited storage and Vault), it remains an affordable option for any small business looking for easy productivity tools.

We’ve come to rely heavily on Google, and for good reason: the brand keeps providing useful tools that help us do more with our businesses.

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Understanding When It’s Time to Develop a Board for Your Small Business

?????????????????????????????????????As your business grows, you may seek additional input and support from others outside of your company. If you’ve reached that point, it might be beneficial for you to consider starting a Board. Whether it’s an Advisory Board or a Board of Directors, having the experience and insight of a well-rounded group of individuals can help you take your small business to heights you couldn’t have realized on your own.

The Difference Between the Two

There are two kinds of Boards you can consider developing: an Advisory Board or a Board of Directors. An Advisory Board includes a panel of people that have experience that can help guide you to making decisions for your company. A Board of Directors takes that one step further and has the power to vote on those decisions. If you incorporate your business, you’re required to have a Board of Directors, though you may not hold more than the required number of meetings. If you have shareholders you’ll also need a Board of Directors, as they’re the body that act in the interest of the shareholders.

How to Cultivate a Fabulous Board

Whichever type of Board you want to develop, here are a few ground rules to get started.

Start by determining what you hope to achieve with your Board. We’ve already covered the situations where you’re required to set up a Board of Directors, but if you want an Advisory Board (and you can certainly have both), you need a purpose and direction. Maybe you want to take your private company public, and want the right people on your team to guide you to success. Or maybe you want to enter a new industry that you know little about. Having experts in that field on your Board can help you navigate that transition.

Next, get the right people on board. (Pun. Get it?) Aim to find people with experience different than the rest of your Advisory Board or Board of Directors so you have a balanced panel. For example, you might invite one accountant to help with the financial side, one industry expert, a marketer, and a strategist. If you can find a well-known industry leader willing to participate, that’ll be great PR for your company.

You want to set expectations early so that potential members know what’s expected of them. How often will you meet? Will they be required to participate in email or phone call conversations between in-person meetings?

Then, set compensation. Board members are often shareholders, so they get compensated partially or completely in stock. For Advisory Board members, you might only pay for meals in meetings, or you might offer a stipend for their time. Remember: they are giving you some of their valuable time, so consider a fair and appealing compensation plan.

Developing Relationships Over Time

You may only meet with your Board once a quarter or once a year, so make sure to maintain communications throughout the year so they feel in touch with your business. Send a monthly newsletter updating them on what’s happening at your company. Check in with a phone call or coffee date occasionally. Ask if there’s anything you can do to help them. It’s important to make this a reciprocal relationship so they want to stay on your Board for years to come.


Everything That’s Wrong With Your Company’s Plan (and How to Fix It)

Stocksy_txp9b06d560GD8000_Small_276711Wondering why your business revenue is going in the wrong direction? It all goes back to that foundation you first created for your company — or sometimes didn’t create — and how solid it was front the start. Everything since then should be built on top of that foundation, that plan. Without a strong and clear strategic plan, your business may flounder, and you may make a lot of costly mistakes along the way.

The following are some of the most common problems I’ve seen business owners have with regards to their business plan.

1. It’s Nonexistent

Maybe you never slowed down enough to actually write a business plan for the strategic growth of your company in its early days.  Perhaps that’s because you didn’t think you needed one, were overwhelmed at the idea of writing one, or didn’t know where to begin.

How to Fix It: Better late than never. Start today with a fresh business plan or strategic plan on where your company is and where you want to take it. Start with free software such as www.enloop.com

2. It’s Ginormous (and Therefore Useless)

Back in business school, you were taught that business plans had to be thick tomes, 40 pages plus. They needed to be all-inclusive and leave no stone unturned. Fortunately, that rarely applies to small businesses (unless perhaps you are seeking funding from investors), and what you’ve got is overkill. It’s so overwhelming, you never actually take it out to review it. So what’s the point of having it if you don’t use it?

How to Fix It: Try a simpler plan. You may be the only person who ever reads your strategic plan, and that’s okay. But you want it to be readable and comprehensible, and that starts with simplicity. Stick to the basics, and don’t strive for length. Just get to the point.

3. You Never Look at It

Maybe you developed a fantastic business plan…5 years ago. Likely a few things have changed since then. A plan should be a living, working document that you regularly review (try for 2-4 times a year) and modify as needed.

How to Fix It: Blow the dust off that thing and take a look at what you’ve got. Probably the structure can stay the same, but if you’ve pivoted in your product offerings or otherwise changed company goals, those need to be reflected in the business plan.

4. It’s Not Actionable

Maybe you stuffed your plan with $10 words and filled it with fluff. You read it and don’t have a clue about what to do next.

How to Fix It: Amend that plan with action items. If you established a goal of becoming a $1 million company, set up steps for how you can make that a reality. These need to be achievable and measurable steps so that the next time you review your strategic plan you can actually see how far (or not) you’ve come toward achieving those goals.

Having a manageable and updated business plan or strategic plan is what keeps your business on track toward achieving those goals you’ve set for yourself. So keep it simple, keep it updated, and keep it nearby so you can refer to it regularly.




 
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