Author: Pamela Swift

Bio Basics – How Much Is Too Much?

Post author By Pamela Swift
Post date April 22, 2011

Article Contributed by Lisa Cherney

Knowing what to include in a bio can be intimidating for business owners, but it doesn’t need to be. Just think, the last time you read someone’s bio, what was going through your mind? Did you think “Wow, I still don’t know what this person does” or did you say, “Hey, what’s with all the fluff? I don’t care what your cat’s name is!” The gamut runs from skeletal to overflowing with details. It’s hard for some people to know what to put in and what to leave out, so I have some very simple questions for you to ask yourself when you decide what to include – for both long and short bio pages.

Who is my Ideal Client?

This question should be first and foremost in your mind. Think about it: the bio is like a party invitation for your business – and there are certain clients who you really want to connect with. These are the clients who share your philosophy, who are looking to work with someone with your credentials, and who want to take their business where they know you can lead them. I love who my bio attracts. What would your Ideal Clients care to know about you?

How long should my bio page be?

Well, kind of like an evening dress, it depends on the occasion. You can make your bio as long or as short as you want, as long as it includes everything you want it to. Have a couple of versions prepared, a “long” and a “short” one, that you can switch up based on the situation.

For instance, if you’re preparing a presentation for a client you’d really like to work with, an Ideal Client, you might want to bring out the big guns and include your “long” bio. This would be about the size of a one page Word document. I’d also include this version right on your website, so potential clients can get a good feel for what you can do for them. This is where you get more detailed in your experience and credentials, and sprinkle in some personal details that show you as a whole person.

A “short” bio would be about 1 paragraph long, and would focus more on a few of your highlights. You could use it at the end of your articles or emails, on your Facebook page, or in a program for a speaking engagement.

Should I have my tag line in my bio?

In short, no. A bio is about you, it’s not for you. It should sound professional but soft, not like a sales pitch at all. You don’t have to include a laundry list of everything you’ve ever done in your life – just your most important accomplishments, the ones you feel best represent who you are and what you’ve done – and this will lead them to what you can do for them. And feel free to list your past clients, if they fit your Ideal Client profile.

Should I include personal information in my bio?

As much as you are comfortable with. Tell people your story! Not just who you are now, but how you got there, especially if it’s why you’re doing what you’re doing. The last line in my bio talks about my greatest accomplishment – having the kind of business that gives me the income to have a 3 day workweek, giving me 4 days to spend with my daughter!

So you see, your bio is really a tool that weaves your professional life with who you are as a person. People connect with your passion, they see you have a skill that they need, and they get a feel for your values and abilities. There is a certain cadence in a bio that goes back and forth from business to personal, so that the reader can see you have balance in your life and work. This is a chance for you to introduce yourself, and for the reader to “meet”you. Make a good impression!

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.

Finance & Capital

What Small Business Owners Need to Know About Attracting Funding

Post author By Pamela Swift
Post date April 21, 2011

Article Contributed by Bill Grodnik

With all signs pointing to an economic recovery, many small businesses are hoping now is the time to attract new funding. Before looking towards external sources of funding, there are things that small business owners need to keep in mind.

Dare to be different

Starting out, it’s vital to choose to operate a business where you already know something about the industry, or you have experience having worked in the field. Nobody wants to invest in a business where you’re reinventing the wheel, so use the knowledge to innovate something different in your field before you forge ahead.

Bootstrap like there’s no tomorrow

With no debt and no investors, you’re free to take your company in whatever direction you see fit. Rule #1 for the small business owner should be to self-fund for as long as is humanly possible – then look to external sources for funding.

Be more attractive

The #1 most attractive trait? It’s not being a blonde or driving a Maserati – it is being profitable! If you’re not there yet, have a clear, well-thought-out plan in place that shows your company’s path to profitability. This will enable you to at least negotiate some of the terms of third party investments.

Show your growth

For most businesses, funding in the early stages of a company’s launch is incredibly difficult. As the business owner, your #1 priority should be growing your business, in terms of customers and infrastructure. The best way to do this is to focus all of your energies on your core function and outsource what you can – the cloud offers ample opportunity to save time, effort and money. Even early stage companies that show solid growth will be attractive to investors.

The impetus behind increments

The first step is to decide how much money you need. And no, “a lot” doesn’t count! When you’re talking to potential to investors, they’re going to ask you the size of the increments you’ll be offering. (i.e. $1 million raised in $100,000 increments.) Pick the largest increment size you think you can get investors to match. You can always split and quarter your increments, but some investors will take “one” no matter the size, and the fewer investors you have, the more control you’ll have over your own business.

