Closing the Sale - Sales Tips for Small Businesses

It would be nice if your business could always “corner the market” on whatever product or service you are providing. Unfortunately, the very nature of business dictates that you’re going to have competition. Instead of taking a passive approach to your business, you need to be proactive and make sure you and your sales force are an effective team. Even a small business can benefit from a smart sales strategy. One popular sales adage is the ABCs of selling: Always Be Closing. That’s a nice sentiment but it will take some work to get there. Here are a few helpful hints that can help your small business close the sale.

Avoid the Hard Sell

Despite what you might think about being an aggressive sales agent, that person on the other end of the line doesn’t really appreciate the hard sell. Just tell it like it is: let your potential client know what you’re offering in simple terms and how it can ultimately help their business. Go for the pleasant conversation versus the unrelenting pitch.

Keep Your Ears Open

You might have perfected your pitch and could even be reading from a script of helpful talking points (not a bad idea) but you also have to be fully engaged in the sales call so that you can recognize when your customer might be on the verge of closing. This can happen if they start asking questions about things like delivery time or shipping costs. Even something as simple as positive affirmation from them about what you’re saying can be a good indication. Make sure you respond to these comments in a positive way.

Ask Questions

The best way to understand a customer’s needs is through asking a lot of questions about their company. Learn about what they do, ask them about the challenges they’re having. Find out what problems they need to solve immediately. The goal is to keep them fully engaged and that can only happen if you are asking them to respond to you. Listen to their answers. Delve deeply. By asking questions, your prospects open up and will give you various opportunities for you to find solutions.

Make Them a Special Deal

Everyone likes a bargain. If you can offer a special deal to a customer it could make all the deference between closing the sale and getting a firm “no thanks.” This doesn’t mean you have to give away free stuff but there is probably a lot of “wiggle room” when it comes to processing fees, shipping costs etc. If you are making a special offer, make sure they know it’s just this one time.

Be Specific

As you zero in on the final moments of your pitch, you want to make sure you lay out the deal in very specific terms. This means providing your customer a direct “how many”, “how much” and “when will it arrive” statement.

When you’ve closed the sale, don’t pop the champagne cork right away but instead take a moment to recognize what worked and what didn’t. Then use that knowledge on your next call: ABC!

Intellectual Property: Tips on How to Protect Your Business Online

Intellectual property is anything that you or your business creates that is the property of your business. Each of the super heroes in the smash hit movie, Avengers, are the intellectual property of Marvel Comics. This means you can’t use The Hulk to advertise your spring sale. When you or your company creates a piece of intellectual property whether it’s a slogan, a character, a recipe or logo you are well within your rights to make sure that property is protected. In this age of social media networking, keeping up with that protection can become a challenging and full-time job. The following are some insightful tips on how you can protect your intellectual property and what to do when someone steals it.

·         Patent, Trademark, and/or Copyright First

You really can’t make a claim against someone who is using your intellectual property unless you first register that property. This will require filing an official trademark or copyright application for your property. A trademark protects your company information from being used by another company. Going back to the Avengers example, the next Batman movie can’t have Spiderman in it because those are two separately trademarked characters and can only be used with permission from the trademark owner. Copyriting typically applies to a work that you intend to publish like a story, article or photo. These can also be created by your business as a way of promotion but can’t be used by other companies unless you give them permission. A lawyer who is familiar with these types of laws can advise you as to which is the best application to file for protection.

·         IP Monitoring

If you are serious about protecting your intellectual property then you’re going to have to invest into some time into monitoring your brand to see if your property is being inappropriately used. This isn’t just about checking into Facebook once a day, but instead dedicating time to conduct comprehensive searches across all kinds of social networking sites and other web portals.

·         Decide If Your Have Been Infringed Upon

Suppose your company creates a brand icon like the Pillsbury Doughboy. After trademarking this icon, it becomes very popular and begins popping up as people’s profile picture or on their blogs. Is that real infringement? Is your business being damaged? Your reputation being tarnished? Only you can make that call but just because someone might be using your icon or other intellectual property in the vast outreaches of cyberspace doesn’t mean your business will suffer. On some level, you can’t realistically chase down every infringement. You have to pick your battles wisely.

·         Taking Action

When it has been determined that your intellectual property is indeed being misused then you can take appropriate legal action. The first would be a cease and desist order. This would be a legal letter sent from your company’s attorney informing the user that they need to stop using your intellectual property immediately. Once you’ve put them on notice and they still keep using the property, you can sue them for trademark or copyright infringement. Proving damages in court can be tricky and costly for you. Often, the cease and desist order will do the trick.

