How to Market For Small Businesses

May 8, 2015 by

business (11)Having a business is for many people a dream.  Some reach for it and achieved their goals, while others are left behind wondering if it is still a possibility.  The optimism many small business owners experience can be dampened by the state of the country’s economy.  If consumers are not spending what it is projected, in all likelihood, small business owners will not expand their business, nor hire new employees, affecting the local economies and the country as a whole. Some of the questions small business owners ask is; how do I reach more customers? Is that even  something I can do by myself? Is marketing the answer to my problems?  You can read more about some of these questions and answers by following the links below.

3 Things You Need to Know About National Small Business Week

Running your own business can mean a lot of time on your own, in the trenches, building your company brick by brick, pushing the gears forward inch by inch. Next week, however, there are many opportunities for entrepreneurs to step back from the daily grind, connect with one another and be inspired.

That’s because the week of May 4 through May 8 is National Small Business Week (NSBW).

Organized by the Small Business Administration, this is the 52nd year in a row that the president of the United States has declared one week per year the official celebration of the Main Street entrepreneur.

“National Small Business Week is a chance to honor our nation’s 28 million small businesses and renew our commitment to fostering the entrepreneurial spirit that is central to the American experience,” says SBA Administrator Maria Contreras-Sweet, the head of the U.S. Small Business Administration, in a statement.

How to reach your small business customers

You’ve got a killer idea for your small business. You’ve created a great new product or service, set up operations, raised sufficient money to get out of the gate. But where are the customers? It’s time to pay attention to marketing.

During Small Business Week, I’m devoted to helping you “Make This Your Year to Grow.” Whatever industry you’re in, whatever the price or quality of your offerings, you need well-conceived, and consistently executed, marketing to grow your business.

The marketing message

Before you begin marketing, first clarify your company’s core message. That’s what you want customers to remember about you. It might even express a bit of your company’s personality.

Marketing vehicles

Marketing guru Peter Shankman says effective advertising is all about knowing your specific customers and tailoring your activities to their desires.

Ohio AG warns of scams targeting small businesses

COLUMBUS — Ohio Attorney General Mike DeWine warned small businesses to watch for signs of a scam, including callers who claim the business’s power will be shut off and invoices for products the business never ordered.

The warning comes during National Small Business Week.

In the past year, the Ohio Attorney General’s Office has received more than 150 complaints about potential scams affecting businesses, with an average payment amount of about $2,000.

“Small businesses work incredibly hard to keep their operations running, and they can be hit hard by scams,” DeWine said. “We don’t want business owners to lose valuable time or money to con artists, so we are encouraging them to learn about common scams and to talk to their employees about the warning signs.”

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Information Silos Are a Small Business Problem Too

May 4, 2015 by

64735957The problem of insular management in businesses, governments and organizations has been around for millenniums.  It began when the first chiefs (managers) became responsible for the safety and well being of their tribe (workers).   Julius Caesar, 2,000 years ago, conquered a large portion of Europe by aggressively minimizing or eliminating insular management in his army.

In large and small companies the problem of insular management is just as relevant and troublesome today as it was then.  However, many small business owners believe that only big companies have difficulties with it.  They erroneously think it is a function of size – that while a larger company may struggle with it their smaller business is exempt.

But, it is an issue which can be present in almost any size of entity (i.e. big governments, small businesses, teams, committees, families).  Insular management is the cause and effect when there is a systemic communication, operational and management breakdown.  This breakdown creates and is the result of information silos, think of the classic snake eating its own tail metaphor.

The concept of information silos is a simple one.  Silos are created when information is not readily shared and fundamental responsibility is abdicated.  In other words, one hand does not know what the other hand is doing, nor do they take responsibility for their actions.  This is a problem which can only be managed, not fixed, because it is caused by basic human nature. 

People, consciously and unconsciously, typically do not readily share information with their co-workers or bosses.  There are a variety of reasons for why they do not.  They also, routinely, do not take responsibility for their behaviors, decisions or job duties.  To the point where it seems, to some managers, that people who are self-motivated to do their jobs responsibly are the exception not the rule.

