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BIZNESS! Newsletter Issue 117

BIZNESS! Newsletter

 

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Cover Story

Luxury Public Toilets

Shiny tile floors; artsy in-stall murals; a kid-friendly atmosphere: Dutch company 2theloo is offering an alternative to traditional communal commodes with their clean and modern restroom shops…

Continued in BIZNESS! Newsletter Issue 117 >>>

 

Top Stories From CoolBusinessIdeas.com

– TripAnomaly
– 3D Virtual Shopping
– Nail Art Advertising
– Fresh Fruits Hanging
– Rhino Chair
– Customer Rave
– Cable-less Charging

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Top Stories From GetEntrepreneurial.com

– Small Tidbits to your Resume making Big Difference
– How to Work with Your Web Designer to Get A Profitable Online Presence Even When You Are Time Starved
– Social Media as a Negotiating Tool
– Build Your House On A Solid Marketing Foundation
– How to Finish the Projects You Start and Grow Your Start-up
– Business Exit Planning – Can Your Business Survive If You Could No Longer Manage It Tomorrow
– How to Leverage Your Time And Raise Your Prices

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Categories
Communication Skills

Social Media as a Negotiating Tool

Article Contributed By Mark Hunter “The Sales Hunter”

Social media has blown on to the scene the last couple of years with the popular websites of Facebook, Linkedin, Twitter and many others. Nobody can tell for sure what social media will look like five years from now, but what everyone can agree upon is that the concept of using the internet to socially communicate is not going away.

For salespeople, an important question is, “Can social media help in negotiating?”

My answer is, “Yes, it can.” I’m not saying you should directly negotiate with another person by way of a social media (although I suppose there might be exceptions where this is possible). What I am saying is that social media is a perfect tool that someone can use to help frame a situation or build their on-line reputation before the negotiations even begin.

Negotiations are won or lost in two critical areas. The first is the period of time leading up to the start of the negotiations, when both parties are preparing to negotiate. The second is at the end, when the two parties are working out the details of the negotiation.

With regard to social media, I am not an advocate of conducting business negotiations in public. The reason I feel this way is because it is important throughout the negotiation process to maintain respect and integrity for everyone involved. This can be very hard to ensure if stuff is being thrown around for others to read and see. This is the reason I say the best use of social media in negotiations is before the negotiations even begin.

Using social media before negotiations begin allows you to establish the context of who you are and what your expected outcome might be. Best example of this is Donald Trump. He uses social media tools and the media in general to let everyone know who and what he is.

Trump’s goal is to make his brand known, and his brand really is himself. He wants his brand to appear favorable. He does this by coming across as a shrewd businessperson, and he uses social media to further this persona. On the one hand, this gives him an upper hand in any negotiations. On the other hand it also alerts everyone who might be planning to do business with him that he most likely is going to be very tough.

Conversely, a person who has used social media to cast a tough but fair image is billionaire investor Warren Buffett. The image he has crafted in social media and the media in general is one of a very smart long-term investor known for making quick deals based on how he sees a situation. The result of this image is many people might be far more willing to enter into negotiations with Warren Buffett under the belief they would be treated more fairly than if they were negotiating with Donald Trump.

The examples I use are extremes, but you see the picture. This is why I am a very strong believer that anyone who is planning to do any amount of negotiating with others needs to make sure their internet image is the one they want.

Use social media sites to position you and your company in the manner you want to be seen by others. Be active in how you do this. If you’re not active yourself, other people may craft an image of you that is not accurate.

If you are about to enter into negotiations with another party over a business contract or anything else for that matter, the other party likely will “Google” your name or company to see what they can learn about you. (This is a very common practice).

The other party is going to read all they can about you, and what they read may impact how they choose to negotiate with you.

Some people may like to believe that social media does not have a place in the professional business world. Sorry, but that is old-school thinking (or maybe I should say, “That is so 2009 thinking!”) Today, search engines capture everything, and people expect to find out everything. When someone can’t find something on the web, they become that much more suspicious.

Finally, don’t think for a moment the web is going to become any less powerful in the years to come. Just the opposite is true. It’s going to become more powerful. The sooner you accept the reality that you need a solid social media strategy, the better. The strategy of what you post, how you position yourself and so forth is up to you. Choose wisely and be consistent.

Always remember that the respect you show to others and the integrity you live by are priceless. If you build your social media strategy around respect and integrity, you’ll be well on your way to positioning yourself properly for today and tomorrow.

About the Author
Mark Hunter, “The Sales Hunter,” is a sales expert who speaks to thousands each year on how to increase their sales profitability. For more information, to receive a free weekly email sales tip, or to read his Sales Motivation Blog, visit www.TheSalesHunter.com. You can also follow him on www.Facebook.com/TheSalesHunter, www.Twitter.com/TheSalesHunter and www.LinkedIn.com/in/MarkHunter.

