5 Reasons Why You Should Be Networking

Many business professionals, educational institutions and other agents of commerce continually stress the importance of networking. This is quite possibly because they foresee, witness, and experience the tremendous benefits that derive from opportunities of connection. Networking is like a good pair of shoes that never goes out of style. Whether you’re just stepping into the field of entrepreneurship or you have been running your business for a long while, it is still the perfect fit that will get you to that next step.  No matter where you are on the spectrum of entrepreneurship and business ownership, you have something to gain from connecting with likeminded individuals. Below are our five reasons why you should be networking. Take advantage of them.

Information

           

Networking is an outlet for information. People attend to both talk and listen. We suggest that while it is imperative that you speak and promote your business in these kind of forums, it is fundamental that you use networking opportunities to soak up as much information as you possibly can. Listen for what’s working in your industry and what pitches and approaches have been unsuccessful. What are the current trends? Which individuals should you be speaking with? What more can you learn? Who is your competition? How can you stand out? There is no limit to the information you can gather at a networking event. At the very least, it is a soundboard to reassure you of your progress, setbacks or need for a little positive and negative information is useful to a growing business.

Increase business/referrals

As a business owner, it is your job to promote your company and increase your clientele. Networking events facilitate this in a way that is less formal and stuffy.  There’s no Powerpoint presentation, no folders, and no necessary major pitch. You simply speak about your business and hand out your business cards. It is your key opportunity to be as real as possible without feeling the pressure of having to book a client. You go at your own pace, choose the people you want to talk to, and keep the conversations lighthearted.  Entrepreneurs tend to excel at networking due to the natural flow of the conversations. Additionally, you can be more creative in your approach to draw people to you. For example, wear a statement piece (jewelry, shoes, etc.) that is guaranteed to strike up a conversation. Although most networking events are less pressure-filled, it is crucial however, to maintain an objective standard of professionalism as you are still representing your company.

 Making connections

Let’s face it; every business needs resources to contribute to the growth and acceleration of business. Networking provides such opportunities. You are exposed to different individuals who are experts in subjects that you are less familiar with. They may also have capital that your business may benefit from or perhaps you’ve heard they invest in certain kinds of businesses. Your attendance significantly increases your connection potential. Use that opportunity to build and grow.  Once you have exposed your business to likeminded individuals who believe in your company and your vision, it can secure a connection that may transform your business for the better.

Tackle unanswered questions

Networking is your “Q and A” forum. If you’re feeling uncertain about your business or perhaps your next step, use networking to share ideas, receive feedback, and alleviate your uncertainty. Additionally, speak specifically with individuals who know more that you and pick their brain.

           

Building your profile and confidence

Finally, networking is your runway. It is where you strut your stuff so that your colleagues can put a face to your name and you can build your profile. It is always where you go to gain your confidence. Most of the people you are intimidated by are just like you.  Find comfort in that. Believe in your ability, believe in your business and be confident.  

Staying Motivated as an Entrepreneur

Entrepreneurship is a liberating journey that highlights the emancipation of being an employee, but it is also work-heavy. And the natural accessories that come along with this position of leadership can quickly result in regret and remorse for choosing a path so heavily ridden with high levels of responsibility and stress. When discouraging moments do arise, how can a new business owner find enough strength to push through and see beyond the temporary circumstances? What keeps an entrepreneur motivated?

Track your progress

It is easy to point out all the things that are going wrong in your business. In those moments however, it is useful to remind yourself of  your accomplishments up to the point of your fatigue. This helps motivate entrepreneurs by identifying and categorizing attainable and realistic goals in comparison to goals that might take a little longer to accomplish and are better off as long-term ambitions.  Tracking your progress is not an exercise that should be reserved solely for moments of demotivation. Instead, implement this practice at the very start of your business and do weekly or monthly checks to see how far you’ve come and how much farther you have to go. This tangible tool will motivate you, on a regular basis, to work hard in order to see your business attain and surpass each level of success you envision for your company.

Reflect on the beginning

Why did you want to become an entrepreneur? Some individuals only have to recall a single experience whereby sitting at a cubicle at a dead-end job, with a boss who was not interested in accelerating the company while simultaneously suppressing the ideas of employees, posed a far greater challenge. Reflecting on previous experiences of “occupational prison” can jolt you back into your purpose and motivate you to keep going. Other individuals initially begin their entrepreneurial pursuit in the hopes that they can give their families better lives. If that was your starting point, talk to your loved ones and rediscover what their goals and aspirations are. Then, ask yourself if your contribution to their goals and dreams will be fulfilled working for yourself or working for someone else. The idea here is simple: when you reconnect with your origin stories, you can reconnect with the motivation that initially allowed you to start a business in the first place.

