Thursday
Get Out Those Crying Towels
When you are constantly bombarded by this type of news........
...is it any wonder the economiy keeps getting worse? It's like a self fulfilling prophecy. What you focus on the most is what you will gravitate to.
It makes perfect sense. So.....
.......STOP THINKING DOOM AND GLOOM, WOE IS ME TYPE THOUGHTS!
Sure, your business might not be where you want it to be. Your business might not have made as much money as it did last year or previous years. So what? Get over it. Do something to make things better. Think out of the box. Remember the reasons you went into business in the first place.
Consider yourself one of Americas Best.
WASHINGTON (AP) — The Federal Reserve says the economy started the new year
on weaker footing and the outlook appears equally dim.
The Fed's survey of business conditions nationwide, collected between
late November and Jan. 5, suggests the economic picture has darkened over the
last two months.
It shows that recession-shocked Americans retrenched further, forcing
retailers to ring up fewer sales and factories to cut back production.
The report concludes: "Overall economic activity continued to weaken
across almost all of the Federal Reserve's districts."
...is it any wonder the economiy keeps getting worse? It's like a self fulfilling prophecy. What you focus on the most is what you will gravitate to.
It makes perfect sense. So.....
.......STOP THINKING DOOM AND GLOOM, WOE IS ME TYPE THOUGHTS!
Sure, your business might not be where you want it to be. Your business might not have made as much money as it did last year or previous years. So what? Get over it. Do something to make things better. Think out of the box. Remember the reasons you went into business in the first place.
Consider yourself one of Americas Best.
Friday
2009 Small Business Survival
Ask anyone from a bank economist to the owner of your local hair salon about the economy and you’ll probably get the same answer: The U.S. economy is going to continue to struggle next year. The question is will you see that as a problem or as an opportunity?
Surviving, and Thriving, in Slow Times
It’s likely that as in past recessions, many new small businesses will be created in the coming year as laid-off workers rethink their careers. How will these businesses survive, along with all the other small businesses already struggling out there? Only by being cunning and cost-smart say experts in business and entrepreneurship. The following include some of their tips for getting through the slow times:
Strike a deal: Right now, everything is negotiable,” says Rieva Lesonsky, CEO of the business consulting firm SMB Connects in Irvine, California. “If you go in and talk to people, employees are willing to cut deals. Ask for a break with everyone, even your landlord.”
Get creative about financing: Bank financing may be tough to come by next year unless you have a stellar credit rating. We’ll likely see a shift from more capital-intensive startups to those such as e-commerce firms, which are more easily self-funded or launched on friends-and-family money.
Business funding may also come from an unusual source next year: private foundations, says Tom Ruhe, director of entrepreneurship at the Marion Ewing Kauffman Foundation, a Kansas City, Missouri-based organization dedicated to advancing entrepreneurship.
For example, as other funding dries up, look for environmental foundations to fund renewable-energy startups. Private equity may remain a viable funding source next year, as poor stock returns leave some investors looking into other investments, says Lawrence Gelburd, a lecturer at the Wharton School’s Entrepreneurial Management Program at the University of Pennsylvania in Philadelphia. “When you’re wealthy and you want to get a 10 percent to 100 percent return on capital,” he says, “you [eventually] run out of places to go except funding startups.”
Review your business plan: When business is slow, spend time reexamining every aspect of your business plan. Take a hard look at your company’s overall direction and determine whether it’s the right one, Ruhe says. “You can’t change a tire while you’re going 100 miles an hour,” he notes. “So now’s the time to do it.”
Find a new audience: One way to juice up your business in a slowdown is to find new applications for your product or new markets for your service. Ruhe notes the example of Play-Doh, which was used to remove coal residue from walls originally but was reimagined as a children’s sculpting material when the original market died out.
Don’t get mired in the negativity circulating about the economy. Instead think about the entrepreneurs who bought assets cheap during the Depression and rose to become multimillionaires. This time around, that could be you, says Harry DeWolf, a Portland, Oregon–based district director for the Small Business Administration.
Start a business that buys cheap real estate assets, for instance. Or think about entering growing fields such as health care or business consulting, which is on the rise as large corporations outsource functions they previously did in-house.
Market your business aggressively to project a positive, successful image, DeWolf advises. For starters, upgrade your Web site. “Your site can project a solid, quality image for you 24/7,” DeWolf notes. “Also, use Internet networking and go to good old-fashioned chamber of commerce events and business events at convention centers. Get out there. Don’t curl up in a ball.”
