Couch sessions for small business owners: How do I market my app?

Q:  We recently had an issue where a vendor refused to pay an invoice.  There were no complaints about the service.  Their stated reason was a matter of the vendor’s employee who made the agreement failing to get authority.  It was frustrating because a quarter of a billion dollar company that made thousands of dollars off of our promotion refused to pay our $600 fee. We brought 400 customers into their store and watched them ring up dozens of high-end sales. We learned a lesson and will now require prepayment before executing a promotion.  But, what should we have done?  $600 is not worth suing over.  We don’t want to create bad blood.  But, they took advantage of us.  When should we write something like that off as a loss and when/how should we get more assertive? Carl Ewald, www.ODDysseyHalfMarathon.com

A: As a business owner, you need to choose your battles and determine what you will consider a “lesson.” It sounds like you have done just that. Recognizing an error that could be prevented in the future and making an immediate adjustment is key to being a wise small business owner. Determine how long you are willing to “wait for payment,” what your “cut-off” (dollar amount) is to proceed with legal action or write off, make it all policy and stick to it.

Q: As other one-man business owners know, you have to wear a lot of different hats to get the job done. One of the most painful parts for me is trying to get new clients via cold calling. I hate that “telemarketer” type approach. Do you have any tips for making it easier or getting clients another way? Also, are there any good services that do the calling for you for a fee? Matthias Hager,http://www.2helixtech.com/

A: Is “cold-calling” necessary for you to connect with potential clients? An effective and efficient way to connect with clients is social media and social networking. First, contact your sphere of influence (friends, family, associates, local vendors, group members, people you talk to on a regular basis, etc.) and see if anyone has any potential leads. We are only 6 degrees of separation from those who can take us to the next level.  Identify your specific audience, create a marketing message that clearly states the benefits of your product or service, find the social networking sites that your ideal clients use and start sharing relevant information, introduce yourself and make connections and start cultivating relationships. Social media is a very powerful and effective tool when planned and used properly. I can tell you this from personal experience. I’ve never made a cold call and I was only on Twitter for 6 months before I was mentioned in Forbes as one of 30 Women Entrepreneurs to Follow on Twitter. And yes, I have gotten clients from Twitter and other social media networks. However, again, it takes planning and time.

Q: I launched “THAT SHOULD BE ON A PILLOW!” for the holiday season in 2008, right after the meltdown. Not the brightest move, especially selling a “non-essential,” high-priced item. I have consistently gotten rave reviews from all of my customers by over-delivering on product and service. They don’t expect the attention to detail and craftsmanship. The orders are trickling in– 58 items so far this year. Two of which were corporate orders. I think the only way to make money at this is with multiple orders of the same design (corporate gifts, weddings, special events). The individuals who find me by Googling “custom phrases on pillows” are never going to create enough volume to get me out of debt, I net 20% per order. And shipping costs are killing me. Do you think focusing on corporate gifts would be the right move? Would firms be interested in the pillow as a gift idea that could feature a corporate credo, the CEO’s mantra, an advertising slogan, a sales lesson, etc? Are event/meeting planners a good target? Many thanks for your help. Anne Marshall, http://www.thatshouldbeonapillow.com

A: You may want to start by analyzing/profiling your previous sales. Develop a short customer survey. What exactly interested them in your product, why did they purchase from you and how did they find you? You also need to look at your client demographics. In addition, some market research on novelty items and purchases will give you some insight on other potential target markets. You may want to consult with an SEO expert to see how you could incorporate keywords like “novelty” “corporate gifts” “bridal gifts” etc. into your website. The wedding industry sounds like a viable place to market your wares as well (bridal gifts). Are there any potential collaborative partners/vendors you could connect with?

