The City of Tacoma Community & Economic Development Office created a great PowerPoint about investing in Tacoma. Curious to know what is in the works on being built. Check it out!
Invest in Tacoma
6 Tips For Becoming A Frugal Business Owner
by Due.com
Thinking of starting or growing your small business? If you’ve been considering quitting your job to start working for yourself, money may be a major concern. Being self-employed comes with quite a few out-of-pocket costs along with the fact that you need to focus on making a profit so you can support yourself and your family.
On the bright side, starting a business doesn’t have to cost an arm and a leg and in many cases, you may not even need to take out a business loan.
If you focus on setting a clear budget and being frugal, you can cut the costs of launching and growing your business.
Here are 6 ways you can become a frugal business owner.
1. Go Digital
Digital businesses are very popular these days because everyone spends a lot of time online. Having a brick and mortar business often means more expenses since you’ll have to pay to lease a space, maintain the space, and possibly hire help to take care of things when you aren’t around.
With a digital business, you’ll have much more flexibility especially if you plan on being mostly a solopreneur. Your main expenses will be your computer, the internet, and basic equipment required to do your job. You can communicate with customers and clients via email, by phone, or video chat – all of which are very inexpensive to use.
I realize that by becoming a digital entrepreneur, I save myself thousands each year.
2. Go Paperless
Naturally, going digital with your business will allow you to go paperless too. Yet and still, the people you do business with may invite paper back into the equation.
Working with tons of paper can be a hassle especially when you have to fill out certain documents regularly or mail shipments out.
Try your best to go paperless by handling all aspects of your business digitally. If there are important forms you need to fill out, you can purchase secure storage space with Amazon s3 and create contracts that can be reviewed and signed online with services like HelloSign.
For all your bills, opt to go paperless with your business checking and savings account(s) and utilize online bill pay.
3. Create a Designated Office Space at Home
If you’re going to go digital with your business, you’ll still need a suitable workspace and you can create an office space right in your home for cheap. When I launched my freelancing business, I purchased a desk off Amazon, a new laptop, and a printer/scanner then, I was basically ready to go.
My desk sits in a corner in my room which serves as my ‘designated office space’. It’s not the best set up but it allows me to get my work done and earn a living from home. If you have a spare room and are able to convert it to an office space, you can write it off on your taxes.
While coworking spaces are nice for the environment, some of them can be extremely pricey so you have to make sure they’re worth the money.
If you can’t afford a coworking space right now but want to work with other people from time to time, you don’t have to feel sentenced to working from home. You can work at a coffee shop a few days per week or invite a fellow entrepreneur to meet up so you can work together. You can also stop by your local library to work or attend small business events.
Some local libraries may even have free coworking spaces or rooms designed just for small business owners.
4. Use Free Websites and Apps
When starting or growing your business, you may be faced with a ton of new expenses that include monthly subscriptions to websites with services that can help simplify and streamline your processes.
While you may have a list of your favorite websites with memberships that you’re happy to pay for, there are quite a few ways to save as well.
For project management and staying organized, consider using Asana which is a free site that will allow you to create tasks, set deadlines, and keep your team organized.
Evernote is a great website and app that allows you to create and store documents and notes along with being able to share collaborative documents with others. Evernote has a free and paid feature.
Dropbox is similar to Evernote and allows you to share and store images as well. PayPal allows you to safely make transactions online and accept payments from customers or clients. PayPal doesn’t charge you to make payments but when you receive payments, they take out a small fee depending on the payment amount.
Quickbooks accounting software isn’t free but it’s very affordable (about $10/month) and worth mentioning because it can help track your income and expenses automatically making it easier to pay quarterly taxes. You can also use Quickbooks to scan receipts and send invoices.
5. Buy Supplies in Bulk
Another way to become a more frugal business owner is to buy supplied in bulk so that your inventory will last longer and you can save money in the process.
Whether you need ink for your printer, paper, stamps, or any other type of office equipment, consider buying the items in bulk from warehouse stores like Costco and Sam’s Club. Purchasing supplies in bulk from these stores will allow you get more bang for your buck since many of the business items are sold at a lower wholesale rate.
6. Grow Social Media Organically
While you could pay for advertising for your business, you can also grow your reach by organically increasing your social media following. Thay way, more people will see your promotions which can increase your leads.
