Slowed Economy Buffered by Low Cost Social Marketing Tools

Are your small business fears growing as our economy declines? Yesterday, a leading economic organization officially declared the developed world in a state of recession. The Paris-based Organization for Economic Cooperation and Development says the 2009 outlook is grim, that the GDP is likely to decline 0.3 percent on average in its 30 member countries. So the question is, have you been denying that our economy has slowed? What have you done to ‘recession proof’ your business? Well, I sure hope that you haven’t stopped marketing as this is the best time to get the word out about your product or service. If you haven’t already integrated a Social Marketing strategy for your business, regardless of the state of the economy or the industry your in, there is no better time than today to start.

With the development of many low cost and free-to-use platforms, widgets, sites, blogs, and applications, it has become increasingly easier to afford online marketing. Here’s a list of 22 low-cost or no-cost tools compiled by Mashable with some great brand examples:

1. Blogs (Johnson & Johnson, Delta Air Lines)
2. Bookmarking/Tagging (Adobe, Kodak)
3. Brand monitoring (Dell, MINI)
4. Content aggregation (Alltop, EMC)
5. Crowdsourcing/Voting (Oracle, Starbucks)
6. Discussion boards and forums (IBM, Mountain Dew)
7. Events and meetups (Molson, Pampers)
8. Mashups (Fidelity Investments, Nike)
9. Microblogging (method, Whole Foods)
10. Online video (Eukanuba, Home Depot)
11. Organization and staffing (Ford, Pepsi)
12. Outreach programs (Nokia, Yum Brands)
13. Photosharing (Rubbermaid, UK Government)
14. Podcasting (Ericsson, McDonalds)
15. Presentation sharing (CapGemini, Daimler AG)
16. Public Relations - social media releases (Avon, Intel)
17. Ratings and reviews (Loblaws, TurboTax)
18. Social networks: applications, fan pages, groups, and personalities (British Airways, Saturn)19. Sponsorships (Coca-Cola, Whirlpool)
20. Virtual worlds (National Geographic, Toyota)
21. Widgets (Southwest Airlines, Target)
22. Wikis (Second Life, T-Mobile Sidekick)
*List http://mashable.com/2008/11/07/social-media-marketing-plan/

Social Networking Overload

“Hot” business lingo that are succumbing to the mainstream:

- Web 2.0
- Social networking
- Social learning communities
- Social learning platforms
- Business blogging
- Twitter

…CommSocial, “the first Web 2.0 network platform to fully leverage social networking's unique power to create "social learning communities" that deliver unsurpassed and entirely predictable marketing and business results”, was recently released by Wi5Connect.

"Market research shows that more than 70 percent of people no longer trust marketing messages," said Laurie Lohner, CEO of Wi5Connect. Hmmm, last time I checked ‘social networking’ was becoming a form of marketing. CommSocial, though, will give users the chance to obtain complete and actionable data on what customers expect of you, what they think of your company and your products, and will facilitate the environment that allows your best clients to interact with your prospects online. Pretty cool, but throw me a friggen bone here. Do the names Mark Zuckerberg and Amazon ring a bell? I guess I’ll have to wait and see how this platform really fully leverages social networking.

IS THERE A SECRET TO SMALL BIZ SUCCESS?

Seminar offers help to people starting small and thinking big

What makes one business idea soar while others crash? With 139,000 Canadian firms starting up last year alone, it’s a question any aspiring entrepreneur must answer.

“Most people dream about one day owning their own small business, but very few people know how to make it work,” comments Startup Expert Roger Pierce.

According to a recent report issued by Industry Canada, about 70 percent of small businesses that enter the marketplace survive for one full year; half survive for three years and approximately 25 percent are still operating after nine years.

Those statistics don’t surprise Roger Pierce, Co-founder of BizLaunch, “Too many start ups fail because new entrepreneurs don’t truly understand what it takes to succeed, or, worse, launch a business that does not hold their passion,” he comments.