Market Research Leads to Business Success

Every small business starts with an idea. Whether it’s an idea to sell a product or provide a service, that first notion sets the wheels in motion. The very next step should be some type of market research.

Suppose you had the idea to open a franchise ice cream shop business but wanted to find out how successful will it be in your neighborhood? A short drive through your prospective neighborhood will show you if there are any other businesses like the one you want to invest in. It can also give you an indication of the kind of foot traffic you might be able to expect. This is a form of market research at its simplest level.

There are other benefits of market research that you should be thinking about to help your business.

What the customer wants

For a business to grow and become successful there needs to be some form of market research going on. Not only is this important to size up your competition but it can go a long way towards understanding what your customer wants.

If you open up that ice cream shop and feature a chocolate dip special in a neighborhood that is dominated by vanilla lovers then you’re not going to make a lot of sales. That’s an extreme example but if you take the time to do a decent market research survey, it can reveal information that you may have not known.

It could be the specific type of items that a customer would be interested in, whether that’s special offers, different varieties or a better shopping experience. Having a market research project reveal those types of issues can allow you to adjust your business and bring in more customers.

Types of market research

Just because you are a small business with a limited start-up budget doesn’t mean you can’t engage in a market research strategy. There are many forms of market research that you can tap into. At the high end is a market research firm dedicated to delivering you a comprehensive analysis of all aspects of your business. This is accomplished by a combination of phone polling, focus groups and online surveys.

Conducting an online survey is probably one of the most affordable options when it comes to market research. With this type of campaign you can ask visitors to your website to take a survey or send out the survey to a list of customers who have signed up for an email.

Always remember that you’re inviting them to share their opinions to make your business stronger. In other words, empower them to share their opinions.

As you gather your market research data, only you can decide whether or not to act on that information. However, if the numbers provide you with clues as to why your business might be stumbling, then it’s easy to see that using market research can turn your business around and point it towards a more profitable future.

Strengthen Your Business Leadership Team

It doesn’t matter what type of business you’re in, strong leadership is essential to determine success. If you’re fortunate enough to have a great team working with you on your business goals then providing the model for leadership will become your responsibility. There are many effective “tools” you can use to strengthen the bond between the team and encourage your employees to step up as leaders. Consider the following:

Give credit where credit is due

Everyone loves praise! Don’t hesitate to tell others that they are doing a good job and you should acknowledge your team’s efforts when appropriate. But you should also be fostering an atmosphere of contribution from other staff members, those who are in the background and who might not yet be a “star.” When you encourage the free flow of ideas then you might discover a hidden gem among your leadership team.

Support the families

If your team members have family obligations, you should honor those by offering support. Is it really going to hurt business by letting a dad go watch his son’s soccer game or letting a mom attend a parent/teacher conference? Probably not. However, when you support the importance of your staff’s family then you’re acknowledging why they’re all working on the same team: to provide for that family. That is going to promote stronger loyalty and leadership.

Delegate responsibilities

As the saying goes, “Some men are born to greatness and others have greatness thrust upon them.” Translation: a leader can be born or made. You won’t have a chance to help your team strengthen their leadership skills unless you provide them with the opportunity to put them to the test. A strong leader often leads from behind and allows their staff to take charge.

Mentor

You might have a handful of strong leaders already working on your team. If so, then encourage them to seek out protégés they can mentor. Leadership skills work best when they are shared. Think of this is an on the job leadership training program, just a less formal one.

Formal leadership training

Speaking of leadership training, you could solicit outside help to strengthen your leadership team. That help can come in the form of qualified leadership trainers. These trainers will assess the needs of your company and set up a series of workshops and training exercises for your staff to participate in. This could mean a weekend retreat or a day lone seminar. In either case, you might be amazed at what can be revealed when your staff is taken out of their “comfort zone” and challenged to expand their own leadership qualities.

Use incentives

You might think that a weekly pay check for a job well done is enough incentive. In today’s tough job market that might be true. However, you shouldn’t discount offering some form of incentives for your staff if they can meet certain goals. Even something as simple as a paid company lunch away from the office can get employees fired up and working stronger as a team. When that happens, leaders will rise to the top and you’ll be able to cultivate them for future assignments.

Getting Incorporated: Tips on Incorporating a Business

There has been a lot of talk recently about whether or not a corporation can be considered a person. While pundits debate those points, the courts have already decided: a corporation is a legal entity that can enter into lawsuits, be taxed and buy land just as any individual will. As a small business owner you might soon discover there is very little space between you as a person and your corporation. The biggest advantage of incorporating is that it can protect your personal assets. Those should always be kept separate from your corporate umbrella.

