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Think Before You Leap: Seven questions to ask before making a big decision

Think Before You Leap: Seven questions to ask before making a big decision
by Heather Chaet.

When deciding to use a beautiful photo of Mount Fuji or that funny cat picture as your screensaver or to have the Cobb salad or a turkey sandwich for lunch, a simple coin flip will do. But, for big decisions that affect the direction and success of your company, navigating which way to head when you reach that fork in the proverbial road means you need something more than the quarter in your pocket.

LookBeforeLeap_PQ.jpgWhat is your decision-making GPS system? Small business owners are confronted perhaps daily with large dilemmas or issues to resolve—having a method to make a smart choice streamlines and focuses those often daunting determinations you need to make. Here’s a checklist of seven questions to ask before making that big decision.

1. What is best in the long term?

When making a big decision, thinking beyond the “right here, right now” is a vital first step toward avoiding a big stumble. “It’s easy to make decisions based on what’s [simple] at the moment or what makes my ego feel good. But those are rarely the right decisions,” says Ian Ippolito, founder and CEO of vWorker.com, which connects employers and entrepreneurs with virtual workers. Sometimes it helps to add a specific time frame on that question, as Paige Arnof-Fenn, 
founder and CEO
 of Mavens & Moguls, a global marketing strategy consulting firm, suggests. “[One of] the main things I think about is
 will it matter six months down the road,” says Arnof-Fenn. Thinking in terms of a finite time horizon often provides better insight to the right solution.

2. What is the return on investment?

For any small business owner, evaluating how this choice will impact your bottom line is essential. Christy Cook, president and founder of Teach My, the maker of award-winning learning kits for children, agrees. “I am not a ‘numbers’ girl, but over the years, I have trained myself to ask 
the same question every time: What is the return on investment? If small business owners don’t measure
the ROI, decisions will be made that could put the business into serious
 financial jeopardy.” Fred Deblasi, cofounder and CEO of HooplaDoopla.com, the online money saving site, says ROI goes beyond just finances, “I think this is a very common question for business at any stage, as it can cost money and time to not get a return on something—[whether it is] a marketing decision or even hiring a new employee.”

3. Are there any other decisions that need to be made before this one?

All too often when running a small business, many issues must be dealt with at the same time. Prioritizing which one needs your immediate attention is as tough and as important as figuring out the right answers to those decisions. “For the last year, we’ve been implementing a raft of changes, and we
 always need to weigh the pros (and any cons) of the change and see if
 anything else is needed more urgently,” says Sandip Singh, CEO and founder of the fundraising website GoGetFunding.com.

4. What’s the worst thing that can
happen if I make a mistake (and can I live with it)?

Just as fundamental as exploring the benefits to any change, looking at the worst-case scenario can provide a prime perspective. “We use the same advice in running our [own] business as we give to the business
owners we work with,”
offers 
Jim Stewart, founder and CEO of ProfitPATH, a strategy consulting firm, “For them and us the main question is ‘What’s the worst thing that can 
happen if this goes wrong?’”
 Being able to evaluate how your company will handle a situation if projections are incorrect or unexpected additional funds are needed to complete an expansion is crucial.

5. What will happen if I don’t do this?

Stewart often asks this after tackling the doomsday situation. Envisioning the alternative—doing nothing—can lead to a more definite outlook on the issue, perhaps even providing alternative choices not considered before or a totally new path your company could take to achieve a similar result.

http://smallbusinessonlinecommunity.bankofamerica.com/community/running-your-business/generalbusiness/blog/2012/10/04/think-before-you-leap-seven-questions-to-ask-before-making-a-big-decision

January 2, 2014 Today's Business, , , , , , , , 0 Read more >

Small Business Thinking Out of Crisis-Mode

Small Business Thinking Out of Crisis-ModSmall Business Thinking Out of Crisis-Mode

by Erin McDermott.

 

Small Business Thinking Out of Crisis-Mode. Your business has weathered a tough and challenging cycle. Now it’s time to start breaking out of crisis mode. How do you do it?  As with any kind of upheaval, it’s difficult to get past fears born out of a bad experience. A brush with the demise of a business falls into its own traumatic category, with your professional, financial, legal, and personal life seemingly on the line. But how you deal with the aftermath of that tough situation is important, too. Afraid of committing to an expansion or new segment of customers? Lingering resentments over what went wrong and who’s to blame? Unable to lead staffers in a clear direction?

 

Troy Hazard compares it to what he’s learned from racing cars. The serial entrepreneur, business consultant, and author has been taking classes at tracks for years. But one instructor’s advice resonated with both of his passions. The lesson: Don’t obsess over the first turn, or getting into an accident. Think about what you intend to do to attack the curve that’s two turns ahead, because that’s what will help you win the race. Small Business Thinking Out of Crisis-Mode

 

“The biggest challenge most businesses have now is the hit they took back in 2008,” he says. “There’s such a fear about ‘What if it happens again?’ And the answer is: It’s going to happen again. It’s happened every seven to 10 years for the last 70 years. The problem is we’re so reactive to things that are drama today instead of focusing on a strategy for tomorrow.”

 

His advice to clients: Take time every day—“walking the dog, even that 15 minutes in the shower”—to think about where you want to be in five years or 10 years, and what changes you might make now to reach that goal. Small Business Thinking Out of Crisis-Mode

 

Jeffrey Kadlic works with companies in the wake of a crisis. His small business private equity fund, Evolution Capital Partners, based in Cleveland, uses a system of five “pillars” to take a company out of what he calls “no man’s land.” Small Business Thinking Out of Crisis-Mode

 

Kadlic’s five steps to getting back to business:

1. Get timely and accurate financials

“You can’t have any sense of what you’re doing or where you’re going until you measure where you’re at and what your performance has been,” Kadlic says. Some important questions: Where do you stand compared to your peer group? How profitable are you really?

