Small Business Blog

Posts Tagged ‘Seven’

Minute trade marketing is all nearly determining the needs of your target advertise and in that case given that solutions to endure persons needs.

These 7 steps are aimed on entrepreneurs initial a small trade and persons who famine to create a winning small trade marketing map on behalf of an existing trade.

Most small trade promotions focus on how boundless their products and services are. Instead, you must educate your target advertise consistently and start building a liaison to facilitate will set up your credibility and trust. It is essential to develop a marketing mindset. “Think Marketing” your products and services all of the while. It is very essential to consistently advertise your products and services. Don’t fall into the trick of bring to a halt and spirit marketing. Some small trade owners individual advertise at what time sales are down.

You can’t grasp a winning small trade exclusive of having a winning small trade marketing map. Effective small trade marketing is the way to growth and profits.

If you’re a small trade vendor or you famine to know how to start a small trade in the outlook, this austere 7-step map will help you understand your trade
And your target advertise.

How to Start a minute Business Marketing Plan: 7 Steps
Begin the process by answering these questions:

1) Who — Who specifically is your target advertise? Who is your ideal client? What delve into can you see to realize off more nearly your target advertise?

2) What — What products and services get something done your ideal clients need and need? What does your result and service get something done on behalf of your ideal client? What problems does your result solve on behalf of your customer? What are the solutions with the purpose of your ideal client is looking on behalf of? What is your area of specialty with the purpose of will differentiate you in the marketplace? What are the industry trends? What type of message will your ideal client likely respond to? What are you ultimately advertising? For illustration: Are you advertising eye glasses or are you advertising prediction? What is your unique mix of products and services? What is your pricing strategy?

3) Where — Where is your customer located organically? Where is your ideal client? Where will you standpoint manually so they can without difficulty regain you? Where are the unsurpassed sitting room to develop your marketing message to them? Determination you be fluent in to groups, power seminars, or contact a blog, newsletters or articles?

4) When — How often does your target bazaar need to hear your marketing message? When are they the majority likely to bargain your products and services?

5) Why — Why are you in concern? Why get something done customers or clients bargain from you? Why be supposed to they take your result or service done your competition?

6) How — How does your customer bargain your result or service? How are you on offer to connect with ability buyers on behalf of your services and products? How will you communicate your marketing message? How will you provide customers or clients with the in sequence they need to receive their selling decision?

7) Marketing Mindset – Practice mastering and you will be on the path to a profitable small concern.

With these 7 steps, you can take encounter towards opening a small concern marketing mean with the purpose of targets in mint condition customers. “Marketing is concerning taxing and evaluating your return on investment. But it’s primarily concerning serving family develop come again? They need.” Master these small concern marketing steps and you will be on the path to more profit and victory as a concern holder.

Borrowing from banks is every small entrepreneur’s nightmare. One gets turned down for bank loans for a variety of reasons, including lack of assets, collateral and business experience. Don’t despair, however. There are several common types of alternative sources of capital for setting up a business available to young companies.

Savings and Investments

The first source you should consider is your own savings and investments. One disadvantage though of self-financing is that if things did not turn out the way you want them to be it will be your money that goes down with the ship.

Angel Investors

Angel investors are affluent individuals who provide capital for a business start-up, usually in exchange for ownership equity. These individuals are looking for a higher rate of return than would be given by more traditional investments (typically 25% or more).

Angel investors are an excellent source of early stage financing and high-growth start-ups. They are often willing to tread where there is too much risk for banks and not enough profit potential for venture capitalists. And since angel investors are often retired business owners and executives, they can also provide valuable management advice and important contacts.

Peer to Peer Lending

Peer-to-peer lending is a means by which borrowers and lenders may transact business without the traditional intermediaries, such as banks. It can also be known as social Lending, ordinary people lending money. The process may include other intermediaries who package and resell the loans–examples are Prosper.com and Zopa-but the loans are ultimately sold to individuals or pools of individuals. Prosper.com, which is available in the US only, offers business loans for small companies.

