Tuesday, January 22, 2013

How To Take Inventory of Your Digital Marketing

How To Take Inventory of Your Digital Marketing

Link to Small Business Trends

How To Take Inventory of Your Digital Marketing

Posted: 21 Jan 2013 03:00 PM PST

digital marketingAt the beginning of the year, we have inventory season. It's the time when we stop what we're doing long enough to familiarize ourselves with what we have. Often we talk about inventory in terms of a retailer's merchandise or a manufacturer's raw materials supply.

The more accurate an understanding of what a company's resources are, the easier it becomes for business owners to make smart, strategic decisions about their operations.

What Is A Digital Marketing Inventory?

A digital marketing inventory examines the online assets you use to connect with your customers. Included in this list are all your domain names, social media profiles, and email marketing. You need all of these assets to be populated with information that is both accurate and current.

We're all very busy people. Maintaining the details of our online presence is one of those tasks that has a tendency to be overlooked.

This is a problem for two reasons:

  • First:  Any outdated or inaccurate contact information that's out there to be found can frustrate potential customers who are trying to do business with you. Your customers are not Sherlock Holmes. If they find out they can't easily contact you, they're not going to try to solve the mystery of what your correct Web address or email actually is. They'll move on to an alternate vendor without a second thought.
  • Second:  Your online assets are tools that are supposed to be performing for you, to raise brand awareness, encourage customer attention, build relationships, and ultimately generate sales. These tools have to be configured properly for success. If they're not, you're wasting some – maybe quite a bit – of the investment you're making in your marketing. That's an expensive decision to make in a tight economy.

Conducting Your Digital Market Inventory

It's a good idea to take an annual (bi-annual or quarterly would be even better) look at your domain names, social media profiles and email marketing programs. Here's what you want to know:

Domain Names

Make a complete list of all the domain names your company controls. Are they all still relevant to your operation? What are these domain names connected or forwarding to? Does the domain name bring your customers where you want them to go?

All of your domain names should be on a single registry. Moving domain names is a simple process, so if you've got domain names registered all over the place with several companies, make 2013 the year you get that mess cleaned up.

The key to choosing a good registry: Customer service. Choose a company that has a reputation for flexibility and access. You want someone who is easy to work with.

Social Media Profiles

Make a complete list of all social media profiles associated with your company. Include your company's Facebook Page, Twitter account, Google Plus and LinkedIn presence – but don't forget about the social media hotspots of yesteryear. Does your organization have a MySpace account that was started and never used?

Examine each account to make sure it's in the state you'd like it to be in. Social media sites can get hacked and overrun with spam. If that's the case, get the profile cleaned up, or delete it. If you decide to maintain a dormant account in order to keep control of the name, make sure all information on the site is correct and that you have information there pointing people toward the tools you want them to use to connect with you.

The visual branding on all of your social media profiles should reflect your current messaging. Review images and brand logos on your profiles to make sure they're timely. This will help you meet your messaging goals.

A Digital Marketing Inventory is a prime opportunity to remind your team of internal social media policies. Urge people to add private email addresses to their social media profiles. If you've had some turnover, review the social media pages of your former employees to make sure their employment status with your organization is accurate.

Email Marketing

At least once a year, your email marketing lists need cleaning though quarterly is my recommendation. Pruning and analyzing non-performing addresses from your contacts can help ensure that your messaging is actually reaching interested parties.  Your email marketing list can reveal opportunities to strengthen relationships with your customers.

Cross check any unsubscribes against your in-house contact information: If a valuable contact has switched employers, for example, they may no longer be receiving your information yet still want it. Review these opportunities. Reaching out for new contact information can reestablish a relationship and open a door to future sales.

The Digital Marketing Inventory period is a good time to assess the value of your email marketing campaign. Look at your campaigns over the previous year:

  • Which messages had the best click through rates?
  • What messaging worked, and why?

For some industries, the specific timing of when messages are sent is highly relevant. Answering these questions will allow you to make better choices moving forward.