Join Networking groups

Mingling with likeminded people is perhaps one of the easiest ways to stay motivated as a business owner. Stepping away from your computer screen to listen and share ideas with others, sparks your own creativity and forces you to think about where your business is currently, and how you can make it better. Further, the sharing of similar experiences reassures you that a lack of motivation is a part of the discourse of entrepreneurship. Your peers have been through and may be going through the same things and you may benefit from their coping strategies. Socializing with a group of successful people who had the courage to stand alone and start a business can give you the mental push you need to move forward with confidence.

Make positive affirmations a part of everyday discourse

In business, you get out what you put in. Feed your mind with positive affirmations daily. It may sound silly, but it works. Some entrepreneurs have mantras that they recite on a daily basis. Others keep inspirational words in a frame on their desk as a screensaver on their computer. Whether you say these things out loud to yourself, write them down daily, or read them in silence, they are healthy for your mind and motivation. The more positive you are about your business, the less the negative shortcomings will affect you. They will occur, but their impact will motivate rather than discourage you.

If you’ve been feeling demotivated lately, try one or a combination of these methods and see how your behaviour changes. Share some of your motivation tactics below to encourage fellow readers.

How to Make Your Startup Attractive to Angel Investors

Angel investment is one of the most common capital sources for both startups and relatively new companies looking to expand. But drawing high-net worth individuals toward an early-stage enterprise or business proposal requires well placed effort. First of all, angel investors can’t fund something unless they know it exists, which means you’ll need to focus on getting the word out in the right circles. Second, they’re unlikely to bet on a venture unless it offers a substantial return. So a sound business plan and credible growth and revenue strategies are key.

However, according to research by Shai Bernstein (Stanford Graduate School of Business), Arthur Korteweg (University of Southern California Marshall School of Business), and Kevin Laws (Chief Operating Officer of AngelList), arguably the most important factor is the quality of the personnel that the candidate organization has assembled.

Exceptional founders, and a reputable team.

Bernstein, Korteweg, and Laws’s analysis indicates that the presence of visionary founders and reputable staff on a startup’s team is a big draw for angel investors. The data further suggest that experienced angels are likelier than inexperienced ones to emphasize the importance of the people factor. Angels with a lot of investing background are also likelier to take a chance on a promising startup or fledgling enterprise than are newcomers to the profession, who may prefer to “play it safe” by betting on companies that already have some traction.

Seek out promising angels, and do research on them.

Many angels specialize in a particular industry or niche, and it’s a good idea to seek out individuals whose areas of interest or specialization accord with your own, particularly if your proposal is esoteric or technical. Find out what sort of endeavours those investors have funded in the past. You can even attempt to contact previous beneficiaries of the angels you’ve identified as prospective funders of your project, to ascertain what worked in the past and what those angels tend to look for.

A strong pitch.

If you’ve ever watched a full episode of the American network television program Shark Tank—or its Canadian counterpart, Dragons’ Den—you may already have a good idea of how to distinguish a high-quality funding pitch from a lousy one. If angel investors invite you to pitch to them, you need to be ready.

Aim for a duration of around ten minutes—enough time to cover all the essential information without rambling or rushing. If your presentation is in digital format and consists of slides, anticipate spending around one minute on each slide. However, make sure you also have an analog Plan B in case of technical difficulties, which have a nasty habit of cropping up unexpectedly right at the moment of truth.

Unconventional ideas can be powerful in the business world, but in the context of a funding pitch, a pair of conventions are worth observing. One is appropriate attire—you should strive to portray yourself as a consummate business professional and/or choose an outfit that’s suited to your line of work. Another is the hook—you should begin the pitch in a way that piques the investors’ interest. Present them with a problem or dilemma they can relate to, and offer them an innovative solution.

 Answer the following questions in your pitch:

•  What have you and your team accomplished so far?

•  What does your target market/demographic look like?

•  Who are your competitors?

•  What is your strategy for both marketing to customers and delivering your product or service to them?

•  How do you generate revenue?

•  What do you anticipate your revenue stream would look like over the next five years if you met your funding goals? Is your assessment realistic?

•  How much money do you need from the investors to whom you’re pitching?

•  What is your endgame? Do you plan to eventually take your business public, sell to an established firm, or something else? (Angel investors like to know how they will recover their investment.)

Finally, rehearse your pitch until you know it like the back of your hand. Run it by a trusted friend—if s/he would invest in your business or proposal, there’s a good chance that an angel would too.

Best Practices For Your LinkedIn Profile

Most entrepreneurs and business professionals already have a LinkedIn profile, but not all of us have succeeded in getting the most out of it. A common tendency is to model one’s LinkedIn profile after one’s resume, but that is not necessarily the most effective approach to attracting visitors and potential contacts. After all, if your profile doesn’t stand out from the pack, why should anyone gravitate to it?

Instead of a rote summary of your qualifications, education, and experience, a compelling LinkedIn profile should demonstrate your unique personality, passions, and brand, and the practical applicability of your skill set.

A professional-looking photo engenders confidence.

