Free daily tips, information, advice and ideas
to help you better manage your small business
Many owners of small businesses think of social media as a one-way street to sell something. You put your business up on Facebook, and buyers come calling.
There is much more to it than that. Putting up a picture on Facebook or other social media attracts attention. You get the eyeballs for a few seconds. They might read the words you've included, or they might not. They might hit the "like" and pass it on, or they might not. They might click on your website handle, or they might not. Lastly, they might leave a comment, or they might not.
People have a short attention span. The picture you post on Facebook can be just about anything--street scenes, the newest product you offer, close-ups of hands massaging someone's back, a cake you've just baked and decorated, a plate of scrambled eggs and toast. Birds, flowers and puppies always attract attention.
Example: Heather is a Reiki expert. She has a local clientele that is growing. When she went on Facebook and LinkedIn, a funny thing happened. She expanded in a way that she had not considered. Not only did she begin pulling clients from farther afield, but several people pointed her in a completely new direction--teaching Reiki long distance. She reworked her website and now offers courses on Reiki over the Internet. She put together a webinar and attracted even more attention when she began posting on Facebook twice each week.
Example: Patrick runs a cafe offering breakfast and lunch only. He was somewhat reluctant to create a Facebook presence. When he did, he got some comments back that helped him expand. His current customers were mainly trades people--electricians, plumbers and contractors stopped in for breakfast or grabbed a quick lunch. Also, Patrick had a sprinkling of professionals and office workers. Patrick noticed comments from office workers who wanted to eat "healthy" breakfasts and lunches. He began adding items to the menu and saw that just about everyone was ordering "healthy" including the tradespeople. Patrick had caught a market wave by listening to social media feedback. He now posts on Facebook every day--specials and stand-bys.
Feedback from social media can help small businesses stay on top of current trends and grow. When you listen, people are more likely to tell you things you will not hear in person from them. Sometimes it takes reading between the lines of comments, but the feedback is there.
Look at social media as a promotional tool. It's fast, and it's cheap--free in most cases. Success comes only when you use it, and that's up to you.
Friday, January 22, 2016
Thursday, January 21, 2016
Planning your future
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to help you better manage your small business
Every small business needs a road map into its future. If you are driving to a distant city, you will do well to consult a map--it will tell you which fork in the road to take. Likewise, you deserve the many benefits that a business plan can give you.
Business plans force you to face your future. It becomes a sounding board for you as you move forward. It can help you stay on track, moving toward that successful operation you have in mind. It can help you put all the day-to-day distractions into a longer range perspective.
To get started on your business plan, you need to do some work. If you need an outline of a business plan, do a search "Business plans" on the net. Some are free. Others are come-ons to get you to buy in to additional services. Go for the freebie.
A business plan basically boils down to the expected market for your goods and services. Without selling into a market, you don't have a business. Defining the market and the expected sales to that market is the place to begin--everything else depends on this.
Who are your target clients/customers? How will you attract them to your business? What is the present and projected competition? How will you price your products/services? How much will they spend? Why will they keep coming back? What other market questions pertain to your business--and your future?
Answers to market questions must be turned into numbers. A business plan is much more than words. When you turn all your wordy answers into numbers, reality sets in. Numbers bring brutal honesty.
This is not to disparage intuition. Sometimes, you can feel in your gut a market developing. You want to serve and exploit the possibilities. But translating your intuition into hard numbers can put a better face on your business plan. And save you from disasters.
Only when the numbers work do you proceed to put your plan into operation. If the numbers identify a glitch, solve it before proceeding.
Example: You might identify a market segment that works on paper, but it is not big enough to justify going entirely in that direction. It might be a sideline or an additional source of revenue but not much of a business in itself. If this emerges on paper with the numbers, then you don't want to head off entirely in that direction. Sidelines can be important in any business, and they might develop into full businesses in the future, but it's a watch-and-wait proposition.
Many people in small business try to plan in their heads. This is a mistake. Getting your plan out of your head and onto paper will identify paths and problems that you won't otherwise think about.
to help you better manage your small business
Every small business needs a road map into its future. If you are driving to a distant city, you will do well to consult a map--it will tell you which fork in the road to take. Likewise, you deserve the many benefits that a business plan can give you.
