Posts Tagged ‘Startup’


Nextiva Tuesday Tip: Declare Your Employees’ Independence

???????????????????????????????The best thing the owner of a growing business can do is give his or her employees their independence. No, I’m not talking about firing your employees; I’m talking about giving them the freedom to make their own decisions about how to get their work done.

As you undoubtedly know by now, it’s pretty much impossible for a small business owner to single-handedly do everything that needs to be done. That’s why you hire employees, right? Then why do so many of us refuse to let employees do their jobs, instead micromanaging them until they (and we) are miserable?

Here are four steps to giving your employees their independence.

  1. Provide training. Of course, you don’t want employees to totally wing it. Provide training in how to do the job, and give them direction in terms of what you want the results to be and what the overall goal is.
  2. Step back. Once employees know what you want and how to get there, step back and let them get from Point A to Point Z without offering your help (unless, of course, they ask). Who knows? Your employees might figure out a better way of getting things done.
  3. Empower decision-making. Customers hate it when employees have to “ask a manager” about every little thing. Provide parameters within which employees can make their own decisions about customer service, such as offering $X amount of comped food in your restaurant or refunding a certain amount of money with no questions asked. When employees feel trusted, they feel valued.
  4. Plan for the future. Discuss with your employees where they want to go in your company and how they can get there. When employees feel you have a stake in their future, they’ll give the business their all.

By giving your employees their independence, you’ll also gain freedom—the freedom to focus on what really matters in your business instead of sweating the small stuff. 


Mondays with Mike: Improve Your Client Relationships With Social Media

In the olden days – you know, before Facebook – the success of a marketing campaign was often simply a measure of how much money you had to spend.  After all, we know that if you repeat something often enough, then people will believe it. 

My, how times have changed.

People consume information so differently now, that the weight of a single television commercial or magazine ad is often diluted by all of the impressions that we get from other forms of media, and that’s a huge opportunity for small businesses.  You can build your brand without investing tons of money, if you’re willing to invest a little time.  Consumers are looking for a genuine connection and a way to interact with a company, and you can give them what they want by using social media.

There are lots of serious minded folks who dismiss Facebook and Twitter as frivolous fads – wasters of time and energy.  What those folks don’t know is that their company is most likely already being discussed on social media.  Whether you run a restaurant or a carpet cleaning service, chances are good that there are online reviews of your business.  If that doesn’t scare you, it should.  The conversation is happening.  The only question is whether you want to participate and start to shape that conversation into one that presents your company in its best light.

Responding to reviews on Yelp or Trip Advisor is a great opportunity to thank happy patrons for their business, and it’s also a chance for you to see what your customers didn’t like about their experience.  If it’s appropriate, a public acknowledgement of their complaint and a promise to make it right shows that you value your customers and are invested in providing excellent service.

??????????????????????????????????????????????????????????????Social media also gives you a chance to invite prospective customers in for a virtual visit.  You can post pictures of your daily special at the restaurant, or you can write a quick blog post about why you’ve chosen a particular brand of environmentally safe cleaners for use in your customers’ homes.  You can run silly little contests on your Facebook page, inviting folks to provide suggestions for your newest drink creation or offering a freebie for the 1000th person who likes your Facebook page.  The idea is to get your customers involved on your social media platforms.  Invite them to share pictures of your business on Instagram, and make sure you monitor all of the possible sites that might have reviews of your business.  It’s possible that you’ll luck into some great, unsolicited free advertising, but if you carefully cultivate your social media presence, you’ll end up interacting with far more consumers.

Your company’s reputation depends on your relationship with your customers, and you can manage that relationship – in part, anyway – by using the free social media tools available to you.  Whether you’re in love with Facebook or not, you’re missing out if you don’t acknowledge the powerful opportunities that it provides you.


