Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Andy Molinsky. Andy Molinsky is a Professor of Organizational Behavior at the Brandeis International Business School. His forthcoming book, Reach: A New Strategy to Help You Step Outside Your Comfort Zone, Rise to the Challenge, and Build Confidence is to be published by Penguin Random House in January 2017. For more information visit andymolinsky.com and follow Andy on Twitter @andymolinsky.

SmallBizLady: Why is it so important to step outside your comfort zone?

AndyM: As a small business owner, you need to be a jack of all trades.  You need to be good at marketing and sales, and operations.  You need to do finances, staff your team, and, when necessary lay off or fire your team. You need to deal with conflict.  The list goes on and on!   And when you think of it – what single individual is possibly capable of all these things?  To succeed, you have to be able to grow, learn and develop… which means acting outside your comfort zone.

SmallBizLady:  SAY a few more words about what you mean by comfort zone.

AndyM: Sure – your comfort zone is where things are easy and automatic.  If you’re an extrovert and love to hobnob with clients, or potential clients, going to professional conferences and networking would be in your comfort zone.  But for someone who isn’t as comfortable in these types of situations, it might be in what we call your “stretch” zone, or even your panic zone!

SmallBizLady: DOES EACH OF US HAVE DIFFERENT STRETCH AND PANIC ZONES?

AndyM: Yes – if you think of it, there are probably some situations that come super easy to you.  You might be a crackerjack finance and accounting person – so for you, inputting a new accounting program or tweaking your financials would feel just fine.  But in other situations – say, dealing with conflict among employees, or confronting someone about a potential ethical violation, you feel super uncomfortable – bordering on panic. We all have our strengths and weaknesses. The key is to identify the areas of improvement and have the courage to address them.

SmallBizLady: DO PEOPLE SOMETIMES AVOID STEPPING OUTSIDE THEIR COMFORT ZONES?

AndyM:  Most definitely!  And in many clever ways.  Some of us “pass the buck” and give people tasks to do that we, as owners, should probably be the ones to do.  For example, the owner of a small travel agency might send his assistant off to a major networking opportunity to represent the company, because he’s uncomfortable with groups and large audiences.  But in the end, he probably is the one to best represent the brand, so that would be a “dysfunctional” case of buck passing.

SmallBizLady:  WHAT ARE OTHER CASES OF AVOIDANCE?

AndyM: Sure!  Some people might do a challenging task outside their comfort zone, but only part way. For example, in this networking case, they might bite the bullet and be willing to put themselves out there, but only on social media, as opposed to in face-to-face situations.   Or when giving feedback to someone, a conflict avoidant owner might provide only some of the negative, critical feedback as opposed to the entire message because of how uncomfortable it feels.

SmallBizLady:  HOW  CAN PEOPLE GET THE COURAGE TO STEP OUTSIDE THEIR COMFORT ZONES?

AndyM:  That’s exactly what my new book Reach is about!   I have been studying, interviewing, and working with people across a wide variety of professional settings – including small business owners – to understand what the best practices are with respect to acting outside your comfort zone successfully.

SmallBizLady:  WHAT ARE SOME OF THE RESULTS OF YOUR STUDY?

AndyM:   Well, so let’s imagine the situation.  A small business owner needs to deliver bad news, but is a people pleaser at heart.  Or she needs to hob nob and network, but is on the shy or introverted side.  Or she needs to let go and empower her employees, but is too much of a micro manager.   What I find is the critical first step for anyone in any situation learning to step outside their comfort zone is to develop a deep sense of purpose.  A reason why the “pain” is worth the gain.  It might be simply that the business can’t survive unless you start stepping outside your comfort zone to do these necessary, but uncomfortable tasks.  Or perhaps your most compelling motivation has to do with providing for you family.  Whatever it happens to be – develop a deep sense of purpose to say “yes” when every bone in your body is saying no.

SmallBizLady:  WHAT ELSE DID YOUR STUDIES REVEAL?

AndyM: Well,  I also find two other things to be essential.. One is to not fall off the deep end – I mean emotionally – when entering a stressful situation.  Those of us who are perfectionists feel we can’t do something unless we’re great at it – when good enough might, well, really be good enough. So, don’t let visions of “great” undermine something that might simply be good and good enough. I call this even-handed, logic: “clarity.”  And it’s critical to develop clarity in these stressful situations.    And then the second tip is something I was actually very surprised to discover in my work – and that’s how much power you actually have in situations that happen to be outside your comfort zone.  And by power, I mean the power to make slight, but important little “tweaks” in how you do something, so whatever it is you’re trying to improve on is just that little bit more comfortable to do.

SmallBizLady:  HOW DO PEOPLE CUSTOMIZE THEIR BEHAVIOR?

AndyM:   That’s exactly it – and in fact, I call it customization. For example, let’s say you’re terrified of networking, but you know you need to do it for your business to get customers.  What I find is that although you might feel helpless in a situation like this, you have more power than you think.  For example, you might decide to not go alone to the event.  You might decide to choose events when you’re at your best (morning if you’re a morning person, for example).  You might choose to go to events right when they begin – since even huge events don’t’ start out huge. They build up over time, and if you get there at the beginning, it’s a little less huge and intimidating.  You also might practice a few opening lines to say; you might bring a prop with you to help introduce your business.  You might even wear your “power suit.”  My point is that there are lots of ways you can “customize” a situation to make it just a little bit more familiar and comfortable… and, ultimately, more inside your comfort zone.

SmallBizLady:  HAVE YOU EVER STRUGGLED OUTSIDE YOUR COMFORT ZONE?

AndyM:   Yes – I definitely have… and still do!   I get uncomfortable networking, making small talk in big, noisy settings.  I also for years was uncomfortable speaking in public. But I’ve worked hard on all these things…. And I think that because I have struggled too, I hopefully get the challenges others face!

SmallBizLady:  SOME MIGHT SAY THAT WHEN IT COMES TO COMFORT ZONES YOU JUST HAVE TO “SUCK IT UP” AND DO IT.  WHAT WOULD YOU SAY TO THAT?

AndyM:  I’d agree!  But is that the way you want to live?   My take from working with many people in these situations is that if you use the strategies I mentioned above and that I detail in the book, sucking it up actually becomes less necessary!

SmallBizLady:  DO YOU HAVE ANY FINAL WORDS OF ADVICE?

AndyM:   It’s not easy to step outside your comfort zone, but it’s not rocket science either.  I’d love you to check out my book Reach, which is written in a very user-friendly style and it’s a very quick read that you can pick up and apply to your life immediately.  And if and when you do, shoot me a line to tell me about your success!

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post Step Out of Your Comfort Zone Into Success appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Mark Prosser. Marc Prosser is the co-founder and publisher of Fit Small Business, a rapidly growing website that reaches over 600,000 small business readers a month. Started in 2013, Fit Small Business serves as the “Consumer Reports” for small business owners. Prior to starting Fit Small Business, Marc was the CMO of FXCM for ten years. He joined as FXCM’s first employee and grew the company to over 700 employees.

SmallBizLady: Can I qualify for a business loan?

Marc Prosser: Small business lenders are generally looking for your business to be operating for 2 years, for your business to be generating an average revenue of $10,000 per month, and for you to have a personal credit score above 650 with no recent bankruptcies or tax liens. Essentially, they want your business to have a track record and to prove its ability to generate consistent revenue. They also want to know that you have a history of paying your bills on time. If you meet those qualifications, you’ll probably find lenders willing to work with you.

SmallBizLady: What’s a personal guarantee? And if why am I asked to personally guarantee a business loan?

Marc Prosser: A personal guarantee means you’re agreeing to pledge your personal income and assets to back a loan. When you personally guarantee a loan, you and your stuff (your home, your car, your accounts, etc.) is on the hook for the loan. If you default on the loan, the lender can collect from you personally. The reason small business lenders generally ask you to personally guarantee their loans is because it makes them safer. Small business loans are risky. If a business goes under, there typically isn’t too much of value to collect on to recoup losses on a loan. A personal guarantee does more to ensure the lender will be repaid.

SmallBizLady: Does the government loan money to small businesses?

Marc Prosser: Kind of. There are popular small business loans that people refer to as SBA loans. These are loans or lines of credit that get a guarantee from the Small Business Administration. The SBA sets rules that ensure SBA loans have very low interest rates and long repayments terms, which make them very affordable. But you still get SBA loan from a traditional small business lender, like a bank or credit union. You apply with the lender and they need to approve and underwrite your loan. You don’t interact with the SBA at all, in most cases. If the lender thinks your loan might qualify for the SBA guarantee, they will seek it from the SBA.

SmallBizLady: What are my options if I can’t qualify for a traditional small business loan?

Marc Prosser: If you haven’t been in business very long, don’t have perfect personal credit, or are unable to provide enough collateral for a traditional loan, there are plenty of options. Startups, for example, can raise money from family and friends, borrow against the equity in their home, seek angel or venture capital funding, or do a rollover for business startups. More established business can look into invoice factoring, purchase order financing, or revenue based loans. There are lots of niche financing options out there for small businesses and you can usually find a lender willing to focus their lending decision on your strengths.

SmallBizLady: What are rollovers for business startups?

Marc Prosser: A rollover for business startups, which is also called a ROBS, way for startups to invest some of their retirement savings in their startup without paying early withdrawal penalties of income taxes. It’s not a loan and it isn’t cashing out your retirement account. Essentially, you roll the funds over into an new 401k, that 401k buys shares in your startup. Your new 401k now owns shares in your business and your business has access to the capital it needs. A ROBS can fund 100% of your business or be used in combination with more traditional startup financing like a home equity loan or SBA loan. The nice thing about a ROBS is, unlike a loan, you don’t have to qualify for them and they can make funds available to your startup relatively quickly.

SmallBizLady: Let’s say I need a business loan. How do I go about finding the best small business loan for me and my business?

Marc Prosser: Finding the best loan for your small business will require you to know what you’re coming to the table with. Before you start submitting applications, you’ll want to answer a few questions to help narrow things down. How long have you been operating? How much revenue do you generate annually and how much of that is profit & owner salary? Do you have collateral? What is your credit score? How much are you looking to borrow? What will those funds be used for? How quickly do you need funding?

SmallBizLady: Why is it important to review my finances before applying for a small business loan?

Marc Prosser: Applying for small business financing can be time consuming. By carefully reviewing your finances prior to shopping for a business loan, you can eliminate a lot of possible lenders and loans.  And that will do two things for you: 1) It will save you from committing time, energy, and attention to loans you don’t want or wouldn’t qualify for. 2) It will allow you to more effectively compare similar loans and choose the best one for you.

SmallBizLady: How much do small business loans cost?

Marc Prosser: The cost of the loans vary widely and depend on your strength as a borrower, your business’s financial health, and the use of the loan. I like to think of business loans in three general groups: short term loans (usually under 18 months), medium term loans (generally up to 5 years), and long term loans (usually 7-25 years). Short term loans can have APRs that start at 40% and go to 85%+. Medium term loans will typically have APRs that range from 11% – 28%. Long term loans can have APRs from 5% – 9%. In general, most small business financing tends to fall in one of those ranges.

SmallBizLady: How much do personal finances factor into small business borrowing?

Marc Prosser: Personal finances play a significant role in the cost majority of small business borrowing, especially when you’re a startup or young business. Your credit score, personal debt to income ratio, and net worth all weigh heavily on an underwriter’s lending decision. That’s why it’s so important not to neglect your personal finances. If you expect you’ll need to borrow for your business, it makes sense to give your personal finance a check up.

SmallBizLady: Is there a common mistake that small business owners make with borrowing?

Marc Prosser: One mistake I see, especially from newer businesses and first time borrowers, is thinking (incorrectly) that banks are there to make loans. They’re not. Banks have the same goal you do: make money. The way they do that is by making safe loans that they’re confident will be repaid. What does that mean for small business owners? When you seek financing, you need to show the lender you have a specific plan for the funds you want to borrow, that those plans will increase your revenues by a specific amount, and that you’ll be able to afford all current business expenses plus the new loan payment (with room to spare). You have to come in prepared with all your necessary financials documents, a solid business plan with complete financial projections,

SmallBizLady: How much should a small business borrow?

Marc Prosser: The short answer is as much and little as necessary. You don’t want to pay interest on capital you don’t have a productive use for. You also don’t want to miss out on growth opportunities because you’re too risk averse to borrow. Small business loans come in all size, from a few hundred dollars to $20MM and more. But in most cases, a lender will limit your borrowing to some percentage of the revenue you have or the value of an asset you’re looking to buy. Many short term lenders will limit your borrowing to 10-15% of your annual revenue. If you’re borrowing to purchase a larger asset (like real estate), the lender might only let you borrow 65-90% of the value of that asset. In that way, a lender will typically set a maximum borrowing limit for you.

SmallBizLady: Is there ever a reason why a business shouldn’t borrow money?

Marc Prosser: There are countless reasons a small business should avoid borrowing money, but in the end they all come down to the same question: Will the borrowing help my business grow? If you’ve tested an idea and have high confidence that the idea can grow your business’s revenue, borrowing funds can be a great way to accelerate that growth. On the other hand, borrowing money to test an unproven idea can be very risky and, in most cases, completely unnecessary. Testing an idea can often be done affordably with existing revenue or some small amount of seed money. Once you’re ready to scale a promising idea, then you can look into borrowing.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Get Funding For Your Small Business appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Barbara Weltman.  Barbara Weltman, an attorney and author of J.K. Lasser’s Small Business Taxes 2017, publishes Idea of the Day® and Big Ideas for Small Business® at www.barbaraweltman.com, and hosts a radio show. Follow Barbara on Twitter @barbaraweltman.

SmallBizLady: THE YEAR IS OVER, BUT IS THERE ANYTHING I CAN STILL DO TO LOWER MY 2016 TAXES?

BarbaraW: You can set up and fund a SEP until the extended due date of your return. The contribution limit for 2016: 20% of self-employed; 25% of employee compensation; maximum contribution is $53,000. You must cover employees on a nondiscriminatory basis.

SmallBizLady: IS TAKING A HOME OFFICE DEDUCTION AN AUDIT RED FLAG?

BarbaraW: There’s a lingering belief about this, but no statistics or other info to back up. If you meet home office deduction requirements, you can write off your actual costs or use an IRS-set simplified amount ($5 per sq. ft. up to 300 ft.).

SmallBizLady: WHAT’S THE BEST WAY TO WRITE OFF THE LAPTOP I BOUGHT IN 2016?

BarbaraW: There are various rules for deducting the cost of equipment purchases. The one to use depends on eligibility. You can use the Sec. 179 deduction to write up purchases up to $500,000 if you’re profitable. There’s also bonus depreciation and regulation depreciation. Instead of depreciation, you can treat the cost as material and supplies (the asset doesn’t go on the balance sheet) up to $2,500 per item or invoice.

SmallBizLady: LAST YEAR I USED THE STANDARD MILEAGE RATE TO WRITE OFF BUSINESS DRIVING? WHAT SHOULD I DO THIS YEAR?

BarbaraW: You can deduct the cost of business driving in your personal vehicle. You can deduct your actual costs or use the IRS mileage rate: 54 cents per mile in 2016. However, if you previously deducted actual costs, you may not use the standard mileage rate this year. You MUST have required substantiation for your driving…odometer reading, date, destination, and purpose of the trip. There are apps you can use for this purpose.

SmallBizLady: I HAVE A SEP. CAN I ALSO CONTRIBUTE TO A ROTH IRA?

BarbaraW: If you have a SEP for your business, you can also contribute to a Roth IRA. While there’s no deduction for Roth IRA contributions, investment returns build up tax free. However, there are income limits on eligibility to contribute, so check this out. The limits are based on modified adjusted gross income.

SmallBizLady: I NEED TO REPLACE MY VEHICLE THIS YEAR. SHOULD I BUYER OR LEASE? 

BarbaraW: Deciding to buy or lease a vehicle is based more on non-tax than tax considerations. Leasing usually lets you drive a more expensive vehicle for the same dollars. It may be better for your balance sheet to buy or to lease. Either way, the write-offs are similar; the standard mileage rate can be used for a vehicle that’s owned or leased. Best bet: run the numbers.

SmallBizLady: I’M A CONSULTANT AND MY 1099 SHOWS A CLIENT’S REIMBURSEMENT FOR MY TRAVEL. WHAT SHOULD I DO?

BarbaraW: Reimbursements for your travel reported on Form 1099-MISC are taxable. However, you can deduct your travel costs, making this a wash. To deduct travel costs, you must have required substantiation. Going forward, use an app to track your travel expenses.

SmallBizLady: CAN I REIMBURSE EMPLOYEES FOR THEIR PERSONAL HEALTH COVERAGE? 

BarbaraW: If you’re not a large employer subject to the employer mandate under Obamacare, then yes. However, starting in 2017, reimbursements are permissible only under a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). The amount of reimbursements is capped and other rules apply.

SmallBizLady: WHAT’S THE FILING DEADLINE FOR MY LLC RETURN?