Digital Marketing Inventory: Phase Two

By looking at your domain names, social media profiles, and email marketing, you've completed the first phase of your Digital Marketing Inventory. This is a huge accomplishment, and a great start to putting 2013 on track to being your best promotional year ever. You've taken an important first step.

It's important to remember, however, that it's only a first step. If you have more digital marketing tools in your arsenal be sure to take the time to inventory all of those as well. When you're considering items like online advertising campaigns, guest blog appearances, and the like, the goal should be to identify all efforts; ensure accuracy, relevancy and timeliness; and assess performance.

Then you'll be able to determine what choices you need to make with these tools moving forward.

In a year, it'll be time to go through the entire process again. Like the shampoo bottle tells us:

"Rinse, lather, and repeat."

It's important to acknowledge the repetitive nature of effective digital marketing. The more attention you pay to what it is you're doing, the better job you're going to do – and that's great news for your business.

Digital Marketing Inventory Photo via Shutterstock

The post How To Take Inventory of Your Digital Marketing appeared first on Small Business Trends.

SnagIt Screen Capture Makes Your Work Day Easier

Posted: 21 Jan 2013 01:00 PM PST

SnagIt is a tool that allows you to quickly and easily screen capture almost anything. It also offers a lot of tools I need daily such as quick and easy cropping of screenshots, drawing tools and quick social sharing.

It also shares my captures with other software I used daily, like  Word, PowerPoint and Excel. SnagIt also offers other fantastic features in regards to capturing text, video and the Web.

screen capture toolHave you ever needed to show an image from the Web to a boss, client or employee quickly and wished you could just take a screen shot and circle an item in a big bright color or stick an arrow on it?

If so, this is the software for you. I am going to explain some of the options the tool offers and I hope this tool can help you save as much time as it has saved me.

What You Can Capture with SnagIt

SnagIt doesn't just take screen shots. It captures all kinds of things for you:

  • Video Capture can create videos for you while capturing your computer screen and the all the movements you make. You can create easy instructional videos with no problem.
  • Text Capture allows you to grab all the text off of a screen, but not the images and graphics. This includes text from screens that don't allow copy and paste in windows. From the tool you can easily send this text a variety of useful tools or to email.
  • Web Capture allows you to enter a website address and capture images and other files from a website. Now obviously you don't want to steal items from others, but let's say you needed to get all these items off of your own site quickly, this tool could help.
  • Capture to Print "You can create an image file of what the printed material would look like if you had printed it on a printer."

Profiles

There are different ways to capture images and other items. You can get scrolling screen shots which is great if you need to capture an entire page or even a social conversation. You can also choose exactly how much of a screen you want to capture and in my industry this is a massive time saver.

I snagged this image from SnagIt's help section to show you how easy it is to use the software.

screen capture tool

The Snagit Profile Options are:

  • A chosen region of the screen
  • Full Screen
  • Scrolling capture
  • Capture a web page with links
  • Free hand
  • Menu with time delay

Drawing Tools

I work on websites for clients and also do their SEO. Sometimes they just don't see what I want them to see so often, it is faster to take 2 seconds with SnagIt to take a screenshot and circle what I want them to see. An example, for someone that said the hours of operation and calendar were not on the visit us page.

Yep, it was there, but sometimes people miss things. Sometimes I use arrows to help explain where things are on a website. I can also add text if I want:

screen capture tool

There are many drawing tools to choose from; you can see more of them at SnagIt.

Other Tools I Like

  • The Capture Tray– All the items I Snag are in this saved area. There is a Library with a thumbnails or I can search my captures by list view, name, size, type, date, dimension or tags.
  • Editing – You can flip, mirror, shear, rotate, crop, resize, and image styles, change color effects and cut images quickly. There are also image filters to play with, borders, edging options, photo effects and you can even add watermarks.
  • Video -  You can sdjust the color depth, add text, or view the frames of a video capture.

Sending and Sharing

Once I take a screen shot or capture an item I can immediately share it via email, upload it to a website or share with a program on my computer, like Adobe. It takes seconds.

screen capture tool

Beyond sharing with everyday work software I can also share it socially, send it to someone on Skype, save it on Evernote or upload it to my Flickr account. These are accessories I use for myself or clients, but there are more to choose from.

