5 Mistakes Businesses Make in Social Media

Who wants to make the same mistake twice? No one. Wise entrepreneurs learn from their mistakes and the mistakes of others...including the wild and crazy world of social media. The following are 5 mistakes that can set your social media campaign back. We don't want that to happen to you so take a moment to "learn" from these tips (we sure wish someone would have mentioned these in the beginning).

Mistake #1 - No Plan
Imagine if you started a business without a mission or business plan. Imagine you didn't know who your potential customer was or what products you were going to sell. Do you think it could be a recipe for disaster? The same goes for your social media. Take the time to plan your strategy BEFORE you dive in to posts and status updates. It will keep you focused in the long run and allow you more success.

Mistake #2 - Picking the Wrong Platforms
You can drive yourself crazy trying to manage twenty different social media sites and the odds are - unless you have a whole social media team - you won't excel at any of them because you are spread too thin. The idea is quality vs. quantity. Part of your Plan (stated above) is to consider where do your potential customers hang out. Is it Facebook, Twitter, Blogs, Pinterest, YouTube? Ask your clients  and narrow your focus down to one or two sites.



Mistake #3 - Tracking & Tweaking
Social media as a business is not a "just for fun" tactic. This is a legitimate marketing venue. Just like coupons, advertising and other marketing ploys, you have to measure your success to know how it's working. If you don't track what you are doing and make changes when you see success or failure - you're wasting your time. Most of the social sites offer analytics and there are free resources available.

Mistake #4 - "Push" Selling
When you spend all of your time pushing your followers and fans to buy - their going to do the opposite. They'll unfollow or unlike you and odds are, they're never coming back. Social media is about building a community and providing valuable information. Think about those potential customers and what they are interested in. Do they like DIY tips, quotes, funny images, special discounts, contests etc.? Give them what they want (integrated around your business/industry of course) and soon you'll be engaged in "pull" marketing which creates a much stronger relationship. They'll WANT to buy from you and will probably share those feelings with their friends too.

Mistake #5 - Thinking this is Easy
Social media is a huge venue for business and because there are so many tools available, it's easy to get sucked in to thinking this is all a piece of cake. It isn't. Creating a social media platform that engages with followers and nudges them on their way to becoming customers is HARD WORK. You didn't start your business without education of some kind, right? It's time to start learning the tricks of the trade and educating yourself so you can maximize your social media plan.

BONUS MISTAKE <--- (Quite possibly the biggest of them all!)
Giving Up Too Soon
There is no getting around it - social media takes time. Success won't happen overnight and if you're only spending a few minutes a day on your posts, it's going to take a long, long time to reap rewards. Expect to dedicate at least an hour a day to your social media marketing. Social media is about building relationships and there is no shortcut to creating trust. Remember, you have a plan and you are going to need to dedicate at least 6 to 9 months to achieve measurable results. Don't quit just yet!

Photo credit: Edn.com

Will My Personal Credit Score Hurt My Business?

Entrepreneurs aren't born overnight - one day you have an idea and it builds until you launch your 'dream job.' Your very own start-up small business can be exciting and scary. Figuring out how to fund your business usually falls into the 'scary' category.

A successful small business requires money to sustain it and investment to grow it. Of course, securing investors is difficult so small business owners usually rely on a business loan or line of credit to supplement initial business growth.

This means a bank is going to look at YOU and your Credit to determine if you business is viable. Your credit does not have to be perfect to get a loan or line of credit to start a business but obviously - the better your history the higher your chances are to obtain financing.

According to the Small Business Administration (SBA) - "About half of small businesses fail within the first five years." Even if your type of business is blessed with low start-up costs and low overhead - odds are you will need an option to supplement the business when added funds are required.

Assessing Your Business Risk

New entrepreneurs often make the mistake of thinking that by registering a corporation they can secure credit by only using their new business Tax Id. This is not entirely accurate. A bank will usually determine eligibility by using your personal social security number. Banks will evaluate your personal credit history as a factor for how risky it would be to lend money to your business. Each bank uses their own proprietary risk formula, which is often based on a model devised by Fair Isaac Corporation (NYSE: FICO). The better your credit scores, the higher the chance your small business will have longevity.