Q:  I launched a new iPhone app, ✄ Fabric U ✄, a few months ago with much anticipation. This was going to be the app of all apps. The one that I could bank on, the one I could retire on…you get the idea. I haven’t had an avalanche of downloads since. What I’ve earned could pay a few bills, most of the utility variety. I’m actively promoting my app by commenting on related blogs. That’s probably the extent of my advertising. I also have a t-shirt that says, I app-solutely ♥my✄Fabric U✄ iPhone app! Anyhow, I’m working on another app, ✄Yarn U✄, which I hope will be even more popular…however, I’m haunted by the humbling lessons I’ve learned on my first app. What can I do to learn more about my audience for my first app, which I can apply to my newest product? That said, I don’t know who’s buying ✄Fabric U✄. If I knew more I could re-jigger the content even the app promotional content on iTunes. Do you have any ideas for me? Mary Beth Klatt, http://tinyurl.com/242bua9

A: I would suggest you find a way to capture nominal info (demographics) on your buyers as a starting point. Perhaps as part of the “download” or purchase process. Where are people who would benefit the most from using your application “mingling?” Are they even tech-savvy? Can you partner with another vendor who may have access to your ideal clients (i.e. Joann’s, Michael’s, local arts and crafts stores, etc.) They could add/incorporate your app into their site, marketing, etc.

Now let’s talk about YOU! Are YOU a struggling, frustrated or just inquisitive small business owner? Need help NOW? Get a quick tip here for your specific business concern. An Introduction to Micro Business Therapy session is held monthly (no cost). Register here. Be sure to subscribe and RSS this column at the top.

 

What happens when you take your own advice (Part III)

This is Part III of a four-part series on “what happens when you take your own advice.” (Part I, Part II ). In the middle of a re-brand of my existing business, my husband and had the opportunity to open a fine art gallery (see www.evolvethegallery.com). To minimize the disruption to my existing business and maintain my clients’ needs, I relied heavily on my established systems and the same tips, tools and techniques I encourage my clients to use. Including:

Collaboration with complementary businesses is a must. A great way to collaborate with other businesses is to have them contribute to and sponsor your event. They get the exposure and you get the added help, product or service. You always want to enhance the value of what you are providing your clients. Look for hidden and creative opportunities in your local communities.

There is a small movie theater (The Guild Theater) across the street from our gallery. As part of our inaugural opening, we wanted to show movies that went with the theme of our show. The movie theater was looking for new ways to draw traffic and increase their presence in the community and we needed a cost-effective way to provide film-screenings. We invited the manager over for a tour of the galley and discussed the benefits of collaborating. It was a win-win. So much so, they offered to do the film screenings every Friday for a month at no cost to us and we did the same by offering the screenings to our guests at no cost. Yes, free double-feature film screenings for a whole month (and access to the theater for two complimentary panel discussions on Saturdays to boot! How’s that for collaborating and keeping it local!)

Never underestimate the power of 6 degrees of separation. Connections can put a business on the map quicker and faster than “word of mouth.” Everybody knows somebody who can help somebody. Through six degrees of separation, we were honored to have philanthropists, museum curators, the Mayor and a Senator either attend our private preview reception or come by for a private tour. In addition, when we attended a book signing and discussion at the Thelma Harris Gallery, we met fine art Master, Richard Mayhew, and Bernard and Shirley Kinsey (whose personal art collection is now on exhibit at the Smithsonian). During our due diligence, we visited many galleries to see how other owners operated, looked for ways to distinguish ourselves, ways to collaborate, yielded wisdom from the experts, acknowledged their mistakes and made some good friends along the way. Thelma was kind enough to welcome us into the industry with open arms; which included introductions to art legends. The Kinsey’s are the ones who advised us to contact Senator Price’s office (see Part II).

On the day after one of our panel discussion we received a beautiful book reflecting 38 phenomenal years ofBen F. Jones creative works. There was no note, just the autographed book and a business card. When we called Ben to thank him and find out how he had heard about us, he simply said he read about our opening in a blog (The Black Art Project). After a delightful conversation, needless to say, we were humbly honored and floored. The Internet has made it a small world and you never know who knows who.

Always capture your leads, follow-up and keep in touch. Every business should have a platform for engaging and capturing leads. This could be a sign-up for newsletter box, link to a landing page, CRM system or even a link to your Facebook fanpage. For live events, it could be a registration sheet, sign-in sheet or guest book. Don’t pass up the opportunity to introduce potential clients to your product or services, share upcoming events, specials, etc. via newsletter, e-blasts and online updates. Staying top of mind is crucial. People want to know “what’s next?” and “what’s new?” CAVEAT: Do not overburden new clients and your connections with unnecessary emails and updates. It is a major turn-off and you will soon see your numbers decrease instead of increase. Be relevant, informative and resourceful.

