Evolution of an Entrepreneur (infographic)
Stick to your core strengths
Small businesses that experience success and growth need to abandon the mantra of doing it all. But far to often, they take on ancillary activities that distract from the core strengths that made them successful. They find themselves mired in back office processes and either work 16 hour days or the business start to slip. Success is a great thing, it is after all the point of our business, but success is a very poor teacher. “I’m a Doctor for goodness sake, I should be able to run my business!” Replace Doctor with any other profession and you have the mindset that get many business owners in trouble. My advice is stick to your core strengths and outsource the rest. If you want faster expansion for your growing business, click here to learn more about Asset Finance companies. You can also look into the best telephone answering service to help with your customers.
Don’t get nervous, you don’t have to abandon your patriotism or defy your union brothers. What I’m talking about is hiring business specialists to perform the tasks that they are specially trained in and you are not. These can and should be local businesses many of which are also small businesses. Why have a receptionist turned bookkeeper doing the CFO job when you can hire a CFO on-demand for the two weeks per year that you need them. Your bookkeeper and bottom line will thank you. Financial, Marketing, Human Resources, Employee Training and even Sales are areas that can and should be outsourced. The main benefit for small business owners is the ability to focus on the core business. The cost of being distracted (sleepless nights, missed deadlines and limited resources) is enough to make the difference in profit and loss. So now,
get more sleep, make more money and outsource everything that is not your core business.
Social Media for Business: If You Can’t Do It Right
Social media can be a great tool for small business. That is, if it’s used correctly.
There is so much information available on how to do this and that, it’s no wonder so many are doing it wrong.
It’s not to say that there is only one way to manage social media for business effectively, but if you’re going to do it halfway, you may as well not do it at all.
There are several schools of thought when it comes to using social media to market a small business you can also do with other services like this one you find if you click here. And if you have a cbd business that needs an effective marketing strategy, then you may trust the experts from client verge hemp marketing agency to do the job for you.
Content Crowd
They believe that it’s all about content creation. The more content the better. It doesn’t matter what it is, as long as you’re creating it.
Engagement Crowd
It’s about the conversation. Make sure you engage people on various social networks and business will magically appear. You can even use the leonardo ai image generator to quickly create unique visuals that complement and enhance the content you’re producing.
Feed Them Crowd
Share as much content as possible based on news found throughout the interwebs. Set up an RSS feed to your Twitter and Facebook account, because hey, who has time to curate all day?
Forum Crowd
Hit up as many forums as you can, adding links to every discussion. Doesn’t matter the forum, build as many back links as you can. Since it’s a discussion forum, certainly your being social right?
Reciprocal Crowd
The more likes and followers you have the better. It shows that your business is legit. Email your friends and family to get them to like your page. Follow as many people as possible, if they don’t follow back, then unfollow. Remind anyone of Multi-Level-Marketing? If you feel like trying new ways, check out https://scaffoldingwrapadvertising.co.uk/. You can also work with https://exhibition-stand-designers.co.uk/ for planning exhibitions on conventions. If you want to offer the best-in-class service over email, then you should analyze your Outlook data.
So Now What?
The reality is that alone none of these make a ton of sense. Managing social media for small business requires balance along with a sound strategy. If you really want to meet new people/prospects here are a few ideas:
- Find a way to engage locally
- Find relevant forums. Answer questions while sharing links back to your content
- Stop the RSS feed.
- Connect with locals on Twitter.
- Focus on taking online connections offline
- Use social media as a way to network
- Create your own original content
- Answer FAQ in blog posts
- Follow back interesting people. Don’t feel obligated to follow everyone back
- Share your followers content as well as your own
- Answer questions on Twitter
- Have a conversation on Twitter. Don’t just post links all day, your wasting your time.
If you find yourself Tweeting RSS feeds due to lack of time, what is it really doing for your business? You’re sharing content created by someone else. You’re not available to take part in any conversation. Sure you’re getting clicks, but clicks alone will not help you grow your business. Try finding a chat that’s relevant to your business. Even better find local events you can attend. You’ll be surprised what showing up will do for your social media campaign. You can look into Facebook Ads Agency Newcastle for the best results.
There is nothing wrong with tweeting information all day. It depends on what you’re trying to accomplish. For example if you’re a City Department, you could share upcoming events, changes in schedules, local news.
Getting the most out of your campaign requires effort. Mailing it in won’t bring you success. It’s more than just sending out tweets and Facebook updates.
