SMALL BUSINESS COACH

Using Social Media In Your Offline Business

I have been contemplating whether social media can be used effectively for any business–off line or on line; services or goods. If so, how can it be used universally? I get the use of blogs as a web presence and I think blogs are great. But what about Facebook, Twitter, YouTube, LinkedIn and the rest. Where do they fit in?

So, I started researching and watching how other people are using these services to promote their businesses. I’ve seen one patent attorney offering webinars on basic patent law information. In my mind he’s establishing himself as an expert who is not only knowledgeable in the area of patents, but also technologically savvy. He’s made himself available to a completely different generation of clients.

I’ve also observed several Realtors on Facebook and LinkedIn. For those looking to relocate to a different city or state but don’t have a Realtor, these Web 2.0 properties are perfect places to promote yourself as an expert in a particular niche market.

The worlds of YouTube, Flickr, and SlideShare are full of photographers, hairstylists, and cake makers displaying the finished products of their talents. Here is where consultants, coaches, accountants, lawyers, etc. can educate and motivate.

So I finally got it. Social media used in the business world is about gaining exposure, establishing expertise and building trust.

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Small Business Loans–Lenders are Tightening Their Lending Right When Small Business Needs Them Most

Have you noticed that banks aren’t very enthusiastic about lending money to businesses these days? I attended my Chapter SCORE meeting yesterday where we had a guest speaker from a local bank. He was a commercial lender who openly shared with us the dilemmas the banks are facing. The reason for tightening of lending guidelines is two-prong:

1. Economic
2. Regulatory

Economic Reasons for Reduction in Small Business Lending

Because of the current economic conditions, banks are looking much more closely at certain industry types. Two industries specifically mentioned were the home building industry and recreational industries that require the use of discretionary income, such as RV sales. With start-up businesses, this particular lender is looking very closely at management ability, which is something he never paid much attention to in the past. Now more than ever, it’s critical that business owners have the ability to manage a company in such a way that it has the highest chances of survival.

Regulatory Reasons for Reduction in Small Business Lending

Federal regulators are faced with the daunting task of preventing bank failures. With depreciating real estate values in many areas of the country, there seems to be a rising level of fear of bank failures on the part of the federal regulators. This makes it much more difficult for lenders to make certain loans.

Why Small Businesses in Trouble Can’t Get Loans

Because of the aforementioned reasons, small businesses who are in trouble and need money to cash flow and survive for 12 or 18 months are being denied loans. In listening to the lender yesterday it was apparent to me that he was genuinely remorseful that he couldn’t help the businesses that he wanted to help–that he felt could survive if given the capital to do so and would have been able to help just two years prior.

Possible Solutions for Small Businesses

A couple of suggestions were made that may help some businesses. First, if you’re in a disaster area (which several counties in Arkansas are part of), apply for a SBA Disaster loan for working capital. Secondly, be willing to move all your deposits to a bank if they are willing to give you a loan. Deposits carry a lot of weight with lenders because they are the lowest cost funds available to them.

Is Moving Your Small Business to a Home Base the Cure for Growth in Tough Economic Times?

Small business growth has proven to be tough in today’s economy. The reason is at least two-fold: first, you need capital to grow; and second, banks are not generously handing out capital these days.

In order to achieve growth, some businesses are electing to go home-based to reduce their expenses. What many small business owners are finding is that the advantages to doing so outweigh the disadvantages.

Advantages to Owning a Home-based Business

First, because of the tremendous reduction in overhead, business owners are able to pass those savings on to their clients. This can make a small business owner more competitive, especially in a highly competitive market. Another advantage is the flexibility working from home can bring. Other advantages, include fewer interruptions from suite mates and sales people, less time spent commuting, and of course, overall improved cash flow.

Disadvantages to Owning a Home-based Business

For many business owners there are problems with owning a home-based business:

• Not being able to achieve a clearly-defined separation between work life and home life;
• Having to allow employees and strangers into your home or taking up temporary residence at Starbucks; and
• It can get lonely operating a home-based business.

When you weigh the advantages and disadvantages of going home-based, at least temporarily, you may find that it’s worth it to achieve the growth your business needs to get through this economic slump. You can read more about how to run an efficient home-based business in 101 Home Office Efficiency Tips.

