Back by Popular Demand – the Social Media Experiment 2 – Ann Arbor
Are you aware that Facebook gets 25% of ALL U.S. page views?! Did you know that 55% of small businesses use social media to promote their products and services? Do you realize that Google and Bing have integrated social media content into search results? Social Media is the fastest growing tool available to businesses today and if YOU aren’t using it to have regular conversations with your customers… your COMPETITION is! If you aren’t using social media to its maximum potential in your business or if you aren’t using it at all… join The Social Media Experiment now!
The Social Media Experiment started in Livonia and we are excited to bring it to Ann Arbor.
You can’t afford to miss the Talan BIZMix Event on July 29th from 12 – 2pm at the A2Y Chamber offices. The offices are located in the Key Bank Building at 115 West Huron Street, Third Floor, in Ann Arbor.
BIZMix offers you Networking, Lunch, and our social media expert Billy Strawter will be sharing real world information to help you improve your business immediately! Billy will answer your questions about using social media in your business AND answer the questions you don’t have yet.
For more information, contact Deb Molloy (248) 919-1950. Feel free to invite your co-workers and friends to join us.
We look forward to seeing you for the Social Media Experiment. Register Now.
With the Chick-fil-A Leadercast only 10 days away, we’d like to express our thoughts TODAY on what being a leader is (before this much anticipated event). So here’s what we think, and what inspires us as leaders.
First of all, it’s so important that people realize that a leader isn’t just a manager, or CEO. This being said, an entry-level employee, or someone who is unemployed can be a leader. Leadership doesn’t just take place in a work-setting. There are mothers and fathers who are the leaders of their families, or sports players that are the leaders of their teams.
A leader is someone who has a voice- and wants to make positive change. As we’ve learned from CFA Leadercast speaker Seth Godin, a manager and a leader are two completely different things! Leadership is not practical, and it isn’t everyday- leadership means helping someone grow in a vast way. If you’re a leader you don’t just do what you’re told and wait for change, instead you’re innovative and take action now. With technology and competition the way it is today, if you aren’t being a time-based industry leader, you will fall behind!
True leaders don’t just think about how they can make a process run better, or treat friends, family and employees more fairly, they take action. They demonstrate integrity and receive respect. They aren’t intimidating and unapproachable, but rather are easy to talk to and hand out meaningful advice.
The thought that we can constantly improve our leadership mindset, working toward a common goal, and motivating employees to reach goals is what inspires us to continue and become better leaders. We know that our presence in the small business community will help small business owners increase their confidence, expertise and most importantly passion for their companies. Small businesses are what our country was built on, and we know it’s the root of improving our economy and patriotism for not only the United States, but Michigan made products, companies and ideas. We need to support and invest in our local small businesses to begin positive change.
We hope to gain more insight as to what defines a leader, and how to be better leaders ourselves after attending this once in a lifetime opportunity. Being able to hear from the world’s most influential leaders, including: Seth Godin, John Maxwell and Robin Roberts LIVE in one day, we feel extremely lucky and are enthusiastic about all we have to learn and implement in our business. We will spread this knowledge to our clients, who in-turn can spread this knowledge to others. After hearing more about the Leadercast from past attendants, we are certain that everyone in attendance will go home with actionable steps to improve their business, and every other aspect of their lives in order to be “a positive voice of change”.
Thank You Chick-fil-A for putting together this incredible event and allowing us to be the host-site for Metro Detroit!
“Your voice is a voice of change, and change creates new possibilities”. Register now at: http://tinyurl.com/46ndhch
Our January BIZMix was surely a success! Linda Pelliccioni of Twenty 20 Coaching gave a presentation on “Setting Goals is Child’s Play” which truly brought listeners to their childhood through fun games like Pick-up Sticks and Tiddlywinks! Her fun and realizing words were not only nostalgic, but made all in attendance think about if they’re planning properly today in order to meet their ultimate goals. Sometimes immediate issues can get in the way of our ultimate goal. It’s important to plan for these obstacles, and create a plan to get around them. This was shown in the game Pick-up Sticks in which the goal is to get the red sticks. However, there are black sticks in the way. In order to fix this problem a proper strategy in order to get to your goals (the red sticks) needs to be planned and followed through.
Having detailed plans and steps to get there is also something that children do in games when playing Lego’s. They have an instruction manual as to how to get to their end-result- such as a Lego town and they’ll follow those steps to get there. They see a picture of their end result—which many people can picture in their mind. When given an instruction manual they’re given the tools to get to that goal and get there by following it. Adults can do this by creating a plan and sticking to it.
These excellent analogies given by Linda made the process of setting goals clear. Setting goals is done throughout the day without us even knowing it. Think of how much time we could save if we thought about our plan and how to get there in our daily lives. Even when doing something such as running errands, planning what store to go to first, and when it would be the least busy is a stress and time saver. The benefits of setting goals and how to reach them are endless.
