Business in General blog

5 Business Moments to Never Say No To — Tim Berry provides business, and life, advice about times when “yes” is a better answer than “no”.

Focus on Simplicity — Sabrina Parsons writes about starting small by focusing on your customers real pain points and needs.

The “KNOW” factor — People have to know you’re out there before they can decide whether they like or trust you. Marketing pro Cidnee Stephen discusses the importance of getting known.

Do you Really Want That MBA Degree? — Trying to figure out if going back to school for your MBA is a good fit for you? Tim Berry offers some things to consider in making your decision.

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Tags: BWIR
Posted under General on November 19th, 2009 | No Comments »

Planning software like Business Plan Pro does a good job of helping you evaluate the financial projections for your non-profit – how many donations you will need, what expenses you will have, and how many projects you will fund.

But what about evaluating the effectiveness of your programs, efficiency in using your funds, and choosing which new program to add to your non-profit’s purview?

GiveWell, an independent, non-profit charity evaluator, has come up with a process for assessing which charities make the best use of donor funds, not just in terms of administrative costs, but how well charities accomplish their stated mission: how many people do they actually help, and at what cost?

Although GiveWell presents itself as a tool for donors, their evaluation model is helpful for anyone running a non-profit, as well. Consider how your non-profit organization would measure up to their criteria:

1. What’s your cause? Is it clearly defined, or does it try to straddle multiple challenges and populations? The more narrowly you define your cause (your ultimate goal), the more likely you are to be able to produce measurable outcomes, and direct your efforts where they are effective. For example, “providing refrigeration units and the energy to run them in 15 rural clinics which serve children in need” is a more measurable goal than “helping poor children in rural areas.”

2. How scalable is your work? If you suddenly received ten times as much funding as you currently have, would you be able to generate ten times as much benefit for your targeted beneficiaries? Or are there non-monetary obstacles surrounding your projects (political resistance, lack of qualified personnel to carry out the program, etc.)? If there are non-monetary obstacles, these are good opportunities for working with other groups to fix these structural problems. Perhaps you can jointly sponsor training in related fields, or create a united political front about the need to help your targeted population. Be creative.

3. Are you sure that the solutions you’re providing are actually working, and not just correlating with unrelated changes, or even making things worse? This is a tough one. It requires not only that you have good intentions, but that you make tough choices about proven vs. likely solutions. It’s easy to measure the benefit of providing a tuberculosis vaccine in a community with high TB rates, because years of scientific study have already been done. It’s much harder to measure the long-term impacts of providing a micro-loan to a small business owner (who has already demonstrated the gumption to get a business going, and might do fine with a different funding source). For a nice example of counter-intuitive donating advice from an economic perspective, see Begging in India and How to Actually Help the Poor, by GoriGirl.

4. What are the opportunity costs of the ways you deliver aid? Essentially, this is the question of how many people you are helping per dollar spent. Ideally, you want to be able to track, long-term, not just how your aid helps an individual directly receiving it, but also all those others that are indirectly affected. If you loan money to a woman to buy a cow, with which she can support her family, are you also helping: her children, who go on to have an education? Her extended family? Her community, as she re-invests those profits and hires others in her village? Are there more cost-effective ways of helping that number of people in those ways? This question requires a thorough economic, social, and possibly medical understanding of the conditions in which your aid is being delivered, so you can clearly outline the situation both with and without the aid you provide.

5. How well are you documenting your successes and failures? Every non-profit has failures. The beneficiary who sells the donated goods to buy drugs; the medical effort that fails because a flood washed out the road and the doctors couldn’t arrive in time. It’s okay to have failures and make mistakes – but it’s essential to document them, analyze them, and learn from them. This is how you hold your organization accountable to donors and beneficiaries for the way you use funds.