BarbaraW: Limited liability companies that file partnership returns and report on a calendar year have a new due date this year: March 15, 2017, for 2016 returns. This is the same date that applies to S corporations. LLCs/partnerships/S corporations can obtain a 6-month filing extension. Tax returns for calendar year C corporations also have a new due date: April 18, 2017. They only have a 5-month filing extension.

SmallBizLady: HOW MUCH OF A SALARY SHOULD I TAKE FROM MY S CORPORATION?

BarbaraW: Owners can due salary payments to avoid employment taxes. Owners who work for their S corporations must take reasonable compensation for the work they do. What’s reasonable? What would you pay someone else for the work? What are competitors paying? Most importantly: what can the company afford to pay?

SmallBizLady: SHOULD I DO MY OWN RETURN OR USE A PAID PREPARER?

BarbaraW: Who should prepare your tax return is a matter of personal choice. Most small businesses owners (80% to 90%) use paid preparers. There are many complexities on business returns and professional advice is helpful. Tax preparation costs are deductible.

SmallBizLady: WHAT’S GOING TO HAPPEN WITH TAX REFORM?

BarbaraW: Who knows at this time? Lower tax rates would be welcomed; other changes maybe not so much. We must watch developments and see whether they influence our business decisions.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Handle Your Small Business Taxes appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my online talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Anita Campbell @Smallbiztrends. Anita is the Founder and Publisher of Small Business Trends and has been following trends in small businesses since 2003. She is the owner of BizSugar, a social media site for small businesses, and also serves as CEO of TweakYourBiz.”  This chat was sponsored by FedEx, Enter the FedEx Small Business Grant Contest and you could win a $25,000 grant and $7,500 in FedEx Office® print and business services to give your small business a boost. Show FedEx why your small business should be recognized. Enter between February 21 and March 29, 2017. Learn more at fedex.com/grantcontest.

SmallBizLady:  What’s the first step to growing an online business?

Anita Campbell: Have a crystal clear idea how you plan to make money. That sounds obvious but too often entrepreneurs don’t clarify their business model.  Business model is a fancy phrase for “how are you going to make money.”   You can get caught up in the excitement of starting a blog, getting website visitors and amassing social followers. But if at the end of the day you’re not making any money — or have no clue how you will make money any time soon — you don’t really have a business.

SmallBizlady:  Can you build a business by blogging or through social media?

Starting a blog is not a business model by itself.  Gaining an active social media following is not a business model.  But if you set up an online store to sell your handmade goods and use your social following to engage and build an audience, NOW you have a business model.  Or if you turn your blog into an online community where you charge a membership fee, now you have developed a business model with your blog.

SmallBizLady:  How do you promote an online business today?

Anita Campbell:   Blogging, social media, search engine optimization — those are all fantastic DIY ways to grow an online business.  Your customer base for an online business is already online, so those techniques help you find them. And the beauty of those techniques is that you can often learn enough to perform the work on your own. This is a godsend at first when you still have time but don’t have much money.  Just know when to stop trying to do everything yourself.

Don’t forget about advertising, such as Google AdWords. They are especially good for ecommerce businesses where you can track the ad click all the way through to the completed sale. That way you can measure ROI. Leverage platforms such as Amazon, eBay, Meylah and Etsy.  They draw a large ready-made audience.  Learn the ropes for success there.

SmallBizLady:  What if you sell software or an app?  How do you grow online?

Anita Campbell:   For software businesses a key way to grow is to create an app or integration, and get listed on various marketplaces. Not just the huge places like iTunes or Google Play or the Windows App Store.  Look at software vendors that reach millions and if your product integrates with them, it’s a benefit to be seen on their marketplaces, including Intuit, Zoho, Shopify and other marketplaces.

Develop and share content on topics related to whatever you are selling to attract an interested following.  Social media is a great way to spread word of mouth.  Share your content on social media, and engage with those who show interest.

SmallBizLady:  What role does content play in growing an online business?

Anita Campbell:  Content is a fabulous foundation of an online growth strategy.  Everyone should become a content creator.  Here’s why:

• Content on your own blog or site forms the centerpiece for a good SEO strategy. Helps you attract traffic through search engines — these are people already searching for what you offer.

• Content gives you something to share with others on social media. It helps you attract and build a social following.

• Content can be an email newsletter or ebook/whitepaper downloads. People sign up for your content and you grow a mailing list you can market to.

• Content can position you as a thought leader, and that in turn can get you publicity and media coverage.

• Guest blogging on third party sites expands your message reach to new audiences.

SmallBizLady:  Can service providers and vendors make a difference to a startup?

Anita Campbell:  Good partners make all the difference.  When you’re starting out, you can’t do everything.  Figure out your core functions and perform those internally.  Look for opportunities to outsource or partner with another entity for non-core functions or anything you’re not good at.

For instance, if you run a consulting business, your core functions would be the actual consulting.  But go outside for creating marketing materials.

Likewise, if you sell handmade goods online, find a good shipping partner like FedEx to make shipping the goods easier and faster. This will free you up to focus on creating your goods and marketing them.

SmallBizLady:  What’s your secret to growing online traffic?

Anita Campbell:  Quality, quantity and consistency of content output.

It all starts with content:

• You need quality because people have to want your content.
• You need quantity because the more content you create, the more there is to share on social media, to be found in search engines, and to engage people who come to your site.
• You need consistency because momentum takes a while to build. If you do things in fits and starts, with long pauses, you lose whatever following you gained. Then it’s like having to start over all the time.

SmallBizLady:  What role do systems and processes play in growing a business?

Anita Campbell:  A huge role. To me this is the most underestimated factor on small business success.  Too many of our small businesses are inefficient.  Most small businesses have to create their own processes and systems from scratch.  Not everyone is good at that. An even bigger issue is that processes take time to establish and refine.  The right technology is crucial. Yet investigating and deploying technology such as a CRM system or a help desk system, can be a major undertaking for a small business.

If you can outsource pieces and parts of your processes to partners that already have technology in place, you’ll be further ahead.

SmallBizLady:  Do you need money to grow an online business?

Anita Campbell:  The answer is yes — and no. You always need money to do things, but not necessarily that much money.  At first many entrepreneurs fill in for the lack of funds by working hard and doing a lot of things themselves.

You can bootstrap, i.e., fund yourself first with savings and later with customer sales.

Many do it successfully.  I grew my business that way.

But bootstrapping takes time. If you bootstrap, make sure you have your living expenses covered at first to give yourself enough runway to become successful.

SmallBizLady:  What if you don’t have savings to use as seed funds?

Anita Campbell:  Other options are to keep your business as a side business, while you hold down a day job.  Or do some kind of freelance work on the side. Lots of entrepreneurs use their own earnings from something else, to fund their startup businesses.

Remember, this method too will slow you down. You’ll essentially be working on your business part-time or with divided priorities.

SmallBizLady:  Do you recommend loans or other financing to grow your online business?

Anita Campbell:  In my opinion, financing may be an appropriate option for those who have been in business a while – at least 6 months or more. Not newbies fresh out of the gate.

Prove your business is viable. Get some customers.  Then once you have a bit of a track record, you’ll have a better clue of how much money you really need and more importantly, what to spend it on.  Otherwise you could misspend that loan, and if the business doesn’t work out, find yourself in debt and possibly loosing your collateral.

Once exception to this is a franchise. You typically have to buy a franchise up front.

If you do seek financing of any kind, do a detailed plan — for your own benefit. By doing a detailed plan of how you will use the money, you’re less likely to overextend yourself.

SmallBizLady:  How do you hire your first help to grow your business?

Anita Campbell:  I always recommend starting with project help or freelancers at first, if you can.  Advantages:

• Risk is lower. If sales dip or don’t grow as expected, you can scale back expenses more readily with freelancers.
• Less expensive. You can add part-time and grow the time commitment as your business grows.
• Get precise skills needed. In a growing business you need lots of skill sets. You’re not likely to get all the skills you need in one full-time employee. But you might be able to bring on 3 freelancers each giving you 10 hours a week in different skilled areas.

This blog post is sponsored by FedEx. The FedEx Small Business Grant Contest offers significant opportunity for small businesses across the United States to share their inspirational stories and achieve national recognition while simultaneously rallying support from local communities to grow their businesses. For more information visit FedEx.com/grantcontest

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Grow an Online Business appeared first on Succeed As Your Own Boss.

#Smallbizchat is a weekly conversation where small business owners can get answers to their questions. The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.

Please join us live on Twitter every Wednesday 8-9 pm ET. Here’s how: follow @SmallBizChat on Twitter and follow the hashtag #Smallbizchat and click here for directions on how to join the conversation.

In March, each #SmallBizChat will be focused on building a seven figure business, making more sales in less time, handling rapid business growth, differentiating your product or service and using media to grow your business.

Here is a list of who is on #Smallbizchat in March.

March 1st – How to Build a Seven Figure Income, @sharilevitin

Shari Levitin is an internationally known sales strategist, writer, speaker, entrepreneur, and author of Heart and Sell: 10 Universal Truths Every Salesperson Needs to Know.  Learn more at www.sharilevitin.com.

March 8th – How to Make More Sales in Less Time, @JillKonrath

Jill Konrath is an internationally recognized sales acceleration strategist and bestselling author. Her newest book, MORE SALES LESS TIME, teaches crazy-busy sellers to be their most productive in spite of overwhelming distractions and demands on their time.  Find out more at www.jillkonrath.com.

March 15th – Sales Tools to Grow Your Small Business, @isalesgirl

Sponsored by Insightly @Insightlyapp

Dianna Geairn is the creator of The Irreverent Sales Girl, the champion of the salesperson who goes out every day to make something happen for themselves, their families, their companies, and their clients. With over two decades of sales success as a top performer, Dianna has been a featured expert for Salesforce.com, KiteDesk, Linked Selling, and others.   musings.irreverentsalesgirl.com

March 22 – How to Really Differentiate Your Product or Service, @Sol_Marketing

Deb Gabor is a Brand Dominatrix and Investor Pitch Whisperer with legendarily bad travel karma. Empty nester. Midwest transplant. Winter sports fanatic. Obsessed pet owner. CEO of @Sol_Marketing. Author of #BrandingIsSex.  Deb’s website is www.solmarketing.com.

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March 29 –  How to Use Media to Grow Your Business, @TiannaManon

Tianna Mañón is the Editor in Chief of Open Mic Rochester, an online black –interest magazine located in Upstate New York. She believes in the power of media as a building tool.  Find out more at www.openmicroc.com.

Every Thursday morning on Melinda’s blog, a complete Q&A interview from each #Smallbizchat is posted as a recap http://www.succeedasyourownboss.com

The post Who’s on #Smallbizchat March 2017 appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Shari Levitin.  Shari Levitin is an internationally known sales strategist, writer, speaker, entrepreneur, and author of Heart and Sell: 10 Universal Truths Every Salesperson Needs to Know.

SmallBizLady: YOU TALK ABOUT ADOPTING THE 10 UNIVERSAL TRUTHS TO BUILDING A SEVEN FIGURE INCOME.  WHAT ARE THOSE TRUTHS AND WHY ARE THEY IMPORTANT?

Shari Levitin: The 10 Universal Truths are:

1) Success Starts with the Growth Equation, 2) Emotions Drive Decision Making, 3) Freedom Lives in Structure, 4) In Business, No Never Means, No 5) Trust begins with Empathy, 6) Integrity Matters, 7) Anything That Can Be Told Can Be Asked, 8) Emotional Commitment Precedes Economic Commitment, 9) Removing Resistance Takes Persistence, and 10) Looking for Wrongs Never Makes You Right.

Entrepreneurs need to think like salespeople from day one. Today’s customers are overloaded and overwhelmed by too much information, so making a decision is a challenge. No matter how great your product or technology is, you won’t succeed if you don’t understand your target customer’s decision process. Every aspect of your business must be aligned with sales. The 10 Universal Truths are about selling and the customer decision process, which every business needs to address in their product, pricing, and entire customer experience.

SmallBizLady: YOU CALL THESE UNIVERSAL TRUTHS. WHY NOT KEYS OR PRINCIPALS? WHAT DO YOU MEAN BY THE TERM “UNIVERSAL TRUTH?”

Shari Levitin: I’ve spent the majority of my career developing systems, models, and templates, but I’d never tell you that there’s a one-size-fits-all method for business. People are different and complex. Products are diverse. And markets are ever-changing. I don’t believe in one-size-fits-all solutions, but I do know this:

There are a few powerful principles about human behavior that apply to everyone, everywhere, every time. (Whether you’re building a business, selling or even parenting). There are truths that help you not only connect with others, but also with yourself and your deeper purpose. They will help you build a 7-figure income effectively and authentically, and live a richer and more fulfilling life.

SmallBizLady: I’VE HEARD OF A GROWTH VERSUS A FIXED MINDSET, BUT WHAT’S THE GROWTH EQUATION?

Shari Levitin: Top business people share a willingness to take responsibility for their weaknesses; a deep curiosity about their customers and their world; and a desire for mastery. They commit to using what they’ve learned about their mistakes and their processes to continue improving. People stuck in a fixed mindset on the other hand say things like: I’m not good at math, I don’t remember people’s names, I’m not a natural salesperson; and I don’t do technology.

People who have mastered the Growth Equation are energized by learning and invigorated by overcoming failure. To them, life is a journey of gathering new information, making new connections, asking for constructive feedback and learning from painful lessons.

SmallBizLady: YOU SAY EMOTIONS DRIVE DECISION MAKING. WHY IS THIS KNOWLEDGE IMPORTANT IN BUILDING A SEVEN-FIGURE INCOME?

Shari Levitin: The most important question you can ask yourself is, “Why would my customers buy from me?” Yet many business people never define the problems their products solve and the emotional motivators that their products satisfy. Emotions are a powerful thing. Customers make decisions based on potential ROI, ease of use, and likelihood that a product will help them solve their problems. But emotion is the undercurrent of those decisions.

Once you understand what drives your customers, sales come much easier. Urgency is created by desire, not price breaks and manufactured pressure. But here’s the tricky part: These desires are often hidden. They’re subconscious or invisible.

SmallBizLady: SO WHAT ARE THE CORE EMOTIONAL MOTIVATORS THAT DRIVE DECISION MAKING?

Shari Levitin: A just-published Harvard Business Review piece featured a “standard lexicon of emotions,” including 300 emotional motivators that contribute to purchasing decisions.  Focus on these seven emotions below (not all 300!) and watch your sales go through the roof.  The core emotional motivators are: 1) Safety, 2) Adventure, 3) Significance, 4) Relationships, 5) Health and wellness, 6) Success/sense of purpose, and 7) Growth and education.

Ask yourself what are you selling? Which emotional need will it satisfy and what problems will it solve? Focus on benefits rather than features of your product. Sure, you may be a coach, an accountant, or a content marketer, but your customers are more interested in the problems you solve than in the business you’re in. Show customers how they’ll feel as a result of using your product or service, and they’ll buy from you today, tomorrow, and forever.

SmallBizLady: YOU TALK ABOUT HAVING A PROCESS. ISN’T THAT TOO RIGID FOR A SMALL BUSINESS OWNER?

Shari Levitin: Pilots run through preflight checklists. Free-throw shooters develop rituals to help them hit the same shot time and again. Bakers adhere to time-tested recipes. So why should it be different in business? Each step of your sales, servicing and marketing process should have a unique goal, specific strategies, and must-do’s that, if performed correctly, will ultimately win and retain the customer.

I also recommend adopting the No Matter What Rule. “Non-negotiables, or “no matter what’s,” are foundational must-do’s that contribute to the sale and customer experience. Here are some ideas to get you started: Always answer inquiries within 24 hours, ask for customer feedback, solicit referrals from every new customer, collect client testimonials and make them visible on your website. Non-negotiables deliver a consistent message to both employees and customers.

SmallBizLady: WHY DO BUSINESSPEOPLE AND SALESPEOPLE NEED TO HEAR THE WORD “NO” AND WHAT SHOULD THEY DO WHEN THEY HEAR IT?

Shari Levitin: People are often taught that No’s are a necessary evil, or a hurdle to overcome. But top performers think of them differently. Setbacks are inevitable, but good businesses and good sales people always bounce back. Both should assume that “no” never means “never.” A good entrepreneur actually gets stronger as he or she learns from each growth failure, and responds ever more effectively to customer needs and expectations.

Working smarter and not harder means getting out of your comfort zone and summoning the courage to face your fears. Remember this: The call you’re afraid to make is the call you must make. The question you’re afraid to ask is the question you must ask. The conversation you’re most afraid to have you must have. Make a list of the ten people that you are most afraid or embarrassed to contact. The big accounts, the ones you’re not ready to call, the scary ones. That’s the easy part. The hard – but most satisfying part – comes next. Pick up the phone, knock on the door, reach out to those people and go for the sale!

SMALLBIZLADY: YOU SAID TRUST BEGINS WITH EMPATHY. WHAT ELSE DOES IT TAKE TO BUILD TRUST TODAY?

