MikeBindrup.com
  • HOME
  • BLOG
  • HOW-TO
  • MEET MIKE
  • Design
  • MARKETING
  • DESIGN
  • TECH
  • CONTACT
  • HOME
  • BLOG
  • HOW-TO
  • MEET MIKE
  • Design
  • MARKETING
  • DESIGN
  • TECH
  • CONTACT

How to Overcome The Stress, Frustration, and Isolation of being a Small Business Owner.

4/15/2014

 
Stressed?Small Business Stress

Small Biz Stress : Frustration
A client called me over the weekend and he asked me, “Mike, what am doing wrong in my business?” He complained that his employees are not engaged; that they don’t care about his business. He talked about his training process with employees and that they still are not getting it after months of training. This client had been doing everything right. He had planned for the business, written a business plan, done the marketing research, and was generally prepared when he opened his business a year ago. My client continued, “Mike, I am so frustrated, I have been open for a year now and I’m not making any money yet” he exclaimed. “I though that I would be into a money-making rhythm by now, but the business just isn’t at that point. I see other business owners who are doing very well. They are buying cars, and going on vacations and I ask myself, why not me?” he said. Although he was nearly breaking even in his 6 employee restaurant, he was very frustrated and feeling isolated. “I can’t talk to my family, because they don’t understand. I can’t talk to my spouse because it ends up in a fight because she just wants me to stop all of this and just get a “normal” job. I can’t talk to my employees because they don’t care.” he said. “I just feel alone everyday. It’s very depressing. I didn’t sign up for this.”

The Stress of Owning a Small Business: Isolation and Loneliness.
It has often been said that It’s lonely at the top. There is a major paradigm shift that happens when you become the boss. There is great responsibility that is assumed when you go from signing the back of the check, to signing the front. You have become a capitalist and are working toward financial prosperity every day. Your friends won’t understand. They think that you are working way too hard. Your quest is different from the other 99% of the population. You feel alone. Guess what? You are not alone. These feelings of stress, and isolation are real and I want you to know that every business owner has these feelings. It’s normal. Many come to visit with me and they unload their stress and emotions on me. As a business advisor and entrepreneur myself, I’m one of the few people who understand what they are going through. I have considered opening a hotline: Call 1-800-GRIPE2MIKE. If I charged by the minute I could have a great business model :)

Small Business Owners Stress: Appearances are Deceiving
I often hear that everyone around the small business owner is doing great and prospering, however, that is not always true. I have to remind them that things are not always what they seem. I know many business owners who drive very expensive cars in order to present a public persona. Some of these owners are leasing these high-priced rides with monthly payments in excess of $1700. Just because they drive it, does’t mean they own it. Don’t assume that a fancy car means prosperity. I was at an event during the recent recession when one such client approached me. When I asked how her business was doing, she lowered her voice and said: “Mike, I only have $18 in my bank account and no business in process. I am freaking out on the inside - I don’t know how i’m going to pay my mortgage, or car payment this month or even pay for food.” She had a booth at the event which was paid for months in advance, yet she was there putting on a brave face to the crowd. I have often wondered how many people attend these events who are in the same situation as her; concealing eminent failure with a positive smile. It reminds me of a line from a church hymn: “Somewhere is the heart is hidden, sorrow that the eye can’t see.” The bottom line is that everyone has a different deal, even if it’s not visible to the public.

Overcoming Stress Through Collaboration
It is important that you find someone to talk to. Whether this person is a mentor, or business advisor or just a friend, it is important to have someone that you can be vulnerable to. Isn’t that the thing that makes this difficult, you may not feel comfortable being openly venerable to your employees or your family or friends. So, you need a shoulder to cry on - sometimes literally. Keep reminding yourself that the grass is NOT always greener on the other side of the fence. Meet up with other small business owners, or join a networking group. The important thing is that you don’t isolate yourself, but rather put yourself in a collaboration mentality. Remember that you see things differently than other people, after all, that different perception is the reason that you got into business in the first place. Right? And if you hit your breaking point, don’t forget to call: Call 1-800-GRIPE2MIKE.


PHOTO CREDIT: Evil Erin via Flickr, Creative Commons License, Some Rights Reserved

Why Employees Suck.

11/12/2013

 
Picture
The minute you hire an employee, your life changes. You are suddenly responsible for a lot of things. Payroll taxes, unemployment insurance, Workers compensation. Are we having fun yet? Once you own a small
business with employees, Fridays will never be the same. As an employee, I used to look forward every other Friday to getting a paycheck. As a small business owner, every other Friday brings a sense of panic. You are constantly asking yourself: “Can I make payroll on Friday?” Welcome to Management. Managing people is a challenging task. Employees have been known to lie, cheat, steal money, etc. You probably can’t afford the best employees within your startup budget. You have to hire who can afford to take your low paying job. Additionally, No one will care about your small business venture like you do. You cannot expect employees to do so. Remember, this is your dream, not theirs. The worst thing about employees is that you have now magically turned yourself into a boss. You will probably be a lousy boss at first. Take a management class and try not to drive away your employees. Employees suck…Bad bosses suck worse.

Bindrup’s Advice: Be prepared before you hire! Think about Compliance, Management & Mindset.

Small Business is Not a Field of Dreams: If You Build it They Won’t Come

9/13/2013

 
Picture
Small Business Dreams - Inventors Build Products that Innovate
I have had many inventors as clients that come to me for marketing assistance. They all have the same problem: the product isn’t selling. They all came up with a brilliant idea, patented it, found a manufacturer,and sunk their savings into production run of their invention. Now they are broke, sitting on a garage full of their great idea gathering dust. What is really funny is that most of the inventions seem like they would
sell. They seem like wow! This is a great product! But, no one purchases the product.

Small Business Innovations That You Build won't Always Sell
Sometimes the best inventions don’t sell in the marketplace. Sometimes the best product doesn’t sell. Consumers are fickle. They are taken by fads. They are predictable in one moment and erratic in the next. Even when the product is extensively tested in the marketplace there can be unpredictable results.

