Small Business Tips

July 21, 2010

Seven Tips For Small Business Branding

Seven tips for small business branding

Big companies know how to launch, build, and maintain their brands. Small businesses? Not so much. Small business owners know they need to grow their business, but without an in-house “Global Brand Management and International Marketing Communications Department” they tend to be iffy on the details of how to actually do it.

The following tips have been compiled after several years of literally repeating the same things over and over again to the small and mid-sized business that have made up the core of Plumbline’s client list.

1. You have a brand personality whether you create it or not.

A brand is not a logo. Its a feeling. It’s what the customer actually feels or thinks of when he or she hears your name. So you better take some time to figure out how you want your customers to feel about you. The minute you launch your product or business you will start eliciting a response from people. How they perceive you (premium, value, technical, friendly, old, young, etc.) will shape your future. To make things worse (or better), it happens almost instantly on the Web.

Send some time, before you even create a business card, to think, really think about who you are as a brand and who the people are that make up your target audience. Then craft every piece of communication material around that.

2. Know where you want to take your brand.

?You need a plan. Lucky for you, this plan is not a drag to create. You simply need to have a good idea of how far you want to take your brand in the future and write it down. Commit to your vision. You may be a local coffee shop now, but a few years from now there may be some crazy trend toward Italian-style hot beverages made with espresso and foamed milk and just like that your in the Forbes 500. It would be wise to consider this possibility and create your brand accordingly. If you are going to grow, your brand message and image will need to accommodate that growth.

3. Speak Your Customer’s Language

?If you are a stand-up comedian, you better know what kind of room you are working that night. Comedy that kills in San Francisco might just possibly get a good Texas-Style Butt-Kicking in Dallas.

You’ve got to know your audience. More importantly, you’ve got to know what will work for them, what will turn them off and what will make them sit up and take notice. This really is marketing 101: Match the message to the audience. The message may shift over time, but the voice you use should not. If the voice must change or evolve, it should only do so when necessary and after a good length of time.

If you are selling a Cadillac, you should speak in a way that Cadillac customers will understand. Don’t try to sell them a Cadi using the voice used to sell a Scion. They just won’t hear you.

4. Make your audience respond in the way you want.

First, identify what you want the response to be, then craft your message around that.

You can make your audience respond through the use of visuals that tell your story or deliver on your core message. In packaging, it is often said that the package design is the first experience the customer has with the product contained inside. So through two dimensional graphics on a three dimensional product, we can actually communicate flavor and taste – eliciting a response like “mmmm doughnuts” for example. You can also make people respond by connecting to them with images that they are already tuned in to. That’s why beautiful, scantly-clad women sell a lot of beer. Both on TV and in the bar.

Just remember to keep it appropriate. A scanty clad biker dude will probably not help you sell pantyhose. Then again, maybe it will.

5. Control your message.

?You are in control of what you say. You can control the message your brand delivers. However you cannot control what is said about you. Unless your in the movies or politics apparently.

Be very very careful to consider all of the points of contact between your brand and your audience. All messages should be delivered in the same voice. Everyone who works for you should be treated like representative of your company. You know where they do this very well? Disneyland. Every where you go, and every one you interface with–the guy running the Matterhorn, the garbage sweeper, or Mickey Mouse himself– are all working off the same script all the time.

Your brand should be treated the same way. Your receptionist, your stock people, your engineer, should all know the brand story forward and backward and be able to represent (sell) your brand to anyone, at any time just as well as your actual sales team does. Build your brand inside as well as out.

6. Show what’s special about your brand.

What makes BMW different than Audi? or The Gap different from JCrew? It doesn’t matter if you are a landscaper or a lawyer, if you want to stand out form the crowd, you have to show what makes you unique.

However what you think might be your single, most-defining feature probably isn’t. More specifically it’s probably the same single, most-defining feature that everyone else is pushing. And really, do we need another piece of software to increase ROI and CRM PDQ ASAP? Can the world really take another Amazon.com? Do we need the “E-Bay of medical supplies”? If I had a dime for every time I’ve heard a client describe their business as the “perfect one-stop solution for blank” or as the “gold-standard provider of blank for the blank industry” I’d be on the beach of the island I’d be able to buy.

So how will you define yourself? The good news is that once you arrive at that answer the rest will be pretty easy. Or at least fun.

7. Be who you are

Be true to yourself and your customers. Don’t oversell or try to do to much. And once you have defined your brand personality, stick with it. If you are the value leader, then be the value leader. If you want to move from being the value leader to a high-end player, my advice is to launch a separate brand – think Old Navy vs. Banana Republic.  Once you are out of the gate, changing the world’s established perception of you will be very difficult so again, think about who you want to be before your hang up your shingle.

Sometimes what you set out to be is different from what you become. That’s okay, even if it wasn’t part of your plan. If your audience leads you to a new place, follow them and deliver on their expectations. Don’t try to force them back to where you originally wanted to be or they will probably abandon you for your competition.