Business Coach–Lessons from Tony Dungy

Coach Tony Dungy, head coach of the Indianapolis Colts discusses his coaching philosophy:
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Here are the take-aways from my perspective as a business coach:

• As manager or owner of your company, you set your company’s atmosphere. You have the opportunity (and the responsibility) to create an atmosphere of mutual respect. Just like Dungy was saying if you show your team respect, they show you respect, and they treat each other with respect, your company will attract great team players and have very low turn over.
• Find “players” that are hungry for an opportunity. Michael Gerber, author of The E-Myth, discusses hiring people with the lowest skill level to accomplish a job. These individuals may not be Harvard grads, but they are capable of doing the job and appreciative for the opportunity to do it. Tony Dungy’s adopted that same philosophy and won a Super Bowl.
• Hire individuals who believe in your company’s vision. Sale your company’s vision early and often. When all the team members are on the same page and have the same goals, success is eminent. Dungy attributes part of the team’s success to this principle.

Implement these principles and take your company to another level.

Business Blogging Basics–Part 2 Why Should I Blog?

Every business, no matter if it’s product-drive or service-related, needs a presence online. When someone can find information about you online it brings instant credibility. If I hear about a company, go looking for them online and can’t find them, it makes me question the legitimacy of that business. Having a blog is an easy, free way to create an online presence.

Second, blogs can be used to bring in new clients. If your company uses its blog as an essential part of its marketing plan, it will bring new clients. These are clients your business may not have otherwise reached with traditional marketing strategies. Of course new clients mean more money.

Third, blogs are powerful tools for earning additional revenue. One of the most difficult things about having a website is driving traffic to that site. Blogs give your an automatic advantage because the search engines love blogs that are properly set up. and maintained. Blogs have fresh new content at least weekly as opposed to websites that are often not updated more than once per year. Using this traffic, many companies set up affiliate relationships and sell other company’s products. Additionally the blog can be easily monetized with Google Adsense ads, Widget Bucks ads, and a host of other forms of ads.

Another good reason to start a blog is to establish yourself as an expert in a certain field or industry. For example, if you’re a personal injury attorney you can host free teleseminars on what people should and shouldn’t do when they have an automobile accident. As you build your expertise, you build your business, and you make more money.

Blogging provides many benefits for your business. Since blogging is free, I think the better question to ask yourself is why shouldn’t you blog.

Business Lessons From Taekwondo

My son started taking Taekwondo in March and he loves it; he can’t get enough of it. In fact, every kid there loves it. Which got me to wondering, “what is it about Taekwondo that draws kids in and keeps them in for life?” I’m convince it’s because of the respect and recognition they receive. It’s not just recognition from their parents who are going to praise them regardless, it’s also the recognition from their instructors and their peers. Every step of the way, to each belt, they are applauded (literally).

Imagine what would happen if we did the same with our team members. Loyalty to the company would escalate immeasurably. Employee recognition should be a part of your company’s culture as it is with the ATA. When a team member comes to work they should look forward to it, knowing that when they do a good job, they will be properly recognized.

Do you have a systematic process for acknowledging your team members? If you don’t, I encourage you to get one as soon as possible. Here are a few suggestions to get you started in creating your recognition program:

1. All rewards should be visible to all members of the company.
2. All rewards should be based on well-defined, credible standards that have been developed using observable achievements.
3. The rewards should be meaningful and valuable to the recipient.
4. Determine whether rewards will be based on an event (achieving a designated goal) or based on a time frame (performing well over a specific time period).
5. Rewards that are given spontaneously or on-the-spot awards are also motivating. But remember these should also use a set criteria and standard to maintain credibility and meaning.
6. Rewards should be achievable for all employees.
7. Nonmonetary rewards, if used, should be valued by the individual. The non-monetary rewards are best received when they are thoughtfully prepared and are of the highest quality. Professionalism in presenting the reward is also interpreted as worthwhile recognition.
8. Rewards should be appropriate to the level of accomplishment received. Don’t give a team member a $10 gas card as reward for bringing in a million dollar client. This doesn’t add up and your staff member knows it.

If you applaud your team for their best efforts and for meeting and exceeding performance expectations, you will have no problem keeping quality people–possibly for life.