Business plans force you to face your future. It becomes a sounding board for you as you move forward. It can help you stay on track, moving toward that successful operation you have in mind. It can help you put all the day-to-day distractions into a longer range perspective.
To get started on your business plan, you need to do some work. If you need an outline of a business plan, do a search "Business plans" on the net. Some are free. Others are come-ons to get you to buy in to additional services. Go for the freebie.
A business plan basically boils down to the expected market for your goods and services. Without selling into a market, you don't have a business. Defining the market and the expected sales to that market is the place to begin--everything else depends on this.
Who are your target clients/customers? How will you attract them to your business? What is the present and projected competition? How will you price your products/services? How much will they spend? Why will they keep coming back? What other market questions pertain to your business--and your future?
Answers to market questions must be turned into numbers. A business plan is much more than words. When you turn all your wordy answers into numbers, reality sets in. Numbers bring brutal honesty.
This is not to disparage intuition. Sometimes, you can feel in your gut a market developing. You want to serve and exploit the possibilities. But translating your intuition into hard numbers can put a better face on your business plan. And save you from disasters.
Only when the numbers work do you proceed to put your plan into operation. If the numbers identify a glitch, solve it before proceeding.
Example: You might identify a market segment that works on paper, but it is not big enough to justify going entirely in that direction. It might be a sideline or an additional source of revenue but not much of a business in itself. If this emerges on paper with the numbers, then you don't want to head off entirely in that direction. Sidelines can be important in any business, and they might develop into full businesses in the future, but it's a watch-and-wait proposition.
Many people in small business try to plan in their heads. This is a mistake. Getting your plan out of your head and onto paper will identify paths and problems that you won't otherwise think about.
Wednesday, January 20, 2016
Searching for loans
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to help you better manage your small business
Every business needs funding to expand and grow. Some businesses generate excess cash internally and use it to gradually get bigger. Others go outside for a loan.
Small banks have traditionally been there when you needed them. They were the go-to place for expansion funding. That's changed. New and onerous regulations have put many community banks out of business, and those that survive are reluctant and wary--because of the regulations imposed by the federal government.
Technology is galloping to the rescue. Players other than small banks have moved into the loan market. There are today dozens of lenders who are anxious to lend money--either to you personally or to your business.
Example: Lending Club does personal loans up to $35,000 and business loans up to $300,000. This is not some questionable upstart--it has a history dating back more than 5 years. Lending Club is a peer-to-peer lender that made its debut on the New York Stock Exchange back in December, 2014. It is an online marketplace that puts people like you in front of prospective investors. You agree to a fixed rate for 1 to 5 years of monthly repayments. The funding agreed to shows up in your bank account in a few days. You apply online and get approval in as little as a few minutes. Yes, fees are involved and an interest rate applies, but these can be less than you pay on credit cards. This is not a recommendation; rather, it is a possibility for you to thoroughly check out before taking any plunge. Go to LendingClub.com for more.
Example: Another possibility is Prosper Marketplace. This company offers fixed rate unsecured loans from $2,000 to $35,000 with a 3 to 5 year payback. Rates and choices can vary depending on your situation. There is an online application and turnaround is faster than you might expect from your local bank. Again, this is not a recommendation; rather, it is a possibility for you to thoroughly check out before agreeing to anything. For more information, go to Prosper.com.
Example: There are others--OnDeck.com is another online lender providing loans to small and medium-sized businesses only. For others, do a search "Business Loans" and check them out. All of them will check you out.
Whatever you decide, make certain that the path forward fits into your long-range business plan. Using credit cards to fund your business, for example, is a bad idea.
Any lender will want confidence in you and your plan for the future. So, do your business plan--showing that you will be able to repay the loan.
to help you better manage your small business
Every business needs funding to expand and grow. Some businesses generate excess cash internally and use it to gradually get bigger. Others go outside for a loan.
Small banks have traditionally been there when you needed them. They were the go-to place for expansion funding. That's changed. New and onerous regulations have put many community banks out of business, and those that survive are reluctant and wary--because of the regulations imposed by the federal government.