Categories
Finance & Capital

4 Ways to Get Working Capital for Your Business Without the Bank

Article Contributed by Gary Barzel

As stagnant or declining sales and the increasing costs on everything from commodities to healthcare have whittled away the profit margins of numerous small business owners, getting adequate financing to cover day-to-day operations has become more difficult. Banks and other commercial lenders in particular have been rather tightfisted these days with businesses that have taken a hit to their revenues and credit profile.

If your business has been struggling lately to come up with a sufficient cash flow, and your bank has not been so eager to help, you may want to consider one of the four following financing alternatives:

Accounts receivables factoring and financing.

Accounts receivables (AR) factoring and financing involve leveraging outstanding customer invoices in exchange for instant cash. With AR factoring, a business typically receives 70-90% of the total value of the receivable, the rate being dependent on the age of the account. The factor company then assumes responsibility for collecting the outstanding invoice. Upon full receipt of the payment from the customer, the factor company will return the remaining balance, minus a small processing fee. With AR financing, the business uses the invoices as collateral for financing, yet is still responsible for collecting payment from customers.

Merchant cash advance.

With a merchant or business cash advance, companies can leverage their future revenues to receive instant capital. In this case, the financing company purchases a portion of the business’ future revenues at a discount (the rate of which is generally based on the business’ sales history). The business then receives an instant lump sum of capital, while the financing company collects a fixed daily percentage of the business’ sales until the full agreed upon amount is paid off. Some cash advance companies will only work with credit card revenues, others offer financing on all future sales.

Peer-to-Peer (P2P) lending.

If your personal or business credit rating is 600 or higher, then you might want to consider a short-term microloan from a peer-to-peer lending platform, such as Lending Club or Prosper.com. With P2P lending, business owners submit a request for funding to the site including a short description of what the money will be used for as well as some of their current financial information. Individual investors then contribute small amounts of money until the desired loan amount has been reached.

Renting out your property or assets.

One final way to generate capital for your business is to rent out (or sublease if the property owner allows) any unused real estate or equipment. The rental is usually a short-term agreement that can last for a year, a few months, and even on a day-to-day basis. You should just make sure that you have a clear rental agreement in place and that renting out your business’ equipment or property is realistically doable.

In short, if you are looking for working capital for your business, your search does not have to begin and end with the bank.

About the Author
Gary Barzel is the manager of business development for Fastupfront. Fastupfront offers a working capital solution for merchants in need of business loan financing without the hassles associated with traditional bank loans.

Categories
Communication Skills

Great Leaders Master “The 3 Levels of High-Performance Leadership Communication”

Article Contributed by Skip Weisman

National Hockey League Hall of Famer Mark Messier is recognized as one of the greatest leaders in the history of professional team sports. This reputation is backed by the fact Messier is the only player to captain two separate teams to the Stanley Cup Championship.

So, when Messier talks leadership, people should pay attention.

After winning his sixth Stanley Cup in 1994, and the first for his New York Rangers in 54 years, Messier was quoted in a Sports Illustrated article on how he gets the most out of the players as a team captain:

“To lead effectively, you have to have the trust of those on your team, and to do that you have to find a way to connect with them, to find common ground with every individual. It’s a people issue, not a sports (or business/job) issue. The way to find that common thread is compassion.”

Messier’s quote describes the highest level of leadership communication, what I call Level 3 Leadership Communication.

As Messier’s quote reveals, Level 3 Leadership Communication is about connecting with the individuals on a team so that the leader understands what uniquely motivates each.

One of the roadblocks to a leader embracing and engaging in Level 3 Leadership Communication comes from one of the earliest lessons children learn in life, something called the “Golden Rule.”

To recount that lesson from early childhood, the “Golden Rule” states, “Do unto others as you would have them do unto you.”

On the surface it seems like a great approach.

The challenge is that statement comes with a pre-supposition that every person a leader leads will have the same interests, desires and motivations. And those interests, desires, and motivates will remain constant throughout the term the individual is working with you.

These assumptions regularly cause misunderstandings between leaders and their respective team members, which causes the erosion of motivation, morale and trust.

An approach that champion leaders like Messier apply is called “the Champion Leaders’ Rule,” which states, “Do unto others as they want to be done unto.”

This approach takes a concerted effort to invest time and energy in getting to know the personal aspirations and motivations of the individuals on the team, as Messier noted. But as Messier’s six Stanley Cup Championships attest, the return on that investment can be tremendous.

