Author: Pamela Swift

Categories
Planning & Management

Using an Advisory Board to Boost Your Business’ Growth

Author: Dave Lavinsky

They say it’s lonely at the top. And for most business owners, this is particularly true. While employees often spend time talking with co-workers about issues, business owners often have no one with whom they can discuss key items. Importantly, getting quality advise on certain issues can have a dramatic impact on your bottom line.

A great way to overcome this challenge is to form an Advisory Board. An Advisory Board is a group of Advisors who help you grow your business. Below are answers to key questions most business owners have about Advisory Boards.

Why should I form an Advisory Board? The right advisors can add a lot of value to your business. In many cases they have faced and/or overcome the same challenges that you currently face. They can act as a great sounding board for your ideas and give you new ones. Some Advisors can even introduce you to key customers, partners, vendors or investors.

Who should be on my Advisory Board? Choose your board members based on your needs. For example, if your key need is getting investors, choose board members who have great investor networks. If you need industry connections, find a seasoned industry executive. Other business owners, executives and service professionals (e.g., lawyers, accountants, consultants, etc.) often make the best advisors.

How many people should be on my Advisory Board? I have found the best results with Boards having four to eight members. Any more and it’s too hard to get everyone’s thoughts and opinions during a meeting. Any less and you often have two few viewpoints and relationships that can be leveraged.

How should I compensate my Advisory Board members? Advisory Board members, unlike Board of Director members, generally do not require compensation. However, to get the most value from them, I suggest paying them with options that vest annually; this gives them a vested interest in your company’s success.

How can I get the most value from my Advisory Board? Start by circulating your business plan to board members so they better understand your business objectives and goals. Then schedule regular in-person meetings with your Board either monthly, bi-monthly or quarterly. Correspond with them via email at least monthly to let them know your results and challenges and to solicit feedback. Set up calls with individual Board members as needed to help solve specific challenges for which they have unique insight, connections and/or experience.

There’s no need to “go it alone” as a business owner. Particularly when there are people out there that can dramatically improve your success. Importantly, these people are not walking around thinking “I wonder what companies I can advise.” Rather, you need to identify them, contact them, and convince them that you and your company are worth their time. And once you do, you’ll see your business soar.

Author Bio

Dave Lavinsky is a serial entrepreneur and the president and founder of Growthink, which since 1999, has helped hundreds of thousands of entrepreneurs create business plans and grow their companies.  Dave is also the founder of BusinessPlanTemplate.com which provides business plan templates for a wide range of industries.

Categories
Entrepreneurship

5 Secrets That Drive Entrepreneurial Success

We all have that desire that makes us want to be entrepreneurs. The idea of having a crappy boss breathing down your neck is just not right. However, becoming successful at entrepreneurship takes more than just desire and sheer luck; it takes resilient, persistence, hard work, pain and sweat: And that is just to get you started. We will discuss few secrets that are vital if you are to become a successful entrepreneur.

Define What Success Is

Don’t get me wrong, but success has a different meaning to different people. To some success is just tons of money, to others it is having an empire, while to others it is giving back to society, and others is going on business trips. Whatever success it is to you, you have to define it and work towards it. You might amass a lot of wealth in your business, but if your definition of success is not wealth, then you will not feel satisfied or have the feeling of accomplishment.

Brace Yourself for Change

Being an entrepreneur means taking all the risks, well you will encounter things down the line that will shake you down right in the middle. You have to be prepared to take the challenges as they come. For instance, your competition might roll out a better version of the product you are selling. You need to know how to adapt to the change and how to plan and implement a comeback. You have to distinguish yourself from your competition by building your brand loyalty. Your customers are your most valuable asset, let them know why you standout by knowing how to adapt to change. 

Set Attainable Goals

The problem with most entrepreneurs is that they fail to set realistic goals. They set goals too high, and when they fail to attain them, they beat themselves up over it. Learn how to set short-term and long-term goals. When doing so, you have to remember what your definition of success it, your goals will depend on it. Set timelines that are rational six months to three years for short time goals and five years to 15 years for long-term goals. The 80:20 rule come to play when you are setting goals; 80% of your success will come from 20% of your actions. So spend quality time on what matters, and it will reward you.

Build a Team

You have to accept the fact that you cannot do it alone. You will need to have a team with a different set of skills as you. The team will complement what you lack and make your business run smoothly. Your team has to have the same mindset as you, and they have to believe in your philosophy, you will have to make them believe in you. Your team should share your ideas and your mantra; they will be the cogs in your machine (business), and it has to work to succeed. You must motivate them when they feel demoralized, remind them why you are doing what it is that you do.

Use Technology

You must have realized that everything today relies on technology. It is the new trend; you do not want to have a business that is going against the grain. To remain relevant, you will have to harness the power that technology offers to solve problems. Use social media for marketing it is a powerful tool that will position your business and reach your customer base. If you are old-school and you have little knowledge of the new technological advances, hire someone who will fill in the gap. Part of being an entrepreneur is in knowing your limitations as well as your strengths and acting upon them.