With these tools I can share a capture immediately and move on to my next task. Creating images for PowerPoint presentations has become much faster and has saved me a lot of time. I couldn’t live with out this program.

screen capture tool

A Time Saver

I wanted to share this tool with you because it is much more affordable than some image and video editing software. Plus, it offers options that allow users to work much faster than they typically can with traditional software.

This is an easy tool to use, it keeps images organized for me and it has saved me a tremendous amount of time.  There is a 30 day trial for you to play with it and see if it can benefit you in anyway.

Beyond business, SnagIt has helped when the older members of my family needed computer help. Now I just capture an image, stick arrows & instructions on it and email it.

Trust me when I say it has saved me frustrating hours on the phone.

The post SnagIt Screen Capture Makes Your Work Day Easier appeared first on Small Business Trends.

How Your Content Can Compete with the Big Shots

Posted: 21 Jan 2013 11:49 AM PST

As a small business, you may feel like you are fighting an uphill battle with your big-shot competition. Your website and blog may seem diminutive and ineffective for pulling sales compared to your big-named competitors. You’ve heard that “content is king” and that every business should have a blog and top-of-the-line website content. But how do you compete when you have less manpower, resources, and dollars backing you up?

Fortunately, there are ways to rise and conquer with the heavy hitting competitors in your niche. Here are five tips:

1) Take advantage of your lack of barriers: No matter what industry you are in, the case is the same. The bigger the organization, the more approvals are needed – especially in highly regulated industries like healthcare, education, and insurance. It can take up to a month to “route” a blog post, article, or web page in some organizations. Use this to your advantage as a small business “blogger”. Your blog posts can be more frequent and more timely when your lead time is so short. Whether you are tying your blog post to a current event or are going for a high frequency of posting, the lack of barriers is a huge advantage you have over bigger competitors.

2) Take a stance: This January at BlogWorld Conference, travel blogger Gary Arndt said it best in his session titled “How to Compete Against Billion Dollar Media Empires and Win Engagement and Traffic”. He noted: “If you want to get heard, share your personality.” People online want to relate to other people, not other brands, so don’t be afraid to hide your voice – humor, personality, opinion – in your small business’ blog posts. Find a way to let your personality show while also highlighting your business expertise. Falter on the side of controversial, edgy, and direct, and you will lead potential customers through an open funnel conversion.

3) Engage, engage, engage: Comment on blog posts and utilize social media channels to connect directly with potential and current customers, brand evangelists, and industry leaders. Create a plan for “getting heard” that includes promotion of your content on various social media networks like Twitter, Facebook, Pinterest, Google+, and LinkedIn.

4) Ride on someone else’s coat tails: Guest blogging is an amazing way to project yourself as an expert in your field. Most publications these days offer guest posting opportunities – like Huffington Post, Forbes, and even Small Business Trends. Well-known Associate Editor of Copyblogger Jon Morrow suggests to use this method to leverage your reach, authority, and visibility.

5) Get creative: Repurpose FAQs, conduct interviews with happy customers, report on a recent industry news, create a how-to guide, hold a contest, write about a recent company event, create an infographic… There are a million ways to get ideas for blog posts. Utilize the abundant online marketing and blogging resources on the Internet by doing simple keyword searches on queries like: “blogging ideas” or “how to generate blog ideas”

You are not alone: there are multiple resources available to you to dominate your content marketing efforts. Whether you bring on a third party (digital agency, content marketing firm, freelance blogger) or read up on maximizing your content marketing.

The post How Your Content Can Compete with the Big Shots appeared first on Small Business Trends.

Graph Search Presents Opportunties to Reach More Facebook Users

Posted: 21 Jan 2013 11:00 AM PST

Facebook recently unveiled a highly anticipated new feature, Graph Search, which is similar to a traditional search engine but is intended to provide users with direct answers to specific queries rather than a list of links that include some matching keywords.

