SubscribeSMALL BUSINESS LEADER February 2009
Small Business Leader
Marian Banker, MBA, Business Leadership Coach, and creator of the Business Success System.
"Is It Time to Save Your Business?" ISSUE #113
February, 2009
Note from Marian
Small Business Summit 2009
The Fourth Annual Small Business Summit 2009, held on Tuesday, February 3rd exceeded all expectations. We're still breathless from the excitement and overwhelmed by the positive feedback. It was a full house of over 300 small and midsize businesses, all eager to talk to the experts and to each other. Read a summary of the day's events, and take a peek at what the Tweeters had to say. Here's more photos.
This month our Brain Exchange Roundtable, takes place on February 24th and the topic is "Social Media: Are You Onboard?" Our guest expert is Carmina Perez, Web 2.0 maven, who will bring us up to speed on using social media for business. Bring your questions and participate in a lively evening of learning and sharing.
I want for every small business to be successful, but right now some are struggling to figure how they're going to stay in business. Our February feature article, "Is It Time to Save Your Business?", addresses this concern. The key point is: don't wait till it's too late. Be proactive now.
The January Open Coaching sessions were so popular I'm offering 4 more half hour sessions on Friday, February 20th, between 10 a.m. and 12 p.m. During these 2 hours of Open Coaching (at no charge) I make myself available to anyone who has business questions or wants help right now. Drop me an e-mail with the Subject as Open Coaching and I'll get you on the calendar. If that timeframe doesn't fit your schedule, let me know and we'll work something out.
To your success,
marian's signature
Marian Banker
Publisher
Small Business Leader
One Page MarketingOne Page Marketing Plan
Everything you need to create a Marketing Plan specific and timely to your business. You'll be amazed at how easy it is when you know the exact steps to follow. It's more than an e-book; it's a "system"; based on the same take command principles used in all the Business Success System materials.
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Success Tip
Big jobs require a team of dedicated people. Once you're clear about the job to be done, and all the pertinent tasks, put together a team of task-related specialists who can carry them out. That's how we put together a successful Small Business Summit every year.
Events
Brain ExchangeBRAIN EXCHANGE ROUNDTABLE
Topic: "Social Media: Are You Onboard?"
Date: Tuesday, February 24, 2008, 6:00 - 8:00 p.m. EST
Location: City Space Suites at 817 Broadway, New York City.
The Roundtable is a great format for gaining new ideas, new resources and new connections. This month's guest expert is Carmina Perez, a writer, speaker and digital media marketing consultant. She is a veteran of the financial services, television and internet industries, and a self-diagnosed "new media junkie".
At the Roundtable you'll have the opportunity to interact with Carmina and all members. Questions comments and contributions are encouraged.
Register now to save your spot.,
http://www.primestrategies.com/bxrt-2-24-09
Feature Article
Is It Time to Save Your Business?
By Marian Banker
Save your Business?The economy is in the tank and there's no sign of when things will get better. Some small businesses are doing well...and some are not. To do well now, or even survive, every business must review its market, its business practices and its finances. Big changes may be needed to realign the business for success in this market. And if the down economy has compounded previously existing problems, it may be time to save your business...before it's too late.
I say before "it's too late" because I feel really bad when I have to tell someone I can't help them. They've waited too long. Sometimes it's just too late - and there's nothing left to work with. You don't want to find yourself in that situation.
It's important for business owners to identify the Warning Signs that spell trouble ahead. Unfortunately, many don't recognize these signs early enough to take corrective action...before it's too late.
So tell me: what is not going well for you right now? Would you answer "yes" to any of the following questions? Be honest. This is meant to help you take a hard look at your business.
- Marketing efforts are not producing results
- Business is being lost because we're not properly set up to handle it
- Productivity is poor; too much time is wasted on problem resolution and corrections
- I end up doing the work that others are supposed to do
- I've had to borrow to meet payroll more than once in the past 6 months
- Standard operating procedure is "Chaos"
These are only a few of the Warning Signs that could indicate you need to take a closer look.
Fortunately, there is a solution to these situations if caught in time. It consists of two major steps.
Step One is to analyze the situation honestly, make some critical decisions and choose a new course of action ASAP. That means taking a really hard look at the issues and the problems, then clearly identifying where changes are needed.
Identify the top three priorities where a change in policy or practice will make a measurable difference in the business results. Set specific short term goals for these three priorities, develop a strategy to meet the goals and then create a plan of action to make the calculated changes. This does not need to be an in-depth assessment; it's meant to zoom in on the critical areas needing attention right now. It does, however, mean stepping back from your business and taking a very objective look. Ask yourself: what would someone else see if they were looking in at your business?
Jill and George were partners in a 5 year-old insurance agency located in a New England town of 28,000. Sales were falling, customers were leaving and there was friction growing between them. What they learned upon assessment was that although they were sharing an office, a business name and structure, they were each doing their own thing. Customer service was sporadic and mostly ineffective. Meanwhile expenses continued to climb while revenues did not. Both felt things were on a downhill course. They knew a change was needed - soon.
Their short term goal was to get the business functioning as a unified operation. To do that they added some software that allowed them to better integrate their operations. They set basic business policies that included a plan to meet with all clients to assess level of satisfaction and resolve any outstanding issues. This became an opportunity to up-sell. To offset the cost of space rental, a conference room was turned into a temporary office for a financial planner. Once the business was back on its feet, the conference room would be reclaimed. As a first step to establish accountability, financial reports were reviewed and analyzed each month.
Step Two involves redefining the business basics and creating a plan to realize the potential of your business. It includes rethinking the Purpose, Vision and Mission, and using personal and business assets as the foundation to develop a brand platform, market message and position. Now you're ready to restructure your business and carry out the plan of action that will create the Results you want.
Jill and George recognized they already had a small market share. Both were dedicated to the business and enjoyed working in the industry. Their personal assets were their tenacity and their complementary skill sets. Jill was the networker; the outgoing one. George was better at back-office operations. They decided to divide the duties accordingly.
By consolidating their offerings they found they could make a bigger impact and reach a broader market as well as do more cross-selling. Their marketing message became "total asset protection - whatever your needs". Using this message they created a year-long marketing campaign that included direct mail, some speaking engagements for Jill and an e-mail piece emphasizing the total scope of their services with an incentive for referrals. By consistently putting out the same marketing message and building affiliations with other financial services partners they set their course to become the number one casualty and indemnity agency in the region within 3 years.
Call to Action: I'm sure you went into your business with a dream of what you wanted it to be. You don't have to give up on that dream. Tackle those killer problems, regroup your efforts and take the actions necessary to make it happen. Make up your mind you're going to succeed. Is it time to save your business?
To learn where you need to focus attention in your business right now, download the f*r*e*e Prime Strategies Warning Signs Checklist.
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Success Tip
Review your 2008 Profit & Loss statement now to see what you can learn about your business cycle. Use that information to help you project and prepare for your cash flow in 2009.
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About The Publisher & Feedback
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 through 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 http://primestrategies.com.
FEEDBACK:
Your feedback is always appreciated. Please write to marian@primestrategies.com.
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