Overcoming those challenges is the focus of a free seminar being offered on 18 dates this fall across Ontario and Quebec called ‘How to Create Your Million $ Idea’.

Pierce says the seminar reveals the secret ingredients of small business success, reviews hot business trends, lists the most popular startup categories and helps would-be entrepreneurs to find their true business passion.

Pierce is co-founder of BizLaunch, Canada’s largest small business training company. BizLaunch delivers informative how-to seminars for clients that include STAPLES Business Depot, Bell and the Government of Canada. BizLaunch will deliver over 300 how-to seminars in 2008 and has trained over 10,000 small business owners worldwide.

How to Create Your Million $ Idea will be presented by Roger Pierce in Mississauga, September 11, in Toronto, September 23 and on many more dates in 2008. Aspiring entrepreneurs may register for a seminar at www.BizLaunch.ca/bellseminars.

Techno-devil

We are living through the largest demographic change to ever happen, even larger than WWII. Gen Y’s are at the forefront of the business world today and are tomorrows tech wizards. Social Media is mainstream. It is what we are today and what we will become in the next 10 months. The computation capacity of a computer will soon over take that of the entire human race.

Are you scared? Where will we be in 20 months and 20 years from now?

The desktop computer, the laptop, the MP3 player are slowly becoming extinct. What effect will this have on our daily lives?

Measure what Matters

Key Performance Indicators (KPI) help bridge the gap between your Web analytics data and your company objectives. But before you can start any form of research; you must define your company objectives and your online goals. KPI’s can be anything from increasing revenue and lead generation, to conversion rates and page views. It is important to measure what matters by keeping a focus on the research and data collection objectives.

Some interesting KPI stats:

• More than 70% of companies don’t deliver important Web data to executives.
• More than 80% of retailers don’t report Web data to merchandising staff.
• Only 53% of companies are sharing Web analytics data with their marketing groups.
• Only 32% of companies are distributing analytics data daily or weekly.
(JupiterResearch)

KPIs identify what to monitor, manage, and optimize so don’t hesitate to share web performance across all departments including marketing, sales, and even with key stakeholders.

Are you an Entrepreneur?

Entrepreneur, according to Webster’s, is one who organizes, manages, and assumes the risks of a business or enterprise. It is the combination of those three elements; management, organization, and risk, that enables one to run a business. But, entrepreneurs aren’t necessarily great managers or organizers. They are the creative thinking types that start businesses, hire people to manage them, and outsource work involving organization (typically assistants or equivalents).

So what makes an entrepreneur? Passion, determination, and persistence. Blah, blah, blah… We all know this is true. You need passion to follow our dream, determination to get a loan or funding, and persistence to keep making sales. And so if this is the case, then we are ALL entrepreneurs. Think corporately; some are passionate about their desk job because it pays the bills and provides occasional bonuses. They are determined to get a raise, and are persistent in showing up to work on time. Think small business type; workers are passionate about the company culture, determined to help grow the company, and persistent in contributing to sales objectives. Think the mother type; moms are passionate about their children, determined to help them succeed in life, and persistent in keeping them happy and healthy. Think the Olympic athlete type; they are passionate about their sport, determined to win the gold, and persistent in training their bodies to be the best in the world. Get my point?

Canada is a safe place for small business

Being an entrepreneur is a totally unique way of making a living. As an entrepreneur, you alone are responsible for your success or failure. You can enjoy rewards beyond your dreams or endure unexpected struggles. That being said, it is evident that many Canadians are taking advantage of those factors.

“Small businesses create jobs that corporations have increasingly been taking away,” comments Roger Pierce, Small Business Expert and Co-Founder of BizLaunch, “Recent cut backs in the manufacturing sector, especially, are leaving many in a helpless situation. Those same employees are starting their own businesses and contributing the Canadian economy”.

A recent report suggests that Canada’s job creation over the last decade is the best amongst the world’s seven largest industrial economies. Those being laid off often think about starting their own company and act on it. Last year alone over 179,000 new businesses were created in Canada. Of those, many employed between 1-5 employees. That’s at minimum 179,000 and up to 895,000 jobs created by small businesses alone.

