Have a Traditional Holiday, Not a Traditional Marketing Plan!

It’s that time of year again, time to break out the mistletoe, watch the Christmas parade, marvel at the Grinch and eat too much. It all comes around very quickly and soon, with a couple of hiccups and an Auld Lang Syne, we will welcome a fresh new challenge. This is a season for traditions, to reflect on what is good in life, to cherish our thoughts and beliefs and there is certainly time to give thanks for the past year, however difficult it may have been! But it is also time to look forward to 2010, to take an even deeper breath than normal and to re-evaluate exactly where we are all going.

Tradition is great around the fire with the family, but to survive in this ultra-competitive and challenging environment we need to make sure that our marketing plan is anything but traditional. So much is changing in our world, brought about by a new wave of thinking, hard economic and financial lessons, technological advances and in our case, a shift in the very way that we communicate.

Now is the time to re-evaluate your relationships and to ask yourself what your business is going to achieve this year. Thinking outside the box is a given, now and you must ensure that your organization is flexible, if not able to roll with the punches. Those traditional measurement methods are not really applicable anymore, but the opportunities are even more exciting. Redefine where you are, where you want to be in 12 months and then work out how you are going to get there.

Your customer base is also changing and your dynamic marketing plan should not be afraid to break new ground. Try something different – talk with your customers and ask them what they want! Use the 80/20 rule to best effect. See how you can modify your goods or services and hook onto something that will really sell in 2010. By asking for feedback, you will serve to strengthen the relationship that you have with your clients and they will see that you are being proactive and really interested in serving them.

Although it’s been said many times, many ways, really focus on making a splash in social media. The majority of organizations do not, yet the population of the social media world continues to explode. The folks you are selling to are out there. Learn how to communicate with them.

As you are preparing your new marketing plan, reflect on everything that has happened in 2009. It has certainly been a tumultuous year and you will inevitably find that you can learn some significant lessons from your journey. Use these reflections to help you prepare your marketing plan. This year, make sure that you keep up with the milestones in your plan and if need be, make additional modifications as you go.

Have you prepared your new marketing plan?

Matthew Toren

Don’t Let Negative Feedback Bring You Down

It’s an integral part of doing business and sooner or later you are going to come across it as well if you are an aspiring entrepreneur. Negative feedback can strike at the heart, especially if you are proud of the work that you do, as hopefully you are! It’s important to understand that, as much as anything else due to the law of averages, you are going to come across someone who is displeased with what you do for one reason or another. This does not have to be a client either, it can be someone who takes a completely polar opposite view to a post you may have placed on your company blog. This person will vent about her interpretation in the comments section and may cause your day to become rather unpleasant, quite quickly.

It’s important not to get too upset and to let these things become blown out of all proportion. If you express opinions within the articles that you write, the blogs you post or even the direct content within your webpages, then you must realize that other people will have different points of view. Some people choose to air these differences rather vocally and forcefully, while others are more tactful and subtle. As the old saying goes, it takes all types to make a world and you’re not going to be able to agree with everyone, no matter what you do or say.

If you receive negative feedback as a consequence of your work – maybe some articles that you have written or design projects you have undertaken – then you must analyze the situation. Most of us are taken aback by negative feedback and our natural reaction may be denial or disagreement. Never, under any circumstances, immediately fire back a reply to this person, most especially if he or she is a client, without calmly reviewing the circumstances! It doesn’t matter how nasty the negative feedback can be, you must compose a professional and well thought out response.

Try and understand where the person is coming from. Be honest with yourself as well and own up if you are in the wrong. Don’t be tempted to come up with any number of lame excuses or even made up responses, as even though you may feel justified, you should couch your response professionally and appropriately. Where possible, offer to make amends and in the case of a client, go out of your way to smooth things over as best you can.

It’s quite possible that you will receive some negative feedback and have no idea why this should be the case. Sometimes the person at the other end has their own agenda, a particular issue, or is just having a bad day. They may be choosing to vent their feelings at you or your organization and this is just unfortunate. Don’t be tempted to get into a “catfight” especially in a public forum such as blog commenting. Try and resolve criticism and move on in these cases.

To be a successful entrepreneur you need to have the skin of a rhinoceros and must not let negative feedback get you down. Always have pride in your work and pay attention to detail and the chances are that this kind of feedback will be few and far between.

Do you have a way of dealing with negative feedback?

