Business Strategies Articles For Entrepreneurs & Small Business Owners

Changing The Face Of Personal Communications

I’ve been there myself. The fear, the adrenaline, you find yourself imagining things, impossible things, crazy things, insane things … takes years to get over it.” – Dr. Peter Silberman – Terminator 3:  Rise of the Machines (2003)

Maybe because our kids attended the same high school as Jobs and Woz they can’t imagine things as barbaric as communications using dial-up modems.  They laugh when they see the photos of the Motorola brick.  The idea that they would have to search out a pay phone or wait to call someone until they can use the home phone seems … ridiculous.  Especially when they have their flip and slider phone in their pocket.  The cellphone for millions has gone beyond being trendy.  It is a necessity – a means of staying in touch with friends and family, added safety and security.  Growth came rapidly because people could stay in touch on the go:

  • 33 mln mobile phones sold in the US in Q2 2007
  • 70% of teens 12 to 14 have a cell phone
  • 34% of US households to use only mobile services by 2011
  • Mobile subscriber churn is at 2.5% a month
  • 25% of young Americans do not have a landline
  • Men spend 458 minutes a month on wireless, women - 453 minutes
  • 63% of users feel their phones are very personal to them
  • 44% say the phones have strengthened their personal relationships

Of course a lot of folks wanted more.  Heck … they wanted it all.

Naturally a lot of companies as well as service and content providers were all too willing to give consumers what they wanted.  Conventional wisdom engineers were determined to pack every feature, every capability and every service into the small devices … regardless of the cost to useability, financial outlay.  Their research showed folks were ready for it … all:

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Simple And Quick Ways To Get Clients Fast

August is traditionally a time when things go quiet for a lot of businesses as potential customers get back into the swing of things. When you need customers fast though, knowing that is no help at all. So, here’s my top simple and quick ways to get customers fast. 

1.    Talk to your past clients – Have you kept in touch with your past clients? Maybe they’re looking for your products and services right now. Drop them a line (either by phone, email or post) just to see how they’re getting on. When you’re looking for customers fast, your past clients are often a great source of leads. 

2.    Analyse what’s worked in the pastWrite down a list of your current and past customers and next to each name, write down where this customer came from. Be specific – if it was a networking event, which one; if it was a referral – who sent it to you? Analysing your marketing in this way should give you a very clear idea of which marketing methods are working for you and which are not. Then you can go out and do more of the methods that are working for you. 

3.    Offer your customers something special in return for referralsI’m sure in your business, you’ve had at least one referral in the past and when you need customers fast, referrals are a great quick source. Approach your current customers and past ones and offer them something in return for a referral – it could be a free e-book with quick tips; a bottle of wine; discounts of your future products and services. Try it, you might be surprised. 

4.    Go where your customers goIf you’re stuck for marketing ideas and want to find customers fast, one of the best ways is to look at your customers and have a think about where they would naturally congregate i.e. it might be at conferences; at the gym; on Facebook etc.

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How to Write a Business Plan

What is a Business Plan?
Business plans are essentially resumes for companies.  They provide a description of what your business involves, how it hopes to operate, what level its earnings are expected to reach, and how soon those milestones will be met.  Anyone who wants to start a business must write a business plan, primarily because no financial institution will loan you money without first seeing your blueprint for success.  There are countless business plan templates available online or at your local bookstore, and sample business plans are usually sufficient to provide all the necessary information for more than 90 percent of prospective business owners.  Here is a business plan example to get you started.

Sample Business Plan
The term “template” can mean a standardized document that contains a basic layout in which details are added to customize it for a specific use.  A template business plan is an outline where you add information about your company to create a unique presentation.  Every business plan should contain the following sub-headings:

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Should I Use Seller Financing To Sell My Business?

Know The Buyer
One of the top commandments for anyone looking to sell a small business is to recognize where your prospective buyers will come from, and what will motivate them to acquire your company.  Among all the things you can do to sweeten the deal and attract a wider selection of prospects, one of the best involves seller financing.  Many buyers will express an interest in your company and possess the skills to run it properly, but they may be financially constrained in doing so.  By understanding what motivates a buyer and showing the willingness to accommodate him or her, you will sell your business more quickly and for the price you want to achieve.

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Free Stuff - Someone Pays Even for the Free Lunch

“I’m coming for blood, no code of conduct, no law.” – Logan/Wolverine (Hugh Jackman), X-Men Origins: Wolverine (20th Century Fox - 2009)

Hugh Jackman, producer and star of X-Men, was “disappointed” when the rough cut of the movie was stolen and prematurely set free on the Internet. Wolverine on the other hand was totally P***ed!

Oh yeah … so was News Corp’s Rupert Murdock. We didn’t view it.  Didn’t even scrounge the web looking for it.  We’ll wait till it is available on TV surrounded by ads…when we have the time to rent the movie … when we’re on a flight somewhere.

