How to Use LinkedIn for Your Small Business

How to Use LinkedIn for Your Small Business

Raise your hand if you have a LinkedIn account.

Now raise your hand if you haven’t used it since you set it up!

If you’re like many business owners, you set up your LinkedIn account a while ago, but other than serving as an online resume you have no idea what to do with it. But now is the time to change that, because there are many features within LinkedIn that can help you market your small business.

LinkedIn is primarily a networking tool. It is excellent for helping you connect with other professionals with whom you might be able to do business. Whether that’s an employer/employee relationship, a joint venture, or someone that joins your direct sales team, you can find motivated, competent people to connect with for your business when you use LinkedIn effectively.

Here are some ways to take better advantage of your LinkedIn account:

Your Profile: Be sure that your LinkedIn profile is complete, and lists all of your experience. Why? Because when people are searching for other people to connect with professionally, they will find you based on the keywords you use in your profile. It’s also a way to highlight your professional experience when people come to check you out. The more experience you have, the more likely it is that someone will choose to work with you.
Recommendations: Think about Amazon.com for a moment. Why do you think they include a place for people to leave comments about products? It’s because we’re more likely to believe what other people say about something than what a manufacturer says about its own product. The same holds true for you! When your LinkedIn profile is full of recommendations about how great you are…how committed you are to the professional development of your team…how amazing it is to work with you…people are more likely to believe it! It’s the difference between the resume, and glowing recommendations. Make sure you ask lots of the people that have worked with you to give you recommendations on LinkedIn. It’s an online way to make sure everyone knows how committed you are to the work you do.
Groups: LinkedIn also offers Groups, which are an outstanding way to network with others around certain topics, and demonstrate your expertise. Simply search for Groups related to what you do. There are many groups set up for direct sales, product lines, professions, etc. Once you join a group, participate in the conversation, share useful resources, answer questions, and get to know people. As you share great content, people will check out your profile to see who you are (which is why it needs to be complete!) And you can also spark offline conversations with people that may lead to additional business relationships.
Answers: Another way to demonstrate your professional expertise on LinkedIn is through LinkedIn Answers. You can find Answers under the “More” section of the LinkedIn top toolbar. Simply browse through the question categories to find questions related to your expertise. Then provide answers to those questions that you can. The more questions you answer, the more you demonstrate your expertise to LinkedIn users, which can lead to future business.

Now all of this, of course, takes time. And you must determine that the target market you want to reach is on LinkedIn. But if LinkedIn’s user base is in line with your goals for social media, making good use of the tools available can help you network professionally and build more opportunities for your business.

Do you use LinkedIn for your business? Does it provide you with additional business opportunities? Would love to read your thoughts on this tool in the comments below.

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How to Handle Objections and Rejections

How to Handle Objections and Rejections

Even for the most positive and optimistic person, continuous rejections can begin to wear one down. However, success cannot and does not happen without obstacles and setbacks. By modifying your mindset, you will be able to handle objections and rejections, natural parts of being a business owner, with professionalism and grace.

Don’t take it personally. There could be many reasons why someone said no, possibly none of which have anything to do with you. Perhaps a client could no longer afford your services, or maybe has too many other obligations and can’t commit to your proposed joint venture. When somebody tells you no, take yourself out of the equation and reflect upon how your request may not meet the person’s needs.
Focus only on what you can control. It’s easy to lose self-confidence when being rejected, but it’s important to remember that you are in control of your own path. You cannot control the behavior of others, only yourself. So empower yourself by focusing on the elements of your situation that you can change.
Accept rejection as a learning experience. Even the most successful people in the world, in all fields of work, struggled with any number of setbacks along the way. The difference is that successful people take those setbacks and learn from them in a positive way. If possible and appropriate, ask for feedback in the form of constructive criticism when faced with a rejection or objection. Apply this information to your next attempt, and you will save yourself the headache of making the same mistakes over and over again. Additionally, the more you learn from one rejection, the better prepared you’ll be to possibly avoid it next time.
Don’t let rejection make you afraid to even ask. When you flip a coin, the chance of it landing on heads or tails is always 50/50, no matter what. Even if it lands on heads 20 times in a row, that next toss still has the same odds. This same principle can be applied to your business. Just because someone said no doesn’t mean that the next person won’t say yes. Persistence is an essential characteristic of a small business owner, so keep plugging along and you’ll eventually get the answer you’re looking for.
Professionalism pays off. When handling rejection, conduct yourself with a visible level of professionalism and grace. Express your gratitude that the person took the time to speak with you and your desire to work with them sometime soon. A positive attitude will give others a good perception of you, which may mean future business with them. You may not have closed the deal this time, but it’s very possible that they will be in need of your product/service at some point, and if you’ve left them with a good impression, they won’t hesitate to contact you when the time comes.

