Posts Tagged ‘SMB’


Work Your Biz Wednesday: 4 Ways to Kickstart Your Marketing Efforts

Marketing your small business doesn't have to be difficult! Here are 4 ways to jump start your marketing plan and boost your revenue from the Small Biz Lady, Melinda Emerson.


Where Small Businesses Are Stuck in 2014

During the course of their career, every small business owner gets stuck. The key is to know where and how to get unstuck.

My annual survey of 5,000 small business owners identifies the problem areas. Here are a few excerpts:

  1. Treating their company like a job. The Survey: Over 40% of owners do whatever customers need in order to earn money for their business. This does not allow them to strategically ramp up a profitable business. The Solution: Don’t take every piece of work offered by a customer. Focus on what the company is good at and get more of that profitable business.
  2. The daily plan gets interrupted when entering the office. The Survey: 53% don’t have a plan for their day or it gets destroyed when the start work. The Solution: Before opening email, voice mail or social media, do two important tasks that will make the day productive.
  3. Stocksy_txpe7f75a0ezH4000_Small_41935They never take a break. The Survey: Over 50% said they are too busy to take a break and always have their phone near them. This is because they have a fear of getting left behind. The Solution: Find a daily place without a smartphone where personal batteries can be recharged and let creativity flow.
  4. They fear failure. The Survey: Over 40% said that failure is not an option. They fear it so much that they stop taking risks in their business. The Solution: Accept failure. Learn something. Let go of that failure and take another action to get to another success.
  5. They are afraid of selling. The Survey: 41% are either afraid of rejection or not sure how to build a relationship with a prospect. 59% said that they are too busy servicing existing customer to find new ones. The Solution: A company can’t really sell anything to anyone. They need to be there when customers are ready to buy by executing a daily systematic marketing plan.
  6. They stop marketing as soon as they have sales. The Survey: 58% only market their products when they do not have sales. They also believe their products are so superior that they do not need to market them at all! The Solution: Execute a systematic marketing plan through content marketing on a weekly basis.
  7. They don’t know how to use or have stopped with social media. The Survey: 54% either do not have a social media strategy or have stopped using it. The Solution: Social media is part of promotion. Use it to form relationships by providing help to customers, prospects and connectors.
  8. They let poor performing employees stay. The Survey: 53% never fire employees since it is too uncomfortable or they are too loyal. The Solution: Be slow to hire and quick to fire. Find the team that makes the company profitable. Fire anyone that does not add productively to the company.
  9. They don’t ask for help. The Survey: 44% never ask for help because they believe they have to figure it out on their own. Many others are unsure of who to ask for help. The Solution: Find a formal or informal group of advisors and mentors to answer pressing questions. Do not go it alone!
  10. They allow personal smartphone usage at work. The Survey: 74% do not monitor personal use of smartphones which can destroy company productivity. The Solution: Have a written policy that personal smartphones are not to be used during work except in emergencies.

Bonus: They rarely review their financial statements. The Survey: Over 20% never look at their financial statements because they are hard to understand. The Solution: Get trained to understand every line of the company’s financial statement. Review them monthly.

Tell me where you are stuck!


Why to Question Assumptions When You Are Successful

It’s easy for small business owners to question themselves and their assumptions when they are failing. But at that point, it may be too late to fundamentally make changes that can turn their company around. The success rates goes up if the owner questions assumptions when things are going well. However, most entrepreneurs will have a hard time doing this because they will not want to “mess with success” or “if it’s not broken, don’t try to fix it”. Many times, they do not even know what the success formula really is. They make cause-and-effect connections where it truly does not exist.

Stocksy_txp5226ac4eb53000_Small_135613For example, the phenomenon of success actually not bringing more success has been statistically documented in basketball. A  study called “The Hot Hand in Basketball: On the Misperception of Random Sequences” states, “ The chances of success on the next shot are not correlated with the success of the last shot. In other words, the ‘hot hand’ idea is a fallacy.”

To increase success in the future, look to see what conditions exist in the market that will make the company profitable now. Evaluate past results, but do not base future actions solely on them. Don’t say, “Well, it worked in the past, so it should work in the future!” Keep thinking like a start-up entrepreneur as long as possible. This worked for IBM in the early ‘80s when the company moved the work on their new personal computer to a separate business unit so the effort would not be “weighed down” by IBM’s past success in unrelated areas.

A $75M company I know had been in business for 50 years. Historically, they were only able to deliver five percent net profit to the bottom line. Sales had grown slowly over the years, so there was never a need to make any changes since they could predict what they could contribute to the parent company. A new CEO got worried about what would happened to the company’s profits if sales dipped during a recession.  She realized that even a small drop in sales was going to mean disaster for their overall profit contribution. The CEO needed to find ways to cut their expenses or increase their gross profit while not cutting revenue. She was able to do this by throwing out established distribution channel assumptions, cutting discounts for many vendors and raising prices for newer products to their customers. When sales eventually shrank during the Great Recession, the company was able to deliver the same dollar profit to the parent corporation. Now that times are better, and sales have grown again, they have become even more profitable.

What assumptions are you not questioning?


Work Your Biz Wednesday: How to Develop an App for your Small Business

Use the mobile web to develop your small business! Learn how with these 5 tips from The Small Biz Lady, Melinda Emerson.


How to Take Advantage of Small Business Saturday

small-business-saturday1-e1320932175381Black Friday is always a difficult day for small business owners to compete with the hoopla around early morning discounts at big box retailers. The day after Black Friday has become a day to focus on shopping at small businesses. American Express started Small Business Saturday in 2010.