An enabling technology for peer-to-peer lending has been the internet, which connects borrowers with lenders, for example through an auction-like process in which the lender willing to provide the lowest interest rate “wins” the borrower’s loan. (wikipedia.com)

Money pool

Instead of a bank loan, borrow smaller sums from several family members, friends, or colleagues. The lenders have no legal ownership in the business, but can act as advisors and cheerleaders for your venture. Remember though that nothing causes tension in a family like lending money that is never paid back.

Credit Cards

Many business owners use their credit cards to fund their businesses. Credit cards offer the ability to make purchases or obtain cash advances and pay them at a later time. But as a long-term financing method, they can be expensive. Most credit cards will charge you 2% to 4% of the face value of a cash advance as a “fee” making this method of financing very risky.

Bootstrapping

Another source of capital for setting up a business is bootstrapping. It is a way to finance a business by saving rather than borrowing money. It’s being as frugal as possible so your business can be started on as little cash as possible.

The use of private credit cards is the most known form of bootstrapping, but a wide variety of methods are available for entrepreneurs. Other forms of bootstrapping include owner financing, minimization of accounts receivable, joint utilization, delaying payment, minimizing inventory and subsidy finance.

While bootstrapping involves a risk for the founders, the absence of any other stakeholder gives the founders more freedom to develop the company. Many successful companies including Dell Computers were founded this way.

Venture Capital

Venture capital is not suitable for all entrepreneurs. It is an option for small companies that have a seasoned management team and very aggressive growth plans; however, venture capitalists will rarely invest in small businesses that have no intention of going public. If a company does have the qualities venture capitalists seek such as a solid business plan, a good management team, investment and passion from the founders, a good potential to exit the investment before the end of their funding cycle, and target minimum returns in excess of 40% per year, it will find it easier to raise venture capital.

The venture capitalist objective is to invest in a company for a short period of time – say 5 years – and then cash out of the business while making a significant return on their investment.

The Seven Deadly Sins of Writing Business Plan

This is the 5th article in the series “Business Plan for Small and Mid-Sized companies”. After being associated with creating, developing and writing business and marketing plans for 30 years, I have codified the critical problems and pitfalls involved in Business Plan development. Hopefully, exposing them to the light of day will help small business CEO from avoiding these critical issues.  Although each of the preceding articles has briefly touched upon a number of these issues, they have been formalized and expanded upon here.

To set the stage here is my Business Planning Overview:

I believe that Planning is a basic organic function of management which requires leadership. Planning is a mental process of thinking through what is desired and how it will be achieved.  Planning is a process which can identify the most promising opportunities.  Plans, on the other hand are commitments to specific courses of action growing out of planning.  It will outline how to successfully capture these opportunities or maintain the desired position.  The Plan defines the goals, principles, procedures and methods that will determine the desired position.

A Plan is:

A process by which management can identify its most promising opportunities.

It will outline how to capture these opportunities or maintain its desired position

A continuous Process – not as one-shot activity

A communications tool which integrates all activities of the business’s activities with it.

A specification as to who will do what (responsibility), where, when and how (authority) to accomplish the organizations goals in the most efficient manner (accountability)

Problems, Pitfalls and Deadly Sins

And here they are ….

1. Insufficient Preparation and lack of senior management commitment
2. Who’s starting and in the Lineup
3. Sacred  Cows, Not Invented here
4. Get in Line and jumping the turnstiles.
5. Data over and under kill
6. Dropping the bomb on operations
7. Post partum blues
Insufficient Preparation and lack of senior Management commitment

I saved the best or worst for first.  It is ESSENTIAL that Senior Management be fully committed to the Specific Planning Process about to be undertaken   I have witnessed CEOs talk about the planning process in ivory tower terms but not ready to commit senior management and/or the time and resources necessary to undertake the process.

The responsible senior executive must assure that those involved in the planning process be fully trained and conversant with the steps, process and timetable and expected results. Generally, this requires a series of preplanning sessions to assure that there are no surprises or unrealistic expectations in the process.  Each of the participants should “clear the decks” and be fully focused on the effort.