This is really a no-brainer. People with LinkedIn profile photos tend to attract more page views than those without, and a professional-looking shot (in focus and with proper posing and lighting) conveys the impression that you’re both competent and attentive to details.

Try to portray yourself in a manner consistent with your professional brand and desired message. Consider whether a smile or a serious expression is more conducive to drawing the right people to your profile, whether you should wear a tie or a jacket, whether your sleeves should be fully extended or rolled up, what colour of outfit would be most appropriate. Even gestures that may seem inconsequential—like the interlocking-fingers pose made famous by German chancellor Angela Merkel—send body-language messages that can help to reinforce your personal brand.

What’s special about you?

Once people have seen your photo, they’ll move on to your profile summary—which should at least match the standard of the photo in terms of professional quality and attention to detail.

Of course, impeccable spelling, grammar, and syntax are indispensable here; if you have difficulty in any of these areas, you may want to enlist the proofreading skills of a trusted friend or associate. But there’s more to a great profile summary than just getting those elementary technical details right. You also need to communicate who you are and where you excel—preferably in a manner that’s engaging and memorable, but also informative. Use simple, comprehensible language, and be true to yourself.

Why are you passionate about the work you do? What professional achievements are you proudest of? And perhaps most importantly: what can you offer that would help others to achieve their goals?

Expand beyond the two-dimensional LinkedIn profile.

One of the great advantages that a website like LinkedIn offers over a traditional CV or job application, is the fact that it’s online. The dynamism of the Internet offers you the opportunity to go beyond a static photo and written summary, to not only describe what you can do, but to literally show people examples.

If you have YouTube videos, presentations, or multimedia files of which you’re especially proud, link to those from your LinkedIn page. You can even record a short introductory video in which you describe your strengths and passions.

Feel free to allude to your life outside the office—within reason.

Social factors often influence both hiring and client-relationship decisions. Most people prefer to work with others to whom they can relate, and with whom they get along. If you give the visitors to your profile an idea of your life circumstances, your personality, and the activities you enjoy away from the office, there’s a good chance that you’ll draw like-minded individuals to your LinkedIn page.

But use your discretion—the information you reveal will be visible to LinkedIn users everywhere for a very long time.

Don’t force people to hunt around for your contact information.

Prominently display your e-mail address, Twitter handle, links, and any other contact information you don’t mind sharing widely.

Perfecting Your Three-second Statement

In their 2009 book Brand You: Turn Your Unique Talents into a Winning Formula.*, social scientists John Purkiss and David Royston-Lee discuss the concept of the three-second statement: a brief (usually one- or two-sentence) response to the question “What do you do?”

Often, people who pose this query expect to hear about your career and professional aspirations. But a three-second statement can communicate more than just what you do for a living—including aspects of your personality, and passions of yours that are unrelated to your vocation.

Why is it important?

Like an elevator pitch, the three-second statement is designed to convey information in a clear, concise form. It permits you to instantly connect with individuals whose interests are similar to your own, and can elicit further conversation and idea-sharing.

Imagine yourself at a typical social gathering, like a reception or mixer. Introductions at suchlike events are typically brief—often less than ten seconds—before the conversation drifts on to another topic. The next person you meet could lead you to a great opportunity, and it never hurts to make an endearing, memorable first impression. A succinct but informative description of yourself will help you achieve exactly that.

Keep the following principles in mind when crafting your three-second statement:

1.    What is your unique combination of attributes?

In addition to your primary job, do you have another hobby or side gig that you think may be of interest to people? What else are you passionate about?

Aim to list two items—for example, “I’m a venture capitalist and hobby photographer.” Or, “I’m an ophthalmologist and blues guitar player.”

Many people have similar professional training, and most of us cannot realistically claim to be the best or most qualified professional in our field. However, by highlighting interests, passions, and personal attributes aside from our day job, we can still stand out from the crowd.

2.    Tell your story.

After your three-second statement, your conversation partner will likely follow up on the item that most interests her (either your career or your hobby/side gig). You can then elaborate on the topic in question. You may find that it’s helpful to think in advance about how you would answer common follow-up questions, like: How long have you been doing X? What do you most enjoy/find most rewarding about it? What are some of the challenges involved?

3.    Keep business cards handy, and your website up-to-date.

If you strike up a conversation with someone who is keen to learn more about you or your work, but pressed for time (as many professionals are), you will find it’s helpful to have business cards close at hand. A frequently-updated website with a memorable, easy-to-spell URL likewise comes in handy for situations like these.

4.    Test your three-second statement on a trusted friend or family member.

           

Before you put your three-second statement into practice, you may want to seek feedback about it from a person you trust to offer constructive criticism. Perhaps that individual will suggest that the items you’ve chosen are too commonplace, or not sufficiently interesting or memorable. Or she may offer fresh ideas that hadn’t occurred to you.

