Cashing in on Information When You’re Not Google
The hot commodity today is information. Look at the most visited websites in the world and our thirst for information becomes obvious. Of course Google is at the top and Facebook is next. It’s critically important to fully understand and appreciate that one-two punch of most popular websites. Google is where we go to gather general information and ask questions. Facebook is where we share information about ourselves and get information about our families and friends. Two very different web portals offering different services, yet both are built on the foundation of information consumption. You aren’t Facebook, now what? Where does this leave you? I would bet that most of you sell something other than information. However, you need to find a way to take advantage of the consumer demand for information. Right now you’re offering your customers or clients a product or service; how do you weave an element of information into it? I’m certain you are familiar with all the tools you can use to pull this off: blogs, YouTube (number three most visited website, by the way), Facebook, Twitter, Instagram, Pinterest, podcasts, newsletters, webinars and more. Your next three steps should be: Defining what information you need to offer, Deciding which are the best vehicles to share your information, and Planning the best way to promote your information sharing. You and your customers are the experts who will best determine what information you need to offer. In some cases it might be obvious. Restaurants, for example, can share recipes on line. They can also hold cooking classes. Also, don’t forget the personal side of information sharing; some customers might be interested in knowing more about who you and your employees are. Know your customers If it’s not obvious what information you should be giving your customers, ask yourself this question: What issues do my customers have that are directly or indirectly related to the product or service they are buying from me? Also, chat up your customers. Find out what’s on their minds and what they would like to know more about. Ask them what websites they visit, what blogs they read. Deciding how to best share your information depends on the nature of the information. I recommend a two-pronged approach for most people. The first prong is for shorter bits of information offered more frequently. The second prong is for more in-depth information offered less frequently. The first prong is also used to promote the second prong. For example, establish a Twitter or Facebook account and share short bits of information. Also use it to announce new longer articles on your blog, your new podcast, or your new YouTube video. Of course, also use your website to promote both prongs. This keeps you top of mind and establishes your business as the expert in the field. These attributes lead to long-term growth and success. Because they don’t produce immediate impressive sales, many small business owners stop trying to provide information after a few months. Let your competitors make that...
read moreHave You Tried This Neat Tool to Slay the Paper Beast?
NeatReceipts portable scanner There are two things society has promised me that I have not yet experienced: flying cars and paperless offices. About once a year I scan a headline claiming that there’s a promising flying car in the works, but you can’t prove it by me. The paperless office, however, may be substantially closer to reality…well at least the “largely” paperless office. Cloud computing is playing a major role in transformation. People everywhere are using Google docs, Google drive and a parade of other efficient and affordable cloud services. On the front line in the battle to move our huge pile of paper to little zeros and ones that live in our data storage devices or up on the cloud is the family of Neat scanners, software and services. When life gives you paper… If you watch much television, you’ve seen the commercials for the Neat scanners. They take documents, scan them and turn them into searchable digital files. The software extracts critical information such as names, dates and receipt totals, so the Neat systems can be extremely useful for businesses. Anyone who has had to deal with filing expense reports or itemizing deductions for tax purposes will immediately understand what a time saver this can be. How many of you jam all your receipts into a single file folder and spent hours sorting them out (and trying to remember what they were for) when April 15 starts looming on the calendar? Recently I had to deal with a huge pile of contracts. I needed to review various revisions, etc. Do you know how much faster it is to search for words and phrases in a contract after it’s been converted into a keyword searchable document? Rhetorical question. Of course you do. A trio of scanners Neat has a lineup of products and services that run the gamut from purse-size to cloud-size. NeatReceipts is a portable scanner you can take on the road. The company also offers a desktop model along with a wi-fi enabled scanner that can send documents to the cloud without being connected to a computer. But it’s probably the software that’s really the most important part of the system. As I said above, you can turn all your paper into searchable documents and get them properly categorized virtually immediately. The software has another very cool feature you’ll probably find useful. You can “print” web receipts to Neat and the software will extract all the information and put it in your files along with the paper receipts that you’ve scanned. Plus, it’s compatible with other software you’re using, such as Quickbooks. Use your smartphone camera If we ever win the war against paper, Neat’s hardware products will become obsolete, however we both know that’s probably not going to happen anytime soon. But the company is looking forward and has launched its Neat Cloud Service. Neat Cloud works with its Neat mobile apps. This lets you snap a photo of a receipt or document with your smart phone or tablet and have the information sent automatically to the cloud service and properly filed. Do you have any favorite paper-slaying hardware, software or services you’d like to...
read moreWill Your Franchise Be a Turn-Key Success, or Failure?