Graph Search is currently focused on helping users find information about people, photos, places and interests that can be found on Facebook.

This update isn't specifically related to businesses, but users could use Graph Search to look for local businesses on Facebook. For example, a user could search "Italian restaurants in Manhattan my friends like" and view a list of relevant businesses that fit that criteria.

graph search

Users also have the ability to filter search results on the right side of the page. So if a search is place related, a map showing search result locations will appear, as shown in the photo above, and users will have the ability to change the region or business category as they choose. The photo also shows what the search page looks like, including a photo, friends that have liked or been to the locations listed, and some general business information.

Search results are limited to things users can already see on Facebook, such as things that friends have Liked publicly. But any business that has a Facebook presence can appear in relevant search results since that is something that can be seen by any Facebook user.

Facebook's Sponsored Result advertising product will also be present in Graph Search, but as of now no new advertising options have been introduced to go along with this new feature.

Another way this feature could potentially impact businesses on Facebook is through new targeting information. When users search items using Graph Search, that gives Facebook even more insights into their interests and preferences, and so businesses that advertise on the site could potentially benefit from that knowledge down the line if Facebook does decide to use that information to influence advertising options.

When users submit a query that doesn't fit into the categories Facebook has indexed, users will see a search results page powered by Bing. It's not likely that many will use Graph Search as a typical search engine like this, since that isn't its intention, but the feature simply allows for broader use of the tool.

Graph Search is currently being rolled out in limited beta and will likely continue to be updated with new features and information.

The post Graph Search Presents Opportunties to Reach More Facebook Users appeared first on Small Business Trends.

The Franchise Way To Lose Weight

Posted: 21 Jan 2013 09:00 AM PST

weight loss franchisesIf you watch any amount of television in January, it's impossible to escape commercials from companies offering to help you lose weight – and change your life.

(Or, change your life by losing weight?)

What is it with those poorly Photoshopped "before and after" pictures that are always queued up at just the right moment in those commercials? Don't you just once want to see the models wearing the exact same outfits in both pictures instead of the purposely tacky ones that are shown in the "before" pictures?

While you're pondering those urgent questions, I'm going to introduce you to three companies in the fantastic world of franchising that offer weight-loss products and services, but don't have multi-million dollar ad budgets like NutriSystem® and Weight Watchers®.

Weight-Loss Franchises

Physicians Weight Loss Centers

Charles Sekeres founded PWLC almost 25 years ago. Located near Akron, Ohio, this franchisor uses the word, "Physician" in its name for one reason – credibility. "Physicians Weight Loss Centers" does have a nice ring to it, especially if you're a consumer looking for a "safe" way to lose weight.

But, back in 1991, the franchise ran into some problems.

And, they weren't alone. Severalweight loss franchises came under scrutiny after several lawsuits were filed concerning the safety of the weight-loss programs. Bloomberg News wrote a hard-hitting article about the mess that the weight-loss industry was in back then, and it's worth a read.

Currently, PWLC's has around 100 franchise locations.

Here's how they're positioning their weight-loss program on their company website:

"Years of development have gone into perfecting our 6 specially designed diet programs, so we can maximize weight loss results through proper nutrition. Our Counselors will even help match you up with the program that works best for you."

*Disclosure: My late father was the Franchise Development Director for PWLC's and helped open over 300 units. Until he was downsized in 1991.

Medifast

Once again, a medically related term is used in this franchise brand's name.  When I honed in on the "Franchise Opportunity" section of the Medifast corporate website, this is the text that appeared in the first couple of sentences:

"Medifast has been recommended by over 20,000 doctors and used by over 1 million customers since 1980."

It's nice to see that Medifast has been around for a long time. I like to see that in a franchise…but I'm not automatically sold on one just because of their longevity. There are plenty of good opportunities out there in younger franchise systems, too.  Every franchise system has its pros and cons.

One more thing about this 100+ unit franchise chain: They have a pretty impressive looking, "Scientific Advisory Board," that consists of physicians, PHD's and nutritionists from big-name hospitals and universities.