5.    Honesty is the best policy.

Don’t even think about exaggerating your credentials. Odds are you will eventually come across an expert interlocutor who can call you out on even minor misrepresentations. Instead, strive to offer a realistic appraisal of your skills, talents, areas of specialization, and past accomplishments. This is another area in which the advice of a person you trust (see item 4. above) may prove useful.

*London: Artesian Publishing LLP, 2009.

The Benefits of Giving Back

There are few satisfactions in life that can match the feeling of helping to make the world a better place. And while there are many ways to accomplish this, ranging from modest to ambitious, supporting a cause you believe in can bring a tremendous sense of fulfillment, in addition to improving the lives of others. But that’s not all—involvement with charitable work can be a boon for your business too.

Read on to find out why.

1.  Goodwill. Which business would you rather patronize and support: one that participates in community-building projects, sponsors events and fundraisers, and sends volunteers to help out—or one that does none of those things? All else being equal, most people would choose the former. By showing an enthusiasm for helping and giving back, you demonstrate that you are invested in the success and welfare of the community. This will not go unnoticed or unappreciated by local residents, and may help to secure and expand a loyal customer base.

2.  Networking. Advertising and marketing have certainly evolved over the decades, but few offer better results than does the oldest medium around: word-of-mouth. Volunteerism is a great way to spend time with like-minded people, many of whom may be able to offer referrals, or become prospective clients themselves. There is also some overlap with item 1. (above): the more you show enthusiasm for assisting and empowering others, the more likely they will be to do the same for you.

While devoting your time to a worthy cause, keep your eyes open for talented and proficient volunteers. Charity events are a great way to meet skilled, ambitious professionals who care deeply about the health of their communities, and are comfortable with both individual tasks and teamwork. These are qualities that typify excellent colleagues and employees too.

3.  Association with reputable causes. Again, this point partially ties into items 1. and 2., respectively. A business that associates itself with well-regarded causes is likely to attract clients and customers with shared values. Furthermore, organizations will often show appreciation for the support of their donors by mentioning the names of those benefactors at their events.

4.  Employee morale. Some companies earmark a few hours of each week for employee volunteerism, and (in the case of a team-oriented project) allow employees to vote on which charity or non-profit organization they would prefer to serve. Not only will this enhance the perception of your workers toward their employer, it also has the potential to attract new, community-oriented prospective employees to your business.

5.  Tax deductions. In many jurisdictions (including Canadian provinces), funds donated to charity by individuals and businesses may be eligible for tax breaks. If you host a fundraising event, and cover the cost of meals or other expenses for that event, those costs can also be written off in some cases. Make sure to obtain and hold onto all receipts!

6.  Personal growth. Charity work can be an enriching experience for you as an individual as well. You’ll have the opportunity to hone a wide range of skills, and undertake duties that would not normally be part of your day job. By helping those less fortunate than yourself, you’ll be reminded that your own challenges, important though they may be, pale in comparison to the problems other people face—and we could all use a bit of perspective sometimes. You may even be inspired by individuals who have dealt with tragedy, confronted significant obstacles, and succeeded at overcoming long odds in life.

Finding New Ways To Network

Finding new clients and attracting new customers doesn’t have to be all about advertising your business. Sometimes it’s about selling yourself through networking. But networking events tend to get a bad rap – most people don’t look forward to boring business events full of schmoozing and faking interest in others. But attending those awful local events isn’t the only way to network. If you cringe when you hear the mention of “networking”, why not try a new way to create business relationships?

Start a Meetup

Networking events are said to be the best way to meet new contacts and create business relationships. With so many to choose from, it can be hard to know which will be most beneficial to your needs. So why not start your own? Create your own event and send invites on social media to reach out to people you already know and ask those people to pass along the invite to others who might be interested. Make sure you find an open and comfortable space and have refreshments available to make your event feel friendly and welcoming. As the host, you’ll be responsible for making your event is successful so go out of your way to introduce yourself to as many people as possible and ask lots of questions (while networking the whole time)! Starting your own meetup allows you to create the ideal networking event – not the stuffy boring kind that everyone dreads! If you’d rather do something informal, try starting a book club or a wine tasting event. This will provide a more intimate environment for discussion and, with the right group, can turn into potential relationship building in the future.

Find a Volunteer Opportunity

Not only does volunteer work give you a feeling of great satisfaction, it’s a fantastic way to meet like-minded individuals who are looking to give back to the community. Being in a group who are passionate about volunteering can really bring people together and eventually forge close bonds. There’s a sense of trust established as people are working towards a greater good. Another way to volunteer and get your work noticed is to offer your services for free to a non-profit.

Have Your Business Card Handy

You never know when you’ll run into someone who could become a potential client, so always have your business cards ready to hand out. If a casual conversation at a pub turns to work related discussion, providing a business card with your answer to “what do you do?” can turn a chance meeting into a future business venture. The business card might get tucked away, but is a good reminder for when services might be needed later or it can be passed along to a friend. To make a larger impact, splurge on an interesting and creative design for your cards as a statement piece.