Technology is galloping to the rescue. Players other than small banks have moved into the loan market. There are today dozens of lenders who are anxious to lend money--either to you personally or to your business.
Example: Lending Club does personal loans up to $35,000 and business loans up to $300,000. This is not some questionable upstart--it has a history dating back more than 5 years. Lending Club is a peer-to-peer lender that made its debut on the New York Stock Exchange back in December, 2014. It is an online marketplace that puts people like you in front of prospective investors. You agree to a fixed rate for 1 to 5 years of monthly repayments. The funding agreed to shows up in your bank account in a few days. You apply online and get approval in as little as a few minutes. Yes, fees are involved and an interest rate applies, but these can be less than you pay on credit cards. This is not a recommendation; rather, it is a possibility for you to thoroughly check out before taking any plunge. Go to LendingClub.com for more.
Example: Another possibility is Prosper Marketplace. This company offers fixed rate unsecured loans from $2,000 to $35,000 with a 3 to 5 year payback. Rates and choices can vary depending on your situation. There is an online application and turnaround is faster than you might expect from your local bank. Again, this is not a recommendation; rather, it is a possibility for you to thoroughly check out before agreeing to anything. For more information, go to Prosper.com.
Example: There are others--OnDeck.com is another online lender providing loans to small and medium-sized businesses only. For others, do a search "Business Loans" and check them out. All of them will check you out.
Whatever you decide, make certain that the path forward fits into your long-range business plan. Using credit cards to fund your business, for example, is a bad idea.
Any lender will want confidence in you and your plan for the future. So, do your business plan--showing that you will be able to repay the loan.
Tuesday, January 19, 2016
Hiring a new employee
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to help you better manage your small business
New employees need to be trained. You can train a person to do just about anything. What you look for is someone who knows how to apply himself/herself to the tasks at hand, comes to work on time, has an interest in what they are doing, and shows self discipline and integrity.
You are always short-handed. Never do you have all the help you could use. So you tend to do everything yourself.
But you can be overwhelmed. It's causing you stress, you don't get enough sleep, and you could use a vacation--never an option when you are operating a small business.
If you cannot afford to add a full time employee, consider a part timer. High school and college students always need a little extra money. Hire one for 4 hours a day. Retirees also can use more money and many want to remain active. Hire one for part time--they make good employees.
You might consider bringing in an intern. Not every business is appropriate for an intern. But a law office, a chef, an insurance agency, a small advertising firm, even a grower of plants and others can bring interns into their business. Interns work for the experience and little pay is involved. It helps you and it helps them. To find someone, talk with your local vocational schools.
If you decide to add a full time employee, consider the position carefully. This is an opportunity for you to extend yourself. It's a time to carve out those activities that take up lots of your time and turn them over to the new person. Or, it's a time to bring in new talent--someone who can do things that you don't know how to do or no longer want to do. In this case, write down the things that you expect the new person to do--be specific and discuss it with them so they get off on the right footing.
Whichever path you take--part timers, interns, or full time employees--you are extending yourself. Then, you can concentrate on the parts of the business that you enjoy and the parts that are critical to the future of the business. Extending yourself allows you--and the business--to grow.
It's time to grow when you are overworked. Just make certain that your new hire fits into your long-range plans.
Always bring your business plan up-to-date before hiring anyone. That new employee must fit into your business plan.
to help you better manage your small business
New employees need to be trained. You can train a person to do just about anything. What you look for is someone who knows how to apply himself/herself to the tasks at hand, comes to work on time, has an interest in what they are doing, and shows self discipline and integrity.
You are always short-handed. Never do you have all the help you could use. So you tend to do everything yourself.
But you can be overwhelmed. It's causing you stress, you don't get enough sleep, and you could use a vacation--never an option when you are operating a small business.
If you cannot afford to add a full time employee, consider a part timer. High school and college students always need a little extra money. Hire one for 4 hours a day. Retirees also can use more money and many want to remain active. Hire one for part time--they make good employees.
