Posts Tagged ‘Growing Your Business’
How To: Get Your Small Business into the Big Time
Friday, November 28th, 2008
Q: How does a small business get big? We have been at the same level for years now and can’t seem to breakthrough.
Jess
A: Your question reminds me of a quote I recently saw by J. Paul Getty, once the world’s richest man: “My formula for success is rise early, work late, and strike oil. ”
No, you are not going to strike literal oil; those days are over. But figurative oil, why not? Think about Google founders Larry Page and Sergey Brin? Do you think they feel as if they struck oil? You bet. Richard Branson took The Virgin Group from a one-man band to a worldwide conglomerate, and you can bet he feels like he struck oil too.
In fact, every company on the New York Stock Exchange or the NASDAQ started out as a small business. If they did it, so can you.
How? There is no one single answer. Different companies use different methods. Here are some of the best ways to go from small to big.
Find a great partner: Chester Carlson invented his copying machine at home but could not sell it – to anyone. A man named Joe Wilson eventually saw the machine and teamed up with Carlson. Wilson’s company eventually put more than $100 million into R&D, and then renamed the business – from Haloid to Xerox.
When you work alone, as many small business folk do, or even if yours is a company of, say, eight people or so, there is only so much you can do by yourself. Your institutional knowledge is limited to what it is you do, your reach is similarly limited to your normal channels, and of course your resources are limited. In those cases, growth, while a laudable goal, is often one that can also understandably be out of reach. So what do you do?
Find a partner, that’s what. Partners can bring your business to a whole new level. They have contacts you do not and resources different than yours. They also will have ideas that are new to you and offer unique ways to implement those ideas. The key then is to find strategic partners who offer some synergy: They need what you do and you need what they do. Together, what you can accomplish can be more than what you can do alone.
Be first to market: Ed Lowe owned a small factory that made a kiln-dried clay that was supposed to be an industrial absorbent. But it was only when his neighbor came by one day and asked to use some for her cat that Kitty Litter was born. Being first to market also helps you go from small to big.
Innovate : Bette Naismith was a terrible typist, but a good painter. That is why she would bring small tubes of paint to the bank where she worked to cover up her typos. Playing with various formulas, she eventually invented Liquid Paper at home, on her kitchen table.
Creating a new product or a way of doing things is a tried and true way to grow from small to big. Innovation gives companies what is known as the “first mover’s advantage,” and that in turn allows them to own a new market.
Be unique : If you want to take your business to the next level then one thing you should concentrate more energy on is your X Factor, that is, that one special thing sets you apart and makes you stand out from the crowd .
Think about the businesses you like best. Don’t they so something special, unique, different, something out of the ordinary? That is their X factor. Figuring out what your X factor is, and then putting extra effort into it, can go a long way to taking you from small to big.
So the upshot is that there are lots of ways to go from small to big, companies do it all the time. The real trick is to pick a strategy that fits your business and your business plan, one with integrity. Do that, and your growth chances are much better.
Today’s tip : One last thought: Plan Big. Notice I didn’t say “Think Big.” Most entrepreneurs have no problem thinking big. But what growth companies do is plan big . They create a team, figure out their X Factor, find strategic partners, come up with a plan, and execute on those big ideas. That is how you go from small to big.
Need a speaker for your next event? Contact Steve ! He is one of the world’s leading business experts, a popular speaker on the business lecture circuit, and is sure to leave any audience thrilled. A columnist for USA TODAY, lawyer and author, his latest book is the best-selling Small Business Bible : Everything You Need to Know to Succeed in Your Small Business . You can sign up today for his free newsletter , "Small Business Success Secrets!" at his web site - www.MrAllBiz.com .
Tags: big business, business plan, Growing Your Business, small business, Steve Strauss, what works
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How hard do you REALLY work?
Friday, June 13th, 2008
As we get into the full swing of summer and you begin to look forward to taking that much needed 2 week vacation to the Bahamas let’s take a step back and put some things in perspective. You probably work a minimum of 9-5, 5 days a week right? If you work less than that, well my friend you are luckier than most. But what about 39 year old Lee from South Korea who can only spend 10-15 minutes a day with his kids because he’s gone from 5:30AM to 11:00PM six days a week. Oh yeah and he only gets 3 days off a year.
Here are the top hardest working countries and the average number of hours worked per year:
1. South Korea - 2,357
2. Greece - 2,052
3. Czech Republic, Hungary, Poland - tied with close numbers in the 1,900-2,000 range
So next time you want to duck out early on a Friday, be thankful you can and make sure you really DO enjoy that nice long vacation!
