Monthly Archives: August 2012

How to Manage Work/Life Imbalance

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How many times have you said to yourself, “After this big meeting/presentation/holiday season, I will make more time for my personal life,” only to find that after the big event a new slew of challenges crop up?  It’s a constant struggle for business owners to achieve that ultimate balance of professional and personal time. And more often than not, work wins out. 

A lot has been written about the subject, and there is a lot of great advice out there about time management, prioritization and the art of saying “no.” It’s all good advice, but it’s equally important to note that balance is not always going to be there, no matter how many applications you download or filing cabinets you keep. The real question is, how can you find happiness in the imbalance of it all?

1. Get Organized

Managing the imbalance still requires you to get organized. Time spent searching, hunting, and doubling back is wasted time and taking away precious moments where you could be attending to the things that really matter – whether personal or business-related. How can you tell if your organizational skills are hitting the mark? The easiest way is to ask the people around you. If they don’t think you’re organized well, chances are, you aren’t. Also ask yourself how long it takes you to find things and if know where your client files are in an instant.

2. Be Realistic

Yes, you might be able to work 18 hour days and build a bigger, more lucrative business. Or you might work part-time, earning little but able to attend every school pick-up and swim meet.  Neither option is a bad life, IF it’s what you really want and need to feel successful in life. You need to get real with yourself and those in your life and determine what is most important. Having financial and personal goals predetermined will help you make decisions that better match your goals.

3. Be Present

Once you are organized and know what you are working towards, cut yourself a little slack.  If you need to be at work late, yet at the same time find yourself stressing about the family dinner you are missing, you are not enjoying the meal or the office. This is when you develop an ulcer and make the imbalance feel intolerable to all those around you.  The amount of time spent doing something is never as important as the quality.

4. Communicate the Imbalance

Balancing in imbalance affects all those around you. When life seems particularly tilted in one direction, talk to those around you that are missing out on your time.  A good conversation may result in better understanding on both sides, and possibly even a reevaluation of what your ultimate goals are. Trying to manage the stress all alone alienates those around you and keeps you from enjoying life in all its facets.

Owning a business can be a rewarding experience. Yet struggling with balance can rob you of the joy. Being open to inevitable imbalance, and making those around you part of the dialogue, you may find that being imbalanced is not so bad after all.

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Tips for Connecting with Local Bloggers

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Blogging has become a booming industry and one of the major sources of marketing for businesses of all sizes. By the end of 2011, there were more than 181 million blogs around the world, up 36 million in only five years since 2006. In addition, 12 million people write blogs using their social networks. 

While there are services that will send out press releases to media in an instant, small businesses often find more success when they take the time to find a group of individual bloggers and create a relationship with those individuals. Here are four tips for connecting with local bloggers to bring your business a new level of success.

1. Finding out who is blogging in your area. This can be as simple as reading your local news website. Many will have guest blogs listed in a variety of topics, and reading one local blog often leads you to others through guest posts and blog rolls. You can also use sites like Technorati to find lists of blogs, or do a google search for blogs in your area.

Take the time to get to know the local blogging community by reading their blogs regularly, and approaching a blog only when you know that they are a fit for your business. Sending out a mass pitch to a list of bloggers may net you some response, but you are more likely to get noticed by a quality blog when you send a personal request that shows you are familiar with the website and see an opportunity for a mutually beneficial relationship.

2. Have something to offer. What can you offer a blogger besides a product to review? If you have done your research, you already know that bloggers are reaching the target audience similar to your existing customers. You can provide valuable and interesting content to your customers, while at the same time, promoting a local blogger. Share the blog posts on your website and through social media. Bloggers are rated by their active readership, so helping them reach new eyes is a great way to create a strong relationship, even before you ask for a review or product mention.