Of course, reality rears its head and contingencies have to be anticipated in dealing with “crises   issues’ developing and the Planning Team’s integrity and efforts.

2. Who’s starting and in the Lineup

The CEO should determine the makeup of the Planning Team.   I strongly urge that the functional heads of Line, staff and Operations functions be included for their unique perspective, expertise and experience. and because their units will be entrusted with plan implementation.

Of course, all organizations have their mavericks, their “politics” and those on the “outs”. A wise CEO will make every effort to include all to forge a consensus and to capture creativity, 3and experience regardless of where it comes from.

3. Sacred Cows, Not invented here.

This issue is easily the most sensitive problem and pitfall.  I recall spending many hours with planning teams skirting or dancing around a specific issue because everybody knew that the CEO or a top person wanted things done a certain way   and therefore that SACRED COW was stifling creativity and forward movement.  As an outsider, I could raise the question why? why? And ease the situation.  Because we “always did it this way” is no longer acceptable or advisable.  Similar intervention is required when “we can’t do it that way because or that’s a stupid idea, etc. the CEO must be overly aware and sensitive to these sticky problems and be confident enough to intervene in a decisive manner.  I’ve seen a few CEO sacred cows destroyed with a dose of hearty laughter and relief by the other senior managers.   In these tough economic times, you can’t afford those old ways of doing business

4.  Get in Line and Jump the turnstile:

The Eight Step Business Plan Process I have used and advocated for years is sequential and cotinuous.   Each step is structured to build upon the solid foundation of thinking encapsulated in the previous step.  Invariably there is le a team member which wants to jump out of sequence a and has the answer, and is not patient to go through the information and the thinking.  In my experience this is generally a younger team member or in a fast paced line position, perhaps sales, etc.  I find this to be the case when the member wants to jump from the Situation Audit (fact gathering) and immediately determine Objectives skirting the most critical step (in my view) a detailed WOTSUP Analysis the identification of Weaknesses Opportunities Threats and Strengths underlying planning.  The Objectives are methodically set to overcome Threats and capitalize on Strengths and on Opportunities.  A brief explanation generally puts things back on track.

5.  Data Over and Under Kill

As mentioned previously it is essentially work with managers from both line and staff operations in the preparatory phases so that information and data collection can be prepared in an m accurate, comprehensive and timely manner.  By the same token be careful not to request data sets when the cost of data acquisition far exceeds the value to which the data will be used and decisions mad. A cost benefit evolution will generally do the trick;   beware of primary research when secondary and public sources can be used and approximated. Your senior people will have “rules of thumb” that can save the day.

6.  Dropping the bomb on Operations

I examined this problem in the last article.  Operations staffs are generally tasked with Plan implementation.  As such it is essential that they be included throughout the planning process to prevent surprises, inconstancies, quality issues etc when the process is complete. This goes without saying but I have seen disasters, particularly when new product introductions come down and there is a “mess” because a group was left out of the loop.

7.  Post partum blues.

All too often, in a different context entirely, I‘ve seen companies prepare elaborate bound volumes of plans;  distribute them  to Boards of Directors, Bankers and Lawyers and display them in “desk drawers”  ; instead of living with them on a daily basis.  Becoming the business roadmap and judiciously updating them and measuring performance against plan and be willing to modify and examine each element with determined flexibility depending on market and competitive conditions.  Only then will the organization is prepared to capitalize on the Business Plan taking them to the Next Level.

Copyright (c) 2008 Paul Flood Marketing, LLC

These Powerful Small Business Marketing Tips Are Guaranteed to Dramatically Increase Your Sales!

If you are like many entrepreneurs, you are looking for small business marketing tips that not only work, but work consistently. If you’re ready to take the your small business to the next level, you need to look at marketing differently.

This may seem obvious but, over 97% of the time, your small business marketing should have one of two goals: 1. Result in a sale. 2. Result in a lead or prospect.

The other 3% of the cases include your community service marketing like memberships in Rotary, Kiwanis and organizations to which you belong.

Marketing Shouldn’t be a Mystery!

