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How Can Partnerships Grow Your Business?

How Can Partnerships Grow Your Business?

Have you ever considered forming partnerships to grow your business? They can be powerful!

How does entering a partnership help grow your business? Imagine, your local health food store partnering with your local gym, a make-up artist with a wedding dress store, a caterer with a cookware store and an interior decorator with a real estate agency. Imagine the possibilities for your business! And if you’re a new business, what an effective way to promote and build your new business.

Entering partnerships to grow your business

The benefits of partnering with another business:

  • Increase your customer base quickly.
  • Increase word of mouth and exposure in less time.
  • Share business expenses.
  • Provide greater value to your customers.
  • Increase expertise and knowledge.

Here’s your checklist before entering into partnership:

  • Find someone local to partner with.
  • Be completely objective in picking the right partner. (Don’t just pick your friends…be sure it’s a good match for your business.)
  • Find a partner with complementary products or services and not a competitor – for example a shoe store with a clothing store, a vitamin distributor with a health club, or a chocolatier with a wine shop.
  • Know what you want from the partnership, and set goals that you want as outcomes.
  • Write everything down. Clearly state expectations and responsibilities, and consider drawing up a contract.
  • Anticipate and discuss all the challenges and problems before partnering.
  • Start with a single project before doing more together or becoming long term partners.

So if your business is slowing down or needs an injection of new mojo, a partnership might be in your horizon. Follow these tips and make your new partnership a success!

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The Power of a Plan and 30 Days

The Power of a Plan and 30 Days

There are shelves and shelves of books written to help people succeed. Countless speakers from every persuasion that will show you the “secret to success” and coaches will make sure you get there! Many of them are legitimate. But even with all the help, you will have to do the work yourself to make it happen.

So are you ready to get started? Here are some basic steps, without the bells and whistles, to reaching your goal, along with a plan to help you reach a goal in 30 days.

Step 1 – What do you want or don’t want? Answering this question establishes your goal, either to achieve something or to avoid something. Write it down!

Step 2 – Identify and write down the joy you will feel when you achieve what you want, and identify the pain of not achieving it. This is your why and purpose. Make your why statement part of your business mission.

Step 3 – Take a break and watch this video clip about the possibilities in 30 days!

Matt Cutts: Try something new for 30 days – http://ow.ly/6nRw1

Step 4 – Start today. Break down your goal into 30 days. Write down at least one step necessary to achieving your goal every day. If your plan requires more than 30 days to accomplish it, then start with the first 30 days, and then keep going until you achieve your goal. Give yourself from 5am until midnight (or whatever your schedule is) to accomplish your task(s) every day. This is your plan.

Step 5 – Include time to savor your journey and think about your experiences.

This simple process will create change and help you build momentum! You can do it! Remind yourself why every day.

How do you create the discipline necessary to achieve your goals? What would you add to this list? We’d love to read your thoughts in the comments below!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

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Keeping Your Personal and Business Finances Separate

Keeping Your Personal and Business Finances Separate

Are you keeping your personal and business expenditures separate? This is a daily task that can get muddy for small businesses quickly, and can make tax time a real headache.

Here’s a checklist to keep this task simple and clear. Follow these simple steps and you won’t get things confused when it’s time for filing your taxes.

  • Maintain separate checking accounts. Having all business payments and expenses on one bank statement will give you a clear idea of your business finances, and when it comes time to do your taxes you can use your bank statement to clearly explain your business accounting.
  • Use a business credit card. A business credit card will help your business build credit history as your business grows. Keep all your business expenses on one statement and avoid using your personal credit card for business.
  • Maintain two separate places for personal and business receipts. If you have a very small business it may be as simple as two shoe boxes. Use one box for business expenditures and another for personal. As your business grows you should use some type of accounting software.
  • Keep a log of your business expenses. For example, if you use your personal car for business regularly write your mileage down, or even better, keep track of it on your computer/smart phone.
  • Your home office is for business, period. If you have a home office for your business and want to claim it on your taxes, you need to keep it for business use only and not anything else like a guest room.
  • Understand what a business expense is and what it is not. You cannot add personal activities into a business meeting and call it a business expense. It must be for business completely or it’s not a business expense.

Following this simple checklist will help you during tax time because your personal and business finances are separate. Now you can focus on growing your business!

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Tips for Maintaining Work Life Balance

Tips for Maintaining Work Life Balance

Small business owners typically work a lot. It seems there is never enough time or hands to get everything done, and as the owner of your empire, it’s up to you to make sure things get accomplished.

Yet part of the reason a lot of people go into business for themselves is so they can have more time to focus on the things that are important to them…things like family, travel, and other lifestyle choices that make life meaningful.

Can you have both? Can you enjoy a fulfilling business while also focusing on what’s important? Sure you can! But it takes both planning and mindset to successfully achieve your business goals while enjoying the life balance you strive for.

