Loading

Grow Smart Business


teaserInfographic
Close

Search Articles

Most liked posts



Recent Articles

Popular Tags

accounting and taxes blogging blogs Branding Business Development business travel Capital Access Compliance Customer Service ecommerce Email marketing entrepreneur entrepreneurship Facebook Generational Marketing GrowSmartBiz Conference Grow Smart Business lead generation LinkedIn Marketing michael dougherty mobile marketing networking online marketing Raising Capital Resources retail sales sales process SBSI Search Marketing seo small business small business accounting small business hiring small business loans small business marketing small business resources small business technology Small Business Trends social media Technology Twitter Web Design Workforce

Categories

Author Archive

« Older Entries
Newer Entries »

The State of Women-Owned Businesses, 2013

February 18th, 2013 ::

By Rieva Lesonsky

2013 might be the “Year of the Woman Entrepreneur,” if the findings of a new survey conducted by by Web.com Group Inc. and the National Association of Women Business Owners (NAWBO) is any indication. The 2013 State of Women-Owned Businesses survey found that the large majority of women business owners (WBOs) are optimistic about their business’ overall performance (81 percent) for the coming year, as well as about the broader economic outlook for the nation (74 percent).

What Keeps Women Business Owners Up at Night?

The top four issues worrying WBOs are the state of the economy (57 percent), health insurance cost and affordability (40 percent), business tax issues (36 percent) and access to a quality workforce (36 percent). WBOs plan to invest more (38 percent) or the same (54 percent) in hiring this year compared to 2012. Though two in five WBOs said that health insurance costs and affordability are important issues to them, many (71 percent) feel that the Patient Protection and Affordable Care Act (“Obamacare”) will have no impact upon the way they do business.

How Are Women Business Owners Finding Financing?

More than three quarters (78 percent) of WBOs did not seek a new or extended line of credit in the past year. Of these 78 percent, more than half (68 percent) say they didn’t need additional credit; the other 32 percent didn’t think they could obtain credit if they tried. Most WBOs financed their businesses through credit cards (45 percent), business earnings (40 percent) or private sources such as personal savings or contributions from family or friends (37 percent).

Who Should Become an Entrepreneur?

A whopping 85 percent of survey respondents predict that more women will start businesses this year than in the past. When asked why they started their business, the most common answer was that they were following their vision (28 percent), or because they found a good business idea (21 percent). Respondents say the most important traits needed for business success are a passion for an idea (1st), a vision to succeed long-term after the business is launched (2nd) and a willingness to take risks and fail (3rd).

How Are Women Business Owners Marketing Their Companies?

Finding new customers was the biggest challenge cited by 39 percent of WBOs; to land those customers, 73 percent say they will invest more in marketing in 2013. The top marketing tactics they’ll spend more on are social media marketing (36 percent) and search engine optimization (SEO) (36 percent). Some 44 percent of WBOs believe these methods are the future of small business marketing, while traditional approaches such as print and direct mail, online advertising and email marketing will be less important.

What Marketing Methods Matter Most?

Asked what marketing tactics have the most impact on their bottom line, more than half (52 percent) of respondents say website design and maintenance was very important, followed by social media marketing and SEO (38 percent) and email marketing (25 percent). Among social networking platforms, LinkedIn (27 percent) was named as the most valuable, followed by Facebook (26 percent), YouTube (18 percent) and Twitter (17 percent).

For full survey results and to view and share the 2013 State of Women-Owned Businesses infographic, visit www.web.com/community.

Image by Flickr user apdk (Creative Commons)

Tags: , ,
Posted in Entrepreneurs, Marketing, Small Business, small business | No Comments »

Are You a Victim of Nice Girl Syndrome?

February 15th, 2013 ::

By Rieva Lesonsky

Are you a nice girl? If you’re like many women business owners, you grew up getting rewarded for being nice. Teachers gave you good grades, you made your parents happy and you got more friends by being nice.