Tags: average hours worked, foreign workers, Growing Your Business, international business, Rebecca Button, workaholics
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Recession Wake Up Call
Tuesday, June 3rd, 2008
Eve Tahmincioglu who writes the Your Biz Blog over at MSNBC.com had a great post today where she enlisted the help of business coach Dan Murphy, president and founder of The Growth Coach , to help cast some rays of hope down upon businesses that are suffering recession doldrums. I thought I might help spread the word a bit.
His tips are sure to help you regain a sense of perspective and lead you to taking active steps in maintaining your business. His advice comes in the tried and true form of the acronym: M.A.S.T.E.R. (as in MASTER your business)
M is for Marketing. In good times and bad, marketing should be the highest priority for the owner and the business. Marketing is about attracting, serving and retaining customers. Work smart to keep what you have. Sell more to your current customers. Attract new customers. Marketing is simply on-going education to your customers, prospects and referral sources of why it’s in their best interest to do business with you.
A is for Ask Others for Help. Now is not the time to be the strong, lone-ranger. Be strong and smart enough to ask for help. There is strength in numbers and better ideas. Ask your customers — "How can we better serve your needs. What additional needs could we serve?" Ask your franchisor support team for strategies. Ask your CPA for some expense control strategies. Ask your internal team for ideas on how to grow revenues, decrease costs, better serve customers, etc. Ask other entrepreneurs what they are doing in tough times — adopt and adapt their strategies to your business.
S is for Slow Down & Plan. Stop being busy about nothing. Get strategic. Slow down, face reality, think about your situation and do some planning. They need to create a one-year game plan but break it into 90-day action plans and keep everyone accountable for implementing the plan.
T is for Tough Decisions. Wake up! Now is not the time to be everyone’s friend or to maintain the status quo. You are the head coach and have to make some bold calls and even change up the roster. Your first goal is to survive and be in a position to thrive. Cut expenses and reallocate for marketing — dare to invest in sales and marketing. Cut loose non-performing employees. Redeploy more people to the front lines — sales and marketing. Fire customers that cost you money. Ask others who benefit from your business & success to share in the tough times with you and reduce their costs — CPAs, printers, vendors, suppliers, advertising channels, etc.
E is for End Excuses. Everyone needs to be held accountable for results. As owner and head coach, do not accept excuses, only results. You must provide accountability for everyone, including yourself. Lead by example. Just because the economy is tough, that is no excuse to lay down, to give up, and to allow things to happen. Now is the time to dig deeper, hustle, and out maneuver others. Get more creative. Do not play the role of the victim. Accept the truth that things are a bit rough. So what? The rough economy is not the real problem, your not confronting the problem and taking new actions is the problem.
R is for getting Re-Focused. Like a champion sports team, every one of your team members should have absolute clarity about their role, responsibilities and goals. They should not confuse being busy with accomplishment. Get them focused. Be honest and frank with your team — if sales are down, give them the facts. Everyone, from receptionists to managers, needs to face reality and positively go about improving on that situation.
Tags: economy, Growing Your Business, Rebecca Button, recession
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Using the Web to Draw in Customers
Monday, June 2nd, 2008
Many brick and mortar stores have learned by now that they need to have a website in order to compete in today’s internet driven consumer marketplace. What many of them haven’t figured out yet is that there is much more to using the internet to draw in customers than simply having a website with store hours and information on it.
It is becoming increasingly important for businesses to make themselves available for customer reviews. Sites such as Amazon.com use the customer review system to sell products. Yelp.com uses the same concept but allows consumers to review actual businesses. This type of instant feedback is valuable to the business as well as potential customers. Studies show that consumers trust peer reviews 83% of the time while experts are trusted only 63% of the time.
If you put your business out there for customer reviews expect both good and bad. Take the time to contact all reviewers if you can. This will likely improve your overall rating and bring in a considerable amount of extra business from people who check these sites frequently and write reviews themselves.
Tags: customer service, Generating More Sales, Growing Your Business, Marketing, Marketing Your Business, peer reviews, Rebecca Button, yelp
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Tips for Beating Entrepreneurial Burnout
Thursday, May 1st, 2008
If you’re like many entrepreneurs, you love everything about your small business. You love what it is about, how it runs and the whole industry surrounding it. With all that love, it is hard to think you could ever get tired.
Nevertheless, it happens. Many an entrepreneur finds him or herself going and going - until one day they just blankly stare at their desk or office space and feel lost and empty.
This is called entrepreneurial burnout. Essentially, the well of creativity and energy that has been running your business has run dry. This doesn’t mean you need to close shop or change business avenues - it simply means that it’s time to take a break, step away and recharge.