10 Pieces of Advice to Ignore

Entrepreneurs get advice every day from their professional advisors and information they read. A lot of it needs to be ignored. Pay close attention to disregarding these platitudes and what to do instead:

  1. It takes money to make money. Many entrepreneurs spend too much money getting their company off the ground. In fact, having a lot of money can lead to being wasteful. Use small investments to test ideas and get paying customers. Based on this success or failure, spend alittle more money to test the next action.
  2. Do what you love and the money will follow. This principle has the entrepreneur focus on what they want to do instead of what the customer wants. Building a company is about finding the pain a buyer has, not what the entrepreneur wants to provide. Instead, do what you love and if you solve a customer’s pain, the money will always follow.
  3. Failure is required for success. This is what many entrepreneurs tell themselves when they fail. While failure is not required for success, ultimately it is part of every entrepreneur’s experience. Never fear failure. When it comes, acknowledge it, learn what you can, then take another action to give you another chance at success.
  4. Failure is not an option. Not only is it an option, it is the most likely outcome. Get comfortable with the fact that you will fail some of the time and not knowing exactly what will happen next.
  5. A penny saved is a penny earned. This is short term thinking. While it is important to be carefully frugal with your money, not every transaction needs to yield the maximum profit. Successful business owners invest in long term relationships.
  6. Good things come to those that wait. Waiting is typically not in an owners DNA. As another platitude says “Don’t wait for your ship to come in, swim out to meet it”. Being proactive rather than reactive will typically win the day.
  7. A penny for your thoughts. Be careful not to give away your value to customers for free. Entrepreneurs typically undervalue their products and services since they are uncomfortable asking customers to buy.
  8. The customer is always right. If the customer was always right, most entrepreneurs would be out of business! When the customer has a concern, the most important thing is to listen and show empathy. They don’t need to be right, but always need to be heard.
  9. Another day, another dollar. Making money is not a linear process. Successful small business owners look for the leverage in profitability and this typically is not in the form of working harder or longer hours. Look for the financial leverage points in hiring other people, intellectual property or a dedicated distribution channel.
  10. Money doesn’t grow on trees. While this is literally true, there is ways to make money all around any entrepreneur. Follow the customers that have the money to solve their pain and the money will follow. 

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6 Best Apps to Manage Your Business Finances

????????????????????????????????????????????????????????????These days, the idea of spending 40 hours a week in the office is foreign for most small business owners. We’re more likely to be traveling to business meetings and conferences, or out in the field with clients. And with the technology we have currently available, it’s easier than ever to manage our businesses, no matter where we are, especially by leveraging mobile apps.

Keeping on top of your finances is imperative for your small business. Take advantage of apps provide to manage your money from any mobile device. Here are my suggestions of the 6 best apps to manage your business finances.

1. Freshbooks

If you’re a Freshbooks user, you’ll appreciate the features of its mobile app. In addition to providing access to your accounts, you can also snap photos of paper receipts and log them as expenses, send invoices on the go, and use the time tracking tool to account for hours spent on a given project.

The details: The Freshbooks app is free for users, and is available for both Apple and Android devices.

2. Expensify

If you keep track of your business expenses and hate paper receipts, you’ll love Expensify. This mobile app helps you take photos of receipts, categorize the expenses, and send expense reports right from your phone or tablet.

The details: The app is free and available for iOS, Android, BlackBerry, and Windows phones.

3. Square

For retailers and restaurants, credit and debit card payments usually make up a large part of their revenue. In fact, by 2017, it is predicted that only 23% of transactions will be cash-based.

But sometimes those bulky merchant card processing machines are overkill, and many charge more than you want to pay. And what if you want to sell products at a farmer’s market or community fair? Try the right tool for the job: Square is a card reader you can affix to your phone to swipe cards for payments. It’s handy on the go and in your physical location.

The details: The app and card reader are free, and credit card processing fees are either 2.75% per swipe (based on the transaction cost) or 3.5% + $.15 per transaction, depending on the plan you choose.

4. inDinero

If you’re looking for a mobile app that offers multiple financial functions, try inDinero. Both its website and mobile version offer services related to accounting, taxes, payroll, 1099s, bill payment, and compliance. Users even get access to accountants for difficult questions.

The details: The tool is “invite only.” The company looks for businesses with high-growth potential.

5. SurePayroll

If you have employees, use mobile app SurePayroll to pay your staff and contractors, manage employee information, and view payroll reports. This frees you up from having to physically be at your desktop to take care of employee needs.

The details: The app is available for iPhone and Android, and is free for SurePayroll users.

