Archive for the ‘Small Business’ Category

KikScore SmallBiz Interviews’ Greatest Hits & Top Strategy Tips for Entrepreneurs: Part II

KikScore has had the pleasure of interviewing many small business owners over the past few years, asking these entrepreneurs about all areas of their businesses and what has spurred their growth, while also throwing in light-hearted pop-culture related questions.

In Part I of this two-part Greatest Hits series, I highlighted the top five lessons learned from these interviews with regards to establishing a successful small business. If you missed Part I, click here.

In Part II, I will present five of the most important challenges faced by these small businesses that our interviewees shared with us. These issues are extremely pertinent to all small businesses and it is vital for small businesses to overcome these challenges in order to succeed.

Here we go, the five most common challenges faced by entrepreneurs and their small businesses:

5. Keeping Up with New Technologies

“As the cost of running business with a physical store or office is comparatively high due to the monthly rental fee as well as the consumption of electricity and the hiring of manpower, more and more businesses like us tend to create their presence on the Internet. Without a significant competitive advantage, a retailer will be forced to raise a white flag in this cruel and heartless battlefield.” – Margaret Chan, founder of Cherry’s Brandname Gallery

In today’s world, technology is rapidly changing and businesses must keep up with latest innovations in order to stay modern and be successful. Companies have to start utilizing the internet, for both its e-commerce capability as well as a marketing and advertising tool. Social networks such as Facebook and Twitter are essential to small businesses, as millions of users check and use their personal accounts on those websites multiple times each day.

4. Lacking Adaptability

“While it is important to hold on to your vision, it should never be at the expense of building a sustainable business model. Your business plan whether it is one page or fifty, should be an evolving document that scales to put you in the best possible position to serve your clients and generate revenue.” – Tai Goodwin, founder of Launch While Working

Another challenge entrepreneurs also face is the ineptitude to alter or adjust your business plan. The business world is full of surprises and unexpected circumstances.  In order to run a successful company, businesses must be flexible and able to adapt to the changing environment around them.

3. Fear of Failure

“Another challenge I had was more of a mental one, which was the fear of ‘Can I start my own business?’ There are so many company decisions that we take for granted until we have to make them ourselves.” – Gregg Hand, founder and owner of Hand Law Offices

Two weeks ago I mentioned how the number one piece of advice for having success as a small business is keeping the long-term goal in perspective and never giving up or losing hope. Therefore, one of the challenges faced with starting a small business is dealing with the fear of failure. You cannot be afraid that you’re going to fail and act hesitantly because then you will fail; you must be confident with all of your decisions and maintain the passion with which you started your business. Owen Wilson’s character in Wedding Crashers puts it best when talking to his partner, “Your goddamn negativity! I don’t need it! I’m an idea man. I thrive on enthusiasm. Don’t take the wind out of my sails. I need you.”

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2. Finding Customers

1. … and then Gaining their Trust

“As a small business I believe our biggest challenge is gaining trust in a potential new customer.  If a shopper sees a Macys logo or a Best Buy logo they are not going to question is this a secure company/site.  As a brand that is growing, we are not mainstream and are years away from becoming a staple in the beauty industry.  We overcome that challenge by gaining one new customer at a time.  Proving to that customer we are legitimate business, that is not going to sell their name to any third parties, is going to ship their order, their most private and intimate information is in a very secure area, and if there is any problems whatsoever with their order we will do everything we can to correct it and make it right.” – Brian Esposito, CEO of Avenue You Beauty Store

In order to be successful, you must generate revenue from customers and unless you develop a brand-new product or have a revolutionary idea, you are most likely going to enter into an industry that already has a fair share of other competitors. There lies the biggest challenge of small businesses: finding customers and then keeping them. Finding customers as a small business relies on effective networking and marketing, and especially positive word of mouth. Whether it is online or in newspapers, spreading your name and attracting publicity is a must for businesses to find customers. In addition, promoting your credibility and trustworthiness is a necessity to ensure that once you land a customer, he or she will return.

This is the service that we here at Kikscore provide for online businesses. We show your potential customers that you can be trusted, allowing shoppers to review your record of reliability and creditworthiness through the Kikscore Trust Seal and the KikReport. After overcoming all these obstacles, you’ll be “so money”. More information regarding Kikscore and its trust seal can be found at https://www.kikscore.com/more.html and https://www.kikscore.com/confidence_badge.html respectively.

