Small Business Trends |
- Is Social Media the New Small Business PR?
- Regardless of The Market, The Economy or The Fear: Take Care of The Basics
- You’re An Expert, But Are You An Entrepreneur?
- A Bed Time Story Venture Capitalists Tell Their Children
- One Entrepreneur Greets MLK Day with Work
| Is Social Media the New Small Business PR? Posted: 17 Jan 2012 02:30 AM PST We hear a lot these days about the importance of social media in small business success. But how can social media be used most effectively in your small business? We look at the answer to that question and much more in this Small Business Trends roundup. Enjoy! Social MediaSocial media: the new PR? Well, maybe. But the fact is that social media is many things to many different practitioners. There are certainly some no-no’s in terms of business use of social media, but more important is learning how the tool works best for you. FixCourse How much does it cost? What if you had to pay $20 every time you appeared on social media? You don’t, of course, but it’s a helpful exercise when thinking about how much social media marketing really costs and how much time you devote to it. M4B Marketing SEOGoogle rating stars. If you’re developing an online presence this is probably something you should know. Here’s more on the Google rating star, what it is and how to use it in your online marketing efforts. Don’t Do It Yourself Why your online presence needs video. Online video is more than simply a popular medium that attracts and entertains visitors. It is a powerful Search Engine Optimization tool that will help your Website rank better with Google and the other search engines than it might hope to do otherwise. Step By Step Marketing ManagementA non-boring approach to cash flow projections. Don’t panic! This cash flow projection discussion will not put you to sleep. Like it or not, cash is still king and understanding cash flow is the key to keeping your business afloat. Leap TV Mastering the five C’s. What if there were a simple little formula out there that made success in small business easy. Well there is…sort of…and getting the hang of this simple little five step approach can be the first step in improving your business success. Open Forum SalesThe basics of cold calling. You may have heard that cold calling is dead, but it remains a quick and simple method of getting a customer interested, if done right. Here’s how to approach the simplest tool in your sales arsenal. Inc.com Success StoriesFrom jobless to self-employed. There are many stories coming out of the troubled economy about people deciding to take their destiny into their own hands and following a dream to create a business. This is another inspiring example of determination that paid off. CNN Small Business More TipsSign, sign, everywhere a sign. One way to keep your momentum going after the beginning of the year is with some reminders. You might be surprised how much this tip can help you stay focused not just now but throughout the year. The Solopreneur Life Expert or entrepreneur? You’ve probably heard it said that part of personal branding for entrepreneurs is to establish yourself as an expert in your field. But is an expert necessarily an entrepreneur or are there differences to be considered? Into which category do you fit? Small Business Trends From Small Business Trends      |
| Regardless of The Market, The Economy or The Fear: Take Care of The Basics Posted: 16 Jan 2012 11:30 AM PST Beware of the market-talk that leads to aggressive, business breaking fear. It's the kind of thing that can slip up on you. And before you know it, you've slid into a series of fear-based decisions. To make the most of any economy we have to always take care of the basics first, and for me that begins with controlling my mind. Sometimes fear thoughts just slip in but you don't have to let them run you, and in turn, your business. Besides, uncontrolled fear can cost you a lot of time, time that could go into the kind of strategy work that digs a savvy business owner out of trouble. And if you can control the fear, then you find creative and effective ways to take care of your customers, your employees and your marketing. Take Care of Your CustomersIn, “9 Business Fundamentals To Always Remember” John Mariotti says:
Quality service and quality products can afford profitable pricing even in a down economy. But fear-based decisions can cause you make rash choices instead of strategic ones. For example, maybe a single item doesn't make the kind of money it did before but a if you bundle it how does your market respond? If you keep your strategy cap on you just may find something that feels like more value to your people and keeps you in the black. Now, if taking care of your customers is fundamental, then taking care of your team becomes key as well. Take Care of Your EmployeesYour employees are your front line of defense and care. Your customers' relationship with your company is often built through their interaction with one employee or another. In, “Are You Rewarding Your Employees Fairly?” Anita Campbell, Founder of Small Business Trends, says:
Or simply perform poorly (and that costs you money). Anita references a study by WorldatWork, Hay Group and Loyola University Chicago professor Dow Scott. And according to that study one of the strategies that can help increase employees' perceptions that they're being fairly rewarded is good communication—you can implement that now. And the top factor in whether employees feel they are fairly rewarded is career development opportunities—this is a cost effective reward that small businesses can offer with some planning. Check out her article and the study for more factors. Take Care of Your Marketing In, “How To Pick An Ad Agency” Ivana Taylor gives her 7 step process for choosing an ad agency including step #5 where she suggests that you say "no" to the presentation and go to lunch instead. The goal is to find someone or organization that can successfully complete your marketing job over and over again. You want a long term and profitable relationship with your ad agency, because let's face it none of us have time or money to waste. Just remember, a challenging economy is not a time to shrink. Smart marketing is always essential.