Credit History Shows Trends
While a lender may consider your assets and equity, your own personal debt repayment habits can influence the size and type of loan or credit extension your business may receive. It can also affect the percentage rate of interest as well. Higher risk can equal a much higher rate which can cost your business thousands of dollars. For instance a 5% difference (10% compared to 15%) in APR on a $20,000 debt carried for five years can add up to a difference of over $3,000.

Be sure to review your financial history before considering funding for your business. This allows you to check for negative reports, errors or identity theft issues that could jeopardize your chances of getting funding. If you do have negative issues on your credit, you may need to wait until they are older or any disputes are resolved before taking your new small business to the next level.

Lending is Still Personal
If you do have a tarnished credit history - all hope is not lost. Just because you have personally made a mistake in the past does not automatically disqualify your chances. If you have some equity in your new business, this can positively influence the decision of a lender because obviously - you are an investor who wants it to succeed!

Start developing a consistent pattern and take a proactive approach to improve your personal credit score now. This will not only help your future business - but you as well!

Learn from the World Series and Super Bowl to Motivate Your Small Business to Win!

Millions of people tune in by radio, television and streaming feed to watch SPORTS. The 'big game' draws more attention than other events such as a politial debate, breaking international news or even a natural disaster. As a country, we're probably not ashamed to say it - we're sports obesessed. We applaud and celebrate the shot, the stop, the drive...the winning play that made history. Some even experience agony when their beloved team does the unthinkable...they lose.

There are critics who argue that sports pay hommage to inflated salaries and offer a distraction from real life but when it comes to business - sports might have a few points worth taking notice.

Goal Oriented Excellence

Every year, thirty-two NFL teams compete for the chance to be in the Super Bowl (one of the most watched televised events ever). Thirty MLB teams take aim at a shot of playing in the World Series. For Basketball, it's all about the Finals and for Hockey, the Stanley Cup reigns supreme. The winners receive praise, parades, record book titles, tons of confetti and possibly a shower from a cooler full of gatorade.

How does this translate to business? These teams all set out with a very clear goal in mind. Sure, for some teams it's a more reachable achievement but even for the lowest ranking team - it's a tangeable and measureable objective. Does your business have this kind of focus every quarter? year? Do you give your team (employees, managers, sales force) clear direction to achieve excellence? Most businesses just focus on the daily, weekly or monthly sales figures but employees are more likely to work together and perform consistently (or even raise their level of performance) if there is a substantial goal in sight. AND the reward has got to be worth it. People don't perform for a pat on the back. They like to feel like their efforts are appreciated and important.

Business Take-away: Give your team a measurable goal that offers a substantial reward if achieved.

Individual Recognition

We cheer on our teams to win but lets not forget that we equally celebrate individual performance. Awards are given for specific achievements in team roles (offense or defense or position) as well as overal 'valuable' contribution to the season and usually results in...drumroll...more money. Ooooh yes, we did just use the 'M' word which we understand every small business owner obsesses over. We know you might be cringing at the idea of offering a monetary bonus for individual performance but hear us out.

Fran Tarkington, NFL Hall of Famer and Entrepreneur says, "The best in sports are celebrated because they've earned it. It's a pure meritocracy and if you can perform, then you will be rewarded."

This is what you are already doing. You started your business believing that if you came up with innovative ideas, put in hard work and long hours to build a business that delivers value to customers - that you will be rewarded. People will continue coming back to your business for it's value and customer experience and you will actually make a profit and possibly grow into a bigger business. You already believe in meritocracy! You're employees believe it too and most will be willing to step up their game if they believe you'll notice and reward them for it.

Business Take-away: Give your employees individual goals as well as group goals.