Focus on growing your network, and posting engaging and shareable content to build up your following.
Summary: Conserve Resources and Keep Costs Low
As a business owner who is trying to stretch their budget and becomes frugal, you need to know how to protect your resources and use what you have to save money.
Some business owners will get caught up in the idea that you have to spend money to make money. While this is usually true, you don’t have to overspend or risk getting into debt in the hopes of making your business successful.
Focus on finding quality websites, tools, and resources that are free or affordable to use and will allow you to see the best results.
These 4 tips will help small business owners drastically boost their earnings this year
by Yumi Clark
Whether you’re running an established small business or just starting your journey toward entrepreneurship, it’s safe to assume most business owners are on the hunt for new ways to grow their enterprise and improve their bottom line.
And we should all want to help them do so. Why? According to the Small Business Administration (SBA), small businesses create nearly 70 percent of net new jobs nationally, and drive tremendous growth in our local economies. When small businesses flourish, everyone wins.
My father-in-law is a small business owner. As a result, I have seen first-hand the sacrifices they make on a daily basis, and am driven to design products and provide resources to help small businesses meet their goals and fulfill their dreams.
In honor of National Small Business Week, here are four ways small business owners (SBOs) can drive business growth this year.
1. Go grassroots
While tried and true marketing tactics like digital advertising, email campaigns and direct mail are great ways to extend your reach and awareness, a 2015 Nielsen report found consumers are 90 percent more likely to trust a brand recommended by a friend. Never underestimate the power and value of word of mouth.
For example, San Francisco-based entrepreneur Gerald Luna wanted to build local buzz for his Belgian waffle company b. street waffles. In 2012, he proposed a partnership with the local Capital One Café to serve waffles at the bank once a week. Five years later, Gerald developed a faithful following and has expanded his business to cater some of the top tech companies in the region.
The lesson here: local partnerships and engagement can bring big results. Whether its learning from other small businesses and turning to them for advice, or finding opportunities to connect with new customers, small business owners need to capitalize on opportunities to engage with their community, which will ultimately help their business thrive.
That’s the inspiration behind the new Capital One Spark Business We Work As One program, which is offering small businesses in Chicago, San Francisco, New York, Denver and Boston the chance to: host pop-up experiences to share their products and services with consumers and other businesses, share educational demos to connect with their local communities and network with other local businesses.
Why this entrepreneur swears by unreasonable optimism
2. Fail fast and pivot often
The word “fail” may seem counterintuitive when it comes to business growth, but playing it safe can stall progress. This is especially true for businesses developing new technologies or tools.
As you introduce new products, adopt new technologies or expand your sales strategy, identify key performance indicators (KPIs) to determine the customer and business impact. If the new strategy works, great. If it doesn’t, learn from it, refine your approach, and try again.
For example, I recently spoke with a photographer who pivoted his entire business to focus on photo editing as new technologies now enable anyone to take professional quality photos. As a result, his business is still relevant and is experiencing growth due to the change in focus.
3. Be opportunistic
Oftentimes, small businesses stick to what they know when it comes to running their business. It’s not that they are reluctant to modernize, they’re just so busy managing day to day financials and tasks, they have little time to educate themselves on new ways of doing things. By dedicating time to learning about new technologies, business owners can ultimately benefit from tools that automate tasks and streamline processes, and that help save time and reduce operating costs. This allows SBOs to focus on what matters most: growing their business.
One emerging technology businesses are adopting is mobile payments, and there’s a good reason why. According to a recent report, 46 percent of SBOs currently offering mobile payments say sales have increased over the past six months, compared to 35 percent who do not use the technology.
4. Find a mentor
In addition to networking with other local business owners, you’ll want to find a local mentor who can help you navigate the inevitable ups and downs that come with starting, owning and running a business. They’ll oftentimes have more experience in certain areas, and can share their own lessons learned and advice on fostering growth.
There are resources, like BusinessAdvising.org, which can help make those connections for you. Or, sometimes all you need to do is ask someone you admire if they’d be willing to mentor you. Most of the time, they’d be more than happy to share their insights and provide business advice.
Having been directly connected to small businesses throughout my life, I’ve seen the lasting impact they have on communities. As we celebrate National Small Business Week, I always remember that when small businesses flourish, we all do too.
