Marketing Mistakes That Small

The second fatal mistake, is not having a budget. When it comes to making sales whether it is for a chiropractic business or an online business, if clients do not know that you exist, they can not buy from you. And in order to have your clients know about you this will take either time or money or both. Consider the marketing strategies that require time, for example: networking, speaking engagements, educational opportunities – like webinars, and social media. They might not require lots of money, but without a small budget, none of these strategies will produce stellar results.

Let’s look at networking for example. Going to a networking event can be free or low cost, but in order to make that event productive, let’s look at the steps it really takes. First, you will want to have business cards and possibly a name tag. Once you have their business card, you will want to follow up with them and keep in touch. At least sending an email or personal card. This can be a time intensive effort and by just missing one step, like not knowing who to network with or not following up, can cost you dearly.

This brings us to many business owner’s third fatal mistake, they don’t take time to learn how to market or sell their products. Even if you get the other 2 steps right, this alone can stop you in your tracks. Suppose you have a plan and reasonable budget, it is very easy waste TONS of money on marketing and not get results. For example, let’s say you decide to place an ad in a local newspaper and in your excitement, you don’t put a compelling offer in the ad. Your ad just says who you are and your phone number. Three months later, you have spent almost a thousand dollar and you are frustrated that didn’t work. So you try another paper and another and before you know it, nothing seems to work. The problem is not the media’s, but the marketing strategy. Without a compelling message, a trackable ad, and correct placement, you can quickly drain even deep pockets.

This leads us to our fourth mistake, not tracking where your clients are coming from. Let’s say that you have deep pockets and you are marketing your business everywhere. The calls start coming in and before you know it, your business is growing. But then a hiccup occurs: the city decides to do road maintenance right in front of your business and the business slows down. Now with a smaller budget, you can not market like you did before, but you don’t know where your clients came from so you are left to guess where to spend your smaller budget. Guess wrong, and this might mean the end. Business development should not be left up to guessing. Tracking your business is critical to the success of your business, but in our excitement we often forget to track what generated the business leaving us guessing what worked.

And finally, the fifth mistake is not optimizing your marketing. Once you do track your business, then it is time to review which marketing efforts are creating the best results. This is easy to do when you have the data. Track the following information per campaign: new contacts (people who contact you from the efforts of that campaign), new clients that you get from that campaign, cost of the campaign and revenue generated from the campaign. These four numbers will reveal the insight to what is really working.

So to give your business the best boost, following these 5 steps:

1. Plan your marketing

2. Have a budget

3. Learn the basics of marketing

4. Track your results

5. Optimize your marketing.

The most important part of marketing is understanding what to do and why. Get a free 15 day subscription to a powerful small business marketing tool [http://www.PromozillaMarketing.com] that will outline how to implement over 170 different marketing strategies.

Kimberly Deas a marketing consultant and the founder of PromozillaMarketing.com, an online marketing tool that educated and trains small business owners on how to successfully market their business.

Business Consultant Services

When you hire a business consultant you are hiring experience and expertise in a wide range of business elements. They can bring a new perspective to your business in terms of operation analysis, obtaining finance, strategic planning, management consulting and a great deal more.

Very few small owners have much business knowledge or acumen, and even fewer contacts in the business world that can help them with good advice. Business consultancy services can offer you these missing ingredients that can not only turn a failing company round into a successful enterprise, but can also build on the success of a successful firm and enable it to even further dominate its market.

So your small business need not be failing for you to make the best use of a business consultant – successful businesses also employ them to accelerate what may already be a rapid growth rate.

Why Hire a Business Consultant?

Have you just started up and are unsure where to go next?
Is your business losing money?
Do you understand your market but lack some necessary business skills?
Is your business growing but you want it to grow faster?
Have you reached a point where you need professional help to advance?
Have you a need find out more about your customers’ needs?

If you can identify with any of these situations then a business consultant can help you. Here are some of the benefits hiring a business consultant can offer:

Starting up a new business from scratch
Maximizing the profitability of your business
Locating areas of your business needing specific attention
Identifying potential problems and being proactive in resolving them
Helping you to formulate strategic and systematic plans to enable your business to grow
Making best use of marketing and the USPs of your products or services
Helping you find finance to develop your business
Providing you with new ideas and strategies you had never thought of yourself
A business consultant provides the knowledge and know-how currently missing in your business

Although you may believe hiring a business consultant to be expensive, they are more affordable than you might believe. They are very cost effective and what you spend in fees you can make many times over in improvement in efficiency and profitability.

There are no doubts that hiring a business consultant can benefit your business, but to make the best use of such as service you should:

a) Hire the best you can afford – with good references and an excellent track record, and

b) Learn from them: how do they operate, what techniques are they using and what third party services, websites or software do they use.

Hiring is fine, but make sure that you learn from them as much as possible. While the major reason why business owners need to hire a business consultant is that they genuinely need help, it doesn’t make sense to pay money and fail to learn how to copy their techniques and understand the third party services that they may use.

Small Business Growth: It’s A Capital Great Idea

As a marketing business coach I have seen anywhere from six months to a year. The key is to be in a position to sustain yourself. Also, you want to have enough capital to not only sustain your business but to grow it.