To date, the gallery has been extremely well received in the community and we continue to be amazed at how fast the word is spreading and the wonderful people we are meeting. However, now that the “fanfare” of the grand opening has worn off, it’s time for the real work to begin; the work of maintaining and sustaining a business. There is no way I could have opened a second business without having functional systems in place with my existing business; Simplicity Mastered. The chaos and confusion would have been insurmountable and I would risk losing my clients.

Never underestimate the power of Simplicity. When your operations are organized and streamlined, it makes it easier to introduce new products/services and test new ideas. It helps you manage information and stay focused on your priorities and objectives. It also makes stepping away, less disruptive.

There’s a reason why my business is called Simplicity Mastered. There is a reason why I specialize in simplifying business processes. Owning a business doesn’t have to be hard. But it does need to be functional and productive. And it needs to be effective, efficient and done smart. There is a reason why overwhelmed and frustrated business owners call me to help them be mentally and intellectually organized to grow. I keep things practical, realistic and utilize existing resources. At some point, you have to put knowledge to work and startdoing. You are responsible for your business; the good, the bad and the ugly. It will grow or fail by your action or inaction. Make a commitment to make better business decisions today. That includes asking for help. We could not have accomplished all that we have without asking for help.

Next week, I will share with you some of my “silly mistakes,” “brain freezes” and “forget me NOTs.” NOTE: I never said the opening of a second business went off without a hitch. ☺

If you need help NOW! Get help here

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For over 18 years, Simplicity Mastered™ founder and CEO A. Michelle Blakeley has owned or managed small businesses and nonprofit organizations. Expert in her field, Blakeley personally guides her clients out of their Business Brain Freeze™ to streamline operations, increase return on investment, and attain quantifiable results. Forbes.com and FinancialPost.com each recommended her as one of 30 Women Entrepreneurs to Follow on Twitter, joining the experts who know that Blakeley is a master at growing small businesses … and doing it with “Simplicity.”

Small business owners should cancel all unnecessary meetings

One of the best ways to recapture energy and time is to identify timewasters. Unnecessary meetings can be major time and energy wasters for small business owners. Be mindful of how you spend your working hours. Make them productive, make them effective and make them efficient. The more you ask yourself “what decision needs to be made?” or “how will this bring me closer to meeting my goals and objectives?” the more you will start to eliminate unnecessary meetings. With all the technology we have today, take advantage of ability to reduce travel time and expenses.

Face-to-face meetings should be scheduled wisely. They should include establishing a personal connection with a potential client, sales dialogue and persuading or soliciting a decision. Most other meetings should be done virtually. For more effective and efficient meetings:

• Make sure there is a real purpose for your meeting or event and predetermine your outcome. If your meeting involves: business negotiations, connecting with a decision maker, personal favors, promises, understandings, coordination, persuasion of others, expression of emotions, etc. they should be face-to-face. If not, schedule a virtual meeting.

• Use technology to make scheduling easier and stop playing phone tag. Sites like Tungle, Doodle,Bookfresh and Setster allow you schedule a board meeting, business lunch, conference call, family reunion, movie night, or any other group event.

• Use your virtual meeting to determine the need for a face-to-face meeting and cover the basics (i.e. draft an agenda, review material, etc.) Use sites like DimDim.com, gotomeeting.com, conference call lines, Skype and video conferencing to save time, gas and money and still achieve optimal results. Be sure to send visuals (i.e. PowerPoint, reports, documents, presentations, etc.) ahead of time so that you can review them together online. (This also saves paper).

As a small business owner, you can’t afford not to streamline your business operations, work with a purpose and be efficient. So before you schedule your next meeting, ask yourself, “What is the purpose?” “Is this the best use of my time?” and “How will this bring me closer to my goals and objectives?” and cancel any current unnecessary meetings.