Shari Levitin: Trust is born of empathy, integrity, reliability, and competency. You need all four traits; but without connecting on an empathetic level, you won’t have a chance to demonstrate the other three.

Empathy is the first building block of trust. We can’t pretend to have empathy. It is not about shifting the conversation to what you want to say or judging your customer. It’s about being fully engaged and present to someone else’s emotions.

SmallBizLady: HOW CAN A BUSINESS PERSON BUILD A STRONG RELATIONSHIP WITH A PROSPECT YET BE ASSERTIVE AT THE SAME TIME?

Shari Levitin: Top-performing businesses know when to turn the heat up or down, depending on the emotional reaction of their prospects. In my experience, many people either try too hard to build relationships or are too aggressive. They don’t have the structure, the mastery, or the confidence to make it… as Goldilocks said, “Just right.”

You know you’re too accommodating if: You create strong relationships but when it’s time to close the sale, you cower or keep hammering the same tired leads and markets instead of focusing on the next prospect. You know you’re too aggressive if: You sense prospects are losing interest and you start blathering about the features and benefits of a product, or when you lose a sale, you invent excuses but you never take a critical look at what you may have done wrong.

SmallBizLady: WHAT DO YOU MEAN BY “ANYTHING THAT CAN BE TOLD CAN BE ASKED”?

Shari Levitin: In the past, it was sufficient to merely provide information. But today, buyers can find all the information they need online.  So, today’s business people need to interpret that information, ask questions, and then spark an emotional need for their product. You will make far more sales by asking a series of targeted, thoughtful, and empathetic questions than delivering a perfectly practiced presentation.

I developed a methodology years ago called “Third Level Selling.” It involves asking questions that reveal the Big Four, which include: 1) Get the facts about your customer’s current situation with First and Second Level Questions; 2) Discover the dominant buying motive (emotional motivators) with Third Level Questions; 3) Find the problem, then dig deep to determine the implications of the problem; and 4) Uncover hidden objections or concerns.

SmallBizLady: MOST SALESPEOPLE INCORRECTLY ASSUME THAT THEY CAN CREATE A SENSE OF URGENCY BY THREATENING SCARCITY OR APPEALING TO GREED. WHAT IS THE MOST EFFECTIVE WAY OF CREATING A SENSE OF URGENCY?

Shari Levitin: I’ve seen countless salespeople ask poignant sales questions only to deliver a generic presentation. Your customers want to know one thing: What’s in it for me? (WIIFM). They want to know you can fulfill their desires and solve their problems.

One of the best ways to do this is by using evocative stories. Our minds love stories but our hearts cherish them even more. Create a story bank about other happy customers who had similar concerns or motivations. Even if your prospect is interested in the facts of your offering, he won’t be inspired to act without his emotions leading the charge. Your customer may think your solution is right in his head, but he’ll only take action when it feels right in his heart.

SmallBizLady: YOU SAY RESISTANCE TAKES PERSISTENCE. WHAT DO YOU MEAN BY THAT?

Shari Levitin: These days, your customers are busy and on information-overload. If their first response is “no,” it may not be that they’re not interested; it’s just that your priority isn’t your customer’s priority until you make it so. When prospecting, approach the client in new and interesting ways. For example, send them a message on Twitter, Facebook, or LinkedIn in response to something they posted to let them know you’re listening. Send them a thought-provoking article that you think may benefit them or their business. Make friends with their assistant or co-worker and secure an appointment through them. When sending a follow-up email, make certain you align with their motivators or business objectives. I landed my biggest deal ever sending a customized poem on a pizza box.

Selling not only takes tenacity, but also creativity, a sense of humor, and an innate sense of how and when to change the emotional state of the customer to get their attention and earn their business. Businesses and entrepreneurs that act like top-performing salespeople will create better products and respond quicker to customer needs. Putting someone else’s needs first is a truth that is timeless and universal for success in any endeavor.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Build a Seven Figure Income appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Jill Konrath. Jill is an internationally recognized sales acceleration strategist and bestselling author. As a consultant, she’s worked with companies like IBM, GE & Staples. Plus she’s been featured on ABC News, Fox 2, Entrepreneur, New York Times, Selling Power, The Business Journal and many more publications. Jill is on the front edge of what it takes to be successful today — with fresh strategies for selling to the modern buyer. For more information, visit: www.jillkonrath.com.

SmallBizLady: WHAT’S THE BIGGEST CHALLENGE BUSINESS OWNERS FACE IN MEETING THEIR REVENUE AND SALES GOALS?

Jill Konrath: Business owners today are crazy-busy, but they see it as a badge of honor. It’s not. Because they jumping from task-to-task, they’re actually getting less done. Most people are wasting at least 1-2 hours per day, and they’re totally unaware of it. If this time could be spent on revenue-producing activities, they’d be much more profitable.

SmallBizLady: WHAT DO BUSINESS OWNERS NEED TO UNDERSTAND ABOUT THE BEING BUSY V. BEING PRODUCTIVE?

Jill Konrath: Being busy is a false sense of productivity; we tackle lots of small tasks but miss the important ones. The root cause? Living in a digital world; everything online is designed to capture our attention & get us to click. Our amygdala (old part of brain) can’t resist; we get sucked in and can easily waste 20 minutes or more each time. Traditional time management techniques don’t stand a chance in today’s built-for-distraction digital world.

SmallBizLady: IN MORE SALES, LESS TIME, YOU TALK ABOUT HOW ATTENTION DEFICIT TRAIT (ADT) AFFECTS PRODUCTIVITY. EXPLAIN.

Jill Konrath: People who have ADT feel rushed, distracted and in a hurry – even when there’s no reason to feel that way. They pop from screen to screen, task to task, and idea to idea. They also feel horribly guilty about not getting everything done and blame themselves. With leads to more stress, more overwhelm, poorer decision making, less creativity and ultimately, burnout.

SmallBizLady: HOW CAN BUSINESS OWNERS ESCAPE THIS CRAZY-BUSY TRAP THEY’RE CAUGHT IN?

Jill Konrath: Start by understanding that we’re wired for distraction; that’s part of being human. When we accept that, we can then take proactive measures to prevent us from getting hooked by them. It’s helpful to get a baseline of how you’re spending your time today; then you know where you can improve. Get RescueTime, an app that that tracks your online behavior. It’s eye-opening. Embarrassing, actually.

SmallBizLady: HOW CAN BUSINESS OWNERS OVERCOME THEIR PERSONAL TIME-SUCKING TEMPTATIONS?

 Jill Konrath: Take away the triggers first. You don’t want good working time interrupted by breaking news or ESPN updates. Begin by turning off some notifications from one of your devices; then expand to more notifications and other devices. Realize that even minor interruptions interrupt thinking & require recovery time (10-20x the length of the interruption). Amazingly, you’ll feel less stressed out just by doing this. Experiment with it and see how it feels.

SmallBizLady: WHAT ABOUT EMAIL? FOR BUSINESS OWNERS, IT’S THEIR LIFELINE.

Jill Konrath: That’s exactly why business owners check their email first thing in the morning & bounce in/out of it all day long. Not only does it kill productivity, but it also makes a person stupider. Women’s IQ goes down 5 points; men’s IQ drops 15 points. To be successful we need all our wits about us. I recommend setting up certain times each day to check for and reply to messages. Start with 30-minute intervals, then extend them. Use your time to focus on your business, not the priorities of everyone who appears in your inbox.

SmallBizLady: IT’S HARD TO RESIST ALL THE ONLINE TEMPTATIONS. ANY OTHER SUGGESTIONS FOR BUSINESS OWNERS?

Jill Konrath: One of the best things we can do is leverage technology tools to protect us from the digital distractions. Use SaneBox or Unroll.me to separate important business emails from non-essential reading; it’s great. Use Freedom to block yourself from going online (or to certain sites) for whatever time period you select. Shut your email program down as soon as you’re done doing email; it cuts distractions in half.

SmallBizLady: ONCE YOU’VE MINIMIZED DISTRACTIONS, THEN WHAT SHOULD A BUSINESS OWNER DO NEXT TO DRIVE MORE SALES IN LESS TIME?

Jill Konrath: Focus on what matters most for business growth, the activities that contribute to sales success. I love Gary Keller’s Focusing Question: “What’s the ONE Thing I can do (right now/this month), such that by doing it, everything else will be easier or unnecessary?” It’s a great question to really think about. Once you land on it, then you have to break the ONE Thing down into actionable tasks you can get started implementing right away.

SmallBizLady: EVERY BUSINESS OWNER HAS TASKS THEY SIMPLY DON’T LIKE TO DO. WHAT DO YOU SUGGEST?

Jill Konrath: The Pomodoro Technique works like wonders when avoiding certain tasks. It gets you started. It’s a beat-the-clock game. Set a timer for 25 minutes, then begin working on that distasteful project. At the end of 25 minutes, take a 5-minute break – away from your computer. Move. Talk to people. Then dig in again, repeating 25 minutes work, 5 minutes break. At the end of the 3^rd Pomodoro session, take a 15 minutes break. You’ll make great progress.

SmallBizLady: WHAT OTHER THINGS DO BUSINESS OWNERS DO THAT HURTS THEIR ABILITY TO MAKE MORE SALES IN LESS TIME?

Jill Konrath: Most business owners have great ideas and expertise, but know virtually nothing about sales. Often, what they think is the right way to sell is 100% wrong. Or, they think that they’re just not the sales type so avoid it at all costs. Here’s the deal. Sales is a learned skill. To be successful, it’s imperative to study it, experiment with it and become proficient at it. Failure to embrace sales leads to business failure.

SmallBizLady: PART OF MAKING MORE SALES IN LESS TIME IS GETTING BIGGER CLIENTS. HOW DO BUSINESS OWNERS DO THAT?

Jill Konrath: Landing bigger clients transforms a small business. But rather than immediately calling on corporate giants, work your way up the revenue ladder. If you sell to $1million firms, pursue $5million companies. Get comfortable at that level, then take the next step up. Selling to bigger companies requires much more research and prep too … and an understanding of how decisions are made at that level.

My earlier books, Selling to Big Companies and SNAP Selling, are invaluable resources for learning how to do that.

SmallBizLady: WHAT DO BUSINESS OWNERS NEED TO UNDERSTAND ABOUT BUYERS TODAY TO DRIVE MORE SALES IN LESS TIME?

Jill Konrath: Today’s buyers are crazy-busy. They could care less about your product/service. Pitching our “stuff” is a huge turn-off. When you meet, be knowledgeable about their business and the people you’re talking to. Focus the conversation on “Why change?” and how you can you help them achieve their goals.

Also, it’s tough to get everyone to agree, so expect a decision to take multiple meetings/months.

SmallBizLady: WHAT IS THE MOST IMPORTANT THING FOR BUSINESS OWNERS TO KNOW ABOUT PUTTING THESE ACTIONS INTO PLACE?

Jill Konrath: To make More Sales in Less Time, it’s essential to value and protect your time. Otherwise you’ll be working day and night, feeling totally stressed out. It’s a process though. Start by minimizing distractions to free up extra hours and more brain power. Then be laser-focused on how you can drive more revenue. It’s challenging, but it’s THE WAY to success.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Make More Sales in Less Time appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Dianna Geairn. Dianna is The Irreverent Sales Girl. She and her team provide a transformational sales message to your sales and business development personnel in highly entertaining and interactive formats. For more information, visit: irreverentsalesgirl.com.

SmallBizLady: WHAT IS THE MOST IMPORANT QUALITY OF A GOOD SALES PROCESS FOR A SMALL BUSINESS?

Dianna Geairn: A good sales process is simple and is something that you will actually use. If you make your process too fancy, you are likely to get overwhelmed and start to procrastinate. Your process should fit your style and be something you are reliable to do.

SmallBizLady: WHAT ARE THE KEY COMPONENTS THAT A SALES PROCESS REQUIRES?

Dianna Geairn: Good sales processes have at least three things:

1) A consistent schedule. You should know when and how often you are going to be performing your sales activities.

2) A strong message. You should know what you are going to say and at what point in the process you are going to say it.

3) Mixed media plan. Use multiple channels to convey your message and mix it up – emails and phone calls are the most common, but perhaps it’s appropriate to reach your potential customers on a favorite social channel.

SmallBizLady: WHEN IS THE BEST TIME TO SCHEDULE YOUR SALES ACTIVIITES?

Dianna Geairn: Optimal times for professional salespeople are between 9 and 4. These pros do their research and call plans before and after business hours and their sales activities during business hours. However, I find that the “right” answer for small businesses is to pick the time that you are most likely to do it. And then, stick to it. It is more important to be consistent than it is to do a lot of it.

SmallBizLady: HOW MANY TIMES SHOULD A SMALL BUSINESS REACH OUT TO A PROSPECTIVE CUSTOMER?

Dianna Geairn: If you are absolutely certain that someone should become a customer, do the initial outreach and then put them into a “drip” system until they respond. For the prospects that you suspect would be a good customer, but it may not be the right fit or the right time, you should build a ‘cadence’ or a set of different types of outreach you are going to use as you work to get their attention. It usually takes 6 to11 “touches” to get a conversation going, so don’t stop too early.

SmallBizLady: WHAT ARE THE MOST IMPORTANT ELEMENTS OF A GOOD SALES CADENCE? 

Dianna Geairn: A good sales cadence allows your prospect to experience your brand in multiple ways over a period of time. A good cadence reaches out over a series of weeks. It includes email messages, voice messages, and sometimes even social media (if your prospect is active on a particular platform). Each email and voicemail is brief, to the point, and demonstrates what it is like to work with you. If you are fun to work with, be fun in your outreach.  If you are serious and deliberate, communicate that in each message. Make sure you have an “end” to your cadence where you communicate that you will not be trying to reach them anymore, but you are always available if the time is right for them.

SmallBizLady: WHY WOULD YOU PUT AN “END” TO YOUR CADENCE, DON’T YOU WANT TO TRY OVER AND OVER UNTIL YOU REACH YOUR PROSPECT?

Dianna Geairn: No. A prospect does not want to feel like you are a predator tracking them down until they succumb. If you send an email one day, call them the next day. Wait a few days in between and do it again. After seven or eight tries, let them know you won’t be reaching out anymore. This accomplishes three things. First, you have much more fun reaching out – because there is dignity in ending the outreach on your terms. Second, many people DO respond when they think you are going away! Third, you need to move prospects out of your pipeline if they are not responding to make room for the many customers who will.

SmallBizLady: WHAT TOOLS DO YOU RECOMMEND TO SUPPORT A GOOD SALES PROCESS?

Dianna Geairn: Of course, you will need a phone and some kind of device that allows you to send emails. A computer is ideal because you can write so much more quickly on it. It’s probably a good idea to have access to Twitter, Facebook and LinkedIn to find your prospects and learn more about them. It is absolutely critical to have some kind of tool that keeps track of your activity and your sales funnel. I recommend a CRM (Customer Relationship Managers.

SmallBizLady: WHY WOULD A SMALL BUSINESS USE A CRM WHEN THEY CAN USE AN EXCEL SPREADSHEET OR SOME OTHER KIND OF SOFTWARE?

Dianna Geairn: CRM’s used to be expensive and complex. Today, there are options that are simple, easy-to-use and extremely affordable – like Insightly. CRM’s allow everyone in your organization to see what is happening with new business development and with current customers. You can get a full picture easily of all the aspects of your customer’s journey – in one place.

SmallBizLady: HOW DOES A CRM SUPPORT A GOOD SALES PROCESS?

Dianna Geairn: There are four ways a CRM will support your sales process. First, it gives you a place to store everything so that you can quickly remind yourself where you are in the conversation when you reach out or connect. Second, a CRM allows you to see in one glance where each of your deals is and it keeps deals from falling through the cracks. Finally, a CRM allows you to set up your cadence as tasks. So, every day when you sit down to prospect, it is clear what action you are supposed to take next. A real time-saver!  Fourth, a CRM allows you to evaluate how effective your processes are. Businesses who win don’t run their business on assumptions or anecdotes. They use real data to learn what works and what doesn’t.

SmallBizLady: WHAT IS THE BIGGEST MISTAKE SMALL BUSINESSES MAKE WHEN IT COMES TO SALES PROCESS?

Dianna Geairn: The biggest mistake small businesses make happens when they feel they have “enough customers” or they don’t have any more bandwidth to bring on new clients. So, they stop prospecting and stop bringing in new leads. To guarantee longevity EVERY business must always be reaching out for new business – even if they can’t bring it on right now. A business is either growing or contracting and there is no substitute for having a full pipeline – no matter how busy you are.

SmallBizLady: IF A BUSINESS IS AT CAPACITY, SHOULD THEIR SALES PROCESS BE DIFFERENT THAN IF THEY ARE TRYING TO GROW?

