Posts Tagged ‘business’

Stimulus bonus

Wednesday, April 29th, 2009

Assuming you qualify, you may get (or already have) a bonus from the Government as part of the stimulus package. Remembering this is a tax free payment (how many hours would you have to work to get that much after tax?) have you seriously thought about how to use that money?

I think there are two useful ways to spend your bonus – pay off debt (credit cards or mortgage) or investing it (shares, property, etc, or to your super or in your business.) Either way, the bonus can then go towards your financial future. Of course, the aim of the stimulus package is to get us spending rather than saving which is why I think the bonus could be well used for your business…

  1. spending on your business is an investment that can increase your long term profits – which means you can spend more later!
  2. whatever you purchase will help another business and stimulate the economy!
  3. this tax free money can buy you things that are tax deductible – and I suspect your accountant will approve of that!
  4. depending on what you buy, it may also be eligible for the extra tax deductions available at the moment – this can make bigger things much more affordable for tight budgets

Given we’re potentially talking about $600 or $900, I don’t mean buying a few pens and a ream of paper! Investing in your business could include some of the following expenditures:

  • upgrade your computer or some software
  • update your website – think about a CMS, shopping cart, design, content, new photos and graphics
  • attend some training – seminars and conferences can pay back their price and time many times over through information, ideas and people met
  • get some professional help – a trademark lawyer, accountant, coach, writer, image consultant and so on can make a long term difference for your business
  • hire some help, whether it is a cleaner, VA, packer or letterbox deliverer
  • buy a good chair – your comfort is worth it especially if you sit for hours to run your business, and it will increase your productivity
  • buy some resources – books, DVDs, videos, business guides, magazines
  • get some flyers or postcards printed or some promo items made to spread the word of your business
  • look for some sponsorship or prize opportunities to help others and build exposure and publicity for your business

Do you have a website?

Wednesday, April 1st, 2009

I posted earlier about the MYOB survey of small business owners’ response to the global financial situation, but am startled by another part of their survey.

Apparently, 60% of surveyed small business owners don’t have a website for their business. That is incredible. They surveyed 1,503 business owners with no more than 19 employees, so it is a reasonable number but perhaps not statistically significant compared to how many small businesses there are in Australia.

Not all businesses are internet based, obviously, but offline businesses can have a website and use it to good effect.

Why am I so surprised they don’t have a website?

  • personally, I often refer to the website for further information or to get a feel for a business before I contact them – no website and there’s a good chance I’ll move on. This is especially true now I have a baby as it is easier to research and compare from home than to drive around
  • a website is like a brochure that works 24 hours a day, every day of the year, so why limit yourself to paper?
  • a website can be a lot cheaper to run than many traditional advertising options (I pay $5 a month for hosting – you won’t get much advertising for $60 a year!)
  • people generally find it easier to remember words than numbers so if you or a happy customer are inviting someone to learn more about your business, a web address could be more successful
  • people expect websites now – not meeting that expectation may decrease your credibility in their eyes

A website can be simple and as short as one or two pages; it can be static and need little maintenance (although search engines prefer more active sites). Some online directories offer full page listings which can act as a website, which is better than nothing, but the URL may be long.

SO back to the original question? Do you have a website? Do other business owners you know have websites? If not, why not?

Small business is apparently pessimistic…

Wednesday, April 1st, 2009

MYOB has conducted a survey of small business owners and found that 43% of them had experienced a negative result from the global economic situation. Which of course implies that 57% have NOT experienced a loss in turnover.

63% think a recession is coming, and I agree that is likely. I disagree however that it means small businesses are all about to fail or feel pessimistic. Many people actually thrive and do better during a recession , and it means many will just cut the excesses and find more efficient ways of doing things which is all good to me.

Their survey also showed 43% of people (I guess they weren’t the same 43%!) believe their business will perform better over the next 12 months. This may be down from 56% in June last year, but I still think it is a positive response.

Mr Reed, CEO of MYOB, said “Now more than ever business owners need to step out of the daily chaos and look at the ‘big picture’.  There are many things they can’t control – they should accept those and put energy into what they can control.  Business owners shouldn’t be afraid to seek specialist help, such as talking to their accountant about ensuring their business is running as efficiently as possible”

I think he is right – let’s accept that we can’t control the world finances but we can control our own businesses and attitudes. If the financial crisis does reduce profits and makes it tough for some businesses, being creative and looking for opportunities could help many small businesses survive and even thrive.

What do you think – does the financial crisis mean small business should worry or get conservative? Or is this the time to work on strengthening and refining your business to weather the storm?