Therefore, to minimize, eradicate, or stop silos from forming a capable owner will understand human behavior and be willing to manage it.  Unfortunately, many are not willing to learn and are as culpable as their employees in creating and maintaining information silos.  Consequently, whether it is the tragedy of the General Motors ignition switch problem or a machine shop foreman shipping defective parts, they will continue to affect businesses of all sizes. 

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How To Avoid Business Mistakes

April 30, 2015 by

business (2)Retirement plans for the small business owner is probably one of the most important issues they face every year. Retirement accounts are  not something small business owners offer their employees, but even for themselves is not something that is widespread nor considered at all. Hiring an outside firm to oversee those financial aspects for the business is costly, and many small businesses cannot afford such an expense. Does your business need a loan? Are you making too many mistakes in your business and don’t know what to do? Do you need to set up a retirement account and don’t have any information?Follow the links below for more information about these topics.

Why online lending will take off with small business owners

At a minimum, banks are perfect partners in the new game.

Earlier this month, the momentum behind the online lending industry was in full view at LendIt—an industry gathering that didn’t exist four years ago, but grew from about 700 attendees last year to more than 2,500 this year. What was clear is that it’s no longer a question of whether these disruptors will change the game in small business lending, but how quickly.

In fact, in his remarks at LendIt attendees in New York City, former Treasury Secretary Larry Summers predicted that online lenders could eventually capture upwards of 70% of the small business lending market. That may be an overly optimistic prediction, but one thing is clear online lending is a welcome innovation in the small business sector.

Small Business Retirement Plans in the Hands of Lobbyists

 Financial advisers will be lobbying Congress this week on 401(k) plans for employees of small businesses.

The 401(k) accounts many rely on now are complex, require an outside administrator, and as a result are not cost-effective for some small businesses to set up for their workers.

Tom Iorio, an Edward Jones financial adviser in Rantoul, Ill., says they’re lobbying for a program for small companies.

“There are several bills out there in Congress that are trying to incentive small businesses to more easily get into what we think of as the traditional 401(k) market, like a small 401(k) or a ‘simple 401(k)’ is really the term that they’re using,” he says.

In a 401(k) program, employees may make tax-free contributions and select their investments within a plan that is administered on behalf of the employer. Employers also can contribute to employees’ accounts.

Avoiding Small Business Blunders

Entrepreneur Reva Minkoff aims to stop small businesses from making the same mistakes over and over.

Common mistakes account for too many small businesses wasting an average of 25 percent of their pay-per-click advertising budget each month. After identifying the same basic mistakes in 95 percent of the accounts she consulted on, Reva Minkoff started the award winning-website DigitalGroundUp in the summer of 2012 to train small business advertisers and over 300 students in successful digital marketing through short, hands-on online courses.

The company has since collaborated with major companies such as Facebook, while Minkoff herself wasinvited to the White House to live tweet the arrival ceremony of new British Prime Minister David Cameron. I recently interviewed Minkoff by email.

What are the worst mistakes small businesses make in advertising?

Not tracking their results. It drives me nuts when companies don’t know what’s happening on their website, what the results of their marketing are and how both are factoring into their bottom line. If they’re spending money on something, they should know what they’re getting out of it, and if they don’t, their agencies and developers should be working with them to help get them that information.

What are the most common pieces of advice you give students?

I remind students to focus on the overall concepts and not the interfaces. The fundamental digital marketing concepts haven’t changed from day one. As long as students understand them, they’ll be able to adjust to any other changes that may come their way and make the right decisions when faced with a new concept.

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The State of the Small Business in the U.S

April 15, 2015 by

business (5)We are past the point of expressing as a nation, any shock to the news that the United States is trailing behind other developed nations in terms of education. But, when one starts talking about business, we believed that we are a nation to be emulated and look up to what other developed nations should be doing, or trying to achieve.  It is with trepidation to find out that the United States now ranks 12th – Yes, you have read it correctly – among developed nations concerning business start up activity.  So, what is the government doing to fix this? Can they fix it? Or better yet, do they want to do anything about it? Follow the links below for more information about this and other topics.

Is the estate tax killing small farms and businesses?

