Pipelines, people, places and prices

The 4 P’s of keeping your business activities in balance: pipelines, people, places and prices. Each one of these P’s requires your consistent and careful attention. Without a filled pipeline, you will constantly be looking for new clients. Without connecting with people, no one will know or care who you are. Without visiting the right places, you could miss exciting opportunities and you could experience monotony. Without appropriate pricing you could be losing money and/or clients.

Pipelines. Marketing is a verb; meaning an action and when it’s done consistently, it produces results. There are a wide variety of ways to incorporate small marketing tasks that will add up to big results. Refine your marketing message so that it speaks directly to your target audience. Ensure your product or services solve an identified pain point. Clearly communicate your marketing message on your website, blog and social media networks. Keep it fresh. Update your offers and promotions at least, quarterly. Never stop marketing. Staying top of mind ensures potential clients remember your name first when the need for your product or services arises.

People. It takes about 7 touches before a client makes a sale. Develop an effective follow-up system with potential clients. (i.e. 1-day, 3-days, 14-days, 21-days and then monthly newsletter or announcement). Despite the social media wave, there is still a lot of value in face-to-face meetings. Create a personal touch that is unique to you and your customer experience.

Places. Step away from the desk. You can’t get refreshed by doing the same activities and looking at the same four walls day in and day out. Get out and visit local businesses and explore new relationships. Change your routine and experience diverse perspectives by venturing into new geographical areas and seeing people and places you don’t normally visit.

Learn more about recent trends in your industry by connecting with your local professional and trade associations. Attend a trade show in your area or region and seek out new opportunities and markets.

Prices. When was the last time you gave yourself a raise? A raise is always possible regardless of the economy. Consider raising your prices. You might lose a few clients due to the price increase, but you’ll actually be able to give each client more attention, and make more while working less. Market your services to a target market that is recession proof. Do a SWOT analysis and figure out how to service more people at one time for less money (i.e. speaking, ebooks, memberships, teleseminars, etc.)

BONUS: Practice makes Perfect.

Be sure to spend a little time developing the 4 P’s of fundamental business activities. Each one will ensure your business practices are solid and provide you with some of the necessary discipline for growing your business.

Need help reviewing and organizing the fundamentals of your 4 P’s? consider Micro Business Therapy. It’s common sense, practical and realistic. Don’t forget… we want to hear from you. Share your comments and questions below! To address your specific concerns, Skype me: amichelleblakeley or email me at info@simplicitymastered.com

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:

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.”

 

 

Change is not as easy as you think

Progress should be every small business owner’s objective whether it be increased sales, establishing expertise, brand recognition, organization, functional systems, etc. The list could go on. With a new year, brings excitement, motivation and aspirations. However, it also brings new challenges, anxiety, uncertainty and soon, overwhelm.

The problem with a new year and resolutions is that the New Year essentially is just another day. Unfortunately, we don’t get a clean slate at the strike of mid-night, so all of our issues and concerns and disappointments of the day before are still there. With resolutions, we employ the best of our intentions and ideals to motivate ourselves to look forward to a better year and give us hope. However, resolutions become short-lived and the New Year gets tramped on in anticipation of yet another new year. And real change becomes the daily struggle again.

Progress can only be made with careful calculations. You have to truly understand how you got to the point you are at right now; the past. You have to know who you are and what your capacity is. Sometimes the best of intentions cause the greatest harm; the present. And you have to be able to move forward from a standpoint of reality and practicality; the future.

The past. You can’t move forward without knowing where you’ve been. There is a reason we’ve heard this over and over again. Because it’s true. How will you ever know what needs to change unless you know what the underlying faults and root causes of missed opportunities are? Just like a doctor, you have to treat the disease, not the symptoms. If you are lacking a clearly defined target market, you may not be clear on what the benefits of your product or service are.

The present. What are you capable of right now? With everyday distractions, deadlines and commitments, know what you can realistically expect from yourself. Know your faults. Know your strengths. And be able to exploit them both.