These are just a few of the really good questions that GiveWell asks when it reviews a charity. Take a look at their website for more ways you can improve your non-profit’s ability to measure its effectiveness and efficiency.

by Sara Prentice Manela
Editor
Palo Alto Software

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Tags: non profit
Posted under General on November 17th, 2009 | No Comments »

In support of Global Entrepreneurship Week, Palo Alto Software is hosting a webinar for small, medium, and growing businesses, those who are considering starting a business, and young entrepreneurs entitled “Build Your Business, Not Just Your Business Plan” on November 19, 2009, at 11 a.m. Pacific Time.

This webinar will feature business planning expert Tim Berry. Tim is the best-selling author of “The Plan-As-You-Go Business Plan” and founder and President of Palo Alto Software.

Tim will offer practical tips for running your business better.

Attendees will come away with real world tips for planning and managing that can be put into action right away.

It’s not just a plan, it’s planning, steering, and managing your business.

Register Now

Thu, Nov 19, 2009 11:00 AM – 12:00 PM Pacific Time

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Posted under General on November 16th, 2009 | No Comments »

Are You Focusing On Your KNOW Factor?

FACT:  Your customers go through a buying pattern before they purchase from you
QUESTION: Do you know what this buying pattern typically looks like?

Think about the last time you began your search for a product or service.  I bet you went through the following stages:

KNOW:  First of all you had to do “some” activity to find out possible vendors.

Common ways you may have done this include:
* Ask someone
* Google terms on the Internet
* Draw from your memory bank — (maybe you met them, saw an ad or heard them on the radio)
* Draw from your own contacts   (you have them in your contact list)
* You searched for them in a directory

Once you have a list of vendors, the next logical step is to check them out to see if you LIKE what they have to say.

Common ways you may do this are:
* Visit their website
* Call them
* Email them
* Ask others about them
* Draw from your memory bank on past interactions with them

So let’s assume you like what they have to say, the final test is do you TRUST that they will deliver on what they say?

Trust can be a toughie, and quite frankly the level of trust required depends mostly on the risk involved in the purchase.  In other words, if you see the purchase as low risk, then little trust is involved.  But if you are relying heavily on the purchase or it is costly, then TRUST becomes more and more important.

Common ways you gain trust include:
* How familiar you are with the person or company
* What others have to say about the person or company
* Reports or proven facts about the products or services
* Guarantees or Warranties on the product or service
* Demonstrations or proof of their expertise in the market

So Here’s The BIG Question?

Do enough people even KNOW you exist?  Think about how many NEW clients or customers you need every year.  Let’s say it’s 50.  Now think about your conversion rate.  Let’s say that for every 10 prospects that call or walk into your store you convert 1 into a new client…that means you now need 500 prospects to contact you somehow.  Now think how many need to be checking you out behind the scenes via your website or by asking referral sources and you know that your lead number has to be much larger!  At a bare minimum multiply your prospects by 10 and that means you need to be capturing 5000 leads.

How many have you captured to date?  In other words, how many are currently in your database that you are staying in regular contact with?  If it isn’t meeting your requirement for captured leads, then you need to focus on HOW you are going to capture more!

So stop worrying so much about making your website pretty and start focusing on people finding your website and what you have on it to capture leads.  Start getting out from behind the computer and get back to meeting new people and exchanging contact information.  Increase promotional activities that include savvy techniques for capturing leads.

In other words focus on capturing and counting your leads FIRST and then SECONDLY improve your ways to build the LIKE and TRUST factors.

Cidnee Stephen is the owner of Strategies for Success – a marketing company that focuses on the needs of budget-minded small businesses and professional services. She has helped hundreds of small businesses get out of their peak and valley ruts to finally achieve that next vital level of success. Cidnee is also a sought-after speaker, writer and blogger on marketing topics that affect small businesses and B2B service based operations.

If you would like to build a system to reach those goals quicker, check out Cidnee’s Speak for Leads & Expertise Program.

