Archive for the ‘Business Plan’ Category

Small Business Marketing Podcast – Implementation Tips

Friday, August 20th, 2010

As I wrote in a recent article on implementing small business marketing strategies, “keeping at it,” is one of the hardest things to do in business. So many distractions and “emergencies” get in the way of fulfilling our well-planned strategies.

In this podcast, I offer several tips for small businesses looking to improve their implementation skills. Listen or download below:

Small Business Marketing Implementation

Download the small business marketing implementation MP3 file here. (4.7MB)

Implementation means, “Keep at It”

Friday, July 30th, 2010

So, you’ve developed a strategy that informs where you want your company to go. You’ve involved your team in developing and planning for this strategy. Together, you’ve made sure this strategy communicates with customers in ways that are meaningful to them and ensures your company is easy to do business with. You’re probably feeling pretty satisfied with your progress. But your work has only just begun.

The most difficult part of any plan is implementation. It’s not because the tasks of implementation are hard. Usually accomplishing these tasks don’t require great skill or superhuman brainpower. The difficulty arises because implementation requires dedication and tenacity. You have to keep at it. Every day.

For many small business entrepreneurs, this process is boring, and implementation is often cut short, displaced by more exciting strategizing and perceived opportunities. But a small business can never reach its potential without completing the initiatives it starts.

Here are some tips for implementation success:

  • Pay attention to details. Read my recent blog post about a business had a failed advertising strategyby ignoring the details on the printed piece.
  • Develop easy-to-understand success metrics. Know you’re succeeding (or failing) by establishing milestones along the way to your goal. These milestones should have due dates to create a sense of urgency.
  • Hold quarterly or monthly check-up meetings. Grade your company’s success on a regular basis with progress reports on your milestones. Make these meetings short and to the point, or everyone will dread them (don’t you hate meetings that drag on and keep you from work?).
  • Don’t be a roadblock. Often small business owners are the bottleneck in the company’s decision-making process. Decide which decisions you don’t need to make. It will free up your time and speed up your strategy’s success.
  • Use your team’s strengths. If you find it difficult to stay on track, someone on your team likely has strong implementation skills. Give them authority to check in, set meetings and make sure progress is made.

Now use these tips to go forth and implement!

Small Business Strategy Podcast

Friday, June 11th, 2010

David Weatherholt of “Getting Down to Business” invited me on the show to talk about small business strategy and planning. Usually, small business owners think of themselves as firefighters, spending their days putting out many small fires and neglecting the important work of developing a future strategy.

But making these everyday decisions doesn’t have to be difficult and time-consuming for small businesses. By developing an effective future strategy, the answers to these dilemmas become clear. I use the example of a fictitious company, SunBurst Coffee, and how they use their “picture of success” to facilitate decision-making.

To hear more advice, listen or download below:

Small Business Strategy

Download the small business strategy MP3 file here. (4.7MB)

Small businesses, do you know where you want to go?

Friday, May 28th, 2010

Knowing your small business’ future is the most important thing you could be working on today. And yet so many small business owners don’t have a solid idea of where they want to take their businesses. Other, more immediate issues demand your attention every day – like how to solve your biggest customers’ problem with shipping or approving a purchase order for new office chairs. These decisions seem (and are) so important. But you’ll never know if you’re making the right decision unless you have a strategic framework of where you want to be in the future.

It may seem daunting to plan your business’ future. I recommend first developing a picture of success, then filling in the details based on how to paint that picture. This method was developed by Yastrow & Company, and we’ve used it for all of our joint clients.
The picture of success has two components. The first is a deadline, such as three months from now or in the next five years. The second is financial. What business results do you hope to enjoy?
Ask yourself, “Where do we want to be one year from today?”
Asking this question may yield answers such as:
We successfully introduced our products into three new markets and now 10% of our revenue comes from these new sources.
Revenue has grown 20% from our financial customers.
Sales from our new product category have grown 50%, as we’ve educated our existing customers about them.
We diversified our customer base so our largest customer no longer accounts for 30% of sales. This stability will allow us to take advantage of new opportunities.
Once you have envisioned your picture of success, you need to assemble the tools that will enable you to create it. List what customer actions have to take place and how you will facilitate those actions. Think about the big picture and what will have to change, such as product offerings, sales efforts or reporting systems. Also think about what must stay the same, perhaps your key philosophies or an unavoidable business reality.
Then apply your picture of success to all the details of your day. Before making decisions, determine how the outcome will affect your goal. Don’t be afraid to say no to new opportunities that won’t help you to reach your goal. Small business owners face a barrage of options every day – Should we advertise in this new publication? Should we start selling this new product? Should we enter into a referral partnership with another business? By keeping your picture of success front and center, these decisions become easy.
You won’t be able to reach your goal alone, which is why my next article will focus on involving your team in your picture of success. Your team includes employees, partners, vendors and everyone who will need to cooperate to reach your business goals.

It may seem daunting to plan your business’ future. I recommend first developing a picture of success, then filling in the details based on how to paint that picture. This method was developed by Yastrow & Company, and we’ve used it for all of our joint clients.

The picture of success has two components. The first is a deadline, such as three months from now or in the next five years. The second is financial. What business results do you hope to enjoy?

Ask your small business,
“Where do we want to be one year from today?”

