Is Your Brand Helping Or Hurting Your Small Business? Chat Recap |  |
- Is Your Brand Helping Or Hurting Your Small Business? Chat Recap
- Small Business Owners And The Estimated Tax Payment
- The “Belong Subscribe And Engage” Marketing Plan
- New Shopping Habits: When Your Clients Go Mobile
- CEO Drama and How to Avoid It
| Is Your Brand Helping Or Hurting Your Small Business? Chat Recap Posted: 17 May 2012 06:18 PM PDT Didn't get a chance to participate in the FedEx Office Twitter chat on May 15? No worries – we have a recap of the highlights below. The topic was branding: Is your brand helping or hurting your small business? Let's take a look at some of the responses and comments on this topic. The Twitter handle of the person who said them, follows: 1. What exactly is a "brand"? Is it a name, a logo – or more? – @FedExOffice
A brand has many parts: name, logo, tagline,reputation, experience customers have had … and more. @Smallbiztrends Even your business cards, packaging and signagehelp the public recognize your brand. @Smallbiztrends It's a combination of all. It’s the whole picture that pops in to a client's mind when they hear a company name -@a_biro To me, a “brand” is symbol of your business story. Logo, name, everything should refer & infer the story -@3keyscoach When branding works well it immediately tells your story - @CASUDI A Brand is the thoughts, feelings, and psychological relationship between a business and a customer -@paintermommy Sum of who you are, what you do & stand for visually and viscerally. -@DeborahShane A brand is what people say about you when you’re not around - @philsimon
2. Can your brand hold your business back? If so, how? – @FedExOffice Yes, brand can evoke perceptions of poorquality or unprofessionalism. – @Smallbiztrends For example, an inappropriate look (e.g., acartoonish font for a serious business) may undermine confidence. – @Smallbiztrends Inconsistent design details are also aproblem (e.g., multiple styles in marketing materials). – @Smallbiztrends I’ve seen logos & websites of such poor quality I couldn’t trust them. Hence, no sale. – @robert_brady Some businesses outgrow their branding or shift biz focus – old branding might be blocking new customers - @CathyWebSavvyPR Small biz can learn a lot from big biz – both face similar challenges in establishing a brand – dif steps but useful lesson - @ZimanaAnalytics Wrong image can alienate potential buyers – I feel this way abt “edgy” clothing lines – some local – @janejoeyxo
3: How do you assess if your brand is helping or hurting? – @FedExOffice Start with your biz name and logo. What do others think of when they seethem? Is name easy to spell, say?- @Smallbiztrends Do people say they don't know what you do? If so, consider re-naming,re-designing your logo, or adding a tagline. – @Smallbiztrends Website analytics, how ppl look @ my biz card, types of questions/comments they make tells me if my biz is connecting - @3keyscoach When U hear ~ I didn’t know you do that! - @CASUDI A professional logo is simplistically memorable, practically appropriate, and conveys an intended meaning. - @TommyGuns
4. What if your name and logo do not need overhauled? What other brand elementsshould you look at? – @FedExOffice Look at how you present your business. Areyou putting best foot forward in brochures, website, business cards, signs? – @Smallbiztrends You have 5 to 10 seconds to make a goodimpression – as a person or as a biz. – @Smallbiztrends Too often I see small businesses sabotagetheir own brands, and that's a shame. – @Smallbiztrends What about a “headline statement” such as what http://t.co/tPWyzIxR has -@DIYMarketers Simple one… Font type! - @lvansteen Maybe if your logo and name don’t need to change your marketing plan does… – @Apex_Biz Customer service, without positive customer interactions your logo is nothing but a reminder of a bad experience. – @TommyGuns
5: What are some ways small businesses sabotage their own brands? – @FedExOffice Faded signs and tattered trade show bannerswill undermine your brand, suggesting lack of pride. – @Smallbiztrends Poor quality printed items (fuzzy graphics,cheap paper, bleeding ink) make even the best brands look bad.- @Smallbiztrends By not marketing properly -@carnivalfanatic Setting up auto-responders on social networks that don’t engage customers can be a bad thing – really bad…. - @BasicBlogTips I’ll never forget early on I handed a potential client my biz card made w/ generic logo, her card had same logo - @CathyWebSavvyPR They forget why they started their business in the first place. - @KStaib Bad customer support smashes your brand. To have successful brand, control every aspect of doing business - @lvansteen
