How to Take Advantage of the Crises in State Governments |  |
- How to Take Advantage of the Crises in State Governments
- Spring Cleaning Your Small Business Financials
- 5 Easy Ways to Get Started On 5 Different Social Networks
- Entrepreneurs Network for Success
| How to Take Advantage of the Crises in State Governments Posted: 28 Mar 2012 11:30 AM PDT How's your state doing? In California, where I live, there's mass outcry over possible state budget cuts that could hamstring public schools, colleges and universities if a tax increase slated for the November ballot doesn't pass. All this, despite the encouraging news about job creation and rising local tax revenues.
California was one of the states hardest hit by the Great Recession and the housing collapse, but we're not alone in our current struggle. The Wall Street Journal recently reported that, even though the overall economic picture is improving in most states, many state governments are getting ready to slash spending, cut jobs and take additional steps to get their budgets in line. The Journal reports that for the fiscal year beginning in July, states face a $47 billion gap between their expected revenue and their expenses. A total of 29 states expect deficits for the upcoming fiscal year, and while that is better than the 42 that were facing deficits a year ago, it's still not good news if your state is one of the 29. New York, Pennsylvania and Florida are among those facing severe crises—and hardest hit of all is Nevada. Why is this problem persisting despite the improving economy? The Journal says that the soaring costs of pension plans and healthcare for state employees have added to states' ballooning budgets. It also points out that federal stimulus spending, which helped states get through the initial hump of the recession, has dried up. What might a state budget crisis mean to you? Consumer spending is likely to slow if residents lose their jobs, worry about losing their jobs, or face rising costs for things that used to be funded by the state (like school programs) . That's bad news for B-to-C companies. But if your business sells B-to-B, the news could actually mean opportunity. Here's what to consider: Can you sell your products or services to government agencies? Like any customer, governments are more willing to consider new vendors when they're looking to cut costs. This could open up opportunities your business previously couldn't take advantage of. Will governments move to outsource? As agencies slash staff, they may seek to pick up the slack by outsourcing to private companies that can provide the same services more quickly and efficiently. Maybe that's your business. Are there local opportunities? States' problems typically trickle down to local government, so don't ignore local government agencies as possible clients. And even if your local government doesn't have the budget to hire you, don't assume the same is true of all nearby cities. Some local governments have managed funds better than others and, so cast your net wide. Think education: Local school districts, colleges and universities are going to be hard hit by cash crunches. They may be looking to outsource to private firms to cut costs. Even if they can't, there could be opportunity for you in providing students with services the state used to fund, such as tutoring, after-school day care or test prep services. Will the crisis bring lasting change? With many economists predicting the current crisis isn't short-term, but a way of life, state and local governments may be looking to do things differently for the long term. One city in my area laid off half its public workers last year and announced plans to privatize many municipal services. As The Orange County Register reports, the move has ignited controversy, but has also sparked interest from other local governments. Of course, if state or local government agencies already make up a big part of your clientele, you'll need to consider alternative strategies. Could what you do be marketed to the private sector as well? The struggle of state and local governments brings home a lesson every small business owner knows: It's always smart to have a Plan B (and C, and D). What's your Plan B?
From Small Business Trends |
| Spring Cleaning Your Small Business Financials Posted: 28 Mar 2012 08:30 AM PDT Spring is here! New grass is coming in. Perennials are starting to bloom. You might even be motivated to do a bit of cleaning (or pay someone else to do it).