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Archive for the ‘Small Business’ Category

Small Business, Big Impact: The Blue Key Campaign

Nowhere to Go

Can you imagine fleeing from your own country in fear of persecution? What about being forcibly removed from your country? Even though we don’t always see it, the truth is disturbingly clear: refugees are suffering all over the world.

“At the end of 2009, there were 43.3 million forcibly displaced people worldwide, the highest number since the mid-1990s.” Although I wish it weren’t, this statistic is all too true. While tragedy movies continue to pull at our heart strings, we need to realize that fiction is no substitute for the horrors of real life. Not too long ago, Abdullah Omar and his wife Khadija were forced to give up their child just so that she could survive. And this is just one of the startling experiences that have devastated refugees within the last few years!

Image of Refugees at camp in Nyala, South Darfur, UN Photo/Albert Gonzalez Farran

One Step at a Time

What’s the one thing that these refugee experiences have in common with tragedy movies? Neither of them have to end in tragedy. The USA for UNHCR, a 501 (c)(3) non-profit organization, has been working to raise both awareness and funds in the U.S. for refugees the world over. Their latest project, the Blue Key Campaign, aims to get U.S. citizens to show their support for refugees.

The USA for UNHCR’s Blue Key Campaign can be summed up in their mission statement:

“Our goal is for 6,000 people to get their own Blue Key over the next 6 weeks, to tell UNHCR’s 6,000+ staff that their work matters. Will you be one of them?”

This Blue Key pin or pendant costs only $5 and does far more than its monetary value ever could. Many people all across the U.S. have signed up for a Blue Key and, as of now, the USA for UNHCR is about 33% toward their goal. However, this campaign is about far more than money; it’s about showing support. In addition to getting your own Blue Key, you can:

• Show your support through social media. Share USA for UNHCR’s Facebook page (www.facebook.com/UNREFUGEEES) and tweet about their work and the campaign #bluekey hashtag.

• Donate a tweet per day to USA for UNHCR to help raise awareness on Twitter by signing up at www.justcoz.org/UNRefugeeAgency.
• If you blog, are active online and empathize with the cause, join the campaign as a Champion.

We’ve All Got Our Role to Play

From the USA for UNHCR’s statement, it is obvious what’s being explicitly asked of individuals. But what should businesses do? Of course, it means a great deal when big businesses engage in philanthropic campaigns such as this, but that’s not where this campaign needs to end. If we look at this from the other end of the spectrum, this is where small businesses and startups can really show their true colors.

Before you ask me what this statement means, ask yourself one thing: Can a small amount of money provide great benefits to others? If you’re involved in a small business or startup, you’d better think so. After all, this is pretty much your slogan. Small businesses and startups ask for a little money so that they can use their products and services to help others. Now that the shoe is on the other foot, it’s time to practice that Golden Rule we’ve all heard a million times.

Do to Others…

I leave you to finish this statement, since the choice is ultimately up to you. Small businesses and startups provide innovative products and services to their customers, but there is always more that can be done, in or out of the office. Just as your products and services make life easier for customers, you should strive to perform actions that help the whole world.

If you have the time and $5 to spare, please get a Blue Key and show your support.

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Top Ten Reasons Why Small Businesses Fail, part four: Clients

Clients

Every Small Business owner, operator or employee should be aware that it costs much more to acquire a new client than retain existing ones.  But old or new, client management is essential to your Small Business economic health.

A key reason Small Businesses fail is that they fail to appreciate the distinction between clients and customers, or they take their clients for granted, chasing after the sale but never following up after the payment clears. Yet there are a few simple, low-cost activities that can help you turn customers into clients, and find new business with your existing clientele, such as:

1. An informative, interactive website
2. Customer satisfaction surveys
3. Email campaigns (and autoresponders)
4. Cross-promotions and value-add upselling
5. Favored client discounts
6. Client loyalty cards, coupons or programs

Business is about relationships – court your clients like a romance.  Remember: there is much more to client management than the sale. Otherwise, it’s just a customer relationship. A well-established brick and mortar shop can survive on “one and done” customer relationships; a service business, a startup or an online venture must attempt to capture clients – those people (or companies) that will do business with you on an ongoing basis.