If you are a sole proprietor, or run a small business, running away for a few days or a week may not be an option. Let’s take a look at a few ways to do a little on-the-job recharging.
* Watch Your Hours - While all people who run their own businesses work an immense number of hours, you need to make sure you are not overworking yourself.
Too many hours of work will make you tired, sap your energy and make coming to work a monotonous chore, not something you love.
Instead, see if you can restructure your hours, or hand off some of your chores. The key is to work an acceptable amount of hours and still have time off to enjoy life.
* Add Something New - Have you thought of making some changes to spice things up? Perhaps you can look into starting a new product line.
Maybe you can add a new look to your office or any of a number of other changes that may be mulling around in your mind. This may be a great time to make those changes.
In addition to changing the look of your business, or adding new offerings for your customers, it will give you something new and exciting to see when you come to work.
* Reclaim Your Creativity - Many business owners, when they first started their companies, came up with new ideas, products and paths every day.
Over time, your job may have changed to being in charge of piles of paperwork and other boring things that involve no creativity. Can someone else do those tasks?
It may be time to hire an employee to take over some of the work that is dragging you down - so you can focus more on your creative side that got you into this business in the first place.
* Seek Education - A great way to become inspired to take your business to the next level is to see what is happening in the rest of your industry.
Book a trip to a trade show or convention and see what similar companies have to show and offer. Seeing new items and ideas may help kick start your creativity again and help you think of new directions and opportunities for your company.
Tags: advice, entrepreneur burnout, Growing Your Business, Leeia Ladipoh, Starting a Business, tips
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Why You Should Run Your Business Like You’re in Show Business
Wednesday, April 16th, 2008
If you’re searching for some business bling: bigger profits, more customers, an increase in traffic, etc., then start treating your business like you’re in showbiz, baby! What this really means is giving your business its own identity. You’d never see Jim Carey and Robert De Niro competing for the same role. Why? Because they have positioned themselves as different “brands”, or different identities. And you should do the same thing for your company or products. Having a branded image will help your company to stand out in an already overcrowded marketplace.
Take a look at your competition and find your “angle”. Something different and unique. Chances are, your competition is all very similar, and are using the same old selling points to attract customers. Just like any successful actor knows, getting people to remember your name, your look, or your image is what keeps them coming back for more. And the same holds true for companies and their products. Any car can get you from place to place, but certainly a Hummer has a different image than a Volvo or a Ferrari. And it’s that definitive image that has each brand standing out in the marketplace and appealing to a certain group of customers.
Once you have decided on your company image, it’s time to play the role of agent and start promoting it. Hard work can pay off with “gigs” in magazines, newspapers, local news, blogs, websites, etc. Just because you never worked for a fancy Madison Avenue PR firm doesn’t mean you don’t have the chops to get your company mentioned again and again and again. Start sending out press releases, email blog writers, and email sell sheets to editors and online reviewers. And just like in show business, it just takes that one “role” or mention, to start a snowball effect all across the nation. We all remember Alex Tew, the Million Dollar Homepage guy - that all started from a few blog mentions!
You’ll find that doing PR for your company gets easier once you get past the first few. You can then use those mentions as examples to show other potential media platforms, showing them how easy it is to write a sensational piece about your company or product. And, more importantly, that there is a newsworthy component that readers are interested in.
So now that you know the real star potential of your company, it’s time to play the role of agent and get your destined-for-stardom company in the spotlight. Most business owners never think of their company in this way, which may also be the reason why most businesses within an industry all seem to market themselves in the exact same way. Now that you have the methods to make your business shine, you’ll need a scrapbook to hold all the magazine and newspaper clippings!
Tags: advice, Carrie Hinkel, Growing Your Business, management, tips
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Growing Without Franchising
Wednesday, April 9th, 2008
You have a great business idea and you put it into action. The result is a nice little opportunity that your friends and business colleagues tell you would be a great franchise. The decision to franchise is not one to take lightly. First you need to understand what a franchise is and what other alternatives you have available to you.
The federal government defines a franchise as a business relationship that has 3 specific characteristics. Number one there is a common trademark. Number two, there is a level of operational support or help and training and one company has significant operating control over another company where in decision making or operational policies and procedures. Third, the franchisee pays a minimum of $500 in the first six much for any fees, royalties, shared advertising costs, training fees, or equipment fees.