Dianna Geairn: Absolutely. If your business is lucky enough to be at capacity, it is time to take a look at your existing customer base. First, look to see if any one client makes up more than 15% of your revenue or profits. If the answer is yes, this is a red flag. It is time to stop selling to the smaller customers and start selling to potential customers who have similar qualities to your super-sized account.

SmallBizLady: WHAT OTHER SALES PROCESSES SHOULD BUSINESSES BE USING IF THEY HAVE ONE OR TWO OVER-SIZED CUSTOMERS?

Dianna Geairn: These businesses are in an excellent position to re-evaluate their entire customer base. Often, when we start in business, we bring in small and less profitable clients because we need them. As we grow, we often find that the smaller clients require just as much work as our big clients, but are far less profitable. Part of your sales process should be focused on gently moving those small clients out of your business and replacing them with bigger accounts. You may even be able to generate referral income by sending them to another business who can better serve them. A good sales process will help you do this consistently over time.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Develop a Sales Process for Your Small Business appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Deb Gabor @Sol_Marketing. Deb Gabor is the CEO of Sol Marketing and author of Branding is Sex. This brand dominatrix and investor pitch whisperer with legendarily bad travel karma is also an empty nester, Midwest transplant, winter sports fanatic, an obsessed pet owner.

SmallBizLady: WHAT IS A BRAND – AND WHY DO YOU NEED ONE? 

Deb Gabor: Branding is so much more than just a logo and a color scheme. Branding is the sum-total of all of your relationships, emotional connections, and promises you make to your customers. Branding happens in 360 degrees and at all touch points. Your customers define your brand, but you own it.

If you don’t control it yourself, your brand will take on a life of its own. Disaster happens when you let your audience own your brand. Do you want the media, social media followers, or dissatisfied customers owning your brand?

SmallBizLady: HOW IS A BRAND MORE THAN JUST DIFFERENTIATION FOR YOUR COMPANY, SERVICE, OR PRODUCT?

Deb Gabor: Branding is so much more than just being different for the sake of being different. It is about building strong emotional connections with customers. That’s a seriously smart business move that will have an enormous impact on growth and profitability.

It is not enough to brand yourself on the basis of what you do differently or better or faster or cheaper than anybody else, because those are things that other companies can imitate. As soon as they see you out there in the marketplace doing it and customers gravitating towards you, they’re going to start doing it too. That is just the nature of what happens in markets. It’s the swarm mentality. Soon your differentiating feature is no longer different. So all the brand capital you’ve built up promoting how you’re different is wasted. You’ll have to start over building your brand on something else.

The brands that win are the ones that create an enduring story and bond with customers in a truly emotional way; they make themselves indispensable to their customers.

SmallBizLady: HOW DO YOU KNOW WHEN YOU HAVE A BRANDING “PROBLEM?”

Deb Gabor: Here are 10 indications you may be having a branding problem:

• Your company’s sales people each use a different “pitch” to potential customers
• Your employees can’t explain in casual conversation why your company exists or what it does
• Your revenues are tanking, or growth is stalled
• “Me too” brands have entered the market and are stealing share
• Your desired brand identity and image don’t match
• You can’t answer the question: “what does our customer actually think of us?”
• You can’t answer the question: “how does our brand elevate our customers’ self-concept?
• You are unable to express a singular benefit your brand provides (one that NO other brand can)
• You feel a consistent negative vibe throughout your entire brand ecosystem
• You don’t know how your brand gets customers laid

SmallBizLady: WHAT IS THE CONDITION OF “IRRATIONAL LOYALTY,” AND WHY DO YOU WANT TO CREATE THAT CONDITION FOR YOUR BRAND, REGARDLESS OF THE SIZE OF YOUR COMPANY?

Deb Gabor: The ultimate goal of branding is to create a condition of irrational loyalty. When your customers consider using a competitor’s brand but ultimately feel like they’re cheating on yours, THAT’S irrational loyalty. You are so into a brand that, no matter what it did to you, you have so much positive juju built up in your emotional bank account for this brand you’d still go back and buy from them.

Irrational loyalty for a brand is like the love a parent has for a child or you have for a pet. No matter what they do, you love them to their very core. Irrationally loyal customers say things such as, “I love the whole experience,” or, “I like how it makes me feel,” or, “I like what that brand says about me.”

SmallBizLady: WHOSE JOB IS BRANDING?

Deb Gabor: This question is one of the main issues that stand between a company and a powerful brand. It doesn’t matter if you are a small business owner with five employees, or you’re the CEO of a billion-dollar company, the answer is the same…Branding is everybody’s responsibility.

Contrary to commonly held beliefs, it is not the responsibility of some marketing manager or the person in charge of campaigns or the person with “brand” in his or her title. Organizations that benefit most from branding are those where everyone in the company is a steward of their brand.

The companies that do the best are the ones in which the people at the top of the organization lead the charge for branding. In those companies, it’s often the CEO, but it’s also the COO and the CFO and the CTO and basically anybody with a “C” in their title who takes up the cause and drives the strategy through the entire organization. In order for it to work, however, every single person must feel ownership and responsibility for the brand.

SmallBizLady: IN CREATING A BRAND, WHY IS THE CUSTOMER MORE IMPORTANT THAN YOU?

Deb Gabor: Your brand isn’t about you; it’s about “them”. When people imagine my job as a brand strategist, they usually picture a marketing whiz sitting in a closed off boardroom, brainstorming and crafting a perfect brand. That couldn’t be further from the truth.

The reality is, branding doesn’t come from your company or from a person or agency you hire. Branding comes from your customers. Your brand lives in your customers’ needs and desires, as well as their perceptions of and connection to you. Branding is not an inside-out activity; it’s an outside-in activity.

In other words, real branding comes down to getting inside your customers’ heads and then working inward from there. What do your customers think? How do they behave? What do they need? Where do they go to get it? Where do they shop? How much are they going to spend? What’s important to them? How does it make them feel? And how does it advance them in the goals that they have for their own lives?

SmallBizLady: HOW CAN CREATING A BRAND FOR A SINGLE IDEAL, “UNICORN” CUSTOMER HELP YOU EDGE OUT THE COMPETITION?

Deb Gabor: Great brands know that creating a brand with a singular unicorn customer in mind leads them to relentless competition-killing focus. The one thing that needs to be at the center of your brand is your customer. Some business owners have a hard time understanding this, but your brand isn’t about you. Your brand exists to bolster your customer’s self-image, lead them to achieve their goals, and help them become the kind of person they want to be.

Accomplishing this requires you to think carefully about your ideal customer. The ideal customer archetype is something that serves as a guiding principle for everything you do in branding and gives you a singular, highly identifiable customer persona toward which to point your brand’s story. You brand to an ideal customer; you market and sell to individual customer segments. I’m not against segmentation; I am for focus. The ideal customer archetype is a fleshed out, detailed, hypothetical profile of your ABSOLUTE ideal customer. This doesn’t need to encompass everyone who might engage with your brand. The ideal customer is the single customer who will spend the most money with you over the longest time because he or she has so strongly bought-in to your brand experience.

SmallBizLady: HOW WAS MASLOW A MARKETER, AND WHAT IS THE BRAND VALUES PYRAMID?

Deb Gabor: In Marketing 101, professors taught us that customers make rational purchase decisions. However, as a student of branding and marketing over the past 25 or so years, I’ve learned that reason informs, but emotion persuades. The practice of branding requires digging a lot deeper into your customers’ needs, wants, and desires and then trying to uncover the inner stories customers tell themselves. To really understand branding, we need to understand basic human needs.

If you think back to Psychology 101 class in college, you probably remember studying Maslow’s hierarchy of needs. Maslow shaped his hierarchy like a pyramid, with the most basic human needs—food, water, shelter, air—at the base and loftier, more emotional needs at the top. The theory is that all humans must first solve for the lower levels of the pyramid before moving to the upper levels. Just as Maslow’s hierarchy explains human motivation, the brand values pyramid illustrates the idea that, when a person makes a decision to purchase or use a brand, they are motivated to achieve certain needs. As customers move up the pyramid, brands must meet more of their customers’ emotional needs, and as those emotional needs are met by more and more companies, the best brands must support customers’ process of becoming self-actualized.

SMALLBIZLADY: HOW IS BRANDING LIKE SEX?

Deb Gabor: When clients struggle with understanding the story their brand tells about their customer, my favorite shortcut is to ask, “How does your product or service get your customer laid?” And it works. Strong brands help their customers solve problems, present a positive image to the world, feel empowered, feel accomplished, and feel like the hero in their own personal stories.

Think about what happens when you’re feeling like you’re on top of the world and that everything is working out the way you hoped it would. No matter how you describe that feeling, it puts you in the mood for having sex. When I say having sex, it may mean literally jumping into bed naked with your partner. But it may also have a more figurative meaning: experiencing the exhilaration of neighbors or other moms in the carpool complimenting, fawning over, and praising you, as well as having your ego stroked and being appreciated your husband and children. All of these things feel great, too. Branding is about making people feel so good that they want to take a roll in the hay. That’s it.

SmallBizLady: HOW DO YOU GO ABOUT THE PROCESS OF CREATING A BRAND?

Deb Gabor: We all know that many companies have a hard time getting their branding right.

Many companies see branding as writing the perfect copy, choosing the perfect color scheme, and writing up a perfect brand message. These things might be the output of branding, but branding is one thing: understanding your customer.

From my experience helping companies understand their customers, there are three core questions that really get to the root of how the brand and customer interact. If you can answer these three questions, you’ll be in a much better place to start your branding process.

1) What does your brand say about your customers?

The first question for brands to answer is what it says about a person that he or she uses this brand. What does it communicate both to the outside world and to the customer him or herself? This is important because, at its core, this is what a brand is. It’s a statement about the customer, and it’s crucial that, as a business, you know what that statement is. Answering this question requires you to really get inside your customers’ heads and understand what they want to achieve in their lives, how they measure their success in achieving those goals, what they care most deeply about, and, ultimately, how the brand must deliver.

2) What is the singular thing your brand delivers that customers can’t get from anyone else?

The second question to understand is what the singular thing is that a person using this brand gets from it that they can’t get from any other brand. In other words, what makes your brand singular and indispensable?

What you’ll find, as you dig into this question, is that most of the answers aren’t tangible. It’s unlikely that your product has a feature that no competitors can provide. Instead, what commonly comes up are intangible benefits, like the ways the company makes them feel or the story it tells them about themselves.

3) How do you make your customer a hero in the story of his or her own life?

The third question requires an understanding of how your brand makes the customer a hero in his or her own life story. Everybody wants to be the hero in his or her own story. Everybody wants to be the protagonist. Some brands may achieve that in an obvious way (like a fashion brand making the customer stand out from the crowd), whereas others might be more subtle (like an IT brand making the purchasing manager look good in front of their colleagues). No matter what the case, if you can answer this question, you’ll have loyal customers for life.

SmallBizLady: I’M TRYING TO GROW MY COMPANY. HOW CAN A BRAND HELP ME GROW AND MAKE MORE MONEY?

Deb Gabor: Brands that have bonded emotionally with their customers are among the strongest. Their brands contribute significantly to the overall financial value of their companies.  Those companies that have gone through the process of creating a powerful brand distinguish themselves in their customers’ minds, not just now, but into the future. They’ve effectively differentiated from the competition. They’ve created conditions of irrational loyalty. That makes them resilient during market fluctuations and able to weather marketplace storms. Additionally, the loyalty that those brands engender increase their customers’ lifetime value and their companies’ customer acquisition costs on the lower side, contributing to a healthy bottom line.

SmallBizLady: WHERE THE #### DO I START?

Deb Gabor: My book is a great resource for getting started on the path to creating your brand. I give away the entire methodology and explain step-by-step how to go through the process of creating a powerful brand that wins. Start first with the ideal customer archetype exercise; then do the brand values pyramid exercise; and then pursue the more creatively oriented exercises to create the strategic underpinnings of your brand. You’ll be happy you did!

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Really Differentiate Your Product or Service appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Tianna Mañón @TiannaMañón. Tianna Mañón is the Editor-in-Chief of Open Mic Rochester, an online black-interest magazine located in Upstate New York. She believes in the power of media as a business building tool.

SmallBizLady: WHY IS IT IMPORTANT TO GET MY INFORMATION IN THE MEDIA?

Tianna Mañón: It’s free advertising, and someone else does all the work of putting it together and making sure it’s shared far and wide. Actually, it’s more detailed than advertising. In a profile piece, you get a chance to show your face and discuss your philosophy. If it’s a business reporting piece, you can highlight your company’s growth.

SmallBizLady: HOW DO I PITCH TO THE MEDIA? 

Tianna Mañón: Pitching to the media is easy and hard. On one hand, it’s easy to reach out to media professionals; on the other hand, it’s hard for someone to actually pursue your piece.

My advice: do your research. Find the correct reporter and tailor your pitch to the publication, broadcast station, blog or podcast. Email the reporter and explain what’s going on, why you picked them and how you can help pursue the story (by serving as source or finding other sources) in one to two paragraphs.

Reporters’ contact information is always listed on the company’s website. Also, their email addresses are usually included at the bottom of published stories. Try to match media outlet’s tone. If they have a cool, hip vibe, add some excitement. If they’re a little more traditional, just lead with the facts.

Try to pitch media sources that are aligned to your industry because they are more likely to publish your story. For instance, send a story about an event featuring a young singer to a teen magazine and discuss the importance of art with an art magazine. You can make one event fit many outlets by focusing on different angles.

SmallBizLady: HOW OFTEN SHOULD I PITCH?

Tianna Mañón: Reporters and editors differ on this. To be safe, pitch only your big stuff. Grand re-opening? Yes! Menu changes? Meh. Ask yourself: “If similar news was in the paper about another business, would I read it?”

SmallBizLady: HOW DO YOU FOLLOW UP ON A PITCH?

Tianna Mañón: Always with new information. I love when sources check on me after a few days (about 3-4 days) with a polite nudge. And I love when they include a new quote or something to refresh the news. This lets me know that this story is pretty important to you and may just be the reminder I needed.

SmallBizLady: HOW DO I CREATE OR MAINTAIN A RELATIONSHIP WITH A REPORTER?

Tianna Mañón: Reach out to a reporter who covers the same topic as your business. A business reporter isn’t always the best reporter to keep in your pocket because they often don’t get to write pieces that will show off your personality besides a profile. But if you’re a salon, befriending a lifestyle reporter means you two can potentially partner on projects in the future. You may even be able to guest author work.

Once you know who to reach out to, offer to meet for a cup of coffee. You don’t have to have a story in mind, just say, “I’d love to talk to you as someone who works in the same field you’re covering. Perhaps we can get together regularly and I can be a source that keeps you updated.”

We’re never going to say no to someone getting info for us. Be sure to always be reliable and CORRECT!

SmallBizLady: WHY SHOULD I CREATE A RELATIONSHIP WITH A REPORTER?

Tianna Mañón: Besides free advertising, it’s more likely the media outlet will cover your story. When we can text you asking for a comment, and the story is easy, we’re more likely to publish it. This works well on slow days when reporters need quick or easy content.

SmallBizLady: HOW CAN I USE SOCIAL MEDIA TO ATTRACT OR MAINTAIN RELATIONSHIPS WITH REPORTERS AND JOURNALISTS?

Tianna Mañón: Social media allows you to talk to a lot of people at once. Use it to talk to reporters and journalists. Some people tag news stations, publications and new media personalities in their photos and events uploads. You can also create clear and concise posts that can be used as “multimedia” in articles. Often editors will embed posts of a local restaurant’s tweet about closing or grand re-opening simply to add a visual. See every post as a potential introduction; post interesting updates; and share their content.

SmallBizLady: IS IT OK TO PITCH TO REPORTER FRIENDS?

Tianna Mañón: Yes! In fact, I love when my friends pitch stories to me. I can’t always take them but many make it to my white board.

Don’t be afraid to ask for coverage if you can get it; and if that’s your friend, then do the extra work of tailoring your pitch to the kind of reporting they do. For instance, if your friend is a business reporter, discuss the growth you’ve experienced in your company; how you employ certain groups of people (i.e. veterans or people with disabilities); or upcoming developments.

Don’t make them feel like they have to report your story because you’re friends, make them want to!

SmallBizLady: HOW CAN I INCREASE THE LIKELIHOOD OF MY PIECE BEING PUBLISHED IN NEWSPAPERS?

Tianna Mañón: There are three things you can do to increase the likelihood of your piece being published newspapers.

First, always tailor your work so the journalist can just publish it. There are a lot of lazy, overworked, and stressed reporters out there. We can’t get to every pitch because it’d be too much on our plate. To ensure we don’t drop the ball on other pieces, we might miss yours.

Second, write press releases to mirror the style of the publications you’re pitching. You may get lucky with a reporter who will use large portions of the release to create a quick piece on you.

Third, always include a quote. The new voice adds dynamism and creates less work for us.

Be sure to send your pitch along with a press kit. The best time to send these to a reporter is when something newsy is happening. It’s not enough to cover your business because you’re interesting. Sometimes it helps to have something happening such as a goal met you can celebrate, an anniversary or an event.