3. Follow the blogger’s pitch guidelines. Once you find a local blogger you want to partner with, be sure to read their guideline for receiving pitches. Some bloggers want to be contacted directly, while others may want requests to go to an agent or administrator. Whoever you connect with, send a personal pitch that explains why you think their readers would be interested in hearing about your business and products. Be sure to also include snippets of information with images and links.. Good blogs receive a lot of pitches, so getting the basic information in a short format is your best chance to get your pitch read. Always offer to send more information if requested and the best way to reach you.

4. Get the blogger information and product in a timely manner. When you find a blogger interested in writing about your business, make sure she receives your information in a timely manner. If you have offered a product for a give-away, make sure the winner receives the product quickly (and of course send the product to the blogger as well). Following through and offering great customer service to a blogger and her audience is the best way to show the value of your company commitment.

Recognizing the value of local bloggers in getting the word about your business can open your business up to a new customer base. Take time to cultivate relationships with bloggers that share your customer’s interests, values and target audience. You will quickly see how your business – and the blogger – will soon see the advantages that good press can bring.

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Planning for Retirement as a Small Business Owner

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Small business owners are most often living day to day, juggling responsibilities, projects and expenses. Because of the busy entrepreneurial lifestyle, more often than not, personal financial decisions are often pushed to the bottom of the “to do” list. Retirement planning is one of those items that is ofter overlooked. However without the safety net of company sponsored 401K or similar retirement plan, it is crucial to start saving for the Golden Years before time runes out.  

While no one can predict the stock market forecast or the future economy, one thing is for certain: If you do not take the time to set aside funds now, there is no guarantee you will enjoy your retirement years or be able to stop working all-together.

The first step toward saving for retirement is developing a financial plan. If you are not comfortable developing one yourself, use a recommended financial advisor to help you through the process. It is important to know how much money you need in order to retire in the lifestyle you expect. Once you know what you need to save – and what you already have – it’s time to familiarize yourself with options. Here are three traditional plans to get you moving toward retirement.

SEP Plan or SEP IRA
A Simplified Employee Pension (SEP) plan is one of the easiest plans for small business owners. The SEP allows owners to put aside money directly into individual retirement accounts and contributions are not taxed until withdrawal.  A SEP plan does not require deposits every year, and often does not require any documents to be filed with the government during tax season. A SEP Plan is required to be available to all eligible employees, and a SEP IRA is for self-employed individuals. Contribution Limit: Up to 25% of employee compensation, maximum of $49,000 annually.

Traditional or Roth IRA
Anyone can open an Individual Retirement Account (IRA). Contributions to a traditional IRA are not taxed until the money is withdrawn. However if you select a Roth IRA, taxes are deducted before contribution instead of withdrawal. This means that when you retire and withdrawl your money, you do not pay taxes at that time. In order to open a Roth IRA, however, individuals must make no more than $107,000 annually, or have a combined family income of more than $169,000.  Contribution Limit: $5,000 annually.

Individual 401(k) or Roth 401(k)
This option is specifically for business owners that do not have employees (other than a spouse). I-401(k) accounts work the same as a traditional 401(k) plans offered by large companies. The plans require more administration than a SEP/IRA, but unlike a SEP Plan/IRA, you can borrow from your 401(k) account. These plans are ideal for sole proprietors who plan to contribute large sums of money because the plan allows you to contribute both as an employee AND an employer. Contribution Limit: Up to 25% of employee compensation with a maximum of $49,000 as an employee and $16,500 as an employer.

Retirement is not that far away. When you know how much money you need to save to have the retirement you want, it’s easy to select a plan that fits your needs. Depending on the amount you hope to save, you may find that a combination of plans will work best. Any of these options are simple to implement, but all require you to take a little time to get real with your retirement needs.

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Should You Hire an Employee or a Freelancer?

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In today’s economy, employees are pushed to their limits and asked to be more productive with less resources and time. Projects are pushed aside in lieu of getting the important stuff completed first, and many initiatives sit stagnant on the shelf of “someday.” Someday always comes, and when it does, there is often a scramble to get things done quickly. 