Original Post: http://www.cnbc.com/2017/05/03/these-4-tips-will-help-any-small-business-owner-succeed.html
When baby boomers retire, what happens to their small businesses?
By Gene Marks
Baby boomers, the generation born immediately following World War II, are getting old. Many of them are small business owners and, over the next few years, are likely looking to wind things down, play a little golf, move to Florida, spend more time with the grandchildren … and exit their businesses.
Some are calling it the “Silver Tsunami” — a massive shift in ownership of private companies. That could be very good for the boomers. But it may not be so good for their employees.
According to recent research done by Project Equity, a nonprofit group, there are about 2.34 million businesses owned by this generation that generates more than $5 billion in sales and employs 24.7 million people — about one-sixth of all U.S. workers. As the current owners look to exit, their options are few: sell (six out of 10 business owners plan to do this in the next decade), hand the company to their kids, or close it down. Unfortunately, many of them may be forced to go with the third option and close up shop. Why?
According to Project Equity, many small business owners do not have succession plans — and because of this they’re putting their employees at risk. As a small-business owner I empathize — we tend not to think ahead. This leaves us with fewer choices when it comes time to retire. Without succession planning, many of these businesses “will just quietly close down and go away,” says Project Equity’s co-founder Alison Lingane.
Lingane says a third of business owners in this generation who want to sell are having a “hard time finding a buyer” and many are being bought out by out-of-area buyers that are consolidating ownership and wealth. The result: the jobs of all of their employees are at risk, regardless of their industry.
The organization is working to raise awareness of the issue. It is urging local governments to measure the impact on their tax base by using business license data to track how many businesses are more than 15, 20 or 25 years old so that local business and political leaders can get involved.
The most impactful solution is encouraging business owners to think ahead and consider transferring ownership of their companies to their employees. “Since today most family-owned businesses don’t have somebody in the next generation who wants to take over, employee ownership is one of the best ways to keep thriving businesses locally rooted into the next generation,” said Mark Quinn, District Director, U.S. Small Business Administration.
Original Post: http://www.dailyherald.com/business/20170514/when-baby-boomers-retire-what-happens-to-their-small-businesses
For some, working at a small business may actually decrease stress
by Gene Marks
Are your employees stressed out and potentially suicidal? Two reports released this week indicate they could be.
The HR Digest reported that the incidence of employee suicides has intensified since 2007 and that more than a million workers have killed themselves since 2003 (30,000 of them are in the United States). The causes? Pressure from competition with colleagues, rivals and deadlines. Another study conducted by researchers at three British universities and published in the Journals of Gerontology confirmed that workers are indeed stressed, and the most stressed out ones are lower-level employees.
“Workers in lower status jobs tend to have more stressful working conditions—they have lower pay, poorer pension arrangements, less control over their work, and report more unsupportive colleagues and managers,” said one of the paper’s authors.
Employers can certainly help minimize this problem by creating more positive work environments, offering more flexible work schedules, paid time off and policies against bullying, harassment and intimidation. Employees, for their part can also take steps to address this problem. For example, they can just go work for a small business.
It’s true. Working at a small business may decrease stress, and the likelihood that you will commit suicide. That’s my take from yet another survey published this week by insurance company Aflac which surveyed 1,000 employees who worked at small companies. Some 84 percent said they were happy at their company; 48 percent attributed their happiness specifically to the fact that they worked for a small business.
A small business? Why so?
Recognition is one major reason. Two-thirds of these employees said that small businesses make them feel more appreciated than a large employer. As a result, more than half of them consider themselves to be more productive and motivated than their big company counterparts. Employees at small businesses see the results of their work quicker and feel that their input and contributions matter more.
Small businesses are still challenged to provide the same kind of benefits that larger companies offer. But there’s an enormous intangible benefit from working at a smaller company: a feeling that you’re making a difference. For many, that’s better compensation than cash—and it contributes to a happier, less stressful life.
Original Post: http://www.mysanantonio.com/business/article/For-some-working-at-a-small-business-may-11142727.php
25 of the Best Small Business Accounts on Twitter
By Brian Sutter
Want to build a presence on Twitter? One of the best ways to get more followers is to tweet – and retweet – great stuff. Any one of the Twitter accounts below can give you ample opportunities for world-class retweets.
