Survey says: Now is a Good Time to Expand
The NFIB small business optimism index continued posting all-time highs in January. Perhaps most notable among the results is that 32 percent of those surveyed said that now is a good time to expand. That is the highest level in the history of the survey, which dates back to 1972. “Main Street is roaring,” noted […]
read moreThree business lessons from the NFL ratings debacle
It was just a few years ago that the NFL reigned supreme among televised professional sports. Cable and broadcast networks got into bidding wars for the right to televise games. Now it seems that the NFL has gone from champ to chump very quickly, at least if you measure it by audience trends and its treatment in the popular press. And the problems of the NFL have had a ripple effect. ESPN was one of the winners in the last bidding war and now ESPN is one of the biggest financial boat anchors in entertainment. ESPN went on a spending spree for broadcast rights and on-air personalities, and now it’s going through a period of severe contraction with its subscriber base tumbling mightily in recent years. I’m not pinning all of ESPN’s troubles on the sagging popularity of the NFL, but certainly that has played a role. While NFL executives try to right the ship, the rest of us should look at the situation as a precautionary tale and learn from what has gone wrong on the gridiron. Suffering from hubris I think NFL leadership felt it was “too big to fail” and its popularity so embedded in the American psyche that nothing could threaten its place as the premier broadcast television sport. The idiom “How the mighty have fallen” is as old as the Bible and it’s a testament that no one is so highly placed or so strongly positioned that they can’t be toppled. It’s a good lesson for all of us. Whether you’re Google or the most popular diner on Main Street, your position today isn’t assurance of tomorrow. Remember the warning you see on any investment prospectus: Past performance is no guarantee of future returns. Not tending to core A 17 percent loss in TV ratings began in 2015 and seemed to pick up steam last season. Over exposure may have started the downward trend, but polls indicate that much of the current fan loss is due to the on-field protests that have been so much in the news. I sympathize with NFL management because they were trying to walk a line that kept protesting players happy while not offending a large segment of the fans. Once the protests were underway, I have no idea if they could have devised a strategy that would have been less damaging to viewership. The problem was not being able to anticipate the problem. The communication between team management, league officials, and players was not good enough to head off the problem before it got out of hand. Further, no one seemed to understand that everyone – owners, players, league officials – should be customer focused. Again, I think they all felt that they were in an enterprise that was too big to fail. Well, the fans have the last word on that one. Let’s be honest, the core football fan is the guy we used to call Joe Six Pack. He works hard through the week and wants to put all his daily headaches aside on Sundays to root for his team. When political strife starts to encroach on his entertainment time, he’ll find some other activity to enjoy. The lesson is to understand who your core customers are and make their experience everything they want it to...
read moreThis week in small business: Creative and practical advice for 2018
Creativity and thinking outside of the proverbial box is on display this week, especially in our curated collection of marketing articles. You’ll also find ways to beat your self-doubt and cope with the EU’s new data regulations. Leadership, management, and productivity In this USA Today article, Rhonda Abrams delivers seven solid rules for small business growth. Make sure you aren’t breaking any. At times we’re all riddled by self-doubt, so we can all use Ruth Umoh’s four ways to get our confidence back. Do you do ecommerce with Europeans (even if they aren’t located in Europe)? Then you better be ready for the General Data Protection Regulation (GDPR). Christopher Rence explains in this Digital River article. Rieva Lesonsky knows that boosting productivity is a perennial goal for small biz owners and in this piece she outlines five ways to improve. It’s right about now when our New Year’s resolutions start to go the way of fanny packs, so you should appreciate this article by the Entrepreneur staff on forming better habits. Kevin Kruse’s piece on Likable Media co-founder Carrie Kerpen is titled, Advice From The Boldest Women In Business. (It might also be the boldest title we’ve seen in a long time!) Marketing and sales Wow. Shutterstock analyzed billions of image searches to determine marketing design trends for 2018. Amanda Zantal-Wiener presents the overview in a striking infographic. Mike Jarrell zips through four tips that will give your ecommerce operation a kick in the pants. I think the first tip is powerful and easy to do. And while we’re on the topic of ecommerce, Zohar Gilad says that 72 percent of those sites fail on site search expectations. He tells you how to make sure you’re in the other 28 percent. Twitter seems to be the troubled child of the major social media platforms, but nonetheless it could be your best kept networking, marketing, and information secret, says Dakota Shane. Even a small business needs a digital marketing strategy and if you don’t believe it, hear what Ryan Kh has to say on the subject. Joshua Baez goes in-depth in his Heinze Marketing blog article titled, B2B IRL: A Scalable Content Marketing Strategy to Drive Long-Lasting Results. Entrepreneurship, startups, and innovation It’s something we all dream about: a $3-million, one-person business. Elaine Pofeldt tells how one stiletto-loving, corporate mom did it. Great marketing is no joke…or is it? In this article by Alex Yong, he talks with Billy Mann on how to use video humor as a marketing tool. Even if you’re essentially flat broke, Sujan Patel says you can start a business. He offers five options in this Entrepreneur article. And for more on business financing, look over Rohit Arora’s article on loan options. Need tips on how to pitch your business idea? Nina Zipkin reveals the secrets of the Shark Tank’s Barbara Corcoran. And if you want more from Nina, check out her 10 LinkedIn tips. Politics, government, and the economy Jonathan Bernstein does a good job demonstrating how our biases sway our views on the economy. It’s a good lesson to learn because business owners need to make decisions based on what is really happening in the economy with their political prejudices set...