“Here in South Dakota, we are land rich and cash poor, leaving roughly one-third of South Dakota farms vulnerable to the death tax, based on cropland values provided by the U.S. Department of Agriculture. The death tax imposes a tax rate as high as 40 percent on family farms, ranches and small businesses, which hurts economic growth by discouraging savings and development.”

–Sen. John Thune (R-S.D.), opinion article in the Rapid City Journal, April 13, 2015

“This tax doesn’t just hit the big guy. It hits the little guy—like the small business and the family farm. It is both unwise and unfair, and it needs to go.”

–Rep. Paul Ryan (R-Wis.), hearing at the House Ways & Means Committee, March 25, 2015

“I believe that the estate tax is politically misguided, morally unjustified and downright un-American. It undermines the life work and the life savings of farmers and small- and medium-sized businesses in Georgia and across the nation.”

Small business tax concerns with SHOP

Initially created with the goal of helping small businesses comply with the requirements of the Patient Protection and Affordable Care Act (PPACA), the Small Business Health Options Program (SHOP) has not been meeting expectations.

According to Don Donner, CEO and president of the National Federation of Independent Business (NFIB), “Almost no one is using the SHOP exchange, according to the government’s own enrollment data, and to the extent that there are subsidies available in the form of tax credits, they are complicated, temporary, and too small to offset the costs.”

A February 26, 2015, letter from Steve Chabot (R-Ohio), chair of the U.S. House of Representatives Committee on Small Business, to Sylvia Burwell, secretary of the U.S. Department of Health and Human Services, highlights these concerns, with a focus on problems associated with incorrect SHOP tax forms that were recently sent out by HHS.

Policy Points: How Tax Inversions Hurt Smaller Businesses

Everyone’s “favorite” day of the year is less than 24 hours away – Tax Day. And the big question is: Have you filed your return yet? (If you haven’t, stop reading this and go take care of that. This will still be here when you’re done.)

By now, most people have (hopefully, anyway) sent in their returns. Some have probably gotten a pretty decent refund; others might be a little disappointed at their bill.

One thing you can always count on come April 15 is some griping about how much Americans pay in taxes. Nobody likes paying them, after all. But as Oliver Wendell Holmes once wrote, “Taxes are the price we pay for a civilized society.” Everything people rely on the government for, from public safety to infrastructure, health care and education, is paid for with your tax dollars.

It’s easy for this to get lost in the mix – especially when you find out you owe more than you thought you would – but paying taxes is one of the most important things Americans do for their country. Name a program that matters to you, and your tax dollars — and those paid by businesses — help make it possible. What makes it work is that everyone recognizes the burden is not only on them: Everyone has taxes to pay, and everyone has to chip in for the services we all rely on.

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Constructive Praise is Important Too

April 7, 2015 by

54642287The art of giving constructive criticism is a well known management concept.  The skill of giving and receiving critical feedback is an important one for all managers to learn.  If handled appropriately, by the person giving it and the person receiving it, a critique can result in professional and personal growth for both of the people involved in the discussion.

There’s an equally important skill that’s rarely talked about and commonly misunderstood.  The ability to give productive praise is as important as the ability to give productive critical feedback.  But, unfortunately and erroneously, the knack of giving constructive praise is viewed as easier and more natural to do.  Therefore, many people believe it doesn’t need to be learned. 

They think – What’s there to learn, don’t you just tell someone they’re doing a good job and move on?  The answer is an emphatic “No”.  People rarely respond to and rarely learn anything from a generic “good job”.  To be useful meaningful praise should follow the same guidelines as meaningful criticism.

Be timely.  Highlight the here and now.  Focus your praise on specific behaviors which have happened very recently, ideally in the last day or two.   

Neal was confused when Sam, the owner of the company, said, “Thanks for your hard work”.  He thought Sam was being sarcastic because it was a very light work week.  When he realized it was 2 weeks ago (when the whole shop worked hard to fill a large order) that he was being thanked for Neal perceived the praise as being “a day late and a dollar short”.  The praise only strengthened Neal’s opinion that Sam was out of touch with the daily operations.