Not only was Linda’s presentation at the event fantastic, but the attendance for networking was excellent. Many business professionals were able to make qualified connections and engage in conversation. Speaking to other professionals about business is a great way to feel connected to the community and receive first-hand advice. Also, when discussing your goals and how you plan get there with another party, you’re able to evaluate obstacles and alternate ways to get there that you may not have realized.
Thank you to those who joined us. We hope to see everyone at our next FREE February BIZMix which will be held on Thursday, February 24th at Metro Workspace in Livonia from 12:00-2:00pm. Jim DiPaola will be speaking on the important topic of “Financial Responsibility and Planning”. Attendants can expect to learn: retirement plan compliance and how it affects the business owner, fiduciary responsibilities and the business owner, and retirement plan cost controls. As always, networking will be included in the event. Registration is available here: http://events.r20.constantcontact.com/register/event?oeidk=a07e3an658m3e465311&llr=ofkb5udab
We want to hear your thoughts and suggestions about BIZMix on anything from location, to food, to guest speakers, to what you gained by attending! We appreciate your feedback, e-mail us today! Stephanie.thom@talansbs.com
We recently received an article from a client outlining the top reasons why small businesses generally fail. This question and the reasons related to the top 10 regularly face us in working with entrepreneurs. While we tend to focus our blog discussions on business success, rather than failure, it is important that we talk about and identify these issues because they are very real obstacles to success. Additionally, and perhaps even more importantly, the precursor to failure is ongoing stagnation and many points listed in this article are happening in your business right now whether you recognize it or not. So the question many ask is “if these are the top 10 reasons small businesses fail how do I avoid failure?” While this may be a valid question, the real question to ask is “how do I identify if my company has any of the traits that create these issues in the first place?” While there is no silver bullet in answering the question… the simple answer comes down to assessment. In your business, for which we recommend this check stub software, you should annually be assessing the organization, asking tough questions about the how and why you do what you do, and consistently measuring the results of your actions. But you shouldn’t do it alone. Bring in an outside resource by way of a mentor or consultant. These individuals should not have a financial interest in the organization or be on its operational leadership team. They should be “outside” resources whose interest is in the overall success of the company, not telling you what you want to hear. Through this process you should look at all areas of your business, giving you a chance to see it from the outside looking in allowing you the opportunity to identify potential problems before they can damage your company. Here is a link to the article-
A friend sent us the attached article which was posted in USA Today on Monday September 20th. The main concept of the article is focused on protecting your products from copycats. While this topic is directly relevant to those of you who develop, invent and create new products, the article has some very good “take-aways” for every type of business leader. At its core, the article identifies that the awareness of our competitors’ position in the market, as well as always staying connected to the wants and needs of our customers, is critically important to maintaining successful growth. We hope you enjoy the article and look forward to hearing your feedback.
We are taught that all that matters is the sales to your customer. If you Start searching for customers and sell your product or services then you will be rolling in the dollars. This is true, IF and only if, the customer is paying you! If not, all you are doing is laying out cash to your employees and your suppliers. Most business is conducted by a handshake (either actual or electronic) and rarely is there a written contract. We mostly trust that we will get paid for our product or services.
Let’s say you and your customer have done business together for a period of time after you graduated from business colleges. At first you were getting paid as agreed, and maybe a little early. As time went on, you started to notice that the customer is not paying you as in days past. You call and ask the owner why it is taking longer to get paid than it had been. You are told, “Well we are in Michigan and my customers are taking longer to pay me”. Is that the truth or is my customer using the bad economy as an excuse? It doesn’t matter. In either case, you should start by asking your customer for Cash On Delivery and talk to the customer about an arrangement to pay the past due invoices. Most good customers will be embarrassed but will talk to you about making good on the debt. If your customer won’t discuss a concrete plan to pay the past due invoices, then it may be time to get the divorce and cut that customer loose. Furthermore, if the checks from your customer start to resemble a basketball and bounce, then time is running out on getting paid. This is a red flag and all deliveries should stop unless payment is guaranteed either by bank check or by a credit card.
Lori J. Frank is a contributing member to the Talan education blog series. LJ Frank PC was formed in 1996 and the firm specializes in the collection of debt. They can be found at www.collectionlaw-firm.com. LJ Frank PC is located in Southfield but covers the entire State of Michigan. LJ Frank PC is a member of:
Michigan Bar Association
Oakland County Bar Association
Michigan Creditors Bar Association
Commercial Law League of America
If your business is in a situation where your cash flow is being negatively affected by clients who are not paying as they should, contact Talan today to discuss your options for reducing your exposure to this unnecessary risk.
