Women’s Success Blog Welcomes New Bloggers
Ask an Expert Bloggers, Steve Bloom and Greg Magnus join as the newest bloggers on the Women’s Success Blog.
About Steve Bloom
Entrepreneur, Steve Bloom, started several business ventures in mortgage banking, real estate development and management, importing, sign manufacturing and business consulting. Steve is a frequent speaker for Chambers of Commerce, SCORE and the SBA and currently speaks to numerous community groups on: “Crisis or Opportunity, Are You Ready.” He is an expert in financial opportunities and is well versed in all aspects of loans and start up financials. Read more about Steve Bloom.
About Greg Magnus
Greg Magnus is a seasoned publisher and online marketing consultant with 20 plus years of consulting and entrepreneurial experience. Greg serves the Mercedes-Benz Club of America Educational Foundation (NPO) as Secretary and the MBCA national board as a regional director. He is an expert in online marketing, website development, blogging, social networking and Web 2.0 elements to achieve greater business growth. Read more about Greg Magnus.
Both men are SCORE mentors and work to further the progress of America’s small businesses. Please welcome both by reading and commenting on their posts!
SCORE Association, SCORE
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September 2, 2010
SCORE Women’s Success Blog Recognized as Top 10 Success Blog
Thank you for allowing SCORE’s Women’s Success Blog to be recognized as one of the Top 10 Best Success Blogs by YoungEntrepreneur.com!
With your support, our blog was rated on three key elements: visual aesthetics, quality & consistent content and overall experience. Adam Toren from YoungEntrepreneur.com reported on our blog and said, “All entrepreneurs can learn a thing or two about achieving business success by following the very insightful tips and commentary provided here. It’s all about giving you the tools you need to live your dream of entrepreneurship.”
Please continue your support by sharing with your friends on Digg, Twitter and Facebook. Leave comments on this post with tips or suggestions.
SCORE Association, SCORE
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September 1, 2010
The Importance of Networking in a Tough Economy
With the economy on a roller coaster ride that seems like it’s never going to end, where can small businesses turn for help? One place is to each other.
I was reminded of this recently when I read an article in The Seminole Voice about Rep. Suzanne Kosmas (D-FL), who held a roundtable with a group of women small-business owners to talk about state and federal resources that could help them get through the tough economy, as well as brainstorm ideas. Kosmas said she initiated the meeting because she is focused on supporting small businesses in Central Florida, especially those that are women-owned.
While Kosmas’ primary purpose in holding the event was to inform women of the services available to help them from Washington, I think it had an equally important purpose: bringing entrepreneurs together to help each other.
“Small businesses are going through a very difficult time,” said one event attendee. [But. this meeting] “gives us energy to come together to support each other and to survive.”
Women are natural networkers—we love getting together to vent, encourage and support each other. So why not do the same as business owners? You don’t need to wait for your chamber of commerce, local government representative or other official organization to bring you together. Do it yourself.
By banding together, women entrepreneurs can come up with new ideas to keep their businesses surviving in these tough times. Who knows? Get enough women together with enough clout, and you might even be able to make a difference in your state legislature or in Washington.
Of course, these days, banding together doesn’t have to happen in person. Check out the SCORE Community, where there’s conversation going 24/7 about business topics that can help you survive and thrive.
Rieva Lesonsky, GrowBiz Media
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August 31, 2010
Limited Offers can Achieve Bigger Results
I was listening to a news story recently about a famous French chef (Chef Ludo Lefebvre) who loved to create, to cook, to push culinary limits – but hated the stress, hours and financial overhead of a traditional restaurant. So Chef Lefebvre decided to turn his entire business model upside down and create Ludo Bites – pop-up restaurants that show up at limited locations in the Los Angeles area, for a limited time, and with a limited menu.
The results have been transformative for Chef Lefebvre. He works fewer hours, makes a greater profit (even with lower prices due to the low overhead), and is able to channel unfettered creativity into gastronomic works of arts. Customers become groupies and post photos of these intimate dining experiences throughout Social Media sites.
