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Friday Small Business Roundup: Customer Service and More

June 14th, 2013 ::

What Are Consumers Spending on This Summer—and How Can You Get Your Share? Read Karen Axelton’s post to find out.

Is a Talent Shortage Hurting Your Customer Service? Find out why small business owners still struggle to fill jobs in Rieva Lesonsky’s post.

Are you scrimping on new technology? It could be hurting your business. Read Maria Valdez Haubrich’s post How Does Your Small Business’s IT Spending Measure Up? to learn whether you’re getting left behind.

Dan Zarrella’s new book has valuable lessons for small business owners. Get the scoop in Monika Jansen’s series, Top Takeaways From the Science of Marketing, Part 1, and Top Takeaways From the Science of Marketing, Part 2.

Is your customer service up to par? Find out if you’ve got The 4 Factors in Great Customer Service.

People Are Talking—About Your Customer Service, That Is. To make sure they’re saying nice things, read  Rieva Lesonsky’s advice.

Want to learn something new? Read Monika Jansen’s post 6 Easy Ways to Improve Your Graphic Design Skills.

Friday Small Business Roundup: Beating the Big Guys and More

June 7th, 2013 ::

If you own a restaurant or food-related business, you won’t want to miss Rieva Lesonsky’s post on Tasty Food Trends for 2013 and Beyond.

Want to expand your empire? Read Maria Valdez Haubrich’s post Is Now a Good Time to Buy a Business?  to see if you’re ready to buy.

Feeling the need for a refresher course on SEO? Check out Monika Jansen’s post SEO 101: Everything You Need to Know About SEO in 2013.

If you have a retail business, you’ll be happy to read Rieva Lesonsky’s post Good News for Retailers: Millennials Love to Shop.

Curious about native advertising’s potential? Monika Jansen’s Your 6 Burning Questions About Native Advertising, Answered, has all the answers.

Yes, your business can compete against big companies–and win. Read 5 Ways a Small Business Can Successfully Compete Against the Big Boys, by Monika Jansen, to learn how.

If you’ve slashed your business travel budget, you may think again after reading Karen Axelton’s post Study Shows Spending on Business Travel Pays Off.

Customers Care About Social Responsibility—So Use Social Media to Prove You’re Doing Good. Rieva Lesonsky tells you how.

Friday Small Business Roundup: Hiring Smart and More

May 31st, 2013 ::

Is your email marketing missing the mark? Read Rieva Lesonsky’s post to learn The 1 Simple Trick That Makes Your Email Marketing More Effective.

Facebook contests can be effective–but also tricky. Read Monika Jansen’s 7 Tips From an Expert on How to Run a Facebook Contest to get the scoop.

What’s Holding M-Commerce Back? Find out in Rieva Lesonsky’s post.

Are Small Business Owners Ready to Hire? See if your plans align with other entrepreneurs’ in Maria Valdez Haubrich’s post.

If you’ve hired or are getting ready to hire, don’t miss Rieva Lesonsky’s post on 4 Secrets to Successfully Onboarding New Hires.

Trying to hire graphic designers but don’t want to pay a lot? Check out Monika Jansen’s post 5 Reasons Why Good Design Ain’t Cheap – or Free for a reality check.

Struggling to keep up with content creation for your content marketing plan? Read 6 Content Creation Takeaways From How to Feed the Content Beast, by Monika Jansen.

Is Your Restaurant Giving Customers What They Want? Learn what matters to today’s diners in Karen Axelton’s post.

Friday Small Business Roundup: Niche Markets and More

May 17th, 2013 ::

Did your small business have reason to celebrate on Mother’s Day? If you’re marketing to moms right, you did–check out Maria Valdez Haubrich’s post When It Comes to Social Media, Mom Just Can’t Get Enough, for tips on what moms want.

Wondering how to attract more restaurant customers? Read Karen Axelton’s tip in 1 Simple Step That Can Make More People Eat at Your Restaurant.

Do You Need to Hire an IT Expert? Rieva Lesonsky shares the reasons you might want to add an IT person to your team.

No matter who you’re hiring, read Rieva Lesonsky’s post on Secrets to Conducting a Successful Job Interview first.

