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Posts Tagged ‘business success’


Small Biz Resource Tip: Your Success Network

February 9th, 2011 ::

 

Your Success Network

Started by a woman who has been doing the entrepreneurial thing from a very young age, Your Success Network is a website where you’ll find a small business community for the entrepreneurial-minded student, young professional and seasoned pro alike. Packed with inspiration and career advice for the business owner, Your Success Network also offers a free weekly newsletter and free personal assessment. For a small premium you can get a custom career planner, a subscription to the Fast Track to Success system and more. Be sure to check out the community pages to see what people are talking about and share some insights of your own.

Business Lessons From the Super Bowl XLV Teams

February 1st, 2011 ::

By Maria Valdez Haubrich

green bay packersI grew up with sports on the TV and radio playing constantly in our house. My dad was an avid fan, and now I’m married to a sports nut, so every year I get excited about the Super Bowl. But now that I’m a business owner, I watch the game with an interest in more than just sports. What makes a winning team, how do they get to this level, and what lessons can they teach your business? My husband and I recently talked about the two teams in this year’s Super Bowl, and here are some observations I thought were worth sharing on what sports success can teach you about business success.

  • Hands-off management: This year’s contenders, the Pittsburgh Steelers and Green Bay Packers, are two successful teams based on their model of consistency. They run their franchises by the basics and with little or no owner interference. They hire experienced people, then the owners stay out of it and let the experts do their jobs. (Insert here grumbling comments about teams like the Dallas Cowboys who has an owner on the field trying to coach which messes everyone up. OK, Cowboy fans, let’s hear your side!)
  • Be consistent: The Steelers have had the same ownership since 1933 (the Rooney family http://prod.www.steelers.clubs.nfl.com/history/tradition-of-excellence.html). The family has always run the team by sticking to the basics. They are not the flashiest team, but they have consistently been a strong team and won many championships.
  • Give customers ownership: The Packers are owned by the fans—by shareholders. Again, they leave the details to the experts and have a board that makes decisions, not a single owner like Cowboys or Raiders (again I could insert many editorial-type derogatory comments here, but I won’t.).
  • Stick to the basics: Both teams stick to the basics, which are building a strong defense, a strong coaching staff and players that believe in the system. They stay away from the hype and extravagant styles of a flashier team.
  • There’s no I in Team: Flashy teams want the best players and are willing to spend the most money to get the results, but inevitably the team becomes less a team and more a bunch of players all vying for the spotlight. This strategy can work for a while, but in the long run can spell disaster and a dysfunctional team.
  • It’s all about the raving fans: Although both teams spend less money than many other franchises, what they do have is an abundance of loyalty from players and fans. Steelers fans will follow the team all over the country to watch a game, and the Packers, who come from a small tight-knit community, also have die-hard fans who support the team through good times and bad.

What does it all mean? Sometimes, in the face of a wildly changing market and ever fickle fans and consumers, it pays to stick to your core competency and focus on the basics. The Green Bay Packers have won more championships than any other team in the NFL (12, including three Super Bowl titles) and the Steelers have won six out of the seven Super Bowls in which they’ve participated—which is more Super Bowl wins than any other team.

Image by Flickr user Jeramey Jannene (Creative Commons)

How Well Do You Know Your Competition?

January 26th, 2011 ::

 

By Rieva Lesonsky

Want to know one of the secrets to business success? It’s knowing your competition. When you first started your company, you probably did market research where you assessed your major competitors to find out what you were getting into and where you could gain an edge. As our businesses grow, however, many of us get so wrapped up in the day-to-day that we forget to keep tabs on what our competitors are doing.

That’s a big mistake. Ignoring what your competitors are up to or assuming they’re following along the same path they were when you launched can have devastating consequences for your company. Here are some tips to help you keep up on the competition:

Read all about it. Check out trade magazines, industry journals and websites for your industry to find out not only what your specific competitors are doing but what similar businesses are doing.

Use tech tools. One of the best ways to keep up on the competition is to set up Google alerts to the names of key companies. That way you’ll be continually notified what they’re up to. If your competitors have blogs, set up an RSS feed so you’ll get the latest posts delivered directly to you.