Clients will support your business, well beyond spending their money with you once, and moving on to your competition (usually, without notice). To cultivate such a connection, you must get to know your clients’ needs. Examine your financial records, invoices and communications to determine:

1. Who your best clients are
2. How much business they do with you, on average
3. What goods or services they purchase most
4. What related goods or services might appeal to them.

“Customer service“, even though we’re really talking about clients, is one of the single most important overlooked practices of Small Businesses. We’re not just talking about handling complaints, and correcting the occasional error in order fulfillment. This is about developing lasting relationships that can make the difference between prosperity and bankruptcy.

These relationships BEGIN with the sale, but do not end there. If, for you, a successful purchase is the end of your active concern… that may be why your client retention rates are lower than they could be.   Just as your relationships with family, friends and loved ones can go cold from neglect, you must put a sincere effort into nurturing your client relationships.

Find new ways to relate to them, but be careful of crossing into the “spam zone“.   You want them to appreciate the constant contact, not dread and avoid each new phone call or email. Focus on the value you add to their lives and businesses; it’s okay if this takes some time and effort.

What have you got to lose — except opportunity, revenue… and clients

Cornell Green is Your Open Source CIO, guest blogger for KikScore. Visit him at https://opensourcecio.blogspot.com

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Identity Theft is at a Record High: What This Means in the World of Online Commerce

The News:

According to the Government Accountability Office, taxpayer identity theft has increased fivefold since 2008.  This has become an absolute nightmare for the IRS, especially its criminal investigations division, the division responsible for investigations of of identity theft.  However, even the IRS admits that they “pursue criminal investigations of suspected identity thieves in only a small number of cases.”  In other words, the majority of identity thieves are not prosecuted.  Identity thieves are faced with far too few obstacles and therefore, their crime rates will continue to rise.   And indeed they have risen: there were 248,357 incidents in the 2010 fiscal year, in comparison to the 51,702 in 2008.

The Implications:

The identity theft counts are more than just a mere statistic: these numbers make up a trend that affects more than tax returns.  The rise in identity theft rates mirrors that of other cybercrimes.  Online trust concerns are a direct result of the inability of security solutions in keeping up with rapidly developing technology.  The changing face of technology and cyber commerce make security much more complicated than the situation shown in the comic above.

Giving away any information at all online can pose a risk.  The recent Sony Network breach is proof that even larger, established companies can’t always protect customers’ information.  Personal information obtained from Sony included the names, addresses, email addresses, birthdays, PlayStation Network and Qriocity passwords and user names, and online user handles, of over 70 million customers.

Naturally, people have become more protective of their financial and personal information.   This poses unfortunate challenges for small businesses who are trying to make their mark in the seemingly endless web of the internet.  Customers are extremely reluctant to give away their personal information to lesser-known companies, and therefore, online businesses suffer.  In fact, more than 63 percent of shoppers leave transactions uncompleted because they are concerned about online security.  At an average of $109 in abandoned goods per transaction, online businesses lost $21 billion in the year 2008 alone.

Recent events make it even more imperative that small businesses, consumers, and the government all work together to create a safer shopping environment.  The practice of online commerce is here to stay, so we must all take steps to protect our own information and the information of our customers.  What are you doing to improve online trust concerns?

Image: BrickHouse Security Blog

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The Right Side of the Law: An Interview With Gregg Hand

I recently had the pleasure of talking to Gregg Hand, founder and owner of the exciting new law firm Hand Law Offices. Friendly and embodying the entrepreneurial spirit, Gregg is a great guy who has much to say and just as much to teach. After our interview, I feel that it is a privilege to share his wisdom with both the potential and current small business owners out there. I hope that you all get as much out of Gregg’s words as I have.

What areas of the law do you focus in?

I focus on small business counseling and litigation. This mainly involves small businesses that don’t have their own inside counseling centers and need help with issues such as how to handle certain customers and deal with lawsuits. You can think of me as an adviser who is there to come up with answers to these types of problems.

When and why did you start Hand Law Offices?