You might consider bringing in an intern. Not every business is appropriate for an intern. But a law office, a chef, an insurance agency, a small advertising firm, even a grower of plants and others can bring interns into their business. Interns work for the experience and little pay is involved. It helps you and it helps them. To find someone, talk with your local vocational schools.
If you decide to add a full time employee, consider the position carefully. This is an opportunity for you to extend yourself. It's a time to carve out those activities that take up lots of your time and turn them over to the new person. Or, it's a time to bring in new talent--someone who can do things that you don't know how to do or no longer want to do. In this case, write down the things that you expect the new person to do--be specific and discuss it with them so they get off on the right footing.
Whichever path you take--part timers, interns, or full time employees--you are extending yourself. Then, you can concentrate on the parts of the business that you enjoy and the parts that are critical to the future of the business. Extending yourself allows you--and the business--to grow.
It's time to grow when you are overworked. Just make certain that your new hire fits into your long-range plans.
Always bring your business plan up-to-date before hiring anyone. That new employee must fit into your business plan.
Monday, January 18, 2016
Space size and location
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to help you better manage your small business
Every business needs space to operate. Even a virtual business conducted entirely on the Internet requires a place somewhere that anchors the business.
I'm not talking about making calls and contacts as you sip a latte in the local cafe--you still need a space somewhere else. Setting aside a corner of a room at home can suffice, but some small businesses require a warehouse to house the goods they hope to sell.
Location: Some businesses can be run out of your garage. Others benefit from a high traffic location. Still others are unique enough that your clients/customers will seek you out, no matter where you are located. And then there are those that only ship--filling incoming orders.
Consider locating or expanding your sporting goods shop in a farmer's country barn. A used car lot might benefit from being located on a busy thoroughfare, but a travel agency can attract people to a website in your home office. A frozen yogurt operation can do well on a small town's Main Street or in a mall, but a shop that repairs machines can be located in a rural area.
Two things are of major importance when considering location--your business plan for the future and pertinent zoning regulations. Is there a location impact in your plans? Is the neighborhood in transition--where is it headed? Are there plans afoot to raze the building in 3 or 5 years? Talking with a local real estate professional can provide some answers.
Size: Some business owners walk into a prospective space, make an intuitive guesstimate about the size, and sign on the dotted line. A much more prudent approach is to look to your business plan for clues.
If you are opening a coffee shop, cafe or restaurant, what's the number of tables you need to generate the income you've projected in your business plan? What percentage of the tables can you fill? If you are performing accounting services for clients, how much space do you need as you grow and hire additional employees?
If you are a therapist or chiropractor planning to expand into a wellness center in the future, can this space accommodate those plans? Will you need open spaces? A big reception area? A series of offices? Will you be able to expand here or will you be searching again in 3 years?
Homing in on space size and location is important to your future. It goes to how big a market you plan to serve, how you will attract your clients and customers, who they are and where.
All of these considerations flow from your business plan. And your business plan depends first and foremost on the market out there.
to help you better manage your small business
Every business needs space to operate. Even a virtual business conducted entirely on the Internet requires a place somewhere that anchors the business.
I'm not talking about making calls and contacts as you sip a latte in the local cafe--you still need a space somewhere else. Setting aside a corner of a room at home can suffice, but some small businesses require a warehouse to house the goods they hope to sell.
Location: Some businesses can be run out of your garage. Others benefit from a high traffic location. Still others are unique enough that your clients/customers will seek you out, no matter where you are located. And then there are those that only ship--filling incoming orders.
Consider locating or expanding your sporting goods shop in a farmer's country barn. A used car lot might benefit from being located on a busy thoroughfare, but a travel agency can attract people to a website in your home office. A frozen yogurt operation can do well on a small town's Main Street or in a mall, but a shop that repairs machines can be located in a rural area.
Two things are of major importance when considering location--your business plan for the future and pertinent zoning regulations. Is there a location impact in your plans? Is the neighborhood in transition--where is it headed? Are there plans afoot to raze the building in 3 or 5 years? Talking with a local real estate professional can provide some answers.
Size: Some business owners walk into a prospective space, make an intuitive guesstimate about the size, and sign on the dotted line. A much more prudent approach is to look to your business plan for clues.
