Leadership that Motivates

Leadership that Motivates

For small business owners, leadership skills are often a required part of the job. You may have to lead a group of employees new to your business, become active in civic organizations and help with new projects, or even train other entrepreneurs in professional development situations. Whatever the situation, people will look to you for advice and motivation. Keep the following characteristics in mind when deciding what type of leader you want to be.

Effective leaders…

focus on making others successful. Instead of emphasizing the importance of your role, concentrate on how you can help make others successful. What tools can you offer? What past experiences can you pass on? For example, one of your newest sales reps has continually failed to meet his monthly goals. After a discussion with him, you find out that he meets with plenty of prospects, is an expert in the product and its benefits, and has great communication skills. However, he lacks the confidence he needs to actually close the deal and make the sale. Give him some tips on closing, offer to role-play with him as the customer, and prepare him for potential objections. Giving people what they need to succeed will demonstrate your competence as a leader and motivate them to do their best.
are deeply grateful. It’s important to show others how appreciative you are for their hard work and contributions to your business. Doing so not only helps you connect with your team/staff, but also motivates them to work harder because they know it will not go unnoticed by you. Always strive to maintain positive staff morale. The happier people are in their jobs, the more successful they will become.
have strong convictions. It is not necessary for you to preach about your philosophy on business to your employees, but everything you say and do should demonstrate your strong convictions. If you are someone who is committed to excellent customer service above all else, then you should lead by example. Train your staff to provide the level of service you deem essential, let them see you doing the same, and demonstrate how your high standards allow your business to succeed. Anyone who works with you should be able to identify what is important to you.
are very positive. People generally respond better to positivity than they do to negativity. Adopt and maintain a positive attitude, and strive to see the best in yourself, your staff, and your customers. Don’t hesitate to give someone a deserved pat on the back. Positive actions yield positive results, so don’t underestimate the power of optimism.
truly care about others. Sincerity is essential to effective leadership. Most people can sense and are turned off by false niceties or empty compliments. Recognize the value of others’ hard work and ask yourself how you can enrich their lives through your leadership. It can even be as simple as asking an employee what you can do to help when you notice she is having a rough day. When you show others that you truly care about them, they begin to truly care about you in return, and therefore are more motivated to achieve.

Leadership styles vary greatly from person to person, but adopting these qualities will maximize your ability to motivate others. What else do you think should be added to this list? Share your ideas in the comments section below!

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How to Empower Yourself

How to Empower Yourself

There is so much in life that we can’t control, and you may sometimes feel powerless when things don’t go as planned. However, by learning to empower yourself, you can begin to have a more positive outlook on life and enable yourself to succeed. The following suggestions can help you feel more in control, and allow you to better enjoy both your professional and personal life.

Remember that your past failures don’t predict the future. Think of that big test you failed back in high school; did it prevent you from graduating? Did that time you knocked over the cone while parallel parking stop you from becoming a good driver? Past failures are nothing more than learning experiences. Instead of dwelling on them, figure out what you can actually learn from them. That test you failed probably taught you how to study more effectively for future tests, just as that parking incident helped you realize that you need to adjust your mirrors differently. Learn from your mistakes and move on. Empower yourself by taking control of your past to succeed in the future.
Lower the threshold for good things and raise it for bad things. Don’t make mountains out of molehills, but changing your perspective can show you what’s really important in life. This morning, for example, you woke up healthy and able to take on your day. Realize what a great thing that is, and don’t take it for granted. On the other hand, remember that spilling your coffee on the way to work isn’t the worst thing that can happen; your house catching fire is more along the lines of something really bad happening that can change your life. Empower yourself by taking a moment to be grateful for all the positive things you have, big and small.
Eat healthier and exercise. A nutritionist wrote on her blog, “Note to self: when I eat badly, I feel badly.” This couldn’t be more true. Of course we all indulge once in awhile, but implement a healthy eating regimen if you don’t have one already. Additionally, make sure you are getting at least 30 minutes of exercise 3 times a week. Do something you enjoy, like power walking, taking a kickboxing class to relieve stress, or play some Wii Fit in the privacy of your own home. The better you treat your body, the better you will feel. Empower yourself by being as physically healthy as possible.
Make a list of everything good in your day. This is especially important when you’re feeling like everything is going wrong. For example, did your children wake up smiling and happy to see you? Great! Add it to the list. Did a customer express her satisfaction with your service today? Put it on that list. Empower yourself by recognizing and appreciating the positive.
Look for and expect something great each day. Every day will have something good in it, so be on the lookout for it. If you expect greatness in your life, you’ll find that it comes more easily because you will be open to recognizing it as it happens. Being a business owner is something most people don’t have the courage to undertake, so at the end of each day, if nothing else, take a minute to pat yourself on the back. You completed another day, achieving your dream and doing what you love. Empower yourself by developing an upbeat attitude and an optimistic point of view.