 

2. Create a plan

Most companies start with a short-term plan, going out at least a few pay periods to evaluate their cash cycles. Kadlic suggests a 100-day plan, which should be enough time to see tangible results from the changes you’re implementing.

 

3. Put the right people in the right seats

Kadlic equates it to football: How can you create a roster if you don’t yet have a playbook? Once you know the market you’re about to attack, then it’s time to put the right specialists in your lineup to get it done.

 

4. Be transparent

This part can be difficult for a small business owner who’s used to making most of the decisions. But to have your key staff understand where they fit in this new plan is essential, Kadlic explains. “Show them the big picture and how they’re contributing to the results as a whole,” he says. He recommends monthly meetings to show where everyone stands in proximity to their goal. “It gives people a sense of ownership in what’s going on,” he adds.

 

5. Be accountable

Give employees a realistic goal against which they can be measured, he says. It sets expectations for old and new staffers. Plus, if someone isn’t working out as you’re trying to get back on track, those benchmarks make a dismissal less of a surprise to the employee and an easier way to define what a successor will need to do, Kadlic says.

At all of the businesses he’s bought over the years—most of which he’s entered during crisis mode, “because that’s where the opportunity is”—Hazard says he’s implemented not only a routine of not-to-miss Monday morning meetings, but also a “daily huddle” that keeps the focus on what’s down the road. In that 10-minute meet-up, teams from finance to operations come together to answer the question: What are the things you see that are strategic roadblocks for you right now? “It brings up the things that are going to affect the business long-term,” he says, “but it also gives everyone a chance to help overcome these obstacles and collaborate on a solution.” Small Business Thinking Out of Crisis-Mode

 

Hazard likens it to what he’s learned on the racetrack. “It takes the day-to-day issues and turns them into longer-term strategies,” he says. “That’s what changes the culture.” Small Business Thinking Out of Crisis-Mode

November 19, 2013 Today's Business, , , , , , , 0 Read more >

Turning Down a Customer: When Is It Smart!

Turning Down a Customer When Is It Smart!Turning Down a Customer: When Is It Smart!

by Erin McDermott.

 

Yoga is supposed to be an escape to mindfulness and physical rejuvenation.

 

But running a yoga studio is like any business, and Patrice Simon has had to refuse some customers. Once, she even had to summon police to her busy Costa Mesa, California, spot, Bikram Yoga Studio, when a student became alarmingly verbally abusive.

 

“It’s been a lesson in psychology for me. There are individuals who intentionally raise their voice at the desk or become insulting—and they do it so an audience can hear them,” explains Simon “I don’t let it get that far. I say, ‘You need to leave, and now.’ I get a vibe from dealing with people at this point. This individual went far over the line.” Turning Down a Customer: When Is It Smart!

 

It may seem counter-intuitive, but sometimes it’s best to turn down a customer. Many business owners say it’s rarely as straightforward as encountering an unruly person at the other side of the counter. It could be that the limits of your own enterprise are overstretched, or their deadline is impossible to meet. Mostly, it’s just one of those things that only your gut can tell you. Turning Down a Customer: When Is It Smart!

 

Everyone’s in business to make money, but when are those dollars just not worth it? Here are four situations that small business owners say they’ve encountered on the road to saying “no thanks” to new customers. Turning Down a Customer: When Is It Smart!

 

1)  It’s never going to be profitable

 

Some projects require an investment to keep relationships with big potential growing. And there are times when you have to hold your nose and say yes in order to keep your doors open. But those numbers need to add up somewhere on the horizon.

 

Michael Bremmer is founder and CEO of TelecomQuotes.com, a Marino Valley, California telecommunications-solutions provider for small and midsize businesses. He says 20 years of trial and error have led him to ask three questions of himself for any new customer: 1) What’s his gut feeling about the individual or business? (“Every time I’ve ignored my gut, I’ve paid the price,” he says.) 2) How reasonable are their requests? and 3) Is the amount of profit worth the time and effort?  “Even if you’re struggling to start your business, you have to choose so wisely because your time is your most valuable asset,” Bremmer says. Turning Down a Customer: When Is It Smart!

 

For example, Bremmer has had to send some customers to competitors or outright “fire” others. He says he recently had to cut off a longtime family friend who became unreasonable about pricing. He struggled with the decision because he could see how stress had made her irrational, but “the client who keeps you awake at 3 a.m.—that’s the one you’ve got to fire.” Turning Down a Customer: When Is It Smart!

 

2)  Haggling over price

 

John Olson calls them “the price hunters” and he’s learned to turn them away over his 20 years in business. They’re the people who call or email GrayStone Industries, his pond and fountain-supply company in Cleveland, Georgia,, with eyes only on the price tag. He says his staff gets calls from people who say they’ve contacted them and their competitors, and will buy from whoever has the lowest price.

 

In those cases, Olson says “we will not even provide a quote, which would force some other poor seller into beating it by sacrificing their own profit. That’s not the way we want to do business.”  His products and these projects, he says, require a “modicum of intelligence” from customers, and his staff is constantly trained to assist anyone with questions before or after a sale. So forget about a retail race to the bottom, he explains. “Anyone who cares more about the price than the company selling these type of products is setting themselves up for failure—it will come back to haunt any company who caters to this type of customer.”

 

3) Negative or abusive comments

 

The customer is always right? Let’s hope not, judging by the unprecedented abuse that business owners say they’re experiencing via the Internet. Melinda West, founder and CEO of SwagsGalore.com, a curtain and window-treatment ecommerce site based in Lakeville, Pennsylvania., says she has a greatest-hits collection of the crude, angry, or wacky messages she’s seen from the site’s order-comments box since she opened in 1999.