Being classified as a franchise means that your business is subject to State and Federal laws which spell out specific operating guidelines for disclosure, time periods for buying and selling franchises, and other regulatory requirements. If your business only has 2 of the 3 characteristics of a franchise then you are not considered a franchise and not subject to the stipulated regulations. Before you go trying to not incorporate one of the three main features of a franchise think carefully about how this characteristic will impact your business.
* Common Trademark is a difficult piece to circumvent. One of the advantages of a franchise is the marketing synergy you gain when you have franchises. Brand name and recognition all increase when you have the same name of business. Trying to circumvent this and having companies with separate names causes you to lose the branding you gain through franchising.
* Operational Support & Control is one of the key advantages of a franchise. McDonald’s is perhaps the most famous example of this. Because of Ray Kroc’s fanatical insistence on standardization a McDonald’s cheeseburger is the same in California as it is in Rhode Island. Growing your market segment through similar businesses you have no control over is a difficult proposition.
* $500 in charges in the first 6 months seems easy enough to get around, just delay the payments. This work around has been tried literally and in a court of law. While laws vary from State to State cases have been brought before the court regarding the delaying of franchising fees and the bottom line is if it looks like a franchise, operates like a franchise, but delays fees and royalties for however long it is still a franchise. Additionally, you would have to be very very comfortable with someone to let them operate under your trademark, with your policies and procedures, for at least 6 months at no charge for anything or essentially no charge(less than $500).
While it is possible to grow your business without franchising you need to be very careful and pay particular attention to all applicable laws. Before considering stepping out in this direction check with your attorney and tax professional to ensure you are compliant with all State and Federal Laws.
Tags: advice, Growing Your Business, growth options, larry Slusser, tips
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What Entrepreneurs Can Learn From Tai Chi
Wednesday, April 9th, 2008
Entrepreneurs have been described as many things over the years in a variety of mediums. Aggressive, type A, intelligent, calculating, assertive, savvy, and many other terms and descriptions have been used.
Tai Chi is often called a passive martial art form, and “whole body and mind” form of exercise. Known throughout the world as a form of exercise to help with stress, how can Tai Chi be compared to being an entrepreneur? After all, one of the more famous quotes in Tai Chi is action through inaction which would seem to run counterintuitive to the entrepreneurial spirit.
Dig deeper in to Tai Chi and those entrepreneurs who succeed in business and you will find many similarities. In fact, on a value and conceptual level, it is striking how much the entrepreneurial spirit and this form of martial arts has in common.
* It Starts Simply , with warm up exercises and breathing to gain focus. Even the most coordinated expert in Tai Chi starts their lessons with warms ups and breathing exercises to gain focus. No entrepreneur succeeds without focus. Think about that tough problem you had to solve. What was the first thing you did? The chances are you focused on coming up with a game plan, and then decided where to start first.
* There is no Substitute for Experience or Time. In Tai Chi, there are no short cuts. To learn the sequences it takes repetition which requires time. A good instructor helps, but the individual must work hard to succeed. The same is true in business. Even if you have a fantastic mentor, you learn by making decisions, gaining experience, and by practicing. Study the world’s most successful athletes, entertainers, and business people, and you will find they are nearly maniacal in their practice regime. Think about what you should be practicing for your success, are you?
* Take Time to Meditate and to Focus beyond just warming up. Built into Tai Chi is time for meditation and focus. To achieve success in Tai Chi you must be able to focus and take that focus and apply it to you physical achievements to attain mastery. The same can be said of your efforts in business. If you are too busy working running your business to focus, you will forever be overwhelmed by tasks. Take time to focus, to plan, to do root cause analysis and you will succeed. To become a successful entrepreneur you must work “on the business” not just “in the business”.
* Push Yourself Beyond Where You are Comfortable is a catch phrase for many areas of life. This saying, however overused is true in Tai Chi and in business. You simply must push yourself beyond where you are comfortable if you are going to grow. Taking risks can come naturally to the entrepreneur but it is still not an easy thing to do on a regular basis. Recognizing when it is time to step beyond where you are comfortable is a skill you find in people who are able to achieve the pinnacle of success in their endeavors.
In Tai Chi there are many similarities that can be taken and applied to success in business. As an entrepreneur, make sure you are studying and applying these fundamentals in all the areas of your life to find what true success means to you.
Tags: entrepreneurs, Growing Your Business, larry Slusser, management
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How to Handle Your Workday Information Overload - Quit being a slave to email and manage your work time more effectively
Friday, April 4th, 2008
Are you one of those people who checks their email every five minutes? And do you practically have a panic attack when you’ve realized that you left your Blackberry at home or in the car? Well, you’re not alone. Today, in this digital age, workers have become so reliant on their email communications that it has become more of an obsession, making workdays less productive.