By making some adjustments to your mindset, you will feel more empowered to take on your world and reach your goals. How do you empower yourself on a daily basis? Please share your ideas below!

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Tips for Making More Money in Your Business

Tips for Making More Money in Your Business

So you’ve established a successful business model, built up a loyal clientele, and have begun enjoying the fruits of your labor. Now it’s time to increase your profit.

It may seem difficult or sometimes impossible to increase your income stream as a small business owner or direct seller. However, making more money doesn’t always require spending more money. The following tips can help you make more money for your business.

Have a detailed plan, but be ready to adapt. Anything in your business that you want to change should be carefully planned, including dates, deadlines, numbers, etc. Be aware, however, that you can’t always anticipate every circumstance, so be ready and willing to adapt if necessary. For example, a business owner decides she wants to add more clients to her business in order to make more money. She plans for increased costs in advertising as well as increased demands on her time. Soon she realizes that adding more clients takes too much time away from her family, so she changes her plan to one that allows her to increase her fees for her existing clients by adding more valuable services instead. By being adaptable, she was able to achieve her goal and avoid burning out.
Be a creative problem solver. In what area is your business lacking that is preventing you from making more money? Think outside the box to solve problems creatively when answering this question.
Persevere. Remember that old ketchup commercial that stated, “Good things come to those who wait”? This old idea has a great deal of truth in business. The road to success may have rough spots and roadblocks, and you may not see the results of your hard work right away. If you really want something, though, it’s worth staying the course. Perseverance is an admirable and valuable quality to cultivate in yourself.
Have mentors. No one succeeds without some level of help. Seek out mentors who have succeeded in their own businesses. Pick their brains for ideas you may not have thought of. Most people are happy to share their success stories with others and pay it forward. Mentors can be people you already know, other business owners you meet through networking, or even authors of published materials that are inspiring to you. Never stop learning from those who have already done what you’ve set out to achieve.
Stay lean with your budget. Be very careful and deliberate about how you spend money. As the owner of your business, you should be aware of every aspect of your cash flow. Without sacrificing service or value, find ways to decrease spending where possible. Buying used equipment instead of new, focusing on one marketing method at a time, and increasing use of free resources like social media are examples of how you can tighten your budget.
Believe in yourself. If you don’t think you can do it, then you won’t. Remember that more success requires more hard work, so make sure you’re up to the challenge. How badly do you want to achieve this? If it’s in your heart to succeed, you will always find the motivation to continue. Confide in people you trust to help boost your self-esteem and look at your previous accomplishments when facing self-doubt.

Your quest to increase your bottom line may be difficult and take many unexpected turns, but with a bit of preparation and self-confidence, you can achieve your business goals. What else do you think should be added to our list? Please share your ideas below!

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DSEF & CBBB: Does Your Business Plan Have ADD?

DSEF & CBBB: Does Your Business Plan Have ADD?

By Lance Trebesch

In a recent podcast, Daniel Ek, the CEO of Spotify, was asked if he feels that he is a visionary or a genius. He demurred, replying, “Absolutely not. For me it’s all about execution.”

