CenterPoint Community Blog

For the Top 10 Needs Of Small Business Owners, today’s selected entry is from Andrew Schrage, co-owner of Money Crashers Personal Finance.

Here’s my list:

1. Business Plan: Whether you’re running a start-up or have been in business for years, forming a business plan is always a great idea. Make sure you account for things like income projects and making sure you’re on track for positive cash flow. Set goals for your business and track your progress, and adjust your plan as you see fit.

2. Budget: Creating and adhering to a budget is a necessary part of running a small business. Keep it simple by making categories for fixed expenses and variable expenses. This strategy helps to better manage the costs of your operation.

3. Effective Marketing Plan: Even if you don’t have much capital, marketing is still an important aspect of ensuring your venture’s success. Consider utilizing social media sites as a cost-effective marketing venue: You can set up free accounts on Facebook, Twitter, and LinkedIn. Just be sure to constantly monitor your accounts, and respond to all questions and comments in a timely manner.

I remember a specific moment when I thought, "I can do anything I want."

It was a night back in 1972 and I had just been crowned the Dairy Princess of Calhoun County.

What a big moment for me! I remember not wanting to take the tiara off (genuine faux rhinestones and all), until I tried getting in the car to drive home. Yep, no limo driver for this cow queen!

             I received a telephone call from a potential client, a start-up business.  The owner said that he had a new and original process for making a food product.  He wanted to patent that immediately.  He had spoken with a patent lawyer and was concerned about the cost of preparing the patent application.  He wanted a second estimate and was referred to me.

Whether you call them resolutions or goals, we often fail to frame them in a way our brain can get its dendrites wrapped around. Typical resolutions like 'lose _____' or 'quit smoking' are very much like the batter who's up to bat with the bases loaded and 2 outs. They mutter to themselves, 'don't strike out, don't strike out!' And, what do they do? They strike out!

Our brain doesn't understand the negative. All it hears is 'strike out, strike out!' Your resolution or goal needs to be framed in the positive (and, of course, specific) - "I'll be at my ideal goal of 120 pounds by June 30, 2012."

Perhaps you've made a resolution to spend less time on your email. So, tell me, how much is less time? Technically, one minute less would meet your goal, right? Not really what you had in mind, I imagine. Nor, will your brain get the 'less' in 'spend less time on your email.' Can you phrase the goal in a positive way? Try,"I spend a maximum of 30 minutes daily efficiently handling my email."

With the current economic conditions, the collection of accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables.

The following suggestions will help your business improve its cash flow and tighten up its credit and collections policies. Some of the tips discussed here may not be suitable for every business, but can serve as general guidelines to give your company more financial stability.

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination?

Unfortunately, the answer to this question is no. You simply can't let your business run on autopilot and expect good results. Any successful business owner knows that numerous adjustments--from decisions about pricing to hiring and investing--must be made along the way in order to achieve success.

So, how do you handle the array of questions facing you?

One way is through cost accounting.

Welcome 2012! As the new year rolls around, it's always a sure bet that there will be changes to the current tax law and 2012 is no different. From health savings accounts to retirement contributions here's a checklist of tax changes to help you plan the year ahead.

–>> Co-Promote with Other Complimentary Business Professionals

There are probably thousands of people you could connect with on Facebook alone much less other sites, in-person networking events, people who are already in your database and more if you really think about it.

But more than likely you’re not taking the time to connect, right?

Maybe you don’t see how it could bring you business or maybe you aren’t sure what to ask them or say to people to get them interested in working with you on some level but doesn’t it make sense to try?

Here are a few ways to start thinking of how to get in front of other people’s lists to leverage your time and expertise.

1. If someone hosts you as a guest on their teleclass or radio show, you have access to all of their followers, friends, contacts and clients right? That could be thousands of people depending on who it is.
2. Someone could also run one of your content rich articles in their ezine or on their blog and you’d have access to all their subscribers.
3. You may run across someone who would be a perfect partner to do a live, in-person event or workshop with.

Now keep in mind you may want to reciprocate these efforts with them to your list or find some way to make it a win-win opportunity for them too.

Also remember this could be a more long-term marketing strategy because what you promote when you do get an opportunity to be exposed or introduced to their group, list or followers is some way to find out more about what you do for free. You want to offer freebies to get them on YOUR list so you can continue to market to them. You don’t always want to try to sell them right off the bat because they don’t know you yet and they’re less likely to buy first, you want them on your list so offer fun, easy ways for them to do that. 

Your Action Step Today Is: Call, email or send a message on a social site to 5 people each week that could be a good fit for doing this. Seek them out on social sites in groups with complimentary subjects if you aren’t sure where to find them. Look in your organization or chamber directories locally even. Drive them to a phone call where you can discuss if doing any of these is a good fit for both of you and then find a couple a month to take action on!