The following are tips to follow as you head down the road of incorporating your company.

1)      Decide Where You’ll Incorporate

The three options for business incorporation would be within your own state or province, within your own country or in a foreign country. Most small businesses start out by keeping it simple and incorporating within their own region. However, it is worth exploring other options if for no other reason than the possible tax breaks you might receive. Once you are incorporated all the general laws will apply no matter where your company chooses to file the paperwork.

2)      Decide Your Board of Directors

The next step is to create a pre-incorporation agreement. This agreement will establish who will be on your board of directors and in what position. It will also have you establish the value of your company stock. Note that these stock shares have more to do with position than actual trading. For instance, when Facebook started up, investors and employees were offered stock options as part of their compensation. Years later, Facebook is finally going to go public and those original stock options will hold true value based on what the market decides.

3)      Decide Your Company Name

You’ll next have to file an official registration name for your corporation. Before doing this, you’ll have to research your name to make sure no other corporations that have the same title. You could simply file without the research but if your company name is rejected then you’ll have to start all over again.

4)      Decide on Your Articles of Incorporation

This will become the bulk of your incorporation paperwork and is not something you’ll be able to handle without a corporate lawyer. The procedures for creating these articles will be based on the rules and regulations that have been established in the region where you’ll be incorporating. When these articles have been filed, you’ll be sent an official certificate of incorporation. Once you sign that, you’re an official, fully recognized corporation.

Along every step of the way, there will be filing fees and legal costs you’ll have to pay out. There are some law firms that specialize in filing incorporation papers and offer affordable packages for start-up business. After you’ve completed all of these incorporation steps, you’ll need to hold your first board meeting and set up your own bylaws.

5 Reasons Why Online Businesses Need Content Marketing

Imagine this scenario - you wander through a bookstore and find a novel with a very appealing cover and title. It looks like it’s going to be a great read. However, inside all the pages are blank. There is no story. This is not a lesson in “judging a book by its cover” but instead a reminder that without strong content, your online business will falter. In other words, you could have a great service or product but unless you engage and expand your customer base through strong content your business with wither on the vine. The following is a list of important reasons why online businesses need strong content marketing.

Customers Want the 411

You might have occasionally gotten lost in a “YouTube maze” clicking through random videos but when a potential customer goes in search of the specific product or service they are looking for valuable information. That information can be provided through well written content articles with catchy headlines. Be concise and give them the “bullet points” of what they are searching for. By providing valuable information to consumers, you can become considered an industry expert with the content you create and people will start seeking out your website for updates and tips.

Customers Want Quality

First impressions matter, whether you’re at a dinner party or developing an online business. If a customer stops by your website and is greeted with a poorly written article, then chances are they won’t be coming back. Don’t fall into the trap of sacrificing quality over quantity. There is no reason why you can’t have both; it just might take a bit more effort to find.

Customers Like To Be Targeted

Everything and anything can be Googled. No matter what the search, chances are there will be several websites that pop up in response to a user’s question. The goal for your website is to take advantage of these niche searches by providing targeted content. If you have a product for women, determine if it’s suitable for “busy moms,” “hard working professionals,” or “singles searching for love?” Maybe it’s for all three categories. That just means you’ll need specific content geared to all those groups.

Customers Like to Matter

Content should not only serve to provide information but also to engage the reader. Whenever possible you should leave room for comments. This is how you get online discussions going and pull in even more customers. Everyone likes to share their opinions online. Even if you receive negative comments, take the time to consider the comment and the way in which you can “fix” the problem. Perhaps the customer had a poor experience with your services – take the time to respond, apologize and offer a solution. Your customers will appreciate the open communication. Providing a personal touch gives customers a sense of security which will bring them back to purchase again.

Customers Are Always Searching

As mentioned above, potential customers are always on the prowl for those goods or services they need in that moment. Just as you need to create engaging content for them to read, you also have to create content that the search engines will pick up on. This will improve your search engine rankings which will place your website at the top page of any search. If you’re not familiar with how to achieve these goals then seek out experienced content management consultants to help build up your online presence.

How to Manage a Business and a Marriage

The goal of becoming a small business owner is to build your business to a level so that you can provide financial security for yourself and your family. That is one of the reasons as to why you enter into business. In many ways, you work hard now so that you have you can have fun later. Unfortunately, that message often gets lost - especially with new start-ups as more time is devoted to the management of the company and fighting fires. Most importantly, your relationships, especially your marriage, often get neglected.

