business news and resources for SME(s), Startups and Entrepreneurs
Author: BizReflections
Grace Nasralla is the founder and senior business blogger at BizReflections. She is a Co-Owner at HUDDLESPACE which provides small business owners with offices for rent. This year (2024), Grace launched a loose leaf tea brand and named it Brew & Scone.
The start of every year may be a proper time to work on setting new business goals and resolutions; after all, it’s the start of a new beginning that has major significance to the whole world. Here are 4 business tips that will help you start off 2019.
Review your vision for the business: Starting off the year with eagerness and drive for the vision will help kick off the business year and set it in the right direction. Evaluate where the business is at and set new milestones for 2019
Categorize your mailing list:
Segment your audience and know who your clients are. Stay in touch with them and seek their opinion and feedback.
Know how many leads were acquired during the previous year and make plans to increase this number by setting goals.
Pin point acquaintances and ensure to stay in touch with them during the course of the year.
Review the products and/or services list, evaluate the performance of each item and based on that “keep, “discard” or “introduce NEW”.
Establish a realistic marketing strategy that is based on achieving goals and reaching milestones for the year.
“Productivity is never an accident, it is always the result of a commitment to excellence, intelligent planning, and focused effort” Paul J. Meyer
Increasing Productivity
We only have a limited number of “productive” hours in a day. Making the most of these productive hours is key to success in any arena -and also a key to work/life balance, which we all strive for! Increasing your productivity is about getting deliberate about how you use your time! Here are a few tips that will help you increase your productivity: Assign how much time you are going to spend on each task and then track it and be sure to limit it. Even if you do not accomplish the task in that time – stop and move to the next. This will keep you on track and also make you use your time more efficiently. Take regular breaks! We seem to buy into the mentality that if we push on through we will just get it done and then it will be done – truth is that we are more likely to burn out, feel demotivated and stay stuck!! So make sure to schedule your breaks and take them and come back to the task at hand refreshed!! STOP multi-tasking!! While some think this is a strength and a productive way to work, it is actually counter-productive! It diversifies your attention from a task and so it ends up causing a loss of time and reduced productivity overall.
Marketing! Argh! … Sigh … As a small business owner with little time and resources, I often find it exhausting and overwhelming to think about marketing. With so many social media platforms, which one is right for me? How do I choose my networking groups? Should I partner with someone to provide complementary services? Should I pay for advertising in print or online? How do I go about finding opportunities to present? Should I invest in pens, keychains, flyers, decals, and cards? Oh my goodness! It’s important to know your target market and to be strategic. Rather than spread ourselves too thin, it’s better to focus on the tools that are right for you – where you can present your best self. Marketing takes clarity and effort. Likely, we won’t make the most advantageous choices in the beginning. But that’s okay. As clear as we may be in our future goals, there will be trial and error along the way. Even as we stumble on the path, we’ll get back up with perseverance and fortitude. That passion for our business keeps driving us on. With belief in the quality of what we’re offering, the reliability of our service, and honesty and kindness in our interactions, we forge relationships over time. We market to create “awareness” and to pique “interest.” We market to make human connections and build trust. With time and patience, our marketing tools become stronger until, at last, we’re selling regularly, having “transferred our feelings” to an ever-growing loyal clientele.
Every day brings with it new tasks, situations, and a to-do list that may get overwhelming. Thinking of the day ahead and the things that need to get done can be stressful and frustration may take over. One proven solution to stay in control is to apply prioritizing techniques.
Prioritizing what must get done in a day is a skill that anyone can acquire with a little bit of organization and discipline. However, learning to stay focused and focused on goals requires determination and persistence.
Each day, one gets to do planned activities and unplanned activities. It is easy to prioritize planned activities. Applying a few prioritizing techniques will increase efficiency on a normal day. As for the unplanned activities that unexpectedly come up, the best way to handle them is by making decisions that are focused on business goals.
Techniques that may help in the prioritizing process:
Create a To-Do list the night before. Just work on a list without even thinking of what should get done first or last.
First thing in the morning, get the To-Do list and read it carefully. Based on business goals for the day take out the tasks that may not seem important for that day.
Number the remaining items on the To-Do list based on importance to the set goals for the day.
Deal with unplanned activities that may unexpectedly arise, by making decisions that are based on daily goals.
During the prioritizing process, learning to say “No” may seem a difficult practice at first. However, it is a practice that needs to get done in order to stay focused on the prime tasks assigned for each day.