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Tags: Cidnee Stephen, Duct Tape Marketing Coach, news
Posted under Duct Tape Marketing Coach, Marketing on November 16th, 2009 | 2 Comments »

Bruce Mayberry is what’s known as a serial entrepreneur. He’s been self-employed for over 20 years, and his business ventures have run the gamut from selling high-speed data circuits to owning an art gallery, and a lot of other businesses in between. He’s used both Business Plan Pro and Marketing Plan Pro to write plans for his own businesses, and has even written them for clients as a tax consultant. His first business, he says, “was all smoke and mirrors. I started a trucking firm with $20 and a big smile.”

Now he’s writing the business plan for his newest venture and he feels confident that he’ll secure the $4 million in funding he’s seeking. “As to the receipt of the funds, I’m not worried. With a good plan and good management, money is always around.”

Bruce’s new startup is a modern-day barter organization called BarterPX. It’s a website that allows users to easily post their goods and services and exchange them amongst a large member community. According to the website, bartering produces new business and allows users to expand their markets. At the same time, it conserves cash — instead of spending money to purchase needed goods and services, users can trade their own goods and services, keeping cash in their businesses for other purposes.

Bruce has been working on the BarterPX concept for a few years, and has been going at it full time now for about six months. A quick glance at the website reveals a vibrant trade community, using modern technology to barter goods the way it was done centuries ago.

In the past, Bruce has written business plans for businesses that were already up and running. “Sometimes you just need to re-focus to grind some more profit out. Those programs really help you get a new perspective,” he comments. For this current business, though, he has a different goal for the plan he’s writing. For a startup, he says, “The properly written business plan tells you how much capital you’ll need, and everything else is inaccurate, unsubstantiated guessing.”

Business Plan Pro is to credit for some of his successes, according to Bruce. “Every single time I have ideas and brainstorms, they pay off big when I use the software. The process of answering all [of the software's] inquiries really opens you up to some opportunity you’ll miss otherwise.”

Crafting a business plan isn’t easy. For Bruce, as for a lot of “idea people,” it’s the financials that pose the biggest hurdle. “For me the hardest part is the balance sheet. I’m an entrepreneur, not an accountant. I can do a balance sheet, but it takes days of detailed work that I rarely do. What a relief to enter the numbers and it happens,” he says, describing how Business Plan Pro handles the calculations in the balance sheet based on numbers the user inputs elsewhere.

When asked what he thought the most exciting part of being an entrepreneur was, Bruce’s answer was telling. “Exciting, are you kidding? Doesn’t everyone like 90 hours of work a week, biting their fingernails over payroll for a year, worrying about sales forecast, competitors, advertising cost, staffing…?”

“Well I love all that, but this is not for the thin-skinned. It gets in your blood like speed for a NASCAR driver. I’ve never sold a business and not had a huge emotional response — a sense of sadness and joy. It’s about more than the money, but it is always about the money.”

His obvious enjoyment of the process aside, Bruce is quick to point out that there are challenges, especially when dealing with investors. “You better be ready when you’re talking to venture capitalists. Business Plan Pro really helps — a lot!”

While not everyone may have the entrepreneurial spirit that Bruce Mayberry clearly has, he has some good advice for anyone starting down the entrepreneurship path. “More is lost by indecision than the wrong decision. The human mind is a powerful thing; so is hunger. Get out there and make it happen!!!”

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Tags: news, success story, testimonial, testimonials
Posted under Small Business, Startup Business, Success on November 13th, 2009 | No Comments »

Can B-Schools Teach Entrepreneurship? — Tim Berry discusses what can be taught in businesses schools, and how the value of studying entrepreneurship can really depend on who’s doing the studying.

The Best Startup Funding is Initial Sales — Nothing funds a new business like actually having sales.

Want ECP News? Check Your Dashboard – A cool widget on your Email Center Pro dashboard connects you to news from the ECP Blog.

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Tags: BWIR
Posted under General on November 12th, 2009 | No Comments »

Pop-up shops seem to be going mainstream this year. A Time.com story, Why Pop-Up Shops Are Hot, looks at this new retail business model.