In many cases, marriages break down because one of the partners spends too much time at work. It doesn’t always have to be that way. Just as you have spent time in writing your business plan, you should also spend an equal (if not more!) amount of attention to your marriage. Here are some tips to help you maintain a successful business and marriage.

1.      Make A Plan

Scheduling out every moment of your life sounds a bit obsessive. But if you can find a way to schedule most of your waking time and stick to that schedule it could pay off in the long run. What you should do is to schedule in the times during a day where you would spend working, and the time where you would relax with your family. For example – highlight in your calendar:

·         The hours 9 am to 5pm for your business

·         And the hours 6pm to 10pm is to be spent with the family

If you can stick to your schedule then you’re ahead of the game. However, to be more productive you need to be ruthless in cutting out non-essential activities that cut into your schedule. During your work hours you want to be completely focused on the tasks at hand. If you schedule time for a special dinner date with your wife/husband or coaching soccer practice with the kids then you should be equally focused on that time – and that means not taking work related calls! It all comes down to matter of good time management. So, be obsessive with your scheduling your day.  

2.      Create Quality Time

Just because you set aside time for “date night” or “family fun” doesn’t mean the work is over. You need to put some effort into creating quality time for those special events. Yes, you’ve spent all week up to your eyes in meetings, conferences and reports. The last thing you want to do is figure out where to go to dinner! Well, going that extra step to take charge will show you really do care about your relationship. It’s simple. Let’s say you have a date with your wife, here’s what you do:

1.      Pick your top three restaurants.

2.      Send an email or text message to your significant other asking them to make a top pick and you’ll handle the rest.

Don’t stop at just dinner. Plan ahead for a romantic weekend getaway, a night at the theatre, or a beach day. If you are really busy, you can hire a virtual assistant to help you make reservations or organize your week. It takes zero effort but holds the promise of great rewards.

3.      Keep the Lines of Communication Open

This is crucial for a marriage whether you own a small business or not. The old adage of “don’t go to bed angry” makes a lot of sense but hopefully you’ll find a way to work out your problems before you make it to the bedroom. Most issues with communication have less to do with what you’re saying as opposed to what you’re hearing. Genuinely listening to your partner’s concerns and applying empathy is crucial to keeping those lines of communication open. When you can put good listening skills into practice, you should get the same in return. That’s going to mean all the “channels” will be open and clear for a success marriage and business.

5 Signs You Might Need to Fire a Client

 “You’re fired!”

Donald Trump has certainly made a new career for himself by uttering those words to his would be apprentices. As a small business owner, you might have had your own share of staff upheavals requiring you to utter those two words but what about your clients? Have you ever felt the need to fire them? Many business owners go with the philosophy that any client is a valuable client. Although you could make that argument, there is an equal argument to be made that a client who is a drag on your business is not worth the trouble.

The following are some of the warning signs you should take note of when it comes to deciding whether or not to fire a client:

They love to micromanage: A client/business relationship is built on trust. You are providing your client a service and they have to trust that you’ll deliver on your promises. Unless you have given them a reason not to trust you, a client shouldn’t be constantly looking over your shoulder to micromanage the process. A client that needs to approve every detail in every step of a plan is someone who is going to be taking up a lot of your time. What if they don’t offer a timely approval? Now the entire process is put into jeopardy. A client needs to let you do your job; that’s why they hired you in the first place.

They can’t make a decision: The opposite of the micromanager is the client who seems incapable of making any decision. You present them with viable options but they just can’t decide. Or they are constantly asking for changes, tweaks or adjustments. Often this happens when you are courting a potential client. If they can’t make up their mind in the pitch phase then imagine how they’ll be when you’re doing the actual work? It might be better to cut and run.

They need everything ASAP: There are some clients who are like adrenaline junkies. They’re not happy unless everyone is rushing about servicing their needs. With every project you should be providing a kind of production schedule. Your responsibility is to adhere to that schedule. If a client comes along and disrupts the process by asking you to speed up delivery, then you are putting your entire business as risk. Will it be worth it in the long run?

They question every expense: This is a nice way of saying they’re “cheap.” There is nothing wrong with a client who wants to make sure their money is being well spent but that doesn’t give them the right to question your business expenses especially if you are working overtime to accommodate their desires. If a client is constantly nitpicking money matters, there really isn’t a lot of hope for a profitable future with them.

If you do have to fire a client, keep in mind that you don’t want to burn any bridges. You should always take the “It’s me, not you approach.”