Fast forward to today when you’re a small business owner. While you may think that being nice brings some of the same rewards (and you’d be right), there are also times when being too nice can harm you and your business. Here are some warning signs you might be suffering from “nice girl syndrome”—and how to take control.

Too nice to employees: Are your employees walking roughshod over you? Do you stay late every night at the office while your team leaves at 5 on the dot? Do you regularly pick up the slack for staffers who aren’t pulling their own weight?

What to do: Being too nice is doing your employees no favors. If you always take on their work, they’ll never learn or grow. Many entrepreneurs (not just women) struggle to delegate, but it’s important to learn. Start setting new rules and holding employees accountable for their work.

Too nice to clients: Do clients and customers request tons of last-minute changes, or ask for more and more work—without paying you any extra? No, the customer is not always right. It’s important to know where to draw the line so your business and your employees aren’t getting shortchanged.

What to do: Avoid “scope creep” by being clear about costs and deliverables upfront. Use written contracts to clarify what’s included in the purchase and what costs extra. You may decide it’s OK to do extra work for key clients, but even so, keep track of what you do so that when you renegotiate your contract, you can point out the added value you’ve brought to the table and justify a higher cost next time.

Too nice to your family: Are you taking on all the housework at home in addition to working 18-hour days at the office? Don’t give in and become a martyr just because you’re afraid of making waves.

What to do: Ask for what you want and figure out a win-win way to get it. If both you and your spouse are exhausted after long days, outsourcing chores like cooking and cleaning may be worth the cost. Or consider just lowering your standards a bit and being easier on yourself. If you’re like most women business owners, the one person you’re not nice enough to is you.

Image by Flickr user amber de bruin (Creative Commons)

 

 

Tags: , , ,
Posted in Entrepreneurs, Small Business, small business, Workforce | 1 Comment »

Women Business Owners Lose Out in Race for Government Contracts

February 13th, 2013 ::

By Rieva Lesonsky

In spite of years of governmental efforts to help women-owned small businesses obtain government contracts, new data from Bloomberg show that in 2012, the percentage of U.S. government contracts awarded to women-owned small businesses actually dropped for the second year in a row.

While awards of contracts to men-owned firms have declined as well, the awards to women decreased at a faster rate. The percentage of contracts awarded to women-owned small businesses decreased 5.5 percent to $16.4 billion in the fiscal year ending September 30, 2012. Meanwhile, the percentage of contracts awarded to men-owned small businesses declined by 4.1 percent, dropping to $80.9 billion.

Women-owned businesses have long faced challenges in obtaining government contracts. During the Clinton administration, in 1994, the federal government set a goal that at least 5 percent of the total value of eligible contracts must be awarded to women-owned businesses; however, that target has never been met. Last year, Bloomberg says, women-owned small businesses accounted for about 3.2 percent of government contracts overall.

The irony is that just two years ago, the U.S. government launched a new effort to expand women’s access to government contracts. In February 2011, the Small Business Administration published its final rule regarding the Women-Owned Small Business (WOSB) Federal Contract program. This program authorizes federal contracting officers to set aside certain federal contracts for eligible women-owned small businesses (WOSBs) or economically disadvantaged women-owned small businesses (EDWOSBs).

What can you do if you’re a woman small business owner interested in landing federal government contracts? First, don’t give up hope. Here are some places to start learning about government contracting opportunities and making your firm more attractive to contracting officers:

  • You can self-certify as a WOSB or EDWOSB, or use a third-party certifier to help you through the process (since it can get pretty complex). Visit the SBA’s website to learn more about the WOSB and EDWOSB certification programs.
  • American Express and the nonprofit organization Women Impacting Public Policy have launched a program called “Give Me Five,” which offers education and resources to help more women business owners access federal contracting opportunities.
  • The U.S. General Services Administration (GSA) has programs and training to help small businesses, including women-owned businesses, successfully land government contracts. Learn more at the GSA website.