Use social media. Visit your competitors’ Facebook pages and follow them on Twitter to see what they’re doing. Since companies use social media to communicate with customers and get their input, reading between the lines can give you insights into new product or service launches, expansion plans or marketing campaigns the competition might be planning.

Get personal. Visit the locations of your key competitors or shop at their websites to see what they’re offering, what kind of service you get and what kind of pricing they offer. Keep an eye out for new marketing methods or sales tactics they’re using.

Think indirect. Direct competitors aren’t the only ones you need to worry about. Don’t forget to keep an eye on indirect competitors. These are companies that compete for the same dollars you are, even if they aren’t in the same industry. For instance, if you own a casual restaurant, your competitors could include fast food chains, fancy restaurants and even convenience stores that sell prepared food.

Assess what you learn. Regularly set aside time to think about the information you’re gathering. Is your competition growing or struggling? What long-term plans can you spy from your research? Are they targeting new demographic groups? Are they expanding geographically?

Your competitors are a key benchmark for your business. Compare how you’re doing to how they’re doing and look for weaknesses that can spell opportunity – and success – for your business.

Image by Flickr user Tony (Creative Commons)

Small Biz Resource Tip: FastTrack.org

January 18th, 2011 ::

FastTrac.org

Helping over 300,000 entrepreneurs start and grow their businesses for the past 17 years, The Kauffman Foundation’s FastTrac program expanded its services to better serve the many laid-off workers hurt during the recession. The program is split into three specific target areas: FastTrac NewVenture (starting a new business), FastTrac GrowthVenture (growing an existing business), and FastTrac TechVenture (specifically designed to help technology entrepreneurs). Made available through nonprofit and for-profit organizations like Chambers of Commerce, small business development centers and more, the programs help analyze your business and find new market opportunities. Participants can also network with other participants for valuable advice, resources and ideas to facilitate business success.

Is It Time to Diversify Your Business?

January 12th, 2011 ::

By Rieva Lesonsky

How’s business these days? Going well? Congratulations. Keeping your business profitable through the past two years wasn’t an easy task. In fact, if you managed to accomplish it, now might be the time to consider diversifying your business.

There are a couple of ways to diversify. One is to add new products or services to your existing business concept. The other—more ambitious—method is by launching a spinoff business. A spinoff business makes sense when the new concept, though related to your original business, is still different enough to warrant a separate operation with its own staff. For instance, you might have a restaurant that gets enough catering business that you decide to start a separate catering division. Or perhaps you’re doing well with a child-care company and you decide to expand into senior day-care as well.

If you think a spinoff business might make sense for you, here are some things to think about.

Capitalization. Launching a spinoff business requires you to have adequate financial resources. Especially today, when financing is hard to come by, it’s important to be certain you have enough money to get the new business off the ground without harming your original company.

Staffing. While your attention is diverted by getting the new company up and running, you’ll need capable managers at the original business to keep things on track. Make sure your key people are prepared to handle the additional responsibility and workload.

Succession plan. Running two businesses is challenging for an entrepreneur, so think realistically about how you’ll handle the new responsibilities without burnout. If you think you will want to continue focusing more on the new business and less on the old one, start now to plan who will take over and how that will work.

Business plan. You already started one business and you really know your industry. So spinning off a new company will be a breeze, right? Don’t get overconfident. You need to plan every step of your spinoff just as you would if you’d never launched a business before.

 

Market research. Don’t spin off your business without some proof  the new concept will work. Do your market research just as you did when launching your original company.

Customer feedback. Undoubtedly some of your current customers are potential clients for your new business as well—so get their input on your ideas. Start an informal customer advisory board with a variety of your key customers. Ask subscribers to your company’s e-newsletter to take a quick survey. Or use an online survey tool to see what customers think of your new plans.