When you consider emails over phone calls, it’s easy to see how emails can be time savers: a quick 30-second email verses a 10-minute phone call. Okay, so what is the problem? Well, considering emails are so easy and quick, people end up sending out more emails then they would end up making in phone calls. What would once be figured out by reading a manual, now a question gets emailed out to someone and then Cc’d to five others. Many workers check their messages so frequently that finishing other tasks ends up taking 2-3 times as long. Also, many times with email communications, questions aren’t clear or answers are vague so there will be back and forth emails for several rounds, where a phone call could clear things up much quicker.
How to be more productive by distancing yourself from emails
Take an honest look at how often your check, write and respond to emails. Do you always have a PDA device with you to ensure that you never miss an important email? Do you ever go longer than an hour during a workday without checking your email? It’s easy to become a slave to email and feel like you are powerless to its addictive communications but, don’t worry, you can get back your workday and learn how to manage your time more effectively. Here’s how:
Turn your email program off when you are working on a project - When you have a paper or report to write or research to do, etc., temporarily turn your email program off to keep temptation away and to avoid hearing that distinctive inbox “ding”. You will be amazed at how much quicker you can get through tasks when you’re not constantly distracted by that temptation-ridden inbox!
Stop unnecessary Ccing - It’s a trap that many business people fall into: Unnecessarily Ccing others, thereby wasting their time and inviting them to respond to the email. This can turn a simple email into non-stop back and forth banter - and for no apparent reason. You should only copy others to an email if their participation is absolutely necessary. Implementing this rule office wide would end up saving everyone’s time - and you’d be surprised by how much!
For complicated subjects, make the phone call - Believe it or not, there are times when a phone call is quicker than sending an email. People are so accustomed to emails that they’ll spend 10 minutes typing up an email that inevitably gets confused by the reader because of the complex subject. When dealing with complicated or easily-misunderstood subject matter, it’s usually best for both parties that a phone call is made to clear up any confusion.
It is possible to free yourself from the shackles of email, but it will take some commitment and willpower on your end. You’ll no doubt find that once you learn to control your email addiction, your workdays will be more productive and even less stressful.
Tags: Carrie Hinkel, effeciency, Growing Your Business, information management, management, staying productive
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Should You Go Wi-Fi? Tips for Making Your Business Wireless
Wednesday, April 2nd, 2008
You are considering going wireless in your organization giving you and your staff more flexibility. However, you are not sure how to go about implementing Wi-Fi in your organization. Below are some tips to keep in mind when researching the equipment ensuring that your organization will be secure with the flow of information.
There are certain alphanumeric standards that you to know when researching Wi-Fi, which are 802.11a, 802.11b, 802.11g, 802.11i, and 802.11n. It is important to know that 802.11i is a security standard and the rest are networking standards. Moreover, 802.11a is the only one that runs on 5 GHz frequency, while the rest run on 2.4 GHz frequencies, which if you have Bluetooth devices, cordless phones and microwaves in your office, these can interfere with it.
Unfortunately, the 802.11a is not compatible with other Wi-Fi operating systems. Thus, if you plan on using your laptop outside of your organization, then the card will become a liability. Thus it would be best to consider the other alphanumeric standards, such as 802.11b, 802.11g, 802.11n, even though they run the risk of frequency interference.
When you are ready to purchase your wireless equipment, you will need to designate a place for the wireless access point, which will be connected via an Ethernet cable to any port in your network. Then you will need to ensure that all laptops have a wireless card installed. You will need to know the number of access points, such as having an access point every 150 feet indoors, etc.
If you have a smaller office, using the 802.11g equipment may be all that is required to ensure that everyone can work effectively. It is important to note though that the system will not run faster through the internet than your web connection. If you have salespeople who work on the road, it will be important to have 802.11g equipped on the laptops. This will allow them to work at commercial hot spots.
Additionally, when you buy your equipment, ensure that it is Wi-Fi certified-that it will work with other certified equipment. Always check out the product you are purchasing to ensure that you are getting what you need.
Third, security is very important to remember as well. Working with wireless equipment will allow your information to be sent without any security risks. If you have an unsecured wireless network, then your information is not secure and open for the taking. A secure network will send the data encrypted to ensure that it cannot be stolen.
Last, when you have purchased all the equipment you can put it all together in a matter of minutes. The only thing to remember is that the equipment is compatible and your server is secure.
Tags: advice, business technology, Growing Your Business, IT, larry Slusser, Starting a Business, tips, wi-fi, wireless
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