There are the two components of the small business growth cycle. You must have a marketing business plan and sufficient capital. Otherwise your probability of getting where you want to go is greatly diminished.

Small Business Growth-Do You Have The Capital

What is capital? You hear about it all the time. Quite simply, it is the funds you are willing or capable of investing in your business and business growth without knowing when you may see a return.

This is where I have seen most business owners come up short. Somehow they assume that magically there will be enough profit in what they do to support business growth.

Starting your own business is a great challenge. But, running a business in a manner to where it can grow is an even bigger challenge.

In the beginning most businesses spend more money on start up and the first few months than anticipated. This leaves them short of capital to invest in the business. As a personal business coach I can assure you that it is a very good idea to have a budget.

This way you know in advance what to expect and hopefully have contingency plans if things, as they usually do, don’t work out as intended. If you don’t have extra capital or know where to get it then you really don’t have a plan for your business growth.

Small Business Growth-It Depends On Capital

As a personal business coach I have observed that the number one killer of small businesses and the dreams that they represent is lack of capital. Very often small business will start out and be growing.

Yet, the funds aren’t there to help build the processes and structure to support the growth After the unforeseen expenses and unexpected needs there isn’t much left over for business growth.

This is a problem for several reasons.

If you can’t fund growth, your level of service or the product quality that enabled you to grow diminishes.
When your level of service or product quality diminishes there is a decline in customer confidence.
With a decline in customer confidence there starts to be a decline in business.
If the decline isn’t addressed early on then the business gets a bad reputation and then business growth goes from a hill to climb to a mountain that cannot be scaled.

Value By Recasting Financials

Recasting the business financials is imperative to determine the true fair market value of a business. The process allows the business to be thoroughly and objectively scrutinized to prevent a false financial status of a business, leaving only those things that are truly representative of the real value of the business.

Some of the factors that can create a false impression of a company’s worth could include travel expenses, incentives, charitable gifts and loans. Expenses typically used as part of business strategy for maximizing tax reduction or that may mix personal and business accounting can all distort the real picture of the business’ financials.

Recasting financials can be helpful anytime a buyer’s eye view of a business’ financials is required. When seeking a true reflection of business assets, liabilities and earning power, recasting is a necessity. Recasting financials is a way of correcting the false impression that may be created by company financial statements, which include those other items that should not be used when assessing the true financial state of a company.

Once financials have been recast, the next step in assessing the true value of your business is assigning an opinion of value. Together, these steps make up the professional business valuation, which includes data collected for the financial recasting, as well as other factors that impact true business value (such as holdings, real estate, intellectual and proprietary properties, charitable standing, patents, established business history, comparative standing with competitors, and assets and liabilities).

A professional business valuation looks at all the factors that impact the true value of a business and utilizes proven methods to determine real value. This can benefit the business owner in day-to-day business, assessing how to implement new strategies, evaluating new methods to optimize efficiency, and improve earning potential. Through this process, the business is scrutinized in search of line items that should be cut or changed.

While obtaining a professional business valuation for your business is essential when considering the sale of your business, each business owner should complete an annual valuation to ensure all management decisions are made with the fair market value in mind. The valuation establishes an objective and true value that is not impacted by emotion or sentiment, thereby creating a strong position in negotiations with prospective buyers and internal management teams.

Things to Remember When Preparing Your Business for Sale

key aspects of the preparation process are.

1. Stop Running the Business

Many buyers have been conditioned to think that a business cannot perform without the original owner. Many prospective purchasers are afraid that once the current owner leaves, the company will underperform and this fear prevents many businesses from ever being sold.

When preparing your business for sale it is a good idea to reduce the amount of time you spend running the business on a day to day basis. Most small businesses are built around the owner/manager which is why prospective buyers feel the business will falter once it has changed hands. If you can show that the business can operate profitably without you then you have a business with value that should sell for a premium.

2. Hire Managers

Buyers like stability and they dislike risk. One way you can decrease the perceived risk of acquiring your business is to put good managers in place. If you are able to hire managers and build in a chain of command that removes you from the day to day running of the business, while ensuring it still runs efficiently, you have taken away a significant stumbling block for many buyers.

A profitable business which comes with well-trained managers who know the business well, and are willing to continue running it from the day one, is an attractive proposition that many buyers will not pass up on.

3. Put Business Systems in Place

During the preparation period, aim to have all your business processes documented and working in a defined system. All business practices should be well-defined and each member of your organisation should have a clear role with a well understood job specification. Use the preparation period to build in systems which explain and document how each process of your business works and all employees should be well versed in how these systems work.

Building in systems is important as it will improve a buyer’s confidence and this will lead to better offers. A business that works smoothly and efficiently, with clearly defined processes and systems, is a positive for many buyers as this reduces the amount of time and resources they have to spend understanding and fixing inefficient practices.

4. Legal Issues

It is very important to settle any legal disputes or issues that may affect the sale of your business as any buyer worth their salt will conduct some form of due diligence if they are serious about purchasing your business.

Many deals have collapsed due to legal issues or disputes that the vendor has failed to sort out or disclose. If you are able to solve these issues prior to negotiations and due diligence you have paved the way for a successful sale. Issues such as lease agreements on property and equipment, outstanding payments or court settlements and other potential liabilities should be tackled prior to the negotiation period as these issues are notorious for collapsing deals.