The most crucial part of handling objections and rejections is to look at them as positive learning experiences that allow you to grow your business and professional relationships. By using the experience of rejection to your advantage, you will be on your way to success. How do you deal with rejections? Please share with us in the comments section below!

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DSEF & CBBB: Watch Out for Common Tax Scams

DSEF & CBBB: Watch Out for Common Tax Scams

Today’s highlighted blog post from the Council on Better Business Bureaus (CBBB):

Watch Out for Common Tax Scams

By Holly Doering

When I moved to Washington State from Idaho, I spent some time at the public library searching for state income tax forms. There weren’t any. Another patron told me that Washington State doesn’t have an income tax. I didn’t believe it at first, but it turned out to be true.

A friend of mine at the time told me his parents didn’t pay federal income tax, because the IRS was actually illegal according to the U.S. Constitution, and would be out of business soon. This turned out not to be true, and his parents are in big trouble. The “frivolous argument” is actually one of the IRS’s listed “Dirty Dozen Tax Scams” to watch out for. You can learn more about it, and other scams, at the IRS newsroom.

According to IRS Commissioner Doug Shulman, “Tax scams…may look tempting, but these fraudulent deals end up hurting people who participate in them.” The IRS and the Justice Department work together to shut down these illegal operations. Taxpayers who knowingly or unwittingly get involved must repay all taxes due plus interest and penalties.

Around tax time, thousands of emails, faxes, and phone calls begin circulating, claiming to be from the IRS. Know that the official IRS website ends in “.gov” for government only. Any IRS web address that does not begin with http://www.irs.govshould be forwarded to phishing@irs.gov. Also, if you believe your personal information has been stolen and used for tax purposes, you should immediately contact the IRS at 800-908-4490.

Something else to consider: While most tax return preparers are professionals who provide honest and excellent services to their clients, according to the IRS, some “make basic errors or engage in fraud and other illegal activities.” You can always Start with Trust by checking out a company’s track record at www.bbb.org.

To learn more about the Dirty Dozen Tax Scams of 2011, please click HERE.

DSEF and Council on Better Business Bureaus (CBBB) fosters 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. Visitwww.bbb.org/us for more information.

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Fixing Your Marketing as Simple as 1-2-3

If you’ve ever seen the 1989 film Field of Dreams, you are familiar with the phrase, “If you build it, they will come.” Fortunately for Kevin Costner’s leading character, that was true. However, that isn’t exactly the case for small business owners. Customers won’t just find you; you have to market to them. The best thing we can do for our business is to learn from the mistakes of others, and then make better choices. Here are the most common marketing mistakes and how to fix them.