New Coke Field of Dreams - Business Innovation That Didn't Work

Just ask Coca-Cola. Remember “New Coke” formula that was introduced in April 1985. It tested well in focus groups. It was abandoned 3 moths later due to 400,000 complaint letters and phone calls that Coca-Cola received from disappointed customers. Coca-Cola has big enough pockets to recover from such a disaster; Start-ups don’t.

Bindrup’s Advice: Build a prototype, protect it, and get it in front of your market. Let sales drive the production.

PHOTO CREDIT: Alex Ford, Creative Commons License, Some Rights Reserved.

Don't B.S. Me Bro...Fake Customer Service Drives Away Customers

3/5/2013

 
My student loan payment was due, however the online site where I normally pay my bill was down on two different occasions when I went to access it. I called the loan servicer and explained the situation. The customer service agent for the financial institution told me that the site was down for maintenance, but that it would be working in a couple of hours. The agent encouraged me to pay them over the phone because it would apply immediately to my account, instead of taking 48 hours to post. This sounded good to me, so I submitted my payment to her over the phone. The next time I checked my statement - there was no sign of a payment ever having been made. So I sent off this message from inside of my logged-in area:
Picture
The bank responded saying that they were unable to show telephone transactions as well as online transactions on my account. This made no sense to me, since it should be easy to list all customer transactions. If they can tell me about it over the phone, why can they not show it to me. The only proof that it was paid is my bank statement. I sent the bank the following:
Picture
They had a chance to correct the situation, however they sent me a form letter instead. This letter  said how much they value my business, right? Nope. They used the words "We truly apologize" and "thank you for your feedback" since they will be "looking into improving their systems". Not improving. Looking into improving. They continued by saying they "valued me as a customer" and are "always here to service your present and future needs". What a load of B.S.! They should have already helped me with my past need that is now a present annoyance. The final blow is that they want me to call their customer service department "at my convenience" to get my full payment history on the loan. keep in mind that the customer service department is the reason why we are here in the first place. They can't simply send me the information I need. (They could have sent it in the message 2x now) They have to send me a message to have me call a number (again). The customer service agent could have warned me against paying via the phone. "Mr. Bindrup, just so you are aware, our IT systems at our International Institution are so bad that we can't actually display to you any transactions conducted over the phone. Would you still like to continue with this phone transaction?"
Picture
As small business owners, we can not afford to take care of our customers in such a way. Large corporations should take note of this since we have begun to realize as a consumer purchasing block that our voice does matter. Big business has the resources to shine in the customer service arena, however, unfortunately, they seldom do.

Project Crunch Time: How to Harness Your Creativity Under Deadline Pressure in 5 Simple Steps

1/27/2013

 
Picture
With stress-levels running high and tension peaking, another creative deadline looms on the horizon. The project has progressed to this point, but, now, you are failing in the final lap of the race. You are at a standstill. Creatively drained and out of ideas, you weigh options on how to escape the black hole of this project; you embrace the horror that you cannot muster the motivation to see this project through to completion. How did I get myself into this mess…Again?

1. Relax to Harness Your Creativity
First of all, relax. The problem is not that you cannot come up with a creative solution, the problem is that the solution will not be revealed until you have overcome the stressed-out state you are in. When you are in this condition, you are not at your creative best. Besides, this is the same type of deadline that you have dealt with before. This is nothing new. You have survived difficult deadlines before and you will survive this one. Stress can be a silent killer. Your blood pressure is elevated and your body is dealing with higher hormone levels. Take a walk. Take a bath. Go to the gym. Do some yoga. You need to do anything that helps you to calm down and relax, with the exception of alcohol or drugs-we need you with a clear head, after all! Just as in golf, speed and power during a swing, can only be achieved with tension-free arms and wrists. The looser your wrists, the faster your swing will be. 

2. Evaluate Your Project Pressure
Have you really gone over the needed work done to complete the project. Often times, we build up a project in out minds and make it overly cumbersome. The project might be completed in a short amount of time if you haven’t fully evaluated the job.  I have procrastinated projects because I thought that it would take several hours to complete, only to find out that when I truly embraced the scope of the project, I was able to complete the work in under an hour. Even if you go over some of the less essential tasks of a project, you will benefit. You might be possibly missing some key point that can aid you in project completion. Evaluate the project and you will feel much more in control of your life, which will lower your stress level as well.

3. Isolation Helps You Harness Creativity in Crunch Time
Get alone! Clear your calendar. Cancel your appointments. Shut the blinds. Put a “Do Not Disturb” sign on your door. Turn off your phone. Not just to vibrate, turn it off! No chatting, videoconferences, Face Time, Google Hangouts, or Skype. No web browsing. No social media. Turn it all off. You need to isolate yourself so you can really focus on getting through this project. A couple of hours of uninterrupted working can make all the difference in a project. When I work from home, this time for me is in the early morning hours before the kids are awake. I am better off going to bed at a decent hour, and getting up pre-dawn to work, because I am well rested.

4. Comfort Keeps Project Pressure Under Control
Make sure your surroundings are comfortable. Make sure the lighting is good in the room. Keep the temperature where you need it to be for your comfort. Turn on a fan if you need it. Wear comfortable shoes, and clothing. There are no expectations for you today, except to get that project complete. You are isolated today, so you wont be meeting with anyone. So it is casual Friday! Also, surround yourself with comforting music. For me, Jazz music helps me get into a relaxed state of mind. You need to do what will help you feel at ease. Eat your favorite food. Drink your favorite beverage. (No alcohol. See #1) Be comfortable.