How to build a great LinkedIn presence

If Facebook is for friends and family and Twitter is for a quick comment on any topic, then LinkedIn should be considered the professionals’ social media networking site. Since its inception, LinkedIn has developed a solid reputation as a straight forward web portal where business professionals can connect, share resources and stay up to date with the latest industry news (whatever industry that might be). There are many people who have used LinkedIn as a kind of a virtual resume site. Additionally, many businesses are turning to LinkedIn to enhance their company profile. As with any other type of social media presence, the more you put into LinkedIn, the more you’ll get out from it. The following are some helpful hints on how to build a great LinkedIn presence.

1.      Join In On the Discussion

No matter what your business niche is chances are there are already dozens of groups on LinkedIn engaged in the kind of ongoing discussions you should be a part of. Before diving in, make sure you read through some past posts to get a “feel for the room.” Also, before posting edit your comments to make sure you’re presenting yourself in a positive light. Don’t forget to provide a link back to your own LinkedIn page.

2.      Stay Updated

Leave the status updates about what you’re having for breakfast or what you thought about last night’s Game of Thrones for Facebook. On LinkedIn your status updates should be strictly professional. That doesn’t mean they have to be humorless, but stay focused on your reasons for using LinkedIn which is to enhance your profile or company brand.

3.      Start A Blog

If you own or operate a business you’ve got a lot to say. Starting a blog is way for you to share your insights and begin a conversation. Pick a topic in the news for inspiration or relate a recent challenge in your business and how you overcame that. Remember you’re not aiming for a Pulitzer; you just want to stay relevant. Promote your blog on LinkedIn, either through your company page or your own personal profile.

4.      Maximize the LinkedIn Apps

Put LinkedIn to work on your page by including polls, SlideShare and events. It’s another way of keeping your site active and giving other LinkedIn users a reason for returning.

5.      Start a Conversation

Just as you should be joining in on the conversation on other pages, you should start a conversation of your own. Hopefully, if you get traffic to your page you’ll be able to pull in other professionals to keep the discussions going. This isn’t about sales pitches but conversations between professionals.

6.      Create a Strong Headline

Headlines are what pull users into a profile. Try to create something that is equal parts catchy and intriguing. Don’t hesitate to rotate out some strong headlines to keep your profile fresh.

How to Choose a Law Firm for Your Small Business

As the owner of a new small business you’ll be taking on a lot of responsibilities. In your role as boss, it will be your final decisions that impact your staff and the direction you want the business to take. While it might feel at times as if you’ve taken the weight of the world on your shoulders, you can (and should) add to your team with a qualified attorney. Developing a working relationship with an attorney who understands your business will be vital to your success. The following are some helpful hints to help you pick the right law firm.

1)      Start With a Recommendation

When you open up your business you’ll be entering into a community of your peers - other business owners who have been through your situation. These fellow owners can are great resources for solving any challenges that you might face. This network can answer any business related questions that you might have. Start by asking about the law firm they use. Getting recommendations from business owners is the best way to start researching the law firm that will be perfect for your needs. Keep in mind that just because someone recommends a law firm doesn’t mean you have to hire that firm. You’re just asking for names.

2)      Write Out Your Vision

You might have created some sort of business plan for your investors, but your vision of where you want your business to go is something less formal. This is a document that you can use to strategize with an attorney. This vision can help you choose the right law firm based on that firm’s experience. For instance, you might want to franchise your business so you should be looking for a lawyer with expertise in that field. The same holds true for expanding your business globally. Does the law firm have offices in other cities or countries?

3)      Research

Just as your business will need a website, every prospective law firm you’re looking into will have their own internet presence as well. This will be your first impression of the law firm and can tell you a lot about how they handle their business. Once you enter into discussions about retaining the services of a law firm you’ll be given the opportunity to follow-up with their references. Make those calls.

4)      Factor In the Costs

Billing practices vary from one lawyer to another. Many new business owners have gotten quite a shock from their first legal bill when they are charged for a quick phone call or email response. Remember that lawyers make their living through billable hours. When you develop a strong relationship with a law firm the “nit-picking” of hours charged might not become such a big issue. However, you should be aware of all the fees up front and what a lawyer expects to bill you for. Additionally, all these fees should be in writing.

Even if you are a freelancer or a home business, there will be a situation where you will need to use the services of a corporate lawyer. This could range from needing legal advice, or it could be to draft up contracts and agreements. Either way, it's always a good idea to retain the services of a corporate lawyer in case any unexpected situations come up.