Remember it’s about being social.
Customer Service and Business: You’re Out of Touch
Sometimes the power of social media makes you go “wow”. It can be an amazing asset or your worst nightmare as realized recently by Netflix announcing their price increase.
In a nutshell, Netflix adjusted their price structure and raised prices by 60%. They took something that consumers perceived as value and just like that gave them reason to question the expenditure.
Looking at the Netflix Facebook Page there are over 78,000 comments related to the announcement.
Many of the comments share the same sentiment. Customers simply aren’t pleased with the increase. Part of it could be the way the announcement was presented on Facebook. The status update doesn’t offer much in the way of explanation, but links to a blog post on Netflix explaining the price increase. The blog post alone has 12,000 comments with over 4,000 shares on Twitter.
Talk about social media working on all cylinders. Unfortunately in this case it’s not the right kind of buzz. They didn’t do themselves any favors either as Netflix was deleting customer complaints from Facebook.
What are the glaring issues here?
In this situation it’s clear that Netflix wasn’t in touch with customer expectations and over valued their product/service. The customers have stated as much:
Fix: Do your homework. Understand why your customers appreciate your product/service. Spend time answering the “what if” by surveying some of your best customers before making changes.
They didn’t ease into the transaction and had to quickly backtrack by offering a discount to customers, further devaluing their product. It was already too late. Certainly they lost customers who will never come back.
Fix: Give your customers time to adjust to the changes. Making the switch quickly can backfire.
Price and value must go hand in hand. By not understanding the price point at which customers perceived the most value they again misunderstood the marketplace.
Fix: This is an important aspect of any business. Make sure that you know when and where price and value are in alignment. If it’s not easy to find, figure out a way to create it. That’s where marketing comes in handy.
Social media hasn’t helped, but it could have. Netflix could have easily utilized social to address many of the issues above well before announcing the price increase. They have 1.9 million fans on Facebook certainly they could have found a large enough sample size to survey.
Besides social media they could have reached out to customers via email by way of surveys.
From a business strategy standpoint it makes perfect sense. Changes needed to be made, but when a strategic change backfires you’ve got major issues.
Part of what we do here at Talan is help small business navigate these sort of minefields. We help business develop a strong strategy whether it be marketing, PR, exit strategies, or social media.
Understanding the risk associated with your decisions is an important part of being an entrepreneur. Not doing so comes with enormous consequences.
If you found your company in this position how would you react?
Facebook for Small Business
Facebook has grown at a break neck pace and there is no doubt that it’s weaved it’s way into our daily lives. We’ve all watched as business both large and small have utilized Facebook for business.
Chances are you already have a Facebook page for small business. We thought we’d share how are we use Facebook for business to give you some ideas on how to make it work for you.
1. Post consistently
Give your audience a reason to come back. We try to post in the morning each and every day to catch those who check Facebook fist thing in the morning.
2. Post Interesting Content
The content we share is relevant to our customer base. We try to seek out content that can generate discussion and ask a question to spark discussion. Even if we don’t get feedback we are trying to stay fresh in their minds.
3. Ask questions
As per number 2, we try to ask open ended questions to hopefully get our fans to engage with our content.
4. Share our Page
A link to our Facebook page is everywhere we find ourselves on the web. It’s on our homepage. We add it to other social media profiles. We also try to add it to all of our traditional marketing materials such as our 48 sheet billboard. If our customers don’t know we’re there how can they become fans?
5. Create a default landing Page
A landing page has been a great way to welcome new Facebook visitors to our page. We’ve used it to highlight upcoming events, asked for subscriptions to our email list, and encouraged sign ups to our newsletter.
6. Creating Events
Anytime we have an event going on at TalanSBS we create a Facebook Event. Even though we’ve sent an email it’s another way to stay engaged with our audience.
7. Utilizing Notes
Notes have been perfect for adding our blog to Facebook. Not only does it allow for fans to read our content within Facebook and easily share it, the content provides back links to our website.
8. Adding Pictures
Adding pictures of events or random acts that happen day in and out, helps us to connect on a personal level with our fans.
9. Tagging
Anytime we can tag customers or friends we do. It always drives traffic to our Facebook page.
10. Adding Keyword Links
We utilize social media management software that allows for a keyword link for each an every post we add to Facebook. Each time we do this it’s another vote for our website in the eyes of search engines.
That’s it in a nutshell. An abbreviated list of how we are currently using Facebook for small business. How are you finding the reception to your business on Facebook?