Focus on behaviors.  Specifically refer to what the person did or does.  Describe what you have seen and think about his behavior. Use “I” statements and focus on behaviors you want him to continue doing, which reinforces positive actions

Paul was diligently putting in long hours for a new a client.  His manager Jill stopped by his office and praised him for his work.  She specifically cited the weekend hours he was putting in and how satisfied she was with the quality of the work he was producing.  Paul was gratified to see that someone was paying attention and felt she “was interested” in his success.

Be specific.  Be ready and able to discuss the behaviors specifically.  Praise that’s too general is often seen as insincere or of little value.

Dawn’s boss Ed thanked her for her contribution to a presentation which helped secure a large contract.  She had used new techniques for the graphics and was eager to hear about the reaction to them.  She asked for specific feedback to gauge what might work for future presentations.  It quickly became clear Ed didn’t know what her contribution was and that he had paid little attention to the presentation.  Dawn saw his praise as “dishonest and worthless”.

When done correctly, constructive praise is often more effective in motivating people than constructive criticism.  Successful managers learn how to use both to improve relationships and productivity.  A few well-chosen, specific and timely words of praise have been known to make the difference between a good day and a bad day for many people. 

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The State of the U.S. Economy and other news

April 2, 2015 by

64002400Depending on whom you ask, the economy of the United States is a hot topic for any business owner, or analyst willing to delve into it.  For Ohio small business owners the health of the state’s economy is always an important part, and the changes that can affect their business are always a hot issue.  Tax changes, especially changes that affect them particularly are viewed carefully by them and are not always welcomed. For news about the state of the U.S economy, follow the links below.

Ohio’s major chambers of commerce rap John Kasich’s tax plan as divisive and bad for business

COLUMBUS, Ohio — In a letter to Gov. John Kasich, nine key chambers of commerce from around the state wrote that his tax reform proposals will shift tax burdens, cause friction and hurt businesses.

The chambers, while pledging to work with Kasich and legislative leaders in the future, said they don’t believe Kasich’s tax proposal will help to bolster Ohio’s economy.

“The proposed plan does not look to create greater efficiency within government in order to support tax cuts,” they wrote in their letter to Kasich and the leaders of the Ohio House and Senate. “Instead, this plan shifts the tax burden from one group to another, pitting different types and sizes of businesses and individuals seemingly against each other while government spending continues to grow.”

Has American Business Lost Its Mojo?

​Over the past three decades, the American economy has become less vigorous. An extensive body of evidence shows that the public focus on the success of high-tech companies like Apple and Google masks an overall downward trend in key measures of business vitality.

“Business deaths now exceed business births for the first time in the thirty-plus year history of our data,” note Ian Hathaway and Robert E. Litan, economists at the Brookings Institution, in a May 2014 essay, “Declining Business Dynamism in the United States.”

There is widespread support for their assertion. Jim Clifton, chairman and C.E.O. of Gallup, wrote in a January 2015 essay, “American Entrepreneurship: Dead or Alive?”:

Until 2008, start-ups outpaced business failures by about 100,000 a year. But in the past six years, that number has suddenly turned upside down. There has been an underground earthquake.

The Cleveland Flea: Why sellers are sold on it 

CLEVELAND, Ohio — The Cleveland Flea started two years ago with 40 businesses participating. On April 11, when the Flea starts its outdoor season, about 160 businesses will be selling. And Flea organizers say there’s a long wait list to join the party. I posed the following three questions to a handful of Flea vendors:

*How has participating in the Flea changed your business?

*What’s the best part of the Flea?

*What do you hope to see for the Flea in the future?

And here is what they said:

What they sell: Specialists in interior design, estate sales, antiques, mid-century modern, gifts and things

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The Legalization of Marijuana in Ohio and Other News

March 25, 2015 by

business (10)Legalization of Marijuana raises different views and opinions depending on whom you ask.  Some argue that the legalization of marijuana will boost the local economy by the tax revenue the state will collect.  The prohibition enforcement costs the state will save by legalizing marijuana are in the millions according to some research.  The incarcerations due to marijuana related charges cost the prisons $1 billion dollars a year.  The savings and tax revenue that legalization will save the state are in the billions, so what are the cons for this issue?