Exercise Meritocracy

We can hear you. "Yes, but I don't have the money to offer financial incentives." We understand. We're all in the same boat. Is there an easy answer? Yes, though you may not like it.

If you want to be a big(ger) business - you need to think like one FIRST.

Becoming a bigger and more successful requires you to think outside of your small business box. Push your standards of thinking. What would you do differently if money wasn't the issue? We're not asking you to go broke. We're asking you to think about ways to motivate your team to perform beyond their current level. That requires an incentive. You could even create levels of incentive.

For example: "If we hit this sales goal - you get this bonus but if we hit this higher level - a bigger bonus." Crunch the numbers. If your team is increasing productivity, you're business is making more money. And these new customers are going to stick around if you guys keep up the effort so the rewards can compound. You're the team owner and you have to get your coaches (managers) and team (employees) to want your business to grow just as much as you.

Cheaters Never Prosper

One thing to remember is that if you try to short-cut or cheat this process - it could backfire on you. As the team manager of your business, you need to offer development and training programs (just like the big businesses do) to give your employees the tools for success. Setting someone up to fail - especiialy to avoid paying out the incentive - will backfire on you. You may think your reputation among your clients is important but it is equally imperative that your repuation among your employees is golden. That doesn't mean that they have to like you personally but you want them to WANT to perform for you.

Business Take-away: Start out on the right foot and your small business is sure to score big points not only in your bottom line but among your team as well.

10 Tips to Public Speaking Like a Business Pro

At some point - as an entrepreneur - you will need to speak. You cannot hide in the background forever - whether it's introducing yourself at a business meet up or presenting to your staff - you will need to speak in front of a group of people. Odds are you will need to sell a product or a service or an idea and it all hinges on this one speech. After you read our 10 tips below - you'll be speaking like a pro!

Before You Speak

1. What do they want? How can you help them specifically?

Most polished public speakers will tell you that the first question you should always ask yourself before taking a speaking job is "Does this audience want what I've got?" Now, you're not exactly a professional public speaker but that doesn't mean you can't learn from the pros. Even when making a presentation to a leads group or Chamber of Commerce - know your audience. What do they need? What do you offer that will make a difference to them. Audiences are self-centered so everything you say needs to be tuned to what they need to hear.

2. Dress the part without raising yourself to high above the audience

We just said that the audience is mostly concerned about themselves so the last thing you want to do is increase the distance between you and them. One mistake people make is dressing inappropriately. This can mean wearing a polo shirt to a room full of people in suits or wearing your most expensive suit when talking to an audience of low income individuals. Speaking events are about the audience so be approachable and accessible. You'd hate for people to judge you negatively before you've even uttered a single word.

While You Speak

3. Make Eye Contact

Even if you're nervous, have an armful of notecards and a powerpoint presentation - you need to face the audience and look at them. This allows you to connect and helps SHOW you value them.

4. Talk With Them - Not AT them

All speeches should be conversations, even though you're the only one talking. You need to assess the audience on a personal level. It helps to acknowledge them--not in a vague way, in a specific way. "I'm delighted to be here" isn't as good as "I'm delighted to be here to talk with you." Be clear and direct.

5. Demonstrate that You Know What they Want

Don't hide behind what you offer. Show the audience that you know exactly what they need and how you WANT to solve their problems. Place a sense of importance on the issues that your audience faces and a sense of excitement regarding your services and the kind of progress you can achieve. Please note a sense of excitment does not mean "talk loud."

6. The Subject can be boring but the Story cannot be boring.

There's no doubt that you have a goal for this speech but remember that you are in control. What you are talking about might be boring but if the speech reflects that - you've lost. Paint a picture, weave in specifics and give the audience something to take away. Be memorable, useful - even if the tip is only loosely connected to the goal of your event. And of course - keep it moving. Don't take three sentences to get a point across when you could say it powerfully in one.

7. Be aware of what you do

Every movement on a stage is magnified. When you cross your legs, people notice. When you scratch your face, people notice. When you play a thumb war with yourself, people notice. So be cool. People see everything. Breathe. Don't be afraid of a pause just maintain your confidence.