 

“People seem to have no problem leaving messages, but in person they likely wouldn’t be that crass,” West says. “The comments are so rude or bizarre that you don’t know whether to take them seriously.” So she’s had to block some users’ IP numbers from the site, canceled orders with a brief note, or told the pushiest ones that their goods were out of stock—just to make them go away. Though West says the overwhelming majority of the company’s orders are pleasant or at least uneventful, cutting off negative new customers no longer keeps her up at night. “Sometimes people are nasty and they don’t even order anything—how can they be so irate over curtains?” Turning Down a Customer: When Is It Smart!

 

4) A bad fit

 

Maybe the work is too outside your specialty, the budget is a tough stretch, or ethical or personal lines are crossed. Don’t ignore the red flags. Frank Ebysen, a founder of Santa Monica, California-based OnClick Marketing, an SEO and social media services company, says he’s adopted a “serious person” test, a concept his business partner learned from co-workers at a company overseas. For example, there are clients who have good ideas, but the lack of a sound game plan makes them problematic, he says. Now when they discuss whether to take on a client or turn them away, it comes down to whether the person is genuine and worth their expertise, or if they come off as “not a serious person.”

 

Or you could turn the tables. One PR agency executive says her small agency has started asking potential clients for a list of their references before they agree to do business. “They’ll get the feeling that you are selective and not just looking to make a buck. You’ll appear to be the leader in the situation—but mostly it helps to ward off the ones who will be a headache,” she says.

Perhaps turning away someone’s business could possibly help make that customer look within, to see that they were —gasp!—wrong. Simon says that yoga client who sparked the police call came back to her studio a year later, seeking forgiveness and promising to behave. He’s been a regular on the mats there for years now.

 

She says it’s added to the meaning of her business. “You never know what’s going on in someone’s life. There are students I see that are in such despair and in a heightened state of anxiety. They are coming to me to take care of that,” Simon says. “When you can understand that, then you’re doing your job.”

November 17, 2013 Today's Business, , , , , , , , , 0 Read more >

Veteran Entrepreneurs Small Business Resources

Veteran Entrepreneurs Small Business Resources.

Veteran Entrepreneurs Small Business Resources.Veteran Entrepreneurs Small Business Resources.

With Veterans Day around the corner, I am reminded of one of the questions I got the most during the past decade writing my USA TODAY column: why aren’t more small business owners hiring veterans?

It was a very legitimate question. The fact is, since 9/11, American veterans have come home to a very icy employment picture. For much of that time, veteran unemployment figures typically were several percentage points higher than the national average. For instance, in 2011, the number of veterans out of work stood at 12.1%. In 2012, it fell to 9.9%, but even that was several points higher than the national average. Happily, veteran unemployment continues to fall. Today it hovers around 7%.

Veteran Entrepreneurs Small Business Resources.

 

So yes, the good news is that employers seem to be warming up to the idea of hiring vets. The only real question is why did it take so long? Veterans generally make very good employees, especially because of their training and background.

 

And, if you think about it, that same training also means that veterans tend to be excellent entrepreneurs and small business owners:

 

  • Veterans understand how to create a plan, implement and execute it
  • Many are trained to be leaders
  • They understand systems
  • Hard work and commitment are in their bonesYet veterans face the same challenges that all small business owners face, as well as some unique to the veteran experience. Like all small businesses, finding the training and assistance needed to succeed can be tough. Beyond that, veteran entrepreneurs who are disabled or have other trauma-related issues have their own, unique set of issues to deal with.

     

    Pull Quote.png

     

    So for all of the men and women who were brave enough to both serve our country, as well as who want to start a business (or have), here is a list of resources to make your entrepreneurial life easier:

     

November 11, 2013 Today's Business, , , , , , , , , 0 Read more >

Breaking Out of Crisis-Mode Thinking

Breaking Out of Crisis-Mode Thinking

Breaking Out of Crisis-Mode Thinkingby Erin McDermott.

Breaking Out of Crisis-Mode Thinking. Your business has weathered a tough and challenging cycle. Now it’s time to start breaking out of crisis mode. How do you do it?

As with any kind of upheaval, it’s difficult to get past fears born out of a bad experience. A brush with the demise of a business falls into its own traumatic category, with your professional, financial, legal, and personal life seemingly on the line. But how you deal with the aftermath of that tough situation is important, too. Afraid of committing to an expansion or new segment of customers? Lingering resentments over what went wrong and who’s to blame? Unable to lead staffers in a clear direction? Breaking Out of Crisis-Mode Thinking

Troy Hazard compares it to what he’s learned from racing cars. The serial entrepreneur, business consultant, and author has been taking classes at tracks for years. But one instructor’s advice resonated with both of his passions. The lesson: Don’t obsess over the first turn, or getting into an accident. Think about what you intend to do to attack the curve that’s two turns ahead, because that’s what will help you win the race. Breaking Out of Crisis-Mode Thinking

“The biggest challenge most businesses have now is the hit they took back in 2008,” he says. “There’s such a fear about ‘What if it happens again?’ And the answer is: It’s going to happen again. It’s happened every seven to 10 years for the last 70 years. The problem is we’re so reactive to things that are drama today instead of focusing on a strategy for tomorrow.” Breaking Out of Crisis-Mode Thinking

His advice to clients: Take time every day—“walking the dog, even that 15 minutes in the shower”—to think about where you want to be in five years or 10 years, and what changes you might make now to reach that goal.

Jeffrey Kadlic works with companies in the wake of a crisis. His small business private equity fund, Evolution Capital Partners, based in Cleveland, uses a system of five “pillars” to take a company out of what he calls “no man’s land.” Breaking Out of Crisis-Mode Thinking

Kadlic’s five steps to getting back to business:

CrisisMode_PQ.jpg1. Get timely and accurate financials
“You can’t have any sense of what you’re doing or where you’re going until you measure where you’re at and what your performance has been,” Kadlic says. Some important questions: Where do you stand compared to your peer group? How profitable are you really?

2. Create a plan
Most companies start with a short-term plan, going out at least a few pay periods to evaluate their cash cycles. Kadlic suggests a 100-day plan, which should be enough time to see tangible results from the changes you’re implementing.