Image by Flickr user Mykl Roventine (Creative Commons)

Attention! This Book Will Make You Money: How to Use Attention-Getting Online Marketing to Increase Your Revenue

January 7th, 2011 ::

By Rieva Lesonsky

These days, getting attention online is the key to success—and most small business owners are striving to get some. But as Jim F. Kukral points out in Attention! This Book Will Make You Money, too few of you think about what you’ll do with the attention once you get it. And unfortunately, attention means nothing if you don’t have a way to monetize it.

Kukral, a Web-entrepreneur and consultant who’s helped launch online companies and websites for clients ranging from small startups to Fortune 500 firms, sets out to show readers how they can attain both attention and revenue. Aiming at both startups and existing or expanding companies, Kukral proves his attention-getting ability from the get-go with chapter titles like “Porn and Pancakes at Church” that have you turning the pages to see what on earth he’s going to talk about.

Attention! covers topics including building your brand, finding memorable names for your business and website, and creating a sales funnel for people who find you online. You’ll learn why simple always works better when it comes to the Web, how to package your knowledge for maximum profit, how to generate recurring revenues and more.

Marketing writers’ books often suffer from a common weakness: too much rah-rah and not enough how-to. While Kukral at times treads that thin line, he escapes the fluff trap by offering detailed, specific steps on how to accomplish the goals he describes. His case studies—such as how he set out one morning to get interviewed on television that day, created a website to that end and appeared on the news within 8 hours—are both entertaining and informative. The book also benefits from plenty of examples of how real-life entrepreneurs generate attention—and profits—online.

Kukral is an energetic writer whose book will energize and inspire you. You’ll come away from Attention! with plenty of ideas you can use, and the enthusiasm to come up with lots of new ones yourself.

Image Courtesy: Jim Kukral

Most Popular Posts of 2010

December 31st, 2010 ::

As the year draws to a close, here are the top posts GrowSmartBusiness readers liked in 2010. Even in 2011, they all have some valuable advice to offer your small business.

How will the new IRS audit program affect your small business? Rieva Lesonsky explains it all here.

Looking for marketing ideas on a budget? (Aren’t we all?) In this post, Monika Jansen shares the 10 top budget-conscious marketing ideas for small business.

What is “generational marketing” and how can you make it work for your small business? Find out in this post from guest blogger Jessie Newburn.

Are you working on a project—whether a marketing piece or a website launch—that involves a designer? Businesspeople and designers don’t always speak the same language. Save yourself money, time and hassles by having these 8 things figured out before you meet with your designer.

BoatLoanWorld.com founder Ray Ruiz shares his small business success secrets in this blog post.

5 New Year’s Resolutions for Your Business

December 30th, 2010 ::

Making resolutions when New Year’s comes around is a fairly common practice — but when’s the last time you made any resolutions for your business? Sure, you probably set goals fairly regularly, but it’s worth taking this time to reflect on what your business could do just a little bit better. You may not need to get your business exercising on a Stairmaster, but there are always a few leaves that can be turned over at the beginning of a new year to boost your business success.

  1. Keep your bookkeeping up to date: No business owner likes to admit that you haven’t taken care of all those receipts sitting in a shoebox somewhere, but it’s not an uncommon problem. If keeping your books is something that is an issue, now is the perfect time to explore ways to improve the situation.
  2. Lose some dead weight: If you’ve noticed a lag somewhere in the way your business operates, it’s often easier to just say that you’ll deal with it later. Well, with the New Year almost here, maybe it’s time to make the decision to fix whatever is slowing you down.
  3. Learn something new: One of the best ways to keep your business competitive is to keep looking for new methods and tools. Make time in your schedule for you or your team to learn more about what’s out there and how to implement new techniques into your business.
  4. Find a mentor: If moving forward with your business has been tough lately, one way to start figuring out what else could help you is to talk to a mentor — someone who has already been through this stage in a business’ development — so you can get some tips and speed up the process.
  5. Expand your network: Considering how heavily most businesses depend on networks to find both new customers and new vendors, it may be worth revisiting your network and building upon it. Going to new networking events isn’t enough, though. Strengthening your existing networking and getting outside of the groups of people you regularly network with are equally important.