The future. Rome was not built overnight, so why do we continue to expect ourselves to achieve so much in such a short period of time. Without benchmarks to closely measure your progress on a regular basis, you’ll have no idea what works, what doesn’t work and why. Which, in turn, prevents you from making necessary adjustments. (i.e. how will you know if you are reaching your ideal clients?) Real progress is carefully planned for and measured. Your future is created by the actions you take today.

Real change should yield progress. Progress cannot be made without proper planning. Smart and savvy small business owners understand the importance of and value proper planning. Proper planning is never complete without giving careful thought to the past, present and future. So, if you resolved to make changes this year and find it difficult to break away from old behaviors, take some time to reflect and understand why you do what you and how you can better work within your means.

Developing, managing and growing a small business is a tremendous challenge. If your mission and purpose have been lost in the daily grind and fire-fighting, consider Micro Business Therapy. It’s common sense, practical and realistic. Don’t forget… we want to hear from you. Share your comments and questions below! To address your specific concerns, Skype me: amichelleblakeley or email me at info@simplicitymastered.com

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:

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.”

5 Social myths that cause missed opportunities

Social networking is a common time trap for many small business owners. Although we recognize the importance of getting out and meeting people and networking, you do have to be mindful of the real purpose of networking – to put you in close or closer proximity to your ideal clients. Don’t be discouraged by your lack of social media skills and don’t be presumptuous in thinking social media is a cure-all. Here are some important myths to keep in mind when it comes to incorporating social media into your marketing efforts:

I don’t want my private information out there. Many business owners who are unfamiliar with how to actually use social media are concerned about their personal information being available for all to see. The truth is, you can limit what information you post to your profile. More people do themselves harm, by posting unfiltered comments and photos.

That’s for kids and “young folk.” Social Media is not a “trend,” it’s a vital and necessary business tool for all businesses. You simply cannot deny the fact that every day technology advances. It allows us to do things quicker, access information and resources in seconds and connect with people from across the world. The truth is, the “young” may simply adapt to the use of technology faster. The longer you take to adapt to the continuous growth of technology and social media, the bigger the gap will be between you and your clients.

My business doesn’t need it. Regardless of what business you are in, social media has a purpose for EVERY business. It can be used to solicit, engage, communicate, sell, announce, inform, educate, contact, manage, maintain, provide and more. All of which are important to the purpose of a business. You always want to have more clients in your pipeline than you can service and more people interested in your product than you can supply. The truth is, the sole purpose of being in business is to provide a quality product or service that meets the need of a designated target market. To effectively do this, you need to be able to reach your target market from a variety of platforms and that includes social media.

Posting your product or services will automatically generate clients. Social Media is not a “cure all.” It is a supplement to traditional networking and marketing techniques. You cannot replace personal touch with technology. People buy from people and businesses they trust. To build trust, you have to engage people in dialogue, be accessible and keep the lines of communication open. The truth is, you have to have a strategy to social media. Who are you trying to connect with? How do they want to be communicated with? What are their needs? Where do they look when they need your product or services? Why should they choose your product or services?

More contacts means more business. Just because you have 100 people following you or connected to you doesn’t mean they need what you are selling. Your product or service needs to be relevant to meeting your target market needs. Having a lot of contacts is merely a means to “spread the word.” The truth is, have more contacts simply provides you with an opportunity to share your information with more people. That’s it. Whether or not they “purchase” from you takes much more and requires a carefully planned strategy.

Online financial transactions are not safe. We’ve all heard tragic stories of people making online purchases only to be defrauded or have their identity stolen. The truth is, you can take precautions that will dramatically reduce, if not eliminate, the occurrence of fraud or theft. For instance, when you make online purchases, look for trusted symbols like Verisign, Trustee and Better Business Bureau. DO NOT respond directly to emails from your bank, PayPal® or other financial institutions. ALWAYS log-in from the official financial institution’s home page from the search menu or your saved file. Also, carefully examine the return email address. For example: (SPAM) paypal@solonet.co.id (REAL)service@paypal.com DO NOT use links found in your email, log-in separately online. Spammers have been known to send fraudulent messages wanting you to verify your personal information. NEVER verify personal information for a financial institute online. ALWAYS call the 800# found on your card.