8. The Wrap Up: Dealing with Questions and Silence

Depending on the audience and type of speech, it may be appropriate to ask if anyone has questions. It's possible you'll be met with silence. Remember how nervous you were to speak in front of people? Well many people who are sitting in chairs don't like to raise their hand and ask questions in front of people either. Try to make the environment more casual by sitting in a chair at the front of the stage. This is why it's so important to create a conversation atmosphere. It makes people feel comfortable to talk with you. If you do have several people with questions - maintain your control and stay on topic. Don't spend 10 minutes answering one person's question when you know there are 5 others. If a question dives off topic then offer to speak with that person individually.

Don't Speak

8. Things You Should Never Say While Speaking About Your Company On a Stage

Is this thing on?

Can I get a witness? (even ironically)

A great man once said …

Are you picking up what I'm putting down?

Is anyone else warm?

Four score and seven years ago …

And then [pause] boom! It hit me!

In conclusion, I'd like to tell you a story. It all started way back in …

Final Tips

10. Some Technical Points to Make You aLook Like a Pro

Do not poll an audience of 10 or fewer people by a show of hands.

Do not imagine the audience in their underwear.

Do not imagine yourself in your underwear.

Do not look at your watch. If you start wondering how much time you have left, the audience will start wondering when you're getting off the stage.

Thank no more than three people at the beginning.

Keep your hands out of your pockets.

Unless you're a stand-up comedian. From the 1960s.

Do not close your eyes in a dramatic fashion at a key point in the speech.

Do not move your arms in a dramatic fashion at a key point in the speech.

Or your legs.

Or your hips.

Or someone else's arms, legs or hips.

Leave the pounding on the podium to the dictators.

4 Steps to Handling Negative Online Reviews

If you work with small businesses like us you start to recognize the cries for help when a usually spotless reputation shows the dark mark of an almost unspeakable villain...the unhappy customer.

"Yelp! I've Gotten a Bad Review - Now What?"

We understand your plight. Used to be that when you or your employee had a bad day that affected a customer or a product malfunctioned - you only had to worry about who that individual could tell in their circle of friends. Now with the advent of the internet and jumbo review sites like Yelp.com - you have to worry that one bad experience could haunt you for the rest of your career (or worse lead to the end of it)

So what do you do when your business gets a bad review on user sites like Yelp?

Step 1 - Breathe & Step Away

If you're an entrepreneur, it's only natural that you will take a negative review personally. This is normal however it can make responding the right way more difficult. Even if the review is completely wrong or overly hurtful - this is not the time to get into an argument online. This is why we recommend stepping away for an hour or a day to cool off . You'll feel much more in control and prepared to respond properly.

Step 2 - Review Your Customer Service Policy

While you're cooling off, you might review your policy for handling issues that come up during face-to-face service issues. How would you handle an unhappy customer who asks to speak with the manager? What would you say? Apply this same logic to how you want to handle an unhappy online reviewer.

Step 3 - Respond Diplomatically

Now that you're ready to respond. Be civil and professional. Remember they reviewed your business, not you - therefore your business is responding. You may not care about what people think of you but what others think of your business will have reprucussions.Try to show empathy and concern for the reviewer's feelings and show you care. Offer a solution when appropriate. Review sites like Yelp offer free review response tools to allow public or private responses. A private message is akin to sending a direct email to the reviewer whereas a public comment will be posted directly under the user's review and is visible to everyone.

Responding with a public comment can be a great option to shed light on the specific situation or show your willingness to rectify the issue.

Step 4 - Continue to be Engaged

Actively read and respond to future reviews, both positive and negative. People like to know that their comments are heard and appreciated by a business. Remember that you will grow as a business as you consider criticism and make changes that improve your customer service. Continue to tell your clients and customers to share their positive experiences on sites like Yelp and soon the good reviews will outweigh the bad ones.

What if....

