3 Ways To Make Certain Your Business Fails
August 23, 2010
Most small businesses incorporated in 2005 will fail by the year 2007. No matter the industry or the economic times in which the company was initially conceived, the fact remains that businesses fail on a daily basis due to general lack of knowledge and know-how. What follows are my opinion on three very common methods to ensure not only mediocrity but failure as a business entity in today’s world.
1. Lack of vision and focus
Most business, like most people today, lack a clear vision for their company (and products). I can count on one hand the number of my clients who have been able to answer the initial question of "What are your goals?" without stuttering or pausing in confusion. Strategy formulation (or business planning, if you will) begins from the top-down, starting with a company mission, and ending with a specific plan towards mission completion and execution. Some common flaws the indicate lack of vision and focus include:
-a vague and passionless mission statement, such as "Our company is committed to building a better world", or, even better, "Our company strives to be the company of choice for our consumers". Vague statements serve only to dilute collective energies within your company.
Top Ten Tips for Leveraging Conferences for Big SUCCESS!
August 14, 2010
As I am preparing for my attendance to the CoachVille’s Third Annual Coaching Conference, I have been considering how I can make the most of my conference attendance. These ten tips will support you in leveraging those conference you will attend in the future and for creating an unforgettable experience!
1. Connect, connect, connect!
Some of the most valuable time spent at a conference can be the time you spend in conversation with others outside of the speaker presentations/breakout sessions. Make a commitment to schedule one breakfast and one lunch meeting each day with someone you want to get to know, and make a plan to connect with these men and women following the closing of the conference.
2. Volunteer!
One of the best ways to get to know others both inside and outside of your industry is to volunteer 1 hour each day for the conference production team. This time can create a sense of connection and a feeling of self confidence and accomplishment for both you and the conference team.
3. Host an Open House.
7 Card Tricks That Improve Your Personal Networking Power
August 2, 2010
CARD SHARK
7 Card Tricks That Improve Your Personal Networking Power
The humble business card has been a mainstay of business and industry for years. But despite it’s small size and cost, it’s one of the most powerful marketing tools you will ever possess. Because of it’s low cost many people take the business card for granted and don’t even think of the effect it can have on their networking and sales success. Here are a few tips for making your card do the business for you…
Card Tricks
Your business card can perform many different promotional jobs and usually all at once. I call these little jobs "Card Tricks" because they work like magic.
All you need to do is be aware of what you want the end effect to be and then set your business card up to work the magic for you.
Here are 7 Card Trick ideas:
Get a Most Wanted Response (MWR)
Get Read (Break The Ice)
Get Kept (And Referred To)
Get Passed On
Qualify/Disqualify Prospects
Sell Stuff
Make You A Celebrity
1. Get A Most Wanted Response
A Lesson From ?The Apprentice? That Can Make You A Master
July 22, 2010
I have to admit, I was curious. When I saw previews of a new show called "The Apprentice," it made me want to at least watch the premiere to see what was going on. Immediately, I was hooked. The whole idea of candidates - from all walks of life, not just college grads fresh from their commencement ceremonies - vying for a position in one of Donald Trump’s organizations piqued my interest. What kept my interest were the real-life advertising lessons every business owner needs to be reminded of.
Take, for instance, one episode where the teams were challenged to create an ad campaign. I was, needless-to-say, on the edge of my seat for the entire show. One team immediately decided to phone the client and setup an appointment to find out about the product, the end user, and other aspects that would make a big difference in creating the campaign. (Smart move!)
The other team, however, said they didn’t have time to talk with the client. They were running behind schedule. Meeting with the client - in their opinion - would just waste an hour or two that could have been spent on more important tasks. (Excuse me?)
How To Ruin Your Business
July 10, 2010
If you’re like the rest of us, you’ve spent a lot of time trying different things to make your online business come together. There are countless methods of conducting a viable marketing career, but there are also as many ways to destroy one as well.
In any endeavor, there are costs. You need to weigh the costs before even getting started. Oh, you know about up front capital, advertising costs, webhosting monthly rental fees, and the like, but. . .
The costs that many entrepreneurs aren’t thinking about right off is the price of your reputation, your intergrity, and your name!
Whenever you put your name on something, you’re staking your reputation on the product and how others view your sales pitch about it. The best way to ruin your business and any future business you might come up with, is to make false claims about it, or use deceptive methods to get people to read what you have to say.
One example that comes to mind is the over use of the “Re:” in your email subject heading. I know who I write to, and I know what I write to others about. You’re not going to fool me into thinking that your “Re:” is a reply to me. How stupid do you think people are?