The right #smallbiz signage equation: simple + clean = best. Read more to see if your signs stack up: http://t.co/fjVyl66G – @FedExOffice 6: Is consistency an important element of brand? Why or why not? – @FedExOffice Consistency is crucial. People notice if abusiness card has a new logo and the brochure has the old. – @Smallbiztrends Also, it is easier to build brand recognitionwhen you use similar graphics throughout multiple channels. – @Smallbiztrends Yes very important, it creates comfort for customers and trust - @marilola33 Promotes consumer confidence in your business -@GeekDad248
7: Complete this sentence: "A professional looking logo …" – @FedExOffice A professional looking logo helps you cut through the marketing clutter and create a memorable association for your customers -@GeekDad248
8: Can you present a quality brand on a small business budget? - @FedExOffice Yes! For marketing materials, weigh "value." Cheap cost = good. Cheap look = bad. – @Smallbiztrends You can get a pro look using a DIY tool, provided it's a good tool. Find a good "partner" to execute, too. – @Smallbiztrends Example: a brochure based on a Word templatecan look professional if printed in color on quality stock. - @Smallbiztrends A personal touch and attention to your customer’s needs can go a long way and might not cost much - @Ileane Choose wisely where you spend your branding dollars. Keep your customer's response in mind @ all times - @CathyWebSavvyPR A smile is the best thing a business can offer me, costs nothing but makes my day - @TommyGuns
9: What is the biggest mistake to avoid when presenting your brand? – @FedExOffice Mistake: presenting your brand in anyway that you would feel compelled to apologize about. – @Smallbiztrends You can hardly focus on sales if the next breath has you apologizing for yourwebsite or outdated business cards! – @Smallbiztrends Too cluttered. Too many words - @janejoeyxo Overspending on marketing, making outlandish claims, using negative pressure tactics to gain business – @itmaiden
10: What are your two best tips for presenting a small business brand professionally? – @FedExOffice Tip 1: spring for a professionally designedlogo. You will have it for years. Get the best you can afford. – @Smallbiztrends Tip 2: quality materials count! People are tactile. We feel a business card'sweight, or a mailer's gloss. – @Smallbiztrends Acknowledge the value of the relationship with your customer, say thank you and don’t be afraid to ask for testimonials - @Ileane Make sure your branding showcases what you/yr product can do best for yr customers, and is memorable - @CathyWebSavvyPR Attending marketing events helped me a lot – ones sponsored by prof org -@janejoeyxo 2 tips to present a smallbiz brand professionally: (1) set clear expectations; (2) Underpromise, but overdeliver. - @crowdSPRING This Twitter chat was part of the FedEx Office® Our Office Is Your Office Tweet Chat Series Note: to make the recap easier to read, tweets above have been edited to remove redundant information, such as hashtags and answer numbers, and fix obvious misspellings. Tweets may be slightly out of order, for better readability. The above represents only a small portion of the tweets — it is intended to cover key highlights for reader convenience. Go here for a transcript of the chat. Disclosure: FedEx Office compensated me to participate as a small business expert during the FedEx Office Our Office Is Your Office Tweet Chat program. The ideas in this blog post are mine and not ideas or advice from FedEx Office. From Small Business Trends |
| Small Business Owners And The Estimated Tax Payment Posted: 17 May 2012 11:30 AM PDT For new small business owners, meeting your tax obligations is a big adjustment – particularly when you've been used to having an employer take out income tax withholdings with each paycheck. When you have your own business though, tax time isn't just once a year; rather you have to make estimated tax payments throughout the year.