1. Forbes Magazine- @Forbes 11.9M followers.
Forbes is the big kahuna among small business publishers. It produces dozens of articles a day on almost any topic a small business owner might be interested in. Also consider following @ForbesTreps– 38,400 followers
2. Mark Cuban- @Mcuban 6.44M followers.
I’m not sure the Dallas Mavericks qualify as a small business, but Cuban has many other business projects. He tweets about business management and strategy all the time (in between the basketball shots).
3. Tony Robbins- @tonyrobbins 2.93M followers.
Tony’s been a business guru for decades now. If you haven’t heard of him already… it’s time.
4. Entrepreneur Magazine – @Entrepreneur 2.85M followers.
Similar to Forbes, but focused a bit more on small businesses and their day-to-day management.
5. Inc Magazine- @Inc 2.13M followers.
Another major small business magazine’s Twitter account.
6. Gary Vaynerchuk- @GaryVee 1.42M followers.
Author of several best-selling business books, CEO of VaynerMedia and host of #AskGaryVee.
7. Barbara Corcoran- @BarbaraCorcoran 580K followers.
A Shark Tank advisory and straight-talking, tough love small business advocate.
8. Mari Smith – @MariSmith– 513K followers.
Probably the preeminent Facebook expert. Even Facebook asks for her help.
9. Gary Bizzo – @GaryBizzo– 482K followers.
Author and small business expert.
10. Melinda Emerson – @SmallBizLady– 323K followers.
Named Forbes’ #1 Influential Woman for Entrepreneurs.
11. Neil Patel – @NeilPatel– 243K followers.
A digital marketer and SEO expert with a ton of experience in starting and growing online businesses.
12. Jay Baer- @jaybaer 234K followers.
A best-selling author and marketing expert who’s pivoting a bit toward customer service.
13. Brian Moran- @BrianMoran 201K followers.
A small business blogger and consultant. Does lots of interviews and webinars with other experts.
14. Marie Forleo- @marieforleo 183K followers.
A digital marketing expert who encourages entrepreneurial creatives to launch and grow their businesses.
15.Matthew Toren- @MatthewToren 172K followers.
Author, columnist, and small business publisher.
16. Chris Guillebeau- @ChrisGuillebeau 144K followers.
Author of “The Lean Startup.” Podcast host of #SideHustleSchool.
17. National Federation of Independent Business- @NFIB 141K followers.
Chock-a-block with resources for small business owners.
18. Anita Campbell- @SmallBizTrends 139K followers.
Publisher of Small Business Trends.
19. John Jantsch- @DuctTape 116K followers.
Lots of marketing advice and support for solo professionals.
20. Google Small Biz- @GoogleSmallBiz 102K followers.
Big G’s Twitter account for small businesses.
21. Lilach Bullock- @LilachBullock 101K followers
UK-based social media, content marketing, and website optimization expert.
22. @GeneMarks– 84K followers.
Small business speaker. Columnist at Washington Post, Huff Post, Entrepreneur, Forbes, and Inc.
23. David Newman- @Dnewman 3K followers.
Author of “Do It Marketing”.
24. Brian Sutter- @SmallBizBrian 67K followers.
If you’ve liked this list so far, you’ll probably like my Twitter feed, too. And the WASP Barcode Small Business blog.
25. Your state or local Chamber of Commerce.
Back to you.
Original Post: https://www.forbes.com/sites/briansutter/2017/05/12/25-of-the-best-small-business-accounts-on-twitter/2/#7fe1ddd830cc
3 Marketing Tactics to Validate a Product Idea Before You Build It
Whether you’re just getting started with your own business, growing it on the side of your day job, or investing in a new product line to diversify your company’s offerings, there’s a definite science to launching a product—especially if you want to reduce your upfront costs, hedge against risk and avoid building a product nobody wants.
In order to make sure there will be a paying demand for your new product, choosing to pre-launch that product before investing the time and money into building a polished good is the best way to truly validate your product idea.
Here are three top marketing tactics for validating a product idea before building it.
1. Start One-on-One Conversations with Your Audience
If you’ve already built an email list of customers, leads, subscribers or followers, start by segmenting out a couple hundred subscribers from your email list. Draft up a simple Google Doc outline explaining everything your upcoming product will accomplish, with a focus on the value propositions owners of the new product will receive from having it.