The incident made us think that the Internet has desensitized us in many ways.  Some people think you’re some type of hero if you hack into a corporate system and “liberate” people’s private information. Some think it is cool to set a movie, a song, a book, a game, an article free on the web. Some feel they should be paid for their creative efforts, their content, their intellectual property. We’ve never been really certain if Chris Anderson, editor in chief of Wired magazine, was serious or deeply, intellectually being funny when he crystallized the concept that free is a superb Internet business model.  But as Logan’s half brother said, “Back away. There are things you don’t understand.” Maybe not but we do understand that at the end of each business day there has to be money in the cash register if the organization is going to open its doors tomorrow.

Part of the problem is that the largest web players – Google – has perfected the messaging of “free.”   You have free gmail, video entertainment with YouTube, document storage, maps, news, photo storage and more.

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Move Into The Spotlight

The most cost-effective and successful means of building your business and attracting customers is through public relations, and in particular getting media coverage. The reason that PR works is that it provides third-person credibility not obtainable through paid advertising. In fact, it is said to have 10 times the impact of traditional, paid advertising, placing you above your competitors as the “top of mind” choice for customers, investors and business partners. There are a number of ways to go about getting media coverage and seeking journalists to call you for comment on industry matters or issues relating to your business.

Media releases are a great way of distributing relevant and topical information to a group of targeted publications (think about which media outlets your target audience get their information from). The release must be newsworthy and cover the “who, what, where, why and when”.

Case studies provide an ideal platform to leverage business success and tell your story to the media through your customers. Many trade publications publish case studies and you can use them as testimonials when speaking to journalists. 

Pitching is where you contact specific media outlets to offer them either an exclusive story or an opportunity that is more specific than a media release topic. You can pitch via email or phone, however before contact develop a clear outline of your story and ensure it is succinct and compelling. 

Special features are published in most printed media and cover specific topics relevant to readership. They are an excellent avenue for reaching a specific audience. Contact the feature editor or the journalist in charge to see what angles, topics and issues they wish to cover and then develop a story, case study, or offer comment. Be proactive and contact features editors well in advance of publishing deadlines, as often they are pre-printed.

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Proper Pricing

Countless times I’ve heard clients tell me, “I have a better product, I provide better service, and I’m sick of customers telling me my prices are higher than the competition. If only I could convince my customers that my product or service IS worth a slightly higher investment.” In this article, we’ll discuss principles, approaches and techniques that will help you to build greater value, a higher product/service perception and improved profitability.

The Lowest Price
Let’s face it- securing the business often boils down to the lowest price, in one form or another. Are you cheaper than the competition? If not, you may be up for a battle of the wills. No matter what price you quote, many customers will automatically say it’s too high. That response is so deeply drilled into their mindset that just about every product or service they come in contact with gets the same reaction. The trick is to get beyond the knee-jerk reaction and into a reasonable conversation about their situation, needs, budget, and time frames. Until you achieve that level of rapport, price itself simply isn’t the issue. 

Another facet of the price objection is the explosion of options every client faces. There are more varieties of products and more vendors to buy from than ever before. Multiply varieties by vendors and it’s clear that the total number of available choices has grown exponentially. This overwhelming amount of data can lead customers to making comparisons between options that aren’t strictly comparable- the proverbial apples vs. oranges debate. While the solutions being considered aren’t equal, the prospect is conditioned such that they can’t look beyond Price A vs. Price B. 

The “I can do it cheaper” Strategy 
An often used but ineffective strategy is the “I can do it cheaper” strategy.

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Standard of Care

For several years many small business owners have asked me the same questions:

“How can I grow my business without significant capital investment?”

“What can I do to stabilize the trends in my business?” 

“How can I out-market my competition in the midst of price erosion?”

“How can I maintain a consistent level of revenue to ensure a consistent level of profit?”

“Why are my people loyal one day and turncoat the next?”

“What can I do to motivate my staff to invest more time and effort in effectively selling or delivering my product or service?”

“How can I eliminate excuses and inspire commitment?”

Because these are the most frequently asked questions, I have invested considerable time and effort in seeking out the EXPERTS and learning their methods in dealing with these challenges. I have made it my mission to vigorously study the masters in management, sales and marketing. The philosophy that I espouse is an amalgamation of what I have learned DIRECTLY from the leaders in business, such as: Tom Peters, Jack Welsh, Stephen Covey, Peter Drucker, Zig Ziglar, Tom Hopkins, Jay Abraham, Tony Robins, Morris Shechtman and many others. I have found that while these business gurus have different approaches, they all seem to agree on six absolutes of successful business management in the 21st Century:

1. We are entering an age of uncertainty, expanding knowledge and unrelenting change.
For these reasons, what worked in the past will no longer work in the future. Even the most successful companies must commit to continuous improvement. Uncomfortable introspection must become a habit - - a willingness to eliminate dysfunctional behaviors, and a determination to model a culture that can tolerate unpredictability, uncertainty and vulnerability.

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