The broader lesson for all of us is that scarcity as a strategy has its benefits:
- Scarcity grabs attention. The buyer does not want to miss out on an opportunity. The purchase itself becomes an experience to be coveted.
- Scarcity forces action. The usual “let me think about it” option is the same as a “no”, nudging the potential customer to complete the buying cycle.
- Scarcity takes the emphasis off price. Instead buyers are focused on the deal and the increased value, due to the fact that the offer will soon be gone.
- Scarcity allows the freedom to innovate. For both owner and client a limited offer allows products and services to be introduced and tested with limited risk.
Another great example of the power of scarcity is the success of Groupon, both as a company and as touted by local owners who have used this channel to get out limited time offers and thereby grow their base.
Your Next Best Three Steps?:
- What type of new customer do you want to attract to your business? If you just offer a popular product to existing clients at a discount, you will only lower your margins. Instead think of the type of new clients you most want to attract.
- Decide on the product, price and timing that will attract this new customer. What products have higher margins (like digital products) where you can safely offer great deals? What products/services are especially attractive to the group above?
- Get the word out and remind them of deadlines. Channels like Groupon are a good means as well as limited time radio offers, street handouts and mobile listings. Make sure you remind potential clients just before expiration. You’ll be surprised how many procrastinators are out there!
Share your successes (or stumbles) with limited time offers in the comments section below.
Jeanne Rossomme, Roadmap Marketing
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(Follow Jeanne on Twitter @roadmapmarketing)
August 30, 2010
Make Business Plans Easy on Your Customers
My mechanic has me trained. When I take my car in for an oil change, he places a sticker in the upper left hand corner of my windshield to remind me what date and mileage I should have my next maintenance completed. But every once in a while, he forgets to put the sticker on the window.
Then I have to remember the date and mileage details. It’s a good thing to train your customers and it can help you pump up your bottom line. But if you choose that route, it’s important to follow through.
Because my mechanic occasionally forgets the oil change sticker, he shifts the burden of that “perk” to me. That’s a burden I don’t want to bear. On top of that, it could cut into his business if I delay the maintenance because I’ve forgotten when the car is due. And if he forgets stickers on several cars… well, you get the idea.
Training your customer when and how to do business with you helps both them and you. But make sure you have a mechanism to help you follow through. Unmet expectations have a way of driving business to your competition.
Denise O’Berry, Guest Blogger
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August 27, 2010
Overcome Your Fear of Debt
If you’re like many women I know, you may be cautious when it comes to money. Call it “Bag Lady Syndrome”—that irrational fear that lots of us have that, somehow, we’re going to end up penniless (no matter how hefty our bank accounts currently are), but the attitude invariably carries over to our businesses.
In today’s economy, of course, a frugal approach to business might seem like a necessity. And to some degree, that’s true. But there comes a point when being frugal really means you’re being penny-wise and pound-foolish—and for many women business owners, it’s hard to tell when you’ve crossed that line.
Consider the case of Andrea Herrera, who was recently profiled on CNNMoney.com. Herrerra suffered from an affliction common among women entrepreneurs: fear of debt. She had grown her 10-year-old catering company to $650,000 in sales, but her reluctance to take out a loan was hindering further growth.
A mentoring organization finally convinced Herrera it was time to bite the bullet. Three years after she obtained a loan, her company projects sales of $1.3 million, and boasts big clients including Oprah Winfrey’s Harpo Productions. With new employees handling duties she used to juggle, Herrara has time for long-range planning so her business can grow even more.
Overcoming your fear of debt doesn’t have to mean taking out a loan, of course. There are many examples where reluctance to spend on a smaller scale could be holding you back. Are you working with outdated equipment? Doing tasks an assistant should be handling? Cutting out conferences where you could meet lucrative clients because you don’t want to spend the airfare or pay for a hotel? Even sitting on an uncomfortable desk chair because you don’t want to spring for an ergonomic one can cut into your productivity.
Next time you’re considering an investment in your business, consider this: How long would it take to pay back the expenditure? If a $200 chair makes you 20 percent more productive, it might pay for itself in an hour. If you land just one client at that event, the cost could be covered—and then some. In other words, start thinking about expenses not just as liabilities, but as opportunities that could help grow your business.