6. FreeAgent

For freelancers and independent contractors, it’s essential to stay on top of proposals, invoices, and time tracking. The FreeAgent app provides all these features, as well as expense tracking and reports.

The details: The services is $24 a month and available for iPhone, Android, and Windows phones.

There are many other financial mobile apps in the marketplace, so find the ones that fulfill the needs your small business has.


How to Define & Refine Your Elevator Pitch

Stocksy_txpb08fd375357000_Small_170332First impressions really do matter. Think back to the last time you attended a networking mixer. Did you have a quick and smooth response to the question, “What do you do?” Or did you stutter and stumble over your words, finding it difficult to explain your business? If it was the latter, it’s time to define or refine your elevator pitch.

First, What Is an Elevator Pitch?

Consider it your verbal commercial; it’s how you explain what your business does and how it can benefit the person you’re talking to. Typically you can get it all out in 30 to 60 seconds. Any longer, and you will bore your audience.

What’s Wrong With Your Current Pitch

Think about the response you get with your current elevator pitch. Do people look confounded when you try to explain what your business does? Do they look around the room, bored and ready to escape? These are clues that can help you understand what needs to be fixed with your current spiel.

Your audience doesn’t care what you think is great about your company. They care about how it can help them. So if your current pitch is focused on the features of your business and not the benefits to your audience, you’re not succeeding in connecting with your audience the way you need to.

Perfecting Your Pitch

Now that you know what’s wrong with your old pitch, toss it aside and start brainstorming on your new one. Essentially, your elevator pitch should have these three components;

  1. The problem you solve for people
  2. How you solve it
  3. What makes you unique

Now, that doesn’t mean you have to be boring in addressing each point. Some of the most successful elevator pitches begin with a thought-provoking question, like:

Could you stand to make more money?

Tip: make the question an automatic yes to get your audience in a receptive frame of mind. Make it an obvious question to answer; who would answer no to the question above?

Next, look at where your audience is coming from. If you’re at a small business networking meeting, probably every small business owner is there to find potential customers.  Knowing this, you can move on to that pain point:

I’m Melinda Emerson, the “SmallBizLady,” and I help small businesses like yours bring in more money.

Now you’ve really got their attention. You’ve latched on to a problem they have, and now you’ve told them you can fix it. Now they want to know how.

I do that by looking at what’s not working in your business, helping you fix it, and guiding you to find new customers.

Now, I could have said that I offer marketing consultation services, product development, and marketing analysis, but I didn’t want my audience’s eyes to glaze over. They want the big picture: I can help them make money. How I do it is a conversation we can have one-on-one if they’re interested.

If you’re speaking to a crowd, you can also tell people how to find you. Typically mentioning your website is sufficient.

Don’t be afraid to have several versions of your elevator speech, especially if you meet with different groups. Tailor it to fit your audience.

How to Find Out if It’s Working

The best way to measure the success of your elevator speech is to gauge reactions. If people are engaged when you speak, you’re doing a good job. If they come up afterward to ask questions, even better. You want your elevator speech to be a teaser that makes people want to exchange business cards and learn more about what you do.

Armed with your new elevator speech, you’ll be ready to knock ‘em dead at your next networking event!


Mondays with Mike: Entrepreneur As Warrior – Business Advice From Military Leaders

????????????Whether we realize it or not, business and war have a lot in common.  The same strategies that win battles, create success in business as well.  In addition to reading brilliant books by authors like yours truly, you can also learn from the sage advice of military leaders as well.  Some of my favorites quotes:

  1. “No good decision was ever made in a swivel chair.”  George S. Patton, Jr.   One of the greatest generals in American history gives us this reminder that we must get out from behind our desks.  The most successful business owners command respect because they understand every aspect of their company.  They can…and have…and will perform every task that’s necessary.  Get in the trenches!
  2. The general who advances without coveting fame and retreats without fearing disgrace, whose only thought is to protect his country and do good service for his sovereign, is the jewel of the kingdom.” Sun Tzu.   We must be willing to disengage from our egos if we want to be successful leaders.  Setting the example of making decisions in the company’s best interest inspires selflessness and a devotion to the greater good in our employees as well.
  3. “I was born on the prairies where the wind blew free and there was nothing to break the light of the sun. I was born where there were no enclosures.”  Geronimo.   Thought leaders explore beyond the boundaries of where other people live and work.  They push into unexplored, uncharted territory, and the result is creativity and innovation that inspires the people around them.  Growth and inspiration come from the willingness to free yourself from conventions.
  4. The truth of the matter is that you always know the right thing to do. The hard part is doing it.” Norman Schwarzkopf, Jr   You started your business because you had a dream, a vision.  You should run that business by living in accordance with your code, your values, and your vision.  Be consistent, and learn to trust your instincts.
  5. “Battles are won by slaughter and maneuver. The greater the general, the more he contributes in maneuver, the less he demands in slaughter.” Winston Churchill.    I see it everyday:  entrepreneurs working themselves into an early grave, pouring their raw energy into their business, as if that energy were limitless.  Working toward efficiency – strategic deployment of resources for maximum long-term gain should be your goal.
  6. My observation is that whenever one person is found adequate to the discharge of a duty… it is worse executed by two persons, and scarcely done at all if three or more are employed therein. “  George Washington.   Finger-pointing, inefficiency, blame shifting … all signs that there’s an accountability issue.  Even though much of business requires collaboration, it’s essential that you assign a single person to be the responsible, accountable party for ensuring that a job gets done.
  7. “I am concerned for the security of our great Nation; not so much because of any threat from without, but because of the insidious forces working from within.”  Douglas MacArthurWhile it’s important to know what your competition is up to, you must also keep an eye on what’s going on inside your own company.  Lousy morale is contagious and can kill a company from within, much quicker than you’d expect.  

Wars aren’t just won by violent encounters.  They’re won by preparation, vigilance, and the willingness to do what must be done, even if it’s unpleasant.  Taking a lesson from these military leaders helps you prepare yourself to win the battle for your company’s success.


Best Business Book to Read This Summer

I get business books in the mail every day. I sift through hundreds of them each year in an effort to  search for the best ones for small business owners to read. Here is my list every business owner should read this summer:

Duct Tape Selling - John Jantsch
Most small business owners stink at sales and marketing. From the author of the popular book, Duct Tape Marketing, comes a new book that shows how the job of the sales person has changed. Instead of ABC meaning “always be closing”, John’s ABC’s are “always be connecting”. Information on the Internet has shifted the very foundation of the sales process. Sales people no longer have to just close, but need to teach, serve and develop trust. They have to create their own expert platform, stay connected before and after the sale by curating value content for their clients.

Profit First – Mike Michalowicz
Making a profit is a huge problem for many small business owners. They don’t know how to use financial statements and pay themselves last. Mike shares a money management system that is more intuitive and beneficial than traditional GAAP accounting. Instead of focusing on sales and revenue, he focuses on profit. A must read for every entrepreneur who wants to make money.

Do/Lead-  Les McKeown
Alpha leaders are dead. There are no longer bosses and employees. In a small business, each person has the ability (and obligation) to step up and lead. Les tackles four myths that have paralyzed modern leadership and provides the tools needed to be an impactful leader including the mindset, the techniques, and how to get started.

The Etiquette Advantage in Business – Peter Post et al.
The business world is becoming too casual. Manners still have an important place. Peter and his family provide timeless “Emily Post” type advice for any business situation from dinner with the boss to the first meeting with a new client. He shows how to write persuasive emails to choosing the appropriate dress for the office.

When The Buyer Says No - Tom Hopkins and Benn Katt
Sales legend Tom Hopkins focuses on the biggest problem for most small businesses; what to do when the customer says no. In this book of strategy, the reader learns a new approach to selling called the Circle of Persuasion. Tom and Benn simplify the tricky sales process by providing a step-by-step guide with real-world examples to ultimately show how a “no” can turn into a “heck yes”.

Haunted Empire - Yukari Iwatani Kane
Want to know what Apple is like after Steve Jobs? Former Wall Street Journal reporter Yukari, a former Wall Street Journal reporter, asks “Can a great company stay great without its visionary leader?” She examines Apple in the two years since the death of Steve Jobs and provides insight into the future of this iconic company. A very fascinating read which will change your view of Apple.