What You Need to Know About Hispanic Consumers, by Rieva Lesonsky, will give you the scoop on an increasingly important market.

Speaking of niche markets, check out Monika Jansen’s post 7 Reasons Being Niche Will Improve Your Small Business’s Marketing Strategy.

Then improve your business blog by reading–and acting on — The Do’s and Don’ts of a Successful Guest Blogger Program, by Monika Jansen.

Last, but not least, get better results from your content marketing strategy. Monika Jansen shows you how in 7 Types of Content That Search Engines Love.

Friday Small Business Roundup: Hiring Tips and More

May 10th, 2013 ::

Is your business seeking to hire female tech employees? Read Maria Valdez Haubrich’s post The Secret to Hiring Women Tech Employees: Get Virtual first.

Whatever type of worker you’re looking to hire, read The First Step to Finding the Perfect Employee by Rieva Lesonsky before you post that want ad.

Did you know radio can still be one of the most effective ad venues around? Read Karen Axelton’s Turn It Up: Why Radio Advertising Can Deliver for Small Business to learn why.

New to Twitter? Get the basics in Monika Jansen’s post Twitter 101: The Do’s and Don’ts When Getting Started.

Is your industry, well, kind of boring? No worries: Read 5 Marketing Tricks to Turn a Boring Business Into a Fun One, by Monika Jansen, and liven it up.

Help Your Customers Spend Their Tax Refunds—With You

April 30th, 2013 ::

By Karen Axelton

Tax time is over, and those Americans who are expecting a refund are already making plans to spend it. How? A study of Twitter feeds by IQ Agency found that as of early April, 65 percent of Americans already knew how they planned to spend their tax refunds. The result is good news for retailers, with

  • 14% planning to spend it on electronics
  • 11% planning to spend it on fashion
  • 11% planning to spend it on automotive
  • 10% planning to spend it on food and beverages
  • 7% planning to spend it on travel
  • 7% planning to spend it on events
  • 5% planning to spend it on music.

You’ll notice most of these purchases fall into the discretionary category, which means consumers can easily be swayed to buy by emotional appeals. Consider a marketing approach that does one or more of the following:

  • Focuses on the tax refund as “found money” that won’t impact the family budget if spent on discretionary items.
  • Emphasizes the “reward yourself” or “treat yourself” aspect of making these purchases.
  • Suggests making a long-desired, big-ticket purchase (such as a new TV or electronic device) that otherwise would be too costly.
  • Highlights the experiential quality of spending on vacations, events, or food and beverages, such as sharing good times with friends or making memories with the family.
  • Appeals to the sensible side by offering discounts or deals on these product and service categories to tempt consumers who may be on the fence.
  • Uses humor to sympathize with consumers’ tax time headaches and celebrate that they’re finally over.

Even for the 35 percent of Americans that IQ Agency found plan to save their refund or use it to pay bills, there could be opportunity for financial planners, insurance salespeople and advisers. With tax time fresh in customers’ minds and finances on their brains, you can:

  • Contact existing clients with suggestions for how to maximize their refund.
  • Offer to review current clients’ portfolios or insurance coverage, suggesting that refund money provides an opportunity to upgrade with “found money.”
  • Reach out to prospects by offering a free consultation as to how their refund can be the start of an investment plan or used to purchase needed insurance that they may have been putting off.

Image by Flickr user bradleygee (Creative Commons)

What Luxury Travelers Want in 2013

April 25th, 2013 ::

By Karen Axelton

If your business is involved in the travel industry, benefits from travelers or markets to them, you’ll want to know what luxury travelers are planning for this year. The news from Unity Marketing is positive: The company’s latest report, Affluent Consumers & Their Travel Plans for 2013, surveyed over 1,300 affluent consumers with an average income of $267,800 and found that nearly half (45 percent) plan to spend more on travel in 2013 compared with 2012.

Where are luxury consumers planning to go? Internationally, three destinations were especially popular compared to 2011: the Caribbean, Asia and Australia/New Zealand. In the U.S., Las Vegas and Nevada in general topped the list of planned vacation spots, followed by New York, Florida, Boston/New England and Los Angeles. 15 percent of consumers plan on visiting Western Europe, especially France, Germany Italy and Spain.