Here are some tips for making it happen.

  1. Write your goals down. Make sure that all the tasks you’re working on are helping you reach those goals. If not, re-evaluate the task. Is it worth the time, or would you be better served doing something else?
  2. Make sure your goals are realistic. You probably won’t earn a million dollars in a month. Take a look at what others with similar businesses have earned, and set similar goals. It will help you stay on track, without getting discouraged.
  3. Your planner is your best friend. Put in the things you want to do for your family, as well as your work priorities. This way you won’t waste time trying to figure out what to do next. Everything is scheduled, and you’ll get things done while also giving yourself time to focus on all the priorities in your life.
  4. Have work hours. Your family life will run a lot more smoothly if there is a routine built in. So have regular office hours when everyone understands you’ll be working, as well as times when you’re “off the clock” and are free to give your full attention to other things.
  5. Realize that there will be times you’ll need to change your plans. Yes, your schedule is the ideal, but of course emergencies happen. So do your best to stick to your schedule, but also have enough flexibility to change direction when necessary. (And build some cushion into your schedule so that you can redirect when necessary.)
  6. Forgive yourself. If you miss a concert or a ball game, there will be others. You’ll waste a lot of time and energy beating yourself up over something you can’t control. Better just to get what you need to done, and then give 100% of yourself the next time you can be there. Your child won’t be scarred forever if you miss something, and neither will you.
  7. Involve your family. Make sure your kids understand that your work is important, and how the money you’re earning affects what they want to do. Also invite them to participate in your business where they can. They can file, help you load the car, and plan the schedule. By involving them, they get a better idea of all you have to do, and you’ll also teach important life lessons about working hard and achieving your goals.
  8. Plan time away. Sure, work is important. But so is family, and it’s important to give yourself some distance as well, so you can come back refreshed. So plan times when you DON’T work. Even if it’s just a staycation. Just make sure there are blocks of time when you focus on priorities besides work. It will do wonders for you.

By planning ahead, you will be much better able to balance work with the rest of your life, and enjoy every part of your life more.

What tips would you give for helping people achieve work and life balance? Would love to read your thoughts in the comments!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

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How to Promote Your Business Through Word of Mouth

How to Promote Your Business Through Word of Mouth

The best and most effective way to promote your business is through word of mouth. Isn’t it good to know that the best way to promote your business is also the least expensive?

Here are some tips for promoting your business by word of mouth

  1. Join a local event, get your business in the local media and get people talking positively about your business.
  2. Use social networks to connect with your customers, engage in conversations, use it to provide better customer service, and build relationships and buzz.
  3. Make each interaction with your business a memorable one, and you’ll make your business memorable. Follow up with a thank you call or card. Offer a free branded gift and other memorable services.
  4. Offer your customers an opportunity to comment, or take a poll and act upon their suggestions to create buzz.
  5. Ask loyal customers and local influencers to refer your business to others and give them a reward for it.
  6. Treat your customers like VIPs and share their testimonials wherever you can.
  7. Offer customized/personalized customer service to create a buzz.
  8. Ask for reviews from loyal customers and local influencers.
  9. Once in a while, surprise your customers with extras and tell them to share it with others. Give them a discount that they can share with another to help bring new customers.
  10. Start a campaign to help others in your community and create an online forum to encourage conversation and positive word of mouth.
  11. Become the town “know it all.” Post and host on your site interesting facts about your town and residents to encourage conversations.
  12. Offer contests, start trends and other promotions to generate buzz and build brand recognition.

Be creative and have fun with this. Word of mouth news will spread if it’s fun and helpful!

How are you generating word of mouth for your business? Start here! In the comments, share with us what makes your business unique and great!

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Tips for Building Your Local Market

Tips for Building Your Local Market

In a down economy your local market becomes critical to your business success. Your local market is where most of your loyal customers come from, and establishing a strong local market foundation allows your business to grow outwards.

Here are some tips to build your local market:

  1. Join your local chambers of commerce and every community group you can to network.
  2. Reach out to your local newspaper and local media outlet and offer story ideas.
  3. Become your town’s know it all and resource person. (One local business person used this idea to create a spreadsheet that got mailed around with everyone’s teacher assignments in town.)
  4. Create referral and loyalty incentive programs.
  5. Use cause related marketing and sponsor local events and causes for exposure.
  6. Offer to be a speaker or teach a class related to your business. For example, if you sell home decorating products, offer to speak about home decorating.
  7. Partner with other local businesses to promote each other’s businesses.
  8. Create a Facebook page and post current events, coupons, and information about other businesses in your town as a free community service site.
  9. Connect and network with people who live locally on social networks.
  10. Get testimonials from locals and use them to become your “celebrity” spokespeople.
  11. Make sure your business comes up on local search engines and directories.
  12. Make each interaction memorable. Turn your car into a moving billboard, give out magnetic business cards with a free branded pen, distribute T-shirts with your business name and logo, and most importantly become known for incredible customer service that generates praise.

