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SMALL BUSINESS LEADER
ISSUE # 56
October, 2003
Greetings,
October seems to be a super-busy month for most people. It certainly is for me. There are record numbers of networking and small business oriented events. I could be busy every night. Lately I've learned to be very selective in the events I attend in person.
I find it's a good idea to attend a function as a non-member once or twice before making a membership commitment. If the attendees do not seem to be part of my market I keep going until I find groups where people are eager to know about me and what I do. I'm looking for where what I offer will be seen as valuable.
Networking is meant to be a form of marketing. It's a way to get the word out about who you are and what you do - and to start some mutually beneficial business relationships. Keep that in mind as you're planning and attending those events.
The new year is fast approaching and now is the time to plan for the results you want from next year's operations. Marketing is the topic for this month's Feature Article and Roundtable as it drives the cash flow for your business.
The Roundtable guest expert this month is Joe Nunziata, whose marketing topic is, "Cash Flow is King". Joe will address use of superior marketing and sales systems to increase cash flow. Be sure to check out the details below - and join us on October 23rd.
If you'd like to maximize your 2004 revenues, and want some guided help to get you started, go to http://www.primestrategies.com/calendar for details about our tele-seminar on October 21st.
My message to you this month is, "Keep your energy high and your face to the wind".
To your success,
Marian Banker
Publisher
Small Business Leader
marian@primestrategies.com
www.primestrategies.com
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FEATURE ARTICLE:
The Five Questions to Create an Effective Marketing Plan
Questions can be a wonderful tool. In planning, the key to success is knowing the right questions to ask. That certainly applies when it comes to creating a Marketing Plan.
Answering the following questions will provide you with information needed to create the framework for an effective plan.
What is your value message?
This is the first and most important question you can answer. Until you know what value you wish to communicate about your product or service, attracting customers will be unfocused and difficult.
Consider how you're different from your competitors. Your message must clearly state the value your customer can expect to receive. And remember, there is at least some emotion behind every purchase. Your value message might be that you are timely and accurate (you're respectful), you offer a lot for a little (I feel smart buying from you), or your ingredients are top quality (I deserve good things).
"Simple fare, freshly and tastefully prepared" is the message a restaurant might want its prospective customers to get. When seeing or hearing the name of the restaurant, this is what we want them to remember. Likewise, when thinking of that kind of food, we want our restaurant to come to mind. The simpler the message, the clearer it will be. The clearer it is stated, the stronger and more "attractive" it becomes. Clarity is the key here.
Of course, you not only have to sell it, you then have to deliver the value.
Who will value what you offer?
Who could benefit from what you offer? Who are these people?
For the restaurant it might be those who enjoy well-prepared fresh food made in classic ways. Something beyond the typical coffee shop, with emphasis on the quality and freshness of the food and the preparation. This is their target market. You want to define your ideal customer or client. The narrower you can get the definition, the more specific your message can be.
When will they be most interested in your offer?
Your ideal customer might not "always" be a good prospect. When someone is looking for an exotic dining experience, you probably won't be able to get their attention. However, when they're hungry for a really good hamburger with fresh trimmings you have a good chance of capturing their interest.
Likewise, a collection service will likely be of most interest to a company when it's having difficulty managing accounts receivable.
Where will you find your target market?
Where do people check when they're looking for a place to eat? I know my husband and I first think of the kind of food we want. Then we think where we know we can get good food at a fair price. If "simple fare, freshly and tastefully prepared" comes to mind, then we'll visit the restaurant that has left us with that memory. And we'll probably take others there as well.
Sometimes we may check the local diner's club directory or even the yellow pages, so it would probably be a good idea to have our restaurant's message available in those resources.
By the way, New York City has fantastic food at all price levels with all international cultures represented. Dining in New York can be a true adventure. The boroughs have especially wonderful ethnic choices.
Why should they buy from you?
Your value message must be different from that of your competitor, so you need to define and consider their message before finalizing your own.
I could eat at "Joe's Eat Here and Get Gas" diner or the "Fast Food Chain", but I think I'd rather eat at "simple fare, freshly and tastefully prepared". The great thing about eating is customers need to do it often. Your message must bring them in and then you need to resell them with the food and the experience so they'll come back again and again.
After you've answered the five questions for your business you'll need a strategy to answer the next question: how will you carry out your Marketing Plan?
Do your market research first and then review your sales, product and financial history. You'll be armed with solid information that will have you ready to determine the strategy that will assure your success.
Now you're ready to start your Marketing Plan for 2004.
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CHECK YOUR MANAGEMENT STYLE:
Are you a driver or a leader?
A driver is a manager who disregards others, even though they may not be aware of their behavior. Drivers consume people as a means to their end. Drivers are usually lonely people, and can be identified by their high employee turnover.
Leaders value their people and encourage them to take initiative and become successful in their assignments. You can identify a leader by the double-digit numbers that represent how long their employees have been with the company, and usually by the multiple digits on their bottom line. Life is richer for leaders.
In the marketplace of human relations, drivers live in a poverty of fear, desperation, and obligation. Leaders live in the riches of respect, dedication, and love.
Which are you?
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QUOTES:
WE ARE THE EXPERTS!
We have met the experts, and they are us! But who are we? That's a practical question.
Someone in this building knows a lot about trademarks--but I don't know who. Someone, I'm sure, knows how laparoscopic surgical instruments work. Someone knows blues, least-squares equations and how to analyze the financial statements of real-estate investment trusts. But the office telephone directory cannot help me find them.
I want a way to find people not only by name but also according to what they know. In a small firm, where everybody knows everybody, the coffeepot does that job. In a bigger place, it doesn't.