WANT TO RE-POST THIS ARTICLE ON YOUR BLOG OR USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

A.Michelle Blakeley is in the listening business. As a Micro Business Therapist, she provides an open-minded and non-judgmental ear to listen to the real issues and concerns that start-up, emerging and women entrepreneurs experience and negotiate solutions through comprehensive discussions and practical micro business plans. She is featured in Forbes.com and the Financial Post as one of 30 Women Entrepreneurs to Follow on Twitter, contributor for the San Francisco Examiner and Fearless Woman Magazine; the host of Simple Truths for Women Entrepreneurs on BlogTalkRadio.com and author of the NEW e-book: “Get it Right and Move Along… a collection of practical tips, tools and techniques for small business owners.”

Couch sessions: micro business therapy for the small business owner

Are you a struggling, frustrated or just inquisitive small business owner? Got a question you just can’t seem to find the answer for? Please submit your small business questions here.Get a new perspective and quick tip to help point you in the right direction. Be sure to bookmark and check this page every Wednesday, your question and the reply may appear right here in Couch Sessions for the Small Business Owner. This week, readers want to know:
Q: There are so many good responses, yet slow sales on a product that we do not have competition with. Our frustration is how do we get more people to know of our product, and what does it take for people to make the decision to buy? T. Demme, www.skaterscoach.com
A: Your story is a prime example of “if you build it, they may NOT come.” Clearly you have what is perceived to be a great product, but slow sales. You may want to re-examine your price point, your marketing plan and target market. Not all marketing venues are appropriate for all markets. For example, are you simply selling via a website or doing live demonstrations? Which method does your target market prefer? Is there room to decrease the price or provide something of additional “perceived” value?

Q: What is the cost difference to my business between a 1099 contractor and employee? J. Asti
A: It depends on the position, but more importantly there are a lot of legal and tax implications for hiring employees and independent contractors. You want to consult with a tax and/or legal professional to answer your questions. Also check out this link for quick tips.

Q: Do you have any suggestions for effectively marketing an online service (transcription) without using paid advertising such as expensive PPC campaigns, banner ads etc. www.writeaudio.com
A: How are you currently connected to and connecting with attorneys, paralegals, process servers, legal associations and legal-aid services? When you are marketing to your ideal client and target market don’t forget to connect with those on the peripheral who can put you in direct contact with your ideal clients. Also, professional social networking sites like LinkedIn are a great way to connect and communicate with small law firms (check out and join the legal subgroups as well). Be careful not to jump into your “pitch.” Ask questions about the needs of small firms and go from there.

Q: Is it better to increase prices slowly and steadily or raise them markedly once and keep them stable? S.Silbeberg www.fitpacking.com
A: People should naturally anticipate price changes. Many times it is out of the business owners hands (cost of living, cost of goods, taxes, etc.). When determining prices changes, consider the reason why, can the difference be made up somewhere else, can value be added, can you combine or change packages/services, etc. If you have an annual or standard nominal increase each year or every other year to cover cost of living type expense, clients will generally understand. However, “price creeping” can be hard to swallow. Just think about the gas prices. People are forced to pay out of necessity and will look for the cheapest price. Are your services a necessity? Are your prices competitive?

Q: I have become a local subject matter expert in my field and am a regular guest on the FOX, ABC and NBC networks talking about my field. Apart from hiring an expensive PR firm, which is out of budget right now, how can I make the leap to being a national, or even regional, expert? C. Rocha,www.pocketyourdollars.com
A: Where are your marketing efforts currently focused? Are your clients regional or national? Are you connections regional or national? Tap into your 6 degrees of separation and see who you are already connected with on a national level. Inquire about collaborations and speaking opportunities in their areas.

Q: I have been in the small business financing industry for over 10-years as a broker and would like to expand by leveraging my industry knowledge to consult with small business owners on how to obtain financing. How do I bring consulting/speaking into my present business model? S. Stock
A: You may want to start by developing a signature presentation (approx. 15-20 min.) This presentation is basically an introduction to some the ways you address pain points experienced by small business owners who are seeking financing. For example: 5 Mistakes Small Business Owners Make When Obtaining Financing and How to Avoid Them. Use that presentation to get on the agenda at local business meeting groups, associations, etc. Start with the ones you are affiliated with first and work your way around any associations or meetings where your friends and colleagues work. If your presentation is helpful and energized enough, it will provide you with a good start.