Check out this fascinating video about the reach and effect of social media: Social Media Revolutionhttp://youtu.be/sIFYPQjYhv8

There should be a method and purpose behind your social networking efforts. Know what it is you want to accomplish (i.e. meet a decision maker, meet potential collaborative partners, ask questions for market research, connect with others in your industry, etc.). Your goal should not be to simply hand out 20 business cards.

Need help getting started with simple and easy social media skills that work for YOU? Be sure to check out Micro Business Therapy for additional information and support or ask about a customized Micro Business Plan for social media. Don’t forget… I want to hear from you. Share your comments and questions below! To address your specific concerns, Skype me: amichelleblakeley or email me at info@simplicitymastered.com Did you enjoy this article? Subscribe to Simplicity Mastered RSS and never miss a post!

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:

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.”

 

Simplicity is the ultimate sophistication.

You cannot run a business on instinct alone. Growth isn’t just about revenue; it’s about rejuvenation. Developing, managing and growing a small business is a tremendous challenge. If your mission and purpose have been lost in the daily grind and fire-fighting, call TODAY! … Everything I share is common sense, practical and realistic.

A Year in review with Simplicity Mastered

2010 has been an extremely eventful year, full of learning, sharing and growing. The feedback, comments and traffic from the articles below have shown themselves to be the most helpful to readers. They are sources of encouragement, strength and empowerment. Use them to set the tone and foundation for a remarkable New Year!

9 Powerful Social Networking Sites for Women Entrepreneurs. Not just for women, this list of social networking sites provides women with connections and resources they need.

91 fundamental habits of highly motivated small. Use this list to keep the momentum and excitement of starting the New Year on the right foot.

31 of the best business books for solopreneurs and micro business owners. Business and personal transformation are equally important. One without the other is unsustainable. Use business books to expand your mind and hone your business skills.

35 ways to keep your clients YOURS. It’s not too late to give your clients the gift of ATTENTION. Use this list to find ways to provide your clients with an extraordinary experience.

7 Seeds to Plant That Will Grow Your Business. These simply strategies are practical and easy to implement. Water one seed at a time and watch your business flourish.

5 Ways to Erase Daily Procrastination in Your Business. Increase your business discipline with daily practice. Prepare yourself to break old habits and cultivate new ones.

10 Smart and savvy small business questions for 2011. Proper planning prevents poor performance. Review and analyze the past, present and future direction of your business.

Need more help creating a business that works for YOU? Be sure to check out Micro Business Therapy for additional information and support. Don’t forget… I want to hear from you. Share your comments and questions below! To address your specific concerns, Skype me: amichelleblakeley or email me atinfo@simplicitymastered.com Did you enjoy this article? Subscribe to Simplicity Mastered and never miss a post!

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:

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.”

23 End of the year tax tips for small business owners

With only a few weeks left before the end of the year, instead of making a mad dash to the mall, make a mad dash to your accounting books and look for some last-minute ways to save money, spend money and prepare for the 2011 tax season. It’s not too late to get your books in order for a fruitful year. Below are some tax tips you may have overlooked, forgot or simply did not know.

Although, many of the contributors are tax professionals, please consult your tax advisor for additional information and details on these tips apply to you.