Another strategy is to comarket with other local small businesses. Team up with companies offering complementary products or services to offer customers package deals, says SMB’s Lesonsky.
Some experts see a ray of hope coming in 2009 with President Barack Obama. Lesonsky is optimistic Obama will return the SBA to a more proactive approach to helping small businesses, as the agency exhibited under the Clinton administration.
SBA director DeWolf, meanwhile, says Obama’s arrival may have a positive impact on consumer confidence and in turn on consumer spending. “The prospect of a new administration is giving people some light at the end of the tunnel,” he says. “You’re going to see slow, incremental improvements in consumers’ perceptions.”
Check out my latest book The 2009 Economic Survival Guide available here.
Surviving, and Thriving, in Slow Times
It’s likely that as in past recessions, many new small businesses will be created in the coming year as laid-off workers rethink their careers. How will these businesses survive, along with all the other small businesses already struggling out there? Only by being cunning and cost-smart say experts in business and entrepreneurship. The following include some of their tips for getting through the slow times:
Strike a deal: Right now, everything is negotiable,” says Rieva Lesonsky, CEO of the business consulting firm SMB Connects in Irvine, California. “If you go in and talk to people, employees are willing to cut deals. Ask for a break with everyone, even your landlord.”
Get creative about financing: Bank financing may be tough to come by next year unless you have a stellar credit rating. We’ll likely see a shift from more capital-intensive startups to those such as e-commerce firms, which are more easily self-funded or launched on friends-and-family money.
Business funding may also come from an unusual source next year: private foundations, says Tom Ruhe, director of entrepreneurship at the Marion Ewing Kauffman Foundation, a Kansas City, Missouri-based organization dedicated to advancing entrepreneurship.
For example, as other funding dries up, look for environmental foundations to fund renewable-energy startups. Private equity may remain a viable funding source next year, as poor stock returns leave some investors looking into other investments, says Lawrence Gelburd, a lecturer at the Wharton School’s Entrepreneurial Management Program at the University of Pennsylvania in Philadelphia. “When you’re wealthy and you want to get a 10 percent to 100 percent return on capital,” he says, “you [eventually] run out of places to go except funding startups.”
Review your business plan: When business is slow, spend time reexamining every aspect of your business plan. Take a hard look at your company’s overall direction and determine whether it’s the right one, Ruhe says. “You can’t change a tire while you’re going 100 miles an hour,” he notes. “So now’s the time to do it.”
Find a new audience: One way to juice up your business in a slowdown is to find new applications for your product or new markets for your service. Ruhe notes the example of Play-Doh, which was used to remove coal residue from walls originally but was reimagined as a children’s sculpting material when the original market died out.
Don’t get mired in the negativity circulating about the economy. Instead think about the entrepreneurs who bought assets cheap during the Depression and rose to become multimillionaires. This time around, that could be you, says Harry DeWolf, a Portland, Oregon–based district director for the Small Business Administration.
Start a business that buys cheap real estate assets, for instance. Or think about entering growing fields such as health care or business consulting, which is on the rise as large corporations outsource functions they previously did in-house.
Market your business aggressively to project a positive, successful image, DeWolf advises. For starters, upgrade your Web site. “Your site can project a solid, quality image for you 24/7,” DeWolf notes. “Also, use Internet networking and go to good old-fashioned chamber of commerce events and business events at convention centers. Get out there. Don’t curl up in a ball.”
Another strategy is to comarket with other local small businesses. Team up with companies offering complementary products or services to offer customers package deals, says SMB’s Lesonsky.
Some experts see a ray of hope coming in 2009 with President Barack Obama. Lesonsky is optimistic Obama will return the SBA to a more proactive approach to helping small businesses, as the agency exhibited under the Clinton administration.
SBA director DeWolf, meanwhile, says Obama’s arrival may have a positive impact on consumer confidence and in turn on consumer spending. “The prospect of a new administration is giving people some light at the end of the tunnel,” he says. “You’re going to see slow, incremental improvements in consumers’ perceptions.”
Check out my latest book The 2009 Economic Survival Guide available here.