Entrepreneurs and small business owners may have the brightest business idea, but if they fail to identify their target market and their target audience they have set up their business venture for disaster. A distinct target market is the number one element of a successful marketing strategy.
WHAT IS TARGET MARKET?
It is analyzing a business sales market with the ability to identify who will be most interested in the product and/or service it is offering… and why? It is a segmented market whose interests are focused on the product and/or service a business is selling.
3 REQUIREMENTS FOR DEFINING YOUR TARGET MARKET
Research
Look at the demographics and geographic positioning of the market you are selling to. Explore their social status: their age, family size, education level, jobs they are holding, what area they live in, can they afford your product or services?
Segment Your Market
Based on your research divide your market and filter your data based on market interest and income status. You may find that a segment of your target market can afford to buy your offerings at full price; while you may also find another segment of your market that is interested in your offerings but can only afford to buy them at a discounted price.
Know Your Customer Base
Connect with your customers regularly and occasionally survey their needs for what you are selling. As your business grows, your client needs and social status may change. Build a system that will keep your client base information up-to-date. Your current clients already have an interest in your product/service and after all word of mouth will help you acquire new clients or even potential clients that are interested to follow your business.
WHAT IS TARGET AUDIENCE?
Based on its target market a business can then identify the group of people that may be interested to get their promotions and advertising material, or they may even be at the ready stage to buy a product! That group of people can vary in terms of age, occupation, geographic location, family status, or income, but the only factor that makes that group the target audience is that they are identified as having developed an interest in your product/service.
3 REQUIREMENTS FOR DEFINING YOUR TARGET AUDIENCE
Knowledge of target market
The more you know about your target market the easier it is to identify your target audience. If, for example, your target market is Women in high positions in the workplace; then in order to identify the audience it will help to know their management ranking. Are they part of Senior management or are they in Junior management? Are they involved in a decision-making process or do they just transfer recommendations through the company hierarchy, etc…
Surroundings matter
When the target market gets outlined it is also important to consider its surroundings. If women in high positions, that make decisions in the workplace, are the target market, then the target audience will be these women along with anyone in their social and professional circles: their subordinates, coworkers, direct reports, husband, partners, kids, and family members, fitness club friends, etc….
Purpose is Key
Define the purpose for providing your business offerings. Is the purpose behind your product/service to enhance beauty? Or is it to facilitate logistics? Is it to develop your customer team? Or is it a food item that your clients or family members may be interested in?
Knowing the target market and knowing the purpose behind providing that specific product and/or service will definitely help the business define its target audience and stay focused on the needs to whom they are selling. A distinct target audience is definitely the number one element of a successful sales strategy.
Most small businesses create their marketing strategies without considering the many online marketing tools available for them to use as they promote and create visibility for their business. Here are three promotional tools that will help grow a small business.
Speaking at events
Becoming a speaker at events may require some effort to attend the different events that take place in a business area. Joining business networking groups and becoming active members there may open up opportunities for increased visibility for a small business. In some groups, speaking at events may be offered as a benefit to members only.
Podcasting
Position your business as a leader in its business industry, and create podcasts that educate, inform or maybe create awareness about a product or service. Podcasting is a growing trend that will increase visibility for your business, and they make good content to post and circulate on social media platforms.
Advertise in a community newspaper
Community magazines are usually widely distributed and read by the public. Find the community magazine that is most viewed by your business target audience and run an ad there for a few months in a row. Ads are most effective when seen by the viewer repetitively.
Some beneficial promotional resources that are worth exploring are:
Bizbites (bizbites.ca) – a pool for business podcasts
Canadian SME – the #1 small business magazine in Canada.
More tools are available out there, explore opportunities and search for what works best to position your business as a leader in its own industry.
Globalization is the act of connecting and integrating people, companies, and governments of different nations, through international trade and investments; powered by the use of technologies. However, is the small business making use of that trend?
Now is the time for small businesses to flourish by increasing efficiency at a low cost. Indian and Russian web-based small businesses see the value that Globalization brings and are daily reaching out to Canadian businesses offering their IT services at minimal fees. Some Canadian businesses have jumped on board and are outsourcing the automation of their processes, thus saving thousands of dollars per year and at the same time increasing efficiency in their day-to-day transactions. Other companies like Zoho.com and Pamten.com are establishing headquarters abroad, saving on overhead and manpower costs, and at the same time increasing their revenue streams by selling services, that are executed abroad, to businesses across North America.