Small business owners often see marketing as a mystery and don’t know what works for their business. Not knowing what to do leads to either copying competitor’s poor marketing or their falling prey to media and agency reps who often know less about marketing than them! The reps are taught to tell you, the small business owner, the goal of your marketing is to build your brand.

The ground is littered with failed small businesses who fell for this brand-building fallacy. Don’t misunderstand me here. I strongly believe in advertising as a pillar of your marketing system but you must view all your marketing as an investment, not as a trial to see what works if people know your name.

Another Small Business Marketing Tip:

Look at advertising as you would a sales ep. Would you hire a sales rep to build your brand and “get your name out there?” If they never close and sale and you’re losing money, do you keep them on board? Of course not! You don’t keep them around longer or pay them more money. You make a change.

Do you see the analogy? Your sales people and advertising are both marketing investments. Why continue advertising that doesn’t generate profits?

Remember that everything in your business is part of your marketing. You either move clients and prospects towards or away from a buying decision. When you look at everything you do as part of your marketing investment, you begin to consider how to leverage it in every possible way to increase profits.

7 Powerful Small Business Marketing Strategies That Will Grow YOUR Business!

1. Develop a powerful (USP) that gives prospects a compelling reason to buy from you now. Your USP must scream a powerful reason to do business with you. It motivates your clients to send friends in droves to buy your product or service! This small business marketing tip has built small companies into empires! Remember the little pizza company that guaranteed fresh hot pizza in 30 minutes or less – Or it’s free?

Make an outrageous and exciting claim that shows that you are better than anybody else and the best thing for a prospect can do is buy from you now!

2. Learn selling and customer service skills. Advertising legend Clyde Bedell taught us “That all good selling is service.” Service and sales go tightly together. When you cross-sell, you provide a tremendous service. You save clients the time and aggravation of having to search elsewhere to complete the purchase.

Marketing legend Dan Kennedy sums up this concept beautifully by saying “People are walking around holding an umbilical cord and saying, “Tell me what to do.” Your clients and prospects need and value your recommendations and will follow them so make a habit of providing them!

3. Capture client and prospect information and create a database. Take a moment to ask yourself the last time a retailer or restaurant asked you name or asked you to return. In general, it is NEVER! Your business will be one of less than 5% of companies that make any effort to build a powerful bond with your clients.

4. Use your database to keep in touch. Send thank you notes. (Super car salesman Joe Girardi is in the Guinness book of records for selling more cars than anybody. His secret? he kept in touch with tens of thousands of clients using thank you notes and greeting cards.Give them a reason to return by sending special discount coupons, invitations to “Platinum Client Days”.” Always thank them for their past business and give them a special offer as a reason to return and always have a deadline for your offer. 5. Start a newsletter, which is THE most powerful small business marketing tip to build a fence around your clients. The added advantage is that you are marketing to those most likely to buy – Current and past clients!

6. Create a referral and reward program. Unfortunately, most people are afraid to ask for referrals even thought clients are happy to give them. The easiest strategy is to simply ask for them and reward people who send you new clients. It can be as simple as giving coded coupons to a client in your store. For each one that is redeemed, the referring client gets a gift. Many professionals are a lot more strategic and have arrange special meetings with their clients for the sole purpose of getting high quality referrals. If you are living up to your USP, clients will gladly refer others! You must realize that if you are providing quality products and services, it is your right to ask for referrals.

7. The final small business marketing tip is so powerful that you must insure you have the capacity to handle the additional business! Joint Ventures and Strategic Alliances leverage the goodwill and relationships other businesses have built with their clients.

Identify non-competing businesses that serve a client base similar to yours. Approach the owner and propose a joint venture or strategic alliance in which you are going to endorse their business to your list and vise-versa. As mentioned earlier, consumers are constantly asking “Who should I buy this product or service from?’

This powerful small business marketing tool leverages the trust you and your alliance partner(s) have built with their clients and, when properly structured between two good companies with quality products and services, is as close to a guaranteed success as you will ever get.