While pop-ups have had a dubious reputation in the past, of being fly-by-night outfits, they have recently been gaining respectability. The main indoor retail mall here in Eugene, Oregon has had kiosks for several years, modeled after NYC push-carts, positioned down the center of the main walkways. Some of those businesses, such as mobile phone sales, earrings, and sunglasses shops, have been in business a long time, month in and month out. Others have been seasonal, e.g., holiday decorations, and calendars, sprouting in October or November, disappearing in January, and returning again a year later.

This year some big-name retailers are experimenting with pop-up locations. Toys “R” Us, American Eagle, The Gap, and J.C. Penney have been taking advantage of the numerous empty retail storefronts to test product lines, or new target markets, or to maximize exposure for seasonal selling. Shop owners are realizing that even a short-term rent is preferable to no rent at all.

So, perhaps, a pop-up shop might be just the ticket for you to start your new venture, requiring less startup capital, no long-term leases, in potentially high-traffic locations. However, don’t think that a short-term, quick start eliminates your need to plan. Planning your cash needs up front and watching your monthly cash flow is still important.

Steve Lange
Palo Alto Software

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Tags: news, pop-up shop, retail, start up, startup, store front
Posted under Startup Business on November 12th, 2009 | 1 Comment »

The world of testimonials is changing and with it are some incredible opportunities to strengthen your credibility in the marketplace.  But the very first question I need to ask you is,

“Are you even collecting testimonials?”

Don’t panic if the answer is NO. Most of us aren’t as diligent as we can be in the collection process.  The main reason I hear is that people feel they need to ask for them.  While this certainly is one way, there are some other ways I find work extremely well.

1) RECAP – My favorite way to capture a strong testimonial is when someone has shared a success with me verbally.  When this happens to you, ask them right then and there if you could quote them for a testimonial.  When the answer is yes, take 2 minutes to type out the testimonial as you heard it.  Put it into an email to the source along with any other info you require (like a result or the link to their site, etc).  Ask them to confirm that this is correct and “ta da” you have your testimonial.

2) FEEDBACK FORMS – Once you have finished working with a customer, send them out a feedback form regarding the experience.  Add questions, like “how would you describe this experience to a friend” or “what is the biggest result/benefit you received?”  When you get some great responses, go back and ask if you can use this as a testimonial.

3) TESTIMONIAL PARTIES – I love connecting people so the idea of a testimonial party really appeals to me.  I got this idea from John Jantsch with Duct Tape Marketing and can’t wait to try it out.  Consider renting a videographer and asking individuals to record a structured testimonial or asking the videographer to approach attendees and capture testimonials.

4) PHONE IN TESTIMONIAL – Do you have an extra extension you can set up on your phone system, or perhaps just have individuals leave a voice mail message on your phone.  Either way your message or instructions can direct them as to what type of information they need to include and then you can either transcribe or use as audio samples on your site!

Capturing Killer Testimonials
Okay, so now you know how to collect them.  My next question to you is how strong are your testimonials?  Those that simply say you’re great or your product is great are what I call  “VANILLA”  or washed out testimonials.  Avoid run of the mill and aim for RESULTS and testimonials that point out what makes you different or better than others in your industry.  In order to garner stronger testimonials, you need to ASK for this type of information.  Consider encouraging your sources to share the following:

Why they chose you
What they were expecting
What they ended up getting
How that helped them and/or exceeded their expectations.
Why would they recommend others should work with you?

Answers to questions like this will get you some KILLER TESTIMONIALS!

Types of  Testimonials

While text emails are great, these days it’s becoming a no-brainer to add audio and video testimonials as well.  The technology has made this super easy.  Digital Recorders and VOIP phone systems will conveniently record in MP3 or WAV formats.  Inexpensive Digital Video Cameras are on the market to record your own video testimonials and services from companies like BizBoxTV have made it cost effective to get nicely produced videos as well.  When your product or service is emotion based or complex, I highly encourage you to use audio and video!