5. Stimulation Helps You Harness Your Creativity Under Project Crunch Time
Once you have completed the project preparation, you can begin the fun part: creativity! This is after all, the reason that you are working on the project. You are a creative dynamo with unstoppable innovative ideas! It is time to get pumped up. It is time to stimulate your mind, body and soul. Whether you consume it hot, cold, or in a candy bar, caffeine is America’s stimulant of choice. Its time to get your caffeine on! Music that moves you is next. Find a tune that gets you out of your chair. We need endorphins! Have a variety of stimulating websites, design books, etc that can motivate you to do great things. I love looking at architectural magazines. I get so many creative ideas from them. Another source of creative stimulation are creative blogs. I have a dozen blogs that I read frequently that fuel my creativity. They deal with varying topics from arts and crafts to cooking. Is there a YouTube video that gets you motivated? Get some visual stimulation and you will be able to get the project done. You should feel great at this point because you are living the dream! You are completing the project. You are a proud member of the creative class.

Photo Credit: iam_photography, Creative Commons License, Some Rights Reserved
http://www.flickr.com/photos/iam_photo/1398724381/

Online Video: A Small Business Owner's Friend

9/27/2012

 
Picture
Online Video: A Small Business Owner's Friend
In December 2005, a small start-up company launched a site that allowed users to post their own video clips. By July 2006, the site had become the web's fastest-growing site, generating 100M video views and 65,000 video uploads a day. In October 2006, the company was bought by Google for $1.65 Billion. That company was YouTube.

Consider the ramifications of the following figures according to YouTube's statistics page:
  • Over 800 million unique users visit YouTube each month
  • Over 4 billion hours of video are watched each month on YouTube
  • 72 hours of video are uploaded to YouTube every minute
  • 70% of YouTube traffic comes from outside the US
  • YouTube is localized in 43 countries and across 60 languages
  • In 2011, YouTube had more than 1 trillion views or around 140 views for every person on Earth

Dealing with Mobile and Devices:
  • Traffic from mobile devices tripled in 2011
  • More than 20% of global YouTube views come from mobile devices
  • 3 hours of video is uploaded per minute to YouTube from mobile devices
  • YouTube is available on 350 million devices
Source: http://www.youtube.com/t/press_statistics

Small Business Owners can not ignore the huge numbers of potential clients that online video can bring to your website. One common complaint that I hear from Small Business Owners is that they don't have the resources or the knowledge to create or edit video that they can upload to YouTube. I have compiled a list of Online Video Making Resources. So, why wait? Get out there and create!

Online Video Making Resources

Animoto:
Animoto is a great site that turns photos, video clips, and music into stunning video masterpieces to share. It is very fast and easy. Animoto also offers commercially licensed music that is sellable with a professional license. You can make a 30 second movie for free, but has limited styles and music. You can download your movies for burning to a  DVD or share the videos to YouTube easily.
http://www.animoto.com

Stupeflix:  Stupeflix allows users to create video mixes of photos video clips and music. Some of their features include: Video theme templates, the ability to add photos and video clips from social media or a local computer. Users can also edit text, add maps and use Stupeflix's text to speech capability which makes voiceovers a snap. Users are also able to choose from over 130 licensed music tracks, or they may upload their own music as well. Pricing plans include: Personal $5/month: for unlimited videos, 360 video quality or Personal HD $8/mo.: HD720/360p video quality. Stupeflix offers a Pro version for $39/mo. which allows users to white label videos and use commercial licensing. Their Reseller package is $59/mo. and allows users reseller licensing (sell videos to clients)
http://www.stupeflix.com

Flixtime: - Allows users to create an account, upload pictures, video clips, and music. Users can add cover images for the clip and text slides. Users additionally can choose to save video in either 640 x 360 dimension, or                                                             iPod-friendly 320 x 180, and in either FLV, MP4, or DIVX formats. Videos can be 60 seconds long.
http://www.flixtime.com


Efficiency vs. Effectiveness – A Small Business Dilemma

4/30/2012

 
Picture
Efficiency vs. Effectiveness – A Small Business Dilemma

 

Capitalism in Action: Efficiency

In business schools around the world, M.B.A. candidates are prepared to return to the corporate workplace, armed with tools to make business more efficient. Finance makes the most efficient use of funds. Marketing aims to bring the most efficient return of capital invested. Management attempts to make the most efficient use of human and technological capital of a business. Efficiency is good. It ensures that profits are maximized and that waste is minimized.  It is a foundational principle of modern business analysis. We analyze operations to make them more efficient, thus making the operation more profitable. Profits keep a business growing and growing businesses need workers. The business is now a job-creating machine. Profits are re-invested into capital equipment that enables the business to reach additional possibilities of production. The business now lowers production cost which makes the enterprise even more efficient. Profits swell and are returned to the shareholders as dividends. This is capitalism in action. This is efficiency. This is the mantra of most business school programs and the desire of most small business owners.

 

The Harmony of Effectiveness and Efficiency

Small business owners have a dilemma: How do I balance efficiency and effectiveness in my business. Entrepreneurs need to question the purpose of the business. Why does the business exist?  Is my business doing the right things? Am I strategically working in the right areas? Efficiency needs to be tempered with effectiveness to organically grow the business. When a small business owner loses sight of the purpose of the organization, efficiency takes over as the predominant theme. Efficiency alone produces less than with effectiveness combined.  Efficiency needs work in harmony with effectiveness – form and function, Yin and Yang, left-brain and right-brain, etc. The balance of these two ideals for a small business creates a robust, growing business with a vibrant business culture: A business that is profitable as well as conscious of its stakeholder community. People become a focus of the small business. Without effective and efficient people, a small business will fail to produce the best results.

 

Ideas for Creating a Business Environment of Effectiveness and Efficiency

Review Your Business Strategy – Set aside some time every month to review your business strategy. Ask yourself: Am I working in the right business areas? Review your personal business goals. What is your exit strategy for the business?

 

Evaluate Profitability – Make sure that your business is making a profit.  Business owners need to make sure their product and service offerings have sufficient profit margins to ensure growth. Make sure you know which activities generate the highest profit margin.

 

Check Your Production Capacity – How many units of a product can you make in a day? What is your maximum throughput? How many service based clients can you handle at one time? If you don’t know your production capacity, then you won’t know when it is appropriate to scale your business.