8 Reasons Your Website is Awful
Your website is your calling card on the web. For that reason it’s important that you take care in how you present yourself.
If any of these apply to you, do not pass go, and immediately head to Google to find the nearest web developer/designer.
1. About Us
If your About Us page is all about you and your accomplishments it’s time for a redo. Focus on what is about your business that will connect with a potential client. Why should they do business with you.
2. Latest News isn’t New
It’s amazing how many websites have a Latest News section that hasn’t been updated in several years. If you don’t care enough about your website to update it on a regular basis, what does it say about how you’ll treat your clients?
3. Outdated Homepage
The web changes frequently and is fickel. Styles change. Bell bottoms and eight tracks have long been out of style. The same goes for your website. If you’re site is still in it’s original format, it’s time for a refresh. We know quite a bit more about how people navigate websites. An update will go a long way to increasing conversions.
4. Bright Fluorescent Colors
When was the last time you visited your website yourself? Bright colors hurt the eyes and makes it hard to read.
5. Auto Start Video/Audio
Stop this immediately. Nothing is worse than visiting a website with your volume full bore, only to be blasted with elevator music from 1983. Certainly you want your video played, but let the content speak for itself. If the video is worth watching it will be seen.
6. Ditch the old Flash
Early flash sites had a lot of sound included when clicking on links and navigating to new pages. Don’t force visitors to have to mute things to navigate your website. It’s easier to just not come back.
7. Poor Navigation
Where do you want us to go? Do you have 15 different tabs? Have you tried to stuff the kitchen sink on the homepage? Make it simple. Set up your website so it’s easy for visitors to find information.
8. Designed for You
Remember this statement. “Your website is not for your current customers, it’s for prospective customers.” Your website is all about converting visitors into customers. Focus on creating content that speaks to those seeking to do business with you. Understand how they consume information and what drives their buying decisions. If the amount of people coming to your website are seeking you out by name you need to better content or SEO (search engine optimization)
A website is key to your digital marketing strategy. With the tools available today there is no excuse for having a poor online presence. If your a do-it-yourself type WordPress or Joomla both make for great content management systems. They both offer tons of plug-ins and themes to make your site look professional and polished. Visit sites like https://website-developer.uk/ to help you with your website makeover. You can click here to learn more.
What are a few of your website pet peeves?
6 Tips to Managing Cash Flow Schedule
Cash is king. In your business cash flow is the ultimate king. Do you have a firm grip on your cash flow? Do you understand how cash flow affects your business? Well you should.
The best way to monitor cash flow is by utilizing your cash flow statement. If you use Quickbooks or Peachtree, this is a built in report. A cash flow statement is a financial statement that shows how changes in a balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities.
Simply, it helps you understand the flow of cash in and out of your business.
The reason your cash flow is important is that:
- it allows you to know if you can meet payroll and other expenditures
- it tells potential lenders if you have the ability to repay
- it lets potential investors know if your company is financially strong
Here are 5 ways to get your cash flow positive:
1. Track customers’ payments
It’s easy to let 30 days turn into 45, especially if it’s one your best customers. But there are bigger issues here, if you have to borrow money due to late payments you’re doing yourself a disservice.
2. Set resonable payment terms
Don’t be afraid to offer a discount for early payments or a cash discount if it helps you get paid early. Having cash in hand is key. Offering a discount to get paid 15 days early can make a big difference in how you run your business.
3. Check credit histories
Must do. Don’t take their word for it. Just because they have a big new building doesn’t mean they have the ability to pay or haven’t stuck someone else for services in the past.
4. Take advantage of discounts
If you have the opportunity to receive a discount for paying early yourself, by all means take it. But remember if there is no discount offered to hold on to your cash. There is no sense in paying your bill two/three weeks early when you can use the cash (especially if you have a good handle on cash flow)
5. Get Rid of excess inventory
It’s costing you money. Even if you sell it at a discount it’s better than not selling it at all. Plus it injects cash into the business.
6. Wait
Do you really need that new iPhone/iPad/Tablet/Blackberry/Printer? Think hard about it. It’s easy to justify the expenditure, but will it really make you more efficient? Purchases like these can nickel and dime you and kill cash flow in a hurry.
Understanding how to forecast cash flow will be a key asset in running your business. If you need help reading or preparing cash flow projections contact us here at Talan Small Business Services. It’s what we do.