Those statistics don’t surprise Pierce, “With more awareness of the small business growth we are seeing in Canada, many more companies are popping up. It is said that there is more job security and profits in running your own business. Being ones own boss also allows you to shape and develop a company culture to your liking.” Take Zappo, the world’s largest shoe store as an example. Potential employees are screened to make sure their values mesh with the Zappos 10 Core Values. If an interviewee does not have the same morals, than they would not be considered for the position.

There are many more available services for small business than there has ever been. With the help from governments, non-profits, and private companies, the state of small business has changed so dramatically in the past decade that it has become very easy to start a small business. Programs such as ScotiaBanks’ Starting Line fro Business, STAPLES BizLaunch in store seminars, Small Business Centre events, and free small business advice from government organizations, together have given entrepreneurs the access to the how-to advice they need.

To recieve great bizTips, sign up for bizLaunch's monthly newsletter at www.bizlaunch.ca

Pay-for-performance: No longer for Sales people

Base plus commission is the typical form of compensation for sales people. It is widely used because it leads to higher sales. The more sales one makes, the more they earn. But this form of pay-for-performance should not be limited to sales employees. Everyone in the company, especially the marketing department should be compensated on a job well done. Yearly bonuses are good, but that merely reflects how well the company has done over the course of the year. Individual compensation for achieving certain objectives should also be a part of your small business culture.

Pay-for-performance is a key method to align employees’ objectives with your businesses objectives because it associates rewards to performance. Like a dog earning a treat for good behaviour, your employees should also be rewarded for achieving their goals.

“Most employees become more engaged and motivated by understanding how their daily activities help drive overall business health; this unquestionably results in both individual and company-wide success,” explains an article from Success Factors, People Performance Insider Series. The use of pay-for-performance ultimately leads to greater employee motivation, improved retention, and cost savings.

If you are looking into ways to help motivate employees and achieve overall company objectives, consider implementing a pay-for-performance system. It can certainly help with both short term and long term individual and company wide objectives.

Interview By CityTV

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Are men better at business than women?

This was a questioned asked by a business coach in a blog posting "Do Women Owned Businesses Earn Lower Profits Than Businesses Owned By Men?". He attempts to justify his answer by showing some stats and relating research back to Elizabeth Gordon's book "The Chic Entrepreneur". Perhaps evidence shows that women owned businesses yield lower profis than those owned by men, but there are a few factors missing. Read my answer to his posting:

It depends what you are asking by "Are men better at Business than women?". Women bring structure, organization, motivation, compensation, and merit to the workforce. Men think about the Big Bucks and the bottom line. Sure male business owners might bring in a larger profit than women business owners, but how can you compare, really, when a very small percentage of businesses are run by women? Women aim for a better work-life balance, men don't. Women want the people in her workplace to be happy, healthy, and loving their job. Men want his workers to build his profits.Perhaps this question can be better answered if you look at the type of businesses women run compared to those of men. Depending on the industry, many companies are inherently predisposed to a higher potential earning. Grandmas homebaked goods, unless acquired by Kraft, doubtfully will be a billion dollar company, compared to a fancy-dancy application for your iPhone. I am not suggesting that men are big, mean, horrible people to work for. The opposite is true. I love working with men because they are go getters. But at the same time women bring that organization and stability to the company. A happy mix of both genders works well!

Web 2.0 - What about Small Business?

What is significant about People, technology, and economics? The three together have created the groundswell. A term coined by Charlene Li and Joseph Bernoff in the Book Groundswell: Winning in a World Transformed by Social Technology. They explain that these three forces together have fashioned a new form of social technology that has brought together people from every corner of the world through technological highways created and maintained by Web 2.0 and internet capabilities. We have far exceeded many expectations in global communications with social platforms such as Facebook and Wikipedia. With the ability to produce personal and business social profiles and user generated content, the business world has shifted to online content generation and instant consumer dialogue. CEO’s and Managers are now blogging. About what? We don’t really know, but their opinions are publicly displayed and are being commented on. Instant PR is taking place all around us.