I completely agree with this twenty-seven year old millionaire.Execution is everything. It doesn’t matter how many great ideas an individual, team, or company comes up with. Until you implement one, you haven’t made any progress. Execution is what builds lasting success, and splitting your business’s energy among too many outcomes can hinder your ability to execute good ideas and achieve your goals.

Planning: Fragmentation versus Integration

Many organizations go through an elaborate planning processes. While their goals may be strategic, their process is lengthy and involved. If your method is overly time consuming, it takes away from more important work. More problematic, reliance on the idea generation phase of planning frequently results in a fragmented outcome. Whether you measure the results of your planning process in goals, objectives, or KPIs, if you’re trying to achieve too many outcomes, your business starts to suffer from Attention Deficit Disorder.

It’s tough to achieve your desired execution when your attention is split in a million directions.

Your Top Three Goals

One of the keys to execution is focus. You may want to achieve a hundred different things, but most of us find it impossible to focus if we’re intent on more than four all-important goals. In fact, four may be too many. I would suggest erring on the side of success: choose your top three goals and be uncompromising in your pursuit of excellence in these areas. A relentless focus makes a positive outcome all the more likely.

At TicketPrinting.com, we’ve found success by choosing three goals on which to focus:

Customer satisfaction
Revenue
Products (improving existing base or adding new ones)

It may not seem like a lot on paper, but executing these three goals is our focus, and we devote one hundred percent of our efforts into their integration. It’s become our formula for success, and it’s become the hallmark of our company. Every year we add or improve hundreds of products. Every day we work to improve customer satisfaction. And every moment, we seek to increase our revenue. For us, a focus on executing these three goals is the key to prosperity.

What are your 3 goals?

DSEF and the Council of Better Business Bureaus (CBBB) foster honest and responsive relationships between businesses and consumers—instilling consumer confidence and advancing a trustworthy marketplace for all.

About the Better Business Bureaus
As the leader in advancing marketplace trust, Better Business Bureau is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. Every year, more than 87 million consumers rely on BBB Business Reviews® and BBB Wise Giving Reports® to help them find trustworthy businesses and charities across North America. Visit www.bbb.org/us for more information.

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4 Tips to Improve Your Business Marketing

4 Tips to Improve Your Business Marketing

Marketing for your small business requires a good deal of creativity, especially if you want to avoid wasting precious dollars on things that don’t work for you. No matter what type of marketing you choose for your business, there are some key concepts to keep in mind. For example, focus on what your customers want and how you can help them, and work on marketing yourself instead of your product or service. With these things in mind, the following suggestions can help you improve your overall marketing strategy.

Leverage your strengths. Many small business owners make the mistake of apologizing for what they don’t provide or services they don’t offer. Instead of doing this, emphasize what you can do for your customers by demonstrating the strengths of your business. For example, a mobile pet groomer does not service cats at all. Instead of drawing attention to this, she focuses only on marketing her business to owners of dogs only. Any literature she distributes refers to her business as a dog groomer, not a pet groomer. She emphasizes this so effectively that most people don’t even think to ask her if she services cats at all. In the rare instances that they do, however, she still responds by reminding clients that she grooms dogs of all breeds and sizes. Her ability to highlight her strengths and use them to attract the right customers makes her marketing efforts much more effective.
Look at your competitors’ weaknesses. Gather some marketing materials (flyers, newspaper ads, emails, social networking sites, etc.) from your competitors. Look at them from a customer’s point of view and decide what their weaknesses are. You might get a beautifully designed email in your inbox complete with hyperlinks to their website, scannable coupons that save you the hassle of having to print them out to use them, and a brief but memorable description of the services provided. The only problem is that some similar version of this flyer gets delivered to your inbox at least once a week. After the first couple of weeks, you know what you’re going to find, so you start deleting it as soon as you get it. The flyer itself is not the weakness here, but the frequency and lack of variation of the email. Learn from these types of mistakes and avoid them in your marketing plan.
Incorporate trends that make sense for your business. This requires some industry research, but can prove quite beneficial for your marketing efforts in the long run. Find out what others in your field are doing, and if possible, incorporate it into your business. Back to our mobile dog groomer, she has researched other local groomers and has found that they offer incentives for customers who are located within a 5-mile radius of her home base, have more than one dog to be groomed, and who use her services multiple times in a 6-month period. All of these perks make sense to incorporate since they are starting to become a standard in the industry, and they will help her stay competitive. It would be a good idea to point out these incentives in her marketing efforts as well.
Brainstorm with your community and customers. Feedback from your customers is a valuable tool that you should be using on a consistent basis. In addition to asking about how satisfied they are with your services, pick their brains about what kind of marketing gets their attention. It can sometimes be difficult to see something from a customer’s point of view when you’ve been so focused on your role as business owner. Strike up conversations within your community to gain a new perspective; your customers will appreciate your interest in their opinions.