Of course there are dozens of other ideas for building the brand of a small or mid-sized business. And there are probably thousands of experts, books, blogs, lectures, and classes on the subject. This is not meant to be Gospel. It’s just some friendly advice.

Dom Moreci is the creative director of Plumbline Studios – a creative services firm in Napa, Ca.

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July 11, 2010

Tips and Strategies for a Small Business Entrepreneur to Beat the Competition

Many new Small Businesses fail during the early years and one of the reasons attributed for the failure is their inability to beat the competition.

To be successful in your business and to be acknowledged as a successful small business entrepreneur, you have to adopt certain strategies that will enable you to outsmart your competitors and beat them.

1. Go Shopping Yourself:

If you are a manufacturer of certain products, you should go shopping yourself at least once a fortnight. By doing this you will be able to see how and where these products are being displayed, the price at which your competitors are selling their products and the type of packaging used. In fact purchasing of your competitors products on regular basis, testing them and comparing them with your products will be a very useful and productive exercise.

2. Become a member of a Professional Association:

As an entrepreneur it is very important that you become a member of a professional association related to your business or industry. Never, ever think that you can operate in a vacuum and succeed. By regularly attending their meetings, you will get the opportunity of meeting like minded people and your competitors too. Opportunities for gathering vital information and secrets abound in such meetings. Be watchful, grab them and implement them in your small business.

3. Gather Information about Your Competition:

You must have a plan whereby either you or one of your employees should order your competitors’ broachers, catalogues and price lists. This will give you very vital and useful information as to how these products are priced, advertised and promoted. Keeping this constant tab on your competitors will enable you to discover the reasons why some are more successful than you. This ongoing study will help you make very calculated changes in your price structure, marketing and advertising strategies.

4. Attend Trade Shows and Seminars:

Trade shows are places where you as a small business entrepreneur can make useful contacts with other entrepreneurs in your own field of activity and other allied fields as well. Viewing new developments, technologies and marketing methods will inspire and motivate you to develop your own business in those lines.

Attending seminars can be very useful, educative and a place to make useful contacts. These trade shows and seminars can open up new windows of opportunities for you.

5. Read Trade Magazines and Newsletters:

Subscribe to your industry or business trade magazine or newsletter. You will come across many things that you are not aware of, in manufacturing, advertising and marketing. These tips and tricks will help you fine tune some of your present strategies.

6. Address Meetings and Focus Groups:

Never miss an opportunity to address meetings related to your industry or business. It will also be wise to organize Focus Groups where you can obtain the views of the members regarding your products. The feedback thus obtained will help you make changes in your products and the marketability of your products.

7. Distribute Free Gifts, Vouchers and Coupons:

The whole world loves free gifts. Even millionaires love anything given free. You should take full advantage of this and promote your small business by offering free gifts. Whenever there are community gatherings, focus group meetings and other functions, try and distribute free gifts, discounted coupons and vouchers. You should ensure that you have your website URL, address and phone numbers embedded in all your items.

8. Have a Professional looking Website.

A well designed professional looking website is absolutely essential. By providing all the information about your business, products and services, it will add credibility to your small business.

Conclusion:

To succeed as a Small Business Entrepreneur is your ultimate goal and failure is not an option. Keep a watchful eye on your competition and implement these tips and strategies. It will not be long before your competitors disappear from the radar screen.

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July 1, 2010

Cash Management Tips For Small Businesses

In today’s unhealthy economy, one can’t help but wonder how small businesses can effectively achieve cash management. In fact, even medium scale and large scale business are struggling to cut back on their expenditure during the current economic situation.

Everyone is tightening their belts, both customers and consumers. Imagine the consequences if no one wanted to purchase goods other than the essentials. What will happen to the restaurant industry? What will happen to the retail industry, particularly those marketing electronics and those gadgets that people can manage without? It’s not just a matter of reducing expenses. Small businesses need to survive and compete with the lower prices that are offered by their competitors, and good cash management is a must.

Here are some tips to help you to save money and manage your business and cash flow. These will also help individuals to better manage their home expenses.

1 Energy Consumption

Electricity is an expense we can’t avoid, but if you are able to keep your energy consumption lower than normal, you can save a fair amount of money. One way to save energy is through the use of laptop computers. Sure, they can be more expensive than desktop computers, but imagine the great savings you’ll get when it comes to energy consumption. A laptop or notebook computer consumes around 90 percent less energy than desktop computers. Most small businesses use computers, and if these are replaced with laptops when the time comes, energy expenditure will be less. The more computers your business uses, the more money you will save.