I had a friend who recently purchased a Dell laptop and was not pleased with the screen so kindly contacted customer service to ask how to return the product. It wasn’t as easy as he expected and soon became disgruntled. He found a Dell VP’s blog and posted his difficulty in returning the product along with some other nasty words, and before you know it, a brand new, shiny Dell laptop is at his doors step. No questions asked. Although most circumstances would not end as such, this is a perfect example of the power of Web 2.0 and how small businesses must be aware of the ease in getting the word out about your product or service, whether it’s good or bad news.

In this new day and age of technology, we are all walking on egg shells. Corporations and small businesses alike must consistently watch the internet for discourse created concerning their product or service. Immediate action must take place in the event of bad conversation in order to prevent a skyrocketing issue. Hush Hush here is a laptop.

What preventative measures do you have established in the event of bad consumer dialogue? Can you monitor the web for content related to your company? Entrepreneurs must set up systems to help monitor what the world is saying about them. But don’t forget, all this open conversation and user generated content can also be a VERY good thing for small business, Think cheap, free, and large untapped market places.

Small Business Introduction: Hello my name is ABC Inc.

The key to a formal introduction in the small business world is simple; when introducing yourself to someone, whether they are a new neighbour, prospect, client, or car dealer, don’t just say your name, state your company and its purpose. Sounds ‘corny’? Yes, but it works. If I say “Hello my name is Renée. I am the marketing manager of ABC Inc.”. Many people might not recognize my company or exactly what it does. But if I say “Hello my name is Renée. I am the Marketing Manager for a company that helps train entrepreneurs”, the result will be outstandingly different. This is because not only have you grabbed their interest you have also explained to them what it is that your company does.

This is an effortless and important marketing strategy for small businesses as it is a way to market your company through simple introductions. Someone working at Coca Cola wouldn’t have this sort of introduction because they wouldn’t need to. Coca-Cola speaks for itself.

Does your business do they same? If not, then formally, and in detail, introduce yourself and your company purpose in one simple sentence.

Workers are Moving West

Workers are moving west. And why wouldn’t they? With 24,000 jobs cut last month alone in Ontario and 61,000 added to the Alberta workforce last year, there is nothing keeping workers here. Alberta is in need of skilled trade’s workers and general labourers. Ontario is in need of help, and they are trying. Most recently the Ontario government created Second Career, a provincially funded program for those who have recently been laid off and are in need of training to be qualified for more specific jobs. The programs initiative is to keep workers here. Will it work? Will workers go weeks or months without a job just to train for a position that they may not want to work? Packing up and moving west seems like a more tempting choice. Standard of living and cost of living are pretty much the same, and there is work out there. Why stay here?

The answer is easy, if you are thinking about starting a business or recently launched one staying in Ontario is a better choice. We have more government programs, more entrepreneurs per capita, better access to resources such as funding, and a higher start-up success rate. Ontarians are engineered to be great entrepreneurs. If you or someone you know has recently been laid off, think about starting your own business. These websites will help you find your passion, start-up and be on your way to small business success:

http://www.staples.ca/
www.getgrowingforbusiness.com
www.smallbizlabs.com
www.smallbiztrends.com
www.cyberbahn.com
www.lastminutetraining.ca
www.cfib.com
www.sbe.gov.on.ca
http://www.mndm.gov.on.ca/
http://www.bizlaunch.ca/
www.bizlaunch.ca/bellseminars

Last Minute Training

Are you an entrepreneur looking for extra training on the side?

Last Minute Training provides North America's premier training suppliers with an opportunity to sell their excess participant capacity on a last minute, discount basis to our members.

Membership is free, and gives you the inside track on training opportunities. Create a confidential member profile, including your personal 'training wish list', and they'll email you immediately when a course you are interested in becomes available.

Optionally you can choose to browse their selection of available courses at Last Minute Training. They will offer a broad range of personal and professional development courses at discounts of 30% or more.