3. Put the right people in the right seats
Kadlic equates it to football: How can you create a roster if you don’t yet have a playbook? Once you know the market you’re about to attack, then it’s time to put the right specialists in your lineup to get it done. Breaking Out of Crisis-Mode Thinking

4. Be transparent
This part can be difficult for a small business owner who’s used to making most of the decisions. But to have your key staff understand where they fit in this new plan is essential, Kadlic explains. “Show them the big picture and how they’re contributing to the results as a whole,” he says. He recommends monthly meetings to show where everyone stands in proximity to their goal. “It gives people a sense of ownership in what’s going on,” he adds.

5. Be accountable
Give employees a realistic goal against which they can be measured, he says. It sets expectations for old and new staffers. Plus, if someone isn’t working out as you’re trying to get back on track, those benchmarks make a dismissal less of a surprise to the employee and an easier way to define what a successor will need to do, Kadlic says.

SBC newsletter logo.gifAt all of the businesses he’s bought over the years—most of which he’s entered during crisis mode, “because that’s where the opportunity is”—Hazard says he’s implemented not only a routine of not-to-miss Monday morning meetings, but also a “daily huddle” that keeps the focus on what’s down the road. In that 10-minute meet-up, teams from finance to operations come together to answer the question: What are the things you see that are strategic roadblocks for you right now? “It brings up the things that are going to affect the business long-term,” he says, “but it also gives everyone a chance to help overcome these obstacles and collaborate on a solution.” Breaking Out of Crisis-Mode Thinking

Hazard likens it to what he’s learned on the racetrack. “It takes the day-to-day issues and turns them into longer-term strategies,” he says. “That’s what changes the culture.” Breaking Out of Crisis-Mode Thinking

November 4, 2013 Today's Business, , , , , , , 0 Read more >

Tips for running a professional practice without formal business training

Tips for running a professional practice without formal business training

by Jen Hickey.

 Tips for running a professional practice without formal business training Whether you’re thinking about leaving that big firm or graduation is looming, anybody looking to start their own professional practice should have a grasp of basic business fundamentals. While more colleges and universities are beginning to offer business courses to new doctors, lawyers, dentists, and other professionals, most still don’t. But the resources are out there, if you look for them. Some professional associations like the American Dental Association and the American Bar Association offer tips, information, training and seminars for managing the business side of a practice. Tap into your professional network and seek out advice from veterans in private practice. And don’t forget about the experts, particularly those that specialize in your industry. You can’t put a price on the right accountant or financial adviser. Tips for running a professional practice without formal business training

 

“There are structural differences for professional practices,” notes Mitchell Weiss, author and adjunct professor at University of Hartford, Barney School of Business. And the legal structure of your practice goes beyond taxes. “How you finance the practice and degree of liability and risk go back to the structure of your practice,” explains Weiss. If forming a partnership, make sure you know everything about your potential partner(s), including how much personal debt they’re carrying. “A business partnership is not unlike a marriage,” he says. “If something goes wrong, you’re responsible as a professional and an individual.” Tips for running a professional practice without formal business training

 

With practices that are capital intensive like dentistry, specialty health providers, and certain types of engineering or architectural firms, the equipment and/or software needed to run the practice will likely require some financing. “Speaking as a former lender, there’s only so much debt you can take on,” says Weiss. “Financing has to be done with some thought and deliberation to avoid rolling deficiencies from one loan to the next.” He cautions against the “snowball” effect of taking on too much debt, as equipment can become obsolete long before you’ve paid off the loan to finance it. “At some point, you’ll want to retire or sell the practice,” notes Weiss. “And if you owe more than you own, the value of your practice will diminish.” Tips for running a professional practice without formal business training

 

A few years after Dr. Robert Sorin started his own Manhattan-based cosmetic and restorative dental practice, he attended a seminar in Chicago, where the audience was asked: “Are you entrepreneurs that happen to be dentists, or dentists that happen to be entrepreneurs?” The answer to that question marked the beginning of his entrepreneurial journey as a dentist. “Over the next few days, we were given benchmarks to set a baseline for success,” recalls Dr. Sorin. “While the goals have changed over time, I’m still using those same benchmarks, such as calculating production per day and month, total collections per month and a detailed breakdown of fixed and variable overhead expenses each month, to track my business 25 years later.” Tips for running a professional practice without formal business training

 

Prof&Entre_PQ.jpgOne early misstep Dr. Sorin recalls was hiring too large of a staff. “Overhead costs can get quickly out of hand,” he cautions. “I’ve learned that you can have a smaller staff and get most, if not all, the same work accomplished.” Dr. Sorin also quickly learned the importance of forward budgeting. “By projecting costs one, two, and three years ahead, I’m forced to look at where expenses are going and where income strains may arise,” he explains. “It gives you metrics to ensure that your revenues at least equal or exceed expenses.” Tips for running a professional practice without formal business training

 

“It’s important to have at least a rudimentary understanding of how your financial statements work (income statement, balance sheet, cash flow),” notes Weiss.  Staying on top of your financials not only helps you track performance, but also better positions you to negotiate terms and structure your loan payments. “For example, if you know your company’s revenues are seasonal in nature (high summer months, low winter months), you may then want to negotiate a repayment plan taking that into account to avoid getting squeezed,” explains Weiss. He also recommends comparing your financials against those of other practices in the industry. “There are plenty of peer metrics out there to measure performance.” Tips for running a professional practice without formal business training

 

When attorney Cynthia Johnson Rerko was thinking about leaving her former employer, she was advised by a mentor to wait until she made partner. “People in the legal business and those hiring lawyers want one that’s made partner,” explains Rerko. “It’s a benchmark in a lawyer’s career.” She not only was the first female partner at her old firm, but also made it a year earlier than planned. In 1998, when Rerko left, she made sure she had enough cash reserves and a client list to get her Gainesville, Texas-based practice, which specializes in complex financial restructuring, off the ground. “Once I was comfortable I’d have a core business where I could at least break even, I was ready,” she says. Tips for running a professional practice without formal business training

