Inspiration Business

Archive for February, 2009

Advertising they say is both a science and an art. This means that in addition to understanding and knowing full well the mechanics of marketing your business, you should also learn to create a unique and distinct ad that will capture the interest of your target market. Regardless of the size of your enterprise, understanding the concept of advertising is vital to your business success.

Particularly for small businesses, advertising your business in say, custom greeting cards, needs a flawless execution of the basics of marketing. In order for you to understand fully the essence of mounting an ad for your business, you also need to consider the fundamental laws of advertising.

The Law of Having One Message

If you want higher response rate to your ad, be sure to have only one message in your marketing campaign such as your greeting card printing. Advertising means having to convey your message in as quick a time as possible because you are only given at least 5 seconds by your target readers to convince them of your worth. With too many messages, you will more than likely to overwhelm and confuse your target market with what you are really trying to say to them.

The point: create one core message that is simple and compelling.

The Law of Credibility

Over the years, advertising has acquired a bad name when it comes to telling the truth and nothing but the truth. People in general have been taught to turn off anything that is even remotely related to a sales pitch. Needless to say that many marketing campaigns failed miserably because the readers know that people in advertising tend to stretch the truth to achieve their goals. So the next time you try to include promises that you are sure not going to keep, think twice and even three times before you do so. The credibility you have built for such a long time can easily crumble with just one bad impression.

The point: do not waste your time coming up with a message that does not speak the truth to attract attention. Your target clients will surely know about it.

The Law of Testing

Unlike their Fortune 500 counterparts, smaller businesses will find it a luxury to test their advertising first before launching them to their target clients. But truth be told, you do not need much resources to see whether your ad campaign such as your custom greeting cards will be effective. You can always utilize simple methods such as coming up with coupons and codes to measure your readers’ awareness of your message. You can also have you staff make a survey for several weeks where they ask your target clients on how they heard of your business.

The point: test everything even if you have limited budget for your marketing campaign. It will give you an idea of where you can improve the next time you have your marketing campaign such as your custom greeting cards.

If you are a business owner, the decision to sell a business is a major step to take. Preparing to list your business for sale is a major undertaking in itself and steps should be taken to ensure that your company sells as quickly as possible and that you achieve the best selling price.

Here is a list of some things you should keep in mind before your list your business for sale.

Equipment and machinery maintenance

It is important to ensure that your equipment is properly operating and serviced. A potential buyer will investigate the condition of your equipment and if it is not operating properly that could raise a red flag. If you have a service or maintenance contract it is advisable to have these records available.

Overall appearance of your business

It is highly advisable that your business for sale be kept in a neat and tidy condition. All customer areas as well as plant or shop space should be well organized, and in immaculate condition. An unkempt business operation is an indicator to a business buyer that perhaps the overall business is not properly manages.

Relevant operating procedures documentation

A business buyer may be intimidated by the prospect of owning and operating a business so it would be advisable to set his or her mind at ease by providing documentation on critical procedures required to run the business. Documented operating procedures should be prepared prior to listing your business for sale.

Information about your customers

One of the main questions a buyer will ask about your company will be about your customers. How well do you know your customer base? You should know who your top customers are, what percentage of sales your best customers represent and make note of any special circumstances (example – long term customer contracts, major new accounts, etc).

Staffing requirements

Be prepared to discuss staffing issues with a business buyer. You should know the current level of staffing, what each person does (position descriptions are helpful), how much payroll represents and if there are any seasonal issues or special skills needed with respect to your employees.

Take a physical inventory

Just before your put your business for sale you should do a thorough inventory. Buyers will ask about inventory levels so it is recommended to have an accurate record to preset when asked. Discard any unsellable items and keep your stock area organized and tidy.

Be open about any legal issues

Be forthright about any legal issues that the company may be facing. Offer this information to potential buyers. The worst thing you can do when you list your business for sale is to keep information hidden. A prudent buyer will uncover these issues during due diligence. Frankness is the best policy.

Find professionals

Besides a business broker, you will need to retain the services of a lawyer and accountant in order to sell your business. A lawyer is a key person to retain to review all contracts and agreements before you sign them. An accountant will help your with the accounting issues, financial due diligence and taxation issues that are triggered at a business sale.

Financial information

You will need to have some significant financial information in order if you want to successfully list your business for sale and attract good buyers. Ideally, you should have 3-years of financial statements that have been prepared by an accountant. You will also need to have income tax returns, the most recent period’s P&L, sales tax returns, bank statements, employment tax filings, A/R and A/P aging schedules, inventory schedule and asset list – among other things!

Listing your business for sale is a big decision. Getting prepared before you list your company with a business broker is the best advantage you can have to sell your business with confidence.

The use of social networking sites to connect people has become so widespread today. But other than those who just want to communicate with friends, old and new, social media is also currently being taken advantage by business oriented people as a way to reach their target clients and improve their businesses.

People involved in small business have found a powerful marketing tool in these social networking sites.

Among the top social media used by business people today are Facebook, Twitter, LinkedIn and YouTube. By using these sites, you are able to expose your business to more people, at both a local and international level.

Facebook

Facebook has become highly popular in recent years attracting millions of users from across the globe. This popularity has, in fact, led the site’s management to offer marketing platforms that encourage people to share their business endeavors and build communities as well.