Image by Flickr user cometstar (Creative Commons)

 

 

Tags: , , , ,
Posted in Business Development, Marketing, Sales Process, sales process, Small Business, small business | No Comments »

Is Your Family Really Supporting Your Business?

February 11th, 2013 ::

By Rieva Lesonsky

If you’re a woman business owner, you know how difficult a juggling act balancing your family and your business can be. Whether your family includes a spouse, significant other, kids, aging parents or all of the above, keeping them happy while keeping your business running is never easy.

If you’re having an even harder time of it than usual, maybe you need to sit down and assess whether your family is really supporting your business and if not, what you can do about it. Here are some steps to creating one big, happy family:

  1. Pay attention. Often when we’re falling short, our families tell us in nonverbal ways. It’s tough when you’re working 18-hour days, but it’s important to tune into the signals your loved ones are sending. Is your child acting up? Are his grades sliding? It might be a sign he feels you aren’t paying enough attention to him. Is your husband always irritable? That could mean the same thing.
  2. Address the problem in an honest way. Figure out what isn’t working and what you can do about it. If your child’s schoolwork is a problem, can you work from home to spend some time with him when he gets home from school? Set aside time to really be with your loved ones, not half-listening while checking email on your smartphone.
  3. Enlist support. Of course, I’m not suggesting you become a doormat. As part of addressing the problem, it’s important to ask for what you need. Explain why your business is important to the family and that you need their support to succeed. Often, this is all that your family needs to be reminded of.
  4. Work out compromises. Making it work requires trade-offs. Maybe you need to spend an hour each afternoon helping your kids with homework. In return, however, you can let them know that you need an hour of uninterrupted work time after dinner. Figure out a plan that makes sense for your family.
  5. Set boundaries. Thanks to electronic devices, it’s easy for your business to consume every waking moment, but this inevitably leads to problems with loved ones feeling neglected (not to mention what it does to your physical and mental health). Set boundaries, whether it’s a family dinner at 6:00 every night so you can really listen to your kids, or no checking email after 10 p.m. so you and your significant other can have some quality time.
  6. Don’t try to do it all. The belief that we can have and do it all is, in my opinion, harmful to women’s mental health. No one can fire on all cylinders at all times as a wife/girlfriend, mom, daughter and business owner. Accepting that your life will never be “in balance” 100 percent of the time is the first step to feeling more in control.

By implementing these steps, you’ll find your family becomes more supportive of your business and both your loved ones and your business benefit.

Image by Flickr user tomo908us (Creative Commons)

Tags: , ,
Posted in Entrepreneurs, Health and Wellness, Small Business, small business | 1 Comment »

Americans’ Taste for Healthy Eating Continues

February 8th, 2013 ::

 By Rieva Lesonsky

How do Americans define “healthy eating” today? If you own a restaurant, food business or food-service company, you’ll want to know what Technomic’s Healthy Eating Consumer Trend Report has to say about consumer eating, dining and shopping habits. Here’s some of what the new study found:

  • Nearly two-thirds (64 percent) of consumers believe it is important to eat healthy foods and pay attention to nutrition. That’s an increase of 12.3 percent from the last time this poll was conducted in 2010.
  • Half of consumers say they would like it if restaurants offered a wider variety of healthy foods. Nearly as many say they would probably order these options if offered.
  • Americans’ definition of healthy food has expanded from low-fat, low-sugar or low-salt foods to include words and phrases like “local,” “natural,” “organic,” “whole-wheat,” “free-range” and “sustainable.”
  • While low-fat, low-sugar or low-salt foods are widely perceived as not tasting very good, you can capture more customers by avoiding these phrases and instead using terms like “whole wheat” or “contains three servings of vegetables” on your menu. These phrases were identified as suggesting good-tasting, but healthy, food.
  • What other terms work on menus? Check out the most popular health claims on menus at the nation’s top 500 full-service restaurants:
  1. Gluten-free (1,056 mentions)
  2. Organic (266 mentions)
  3. Vegetarian (241 mentions)
  4. Natural (236 mentions)
  5. Low-Fat (111 mentions)
  • Consumers are increasingly trading off – they’re eating healthy most of the time in return for treating themselves to less healthy food on occasion.
  • More consumers today than in 2010 report eating local, organic, natural or sustainable foods at least once per week.