SmallBizLady: WHAT IS A PRESS KIT AND WHAT SHOULD BE INCLUDED IN MINE?

Tianna Mañón: Press kits give detailed information about who you are, your philosophy and how you got started; the missions and goals of your company or organization; as well as key players in your business.

They can also include press releases of major events you’ve done or accomplishments, staff photos, goals, and progress to date. Always include some kind of graphic, whether it’s a flyer or social media image to go. Make the visuals as uniform as possible.

My favorite ones always include the run-down of who works in what positions at the company; logos to accompany the story; and a fact sheet about when they started, their target audience, and how much money they make.

SMALLBIZLADY: WHAT ARE OTHER OPTIONS FOR GETTING IN MEDIA?

Tianna Mañón: If you can’t get a formal story in the media, think of other ways to connect with their audience.

Were you hoping for coverage to hype an event? Get it on their event calendar. Take out an ad on their social media pages or bulletin. Some places also rent out their social media feed.

SmallBizLady: HOW CAN I OVERALL BE MORE MEDIA FRIENDLY?

Tianna Mañón: As mentioned earlier, you want to develop relationships with traditional and new media staff and send targeted pitches. Also, be easy to work with and return calls in a timely manner. Help promote them and their content and stories. Most importantly, be a reliable and accurate source.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Use Media to Grow Your Business appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Eva Rosenberg @taxmama. Eva Rosenberg, known as the TaxMama®, is an award-winning author of business tax books. Find her at www.TaxMama.com and where you can ask your tax and business questions for free.

SmallBizLady: OWNING A SMALL BUSINESS IS A JOY. WHAT ARE THE ADVANTAGES OF A BUSINESS OVER A JOB? 

Eva Rosenberg: There are several advantages to make it worthwhile being self-employed:

• You control your own working hours.
• You only have to accept clients or customers you want to work with.
• You set your policies and don’t have to do anything against your ethics.
• You can try out new ideas without a boss overriding you.
• You get to hire the people who for you or consult with you so you can make sure to only hire people who bring joy and order to your life.

SmallBizLady: OWNING A SMALL BUSINESS INVOLVES MORE THAN YOU MIGHT THINK. WHAT ARE SOME DISADVANTAGES OF A BUSINESS OVER A JOB?

Eva Rosenberg: Although you may feel that you are the one generating all the income for your company and that you can do better on your own; there are things your employer does that you may not quite realize.

• The employer pays all the bills.
• The employer takes care of recruiting, hiring, firing, processing payroll, and ensuring that your payroll taxes are sent to the government.
• When you’re on your own, you need to remember to pay your own estimated taxes each quarter.
• The employer makes sure there’s enough money to cover all the operating costs, including your compensation.
• The employer pays for your staff, or your assistant (even if shared), freeing you up to do your work.
• The employer ensures that all the tools and materials you need are there and working; maintaining equipment like faxes, computers, copiers, phones; paying insurances; finding the right vendors; and keeping the lights on.

Basically, they take care of the all background issues, leaving you free to do what you do so well. And if you work for a good company, you may have a variety of employee benefits, including insurance, retirement, child care, and more.

SmallBizLady: What kind of planning is important for a small business?

Eva Rosenberg: Except in rare cases, businesses don’t just float along successfully all by themselves. They take some solid planning to become successful. It takes time and focus to get all that done.  For instance:

• Make sure you have all the licenses and registrations you’re supposed to have. Too many businesses overlook key licenses and get into trouble later.
• Write a business plan. This will save you time, keep you focused, and ensure that your business becomes profitable more quickly.
• Select the business entity you want to be. Don’t automatically set up an LLC or corporation, or anything without understanding how it works. This is one of the biggest mistakes made by business owners that they live to regret.
• What kind of staff (or virtual staff) do you need to hire since you cannot do it all? Decide on the tasks you don’t have time to do (or hate to do), and find someone you can afford who wants to do it.

SmallBizLady: WHAT ARE SOME OF THE MOST IMPORTANT NEW TAX ISSUES AFFECTING BUSINESSES THIS YEAR?

Eva Rosenberg: With a new president, we are expecting changes in the tax laws. We won’t know anything for certain until at least August or September. In the meantime, look at the IRS’s concerns about your business.

Here are 6 issues to consider:

a) Should your freelancers or virtual assistants be employees? How can you avoid getting into trouble if they should be employees?

The IRS has a special amnesty programs for employers who step up before they are audited.
Watch a free video that explains the concept.

b) You set up an S or C Corporation and you didn’t pay yourself on payroll. This is generating audits.

c) You must have detailed mileage logs for all your business travel. The courts are actively disallowing mileage without good records.

A good app to use would be MileIQ. For each trip, you need to show where you started driving, where you drove to, and why this is a business trip.

d) Health insurance for your employees. How much of the cost can you pay on their behalf without a group policy – up to $4,950 per year for single coverage and $10,000 per year for family coverage? Anything over that gets added to their wages and taxed.

Will there still be a tax credit for providing any insurance coverage at all? And how can you claim it?

e) Writing off your business asset purchases – computers, furniture, vehicles, etc. The rules have gotten seriously complex in the last few years. So complex that even tax professionals are often mystified.

• Can you write off anything under $500?
• What about repairs in excess of $2,500?
• What about improvements and repairs to your office, building, etc.?

You will find more information in Chapter 6 of Small Business Taxes Made Easy.

f) Your business really, really needs to keep a formal set of books. The accounting software available today is so easy to use and works with a variety of different apps, there’s just no excuse not to have good records.

SmallBizLady: WHAT BENEFITS ARE THE MOST OVERLOOKED BY SMALL BUSINESSES?

Eva Rosenberg: Tax credits are a big help and are often available in addition to deductions. Here are some you can use, perhaps on things that you’re already spending money on – or not yet.

a) Work Opportunity Credit. Hire people to help, folks who might otherwise
not get jobs – veterans, seniors, underprivileged youth, food stamp recipients, and the long-term unemployed.

b) Enterprise Zones. Many people actually live in Enterprise Zones, or have your business in one without realizing it. When you are located in one, there are all kinds of special benefits – tax credits, higher depreciation deductions, special capital gains benefits, and maybe even state and local benefits. Find out where Enterprise Zones are located.

Read more about this:

• IRS Publication 954: https://www.irs.gov/pub/irs-prior/p954–2004.pdf
• HUD website: https://www.hudexchange.info/programs/community-renewal-initiative/
• Form 8844 – https://www.irs.gov/pub/irs-pdf/i8844.pdf

c) Employer-Provided Child Care Facilities and Services. This provides a tax credit for 25% of child care costs (paid to a licensed facility) + 10% of childcare resource and referral costs. The credit is worth up to $150,000. Handled properly, this can be used to cover costs of the business owner’s children or grandchildren, as well as the costs for other employees. Learn more in
Form 8882.

SmallBizLady: WHAT TO DO IF YOU HATE ADMINISTRATION OR BOOKKEEPING?

Eva Rosenberg: Some people love doing bookkeeping or accounting because it’s so tidy, kind of like getting closure each month. For others, it’s something they dread or hate. So, how to make it easier?

If you really, really hate it, turn it over to someonelse. It’s cheaper to pay to get it done, than to not do it.

Here are ways to turn it over to someone else.

a) Hire a Enrolled Agents and CPAs to handle the whole thing.

b) Hire a bookkeeper but make SURE they actually know accounting (GAAP – Generally Accepted Accounting Principles). I have seen many bookkeepers charging $50 an hour or more who don’t have a clue.

You can find a free test to give them, and possibly a trained bookkeeper at  https://www.aipb.org/testrequest.php.

c) Have you tried Shoeboxed.com? You can send or scan all your documents to them and they’ll organize them for you. They will even work with your tax professional, if you have one.

SmallBizLady: WHAT ARE SOME WAYS TO MAKE YOUR RECORD-KEEPING EASIER WHEN YOU DO IT YOURSELF?

Eva Rosenberg: The truth is, you are the best source of information for your own books. By doing things yourself, you can get a better understanding of what’s going on in your own business. Of course, it often requires some oversight from your Enrolled Agent or CPA. What record-keeping tools are best for you to use?

The easiest way to collaborate with your tax professional is to use an online system. You can make entries from anywhere, even if you’re on the road. Most offer free trials and most of these systems allow you to scan and upload documents directly to your accounting system, including receipts and bank statements.

Here are some options:

a) QuickBooks Online

b) Xero

c) Freshbooks

d) GoDaddy Bookkeeping

SmallBizLady: I’VE HEARD THAT WE NEED TO KEEP RECORDS ON OUR DRIVING. WHAT DATA DO WE NEED TO KEEP AND WHY?

Eva Rosenberg: More and more often, the courts are rejecting vehicle-related deductions when the business owner didn’t keep good records. Following are the records you need to maintain whether you’re using mileage rates or actual expenses:

a) The total mileage driven on your vehicle(s) for the year.
b) The business miles driven for the vehicle(s). Having the total miles and the business miles makes it possible to get a percentage of business use for each car.
c) WHERE you drove to and from.
d) Why it was a business trip and the business purpose.
e) If you are using actual expenses, you need receipts for all your costs, including insurance, gasoline, repairs and maintenance. Don’t forget car washes, detailing and other specific things you do to make the car more desirable for your clients and customers to get into with you.
f) Get proof of all parking costs like tolls, valets, tips, etc., even if you paid cash.

SMALLBIZLADY: WHAT ARE THE BEST WAYS TO KEEP LOGS ON YOUR DRIVING?

Eva Rosenberg: You can keep your logs on paper or use an app. Let’s look at some options.

The best two paper options are:

a) Use your appointment book and enter each appointment. I use an inexpensive Week-At-A-Glance You can add the location later, as long as you can remember where you went and where you started each trip from.

b) Use a Tax MiniMiser. This is a series of envelopes that let you write down your mileage and details, and to drop receipts into the envelopes.

Here are a couple of electronic options:

a) MileIQ for Android or Apple devices

b) Magical Miles via iTunes

SmallBizLady: WHAT ABOUT MEALS, ENTERTAINMENT AND TRAVEL – THE MYTHS ABOUT ESTIMATING THOSE COSTS?

Eva Rosenberg: Folks are under the impression that even if you don’t keep any records, you can get away with just estimating the amounts you spent. Well, that’s true – and not true.

1. You’ve heard that you can use the Cohan Rule to use “reasonable” business deductions if you don’t have records. Well, not entirely. Lately, the courts have said that if you make no effort to keep records, or to reconstruct lost or destroyed records, you’re not getting the deductions. Or, if you do get deductions, they will give you the lowest possible deductions. I’ve put together a course to help you with this, called Cohan or Bust.
2. Sure, you can just look at your tax pro’s ceiling and find the number. I had a client who did just that – to the tune of about $5,000. But when I challenged him to keep records for a whole year, his actual expenses were over 12,000, more than double what he used to find on my ceiling. You’re shortchanging yourself when you do that.
3. Even without keeping details records on your spending, if you have your travel records, you can use something call “per diem” rates. The rates are different in each location, and change depending on the time of year. And there are some overall, standard rates you can use throughout the year, but using the rate for the specific locations gives you a much higher deduction.
4. Chapter 6 of Small Business Taxes Made Easy explains how to use these and provides links to the three main sources of the rates: domestic travel, travel to Alaska, Hawaii and the US Territories, and international travel.

SmallBizLady: MEALS, ENTERTAINMENT AND TRAVEL – THE FACTS ABOUT ESTIMATING THOSE COSTS?

Eva Rosenberg: There is a specific code section (IRC 274) that absolutely requires taxpayers to keep detailed records on business travel, entertainment, and meals. That’s why the Cohan Rule doesn’t work the way you might wish it to. This rule applies to travel, transportation, meals, entertainment and gifts.

You MUST have the following records in order to get the full benefit of your business deductions:

1) Amount: what was the cost, or how many miles are involved, for each separate transaction, on each trip?
2) Time:  the date and time (if relevant) for each deductible instance. When traveling, you must stay overnight in order to deduct travel meals and lodging.
3) Place or location: the name and address and city of the place you visited.
4) Business purpose and business relationship: why was this trip for business? You also need to document who you were meeting there and and how is that person (or persons) related to your business or business purpose. Read IRS Publication 463, Table 5.1 for more details.

When handled properly, with good records, you can often get away with using per diem rates that are higher than your actual expenses. Business owners may only deduct per diem meals, not lodging.

I managed to get over $15,000 worth of per diem deductions for a client who taught for two semesters out of state. His actual costs were closer to $7,000.

SmallBizLady: WHAT DO YOU THINK IS IMPORTANT FOR BUSINESS OWNERS TO CONSIDER THAT WE HAVEN’T TALKED ABOUT YET?

Eva Rosenberg: There are two things I think are overlooked: hiring your children, and succession planning. I call this Dynasty.

a) There are shysters out there saying that you can put your children on payroll and take a business deduction, even if your children never do anything in the business. That’s utter nonsense and can get you into big trouble.

However, when you hire your children for real, and they work in the business, it’s a total win-win for everyone. Your children learn more about who you are and what you do. They earn some money and learn to appreciate the value. You don’t need to pay them an allowance anymore; you can take a legitimate deduction for their payroll.

They can either use the money or save it in an IRA (or not) and avoid taxes. Best of all, they may bring talents, fresh ideas, and skills to your business that you didn’t expect.

b) Dynasty, or getting your children involved in your business and letting them find their own passion. Perhaps it’s selling. Perhaps customer service. Maybe they are great a designing websites or advertising campaigns, or even to help you develop a new product. When they have a joyful experience (instead of a forced one), their job can become their career – and their college education can focus on how to enhance their role in the family business. And pass this along to future generations.

On the other hand, when there is no chance of your children getting involved (or you have none), do some succession planning. Start now to determine how to build your business so you can sell it, or components of it, when you are ready to retire. Amit Chandel, CPA, CTP wrote an excellent article on this topic.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

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Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Donna Smith Bellinger @askdsb. Donna Smith Bellinger, also known as Your Business Revenue Accelerator, is an award-winning business coach, international speaker, author and adjunct in business and entrepreneurship. She is a sought-after radio guest and has been featured in Essence magazine, Huffington Post and on You & Me This Morning.

SmallBizLady: WHY DID YOU DECIDE TO LAUNCH YOUR BUSINESS?

Donna Smith Bellinger: Small businesses that employ less than 50 employees train more people than larger corporations. However, while many business owners are outstanding in their gifts, they may not possess the necessary skills to create a sustainable business.

My business was formed to address the specific sales and business development challenges that keep some businesses playing small. Years ago, I co-founded a successful IT business and was so very frustrated at the way we were treated when seeking growth opportunities. Also, I encountered numerous business owners that compromised their own success by not being willing learn in the ways of bigger business opportunities.

SmallBizLady: MOST SMALL BUSINESSES ARE LOOKING FOR “SOME” GROWTH, BUT YOU SAY RAPID GROWTH CAN BE A CHALLENGE. WHY IS THAT?

Donna Smith Bellinger: As a business owner or corporate leader, it is your responsibility to get business in the door and KEEP it there. I have seen several enterprises fail due to rapid growth, even with viable products and services. This can happen for a number of reasons but usually it’s because they got “lucky” before they were fully grown.

Are you prepared to handle twice the workload with a smile and grace? Would you be able to service customers’ phone calls; handle the meetings; and provide even BETTER quality products and services than you currently provide? Are your suppliers or consultants capable of handling the increased demands of your growth?  Or, will you become overwhelmed trying to work with what you’ve got, too busy trying to put out fires rather than give your old and new clients the attention they deserve.

SmallBizLady: WOULD YOU GIVE AN EXAMPLE OF A CHALLENGE IN RAPID BUSINESS GROWTH?

Donna Smith Bellinger: Let’s say you make cookies at a storefront and cater for small events. Suddenly you get a big order for a restaurant. You bring on a few more people and crank it out. Then a big box store decides that they want to carry them. Could you handle that?

Do you have access to a commercial kitchen? Can you afford to purchase the supplies and pay your team until the invoice is paid within 60 to 90 days? And if they never order again, what do you do with all of this new equipment you purchased?

SmallBizLady: WHAT SHOULD BUSINESSES CONSIDER AS THEY GROW?

Donna Smith Bellinger: Plan for consistent revenue first, rather than the peaks and valleys of inconsistent profit. Focus on what you do best and build a loyal customer base, rather than saying “Yes I can” to everything that comes your way just to get paid.

SmallBizLady: SINCE REVENUE IS THE OBJECTIVE, WHAT STEPS SHOULD A BUSINESS TAKE TO PREPARE FOR CONSISTENT REVENUE?

Donna Smith Bellinger: There are four key considerations.

1. Why did you start your business and how big do you want to become? Not everyone wants the responsibilities of running a million dollar company. You need to love what you do.

2. Do you have the cash flow to support big deals? Can you support workers, suppliers and operational costs while you are waiting for payment (usually 30 – 90 days)?