Afraid to Take the Leap of Faith

I made a trip home to North Bay, ON this weekend to enjoy the lake, the weather, and my mothers home cooking. Although my time home was short, it was well worth the 6 hour drive. I realised while sitting in the dining room and peering out the window through a beautiful stained glass piece my mother designed, that there was a great small business opportunity right before my eyes. The problem was that my mother refuses to take the leap of faith and go into business on her own. Age and lack of business experience has limited her motivation to start something new. But the skill and creativity she possesses defies all small business odds. If you have a great product offering then the business skill will develop over time with the proper training and consulting. Start small and expand with customer demand.

Her Story:
After retiring from a 30-odd year career in teaching, my mother has never been busier with Sorority meetings, gardening, supply teaching, travelling, and enjoying the lake with my father. But lack of routine and structure in her weekly tasks led her to rethink her ultimate life goals. She soon developed an interest in entrepreneurship and starting a small home based business. However, she could not decide what to do, where to start, or how to get going. Like most potential entrepreneurs she is afraid of taking that leap of faith.

Designing and selling stained glass pieces would be a hot seller in many cottage country markets. My suggestion to her was:
1. Create a business card and hand it out to everybody
2. Design an attractive sandwich board to place at the end of the driveway (high traffic street on the lake)
3. My mother often creates stained glass pieces for presents to those getting married, having a baby…I suggested she include with the piece she is gifting a bio of her and her work and an attached business card.
4. Send out a mass email to everyone in her database about her stained glass work
5. Approach local craft stores and offer a commissioned model to sell her work
6. Create a Facebook group
7. Attend craft shows
8. Periodically place little ads in newspapers and journals
9. Consider an open house
10. Write a media release and send it out to the local newspaper
And the list goes on and on.

Although taking that initial step in setting up shop is very intimidating, it has its rewards. Entrepreneurship is the spirit of our times. If you are thinking about starting a small business than just do it! Small business advice is readily available. BizLaunch.ca, for example, offers free small business advice in a ready-to-apply method. BizLaunch focuses on training as a holistic community and bringing to the forefront successful start-up business enterprises that will lead the way to innovation.

State of Small business - Industry Canada

I just finished skimming through the May 2008 Small Business Quarterly and was very pleased with what I read about Small Business. Small business contributed to over 35% of the job growth over 2007 in Canada. With over 319 000 jobs created last year alone, small business is a large contributor to job creation. Perhaps its time the provincial governments give small business owners a tax break?

Stepping Down to Step it up: Exiting your Small Business

In relation to yesterdays post, Keeping it in the Family, I came across another article related to this topic. Changing of the Guard in PROFIT magazine discusses the founder’s ability to run a business after it has become successful, i.e. if he/she is still right for the job? If you have brought your company from launch to consistent year-after-year growth you have achieved something all entrepreneurs dream of. Now, its time to assess whether to hang on to it or let it go.

Entrepreneurs cannot be everything at once. Operations, PR, HR, marketing, sales, finance, design, culture, ideas, and planning are not a one man job. “…a COO is perfect for handling operations in a rapidly growing, smaller business, a slower-growing, larger business needs a president who can create and implement well defined systems and processes…” – Brian Scudamore, Founder CEO of 1-800-GOT-JUNK?.

Define your exit strategy. Will you work in your business until death or will some other fortunate spirit help you define the awesomeness of your creation?

Keeping the Business in the Family

I read an article in today’s Financial Post called Keeping it in the Family. It reminded me of the discussion I had with Brian in the car yesterday on the way back from the cottage. The article discussed the McCarthur Fine Furniture story in Calgary and the generations expected to keep the business in the family. The parents have been sending their children to meetings to get external viewpoints on the business and to see if it is something they truly are passionate about. Ted Pound, the founder, explains that “the biggest challenge is recognizing first of all that it's a business and then second, it's a family and that's always a challenge.” Those were my thoughts exactly when I asked Brian if he plans to take over or buy out his fathers Eavestrough business when he retires. Although it seems like a natural course of action, it might not be the right course of action.