Then, take a few days to begin sending your segmented subscribers a direct, personalized email asking for feedback on this new product you’re building. Alternatively, you can get very quick feedback by picking up the phone and giving a handful of them a call to gauge their interest on your product idea. I recommend emailing a brief survey to them after reading or hearing about your product.
Towards the end of your conversations or within your feedback survey, be sure to clearly ask each subscriber whether or not they’d be willing to purchase your product based on what they know about it thus far. For those who express interest, ask them to buy and send them a link to pre-order today. If you can get your audience to open up their wallets for your product before building it, you’ll know you’re onto something.
2. Host a Webinar
If you’ll be primarily selling your product online, another great way to validate it before going out and building it, is to host a webinar for either your audience or for the subscribers of another brand that has a higher concentration of your target customers.
During the webinar, you can start by building up the problem your product will be solving, cover some of the ways you’ve struggled with this issue in the past and talk about how you’ve overcome this challenge yourself. It’s important to deliver real value during your webinar and teach an actionable solution, so that attendees feel they’ve benefited from watching.
Finally, towards the end of your webinar, showcase a few slides that demonstrate the most essential functions your upcoming product will have and communicate the ways in which it’ll be valuable. Then, move into a Q&A to address their biggest concerns, and wrap up by asking interested attendees to pre-order the product today.
3. Launch a Free Challenge
You can give your audience a free mini-course, PDF worksheet, video series or other engaging challenge that gets them actively participating in the type of change your upcoming product seeks to make.
After your free challenge ends, much of your audience will be hungry for keeping up the momentum, restarting with a more comprehensive approach, or learning where they can improve upon their mistakes from the challenge. These are all problems your upcoming product should be able to help them accomplish. All you need to do next is ask them to pre-order, then deliver on your promise. Need some challenge inspiration? Start with these creative challenge ideas on Life Hacker.
For even more about how to launch products before you build them, check out how Steve Jobs built pre-launch buzz and get HubSpot’s tips for executing a flawless product launch.
Original Post: https://www.score.org/blog/3-marketing-tactics-validate-product-idea-you-build-it
11 Technology Tools to Boost Your Business in 2017
By Melinda Emerson
I’m big on finding technology tools that can help me do more in my small business. There are some great tools out there that many people are using. This is a list of some tools you may not have heard of yet. Let’s hear it for making our running a business a little bit easier!
Here are my picks for the top 11 technology tools that will make 2017 a blowout year.
1. E-Com Labels
If you are a FedEx customer, you can create custom shipping labels with their e-Com Label Solution to enhance your shipping experience. Each label is a full color 6-panel, fold-out brochure that you can use to communicate various messages to your customers. It’s a great opportunity to build your brand and encourage them to buy again. Users can leverage the labels to allow customers to personalize gifts with photos or messages, provide user instructions, highlight customer rewards, coupons, cross sells, recommend additional products based on ordering habits, and streamline returns. Labels are just $0.20, and you must place a minimum order of 1000 labels per design. But since you must put on a shipping label anyway, why not turn your label into a marketing and branding opportunity? The e-Com Label is fully supported seamlessly by ShipStation.
Pricing: $0.20 each/$200.00 for minimum order + design fee (if needed)
2. MeetMe
Don’t you hate sending emails back and forth with a contact, trying to come up with a mutually agreeable time to set up a meeting or conference call? I certainly do. MeetMe puts that effort to an end. Your contacts can view your calendar, and choose a time that works for them, reducing that back and forth communication.
Pricing: Free!
3. Sprout Social
When it comes to social media and content marketing tool, Sprout Social is my top pick. It provides a platform for small businesses to manage and track social media engagement, publishing, and analytics across all social platforms including your website.
Pricing: Monthly services start at $99, but they do offer a 30-day free trial.
4. ShipStation
If you have an e-commerce business, your shipping and fulfillment issues are solved with ShipStation. The software integrates with the most popular shopping carts and marketplaces and allows you to print shipping labels in bulk through automation. It helps manage everything from inventory to fulfilling orders to following up with customer service emails. ShipStation streamlines the order fulfillment process and saves you a ton of time, and you can manage orders from your smartphone. Best of all? The solutions make it easy to ship your e-commerce orders with the carrier of your choosing, and if you use more than one carrier, it also shows you which option will cost less!