3. Do you have a team of experts to support you areas in which you lack expertise? Work with experts and engage consultants if you cannot hire employees. You need experts in accounting, legal, HR, sales, technology.

4. Create a “big firm” infrastructure in preparation for growth. Have a staffing plan in place in case you suddenly get rush orders or last minute projects. Here are some options.

• Hire a personal assistant for one or two days per week to take on the “life” issues and errands that disrupt your “flow”.
• Outsource things that take up too much of your time. After all you did not start your business to create another “job”.

SmallBizLady: WHAT SHOULD A BUSINESS OWNER LOOK FOR IN A CONSULTANT TO HELP GROW THEIR BUSINESS?

Donna Smith Bellinger: A consultant is an extension of your business and you want to be strategic in identifying the support you need. Look for people with the skills and qualifications to meet those needs. They should have a proven record of success. Review their referrals, credentials and testimonials. Also consider their work style, work ethic and personality. Ultimately, you want to know how many clients this expert can attract or retain for your business.

SmallBizLady:  WHAT ARE THE WARNING SIGNS THAT YOUR BUSINESS IS GROWING TOO FAST?

Donna Smith Bellinger: Here are five signs that your business is growing too fast:

1. Your expenses exceed your revenues.
2. You can’t keep up with customer orders.
3. There’s a rise in customer complaints.
4. You start losing customers.
5. You don’t have the system or staff in place to support your growth.

SmallBizLady:  HOW CAN NEW BUSINESS OWNERS START GROWING THEIR BUSINESSES?

Donna Smith Bellinger: It’s important that business owners stay ahead of the curve. Regularly mix and mingle with established businesses in the space you want to occupy to ensure that you are targeting the right market. Ask questions; you don’t want to look uninformed when you get to the table.

Sometimes you find that in addition to providing your service and product, you have to take on other duties for which you’re not qualified. When this happens, partner with someone who enjoys that part. This is not the time to fake it; you may never recover. Be clear on what you do and don’t do to manage your, as well as your customers’ expectations.

SmallBizlady: IF YOU ARE ALREADY IN BUSINESS, WHAT CAN YOU DO TO PREPARE FOR RAPID GROWTH?

Donna Smith Bellinger: The number one rule: be coachable. Surround yourself with people that have experience in the areas where you have no skills, experience or interest. For example, while I am perfectly capable of doing my own day-to-day accounting, technology and other business functions, I hired a team to handle that so I can focus on building my business. When I get ready to grow, I’m going to hire an expert to help me put it together in a way that makes sense for ME and my vision. I would encourage you to do the same.

SmallBizLady: HOW CAN BUSINESS OWNERS MAINTAIN THEIR HEALTH IF FACED WITH RAPID GROWTH?

Donna Smith Bellinger: I spent many years in corporate sales and management, Heavy hours and lots of pressure. It seriously affected my physical and mental health. Work life balance is very important for business owners and it goes beyond “hitting the gym”.

As a business owner, you did not set out to create another job for yourself. While getting your business off the ground can be very labor and time intensive, you must not fall into the trap of working for your business.

SmallBizLady: WHAT ADVICE DO YOU HAVE FOR SMALL BUSINESS OWNERS WHO WANT TO GROW AND HOW TO MANAGE THAT GROWTH?

Donna Smith Bellinger: Grow your support system, surround yourself with people who see great things in you and are willing to support you to help you get there. Support those who support you with their dollars, not just lip service. Take the necessary steps to build a strong foundation for your business and invest in the people who work with you. Most importantly, never stop learning, read, attend workshops and power network.

SmallBizLady: HOW CAN BUSINESS OWNERS ENSURE THEY SURVIVE OVER FIVE YEARS?

Donna Smith Bellinger:

1. Go where the money is. After you run out of friends and family, the real work begins. If you follow Sharks like Damon Johns or experienced sales gurus, know that none of them experienced massive success until they began to interact with people outside of their zip code.
2. Don’t attach yourself to being liked.  This is business, not a popularity contest. Learn to listen and be coachable. As TD Jakes often says: If you are the smartest person in the room, you need a new room.
3. Stop selling and start building relationships. No one goes to networking events to buy so stop trying to sell at them. That is a rookie mistake and labels you as such.
4. Never make things up as you go along. Just as your goals must be written, so must your scripts for introductions, follow-up emails, presentation, etc. If you can’t do it, hire someone who can.
5. The fortune is in the way you follow up with the people you meet.  Poor follow-up is a rookie mistake that many veteran business owners and professionals make.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Handle Rapid Business Growth appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET. This is excerpted from my recent interview with Susan Solovic @susansolovic. Susan Solovic is an award-winning serial entrepreneur, New York Times, Wall Street Journal, Amazon.com top 100 and USA Today bestselling author, media personality, sought-after keynote speaker, and attorney.

SmallBizLady: WHAT IS YOUR OUTLOOK FOR SMALL BUSINESS GROWTH IN 2017?

Susan Solovic: I’m positive about what the future holds for small business growth. We’ve seen that number of start-ups decrease over the past several years and that’s not good for the economy. Now that small business optimism and consumer confidence is up, I am confident we’ll see a surge in entrepreneurship. Additionally, many jobs are being replaced with technology so more and more people are going to need to rely on their own abilities to make a living. This is the beginning of the age of the entrepreneur in my opinion.

SmallBizLady: YOU HAVE A NEW BOOK BEING A PUBLISHED SOON.  TELL US ABOUT IT?  

Susan Solovic: It’s called “The One Percent Edge Small Changes that Guarantee Relevance and Build Sustainable Success.” I’ve studied small businesses for decades and I’ve started and built successful companies myself. In the past, we’ve talked about the steps it takes to build success, but today that’s not enough. You can be successful today and out of business tomorrow because the market is changing so fast. So I’ve developed a process which helps businesses of all sizes build innovation into their DNA.

What works today won’t work tomorrow. You need to be agile, flexible and able to manage your business in real time. Businesses that employ this process will be able to create a competitive edge and enhance their ability to remain relevant to the market.

SmallBizLady: CAN YOU SHARE SOME EXAMPLES OF BUSINESSES WHO HAVE MISSED THAT MARK BECAUSE THEY FAILED TO BE INNOVATIVE?

Susan Solovic: There are many. That’s why only 71 of the original Fortune 500 companies exist today. Think about some of the brands you’ve known in recent years that have virtually disappeared: Linens and Things, Circuit City and Radio Shack. Business leaders marry their products and business operations. As a result, they fail to recognize market shifts. When they wake up, it’s frequently too late. Fewer than 10% of businesses are able to turn the tide once they recognize they have missed the boat so to speak.

SmallBizLady: THAT’S VERY INTERESTING. I SEE WHY IT’S IMPORTANT FOR BUSINESSES TO BE CONSTANTLY INNOVATING, BUT HOW DO YOU INCORPORATE THAT IN YOUR BUSINESS WHEN YOU’RE BUSY RUNNING DAY-TO-DAY OPERATIONS?

Susan Solovic: That’s why I developed this THE One Percent Edge Process.  Businesses don’t need to make radical, disruptive changes. They need a process by which they are continually making small enhancements in every aspect of their business; their product/service; and their people, process, technology, finances and marketing.

SmallBizLady: WE ALWAYS TALK ABOUT HOW IMPORTANT PEOPLE ARE WITHIN AN ORGANIZATION. IS THAT TRUE FOR A COMPANY THAT IS TRYING TO CREATE A SUSTAINABLE COMPETITIVE EDGE?

Susan Solovic: Absolutely. You can have the most innovative product/service offering in the market, but if you don’t have the right people to execute your plan, then you will have difficulty building your success. Furthermore, without the right people who are innovative and creative, you will wind up with the same old strategies.

SmallBizLady: HOW DO YOU ATTRACT THE RIGHT PEOPLE FOR YOUR TEAM?

Susan Solovic: Your existing employees are your best recruiters. You need to create an employment brand as a place where people want to work. Employees feel respected and empowered. Reward them for their contributions and give them an opportunity to be part of the vision. No micromanaging. And real-time feedback is important. Your team wants to know how they are doing. The annual performance review is a thing of the past.

SmallBizLady: HOW DOES MARKETING FACTOR INTO A COMPANY’S ABILITY TO BUILD AN EDGE IN THE MARKET?

Susan Solovic: Communicating your value proposition is critical to create a competitive edge. However, it’s equally important to be able to engage your market in an authentic conversation. In today’s market you can’t “sell” anything, but you can be a partner and a problem-solver.

SmallBizLady:  HOW DOES HAVING DIFFERENT GENERATIONAL CUSTOMERS AND CLIENTS HELP BUSINESSES DEVELOP A COMPETITIVE EDGE?

Susan Solovic: It’s an on-going saga – Baby Boomers vs. Millennials. The two groups seem to be very diverse and unable to work together. A business with the edge, however, understands that each of these groups brings something important to the table. Just as it’s important to have gender, race and ethnic diversity, generational diversity is important, too.

SmallBizLady: HOW IMPORTANT IS IT TO ENHANCE YOUR PRODUCT OFFERING?

Susan Solovic: The reason businesses struggle and risk becoming irrelevant is because they do the same thing everyone else does. A business with the one percent edge has a product offering with just a noticeable difference. As Jerry Garcia once said, “It’s not enough to be the best at what you do. You must be perceived as the only one who does what you do.”

SmallBizLady: DO YOU NEED TO APPLY THIS TYPE OF ANALYSIS TO EVERYTHING YOU DO IN YOUR BUSINESS?

Susan Solovic: Every aspect of your business is dependent on the other areas. You know your company is only as strong as the weakest link, so it’s important to build a culture of innovation that resonates throughout your organization.

SmallBizLady: DOES YOUR PROCESS APPLY TO BUSINESSES OF ALL SIZES OR DOES IT WORK BETTER FOR ONE TYPE OF BUSINESS VS. ANOTHER?

Susan Solovic: Any size business can employ this strategy but the larger the company, the more difficult it is to implement. Smaller businesses are more agile and can pivot more quickly so they do have an advantage. No doubt about it.

SmallBizLady: WHERE CAN PEOPLE GO TO FIND OUT MORE ABOUT YOU AND LEARN MORE ABOUT YOUR NEW BOOK?

Susan Solovic: My website:  SusanSolovic.com.  Or join me on Facebook or Twitter.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Stay Relevant and Successful in Today’s Changing Market appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET.  This is excerpted from my recent interview with Michael Bungay Stanier. Michael is the Author of The Coaching Habit and the Senior Partner and Founder of Box of Crayons, a company that helps organizations do less Good Work and more Great Work. For more information, http://www.boxofcrayons.biz.

SmallBizLady: IF PERFORMANCE MANAGEMENT IS DEAD, WHAT’S FILLING THE VOID?

Michael Bungay Stanier: The answer to this hasn’t quite yet emerged, but it is clear that coaching is part of the solution. Managers are crazy busy, and if they don’t have time to coach in 10 minutes or less, then they don’t have time to coach at all.

My latest book, The Coaching Habit, offers seven questions that (once they replace old management habits) are practical and easily applicable so that every interaction – long or short, formal or informal – can become a moment of effective, on-the-spot coaching. It’s a combined commitment to profound behaviour change and getting to the work that has more impact and more meaning, all while being cognizant of the very real time constraints and conditions under which most busy managers work.

SmallBizLady: HOW DO YOU BUILD A HABIT THAT STICKS?

Michael Bungay Stanier: I’m indebted here to Charles Duhigg, B.J. Fogg and others who have written about habits. My thought about successfully creating a new habit centres around the major need to identify what your own “triggers” are – those moments when your old ways of behaving become almost knee-jerk – and transforming those moments into a chance to identify old habits and begin to form new ones.

SmallBizLady: IN BUSINESS MEETINGS, HOW DO YOU STOP THE CHIT CHAT AND GET TO THE REAL HEART OF A CONVERSATION FAST?

Michael Bungay Stanier: Everyone who has worked in any kind of organization knows how many hours are wasted in meetings and one-on-ones that don’t accomplish anything or identify the real problem. The solution to this is more multivalent, but it starts with a really solid opening line that cuts through the chit chat and gets to the thick of things quickly.

The very first question, which I call the “Coaching Bookends”, is: “What’s on your mind?” It’s deceptively simple, but it forces the addressee to quickly get to the point.

SmallBizLady: WHAT DO YOU THINK IS THE MOST POWERFUL COACHING QUESTION IN THE WORLD?

Michael Bungay Stanier: In sticking with the theme of deceptive simplicity, I think the most powerful coaching question in the world is one whose acronym is AWE: “And what else?” It may seem like three innocuous little words, but it really is the best coaching question in the world. That’s because the first answer is never the only answer and rarely the best answer. There are more answers to be found and possibilities to be generated. And equally as important, it slows down the “Advice Monster”, that part of every manager that wants to leap in and take over; give advice or be an expert, or solve the problem.

SmallBizLady: WHY IS OUR IMPACT ON THE DECLINE WHILE OUR BUSY-NESS IS GOING UP?

Michael Bungay Stanier: I think the answer to this is a combination of overwhelm and narrow-mindedness. We’re too busy to slow down and think strategically and too busy pushing all the individual peanuts forward, which results in us solving the wrong problems.

We tend to misidentify the real problem as the first problem that arises. But one question, the Focus Question – “What’s the real challenge here for you?” – helps us to slow down our rush to fix the first problem, so that we can get at the heart of the real challenge

The key to an effective coaching conversation is to start strong, provide the opportunity for the conversation to deepen, and then bring things into focus.

SmallBizLady: IS THERE ANOTHER REASON WE’RE ALL SOLVING THE WRONG PROBLEMS?

Michael Bungay Stanier: We are continually distracted by three familiar patterns that can keep us from honing in on the real challenge: Proliferation of Challenges; Coaching the Ghost; and Abstractions and Generalizations.

As you list the many challenges at hand, you experience the kind of overwhelm that’s now become Standard Operating Procedures. You’re likely to begin solving the problem that seems easiest to solve, which may not even be a real problem.

Slowing down to ask yourself and your team, “What is the real challenge here for you?” can really help you to:

• focus on the challenge that might be at the heart of everything else that seems to be proliferating;
• avoid the habit of sliding into workplace gossip when you’re supposed to be conducting a useful meeting (I call this tendency “Coaching the Ghost”); and
• cut through the Generalizations and Abstractions that occurs when everyone talks around the problem or lists the problems in general but don’t have any actionable takeaways when the meeting is over.

SmallBizLady: WHAT IS THE SECRET OF EFFECTIVE LEADERSHIP?

Michael Bungay Stanier: You’re going to think I’m just trying to sound controversial, but my answer is: laziness. This does not mean that you’re not doing anything. It means that you’re committed to empowering others by not “rescuing” them all the time. This is related to taming that “Advice Monster.” It might come as a surprise that sometimes managers’ desire to be helpful can actually have a disempowering effect on the person being helped.

The Lazy Question, “How can I help?”, works in two ways. First, it forces the other person to make a clear request by forcing her to get clear on what she wants or needs help with. Second, it is a self-management tool to keep you curious and keep you lazy. It prevents you from spending time doing things you think people want you to do and opens up more time for you to do the work that matters.

SmallBizLady: HOW CAN WE RE-THINK STRATEGY?

Michael Bungay Stanier: People tend to think strategy is mostly about answers. But questions provide more potential for strategic insight. We’re continually taught to “go for the Yes,” but it’s actually more strategic to slow down and ask: “Where or how could my time be better spent?” This sometimes means “going for the No.” I admit, this isn’t always easy for me.

SmallBizLady: WHAT DO YOU THINK IS THE HARDEST QUESTION FOR AN AMBITIOUS LEADER?

Michael Bungay Stanier: The hardest question for the ambitious leader, also known as the Strategic Question, is: “If you’re saying Yes to this, what are you saying No to?”

Ask this question if:

• you’re someone who feels compelled to say Yes to every request or challenge;
• you’re overwhelmed and overcommitted; and
• you’ve lost your focus and spread yourself too thinly.

This question helps make the promise real, and in some ways, it’s the hardest question of all to face.

Because I know that, at least for me, the thing I’m always saying No to is my best work, my Great Work. It’s so much easier to get to all of the little things that seem more pressing, but in the end, it doesn’t have much impact or meaning. They’re just easier to do; they don’t challenge me or bring me to the edge of my own capabilities. No one likes being on that edge, but that’s where the really impactful things happen.

There’s a certain amount of routine work that needs to get done. But what if everyone in your organization was doing even just 10% more of their work on that innovative edge?

SmallBizLady: WHAT IS THE REAL CAUSE OF MOST WORKPLACE DYSFUNCTION?

Michael Bungay Stanier: In the context of organizational behavior, The Drama Triangle helps to explain why most managers spend their time ineffectively overworking, and frustrating themselves and their team in the process. The three points on the triangle are: rescuer, persecutor and victim.