Emphasizing your strengths, downplaying your weaknesses, and industry research can improve your marketing and help prevent you from wasting money and time on methods that don’t work.

How have you improved your marketing? Share your ideas below!

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The Power of the Success Mindset

The Power of the Success Mindset

As a small business owner, you work hard. But sometimes it seems that no matter how much effort you put in, your business is not growing in the direction you might hope. So you work even harder, but don’t get the results you’re seeking.

Have you ever stopped and asked yourself why?

It’s because the act of simply doing things isn’t enough to grow a business.

So what else is missing? What does it take to build a successful, thriving business (without killing yourself in the process)?

It’s about mindset.

You see, it’s very easy to be busy all day. To be a “reactionary” business owner that responds to each situation as it comes. But that’s not what successful business owners do. Instead, they are very intentional about setting each day’s agenda so that it corresponds with their goals. It’s not that they don’t deal with things that come up. But they choose the tasks and the direction most in line with their goals. Without taking the time to do this, you will never grow in the direction that you hope to.

So where do you start?

Fortunately, we at the DSEF have produced a free downloadable workbook that will help you with this process. Simply complete each of the activities in the workbook to focus your business efforts in the right direction. This is an essential activity for every business owner.

This workbook will guide you through the following steps:

Defining your why
Tuning out negativity and committing to positive self-talk
Making a plan
Building in accountability
Using visualizations
Making a plan for when you fall
Focusing on excellence instead of perfection

By printing out this workbook and completing each of the activities, you will find that you are much more intentional about each of the business activities you choose, and will find that your business grows in the direction you desire.

Download the workbook for yourself from our Facebook Page, and share it with your business associates and loved ones. It’s an incredible gift you can share. Here’s a link you can share with your friends, so they can get their copy too: http://bit.ly/dsefebook2

How do you create a mindset for success for your business? We’d love to read your thoughts in the comments below!

p.s. This is just one of the many free business resources we at the DSEF provide, no strings attached! We are committed to helping entrepreneurs with the resources they need to build strong, ethical businesses. It’s one of the cornerstones of our non-profit Foundation, so we hope you’ll enjoy this free resource, and check our Facebook Page daily for even more free resources and tips. Here’s to your success!

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Overcoming Your Doubts

Overcoming Your Doubts

It is natural to have doubts when taking on a major endeavor, such as starting and operating your own business. However, if you just ignore your doubts, you could be sabotaging your own efforts by letting them impede your progress. Here are some ways to face your fears head on and get rid of any doubts you have about your potential for success.