A Business Plan Is Not Worth A Cracker To A Struggling Business - A Plans The Last Thing It Needs
June 28, 2010
Before you start a business we encourage you to prepare a business plan. Without it your business has a 92% chance of failing within the first 12 months. Sometimes your business plan tells you that you should not go into business at all!
Sometimes we encourage you to think seriously before you decide to go ahead with a risky business. But we always encourage the preparation of a business plan.
If you use a professional to assist, the fee can be between $3,000 and $10,000. Or you can purchase off-the-shelf plans that give you the form and you do the research for information to fill in the ‘blanks’. Either way, it will take at least three weeks for you to come up with the completed plan and normally much longer.
So the chief reason is that you probably don’t have $3,000 to $10,000 for the professional. If your business is struggling it’s probably got very little money to pay existing creditors without incurring further expense with no immediate return.
Another problem is that you will definitely not have the time to prepare one. You need something done now, not in three weeks or more time.
Marketing Your Small Business - The Top 10 Brilliant Ideas
June 17, 2010
A Brilliant Marketing Idea… sounds great but what is it? Is it the idea that results in the mailman ringing your doorbell, signaling in a caravan of postal workers with mounds of letters (all in response to your latest advertisement)? Is it the idea that brings a 20% response rate on your direct mail campaign?
Surely these ideas would be considered brilliant marketing ideas…right? Well, maybe. It depends on the costs incurred generating the response. If the cost of the marketing was greater than the income it generated, it doesn’t matter how great the response, it’s not very brilliant.
The following ideas will get you started marketing brilliantly in no time!
BUSINESS CARDS
Print (or stamp) something on your business card that will prompt the holder to contact you (and/or to keep the card). Examples: "Return this card for a FREE loaf of bread" (baker), "10% off on next purchase" (retail store), "Send for your FREE copy of our Special Report: Brilliant Ideas for Marketing Your Small Business" (small business marketing specialist).
VALUE-ADDED SERVICES
Do I Have to Do EVERYTHING Myself?!
June 8, 2010
The air in my client’s office nearly crackled with her irritation. A scheduling snafu had left a client without important services. "I guess I just have to do everything myself," she ranted.
My calling as a small business consultant requires that I maintain objectivity in the face of a client’s frustration and anger. My calling as a human being and a small business owner myself leads me to empathize with what she was feeling at the moment.
It often seems, as small business owners, that we do indeed have to do everything ourselves. No one understands our business like we do, no one has the single minded dedication that we do. But here is a simple truth: If you have to do everything yourself, you’re not doing it right.
Now, my client knows this and because she does, she operates a growing, successful company. But, we all have our moments.
You see, in the beginning, your business is you. You are the president, the bookkeeper, the janitor, and the one who makes the product or performs the service. It is at this crucial time that you can best impact the future of your business. If you don’t separate yourself from the day-to-day aspects of your company, you will run yourself into the ground.
Top 10 Mistakes to Avoid When Joining a Professional Association
May 26, 2010
I’ll be the first to admit that I went a little nuts when I moved I moved recently in terms of going all-out to participate in a variety of professional associations. I had some experience with most of the groups that I visited in other places I had lived, or had clients who had positive experiences with certain groups. I was so eager to become involved again in professional associations that instead of really paying attention to a group as it exists locally, I made decisions to join groups based on my past experiences and experiences of clients.
After a few months (and about $1500 in dues paid), I realized I had made a grave mistake. I knew I had failed to keep in mind a few essential thoughts as I evaluated the appropriateness of renewing membership dues to various groups as a way to build my business. Here’s what I’ve learned:
1. Determine your professional association dues budget for the year before joining anything. I foolishly just kept paying membership dues, without giving consideration as to the total picture of what I’d spent in dues for the year. Set your spending limits and stick to those and in a year evaluate if it’s worth your time and money to continue participating in the group.
Boy oh Boy, The Obstructions and Obstacles
May 15, 2010
The bad things starts with the letter ‘O’?.like Obstacles, Obstruction, Obscene?.overly-poor? There’s bound to obstructions and obstacles in everything that we do in life. Like riding a bicycle. We get a few scrapes and bruises and think that we’re never going to ride a bike ever again. We try to blow bubblegum and we blow it up in our own face and have our laughing friends jeering at us. We try to dress up only to find out that we look dowdy. Everything in life, there’s an obstacle.
And why should having a home based business be any different?
One of the biggest obstacles in a home based business?at least in starting it?are family members.
I mean, who would’ve thought, right? Being on your own is all about being free, being independent and reliant on noone but yourself. And yet, your family members are the first ones to stand up, with hands raised in the hair, to say ‘OBJECTION’!
Well, too bad. Objection denied.