We also find that International e-Commerce giants like AliExpress.com have emerged along with many others that are following in their footsteps. And as we observe what’s happening we find that this expansion of e-stores is now causing growth for other small businesses such as courier services and logistics industry, money exchange, and online payments gateways. Yes, Globalization has affected small businesses not only in Ontario but across the Globe!
Has your small business found its niche in this Globalized new economy?
One important business trend that is exploding these days is the increase in the use of mobile apps. New apps get added to Apple and Google stores every day. Is your business ready to reach out to mobile users? Do you, as a business owner, realize the importance of reaching out to a mobile app audience?
3 Ways To Reach Mobile Users
Get a business Mobile app
Invest in having someone create a business mobile app that reflects your company’s business identity and environment. That could be a more expensive and challenging option as you reach out to mobile users. However, it will open up new opportunities for marketing the business. Choosing to create an app requires a certain amount of creativity that will trigger handlers to download and use that business app.
Business Directory Apps
Subscription-based business directory apps help in creating a business presence among mobile users. Some mobile apps have local businesses pinned on a map; others may have them listed with search engine capabilities. And in some cases, some may have both features included. Make sure you subscribe to the local business directory apps as a reach out to mobile users.
Content
There are marketing services that feed into mobile apps. Podcasts are an amazing marketing tool that is easy to link as a feed. Subscribe to apps that feature existing podcasts that allow users to contribute content to their channel; that’s one way to increase business visibility among mobile users. Contributing content will definitely increase your business visibility, and in return, it will place you as a leader within your own industry.
The latter two ways are more cost-effective and doable for small businesses as they reach mobile users. There are plenty of apps that provide local directory listings. Find the app that is widespread in your area and subscribe to get your business listed there.
Interact with other people to exchange information and develop contacts, especially to further one’s career.
In business networking events we find all three definitions represented. We meet the people that are there to exchange cards, tell others about their business; with little interest they may wait to hear what others have to say in order to complete the networking process, but they do not engage in conversations that elevate the connection into a lead.
In the second meaning of networking google’s dictionary talks about connecting computers to create a network, but that reminds me of the people that attend networking events but barely connect with anybody, they are just there for the purpose of exchanging cards in order to get people’s e-mail addresses to add them to their mailing list in order to establish that computer connection.
The third meaning of networking is what true business networking is all about. Business owners interacting with other people to discuss business topics, exchange information, acquire contacts; of course for the purpose of developing and growing their business. This type of business networking will definitely reap the benefits for the business as that connection will turn into a good lead that will refer others to the business and that may turn into a faithful customer one day.
The success of business networking depends on the mindset one develops as they approach networking events. To reap the benefits for the time spent at a business networking event one has to be authentic about meeting people, show interest to know more about other represented businesses, reflect clear objectives when exchanging cards, develop a business connection that is built on respect and a willingness to contribute knowledge and exchange referrals. Is your business wasting time or reaping benefits during business networking events?
Is creativity crucial to small business success? Is it enough to hire creative workforce to design, plan, strategize and implement? What about businesses that adopt the traditional business approach? Do innovative business strategies define the success of a business?
Yes, in order for a small business to stand out in this competitive world of business it requires creativity and innovation. Whether a small business can hire inventive staff or not, creativity has to start in Leadership. When a business owner is not creative, the business becomes very habitual and resistant to change. In a world where change is happening every day, a business that lacks creativity will eventually expire.
Here are 3 goals to drive the creative business owner:
Be a leader in your industry
Competition is on the rise and business owners have to work hard to make their business stand out from other competitors. They find themselves working with an innovative mind rather than moving forward the traditional way. Any small business seeking to become leaders in their own industry finds it fundamental to be creative in their business approach.
Think outside the box
As a business owner myself, I found that anytime I confine myself to one business approach and restrict myself to that school of thought, my success curve will eventually decline. Business owners: stay up-to-date with the latest business trends and feed on the creativity that is presented by the different business experts.
Make creativity your business mark
Competitors are watching the progress of others in their industry; make creativity your mark. When that happens they will find themselves copying your ideas and business strategies and you automatically become the leader in that business trade.
Small businesses cannot survive on their own. In every business, most sales are done through word of mouth or referrals from people who have established trust in the business or the owner of the business. Building a network of connections results in getting leads that may turn into customers or that may send customers to a business. Being a part of a business community will help expand the reach and, with that, increase leads.
Learn Best Practices
Business community websites are filled with information that can be of importance to small businesses. Starting from how to start a business to the latest business trends, business communities are a great resource to gain knowledge about how to’s and where to’s for growing a business. Whether it be through forums, group discussions, or just postings on a profile timeline, there is always something to learn and gain knowledge from.