Sometimes it takes someone else’s perspective to help us see the growth opportunities in our businesses. Want to talk to someone? You can get advice anytime at SCORE.
Rieva Lesonsky, GrowBiz Media
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Overcome Your Fear of Debt
August 24, 2010
Embracing negative comments makes you stronger
No one likes to hear complaints. You invest sweat and spirit into your company, content and products. A bad review feels like a blow right to the gut.
But rather than a punch, perhaps it is better to view a complaint as valuable training, coaching, business toughening. Customer complaints are some of the most valuable growth data you could hope for… it is free, candid, focused feedback by clients who have engaged with your company. And studies consistently show that embracing complaints with good systems and follow-up can be an effective growth strategy:
- Dissatisfied customers are taking the time and effort to voice their opinion and uncover problems. “A typical business only hears from 4% of its dissatisfied customers—the other 96% leave, 91% for good” – (Jim Barnes, “Secrets of CRM”)
- Complaints have greater buzz. Studies show that bad experiences are communicated to twice as many people as good experiences. Add in Social Media networks and this data grows exponentially!
- Resolved complaints build greater loyalty. Customer satisfaction studies consistently show that customers who complain and are satisfied are more loyal than those who never complain at all.
- Listening is your best tool in complaint resolution. Most customers complain, leave and then complain to others because they feel they were not listened to. You are not likely to be able to “fix” all customer problems. But listening and giving an honest, reasonable response is usually enough to retain a positive relationship.
Your Next Best Three Steps?:
- Create an Open Channel (or several) for Customer Complaints. Make it easy for clients to give you feedback at many different “touchpoints” or places where they are in contact with your company or product/service. Studies show that 50% of consumers (75% B-to-B clients) will complain to a front line person or website but less than 5% will escalate to management.
- Build a Response System. Track client questions and complaints and your responses. This will allow you to build a set of common responses and to see if problems are isolated or pervasive. A company customer relationship system (even as simple as shared Google docs) allows you to present a coordinated, consistent and professional response.
- Use the System as Key Data for Future Growth Projects. When looking at planning for new products/services, new partners or new employees, your response system is the first data you should reference. And make sure you thank those who originally “complained” for their help.
How do you deal with complaints? Share your gut punches and tough victories in the comments section below.
Jeanne Rossomme, Roadmap Marketing
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(Follow Jeanne on Twitter @roadmapmarketing)
August 23, 2010
Networking Tips to Strengthen Business Relationships
Have you sent anyone a handwritten note lately? Okay, so quit wrinkling your nose and thinking that the idea is so 90s. Hear me out. Sending notes is not just something that’s “touchy-feely,” it’s about maintaining good business relationships with the people you know and the prospects you meet.
Think about this. When you get your mail, what’s the first envelope that gets opened? For most people, it’s the envelopes that are genuinely handwritten (not the direct mail “fake” stuff we all get).
Your contacts feel the same way too. A handwritten note sends a unique message to the receiver — primarily that you cared enough to take a few minutes to sit down and write in this day and age of instant communication.
An email just doesn’t pack the same punch. Quick survey — how many emails do you have standing up on your bookshelves? Probably none. But I bet you have at least one personal note you’ve received from someone up there.
It only takes a few minutes each day to write a note, two or three sentences will do. It’s a good habit to get into and it truly makes you memorable to other people because so few do it. It’s not “old fashioned,” it’s just good business.
Denise O’Berry, Guest Blogger
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August 20, 2010
Tools For Small Businesses Using Credit
The Office of Advocacy of the Small Business Administration is an independent voice for small business within the federal government. They recently released a study examining types of credit utilized by small business, including: bank, trade and no credits.
The study authored by Rebel A. Cole, compares firms that use credit with those that do not. The study also looks at which kinds of credit leveraged firms use: loans or lines of credit, and trade credit from suppliers.
“Access to credit is one of the most important issues facing small business today” said Acting Chief Counsel for Advocacy, Susan Walthall.