You're probably getting outside more, perhaps starting practice on your softball team, prepping your garden, or using the extra daylight for evening walks. Springtime inspires a universal sense of starting new activities and taking a fresh look at the world. Why not include your business in that fresh look? Spring cleaning your finances can boost your small business profits. It will be quick, easy, and unlike cleaning, I promise it won't make you sneeze. First Step to Spring Cleaning: Lose Expenses That Don’t Deliver Value When was the last time you evaluated the return on your subscription to "The Widget Makers Magazine?" Do you just pay the bill out of habit? Perhaps you even have the subscription set to auto pay. It's easy to fall into a routine, doing things because you've always done them. While it delivered value in the beginning, the tool or resource may no longer meet your need. The business world is always changing and evolving, you need to be sure you change with it. Here's a quick and easy way to spring clean your expenses:
Doesn't that feel good? You've cleaned up your expenses, saved some money, and reinforced the right places to be investing your hard earned cash. Second Step: Lose Activities That Don’t Deliver Value Time is money. Time is actually your most precious asset. It can’t be saved up, rolled over or even purchased from someone else. Every person gets 24 hours in a day and seven days in a week. Getting rid of activities that don’t produce results is just as important as getting rid of underperforming expenses. The review process is very similar. Start by writing a list of all your common activities, there are no write or wrong answers, just brainstorm. You can do it in word, on a piece of paper, a white board or even borrow your pre-schooler’s crayons. Just get a list put together. Once you’ve got all your activities down on paper it’s time to do a review. Ask yourself the following questions. If the answer is yes cross out that activity:
Just like you did with the expenses above, take a hard look at the activities left on your list. Is it something new that is still being tested? Imagine having to defend the activity to an investor or colleague. Eliminate the activities that aren't still being evaluated or you can't objectively defend. Doesn't that feel good? You've cleaned up your expenses, saved some money, streamlined your activities, opened up time on your schedule and reinforced the right places to be investing your assets. Final Thoughts on Cleaning Up Your Small Business Finances Do you have a spring cleaning ritual for your business? What does it involve? After doing these exercises, what have you discovered or changed in your company? From Small Business Trends |
| 5 Easy Ways to Get Started On 5 Different Social Networks Posted: 28 Mar 2012 06:00 AM PDT Let's face it, there are a lot of social networks out there and more are popping up every day. For a small business owner, that can get a little intimidating. If only there was an easy way to start getting involved in each. One little thing or activity that could help spur a future of more engaged results and interaction. Why not start right here?
Below are five ways to ease your way into five different social networks. 1. Twitter Twitter is a great platform for small business owners who need to get their message out there, but don't necessarily have the resources to do it through more traditional channels. Twitter can get you that network by investing time, not dollars. Each time you send a tweet it's blasted out to the people in your network, who then have the ability to share your content with their unique network and so on. The stronger the network that you build, the greater potential reach for your content. So where do you start? By building a local audience. How? Start listening to the keyword-related conversations happening 15-, 25-, maybe even 50-miles you're your brick and mortar location. By using's Twitter's Advanced Search to search [keywords + zip code] you can easily find these conversations as they're happening. If you're a local car mechanic, use this search to find the people within driving range who are experiencing car trouble. Follow them and reach out. Use Twitter Directories like WeFollow, Twellow and Tweepz to identify other local Twitter users. Once you're able to create a list of people in your area who would benefit from your service, Twitter becomes a much more relevant place to spend your time. 2. Flickr Flickr isn't as hyped as some of the other social platforms but it's still one you should be paying attention to. As a SMB, using images gives you the opportunity to represent your business in a more personal way and connects you to people uber-passionate about the topics they talk about. So where do you start? By using Flickr Communities to build awareness and authority. How? By joining the discussions happening inside targeted Flickr groups. For example, say you're a florist. Do a search for [floral arrangements] and then look through the Groups listed on the right-hand side.