Strengthen Your Existing Connections

Sometimes it can be hard to find the time to keep in touch with co-workers, employees, or clients from the past. But reaching out every once in a while is a great way to keep your name (and business) top of mind. A simple email to catch up or even a social media message keeps the relationship even after years have passed. LinkedIn provides a great way to keep contact information of those you’ve worked with in the past, and makes it easy to find those you may have lost contact with. You’ll also have an easier time meeting new contacts simply through keeping up with your old ones. Now that’s networking!

Co-working Spaces for the Self-employed

With a rising popularity in self-employment and freelancing, co-working spaces have become a popular phenomenon that has been embraced by those who work independently, but crave a sense of community in response to working in relative isolation.

Co-working spaces are essentially communal open-space offices and are an affordable solution to having a working environment outside of your home that is not a private office. They are popular among freelancers, entrepreneurs, start-ups and independent contractors.  A simple Google search will show that there are a wide range of co-working opportunities in most major cities in North America.

Besides being an affordable alternative to a private office, a co-working environment can provide many other advantages.

Escaping Isolation

Working in a home or private office can leave one craving face-to-face interaction from others during the day – especially those who aren’t clients! Self-employment can be isolating when your day to day activities are individual ventures. Co-working spaces provide the opportunity to work independently while being surrounded by others. Taking regular coffee breaks or having engaging in some water cooler gossip can help break up the day, create new friendships, and give you a chance to clear your mind from the daily grind of self-employment.

Creating a Community

Those who work in co-working spaces generally have the same values and influences, as they are usually made up of entrepreneurs and freelancers who are working hard to develop and build their business.  As the co-working environment is usually an open concept, it aids in developing relationships and finding inspiration from those around you. As friendships form, the community will naturally rally around each other and help each other out, building a mutual bonding through independent work that one can’t experience when working alone.

Networking

With a sense of community in the co-working space, networking opportunities will naturally follow. It’s great to find contacts that may be able to help you out in the future and for you to offer your services as well. Looking for a copywriter? Chances are someone in your co-working space has a recommendation. It’s much easier to go with a trusted referral rather than searching online and hoping for the best. Surrounding yourself with like-minded individuals can help your business grow and can build some strong and lasting relationships.  

Lessons for the Entrepreneur

As the old adage goes, "Those who can, do; and those who can't, teach."

This isn't a slam against your professor but, when it comes to business, nothing beats real life experience. There is a lot you can learn by diving into an entrepreneurship that you could never get from a classroom. 

Consider these lessons:

You Are Your Schedule

Show of hands: who has ditched a college class? Everybody, right? It's hard to imagine getting through four years of business school without sleeping in at least once a semester. Out in the real world you won't have that luxury. You'll learn very fast that your work schedule is what will dictate your potential for success. This might mean taking a meeting on a Saturday morning or working into the wee hours to get a project done. You don't have a lot of options because running a business doesn't mean you can get a "do over" test or hand in a paper late.

Say Goodbye to Down Time

There's a reason why Spring Break is so vital to college students: It's an official break. A week without worrying about tests or papers or classes. In your business you can take a vacation, but chances are during that first year of the startup you'll be putting in some serious work hours and vacations will be on hold. This doesn't mean you'll be working around the clock (not all the time at least) but you'll come to value that time you can take off a lot more.

Keep Your Eyes on the Prize

A typical college semester could be filled with a variety of classes. Yes, they're all going for the same degree but you'll be multitasking up a storm as you juggle multiple classes, homework, projects and tests. For your business you'll benefit from those multitasking skills you developed but you'll also learn the value of laser-like focus. Always keep the big goal front and center and learn to delegate.

Go Beyond the Books

As a business major you'll be required to take some basic accounting courses. The key word here is "basic." In your business, you'll be getting a crash course in whole new level of accounting with regard to taxes, payroll, insurance and shelters not to mention maximizing profits and adjusting for losses. That's a lot of numbers to keep track of and no, you won't be graded on a curve.

Business Relationships Trump Frat Buddies

College is a time for fun. It's the first change students have to live on their own and make decisions. Usually that means a lot of parties. Once you've graduated, you'll need to start building business relationships. Some of your fellow classmates might be a benefit in terms of networking connections but it's vital to strike out on your own and create forge new friendships with people who can help your company.

If you're in college now, embrace the good times because it's an upwards climb from here on out! 

How to Make the Most of Your Conference

Are you thinking about attending an upcoming conference or trade show related to your industry?

 Stop thinking and book your flight. Attending these types of events can be a big boost to your business. You know how important networking is to your success, right? Then why not go to the place where you can do more networking in 48 hours than the rest of the year? Before locking down your travel plans, you should take in these tips on how to make the most of every conference you attend.

Leave room for face to face meetings.