Establish an advisory group. Gather a group of like-minded people to share ideas and cheer each other on. An advisory group can be made up of fellow business owners, industry experts, or anyone that may be able to contribute to the group’s common interests. There is usually someone who takes charge of the group (sets a meeting schedule, creates an agenda, initiates tasks and long-term projects, etc.), but the environment should be informal enough that each member feels comfortable enough to participate in every way. Being a part of such a group allows you to gain a fresh perspective and can even boost your self-confidence.
Get a mentor. Mentors provide more personalized guidance, so finding one can prove to be quite valuable. Choose someone who can commit to regular meetings, has relevant experience, is successful in the field, and commands your respect. Take full advantage of the mentor relationship by outlining your desired results, preparing well for meetings, and initiating projects that will help you in your business.
Step away and clear your head. Many times we get so overwhelmed with a challenging problem that it can seem impossible to solve. Instead of banging your head against the wall, take a break from it and allow yourself some time to clear your head. Maybe you need to leave your workspace for a quick walk outside taking in the fresh air, or perhaps if you sleep on it you’ll be more equipped to deal with it in the morning. Giving your body and mind time away from a problem is sometimes the best way to solve it.
Do more research. Perhaps you’re wrestling with a difficult decision or aren’t sure where to go next in order to complete a project. You may need to research the topic in more depth. Consider looking to alternate resources not normally used. For example, most of us do the bulk of our research on the internet. We look at business articles, blogs, company websites, consumer reviews, etc. In addition to this, include in your research face-to-face interviews and professional development seminars. It’s even a good idea to browse the business section of the local bookstore. Sometimes having a hard copy of useful materials to flip through can give you some new ideas.
Calculate your risks and create a plan. Much of our doubt normally comes from our fear of failure. Carefully weigh your decision by calculating your risks. Come up with the worst case scenario and figure out how you would need to handle it. Do you have the knowledge and resources to deal with a major setback? Risk management and thorough planning can prevent you from making poor decisions and remove doubt that stands in your way.

Relying on your strengths and looking to others for help can take you a long way in your quest to overcome doubt. What strategies do you have for overcoming your doubts? Please share your ideas below!

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What You Need to Grow a Business

What You Need to Grow a Business

Congratulations! You’ve done something significant: you’ve launched a business and are maintaining a certain degree of success. Since the initial startup period has long since passed, it may be time to start thinking about how to take your business to the next level. You might think that doing so may take just as much “blood, sweat, and tears” as starting up your business from scratch, but there are simple things you can do right away to grow your business and continue achieving your goals.

Prepare financially and be ready to grow. Expanding your business will most likely require some sort of financial investment, such as a new marketing plan or travel costs for attending conventions and networking events. It is just as important now that you plan for these added costs as it was when you started the business. Are you prepared to see a slow return on your investment? Will investing this money take away from other key elements of your business? Once you’ve prepared yourself financially, make sure you are in the right mindset. Business growth will likely put more demands on your time. How will that impact your existing customers and your family? Only you can answer those questions, so make sure you are okay with the answers before you take the leap into business growth.
Think big and outside the box. One of the most successful entrepreneurs of our time, Donald Trump, wrote that “as long as you are going to be thinking anyway, think big.” Why put limits on what you can accomplish? You may not achieve every single dream, but selling yourself short before you even begin only keeps you where you are. Look for ways to grow your business that have large-scale impact. Be creative and try coming up with something original. You can always dial it back later.
Increase marketing. Growth cannot happen without some level of increased marketing. Assess your current marketing plan by figuring out what specifically is working and what is not. Eliminate the weak points and expand on the strong ones. If there is an untapped customer base or a marketing method you haven’t tried yet, give it a shot. You won’t be able to grow without adding to your bottom line, and that can’t be done without attracting more customers. Research what options will give you the greatest return on your investment and proceed full steam ahead.
Diversify and expand your team. Your team should consist of people whose strengths complement yours and each other’s. When looking to add to your team or staff, seek out different types of people. For example, you’ll want people who are strong face-to-face sellers, others who have a head for numbers and projections, and still others who are creative and contribute originality. A team that can pool their strengths and work together toward a common goal has the potential to be unstoppable.
Listen to customers. Ask them for their feedback about a variety of topics, including what new products they’d like to see, how service can be improved, what made them come to you as opposed to a competitor, etc. Customer loyalty has a huge impact on the success of your business, so it makes sense to pick their brains about how you can improve and grow. They will also appreciate your interest in their opinions.

Your business growth potential is limited only by your imagination. Use your available resources, your own expertise, and feedback from your customers to begin a plan for expansion.