To use Facebook to your advantage, make sure to create an interesting personal profile page. Include photos and business information that will attract visitors and encourage them to read through your profile.

Update your information regularly so that existing and potential clients know what you’re up to. Discuss recent happenings regarding your business and interact with readers who post comments on your page.

Be friendly at all times and don’t forget to create a “fans” page and invite clients to join.

Twitter

In just a few years, Twitter has attracted a steady following that is increasing rapidly as the “buzz” around Twitter spreads. This is the power of social networking sites – they are viral.

One advantage of Twitter over the others is that it lifts the lid on the activities and conversations of other people. What we are seeing today is news being reported on Twitter before the media even has a chance to tell us.

For business people who want to maximize the vast communication potential of this social networking site, it is best to be consistent when tweeting (telling people what you are doing).

This means not only providing information to your followers about what you are up to with your business, but also adding value. You need to share tools, tips and strategies and make your updates interesting and engaging.

LinkedIn

LinkedIn is an ideal site for entrepreneurs because it gives you the opportunity to grow your business using less of your own money. How? LinkedIn is used by many professionals to search for potential employees and also as a means to expand their business contacts.

Providing a detailed profile (business information and photos) is the best way to expand your network of contacts through LinkedIn.
You can include a link to your website or blog for those people looking to access more information about you and your business.

Interaction is key and you can do this by answering questions that provide valuable and interesting information.

YouTube

YouTube is a phenomenal success in terms of video sharing on the internet. This social networking site has become the Number 2 search engine, behind Google.

If you have not tried live video streaming as a marketing tool for your business yet, it is time to jump in front of the camera. Videos are very powerful tools in drawing online traffic.

Create a short but clear video featuring yourself talking about your business and how you started out. Tell them about your journey, provide them with success stories and share your passion about your business.

Create several short videos (perhaps video seminars you conduct, presentations you make, or other business projects) and upload them on YouTube. Make sure that you post your videos in the category relevant to your business to draw the right target audience.

In using social media to market and improve your business, building trust with your audience is essential. You can only do this by being honest and providing consistently interesting, useful and valuable information. What matters most is that you share your experiences and knowledge. Doing so can influence people’s lives and encourage them to take action.

Today, lots of business experts recommend getting into a business that needs very limited investment and yet returns to you twice or even thrice of what you first put in. With very minimal start-up capital, you could start your very own party rentals business and earn a heaping income every month or so.

1. Begin by building your business identity by researching or finding out the best deals and prices in your area. First and foremost, research what people are selling or leasing in your area, the package offers and the like. It will be easier for you to name your prices and products if you know what your competitors are providing. You’d want to be a more affordable option; however, you must also know the right products to feature.

2. If you know what the right prices are for party equipment in your city, it will be easier for you to make a more affordable price list. Customers are more attracted to cheaper and more reasonable solutions so try to make your services exactly what they are looking for.

3. Know what to feature. You must know what products to invest in and what to lease, as well as what to feature and what to buy first. Know what parents are most willing to get for their children or what children prefer to play with.

4. Know your capital. The capital is one of the most important amounts that could help in starting your business. Since you are planning to start a home based business with limited financing, it is important to know what you should rent first or what products to start off with. The easiest way to calculate how much to shell out is by being able to identify what to lease first; hence, once you know what your first few products should be, it will be easier for you to calculate your start up capital.

5. Set up your company’s reservations and delivery system. If your company follows an orderly manner when recording deliveries and reservations, it will be easier for you to meet your customer’s demands. Good planning and an organized system can help your company greatly.

6. Make it easier for you and your customer to agree to the terms in renting products by preparing a clear contract. These kinds of files will make it easier for you to keep up with costs and responsibilities in case complicated situations occur.

7. Tell the world. It is important to get the word out to your neighbors, friends, relatives, co-workers and to everybody else in the city. Advertise your services with the use of various mediums like business cards, flyers, getting a good website and the like. Also, nothing beats the conventional way of telling all your friends.

8. Offer exemplary service. To be able to win and keep good customers, always provide them with the service they will love. Be a good party rentals company and they will keep coming back to you. Also, they will tell their friends on how good your services are.

What is a “strategic partner?” My definition: the Entrepreneur’s Strategic Partner is a “trusted resource,” that will give you advice, tools, and resources that will drive execution that bring about results. Effició’s tagline says it best…“getting to the CORE of business.”

Not only are we considered the Entrepreneur’s Strategic Partner, we also understand how hard it is to find the right strategic help. Here are the top ten things you need to know about getting the right strategic help for your small business:

1. Know that you make the choice and that choice should be a person and company you respect, admire and feel comfortable with. In order to achieve the goals you set, you have to work with someone who you can trust, and feel comfortable with revealing all of your proprietary information to. Don’t just choose a strategic partner because a celebrity uses them or your best friend uses them – You want to work with someone who takes your business just as seriously as you do. Take the time to evaluate and choose the right strategic partner based on your needs.

2. Don’t get caught up with the trends or latest thing. Instead get caught up with what’s best for you and your business. There are new ideas and programs’ sprouting up every day and it’s easy to get excited or overwhelmed. It’s Ok to stay abreast of the trends, just don’t try them based on your excitement; base it on your strategic direction and most importantly your business model.

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