You can probably see where you and your colleagues tend to gravitate, but the real insight here is learning how habitual roles prevent managers and teams from getting the real work done. Understanding these three roles and how to escape them can be a profound catalyst for behaviour change.

SmallBizLady: WHAT KIND OF NEUROSCIENCE IS BEHIND HOW WE REALLY ENGAGE AT WORK?

Michael Bungay Stanier: Neuroscience is the new frontier in management and leadership skills. Brain-based science is giving us a deeper understanding of how we really work and the implications for being an effective leader. Engagement is rooted in an individual’s sense of belonging and autonomy. Understanding how to foster that environment is crucial to having a team that’s maximally engaged and thus positioned to do their best work.

SmallBizLady: IF YOU HAD TO GIVE A BUSY MANAGER ONLY ONE TIP ON HOW TO BECOME A BETTER COACH, WHAT WOULD IT BE?

Michael Bungay Stanier: My one tip would be: Give less advice and ask more questions.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Change the Way You Lead in a Small Business appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. This week, we recorded a special TV broadcast, #SmallBizChat Live from NYC on Facebook LIVE sponsored FedEx.  We had several live studio guests answering questions on small business growth. This post is excerpted from my live interview with branding expert Dorie Clark.  Dorie is a marketing strategy consultant, professional speaker, and frequent contributor to the Harvard Business Review. Recognized as a “branding expert” by the Associated Press, Fortune, and Inc. magazine, she is the author of Reinventing You  Her FIRST book, Stand Out, was named the #1 Leadership Book of 2015 by Inc. magazine. For more information: www.dorieclark.com

SmallBizLady: It seems like it’s harder than ever to stand out and get noticed. What can a small business owner do?

Dorie Clark: It is getting harder to stand out –  we live in a world where 300 hours of video is uploaded to YouTube every minute, and that’s only one of the myriad ways people communicate these days. That means it’s even more essential to identify your target audience and speak to them in ways that are relevant to their needs. Nothing else will catch their attention.

SmallBizLady: How can you become a recognized expert in your field?

Dorie Clark: For my book Stand Out, I interviewed more than 50 thought leaders to understand how they developed their best ideas and what enabled them to gain traction and build a following. It turns out that three things are essential: content creation, because people need to hear your ideas in order to know if they’re any good; social proof, because you need to demonstrate credibility so others take you seriously and are willing to listen; and your network, because they can expose you to new ideas, sharpen your thinking, and help you spread your message.

SmallBizLady: How can you effectively build “social proof” or credibility in your field?

Dorie Clark: A great way to establish social proof – and build a local network – is to join the board of your professional association or a local business group, such as the Chamber of Commerce. This gives you an excuse to meet and build relationships with people you might do business with in the future, and the fact that you were elected by your peers to a leadership position confers a lot of credibility.

SmallBizLady You’ve talked about the importance of networking. If you don’t have a big network now, what you can do?

Dorie Clark: One of my favorite techniques to build your network, even when you’re starting from zero, is to interview people for your blog or podcast (if you don’t have one, you can write a post for LinkedIn). This enables you to meet people you admire and learn from them – and they’re far more likely to say yes to meeting you if you’re going to help publicize their work, rather than just (like everyone else) asking for a coffee date to “pick their brain.”

SmallBizLady: How can you network effectively, even if you’re an introvert?

Dorie Clark: As I discuss in my e-book Stand Out Networking, being an introvert is no obstacle to networking. I’m an introvert, and have learned firsthand that the key is monitoring and managing your energy, and knowing when you’re about to get burned out. Certain situations, such as noisy rooms where you don’t know anyone, are more likely to be stressful, and that makes me (and many other introverts) retreat faster. Instead, I try to optimize for my strengths and only go to, or organize, networking events where it’s quiet and I can have real conversations with people. That makes it far more enjoyable.

SmallBizLady: How important is social media for small business owners these days?

Dorie Clark: Small business owners do need to have some form of social presence, so potential customers know you’re active and legitimate. But you’re not Coca-Cola; you certainly don’t need to be everywhere. Instead, ask your best customers where they spend their time online and focus there.

SmallBizLady: How should a small business owners chose which social media channels to be on?

Dorie Clark: You should ask yourself three questions:

• What social channels do my customers use? There’s no point focusing on LinkedIn if you’re trying to reach teenage girls.
• What are my own strengths? YouTube might seem like a good idea, but if you absolutely hate video, you don’t have to force yourself – there are other options.
• Are there certain types of social media that especially suit my business? If you have a “visually friendly” business – a bakery, a florist, etc. – you’re missing out if you’re not on Instagram or otherwise harnessing the power of photos.

SmallBizLady: How do you figure out what topics to blog about?

Dorie Clark: Keep a list of the questions that customers or potential customers ask you most frequently. You can literally write down ideas into the notes function of your phone – just be sure to capture them. If you write about the questions people are already asking, you know you have a built-in audience that’s hungry for answers.

SmallBizLady: You’re an expert on professional reinvention. Many people have reinvented themselves into new careers as small business owners. What do they need to know?

Dorie Clark: It takes many, many interactions for people to remember that you’ve made a transition…and even more interactions for them to think of you as knowledgeable and credible in your new field. That’s why content creation is so critical. You can reinforce your new brand by frequently writing or tweeting about it, so people begin to think of you in a new way.

SmallBizLady: What aspect of professional reinvention takes most people by surprise?

Dorie Clark: As I describe in my book Reinventing You, an element that catches many people off-guard in their reinvention is that your family and friends – the people you rely on most for support – often are the least supportive of your transition. That can be a rude awakening, but it’s essential to be aware of the possibility and plan for it. After all, while they believe in you, they may worry that you haven’t thought things through properly and think it’s their duty to “protect you” or “play devil’s advocate.” They’re trying to help, but it can feel hurtful. You need to stay strong and show them you’re really committed to your new path.

SmallBizLady: How can you become more innovative in your approach to business?

Dorie Clark: It is important to mixing disciplines. Research has shown again and again that if you only immerse yourself in one area of study – for instance, if you run a nail salon, and you only learn from other nail salon owners – you’re going to dramatically limit your view of what’s possible. Instead, read widely and build connections with people in a variety of fields. Innovation becomes possible, and fruitful, when you’re able to ask yourself questions like, “What can a nail salon learn from the example of Netflix? Or JetBlue? Or the local pet store?”

SmallBizLady: You have a new book coming out this fall about how to create multiple revenue streams. Why is that important?

Dorie Clark: We all have limited time and energy – so how can you create something once and then repurpose it in a variety of different ways? For small business owners, the question is: once you’ve developed a customer, what else can you sell them that benefits them and that they actually want? In Entrepreneurial You, I share strategies from successful entrepreneurs about how to develop new lines of business and decrease your risk by diversifying strategically.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Create a Stand Out Brand for Your Small Business appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET.  This is excerpted from my recent interview with Grayson Kemper. Grayson Kemper is a Content Developer at Clutch, a B2B research and review platform based in Washington, DC. He specializes in telecom research.  For more information, https://clutch.co/.

SmallBizLady: WHAT EXACTLY ARE ANSWERING SERVICES?

Grayson Kemper: Answering services are business services that, at their core, offer telephone and other response services features to for business communication channels. These services include automated and live answering services, virtual receptionists, and internet-platform services.

The features included range from 24/7 answering to appointment scheduling, bilingual answering, email response, and social media monitoring. Essentially answering services are the front line to your business communications, and can serve to tools to organize and ensure that all incoming communications and enquiries are received and properly addressed

SmallBizLady: WHAT ELSE DO ANSWERING SERVICES DO BEYOND PICKING UP/DIRECTING INCOMING PHONE TRAFFIC?

Grayson Kemper: Although answering services are typically perceived as services that simply receive and answer telephone calls for their clients, there have been significant technological innovations over the past decade, which have opened up their capabilities as business tools. Specifically, more advanced forms of answering service, like live virtual receptionists and internet-platform services, have made some headway in the market. These services leverage digital technologies to provide features such as voice to text, email answering, analytics, live web chat, web dashboard, and social media monitoring. These features allow answering services to act as an extension of your business, rather than mere tools that provide a small convenience.

SmallBizLady: WHAT ARE THE DIFFERENCES BETWEEN THE DIFFERENT FORMS OF ANSWERING SERVICES?

Grayson Kemper: Three (3) main forms of answering services that businesses use today: automated, live virtual receptionists, and internet-platform.

1. Automated service are the most common, as well as most basic, form of answering service. They include interactive voice response, auto attendants, and traditional voicemail services.
2. Live virtual receptionists are similar to automated services in that they answer and direct calls. The difference is that a live virtual receptionist provides live answering, so a caller interacts with a real person who has access to company dashboards.
3. Internet-platform services leverage internet connectivity as the backbone of for their features. These services include live web chat services, automated email response systems, and social media monitoring tools..

SmallBizLady: HOW DO I KNOW WHICH TYPE OF ANSWERING SERVICE TO USE?

Grayson Kemper: Identifying the particular type of answering service that best fits your business needs shouldn’t be a super difficult process. Most importantly, the service needs to make sense for your business, i.e., it needs to be compatible with existing communication infrastructure and the features you use should provide practical value and have realistic application for your business. This logic applies both for considering which service you should use, as well as which service you should not use. If you don’t get that many calls, probably don’t need a live answering service, and if you don’t get emails, you probably don’t need an email response tool.

SmallBizLady: ARE ANSWERING SERVICES VIABLE INVESTMENTS, GIVEN THE TRANSITION TO DIGITAL AND ONLINE AS PRIMARY COMMUNICATION CHANNELS FOR MANY BUSINESSES?

Grayson Kemper: Just because communications and inquiries from customers have moved online, doesn’t mean there are less of them. In fact, the proliferation of business communication channels online has increased the volume of incoming communication for many. Internet-platform services in particular were created to address this dynamic.

Other technological advances and demands in the market have led answering services providers to offer other features like live web chats, mobile apps, analytics, and CRM integrations as part of their plans and packages, all of which are well suited for digital platforms. So, yes, answering services are still very viable investments.

SmallBizLady: HOW EXACTLY DO ANSWERING SERVICES PROVIDE VALUE FOR SMALL BUSINESSES?

Grayson Kemper: Answering services can provide value for answering services on various fronts. One of the most significant is through strengthening users’ customer service capabilities. An answering service allows for essentially every inquiry directed at a business to be addressed, which generally leads to a more satisfied customer base. Better customer service results in more customer loyalty, which means more consistent revenue. While that seems tangential, strong customer service has proven business value, and answering services can help businesses achieve that.

Other ways answering services provide value for small businesses are through their ability to generate and capture leads, operate as marketing tools, and perhaps most importantly, preserve time resources spent on monitoring and addressing all of a business’ communication channels.

SmallBizLady: HOW DO THESE MEASURES TRANSLATE TO BUSINESS GROWTH?

Grayson Kemper: To piggyback off of the previous answer, the time answering services save small business managers does a great deal to ease and facilitate business growth for small business. Since a lion’s share of the phone calls and emails directed to small businesses are handled by either the owner or manager, the time they can spend answering inquiries can be easily overwhelming. However, with an answering service in place to help alleviate some of this responsibility, time resources can be devoted to other aspects of running a business.

Another way in answering service help business growth is through the scaling small businesses’ communications operations. Not only do they handle incoming inquiries, answering services also collect, store, and organize them. This data is of the utmost value for small businesses, as it can provide business leads to be identified and contacted, information regarding customer’s specific needs, and provide other general feedback, all crucial for expanding and curating a business’ health.

SmallBizLady: WHAT ARE THE COSTS ASSOCIATED WITH ANSWERING SERVICES?

Grayson Kemper: Cost varies based on the type of service used as well as the tier of package. Answering services typically charge on a usage-based scale (i.e. minutes allotted) and will have different price ranges based on what features are included in a particular package. A recent study from Clutch, shows that 50% of businesses that use answering services pay less $250 or less a month for their service. So, while it is nearly entirely dependent on which service you decide to use, chances are that it won’t break the bank, which of course bodes well for your business.

SmallBizLady: HOW CAN I TRACK PERFORMANCE OR RETURN USING AN ANSWERING SERVICE?

Grayson Kemper: First, I would say avoid being solely dependent on traditional metrics to measure the effectiveness of an answering services, since many of the ways that they provide value to your business and help facilitate growth are through more intangible methods, like improving customer service.

However, measuring ROI can be achieved if you have the ability to track leads directly from their interaction with your service, from which point you can calculate the revenue brought in from those leads to determine the return on investment. For example, there is a company on our site, Answer Force, who calculated that they provided 508% ROI for one of their clients. There are also ways to keep tabs on key performance indicators (KPIs) for answering services, through measuring the percentage of calls where the agent addresses all of the caller’s needs on the first call, or without having to transfer, escalate, or return it.

SmallBizLady: WHAT ARE THE TYPICAL TERMS OF USE? WILL I BE LOCKED INTO A LONG-TERM INVESTMENT OR PARTNERSHIP WITH A PARTICULAR SERVICE?

Grayson Kemper: Answering service are typically offered as month-to-month services, which leaves a good deal of flexibility for users. This structure allows for some businesses to contract an answering service only in periods of increased phone or communication volumes. An example of this would be a retailer during the holiday season. It should be noted, though, that there is some technical installation that has to be done when an answering service is set up, so having a service for a period of just a couple of months might be a bit of a hassle.

SmallBizLady: HOW CAN I BE CONFIDENT THAT AN ANSWERING SERVICE WILL BE ABLE TO EFFECTIVELY COMMUNICATE WITH MY CUSTOMERS?

Grayson Kemper: This is an issue that spans the entire history of businesses using answering services, especially for industries dealing with sensitive information, like the legal and medical fields. This dynamic has actually spawned cottage answering service industries, in which providers solely provide services for companies in the medical (or legal, real estate, etc) industry. These industries operate on the basis that they can effectively communicate about sensitive or complex issues that people would potentially inquire about. Ultimately, though, ensuring that an answering service can effectively communicate about your field with your customers requires a degree of vetting from the user. This echoes my point in a previous answer, which is that small businesses need to ensure that the service they choose is applicable and can provide definite value to their business.

SmallBizLady: WHAT SHOULD BE THE EXPECTED RESULT FROM INSTITUTING AN ANSWERING SERVICE?

Grayson Kemper: Answering services are not a magic bullet for facilitating business growth. Installing one won’t automatically increase your sales by huge margins or open up a previously undiscovered revenue stream. What answering services can do is ease the business growth process for small businesses. Whether that be allowing for management to invest their time into an existing project or streamline your process of collecting and contacting business leads to help grow your customer base, answering services are a fantastic tool by which these goals can be accomplished.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How Answering Services Can Facilitate Small Business Growth appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET.  This is excerpted from my recent interview with Dequiana Jackson, @InspiredMedia1 As Founder of , Inspired Marketing, Inc., Dequiana is a small business marketing strategist who teaches women entrepreneurs solid marketing strategies to turn their life’s passion into a profitable, service-based business. Dequiana is an author of the ebook Know Your Business: How to Attract Ideal Clients & Sell More… For more info log on to her website: www.inspiredmarketinginc.com

SmallBizLady: What is an ideal client?

Dequiana Jackson: Your ideal client is a group of people that is both interested in your product or service AND willing to buy it. Once you target them with your marketing, these are the people who will read materials you’ve crafted and feel like it was written specifically for them. This should also be a group large enough to sustain your business over time.

SmallBizLady: Why does a small business need to have an ideal client?

Dequiana Jackson: Your ideal client will steer the direction of your marketing, your products and services and even your pricing. If you don’t target, you risk losing customers: 34% of 2,000 U.S. adults surveyed by Responsys “broke up with” or left a brand because they were receiving “poor, disruptive or irrelevant marketing messages.”You’ll save money by targeting your marketing efforts to the one or two groups that are most interested in your business.

SmallBizLady: What is one mistake small business owners make around customer targeting?

Dequiana Jackson: They want to target everyone. However, if you attempt to target everyone with your advertising, you end up reaching no one. For example, what compels a college graduate with his first job and disposable income to buy is going to be different than what motivates a new mom of triplets who is trying to stretch her budget. Mixing messages together will only confuse and alienate your true audience. Even companies running billion dollar brands target their product message to a specific set of people. In this age of information overload, you want your message to be so targeted that the minute your ideal client hears it, he goes, “Yes, this was written just for me.” You have to cut through the clutter.

SmallBizLady: How do I select my ideal client?

Dequiana Jackson:  Start by figuring out the core product or service your business provides. You need to be able to articulate that before you can target it to a specific group of people. For example, my first business was in online marketing. I designed websites. You may make candles. You must know what you do. Take a look at your competitors to see who they are targeting. There may be a gap in the market your business can fill. Identify why you are uniquely suited to serve this customer. What advantage does your business have over others in the market? For service-based businesses, like coaches, sometimes you just need to look in the mirror. You may have overcome an obstacle and now want to teach those who were previously in your shoes. Make sure you understand the benefits of your product or service to a client. How are you making their lives easier by buying from you?