Starting a Michigan Business: Michigan Business One Stop
In my talks with other aspiring business owners I’m always surprised by the lack of awareness of Michigan Business One Stop. What is it? It’s Michigan’s online portal with pretty much everything you need to get your business up and running. All in one location. Talk about a time saver.
Here are just some of the things you can do with Business One Stop:
- Learn about Financing your Business
- Tax Information
- Play with the One Stop Simulator
- Find Employer Resources
- Business Entity Search
- Keep track of filings
The Business Start Up Tool on One Stop is a great tool for creating varying scenarios for launching different types of business. It will help you understand the state requirements for that business, including costs and time frames. It’s really simple to use and leaves you with a wealth of knowledge for the onset.
The site includes a online secure service for starting your business. Right online. Register for taxes, apply for licenses and permits.
If you’re in the process of starting a business, Michigan Business One Stop is the place to go.
Have you used Michigan Business One Stop?
5 Social Media Tools for Your Business
As a business owner you wear a large number of hats, so the idea of adding social media manager to the mix can be a bit daunting.
The following are 5 social media tools for business to make your job a bit easier
Hootsuite is a social media management tool. It allows you to monitor several social networks, including Twitter and Facebook. Other benefits include scheduling posts to Twitter and Facebook. You can even respond to questions all without leaving Hootsuite. We like it because it’s in the cloud, meaning you can use it several different devices like your iPhone. Best of all, it’s FREE.
In addition to being a blogging platform, WordPress is considered a content management system. Entire websites have been built around the WordPress platform. If you’re considering blogging for the first time you can start one for free at WordPress.com or integrate it into your existing website.
StumbleUpon is a social bookmarking service that allows user to “stumble” upon web content. By submitting your content here, people interested in the topics you discuss on your blog are able to find your content.
Social mention is a search engine for conversations. Search forums, Twitter, Facebook and other social networks for your keywords of choice. You can also use Social Mention to discover conversations about your business.
Google analytics allows you to see how people are finding your website. You’ll be able to see if what content is the most popular, how long visitors stay on your site, mobile tracking, and location. You can even create custom reports based on your own requirements.
There are plenty more tools for managing social media, however, if you’re just getting started with social media for small business, these are 5 worth taking a look at.
What would you add to the list?
Starting a Michigan Business Series: Forming a Corporation
It’s Monday, which means only one thing. Starting a Michigan Business time. This week the focus is on Forming a Corporation, what you need know, where you need to go, and how to find the documents you need to get started.
First things first.
1. Choose a name.
Have you settled on a name? Make sure you name is not already taken by visiting the Michigan Corporation Division Name Availability Search.
You’ll also need check the list of restricted words. These words are not allowed in your corporate name: List of Restricted Words
2. Determine if your business is subject to special licensing or permits.
No need for surprises. You can check online here: michigan.org/medc/services/license. You may also want to check with your local county, city or township clerk for local requirements.
3. File Paperwork with the State of Michigan
Be thorough when completing the paperwork. Be sure to have the proper corporate form, filled out completely. Forms are returned if not properly completed.
4. Register for a federal Employer Identification Number (EIN)
You can apply for an EIN number by faxing your SS-4 (Application for Federal Employer Identification Number – EIN) to 859.669.5760 or calling 800.829.4933
5. Register for Michigan Taxes
You’ll need to complete Michigan Taxes Form 518 and return to the Michigan Department of Treasury and fax to 517.636.4520
Corporation Advantages:
- Shareholders (company owners) have personal limited liability
- Access to capital is easier than with other structures
- Profits can be divided between owners and the corporation which reduces taxes and offers lower tax rates
- Perpetual existence. Upon death of an owner (stockholder) the corporation continues to exist
- Tax benefits for employee fringe benefits such as medical, dental, and disability
Corporation Disadvantages:
- Fees. It costs money to incorporate, plus recurring annual corporate fees
- There are formalities that MUST be followed. There is no flexibility here
- Profits paid to owners are subject to double taxation
- Can be complex to set up and maintain
- Dissolution does not automatically happen
A great resource for starting a business is Michigan Business One Stop. It’s an online portal with access to FAQ’s and necessary documents for starting a business.
If you have questions you can call the DELEG (Department of Engery, Labor & Economic Growth, Bureau of Commercial Services, Corporation Division) at 517.241.6470. Or visit online at michigan.gov/corporations
It’ never a bad idea to seek out the services of a lawyer and accountant when launching a new a business. While these steps will get you on your way they should never be considered a replacement for legal advice.