We’ve Moved!
To give us a little more elbow room, we’ve moved our server to http://www.micropreneurinsight.com. We look forward to hearing from you at the new location.
Will the Recession Kill Your Business?
I just finished reading a post by John Jantsch at Duct Tape Marketing. He was talking about his top seven ways of digging yourself out of a recession. After reading his tips I found that I’ve implemented three of them already. The others are on my short list now.
Read the full article here.
SBA Releases New Rule Concerning Women-Owned Small Businesses
I received this by email today. I believe it will affect many of you, so I’ll give you the full text below.
***********************************************
U.S. Small Business Administration
– News Release –
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Release Date: September 29, 2008
Contact: Christine Mangi (202) 205-6948
Release Number: 08-100
Internet Address: http://www.sba.gov/news
SBA Submits Final Women’s Contracting Rule
WASHINGTON, DC — On Friday, the U.S. Small Business Administration
submitted to the Federal Register its final rule concerning women-owned small business (WOSB) contracting procedures, plus a new proposed rule on the industries eligible for WOSB contract assistance. The rule was submitted in advance of this morning’s hearing in a federal lawsuit that requires SBA to show progress toward finalizing the rule.
The proposed rule introduces a new data source that, if adopted, would
significantly increase the number of industries under which a set aside could be established to 31, from the four that were permissible under the previously proposed data set.
The proposed rule notifies the public of an inherent limitation with the data set used by the Kauffman-RAND Institute for Entrepreneurship Public Policy (RAND) to determine in which industries WOSBs are underrepresented. SBA recognized the limitation during hearing preparations for its Administrator-designee.
The data limitation was not among those specifically disclosed by RAND in its study and consequently was not discussed in the proposed rule. None of the public comments SBA received on the original rule noted this issue, although it was inherent to and discoverable from the underlying data disclosed to the public.
In the newly proposed rule, SBA describes an alternative data set which was not available for the RAND study or the previously proposed rule and was obtained by SBA from the U.S. Census Bureau. The new proposal gives the public a 30-day period to comment on the available data sets. The comments will be evaluated to determine the best available data to determine in which industries WOSBs are underrepresented in federal procurement.
The final rule submitted sets forth procedures for implementing set asides in the eligible industries. The procedures are similar to those set forth in the proposed rule published on December 27, 2007.
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If you haven’t taken advantage of these SBA programs, take the lead. Don’t pass up any opportunities to become a leader in your industry.
What Does Your Company Do?
by Hiett Ives
At networking events I’m usually asked, “What do you do?” It’s more common than, “What company are you with?” It’s not that different with trade shows.
As a delegate walking a show where there are lots of vendors, what’s more important to you:
What a company does?
or
Who they are?
Most would answer the former, yet what do the vast majority of exhibitors have on their header or at the top of their booth?
THEIR COMPANY NAME. – Usually in BOLD – Often repeated multiple times
Which of these tells you more?
Orange Research of Texas
or
Differential Pressure Control Equipment
by Orange Research of TexasANI-Mate
or
Atomatic Pet Feeders
by Ani-Mate
The first example is a Houston company exhibiting at the Instrument Society of America (ISA) show. Their second header literally stopped delegates in their tracks, with comments like “Do YOU do THAT?” or “I’ve been looking for someone like YOU for days!!” They chose to tell delegates what they before telling them who they are.
The second example is a British company attending an independent hardware stores owners show with a new product – An Automatic Pet Feeder. Using their company name header at a previous show brought them little interest (who or what is an ANI-Mate?!?!?!). Telling delegates WHAT THEY SOLD had lines waiting to place orders for their unique pet feeders.
The moral of all this is – People don’t care what you know until they know that you care. What better way to tell your trade show prospects you care than to let them know what you can do for them? Make your trade show booth WORK FOR YOU by having it tell delegates WHAT YOU DO.
DropBox Arrives
I don’t get jazzed about a lot of products, but I just started working with the private beta version of DropBox and it promises to be a hit.