Image by Flickr user AndyRobertsPhotos (Creative Commons)

Tags: , , , ,
Posted in Marketing, Small Business, small business | 1 Comment »

B2B Marketing Budgets Are on the Rise in 2013—Is Yours?

February 6th, 2013 ::

By Rieva Lesonsky

If your small business markets products or services to other businesses, you may want to consider boosting your marketing budget for 2013 if you haven’t already. A new survey from BtoB Online found that nearly half of B2B companies are increasing their marketing spending for this year.

BtoB’s 2013 Outlook: Marketing Priorities and Plans report polled over 300 B2B marketers and found:

What are marketers spending?

Some 48.7 percent of marketers say they will increase their budgets this year, up from 40.1 percent last year. About 41 percent will keep their budgets the same, down from 48.4 percent last year. Meanwhile, 9.5 percent will cut their budgets, down from 10.8 percent in 2012.

Where are they spending it?

Some 67.2 percent of marketers say they will increase their spending on digital marketing this year. Of those, 70.1 percent will spend more on website development, 61.9 percent on email marketing, 56 percent on social media, 55.8 percent on online video and 52.5 percent on search.

In addition, 72.2 percent of B2B marketers say content marketing is part of their marketing plan. The most popular platforms for content marketing are websites (93 percent), social media (65.4 percent), print (47.5 percent) and mobile (20.9 percent).

What do marketers hope to achieve?

B2B marketers report their number-one marketing goal this year is demand generation/customer acquisition, cited by 69.3 percent. The second most important goal, increasing brand awareness, was way behind, cited by 17.6 percent. In third place: customer retention, cited by 13.1 percent.

Who’s going mobile?

More B2B marketers are integrating mobile marketing, but there’s still a way to go. Some 32.7 percent of respondents say they currently use mobile in their marketing strategy, while 35.5 percent say they plan to spend more on mobile marketing this year.

What are they automating?

Better aligning marketing and sales is a key goal for B2B marketers this year. Some 52.3 percent say they will spend money on sales enablement platforms, while 50.8 percent plan to invest in marketing automation systems.

What old-fashioned marketing method still matters?

It’s not all digital and mobile. For many B2B companies, events are still crucial to their marketing strategy. In fact, some 41.5 percent of survey respondents say they will increase their event budgets for 2013.

Editor’s Note: Network Solutions offers an easy way to build a website for mobile devices in mere minutes: goMobi™, powered by dotMobi.

Image by Flickr user Andy Roberts Images (Creative Commons)

Tags: , , , ,
Posted in Branding, Business Development, Marketing, Sales Process, Search Marketing, Small Business, small business, Social Media, Web Design | No Comments »

Luxury Marketing Goes Digital

February 4th, 2013 ::

By Rieva Lesonsky

Surveys have shown that luxury consumers spend more time and money online than the average consumer. No wonder, then, that marketers of luxury products and services are expanding their focus on digital marketing in 2013.

eMarketer recently reported the results of a study by Worldwide Business Research and ShopIgniter that polled more than 130 worldwide luxury marketing executives. Some 85 percent say they plan to increase their digital marketing spending in 2013. Of those, 72 percent are planning to spend more on social media, making social the biggest overall area of focus.

The most popular social media platform for luxury marketers is Facebook, where 95 percent of luxury marketers are actively engaging with their customers. Next most popular is Twitter, used by 85 percent; then come Pinterest (used by 60 percent) and YouTube (used by 59 percent).

In fact, Luxury marketers are more likely to engage with customers on Facebook, Twitter, Pinterest and YouTube than they are on ecommerce sites. However, more than half (52 percent) are connecting with customers on ecommerce sites as well.