It has become common practice in small businesses to use a freelancer – or independent contractor – to develop the new company website or for technical assistance. But the freelance market has grown to include accountants, marketers and social media management. For many companies, outsourcing work to a freelancer makes financial sense. But how do you know if it will work for you?

Here are three questions to ask yourself when you are unsure if an additional employee or a freelancer is the right choice for your business.

1. Is the task I need completed part of a project or a position?
Website designers became popular freelancers because websites are easily understood to be projects. Once a new site is developed, it’s easy to say goodbye to the designer and move on to other projects. In the same way, hiring a tax accountant in the spring makes sense.

The freelance market has grown to include marketing and operations and may make more sense as well. For example, you think you need a new marketing employee to manage all the different marketing opportunities, like social media for example. Ask yourself, do I enjoy marketing but just feel overwhelmed with all of the options and opportunities? There are freelance marketing consultants that can help you develop a marketing plan that fits your business, offering guidance about where to spend your time and money, but who allow you to continue to do the work yourself once the plan is complete. If you need a longer-term solution to a problem or ongoing issue, this is where hiring an employee may be the best solution.

2. If I need ongoing work, how many hours a week will it require?
If what you need is ongoing, think about the activities you need completed. If it is less than full time, you may want to consider hiring a freelancer or independent contractor. Business owners will often try to combine positions in order to justify a new hire, but it can quickly result in job dissatisfaction and poor job performance. Hiring a marketing position, but asking them to double as your receptionist is not always a wise move.  There are individuals with the expertise in many areas of business that would be happy to have you as a client, working the hours you need, within an area of their expertise.  Just a reminder that even though the work is ongoing, it is not always done in your office. Most freelancers will work from their own offices and provide you with reports and details of work completed.

3. What is a realistic budget for this person?
Using an independent contractor can save you a lot of money since you are not required to pay her Social Security and Medicare taxes, and you do not need to provide health benefits or retirement plans. However good freelancers can come at a cost. It’s important that you have a budget in mind so you can assess if you are truly saving money. Rates and work vary significantly in the freelance market, and you may find that a part-time employee makes more sense depending on your needs.

As you review your business’ project and staffing needs, determine whether it makes sense to use an independent contractor for project-based work, or if hiring a new staff person is the best solution. Your budget and the project scope should help steer you to a decision as to which solution is best for your business.

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How to Assemble a Small Business A-team of Employees

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Retail sales are up for the first time since the beginning of the year. This is definitely good news, but are you ready? So many small business owners have had to downsize operations during the Recession, letting go of valued positions and employees. Finally seeing a brighter future, it may be time to review of your current employees and plan for growth, including adding new employees to the team. 

With a large pool of applicants, it seems like it should be easy to cherry pick the perfect employee, but if you are not looking at your business as a team you may not make the best choice.  Take stock of the employees you already have, assessing their strength and weaknesses. Be sure to include yourself in the evaluation of employee strengths and weaknesses because surrounding yourself with people that fill in where your own expertise is lacking can help make your business stronger.

After evaluating your current team, don’t be afraid to make changes at an organizational level. Small business staff often grow as a result of immediate need, and job descriptions and organizational charts can get complicated.  If you are having your administrative assistant mange your email campaigns, and your sales representative managing social media, perhaps it’s time to hire a marketing manager instead of another sales person. This is especially important when you have current employees working in an area where they have little experience or have no interest in.

Taking a step back before hiring and establishing clear roles and responsibilities will make hiring a new team member more successful on the long run, assuring you have hired a competent person for a role that is clearly needed.

If you find that you have several positions to fill, focus on your higher level hires first. Your managers are a key role to your success, and an asset when hiring lower level positions. Often team leaders have a distinct management style and will gravitate towards hiring people they know they can work well with. Their input will help you assemble a team that works well together, and avoid hiring competent but incompatible employees.