If the conference is happening in your hometown then you're golden. However, if you have to fly to a destination then leave yourself some room before and after the conference for potential meetings. It would be horrible if you make a good connection, start working on a deal and then have to run off the catch a plane. Best-case scenario: fill up your free day with meetings. Worst-case scenario: you get a day off to explore a new town. Actually, that's not so bad!

Set your target meet and greets.

The majority of well-established conferences will post a list of attendees in advance of the dates. This is a terrific marketing ploy but if there is no list, there will still be plenty of buzz. Head over to Twitter or LinkedIn to see who else is talking about going to the conference. You should get a sense of the roster of attendees. As you gather up the names, make a target list of who you'd like to "bump into." If you're following them on social media, let them know you'll be at the same conference. It's all about being proactive.

Lend a helping hand.

Don't just wait for someone to make a networking connection for you. Get out there and help others with their connection. Think back to your days as a young lad trading baseball cards. When you made a decent trade you were rewarded down the road. Same thing with business contacts. Being stingy with who you know won't get you very far.

Map out your day.

You should have a list of the conference day's events well in advance of your arrival. Figure out which of the talks is top of your "must-see" list. Plug those into your schedule then put together the "second-string" events. Make sure you also schedule in the cocktail parties and other networking opportunities. Don't just show up and wander the halls looking for a crowded room.

Make friends with the presenters.

No matter who is speaking at the conference, they are going to want feedback. Right after their talk they might be swarmed or whisked away. It's a safe bet that they are on Twitter. Send them a Tweet telling how much you enjoyed their talk. If the door is open, ask a follow up question. Before you know it you've added an all-star to your network! 

Best Apps for Your Small Business

It seems as though with every new technological advancement businesses flourish. The first Xerox copy machine was introduced back in 1960. And now, can you imagine any business surviving without a photocopy machine? The next major innovation was the fax machine which allowed businesses to instantly pass documents and purchase orders across the country and around the world.

Then came the internet and everything changed! Today, savvy small business owners are tapping into a vast array of resources that fit in the palm of their hand. We’re talking about mobile smartphone business applications. How can they help your business succeed?

Consider the following apps to help run your business virtually.

Bump

The number one way for business owners to connect with clients and contractors is by passing along their business card. With the Bump app you can now transmit your contact information directly by “bumping” or touching your phones together.  You can also “bump” photos and files. This might not replace your business card completely but at least you’ll be guaranteed that whoever you “bump” will be getting your info!  You no longer have to keep hanging onto hundreds of paper business cards anymore!

Expensify

Filing an expense report is essential for anyone who wants to be reimbursed by their company. But it’s also a tedious chore to cobble together receipts and mileage numbers. Now with Expensify you can take the drudgery out of writing expense reports. You can scan and upload receipts and file them by the specific business trip. The report generated by Expensify can be directly emailed to a company’s finance officer.

Square

From the founder of Twitter comes a remarkable app that turns your smartphone into a virtual payment processor. Square allows businesses to set up an account and accept credit card payments directly into the phone. This means you can receive a payment in any location and at any time. Best of all, there are no monthly fees or sign up costs. Instead, Square takes a 2.75% service charge for each swipe. That is comparable to a standard credit card machine. This is a great app for a business which sells goods or services away from an office or storefront.

InDinero

With this app you’ll be able to access and track your bank accounts and cash flows. This allows you to manage operational expenses on a day-to-day basis. The InDinero app syncs up to your business bank and credit card accounts.

Google Drive

Google has already changed the way we search the internet. With Google Docs, businesses are able to share information with staff members and clients. Now Google Drive lets those same users effortlessly upload and edit any type of files from your PC to your smartphone. This is like having a mini-cloud drive on your phone. Best of all you get 5GB of storage for free. This is perfect for business that needs to maintain email storage.

Have you discovered an app that has changed the way you do business?

Converting Facebook Fans into Sales

Social media networking has changed the way we interact. We can now keep track of our family, friends and colleagues no matter what the distance. We can share news and funny videos and keep in touch in real-time. 

Every day new users sign onto Facebook and are becoming very savvy about using the apps and keeping the conversation going. At the moment, Facebook has close to a billion users who interact with each other daily.

How can your business tap into that potential customer base?

First, you need to set up your Facebook business page. Unlike your personal page, which has a limit to the amount of “friends” you can register, a business page is for “likes.” Think of it as a fan page for your product or service. The basics of this type of Facebook page are the same as a personal home page but you can have unlimited “likes” which means the potential to reach millions. The goal is to turn all those “likes” into paying customers.

Here are the steps you should follow to make those sales conversions:

Step 1: Share Information

The way to build credibility is through providing frequent and relevant content that proves your expertise. This doesn’t mean that you post sales information. The content that you provide should be targeted towards solving the pain points that your prospects have.  

However, this doesn’t mean it has to be a static press release you post on Facebook timeline. Think more visual.

Make a fun video demonstrating your product. At the very least you should have engaging photos which will draw attention to the post. Think of your own Facebook experiences - what attracts you to click on a friend’s post? Videos and pictures. Keep in mind that this has to be an ongoing process. You can’t just post one video and expect traffic to your website. You need to constantly update your content.

