Social Media Takes a Lot of Work

• Select which of the tools you plan to use (Facebook, Twitter, LinkedIn, etc.)

• Be prepared to invest significant resource and time to set up and maintain the program

A Strategy is key

• Develop a communication strategy first

• Social media is a communication tool

• Identify your audience

• What is the message you want to deliver

• Select the most effective method to reach them (be careful not to turn them off)

Social Media Pluses

• It’s a good way of staying current with your industry and leaning what your competition is doing

• Monitor what is being said about your company and offer quick response to negative comments

• Facebook is used by some to recruit

• With the right strategy it can be an effective method of communicating with your clients

& Minuses

• You are not a Facebook customer - you are a product that is being used to produce ad income

• The privacy settings do not always work and Facebook makes changes without notifying their product

• To derive maximum effectiveness you must make the investment of time and resources

Bottom line?

You may be on LinkedIn, Facebook, and Twitter so is almost everyone else. But there’s a lot more out there that you could be taking advantage of. Figure out what you want to accomplish with social media, then get out there and become part of the conversation.

Do you believe an eager and talented student could make a meaningful contribution to your company’s success? Senior undergraduates are ready to learn about your business and prepared to share their skills while expanding their knowledge of the business world.

A business school intern may be your answer. Interns in Marketing, Finance, Information Technology, and Business Law are a few of the areas of expertise they bring to the table.

The benefits for the employer at little or no up-front cost are the added labor available, a fresh outlook and ideas, and enthusiasm for a job well done. The cost to the employer consists of the time and effort to train, monitor and guide the intern in the ways of your company and business in general A stipend to the intern is optional ranging from the absorbing computing costs to a per period or per hour figure.

How does it work?

• The employer compiles a list of duties that is submitted to the university

• Reviews resumes of the student who have an interest in your company

• Interview candidates of interest

• Select candidate

• Complete an agreement with the intern

• Provide ann evaluation at the conclusion of the program

Bottom line?

A resource that may go unnoticed is the availability of college students who must complete an intern program to fulfill graduation requirements. A university intern program can help you run a successful business.

This is the age-old question we face every time we are in front of a prospect. Not stated as such, yet it’s the 600-pound gorilla blocking the way to a sale.

Hmm… What do you look for when making a purchase that will have a significant impact on your operation or life?

· Low rate? - only if you can take a chance on the outcome

· A fancy glossy 14-page proposal? – where’s the meat?

· An incomplete description of the work that lacks a clear statement of the outcome and completion date?

No way – you are inclined to select the vendor that achieves:

1. A meeting of the minds through shared communications so each party is clear on the process and outcome

2. Open ended questions lead to openness in defining the scope of the job

3. Use probing questions to fully understand your (the prospect) needs and desired outcome

4. Explain the process used to arrive at the deliverables

5. Show track record of delivering on promised results

A process of investigating priorities leading to the value you bring to the table leads to developing your trust that you are dealing with a true professional. When you employ similar techniques that define what success looks like the, results will be the same in the mind of your prospects.

Bottom line?
Increase the probability of success. It establishes trust, which is the yellow brick road to a prospect’s acceptance.

The Small Business Roundtable, a member benefit of the Arlington Chamber of Commerce, is a discussion group sponsored by The Business Bank that is facilitated by Jim Whelan of ProActive Corporation. The mission of the Small Business Roundtable is to conduct, in a confidential and secure atmosphere, an open discussion of topics essential to the success of small businesses. It is held the last Wednesday of the month in the Chamber’s Board Room.

On October 27th, IRS Senior Tax Specialists Ley Mills and Anna Fallenstein briefed roundtable attendees on the tax advantages of the Hiring Incentives to Restore Employment (HIRE) Act and other methods to reduce taxes. The purpose of the HIRE Act is to reduce unemployment by offering tax incentives to hire currently unemployed individuals. There are two benefits:

1. 2010 reduction in employment taxes

2. 2011 tax credits

The Act spells out the provisions that define an “unemployed person” and the obligations of both the employed and the employer to qualify for the elimination of the employment tax. It also includes provisions on the length of time the person must stay on the job to qualify for the tax credit.

Additional Updates:

· Effective January 2011 Electronic Federal Tax Payment System (EFTPS) is required for all business tax payments – no more paper.

· The new small business health care tax credit is now effective as part of the Affordable Care Act, which became law this year.

· The Small Business Jobs Act was passed in late September. The IRS is in the process of reviewing the act for tax implications.