Finding more blogs…

Thursday, March 12th, 2009

I just came across a blog directory site I hadn’t heard of before which includes a business section. I am going to make some time next week to sit and look at various blogs in that directory  – I might find some great blogs or at least some inspiration for more posts and articles of my own!

Have you listed your blog in any directories to increase your exposure? Has it generated a lot of responses for you?

Using events to promote your business

Wednesday, January 14th, 2009

Yesterday, I described an email where past events were advertised - and suggested it was not a great idea!

Yet running or being involved in events such as seminars can be a very effective marketing tool. Assuming the event is well run and provides useful information, the event shows you as an expert, professional, helpful and possibly generous with your knowledge.

Obviously, in the lead up to an event you need to promote it to attract people to the event itself – not much of an event if no one turns up because they didn’t know about it!

However, you can also promote an event to market your business as well as the event – and this marketing can follow the event as well as lead up to it. Worst case, people know you run seminars and may be able to attend your next one; best case, people give you more respect and trust in you, and are more aware of your business.

Some ways you can use an event afterwards to promote your business and credibility are:

  • talk about how much you enjoyed the event afterwards – and how much you learned. That may even include mention of things that didn’t work that you have learnt from. Talk about it in your blog and newsletter, as well as on forums, at networking sessions and with colleagues
  • gather testimonials from people who were at the event. You can put these on your website (especially near the details for the next event), in a portfolio/resume, quoted in marketing materials, in your blog and newsletter, and in media releases for future events
  • ask attendees at the event to review the event – written reviews can be added to your site/blog/newsletter, or even better, to theirs! If they do review or mention your event in their blog, make sure you leave a comment thanking them for their perspective and perhaps adding something useful as a thank you
  • give attendees something that is branded for your event – this probably only applies to bigger events like a conference or full day event. If they wear a tee-shirt, carry a bag, mark a place in a book , drink from a water bottle, add a button to their website, use  USB key or write with a pen branded for your event, people may ask them about it and they will remember it for longer themselves.
  • mention the event, as appropriate, in future media contacts, articles, blog posts, newsletters and so on, although don’t do it all the time as that would just be boring and counter-productive!
  • set up surveys asking for feedback to help you improve the next event – invite people from the last event and others to complete it. This gives you market insight whilst also drawing attention to the fact you have an event coming up!

What other ways have you used or seen used for promoting events after they have happened?

tracking advertising

Friday, November 28th, 2008

A few days ago, I was reminded of the importance of tracking advertising through a story a friend told me.

The story: a company spent $60,000 or so on an advertising campaign, but didn’t implement any means of tracking the results of the ad. Meaning they have spent $60,000 and have no idea if it raised their brand awareness or brought in customers and revenue (I’m not sure which was the aim of their campaign.) So when the radio stations come back and ask if the company wants to repeat the ad, who knows if they should say yes or no…

The moral: tracking advertising is important for a number of reasons:

  • makes it easy to decide on a repeat of the campaign
  • helps you better understand your demographic (e.g. they may listen to the radio but not respond to the type of ad you ran)
  • assess the ROI (return on investment) and value of the campaign – $60,000 is nothing if it results in $500,000 of sales, but it is a ridiculous amount of money if it results in $100 profit
  • tracking and comparing different ads allows you to decide the most effective advertising for your business (e.g. radio vs TV vs major newspapers vs local advertising) PLUS you can tweak the actual ad to find the best presentation, too

Even if your budget is nowhere near $60,000, tracking of advertising is a worthwhile exercise.

Don’t assume that free ads aren’t worth tracking, either. Why?

  • the results from a free ad can be a useful comparison with paid advertising
  • free ads can be a great place to test different wording and formats for your ad before you pay for its placement (assuming a very similar audience of course)
  • if the ad is free in monetary terms but costs a lot of time, tracking will help you determine if you are getting enough reward for your time
  • a free ad may be attracting the wrong people – people who don’t become customers and use up your valuable time. If you know many false leads are coming from a certain ad, stop that ad even if it is free!

Have you used tracking with your advertising? Did you find it a useful activity, even if tedious and time consuming?

 

P.S. You can read more about the basics of tracking your advertising or assessing the results of tracking in my articles.

Rewards and acknowledgements

Monday, November 24th, 2008

I spoke at a workshop this morning on goal setting – we worked on SMARTY Goals, business values and setting challenges.