Asking this question may yield answers such as:

  • We successfully introduced our products into three new markets and now 10% of our revenue comes from these new sources.
  • Revenue has grown 20% from our financial customers.
  • Sales from our new product category have grown 50%, as we’ve educated our existing customers about them.
  • We diversified our customer base so our largest customer no longer accounts for 30% of sales. This stability will allow us to take advantage of new opportunities.

Once you have envisioned your picture of success, you need to assemble the tools that will enable you to create it. List what customer actions have to take place and how you will facilitate those actions. Think about the big picture and what will have to change, such as product offerings, sales efforts or reporting systems. Also think about what must stay the same, perhaps your key philosophies or an unavoidable business reality.

Then apply your picture of success to all the details of your day. Before making decisions, determine how the outcome will affect your goal. Don’t be afraid to say no to new opportunities that won’t help you to reach your goal. Small business owners face a barrage of options every day – Should we advertise in this new publication? Should we start selling this new product? Should we enter into a referral partnership with another business? By keeping your picture of success front and center, these decisions become easy.

When each decision you make fits your picture of success, you will succeed. To make your deadline, be proactive about the most important factors affecting your success, and start making improvements to your small business today.

Small Business Marketing Spotlight: Sugar Cupcakery

Friday, December 18th, 2009

Downtown Milford, Ohio has a sweet new addition this year. Sugar Cupcakery serves gourmet organic cupcakes and specialty teas. It is owned by sisters Krista Tevar and Karla Jennings and opened on Labor Day—after just six months of planning. They credit the business-friendly environment in Clermont County for their speedy open. They chose a charming building with a baking history—in the 1800s, it was Adam’s Bakery.

The idea for Sugar came late in 2008 when Krista and her family were in Delaware for Thanksgiving. They stopped by a cupcakery in Washington D.C., and she thought, “This would be a really fun business to have.” From there, the plan was set into action. She credits Karla for the creative energy behind Sugar Cupcakery’s design.

Karla, a photo stylist, develops the recipes and designed the trendy, colorful interior of Sugar. She explains that one of the challenges to effective design is creating a good plan and sticking with it, even in the face of contrary opinions. “Don’t listen to naysayers if you know your plan will work,” she advises.

Small business marketing focuses on relationships

Krista knows the importance customer relationships play in small businesses. She says,

“People who have never been here before are surprised by what they get. We deliver an experience with our cupcakes. It’s more than a take out place where you get a cupcake on a napkin. Our menu is very vague because we want to talk to people, and we want people to ask questions. We have a relationship with our clientele.”

Because they get to know their customers, Krista and Karla are able to help people with special dietary needs. They’ve worked with parents to create special recipes for children who’ve never had cupcakes—letting them share in the same birthday fun other children enjoy. They also offer special-order vegan and gluten-free cupcakes. Krista notes, “We only need a day’s notice for special orders. Just call us, and we’ll work with you.”

Social networking is a key marketing strategy

In an environment where many small business marketing departments can’t make heads or tails of social networking, Karla attributes Sugar’s success to two factors: location and social networking. She elaborates,

“Everyday, I post on Facebook, Twitter and Flickr. I try to link them all together. We get a lot of feedback. Social networking enables our customers to tell us what they think. It’s so rewarding because customers come in and say, ‘I follow you on Facebook! I know what your specials are!’ We try to get people to share their pictures. You just have to know how to tag everything, so that it links back to who you are. Always make sure to include the city, state and name of the business.”

Developing social networking and local relationships together have allowed Sugar to expand its influence to other opportunities. They have several corporate accounts, including with PNC Bank. Recently, Sidewinder Coffee in Northside starting carrying their cupcakes.

Among their cupcake and tea offerings, they also have a private room for parties or meetings. It holds between 20-40 people, has a patio and a flatscreen television for presentations or slide shows.

As with all small business endeavors, it hasn’t been easy to achieve success. In the beginning, obtaining cost-effective, fresh and organic ingredients was a challenge—sometimes they had to settle for what they could get. But through much research, networking and negotiating, they finally have suppliers that meet their demanding standards and still leave room for profit.

In their final comments, Krista and Karla leave us with advice for entrepreneurs just starting out:

“Save your money and be patient. It’s a lot of work. You have to do all the work yourself at first. You have to make sure you’re really organized, motivated and know what your business plan is. You really have to plan and outline. It’s less overwhelming if you plan.”

Sugar Cupcakery is a great example of a small business that understands marketing, customer relationships and how to use technology to get closer to their customers (instead of further away from them). They realize that having a great product isn’t enough to ensure success– although I can attest that their product is amazing.

Contact Details:

Sugar Cupcakery
32 Main Street
Milford, Oh 45150
sugarcupcakery.com
513-340-4166
sugarcupcakery@gmail.com

Hours:

Tuesday – Thursday 11am – 7pm
Friday and Saturday 11am – 10pm

Small Business Marketing Plan Podcast

Tuesday, October 6th, 2009

I’m a regular guest on Dave Weatherholt’s small business radio show, “Getting Down to Business.” In my first interview on the Alaskan radio show, we talked about the market analysis and market research portion of a business plan for small businesses.

Dave also gave me an opportunity to explain my marketing philosophy to his listeners.

Download the market analysis MP3 file here. (9.86MB)