Running a business is so very different than simply working in it. Although Brian is excellent at what he does and has been doing it for over 10 years, it is not enough to determine his ability to successfully run the business. Sales, marketing, HR, and payroll are areas where he has little to no experience, but he knows what has to be done. Many people become entrepreneurs out of scenarios similar to this and succeed. Why? They persevere, are enthusiastic, and are not afraid to ask for help.

Attending free seminars such as BizLaunch‘s How to be a Successful Entrepreneur offered in STAPLES Business Depot stores cross Canada has helped many people in starting and running a business. Others such as Trudy Van Buskirk , do email coaching, and Andrew Patricio do one-on-one and telephone coaching. With all these affordable services entrepreneurs-to-be have more than enough resources to follow through in inheriting and developing a successful business.

Free Publicity is easy as pie

I recently (as of 4 months ago) started writing media releases without any prior experience writing anything media related. It was not by choice that this event occurred. When my ‘boss’ asked me to write a release about an up coming seminar I was terrified of what was involved. I searched the internet for templates and examples, I read every article in as many newspapers as I could get my hands on, I purchased publicity books , like Public relations Kit for Dummies , from the bookstore, and then put my pencil to the paper (quite literally) and pumped out my first release. Guess what? It got picked up! And so did my third, and eighth, and so on.

What worked was building a relationship with the media I was attempting to contact. A proper introduction email, a well written media release, a courtesy call, and a thank you email all helped get me published. The thrill of your first successful release truly outweighs the ongoing writers block and spell check after spell check you succumb to in order to produce a piece of art.

I learned that each person has their own distinctive writing style and each publicity campaign its own unique features. That being said, it is important to overview your entire publicity objectives before you get started. According to David Carriere, you can publicize just about anything by following these 7 steps:

1. Start brainstorming

2. Distill your message down to a concentrated reduction

3. Select a spokesperson

4. Create Press Materials

5. Map out the strategy

6. Execute your plans

7. Allow your success to propel you forward.

If you want to read a quick to-the-point book, go get David's Book Publicity: 7 Steps to Publicize Just About Anything. It helps

Million $ Market Niche

...what entrepreneurs need to know to succeed

Before creating a brochure, before developing a brand, before designing a website…a small business owner must know who they are creating, developing and designing for. Entrepreneurs must know their target market.

Instinctively, a small business owner should have a good sense of their market. But there’s danger new owners must address. Too narrow a market focus and the business may not meet its sales projections. And too broad a focus and the business risks losing impact on its customer base.

When defining a target market, a new small business owner must identify the niche they can supply better than anybody else, know exactly who their potential clients are, and pursue only those customers offering the greatest profitability.

To identify a niche, a business owner must start by knowing what they do well and who will pay them for it. Defining the customer group can be easy by collecting data such as age, gender, purchasing habits, and group associations. Make sure the proposed new target market is worth the while. Does the proposed niche have money to spend? Can they pay the price?

“New small business owners simply do not have the time, money, or resources to try to sell to everybody. Marketing becomes so much easier once entrepreneurs know exactly who they are trying to reach,” comments Roger Pierce, Small Business Expert and BizLaunch Co-founder. "Business owners will have an easier time talking to them, understanding their desires, and fulfilling their needs if they have a full understanding of their ideal customer”.

Know your niche and know it well, than prepare for increased sales.

Your Company Vision: The Road Map to Success

There’s a well defined road map to unlock business success that is often defined by the owner. Persistence, enthusiasm, and valour, the characteristics of an entrepreneur, play an integral part in the growth of a small business. These characteristics also need to be carved into the company’s vision.

The detailed development of a company vision is vital in the early stages of growth. It should be a clear reflection of the owner’s dreams and hopes for the business. When developing the company vision, keep in mind how success will be measured, what the business will look like: home-based or e-commerce, what the business will become, and the exit strategy, i.e. to sell it, leave it to family, or turn it into a franchise.