If you are opening a coffee shop, cafe or restaurant, what's the number of tables you need to generate the income you've projected in your business plan? What percentage of the tables can you fill? If you are performing accounting services for clients, how much space do you need as you grow and hire additional employees?
If you are a therapist or chiropractor planning to expand into a wellness center in the future, can this space accommodate those plans? Will you need open spaces? A big reception area? A series of offices? Will you be able to expand here or will you be searching again in 3 years?
Homing in on space size and location is important to your future. It goes to how big a market you plan to serve, how you will attract your clients and customers, who they are and where.
All of these considerations flow from your business plan. And your business plan depends first and foremost on the market out there.
Friday, January 15, 2016
Your daily hustle simplified
Free daily tips, information, advice and ideas
to help you better manage your small business
It began many years ago when I was in college. To pay my way, I always had two or three part time jobs. Classes were mornings, so I had the rest of the day to earn my way.
At some point I began keeping a handwritten list of things to be done. It was always with me. As I thought of things, they went on the list. As the list sometimes grew, I began keeping a list for today and another for later.
I found it very useful. I didn't have to clutter up my thinking trying to remember all the things facing me. I simply consulted my list, checking off things done and adding additional items as they occurred to me. A quick jot on my list and I moved on to more important things.
Keeping a daily list organizes you--and your day. It frees up your thinking to concentrate of other things--like being creative, dreaming, planning, thinking through ideas. The daily grind is kept in strict perspective. Meeting schedules becomes a breeze.
Joining Corporate America after college, my daily list grew. It included items with a star beside some of them. These were things important to the boss. They took priority. My desk was a mess, but my list was very organized. And it organized me.
When I left Corporate America and set up my own business, that's when the list came to full maturity. Follow up with a customer. Meet the banker. Update insurance coverage. Do some tax planning with my accountant. Order supplies. Interview a prospective employee. Take out the trash.
I began keeping a weekly list--in addition to the daily. Attend a network meeting on Wednesday. Meet a new client on Friday for breakfast. Call three new suppliers and home in on one to deal with.
In your business, the lists you keep become a record. All the dates exist in papers you've collected, but your list pulls everything together in one place.Yes, these days you can keep lists on some electronic device, but the electric goes down, the batteries need charging, the thing can crash on you and you're left hanging.
Retired now, I still keep handwritten lists. I don't worry about viruses or breakdowns or the electric disappearing. Critical things to do today get checked off as I consult my daily list two or three times every day.
No matter how you do it, get the crap out of your head and onto a list. You'll then have more time to think about the important things. Free up some brain cells to dream about next year--instead of increasing your stress trying to remember what is waiting your attention.
A daily list is a good way to collect information you'll need for your business plan. No mistake about it, you need a business plan.
to help you better manage your small business
It began many years ago when I was in college. To pay my way, I always had two or three part time jobs. Classes were mornings, so I had the rest of the day to earn my way.
At some point I began keeping a handwritten list of things to be done. It was always with me. As I thought of things, they went on the list. As the list sometimes grew, I began keeping a list for today and another for later.
I found it very useful. I didn't have to clutter up my thinking trying to remember all the things facing me. I simply consulted my list, checking off things done and adding additional items as they occurred to me. A quick jot on my list and I moved on to more important things.
Keeping a daily list organizes you--and your day. It frees up your thinking to concentrate of other things--like being creative, dreaming, planning, thinking through ideas. The daily grind is kept in strict perspective. Meeting schedules becomes a breeze.
Joining Corporate America after college, my daily list grew. It included items with a star beside some of them. These were things important to the boss. They took priority. My desk was a mess, but my list was very organized. And it organized me.
When I left Corporate America and set up my own business, that's when the list came to full maturity. Follow up with a customer. Meet the banker. Update insurance coverage. Do some tax planning with my accountant. Order supplies. Interview a prospective employee. Take out the trash.
I began keeping a weekly list--in addition to the daily. Attend a network meeting on Wednesday. Meet a new client on Friday for breakfast. Call three new suppliers and home in on one to deal with.