If you're not sure if you need to pay estimated taxes for your business, read on to learn more about small business estimated tax payments: What are estimated tax payments? Individuals and businesses are required to pay taxes over the course of the year, and not just at "tax time." If you're working for an employer, your employer most likely withholds these taxes for you throughout the year. When you're self-employed or own a business, you'll be expected to make these tax payments to the IRS and state on your own. Who has to pay estimated tax payments? The rules for estimated tax payments vary based on business type:
When are payments due? Estimated tax payments are divided into four payment periods throughout the year:
If your business is a Corporation, your estimated taxes are due on the fifteenth day of the 4th, 6th, 9th, and 12th month after the end of your company's fiscal year. Once you're in the system, the IRS will send you estimated payment vouchers at the end of each tax year. However, whether you receive these payment vouchers or not, it is your responsibility to make payments for both the Federal and State taxes. How to Pay If you're filing as a self-employed individual or disregarded entity (i.e. single-member LLC, partnership, or S Corp shareholder), you should complete Form 1040-ES. This form contains blank vouchers for mailing your estimated tax payments. You can also make your payments using the Electronic Federal Tax Payment System (EFTPS). For your state payment, you have to search online for the appropriate form, complete it and send it in with your payment. Corporations must submit their payments using EFTPS, or can arrange for a tax professional, financial institution, payroll service, or other trusted third party to make deposits on their behalf. How much should you pay?
Alternatively, if you expect the current year's earnings to be relatively similar to last year, you can use last year's tax return to calculate your estimated payments. Or if you experience fluctuating income, you can choose to calculate your estimated taxes based on the actual amount you made that quarter. You don't need to show the IRS how you arrived at your estimated sum. However, it's in your best interest to reach as accurate a figure as possible. Paying too little can result in an unfortunate surprise when it's time to file your annual taxes, in addition to potential penalties for underpayment. Conversely, by paying too much, you've essentially taken money out of your business and you could have invested that money for a higher return. If you're unsure about your estimated tax obligations, it's wise to consult a tax specialist who can advise you on the best calculation method for your business and how to properly track and record your earnings and deductions. Just remember the more time you invest in your estimated tax payments, the easier your life will be come tax time.
From Small Business Trends |
| The “Belong Subscribe And Engage” Marketing Plan Posted: 17 May 2012 08:30 AM PDT A sound and holistic marketing plan has always combined these areas:
Using these marketing areas was simpler when there was only traditional media: TV, Cable, Radio and Print. Now, with the addition of the web and online worlds, plus social media, our choices have increased dramatically. Regardless of all the options and choices, the best way to grow brand reach and impact is still an integrated marketing approach, using things together, so that you reach the most people with your message and solutions. It’s easy to get overwhelmed and underwhelmed, with so many choices, products and platforms. The truth is, many of these options are not really right for you and you shouldn’t be using them. Just because something is popular or the “thing” of the moment, doesn’t mean it’s going to last or be around. (Here are some Social Media Failures for 2011, that many regret signing up for.) Answer these three simple, but important, questions first: 1) What do you do? 2) Who is your core customer? 3) How do you reach them where they hang out and engage? Applying those answers to these areas will help you know what you need to belong to, subscribe to and engage in. Belong To The Right Organizations What’s your networking in person plan? Pick a chamber, be a member of a professional organization, a union, networking or hobby group, or meet ups. Be willing to go to them and get to know others who can become valued peers, colleagues and friends. Be out consistently, show your face and bring your personality. Subscribe To The Most Important Content Who are the leading voices and experts in your field and related fields? Subscribe to their blogs, newsletters, white papers, news feeds, and tips. This will keep you on the forefront of relevant and current trends and information. Engage Where Your Customers Or Followers Are Wherever your customers, fans, friends, peers and colleagues are is where you should be. Get more active on Facebook, LinkedIn, Twitter, Blogs, YouTube, selective chat rooms, online groups, Tweet/Facebook chats. Choose the activities that are best for you and build in time to be on them. Who are your best playmates, playgrounds and games? The business world is just a big park, playground and party. Get into the conversations and be apart of the discussion. When you put yourself out, in a targeted, focused way with a brand and branding plan that makes sense to reach the best people for you, you create a natural self marketing plan that will reward and return. Mix and match, use and try media, marketing and promotion until you find the best ROI and RON (return on networking). Stay curious and be proactive in trying new things that are on top of consumer trends that impact you. Here are 10 ways to stretch your marketing budget from author Mark W Bly from his book The Marketing Plan Handbook. If you’re using social media for marketing your business, you should be measuring it, according to Union Metrics founder Jenn Deering Davis. Be brave, bold, adventurous and follow a game plan, when it comes to marketing yourself! Be willing to adjust, tweak and adapt. What’s your personal marketing plan?