Pricing: Monthly service starts at $9.
5. Windsor Circle
If you’re in ecommerce, you know the frustrations of trying to get customers to buy again. Windsor Circle provides predictive lifecycle marketing to help you understand how you can develop customers into loyal, profitable ones. By examining sales data, this software can predict how customers will act in the future and apply that knowledge into personalized marketing efforts, giving you a leg up on the competition.
Pricing: Available upon request
6. Slack
Sometimes texting, email, or even Google Hangouts doesn’t cut it for inter-office communication. Slack is hip communication software that lets you organize chats into channels, upload and share files, or search your message archive. It’s also got great phone apps that let you stay in touch with your team on the go.
Pricing: Plans start out free, then $8 a month
7. Google SmartLock
Google wants to be everything to your business, including its password saver. Google SmartLock saves your passwords on Chrome and on Android devices, so you don’t have to memorize a thing. Given that other services charge for this, it’s a real value add because it costs nothing.
Pricing: Free!
8. FreshDesk
Look like you’ve got an entire customer service team at the ready to help customers with FreshDesk. This customer support software helps you streamline responses to customer service questions and issues, process returns, and track communication. Use template responses to cut down on the communication time you spend with a customer.
Pricing: Starts free, then $16 a month
9. GetResponse
Email marketing is still a crucial component of your marketing strategy, but not all email marketing platforms are created equal. Automation is the secret to driving new leads to your funnel, and GetResponse delivers them to your doorstep. Set up emails to be delivered when a specific action or time period has occurred, and customize the offers you send your subscribers to increase your ROI this year.
Pricing: Packages start at $15 a month
10. Funnel Scripts
Writing sales copy is a very hard part in every business, yet it is one of the MOST important parts because it decides if you will or won’t sell your products and services. If writing sales emails, headlines and web copy are a challenge for you, Funnel Scripts could be the answer. Funnel Scripts is a copywriting software by ClickFunnels that helps you get your sales letters, scripts and webinar slides done in a flash without hiring an expensive copywriter! What I love about it: It’s very affordable and even if you don’t know much about copywriting you could still be successful selling online because Funnel Scripts does much of the work for you.
Pricing: Annual fee $247.00
11. AdRoll
If digital advertising is on your strategy list for this year, bone up on retargeting. This form of advertising takes data from cookies on your site to then display relevant ads to potential customers around the web. AdRoll has a huge ad exchange network, meaning that if you work with them to place your digital retargeting ad, it will be seen on top-tier sites like social media networks and news platforms.
Pricing: Starts at about $100 a month
By the time this post goes live, there will be dozens more tech tools that I could have added to this list. Keep your eye out for software and apps that people are buzzing about, because those are the ones that will help you grow your business rapidly.
Use technology tools to streamline the sales process, manage inventory and fulfillment, to managing social media, or keeping track of daily operations to take your business to new heights (with less headache). Just know that you will need to invest the time and energy into learning how to fully use each tool to its maximum benefit, otherwise you won’t reap the rewards they offer.
Original Post: https://www.score.org/blog/11-technology-tools-boost-your-business-2017
5 Ways Mobile Marketing Can Boost Your Business
If you think mobile marketing is something you don’t need to worry about unless you’re targeting teenage customers, think again. Americans of all ages are addicted to their smartphones. Consider these statistics from Deloitte’s 2016 Global Mobile Consumer Survey:
- More than 40 percent of Americans of all ages check their phones within five minutes of waking up.
- More than 30 percent of Americans of all ages check their phones within five minutes of going to sleep.
- Overall, Americans check our smartphones an average of 47 times per day. The 18-to-24-year-old crowd checks nearly twice as often—82 times a day.
And while 18-to-24-year-olds normally lead the pack in their use of mobile technology, Deloitte reports an interesting shift: Older demographics are even more tech-crazed than younger ones. Specifically, the 25-to-34-year-old group is twice as likely as 18-to-24-year-olds to say they are “early adopters” of technology; 44 percent report that they buy new technology as soon as it hits the market.
What does America’s increasing reliance on smartphones mean to your small business? With consumers spending so much time on their phones, it only makes sense that your marketing message needs to be there, too.