Follow the links below for more news happening around Ohio.

Petition Wants To Make Ohio The Fifth State To Legalize Marijuana

A group in Ohio wants the state to join Colorado, Washington, Oregon and Alaska in the legal recreational marijuana club, with a new petition to amend the state’s constitution.

The petition from ResponsibleOhio must collect 300,000 signatures before the amendment making marijuana legal medically and for recreational use could be put to a vote in November, reportsCNNMoney.

The group is made up of investors from several companies who want the state to allow residents 21 and older to possess up to an ounce of pot for personal use and allow doctors to prescribe marijuana for some medical conditions. Residents could also grow a limited amount of cannabis plants at home.

Pew study finds auto title loans as harmful as payday loans

CLEVELAND, Ohio — Title loans are just as toxic as their payday loan cousins, according to a new report from Pew Charitable Trusts.

“They fail to work as advertised. They’re overwhelmingly unaffordable,” said Nick Bourke, director of Pew’s small-dollar loans project.

Like payday loans, auto title loans are marked by triple-digit interest rates and balloon payments that make them hard to pay off.

The Pew study sheds light on auto title lending ahead of a field hearing Thursday in which the Consumer Financial Protection Bureau is expected to map out a rule that could cover not only payday lending but other high-cost small loans.

Ted Cruz: Small business are going out of business ‘in record numbers’

​Republican Sen. Ted Cruz became the first big-name politician to announce a 2016 presidential bid during an address at Liberty University in Lynchburg, Va.

Cruz, of Texas, asked the audience to “imagine” (a word he used 38 times) what he believed a conservative administration could accomplish.

“Think just how different the world would be. Imagine instead of economic stagnation, booming economic growth,” Cruz said. “Instead of small businesses going out of business in record numbers, imagine small businesses growing and prospering. Imagine young people coming out of school with four, five, six job offers.”

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Emphasize Your Strengths by Understanding Your Weaknesses

March 19, 2015 by

Our country was founded on many strong principles.  One of these principles is that we are a society of people who are self-sufficient.  Our national culture upholds and supports the idea that anyone can achieve success – all a person needs to do is pick themselves up by their bootstraps and get on with it.

This is a good concept, which has built, developed and invented wo64521313rld changing ideas, machines and technologies.  But, when taken too literally, it has also created failures, calamities and disasters.  The paradox of self-sufficiency is to know when you cannot and should not depend only on yourself, to understand when you should ask for help. 

One of the characteristics of highly independent and successful people is the ability to identify the proper time to get help.  The “secret” to being constructively independent, rather than destructively, is to understand your knowledge gaps and then seek out assistance to fill them.  It is not important to know the answers to all the questions, it is important to know where and how to find the people who know the answers.

In our culture’s bootstrap mentality there is a false belief that gaps in knowledge, skill or understanding equal weakness and that this weakness is a character flaw or a moral failing.  Unfortunately, because of this, for thousands of years people have been unsuccessful because – often due to pride, ignorance, ego or misguided notions of independence – they did not get help for these gaps.

Everyone has strengths and weaknesses; it is part of being human to be good at some things, average at most and poor at others.  You can learn to make one of your strengths the ability to recognize your weaknesses or gaps.  Once they are identified, you can ask for help to change or minimize them.  Truly self-reliant people understand their success is enhanced by other’s knowledge and that they can “…stand on the shoulders of giants.”(Sir Isaac Newton).

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Ohio Small Business Tax Cuts

March 11, 2015 by

64002400Many small businesses across the country relish the idea of tax savings for personal and business matters.  When Gov. Kasich talks about a $696 million tax cut for small businesses, we believe that it will amount to something substantial for our business, when in reality the tax cuts are meager to say the least.  The Ohio Department of Taxation believes that each eligible business would save an approximate $935 a year.  That is hardly conductive to more hiring and giving a boost to the economy as proposed by the current Ohio administration.

Follow the links below for more information about this and other news.

Report: Ohio consumers are at a high risk of ID theft

The National Consumers League has issued a report that analyzes new Federal Trade Commission data that indicates Ohio remains a hotspot in the national fraud epidemic and that Ohio consumers are at a high risk of ID theft.