 

Plan for Growth – What happens if your business doubles in the next 90 days? Are employees trained to handle the additional workload, or do you need begin training now? How ready are you ready to scale your operation to capture the opportunity? Do you have a written set of procedure for your business? Make a written growth action plan that addresses these issues.


Photo Credit: MAMJODH via Flickr - Creative Commons License

Your Business Plan is Fiction

3/28/2012

 
Picture
Don’t get me wrong; a business plan is a useful tool. We write them for two reasons. Reason 1: It helps us as small business owners assess risk on paper so we can make an informed decision about the viability of the business. Reason 2:  Financial institutions want it to assess how risky you are as a potential borrower. A business plan is fiction. It is a fabrication; a story of what could be. I often hear entrepreneurs say when pitching a business plan, “Our numbers are very conservative”. No, your numbers are not conservative. They are fiction. They have not happened yet. It is all “Pie in the Sky” thinking. By its nature, a business plan is optimistic. No one ever comes into to the bank with a business plan that shows how the business fails in nine months.  Once you commence operations, all bets are off. Your business is in a constant state of flux. Customers, marketplace, and technology are continuously evolving. Your business plan needs to be continuously updated to reflect the changing business environment.

Here are some resources to help you draft your business plan:
SBA: How to Write a Business Plan
NSBDC's: Business Plans made Simple
SCORE's: Business Planning Templates and Tools
Seth Godin's: The Modern Business Plan
The Funding Roadmap: The Business Plan Reinvented

Your Sign is a Brand Promise: Customers Will Hold You To Your Sign

3/27/2012

 
Picture
Operating Hours Sign Failure

I wanted to eat lunch at a Chinese restaurant that I have been to before. The restaurant serves its food buffet style. The food is good and so is the price; A perfect spot for a quick lunch. When I arrived at the restaurant, I was greeted by a sign on the door that said that the operating hours of the restaurant were 11am until 11pm, Monday through Friday. The time was 11:30am, clearly within their hours of operation. I was supervised to find that when I pulled on the door, the deadbolt was still locked. I looked in the tinted windows and thought at first that this restaurant had gone out of business. There was no activity to be seen. No people, no greeters - the lights were even off. Then some motion caught my eye. It was the golden lucky cat figure that the restaurant has in the waiting area. The lucky cat was waving its paw - someone had to have turned it on. Perhaps the owners of the restaurant had forgotten to open their doors or they had lost track of time. With my face pressed against the window, I scanned the interior for additional signs of life. The buffet steam tables sat in the back of the establishment and a you could note steam coming off of the heated water. There was steam, but no food. A couple standing nearby told me that they had been waiting since 11am for the anticipated opening. They had not seen anyone either. They should open soon, I thought, I sat down at an outside table under the front patio of the business. While I waited, I observed. More than a dozen potential patrons approached the restaurant in anticipation of the same quick lunch that we were hoping to eat. Each one of them did the same thing that I did: they tried the door, pointed to the sign where the operating hours were posted, and pressed their faces to the glass to see why there were incongruences between the sign and the locked door. They all saw the lucky cat just as I did. I was fascinated by the duplicate behavior and the disbelief the potential patrons had when they found the information on the door to be untrue. I decided to wait until noon to see if the place would actually get it together and open for lunch and to observe how people continued to act towards the sign on the door. Just before noon, a large family approached the door. Their behavior was identical to everyone else’s. To my surprise, a man dressed as a cook came to the door. Instead of opening the door, he made hand signals to the family that he needed more time before they were to open. The family pointed to the sign on the door in protest. They were annoyed that he would not let them in and soon left. At noon I left as planned. As I counted the people who tried to eat at this restaurant today, my count came to 15. Each of them including myself had expected to eat at the restaurant. All of us left disappointed. Those 15 people could be the profit margin for the day for that business. How many of them will post on their Facebook page a negative comment about this experience? How many will never return?

The Importance of Signs as Brand Promises

We as consumers are exposed to hundreds of signs every day. What is amazing is that we believe what we see on a sign. We take them literally at face value. We are so used to being directed that we rarely question if the information is correct. Signs are brands. A brand is a promise of an expected product or service. We all expected that the brand of this restaurant was that they were open at 11am. They were not. They lied. Their brand lied and broke the brand promise. Now the only brand promise we have is that their brand is unpredictable. Unpredictability in the marketplace does not fetch a premium price. It gets what is leftover, because that is what it deserves. No one should have to beg a business to take their money. A business should make it easy for customers to transact with them. If the business was having a problem that day, they needed to communicate that with their customers. A simple piece of paper that said "Sorry, we are opening at 12pm today" would have been sufficient. That would have preserved their brand with the 15 of us and kept their brand promise; even if we would have chosen to go elsewhere for lunch. A sign is a brand promise. Customers will hold you to your sign. It is your unwritten contract with them. Don’t break promises to your customers. This restaurant will need more than a lucky cat to help them survive if this is the way they keep their brand promise.


Photo: Steve Snodgrass, Creative Commons License, Some rights Reserved

The National Export Initiative (NEI): Helping Small Businesses Compete on a Global Scale

3/22/2012

 
Picture
The National Export Initiative:
Double U.S. Exports in the next 5 Years
On March 11, 2010, US President Barack Obama signed an Executive Order which formed the National Export Initiative (NEI). NEI has the broad goal of improving conditions that directly affect the private sector’s ability to export. President Obama’s plan has the goal of doubling exports from US companies in the next 5 years. The NEI calls for removal of trade barriers and advocacy assistance directed especially at small businesses to help them overcome the barriers of entering new export markets.

The National Export Initiative: U.S. Priority Markets
There are several emerging market countries that the NEI has identified as priority export targets for US products. These countries include: China, India, Indonesia, Taiwan, Thailand, and Vietnam. The NEI has put together a series of videos about doing business in these markets. All of this excellent information is contained in the Federal portal for international trade: Export.gov.  Visit the International Trade Administration’s YouTube Channel for over 50 webinars about doing business in regional environments.