Here are five ways you can use mobile marketing to grow your business.
1. Develop a mobile-friendly website.
If your site isn’t mobile-friendly customers trying to view your website will get frustrated. Even worse, they may never find your website at all. That’s because Google modified its search algorithm last year so that mobile-friendly websites rank higher in results when searches are done on mobile devices. And they’re experimenting with a “mobile-first” model “eventually primarily using the mobile version of a site’s content to rank pages from that site.” For best results, use responsive design so your website will display correctly on all types of smartphones.
2. Send mobile-friendly emails.
Emails are still one of the most effective marketing tactics for businesses of all sizes. No matter what age group, most people check their email at least once a day for both business and personal reasons. However, consumers increasingly use smartphones to check their email, which means your design and content must be simple and short enough to display clearly on a small screen.
3. Try text message marketing.
The Deloitte study found that although email is still essential, people are using shorter forms of communication — specifically, instant messaging/text messaging — more often on their smartphones. No matter what age demographic, participants in the survey say their use of these short communication forms has increased in the past year. In addition, most smartphone users check their texts before they do anything else on their phones.
You can build your SMS marketing list just like you do your email list. Promote it everywhere possible — on your website, in your marketing emails, via signage at your business, and by asking customers verbally if they’d like to sign up. Offering something in exchange for opting in, such as a discount or a free gift, will help you build a substantial list of SMS subscribers.
Because it’s so immediate (people tend to check texts as soon as they get them), SMS marketing is a great way to drive immediate demand for your business. For instance, if it’s a slow afternoon at your restaurant, you could text your customer list with a two-for-one lunch offer. Did a customer at your hair salon cancel an appointment at the last minute? No worries: Text your list about the opening, and chances are you’ll quickly fill it.
4. Look into location-based marketing.
Location-based marketing goes one step beyond simple SMS marketing by using location info from customers’ smartphones to deliver targeted messages when customers are physically nearby. You can try “geo-fencing,” which sends messages to shoppers within a specific radius of your location. For instance, a customer walking down the street a few blocks away from your restaurant could get an offer for a free appetizer with purchase of a meal, good for the next few hours, to encourage him to come in. There’s also “geo-conquesting,” which sends messages to customers within a certain radius of your competitor’s location. Imagine: The customer is in your competitor’s store with a product in hand, when she gets an offer from you for 20 percent off at your store.
5. Provide mobile customer service.
It’s not marketing per se, but using text messaging to manage customer service issues can help build your brand and boost customer loyalty. For instance, if your business sends products by mail, give customers the option to receive texts when their order ships and when it’s out for delivery. If you have a service business that visits the customer’s home, such as electrical repair, give customers the option to receive a text when the repairperson is about to arrive. If your business is appointment-based, such as a dental office, ask customers if they’d like to receive appointment reminders by text — it can greatly reduce no-shows.
Mobile everything is the wave of the future, and by testing the mobile marketing waters now, your small business will be better prepared for success in the coming years. Wondering how to make mobile marketing work for you? Your SCORE mentor can help, so find one today.
Original Post: https://www.score.org/blog/5-ways-mobile-marketing-can-boost-your-business
Dos and Don’ts From 12 Small Business Finance Gurus
Being a small business owner doesn’t automatically make you an expert in finance or small business accounting. In reality, most rookie entrepreneurs have to learn the basics of funding, bookkeeping, and what really matters to lenders and investors as they go.
If the financial side of your small business has you lost, these experts offer practical finance do’s and don’ts to get you back on track.
1. Focus on Meaning, Not Money
“We meet with entrepreneurs all the time and they tell us what they think we want to hear, that they want to make money. When we hear that, it’s so depressing. It took me 20 years to come to this understanding, but the companies that are successful are the ones who create meaning. Create the next curve; don’t improve on sameness.”
-Guy Kawasaki, Chief Evangelist at Canva
2. Remember That Your Team Defines Your Business
“Investors put their money in people, not a business. The better team you have, the more money you will be able to attract. Get people on your team that have industry expertise and that have been there before. Investors want track records.”