From Small Business Trends |
| New Shopping Habits: When Your Clients Go Mobile Posted: 17 May 2012 05:30 AM PDT How do you know that you're making the right move? As a small business owner you're always evaluating and deciding, watching and then doing, discovering and then digging in. You're a shopper.
Every piece of software, office equipment and service that you purchase for your business is a shopping experience:
You have a certain type of shopper's behavior — the same is true for your potential clients. The question is: What are their shopping habits and how can you become a more integral part of it? When making the most of your clients shopping experience here are two new behaviors to consider. #1: Quick Mobile SearchesAs long as the mobile internet connection is strong, then it's nothing to whip out that smart phone and run a quick online search for the item you're interested in. I do it often, especially when I'm out with family, clients, or friends (that's just about everybody). While they talk to the sales associate, I search and discover other locations and prices for the same item. Of course, price isn't the only factor (and often times its not even the primary one) in a purchase (customer experience goes a long way). But here's the deal: as we put our cell phones to greater use, your mobile web presence becomes more important to your business. Can shoppers discover the right kind of information about you on the spot (i.e. location, reviews, price range, hours of operation)? Do you have a web presence and is it mobile friendly? #2: App Savvy ClientsIn “5 Internet Marketing Predictions for 2012” Susan Payton laments about our inability (in the U.S.) to use our "phones to pay for things." Since mobile spending is fun when you can find the right app, I understand her complaint (and I'm excited about her prediction that there will be "more effective apps in 2012"). One of my favorites, so far, is the Starbucks app (new to me). It tracks your gift card money, so no matter how many cards you receive for your birthday they're all logged into the same place (once you set it up). It also tracks your purchases (as long as you use the app or the gift card to pay). It gives you points and rewards (like free soy milk, free refills on certain drinks) that'll keep you coming back for more. It's a smart and fun little app. I like it so much that I found myself at the grocery story trying to pay with my cell phone (didn't work). The Exceptions May Be Your ClientsIt's true that everybody doesn't have or even like Androids, iPhones and Blackberries — I know some people who still prefer a simple flip phone. So before you go out and spend money on designing an app for your company, check your market.
If they are heavy smartphone users, then it's time to set up that mobile friendly website and start brainstorming about that app; of course, it has to smart, easy to use and fun or it'll just get lost somewhere on your phone (you know that place where glitchy apps go to die). The PointInternet connections for cell phones are stronger. Shoppers are mobile and more tech savvy. Is your web presence in front of this trend? Behind it? Or Missing in action?