2. Telephone Costs

The telephone is essential to all small businesses, and many use mobiles as well as land lines. Check up on your monthly plan and negotiate a better deal. As competition is increasing, many businesses are stuck on a deal they started off with, and if they renegotiate they can save a lot of money. Use mobiles only where necessary since they are significantly more expensive to use than land lines. Good cash management involves keeping a close eye on communications costs, especially those that are non-essential.

If you use multiple telephone lines in your business, consider VoIP as an alternative. This can allow you to make huge savings, particularly if you have more than one location for your business. Skype offers a completely free service between Skype users, and it is less expensive than normal to phone non-Skype users.

3 Save on Your Ink

Ink for printers can be another expensive item, particularly when calculated over a year. Try to go paperless and print only what is essential. Use recycled cartridges or buy in bulk to save money. Printer sharing on a network can save on the cost of the hardware and also on ink!

4. Save on Lighting

Most people turn off the lights in their homes when they leave the room, but strangely they rarely do so at work. Make a point of doing so. Switching to energy-efficient light bulbs can save a lot of money over a year.

5 Use the Internet

Small businesses should use the internet as much as possible. It is amazing how many tasks can be carried out online, including business calls, sales calls, online business conferencing, video conferencing, live meetings, instant messaging, seminars and so on.

Owning a small business involves almost constant communication with customers, suppliers and other employees. This can be expensive, particularly if it involves travel. It is just as easy to communicate online as by telephone, and video conference is cheaper than a transatlantic flight! Online seminars can be arranged for training purposes, and advertising costs can be slashed through online advertising. Websites are becoming easier and cheaper to put up with every day that passes. The internet offers many opportunities for you to improve your cash management and improve your overall cash flow.

6. Assess your Office Space

Perhaps you have too much office space and you can afford to let some of it out until you have expanded enough to need it. If you are renting, share the rent with another small business that only needs a desk or two.

7. Bulk Buying

A lot depends on your cash flow situation, but it is sometimes cheaper to purchase office items on a quarterly rather than a weekly or monthly basis. This is particularly true if bulk discounts overcome the problem of tying up your capital in stock. You will save on delivery charges, but make sure that you budget the use of such supplies, since there is sometimes a temptation to use more materials or supplies when stocks are higher than normal.

Although times might seem bad, those with the ability and desire to make savings will come through in a much stronger position than small business owners who do nothing. Don’t let that be you, and by following these seven cash management tips for small businesses, you should be able to make significant savings.

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June 21, 2010

The Top Seven Proven Small Business Marketing Tips to Grow Your Small Business

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.

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June 11, 2010

Tips Small Businesses Can Use For Finance Success

Common Finance Mistakes Small Businesses Should Avoid

More small businesses fail than succeed. Some studies show that as much as 90% of small businesses fail in the first five years. Don’t let yours be one of them. Avoid these common finance mistakes.

Lack of Sufficient Start-up Funding

Not having enough money is a major cause of failure. Unforeseen emergencies can eat up cash reserves. Establish a credit line or apply for a business loan before you need it. If your business doesn’t qualify for a loan, apply for a credit card in your name and keep it for business use only. This credit reserve, or credit card, will allow you to take advantage of opportunities that may pop up, such as supplying a new major customer, product introduction, or media blitz.

Underestimating Expenses

Entrepreneurs have a tendency to underestimate expenses, especially expenses they’re not familiar with. It can be a shock to find out that newspaper ad is going to cost three times what you expected or that the Pay Per Click (PPC) budget you though would last a week is used up in less than a day. When projecting expenses add in a contingency factor of 8% – 10%. Base your expenses on actual expenses. If you’re not familiar with the type of expense do some research.

Overestimating Revenues

It’s a double whammy. Expenses are more than you projected and revenues aren’t nearly what you’d thought they would be. You’ve spent more money and you’re getting less return. Be conservative when forecasting revenues. Use assumptions that are realistic and based on fact rather than hope.

Confusing Profit for Cash

Some entrepreneurs confuse being profitable with cash. You can take cash to the bank you can’t do that with profits. A profit is sales/revenues minus expenses. If some of these sales are on credit, or on payment terms such as payable after 30/60/90 days, the cash won’t be available when the sale is made, but the expenses will still have to be paid.

For example: Sales were $30,000 for the month of March. The sales were from an affiliate program that pays 60 days after the sale was made. Expenses for March were $20,000 so your profit would be $10,000, not bad. However, on a cash basis you won’t see the $30,000 until June, but the expenses still have to be paid. If March was your first month of business you’d be in a cash deficit position of $20,000.

Waiting Until the Last Minute

It takes time to establish credit whether it’s with a vendor or a bank. don’t wait until you’re desperate for cash before you start the process. Apply for a credit card for your company as the first step in establishing credit. Talk with your banker and see if it’s possible to establish a small line of credit. Use the credit and then promptly repay it within the appropriate time frame. After a year request a bigger credit line and use it wisely.

Don’t let these common finance mistakes hurt your business.

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