-Barry Moltz, author of Bounce! and How to Get Unstuck
3. Choose Investors That Care About Your Mission
“For us, fundraising has never been about capital-it’s about people. […] You can almost apply the same lens you do to fundraising as you do to hiring. So for us, when we hire someone it’s about their values, their motivation, and their skill set. When we fundraise, it’s the same idea. This person is now going to become a part of your community. They’re going to be an ambassador for your business. They’re going to represent you in an external context. […] These folks didn’t invest because of the desire to simply make a 10x, 50x, 100x return on their investment. They invested because they really cared about the mission.”
-Joshua Reeves, Co-Founder & CEO, ZenPayroll
4. Leverage Technology to Avoid High Startup Costs
“Gone are the days when a business needs thousands of dollars in upfront costs just to get started. Today anyone can start a business of their own on a minimal budget through the use of the many online services, marketing and management tools available. Take advantage of automating your business through social media tools like HootSuite, accepting payments and sending out invoices through services like Freshbooks, Paypal and Stripe and also eliminating the need to travel around the world by using live conferencing tools like GoToWebinar and Skype.”
-Zac Johnson, CEO of Blogging.org
“The irony is that it is often easier to raise money or acquire other resources when you have zero revenue, zero customers, and zero traction than when you have a small amount. Zero invites imagination, but small numbers invite questions about whether large numbers will ever materialize.”
-Eric Ries, author of The Lean Startup
6. Stay Hands-On With Your Business Finances
“Take an active role in your business’ financial organization-be close to the information and pay attention to the numbers. Many small businesses are busy with operational issues, building the business and what not, and may not be creating and monitoring financial reports and cash flows very regularly. Two times a year is not enough-try to do it on a monthly basis at the very least.”
-Steven Stapp, CEO of San Francisco Federal Credit Union
7. Re-think Your Profit Formula
“The old, been-around-forever, profitless formula is: Sales-Expenses = Profit. The new, Profit First Formula is: Sales-Profit = Expenses. The math in both formulas is the same. Logically, nothing has changed. But Profit First speaks to human behavior-it accounts for the regular Joes of the world.”
-Mike Michalowicz, author of Profit First
8. Budget Every Dollar Spent On Your Business
“Successful businesspeople use budgets and realistic sales projections to run their businesses. They know by the 15th of the month how well their business did financially the month prior. They do not spend money on travel, events or trade shows that are not budgeted. They do not hire staff without have the money or contracts in place in advance. They also understand how to use a line of credit. They use it carefully for short-term cash needs, and not long-term funding needs such as marketing expenses.”
-Melinda Emerson aka The @SmallBizLady
9. Prioritize Proper Accounting Methods
“Every business owner wants to run a profitable business, but few entrepreneurs dedicate enough time to measuring actual results. The only way to do this is to have a dedicated accounting function. Just as sales can’t happen without paying attention to prospects, good financial decisions cannot happen without paying attention to the numbers. It might seem like you can “get along” without accurate accounting during the good times, but it is impossible to navigate lean months without clear financial records.”
-David Worrell, author of The Entrepreneur’s Guide to Financial Statements
10. Hire Professionals (It’s Worth the Cost)
Small business owners aren’t expected to be an expert in the finance, accounting, and legal side of the business, which is why there are professionals like accountants, bankers and lawyers out there. Money spent wisely on a good CPA or lawyer will be returned in multiples of extra profit.
-Ken LaRoe, Founder and CEO of First GREEN Bank
“Don’t be afraid to say no to projects. Prove that you’re serious about specialization by turning down work that falls outside your area of expertise. The more people you say no to, the more referrals you’ll get to people who need your product or service.”
–John Warrillow, author of Built to Sell
12. Make Decisions With Confidence
“At the end of the day, you are the decision maker, and you have to have the trust and confidence in whatever decision you make. This isn’t always easy. I had investors, advisors, or board members with 20 years more of relevant experience that made suggestions I strongly disagreed with. When that happens, you have to trust your vision and your own ability to think things through more thoroughly than anyone else to guide you.”
-Aaron Patzer, founder of Mint.com
Patzer is right on the money here. You can read all the finance blogs in the world, develop relationships with a dozen mentors and advisors, and surround yourself with the best team of professionals. But ultimately, you are the one who has to decide what is right for your business. Educate yourself, then trust your instincts. If you believe in your business and in your ability to succeed, you already have everything you need.
Original Post: http://www.inc.com/jared-hecht/advice-from-12-small-business-finance-gurus.html