Using these tips will help you create a sustainable business relying on a whole town of loyal customers that will weather any economic storm.

So how are you connecting to your local market?

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How to Keep Your Team Motivated

How to Keep Your Team Motivated

While many businesses these days are focused on sales and cutbacks, smart business owners know that without good people, you’re not going to make your sales goals or run efficiently. Attracting and retaining quality team members takes work, and the most successful businesses spend time focusing on this.

So how do you do it? Here are some ways to keep your team focused and motivated, and bring out their best:

  1. Develop relationships with your team. Find out what they care about and what motivates them by spending time talking to each team member individually.
  2. Let your team know that their input, feedback, and suggestions are important to you, and put a system in place for exchanging ideas.
  3. Schedule formal meetings as well as social interactions like in a book club or bowling team, or just have coffee together.
  4. Connect on social networks and have a team group online to improve communication.
  5. Recognize and praise positive actions and excellences publicly. Have your team develop a excellence chart and display it publicly.
  6. Develop team incentives and rewards. Money is not always a motivator, and that’s why it’s important to learn what motivates each team member. Consider team incentives that everyone achieves as a group, as well as individual incentives.
  7. Promote personal and business development. Organize and implement ongoing training, motivational products, and highlight great team members and improvements.
  8. Be a coach, be proactive, be the first to lend a helping hand, praise, give advice and most of all be supportive.
  9. Lead and model what you preach.

Instead of simply focusing on sales numbers, find out what motivates your team. You’ll find that your sales numbers will go up because you’re surrounded by people who are invested in your business success!

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Tips for Maximizing your Warm Market List

Tips for Maximizing your Warm Market List

Any kind of business requires relationship building. Those who have great social and communication skills are a step ahead. But for most of us it’s trial and error before we develop those skills. Here are a few tips to make it easier.

  • Once you’ve made your warm market list and written down everyone you know, create another list of people you think are using the type of products/services you will be selling. Then compile a final and most likely list. These are all the people you think will purchase from you immediately and support your new business.
  • Invite the people on your “mostly likely” list to a small party or BBQ. At the gathering, announce your new business. Make it social…don’t try to sell anything yet. Just ask to make appointments to meet with them individually to talk about the new business.
  • Once you begin to follow up on your appointments from your mostly likely list, seek people who are most excited about your new business and are willing to support you. These people are those most likely to do business with you, and send you their referrals.
  • Provide your most excited people with excellent customer service consistently and they will likely be your loyal customers and repeat customers.
  • Start to connect with all the people on your warm market list on Facebook or other social networks to begin the process of building relationships.
  • Meanwhile, also call the rest of your list and ask to meet with people for coffee or breakfast to discuss your new venture.
  • Always keep your appointments social, friendly and pressure free. Ask about them first, and discover needs that your products/services may meet. Then share how your products/services help people solve their problems. So even if they aren’t interested for themselves they will see the benefits and may still give you a referral or two. Ask them to put in a good word for you to their referrals.
  • As you build your social network online, offer solutions with your products/services that solve the problems of your friends. Share tips/useable information related to your products/services without selling online. Think of social network as a subtle way to introduce your new products/services and NOT e-commerce.
  • Start going to family, friend and other social gatherings. Be social and don’t sell, but if they ask about your new business, offer to make an appointment to meet. Always have your appointment book with you, offer dates you are available and don’t leave any request for information open-ended.
  • Start getting involved with your warm market’s organizations and causes, and genuinely participate. Being with them at these events can imply you can be trusted and may help you generate face to face referrals.
  • Use the principle of quantity and many numbers. At this point you want to connect with as many people as you can through your warm market. These people are more likely to be converted because they trust you and/or your warm market referrals. Don’t rely on your salesmanship skills, rely on the numbers. This way if you get a few no’s you won’t be discouraged, because there are still a lot of people to talk to.
  • At some point you will encounter no’s from your warm market and that’s to be expected. But keep them updated with your progress. You never know why they said no in the first place: maybe wanted to see you do it first or maybe it was poor timing.

Take it a step at a time. Connect socially, develop relationships, ask for an appointment, and then ask for the sale. After the sale, follow up to make sure they’re happy with their purchase. The key to success is to go through the process, learn from your mistakes and stick with it for a while. In the end it will help you build your business skills and lead to more opportunities for success.

How do you work with your warm market? What tips would you give to someone new to this? Would love to read your thoughts in the comments!

