Five Hot Trends for 2015: Which Will Benefit Your Business?
Predicting trends is always risky business. However, I’m confident the five I’m enumerating here will definitely command their share of headlines over the next 12 months and beyond. But frankly, whether I – or anyone else – publish an “X Number of 2015 Trends” article is not important by itself. Any value lies in determining which trends are most suitable for advancing your business throughout the year, so it’s from that perspective that I’ll examine these five trends, starting with what I believe is the biggest and most important. #1: 2015 will offer major small business growth. If you had a “Magic 8-Ball” rolling around your house when you grew up, you know that one of its answers is, “All signs point to yes.” That’s the way I feel about significant small business growth in 2015: It’s going to be there for those who are well positioned and ready to work hard. This has major practical implications for your business. You need to be sure that everything is in place to participate in 2015’s opportunity for growth. If growth requires funding, put it in place. You may need to hire. You could need more space. I have additional comments on some of these areas below. Also, during the recent difficult years, many small business owners deferred funding their retirements. Go into 2015 with a positive attitude, ready to grow and aggressively build your retirement accounts. #2: Savvy marketers stop chasing trends (with the exception of #5). Recent years have seen small business marketers go “all in” on the “trend du jour,” whether it was Facebook ads, content marketing, SEO, automated CRM or any number of tactics. In 2015, businesses will bring a sane and holistic approach to their marketing programs. All of these sales and marketing strategies have their place, but in 2015 small business owners will look at the big picture and design their own “marketing blend” that includes several of these, plus they will bring in more traditional marketing devices such as direct mail. #3: The color of money will be in flux. Major wars will be fought over payment systems and even currencies. Mobile acceptance systems, smart cards, smart phone-based payments, and cryptocurrencies like Bitcoin will be battling it out for chunks of this huge market. Some small business owners can sit out this war until some clear victors begin to emerge. Others need to get involved. Consider the customers you have today and the ones you hope to have tomorrow. Will the ability to use Apple Pay or one of the other players in this Kabuki drama impact their decision to do business with you? #4: The “home office” is officially listed as an endangered species. Virtual workers, coworking spaces and cloud computing will continue to change the complexion of the small business workforce. As you plan for your 2015 growth, you need to seriously consider all of these major trends. For example, if your planned growth includes opening up new territory, your initial foray could take advantage of a low-cost coworking space and perhaps even a virtual employee. If you have successfully moved critical infrastructure to the cloud, you can locate team members anywhere. #5: Mobile and local marketing are promoted from kings to emperors. Marketing professionals will continue to develop new systems and...
read moreHow to Practice Safe Hiring in 2015
Have you ever gone to a Chinese restaurant where every server seemed to be of Asian descent? Or do you know anyone, ahem, who has been served in a Hooters by anyone other than an attractive woman? Please spot me as I tread on somewhat dangerous ground, but I think we all know that these situations are quite commonplace and in some cases – as with Hooters – they are a major component of the business model (no pun intended). However, businesses need to be very careful to obey state and federal laws that prohibit employment discrimination – as one New York City restaurant found out recently. Want ad wording Owners of Sistina, an Italian restaurant on the Upper East Side, got slapped with a $5,000 fine for using the word “hostess” in a Craig’s List ad. (They are currently fighting the fine.) The word “hostess” is gender specific, which is a no-no per the state’s Commission on Human Rights. Also, the commission “tested” the restaurant by sending two email replies to the ad, one from a male name and one from a female name. The commission says that only the response from the female name was opened. The restaurant says that it originally wrote the ad without giving it much thought and that failing to open the email from the male name could have just been an oversight. While we don’t know the ultimate disposition of this case, it does highlight the care business owners need to take during the hiring process. First, your attitude cannot be casual. You need to be familiar with the law, perhaps to the point of consulting a lawyer – especially if you’re new to hiring. Protected classes Over the years, the 1964 Civil Rights Act has been amended to prohibit discrimination based on race, color, sex, pregnancy, religion, national origin, age (40 or over) and disability. You can find a list of prohibited policies and practices on the Equal Employment Opportunity Commission website. State or local laws may go further, naming groups such as homosexuals or transgenders. People who feel they have been discriminated against under the federal law need to file a complaint with the EEOC. However, note that in the New York case, the state commission acted on its own and apparently not at the behest of an applicant who felt he had been discriminated against. This underscores the value of consulting a lawyer to be sure you’re starting off on solid ground. As a general rule, start the employment process with a good job description. When you put the job requirements in writing, it makes them easier to review by yourself and others to be certain you are not mixing in any elements that could be considered discriminatory. Stick to the script Further, when you interview you need to stick to discussing the actual job requirements per your description and not accidently slide into areas prohibited by law. Also, it’s a good idea to have standard questions that you pose to each applicant. This will help you keep the conversation focused. I’m hoping that 2015 will be a major growth year for small businesses and if that materializes, many of you will be in the hiring mode. Don’t let a careless slip cost you big money and send you...
read moreHere’s to a Prosperous and Less Stressful 2015.