Monday
America's Best Christmas Movie
A Christmas Story (1983) - The film relates the tale of Ralphie Parker, who wants a Red Ryder BB gun for Christmas and will go to any lengths to get it despite the numerous adult admonitions of "you'll shoot your eye out." Over the course of the film, Ralphie hides a Red Ryder advertisement in his mother's magazine, fibs about the spotting of a dangerous animal in the neighborhood, blurts his desire outright, writes an essay on the subject, and asks an impatient Santa just as the department store closes. Ultimately, Ralphie's "Old Man" gives Ralphie his BB gun for Christmas, stating that he had one himself at an earlier age.
Honorable Mention
Its A Wonderful Life(1946) - The film takes place in the fictional town of Bedford Falls shortly after World War II and stars James Stewart as George Bailey, a man whose attempted suicide on Christmas Eve gains the attention of his guardian angel, Clarence Odbody who is sent to help him in his hour of need. Most of the film is told through flashbacks spanning George's entire life and narrated by Franklin and Joseph, unseen Angels who are preparing Clarence for his mission to save George. Through these flashbacks we see all the people whose lives have been touched by George and the difference he has made to the community in which he lives.
Miracle on 34th Street(1947) - Kris Kringle is indignant to find that the person assigned to play Santa in the annual Macy's Thanksgiving Day Parade (Percy Helton) is intoxicated. When he complains to the event's director, Doris Walker (Maureen O'Hara), she persuades Kris to replace him. He does such a fine job that he is hired to be the Santa for Macy's flagship New York City store on 34th Street at Herald Square.
Christmas Vacation (1989) - This is the one Christmas movie that I don't anyone can ever get tired of. Chevy Chase returns in the third installment of the Vacation series as Clarke W. Griswold as he tries desperately to maintain his sanity during the holidays with all of his relatives coming to stay under his roof and enduring all the mishaps along the way.
The Santa Clause (1994) - It's an original '90s style Christmas story that tugs at your heart strings, and reminds you that we were all kids once. It reminds you of those days when you dreamt of Santa... when you stood in line waiting to sit on the jolly elf's lap... your knees shaking... as you tried to memorize what you were going to ask Santa. Anyone who isn't touched by this movie should look for the little boy or girl inside, and remember the Christmas Eves when you listened for the clatter of reindeer hooves on the roof.
Scrooged(1988) - Francis "Frank" Xavier Cross is a selfish, cynical television programming executive whose concentration on his lucrative, fast climbing career cost him his true love, Claire Phillips, alienated him from his family and obliterated any chance of having a happy and fulfilling life. Essentially, Frank has become nothing but an expensive black suit who barks orders and overworks his assistant Grace Cooley, forcing her to constantly break plans with her family.
What are yours????
Merry Christmas and a Prosperous New Year!
Tuesday
Hey Buddy, Gotta Match?
Everyone is searching for answers on how to have their business succeed in a down economy.
Many feel that business has changed, but in reality the economic challenge has forced business people to improve their skills and refine their approach.
When I talk with other business owner searching for the Holy Grail to sell in this economy, I start with a very basic question. "What is your job as a business owner?" Usually, that question is met with silence for a moment; and then I'm peppered by a plethora of descriptions.
I'm always amazed at the description variance for the same role. How can a business owner be successful if they can't clearly define their role?
This exercise is followed by another question.
"Would it be worth the price of admission if I could provide you with a one-word job description that provides you with a level of focus that you have never had before? You will wake up every morning and say, "I know exactly what my job is!"
As you can imagine, this offer is always met with a warm reception.
To help paint this picture, I ask the business owners to picture the two sides of Velcro, one side being the cotton side and the other being the hook side. Imagine each side represents a business entity. One your business and the other your customers.
Still with me? Good.
Think about it. There is no other part to the success equation. Thus, the fundamental job of the business owner is to put these two entities together. The one-word job description is to be the matchmaker.
The matchmaker business owner works with these two entities with the goal of bringing them together. To successfully do this, the matchmaker needs to master both sides of the equation.
Your business and your customer.
Many feel that business has changed, but in reality the economic challenge has forced business people to improve their skills and refine their approach.
When I talk with other business owner searching for the Holy Grail to sell in this economy, I start with a very basic question. "What is your job as a business owner?" Usually, that question is met with silence for a moment; and then I'm peppered by a plethora of descriptions.
I'm always amazed at the description variance for the same role. How can a business owner be successful if they can't clearly define their role?
This exercise is followed by another question.
"Would it be worth the price of admission if I could provide you with a one-word job description that provides you with a level of focus that you have never had before? You will wake up every morning and say, "I know exactly what my job is!"