Underestimating the power of research – Think you’ve got that million dollar idea for a product or service? Well before you invest significant amounts of money into such an idea, it is of utmost importance to do some serious market research and test your product/service with a real customer base.
Overestimating the power of research – Although this may seem contradictory to the previous statement, it is crucial to remember that emotions play a large part in customers’ decisions. Yes, most consumers do their own research and respond well to the facts, but their emotions guide those decisions even more than they may realize, so connect with them on that level. Keep this in mind when creating a marketing plan.
Ignoring the tried and true – As entrepreneurs, we want to be innovative with not only our products, but also our marketing strategies. In your quest for originality, don’t spend too much time re-inventing the wheel. Instead, familiarize yourself with existing tactics that have been successful for others. Use these as the basis for your marketing techniques, and put your own twist on them so they are tailored to your particular business.
Fixing what isn’t broken – Your hard work and preparation have paid off, and you are enjoying a very successful promotion that you created yourself. In fact, you’ve been reaping the rewards of this promotion for nearly a year. It’s about time you switched it up and tried a different promotion right? Wrong! Just because you may be getting tired of it, don’t forget that an untapped market and new customers are discovering it for the first time. If you really feel the need to try something different, keep what you have while testing out your new idea. This way, you won’t lose out on time and profits if the results are less than satisfactory.
Lack of patience – Think of a memorable commercial you’ve recently seen. Did it make you literally jump off your couch and head to the store for that product? Probably not. Remember that customers don’t act quickly. When implementing a marketing strategy, patience is a virtue. Give it some time to reach an audience and produce results. Only then will you be able to tell if it is effective or not.
Casting too wide a net – You’ll never be able to be everything to everybody, so trying to be will only be a waste of time and money. Figure out who your ideal customer is and focus on your target market. By concentrating on a smaller niche, you will be able to satisfy unmet needs and wants of those customers.

Since marketing is such a subjective aspect of your business, it can be complicated and overwhelming. Avoiding common pitfalls will save you time and help grow your business. What else can you add to our list?

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Use Scripts to Increase Your Business

If you’ve ever been to the theatre to see a play, you probably have a good idea why actors stick to the script. The story is already laid out, the characters are already developed, and everything is organized in a way that the audience can understand and enjoy. Sure, unforeseen circumstances happen and sometimes the actors have to ad lib, but for the most part, everyone on stage has a clear plan as to what needs to be done. The same concept can be applied to direct sales and small businesses. Here are some ways in which you can use scripts to in a variety of situations and grow your business.

Situations Fit For a Script

Informal conversation – How many times have you found yourself talking to a stranger, an acquaintance, or even family member who asks about what you do for a living? Instead of letting this possibly golden opportunity go to waste, prepare a concise description of your business that is not only brief and informational, but also may prompt further questions and interest from others.
Follow-up calls – When calling customers to follow up on a transaction, you need to be prepared for both positive and negative feedback and questions. Having a few responses planned that will help solve a problem or lead to a future purchase will solidify your relationships with customers.
Collecting money – Possibly one of the most difficult aspects of being a business owner is having to be your own Accounts Receivable Department. It can be uncomfortable to ask others for money, even when it is rightly owed to you. Depending on the situation, a script can be extremely helpful for staying professional while getting to the point and being direct.

How to Use a Script

Map out your ideal conversation. Whether you’re meeting a potential customer for the first time or introducing a new product to a longtime client, actually write out how you would want the conversation to happen. Chances are slim that things will play out this way in reality, but having a goal to reach will help you navigate any obstacles that pop up when speaking with clients and colleagues.
Identify potential pitfalls. You know this magical ideal conversation won’t exactly be the one that is actually taking place, so identify where and how it might go astray. Consider using a flow chart format for anticipating responses from the person to whom you are speaking and how to handle those responses. Don’t be afraid to get creative and tailor it to fit your situation; for example, color coding a flow chart or using post-it flags to help you find what you’re looking for in a pinch can make a script more efficient.
Rehearse! Of course, you don’t want what you’re saying to sound scripted and/or rehearsed, but you do need to be well-prepared in order to be confident and exude competence to your customers. Practice what you want to say in front of the mirror, with another person, or even on a voice recorder. (Listening to yourself will enable you to analyze your tone of voice and how others may perceive you.) The more prepared you are, the more comfortable you will feel, and the more successful you can become.

Using scripts to help you in networking, customer relations, and other business situations can be a real asset to your business. How have you incorporated scripts in order to grow your business? Please share with us in the comments section below!