 

Part of the motivation for starting her own practice was her desire to spend more time with her then 11-year old son. “The law is still very much about billable hours,” explains Rerko. “And when you work in a large firm, it means putting in face time.” Once she was the boss, she didn’t always need to be in the office to run her business. And she was able to rein in her caseload when needed. “I knew my business would be there when I got back,” she says. This also allowed her to tap into a qualified flexible work force of contract lawyers and law students with prior professional experience. Tips for running a professional practice without formal business training

 

Because she enjoys the work, Rerko sometimes had difficulty keeping track of her hours. “It can be a distraction,” she explains. “But when you’re making or breaking it based on collectibles, it’s something you have to do.” To enable her to concentrate on the legal side of her business, Rerko has an accountant that tracks her monthly revenues and expenses and manages her tax obligations. “It’s not the focus of my business,” notes Rerko. “But it’s necessary to keep it running.” Tips for running a professional practice without formal business training

 

Jan Moye also saw an opportunity when she launched her Irving, Texas-based specialty engineering firm Moye Consulting in 2002. Back then, she explains, the introduction of new technologies in security and other building systems created the need for low voltage systems engineering in facilities design. “Suddenly, there was much greater complexity to the data network that needed to be accommodated in new building designs,” notes Moye. Her former employer was very supportive of the move—in fact, they became her first client. “I started the business because I wanted to make money doing what I do well,” she says. “But over the years, I’ve encountered issues and challenges that they didn’t teach you in engineering school.” Tips for running a professional practice without formal business training

 

While her business was profitable from the start, it wasn’t growing enough. “Even though we did a great job on the execution of the technical work, I had to push myself to focus on marketing and networking with potential clients in the beginning,” she recalls. Once the firm had achieved a certain level of growth, she was able to hire a project manager who also handled sales and a marketing coordinator. “As the business got bigger, I could allocate certain jobs to those better suited for them.” Tips for running a professional practice without formal business training

 

But when an opportunity arose to improve her business skills, Moye took it. Through a friend, she learned of the SBA Emerging Leaders Initiative, a seven-month-long M.B.A. boot camp. Every year, the SBA accepts about 200 established small business owners into the program who meet certain criteria (e.g. have been in operation at least three years and have annual revenues of at least $300,000). She applied and was accepted in April 2012 and graduated in November. Tips for running a professional practice without formal business training

 

Moye and her classmates were given a curriculum that included employment law, sales/marketing, branding, competitive analysis, and strategic planning, among others. “They’re topics that would be covered in business school,” she explains. “The difference is you get to apply what you’re studying to your own business.”  Moye found the interaction and advice she got from other small business owners of different sizes and industries very helpful. “They saw the challenges and issues I was having from outside the box,” notes Moye. “Those fresh ideas helped me to take the blinders off.”

 

“There’s no right or wrong way [to running a practice],” notes Dr. Sorin. “But you have to decide what’s important to you, how you’re going to allocate your time personally and professionally, what your goals are and set up metrics to meet those goals.” Tips for running a professional practice without formal business training

June 9, 2013 Today's Business, , , , , , 0 Read more >

Facebook’s New Look: What the changes mean for your small business

FacebookFacebook’s New Look: What the changes mean for your small business

by Jennifer Shaheen.

 

Have you noticed lately that Facebook looks different? If your News Feed hasn’t changed yet, don’t worry, it soon will. Since early March, Facebook has slowly been rolling out its new News Feed design, giving users the first meaningful remodel of the site since 2006. What does this mean for you, the small business owner? Facebook’s New Look: What the changes mean for your small business

Facebook’s New Look: What the changes mean for your small business

 

Image is everything

The first thing you’ll notice about the new Facebook News Feed is how much larger and more prominent the pictures are. People can continue to upload photos directly to Facebook, or share their images from other social media sites, such as Instagram or Pinterest. Photos are so central to the new design that Facebook allows users to choose a “Photos Only” view (more about that later). Facebook’s New Look: What the changes mean for your small business

For the small business owner, the new Facebook News Feed means it’s time to embrace visual marketing. “Selecting the right images is key—images get behind our conscious thinking and connect with our emotions,” says Joe Decker, of Rock Slide Photography. “Images of owners or employees at a small business help create a sense of connection with that business, and make it easier for customers to make the first call.” Facebook’s New Look: What the changes mean for your small business

Share your own original images on your business’s Facebook page, but don’t stop there. Your visual marketing strategy can include using photos from your manufacturers or suppliers, buying stock images, sharing existing memes, infographics, and more.

Exercise your emotional intelligence when choosing images for your Facebook page. “Having people smiling, interacting, making eye contact, either with each other or with the viewer help give a sense of happiness for the perfection they seek in their lives,” says Dov Friedmann, of Photography by Dov, who specializes in corporate events photography. “You want to have an eye-catching image or photograph that attracts the viewer and also captures the essence or tells the story of what your company is about.”

How your customers will find you now

Central to Facebook’s new design is an easy to use navigation system that allows users to pick and choose what content they view. Content is sorted into Feeds, only one of which will be displayed at any given time. Switching from Feed to Feed is simple and easy, just like changing the TV channel.

There are six standard Feeds: All Friends, Close Friends, Music, Photos, Following, and Games. Your business page posts will appear on the Following Feed, and the images you post will appear on the Photos Feed as well.

Facebook has always had limited navigation. The redesign makes the navigation more prominent and easier to use. There will be an adjustment period as Facebook users become acclimated to the new system, but in the long term, the revamp may serve small business owners well. The organization of business pages into a centralized stream filters out distractions that compete for your customer’s attention.