VCs can be costly

My best advice is to avoid VC funding in your company’s early stages. When there is little you can offer them in terms of value, many VCs will “offer” to take a controlling stake in your business in exchange for the funds you seek. If you take them up on their offer, you will likely end up with a group of “bosses” that tell you what to do with your business to ensure a quick return on their investment. Once you’ve built a team and an infrastructure, and you’re profitable – that is the right time to go after VC funding.

Consider other options

Many times there are alternatives to VC funding including local angel groups, private investors and – surprise! – friends and family. In fact, the easiest money to raise is from friends and family – friends will follow other friends and, if you’re willing to let your family invest in your business, most will consider the investment sound. Try to evaluate what your venture realistically needs to succeed and first look for funding and strategic support close around you – you may be surprised at the interest and advise you’ll find!

About the Author

Bill Grodnik is CEO of Davinci Virtual (http://www.davincivirtual.com), the leader in smart offices. Davinci changes the way people work by empowering businesses with savvy, live receptionist services and sexy virtual office space. To complete your business identity, Davinci can provide you with professional business addresses in over 800 prime locations around the globe offering mail forwarding, lobby and directory listings, access to over 2,500 meeting spaces including fully equipped conference rooms and day offices, administrative services, business support centers, resident agent services and more. Davinci Virtual ranked No. 141 on the 2010 Inc. Magazine’s 29th annual Inc. 500 ranking of the fastest growing privately held companies in the country.

Entrepreneurs

Gut Check Time

Post author By Pamela Swift
Post date April 20, 2011

Article Contributed by Quincy Yu

With some indicators showing an improved outlook on the economy in the US and new signs of economic recovery happening daily, many small business owners are beginning to look around at the potential for shifting from “survival” to “growth” mode. Quincy Yu has spent her 30+ year career consulting for big and small businesses across a variety of industries, and currently she serves as President of SeaYu Enterprises. Quincy is sharing her advice for small business owners to “gut check” – to examine their business to see if they’re ready to benefit from economic recovery.

Prepare for battle

The first step is to take a coldblooded look at where your market is in terms of how you think it will uptick. Then, look outside of your market to see how the larger picture as the buying habits of your target customer may have changed. Use what you learn to formulate a 6-month and a 12-month plan of action, which should include milestone markers that will be used for you to assess your plan as you execute it. But, don’t panic if it takes a little longer than you expected it might– there are frequent delays and changes in the market, and you have to give your plan time, and keep the faith. It’s important to balance belief in what you’re doing with outside data that confirms you’re on the right bath – large companies have teams of people that do this full-time, but for small business, it falls on the business owner to do so.

Call in backup

Every business owner needs a group of people that they truly trust, but whom aren’t involved in the day-to-day operations of the business. Business owners should seek to create an advisory group of individuals that understand your sector, but aren’t in the trenches with you, to bounce ideas off of and then triangulate accordingly. Small biz owners tend to be isolated, and forget the value of having outside perspective. Large companies have investors and boards of directors, and meet quarterly to get that perspective, which gives them a leg up over small businesses that don’t take the time to connect for insights.

Low, slow or no cash flow

In order to sustain delays in the market, smart business owners will build in a financial cushion. It is vital that business owners go beyond living week-to-week or month-to-month – you need to think about your plan and how you’re spending your cash. What if several customers are suddenly unable to pay in the set window of time? If multiple ARs are coming in slow, instead of waiting for crunch time, prepare ahead – can you tap a line of credit? Contact your vendors to extend payment terms? Order stock/supplies less frequently? Take a close look and do a cash flow projection to make sure your prepared to weather the worst.

The laws of (funding) attraction

Investors are largely still on the sidelines and, unless your company has an Internet play (retail or service), they’re going to evaluate you based on traditional models of revenue and profitability. If you go out for funding, you must be able to allocate time away from your business – and it takes a lot of time, and you have to put together a written plan with backup on financials.

For small biz right now, banks are still very tight. Unless you have perfect credit and a stellar background, the bank’s return to traditional lending guidelines means that your best bet is to go after small business loans backed by the SBA (federal government). If traditional lending sources are not an option for your business, don’t give up hope – there are more large groups of angel investors than ever before, and many businesses survive by reaching out to friends and family

Don’t be an ostrich

A major failing of many small business owners is in not taking their head out of the sand to give their business an overall strategic look. It is vital that you step back and research – look for trade association analysis, economic marks, and consume as much information as is published about your information. But you can’t rely solely on what is published – you need to venture into the real world to ensure the data you’re finding is valid. Networking is critical – go to tradeshows, join your local chamber of commerce, and talk to other business owners in your industry. Talk to different sources to make sure the information you’re receiving is consistent. You can spot trends by speaking to manufacturers and vendors that service your industry – they’re the ones that see what’s coming down the line.

