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!!!”

Tags: news, success story, testimonial, testimonials
Posted on November 13th, 2009 | No Comments »

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.

Tags: Cidnee Stephen, Duct Tape Marketing Coach, news, testimonials
Posted 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.”

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

Melodie Ellis knows what it’s like to work for somebody else. And she knows what it means to work for herself. In fact, she managed to do both for almost eight years, holding down a job as an employee at a private piano studio while also teaching students on her own in the Dallas-Fort Worth area. In 2004, she decided to make the leap to full-time self-employment. She left her studio job and started her own business – Learn Piano in Your Home.

Melodie Ellis

“I guess I was tired of dealing with politics… When you work for somebody else sometimes it can seem like no matter what you do you’re not going to be able to make things better,” Melodie remembers. But she had learned that things are different when you are your own boss. “When you have your own business, you can change everything by your actions.”

Five years later, 14 contractors now work for Melodie, and Learn Piano in Your Home caters to over 200 students, providing private lessons not just in piano, but also in voice, guitar, drums, brass instruments, and more.

“As I started to grow, I saw the need to write a business plan,” says Melodie, but since her business was so small and she had such limited time at her disposal, it wasn’t a huge priority. “What really motivated me to do it was that I  wanted to apply for a grant.” As a member of the National Association for the Self-Employed, she was eligible to apply for a $5,000 Business Development Grant. Applicants are required to meet certain criteria, including submitting a business plan.

Melodie knew she would have to do some research. She bought a few books to help guide her through the plan-writing process, but says they weren’t nearly as helpful as she had hoped they would be. “I found them to be very theoretical and not practical at all. I didn’t get anywhere with them. I understood the concepts, but when it came down to putting it all on paper… the books were just really poor at trying to help me do that.”

Next she hit the Internet, looking for some business-planning software to help. “And that’s when I found Business Plan Pro. It was definitely worth it, because it allowed me to put everything together and it made it all practical and very real.”

One of the challenges Melodie faced in writing her plan was the fact that her business had been in operation for several years prior to putting the plan together. “I had to go back and think through things very concretely. I hadn’t always paid attention to the numbers or tracked them that carefully…  I had to get all those numbers from my history and somehow incorporate them into my plan. And that can be hard when you don’t have an MBA,” she says with a laugh.

In the end, Melodie’s hard work paid off. “I know that the fact that my business plan was well put together was definitely a major factor in getting the grant,” says Melodie.

“One of the most helpful things about the software was that, at the beginning, it asks you the question about whether you’re an existing business or a brand new business, and it tailors the plan based on your answer,” Melodie comments. She had tried other tools but found that they didn’t make this distinction, and in fact seemed to be based on the assumption that business plans were only for start-ups. That made the process harder for her, trying to fit details about an ongoing business into a start-up format.

“Just that one choice made all the difference in the world.”

Tags: customer spotlight, Small Busines, testimonial, testimonials
Posted on October 29th, 2009 | 5 Comments »

There is no bigger source of future revenue and profit than the Ideal Clients you have now—at least the ones you really like to do business with, who don’t beat you up on pricing and who pay on time.

We want you to write a personal note to every person you deal with at every one of your Ideal Customers, thanking them for their business and asking for a personal meeting. At that meeting, present a customized overview of how you are going to focus on the one thing that’s most important to them. You should offer very specific new ways you are going to do this.
At the same meetings, launch your Referral program.

Say, “We ask ourselves every day, what can we do today to get XYZ Company (the one you are meeting with) to recommend us? Would the improvements we have presented to you today convince you to recommend us to other companies who need this approach?”

When they say “Yes!” (they will), say “In that case, we are delighted to offer a Referral Price to you: at the end of our fiscal year, we will rebate 2% of the value of all revenue directly attributable to your referrals and introductions.” If you have a better idea, go ahead, offer it.

Here’s the real secret to a powerful Referral Program

Your Referral sources will feel reluctant to actively recommend you, even though they like the work you do and they’ve promised to help. Why? Because who wants to risk making a recommend that may turn out to be a disaster! And furthermore, who can remember to look for opportunities to recommend you.

Most of us ask for a recommendation and then wonder, usually about six months later, “Whatever happened to that recommendation so-and-so was going to give us?”

This Referral plan will not run itself. You will need to tell your referral sources exactly what will happen when you contact one of their recommended colleagues or friends, so they trust you with that precious information.

Assign someone to getting case studies and written recommendations from your referral sources, following up every month to remind people about the program (a combination of phone calls, e-newsletter, and personal meetings).

Ask for introductions to colleagues at trade events or fund-raisers. Ask to be invited to club meetings. Ask to be invited to join organizations you need to be sponsored for. If you get a referral, make sure you let your referral source know you contacted the referral and what happened.

This looks like work, and it is. But it’s also about 75% less work, and a lot less money, than cold calling, or selling to prospects without a recommendation. And it works.

Our favourite referral event for a home improvement company is the open house the homeowners host to show friends and neighbours their new space. Another is a technology consulting firm which assigned an account executive to manage their partnerships with big software vendors like Microsoft, and tripled their leads.

Elizabeth Walker (thinking and words) and Ken Burgin (creative genius) are the Marketing Masters. They are both Duct Tape Marketing Authorized Coaches. Liz leads seminars in business strategy and communications at the Schulich Executive Education Centre, York University. We are thrilled to be working with small businesses and entrepreneurs everyday, and derive considerable joy helping them build busy businesses.
web: http://www.marketing,masters.ca
blog: http://thebuzzwithkenandliz.blogspot.com/

Tags: Duct Tape Marketing Coach, Elizabeth Walker, Ken Burgin, recommendations, referral, testimonials
Posted on February 10th, 2009 | No Comments »