Click into any of those groups to see a list of discussions taking place. This will help you connect with people who are obsessed with flowers or who are talking about different arrangements. By becoming involved in these discussions and the group chats you become the Go To Expert on this subject. And you can bet that the next time one of these community members has an engagement they need a flower arrangement for, you're going to be on the short list of companies they seek out. It's all about building those relationships before you need them. 3. Facebook I've always viewed Facebook as a slightly more personal platform than Twitter or LinkedIn, and I don't think I'm alone. As such, small business owners do best when they use Facebook as a place to let customers peek behind the scenes and bring them into their business. Make Facebook your personal portal where you get to share what you're working on, what you're thinking about, and what's coming for your business. Where do you start? By inviting customers into your day-to-day. How? By using the Facebook Questions feature. Use the Questions feature on Facebook to poll your audience on things you have going on. Maybe it's to ask them their favorite way to use your product or what product they'd like to see, or what color they'd like to see it in – just get them talking and engaging. Because Facebook likes this type of interactive content, you'll notice that anything posted through the Questions feature will naturally get more visibility than a simple Facebook status. More visibility begets more engagement which will increase your EdgeRank score and help lift up the rest of your content. 4. LinkedIn LinkedIn is another social network that doesn't get as much attention as it deserves. The power of LinkedIn for a small business owner is its ability to connect you with the right people to help you build your business. This includes potential new employees, vendors, partners, and other people you simply want to meet. Where do you start? Again, by building that local network before you need it. How do you do it? By leveraging common connections. Start off by creating a list of people (or types of people) that you want to meet/get introductions to. Then, use LinkedIn's Advanced Search to search for the types of people you want to meet. For example:
Doing these types of search will allow you to find that accounting vendor you're looking for or a representative from Company X who you share a mutual connection with. By reaching out to your common friend, it can help you score the introduction and a new possible relationship. Using LinkedIn's searching capabilities is a great way to strategically meet people and grow your business. 5. Google+ The strongest marketing component from Google+, IMO, comes in the ability to segment content via user-defined Circles. As a marketer and a business owner in the tech space, I love that I have one portal I can use to talk to ALL of my business contacts and do it in a way that is targeted to their needs. How do you start? By creating and optimizing your Circles. How? By bucketing your connections. Take advantage of the Circles functionality by putting some thought into how you bucket your contacts. For example, you may want to classify people by:
Once you have your Circles intact, you can start creating content that is customized for these groups. You can turn your Blog Commenters Circle into a makeshift idea forum where you "test out" potential blog post ideas to see if they spark a conversation. You can use your Vendor circle as a way to create a company newsletter to let them know what you're working in and get input about how their product can help you. Once you have your Circles down you can become a whole lot more strategic with your content, while still housing it all on one platform. While the sheer number of social networks may be intimidating, the trick is to identify a solid purpose for each and to then hop in and make that platform useful. Hopefully the list above will give you some ideas about common launch points. From Small Business Trends |
| Entrepreneurs Network for Success Posted: 28 Mar 2012 02:30 AM PDT Networking…as entrepreneurs we do this almost instinctively, but are we taking the wrong approach when networking for our small businesses? Here are some resources that may help. Networking AdviceWhat Reid Hoffman can teach you about connecting. Whether you’re an entrepreneur or not, networking is the key to your success. Realize that as an entrepreneur your ability to connect will define the direction your small business takes. Bloomberg Businessweek Even businesses without Websites can network online. A surprising number of small businesses don’t yet have Websites, but that doesn’t keep them from networking online. LinkedIn specifically creates a hub for entrepreneurs even without other Web presences. The Sydney Morning Herald Social MediaNetworking is a form of marketing. Marketing is no longer a one way conversation. Networking through social media has become a great way of sharing information about your business, so long as you become part of the conversation. Wisconsin State Journal Small businesses will leverage social media. Though cost and ease of operation are clearly factors in the popularity of social media, small businesses are also attracted by the opportunity to connect. Baseline More ResourcesFinding the right mentor. Connecting with the person who can truly help you in your business can be a really transforming experience for an entrepreneur. Finding this person can be a challenge, but help is available. NYTimes.com The art of engagement. Engagement with your customers is an important part of what small business owners and entrepreneurs do. Here are some tips top help you improve at it too…and have fun in the process. Dr. Shannon Reese Peers & CustomersCreating the joint venture. Networking with others can be about more than just launching your business. There’s an opportunity for entrepreneurs to work together as well. Here’s one example to consider. Respectfully Disobedient How your business can be more social. Your business should reach out to the community both online and off. It doesn’t matter what kind of business you’re in. Being more social is a winning strategy. Network Solutions Other PointsPushing the limits of networking. Whether online or off, networking has its rules. Of course, with online social networks these rules are certainly spelled out in some kind of terms of use agreement. How far can you or should you push these limits? WebSuccessTeam Reputation management and customer service. Social networks are sometimes best used for a function that might not at first occur to us. While doing traditional networking, you do occasionally pick up useful feedback. Why not do the same thing with the social Web? Pitney Bowes From Small Business Trends |
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