The Trade Information Center
For additional information or general trade questions, you may contact the Trade Information Center (TIC) at: 800.872.8723 (1-800-USA-TRAD(E)), or send an email to: tic@trade.gov The TIC operates between 8:30 AM & 6 PM EST.  You can get answers to your exporting question topics including: Tariffs, International Documentation, Logistics, Free-Trade Agreements, Country-Specific regional Information, Trade Data, and General Export Information.

U.S. Export Assistance Centers
The Commercial Service has a network of U.S. Export Assistance Centers that house export and industry specialists. These centers are located in more than 100 U.S. cities and over 80 countries worldwide. These trade professionals
provide counseling and services to assist U.S. businesses in exporting their products and services. They can assist in: Assessing market potential for your product or service, develping and implementing a market enrty strategy, and identifying potential trade partners in foreign markets. 
  

National Export Initiative Videos
Doing Business with U.S. Priority Export Markets:
China, India, Indonesia, Taiwan, Thailand, & Vietnam

China http://www.youtube.com/watch?v=cP3VWymGEGs
India http://www.youtube.com/watch?v=hP1s3EQVcLE
Indonesia http://www.youtube.com/watch?v=FrBuHAIsK-4&feature=relmfu
Taiwan http://www.youtube.com/watch?v=Xwky1QPCI9g&feature=relmfu
Thailand http://www.youtube.com/watch?v=XLxWpWulu3I&feature=relmfu
Vietnam http://www.youtube.com/watch?v=P0rjy-EAtLA&feature=relmfu

Differentiation is a Key to Success in a Small Business: Be Different - Be Better

3/15/2012

 
Picture
The Small Business Google Search Nightmare.
One of my clients is a local handyman. He came in to talk with me about marketing his business more effectively. He was concerned because his clients weren’t finding his business online. I typed the search term “handyman las vegas” into Google. The Google search returned 2.2 million results! We don’t even have 2.2 Million people in Las Vegas. My client was also not pleased to see his closest 25 competitors fighting it out on the first page of Google’s search results. He asked me how it was possible for a small business to compete against so many similar businesses. Our conversation led to a discussion on Differentiation. 

What is Differentiation? Be Different – Be Better
Differentiation is strategically deciding to make your business different from your competition, while at the same time making it better as well. Differentiation allows companies that sell similar products to justify pricing fluctuation between brands. For example, Texaco, Shell, Citgo, and Chevron all sell gasoline. They all charge differently for their product. Why? Because each product has been differentiated from the other. In Las Vegas, the most expensive gas comes from Chevron, then Texaco, Shell and finally Citgo. Citgo is sold exclusively at 7-11 convenience stores. One of the ways that Citgo is differentiated from Chevron is that you can buy a Slurpee and a BigBite hot dog while you are pumping gas. At Chevron, Texaco, and Shell you can’t. But you probably can purchase a car wash. Many Chevron, Texaco, and Shell stations are paired with car wash services. This is something that you will rarely see at a 7-11. You have to be able to set your business apart from your competition and then be better.

5 Tips on How to Be Better Than Your Competition
1. Make differentiation part of your overall marketing strategy
2. Know your customers and give them what they want and need
3. Don’t try to compete head-to-head with a rival. Find your niche instead
4. Add value in all areas of your business: Operations, Finance, and Marketing
5. Branding helps you remember your promise to your customer 

Square for Small Business: Accepting Credit Cards Made Simple.

3/13/2012

 
Picture
_ Life Without Square: The Hassle of accepting Credit Cards
Dealing with the hassle of taking credit cards was something small business owners used to dread.  A merchant account had to be set up with a bank or financial institution.  The merchant was charged a monthly service fee.  The fee was sometimes as high as $50 a month.  In addition to the fee, business owners had to rent or purchase credit card processing equipment.  This also included purchasing consumables such as paper and ribbons for the receipt printers.  This often proved expensive for the small business owner.  Thanks to a San Francisco based company called Square, the hassle of taking credit cards is now over.

How Square Works: Everyone Can Accept Credit Cards Via Mobile Devices
Square was created by Jack Dorsey, one of the founders of Twitter. Square's mission is to remove the barriers for small business owners to accept credit cards.  Square is simple.  It is elegant and easy to use.  The most important feature of using Square is that your clients feel secure with the transaction.  Square allows you to accept credit card payments on your Android, iPhone or iPad with the free square card reader device.  Square will send you a free Square card reader to plug into the audio port of your mobile device.  You can sign up and install the app in just a few minutes.  You can then begin accepting credit cards!  Your customers can review their purchase on your mobile device and even have a tip added to the bill.  After their credit card is swiped, they sign a signature line on the screen with their finger.  Customers instantly receive an electronic receipt via text or e-mail, which makes them feel secure about the transaction. Square charges one simple rate: 2.75% per swipe for MasterCard, Visa Discover and Amex.  Unlike most credit card processors, square charges no monthly fees.  The funds are deposited into your bank account the next business day.

Square Lets Small Business Owners Accept Credit Cards Via Mobile Devices
Even if you run the one person micro business, you have a need to accept credit cards from your customers. PayPal made it easy to accept payments online. Square now makes it easy to accept payments in person with a mobile device. Expect to see Square being used by your hair stylist, gardener, babysitter, or anyone you currently pay in cash. All you need is a mobile device and a bank account to accept payments. Square is making the process easy and fun as well. Small Business owners: get one of these now and get set up to take credit card payments. Your future sales may depend on it.

Visit http://www.squareup.com to order your Free Square Card Reader

Looks Like The iPad And The Kindle Are Here to Stay: Tablet and E-Book Reader Ownership Soars During the 2011 Holiday Season.

1/25/2012

 
Picture
Did you get an E-Book reader or a tablet device for Christmas this year? A Pew Research Center survey indicates that ownership in tablet devices and e-book readers increased from 10% to 19% during the 2011 holiday shopping season.