What else do you think should be added to our list? Please share your ideas in the comments section below!

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DSEF & CBBB: “Truth in Advertising FAQs: Did You Know…?”

DSEF & CBBB: “Truth in Advertising FAQs: Did You Know…?”

By Marjorie Stephens

The BBB’s Code of Advertising was created to be a helpful guide for advertisers but also is very useful to consumers. It
can help in understanding whether an advertisement is misleading and what stipulations should be met. Should you see or hear an advertisement that you might question, please bring it to a local BBB’s attention so we can check into it further. Here are some questions below to test your knowledge of advertising Do’s and Don’ts:

If an advertised product is marked as “free”, is it or isn’t it acceptable to use an asterisk(*) to refer to conditions in the fine print below that must be met, to receive the “free” product? According to the BBB Code, an “advertiser must disclose this condition clearly and conspicuously together with the “free” offer (not by placing an asterisk or symbol next to “free” and referring to the condition(s) in a footnote”.
True or false? When ordering products online, do sellers need to include the cost of postage, tax, shipping and handling, installation, and other fees? “Whenever a price is mentioned in advertising, any extra charges should also be disclosed in immediate conjunction with the price, (e.g. delivery, installation, assembly, excise tax, postage and handling).”
Is it an advertising offense to place an ad in the paper, where a computer or other product is marked way down and to not have the product available? If the product is intentionally unavailable by the seller, is it a good business practice to promote another more expensive product? Obviously, there are certain, very popular products that are impossible to keep on the shelves, and it is next to impossible to keep up with the demand. However, a business may promote a product because they know it is a draw for consumers and not have it in stock, with the intention of up selling a different product. Since the consumer is already in the store, time is of essence and rather than taking the time to look for this product at another store at the marked down price, a consumer may opt to just buy the higher-priced product. This tactic is known as “bait and switch” and is a big no-no.
“An advertiser should have on hand a sufficient quantity of advertised merchandise to meet reasonably anticipated demands, unless the ad discloses the number of items available or state ‘while supplies last.’ If items are available only at certain branches, their specific locations should be disclosed. The use of ‘rain checks’ is no justification for inadequate estimates of reasonably anticipated demand.”
If “easy credit” is offered at a used car business for those, who have bad credit or no credit, is it acceptable to charge higher interest fees? No, it is not acceptable to charge higher fees. The fee schedule and down payment should be the same as for someone with good credit. Phrasing such as “no credit rejected” should be avoided, unless absolutely true. There are definitely consumers, who cannot and will not honor a credit agreement, no matter how good their intentions.
If a warranty is offered on a product or service, must a business disclose the terms of the offer in writing? “When the term ‘warranty’ (or ‘guarantee’) is used in product advertising, the following disclosure should be made clearly and prominently: a statement that the complete details of the warranty can be seen at the advertiser’s store prior to sale or in the case of mail or telephone order sales are available free on written request.”
Is it okay for a company to say, “We’re the best!” or “Our product is the best!” in their advertising? Claims of superiority should be objective, measurable against an accepted, industry standard or “performance values of a product or service”. Substantiation should be provided for the claim and should disclose negative as well as positive details. Subjective claims, personal opinions, etc. should be avoided.
What credentials are required for a person to endorse a product or service in an ad? Can anyone do it? It is recommended that an endorsement is genuine and is quoted in its entirety so misleading information is not given. An endorser should be qualified in a certain area of expertise. For instance, it doesn’t make sense for a world champion boxer to give an expert medical opinion on a new medication, just released for use by the FDA.
An ad for a new diet product says that you can lose hundreds of pounds and that it is doctor recommended. Does this meet the BBB’s Advertising Code? Ad claims with results such as this should be “based on recent and competent scientific, engineering or other objective data”.
A retailer has been selling laptop notebooks like crazy and decides to increase the “sale” price of it in an ad? Is this an acceptable practice? “Sale may only be used in advertising, if there is a significant reduction from the advertiser’s usual and customary price of the merchandise offered and the sale is for a limited period of time. If the sale exceeds thirty days, advertisers should be prepared to substantiate that the offering is indeed a valid reduction and has not become their regular price.”
If a car dealer sells a car “As Is”, is he or she responsible for telling the consumer about any problems with the car? The car dealer does not have to disclose any problems with the car. It is up to the consumer to have the car physically inspected by a reputable car mechanic, prior to agreeing to purchase the vehicle. Should any problems arise, once the vehicle is purchased, it is the consumer’s responsibility to have them fixed.