Bottom line from this roundtable?
For tax information for small business use the IRS web site www.irs.gov select Business, select Small Business/Self Employed, under IRS Resources select FAQ

The Small Business Roundtable, a member benefit of the Arlington Chamber of Commerce, is a discussion group sponsored by The Business Bank that is facilitated by Jim Whelan of ProActive Corporation. The mission of the Small Business Roundtable is to conduct, in a confidential and secure atmosphere, an open discussion of topics essential to the success of small businesses. It is held the last Wednesday of the month in the Chamber’s Board Room.

On September 29th, 15 roundtable attendees shared marketing tactics that have produced results for them. Small business owners and entrepreneurs frequently are alone and appreciate a look from the outside to improve their business. In the course of the conversation, many sales and marketing suggestions were offered to overcome hurdles some are facing.

The theme that carried throughout the discussion is “capitalize on your strengths” with business owners from a variety of professions sharing the following tips:

·      Write articles—if you are good at writing, having articles published in trade journals can lead to a number of inquiries over a long-term.  Humorous articles can be especially helpful in catching and keeping the attention of prospective clients.

·      Tell your story—companies don’t buy from companies, people buy from people. Let people know your story over coffee or lunch.  By introducing your personal qualities, a prospect may be turned into a buyer.

·      Don’t reduce prices; use a premium—a free book or other related premium rather than reducing your price attracts buyers while maintaining profits.

·      Use the personal touch—hand written notes over e-mail or a form letter can add a personal touch that can win over clients and carry the day.

·      Speak to associations and groups consisting of “best client” profiles—as with writing, getting in front of your “best client” prospects typically results in inquiries.

·      Seek out a mentor—search out a trusted mentor who will look at your business and help you identify strengths and weaknesses as well as possibly introduce you to important business contacts and clients.

·      Identify prospects resembling good clients—find someone who can arrange an introduction.

·      Use Google ad words, Bing promotions, yahoo sales—these on-line marketing strategies have proven effective for some too.

The Bottom line from this roundtable?
Lead from your strengths by speaking to groups, writing articles in trade publications, or using the personal touch to differentiate yourself from the competition.  In a nut shell, identify what has to be done and figure out how to achieve it.

Here’s a checklist that will help grow a profitable business

1.     Understand how finance affects your business - Assuming you are in business to make money, develop an understanding of finances that affect the business.

a.    Cash Is King. Understand the difference between profits and cash. Profit is an accounting concept while cash pays the bills.

b.    Rely on a cash flow spread sheet that identifies the timing of income and outflow. It can be used as an early warning system to highlight problems.

c.    To keep close tabs on positive cash flow, pay close attention to an account receivable report that identifies how long invoices are outstanding . A receivable not paid for 90 days is a loan to your customer.

2.    Use technology in innovative ways - Look at the way you do business and identify changes that could make a major impact on the way you operate.

3.    Control expenses - Search for businesses that are using effective models and emulate their operations.
a.    Seek out advice from your networking business groups.
b.    Keep head count low - Hire only when you absolutely must. Consider interns, part timers or outsourcing.

Extra Credit - Mentally prepare yourself for success. As counter-intuitive as it seems, the possibility of success keeps some business owners awake at night. Create a plan that projects a successful business.

The Small Business Roundtable, a member benefit of the Arlington Chamber of Commerce, is an open forum discussion sponsored by The Business Bank. The roundtable, facilitated by Jim Whelan, ProActive Corporation, discusses topics essential to the success of small businesses. It is held the last Wednesday of the month in the Chamber’s Board Room.

On July 28th 16 Roundtable attendees discussed the pros and cons of a Mastermind group.  The mastermind is outlined in Napoleon Hill’s book Think and Grow Rich. Hill studied the richest men of the early 1900’s and wrote the book detailing his observations. One of the common practices of those wealthy men was that they all took part in a mastermind, helping each other solve problems and move forward in their goals.

Small business owners and entrepreneurs frequently are alone and should investigate this model because it connects them with like-minded people. Otherwise, it’s easy to get isolated.

The following are three elements of a mastermind group. Providing an idea of how they work and whether or not they might be for you.

1 – A Mastermind is about helping each other solve problems and move forward in their goals.

A mastermind group is not a networking group, a support group, or an advisor board.  A mastermind is about helping each other solve problems and move forward in their goals. To sustain progress, all members have to hold a high energy level.

2 – A Mastermind generates ideas and resources.
A Mastermind uses the education, experience, and influence of the others in the group. When a committed group of business owners give their full attention to one person and her goals, all kinds of ideas are generated. Resources and connections are often discovered in the process.

3 – Masterminds are effective because they hold you accountable and require you to expand beyond your old limits.
When you join a Mastermind group, you know it’s not going to be about staying in your comfort zone. In fact, this is one of the biggest reasons people want to take part in a Mastermind! They know that success rarely comes from inside their comfort zones.