Of course, these are just examples of resolutions you can set for your business. With 2010 ending and 2011 beginning, you have the opportunity to look at your business and see where you can really improve things. Even better, the end of the year is a perfect time for transitions because there are a few that you’ll probably have to make anyway.

No matter what resolutions you choose, make them reachable and measurable — if you can see how you’re going to reach them, resolutions are easier to work on, just like any other goal. Something as simple as writing your business’ resolutions down can make them much easier to reach. After all, what’s the point of making a resolution if you aren’t going to work on it?

Image by Flickr user Sally Mahoney (Creative Commons)

Small Biz Resource Tip: MasterPlans

December 21st, 2010 ::

 

MasterPlans

Whether you’re looking to get a bank loan, attract investors or begin a new partnership, your business plan must be professional and comprehensive. There are plenty of do-it-yourself programs out there but do you want it to look “do-it-yourself”? If you’re looking for an easy online solution that’s professional, yet not bank breaking, check out MasterPlans’ customized business plans solutions. Even if your current business plan just needs some fine-tuning, MasterPlans has a staff of full-time employees, plus relationships with companies like Dun and Bradstreet that can add crucial research data relevant to your business and industry. Most plans can be completed within 10 days.

How To Balance Work, Life, and a Home Office

December 17th, 2010 ::

By Monika Jansen

People are amazed that I like to work from home and that I get so much accomplished between 9am and 5pm.  Add the facts that I’m married, have an 8 year old and 4 year old, and keep an obscenely neat and organized house, and I probably sound all Super Mom-my (far from it, but thanks for thinking it anyway).

Balancing work, life, and a home office require discipline and excellent time management for sure, but you can read more about that in The Four Hour Work Week.  I have found that the keys to achieving some sort of balance are both commonsense and easily doable.

Keep your office separate from your home

Do the best you can to keep your office space separate from your living space.  This means no working in the dining room, family room, or kitchen!  This simple act will help you close the door on work and “leave” the office at the end of the day…and on the weekends.  If your work stuff is in plain sight at all times, it is hard to not think about it, and the next thing you know you’re at the computer checking e-mail “just one more time.”

Keep all of your work-related stuff in your office, too: computer, files, software/hardware, books, and supplies.  If you can set up your office on a floor in your home that is separate from the main living areas, even better (mine is in the basement).

Compartmentalize

Set your work hours and keep them.  If you need to occasionally start work earlier than usual or work a little later, no biggie.  But devote the time you are home before and after work hours to your family, friends, and “regular life.”

To stop yourself from thinking about work after-hours, make a list at the end of the day of everything you need to do tomorrow/this week/this month.  Then walk away from it.

Take productive breaks from work

If you work in an office outside of your home, you probably take more breaks than you realize.  You chat with coworkers at the water cooler, in the kitchen, in the supply room, in the hallway, before and after meetings, when they stop by your office or desk, at lunch, etc.  You might even run out to the nearest coffee shop a couple of times a day.

Feel free to take breaks at home, but make them productive if you can.  When I need a break, I do the dishes, unload the dishwasher, throw in a load of wash, fold laundry, pick up the house if it’s a little messy (I’m a little Monica Geller if you haven’t figured that out yet), marinate chicken for dinner.   This way, I feel like I am keeping on top of “house” stuff.  Do whatever would help you feel like you are balanced and not juggling a million balls. If that means catching up on the latest episode of Big Bang Theory, so be it.

Ignore your smartphone

This is really hard for people to do, but try it anyway.  I check my BlackBerry if I get stopped at a long light on the way to pick up my son from preschool between 5 and 5:30.  Then I check it after dinner, around 7:30.  Then I check it one last time around 9pm.  Then I shut it down for the night and I don’t turn it back on til around 7am the next day.  10! Hours! E-mail! Free!

Note that I said I check my BlackBerry.  It is rare for me to reply back to an e-mail after hours, because guess what?  Only a tiny fraction of e-mails are actually emergencies, and most everything can wait til the morning.

Oh, and on the weekends, I don’t even look at my work e-mail.

So, how have you managed to achieve work/life balance when there’s a home office in the equation?

Image by Flickr user Joie de Cleve (Creative Commons)