For further questions regarding the BBB Code of Advertising, visit us online atwww.bbb.org/us/code-of-advertising. For any concerns with advertisements that you may see on the internet, TV, billboard or hear on the radio, please contact your localBetter Business Bureau.

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How to Compete Effectively

How to Compete Effectively

Handling your competition as a small business owner can sometimes seem like an uphill battle. It is important to educate yourself in regards to who your competition is, what they are offering, and what their strengths and weaknesses are. You cannot control how your competitors run their businesses, but you can control how you run yours, and having a full understanding of your competitive landscape can help. The following is a list of strategies to use in your quest to compete effectively in your industry.

Help clients see you as a friend. If clients see you as a friend instead of just a business, they are more likely to be loyal to you. In order to do this, put their needs ahead of your own. If a customer is looking for something that you are unable to offer, be honest about it and even go so far as to recommend where they might find it. Clients will appreciate your honesty and that you didn’t waste their time trying to talk them into something they probably don’t need. Because you have demonstrated that you are sincere in your desire to satisfy their needs, they will likely come to trust your professional opinion and will return to your business again and again.
Use social media for word of mouth. The potential for exposure via social media makes it an extremely valuable tool of which you should be taking advantage. Creating a social media presence will cost little to no money, but it does require an investment of time. It isn’t necessary to tackle everything at once, however. Try your hand at social networking sites like Facebook or Pinterest, start a blog, comment on others’ blogs, create a YouTube channel, or reinvent your website. Decide which avenue will most effectively spread the word about your business and focus on that. Social media is this generation’s word of mouth, so be sure you are taking full advantage of its benefits.
Create partnerships. Creating partnerships with other business owners means less competition for you. For example, a local cupcake shop is having a hard time competing with the new frozen yogurt bar that has just opened up down the street. Health conscious shoppers are now shunning the high-calorie cupcakes for a refreshing treat that is easier on the waistline. The owner of the cupcake shop forges a partnership with the yogurt bar to bring in some fresh baked cupcakes in healthier varieties (gluten-free, low-fat, etc.) to create a yogurt sundae section. The cupcake shop gets a percentage of the sales, the yogurt shop is reaching a wider customer base, and they both get to cross-promote each other’s goods. Seek out other businesses who have similar interests and you can cut down on your competition.
Implement incentives for referrals. Referrals are often the lifeblood of small business. Consider offering your customers unique incentives to motivate them to give you more referrals. This can be anything from a tiered reward system to a one-time discount or VIP customer membership. Show your appreciation for their referrals in a way that will make them want to bring you more. Also, by creating incentives, you avoid the often uncomfortable method of flat-out asking your customers for referrals. You can introduce the program and incorporate the “asking part” into your presentation.

Staying ahead of the competition is a necessary part of small business ownership. How do you compete effectively? Please share your ideas below!

All posts tagged business tips

Leadership that Motivates

Leadership that Motivates

How to Empower Yourself

How to Empower Yourself

DSEF & CBBB: Does Your Business Plan Have ADD?

DSEF & CBBB: Does Your Business Plan Have ADD?

The Power of the Success Mindset

The Power of the Success Mindset

Overcoming Your Doubts

Overcoming Your Doubts

What You Need to Grow a Business

What You Need to Grow a Business

DSEF & CBBB: “Truth in Advertising FAQs: Did You Know…?”

DSEF & CBBB: “Truth in Advertising FAQs: Did You Know…?”

How to Compete Effectively

How to Compete Effectively

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