Understanding theses things will help the entrepreneur develop a business to be proud of. This is important because, while financial success is a great motivator, it is rarely enough to sustain the owner through the challenges of building a business. After all, there are many ways to make a buck.

“Without a vision, you will likely invest time and resources in places that don’t produce results,” comments Roger Pierce, Small Business Expert and Co-Founder of BizLaunch. “With a vision of a business you are proud of will carry you through slow times, show in the quality of your product or service, inspire employees, and motivate customers.”

BizLaunch, Canada’s leading small business training company, is offering free seminars for new entrepreneurs who want to learn more about this subject. Held in STAPLES Business Depot stores throughout the county, the next How to Grow Your Business STAPLES BizLaunch Seminar is on June 19th in ST. Johns, NFLD, 34 Stavanger Drive. The seminar runs from 6:30 to 8 p.m. Small business owners interested in attending the event may register online at www.staples.ca/bizLaunch

Small Business Bookkeeping: Be meticulous

If you ever entered my father’s office you would notice his meticulous way of organizing everything. Every folder is properly labelled, every note has a date, and even his work out agenda is categorized. He knows when something has been moved or used. You would think he is anal retentive. And perhaps so, but he knows where everything is and rarely loses a single piece of paper. This obsession to minor detail keeps him on track, organized, and on time, just like a small business owner’s paperwork should be.

A recent article written by Roger Pierce, co-founder of BizLaunch, explains the importance of keeping great books. He says that every small business needs to do this in order to know how the business is doing, what is going wrong, and where to focus attention. It can be easy. Keep all receipts, including invoices, bank statements, and deposit slips. Find a reliable bookkeeper who understands your business. Hire an accountant to help you with your taxes. And update your filing system to include proper labels for every folder. Do all this from the beginning to avoid wasting time collecting and filing papers.

Think like my father and organize your business’s financial records meticulously. It will help you keep tabs on your company.

Sidebar: My father vacuums his shop floor. His friends feel compelled to remove their shoes when dropping in to say hi. But he never loses a hammer or nail.

Small Business Report Card

A business report card is a document compiled by the business managers or experts to assess the company performance of strategic activities. Completing a report will allow a business to measure their progress over time and continuously improve their results and their business. The managers will also learn how to compare their company to high-growth companies, what to start and stop doing, what activities the business needs to continue doing, and any specific actions required to attain the strategic goals.

Balanced measures of firm performance are based on:
1. Financial perspectives – How the company looks to investors
• Cash flow
• Sales growth
• Market share
• ROE
2. Customer perspective – How the company looks to customers
• Time
• Quality
• Cost
• Performance
3. Internal and Operational perspective
• Business processes
• Market leadership competencies
4. Innovation and learning perspective
• Ability to innovate
• Launch new products
• Value for customers
• Penetration of new and emerging markets

Completing a report card is not necessary, but will help you understand your company’s growth potential. You can hire professionals to get this service done, FreshBooks, or you can do it yourself. Depending on your budget and time constraints, it still pays to outsource this function. Remember, the report card is completed to help assist managers and advisor's in the decision process and is not necessarily a pure indication of the company’s position in the market place.

Small business training

Here is a fantastic website for you entrepreneurs looking for practical how-to advice to start or grow your business www.bizlaunch.ca

Serial Entrepreneur

What is a serial Entrepreneur?

According to Wikipedia, it is an entrepreneur who starts a number of new businesses after having already started and exited a previous business venture. They are the Mavericks of the world. Serial, the term referring to sequential, recurring, and succeeding, and the term entrepreneur, together defines a broad range of on going attempts to create a business. Is this good or bad? Good if you are Richard Branson and have multi-million dollar companies, bad if you have failed numerous times in creating businesses. Many, who proudly call themselves serial entrepreneurs, flatter each other by their self pronounced title; yet have failed so miserably at developing a successful business.
My warning: look out for those ‘serial entrepreneurs’ whose businesses are unrecognized, have failed over and over again, or owe too much money.
What to look for: Happy employees, satisfied customers, and cash flow.