WHERE

Of course your testimonials should go on your website.  But I hope you don’t hide them under some lame tab called testimonials!  Be creative.  Pepper them throughout your website, or rotate them in your header or along one side.  At the very least, change the name of the tab, to “What OTHERS have to say”

Remember to also use your testimonials in promotional pieces and sales presentations.  Why not add them to your email signature or even to your business card?  The opportunities are endless and remember: we always gain more credibility when OTHERS say we’re great!

Cidnee Stephen is the owner of Strategies for Success – a marketing company that focuses on the needs of budget-minded small businesses and professional services. She has helped hundreds of small businesses get out of their peak and valley ruts to finally achieve that next vital level of success. Cidnee is also a sought-after speaker, writer and blogger on marketing topics that affect small businesses and B2B service based operations.

If you would like to build a system to reach those goals quicker, check out Cindee’s Speak for Leads & Expertise Program.

You should follow us on twitter here

Tags: Cidnee Stephen, Duct Tape Marketing Coach, news, testimonials
Posted under Duct Tape Marketing Coach, Small Business, Strategy, Success on November 11th, 2009 | No Comments »

Diana Peloquin found out recently that she had secured the property she was hoping for: a much sought-after piece of commercial real estate in Surrey, British Columbia. She intends to turn it into Cafe Pelorina, a high-end cafe featuring not just coffee, but art, books, and a community involvement component.

When she first began exploring locations for her cafe, she says, “I was told by my commercial realtor that the developers would not even look at an offer unless I had a business plan. Being of the strong mind that you don’t re-invent the wheel, I went on the Internet to search programs that offered business plans.”

Peloquin needed to get the business plan together quickly, as there were several other businesses interested in the property she had her eye on. She had never written a business plan before. “Instead of taking time, which I didn’t have, trying to figure out what a business plan is even supposed to look like, I Googled business plan software.” And that’s when she found Business Plan Pro, and discovered how helpful it was.

She says the planning process provided a lot of insight into her business. “As I was going through I realized how much detailed information I really had to get to be better prepared. I also realized that it was going to actually cost twice as much as I had thought!”

Her cafe hasn’t even opened yet, but Peloquin is already going back and fine-tuning her business plan. “I have already had to go back a couple of times to adjust numbers when I would look at the final outcome and see where there could be a problem in prices I had set. I was going to be paying too much for some supplies, which led me to get new suppliers and allowed me to achieve the margins I needed to make to be successful.”

Now a big fan of business plans, Diana would hate to think of what would have happened if she hadn’t written one. “If the developer hadn’t required that I have one I wouldn’t have made one, and I now realize this could have led to a huge disaster.”

Peloquin believes there’s no substitute for having a concrete plan when you’re starting your business. “Until you have everything in writing in front of you, you don’t know everything you should know.” She adds that Business Plan Pro made the entire process painless for her to accomplish. “I was amazingly impressed by how easy it was to do and how very professional the finished business plan was,” she says.

“I feel that doing a business plan gives you a great idea of how your business is going to work. You will be amazed by everything you learn about your industry.”

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Tags: news, small business tools, success story, testimonial, testimonials
Posted under Small Business, Startup Business, Success on November 5th, 2009 | No Comments »

Why I’ll Never Retire — Tim Berry talks about how liking what you do can make it more attractive to keep working, rather than retire.

How I Tweet — Guy Kawasaki shares his work flow for using Twitter as a marketing tool

5 Ways to Improve Your Email Replies — Auto replies can really turn off your customers. These tips can help you make your messages more useful and less annoying.

How to Get Lucky With Content Marketing – Everyone who writes a blog wants people to read it. What can you do to get more eyeballs?

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Tags: BWIR
Posted under General on November 5th, 2009 | No Comments »