What else do you need to know about luxury travelers?

Luxury travelers typically take multiple long vacations. In 2013, the average luxury traveler will take 2.8 separate vacations lasting four days or longer.

Luxury travelers don’t want to spend a lot of money getting to their destination. They rarely fly first-class, for example, and they seek to use frequent flyer points and other means to economize on the trip. Receiving discounts was cited as more important this year than in the prior 2011 survey.

Once they get to their destination, however, luxury travelers splurge, typically staying in four- to five-star hotels. Experience is key for luxury travelers, and the types of experiences they want most this year are relaxation/stress reduction, sightseeing, and fine dining/food and wine experiences.

This year, luxury travelers are relying much less on travel agents and much more on online reviews and other online tools. Less than one-third will use a travel agent to plan their trips, and the importance of online reviews rose compared to the 2011 survey.

But there is still opportunity for travel sellers, tour companies and other travel-related businesses. To make the most of luxury travelers’ growing budgets:

  • Provide or link to online reviews of your business on your website.
  • Offer discounts, special offers or packages to appeal to luxury travelers’ desire to save.
  • Provide a curated experience. Luxury travelers care greatly about creating meaningful memories and having unique experiences, so if your business can help them discover or enjoy unusual experiences, you’ll appeal to their interests.
  • Focus on high quality. Luxury consumers demand the best, so make sure your service is up to their standard.

Image by Flickr user breezy421 (Creative Commons)

What Are the Best (And Worst) States for Business Taxes?

April 16th, 2013 ::

By Karen Axelton

If you filed your business taxes yesterday and are wishing you could have paid less, you might want to check out the Tax Foundation’s 2013 State Business Tax Climate Index. The annual listing ranks the 50 states based on their tax-friendliness to small business.

The Index ranks the states based on 118 different variables in five key areas of taxation: major business taxes, individual income taxes, sales taxes, unemployment insurance taxes and property taxes. The results are added up for an overall ranking. The goal is to reward states for especially strong aspects of their tax systems, and penalize them for especially weak aspects, while also measuring the general competitiveness of their tax systems overall.

The 10 best states for small business taxes this year are:

  1. Wyoming
  2. South Dakota
  3. Nevada
  4. Alaska
  5. Florida
  6. Washington
  7. New Hampshire
  8. Montana
  9. Texas
  10. Utah

Many of these states made it to the top 10 because they lack a major tax that most other states have, such as corporate tax, sales tax or individual income tax. (All states have property taxes and unemployment insurance taxes.) For instance, Wyoming, Nevada, and South Dakota have no corporate or individual income tax; Alaska has no individual income or state-level sales tax; Florida has no individual income tax; and New Hampshire and Montana have no sales tax.

The 10 worst states for small business taxes are:

  1. Maryland
  2. Iowa
  3. Wisconsin
  4. North Carolina
  5. Minnesota
  6. Rhode Island
  7. Vermont
  8. California
  9. New Jersey
  10. New York

“The states in the bottom 10 suffer from the same afflictions: complex, non-neutral taxes with comparatively high rates,” the report notes. For instance, although New York has only moderate corporate taxes, having the worst individual income tax, the sixth-worst unemployment insurance taxes and the sixth-worst property taxes put it in the bottom spot.

Which state was “most improved” this year compared to laat? Maine went from 37th to 30th by repealing its alternative minimum tax and changing how it treats net operating losses. Michigan also improved from 18th to 12th overall by replacing its gross receipts tax (the Michigan Business Tax) with a flat 6 percent corporate income tax.

Before you pack up the moving van, keep in mind these rankings are based solely on business taxes. The Tax Foundation cautions that it’s not measuring quality of life or even the best states for business—just the best states in terms of business taxes.

You can view more details and download full rankings here.