From Small Business Trends |
| Posted: 17 May 2012 02:30 AM PDT You don’t need to be the leader of a multimillion-dollar corporation to create unnecessary drama in your business. Today’s news is full of stories about the latest CEO missteps. Here are some of the headlines, along with some lessons to be learned and tips on how to be a better leader in your business. Setting the Right ExampleDon’t let personal relationships interfere. Even the founder of Best Buy, Richard Schulze, finds his head on the chopping block (in a manner of speaking) in connection with the alleged “inappropriate relationship” between his hand-picked successor, CEO Bruce Dunn, and a female subordinate. Of course, Schulze is a multimillionaire many times over, and Dunn himself walks away with a cool $6.64 Million in severance. Still, your reputation has no price. (Lesson: When improper conduct is reported against another executive, take action, don’t sweep it under the rug.) WSJ All eyes are on the CEO. You’d like to think that in 2012 your private business is…your private business. But when you’re the CEO, more than just the two people in a relationship are impacted. (Lesson: See your relationship from the eyes of subordinates. Employees watch the person at the top closely. Relationships between managers and subordinates can lead to poor morale, charges of favoritism, and stress on the company–not to mention broken family relationships and blights on otherwise spotless careers.) Small Business Trends Making the Wrong DecisionsResume padding will haunt you. As one CEO found out, claiming to have a degree when you don’t can topple even the loftiest. And trying to claim that you didn’t write your bio, but that a headhunting firm did won’t save you. (Lesson: Focus on what you do have and don’t pad it. It’s an obvious lesson, but true.) Christian Science Monitor Poor decisions will have huge implications. Just ask Jamie Dimon, CEO of JPMorgan Chase, whose company lost $2 billion on the CEO’s watch—way to go! In apologizing for the poor decision-making leading to the loss, Dimon said at a board meeting “This should never have happened. I can’t justify it. Unfortunately, these mistakes are self-inflicted.” (Lesson. Poor decisions will affect not only you and your business but others who depend upon you and your business, too. Everyone makes mistakes, but using poor judgment and making bad decisions not in your company’s best interests will have repercussions.) ABC News Lessons Learned from MisstepsDon’t try to avoid responsibility. WalMart CEO Mike Duke is discovering that one way or the other, he may not be able to escape responsibility for his company’s bribery allegations in Mexico. The company’s senior managers apparently knew about the issue and didn’t disclose it to anyone until they found out the media was likely to disclose it anyway. (Lesson: Large or small, no entrepreneur should try to skirt responsibility for their business mistakes, especially by trying to hide those mistakes once they’re likely to be made public.) Your misdeeds will find you out. The above list of leadership errors is just the beginning. Other recent examples of such shenanigans include Chesapeake Energy founder and CEO Aubrey McClendon, who supposedly improperly tapped his own company for personal loans and Green Mountain Coffee's CEO and chairman, who also flouted the rules to buy himself a 163-foot yacht. (Lesson: No matter what size your business may be, self-centered behavior shows a lack of discipline and will damage both your business and your reputation in the end.) Avoiding Problems in Your BusinessHow to gain wisdom and avoid foolishness. Just as wisdom does not require age and experience, foolishness does not indicate a lack of intelligence. Both, according to blogger Stephan De Villiers, involve being able to ask the right questions and get the right answers. The Leadership Connexion Recognize the traits that could kill your business. Traits like dishonesty, lack of respect, arrogance, greed, and inattentiveness are amongst the problems that can cause the downfall of even the most successful CEOs, as we’ve seen above. But they are certainly not traits confined to large businesses alone. Here blogger Victorino Abrugar lists for us these and other traits which could kill your business before it even has a chance of becoming more successful. BusinessTips.ph Choosing A Better PathYour behavior will reflect upon you and your business. Business blogger Arthur Piccio reminds us that others remember the ways we have treated them badly far longer than the good things we have done. Remember that whether your bad behavior affects customers, partners, suppliers, or the community, it will likely be remembered for a long time to come. UPrinting How to be a better leader in your business. To end on a positive note, there are ways to lead well in your small business. Whether you’ve thought of it or not, Dr. Shannon Reese says every entrepreneur has decided at some point to be a leader. Her four part series beginning here looks at what qualities are necessary to be the right kind of leader in business and in life. Strategies & Tactics for Women From Small Business Trends |
A brand is the overall perception the publicgets when they think of your business. - @Smallbiztrends
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