Becoming a successful entrepreneur is no simple fete; you will have to have what it takes. Most people fail because they do not know the secret. Lucky for you, these five tips should guide you through. However, do not limit yourself to the five tips, discover more and success will be yours.

Categories
Branding

How to Get Your Brand Known Outside Your Local Business Base

Article Contributed by Hannah Whittenly

As a business owner, you’ve probably heard plenty of advice about targeting your marketing efforts locally. However, there’s a big world out there. If you’ve maxed out your exposure locally, or just want to grow at a faster rate, it’s time to look for new opportunities. If you want to grow your business base beyond your local area, here are a few tips to help you.

Market Yourself Online

Online marketing is one of the most important steps in getting your brand a broader business base. After all, they don’t call the internet the World Wide Web for nothing. By increasing your visibility online and specifically targeting people outside of your immediate community, you will start to get a wider customer base. Social media can be a great tool for increasing your online presence. Research has shown that people are up to 85% more likely to purchase a product after viewing a video for it. Try posting videos about your brand, products, and services to Facebook, YouTube, or Instagram, and watch your business grow.

Reach out to New Businesses and Clients

Another way to introduce your brand to new markets is by reaching out to established businesses in a new area. You could partner with another brand, go to community business meetings, or even attend networking events outside of your local area. These brands already have a lot of information about their area to share with you, and you can always return the favor with information about your community. Potential customers will see their local businesses’ trusted recommendations and be much more likely to engage with your brand. These established businesses will be a great resource for you as you continue to grow.

Open a New Office

What better way to increase your brand awareness in a new place than by moving there yourself? You could completely change the location of your offices, or, if your business has the means, try opening a second office or storefront somewhere new. Either way, the important part is that your business has a face in the new community. This way, you’ll be seen as an active member of wherever you move to, while still retaining the trust and confidence of your previous customers. Plus, if you’re strategic in picking a great new location, you could cut down on other business expenses, like rent and manufacturing.

Sell Products Across State Lines

At the end of the day, people will not engage with your company or purchase your products and services if they have nowhere to purchase them from. This is especially true of out-of-state consumers. Why not begin selling your products to retailers outside of your local area? You could gain a lot of customers by shipping your products across state lines with the help of a willing shipping company, like Rodbev Removals. A whole new group of consumers will be engaging with your brand face-to-face, and this new audience will help your business base continue to grow and flourish.

If you feel like you’re business is stuck and needs to grow, try looking outside of your local area. There are many opportunities for you to grow your brand and create an even larger business base for yourself in the process.

Categories
Entrepreneurs

How to Get Yourself Taken Seriously as an Aspiring Entrepreneur

Article Contributed by Hannah Whittenly

Being a new entrepreneur can be a difficult and time-consuming endeavor. While you might have a great idea and vision for your business, if you lack the credibility and hard-earned trust of your target market, it can be hard to get anywhere. That’s why it’s so important to show potential customers and business partners that you’re serious, trustworthy, and knowledgeable. This is especially true when you’re just starting out and trying to prove yourself to be a competent, successful entrepreneur. Luckily, there are many ways you can get yourself taken more seriously as you start your business.

Have a Great Elevator Pitch

Elevator pitches are a powerful tool. Having a strong 30-second pitch will help potential business investors decide whether or not to put capital into your new business. It will also give potential customers an idea of what to expect from your company. If you want to be taken seriously, you will need to build trust, and having a great pitch will help you achieve that. A clear, well-articulated vision will inspire confidence in your customers and prove to them that you have a solid business plan. Remember to deliver your pitch with a sense of confidence and authority for maximized results.

Create Seamless Branding

One of the most important things you can do for your new business is designing cohesive branding. Your logo, font choices, and color scheme should all represent your business and the message you want to convey. Having consistent branding across your products, advertising, and website copy will make your company seem more professional and trustworthy. Potential customers will see the branding and get a sense not only of your businesses mission and identity, but also of your commitment to excellence. Having seamless branding shows the world that you take pride in your company and are serious about providing customers with superior service. For an idea of what your branding should look like, research other successful businesses in your field.

Distribute Business Collateral

Something that all businesses struggle with when they are just starting out is visibility. As a new entrepreneur, if you want to build your brand and get your business taken seriously, you’ll need to share business collateral far and wide. Advertising pamphlets, event fliers, and business cards are all great ways to get your name out there and find potential customers. For example, you should choose a business card design in Chicago or wherever you may be located that matches the rest of your branding and distribute it to businesses, friends, and new people you meet. You can even give business cards, fliers, or other marketing collateral to family and friends to help distribute further. The more people see your business name out in the community, the more likely they are to trust you and remember your company when they need your services.

Ask for Reviews

If you want people to take you and your business seriously, you’ll need to be knowledgeable, confident, and provide excellent products or services. However, it can be hard for potential patrons to know this about you and your business when you’re first starting out. It can be beneficial to ask your first customers to review your company on online sites like Yelp. Since word of mouth can be a great marketing tool, getting customer reviews can help build your credibility as an entrepreneur. If you’re having trouble getting enough reviews, consider running a testing program, where you offer interested customers free or reduced-priced goods or services in exchange for their honest opinions online.