Ohio was ranked the 20th highest-ranked state in per-capita identity theft complaints to the FTC in 2014. Government benefits, credit card and utilities fraud accounted for most of the 9,161 identity theft complains received in Ohio. Fifty-four percent of Ohio residents who filed complaints reported a loss. The average amount reported paid was $1,428. he Cleveland-Elyria metropolitan area ranked in the top fifty nationally in per-capita identity theft complaint rates.

AT&T continues Ohio job growth, hits milestone

AT&T is continuing its Ohio job growth with the latest round of hiring for call center workers as it surpasses a hiring milestone.

The latest 120 new jobs in the state, including some in Dayton, are pushing the telecommunication giant’s total job growth in Ohio to more than 1,700 in the past two years.

Positions filled in the past two years included IT/engineering, retail, technician, call center, business solutions, and corporate support categories.

AT&T says the hiring reflects its continuing investment in its Ohio network and team. The company made more than 830 upgrades to its wireless network in Ohio in 2014, including the launch of service for former Alltel subscribers in more than 20 northern Ohio counties. The integration of former Alltel towers into the upgraded network increased AT&T’s cell towers in these areas of Ohio by nearly 40 percent.

Most small businesses would see limited savings from John Kasich’s tax cut plan
COLUMBUS, Ohio — More than 90 percent of the roughly 1 million businesses eligible for Gov. John Kasich’s proposed small-business tax cut would save less than $364 per year, according to state statistics.
Kasich and administration officials say his proposal to stop collecting state income tax from small businesses will create jobs and give the state’s economy a boost. But critics say that most of the businesses that would benefit from the change are too small, and the savings too meager, for them to make new hires.

The $696 million tax cut, laid out last week in the governor’s state budget plan, would apply to Ohio business owners who report yearly gross receipts of $2 million or less on their individual tax returns. That includes limited liability companies, S corporations, sole proprietorships, and partnerships.

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Achievers Understand the Lessons of Failure

March 4, 2015 by

64002400The fear of failure, some experts have called it a fundamental or primal fear found in all humans. Whether or not it’s a primary fear, it’s so common that it’s the basis of or inherent in all motivational or inspirational seminars, as well as being the topic of thousands of books. Much has been said and written about the fear of failure, for good reason.

It holds many people back from achieving their goals and dreams. The average person avoids success because they’re afraid they’re going to fail at the things required to achieve it. There are several reasons why the fear of failure is debilitating. One of the reasons, of why people pass up success, is that they don’t understand the lessons of failure.

The process of failing is often misunderstood. Achievers understand failure, they don’t like it, but they’ve learned to value it. One of the key characteristics of successful people is that they have the desire and ability to learn. They view a setback as an opportunity to gain knowledge and grow.

They ask themselves productive questions. What did I do correctly and how can I make it better in the future? What did I do incorrectly and how can I make it better in the future?  Successful people look for logical answers that produce useful insights, both positive and negative, which then lead to an action plan. Here’s an example.

Joe made a client presentation and was surprised when it didn’t result in a sale. He reviewed the presentation and determined that his information was solid and easy to understand. However, he’d been overconfident and failed to connect the benefits of the product to the client’s needs – a fundamental error. Joe created an action plan to meet with the client again and created a pre-sales checklist to avoid making the same mistake in the future.

Unsuccessful people ask non-productive questions. The answers to these questions are emotionally based, instead of logically based. Often, no useful information can be obtained from these answers. This blocks the person’s ability to learn a lesson from the experience, making forward momentum difficult, usually impossible. Here’s another example.

Steve made a client presentation and was surprised when it didn’t result in a sale. He asked himself unproductive questions (Why can’t I do anything right? Why do these things always happen to me?). He got answers he wasn’t able to use (I’ll never get this. The client is out to get me.).   The plan formulated from these answers is – There’s no use in trying. The opportunity to learn from the lesson of failure is lost.

Success, in spite of the fear of failure, is a hallmark of achievers. They don’t seek it out, but they don’t avoid it either. C. S. Lewis said it well, “Failures, repeated failures, are finger posts on the road to achievement. One fails forward toward success.”

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