I started Hand Law a little over one year ago in January 2010. In the past years, I have worked in many large D.C. law offices and I’d finally had enough of them. I don’t mean to say that I disliked what I was doing. My problem was more a matter of how these big businesses are run. I didn’t like being told what to do, being constantly monitored, and having to report up the corporate chain even when they didn’t care what I was reporting. I really wanted to do things on my own.

What was one of the biggest challenges you faced and overcame in launching your law firm?

Actually, there were a few challenges I had to go through. Although I am a member of the D.C. bar, I wanted to do my work in Maryland, where I live. But since there are different licensing requirements for every state, I had to take a whole new bar exam to practice here.

Another challenge I had was more of a mental one, which was the fear of ‘Can I start my own business?’ There are so many company decisions that we take for granted until we have to make them ourselves. What computer should I use? What internet should I use? How should my business cards look? In the end, though, you just need to stir up your courage and take a leap of faith.

Probably the main hurdle I had to get over was figuring out how to find customers. With so many options out there, I needed to figure out how to do my website. I also had to figure out if I was going to just do a website or also create a blog for it. I had to decide how I was going to stand out and market myself. These are just of few choices I had to make. That being said, it’s kind of fun. After all, by being your own boss, you get what you want.

How do you advertise yourself to get your clients?

Other than my website and blog, I have Facebook, Twitter, and Linkedin accounts. Of course, most people are more likely to Google you than anything else. However, I think it’s most important to keep in touch with my contact groups. I prefer to get the bulk of my customers through referrals from past and present customers. After that, it’s more a matter of figuring out how to supplement word of mouth through social media.

Have you found that demonstrating your law firm’s trustworthiness to potential clients and website visitors has been a challenge?

Actually, the trumping card for me is just the opposite. Sometimes the referrals I get can be duds. My website is not really for online service so much as it is to allow potential customers to find my contact information and let them know a little bit about me. I like to try a more trustworthy and conservative approach. I mainly want the customer to feel comfortable talking to me over the phone or in person.

What do you do in your down time to relax that allows you to recharge your batteries?

I have three kids, so that keeps me kind of busy. I also like to play the guitar and am taking lessons. The thing is that, with a startup, you’re usually going to be doing more than a nine-to-five workday. The fear of failure to succeed in a startup is definitely a good motivator that keeps me going. However, my schedule is more flexible than if I were still at a big company, so I can take the time that I need to get other things done like if I need to pick up one of my kids from school. Other than that, I enjoy doing what I do.

What trends do you see in the business world that you think are important for small businesses to take note of?

Lately, there has been a shift in the business world. With the internet, things have become a lot more favorable for small businesses. Since people now have the ability to compare businesses with one another, startups have been given a fair chance to compete against large companies because they can operate from around the world just like everyone else.

If you had two lessons that you’ve learned from your business that you could pass on to others about opening their own service businesses, what would those be?

My first lesson is that good enough is fine. Sometimes you simply don’t have the resources to be perfect. You’re better off taking a leap of faith and seeing how it turns out rather than spending forever agonizing about it. Don’t spend too much time over-analyzing everything. After all, it’s not like you’ll make some sort of intractable mistake. What does your gut say? Go for it!

My second lesson is that, in general, people have good intentions. Sometimes people need help and propping up along the way. For example, if a customer has not payed your bill for a while, it doesn’t mean they are trying to stiff you. You need to realize that, even if this is your most important bill, it isn’t necessarily theirs. You should take the time to remind them of it, but understand that everyone has their own priorities.

Just before we wrap up, do you have any parting thoughts or guidance for our readers and the small business community?

The most important thing is to let everyone know that you’re starting out. Don’t be afraid to tell people about your new business. If people can help you out, they will! In fact, I’d say that this should be put even before the hard stuff like setting up a website. Plant your seeds early.

Thanks to Gregg Hand for a great interview! If you have any questions for Gregg, feel free to leave a comment below.

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KikScore SmallBiz Interviews’ Greatest Hits & Top Strategy Tips for Entrepreneurs: Part I

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Shocking Results in Recent OTA Findings: Should YOU Feel Safe on the Internet?

As cybercriminals become more advanced and efficient, all businesses must recognize and prepare for the imminent threats of online hackers. The issue of cyber-attacks has made its way to the Senate, debating the amount of power the president should have in dealing with cybercrimes (Full story here).