In your business, the lists you keep become a record. All the dates exist in papers you've collected, but your list pulls everything together in one place.Yes, these days you can keep lists on some electronic device, but the electric goes down, the batteries need charging, the thing can crash on you and you're left hanging.
Retired now, I still keep handwritten lists. I don't worry about viruses or breakdowns or the electric disappearing. Critical things to do today get checked off as I consult my daily list two or three times every day.
No matter how you do it, get the crap out of your head and onto a list. You'll then have more time to think about the important things. Free up some brain cells to dream about next year--instead of increasing your stress trying to remember what is waiting your attention.
A daily list is a good way to collect information you'll need for your business plan. No mistake about it, you need a business plan.
Thursday, January 14, 2016
Your business core
Free daily tips, information, advice and ideas
to help you better manage your small business.
Businesses have a way of pulling you in various directions. No matter what you operate, you will be tempted to head off down a side road.
More people are turning to therapy to achieve weight reduction, so should a nutritionist go off in that direction? More people are looking for healthy meals, so should you turn your cafe into only farm fresh, vegetarian meals?
You created your business using your dream. That dream is your core. Messing with it can destroy your business. Be careful.
Example: Jennie opened a bakery. She was inspired by the looks of kids when they sampled her brownies. Her baking passion caused her to expand into high-end, high priced cakes. It was a good move. The business thrived because she took advantage of a market that was ripe for the taking. But she missed the children's faces. She kept the high-end cake part of her business, but she brought back the brownies and added cookies. One evening each week, Jennie holds an open house. Kids are invited to sample the goodies at no charge. Their parents buy more to take home, and they remember Jennie when they need a high-end cake.
If you move away from your business core, you are leaving something behind. Maybe you can incorporate a new direction with the old direction and be the better for it.
Example: Josh is an environmental engineer. Frequently, he gets caught up in the lengthy permitting process for a project. Getting permits in place means keeping abreast of all the local regulations and permits, and this sapped his time and energy. He decided to put part of the process onto his clients--he began requiring them to go for permits and deal with the local bureaucracies. This left Josh with more time to devote to his first love--environmental engineering. But clients resisted his new procedures, and he lost some work because of it. He did a U-turn and, again, as before, began offering to handle the whole project, end to end.
What saves you time can weigh heavily on your customers. Changing the way you offer your goods and services can have dire consequences in the marketplace. People know what they want, and they come to you to provide it.
Your business core is who you are. You can grow, expand and even go off in a new direction. Just be careful messing with your original dream.
to help you better manage your small business.
Businesses have a way of pulling you in various directions. No matter what you operate, you will be tempted to head off down a side road.
More people are turning to therapy to achieve weight reduction, so should a nutritionist go off in that direction? More people are looking for healthy meals, so should you turn your cafe into only farm fresh, vegetarian meals?
You created your business using your dream. That dream is your core. Messing with it can destroy your business. Be careful.
Example: Jennie opened a bakery. She was inspired by the looks of kids when they sampled her brownies. Her baking passion caused her to expand into high-end, high priced cakes. It was a good move. The business thrived because she took advantage of a market that was ripe for the taking. But she missed the children's faces. She kept the high-end cake part of her business, but she brought back the brownies and added cookies. One evening each week, Jennie holds an open house. Kids are invited to sample the goodies at no charge. Their parents buy more to take home, and they remember Jennie when they need a high-end cake.
If you move away from your business core, you are leaving something behind. Maybe you can incorporate a new direction with the old direction and be the better for it.
Example: Josh is an environmental engineer. Frequently, he gets caught up in the lengthy permitting process for a project. Getting permits in place means keeping abreast of all the local regulations and permits, and this sapped his time and energy. He decided to put part of the process onto his clients--he began requiring them to go for permits and deal with the local bureaucracies. This left Josh with more time to devote to his first love--environmental engineering. But clients resisted his new procedures, and he lost some work because of it. He did a U-turn and, again, as before, began offering to handle the whole project, end to end.
What saves you time can weigh heavily on your customers. Changing the way you offer your goods and services can have dire consequences in the marketplace. People know what they want, and they come to you to provide it.
Your business core is who you are. You can grow, expand and even go off in a new direction. Just be careful messing with your original dream.
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