I’m always looking for new ways to share files and collaborate on projects. Since many of my files are high resolution graphics, many of the current file sharing systems don’t provide the features I need. DropBox is simple, fast and has reasonable file handling. I’ll keep you updated as our beta testing continues – but I urge you to drop by http://www.getdropbox.com. Take the tour. It takes only a few minutes and you may find that it helps you solve a few file sharing problems.
Are You Asking the Right Questions?
by Hiett Ives, Show Dynamics
Your company has a booth at a Business to Business trade show. What questions do YOU ask passing delegates to identify qualified leads?
Three potential approaches to use:
- The Chit-Chat Approach. You smile and ask them, “How’s the show?”
The problem with this approach? It usually nets you a, “Great!” and the delegate walks on without being engaged.
- The YES / NO Approach. You smile at the passing delegate and ask, “Do you use (product)?” or “Do you need (service)?”
A likely response is, “No!” And again you see the delegate walk past your booth.
- The Open Ended Question Approach. As a delegate approaches your booth you ask, “Who’s responsible for (product) in your operation?” or “Where do you use (service) in your operation?”
In the Chit-Chat Approach, there is NO prospect qualifying. You have 2 – 3 seconds to initiate delegate interaction so this approach totally wastes that opportunity.
The Yes / No Approach is better because it makes an effort to qualify the prospect. The YES/NO question is the problem. This gives delegates the opportunity to use the “NO” response and move past your booth. Even if the delegate does need your product or service, your approach gives them the ability to avoid your features and benefits presentation.
The Open Ended Question Approach is your best option. The same open ended question is asked of every delegate passing your booth, whether they acknowledge you or not. You’re targeting them – and if they’re in any way interested in or related to your product or service they’ll stop. That gives you the opportunity to give them a Lead Qualifying Card and wait for them to fill it out.
So, avoid the pleasantries, at least while staffing your B2B trade show booth. In addition, avoid the yes/no questions that let delegates off the hook. For each show and each audience, always develop an open ended question that engages your prospects. That way you’re effectively using those 2 – 3 seconds you have to gain their attention.
Image is Everything! Pt 2
by Trisha Ahlman
You have to know it before you can grow it: It’s an evolutionary process!”
It’s your job to lead your company and visualize its grand future, but defining your brand can sometimes be overwhelming. Is it a contradiction to say you have to know it before you can grow it and it’s an evolutionary process in the same statement? No. Let me explain.
One of the basic principles of branding, according to expert Scott Bedbury, relates to “cracking the genetic code” of your brand. Cracking the code of your brand DNA takes time and patience. The question then becomes, how can I do it if I’m not fully aware of what direction the company will take in three, five, or ten years? The answer is “It’s an evolutionary process”.
Your image is everything as we stated in part one of this series. However, if you are just starting your business, it’s more important to achieve a professional image than it is to think the perfect brand will be born on the first attempt. Don’t distribute poor materials in the beginning because you are waiting to break the magical DNA code.
Let’s look at some very famous cases: BP, Coka Cola, IBM, Payless Shoe Source, and many others have evolved into the brand they are today. BP launched a new look, new logo, and new campaign in the year 2000; amazingly, the company has been around for nearly 138 years and has gone through ‘many’ changes since its inception.
What I’m saying is that you can build and evolve your brand over time. Don’t worry too much that your ground breaking corporate identity, logo, and brand are not perfect from the get go. Focus instead on your image, your presentation, your materials, and your professional appearance.
Remember – Image is everything!
Trisha Ahlman is the CEO of Augment Marketing Group and has nearly 20 years experience in marketing for corporations and small businesses. She sits on several creative and strategic development boards nationwide. “Inspired by growth” from its inception, Augments mission is to inspire growth in all businesses large or small when developing strong brands. We believe in inspiring, learning and growing. She can be reached at
trisha@augmentgroup.com
or visit
http://www.inspiredbygrowth.blogspot.com.
Pick Yer Poison
If you are already operational then I am probably preaching to the choir. If not, now is the time to consider how you are going to structure your microbiz.
The easiest form is the sole proprietorship. No state filings are required. Some states require the filing of a fictitious name certificate or dba, but that can usually be done at a local county courthouse. Cost is minimal.