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Sell What Customers Need

You may have an outstanding product line. It has amazing features and benefits. You’re in love with it. But if a customer doesn’t understand how your product meets her needs and wants, then you won’t make any sales. It’s that simple.

So how do you make sure a customer understands how your product meets her needs? It’s all about focusing on a customers needs and wants.

Ask questions. Don’t begin any customer interaction with a sales pitch. A sales pitch is about you. But until a customer knows that you understand him, your sales pitch won’t resonate.
Match benefits to needs and wants. Once you understand what motivates someone, you are much more prepared to offer an effective sales presentation. Focus on the features and benefits of your product that match what the customer has told you about what he needs and wants, and your presentation will be a lot more successful. You can do this even in a party setting. Begin the presentation by asking questions of the guests…what they do, what their concerns are…and probe those areas that you know your product can help. Then, when you’re sharing products you can focus on those specific benefits of your product line.
Listen online. Social networks can provide a tremendous amount of information. Before meeting with a customer, check out her profile online on sites like Facebook. Zero in on what she talks about, what bothers her, what she loves. Include those elements in your face to face presentation and you’ll find you have better results.

Even though you may think it takes more time to learn about a customer before offering your products, you will find it actually saves you time, because you only need to highlight the features and benefits that meet the needs of that particular customer. So be sure to understand your product line intimately, so you’re prepared to offer those features and benefits that best meet a customer’s needs.

How do you find out what a customer needs? What questions do you ask? Please share your thoughts in the comments below!

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Small Steps Can Lead to Big Payoffs

Small Steps Can Lead to Big Payoffs

Like many people in their mid-thirties, I have gone through several major life changing events over the past few years. Building a career, having a child, and purchasing a home are just a few of the exciting events that I have experienced first-hand.

But with these events often come significant financial changes and a whole lot of planning for the future – retirement, children’s education, and aging parents, to name a few. With so much going on and so many things to consider, keeping track of finances can be difficult, even overwhelming.

The recent purchase of a new home gave me a chance to reorganize and re-evaluate my finances and prompted me to track my budget more closely. I started to track my expenses daily and found it to be an eye-opening experience!

Once I was able to see where my money was really going, I was able to plug the leaks and redirect my money to be more in line with my financial goals. Here are some things that I have learned in the process:

Establish a system that works for you. There are several record filing systems and budgeting methods to choose from. If you find one doesn’t work for you, don’t give up! Simply try a new system.
If you overspend, get back on track. Don’t let it give you license to blow your whole budget.
Work a slush fund into your budget. Overspending is bound to happen and it will keep you from needing to tap into your savings.
Plan ahead. One of my budget leaks was unplanned expenses while running errands. Now before heading out the door, I always make sure that I have plenty of drinks, snacks, and activities for my son in order to avoid spontaneous purchases.

You don’t need a big life changing event to reap the benefits of tracking your expenses. If you want to get started with your own budget, but feel overwhelmed or not sure where to begin, it may be helpful to speak with a financial counselor. They can take a look at your situation, help you establish a budget and offer expert advice. Here are some things to look for when choosing a financial counseling agency to work with:

Choose a non-profit agency that is accredited by the Council on Accreditation (COA) or the International Standards Organization (ISO), or is a member of the National Foundation for Credit Counseling (NFCC). Your local credit union may also be able to direct you to a financial counseling agency.
Find out what services are offered. A good organization will have a range of services, such as budget counseling, debt management services, and credit report counseling.
Ask what, if any, fees are involved. Most non-profit financial counseling organizations offer some of their services and educational information for free. If you are interested in Debt Management services, fees should not exceed $50 per month, or so.
Consider the way you would like to receive the services. Counseling may be done in person, or over the phone or internet. Choose a method that will fit your needs.

Taking a few minutes each day to write down my expenses and review my budget keeps me on track to meet my financial goals, both short- and long- term.

Beth Luke (bluke@greenpath.com) is a financial educator for GreenPath Debt Solutions, a non-profit, national leader in financial education and counseling.