Tablet and E-Book Reader Benefits
One of the main benefits from using a tablet device is its accessibility. You can keep it on the coffee table or use it while walking up and down the stairs at your home. You can use it while lying in bed or while on the couch just as easy as you can use it on a plane. The ability to instantly turn on these devices coupled with Wi-Fi access to your network makes this device a replacement for 90% of what you use your laptop for. Most people use their laptops to access the internet, read email, and create and edit office documents, and spreadsheets. The rise of streaming media from companies like Netflix and Amazon has pushed the traditional Television viewer to seek more and more entertainment online. The iPad is an amazing entertainment device. You can stream movies, play games and check your social media channels from wherever you are.

When I showed my 86 year old Father the iPad, his first comment was that the clarity of the screen was incredible. He was pleasantly surprised that he could read an e-book without his glasses on. I had a similar experience showing the iPad to my wife’s grandmother, who is also in her 80’s. Within 2 minutes she had mastered the touch interface and was playing Angry Birds. I frequently see parents hand their 2 year old child an iPad with a learning game. Touch technology enables users who do not use computers to quickly adopt a new technology. This technology is here to stay. Recently, I attended the 2012 International Consumer Electronics Show (CES) in Las Vegas, Nevada. I was impressed with the degree to which tablets were being incorporated into everything from cars to refrigerators.

 

Entrepreneurs Should Consider Adding Tablet and E-Book Reader Technology to Their Business
Entrepreneurs should consider adding a tablet to their office and personal workflow. Email is a breeze. Web browsing is fun again. The tablet is great for reading books, newspaper, and reports. The iPad can also create and edit office documents with Pages, edit spreadsheets with Numbers, and presentations with Keynote. All of these Apps sell for $9.99 each in the iTunes App Store. During my evaluation of the iPad, I concluded that the only thing that I can’t do on the device is graphic design. I use Adobe Creative Suite to create and edit graphic files. This is not something that the iPad tablet can do for now. Or so I thought. I was wrong. Adobe has created an entire suite of Touch Apps for the iPad and Android tablets. The technology incorporates 6 creative Apps: Adobe Photoshop Touch, Adobe Proto, Adobe Ideas, Adobe Debut, Adobe Collage, and Adobe Kuler. Photoshop allows users to edit photos, Proto allows rapid prototyping and creation of wireframes for websites and mobile apps, Ideas is a vector design application that allows Illustrator functionality, Debut is a presentation app that designers can use to present full-resolution native Adobe graphic files, Collage lets you create mood boards and inspiration pieces, and Kuler lets you create and navigate in a world of infinite color themes.This presents a huge paradigm shift in the design process. It will allow designers to work in a whole new way: More efficient, connected and mobile. All of the Apps sell for $9.99 each and can be found on the Android Marketplace as well as the iTunes app Store.  


The Future for the Tablet and E-Book Reader Market
The future for tablets is great. Touch technology has enabled us to create and use technology in new mobile ways. The tablet is game-changing technology and every small business owner should consider ways to streamline their operations with these advances.

Pew Research Study: http://pewresearch.org/pubs/2176/tablet-computers-ebook-readers
Check the Adobe Touch Apps out here: http://www.adobe.com/products/touchapps.html?promoid=JFQGR


Want to Learn How to Export?: National District Export Council Conference & Exposition in Las Vegas, Nevada November 2-5, 2011

11/2/2011

 
Picture
We are proud to welcome the 2011 National District Export Council Conference and Exposition to Las Vegas, Nevada.
This is a conference that focuses on core international trade skills and content. If you have ever wanted to get into the export business, then this is the trade show for you!

This years DEC conference will highlight:

12 Educational Track Workshops
•financial assistance programs
•grants
•logistics-compliance
•market expansion
•innovative new product needed
•alternative energy evaluations & opportunities
•new tools to increase sales and company performance
•successful exporters interactive panel
•region specific evaluations: Americas, Pac Rim and Europe/Africa
Export Grants Track featuring SBA’s new $30 million STEP program and more.

Best of the Best Export University 101, 201, and 301 Includes Certificate!

Outstanding Keynote Speakers from the private and public sectors and subject matter experts on panels and conducting workshops and seminars.

DEC leadership meetings focusing on the most important international, national, and local best practices, policy,reorganization, budgets and legislative issues.

NEW THIS YEAR is a full exposition hall featuring 30 exhibit booths exhibiting products and services  from the public and private sectors and the U.S. Census Export Pavilion.  Attendees will also receive limited free access to USATrade OnLine.

International Pavilion with Consuls and foreign trade representatives to discuss doing business in, and sending products to, their countries. Countries confirmed are Azerbaijan, China, Indonesia, Japan, Korea, Argentina, Brazil, Mexico, Armenia, Turkey, Thailand, Uruguay, Lithuania, Italy, Romania, United Kingdom, Belgium, Bulgaria, Canada, Croatia, Kenya, Switzerland, Sri Lanka, Guatemala, El Salvardor, Honduras, Costa Rica, Nicaragua, Saudi Arabia,EU and Poland.

One-on-one private meetings with U.S. Commercial Officers with expertise in Algeria, Central America, China, European Union, India, Israel, Mexico, Nigeria, Portugal, Russia, Saudi Arabia, Sweden, Germany and Vietnam.

To Register: http://www.decconference.com/members/decconference

Looking to Start a Business? Come to the Rapid Resourcing for Small Business Event

10/19/2011

 
Picture
We will have over 20 Resource Partners from Southern Nevada present to answer any questions you may have about starting and managing a small business. This event is FREE! Please register at: http://snbrn.eventbrite.com

Rancid Social Media: Don't Do It!

9/5/2011

 
Picture
What happens when a small business owner tries too hard get potential customers to "follow" them on Twitter or "like" them on Facebook? Their Social Media Strategy becomes rancid. Just like rancid food, rancid Social Media stinks and potential customers as well as existing clients want to get away from the stench. Social Media is about transparency and a grassroots effort to connect with your customers. I follow someone on Twitter who uses some sort of service to promote her business posts. The problem is that the automated service she uses, posts the same dozen posts over and over again each day. Sometimes the posts repeat every few seconds. This amounts to hundreds of posts a day and her followers feeling like her Social Media is rancid and not genuine. If you use a service to promote your business, you run the risk of ruining the process and driving away the very people that you wish to attract. You then end up with thousands of "Zombie Followers" & fans that don't care about you or your business. You have to ask yourself if you care more about the number of followers you have, or do you care about the quality of the followers you have and your ability to connect with them. Social Media is a grassroots effort to connect and communicate with our clients. Build your Social Media following the natural way: Give your followers great content and they will come back.