Similarly, in accordance with the looming threat of online fraud and cybercrime, the Online Trust Alliance (OTA) released their annual Online Safety Honor Roll and Scorecard two weeks ago, revealing the many insecurities of the internet. Their findings were very surprising, making me question my privacy and safety on the internet. Two of the most shocking discoveries include:

• Only 26% of the top websites and government agencies evaluated by the OTA were recognized for their adoption of the best, most efficient technologies to help protect users’ privacy and identity. This means that 74% of the top websites used by millions of people have not implemented safe measures that protect against malicious emails and rogue websites. Organizations that made the Honor Roll enacted email authentication processes, Extended Validation SSL Certificates, and testing for malware and known site vulnerabilities. More than 500 million emails originated from the organizations lacking efficient online security measures. These facts demonstrate that we are not protected on the majority of sites we visit and are members of, and therefore we must consider reevaluating websites before giving them any of our personal information.

• Social media, e-commerce, and financial services ranked higher in securing their sites than government agencies.  About 27% of the FDIC 100 and 24% of the Fortune 500 qualified for the Honor Roll, though only 12% of government agencies made the list. It doesn’t make me feel particularly safe that government agencies’ websites are some of the most vulnerable to cybercrime attacks. The government and its various agencies should be the ones protecting us, enacting the proper online security protocols and trying to set an example, not being most susceptible to malware.

This report is extremely important for both e-commerce shoppers and small businesses. Online shoppers must realize the dangers of registering on sites that may be unsafe and prone to cyber-attacks and abuse. Therefore, they will seek out websites that have the proper preventative online security measures, and will most likely buy from the large, reputable online websites. This will in turn hurt small businesses that lack a reputation in online safety, and are trying to flourish in e-commerce.  This makes it even more important that for small businesses to succeed that they clearly demonstrate to the public their record of trustworthiness and reliability so potential customers are ensured that the small business they’re dealing with can be trusted.

The OTA’s full 2011 Online Safety Honor Roll and Scorecard can be found here: https://otalliance.org/news/releases/2011scorecard.html.

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Top Ten Reasons Why Small Business Fail, part three: Marketing

Marketing

A handful of business cards and a no-frills website are no longer a sufficient Small Business marketing strategy.

The word “marketing” typically brings to mind expensive media campaigns, billboards and the services of highly-paid advertising firms. Clearly many Small Businesses have neither the time nor the resources (money, personnel, expertise) to take this approach to marketing, but that doesn’t let them off the hook.

Many Small Business owners and operators either have prepared a business plan, or know that they should. But many are completely unaware of the the need to prepare a marketing plan. New clients won’t find you just because you want their business, and even existing customers and clients would benefit from an understanding of your full range of goods or services, and a constant reminder that they are available.

Small Business entrepreneurs and “solopreneurs” are quite busy, especially in today’s economy. It’s easy to consider a marketing strategy a “nice-to-have”, rather than a “need-to-have” element of doing business. But consider this: why do well-known, successful corporations spend millions of dollars each year on marketing? Even though we are already familiar with the coffee shops, fast food restaurants and supermarkets we do business with, they still expend a lot of energy reminding us of their brands, their offerings and the overall “feel” of their products and establishments.

Marketing is not advertising, although advertising is a component. Advertising is about what goods or services you offer, price and availability. According to Wikipedia, “Marketing is used to identify the customer, to satisfy the customer, and to keep the customer.” While Small Businesses may not have the budgets of large corporations, they have a greater need to focus on acquiring new customers, and retaining existing ones.

McDonald’s or Walmart can survive a considerable decrease in clientele (not that they would enjoy it). For a Small Business, losing even a few clients can spell disaster. Since they don’t enjoy the regional or national visibility of major firms, they cannot depend on product or brand recognition that brings in customers at random.

Look to as many free or low-cost resources as possible to promote your business and market your offerings. Social media, such as twitter, Facebook, LinkedIn and such are not just for kids: they can provide a range of exposure once available only via television or radio advertisements. Low-cost “real world” techniques, such as focused flyer distribution, bulletin boards and well-designed business cards are not to be overlooked.

Email marketing sites such as ConstantContact.com and  MailChimp.com are a hidden treasure: MailChimp allows you to create mailing lists of up to 2,000 addresses, and send up to 6,000 messages each month. With templates, autoresponders and video tutorials available, it’s a secret weapon I recommend as an indispensable Small Business marketing resource.