The study reinforces common knowledge that small firms that use little or no credit are significantly smaller, more profitable, more liquid and have better credit; but possess fewer tangible assets required to obtain credit. These findings certainly are not surprising or unexpected. An interesting conclusion is that of the firms studied, 60% of the small firms that use credit, use trade credit.
Businesses’ that use credit varies by industry, with firms using no credit primarily are found in the service sector or wholesale or retail trade. Bank borrowing and trade credit is used mostly in the manufacturing and construction sectors.
Another interesting finding, and I’m not sure I agree with the conclusion; is that firms that use trade credit tend to be larger, more liquid, but also have lower credit scores. Small businesses that use bank credit are are larger, younger,and less liquid; and companies that do not utilize bank or trade credits are significantly smaller, more profitable, more liquid and better credit quality.
The study raised some interesting questions and many of our readers of the blog and I would be interested in your comments as to whether the conclusions stated are in fact representative of small business.
For more information and a complete copy of the report, visit the Office of Advocacy website at: www.sba.gov/advo
Steve Bloom, SCORE Atlanta
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August 19, 2010
OK, there are a lot of good bosses out there too!
Last week I blogged about the bad bosses. This week, let’s look at the good ones. Take these cues and learn from the great ones. I recently heard this great-boss story:
A woman was about to start a new job when an unexpected medical emergency came up and she had to schedule significant surgery right before starting the new position. So she called up her boss-to-be and explained the situation. But rather than being upset, or calling the new job off, he arranged it so that she would start the job on disability leave and thereby get her salary to kick-in.
When her first check arrived two weeks later, it turned out that it was for her full salary and not the partial disability salary she expected. She called the boss to say that a mistake had been made, but he said no, that they decided to pay her normally. He wished her a speedy recovery and said that they hope to see her soon. Of course she is so grateful that she says they will have a loyal employee forever.
Isn’t that one of the main benefits of being a great boss – you get to create a happy and productive workplace? Yes, being a good boss sometimes costs more and requires greater patience, but the payoffs far outweigh any burdens:
- You make more money. Studies show that happy employees create happy customers and happy customers create happy bank accounts
- You instill loyalty and hard work. People like to work for people they like, and will work harder and better. They will also have a better attitude and be willing to go the extra mile
- You can sleep at night: I can tell you that, having once had a boss threaten to put his cigarette out in my forehead because I didn’t hit my numbers that month, I don’t know how some of these people live with themselves. But the opposite is true too of course – good bosses set great examples
And the thing is, it is not that difficult to be a good boss. It is really a matter of trying to do the right thing. How about the boss who offered an employee all of the available overtime work one month because he knew she was in a bad financial situation? It didn’t cost him anything but it sure did gain him a lot. Or the boss who made sure that the pregnant cashier was able to sit down while doing her job?
Little things go a long way in the workplace.
I would bet that all good bosses have most of these traits in common:
They are fair: The hallmark of the bad boss is that life under their tyrannical rule is haphazard and unfair: Some people are favorites and others are not, some things make sense and many don’t. In contrast, the good boss is reasonable and fair. She treats people equally for the most part and people do not feel taken advantage of.
They trust employees to be adults: The good boss will avoid micromanaging because he knows that that seldom works and it demeans the employee. He knows that if someone needs a day off that they probably have a good reason.
They challenge you: It is not Pollyannaish, this being a good boss business. No one expects the good boss to be nothing but a rah-rah cheerleader. Rather, the good boss leads the way, expects your best, and rewards you in kind with either perks or compliments if you uphold your end of the bargain.
They listen: They may not always agree, but they listen – whether it is to a suggestion on how to do things better or why a raise is deserved.
They are respectful: Usually, they remember to say “please” and “thank you” which is increasingly, and sadly, not as common as before.
Steve Strauss, Mr. All Biz
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August 18, 2010
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Steve Bloom
Julie Brander
Peggy Duncan
Rieva Lesonsky
Greg Magnus
Betty Otte
Jeanne Rossomme
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Denise O'Berry