"I'm too emotional to respond?" If you find that it is too difficult to calmly address online reviews then it might be necessary to appoint someone else (an office manager or trusted employee) to manage reviews.

"The review violates the site's policy?" If you think a review violates the review site's terms of service you can flag it for evaluation by the site's support team. Again, a negative review does not violate most policies so be sure you educate yourself on types of reviews that are likely to be deleted.

"A review is missing?" Sites like Yelp rely on an algorithm that determines which reviews will be displayed on a business's page on the site. Sometimes positive and negative reviews wind up in a filtered section, leading business owners to think reviews have been deleted. Reviews from users who violate Yelp's policy and have had their account removed may be deleted altogether without any action by the business.

Taking a Vacation from Your Business

It's summer time! It's hot and the kids are out of school which means its prime time for a vacation right? If you are a business owner or entrepreneur, taking a vacation from your business might be well deserved but tricky...even downright near impossible. But we believe in vacations and we believe in you so here's 5 ways to get a break from your business without sending it into a downward spiral.

1. Split Week Trips
Many self employed business owners complain that taking a whole week off adds more stress to the vacation because they are constantly checking email and voicemail. The solution might be splitting your time off between two weeks. For example: Taking off Thursday and Friday of one week and then Monday and Tuesday of the next. Most business owners can manage taking two business days off in a week because you have three days to cushion the blow. Use your first set of work days to prepare to be gone and then use the next week to catch up. This 'illusion' will also look better to vendors and clients because it doesn't 'feel' like you were gone very long.

2. Schedule Business Time
If you just can't get away entirely, plan out your trip to include a day where you have some free time to handle business. Your family might be bothered if you are always checking your email so schedule time on one or two days to handle all emails and voicemail calls. We mean it when we say "Schedule." Limit the amount of time and stick to it! It's a good idea to let your business associates or clients know that you will only be available at that time. Once the time is up...even though it may be tempting to answer another email...walk away. This will ensure that you prioritize what you do during this designated business time.

3. Designate a Temporary Assistant
This may be very difficult for some business owners to do but it can be an extremely valuable strategy...expecially if you don't already have an assistant. If you have employees, pick your most responsible person and ask them to act as your assistant while you're away. Pay them a bonus for extra time spent if appropriate and spend a few hours each week prior to your trip discussing certain tasks that you need them to manage. Most of the time, it can be as simple as designating this temporary assistant to respond to any messages or phone calls with a personalized vacation message.

4. Schedule Ahead
Most of the time, business owners bend over backwards to operate within their customer's time frame however, when you want to take a vacation, you need to actively plan your time. Tell clients and associates that you are unavailable for scheduling on the week you want to take off. Everyone from doctors to contractors to Donald Trump does this type of planning and you can too.

5. Find a Dead Zone
Our last option is for those business owners who don't have the self control to say no. If you cannot say no to your smart phone or laptop while on vacation then your best bet is to find an area that doesn't have cell phone covereage or wireless internet. Use the time to work on your self control so that you can manage your time more effectively.

Believe it or not - It's not healthy to work all of the time. Yes, your business might be all YOU but that is only because you have structured it that way. Take control of your time and energy, acknowlege that you need a break and make it happen! You will be ten times more energized to get back to work if you truly got your needed time away.

Create An Easy & Fast Small Business Plan

Every business needs a business plan - no matter how small!

What information needs to be in your business plan? What is the order of information that will make the most sense to lenders and investors? You can answer these questions with the business plan outlines provided below.

What are the standard elements of a business plan? If you do need a standard business plan to seek funding — as opposed to a plan-as-you-go approach for running your business, which I describe below — there are predictable contents of a standard business plan outline.

For example, a business plan normally starts with an Executive Summary, which should be concise and interesting. People almost always expect to see sections covering the Company, the Market, the Product, the Management Team, Strategy, Implementation, and Financial Analysis. The precise business plan format can vary.