SmallBizLady: How do I develop a detailed customer profile?

Dequiana Jackson: Focus on the demographics to understand your target customer. Who they are? What’s the age, sex, race/culture, location, income, marital status, # of children, job they hold? Look at psychographics to understand why they buy: habits, attitudes, values, behavior, when and where they hang out online, What magazines and blogs do they read? When are they most receptive to buying?  What goals do they have and frustrations they are feeling? How does your product or service help them to accomplish their goal, i.e. brighter, long-lasting hair color, a hassle-free family vacation, drive thru pharmacy . Frustrations would include any obstacles that prevent your client from reaching their goal or issues he or she would like to avoid.

SmallBizLady: Where do I gather the data to build my ideal client profile?

Dequiana Jackson: I assume you already have some idea of who you want your business to help. Create a survey with Google Forms or SurveyMonkey and distribute the link to old clients and current clients. You can also place an ad online targeted to who you think your ideal client might be. You can run a Facebook ad with a budget as little as $5. Offer an incentive to those who fill out the survey to increase completion rates. Complete third party research by hanging out in places relevant to your business. If you’ve decided to target moms of children aged 0 to 5, for example, jump on blogs and forums, pick up magazines and perhaps attend local meetings where these moms hang out. Track what you learn, and you’ll start to notice a pattern in what’s being said.

SmallBizLady: What are some sample questions I can ask in the survey?

Dequiana Jackson: Include basic demographic questions, such as, how old are you, how many children do you have, what is your occupation. Include lifestyle questions: How do you spend your free time, what are your favorite hobbies, what kind of music do you listen to. Gather information that could help you decide where to market: what magazines, newsletters and blogs do you read, what television shows do you regularly watch, what’s your favorite topic to read about, who influences your purchases when you’re in the market for (insert your product/service). Think of communication questions to find out when they are most receptive to buying: what’s the most annoying way a company has ever tried to market to you, what’s the best way to tell you about a new product, what gets your attention the most when you’re in the market for (insert your product/service).

SmallBizLady: What are some online tools that could help my client research?

Dequiana Jackson: T here are several online tools to help you research your ideal clients.

• Consumer Barometer – a market research tool that gives you data on how consumers research online before purchasing.
• gov – Hundreds of free consumer data sets from the U.S. government
• Google Trends – Find out what people are searching for related to your products and services.
• Blog comments – This could be the comments on your blog, one that’s industry-specific or that of a competitor. Look for trends in what people are complaining about or asking for.
• Facebook groups – Join communities that you suspect your ideal client participates in and follow the conversation. Once you feel comfortable, jump in and share your expertise.

SmallBizLady: How do I test the market with my ideal client?

Dequiana Jackson:  Once you’ve gathered the data,and have enough information to fill out an ideal client profile, ask yourself these questions. If you answer yes to all of them, then you’ve found your ideal client. If not, go back through your research to see where the group needs to be tweaked.

• Is this market large enough to sustain my business? Sometimes we end up becoming so specific that we don’t include enough people in our target market. Make sure there are enough of your ideal clients out there to keep your business viable for years to come.
• Can the products and services I currently offer solve a problem for this market? If the answer is no, you’re not selecting the right group.
• Would working with this group of people make me happy? Yes, a business is about making money, but you should enjoy working with your clients, especially if you’re in a service-based business.

SmallBizLady: How many ideal client profiles should I create?

Dequiana Jackson:  Start by targeting one or two groups. It will be easier to build genuine relationships that way. Most people want to feel valued, even in business.  By partnering with your customers and making products or services that fill their unmet needs, you will create a group of people who identify with your brand.  They will feel like your business really cares about them. When people feel valued, they usually tell someone else.  Getting loyal customers who spread the word about the greatness of your business can be one of the best forms of marketing.
SmallBizLady: How do I develop a budget for my marketing spend?

Dequiana Jackson: Concentrating on a target consumer can save your organization money. Your marketing budget can go further because you will only be in places where your target will be looking rather than anywhere you can find ad space. It is better to reach 500 people when 95% of them are highly likely to buy your product or service than 5000 when only 1% of them are interested in your business. For example, if you sell dog biscuits online, it would make more sense to run an ad on a popular dog-specific blog than to place one on a general pet website.

The more targeted you are, the higher your chances of buyer conversion.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post The Importance of Having an Ideal Client & How to Pick One appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET.  This is excerpted from my recent interview with Kathy Kolbe, @kathykolbe co-author of Business Is Business: Reality Checks For Family-Owned Companies. She is the global leader in discovering and accessing the power of human instincts. She has done the brain research to prove the relevance of her Kolbe Theory of Conation to individual and organizational success… For more info log on to her website:  http://businessisbusinessbook.com

SmallBizLady:  What are some of the most common misconceptions about family-owned businesses (FOBs)?

Kathy Kolbe: FOBs are often thought of as small, insular organizations. In fact, many are global, highly sophisticated enterprises such as major hotel and retail chains. The Trump business, for example. Other examples are: Ford Motor Co., Wal-Mart, Comcast, and SC Johnson.

SmallBizLady: What are the benefits and burdens of running an FOB?

Kathy Kolbe: Families benefit by sharing the joy of working together toward common goals – especially, if they are reached.  There is a great burden, however, of both fearing making mistakes – and worse when a Family Member’s action cause harm to the family name and its financial security.  Surviving FOBs have a pride in overcoming obstacles that is unmatched by publicly owned enterprises. Leaders of sustained FOBs are the unsung heroes of our economy.

SmallBizLady: How do people avoid bringing family member work relationships home?

Kathy Kolbe: Family Members trying to avoid bringing their personal issues into the workplace need to drop all use of family names (Mom, Pops, Sweet Heart, Sissy) at work.  Yet, at home, Dad is Dad. It’s got to be OK to use nick names and to tease co-working relatives about foibles you would never mention at work. The name you use for a person sets the stage for the different types of scenarios.  Your home life needs to be sacred.  While it is ok to vent about something that happened at work, never spend energy on solving business problems together at home.

SmallBizLady: Why is it crucial to assess potential family members’ values before bringing them into the family business?

Kathy Kolbe:  It’s crucial to assure all Family Members working in the FOB share basic values. Imagine how non family members interpret a brother brought into an FOB using the company’s petty cash to pay for his lunches, or an employed uncle telling off-color jokes in the office.   It only takes one noncompliant family member to tarnish the image of shared values

SmallBizLady: What are some of the boundaries you recommend family members set in their FOB?

Kathy Kolbe: Even if you are the boss at work, do not try to control non-work behaviors of family members. Avoid saying:

• “We need you to come back rested from your vacation, so don’t do too much partying.”
• “I don’t want you representing us until you lose weight.”
• “Stop spending so much time watching sports, so you have more time to keep up with finance issues.”

Know when and how to separate the backstage from what you do and say in front of the curtain. Backstage you can make caustic comments to other family members, but audiences may not understand your personal jokes.

SmallBizLady: What are the four Action Modes to FOB problem solving?

Kathy Kolbe: According to the Kolbe Theory of Conation, there are four Action Modes and universal instincts that drive problem solving in both family members and non-family members.

What are the four Action Modes?

• Fact Finder, which is how you gather information
• Follow Thru, which is how you organize your life
• Quick Start, which is how you deal with uncertainty
• Implementor, which is how you deal with space and the tangibles around you

SmallBizLady: Why is it crucial for leaders to listen to next-generation family members? What are some of the ways to incite next-generation ambition?

Kathy Kolbe: If you don’t listen to their ideas, embers of the next generation they will move on to places where their ideas are valued. Best way to incite ambition in the next generation is by challenging them to earn everything they get (salary, bonuses, kudos, and sought-after opportunities).  As they learn the joy of creative problem solving, they’ll get hooked on doing more of it.

SmallBizLady: What advice would you give to someone who is looking to exit a family-owned business gracefully?

Kathy Kolbe: Don’t wait to be told you need to do it. Being aware of when the time is right comes with it being about the business, not about you.  Don’t drag out the process. Once you decide to do it – Do It! Once you’ve done it, don’t hang around. Move on to other fulfilling purposes.

SmallBizLady: What is the Golden Rule for working with family?

Kathy Kolbe:  Trust your instincts; knowing your natural strengths will help you navigate the business and the many challenges you’ll face along the way.

SmallBizLady: What are the most common myths or stereotypes that can cripple a family business?

Kathy Kolbe:  Things like gender and birth order. Your first-born son may not make the best CEO, and the baby of the family could very well take over the business someday. If you follow stereotypes such as these, you may be putting people in the wrong roles or you may be leaving your most capable family members out of the business – to your detriment. Build a family business based on natural strengths and instincts.

SmallBizLady: How do you know if a family member is the right fit for the business?

Kathy Kolbe: You discover their natural talents. For younger family members, they should go work somewhere else before joining the family business. When they finally decide to join, the business should add something to their life, and their natural talents should add something to the business.

SmallBizLady: If you work with family in one business, should you have them join you if you move to another organization?

Kathy Kolbe: It depends.  Just because you worked well together doesn’t mean it’s going to work in the next organization.  Make sure you’re working together for the right reasons and that the new organization uses each person’s natural strengths. If you’re running an established business, your family member may not be interested in joining you at a startup, which is a whole different kind of endeavor.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post The Do’s and Don’ts of Working with Family appeared first on Succeed As Your Own Boss.

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET.  This is excerpted from my recent interview with BrynneTillman – How to Use LinkedIn to Grow Your Small Business. She is an Amazon bestselling author of The LinkedIn Sales Playbook: a Tactical Guide to Social Selling has helped tens of thousands of sales professionals leverage LinkedIn for business development. As a career sales professional herself, Brynne bridges the gap between traditional sales, networking and social media…For more info log on to her website:  http://www.socialsaleslink.com

 SMALLBIZLADY:  Brynne, I understand that this is your 3rd book – what is different about this one? http://LinkedinBook.info

Brynne Tillman: The LinkedIn Sales Playbook – a tactical guide – it is what to do and what to say on a daily basis.  It also comes with 11 videos to guide the reader through profile building, prospecting and thought leadership.  This book is as granular as you can get when it comes to the steps needed to leverage LinkedIn for growing your business. It has every step-by-step you need to do on a daily and weekly basis, all the messaging templates needed and recommended cadence of workflow.

SmallBizLady: You mention the profile, what do you recommend people do to make their LinkedIn profile pop?

Brynne Tillman: First you want to look at your profile from your buyer’s perspective. Make sure you are a resource not a resume.  Provide value to your reader, make them interested and curious to want to learn more about how you can help them.  All they care about is how you can help them. And, most importantly, lead to your solution not with your solution.

SmallBizLady: What are some ways entrepreneurs can provide value to their LinkedIn connections from their profile?

Brynne Tillman: Draw them in with a branded banner, great headshot and a headline that is your value proposition not title.  Talk about your buyers’ challenges, offer vendor agnostic insights that matter to your buyer and a CTA.  A CTA can be an invitation to download powerful content or a request for a phone call.  Include case studies and client success stories to your summary and experience sections.

SmallBizLady: Most people aren’t using LinkedIn for prospecting, why do you see it as the #1 sales tool?

Brynne Tillman:  8 out of 10 people that you hand your business card to will look you up on LinkedIn before they get to your website.  First of all it is the largest database of professionals in the world, with insights around title, company etc.  Next, you are able to identify who in your network can connect you with buyers and stakeholders.  You can quickly identify and gain access to all the stakeholders makers inside of your targeted accounts.

SmallBizLady: Once these people connect with you on LinkedIn what should you do?

Brynne Tillman: Start a conversation, offer value and begin to build rapport – just like the real world.  Send welcome messages and personalize them. Learn about your connection before engaging.

SmallBizLady: You said to customize messaging, but it is time consuming to start a new note every time, any suggestions?

Brynne Tillman: Write the templates w/fill in the blank and save them. I use Chrome ext AutoTextLink.com – game changer.  Sending LinkedIn connection invite w/o a note is like walking up to someone, handing them your card & walking away. Customizing a note when connecting is foundational to successful social selling. Let them know how you found them, why you thought it makes sense to connect and even offer them value through content. Send a welcome message once they connect helps move the conversation forward, leads to converting to a phone call.

 SmallBizLady: What other LinkedIn features do you teach about in your book http://Linkedinbook.info?

Brynne Tillman: To engage with people who viewed your profile. Look at it as caller ID – if you’d call back, than connect.  The LinkedIn Sales Playbook covers how to use and combine Twitter and LinkedIn to attract, teach and engage your targeted audience.  And, peek into Sales Navigator by using this premium feature in ways that transform your sales efforts.

SmallBizLady: Your book talks about curating and sharing content – how would you recommend people do this?

Brynne Tillman: Start with the right tools. I use Feedly.com to save content and Hootlet.com to schedule & share.  Next find good content – and when you do save it to Feedly or schedule it right from Chrome.  Make sure you are sharing content that your buyers care about and don’t water it down with noise.  LinkedIn is different than twitter – unless you have original content keep shares to 3 times a day.

SmallBizLady: You said original content, I know LinkedIn has their own blogging platform, why should people use it?

Brynne Tillman:  First, LinkedIn is the 5th most indexed site by Google, your LinkedIn blog posts will be found in searches.  LinkedIn blog posts tend to get more traffic than those that are on website blogs.  You can repurpose blogs as well – if you have older content, freshen it up and publish it on LinkedIn.

SmallBizLady: How can entrepreneurs find the right people on LinkedIn?

Brynne Tillman:  On free version they have to build out search strings to find the targeted buyers http://bit.ly/2obyRdH.  A search string can look like: (Sales OR Marketing) AND (“Vice President OR Director).  You can then filter down on the right to shared connections, company name, location etc.  This will deliver a list of targeted buyers that fit the criteria you are looking for.

SmallBizLady: Should people pay for Sales Navigator?

Brynne Tillman: Sales Navigator is like a gym membership – many pay and don’t show up, and that won’t work.  If you do show up a few times a week to Sales Navigator with a plan in place – you will get in shape.  I think LinkedIn’s Sales Navigator is one of the most powerful tools available to hunters and farmers.  You can save leads and customize your newsfeed, so engaging with the right people is easy.  You can search your connection’s connections and ask for warm introductions to targeted buyers.  And, you can tag and take notes on prospects and clients for better organization.

SmallBizLady: Tell us about your book and why it will be helpful to entrepreneurs and sales professionals?

Brynne Tillman: The LinkedIn Sales Playbook: A Tactical Guide to Social Selling is what to do and what to say daily.  It comes with 11 videos that guide takes people through the strategy and navigation.  You will be successful if you follow the simple steps.

If you found this interview helpful, join us on Wednesdays 8-9 pm ET; follow @SmallBizChat on Twitter.

Here’s how to participate in #SmallBizChat: http://bit.ly/1hZeIlz

The post How to Use LinkedIn to Grow Your Small Business appeared first on Succeed As Your Own Boss.

#Smallbizchat is a weekly conversation where small business owners can get answers to their questions. The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.

Please join us live on Twitter every Wednesday 8-9 pm ET. Here’s how: follow @SmallBizChat on Twitter and follow the hashtag #Smallbizchat and click here for directions to join the weekly conversation.

In June, we’ll be talking about government contracting; small business and criminal taxes; good time management; and, getting booked for media appearances.

Here is a list of who is on #Smallbizchat in June.

June 7th – How to Sell Your Products and Services to the Federal Government,  @LaShondaBracey

LaShonda Bracey is CEO & President of Health-Works and ASAP Training and Course Development.  She has built a solid reputation as an astute deal-maker for top federal and private sector agencies, executives and every day individuals seeking to build and improve their learning portfolios.  Visit LaShondaBracey.com.

June 14th – Small Business and Criminal Taxes, @dawnbrolin

Dawn Brolin, CPA, MSA, is a Certified Public Accountant, an Advanced Certified QuickBooks ProAdvisor and Managing Member of Powerful Accounting, LLC – provides accounting, write-up, reporting, offsite CFO resources, tax return preparation and audit support services. Visit her sites at www.powerfulaccounting.com or www.abccpas.net

June 21st – The Benefits of Using a Remote Receptionist, @jillnelsonpdx

Jill Nelson is the CEO and founder of Ruby Call, an entrepreneur at heart, recognized for her contributions to the business community and a sought after speaker on culture driven growth.  You can find out more about her business at www.callruby.com.

June 28th – How to Get Booked for Media Appearances, @clintarthur

Clint Arthur, CEO of Status Factory, is a Leadership & Performance Expert and has helped Clients book themselves on 2526+ appearances since 2012, including Good Morning America, The Today Show, CNN, HLN, Dr. Oz, Fox Business Network, etc.  His website is www.statusfactory.com.

Every Thursday morning on Melinda’s blog, a complete Q&A interview from each #Smallbizchat is posted as a recap http://www.succeedasyourownboss.com

The post Who’s on #Smallbizchat June 2017 appeared first on Succeed As Your Own Boss.