Whew! The holidays are over. What a whirlwind of activity. For business owners, not only do you have all the festive activities to keep you busy, but it’s also the end of the year which adds the stress of closing your books. Perhaps, you’re like me and you thrive on stress. But shame on us. Stress is the number one cause of illness in the U.S. As we start the New Year, it’s a good time to think about decompressing and getting stress under control to be more successful in our small businesses. Too often we spend time thinking of how perfect and stress-free our lives would be if we could only……..be debt-free, find a soul-mate, be cancer-free, have the perfect house, increase our business success, whatever. So not true. Stress will always be a part of life, so much so that we have a built-in, evolutionary and physiological reaction to it: fight or flight. As all of us try to balance business and family, we forget to find time not only for ourselves, but also for relishing simple pleasures. We could all benefit from a little “Carpe Diem” now and then. But in order to seize a bit of that day, you have to be able to manage your stress each day. For the New Year, I’m gifting all of us with tips on reducing and relieving stress, compliments of the world-renowned Mayo Clinic. Here are the facts: If you’re less stressed, you’ll be able to sleep better, will have a more positive outlook on life, and will be much more able to enjoy your daily interactions. To reduce stress, you have to work on minimizing the stressful situations in your life and to relax your mind and body. You don’t have to invest a lot of time or thought into stress relievers. 1. Get active. Virtually any form of physical activity can act as a stress reliever. Even if you’re not an athlete or you’re out of shape, exercise is still a good stress reliever. Physical activity pumps up your feel-good endorphins and other natural neural chemicals that enhance your sense of well-being. Exercise also refocuses your mind on your body’s movements, improving your mood and helping the day’s irritations fade away. Do anything that gets you active. 2. Laugh more. A good sense of humor can’t cure all ailments, but it can help you feel better, even if you have to “fake-it ‘til you make-it.” When you laugh, it not only lightens your mental load but also causes positive physical changes in your body. Laughter fires up and then cools down your stress response. So read some jokes, tell some jokes, watch a comedy or hang out with funny friends. 3. Connect with others. When you’re stressed and irritable, your instinct may be to wrap yourself in a cocoon. Instead, reach out to family and friends and make social connections. Social contact is a good stress reliever because it offers distraction, provides support, and helps you tolerate life’s up and downs. 4. Assert yourself. If you’re like a lot of us, you might want to do it all, but you can’t. At least not without paying a price. Learning to say no or being willing to delegate can help you manage your to-do list and your...
read moreCozy Up and Enjoy Some Success Story Cheer
Christmas and the holiday season unite us all in at least one thing: Celebration! With our shared interest in small business and entrepreneurism, I thought we should take this special time to celebrate small business success and the entrepreneurial spirit. So let’s wrap some small business success stories in festive paper and put a big bow atop each one. Low tech leveraging high(er) tech We occasionally read about some young tech whiz who programs an app and makes a bundle of money. But don’t for a moment think that’s the only path to success. Back in 2006 sisters and stay-at-home moms Tammy Nelson and Nycole Pederson launched an online (that’s the tech part) business selling yard signs (Sassy Signs); what could be more low tech than that? According to Family Circle, it cost the sisters $25,000 in startup manufacturing costs and after three years they were booking more than $200,000 in sales. From delivery guy to franchise owner Pakistani immigrant Nadeem Bajwa is the second largest franchise owner in the Papa John’s Pizza system. He came here in 1991 to pursue a triple college major of management, marketing and accounting. He took a job delivering pizza – first for Domino’s and then for Papa John’s. He was soon promoted to management and in 2002 he signed a deal that gave him ownership of two locations in Ohio. Before long he was operating 127 locations in the US and Canada. The American dream is alive and well. A kid cares for pets We have always taken inspiration from immigrants like Nadeem Bajwa who work hard and enjoy tremendous success. Through our history we have also been inspired by youth who come up with great ideas and couple it with a natural entrepreneurial spirit. Houston eighth grader Lincoln Dow is an example of a young man with an idea that he is set on pursuing. After once having to consign his pet Blue Doberman to an airplane cargo hold, he decided to start his own pet transport business: People and Pets Dog Airlines. The 14-year-old pilots a single engine plane and his plan is to use it to transport pets in comfort to virtually any location. The pets will ride in the back seat and Lincoln will make stops whenever his passenger requires it. Sounds like a (business) plan. The best social program Ryan Blair grew up in a poor home, in a bad neighborhood and surrounded by both drug and domestic abuse. With his siblings in prison and his mother an alcoholic, he became a ward of the state and turned to gangs as a replacement for the family he didn’t have. His mom eventually straightened herself out and connected with a man who moved them out of their crime-ridden neighborhood. The boyfriend believed in Ryan and gave him the confidence to start his first business. In 2005, he founded a fitness and weight-loss business, ViSalus, that is now worth some $600 million. Ryan took the gritty education he got in the school of hard knocks and used it to propel himself to success in the business world. What is the difference between Ryan and the thousands who opt to deal drugs or just become poverty statistics for our society to bemoan? Someone came alongside Ryan, helped him gain confidence...
read moreWhat We Can Learn About Branding From Santa C.