When searching for the right people, don’t be afraid to headhunt. With the advent of social media, you can effectively recruit the right kind of employee using posts on LinkedIn, Facebook, and Twitter. You may be surprised at how many applicants you can attract by simply getting the word out there using the channels you already employ. With LinkedIn, you can also reach out to people with proven track records in your industry and garner referrals of potential employees, alleviating the need to wade through thousands of resumes from complete strangers.

Even if you are not quite ready to expand, doing the legwork before the immediate need arises will help prepare to hire the perfect candidates.  Shifting your focus from an individual hire to a team hire will plug the holes that can be so detrimental to small businesses.

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Turn a #Fail Into a #Save

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The Olympics have ended, but the hashtag #NBCfail will remain for some time in the social media court of opinion. Luckily, NBC has trained professionals in crisis management to handle these public relations issues. But what would you do if your business suddenly found itself under attack? 

With social media here to stay, the court of public opinion has been blown wide open. People can weigh in on your products and service on Yelp, Facebook, Twitter, Amazon and many more. For small business owners, getting a bad review can be a huge blow and turn away many potential customers. And unlike your website, you can’t just delete these comments, even those that are false or misrepresented. So how you handle these comments can either boost your reputation or further damage it. Here are three ways to manage crises in social media.

Don’t Ignore Dissatisfied Customers
It’s not uncommon to read reviews that are less than stellar and see no response from the business. This is such a simple way to show that customer satisfaction matters, yet very few businesses take the time. Take the time to read your reviews – positive and negative – and respond to your customers. These people have taken the time to write a review, and a response to their critique would be appreciated.

Be Sincere in Your Reply
How many times have you heard “It will never happen again,” only to have it happen again? There is nothing more frustrating, or more damaging, to a relationship than making promises you can’t keep.  When reading a bad review, be thoughtful about the critique and take the time in your response to explain what you are doing to make your products and services better, rather than just apologizing to the individual.

Facing a critique about something that is part of your brand? Explain your brand, why you love it, and respect the fact that your brand is not for everyone.  This is an opportunity to attract your ideal customer and deterring customers that may become another negative reviewer.

Make Reviews Part of Your Culture
Restaurants have long been including a comment card with the check, asking for feedback on everything from furniture to food.  Consider using an online review sites as huge paper savings, and embrace them as part of your culture. It’s one of the best resources for small business owners available today.  So if you are not getting reviewed much, start asking for comments. Direct your customers to any one of the major sites after their experience by including it on the receipt or a small sign at check out.

Bad reviews can feel like a punch in the gut, but they can actually be more beneficial than harmful when handled correctly.  A few bad reviews can actually help the credibility of your brand online since no one believes in perfection. And a few bad reviews with a good, sincere response can help you attract new customers and show you care about public opinion.

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How Employee Empowerment Can Help Your Business

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Empowerment is a term often used by business coaches and management strategists, but what does it really mean for your business? One may assume it means letting employees run wild with grand ideas and little oversight, but that’s not the intent. Empowering your employees means training them well and trusting that they will do the right thing.  It allows employees a feeling of ownership, yet they still need to answer for their behavior. So how do you succeed at empowering your employees while still keeping the reigns? 

Why Engage in Employee Empowerment?
Employees are your greatest commodities and often the face of your company. Giving them the ability to make decisions about how they work, how they interact with customers, as well as allowing input into bigger company decisions develops loyalty, productivity and performance.

Creating an empowered workforce can also positively affect your customer’s experience.  Working with an individual that is well trained and able to make appropriate decisions is the best advertising avenue you have, and works to retain existing customers and attract new ones.  Think of empowerment not just as a management strategy, but also a marketing gold mine.

If you can create a culture of ownership on a smaller scale – where ideas are encouraged and respected – you develop a strong workforce willing to weather storms, embrace change, and go the extra mile to see your business succeed.