NSBDC Client Success Stories

7/12/2011

 
As a Business Development Advisor with the Nevada Small Business Development Center, I get to help my clients turn their ideas into a viable business. Here are success stories from a few of my clients: The Brazil Store, Pasta China, and Las Vegas Errands.

The $500 a Month Small Business

6/3/2011

 
Picture
If you think about it, $500 is not a huge amount of money. The average car repair is around $500. The average family with 2 vehicles pays about $500 for gas every month.  You can purchase an iPad for $500. You can buy an outfit for $500, or purchase a round trip airline ticket for $500. $500 a month x 12 months = $6000 a year. Now if you look at adding $6000 a year to your income, it doesn’t seem like much. However, it really is.

Ask yourself the question: What would a consistent extra $500 mean to my financial state of health at the end of the month?  If you could afford a $2000 mortgage payment instead of a $1500 mortgage payment, where would you live? Chances are, you would be able to move into a more upscale neighborhood. If you could afford a $500 car payment, what type of car could you drive? Would it be a step up from what you are driving now? $500 a month could pay for private schooling for your children. $500 could pay for expert music, sports, or artistic training. $500 could pay for private tutoring for your kids.

Lets talk about Debt. How much is your consumer debt costing you in monthly payments? Would $500 cover your payments to the credit card companies? How about student loan debt? Could $500 make a big difference in paying back the debt you borrowed for college?

The truth is: $500 goes a long way when you look at what it can do for your lifestyle.

How do you make the extra $500 a month? A small lifestyle business can fairly easily generate $500 a month.  You have to find something that you love and go for it. You don’t need an expensive office. You can work from home.  You don’t need employees. You can do this yourself. Leverage technology. We are in a connected world. You can run your venture from your smart phone. All you need to sell is $17 a day worth of your product or service to make this work.  You can do this. You can sell $17 a day of something.  Figure it out. Be resourceful.  

Welcome to the world of upward mobility.

(Photo: David Boyle in DC, Creative Commons License, Some rights reserved)

Timing is Everything

5/11/2011

 
Picture
As I was finishing my undergraduate degree in the late 90’s, I asked a question: Why did college textbooks have to be so expensive? I started to brainstorm with a colleague about the possibility of an affordable electronic device that could be loaded with all of your textbooks for college at a reduced price. We did some research and realized that there were Palm Pilot and Pocket PC devices already in the marketplace, but no one seemed to be working on a project involving books. There seemed to be an opportunity in the market. We went to work on creating an electronic device that could be loaded with books targeted to college students. We got legal counsel, prepared non-disclosure agreements, and worked on an interface design. We needed a prototype. We found an electronics engineering student at the University joined our team and began making the prototype. Just as the prototype was finished, Sony announced a new ebook device that would hit the market in 90 days. We were crushed. The funny thing is that the device failed. The market wasn’t ready for an ebook reader yet. It took nearly a decade for ebooks to be accepted into the mainstream.

Bindrup’s Advice: Be on the lookout for emerging trends, but don’t get too far ahead of the curve.
(Photo: Dimitar Nikolov, Creative Commons License, Some Right Reserved)


Most People Are Not Cut Out to Run a Business

4/29/2011

 
Picture
You might be one of these unprepared people. Lets face it. We are trained in our K-12 school system to be employees. Our school system was created to supply workers for the industrial revolution that could read, write, and do math in order to work in the factories that were powering our economy at the time. We were not trained to think outside the box. We were trained to be compliant “worker bees”. We also don’t teach financial literacy in schools. A student is lucky to get out of high school with one business class. That will not prepare you to start and run a small business. Most entrepreneurs don’t even know the basics of accounting. A well-rounded practical education for a potential small business owner should include: Accounting, Finance, Marketing and Management training. These skills are vital in order to run a successful small business venture. If you have never run a business before, you are at a disadvantage in all areas. Get help from knowledgeable advisors. Visit with a Small Business Development Center, or SCORE Advisor. It’s Free!

Bindrup’s Advice: Use business advisors and mentors to help you along the way or don’t quit your day job.

Sales is The Only Way to Prove Value

4/21/2011

 
Picture
The bank and potential investors don’t care about how much you "believe" in your new business. They know that most small business owners are delusional about the level of profitability they foresee in their business. One of the questions from a potential investor is "Have you sold anything yet?" The only way to prove that your business concept is valid is by sales. In business, nothing happens until somebody sells something. Your constant goal as a startup is to focus on sales. Forget about everything else. A small business owner should spend all business hours on sales. Handle accounting and other administrative tasks after business hours and on weekends. Focus on driving sales. It is the only way that you can prove value in your business. If you cannot prove that there is demand for what you are selling in the first six months of operations, your business is sunk. It sounds appealing to a potential investor that you have generated $15,000 in sales during your first month in operations, or that you have sold 124 units out of the trunk of your car before you even got the business going. Sales prove value.

Hey Small Business Owner: What's Your Job?

3/5/2011

 
Picture
When I first started doing freelance work as a graphic designer, life was pretty simple. My daily routine consisted of finding clients who needed graphic design jobs and then producing the design work that I had gotten from my clients.  As my business grew, I found my role as graphic designer decreasing and quickly transforming into the role of a manger and owner of a small advertising agency. It was a scary time for me. I was 24 years old and way outside of my comfort zone. Growth brings a unique set of challenges to an inexperienced small business owner. Especially one as ill prepared as I was. I had never had a class on running a small business, had little preparation in accounting, and had never even heard of strategic planning. During this time of rapid growth and business expansion, I would get frustrated because I was often unclear of the role I needed to fill. I had gotten into business because I was a highly skilled technician, not because I was a great manager. Everyday there were important decisions that had to be made about the business. I was sure that I was not making proper decisions and I worried about the future ramifications of those decisions. One day I sat down very frustrated and said to myself: I have to figure out what my job is. What do I do on a daily basis as the owner of this small business? The following is the result of that first strategic planning session in my head. I scrawled the following 3 job functions on a note pad.