Image by Flickr user gemsling (Creative Commons)

Small Business Optimism Slips

April 9th, 2013 ::

By Karen Axelton

Beginning to see the glass as half empty, small business owners are more worried about a recession than they were a few years ago, the 2013 Small Business Economic Forecast from Pepperdine University’s Graziadio School of Business and Management reports. Conducted in partnership with Dun & Bradstreet Credibility Corp., the annual study of more than 2,700 small business owners found that more than one-third (36.2 percent) of small business owners fear a recession this year. That’s substantially up from the 28.4 percent who were worried about a recession in 2011.

In addition, small business owners are less optimistic about growth prospects than last year. In early 2012, 54 percent said they were more or somewhat more confident than they were in 2011. By contrast, in early 2013, just 45 percent reported feeling more or somewhat more confident about their business’s growth prospects for the coming year.

“Small business owners, who are optimistic by nature, are still taking a highly cautious view of the economy and their personal business prospects,” said associate professor of finance Dr. John Paglia, founding director of the Pepperdine Private Capital Markets Project. “The ‘foxhole mentality’ among small business owners to dig in and stay low has the potential to slow the still fragile recovery.”

What’s holding small business owners back from growth? Four in 10 say government regulations–specifically, taxes and healthcare–are the biggest impediment to overall growth in the GDP, compared to 32 percent who said so in 2012. Four in ten (42 percent) of respondents also believe the Affordable Care Act will make their companies’ healthcare costs rise; as a result, 33 percent plan to make changes to their coverage that will negatively affect employees.

Probably because they’re feeling cautious, fewer small business owners are planning to give their staff raises (39 percent) than were planning to do so in early 2012 (41 percent). This is despite the fact that employees’ take-home salaries have been hurt by the end of the payroll tax cut in early 2013. Of course, it could also be because small business owners themselves aren’t seeing any increase in pay—61 percent say they are not making more than the year before.

Two bright spots on the horizon are the housing market, with small business owners overall feeling that housing prices will rise 3 percent this year, and unemployment, with small business owners predicting that the national unemployment rate will decline to 8 percent.

You can view the full 2013 Small Business Economic Forecast at http://bschool.pepperdine.edu/accesscapital.

Image by Flickr user Cali4Beach (Creative Commons)

How Are Small Businesses Benefiting From Cloud Computing?

April 2nd, 2013 ::

By Karen Axelton

How are small businesses using cloud computing, and how are they benefiting from it? A study by CDW reported on CIO.com found that more than half of businesses surveyed are moving at least some of their functions to the cloud. What they’re using the cloud for, however, varies by business size. For small and midsized businesses, storage is the primary way they use the cloud, while bigger companies and government agencies use cloud services mostly for collaboration and conferencing.

 

Of course, these aren’t the only things the cloud is being used for. CDW found that companies are also using the cloud to handle messaging, to access office and productivity suites, and to use business process apps.

No matter what types of functions they move to the cloud, doing so brings many benefits to companies of all sizes, CDW’s survey contends. Greater efficiency was the major benefit, cited by 55 percent of respondents. Close behind were greater employee mobility (49 percent), improved ability to innovate (32 percent) and freeing up the IT staff’s time to focus on more important work (31 percent). However, cloud computing may not save as much money as you expect: Just one-fourth of respondents said that reducing IT costs was a major benefit of cloud computing.

If you’re considering moving some of your business functions to the cloud or using cloud computing to access new applications and services, keep the following advice from CDW in mind:

  • Carefully analyze costs and benefits before making the decision.
  • Start small, using cloud services for functions that are simple to implement, aren’t business-critical and don’t put your company’s data or processes at risk.
  • Ease your employees into using cloud computing by leveraging their familiarity with consumer cloud services that they likely use, such as Spotify or Dropbox.
  • Keep track of your ROI to ensure that cloud services are truly saving you money or providing additional benefits that make them worth the cost.
  • Always review cloud service providers’ contracts and terms carefully. Make sure the provider’s security precautions are suitable for your needs, and know what type of customer service assistance you can expect in case of a problem.
  • Make sure a cloud provider’s offerings can scale up quickly with your company as it grows. This can be one of the major benefits of using cloud services, but you also need to know what costs will be as you add users, applications or services to make sure the solution is still cost-effective.

Image by Flickr user Kevin Dooley (Creative Commons)