Winning business ideas aren’t easy to come by and that’s a major reason that purchasing a franchise can be so tempting. If a company has been selling franchises for many years, it must have a successful business idea and model, right? There is indeed some truth in this, but within any franchise concept there will be very successful operators as well as many failing or struggling operators. This means you must be very careful, whether you’re licensing a franchise directly from the franchisor or buying an existing franchise business from its current operator. For example, I remember a successful local deli that had multiple locations and decided to franchise its concept. They did all the legal work required to start a franchise business and soon had several franchisees up. However, the company was jointly owned by a husband and wife, who ultimately divorced. Like their marriage, their business went belly up and the franchisees lost their investments, which for many was their entire life savings. Turnover rate alarming Franchise operations can be a very mixed bag. Even the most successful franchises have their share of duds. Further, a recent analysis of turnovers within the industry revealed some alarming statistics. The turnover rate for the four years beginning in 2010 and ending at the end of 2013 was 122 percent, with more franchisees leaving than opening. “Turnovers” include terminations, transfers, non-renewals, re-acquired and ceased operations. During this period of time, 135,289 franchises opened while 164,832 franchises closed their doors. The data indicate that many franchise operators, like the victims of the failed marriage/business that I mentioned above, end up going out of business well before their contracts are up. Contracts are often for periods of about 10 years. Certainly there are many problems that contribute to this alarmingly high number. The economy has been tough on small operators across the country. Also, some critics say franchisors need to focus more on supporting their franchisees than selling more franchises. Further, some operators go into the business without appreciating what it will take to achieve long-term success. Tragically, those who don’t make it can lose much more than their franchise fees. Buyers beware People can get a franchise location through the original franchisor or when a current franchisee decides it’s time to sell the business. In both cases it’s critical that buyers truly understands what they are getting into. When establishing a new location, it’s always an educated guess if the territory will ultimately support the franchise. Buyers need to find similar locations and see how well owners are doing. When existing owners are selling the critical thing to know is why. Are they successful but just ready to move on or retire, or is the business struggling? Owners won’t tell you that their business is a dog and they desperately want out. Buyers need to be very thorough in their analysis. If they have experience turning around poorly managed businesses, they might be able to negotiate a good price and do well. However, losing their money is probably a more likely outcome. The takeaway here is that despite being often advertised as “turn-key” operations, the franchise door that the “key” opens doesn’t always lead to profits, so be careful and get guidance from experienced and trusted...
read moreHow to Recognize Workplace Bullying to Protect Your Small Business
Each year October is National Bullying Prevention Month and the first step toward prevention is being able to recognize bullying, its early warning signs, and the conditions within which it often arises. While the press often focuses on tragic cases of youth bullying, it also occurs in the workplace. Review this infographic to remind yourself of the signs that can indicate bullying among coworkers. Then check the statistics at the bottom to get a better picture of the bullies and their victims....
read moreAll in the Family: Running a Small Business Together.
Mom and pop shops are a big part of our American culture. It’s the picture many of us conjure up when we visualize main street America– very Normal Rockwell. But today technology has dramatically changed the small business landscape to the point where you might think the family-owned business — the corner grocery store so to speak — has disappeared. Well, think again. Every year, thousands of entrepreneurs either start-up a business with a family member or bring a family member into their business. That’s particularly true in today’s economy. And most entrepreneurs are ill-equipped to deal with the delicate dynamics that arise when the lines between their personal and business life collide. While there are some family-owned companies that survive and prosper, it’s more common to find internal strife. So if you are thinking about going into business with a close relative here are some pointers to protect the business and your personal relationship. Establish expectations. From day one you should define roles and responsibilities for each family member. A lack of clarity fuels conflict and can lead to disaster. Each person should have a job description just as any employee would, and they should understand what the boundaries are in the work environment. Put it in writing. Even if you are going into business with your dear beloved mother, get everything in writing. Remember, this is business. People have short memories and a disagreement about ownership interests, money allocations or even vacation time can cause tempers to flare. Create a conflict resolution plan. Despite your best efforts there are bound to be conflicts in the business. Because personal emotions will ultimately be involved determine in advance a way to resolve disagreements. You need a process to work through conflicts to protect the integrity of the work environment as well as your relationship. Keep personal baggage at home. Don’t bring personal battles into the workplace. It’s unprofessional and can damage customer and client relationships who don’t want to be caught in the middle. Manage Even-handedly. As you add other employees to your business, make sure you manage equitably. Family members shouldn’t enjoy perks and privileges other team members don’t receive. And the same is true when it comes to rewarding performance. Every team member should be evaluated and treated fairly. Approximately one-third of the Fortune 500 companies are family-owned businesses. Think Wal-Mart, Dillards and Ford. Think big and manage wisely — perhaps you could be the next big...
read moreRetailers Aren’t Spooked About This Year’s Halloween Sales.
The state of the small business economy might be a bit ghoulish this season, but not when it comes to Halloween sales. Consumers are spending in a big way on Halloween costumes. According to the National Retail Federation’s Halloween Consumer Spending Survey more than two-thirds (67.4%) of celebrants will buy Halloween costumes for the holiday. That’s the most in the survey’s 11-year history. The average person will spend $77.52 this Halloween, compared to $75.03 last year. Total spending on Halloween this year will reach $7.4 billion. In addition to spending on adult and children’s costumes, four-legged family members won’t be forgotten. The NRF says Americans will spend about $350 million on costumes for their furry friends. “As one of the fastest-growing consumer holidays, Halloween has retailers of all shapes and sizes preparing their stores and websites for the busy fall shopping season,” said NRF President and CEO Matthew Shay. “There’s no question that the variety of adult, child and even pet costumes now available has driven the demand and popularity of Halloween among consumers of all ages. And, with the holiday falling on a Friday this year, we fully expect there will be a record number of consumers taking to the streets, visiting haunted houses and throwing unforgettable celebrations.” Even if you’re not a retailer selling Halloween goodies, you can still get in on the fun. Ask your customers to post pictures of their costumes on your company’s Facebook page then have your followers vote for their favorite. Select a winner or winners and give them a special prize. Contests are a smart way to create buzz for your brand and to get your customers engaged with your company on social media. Feel free to share you small business Halloween pictures with us. Trick or treat. ...
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