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9 Ways to Use Pinterest for Your Small Business

9 Ways to Use Pinterest for Your Small Business

Pinterest is the hottest new social network, with articles filling up the web about how fast it’s growing. And it’s little wonder…most people are visual learners, and the ability to capture and organize photos of the things we love online can be very addicting and satisfying.

And because people are sharing photos of products they love or want (along with recipes, dream vacation destinations, and so forth), you have an opportunity to add your product line to the mix and gain additional attention. But that’s not the only use! Here are some of the ways you can use Pinterest to benefit your business:

Share product photos. This, at its core, is the simplest way to use Pinterest. Share photos of your product line that others can share as well, and link to your sales page. Just be careful not to be TOO product-centered or you’ll annoy your friends and be in violation of Pinterest rules.
Create a vision board for your business. Pinterest is a great tool for collecting photos of where you want your business to be in 1, 5, 10 years. Is your eye on a car, a home, or a fabulous vacation? Collect photos and put them on your vision board on Pinterest.
Create a personality for your brand. Pinterest is a great tool to show people the personality of your brand. Do you have a sense of humor? Share funny quotes. Do you have a brand that leads to a luxurious lifestyle or high fashion? Share related photos. By being mindful of the brand image you want to project, you can share photos that help people develop a sense of your overall brand.
Share training resources you find on the web with your team. Come across a great blog article or training piece online that would benefit your team? Pin it! Then let your team know that you’ve got a board with great resources that can help them build their businesses.
Run a contest. Many brands are now experimenting with running contests on Pinterest. It’s a great way to promote viral visibility of your products. This article from PR Daily may give you some ideas to get you started: http://prdaily.com/Main/Articles/How_to_launch_irresistible_Pinterest_contests_11079.aspx
Collect inspiration for your own content. For example, you might collect recipes that inspire you to create your own recipes, or makeup or fashion looks that give you ideas about ways you can suggest customers use your products.
Do research about the things that excite your customers by checking out their boards. It can give you ideas for theme parties, specials you might want to offer, or prizes you might want to award in contests.
Give people ideas about additional ways to use your product line. For example, if you sell home decor items, you might show rooms and point out where your product would be perfect in the layout.
Create an opportunity board that highlights the benefits of your business opportunity, and share it with people who are considering joining your team. It could include your recruiting video, a link to your recruiting brochure, a video about your next incentive trip destination, etc.

Many retailers are finding that Pinterest drives a LOT of traffic to their websites. So it’s a great idea to check out this hot new social network, and find ways to put it to work for your business.

Your thoughts? Please share them in the comments! And be sure to follow us on Pinterest at http://www.pinterest.com/thedsef/ We share a lot of great resources for your business!

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Top Ten Small Business Pitfalls

Did you ever hear the phrase, “Hindsight is 20/20.”? It’s easy to look back on our mistakes and identify what went wrong after the fact. It is of utmost importance to avoid common pitfalls made by millions of others before you. By learning from their mistakes, you can make smart decisions for your business and enjoy making your entrepreneurial dreams come true. Here are the top ten pitfalls to avoid in your business and how to avoid them:

Failure to educate yourself before you begin – There is so much that goes into owning a business that goes beyond knowing your industry. Small business ownership is a marathon, not a sprint, so stamina is the key. Since you will most likely be watching your pennies, take advantage of free resources, like those provided by the Small Business Administration .
A non-existent or hastily written business plan – Believe it or not, too many people start up businesses without a plan. Don’t worry; you don’t need an MBA degree to write up a business plan. An effective business plan should include a description of your business; information about your industry, competitors, suppliers, and target demographic; a marketing strategy; and finances.
Spending money unnecessarily – To control startup costs, consider the following: leasing any equipment you may need instead of buying, buying supplies second hand, purchasing a minimal amount of inventory to avoid overstocking, and dealing in cash as often as possible.
Not collecting payments promptly – Remember, you are held to a tight standard in having to pay your own creditors; hold your customers to the same standard. Always provide an invoice no matter how small the amount, follow up when necessary, and don’t be afraid to implement a cash upfront policy for delinquent accounts.
Forgetting to plan for a rainy day – So your efforts are paying off; inventory is flying off the shelves, you’re teeming with new customers, and profits are way up. Enjoy it of course, but don’t forget to save some of that hard earned cash for an unforeseen setback. Just like the overall economy, certain industries experiences cycles of good times and bad. Your business will be able to survive the hard times if you put away some money and have a contingency plan for if things suddenly go south.
Getting set in your ways – Even the most successful business owners can have a difficult time adjusting to new trends in the industry. Keep abreast of any changes, including innovative new products/services, a shift in customer needs/wants, price points, marketing techniques, and technology. Chances are that your customers are aware of what’s new, so don’t get left in the dark.
Doing it all yourself – If you have employees, trust in their abilities and delegate responsibilities. Trying to meet every obligation on your own and micromanaging are both recipes for burnout and disaster. Empower your staff by handing over certain tasks and projects; you’ll also find that they will become more invested in the success of your business when they know they are an important part of it.
Inability to step away – Once you have established your business, you should make decisions that allow it to run smoothly without you once in awhile. There will be times when you need to take a few days off for personal obligations, and let’s face it: who doesn’t need a vacation every now and then?
Poor marketing – From traditional marketing methods to those of the 21^st century, there are more ways to market your business than ever before. As with anything else in your business, do your research to decide what is best. It might be a good idea to only focus on one or two methods at first, such as targeted direct mail campaigns and an effective website. Collect information about what is working and adjust your marketing efforts accordingly.
Lack of discipline – This is especially important if you have a home-based business. Our households are rife with distractions such as laundry, cleaning, a ringing phone, and even our own children. These things take time away from your business, which in turn takes money out of your pocket. Create a strict schedule for yourself and stick to it, make a list of what needs to be done and when, and minimize needless distractions.

What pitfalls have you encountered in your business? Please share your problems and solutions with us in the comments section below!

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Niche Markets: The Key to Success

Small business owners and direct sellers are lucky in that they have a major advantage over large corporate businesses: small businesses don’t have to be all things to all people. In a big business’s effort to reach a very large audience, there are several groups of people whose needs are being left unmet. This is where you come in; by defining and marketing to your niche, you will be able to focus on those needs and build a successful business.

Evaluate your products/services for unique qualities. Consider something you already offer to market in an original way, or create a new product or service completely based on something you already have. For example, if your business sells cookware, consider marketing a few pieces together with some recipes aimed at busy adults who need a “one-pot meal” for quick prep and easy clean-up. Something like this might appeal to both working and stay-at-home moms because both would benefit from such a convenience.
Do some target marketing. Marketing to your niche may require some education, especially with unique products and services. Some may not even know that such a niche exists or that they might have a need for it. Focus your marketing efforts on educating potential consumers about the product or service in general, and then demonstrate how you can meet that need. Some examples to get you started can be found here.
Set clear objectives. What do you hope to achieve in your business by creating a niche market? You may want to expand your customer base, increase your network, cut your marketing costs, or raise your profits. Make sure your goal is concrete and your efforts directing toward achieving it.
Test-market and size up the competition. You will need to know how you stack up against any potential competitors. In order to assess your competition, collect and analyze some of their products/services, brochures, print ads, websites, social media pages, etc. You should be comparing elements such as pricing, marketing strategy, and customer service.
Speak the right language. As with any type of marketing, niche marketing requires you to speak a common language with potential customers. Going back to the cookware example, when targeting that working mom, you are going to appeal to her needs by using words and ideas she can relate to. These words and ideas will be somewhat different from those used to appeal to the stay-at-home mom. For example, you might paint a picture for the working mom of what her typical day is like and how your product will make it easier; the full-time mom will have a very different mental picture, even though the product and need are the same.

Being able to focus your business efforts on niche markets, you will be able to reduce your overhead costs and acquire a new customer and networking base. How have you used niche markets to build your business? Please share your strategies and ideas below!