Here is how to take advantage this year on November 30, 2013 to drive customers to your company:

  1. Give $10 gift to each customer. Promote that American Express is offering a $10 credit to card members who register and use their card to shop at small businesses on that Saturday. Multiply this $10 when they use it at your company.
  2. Build a specific campaign leveraging this day and American Express’ brand. There are few times when a small business can tie their company directly to a national brand and promotion. This gives them the leverage of a large big box retailer. Build marketing offer specifically for this day. This can be exclusive pricing, bundles, free add ons or availability.
  3. Customized marketing material. Use free customized online ad cards, logos and other recognizable images provided by American Express.
  4. Social media starters. Use Twitter and Facebook templates available to help spread the word about your company leading up to this day. Use the #SmallBusinessSaturday hashtag on Twitter. If your business has never used social media, these templates are an excellent way to easily get started.
  5. Welcome mats. Free Small Business Saturday Welcome mats (literally) are available from American Express.  If you do not have a physical retail location, use the mats in creative pictures on Facebook or Pinterest.    
  6. Join a neighborhood circle. Get involved with local merchants to drive traffic to each others retail locations (or online sites). American Express will help you form this relationships. This is an excellent way to work with other local businesses that can extend well beyond this promotional day.
  7. Get on the map. American Express has built an interactive map to help their cardholders find and shop at small businesses. They are also giving their members an exclusive offer redeemable only at merchants that appear on the Small Business Saturday Map. Get found!

How will your business be promoting Small Business Saturday? 


What You Can Learn from the Big Business of College Admissions

college-applicationsThe process of applying to colleges is a lesson in effective marketing. Any parent who has applied to schools can marvel at the lengths that college admissions officers will go through to attract new students. Small businesses can learn a lot from how they market to their future consumers:

  1. Start early. Colleges start to tell students about their schools over a year before they need to apply and two years before they are ready to attend. They want to get on the student’s short list in their junior year in high school. Small business lesson: Attracting customers is all about creating relationships and being there when they are ready to buy. Every customer needs to know about how a business can help them long before they actually need them.
  2. Tell stories. Every school paints a wonderful picture for parents and students of what it will be like to attend their school. Small business lesson: Every business needs to tell prospects how good it will be once they solve their pain. Consumers still love to buy dreams.
  3. Sample the product. Colleges want students to sample their product. They do this is many ways. They set up special days to visit the schools or send representatives to the student’s high school. Most schools show models of dorm rooms because they can’t actually risk showing a real one. Small business lesson: Do not give spontaneous live product demos that don’t have predictable results.
  4. Give references. The colleges talk about their famous alumni and the successful people that have graduated from their school. They take full credit for their success. Small business lesson: All businesses need to attach themselves to well-known brands. If you have notable client references, use them prominently.
  5. Stay in touch. Students receive email, direct mail and phone calls almost every week from colleges. They even wish the prospective students “Happy Birthday”.  Small business lesson: Don’t worry about reaching out too often to prospective customers as long as the company is helping, not selling.
  6. Know where the profit is: The urban schools push living on campus and using their meal plan. This is because these two areas (housing and food) are their most profitable for any college. Small business lesson: Know where the company’s profit is and sell those to prospective customers.
  7. Address the elephant in the room: For colleges, it's the outrageous cost. The biggest objection for attending college is the money, so school address that head on. Small business lessons: Address the objection to buying a product up front and do not wait for the prospect to bring it up.
  8. Everyone and everything reflects the brand. Every interaction a prospect has at the school shapes their total experience. Small bushiness lesson: Understand that each time a customer or prospect comes in contact with a person, email, or website from a company, it adds or subtracts from that brand.

Work Your Biz Wednesday: How to Make Big Money

Kick your small business into gear before the end of the year to make some big money – learn how with this week's Work Your Biz Wednesday from The Small Biz Lady, Melinda Emerson.


Work Your Biz Wednesday: Writing a Non Fiction Book for Promotion

The Small Biz Lady, Melinda Emerson, offers five things to think about if you want to publish a non-fiction book to promote your business.


How to Read a Customer Service Resume

It is sometimes difficult to discover if an applicant is the right person for the job by looking at their resume. Obviously, this document shows the person in the best possible way and there may even be some small “puffing” or exaggerations listed on it. Here are items you need to look for:

  • resumeName: Make sure that the person uses their full name including a middle initial. This is helpful when doing web research including social media especially if the applicant has a very common name.
  • Objective: Is it specific enough and does it include the job they are applying for? Objectives like “to contribute to a growing company in anyway” is not the work of a focused person.
  • Most recent experience: Many unemployed people start their own company when they are out of a job for a long period of time. Ask if they are the owner of that company even if it does not list them as CEO.
  • Titles: Applicants have a tendency to inflate their titles to “coordinator” or “manager”. Did the Customer Service Manager really manage anyone? Was a Senior Customer Service Specialist more experienced than others on their team?
  • Accomplishments: Are they really qualified for this job? Watch for words like "led", "directed", and "created". Were they just “on the team” that did this or did they really lead the effort? For example, if the person lists that they created a social media customer service strategy, maybe they just played around on Twitter and Facebook. Watch when they quote percentages in this area. Exceeding a goal by 100% may mean something or it may just be window dressing.
  • Time gaps: Are there gaps in their resume for period of times where they did not work? Many times applicants leave out jobs on their resume where they were fired or it ended in an ugly way.
  • Education: Did they graduate with a degree or just take course work? If a school is listed with no degree, they did not graduate. Similarly, is the degree relevant to the job they are applying for?
  • Skills: Many skills listed include anything they can name or their training was so long ago, it is no longer relevant. During the interview process, test for specific customer service skills needed to be successful in this specific job.
  • References available upon request. Get these references at the first interview and ensure they are from past managers not peers.

What do you look for when reviewing customer service resumes?




 
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