3 Ts of Small Business Growth

Growing a business does not have to be difficult or challenging.  Particularly when you take advantage of the tools that are available. The following three tools can be extremely effective for growing a business of any kind.

1.      Training
Today’s proficiency may be tomorrow’s mediocrity.  Life long learning must be a paradigm for every small business entrepreneur who expects success.  Small business owners are responsible for a number of tasks such as management, marketing, and operations.  Dealing with these tasks requires specialized methods, steps, or techniques to resolve.  Moreover, we are in an economy where problems cannot always be solved with a simple linear model.  Training must be tied to a company’s mission and goals for maximum effectiveness.
 
 

2.      Technology
Technology to a small business entrepreneur is like water to a fish.  Take it away and there is no survival.  The reason technology is so critical to a small business entrepreneur is that it can save valuable time and money.  It can also help you grow very quickly.  And, technology can help increase productivity while decreasing expenses.  Moreover, technology can bring timely credible information to your fingertips.  This is critical for market research and customer service.  Technology can take a local business global instantly.  Keep in mind however, that technology does not replace human contact.  Nothing can be more important than effective face-to-face communication.  Technology is a tool that can customize analysis for use in specialized projects and ongoing work.  Technology expands the range of learning options.
 
 

3.      Teaming
There is a misconception about Entrepreneurship.  Many are of the opinion that an entrepreneur builds a business alone.  This is just not true!  Small business entrepreneurs can benefit greatly from teamwork.  Teamwork can take a small business to the top floor fast.  Teamwork can mean a greater opportunity to develop more business and serve more customers/clients.  Teaming for the small business entrepreneur comes in the form of strategic partners, joint ventures, think tanks, and advisory boards.
 

Get Your Press Release Noticed!

Some people look at the media as super-human people who live at Fort Knox and if you don’t know someone, you can’t ever get in.  This is not always true.  The media are people just like you and me and guess what—they need your products and your services in order to do their job.
 
When you’re reading a magazine article about fitness tips for spring, there is normally a reference to place or person that gave the information.  There’s a good chance that the person sent a press release.
 
What is a press release?
Description of a newsworthy occurrence written in journalistic style and is mailed, emailed or faxed to news media. A press release is usually intended to promote a business, person, event or to further the company’s reputation.
 
Most media producers want to see a professionally written press release before they’ll even consider reading the first line.  If you hire a publicist, usually he or she will produce the document.  But if you are writing it yourself, here are a few pointers that you should consider before emailing your press release
 
Subject line:  When you receive an email, normally the first thing you read is the subject line.  This is the same with the media.  The subject line is probably the most important part of the press release because this may decide on if your email is opened or just deleted.  It is very important to have a subject that can really draw the attention of the media person.  Make it powerful but keep it professional.

New author launches book on parenting – Not interesting
New book helps working parents with time management – Interesting
 
Title:  The title is definitely the 2nd most important part of your press release.  The title has to say enough to capture the reader’s attention.  So be creative; but keep it simple.  And whatever you do, don’t make it sound like an advertisement or it will end up in the trash.
 
First Sentence:  This is another very important part of the press release.  Here is another area for you to reach out and grab your reader and keep their attention.  It’s like the beginning line of a story or the beginning of a movie.  Think about it.  You get one chance to put some serious thought into it, so do it right.
 
For the rest of your press release, make sure you stay within the guidelines in which the media has suggested to us.  If you need to see sample press releases to help you with your writing, do a Google search. You’ll find good and not so good examples.

While my best advice to you is to have a professional write your press release, make sure you get some samples first. That way you can be assured that they know what they are doing.

See you next month when we talk about part 2 of the series, I like to call “Taking the job of the producer”.  Until then, be gentle with yourself….
Yoshi Simms is President and CEO of The Publicity Formula, a public relations and marketing firm.  

Join and Grow!

Successful Women Business Owners have learned the value of B2B networking. Organization membership can provide a tremendous value to a growing business.  Yes, an organization membership can bring business to you. However, there is so much more to joining than that. Consider these three very important benefits:

1. Mentorship –
Anyone will tell you that to get to the next level in business, you must consult with those who have knowledge and expertise in different areas.  Whether it is marketing or public relations or sales, having access to industry experts is priceless.  And there’s more.  Mentors can save you from the headache of making unnecessary mistakes.  Don’t get me wrong.  Mistakes and failures play a vital role in growing a business.  And believe me, there are plenty to go around.  Having a mentor can accelerate the inevitable learning curve.

2. Comrodorie –
When was the last time you faced questions from your family and friends about what it is that you do?  Those business owners who have a brick and mortar are likely immune from this question since people can “see” the business.  But those of us who have a home based or internet based business often find it difficult to share ideas and concerns with those who work for someone else.  To those who “work for a living” running a small business comes across as mysterious.  Moreover, due to the lack of understanding, family, friends, and employees become nay sayers to your ambitions.  Therefore, if your business is to grow, you must stay connected to the beautiful and inspiring people who are actively pursuing their business goals as well as those who are quite successful at it.

3. Accountability –
Many small businesses operate as a sole proprietor.  We love what we do.  That is why we often spend the majority of our time engrossed in our product or service.  We work hard to deliver quality to our clients. Likewise, we set high goals for our business. Yet there is no one to hold us accountable.  That’s where the organization and its membership come in.  We can team with success partners within the organization who can offer gentle persuasion and hold us accountable to our goals.  Having someone hold you accountable can mean the difference between growing and staying where you are.

No Free Lunches

No Free Lunches
What do you get for free? I am amazed at how many entrepreneurs are attracted to the word free. Free advertising. Free public relations. Free marketing ideas.

Well when I was growing up I was taught there are no free lunches, and I believe that even more today in this economy. If you want something for free you are probably not going to grow your business to the highest possible potential. You must invest in yourself and your business.

There is a difference between the words spend and invest. Spend doesn’t indicate a return but an investment can reap quite a hefty return. If you want to grow your business, think differently about the word free because there is definitely a cost. The cost is time, and time is money.

Many small business owners don’t factor their time when they take on a task such as looking for free. To determine the true cost of a task, give yourself an hourly rate. What is your time worth? Then factor that against the word free. If it takes you three hours to search for free advertising, then it is not really free. For instance, if your hourly rate is $150 then multiply that by three. The answer is $450. You just spent $450 to look for something that was supposed to be free.

Another consideration is that like attracts like. I have found that those entrepreneurs who are looking for free stuff are more likely to only attract people who are looking for something cheap. Obviously this is not your most profitable customer.

If you want your customers to pay what you are worth, don’t insult them by not being willing to invest in your own business. Think about what my grandmother taught me. There are no free lunches.

To learn how you can be mentored by experts visit  BusinessWomensGrowthSummit

Celebrate Women’s History!

You’ve come a long way baby! This phrase was coined by a cigarette maker Virginia Slims. At that time, advertisers were looking for new markets and women were it. Prior to that, women were not fully recognized as a viable market of interest. Fast forward forty years and women now make or influence 80% of purchases. And by 2010, women will hold the majority of wealth in the United States.

As a woman, I am proud of all of the great accomplishments that we have made in society. I want to pay a special tribute to those unheard of women that bring joy to the lives of everyday people like me. My life has been truly blessed by the kindness and generosity of wonderful women.