It’s Back to School Season For Small Business Owners Too

Efficiency is the key to maximizing small business profitability, productivity and potential.  But in devoting so much attention to processes and people, small business owners often neglect to optimize their most important asset—themselves.

Whether you’re a novice or veteran entrepreneur, every day offers the opportunity to learn something that can be applied to improving the quality of your business—perhaps right away, or maybe sometime in the future. It’s simply a matter of being aware of what’s going on outside the walls of your store, factory or home office.

There are many ways to learn. One way is to use of search engine technology which makes staying abreast of business-related news easy, thanks to programs like as Google Alerts. Simply enter some basic search terms for topics of interest—your industry, locations where you do or want to do business, competitors’ names or technologies and you’ll be notified when relevant content appears on the web. Alerts can be set to be issued as they happen, or on a daily or weekly basis. In addition, customizable news aggregation websites such asalltop.com bring news headlines, blogs and podcasts together in a single location. 

But don’t omit “traditional” news sources, like trade journals, national news publications or your local paper for learning. While it’s great to get web news tailored to your needs, you may spot something in a story on a seemingly unrelated topic that could benefit your business or, perhaps more importantly, influence your customers and their needs.

And just because you’ve finished school doesn’t mean your career as a student is over. There are always new skills to learn, new technologies to master and new ways to do things. Daytona State College regularly offers classes and workshops on timely business topics, both on campus and online. In addition, the Flagler County Chamber and other groups have meetings with speakers and presentations, giving you a chance to double your time investment by both learning and networking. A great example is the Business Boot Camp Plus offered by the Chamber. It is a five week intensive and interactive program designed to immerse small business owners in the fundamentals of business management. The Boot Camp is staffed by SCORE counselors and will take place at the Chamber from October 15 through November 12.  

Another possibility is attending multi-day conferences sponsored by industry groups—either yours or those representing your customers. Although registration fees, travel and lodging expenses may be involved, the long-term payoff in visibility, education and networking will likely justify the costs.

Finally, the best way to maximize your personal efficiency is to take care of your health. Take some breaks during the day and set business aside completely when you leave work—especially if you spend most of your time in a home office. Exercise regularly, eat right and don’t put off regular medical exams or vacations. After all, if the boss isn’t operating at 100 percent, chances are his or her small business won’t either.

Brand Your Small Business to Make a Lasting Impression

Aug 2014

Consumers today are increasingly bombarded with information, yet have less and less time to process it. That’s why every small business needs a brand—a fundamental message or impression about its products or services that punches through the clutter and anchors itself in the customer’s memory.

So, just how important is branding to a small business? It can create a loyal following of customers and build a solid customer base for the business now and in the future. It’s always easier and more cost effective to sell to an existing customer than it is in to attract a new one.
Branding starts by identifying the business you are in, how you serve your market, who your customers are and how you want them to be treated. It emphasizes the benefits of your product or service rather than just the features. 

By understanding your market, your customers and your competition, you can begin to create a ‘competitive edge’ that is consistently and constantly reinforced in all your internal and external communications. Branding also involves consistency right down to the type face and design you use in advertising and communication materials. 

At the same time, a good branding strategy should be flexible. Monitor how well your brand resonates with your key clients and be prepared to tweak your message as necessary. Also keep an eye on what your competitors are doing, but avoid responding hastily to any changes they may make. What works for one company may not work for another, despite apparent similarities.

Always look for ways to reinforce your brand. A good option is through a blog, where you can regularly share timely information and insights about your industry with current and prospective customers. Blogs also serve as a forum to discuss trends affecting your customers and what they need to know about addressing them. Over time, your blog readers will increasingly look to you as an expert they can trust, whether they currently need your products and services or not. 

The right branding strategy is critical to the success of your small business. To learn more about branding and other marketing matters, plan to attend a free workshop addressing “Successful Sales and Marketing Strategies” to be held on September 16 at the Palm Coast Campus of the Daytona State College. This SCORE workshop is being co-sponsored by the Flagler County Chamber of Commerce and Daytona State College. 

To register for the workshop visit SCORE87.org or contact SCORE office manager, Rosalie at 386-255-6889.

Time for a Mid-Year Review of Your Business

July 2014

At this point in the year it is important to step back from day-to-day activities and ask yourself this question:

“How is my business doing?”