Ways to Empower Employees
Transforming your employees from paid-by-the-hour to empowered mini-owners requires commitment from the top down. From the CEO to direct managers, there must be an agreement that employees will be given room to work and room to make mistakes.  Letting employees be part of figuring out solutions turns mistake into learning opportunities. The system requires that your employees are trained well to begin with, so development must be large part of your company strategy and a great place to start.

Your training strategy should also include management. It is not possible to create a sense of empowerment if managers continue to micromanage their employees. This is not to say that there is no accountability in the culture, but rather an expectation of performance and intervention through problem solving and additional training when necessary. Leading by example is the best way to show that you value the input of your entire team and trust their ability to make good decisions, but additional training may be required to move your company from simply results management to empowerment.
Setting boundaries is another important step in ensuring that employees feel comfortable that they are truly empowered. You may not want your financial manager to make decisions about marketing so be clear about each person’s scope of responsibility.

Consult your employees and determine what decisions they face on a daily basis that they do not feel empowered to make.  Give them specific boundaries of what they can and cannot manage without oversight and then share with them the logic of how these decisions should be made. If you want cashiers to manage discounts, educate them on pricing strategy and overall business finance, showing them how discounts can affect overall business performance. Being transparent about how your business is run and your goals and concerns helps employees understand how the decisions they make impacts the entire business.

Empowerment does not happen overnight and a set of new rules will not be enough to transform your place of business. First and foremost, you must truly see the value of empowerment, be willing to change the way you operate as a business owner. Take the time to listen to your employees and find out what sort of empowerment they need to do their job better.  Second, you will set appropriate boundaries and give employees the tools they need through training and development. Finally, make empowerment an ongoing vision of your company and continually look for ways to develop ownership in each and every person that you hire.

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Add Flare to Your Media Marketing

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Social media is a lot of work, but a necessary tool to market your business. If your company is actively using any of the major channels like Facebook, Instagram or Pinterest, you may have noticed the media posts are flavored with more “flare.” Images are cropped, filtered and quote stamped. Video vignettes of cheeky little cartoon characters with flat voices are talking about companies you are just discovering. And with all these enhancements, social media is more interesting – and more daunting – than ever.

However, social media does not need to be intimidating. There are hundreds of applications that exist to give you the ability to spice up your media. Here are a few of the new applications that are simple to use, and will make photos pop and your ideas come to life.

Images: Over by Potluck
Have a great product photo that deserves a great tagline? It’s easier than ever with Over, a simple application that allows you to add text directly onto the image, using different fonts and alignments. The program allows you to crop and enhance images before you add your captions.  You can also add text first, then apply a filter in Instagram. The options for great photo stories are limitless with a few apps and a touch of creativity.

Videos: xtranormal
Videos are popping up all over the place. And not everyone posting them is a film student or graphic designer. The most popular site creating these little gems is xtranormal, a quick and easy way to bring your words to life.  This text-to-video site allows you to choose themes, characters, voices and background sounds. Imagine the possibilities for your business to create viral buzz in a virtual world.

Once you have created a video, you can imbed the code into your website our share it on Facebook. It’s a fun way to bring your company to life in a new way, and the initial xtranormal video is free depending on the elements you choose.

It’s no secret that Facebook, Instagram and Pinterest have changed the way small businesses connect with their customers. And with new applications coming out every day, the marketing possibilities are endless. The amount of flare you give your existing content, the more excitement you are generating for your products and services.

Does Your Business Have a Brand Ambassador?

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Small businesses are inundated with social networking tasks because the way people receive information has changed.  Facebook, Twitter, LinkedIn, Google+ and Pinterest accounts have been created, and the SEO experts have been called in because social networking is where it’s at. But is it? 

It is not uncommon these days to “like” a Facebook page because you met a company employee that told you all about the great things the business was doing. She piqued your interest enough that you found them on Facebook and now follow their tweets. While she may not have been deputized brand ambassador for her company, she certainly is a fantastic company spokesperson.