Step 2: Special Offers

Once you have informed your Facebook friends about what you’re selling, offer them a promo code for a special discount. Hopefully, this will get them to click over to your site and start shopping. Everybody likes a discount!

Following up on the special promo codes, you could occasionally put out a “limited time offer.” This heightens the sense of urgency for your customers to respond. If you’re going to do down this road you need to make the limited time offer truly unique. Go big and see the kind of response rate you’ll get. Remember your goal is attract shoppers. Once they have benefited from a special offer they might just keep coming back.

 Step 3: Keep the Conversation Alive

Remember to engage your customers on a regular basis! Post news updates regularly, ask questions and encourage comments. Provide incentives for fans to be engaged with you – reward those who post relevant content. Remember, they are there for a reason – to connect with your business.

Make sure you do that.

Step 4: Build your Database

As with any type of online business, you’ll want to gather the email addresses of potential customers for your own database. You can do this on your Facebook page by setting up an opt-in form to collect addresses. Contests and give-aways are the best ways to encourage visitors and fans to provide your company with their emails.

Be transparent though. You should tell your customers that you’ll use the email to alert them to special offers and exclusive deals.

Make them feel like they’re part of the “inner circle.”

Creating the Perfect Business Partnership

Although the original idea for your business might be all yours that doesn’t guarantee you won’t need a partner to get that business running and keep it afloat. A solid business partnership can actually increase the likelihood that your company will find success. That’s because you’re sharing the responsibilities and expanding your networking potential.

What makes a productive business partnership? Consider the following factors:

 

Set Your Goals

You should already have a business plan with a strong vision and measurable goals. When you go looking for a business partner you want someone who can share in your vision. You need to be honest about your own limitations. Are there some skill sets you need to develop for yourself? What can you learn from a business partner? Suppose you were opening a restaurant and had terrific chef but they didn’t know anything about desserts. Wouldn’t it make sense to hire a pastry chef? You want to find a business partner that can build upon your talents. They also have to be enthusiastic about your vision. You’re not looking for a “gun for hire” but a genuine partner.

Look Beyond Your Circle

As you begin your search for a great business partner, you’ll want to go beyond your immediate social circle. Yes, you might have a friend or family member who could fit the bill but don’t stop your search there. Go to where you might find the most qualified partner. There could be trade shows, industry events or conferences, where you will find like-minded individuals who would prove to be an asset to your company. The last thing you want to do is find a business partner who doesn’t have any experience in your industry.

Manage Expectations

After you’ve narrowed down your candidate list you’ll want to carefully detail the responsibilities for your new partner. Depending on the circumstances, a business partner could become an equal owner in the company because of the investments, skills or ideas that they are bringing to the table.

However, that doesn’t mean they can automatically dictate how things should be run. That should come from you as the controlling owner. Of course, you’re hiring a partner because you want the support so be open to any ideas they might have about management, marketing and production. If you’re both clear from the outset about what you expect from each other than there shouldn’t be any surprises down the road.

Make It Legal

Once agreed upon, all of those responsibilities should be put into the form of a legal contract. This contract should spell out things like compensation and termination of the partnership. Essentially you should cover all the bases. A handshake is a noble way to do business but won’t matter in a court of law if something goes wrong. As with every other aspect of your business, get it in writing and get it signed.

Small Business Financing - It's All About Who You Know

Believe it or not there are plenty of folks out there looking to invest in a small business. Your challenge is to get your business plan in front of them. Easier said than done, right? Actually, if you apply yourself you’ll find that it’s quite easy to build a network of potential investors. First, make sure you have a rock solid business plan ready to go. It makes no sense to seek out investors unless you’re ready to pitch. You might get only one shot and you have to be ready. Here are some tips for building up a network of investors.

1)      Go Online

There is a huge social network waiting for you to explore that is only a few mouse clicks away. LinkedIn is the most obvious choice to start your campaign to connect with potential investors. Here you’ll have a chance to build up a professional profile and find other business professionals who might be able to help. A connection you make on a site like LinkedIn might not be in a position to write you a check but they could connect you to someone who can.

2)      Try Crowdfunding sites

Beyond the direct networking possibilities of social media, there is another burgeoning source of investors you could find online and that would be with group funding. A site like Kickstarter is bringing together pools of small investors who are willing to share their funds with a business that looks promising. Once again, you have to be ready to fire up your business machine and answer any question in a competent matter.

3)      Ask your family and friends

It’s amazing the amount of help we can get from our family and friends if we just ask. You might have a favorite aunt or uncle who is willing to take a shot at investing in your business. As long as you treat them as you would any other potential investment then there is no reason not to present them with a business plan. Just as your online network could help you bridge the gap to meeting potential investors, you might have a friend who works for a company or has their own relationship with a potential investor. Throw a friendly dinner party and make your pitch. Keep it honest and sincere and you’ll reap the benefits.