When you’re working on a book or ebook—any writing project you intend to sell—the question, “Will people actually want to buy this?” inevitably comes up. Although in most cases this is your inner critic trying to sideswipe your creative efforts, the question is valid. Will people actually see the value in the information you’re providing? Will they want to spend their money on your book?

The answer to these questions often lies more in packaging the material than the material itself. You can add value to your book or ebook, and enhance its marketability at the same time, by adding features that can’t easily be found anywhere else, and then using them to appeal to your audience. In most cases, these added features aren’t hard to find and create. You probably have the information ready to go; you just need to know how to work it into your book.

To make your informational product more marketable, consider the following seven ways to add value to your book or ebook.

1. Add a list of online resources

Compiling a list of online resources that pertain to your topic and supplement the information you present in some way will give your readers a place to go to find more. For example, if you’re writing a book about dieting, add a list of Web sites that post healthy recipes. This strategy is simple enough to do because you probably know of several resourceful sites that relate to your topic, and it adds value to your manuscript because it saves your readers the time of searching recipe sites online.

2. Add a list of books that supplement your information

This strategy works in the same way listing online resources does; it adds value by saving your readers time and guesswork, and it’s easy enough for you to do because you probably read all the books on your topic while you were researching your material.

Even creating a bibliography of all the sources you used in your research increases the perceived value of your book because readers can see where you formulated your ideas and concepts. It makes you and your expertise more trustworthy. And a bibliography or list of additional books makes your book more resourceful.

3. Add diagrams

Not all people learn and retain information in the same way. Some people can read and understand new information, but some learn best through visual aids and representations. You can add value to your book and make it easier to use for a broader audience by incorporating graphs, charts, diagrams, and other visual aids that clarify and reinforce your main ideas. If you want to include visual elements in your book, talk to a graphic designer about how to create them and incorporate them into your material.

4. Add profiles

People add color and character to every story, therefore adding profiles of people who either work in your industry or have successfully implemented your strategies to your book is a great way to make the information come alive for your readers.

If your book is about running an online business, then profile successful online entrepreneurs. Ask about their inspirations, successes, failures, and advice for your readers. To find anecdotes for your book, search your client database first—satisfied clients will be happy to help. Then you can advertise online for more stories by posting an inquiry on your Web site for viewers to submit their personal experiences.

5. Add checklists at the close of each chapter

If you really want your information and ideas to stick with your readers, then adding a checklist of main points at the close of each chapter, or even at the close of each subsection, is a great way to accomplish that goal and add value at the same time. To create a checklist, just identify your main points and assemble them in a list using bullet points or numbers to designate each item. Aim for three to five items for each chapter.

Checklists are easy to create and work into your manuscript. Plus, they are a marketable feature in a book because people like to receive new information in an easy-to-swallow format. Checklists that summarize your main ideas also make it easy for readers to refer back to your book later.

6. Add exercises or worksheets

If your material warrants doing so, you can take the checklist idea a step further by closing each chapter with a quick list of questions or activities for your readers. These can be activities you use in your own work, strategies you teach your students, or exercises that you create especially for your book. Readers will like the ability to apply and practice your information and concepts immediately after reading it. Then, you can compile the entire list of exercises into a bonus download that drives traffic to your Web site, or expand it into a workbook later.

7. Add an index

How many times have you been relieved to find an index at the back of a reference or how-to book? An index is a very user-friendly characteristic for a how-to, educational, or business book to have – it makes your information easier to find and apply quickly and without a long search. If you want your book to be perceived as a resource, then an index is a worthwhile addition. Some computer programs can create indexes, or you can hire an indexer to do it. The extra step will pay off for your readers and for you.

Your Book’s Value

If your goal is to create a valuable resource that your readers can easily use, then these seven strategies will help you accomplish that goal. Although they may not all be appropriate for your material, you can choose the strategies that best suit your and your readers’ needs.

When your information is easy to find and apply, readers will refer back to it time and time again. Incorporating one or more of these seven features contributes to your book’s perceived value and marketability. And when readers see value in your informational product, they willingly open their wallets and buy.