There is a strong caveat to applying Leadership Communication Level 3, however, because a leader that has not invested time and energy in building the foundation in Leadership Communication Level 1 (self-awareness and self-communication) will do more to de-motivate team members and will sabotage the trust and commitment necessary to generate high-performance from individual team members.

To prove my point above, think about how many 1:1 ‘performance review’ discussions fail to generate the positive feelings and the performance improvements discussed in the session with a team member. This is often the case even when a leader gets “agreement” from the team member regarding the improvements that need to be developed.

Too many performance review discussions end up creating animosity, distrust and confusion instead of the intended outcome of higher performance.

When a leader invests in themselves in Leadership Communication Level 1 to:

  • become self-aware of how they want and need to show up as a leader, and
  • how they need to project themselves when they are in front of their team members (Leadership Communication Level 2), plus
  • develop their personal internal and external communication, either individually or collectively,

the results received from the team will grow exponentially, and it will happen with you spending significantly less time trying to motivate the team as a unit because the team members will take ownership and responsibility of the effort.

About The Author
Skip Weisman is The Leadership & Workplace Communication Expert. He’s the author of the white paper report titled, “The 7 Deadliest Sins of Leadership & Workplace Communication: How Leaders and Their Employees Unknowingly Undermine Morale, Motivation and Trust in Work Environments.” The white paper is available as a free download for a limited time at www.HowToImproveLeadershipCommunication.com. If you’d like to learn how you can improve your work environment by improving communication contact him directly with any questions, or for a complimentary Strategy Session at 845-463-3838 or e-mail to Skip@WeismanSuccessResources.com.

Categories
Sales & Marketing

Build Your House On A Solid Marketing Foundation

Article Contributed by Lisa Cherney

A solid marketing foundation is key to a solid business. Even the big boys like Pepsi and Coke realize this! If they get comfortable and let their marketing efforts relax, then sales will suffer, and they’ll have to work twice as hard to get back their share of the market. You, as an entrepreneur and master of your own domain, have to be cognizant of where you spend your time and dollars. Just like a house, you need a strong foundation that you can build on that will stand the test of time. From this foundation, you’ll be able to add on and up as your business grows. So here are the first 2 key elements to a solid marketing foundation, the Juicy way.

Your ideal client is the foundation of your house.

I, like most entrepreneurs, didn’t know when I started my business that just having a “niche” was not accurate or precise enough to create the success that I was after. Let’s face it: your business is you, so you have to love all your clients. You are no longer employed by someone else, in a job where you have to do what your boss tells you and work with people that you don’t necessarily like. You’re the boss now, so you’ve got to love what you do and the people you work with. Picture your clients as the frame that your house is built around. The large bottom part is your target market – the concrete foundation that holds the house together. The walls are your niche that you most want to appeal to, but the roof is where it’s at. They are your ideal clients. So you have to figure out what those folks at the top want to hear from you. It’s not always about money for them, it’s about growth. Do you have what they want? Here’s a question to ask yourself: “Which clients are my favorites and why?” You’ll be making a huge mistake if you only focus on what you do. Focus on the values of your ideal clients, because it will tell you about your own values – and you’ll be speaking the words that they want to hear. It’s the foundation of your house, so make sure it’s solid!

Always highlight your irresistible Juicy benefits.

These are the shutters, the crown molding, the landscaping of your house. It’s curb appeal! It is your unique way of describing how you can change someone’s life. In the end, your credentials don’t matter as much as how their life is going to change once they give your their money. This is where you tell them the benefits of working with you. NOT how many years of experience you have, or the huge mega-companies you’ve worked with, or all the workshops, workbooks and CD’s that they’ll get with your program. These are features, not benefits. Spend the time, dig deep, and have a juicy benefit statement ready to go for every form of service that you provide. This is your opportunity for getting clarity so that your marketing can stand out. These statements help you to know your value so you can charge more. Find the words to say why you’re different than everyone else out there.

The best part about owning your own business is that you get to design your own “house”! Later, I’ll give you two more juicy secrets to build your business on solid marketing ground.

About the Author
Lisa Cherney, a.k.a. the Juicy Marketing Expert, founded Conscious Marketing 12 years ago to help small business owners find their authentic marketing voice, attract their ideal clients and increase their sales. Following her own Stand Out & Be Juicy program, which centers on owning your unique self and laser-focus marketing, Lisa has tripled her income while working part-time. Prior to Conscious Marketing, Lisa worked with many Fortune 500 companies, including AT&T, Lipton, Nissan, Blue Cross and Equal. She is a highly sought after speaker and often shares the stage with experts such as Jack Assaraf (The Secret), Jack Canfield and Jill Lublin. Learn more about Lisa at www.consciousmarketing.com or call 887-771-0156.