Are you a struggling, frustrated or just inquisitive small business owner? Don’t forget to submit your questions. Get new tips, tools and techniques every Wednesday. Be sure to subscribe and RSS this column at the top.

Small business owners shouldn’t fear failure

Failing can bring you closer to success when you learn to embrace it. No business achieved real success without failing first. Embracing failure can be difficult, but it can also be empowering. What is it that is causing you fear? Is it real or imagined? Sometimes we create our own “monster in the closet.” What’s the worst-case scenario if you fail? Failure forces you to face your errors, shortcomings and fears, which are required for growth.

Make no mistake, if your business is going to be a success, you will certainly face some failures along the way. If and when you do fail, could you start again? What could you do differently? Take precautionary measures and limit your liability to help mitigate losses. Consider the following:

• Analyze your previous mistakes: Be clear about what works and what doesn’t work. Know what went wrong and why and correct it. The worst thing you could do is to make the same mistake twice. Also, learn to use your weaknesses as strengths.

• Ask for help before you need it: No business owner is an island. Use your sphere of influence, advisory board, mentors, coach, colleagues, associates, etc. (or micro business therapist) to help you determine your best plan of action, identify gaps and address needs. If you go it alone, you will certainly increase the odds of you missing something important or relevant.

• Proper planning prevents poor performance: Never proceed without a plan. Give careful thought to goal setting, campaigns, communications, organization, etc. Do your homework and research. Due diligence will reveal the pros and cons of any venture or concept. Always proceed with both eyes open to the possibilities and opportunities.

There are valuable lessons in failure. When you acknowledge that failure is possible and identify the source of your fear, you can work through it. If you learn from your failures and mistakes, you empower yourself with wisdom, confidence and the courage to face your next one.

WANT TO RE-POST THIS ARTICLE ON YOUR BLOG OR USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

A.Michelle Blakeley is in the listening business. As a Micro Business Therapist, she provides an open-minded and non-judgmental ear to listen to the real issues and concerns that start-up, emerging and women entrepreneurs experience and negotiate solutions through comprehensive discussions and practical micro business plans. She is featured in Forbes.com and the Financial Post as one of 30 Women Entrepreneurs to Follow on Twitter, contributor for the San Francisco Examiner and Fearless Woman Magazine; the host of Simple Truths for Women Entrepreneurs on BlogTalkRadio.com and author of the NEW e-book: “Get it Right and Move Along… a collection of practical tips, tools and techniques for small business owners.”

7 Seeds to Plant That Will Grow Your Business

Small business management is a delicate balance of planning, action and intrinsic perspective. With minimal resources, time and money must be spent wisely. Business fundamentals must be incorporated at all times. Below are 7 “best practice” seeds to plant. When watered (acted upon), they will help your business grow.