Since luxury products tend to be highly visually focused, it’s perhaps not surprising that luxury marketers are using visual-focused social sites to reach out to customers and prospects. As mentioned, Pinterest and YouTube have high penetration, and even relative newcomer Instagram is used by 29 percent of luxury marketers.

Luxury marketers’ top content and product promotion tactics were posting images of products (81 percent), posting video (75 percent) and creating content about new product launches (60 percent).

One surprising area where luxury marketers are falling short is in their mobile presence. While the visual focus of luxury marketers could make it a challenge for them to translate their marketing efforts onto the smaller screen of smartphones, the crisp displays of tablets should be a natural for luxury marketing imagery. Still, just 35 percent of luxury marketers report using mobile apps, while a mere 26 percent say they currently use mobile commerce.

Another area of untapped opportunity for luxury marketers, according to the survey, is loyalty programs. Only 20 percent of companies currently use loyalty campaigns to reward customers.

Editor’s Note: Network Solutions offers an easy way to build a website for mobile devices in mere minutes: goMobi™, powered by dotMobi.

Image by Flickr user Mauro Cateb (Creative Commons)

 

 

Tags: , , , ,
Posted in Branding, Marketing, Small Business, small business, Social Media, Web Design | No Comments »

Who’s Got Smartphones and Apps? Gen Y

February 1st, 2013 ::

By Rieva Lesonsky
It may not be a surprise, but Gen Y is leading the way when it comes to adoption of smartphones and smartphone and tablet apps, eMarketer reports. A study by Forrester, cited in eMarketer, found that consumers aged 24 to 32 are the most likely to own smartphones. Ninety-seven percent of Gen Y consumers have a mobile phone, and 72 percent have smartphones, higher than any other age group.

Overall, 93 percent of Americans owned mobile phones; however, only 50% have smartphones. Gen Z (age 18-23) was the second most likely group to own a smartphone, at 64 percent, followed by Gen X at 61 percent. After that, smartphone use declines rather drastically, with just 39 percent of younger boomers (47-56) owning them, 28 percent of older boomers (57-67) owning them, and 16 percent of those over 68 owning them.

Gen Y consumers are also more likely than any other age group to use smartphone and tablet apps, a different study by Flurry found. (This study defined Gen Y as 25 to 34.) Of the Gen Y users surveyed, 33 percent used smartphone apps and 26 percent used tablet apps. The 35-to-54 age group was next most likely to use apps.

You might be surprised that Gen Y are bigger users of smartphones than the younger generations, but eMarketer notes this group is in the “sweet spot” in terms of being old enough that they can afford more expensive smartphones, but young enough to want them and know how to make the most of them. In fact, the biggest reason younger customers cited for not having a smartphone was that they couldn’t afford it, while the top reason cited by older consumers was that they didn’t think it was useful or necessary for their lives.

What do these stats mean to you?

  • If your target market falls in the younger end of the spectrum, you’ll want to make sure your business website is mobile-friendly.
  • You’ll also want to consider developing useful, relevant and/or fun apps for your business that encourage sharing with friends.
  • Keep in mind that Gen Y is most likely to own iPhones, while in other age groups and overall, Samsung phones dominate.
  • Finally, keep in mind that Gen Y’s smartphone-dependency isn’t going away. As these customers move into their prime buying years, they’ll rely on their devices even more—so be ready to grow with them.