1.   Ensure Profitability
2.   Strengthen Relationships (Clients & Vendors)
3.   Market Effectively


It was a simple start. I later added 5 additional functions:

4.   Direct Creative
5.   Control Quality
6.   Communicate
7.   Vision
8.   Bring in Business


Finally, I crossed out Vision and brought it under #6 so it now read: Communicate the Vision.

I had a simplified set of job functions for myself as a small business owner. This piece of paper served to remind me not to get so caught up in the daily tasks at the business that I was not working on my business in the area, which I had outlined. I carried this piece of paper with me for several years. I had included a photo of the ragged-edged, stained note pad that I used to document my job as a small business owner. Today, It still serves as a reminder for me to pay attention to the most important job functions I have to manage in order to grow a successful small business.


Small Business Owner’s “To Do List” for the Last Week of the Year.

12/22/2010

 
Picture
As the Christmas parties begin and thoughts of accounting year end fill the air, the last week of the year gives small business owners a unique time to get some important tasks completed.

SMALL BUSINESS OWNER'S "TO DO LIST"

(1)
Business Year in Review
This is an exercise in honesty and transparency. Start by reviewing the information with yourself. How did you really do this year? What went well? Where did you drop the ball? These are some of the questions that should be addressed. Don’t spin the results. This is not the time to sugar-coat what happened.  Prepare a simple and easy to understand one- page summary of how you did last year. Now comes the tough part: Share the information with your stakeholders. That means employees, investors, and even suppliers.  Let them see for themselves how you did during the year. Transparency is vital to maintain the trust of your stakeholders.

(2) Update Your Business Plan
Writing a business plan is like flossing: you hate to do it, but you have to do it or it will cost you in the end. Dig it up, dust it off and update it – keep it current. Remember, your business plan is only a tool only if you use it as one. Using it as a door stop or paper weight doesn’t count.

(3) Set Strategic Goals
Notice that I said “Strategic”. Now is the time to review your business, marketing, & Social Media strategy. Do it, and do it on paper. This exercise keeps you accountable. Make sure to include budget in your planning. It amazes me how many entrepreneurs have New Year’s resolutions, but set no strategic business goals. The time you invest to set your strategic goals for the New Year will pay increased dividends in the future.

(4) Get rid of the Clutter
It is time to clean the office. Let go of all the things you were holding on to. Clean out your storage room and get rid of old equipment. Every business has an outdated computer that just gathers dust. Throw it away, give it to one of your employees, or donate it! You will feel better having removed this piece of unfinished business from your life. Go through that stack of paper you were dreading. Move some furniture.  Start the New Year unfettered.

(5)
Connect with your Clients
Personal phone calls work best. Call them just to wish them a happy holiday. Make sure that the phone call is not a sales call. You are calling because of the human interaction.  Connect and listen to your clients. Show your clients that you care. You can send letters, email, or use social media. This time of year, visits and calls are the most appreciated.

(6) Celebrate with your Team
Make sure that the people who supported you this year in your business are aware of how much you appreciate them and their willingness to walk this path with you.  Have a party, even if you’re nearly broke. Take the time to celebrate the small stuff. The last few years have been difficult for small business owners. Celebrate the fact that you are still in business! In Frank Capra’s holiday classic: It’s a wonderful life, in the scene after the run on the bank; they have 2 dollars left in the vault. George Baily says 
“A toast! A toast to Papa Dollar and to Mama Dollar, and if you want the old Building and Loan to stay in business, you better have a family real quick.”

May the New Year Bring Health, Wealth, and less Standing Inventory on the Shelf!


Social Media Marketing Seminar at the NCET Entrepreneur Expo in Las Vegas October 15, 2010

10/16/2010

 
Picture
Picture
Picture
On October 15, 2010 Raj Tumber from SCORE and I delivered a seminar on Social Media Marketing at the Nevada Center for Entrepreneurship & Technology (NCET) Entrepreneur Expo at the SouthPoint Hotel and Casino in Las Vegas, Nevada - We had over 70 people attend this workshop and we were pleased at the continued success of the NCET Entrepreneur Expo.

Dina Titus - Federal Procurement Workshop

9/13/2010

 
Picture
On Aug. 31, Congresswoman Dina Titus hosted her second small business workshop. The event was aimed at providing local small businesses with the tools they need to sustain and grow during these tough economic times.

The workshop also focused on issues including securing contracts with the federal government, financing options available through the SBA and the best practices for doing business with city and state agencies.
IN THE PICTURE: Mike Bindrup from the NSBDC, Congresswoman Dina Titus, & Raj Tumbar from SCORE.
<<Previous

    Management

    Manage your Small Business better

    The easiest way to create a website for your business. Create your site at Weebly.com!

    RSS Feed

    Archives

    November 2021
    January 2017
    April 2014
    November 2013
    September 2013
    July 2013
    March 2013
    January 2013
    September 2012
    August 2012
    June 2012
    April 2012
    March 2012
    January 2012
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010

    Categories

    All
    Ads
    Advertising
    Apps
    Branding
    Business
    Business Plan
    Commercials
    Creative
    Customer Service
    Events
    Holiday
    Import/Export
    Innovation
    Legal
    Marketing
    Mobile
    Motivational
    News
    Signs
    Small Business
    Social Media
    Strategy
    Success Stories
    Tablet
    Taxes
    Technology
    Thanksgiving

Powered by Create your own unique website with customizable templates.
Photos used under Creative Commons from rosscrawford1, bfishadow, All in One Training, Keith Allison, weegeebored, See-ming Lee 李思明 SML, Like_the_Grand_Canyon