The idea of a company brand ambassador is not new, but has taken on more importance in today’s age of social networking. Brand ambassadors can be internal staff or fans and loyal customers (or bloggers) who love your business. For this post, let’s talk about the employee brand ambassador.

Historically, an employee that loved his company would tell family and friends what a wonderful place it is, with the message spreading organically through word of mouth. Now a single Tweet or status update can be seen by hundreds of people.  Employees are your best assets in reaching new customers. Improving your brand awareness by putting a face with the company name and generating overall excitement is today’s successful marketing tactic.

How do you find your brand ambassador? Look for employees that are working well in the company and are enthusiastic about your mission. Most importantly, identify those who are socially active online and in the community. You can follow the employee on Facebook and Twitter, or watch how much sway they have with their peers at work. You want your brand ambassador to be someone whose opinions are respected by others.

What does a brand ambassador do? Essentially he becomes an official representative of the company in social settings and online social networking. He is tasked with sharing his enthusiasm for the company in his personal and professional communications.  In order to be effective, he must have access to information about exciting new company campaigns and the people leading them. Getting the opportunity to sit down with the founder or CEO is one of the great perks of the position.

How do you compensate a brand ambassador? Since the job description is vague and the activities are directed by the individual, it can be difficult to determine how to reward a brand ambassador. Get creative and give your brand ambassadors perks such as a reserved parking space, or make it a paid title. Sometimes just the title, recognition and access to company leaders are enough.

The idea of sending someone out into the world as an official representative of your company with very little oversight can seem like a scary proposition. But if you choose your ambassador wisely, the risk is not as great as the reward.  The right person is the one that embodies your company spirit and supports the company mission entirely. Give your brand ambassador the right information and let him take off!

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Holiday Shopping … in August?

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The holidays come earlier and earlier every year, and there is a good reason for it. Costco, which is a membership warehouse club for consumers and resellers, recently answered a question from a customer about why holiday items make an appearance in stores well before pumpkins line the shelves. 

“It’s because some members purchase for resale, and partly because buying before peak season helps us lower prices. Plus, with less at the end of the actual season, we have less to mark down, move and store – saving even more in operating costs, which keep our prices even lower!,” Costco replied on its Facebook page.

There is a lesson to be learned by Costco and retailers of all sizes that inventory management is key in staying competitive and profitable. Having holiday items stocked early gives sellers an advantage to promote products in a variety of ways beyond shelf presence.  They can capture the early shoppers and also the attention of different marketing and media channels.

Getting in Guides
Most media holiday promotion planning is already starting to come together in August in the form of holiday gift-buying guides. These are a great way to promote your business both locally and nationally depending on your customer base. But they require early planning. Preparing a signature holiday gift can get you included on many lists and reach a broad audience of holiday shoppers. Gifts can include products, but also gift certificates and special promotions.

To be included in a guide, start researching all possible media outlets available to you and determine their submissions guidelines. Some require submissions several months before publication, so getting an early start is a must.  Consider looking at local print and television outlets, but also review online opportunities, including blogging communities in your area. Most major metros have a strong network of bloggers that will allow you to place your products and services listed on multiple sites, often for free or in exchange for a sample product.

Have marketing materials and samples ready to send to the outlets that show interest. This is especially important for online guides that include giveaways and reviews. Always evaluate each request for samples, ensuring that the value of the press is worth the value of the product.  Determine how many people these articles will reach and if it’s your target audience that receives the publication.

Preparing now with stock and media coverage will help you with early sales and reduce the need for last-minute markdowns to sell off season-specific products. Many small businesses will generate a significant portion of their profits in this narrow window of time, creating a buffer for slow months of operation through the rest of the year. The key is selling more of your products early and at full price.

Even if you oppose the thought of seeing candy corn in August and Santa Claus before the first snow, early holiday marketing is an opportunity you can’t afford to miss. Take a lesson from businesses like Costco are already successfully working the holiday magic in August.

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