Image by Flickr user milesopie (Creative Commons)

Tags: , , , ,
Posted in Generational Marketing, Marketing, sales process, Small Business, small business, Technology, Web Design | No Comments »

Why Your Emails Must Be Mobile-Optimized

January 30th, 2013 ::

By RIeva Lesonsky

Are your email marketing messages optimized for mobile? They’d better be. According to the latest Return Path global bi-annual mobile email report, 37 percent of U.S. respondents surveyed now open their email on mobile devices, compared with the 30 percent opening them through webmail in a browser. The percentage of emails opened on mobile devices has increased 300 percent since 2010 and shows no sign of slowing down, says the report. Here’s some more of what you need to know:

 

Platform matters: While Android mobile phones still dominate in the U.S., Apple device users are more likely to open and read email on a mobile device than any other group. Although Windows Mobile saw an 85 percent increase in email opens since April 2012, it still accounts for just 0.3 percent of total email opens on smartphones.

Industry variation: Certain industries’ emails are more likely to get opened on a mobile device than others. The retail (40 percent), consumer product (40 percent) and real estate (38 percent) industries lead the way.

Is it safe? The information being sent via email is also a concern. For example, banking-related emails were less likely to be opened on mobile devices due to security worries.

Desktops aren’t obsolete…yet: Users check email more often on a desktop than on a mobile device during the day. I’d surmise that’s probably because they are sitting in front of their computers at work, but as more workplaces incorporate tablets into the work day, the desktop is likely to become less and less dominant.

Mobile sitting still: It’s a myth that mobile purchasing is taking place out of home. Just 22 percent of mobile purchases take place on the go; 18 percent occur at work and more than half (51 percent) take place at home. Your customers are more likely to be opening that email in bed or on the couch than in the car, so keep that in mind when designing your message.

If you doubt optimizing email for mobile matters, keep these facts in mind: Return Path found that email marketing messages drive twice as many conversions as social media or search. In addition, the average order value is higher on mobile devices, whether tablet or smartphone.  However, since even those who open their emails on mobile devices still make most of their purchases on the desktop, you need to make sure your emails are optimized for both platforms.

Image by Flickr user Brad Flickinger (Creative Commons)

 

Tags: , , , ,
Posted in Email Marketing, Marketing, Small Business, small business, Technology, Web Design | No Comments »

Mobile Commerce, Mobile Payments: What’s the Future?

January 28th, 2013 ::

By Rieva Lesonsky

While mobile payments and m-commerce have generated a lot of buzz in the media recently, both have been slow to take off and still comprise a very small percentage of payments and sales in the U.S. However, that may soon change, as two separate studies by Forrester reported in MediaPost project that mobile payments and m-commerce will surge in the U.S. in the next few years.

Payment Predictions

The first study projects mobile payments will increase from $18.2 billion this year to $90 billion in 2017—growth of nearly 50 percent. The study looked at three kinds of mobile payments. Mobile proximity, or in-store, payments are expected to grow fastest, increasing 137% to $41 billion by 2017, and going from 6% of mobile payments to 45%.

Much of the proximity payment growth is predicted to come next year, when Forrester says “early adopters” will begin using mobile payment solutions. This will force retail businesses to play catch-up and offer more mobile payment alternatives, as well as to incorporate Near Field Communication (NFC) technology into their point-of-sale systems.

Mobile Matters

The second study predicts that m-commerce will rise from $12 billion in 2013 to $31 billion in 2017, but its growth rate of 31 percent will be low compared to that of mobile payments. What’s holding m-commerce back? Currently, Forrester says, consumers are worried about security issues related to mobile transactions; m-commerce still isn’t well integrated with other ways to shop; and the checkout process needs to be simplified. (Both reports focused solely on the use of smartphones for payments and m-commerce, not on tablets.)

Currently, just 3 percent of ecommerce sales occur on smartphones, compared to some 57 percent that take place on tablets. Because of this wide discrepancy, Forrester’s report suggests that instead of worrying about how to encourage shopping on smartphones, retailers might be wise to focus on creating a better tablet shopping experience. After all, as tablet prices drop and tablets become even more widely adopted, it’s likely consumers will gravitate to them over smartphones when they want to browse or buy.

Image by Flickr user loupiote (Creative Commons)

 

 

Tags: ,
Posted in Small Business, small business, Technology | 2 Comments »

« Older Entries
Newer Entries »