Pitch Perfect – Bill McGowan
Words still matter. The right ones can make the difference between sealing the deal or losing the customer. Media professional Bill McGowan shares how to use the perfect tone to convey the right message. In the world of media, there is only one shot and Bill shows the reader how to get it right!

Start Me Up!- Ebong Eka
I have made a lot of mistakes. I wish I read this book years ago. Start Me Up! shows how many causes of new businesses failure are 100% preventable by providing strategies to avoid the four major pitfalls that they experience.

Hacking H(app)iness - John Havens
With Pharrell Williams hit, “Happy” sweeping the globe, it seems like that is the new goal of every small business professional. Hacking H(app)iness describes how to leverage personal data that is being produced by tracking activities on smart phones and computers as a way to understand what brings people happiness. He shows how the Information Age can improve our personal lives as well as our companies

Freaks Shall Inherit the Earth – Chris Brogan
Growing up, I always felt different. In his latest book, Chris makes all of us freaks feel at home. He targets those who believe they may be too different or “not the business type” and shows them how to turn it into a revolutionary business. After you read this book, sign up for his daily newsletter.

Execution IS the Strategy: How Leaders Achieve Maximum Results in Minimum Time - Laura Stack
Laura emphasizes the importance of having an organization that is fast on its feet; one that can easily adjust its strategy to changing realities. Her L-E-A-D formula outlines the four keys to execution to give companies the agility they need to succeed.

And you may want to pick up my new book….

How to Get Unstuck

 


Tired? Be Careful Not To Lie Today

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How much sleep did you get last night?

If you work at a small business, it’s probably less than six hours. According to the National Sleep Foundation, twenty percent of Americans report getting fewer than six hours of sleep each night. Anything under seven hours is clinically defined as sleep deprivation. 

How does yawning affect your work?

In a recent Bloomberg BusinessWeek article, a study published in the Journal of Applied Psychology found that sleep deprivation is linked to unethical behavior. When people are tired, their self-control and willpower are weak, making it more likely to give in to unethical temptations at work. This happens when an employee takes a suggestion from a co-worker to do something deceptive like stealing the food from the office fridge. This happens because they are tired and their conscience has less mental energy to fight it.

This has drastic implications for small business owners. Many of them think that people who work the longest hours are the best employees. However, as described in Fortune, a new study asserts that these are often the ones making the most unethical choices.

What can be done? The most logical answer is to get more sleep, but this is not always possible.

Luckily there is another solution: Coffee. Researchers say caffeine increases an employee’s self-control and willpower when they are exhausted. That’s right, now coffee can make you more ethical!

Other than increasing caffeine, here are some other strategies you can do to improve ethical behavior:

For owners:

  1. Don’t force social interaction. A lunch break is a time of rejuvenation during the work day for employees. However, according to a 2014 Academy of Management Journal article, this is only the case when employees are allowed to leave the office and use their time freely.
  2. Reconsider goal-based compensation. This pay structure is dangerous because it encourages employees to take on a constant stream of goals, which actually makes people more likely to cheat to get everything done.
  3. Turn on the lights. Having a brightly lit office makes people less likely to cheat according to a 2013 study published in Psychological Science.

For employees:

  1. Don’t eat lunch at your desk. Get out of the office and away from your co-workers for 45 minutes. Meet a friend at a café nearby and get your mind off of deadlines for genuine refreshment during the work day.
  2. Use email. A Cornell University study tracked undergraduate communications and found that people lied only 14% in email compared with 37% on the phone because of the paper trail.
  3. Celebrate your accomplishments. Jumping right into the next big project in order to achieve that long list of goals is prime for cutting corners. Take a break to restore your energy between projects. This will help you complete each one with quality effort and integrity.
  4. Be mindful of your work space. A 2008 study published in Science found that people are more likely to cheat in unorganized environments because a mess has more signs of socially deviant behavior. Sort through that ever-growing stack of papers and throw out that rotting banana to welcome your most honest work behavior.

Work Your Biz Wednesday: Google Analytics

Google Analytics gives you a comprehensive look at your company's website. Learn how to use this tool to assess how your online marketing is working from the Small Biz Lady, Melinda Emerson.




 
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