1. Be clear about what need your business fulfills – Just because you have business cards and your sign says “open,” doesn’t’ mean you have a sale. Be clear about how your product or service helps or benefits someone. We have so many choices these days and people are savvier than ever about how and where they spend their money. Make sure you have something of real value and use and be ready to explain why and how it makes life easier or better.
2. Know where to find your ideal clients and how to communicate with them. It doesn’t make much sense to have the perfect product or service for pilots who fly charter planes if you are spending your time connecting and marketing to them on Facebook or Myspace. You have to know where to find your ideal clients and how to communicate with them. Too many small business owners are still marketing to “everyone” or the “general public.” It can quickly kill a business.  Refine your target market and define your ideal client.
3. Have a clear, concise and consistent marketing message – Do potential clients know what you do based on the information on your business card, website, social network profile? What is your elevator pitch? Do you have one? Can you clearly define your business AND its benefit in 30 seconds? You never know when an opportunity will arise or when you will spontaneously be in the presence of your biggest client. Always be prepared to explain what you do, how you do it, why you do it and what’s the benefit.
4. Take inventory of your existing resources – Small business owners are in constant “I need” and “If only I had” mode. The truth is, often times what you need is already in your bag of resources. You had a life before you started your business and you have colleagues, friends and family. Always be sure you check your sphere of influence for your needs first before looking outside. The people that already know you are your greatest asset. If you need clients, tell them first. If you have a sale or promotion, tell them first. If you need help, tell them first.
5. Have a functional system in place – As a small business owner, you probably can’t afford to get sick or take long vacations. Which is why it is vital that you have functional systems in place that will minimize unexpected absences and the need for damage control. You should document your processes. When your business is streamlined and you have systems in place, it reduces chaos and stress on bad days, missed days and sick days. It also makes it easier for someone to come in and “follow along” when help is needed.
6. Communicate with your clients… often – Many small business owners spend an inappropriate amount of time generating new clients. This time and energy is better spent if you focus on cultivating relationships with your existing clients. How many of your existing clients are “repeat customers?” If your “new clients” outweigh your “repeat clients,” you have a problem. Repeat clients are the ones who are singing your praises to their friends and family. Word of mouth advertising is priceless. Repeat clients are the ones who will continue to patronize you out of loyalty through price changes, varied economic climates, and a bad day. Yes, you need to engage new clients, but your existing clients are your foundation.
7. Stay ahead of the curve – The best way to stay ahead of the curve is to continue to educate yourself in all areas of your business and industry. You also want to keep your finger on the pulse of your clients’ needs. Clients’ needs change with the wind and the quicker you can adapt to the changes (while maintaining the integrity and purpose of your business) the better your business will be for it. Anticipate change and adapt.

Even redwood trees started out as seeds!

WANT TO RE-POST THIS ARTICLE ON YOUR BLOG OR USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

A.Michelle Blakeley is the Founder and CEO of Simplicity, Inc.; a progressive small business development firm. She manages her clients’ business expectations and prevents information overload via Micro Business Therapy™ and Micro Business Action Plans. She is featured in Forbes.com and the Financial Post as one of 30 Women Entrepreneurs to Follow on Twitter, contributor for the San Francisco Examiner and Fearless Woman Magazine; the host of Simple Truths for Women Entrepreneurson BlogTalkRadio.com and author of the NEW e-book: “Get it Right and Move Along… a collection of practical tips, tools and techniques for small business owners.”

How to Gain Access to the Wisdom of Business Leaders

Why is it so hard for business owners to ask for help? Is it because we don’t want to appear dependant, unknowledgeable, incapable, etc.? According to the SBA, an estimated 627,200 new employer firms began opera- tions in 2008, and 595,600 firms closed that year. This amounts to an annual turnover of about 10 percent for entry and 10 percent for exit. Non-employer firms have turnover rates three times as high as those of employer firms, mostly because of easier entry and exit conditions. There is a whole list of reasons why the businesses don’t survive. However, how many of those businesses failed because the business owner didn’t know how, when or refused to ask for help?

We fail our clients and ourselves when we fail to know when and how to ask for help. As business owners, we are expected to make mistakes. The greatest and most successful business owners have made hundreds of them. But, I can assure you they also knew how and when to ask for help. We read business books about them.

Take conscious ownership of your business and discover new and creative ways to refresh your business by accessing the wisdom of business leaders. The best inspiration comes from people who have been where you are, traveled a similar path and have made a success of their business.  Here’s how you can gain access to the wisdom of business leaders:

1.     Research who the “movers and shakers” are in your community, industry or network. These are people you admire, have large spheres of influence and/or are eagerly pursued.

2.     Select 10 “movers and shakers” you would like to engage in a conversation. Ask them for 10 minutes of their time. You call could sound like this: “I am new to this business/I am looking to strengthen my business practices. I know you don’t know me, and I am not trying to sell you. I admire what you have accomplished in your business/community. I was hoping that I could have 10 minutes of your time for an interview. Would you, as a leader in the _____ industry/community, tell me what I should do to earn the right to do business/collaborate with people just like you?”  Remember, this is not a “sales opportunity.” This is simply an opportunity for you to elicit valuable information from someone who has been where you are and could help you get to where you want to be. Be sure to let them know up front that you are not going to try to sell them anything. You merely want ten minutes. Be respectful of their time, be prepared and be sure to limit your call or conversation to your requested ten minutes.