Stay Motivated
Being a part of a network will definitely help motivate a business owner. Entrepreneurs tend to lack motivation at times as they are responsible for all business tasks. At times they get overwhelmed with tasks and lose motivation, and at other times they may feel they have run out of ideas and lose motivation to continue. A good way to stay motivated is to find a professional business community and stay active there. Stay connected with business owners on the network, attend community networking events, stay visible by placing ads or taking up speaking engagements during events, and always offer to help. That will not only keep a business owner motivated, but it will also increase business visibility within the community.
Generate Leads
Business leads come from knowing people. Meeting people requires a community. Loos for business communities that have a virtual platform and that also run events. That way, one will get to meet people and then stay connected over the internet to send leads and referrals. One thing business owners have to remember, in a community, one has to give in order to take. Give leads, and others will send you leads. Give referrals to other business members, and others will send you referrals.
Enjoy Benefits
Business community websites usually offer benefits to their members. Benefits may vary from free services to discounts and offers to access to business resources and more. Make use of these benefits! Many businesses register at business community websites and forget about their accounts. It’s good to visit business community websites often to explore new benefits added to members.
Social media users have significantly increased in 2016 making Facebook the most popular social media platform for Americans. A US National survey states that 79% of Americans use Facebook as their primary Social Media Platform[1]. The number of Facebook users has spiked due to the number of middle-aged adults joining Facebook. However, does that mean that Facebook is the best Social Media Platform to use for your business?
There are different factors that determine which social media platform should be used for a business. However, depending on the business type and the target audience one may come up with a good social media marketing strategy. This strategy may incorporate a presence on all social media platforms. However, the focus will be on where your audience is. A business may get thousands of likes on Facebook but may fail to develop engagement. This is an indicator that it is not the right platform to invest time in. However, it does not imply taking Facebook out of the equation. A business still needs to create visibility for its brand, but it will be a better investment to spend time on a platform that allows an active forum with its audience.
Twitter is an amazing tool for branding a business. However, with specific types of businesses, it may not create engagement. It may create a lot of discussions about pop culture and breaking news, but for a business that sells products and/or services, it mostly helps in highlighting the brand.
As a business owner that caters to small businesses, I found that spending time on Instagram is worthwhile. It is easy to interact and build hype for my business at the same time. Adding hashtags to posts on Instagram actually brings in an interested audience.
Experiment and test different methods like this to find out what works best for your business in order to build a strong Social Media marketing strategy.
In business life, the inception of a new idea potentially turns into a vision. However, a vision does not bring growth to a business except if the business owner gets busy equipping their business for growth. A vision may direct a business, it may lead the path and be the foundation for objectives and goals, but it will require some equipping along the way to bring growth. Here are few steps that will equip a small business for growth:
Register a business to give it an identity and status
Organize the business idea by writing a business plan. Even if it was a short 2 pages plan, the purpose is to help detail the idea, eliminate chaos that may result in delays, and bring it into existence.
Write the vision and mission statements to define a purpose for the business.
Detail the product/service. Give it a name, a price and a description.
Package products/services to facilitate the process of sales and provide a value added bundle for the client.
Prepare a presentation highlighting your products and services to display when meeting with clients.
Prioritize marketing the business and treat it as an integral part of the budget. One of the main purposes of marketing is to increase visibility of your brand and cause people to talk about it.
Marketing attracts leads and fans to your brand (and/or product/service), and these leads will spread the word about your business.
Stay up to date with the latest trends.
Make an effort to stay abreast with technologies.
Be ready to answer questions about your business.
Meet with clients in a professional environment. Find an office rental provider that will equip the business for growth by providing quality services and benefits.
There are two concepts that are important to understand and that contribute to the growth of a business:
Give first and that will open doors for others to give back. Do not be afraid to provide free services. Identify a service that may turn into a hit and offer it for free at start. Take facebook, Twitter and linkedIn as examples, the platforms have been offered free since their inception, and once they became popular the owners started finding ways to monetize them.
A business does not grow without an investment. Whether it be time investment or money investment, it has to be substantial. A business grows gradually, but the time will come when a business has to run from a physical space that will allow it to grow. Looking for an office to rent becomes a must, and through weighing the pros and cons the small business owner gets to choose the office solution that works best for their business. Beware as the benefits that come with an office will definitely determine how much the business gets equipped for growth.