Make the most of metrics

Facebook Insights tell page administrators how many people saw a post, how many people liked it, and how many people shared the post with their friends. Use this information to gauge how relevant and meaningful your customers find the images and updates you post.

“Our goal is to engage our fans and sometimes that might be a serious photo of a re-breather diver and other times it could be a scuba diver riding a bike underwater,” says Darren Pace, Director of Marketing for SDI, TDI and ERDI, a dive training organization. “Regardless of what type of images are assumed to work best, always check your insights to make sure your fans feel the same way.”

Move toward mobile

One of the most important changes in Facebook’s new design is one that many small business owners might not even notice. The new site design is responsive, which means Facebook’s appearance and layout will always be consistent, no matter what type of device users choose to use to view the site. Facebook’s New Look: What the changes mean for your small business

 Why did Facebook do this?

Take a look around as you go through the course of your day. How many people do you see that are ‘unplugged’—not actively engaging with any type of mobile device at all? Chances are the number won’t be too high. The reason it looks like everyone is using a smartphone or tablet computer is pretty simple: almost everyone is. Cisco’s Visual Networking Index has projected that there will be more Internet-connected devices than there are people by the end of this year.

A recent Google study found 90 percent of Americans move sequentially across multiple screens in one day to access information and entertainment. Facebook’s adoption of responsive design provides their customers with a satisfying experience no matter where they are. Facebook’s New Look: What the changes mean for your small business

Impact of responsive design

What happens if a customer who is using Facebook on their smartphone or tablet decides to follow one of your links and goes to your website? This is where website design becomes really important. If your business website is responsive, it will adapt automatically to look good on your customer’s viewing device, and they’ll have an optimized experience.

If your business website is not responsive, it may not look good or function well on your customer’s viewing device. The website that looks great on a desktop computer may not render properly on a smartphone. Customers are impatient. They’re not going to try to figure out how your website is supposed to look. They’ll just see that things are out of alignment or too hard to read and move on—and there goes your potential sale. Facebook’s New Look: What the changes mean for your small business

May 30, 2013 Today's Business, , , , , , , , , 0 Read more >

New Year’s Resolutions for Entrepreneurs

New Year’s Resolutions for Entrepreneurs New Year’s Resolutions for Entrepreneurs

New Year’s Resolutions for Entrepreneurs.  Like many business owners, Patty Moreno-Fletcher has a few major year-end deadlines. Hers are a bit more unpredictable and life changing than most: She’s a doula—a non-medical coach who supports people through the labor, birth, and new-parent process, or as she calls it “mothering the new mother.” Three of her clients have due dates around the holidays. New Year’s Resolutions for Entrepreneurs

She’s setting a deadline for herself, too: In 2009, she purchased the domain name for her practice, Butterfly Babies NYC, but has procrastinated ever since. After relying for years on just positive word-of-mouth among New York families, she’s now made this her primary New Year’s resolution: Develop the website and start a blog to reach out to more potential clients. New Year’s Resolutions for Entrepreneurs

“Being a doula—it’s very hands-on work. But when it comes to the Internet or a Web presence or even managing an office or billing, it just give me a headache thinking about it,” she says, laughing. With 2013 just days away, business owners can celebrate the end of another year of hard work and look ahead at what’s to come—and what they might do differently based on what they’ve learned. While one notable study found the track record for successfully maintaining attempts at change wasn’t all that great, the dawn of every new year brings optimism for starting anew and becoming a little wiser and maybe a bit more efficient. Here’s a look at what a few business owners are saying they are hoping for, possibly with some inspiration for your own next 12 months. New Year’s Resolutions for Entrepreneurs

Hire new staff John Kwan, chief executive of VeriPic, says he’s resolving to increase hiring in 2013. With the economy still sluggish, “there are plenty of talented people available and many just want moderate pay,” he says. “This is the perfect environment for expansion as labor costs are low and this is also an excellent way to help the economy by hiring people.” New Year’s Resolutions for Entrepreneurs

Value your time “What entrepreneur doesn’t want to focus more?” asks Will Mitchell, a founder of the Startup Bros. business consultancy as well as owner of online marketer Clear Presence Media and reputation manager RepAssured in Tampa, Fla. He resolves to concentrate on one task at a time in order to see it to completion. “Once you start taking the initiative on this, it’s pretty impossible to ignore, particularly if you set up time-tracking software on your computer,” he says. He uses RescueTime, which tracks how much time you spend online and, importantly, shows where those stolen moments on Facebook or fantasy football sites are adding up, and detracting from more important tasks. New Year’s Resolutions for Entrepreneurs

Get better rest Mitchell says his family is full of entrepreneurs (he’s been doing business online since he was 14) and all have struggled with being able to tune out and get to sleep. “Most entrepreneurs will tell you the one thing they can do to improve their performance is get more rest,” he says. “But it’s rare that they’ll actually put down the computer and go to bed.”. How long have his resolutions lasted? “With sleep, historically I can get two to three months into that before the first crisis comes up and kind of ruins that,” he admits, chuckling. New Year’s Resolutions for Entrepreneurs

Be able to “glide” That’s what Heddi Cundle aimed to do after a hectic year of starting up myTab.co, a travel gift-card system she’s founded. After months of 18-hour days getting her start-up off the ground and chasing venture capital from Silicon Valley, Cundle says she and her team in San Francisco recently altered course and decided to license out myTab to e-commerce sites—a move that she said has been received with great enthusiasm. It’s also changed the company’s outlook going into 2013. “Things are falling into place,” Cundle says. “In the next 12 months at least, we can glide a lot easier because we’re not trying to push and strive to fit into a specific mold that we thought we needed to be in to generate revenue. We just found a different sort. Now we’re gliding into 2013. By licensing our technology to verticals, we can use revenue to invest back into myTab.co travel.” New Year’s Resolutions for Entrepreneurs