As part of setting goals and milestones, it is important to notice the work you have done and the progress made even if you haven’t fully reached the original goal (as Melissa, wrote in her blog, aim for the moon as you’ll at least reach the stars.) Having small rewards for yourself is one way to acknowledge what you have done, which makes it easier for you to move on and do the next step, and the next, and the next…

Rewards can be anything that you gain pleasure from (booking a massage, eating a doughnut, taking time to read a book, buying a book or magazine, seeing a movie, taking your family on a picnic, sitting in a spa, and so on.) You can keep the reward to yourself, too, so don’t worry about what anyone else would think of the reward.

My guidelines for rewards are:

  1. make it a reward for you, not your family or coach or whoever
  2. make the reward match the goal in size – a doughnut for a year’s worth of hard work is not much reward, but a two week beach holiday is probably a bit over zealous to reward sending out one newsletter!
  3. if you promised yourself a reward, make sure you get it when you’ve earned it
  4. keep a reminder of the reward with the goal – maybe a photo next to your computer, light a coconut candle to think of a tropical holiday, or stick a car key on your mirror

And don’t be afraid to share your achievements with others, either. Even small achievements can be shared and acknowledged by friends, people you network with or a coach.

How often do you reward reaching a goal? Do you give yourself acknowledgement of work you’ve done and how far you’ve come, even if it wasn’t actually a goal?

Beyond the call…

Thursday, November 6th, 2008

I recently read a post by Melissa about being sick and running your business and it made me smile. I think I can safely say I went beyond the call of duty for one of my clients last month, on the day Melissa wrote that post…

I spent the morning in hospital in false labour and the afternoon doing errands. By late afternoon, I was in full labour with painful contractions and received a request for an urgent client newsletter mailing. So I spent the early evening preparing and sending out an email in between major contractions – and then went back to hospital for my son’s birth!

Aside from my dedication to client’s :) , managing business during personal health issues is a serious topic for business owners. Do you struggle on and hope you’ll get better but risk making yourself worse? Do you tell clients you’re sick and delay their work? Do you get help from somewhere?

As professionals, we want to fulfill promises to clients and deliver on time and to a suitable standard. As people, we need time to recover from illness and time to rest and care for ourselves. It is when these needs clash that we struggle.

The ideal is to prepare for such issues, rather than find ourselves unable to deal with it (imagine being so sick you can’t even warn clients things are running behind…) What ways have you prepared your business for your unplanned (or planned) absences?

Measuring your business…

Friday, September 19th, 2008

I just came across a blog post about why you need to measure performance which seems like a good starting point for all small business owners.

It’s a good question – I mean, if you don’t measure your success in various areas of your business, how do you know you are actually succeeding? Or how will you know that there is a so-far-minor problem in one area before it turns into a major issue for you and your business?

Yes, it is important to keep on top of where you are at in all areas of business, but I liked the suggestion in this blog post that it is better to start monitoring one or two key areas now than to wait “until I have enough time” to set up measuring programs for everything important to your business.

Why start small with your measuring when the whole picture is so important?

  • it is easier to do so it’s more likely to actually happen!
  • starting with one area will teach you skills and make a wider scale measurement easier later
  • data in one area can be dealt with – once that area is working well, you can focus on another area. Compare that to trying to fix 6 areas at once whilst also trying to manage clients and general business tasks
  • improving one thing often has a flow on effect to other areas anyway
  • you’ll gain confidence and belief in measuring that will inspire you to make time for more over time

So my question is – how often do you measure your business performance? Which area do you think most needs assessment right now?

Finding material to blog about

Wednesday, August 27th, 2008

Some days, words will just flow onto your blog, but there are times when it is harder to know what to write about. It’s normal to have days where we’re less creative, or are tired, or overwhelmed or a multitude of other things that get in our way.

A week or so ago, I looked at a new blog – well, newish as it replaces a previous blog by the same person – and noticed a few spelling errors. Knowing the blogger, I let her know about them and thought nothing else of it. A few days later, I noticed that Melissa had added a new post in which she talked about fixing those errors I had pointed out and the importance of proof reading.

This reminded me of how we can find blogging (or article or newsletter, etc) topics from the simple events that happen in our business and personal lives. Small events can remind us of important things or create a useful learning tool. So here are some suggestions for next time you are stuck on what to write…

  • questions clients have recently asked you – e.g. I recently explained bleeds to a couple of clients and I have been asked if I do editing of articles (which I do!), and both of those could become a blog post
  • tips you come across from other business people – for example, I shared some decluttering tips I gained from a workshop I attended
  • mistakes you see in others’ work – not as a means of criticising others, but as a means of learning from their mistakes
  • turning points and changes in your business – either just to let people know of them, or as a means of teaching others alternatives

By including little things in your list of ideas is a good way to increase the amount of topics you have to write about.

Use your words wisely!