3.     Most important, follow up with each of them and THANK them for their time. Send each person a personalized thank you note. Ask if they would mind if you kept in touch. If they say yes, DO IT. Send them a note periodically or call and check-in. Don’t overburden them with emails, calls or information.

You would be very lucky to get ten minutes of an important person’s time. However, they may just be the most important and valuable ten minutes of your business’ life. It is well worth the effort to make contact. You never know what opportunity may arise from your introduction, conversation or relationship.

Nobody will ever be what they should be until they start doing what they should be doing. If you are overwhelmed, stagnate, consumed with or unsure of which direction to take your business in, ask for help. Seasoned, savvy and experienced business owners are generally open to sharing their pitfalls and “lessons learned.” Their wisdom could be your lifesaver. Know when enough is enough and get the help you need to keep you and your business IN business.

SBA SOURCE: http://www.sba.gov/advo/stats/sbfaq.pdf

WANT TO RE-POST THIS ARTICLE ON YOUR BLOG OR USE THIS ARTICLE IN YOUR EZINE, E-NEWSLETTER OR WEB SITE? You may, as long as you include this complete blurb with it:

A.Michelle Blakeley is the Founder and CEO of Simplicity, Inc.; a progressive small business development firm. She manages her clients’ business expectations and prevents information overload via Micro Business Therapy™ and Micro Business Action Plans. She is featured in Forbes.com and the Financial Post as one of 30 Women Entrepreneurs to Follow on Twitter and the host of Simple Truths for Women Entrepreneurs on BlogTalkRadio.com.

Small business is BIG business

Small business is big business. Every big business was once a small business. Whether you are plotting your course to grow your business regionally, nationally or globally fundamental business practices are the same. Sometimes we get so caught up in the day-to-day operations, we forget to cover the basics.

Do you know how many clients or sales you need to break-even? Do you know what your client profile looks like? Your target market? What does your average sale look like? Learn how to break down your numbers; not just annually, but month-to-month and week-to-week if you must. When Costco did a study on their sales and members, they found that they generate more revenue from memberships than from selling products. As a result, they target their advertising efforts toward getting people to come back into the store to buy things on a regular basis; which requires them to maintain their membership. Pretty ingenious? No, they simply did the work to develop a system that provides an alternative proposition their clients cannot refuse i.e. for an annual membership fee, they have access to discounted bulk items.

What is your system for sustaining existing clients and bringing in new clients? Is it diversified? Is it flexible? When advertising becomes too costly, know how to get free media. When your clients have limited resources, know how to provide alternative propositions they can’t refuse. Develop distribution and marketing channels your competitors know nothing about or are not adept at utilizing. Always look for new ways to be innovative and creative without losing your identity or muddying your marketing message.

Most small businesses fail for 1 of 2 reasons: undercapitalization or poor management. Poor business operations stifle sales and revenue; and without revenue, the business will ultimately fail. It is imperative you have a process for identifying your priorities. Having a functional work system, sticking to it and perfecting it and repeating it builds rhythm and creates habits. Creating good business habits by focusing your time, energy and efforts on priorities and getting them done first on a daily basis is key to productivity and generating revenue. It is like an exercise or diet program that yields results only when you’ve established a system and developed consistency.

Our history reveals slow markets and recessions provide incredible opportunities to start, expand and grow businesses. Hewlett and Packaged started in the Great Depression and Microsoft was launched in the quagmire of the 1980’s. If you carefully and objectively assess your position and plan your work and work your plan your chances for exceptional growth and profits are enormous. Many large corporations lack flexibility and carry large overhead costs. They immediately cut back on innovation and plans for growth. Don’t make that mistake!  Your ability to establish and balance sound business practices with flexibility puts you in an advantageous position. A great position in which you are able to sustain your business successfully before the market bounces back; because when the market recovers, you have gained market share and are then positioned for exponential growth. Where will you be when the market recovers?