1.  Make efforts to collect receivables in 2010 and opt to accelerate bonus payments into 2010 instead of January 2011. Serene Buckley via Mary Canning, Dean of the School of Taxation and School of Accounting, Golden Gate University, San Francisco

2.  Defer income until January if possible so you will not be taxed on it until 2011. If you own stock that has decreased in value and you plan to sell it, do so before the end of the year so you can claim the capital loss on your 2010 tax return. Charles E. McCabe, CEO, www.peoplestax.com

3.  Prepare for January “sticker shock.” Several factors could lead to Americans taking home less money in their paychecks starting in January: expiring Bush Tax Cuts, expiration of the Making Work Pay credit (extra $400 – $800 in your paycheck) and Higher health care premium costs. Kathy Pickering,http://www.hrblock.com

4.  Pay state and local income taxes now, that way you can deduct them for 2010. Any payments made on a credit card or by check dated before the end of 2010 are eligible. Joshua Friesen,http://www.clergytaxnet.com

5.  The new healthcare legislation passed this year will require businesses to issue Form 1099-MISC to any for-profit corporation paid $600 or more in a calendar year starting in 2012. Now is the time for businesses to begin updating their accounts payable procedures and processes to collect this additional information. By taking action this year-end, businesses will be better prepared to deal with the new rules once they go into effect. Elizabeth Sweigart, http://www.opportune.com

6.  Establish a file folder marked 2011 Taxes. As you start to receive the annual on slot of “Important Tax Documents” in the mail simply place them in the folder you created and enjoy knowing where all of your documents are when you are ready to file your return.  Gather all of your receipts and place them in a resealable envelope or Ziploc bag to limit the risk of losing one around the house or during transport to your tax preparer. Ever stopped quickly at a stoplight and had the entire file folder empty out into the floorboard of your car or have something blow out a rolled down window? How valuable could that $100 receipt be? Depending on your tax bracket a lot, for every $100 receipt lost you could miss $28 to $50 deduction. Denise Winston, http://moneystarthere.com or http://denisewinston.com

7.  If you already have tax problems, stop procrastinating. The worst thing you can do is to ignore your tax problems. And with tax hikes planned for 2011, you need to get your own house in order now. If you have un-filed tax returns and/or you currently owe the IRS money, deal with it now before the new tax hikes kick in. Once you are liable for higher taxes, your penalties and interests will only increase with any subsequent unpaid taxes.  If you have failed to file taxes in the past and feel like the IRS is breathing down your back, there is tax relief available.  Michael Rozbruch, http://www.taxresolution.com/

8.  Equipment, furniture, and vehicle purchases made before December 31, 2010 will be eligible for a temporary bonus depreciation which allows an extra 50% of the cost of the item to be depreciated in the first year it’s used in your business. This can be especially beneficial for passenger vehicles used in a business as, without the bonus amount, depreciation on them would be limited to less than $4,000 in the first year. Jan Zobel EA, www.JanZtax.com

9.  Moving expenses. If you had to move because of a job, you can deduct the cost of moving as long as the job was at least 50 miles from where you lived. Ornella Grosz, www.moneyliciousblog.com

10.  The best tip that helps me organize for taxes is to charge as many items as I can on my debit card. I then make copies of my debit card statements and place them into a file so that I can go through them line by line. This technique allows me to keep more accurate records and be able to better prepare for tax season. Derrick Hayes, http://www.DerrickHayes.com

11.  In my business as a consultant to entrepreneurs entering franchise business ownership from corporate America, I see many that have been downsized or displaced. This means they could have had significant income during the year and a severance package. I encourage my clients to meet with their CPA before the end of year to understand the tax benefits of purchasing their new franchise business in the same year they experienced higher income as opposed to waiting until the next year when they are likely to have less income as their business opens and grows. By doing this they begin to enjoy the many attractive tax deductions provided by the government to induce us to start our own businesses and create jobs for the economy. Gordon Dupries, www.frannet.com/gdupries

12.  Take stock of your home office. If part of your home is designated solely for business, you may be eligible to claim a tax deduction for some of your expenses. Be careful what you claim, however. The part of your home that you are claiming must be the principal place of business and cannot be used for something other than business. Karen Kobelski, http://www.bizfilings.com