You can do this! This IS a revenue generating marketing strategy and it works if you do it!

When all else seems hopeless, go back to your roots.

Although my life is much of how I want it to be, there are a few areas I'd like to up the game on. I've tried several tactics, but none seem to be catching the spark, however.

Oh, what to do, what to do.

So, I'm going back to the basics of where I began a few years ago at the time of my corporate separation; back to the excitement and enthusiasm of new potential, finding my passion within.

I love to write; it is my first love, but I'm not a novelist. I discovered some time ago that I am an essayist. I write about life, how the human brain operates under certain conditions; well, it's mostly my own brain that I write about.

Yet, I find that I'm not so different; my readers reach out to tell me they have the same thoughts, or they had the same situations happen to them. First hearing the term a year or so ago, "normalizing" a situation for someone makes them feel, well, normal.

Here's an example. A friend or colleague confides in you that they have this certain yearning to pack up and head for the Brazilian mountains for a year, yet feeling a bit wacko for having such a far-fetched idea. You have the opportunity to "normalize" their feelings by simply stating, "I believe there are many people who would like to do something similar."

What you also have accomplished was to perhaps put in motion the first step in helping them to achieve that wacky notion: by giving them the permission and acceptance to dream. Who knows... you may even get a bag of those delicious coffee beans upon their return!

Back to the basics I go.

1. Go back to a time that gave you the results you now seek.
2. Remember the thoughts.
3. Recall the steps.
4. Repeat those memories one by one.
5. Refine the process to make it faster for the next time.

In the stage of my "becoming" I lost the passion for what I set out to accomplish. My focus went to the business instead of remaining at what is at the heart of my business -- people.

An idea just occurred to me. I will create a photo matrix (much like the one on Facebook) of everyone I mentored and place it where I can see it at all times. But I will also add a spot for those who request my guidance in the future.

Do you have a place, a touchstone, to return to? Can you recall what you did to gain your result? How can you apply that knowledge today, right now?

I'd love to hear about your experience; and if I can help in any way, I'd be honored; just let me know.

Dream On!
PeggyLee


"Well, back to the old drawing board."
~Peter Arno

–>> Pick up the PHONE.

Yes I know this isn’t always fun. But can I tell you that about 1 out of every 5 calls I make where I can actually talk to someone live it turns into a sale of something OR it turns into a great joint relationship and we end up doing something together and promoting each other! Seriously. And my clients who actually do make their follow up calls too experience the same results if not better for the most part.

Face it, you’ve got to call people in this day and world of marketing. In fact, many of them are WAITING FOR YOUR CALL! You’ll see.

Everyone is just too busy to pay attention to just emails that come from you, even a mailer now and then. That is not enough if you want more business.

Here are a few reasons why you want to pick up the phone and who to be calling:

1. Call current or previous customers to find out if they need more, want more, need help, have referrals, etc.
   
2. Call people that you know or don’t know that would be or are great referral partners/sources for you – complimentary business professionals with similar target customers. Find out if or how you can help each other or to see if they would promote you to their list.
3. Call everyone you meet out networking or anywhere to follow up with them – business networking events, association meetings, skids soccer games, PTA, golf, etc. Find out if or how you can help each other, if they’d be interested in talking with you about your services, give them free gifts to get them on your list and more.
4. Call individuals that can book you as a speaker or guest somewhere – in person, on the phone, on a radio show or TV. Always be on the lookout for opportunities to speak but you do have to plan ahead for the bigger engagements and events!
   
5. Call other complimentary business owners to see if there’s some way you could refer business to each other – in person workshop, email marketing, direct mail promotion, social media support, article swapping, blog posting, teleclass guests, joint venture. There are so many ways that you can co-promote with other people basically for free but you and they are too busy to stop and pay attention to this strategy so take the time to reach out and bring up some good ideas and get them going!
   

This sort of follow up and connecting is not typically the stuff you want to delegate, you want to do this type of connecting if at all possible in your business.

These are revenue generating marketing strategies that work if you do them!


© Copyright 2011 K. Sawa Marketing International Inc.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? To publish this article in your ezine or website please include the following blurb: Katrina Sawa is an Award-Winning Author, Speaker and International JumpStart Your Biz Coach who’s helped hundreds of small business owners take dramatic steps in their businesses to get them to the next level in business, revenues and their personal life. She offers one-on-one coaching, group coaching and do-it-yourself business-building products. She’s been featured on various news talk shows and radio shows including Oprah and Friends XM Radio. Go online now to get started with her F.ree Entrepreneur’s Success Kit at http://www.jumpstartyourmarketing.com/gifts!