I would dare to say that in terms of worldwide brands, few – if any – are as big as Santa Claus. Heck, the big guy was an expert on branding more than a century before today’s marketing gurus discovered the concept. And whether he originally designed a global branding strategy or is just a natural born branding genius, there are many things we can learn from him. Let’s look at some notable features of his branding strategy. Consistent look and feel. Santa Claus runs a global empire and is well known on every continent. And although he has adapted to a wide range of cultures and language groups, his red and white clothing makes him instantly recognizable anywhere on the planet. By the way, I suspect Coca-Cola marketers used his color palette for inspiration. Regular and dependable. You can set your watches – well, at least your calendars – by Santa’s schedule. He never misses a delivery. Come Christmas morning, his deliveries will be under the tree. I might note that because of his reputation and universally known schedule, Santa does not have to waste valuable resources developing and maintaining a tracking app. Also, to assure his dependability, Santa makes lists and checks them twice. Good advice for all of us. By the way, rumor has it that he has abandoned his old bound volumes and now is managing all his lists via Evernote. Multicultural. Long before the concept of multiculturalism was on anyone’s radar screen, Santa had adapted his operation to a wide variety of cultures, ethnic groups and nationalities. He recognized early on that it was vital to his brand. Generous. Santa does not charge children for the presents he delivers. At first this might seem crazy, but you need to see the big picture. The presents he gives children assures their love and loyalty as they grow up. Later when these same people have children of their own, they go to work for Santa, donating their labor and goods! In the same way, Google and Apple give away their map apps for free and we all go around helping them improve their navigational database. Content marketing. Santa is a content marketer without peer. Consider a narrative like The Night Before Christmas. That piece of marketing content first went viral in 1823 and it has been “shared,” “liked” and “retweeted” (actually “republished” – it’s more than 140 characters in length) millions of times since then. I won’t even begin to list all the popular songs about Santa. Knows his target demographic. Santa is huge with kids from six to 65. This group has been his focus from day one and it continues to be that way today. I don’t see it changing. There is much more that I could say about Santa’s success. For example, although he delivers all around the world, his mode of transportation leaves no carbon footprint. In fact, it leaves nothing more than a few small hoof prints atop roofs. This forward-thinking strategy has done much to endear him to eco-sensitive consumers. But rather than take more of your time, let me end with a line from that famous narrative I mentioned earlier: “Happy Christmas to all, and to all a good...
read moreFill Out Your Holiday Sales Report Card
In the spirit of “there’s nothing new under the sun” and don’t try to “reinvent the wheel,” let’s look at what merchants, on average, did to boost sales over the holiday buying season. Consider this a report card against which you can judge your efforts this year and then use it to plan for other major shopping seasons. You participated in “Small Business Saturday.” (10 points for a “yes” answer.) While I don’t believe this event increased sales overall for the season, I think it demonstrates your commitment to supporting local businesses and that serves to spread the notion through your community. You participated in a town-wide “holiday stroll,” “Shop Local” or other type of town event designed to draw more people to your area. (10 points for a “yes” answer.) This is the local version of American Express’ “Small Business Saturday.” It’s a little more beneficial because it also helps you build a local framework for staging events. You did a cross-promotion with one or more local businesses. (20 points for a “yes” answer.) Now we’re talking! If you did this you really got aggressive and creative. Find more ways to support one another in the coming year. Learn to value cooperation at least as much competition. You offered discounts and specials. (10 points for a “yes” answer.) This is the “go-to” strategy for the Christmas season. How well did you monitor your pricing? When stock got low, did you hike prices a bit? Websites, entertainment venues, airlines and others use variable pricing based on supply and demand. When almost all the seats are sold for an event, prices go up. You can do the same with some planning. You offered unique or hard-to-find products. (15 points for a “yes” answer.) If you did this, it means that you were alert throughout the year looking for those special items that no one else offered that you knew your customers would love. Keep up the good work! You extended your holiday hours. (10 points for a “yes” answer.) This is a standard tactic around the holidays. However, did you keep good enough records to be sure that the move was cost effective? You held some special events. (15 points for a “yes” answer.) If you managed to pull off one or more special events, how was attendance? How would you do things differently next year? Talk to your customers after the season is over and see if your programming met their needs and ask what they would have like to have seen. You offered your products online. (10 points for a “yes” answer.) If you’re retail, you should have an online presence by now. If you answered yes to each of these, you will have scored 100 points. You’re a holiday shopping season star. By the way, all of these strategies come from a survey that Alignable conducted. They asked 50,000 Alignable B2C users about their plans and these are their answers. If you’re interested in connecting with other small business owners through social media, check out Alignable. It can make a difference. Image: Grandmother’s 3rd Grade Report Card, © 2010 Kyle Harmon, used under a Creative Commons Attribution-ShareAlike...
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