Being a new entrepreneur comes with no shortage of challenges, not least of which is getting yourself seen as a legitimate business owner. In order to be taken seriously as an aspiring entrepreneur, you’ll need to build confidence and inspire trust in your business. Once your new customers view you as the legitimate entrepreneur you are, your business is sure to take off.

Categories
Sales & Marketing

11 Ways to Save Thousands on Your Current Marketing Plan

Article Contributed by Usman Raza

Reaching potential customers is very important if you want your product or set of services to be successful. For effective and successful marketing, it is highly important that you have a high standard marketing plan in place. Along with that, it is also important that you have a well-defined budget to promote your services.  A lot of companies go over their budget and do not realize it. Here are 11 of the countless tips which can be used to reduce your marketing plan budget.

  1. Have a clearly defined budget

A marketing plan comprises of several tasks and each one of them needs to have a clear financial limit. Do not be hasty with spending money. Every product requires time to create an impression in the mind of the potential customer. Thus, spending more money than your financial range for promotional purposes and expecting the product to be an instant thinking is not the correct way to go about it. If you have a financial limit for each marketing activity, the chances of overspending are quite less

  1. Rely more on social media marketing

There is no doubt that social media is the best form of marketing in the technology dominated time. Although the conventional marketing methods including above the line marketing (ATL) below the line marketing (BTL) marketing are still used but social media marketing certainly has a stronger impact. A high percentage of people all around the world use free social media marketing platforms including Facebook and Instagram. Thus, you can use them to promote your product or services.

  1. Avoid the provision of too much information

Providing lengthy descriptions or too much information about the product simply creates a negative impression instead of a positive one. Various companies market their products through commercials where there are lengthy descriptions delivered in such a rush that people even fail to understand them. This practice simply creates a cluttered impression in front of the customer. Thus, to market your product in the most effective manner, ensure that the presented information is short, crisp and to the point.

  1. Correct Search Engine Optimization techniques

There is no doubt that search engine optimization is a very productive and cost effective marketing method if it is followed with the correct guidelines. By using few easy techniques, you can get your website among the top online search results. One of these techniques is content marketing. For quality SEO content, it is important that the most result oriented keywords are used in the correct density. There are various SEO plugs as well which help you in optimizing your content including Word press. These plugs provide suitable suggestions for meta descriptions and headings so that the pages can be ranked highly. As compared to conventional marketing methods including television and print media, SEO costs a much smaller sum.

  1. Getting an expert opinion

If you are new to marketing methods and product promotion planning, it is very important to get a professional advice from an expert. Marketing experts can help you in cutting down on your budget and choosing product specific promotion methods. Thus, before you make a marketing plan, sit down with an expert and share your thoughts. Certain marketing experts do not charge anything for a piece of advice. Having a professional opinion can help you in starting positively.

  1. Hiring an expert is better than the “Do It Yourself” option

There is nothing bad about doing the marketing work yourself particularly if you want to work with a higher level of creativity. However, on a comparative scale, an expert would produce faster and better results because product marketing would be his domain. On the other, you as a business owner would have to go through a lengthy learning process. Marketing your own product is not only about reading books and digging deep into theoretical principles. Hence, if you want your product or set of services to start on a flying note, there is nothing bad about spending money on a marketing expert.

  1. Cut down on the number of pages

There is no point in turning your website into a thesis paper because this practice does not work. Today, most visitors do not even go beyond the home page. Hence, try to keep the number of website pages to a minimum. This would help the customer in grasping the presented information in a better way.

  1. Do not initiate multiple campaigns together

As a business owner, if you are running multiple campaigns at a time or focusing on more than one product, there is every chance that things would get messed up. Thus, plan the marketing activities and ensure that you are using techniques that would help the product grow and get recognized. These days, it is not necessary to spend large sums of money to get your product known. Through social media, you can use the correct techniques and get your product known in an easy manner.

  1. Initial planning and risk management

Starting a marketing campaign without any prior planning can be a big problem. In other words, there is every chance that you would lose your investment without any results. Before you invest any money, ensure that you have done your homework. Distribute your marketing strategy into smaller tasks and identify the potential risks that each one of them has. You can also get a free expert advice and see where you are going wrong.

  1. Get involved

You can never achieve the best results from your marketing campaign until you are heavily involved. Whether you are doing things yourself or hiring a professional consultant, you should be sure about each stage of the marketing process. Leaving everything on the marketing consultant without getting involved can result in not achieving any positive results after spending your hard earned money.

  1. Consider in-house professionals for product marketing

There is no doubt that outsourcing the entire marketing campaign and getting the plan developed by an expert saves a lot of time and energy. On the other hand, this also expands your financial budget. Thus, it is better to accomplish the tasks yourself and hire an in house team for this purpose.

Author bio: Usman Raza is a marketing specialist at Zen Sleep and Keeva Organics. Aside from doing digital marketing and helping clients get new customers, when not working there is a 95% chance he is praying with his family. Follow him on Facebook @usmanraza40 and Twitter @usmanintrotech