Managing cashflow uncertainty: One small business owner shares 6 ways

Just ran across this blog by Scott Gerber and I think it's a must read for any small business. Several very good ideas for increasing customers motivation to pay.

Six Ways to Smooth Out Uneven Cash Flow

How Do You Know When Its Time for a Business Makeover?

 

I keep running into business owners who aren’t that happy. Their business is running along, but they aren’t really sure if their marketing and sales efforts are truly paying off. They think they could be doing better but they’re not sure what to do next. Here are 5 tips that tell you it’s time to sharpen up your marketing and sales strategy:

1. You don’t know where you are going.

Do you have a sales forecast for this month, this quarter, this year? If you don’t, then it’s rather like driving your car blindfolded. Without a sales forecast, how do you know where you are headed to, what you are aiming for this year? You can’t know what marketing or sales activities you need to be doing without a goal in mind.

2. You’re not sure who your customer is.

The phone is ringing and you are meeting those orders but the truth is you have no clear idea who your niche markets are or if the marketing dollars you are spending, are working. You just cross your fingers that the phone keeps ringing, but you know deep down in your heart that you aren’t really growing your business the way you want.

3. The market doesn’t know how to find you or what you do.

Your website is okay but not great. You keep thinking you should do some social media but aren’t really sure how to start or what exactly to do. Your marketing materials were done ages ago and you know they could be better. You have some vague ideas on how customers find you, but you haven’t spent a lot of time building word of mouth. You’ve been too busy to ask for testimonials. You don’t have a prospect list built. If I went and asked 10 different customers to tell me about your company, I would get 10 different answers. There is no consistency to your marketing and sales efforts.

4. The competition is gaining on you.

You’ve always done well before, but sales have been slipping lately. The competition is picking up a lot of new business that used to go to you. Customers are talking about them more. Their website and marketing materials look good and you feel like you are eating their dust. You’re worried, but have been too busy to address the issue yet.

5. Your bottom line isn’t showing the numbers you really want to see.

It’s easy to get super busy in the daily stuff of running your business, which can allow you to ignore that little voice that isn’t happy with the number of hours you are putting in working and the money you are making. Truth is, it can be easy to roll along and tell yourself that the economy is tough and you are still in business, so that’s okay. It’s not. Every single business owner out there has a number they want to be making – so why are you settling for less?

We do spring cleaning. We take stock and make resolutions for ourselves in the beginning of a new year. Yet when it comes to our businesses, we keep doing the same thing over and over and expect a different result! A business makeover allows you to attract new customers, increase your revenues, beat out your competition and make the kind of money you want to. A freshening up of your business is essential to staying successful in this market.

Photography + Design tell the story in this great promo piece

I just ran across a piece on designworklife about a project by Lenlee Represents. Lenlee challenged 4 of her photogaphers to shoot a Vintage Airstream promo. My favorite thing about this entire piece how the graphic design elements shown in the video below come together. Using real people tells a story that graphics alone cannot. Courtney has posted her favorite photoshoot (I agree with her!). Enjoy!!
~ Maven

lenlee represents 2010 self promo from lenlee jenckes on Vimeo.

Failure… a vital part of success

Earlier I today I sent out this tweet:

Words to live by --> "The way to accelerate your success is to double your failure rate." - Tom Watson, Sr., Inventor & Asst to Alexander Graham Bell

As Marcus W. replied on LinkedIn: “How true that is. Failure = Knowledge = Wisdom.“

The search for an appropriate quote was actually inspired by one of my colleagues who said something along the lines of “Anything worth succeeding at is worth failing at” (or something like that, I am sure I don’t have it exactly right but I got the drift!).

Just in case it’s your day to be discouraged, here are some famous examples to keep you going…

• Author Stephen King received 30 rejections for his book Carrie. He finally just gave up and threw it in the trash. Fortunately his wife pulled it out of the garbage and talked him into submitting it one more time.
• Heard from one of Beethoven’s music teachers –> "as a composer he is hopeless."
• Walt Disney was once fired from a newspaper because he "lacked imagination and had no original ideas."
• Harrison Ford was told by the Vice President of Columbia Pictures that he was never going to make it in the business.
• Oprah Winfrey was fired from her first television job because she was “unfit for TV.”

Being a classic overachiever, I wonder how fast success can be achieved by tripling my failure rate (Thanks for the encouragement, Ms. CE!!)?? I’ll keep you posted!