The Internal Revenue Service offers a good comparison of business entities, their strengths and weaknesses for your vision. You can always open shop as a sole proprietorship and switch later. Either way, take the time to review these entities and think about how they fit into your vision.
Image Is Everything!
“Planting the seeds for long-term success!”
Part 1 of a 2 part series
by Trisha Ahlman
Thinking long-term is the most important choice you make as a small business marketer. Too many just go with quick, cheap solutions and end up missing the mark entirely. Developing an image that will build long-term success is like nurturing a seedling to maturity.
With that said, it’s important to understand that image is everything. It can be the difference between catching a big fish or Nemo. How many businesses start on a whim? That’s not necessarily a bad thing, but handwritten business cards, poorly designed graphics, or poor quality paper stocks are not just bad. . . they’re really bad! In fact, they should be forbidden.
I know what you’re thinking. That’s all I can afford on my budget.
Here are some things you can do on a shoestring budget that will help you improve your image and grab clients a little faster. Your look may change completely in a year or two, but the idea here is to earn business as fast as possible without looking like you are the whole company.
A few “Inspired by Growth” tips:
- Always consider investing in a professional logo with tag line
- Always use a high quality paper stock
- Less is more
- Be consistent with colors, look, and theme
- ONLY give out brochures printed on a quality stock even if you have to print them one at a time at a higher cost
- If you are not a professional and hiring one is not in the budget, use templates and stock imagery
- Find a small business marketing consultant (this can be an affordable option)
Remember, the important thing is to get sales now so you can grow your business. You can always upgrade later when your company is growing beyond your wildest dreams.
Trisha Ahlman is the CEO of Augment Marketing Group and has nearly 20 years experience in marketing for corporations and small businesses. She sits on several creative and strategic development boards nationwide. “Inspired by growth” from its inception, Augments mission is to inspire growth in all businesses large or small when developing strong brands. We believe in inspiring, learning and growing. She can be reached at
trisha@augmentgroup.com
or visit
http://www.inspiredbygrowth.blogspot.com.
A Life Half Lived?
After the third time of encountering this story on the Internet, I felt it was time to share it here. It says much about motivation, desire, productivity, and what we find important in life. Enjoy.
A life half-full, or half-empty?
The businessman was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large fish. The businessman complimented the Mexican on the quality of his fish and asked how long it took to catch them. The Mexican replied only a little while.
The businessman then asked why he didn’t stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The businessman then asked, but what do you do with the rest of your time? The Mexican fisherman said, “I sleep late, fish a little, play with my children, take a siesta with my wife, Maria, stroll into the village each evening where I sip wine and play guitar with my amigos; I have a full and busy life, señor.”
How much is enough?
The businessman scoffed, “I am a Harvard MBA and I could help you. You should spend more time fishing and with the proceeds buy a bigger boat. With the proceeds from the bigger boat you could buy several boats; eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman, you would sell directly to the processor and eventually open your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City where you would run your expanding enterprise.”
When will you be “Done”?
The Mexican fisherman asked, “But señor, how long will this all take?” To which the businessman replied, “15-20 years.” “But what then, señor?” The businessman laughed and said, “That’s the best part! When the time is right you would announce an IPO and sell your company stock to the public and become very rich. You would make millions.” “Millions, señor? Then what?” The businessman said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take a siesta with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”
The fisherman tried to get his head around that and said, “Isn’t that what I’m doing right now?”
Where will you be in 15 years?
Are you like the fisherman right now? With a full and busy life? Or are you looking at your life like the businessman, always seeing greener pastures further along the path?
Ask yourself a couple of questions:
* If you were not worried about money, would you keep doing the things that you are doing today?
* What would you stop doing? And why?
* If you are worried about money, are you at least taking some time to “play with your kids, take a siesta with your wife, stroll to the village in the evenings“? Because your kids won’t be kids in 15-20 years when it’s time to sell your empire.
What is one thing that you are not doing today, that would make your life better right now? Why aren’t you doing it?