read moreThis week in small business: Productivity, management tips to make 2018 your best year ever
The emphasis this week seems to be on management and productivity, and with competition heating up to claim the riches promised by this growing economy, we can use all the tips we can find. Leadership, management, and productivity With hiring and retaining employees one of the critical challenges today, this article by Liz Greene on successful onboarding is timely indeed. You’ll find practical advice in 4 Things to Know About Ecommerce Returns to Minimize Lost Profits and Keep Customers Happy, by Rafael Zimberoff. You need to keep your relationships healthy in business. Lewis Howes discusses how to set boundaries to build thriving relationships. When Michele Buck was tapped to run Hershey in March 2017, she became the first female CEO in the company’s 123-year history. Susie Gharib profiles Buck in this Fortune article. Aashish Sharma gives us sound advice on how to outsource to boost productivity. Marketing and sales Do you ever ask your Facebook followers to share, like, or comment on a post? If so, watch out, because Christopher Hutchens says Facebook will penalize your page. Chris Parbey delivers 10 social media marketing tips in this Edgy Labs article. Number eight is easy and should be a staple. Writing for Ecommerce Times, John P. Mello Jr. outlines the trends he sees for 2018, including voice, subscriptions, and personalization. Mello isn’t alone forecasting 2018 ecommerce trends, Ann-Marie Alcántara has five she thinks you need to pay attention to. Entrepreneurship, startups, and innovation We’re past the official time for New Year’s resolutions, but readers found Alyssa Wright’s The New Year’s Resolution Every Female Social Entrepreneur Should Make, compelling reading nonetheless. How about boiling success down to four steps? That’s what Erin (Pink) Mosley does in this article. (BTW, each step is summarized by one word! Couldn’t be more straightforward.) The off-term elections are looming big, so you might want to take a look at Lyneir Richardson’s piece on how entrepreneurs can make sensible political donations. Politics, government, and the economy If you think the economy is good now, Jonathon Trugman says it’s in store for even more success in 2018....
read moreThis week in small business: Get back to the basics!
In spring training teams, always start with reinforcing the fundamentals and we seemed to have a lot of that across the Internet last week. Below you’ll find links to posts that focus on creating great habits, protecting your business online, building your brand, financial basics, and more. Leadership, management, and productivity For many small business owners, their business and personal finances are closely linked. For that reason, I think many owners will benefit from the solid financial advice in Edward Shepard’s How to Make the Two Most Important Habits for Financial Success (and, the two habits definitely carry over to the business world.) Sometimes you need to take time out with a great book. In this essay by Dan Coughlin, he looks back at his 2017 reading highlights. You’ll find many inspiring titles here. John Rampton is right on the money in his article on working smarter not harder. His 10 tips will help you make 2018 your most productive year yet. Kathy Larchian leads marketing, operations, and growth, and manages the creative team at the design and invention firm PENSA. Don’t miss Laura Emily Dunn’s profile of Larchian in the Huffpost. In today’s online world you can’t have too much cybersecurity, so make sure you’re up on Bill Hess’ eight ways to protect your business from online risks. (Number one seems obvious, but I bet many businesses neglect it.) Marketing and sales Richard Bensted covers SEO and human-centered design fundamentals well in his BizCommunity article on how to build brand experiences with SEO. While the year is still young, bone up on 2018’s five key digital marketing trends as forecast by Maddy Osman. Next, compare Maddy’s list to the nine social media trends Chris Parbey says to expect this year. Don’t go into hiring an SEO agency with false expectations. To prepare yourself, check out Georgi Todorov’s SEMrush piece. Entrepreneurship, startups, and innovation For much of the country lawn-mowing season isn’t here yet, so you should have time to read Jonathan Blumberg’s article about Christy Webber, who turned a summer lawn mowing job into a multi-million dollar business. There’s no denying today’s youth movement and that’s why the advice from 10 members of the Young Entrepreneur Council on the most important thing to keep in mind, should be helpful. List Stiffler puts the spotlight on an interesting startup: Armoire. It’s a woman’s clothing rental service. Next disruption or next disappearing act? Politics, government, and the economy Did you know that over the course of 2017, small business optimism posted an all-time yearly high? The NFIB published its results last...
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