You still need a strategy, which requires more detail than can be provided in a blog post. These tips, however, can help point you in the right direction:

1. Determine the focus of your offering
2. Identify the value proposition to the customer
3. Maintain a consistent message
4. Develop a memorable catchphrase or tagline

Remember: marketing is about the impression you make in the mind of the existing or potential client or customer. Business is about relationships – marketing is the conversation.

Related articles

• Survival Tips for Solopreneurs (inc.com)
• Don’t Look Now, But Small Business Is On The Brink Of Something Big (businessinsider.com)
• Small Businesses Cautiously Optimistic About the Future (blogs.constantcontact.com)
• Allocating Resources to Help Small Business Grow (blogs.constantcontact.com)

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Top Ten Reasons Small Businesses Fail, part two: Competition

Competition

Are you the best at what you do? Among the best? Anywhere close to the best?

Wherever you rank in comparison to your competition, are your existing or potential customers or clients aware of how you compare? As importantly, how accurate an assessment do you have of where you rank amongst your competitors? Remember: our ideas are like our children – we love them because they are our own.

But as any honest parent will tell you, sometimes we must face some brutal truths about ourselves. Before you can match or exceed the competition, you have to understand who the competion is.

How many competitors do you have?  This is not an abstract question about hypothetical competitors “out there, somewhere”  in your chosen field: this is about who your potential clients might consider in addition to, or instead of, you? More importantly, it’s about who your existing customer or client might consider doing business with instead of you.

To remain competitive, you have to assess the competition: the “business school” term for this is “competitor (or competitive) analysis“. Who else is doing what you’re doing? How saturated is your market? Even if you don’t operate from a physical (brick and mortar) office location, most of your customers/clients are probably local.

Examining the competition is also helpful in determining whether your pricing is too high or low for your market, and is a good source of ideas for new goods or services to offer.

You have probably heard the phrase “there’s no loyalty in business anymore“. This is usually said in reference to employer loyalty – gone are the days that “noone gets laid off at IBM”, and such. There’s no such thing as a guaranteed steady job, regardless of trade.

There’s also no such thing as automatic customer loyalty. Just because they’ve “always done business with you” doesn’t mean that they’ll be back tomorrow, to replace the product or renew the contract.

Business, especially in today’s economy, is about relationships. Just as apathy and ignorance of other potential suitors can lose your sweetheart’s affection, inattention and unawareness of competitors can lose business. Make no assumptions, and court your clients, existing and potential, as if you were a newlywed on honeymoon.

In many ways, the stakes are even higher…

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The Intuit 2020 Small Business Report – 20 Trends for the Next Decade

According to Inuit, April was a good month for small businesses.  Small business employment grew by .3%,  which is good in this economy.  This is about 60,000 new jobs!  It wasn’t only jobs that went up, the number of hours employees and the amount they earned also increased.  Inuit is a company that helps customers manage their small businesses. These numbers are taken from it’s own data of users who use it’s online payroll method.

The numbers in April are part of an ongoing trend; for the past year and a half, employment has been increasing throughout the country.  The trend in October 2009 and has created a total of 845, 000 jobs. That’s a sign things are improving! April also had the largest number of hours worked for this year. The monthly pay also increased 0.5% from March.

Also, Inuit recently released a small business report. (the link is a PDF file) Here’s what you need to know.  It’s a very interesting prediction of the future based on the trends of today.  Here are some of their key findings in summary form:

1. The younger generations are going to make drastic changes in technology. Why? They’ll have grown up with technology all around then and will know it better than older generations.
2. Baby boomers will get older, but don’t count them out! They’ll be getting more active and entrepreneurial.
3. Women are going to drive the market. They’ll become leaders for businesses, government and so many industries.
4. Economic hard times will make people move to urban areas
5. Social Networks will fuel economies. Two words. Information flow and you are seeing it right now.
6. Customers will have much greater control of relationships with businesses.
7. Work will shift more from full time employment to a free agent economy.
8. Data will be critical for businesses to compete and keep a competitive advantage.

There’s more,  much more.  The entire report is 27 pages.  This is just a sample of how the report is, a giant list of factors that will become more important in the future and it is worth a read.

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