From Small Business Trends     |
| You’re An Expert, But Are You An Entrepreneur? Posted: 16 Jan 2012 08:30 AM PST So you are an expert, but are you really cut out to be an entrepreneur? Is this what you really want to do, or is this a desperation tactic? Entrepreneurship as a solution to employment is fast becoming a popular decision many are making. There are many great resources to help you evaluate if, in fact, you are the right temperament and type of person to take entrepreneurship on. Here are a few of my favorites: Entrepreneur.com I recently interviewed Joe Abraham, author of Entrepreneurial DNA and the founder of the BOSI formula, which offers four personality types: builders, opportunists, specialists and innovators. Abraham’s premise is that one size does not fit all and there are different personalities and approaches that identify successful entrepreneur types. His sytem is much like the DISC personality profiles used in HR to identify what jobs and careers are best suited to job seekers. In addition to evaluating your entrepreneurial personality, you must think of yourself and assume the roles of master salesman, networker and marketer, regardless of how many employees or support people work with you or for you. Sales, networking and marketing are the three most important areas that impact success, other than a very good and needed product or service, which of course must be the reason you sell, network and market in the first place. Here are three tools from the SBA that will help you. First, take an honest self assessment of your entrepreneurial temperament. Second, identify your key qualities, skills and intangibles. Third, create your entrepreneurial success blueprint, your platform and business plan. Here are 12 resources and tools I have used to become a better seller, networker and overall marketer. These are proven ways to your build brand awareness and credibility and grow your relationships with your personal and professional communities.
If you are ready to take your expertise and use it to become an entrepreneur, set yourself up to succeed by building a foundation, a platform and your blueprint for success. Business ownership is the most exciting endeavor that one can take, as long as your risk/reward tolerance is high enough. Jobs, Gates and Oprah can teach us much about entrepreneurship, but so can the countless other ordinary people who are doing extraordinary things as entrepreneurs and are launching daily and succeeding now. Check out CNN’s 2011 Heroes to see some of these amazing people in action. In the words of the wise Rabbi Hillel:
Set yourself up to succeed, make the shift and take the risk. This is the perfect year and perfect time.
From Small Business Trends     |
| A Bed Time Story Venture Capitalists Tell Their Children Posted: 16 Jan 2012 05:00 AM PST Once upon a time, back in the days of yore, when entrepreneurs went by names like "Jeff Bezos", Internet retailers were the investment rage, and Harvard still printed a face book of its students on paper, there was a ritual that many venture capital backed participated in. It was called the "initial public offering." Now, many of you are young and can't remember the 1990s, so let me tell you about this ritual. The founders of companies would sell shares of those businesses to the public and the businesses would be listed on the stock exchange. This ritual, my children, is rarely used anymore. Like other ancient tools like the typewriter and the phonograph, the IPO-as-exit-vehicle has been replaced by a more modern tool: the acquisition. Dow Jones VentureSource recently released its counts of the number of venture capital-backed companies that exited in 2011, and the numbers tell the story of the lost IPO-as-exit-vehicle. The data show a slight rise in the number of acquisitions of VC-backed companies to nearly record levels (there were 6 more acquisitions in 2004 than there were last year) and a slight decline (by one) in the number of initial public offerings of venture-capital funded businesses last year. Moreover, as the chart below shows, last year the number of exits by acquisitions exceeded the number of exits by IPO by the largest amount since 1992, when Dow Jones VentureSource first began to produce exit data. For those of you interested in ancient history, this pattern is far different than in 1992, which saw 69 more IPOs of venture capital-backed companies than acquisitions of those businesses. Source: Created from data from Dow Jones VentureSource From Small Business Trends     |
| One Entrepreneur Greets MLK Day with Work Posted: 16 Jan 2012 02:30 AM PST Today, as we in the U.S. observe Martin Luther King Day (MLK Day for short), one entrepreneur talks about what the day means to him and we share some other ideas to be considered to improve the businesses and lives of all entrepreneurs. Martin Luther King DayWhy one entrepreneur won’t be taking off Martin Luther King Day. It shouldn’t surprise anyone that Nelson Davis has decided his business will be open today. Though he grew up with the Civil Rights Movement, Nelson says King stood for opportunity and dreams. For Nelson, that means operating his business. Making It! TrendsProgress for black entrepreneurs notable. One business leader says that while progress for black business owners and entrepreneurs has been notable over the past 20 years, he has yet to see the massive success he would like to in the black business community. MLive.com Macy’s creates incentives for minority small business. In a an effort to attract minority customers to its stores, the huge retailer is reaching out to small minority-owned businesses already serving the market, even creating a mentoring program to help them succeed. Bloomberg Businessweek NewsSBA elevation sends mixed signals. You might think small business leaders would be thrilled with a recent proposal to elevate Karen Mills, Administrator of the U.S. Small Business Administration, to a cabinet level position, but Small Business Trends founder Anita Campbell looks at what this really means. Small Business Trends How ToLooking for vendors? The ones you choose will make a difference and set the tone for your company, but how exactly do you choose the right vendors for your business and be sure of the quality they will provide? Business leaders and experts provide some options. WSJ Choosing a new office. It’s going to happen sometime, either when your home based business outgrows your kitchen or living room or when your current office no longer suits your needs. Here is an incredibly detailed guide to hunting for your new home base. FeeFighters WebSmall biz Websites to watch. We are very humbled to be included by Kevin Haines in his “Online Marketing Blogs for Your Small Business: 10 Must Reads” post. Kevin also includes other great titles like Social Media Examiner, ProBlogger, ChrisBrogan.com, Duct Tape Marketing, Copyblogger, ReelSEO, The Thesis Statement, HubSpot and The Sales Lion. Thanks, Kevin! WebMaxed Building online authority. You’ve probably heard a lot about the importance of search engine listing, but there are some other things that factor into getting to the top of Google. Take a look at some ideas that can get you there. A Website Designer Other ThoughtsWho’s looking out for your business? No, it won’t make a profit or hit projections on its own, no matter how clever your organization. There are plenty of things to watch in your business when trying to make sure everything goes well. Open Forum Making yourself better in your business. It’s not your average advice for entrepreneurs. But it’s true that there is more to life than work and that financial success isn’t everything. Here are some other things you should consider. Bloggertone From Small Business Trends     |
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