Free e-book “Business Owner’s Road Map to Success.” It has over 50 pages of techniques for everything a small business owner needs to master, from business planning and ethical selling to a success mindset. It’s all there and it’s free for you. To get it, just “Like” our Facebook Page here: http://on.fb.me/KsIN6P Pass it on!

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13 Easy and Low Cost Tips for Keeping Customers Happy

13 Easy and Low Cost Tips for Keeping Customers Happy

In these extremely competitive times, businesses need to keep their customers happy or when they walk out the door they’re gone forever! Remember, it costs ten times as much to attract new customers than keep loyal ones happy.

Here are some easy and low cost tips for keeping your customers happy!

  1. Get involved with a community cause – Promote a donation drive where customers bring in food, clothes or school supplies for the needy, and reward them with a discount.
  1. Stay in touch with your customers – Connect with them on Facebook or other social networks. Send them a loyalty coupon or send out an e-newsletter full of useful tips once a month.
  1. Follow up with your customers – Once they’ve purchased a product/service, follow with a phone call or email to see if they have any questions. Several months later, follow up to find out if they are still happy with the product/service. And in between, stay connected more casually using social networking tools.
  1. Ask for customer feedback – Ask your customers how you could improve your products or services. Show them you value them, and their comments, and then act on it.
  1. Start a rewards program for referrals – For loyal customers who refer your products/services to someone new who then purchases a product/service, give them a reward.
  1. Re-focus your products/services to help solve problems for customers – Ask yourself what kind of problems you solve for your customers. Then offer solutions that integrate your products/services to solve those problems. Help them feel they’re making an informed purchase decision. Make your customer needs the focus of your business.
  1. Continue to network locally – Help out in community events. Support a cause and connect with as many people as possible. Distribute useful and helpful literature. This is still a great way to get your business out there. Since each person knows about 200 other people, you can spread the word about your business effectively.
  1. Make it easy for people to do business with you – Make sure the check out process is quick and easy, make sure your business is able to take orders over the phone and online, and make returns and refunds easy. Make it a pleasure to do business with you.
  1. Highlight testimonials – Make your loyal customers the celebrities for your business. It makes your customer feel special and valued and generates great public relations for your business which attracts new customers.
  1. Focus on converting every customer into a lifetime valued customer – If you focus on making customers feel like part of your family and nurture your relationships with them they will become repeat, lifelong loyal customers.
  1. Create a customer database – Keep track of what they purchase, what they like, their birthdays and any special dates. Then send them coupons, cards or specials on those days. Again it’s about nurturing relationships so that your customers become repeat, lifelong loyal customers.
  1. Do more than what is expected to set yourself apart – Go beyond the simple transactions and take customer service a bit further.  Offer free delivery or send a card. Call them up to answer any questions they may have or to simply thank them for their purchase. This kind of treatment shows your customers they’re valued and takes your business from good to memorable.
  1. Be consistent and great every time – Consistently provide excellent customer service. Customers will get used to your level of service and will not go any place else.

Using these tips will help you keep your customers happy and convert new customers to loyal customers. Word of mouth will be that your business is the place to go for customer needs and great service! Implement these tips for success because chances are most businesses will not.

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How to Break Bad Money Habits

How to Break Bad Money Habits

We know how it is. You’re busy. You meant to make that bank deposit yesterday, but there just wasn’t time. Now you’re staring at $56 in small bills and have no idea who gave it to you. You’d deposit the cash anyway, but your bank, which is on the other side of town, is closed on Saturdays.

If this scenario reflects the way you run your business, maybe it’s time to take a look at your money management process as you break your bad habits. Here’s how to get started:

Banking

  • You should have a business checking account in your name that’s separate from any other personal or business accounts
  • Your account should be with a bank that’s conveniently located and has opening hours that fit your needs
  • Look into the services the bank offers — and use them! Most accounts can now be securely accessed online and via phone; some banks offer an online check deposit service

Cash Handling

  • Keep envelopes in your bag to separate cash and checks from various sources; write identifying details on each envelope
  • If you do a lot of business on a cash basis, get into the habit of making daily deposits; invest in a small safe to hold cash between deposits
  • Be safe! Make cash deposits during daylight hours when possible

Check Handling

  • Double check every check as it’s handed to you to be sure the date and amount are correct and make sure the numeral amount is the same as the written amount
  • Make sure each check is signed
  • Follow your company’s guidelines for accepting checks (ask for photo ID, stamp with “for deposit only,” etc.

Resources

DSEF Academic Engagement

Complete a brief survey to help us identify academic or university connections companywide.

This survey will help us learn more about:

  • The various partnerships each department has with a professor, college or university.
  • The existing connections that our employees may have with a university.
  • How our team can better support or align with these relationships.

Please provide us with the following contact information:

Do you or your department have an ongoing professional partnership or personal relationship with a university, college professor, program or department?