Get ready to market online New Year’s Resolutions for Entrepreneurs

Business Planning Harness the power of planning your time well, taking care to allocate your schedule according to priorities. Wait when it’s appropriate, hurry when it’s appropriate, and apply patience, vision and common sense. — Tim Berry, Business Plans

Social Media Do whatever it takes to get out of your comfort zone and into your “power place” to grow your business. Embrace change and new technologies, including social sites. Choose what works best for reaching your target market, and run with it. Most important: Have fun. — Starr Hall, Social Media

New Year’s Resolutions for Entrepreneurs Sales In 2011, show up to the meetings that you would have passed on previously. Never underestimate the power of face-to-face meetings for building stronger relationships and connections with your prospects and customers. Activity creates opportunity. — Barry Farber, Make the Sale

E-Commerce Develop and implement systems that will free up time that you can spend on other pursuits. What really matters most is making a measurable amount of progress in a reasonable amount of time and spending time with loved ones. Do the only things about which you’re passionate and work with only your ideal clients. — Lena West, Ask Entrepreneur

New Year’s Resolutions for Entrepreneurs Technology Take the security of your business seriously. Change all your passwords. Close down old unused accounts for emails, business software and social networks. And set up a password for your mobile phone. — Jonathan Blum, Office Technology

Managing Resolve to invest heavily in the people and technology necessary to meet client demands and seize market opportunity. — Paul Spiegelman, Corporate Culture

Online Marketing Understand your customers’ experience with your business. It’s essential for businesses to look at what they do from their customers’ point of view and then smooth out any rough edges. Customers have so many options. You can’t afford a single reason for one to choose a competitor’s business over yours. — Gail Goodman, E-Mail Marketing

Communications The new year will see an acceleration of the reinvention of media. With so many ways to reach so many different types of consumers, reaching out to a variety of outlets through diverse media is critical. Craft customized content and send it via multiple platforms engage customers wherever they may be. — Rachel Meranus, Public Relations

Productivity It’s critical to get absorbed in your business niche to achieve mastery. But, most importantly, laugh, love and live more fully. — Scott Halford, Brainy Business

Starting Young Forget the mantra of “work hard, get good grades and go to school to get a job.” For too long, young people have been force-fed this nonsense from their parents and mentors. It’s stifling their income generating potential. Gen Y needs to become the most entrepreneurial generation in history. — Scott Gerber, Never Get a “Real” Job

New Year’s Resolutions for Entrepreneurs Video Marketing Create at least one professionally-produced video for the homepage of your website and social media sites. It should show y why your business is the best choice among the competition and include a compelling incentive to make an immediate purchase and share the video with others. — John Arnold, Marketing Tools & Technologies

Selling a Business Prepare yourself psychologically. Make sure you’re emotionally committed and ready for the sale, or you may turn buyers off to your business. — Domenic Rinaldi, Buying & Selling a Business New Year’s Resolutions for Entrepreneurs

Buying a Business Making a concrete plan to pursue your entrepreneurial dreams, and take at least one action every day that will help you achieve your goal. Set a realistic timeline for when you will reach the major milestones on your path to entrepreneurial success. — Mike Handelsman, Buying & Selling a Business

Real Estate Question the experts in your field and find out who the real experts are. Hint: If they’re in Washington or on television, they might not be experts. — Greg Rand, Real Estate Realities

Growing Turn your small mom-and-pop business into a bigger opportunity this year by launching the projects you never got around to in 2010. — Lisa Druxman,Mompreneur

New Year’s Resolutions for Entrepreneurs Prioritizing Ask yourself, “What can I stop doing?” Begin to put stronger accountability practices into place to create a better business foundation. — Nina Kaufman, Making It Legal

Mobile Marketing Make mobile marketing a high priority. Capture mobile shoppers by updating your website to load quickly in a variety of browsers and making them Facebook and Twitter interactive. Offer competitive pricing and tap into the soaring popularity of coupons by texting them to your customers’ mobile phones. — Kim T. Gordon, Marketing Read more: http://www.entrepreneur.com/article/217806#ixzz2mVpdpnAB New Year’s Resolutions for Entrepreneurs

December 31, 2012 Today's Business, , , , , , 1 Read more >

From CO to CEO: Q&A with veteran Chris Hale on making the transition from military leadership to civilian business management

From CO to CEO: Q&A with veteran Chris Hale on making the transition from military leadership to civilian business management

Posted by SBOC Team in General Businesson Nov 9, 2012 8:04:36 AM

QAchrishale_Body.jpgby Robert Lerose.

 

The most recent data from the U.S. Census Bureau reveal that military veterans owned 2.4 million businesses in 2007. It isn’t always easy to go from a structured military environment to managing a civilian company. But veterans can bring a highly specialized skill set, discipline, and drive to help them excel in an increasingly competitive job arena. As the 43-year-old chairman and co-founder of Victory Media, a Coraopolis, Pennsylvania-based company that has marketed the military population to corporate America through different media since 2001, Chris Hale is intimately acquainted with both worlds. Business writer Robert Lerose talked with the former Navy officer about leadership and the “strategic advantage” that veterans offer.

 

RL: After graduating from the U.S. Naval Academy in 1991, you had a distinguished career in the military. Tell me about that.

CH: I went into the Navy Flight Officer Program, which is for people who don’t have the vision to become pilots. I spent about a year and a half after that as a navigator and communicator on a P-3, which is an anti-submarine warfare airplane. Then I moved up and became the tactical coordinator. He’s like the quarterback. When pilots fly the airplane over a submarine, the tactical coordinator handles the whole operation. I worked my way up to mission commander and was with the squadron in Jacksonville, Florida for a little over three years.

 

RL: When was this?

CH: The fall of 1993 through January of 1997. During this time, I did two six-month deployments to Keflavik, Iceland. I also spent some time in Sicily. After that, I did a three-year recruiting tour in Pittsburgh, which is where I’m originally from, and then left active duty at the end of 1999.