More often than not, entrepreneurs only ask this question when their small business goals fail to materialize, or they encounter problems that, in hindsight, might have been preventable. Often, the problem can be traced to a flaw in their business plan. Critical issues weren’t fully thought out or, even worse, weren’t even considered because the entrepreneur didn’t prepare a business plan in the first place.

There are several common mistakes that end up short-circuiting even the most promising small business venture. They are as follows:

No clear purpose. A business plan is essentially a solution to a problem, the problem being how you are going to turn your vision of a successful business into a reality. As such, the purpose of your business plan will affect everything from the amount of research you have to do through what the form of the finished plan will look like, and what you will do with it.

Idea inflation. Don’t overestimate the importance of your idea. Generally you don’t need a great idea, although it is advantageous to have one. In reality, you need time, money, management skills and common sense. It isn’t just the plan that sells a business idea. It is also the person presenting it, as most investors invest in the people behind the business as well as the business itself.

One size fits all. Every business is different, so every business plan is different as well. Using standard documents may save time, but the end-result will not be tailored to your business or fully meet your needs. Be precise, and avoid unnecessary verbiage that fills up space or builds up expectations that are unrealistic.

Understand cash flow. Many newcomers to business will think in terms of profits, or sales minus costs and expenses. Unfortunately in business, we don’t spend profit, we spend cash. Thus, cash management is critical to success. Many businesses don’t succeed because they lack the necessary cash to operate during challenging times, not because they are ‘bad’ businesses.

Don’t be overly optimistic. Be realistic with your projections and bear in mind that very successful companies often take many years to get to a point where they succeed.

If you need help in creating a sound, high-quality business plan, there’s no better resource than your local Flagler/Volusia Chapter of SCORE. SCORE counselors are experienced business owners, executives or managers that volunteer their time to help small businesses succeed.

If you would like to schedule a confidential, no cost counseling session with a certified SCORE mentor or to find the latest schedule of our informative workshops, visit SCORE87.org or contact the office manager, Rosalie at 386-255-6889.

Small Business Owners: Take a Break!

June 2014

Being your own boss has many rewards, but the long hours and merciless work can affect your emotional well being. This can result in burnout, a condition that takes a toll on you mentally and physically.

You can safeguard your well-being by taking some time off to rest and refocus. But there is a problem. Many business owners are afraid to leave, even for a short period. They fear that something will go wrong or they’ll miss out on that next big opportunity. With so much to do, how can an entrepreneur ever relax?

According to a survey conducted several years ago by American Express, 40 percent of the smallest business owners—those with less than $200,000 in annual revenues—plan no vacation time whatsoever in any given year. And even those who do schedule a break never really get away. One of every three link vacation time to a business trip and half will check in with the office at least once a day, if not several times.

According to the Am Ex survey, these are the vacation-blocking concerns cited most often by business owners:

• There is no other competent person to leave in charge to make important decisions.
• An important client or customer will not receive appropriate service.
• The business will miss a new opportunity.
• An operational breakdown will occur without anyone to solve the problem.

Despite these concerns, you can schedule a refreshing getaway with some careful advance planning. For example, draw up a list of worst-case scenarios and brief those in charge on the possibilities and chief concerns of each customer. Introduce your stand-ins and express your confidence in their ability to handle any issues that may arise. Businesses without employees can tell key clients or customers in advance of any extended time away that is being planned and how they can meet their needs in your absence.

Delegating responsibility is a good idea even if you already build time off into your schedule. If you’re suddenly faced with a huge workload or an emergency that requires your absence, you’ll have the confidence of knowing your staff can handle these important tasks. That gives you the freedom to step out and back in without your business missing a beat.

Finally, don’t think of time off solely in terms of multi-day vacations. Designate certain hours or days as “your time” and prohibit yourself from checking email, browsing your business websites, or answering the phone. Also build exercise into your daily routine, even if it’s just a walk around the block at lunchtime. And eat right; a balanced diet with do wonders for your alertness. In addition, an occasional massage can help relieve stress.

An experienced outside perspective can benefit any small business which makes it a good idea to contact SCORE. SCORE is nonprofit organization with experienced, certified mentors here in Flagler County who provide one on one, free and confidential counseling as well as an informative workshop program. For more information on our workshops or to schedule a counseling appointment visit us at SCORE87.org or call Rosalie at 386 255-6889.