As you can imagine, this offer is always met with a warm reception.
To help paint this picture, I ask the business owners to picture the two sides of Velcro, one side being the cotton side and the other being the hook side. Imagine each side represents a business entity. One your business and the other your customers.
Still with me? Good.
Think about it. There is no other part to the success equation. Thus, the fundamental job of the business owner is to put these two entities together. The one-word job description is to be the matchmaker.
The matchmaker business owner works with these two entities with the goal of bringing them together. To successfully do this, the matchmaker needs to master both sides of the equation.
Your business and your customer.
Sunday
High Impact - Low Budget Marketing
The secret to creating a high-impact marketing plan is to optimize your limited budget. A one-time radio ad blitz, glossy brochure, or flash-enabled website will quickly erode your budget and derail your marketing plans. Use low-budget marketing to get your message out to your customers on a regular basis, and watch sales revenue grow.
There are several reasons why a low-budget marketing plan is a must for small business in today's advertising bloated society:
Expensive ad exposure does not necessarily translate to increased sales. Just ask Super Bowl advertiser Pet.com, whose sock puppet commercial was a hit with consumers, but left the company bankrupt. Every marketing dollar spent should produce a good return in sales.
Your target customers need to hear your marketing messages at least 7 times to influence a buying decision. Using marketing & sales strategies outside your budget, does not allow you to repeat your message often enough to make an impact.
Marketing impact can be greatly improved by using multiple marketing channels. Prospects will likely become buyers if they: read about your company in the newspaper, attend a seminar, take home a brochure, and visit your small business website. The further you can "stretch your marketing dollars" to reach your target market in multiple channels, the higher the impact of your marketing message.
Low-Budget High-Impact Marketing Techniques
Get A Piggyback: Hitching a ride on the marketing of another company can save your small business time and capital. When computer reseller franchise, Computer Exchange, was looking for methods to reach price conscious consumers on a low budget, the company followed Wal-Mart openings. Wal-Mart`s big budget marketing department would carefully select the new store openings based on demographics and other costly analysis. Cyber Exchange opened stores in the vicinity of Wal-Mart saving real-estate selection costs and piggy backing on Wal-Mart`s marketing plan.
Find The Right Target: A critical part of your marketing plan is targeting the right customer. For a low-budget high-impact marketing plan to work, find customers who are easy to identify and affordable to reach.
Forget the mass market and go for small niche markets. For example, local, large breed dog enthusiasts can be reached by clubs, special shows, and targeted publications. Reaching all dog owners will be ineffective because of limited exposure combined with higher costs of marketing in mass publications.
Make Yourself News Worthy: A mention of your company in the right media can help deliver your marketing message in a low cost manner. My local plumber has mastered the art of self-promotion. When a child's red wagon was stolen, "Pete The Plumber" showed up in his Super-Hero painted van to bring a brand new wagon to the child. It was a good deed; resulting in plenty of media talk.
Form a Joint Venture: Joint ventures are too powerful for small business to ignore. Forging an alliance with a group of small companies or a large corporation can give your marketing plan the ultimate "bang for the buck." A joint venture will lower your costs, enabling you to enter into new markets and create new distribution opportunities.
Maximize Referrals: The most cost-effective method of reaching new customers is by referrals from satisfied customers. A satisfied customer telling others about your small business is more effective than any fancy ad campaign. Spend time to get customer referrals on a weekly basis.
These are just a few of many tactics and strategies used by small business to create a high-impact marketing plan on a low-budget. Marketing success comes from creativity; not from having the biggest budget.
There are several reasons why a low-budget marketing plan is a must for small business in today's advertising bloated society:
Expensive ad exposure does not necessarily translate to increased sales. Just ask Super Bowl advertiser Pet.com, whose sock puppet commercial was a hit with consumers, but left the company bankrupt. Every marketing dollar spent should produce a good return in sales.
Your target customers need to hear your marketing messages at least 7 times to influence a buying decision. Using marketing & sales strategies outside your budget, does not allow you to repeat your message often enough to make an impact.
Marketing impact can be greatly improved by using multiple marketing channels. Prospects will likely become buyers if they: read about your company in the newspaper, attend a seminar, take home a brochure, and visit your small business website. The further you can "stretch your marketing dollars" to reach your target market in multiple channels, the higher the impact of your marketing message.