4)      Network at events

This is a no-brainer. There are plenty of tradeshows geared for entrepreneurs to help them connect with investors. Seek them out but don’t stop at the tradeshow. Follow the money. This means going to places where the “money” would hang out: a country club, museum opening, first night at the opera, polo pony matches… wherever you might think that serious minded business professionals would gather you should try to infiltrate. This doesn’t mean barging in with your stack of business plans ready to hang out. Go make some new friends and see where that takes you.

How to use LinkedIn to get New Clients

 

While everyone is busy posting pictures of their pets and catching up with friends over on Facebook, serious minded business professionals are turning to LinkedIn as a way of staying connected with associates. They are also discovering the benefits of utilizing LinkedIn to expand their own customer/client base. There was a time when dedicated salesmen would have to “work the phones” to generate new leads. Today’s internet savvy sales force knows how to work the social media networks. Here are some tips to help you use LinkedIn to get new clients.

1)      Share the News

The worst thing that a potential new client or even a long time business associate should ask is, “What have you been up to lately?” If that happens then it’s clear you’re not using LinkedIn to its fullest extent. Whenever your business has a new product or venture you should post the details on LinkedIn. You can also send industry news that is relevant to your network or contacts. You can boost that announcement by adding a follow up direct message to your contacts asking for the time to catch up through a call or email.   

2)      Make the Connections

After you’ve established your own social circle of professional contacts on LinkedIn it’s time to go exploring. Spend some time every day reviewing who your contacts are connected to. Perhaps someone you once worked with are friends with a CEO you’d like to get in front of. Armed with this information you can ask for an introduction or use that connection as your “conversation starter” with the new contact. Either way, you’re expanding your reach which is what LinkedIn is all about.

3)      Track Down Former Co-Workers

Over in Facebook everyone is digging up old acquaintances from as far back as kindergarten. You should be doing the same thing on LinkedIn but keep it focused on business. Take a trip down memory lane and go looking for former business associates or fellow college grads. Where are they working today? Would that be a valuable connection to make?

4)      Ask for Introductions

Making a connection is easy but what if you want to gain access to a company where you have no network? You’re essentially making an old fashioned “cold call” reaching out to that company. Your network is the best bet to be introduced to someone within a company. Find out who knows who and ask for an introduction. The best thing about LinkedIn is that it allows you to see who is connected to whom.  This doesn’t mean you make a contact and then go for the hard sale. Let that relationship build. (See hint #1!)

5)      Join the Groups

Every member of the LinkedIn community has the opportunity to join groups built around common interests. Here is where the community really comes to life through ongoing discussions. Those groups could all contain potential clients. Get involved but keep it professional. The best way to connect with strangers is to create your own LinkedIn group. Revolve the group around a particular industry/category and invite your peers to connect and share. 

How to Get More Referrals for Your Business

 

When it comes to your helping your business grow, it all boils down to who you know. And all that could be standing between your business succeeding or failing is your personal network. We’re talking about your professional network and the referrals which are the backbone of any productive small business sales force. Think of referrals as a chain between you and making a sale. The immediate referral might not be buying but that doesn’t mean it can’t lead to a referral that is in the market for what you’re selling. To increase sales you’ll need to increase referrals. Here’s how to accomplish that goal:

Ask and You Can Receive

Every satisfied customer you create is a new referral. Now you’ve got to “activate” that referral. Let that happy customer know you would appreciate their help with getting the word out about your business. Don’t assume everyone is talking about your company. Give them a little nudge and you might just be surprised with the results. You can take it a step further by asking directly for a contact of a friend or family member of that customer who would benefit from what you’re offering. The only shame would be in not asking.

Give and Take

You can get new referrals for your small business by sharing your referrals. This works best in a B2B market but it really amounts to you being proactive about expanding your customer base. If you have a supplier who is selling you a particular product for your business then you can spread the word of his company while he spreads the word of yours. Quid pro quo.

Offer Incentives

Two magic words that get everybody’s attention: finder’s fee. This is a very common practice all across the business world. When someone gives you a referral that buys from you, your referrer is rewarded in some fashion. Local cable and telephone companies use this practice. Sign up a friend and you’ll get a discount. How can you apply that to your business?

Offer Your Referrals First

Somebody has to “break the ice.” That could be you when you offer a referral to a customer or business associate for an item outside of your own company. This could get the ball rolling for a referral exchange.

Spread Your Name

If you have a storefront business then you should make sure every customer walks out with something that has your business name on it. Whether that’s a shopping bag, pen, coaster or magnet you’re spreading the name of your company. How can you do the same thing for an online business? If you post a fun video or photo make sure your web address is embedded on the image. Where ever that graphic goes is where your company name will go. You could hold a contest for the cutest puppy photo. It might have nothing to do with your business but those photos will be shared everywhere. Think outside of the box.