 

RL: Around the time you left the Navy, you co-founded a web-based military media company. You also worked as a manager for a Fortune 50 company. What was the transition like for you from military command situation to civilian management?

CH: I went through a civilian business school at night when I was at recruiting duty in Pittsburgh. There were a few things I had to learn. There are a lot of similarities, quite frankly, [between the military and civilian expectations]. In the private sector, projects require people with propulsion systems.

 

QAchrishale_PQ.jpgRL: What does that mean, “propulsion systems?”

CH: To take ideas, projects, and concepts to a point where they’re properly executed takes a propulsion system, or an engine, so to speak. It’s one of the core traits of leadership that you learn in the private sector. A lot of the skills I learned in the service were very, very transferable—leadership, teamwork, working in diverse teams, mission accomplishment, performance under pressure. In the military, there are serious consequences for not succeeding on a mission. In the private sector, you’re very accustomed to pressure-filled situations or performance under pressure or pulling all-nighters, if you need to, to get the job done.

 

RL: And the differences?

In the private sector, you don’t know where everybody stands. Some of the subtleties of corporate culture were new [to me]. It’s hard to tell where the rank structure is, where the social structure is, where the cultural structure is. It’s not visibly apparent.

 

RL: Your company bio says, “your principles have transformed corporate perspective on hiring military veterans from one of entitlement to one of strategic advantage.” Could you elaborate on that?

CH: Most organizations that exist to benefit veterans are based on the premise that there is at least a part of that veteran that is worse off because of their service. We take a very, very opposite approach—that you’re far better off because of having served. Those skills are so transferable. The things that you learn in the military prepare you for success in the private sector as an employee of somebody else, as a business owner yourself, or as what we call a hybrid of those two things, which is perhaps opening a franchise.

 

RL: You also believe “that military service is the best training regimen in the world and corporate America benefits from this every day.” How so?

CH: Don’t hire veterans because you feel it’s your moral obligation to do so. Hire veterans because these guys and women can transform your company and make it better. They’re model employees. They are like alumni of one of the greatest training organizations in the world—the U.S. military. When you hire a veteran, your company is benefitting from the training that the federal government has already invested heavily in. It’s a tremendous workforce development expense that companies don’t have to incur.

http://smallbusinessonlinecommunity.bankofamerica.com/community/running-your-business/generalbusiness/blog/2012/11/09/from-co-to-ceo-qa-with-veteran-chris-hale-on-making-the-transition-from-military-leadership-to-civilian-business-management

November 9, 2012 Today's Business, , , , , , , 1 Read more >

The 7 best TED talks for small business owners

The 7 best TED talks for small business owners

by Erin McDermott.

Got time for a bite-size bit of inspiration? Take a look at TED Talks.

What started as a small conference that shared new thinking on technology, education, and design (that’s where the T-E-D comes from) in the 1980s has grown into an Internet juggernaut with videos that together have drawn nearly one billion views. Many cities in the U.S. and elsewhere are hosting smaller versions of the TED Talk franchise and a feature in The New Yorker this summer suggests TED has managed to turn “ideas into an industry.” But there’s also plenty of smart stuff here for small business owners. Many talks feature innovators and entrepreneurs, with savvy ideas about marketing, leadership, and burgeoning industries rife with opportunities. The clips vary in length from less than five minutes to about the average coffee run, and are engaging, fast moving, and very funny at times.

Here’s a look at seven TED Talks that small business owners should make time to watch.

Lisa Harouni: A Primer on 3D Printing (14:05)

Have you been hearing a lot about 3D printing? It very well could be the next revolution in manufacturing: technology that, layer-by-layer, assembles even the most intricate of designs. The idea and the industrial-scale machines have been around for some time, but a new focus on their capabilities—from architecture and construction use to human bones to (seriously!) a whole racecar—has engineers around the world jazzed. Some experts believe these devices could become a household norm in the not-too-distant future. Watch Lisa Harouni, chief executive of London’s pioneering Digital Forming, in November 2011 and be dazzled.

David S. Rose: Pitching to VCs (14:42)

Seeking capital for your growing enterprise? Better get your pitch right before you run the gauntlet of venture-capital panels. David S. Rose, managing partner of Rose Tech Ventures, entrepreneur, and “pitch coach,” has been on both sides of the investors’ table. Here, Rose gives a fast-paced rundown of 10 things you must be able to express in your presentation if you want to win over the angels.

Daniel H. Pink: The Surprising Science of Motivation (18:36)

If you’re running your business based on traditional thinking about carrots and sticks when it comes to incentives for your employees, you might be wasting your time and money on outdated assumptions. Daniel H. Pink, the bestselling author of Drive, Free Agent Nation, and the forthcoming To Sell Is Human, has been changing perceptions about the 21st-century American workplace for more than a decade. Here, in this video, with nearly four million views, Pink talks about what science now knows and what some businesses are still doing—to their detriment.

Richard St. John: Success Is a Continuous Journey (3:57)

Need a pep talk? In less than four minutes, writer and entrepreneur Richard St. John recounts his own rise to the top—and his downfall after succumbing to the perks of success. (One tip: That sports car isn’t a solution to depression.) He outlines how he lost it and lessons for everyone on the importance of keeping your eye on the ball. (And here’s another good one from St. John at TED.)

Margaret Heffernan: Dare to Disagree (12:56)

Arguing with your partner may be a very good thing for your business. Why? Conflict can lead to progress, while colleagues who serve as an echo chamber are unlikely to help you break new ground. That’s the gist of former CEO Margaret Heffernan’s June 2012 talk. The question is: Who has the patience and wherewithal to find, listen to, and push forward with those who challenge them most?

For more info, http://smallbusinessonlinecommunity.bankofamerica.com/community/running-your-business/generalbusiness/blog/2012/09/27/listen-up-the-7-best-ted-talks-for-small-business-owners

September 28, 2012 Today's Business, , , , , , , , , 7 Read more >