About the Author
This article is contributed by Quincy Yu, an operating executive running small businesses for the last 30 years and currently President of Clean+Green by SeaYu.

Newsletter

BIZNESS! Newsletter Issue 114

Post author By Pamela Swift
Post date April 17, 2011

Cover Story

BillBoard Houses

Got the flu? Call a doctor. Can’t pay your mortgage? Call Adzookie.com. Why? Adzookie.com, a free mobile advertising company, is doing something revolutionary, not only to advertise themselves, but to help homeowners pay their mortgage. They’re turning houses across America into billboards….

Continued in BIZNESS! Newsletter Issue 114 >>>

How to Accelerate Your Company’s Product Line Growth and Stop the Continual Decline in Profitability

Post author By Pamela Swift
Post date April 17, 2011

Article Contributed By Bill Bachrach

The management team cannot believe that their company’s profitability continues to decline at a consistent rate, quarter after quarter. “How can this be?” says the Chief Marketing Officer. “Five of our customers have named the company supplier of the year! The crystal bowls and the plaques with our name on it are displayed in the front lobby.”

Most C-Suite executives are very proud of their awards, yet they have difficulty understanding why profitability continues to decrease. As a consequence, the executive team focuses its efforts on minimizing their internal cost structure. But these efforts do not seem to be enough to turn the company’s profitability around.

Instead, executives need to know how to break a spiraling downward financial situation and forge a new path that will accelerate growth and profitability. To do this you need to understand:

The forces affecting the profitability of the product line
Your true profitability drivers
How to create a pathway to accelerating growth

What Forces Affect Your Product Line Profitability?

The ability to make money comes down to what the customer is willing to pay for your product relative to their needs and competing products. One method to determine the value of the product is to use a Product Line Profitability model, which looks at the difference between the product sales and the production and operating costs. In this model, the product sales are dependent on the markets and regions where the products are sold including their past and future sales projections. The product production costs and operating expenses are comprised of a number of costs including material costs, labor costs, support costs, and capital equipment costs.

The Product Line Profitability model provides the building blocks for identifying the business’s strengths and weaknesses as it relates to the profitability drivers. A product line check-up is good practice to understand how the internal and external forces are changing your business.

Now, the Product Line Profitability model provides the executives with the tools to analyze the organization’s cost structure today and to begin developing a landscape for profitability. But the model itself is not enough to truly get at what are the underlying drivers to accelerate profitability and to understand what needs to be leverages for growth

What Are Your True Profitability Drivers?

Identifying and understanding the influence of the internal and external forces that drive the acceleration of growth must include the analysis of these five areas:

1) Sales channel profitability
2) Product line price fluctuation
3) Product line material and labor cost
4) Organizational efficiency
5) Product line development time and traction.

A typical development during a product’s life cycle is the entry of a competitor’s product line in the market with similar form, fit, and function that now competes against your product. What happens now? Everything is decreased – your product line price and profitability, your sales channel profitability and your organizational efficiency. The product line material costs may need to be decreased and the product line may need to be re-designed.

Your profitability drivers vary depending on the product, market, and industry. But once you uncover these driver, you will be able to pinpoint the business and organizational issues that need to be dealt with first as you develop a business growth acceleration game plan for your product lines.

How to Create a Pathway to Accelerating Growth

As your executives reviews the profitability drivers as well as the internal and external forces for each product line, a picture will emerge on the strengths and weaknesses of the business and organization. Analysis should also include changes that concentrate on making money for the business as opposed to whether or not a product or customer will be eliminated. This picture, then, becomes the basis for unifying the company’s business strategy and the day-to-day game plan for execution to make money.

A map then needs to be drawn step-by-step to ensure the company’s growth is on an accelerated path to growth. However, this pathway to accelerating growth does not happen instantaneously. It evolves over a period of time with direction, leadership, focus, dedication, and discipline. Most importantly, everyone (from the CEO on down) must embrace the chosen pathway, as they will need to execute it.

Follow these tips and you will accelerate the growth of your company’s wealth and value. This is the same approach that I took as a C-level executive to guide companies in electronics, manufacturing and high-technology industries to higher profits and significant returns for owners and investors.

About the Author:

Revenue and Profit Growth Expert, Bill Bachrach, has led numerous companies in various C-Level positions and works with Boards of Directors and Investors who want to accelerate their company’s wealth and market value. His firm has developed a 5 Step Model for Profitability that quickly creates a pathway for improved revenues and rapid market expansion. To learn more about this model and uncover the #1 secret to building momentum for growth and profitability, check out Bill’s free articles at: http://www.linkedin.com/in/billbachrach01