Matthew Toren

Twenty Three Top Tips from Entrepreneurs

As we interact with entrepreneurs like you on a daily basis, we are often interested in hearing all your stories, be they (hopefully) success stories or tales of gloom and despondency! The very essence of an entrepreneur dictates that you have plenty of tenacity and spirit and many people believe that entrepreneurs are born, rather than made. However, each one of us needs to hone a really wide array of skills and we sometimes need to refocus to ensure that we are always moving forward and in a constant mode of development. Our daily discussions have prompted us to gather together a list of twenty three tips from entrepreneurs, which we hope are of value during your daily grind!

Always identify the need. Successful entrepreneurs provide goods or services to a hungry market. Don’t make the mistake of coming up with an idea and then trying to see whether it will sell, or not. Analyze the need first.

Apply the KISS principle. Try to keep it simple, as much as you can. If you have too many loops in your sales process, or require the interaction of too many parties to make it all work, you face an uphill battle.

Redefine the work ethic. If you are just setting out as an entrepreneur, you may have thought that you needed to work hard in your previous occupation. Get ready to reinterpret your meaning of hard work!

You, Inc. Essentially, as an entrepreneur, it’s all about you. While you may have a branded product or service, go out of your way to project you as the expert and the valuable cog in the wheel.

Analysis – paralysis. It can be very easy to fall into the trap of constant research and a loop of information gathering. There’s a time and place for this essential element, of course but you must always feel as if you’re placing one foot in front of the other and not hanging in midair.

Surround yourself with excellence. Many experts suggest that you take on the characteristics, ethics and approach of those who you interact with. Try to surround yourself with positive and productive people who have something to contribute to your overall good.

Watch the clock. Time management is a fundamental consideration. Don’t get hung up with analysis, but do make sure that you produce a comprehensive and workable time management plan for your daily and weekly activities.

Just do it. Discipline is everything and never put off until tomorrow what you know should be done today. Over a period of time, this kind of behavior will evolve into a lack of productivity.

Don’t reinvent the wheel. You may have a very novel and exciting concept and expect it to sell like hot cakes. That doesn’t mean that you have to reinvent all the sales, marketing, operational and backup machines that will be necessary to bring your baby to market.

Be like a rhinoceros. You will need thick skin and must be able to brush off any rejections, any negative reactions or naysayers. This is not to say that you should ignore any constructive criticism, or that you should ignore disgruntled customers, but you must be able to bounce back right away.

Be frugal. When things start going well, remember how much of a struggle it may have been in the past. Always maintain a frugal approach and run your business as if every penny counts.

It’s a YE state of mind. It may not be a New York State of mind, as the song goes, but your outlook and approach will dictate your ultimate success. Believe!

Have an appetite. Always be hungry and driven and not “fat and happy.” You must be constantly striving to get to the next level.

Social buzz. If you don’t understand the importance of social networking to your business yet, get on board as quickly as you can. This is a train that has already left the station and you had better jump onto it as soon as you can.

Get a mentor. Seek out someone who has been successful in your niche of operations. If you can develop a personal relationship, all the better. At the least, try and sign up for his or her books, seminars or e-mail newsletters.

Nerves of steel. Becoming a successful entrepreneur requires you to be a lover of roller coasters. If you like those white knuckle rides, be prepared.

SWOT. Take an honest look at yourself and your operations. Can you determine what your strengths and opportunities are? Perhaps even more important, what are your weaknesses and can you envision your threats.

Don’t stand still. Entrepreneurialism is a constant process of evolution. Be always looking for the next opportunity and how you can improve your breed.

Horses for courses. While an entrepreneur must often be the master of all, it only makes sense to allocate some of the complex and important professional elements to appropriate people – accountants, attorneys and other advisers.

Never take off the training wheels. There is no such thing as too much education, so try and fit in seminars or other training courses into your active schedule. These are good investments in your future.

Everything is negotiable. Being in business requires you to be flexible. They say that everything is for sale for the right price and in business, everything is negotiable as you try and achieve a win-win situation.

Shout it from the rooftops. Self promote at all times. Have your own elevator pitch ready and be able to indicate and inform about you, your products and your services.

Believe. With self-confidence and a strong sense of self belief, you can go to the moon.

We would love to hear your tips?

Adam Toren

Should Your Startup Outsource?