Reading through an article today on entrepreneur.com, we were reminded of how important it is as small businesses to always stay connected to the changing needs of our customers. The article stated, “Small business owners who have worked long and hard to create their businesses and offer customer what they want are often the most resistant to change.” Interestingly enough, the ability to quickly change and adapt to the needs of customers if one of the most important competitive advantages that small business has over large and even medium sized companies. Unfortunately, so many small companies ignore this fact and choose to stay in the comfort zone, rather than seek ways to use their agility to gain advantage in the marketplace. If you are looking for ways to capitalize on your natural competitive advantage, TALAN is here to help. Contact us today for your FREE BIZstrength Profile and find out how you can stand out! Enjoy the article… http://tinyurl.com/yfaxhdv
“I think there is a world market for about five computers” Thomas J. Watson, Chairman IBM 1943.
As a small business leader it is essential to not limit your company because of where the organization may be today. Any company that has ever become great started as a vision in an entrepreneurs mind. That leader knew if the company were to be successful and realize its full potential, they had to think strategically and long term. Successful leadership requires developing a strategic vision, creating a realistic plan for realizing that vision, exciting the team to implement the vision, and overseeing its proper execution. Having a long term vision is essential for small business growth and sustainability. Participating in regular strategic planning sessions with key leadership within your company is the critical path for getting everyone in the organization moving the same direction towards the goal. Planning beyond today allows you to think big and to think beyond where you are, allowing you to plan for what you have the potential to become.
If you want to have a successful strategic planning session with your leadership team, contact Talan SBS today to find out more.
It happens far too frequently when we look at a small business; the owner is doing everything. The owner is often the person attempting to drive the company forward, yet is more often than not the same person who is holding the company back. Let’s look at a classic case. No names have been changed to protect the innocent because everyone in business is guilty of this situation. Bobs Widgets has annual gross revenues of about $525,000. They are growing and their target for 2010 is $750,000; an aggressive plan but completely within reason based on past performance. They have 3 full time staff members including the owner Bob himself. Bob has a vision for this year and is truly motivated to achieve his goal. However, when you talk to Bob about what his role is specifically within the organization you get the following answer- “well I wear many hats.” Bob continues “I answer the phones, make sales calls, design the new products, try to manage the other two staff people I have, and manage the books.” Bobs answer is a classic response and is the foundation of what we call The Hero Trap. Little does Bob know that unless he demotes himself from the “guy who does everything” that $750,000 goal is never going to happen. You see, to have healthy and sustainable growth within a company the owner/president cannot do everything and neither can any individual staff member. You cannot be the person who is driving sales while attempting to handle customer relations management as well as the person who is doing all the invoicing, working with vendors, managing payroll for which we recommend this blog post about how to outsource the payroll, etc. This type of environment will create dysfunction and will not allow the company to grow in a healthy and sustainable way. If you are in this situation you may want to know how to get out of it? If you are not in this situation, you may be asking how to avoid it? Warren Buffett had the right idea when he said “The most important thing to do if you find yourself in a hole is to stop digging.” It only takes you deeper. The best thing to do is assess your strengths, admit your weaknesses and demote yourself. Stop doing the things that distract you from that which does not move the company forward with the greatest value. Bring in people who have strengths where you are weak, this does not mean hire staff, and get a plan. Developing a plan is required to focus the company in the right direction and get it on the path towards managed growth.
To find out more on this and other principles to manage your business with greater effectiveness, contact Talan today for your FREE BIZstrength Profile.
Whoever coined the phrase “Cash is King” was only partially correct when they published it to business owners nationwide. We would like to argue that “Cash FLOW is King!” It is all too commonplace when small business owners run and manage the entire financial department of their company based on how much money is in the checking account. You cannot run your company based upon how many dollars are in your bank accounts, you must run it based on your cash flow. If you do not have a cash flow schedule and you are not using it daily… get one! You see, having money in your account is like having a well full of water. If you draw out too much water at once and use it up you will never survive through the drought. However, if you manage your water carefully and distribute it on purpose and very deliberately, you can make that water last a long time, getting you through a potential drought and allowing that water to provide the most good. This metaphor is a direct example of how a small business should manage its cash and the only way to manage cash like this is to run the financials of the company from a cash flow schedule. This allows the business to draw off only the most necessary funds to pay bills and employees while giving management a clear picture of how funds will be used across a two or three month period. Furthermore, if the company has an aging payables list, a cash flow schedule will allow the management to make realistic and deliberate commitments to creditors based solely on the cash flow. So remember, “Cash Flow is King” and the cash flow schedule should be your daily guide towards running your business. To find out more on how to manage financial and other key areas of your business with greater effectiveness, contact Talan today for your FREE BIZstrength Profile. And if you would like to make more money on the side, you can look here.