13.  One of the easiest win-win situations for year-end tax planning is to clean out your closets and donate what you do not need to charity. Make an accurate list accurately detailing the cost and true fair market value for each item that you are donating. You can deduct the lower of the cost or fair market value. This way you helped out some one in need and get a tax deduction at the same time! Gail Rosen, www.gailrosencpa.com

14.  Buy health insurance through your employer even if you have an existing condition, you cannot be denied. Employers are required to cover no less than 72.5% of the cheapest health insurance plan for individuals, and no less than 65% of the cheapest plan for families. Small businesses should offer health insurance to their employees to receive a 35% tax credit. Harrine Freeman,http://www.hefreemanenterprises.com

15.  Estimate next year’s taxes. It is a good idea to estimate next year’s taxes and plan based on the estimate. This is especially important for people who will be impacted by the expiring tax cuts. All tax brackets are likely to increase. Major changes are in store for married couples and parents, as well as people who owe estate tax. Those who must pay estimated income taxes could estimate their 2011 earnings to sketch out their tax burden. Jeff Staley: www.freedomtaxrelief.com

16.  Hit the books or attend a business conference. Small business owners who are interested in furthering their education should be aware of current tax incentives. The amount and type of tax deduction depends on a few things (1) classification (sole proprietorship or C corp.) (2) type of education, and (3) the small business owner’s personal tax background. Examples include: Small business owners can take advantage of the AMERICAN OPPORTUNITY CREDIT of up to $2,500 per year for the first four years of higher education through 2010. After 2010, it will revert to the HOPE CREDIT of up to $1,800. Small Business owners can deduct attendance fees, and even room and board for business/educational seminars they attend. Paul Heiselmann, www.bdo.com

17.  Tax loss harvesting. Consider selling, at a loss, an investment that does not belong in your portfolio and allocating that money towards a more appropriate investment.  This will allow you to offset capital gains and taxable income.  Tom Mooney, https://www.veritat.com/

18.  With the IRS, spelling counts. Double-check the correct spelling of employee names and addresses, and especially Social Security numbers. Do the same for 1099 payees. Len Redon,www.paychex.com

19.  Use the 12 by 12 Method to get organized for tax time. Give your self 12 days during the next few weeks to through your bank transactions and credit card transactions to isolate those charges that are tax-deductible. If you give yourself 12 days by 12-31-10, you will be a head of the game and will start your New Year off organized. Karla K. Dennis, Cohesive, Enrolled Agent

20.  If you own a small business, consider paying your kids to help you and take a tax deduction of up to $5,800 per child depending on the job they are doing. The child will not have to pay income taxes if they are under 18 and you will not have to pay employment taxes. This is a perfect way to shift income off of your return. Karla K. Dennis, Cohesive, Enrolled Agent

21.  Make up an estimated tax shortfall with increased withholding. If you’re in danger of being penalized for not paying enough tax throughout the year, try to make up the shortfall through increased withholding on your salary or bonuses. Paying the shortfall through an increase in your last quarterly estimated tax payment can still leave you exposed to penalties for underpayments in previous quarters. But withholding, is considered to have been paid ratably throughout the year. So a big bump in withholding on high year-end wages can save you in penalties when a similar increase in an estimated tax payment might not. Doreen Griffith, http://www.grantthornton.com/sanfrancisco

22.  Know what medical deductions are allowed. There are numerous medical costs that are deductible including lasik eye surgery, doctor-prescribed weight loss programs and capital expenses for ramps, railings, etc. installed in a home to accommodate disabilities. Don’t overlook mileage to and from the doctors, hospitals, and the pharmacy. Joshua Friesen, http://www.clergytaxnet.com/

23.  Start saving now. While IRA contributions are permitted through the tax-filing deadline, making a contribution early can provide additional tax-deferred growth potential. Alison Cahill,http://www.etrade.com

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:

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 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.”