Outsourcing has long been the practice of large companies looking to cut costs and streamline processes.  But many small startups have also chosen to outsource some of the key functions of their business in order to manage things more effectively.  Many young companies are running lean and mean with few employees wearing many hats.  This is par for the course in a startup, but it also places you at risk because it means you’re not giving the highest level of attention to any one part of your business plan.

Individual pieces of your overall strategy such as marketing, accounting, or sales should have dedicated professionals running them.  Yet it is expensive to hire a staff large enough to take on each portion of your business individually.

In recent years, a plethora of small firms and freelancers have established themselves, focused on providing small business solutions and specialized, outsourced management of key business areas.  Thanks to modern technology, outsourcing has become affordable and allows these professionals to work remotely, without even taking up office space in your facility.

But is outsourcing always the best option for a startup?  Keep in mind that there is no way you’re ever going to get out of working hard for your own business.  Outsourcing can help lift some of the burden, but even then you’ll have to stay on top of everything that you’ve hired someone else to do.

Additionally, in order to be competitive in any market, you must strive to stand out from the crowd.  If you’re hiring outside groups to do things for you, chances are high that they will be using tried and true methods.  While this offers you some stability, it also means that you’re not going to be blazing any new trails.  As an entrepreneur, you need to think creatively when it comes to your business strategy.  You are the only one who has that drive and the passion to get your company moving in a unique direction.  If you do outsource, it is essential that you maintain constant vigilance over the work being done for you by outside firms.

As an entrepreneur, you are the only who knows if you really need help.  It is up to you to balance the decision between the costs associated with outsourcing with your own limitations of time and ability for managing certain aspects of your startup.

If you do decide to outsource, make sure you weigh your decision on whom to hire as seriously as the decision to hire in the first place.  There are usually multiple options and you should be prepared to meet with these firms, check references, and find out their processes for working, communicating, and implementing before you sign a contract.  Once you hire an outsourcing firm, they become an integral part of your business and you will be working with them on a daily basis.  Their overall business philosophy should compliment yours.

Business Insurance

Having a business isn’t all about the excitement of launching a new product or meeting your fiscal goals.  There are actually a lot of tedious aspects to being a small business owner, not the least of which is dealing with insurance.

Let’s face it, we all need it but no one really likes insurance.  The policies are confusing, it costs a lot of money, and you’re never exactly sure if you’re as covered as much as you should be.  But the alternative is far worse because not having insurance places everything you’ve worked so hard for at risk.  So, in the interest of keeping ourselves out of harm’s way I thought I might review the basic insurance offered to all businesses.

Keep in mind that each company’s situation is unique.  You should work with a reliable, trustworthy insurance agent to design a policy that will suit your specific needs.  Additionally, it is advisable to shop around and compare quotes from at least three companies before you sign up.  Not all insurance companies offer the same coverage at the same prices, and you can save hundreds—even thousands of dollars every year by taking the time to compare before you commit.

1. Property/Liability Insurance

This is the most basic type of insurance and it will cover all your physical assets if something unforeseen happens.  Natural disasters, theft, and accidents that occur on your company’s premises are covered with this type of insurance.  You need to make sure you have plenty of this type of coverage, particularly if you have employees because if they are injured you’ll have to cover their medical expenses.

2. Vehicle Insurance

If you company operates any motor vehicle for delivery, sales, technical assistance, or repairs you must have full insurance to protect you if other parties are injured by a vehicle in possession of your company.  Even if your drivers have their own insurance, you are still required to insure you own vehicles.

3. Website Insurance

This insurance protects you from suits brought against your company because of your website.  These can include intellectual property disputes, accusations of libel, or any other issues that might arise when doing business on the World Wide Web.  You may also get coverage to protect you if your site is hacked and you incur losses from your site being down for an extended period of time.

4. Employee Liability Coverage

Policies which cover key employees and executives can help your company stay afloat if things happen (accidental or intentional) during the course of their employment.

5. Health Insurance

Individuals without health insurance in the U.S. are sitting on a time bomb.  That is why the majority of companies that wish to stay competitive offer health insurance as part of their benefits package.  If you want to attract talented people, you’ll need to seriously consider providing health insurance to your employees.  Many employees will make a decision about where they want to work based as much on the insurance the companies offer as the salaries.

Remember, business insurance is not only beneficial—many times it is required by law.  Don’t put yourself, your employees and your dreams at risk.  Take the time to find out what insurance you need and shop around for quotes.  You may be surprised at how much peace of mind you have once your policy is in place.

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