Don’t forget all the successes count… feel free to add up all the small ones!  And don’t forget to learn from the failures…

Enjoying ride… Maven

Maven Gadgets: My favorite Milk Frother, Kudos Nespresso

Knowing that I am addicted to Matcha Green Tea Lattes, a friend of mine recommended a milk steamer so that I could enjoy my addiction at home. I am a gadget geek. I love any kind of gadget, tool, office supplies and more. But often gadgets are a source of great disappointment failing to live up to their original promise.

The Nespresso Aeroccino lives up to it’s promise and more. I love any sort of a latte but I don’t drink coffee nor do I have a traditional steamer (as you would find on an expresso machine). Billed as a milk frother or steamer, I actually use the whisk attachment to whisk my matcha tea (which I either drink straight or as a latte). We have been known to use it to heat a single cup of water for tea. The kids can use it relatively unsupervised and have on several occasions whipped up their own hot chocolates (which are hot but not scalding).

Nespresso 3192US Aeroccino Plus

Product Features

• 4.4 Oz max. hot or cold milk froth capacity
• 1 Button preparation
• Easy to clean

Highly recommend! ~ Maven

Blog your way to expert status

Are you an expert but nobody knows it? Or are you working on becoming an expert?
A blog can be a great way to get started establishing your expertise!
Here are some Maven Do’s & Don’ts:
DO:

• Just get started. It seems to take about 100 posts before your blog really starts “rising to the top” so you just want to get started. There are great options such as Blogger or WordPress. Be sure to look at the features that are important to you before you pick a tool. For instance, if you want your own domain name (http://www.corpmavenmusings.com) you’ll likely choose WordPress. If you want more integration with Google, you might choose Blogger.
  
• Have a main theme/storyline and identity that keeps people interested and wanting to come back. This theme is your main “expertise” area.
  
• Really share your expertise! Be a thought leader. Give it away for free. Why do restaurants give away their “secret” recipes? Because it builds loyalty and brand recognition. If someone wants the real deal, they will always come to the source, even if they have the recipe.
  
• Don’t be afraid to do short posts and explore side topics. This breaks up the monotony and makes you more interesting to readers. Tie side topics back to main theme if possible but don’t force it.
  
• Respond faithfully to reader comments and use them for future blog topics.
  
• Get your name out there by commenting on other experts blogs.
  
• Use trackback links to let other bloggers know when you are blogging about their content.
  
• Consider asking another blogger if you can contribute a guest posting. (see About.com article below)
  
• Use social media (Facebook, LinkedIn, Twitter, etc.) to update your followers when you have posted a new entry.

DON’T:

• If you have a product, do share updates but DON’T make your blog into a product announcement page (unless that is the intention and then go for it!). You are an expert in a given domain, a thought leader. If your readers connect with you then your product will benefit.
  
• Do not disrespect other bloggers or experts with comments or needlessly ridicule. This will only come back to bite you later (plus it’s bad Karma!).

Once you’ve established your expertise on your blog, leverage this body of work to expand into other areas by volunteering as a speaker at the Chamber of Commerce, local schools or other community venues. Consider writing a regular column for a local newspaper. The sky’s the limit!! You just need to START!
Happy blogging! ~ Maven
Related articles from About.com:

• What is a Trackback - Trackbacks Explained
  
• What is Google Blogger?
  
• Choosing a Blog Host: Wordpress Overview
  
• 15 Tips to Increase Your Blog's Traffic
  
• Guest Bloggers - Top 10 Tips for Guest Bloggers

Maven Reading: Franklin and Eleanor: An Extraordinary Marriage

I am happy to say I got one of my Christmas wishes (thanks to wishzilla.com) and have been enjoying Hazel Rowley’s new book Franklin and Eleanor: An Extraordinary Marriage.

Ms. Rowley explores the 40 years Eleanor and FDR were married and the varying extended relationships that they both seemed to have had. The even more fascinating part of the book for me is the evolution of Eleanor in particular. I must confess that as she’s described in the earlier part of her life, I don’t think I would have had much to do with her. However, her transformation as she embraces her circumstances is nothing short of extraordinary.

Whether or not you agree or disagree with the author’s point of view, this book is well worth a read for history and Roosevelt buffs alike. It highlights many lessons that are applicable in today’s business or political careers. The book also provides an interesting insight into a particularly challenging economic and political issues dealt with by FDR and Eleanor, many of which have obvious parallels to current conditions.

Enjoy and I hope to hear your thoughts!

~ Maven

Here is the link to the Kindle editions for those of you like me who need instant gratification. It’s cheaper too. 

Franklin and Eleanor: An Extraordinary Marriage (Kindle Edition)