Is the order important? If you have the main components, the order doesn’t matter that much, but here’s the sequence I suggest for a business plan. I have provided two outlines, one simple and the other more detailed.

Simple Business Plan Outline

1. Executive Summary: Write this last. It’s just a page or two of highlights.
2. Company Description: Legal establishment, history, start-up plans, etc.
3. Product or Service: Describe what you’re selling. Focus on customer benefits.
4. Market Analysis: You need to know your market, customer needs, where they are, how to reach them, etc.
5. Strategy and Implementation: Be specific. Include management responsibilities with dates and budgets. Make sure you can track results.
6. Web Plan Summary: For e-commerce, include discussion of website, development costs, operations, sales and marketing strategies.
7. Management Team: Describe the organization and the key management team members.
8. Financial Analysis: Make sure to include at the very least your projected Profit and Loss and Cash Flow tables.

Build your plan, then organize it. I don’t recommend developing the plan in the same order you present it as a finished document. For example, although the Executive Summary obviously comes as the first section of a business plan, I recommend writing it after everything else is done. It will appear first, but you write it last.

Standard tables and charts

There are also some business tables and charts that are normally expected in a standard business plan.

Cash flow is the single most important numerical analysis in a plan, and should never be missing. Most plans will also have Sales Forecast and Profit and Loss statements. I believe they should also have separate Personnel listings, projected Balance Sheet, projected Business Ratios, and Market Analysis tables.

I also believe that every plan should include bar charts and pie charts to illustrate the numbers.

Expanded business plan outline

Here’s an expanded full business plan outline, with details you might want to include in your own business plan.

1.0 Executive Summary
1.1 Objectives
1.2 Mission
1.3 Keys to Success

2.0 Company Summary
2.1 Company Ownership
2.2 Company History (for ongoing companies) or Start-up Plan (for new companies)
2.3 Company Locations and Facilities

3.0 Products and Services
3.1 Product and Service Description
3.2 Competitive Comparison
3.3 Sales Literature
3.4 Sourcing and Fulfillment
3.5 Technology
3.6 Future Products and Services

4.0 Market Analysis Summary
4.1 Market Segmentation
4.2 Target Market Segment Strategy
4.2.1 Market Needs
4.2.2 Market Trends
4.2.3 Market Growth
4.3 Industry Analysis
4.3.1 Industry Participants
4.3.2 Distribution Patterns
4.3.3 Competition and Buying Patterns
4.3.4 Main Competitors

5.0 Strategy and Implementation Summary
5.1 Strategy Pyramids
5.2 Value Proposition
5.3 Competitive Edge
5.4 Marketing Strategy
5.4.1 Positioning Statements
5.4.2 Pricing Strategy
5.4.3 Promotion Strategy
5.4.4 Distribution Patterns
5.4.5 Marketing Programs
5.5 Sales Strategy
5.5.1 Sales Forecast
5.5.2 Sales Programs
5.6 Strategic Alliances
5.7 Milestones

6.0 Web Plan Summary
6.1 Website Marketing Strategy
6.2 Development Requirements

7.0 Management Summary
7.1 Organizational Structure
7.2 Management Team
7.3 Management Team Gaps
7.4 Personnel Plan

8.0 Financial Plan
8.1 Important Assumptions
8.2 Key Financial Indicators
8.3 Break-even Analysis
8.4 Projected Profit and Loss
8.5 Projected Cash Flow
8.6 Projected Balance Sheet
8.7 Business Ratios
8.8 Long-term Plan

Business plan outline advice

Size your business plan to fit your business. Remember that your business plan should be only as big as what you need to run your business. While everybody should have planning to help run a business, not everyone needs to develop a complete formal business plan suitable for submitting to a potential investor, or bank, or venture contest. So don’t include outline points just because they are on a big list somewhere, or on this list, unless you’re developing a standard business plan that you’ll be showing to somebody else who expects a standard business plan.

If you need help with your Website Design, Social Media Marketing and Business Strategy - give us a call (800) 596-6218!