The Bottom line from this roundtable?
A mastermind alliance takes effort, commitment, and leadership. As in every endeavor, the results are proportionate to the involvement expended. It is only for those who see the possibilities.

Another tale of deception by someone who knew better than the rest of us how to become rich.

SEC CHARGES DELL AND SENIOR EXECUTIVES WITH DISCLOSURE AND ACCOUNTING FRAUD

Company to Pay $100 Million Penalty, Michael Dell to Pay $4 Million Penalty

Washington, D.C., July 22, 2010 – The Securities and Exchange Commission today charged Dell Inc. with failing to disclose material information to investors and using fraudulent accounting to make it falsely appear that the company was consistently meeting Wall Street earnings targets and reducing its operating expenses.

The SEC alleges that Dell did not disclose to investors large exclusivity payments the company received from Intel Corporation to not use central processing units (CPUs) manufactured by Intel’s main rival.  It was these payments rather than the company’s management and operations that allowed Dell to meet its earnings targets.  After Intel cut these payments, Dell again misled investors by not disclosing the true reason behind the company’s decreased profitability.

The SEC charged Dell Chairman and CEO Michael Dell, former CEO Kevin Rollins, and former CFO James Schneider for their roles in the disclosure violations.  The SEC charged Schneider, former regional Vice President of Finance Nicholas Dunning, and former Assistant Controller Leslie Jackson for their roles in the improper accounting.

Dell Inc. agreed to pay a $100 million penalty to settle the SEC’s charges.  Michael Dell and Rollins each agreed to pay a $4 million penalty, and Schneider agreed to pay $3 million, to settle the SEC’s charges against them.  Dunning and Jackson also agreed to settle the SEC’s charges.

How to Build a Strong Unique Selling Proposition

WHAT IS A UNIQUE SELLING PROPOSITION

Your Unique Selling Proposition’s (USP) purpose is to make your marketing efforts generate more results. It positions you as standing out from your competition because you offer something (or some way) that your competition does not – you’re unique.

Your USP is a selling tool that draws prospects to your offering and persuades them to purchase your product or service. Your USP is a proposition that offers benefits by buying from you.

The classic example is Domino’s Pizza, “Pizza in 30 minutes or it’s free”. Dominos proposition positioned itself as unique since none of its competitors made that claim, and (as we know) made the sale to millions.

HOW TO DEVELOP YOUR USP

Since your USP is a sales proposition, you are making an offer. Put yourself in the customer’s chair. What are the pains in your industry that you guaranty to solve?  It’s not what you do; it’s what benefits your customer receives from your efforts.

Identify three of the benefits (relieving “pain”) you customer receives?  What is the “pain” (irritation, frustration, disappointment) your customer experiences when working with your industry - the endless wait for pizza.

The key is to be unique. Since you are promising to alleviate the “pain” something no one else has, or does, make a guarantee – in 30 minutes or it’s free. It sets you apart from your competition and it makes you more visible in the market.

The Bottom line about USPs?

Your USP drives your business and success because it differentiates you from your competition, it persuades someone to buy, it makes an offer to the prospective buyer.  It can also be used as a branding tool for your marketing efforts. This allows you to build a lasting reputation while you are making the sale.

“When the gods wish to punish us, they answer our prayers.”

Oscar Wilde

Dealing With Success

Most businesses fail because the founders are specialists who start a business without knowledge of how successful businesses run. People who are expert regarding technical details of a product or service are seldom expert at running that sort of business. Many small business owners eventually realize that just as they had to learn their technical skills, they have to learn business growth and management skills.

What are some of the ways that you can handle success and stay in business for the long run?
·       Understanding how finance affects a business - Financial experience tends to be a weak link in many small businesses. Assuming you are in business to make money, develop an understanding of finances that affect the business.  Cash Is King. Understand the difference between profits and cash. Profit is an accounting concept while bills are paid with cash. Rely on a cash flow spread sheet and an account receivable report to keep close tabs on positive cash flow.

·      Make changes in operations to accommodate growth - Look at the way you do business and identify changes that could make a major impact on the way you operate.

·      Use technology in innovative ways - Look for ways to integrate technology to improve your business.

·      Control operations expenses - Search for businesses that are using effective models and emulate their operations. Seek out advice from your networking business groups.

·      Keep head count low - Hire only when you absolutely must.

·      Mentally prepare yourself for success  - As counter-intuitive as it seems, the possibility of success keeps some business owners awake at night. Create a plan that projects a successful business.

The Bottom line of dealing with success?
You can only manage what you can control. Develop an overall system of controlling the various aspects of your business to maintain a successful business.