The Small Business Success Index provides small business owners and entrepreneurs with best practices to improve their businesses. This is part of a series of interviews with small business owners, entrepreneurs and small business experts providing their insights about the index results.
Denise O’Berry is the author of Small Business Cash Flow: Strategies for Making Your Business a Financial Success. She has over 20 years of experience helping Fortune 500 companies build and execute successful growth strategies. In 1996, Denise opened her own consulting firm to assist small businesses in implementing some of the Fortune 500 best practices to achieve their business objectives.
She created her first blog for small businesses in 2004 and a year later was invited to offer her advice and tips on Allbusiness.com. Now Denise blogs about small business issues at http://www.deniseoberry.com.
Network Solutions: What are your initial thoughts on the Small Business Success Survey?
Denise: The results of this survey are no surprise. The issues identified are common areas of concern for small business. I was pleased to see the high marks in customer service and compliance, but it’s clear that small business still has plenty of work to do.
Network Solutions: Out of the six dimensions used for measuring success, Capital Access and Marketing & Innovation were the two biggest inhibitors. What are your thoughts on these key challenges?
Denise: Small business has consistently struggled with capital access and marketing issues. The current economic environment has exacerbated those issues. But small business owners are very creative. Plenty of them will find ways to fund their businesses so their dreams stay alive. They will also use that creativity to tap into low cost methods for getting the word out about their businesses.
Network Solutions: According to the results, 42% of the small business respondents expect to hold the line of discretionary spending this year. Do you have any suggestions on how small business owners can market themselves with a shoe-string budget?
Denise: Tap into the social media methods of marketing. One of the best ways to get the word out about a product or service is through word of mouth. Social media is perfect for this. Now, more than ever before, small business owners need to identify their marketing goals and develop a plan around low cost methods like a public relations program that integrates both offline and online strategies into their marketing activities.
Network Solutions: Only 1/3 of the survey respondents are confident of achieving profitability in this economy. What are some best practices small business can learn from Fortune 500s to sustain themselves in the current economy?
Denise: They should pay close attention to their brand. The internet allows small businesses a more level playing field for managing their reputation and spreading the word about their brand. The actions to accomplish this goal should be part of their marketing plan.
Network Solutions: According the study, “small businesses rely on a range of Internet business solutions and computer technologies to succeed.” What online services do you think best help entrepreneurs and small businesses? Why?
Denise: Cloud computing is a great way for small business to compete in the marketplace with minimal cost. Tapping into online services that can help them manage cash flow, payment services, and invoicing can save them a lot of time. Leveraging other online technologies that help them maximize the processes in their business, reduce time to market and outsource will help them succeed.
Network Solutions: In your opinion, how important is it to benchmark yourself as a small business using something like the Small Business Success Index?
Denise: It’s important for small businesses to understand how they stack up to others in their market. It can confirm where they are on the success index and identify areas for improvement in addition to helping them focus on innovative strategies that can springboard them to success.
Web.com is now offering forums designed to support small businesses in cities throughout the US. Learn more about these forums here: http://Businessforum.web.com/
Tags: Denise O'Berry, Finance, Interview, SBSI
Posted in Entrepreneurs, Interviews, small business, Small Business Success Index | 3 Comments »