Low-Budget High-Impact Marketing Techniques
Get A Piggyback: Hitching a ride on the marketing of another company can save your small business time and capital. When computer reseller franchise, Computer Exchange, was looking for methods to reach price conscious consumers on a low budget, the company followed Wal-Mart openings. Wal-Mart`s big budget marketing department would carefully select the new store openings based on demographics and other costly analysis. Cyber Exchange opened stores in the vicinity of Wal-Mart saving real-estate selection costs and piggy backing on Wal-Mart`s marketing plan.
Find The Right Target: A critical part of your marketing plan is targeting the right customer. For a low-budget high-impact marketing plan to work, find customers who are easy to identify and affordable to reach.
Forget the mass market and go for small niche markets. For example, local, large breed dog enthusiasts can be reached by clubs, special shows, and targeted publications. Reaching all dog owners will be ineffective because of limited exposure combined with higher costs of marketing in mass publications.
Make Yourself News Worthy: A mention of your company in the right media can help deliver your marketing message in a low cost manner. My local plumber has mastered the art of self-promotion. When a child's red wagon was stolen, "Pete The Plumber" showed up in his Super-Hero painted van to bring a brand new wagon to the child. It was a good deed; resulting in plenty of media talk.
Form a Joint Venture: Joint ventures are too powerful for small business to ignore. Forging an alliance with a group of small companies or a large corporation can give your marketing plan the ultimate "bang for the buck." A joint venture will lower your costs, enabling you to enter into new markets and create new distribution opportunities.
Maximize Referrals: The most cost-effective method of reaching new customers is by referrals from satisfied customers. A satisfied customer telling others about your small business is more effective than any fancy ad campaign. Spend time to get customer referrals on a weekly basis.
These are just a few of many tactics and strategies used by small business to create a high-impact marketing plan on a low-budget. Marketing success comes from creativity; not from having the biggest budget.
Friday
You Have Two Choices Now
During challenging times you have two choices; whine, complain and sit and wait for things to get better or you can start to see your challenges in new creative ways learning how to use these difficult periods as opportunities to get better, smarter and more effective.
Generally speaking poor business owners, during periods of difficulty, choose the first option.
Why?
For starters they feel like victims of circumstances that they couldn’t control. Well, let me tell you, the business owners who choose the second option have no more control over many of the challenges they face than the poor business owners.
But, what they do, is bring a different mindset to the problems. They look for the lessons or learning. They find ways to better manage their time and resources. They don’t waste a single minute feeling out of control. They get busy. They market smarter. They look for opportunities where they had previously ignored or took for granted.
In general they take a pro-active approach to these times where the whiners tend to sit around feeling sorry for themselves.
I don’t like difficult times any better than the rest of you but guess what? They are a part of the ebb and flow of life so get used to them. Why not use these times to hone your business skills so that the next time we have a similar problem you will be better prepared?
And we will have another economic decline. We’ve had them every 10-15 years for the past 100 years.
There’s a whole lot more. So you have a choice; get busy getting better or wait till this blows over. But let me warn you, if you wait and your competitor is getting better, you’ll have a lot more to complain about when business picks up.
Generally speaking poor business owners, during periods of difficulty, choose the first option.
Why?
For starters they feel like victims of circumstances that they couldn’t control. Well, let me tell you, the business owners who choose the second option have no more control over many of the challenges they face than the poor business owners.
But, what they do, is bring a different mindset to the problems. They look for the lessons or learning. They find ways to better manage their time and resources. They don’t waste a single minute feeling out of control. They get busy. They market smarter. They look for opportunities where they had previously ignored or took for granted.
In general they take a pro-active approach to these times where the whiners tend to sit around feeling sorry for themselves.
I don’t like difficult times any better than the rest of you but guess what? They are a part of the ebb and flow of life so get used to them. Why not use these times to hone your business skills so that the next time we have a similar problem you will be better prepared?
And we will have another economic decline. We’ve had them every 10-15 years for the past 100 years.
Consider
- New markets for your products or services.
- New marketing approaches that might be a little edgy.
- Spending more time in self-improvement; books, CD’s, Seminars.
- New approaches to previous customers or clients.
- Reduce operating cost through more effective purchasing.
- A rigorous self-evaluation of every aspect of your business.
- Better record keeping and activity evaluation.
There’s a whole lot more. So you have a choice; get busy getting better or wait till this blows over. But let me warn you, if you wait and your competitor is getting better, you’ll have a lot more to complain about when business picks up.
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