From 'Coached to Success,' by John G. Agno, Certified Executive & Business Coach, Signature, Inc. (734) 426-2000 or www.CoachedtoSuccess.com.
THE MANDATE
Entrepreneurs who offer consumers exceptional products and services at below-market prices will be big winners in an ever-changing business climate, a top motivational speaker says.
Using a mixture of anecdotes and witty quips, Ron Archer said successful businesses also will be those that make employees feel important, exceed clients' demands and have a clear vision to grow their company and keep it profitable.
From "Don't Sit Still, Motivator Tells Entrepreneur", by Jeff Kinney
SUCCESS SURVEY:
SBA offers an online 20 question self-survey to help you get a quick read on your success quotient. It only takes a few minutes and may open your eyes to some areas for further attention.
http://www.sba.gov/BI/quiz.html
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ROUNDTABLE OPEN FORUM HIGHLIGHTS:
September's Roundtable Open Forum format allowed for some high energy participation from those on the call.
The primary topic was the state of the current economy and what we might expect from it going forward. It was interesting to see that although callers were from different industries and different parts of the country, each one did see some optimism and some spending in their target market.
For bigger ticket items, companies are basing purchasing decisions on whether they can project business continuing long enough to cover the investment. Bigger tech purchases are happening, especially where productivity can be increased or expenses saved in the long run.
We also talked about the changing face of the workforce. Those seeking employment today are looking for a place where they can share their own value, functioning more as entrepreneurs with the opportunity to be innovative, with responsibility, authority and recognition for their contribution.
Those companies that want to transition from strictly old-thinking to new-thinking can benefit most by combining the old-line discipline of good business practices as the foundation and tapping into current productivity and retention trends to grow on that foundation. Having a champion from both the old and the new can help ease this transition. The new-thinking in employee productivity and retention was the feature article in last month's Small Business Leader. A recent Herman Trend Alert suggests that those businesses that don't make the transition to new-thinking will lose dissatisfied employees once the economy starts producing more jobs.
On the topic of "how to stand out from the competition", a couple of Roundtable participants said they offered additional services that either supported or expanded upon their main product because it filled a market need. They use this extra service as an attractive selling point.
I believe it would make sense for future Open Forum events to be topic-specific. Those who are interested in that topic can attend. If you'd like to suggest a topic for a future Open Forum, please send by e-mail to marian@primestrategies.com and mention Open Forum Topic.
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October Lunchtime Telephone Roundtable
Topic: "Cash Flow is King"
Date: Thursday, October 23, 1 to 2 p.m. EDT
Moderator and Discussion Leader: Marian Banker, MBA, Business Leadership Coach
Guest Expert: Joe Nunziata, Top Notch Training, is an internationally known sales, marketing and business development expert. His extensive background includes more than 20 years of experience working with corporations, entrepreneurs and business start-ups.
All businesses need steady cash flow to survive and thrive. Imagine having proven sales and marketing systems that generate measurable results every time. Developing a superior sales and marketing system is the key to keeping the cash coming in month after month. Joe will share with you how to stop hoping for something to work and start planning your success.
There is NO CHARGE for the Roundtable.
To register and receive the call-in number, send an e-mail to marian@primestrategies.com with the Subject as Roundtable 10-23-03.
Here's just one of the many positive comments from our last Roundtable...
"I find it very useful to hear info from the frontline, to see real issues, and listen in on different perspectives. Thanks!" Helene Mazur, Princeton Performance Dynamics
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ARTICLES:
Big Time Practice Management
Although this article only mentions one practice management option, the emphasis of the article is on the value of increasing productivity. You'll gain an appreciation for how this type of technology can be helpful and in what circumstances.
http://www.smallbusinesscomputing.com/biztools/article.php/3068671
Want To Sell Your Business?
FSB responds to a question from an inquirer about how to go about pricing and selling his business. In the answer there are some good points to consider and points out some mistakes that many small business owners make.
http://www.fortune.com/fortune/smallbusiness/answermen/1,15704,487236,00.html
Scam Watch
E-bay and PayPal users have been targeted recently with e-mails requesting updated personal information such as credit card and bank information. Although messages appear to be official, they are not being generated by either E-bay or PayPal. Here are a couple of articles with the details.
http://news.com.com/2100-1017-991639.html
http://www.wcpo.com/external/dwym/204ce628.html
Biz Leader Behavior
A September 2003 study points to the Web as the preferred medium, with 51 percent of executives naming it as their most important business information resource. Compare survey findings with your own behavior.
http://cyberatlas.internet.com/markets/professional/article/0,,5971_3087341,00.html
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ABOUT THE PUBLISHER:
Marian Banker has been publishing Small Business Leader since January, 1999. Her focus is on bringing to the busy entrepreneur a quick look into the current world of small business from the perspective she's gained from coaching, consulting and training entrepreneurs in both service and product based businesses.
Marian offers individual coaching, business support groups, seminars and workshops on topics of critical interest to small business owners. Her monthly Lunchtime Telephone Roundtable has proven to be a popular way for business owners to come together around a specific business topic without leaving their office. See notice about this month's topic in the content above.
To learn more about her services, visit www.primestrategies.com.
FEEDBACK:
Your feedback is always appreciated. Please write to marian@primestrategies.com.
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COPYRIGHT 2003 SMALL BUSINESS LEADER
A publication of Prime Strategies
http://www.primestrategies.com
Notice and Disclaimer:
Of course, I'm open to your including my content in your publication with proper credit. You must, however, obtain my written permission first. Thanks!
Content in the SBL is for information purposes only and should not be construed as specific advice.