In my eyes, that lends a certain amount of credibility. Does it in yours , too?

Nuviva

Headquartered in Florida, this young weight-loss franchise chain uses a totally different approach to losing weight, and it involves injections.

The founders of Nuviva feel that losing weight isn't just about dieting. They have come up with what they believe are the 6 fundamentals of a successful weight-loss program. They include:

  • Medication
  • Education
  • Diet
  • Supplements
  • Support
  • Exercise

This franchise, founded in 2010, certainly offers something different. Time will tell if the differences are powerful enough to propel the brand.

Would you be willing to undergo a weight-loss program that includes injections if it meant that you could achieve your weight-loss goals?

For some people bent on losing weight, having prepackaged food sent to their homes on a monthly basis (like from NutriSytem®) works out just fine.  Others like the camaraderie that programs like Weight Watchers® provides with their weekly weigh-ins and meetings.  And for some, weight-loss programs that seem to have a link to the world of medicine, like the franchises mentioned above, are just the ticket.

If you're thinking of starting a weight-loss program this year, are you going to try any of the programs mentioned?  Have you ever used the services of a weight-loss franchise in your area?

Have I missed any programs that work really well that you’d like to know about?

Weight Loss Photo via Shutterstock

The post The Franchise Way To Lose Weight appeared first on Small Business Trends.

Low Cost Google AdWords PPC Tools and Services

Posted: 21 Jan 2013 07:00 AM PST

Adwords PPC ToolsGoogle AdWords and pay-per click marketing in general can be very difficult. The amount of competition is consistently increasing, and the Google AdWords platform in particular is relatively complex.

For that reason many small businesses need some sort of help – whether it be in the form of a piece of software or a service to manage your account. Because of the complexity of pay-per click campaigns and the ROI available from a well-run account, many quality PPC management services are out of the reach of a typical small business.

At Measured SEM, we’re frequently being approached by businesses who simply don’t have the budget for our services, but are still looking for help getting the most out of pay-per click.

As with my recent posts on landing page tools and local SEO tools, below are highlighted some affordable resources for getting more out of your AdWords campaigns.

1. WordStream

My former company, WordStream, offers a few tools for PPC users, including its free AdWords Performance Grader and free Keyword Tools. The WordStream PPC Advisor is the company's full-featured Pay-Per-Click Marketing Management Software, which is designed to help users analyze, configure and monitor their PPC campaigns in 20 minutes per week.

They also offer hands-on management services aimed at small to medium sized businesses as well.

Key Features:

  • Free AdWords Performance Grader and Keyword Tools
  • Complete AdWords/adCenter integration
  • Competitive intelligence helps identify profitable search terms
  • Savings alerts help reduce unnecessary spending

Cost:

  • Software: $299 per month (Small Business), $499 per month (Professional), $999 per month (Enterprise)
  • Services: Pricing currently starts at $1,000 per month
  • AdWords Performance Grader and Keyword Tools are free
  • Discounts available for annual pre-pay

2. Gazel

Gazel is an AdWords Excel plugin allowing users to instantly refresh data with a single click, negating the hassle of downloading .csv files from AdWords. Users can track unlimited client profiles using Gazel and make use of customizable report templates to share data with key team members and external stakeholders.

The tool does require some level of comfort with Excel, but for those comfortable with Excel it’s a great tool for more efficiently manipulating data and optimizing your PPC campaigns.

Key Features:

  • Powers pivot tables and reports
  • Unlimited client profiles
  • Shareable, customizable report templates
  • Easy comparison metrics

Cost: $99 (Beta version, compatible with Excel 2007 and Excel 2010)

3. Portent Interactive PPC Essentials Program

It’s extremely difficult to get competent PPC help for less than four figures, but Portent actually offers a PPC essentials package that starts at $250/mo. and gives you a dedicated account representative. Obviously with a monthly fee that low there are several specific restrictions on deliverables, but of course they also offer additional services at a higher retainer.

I don’t know of any company doing quality work with a minimum monthly retainer that low, so it can be a great option for really low budget campaigns and/or folks just getting started with AdWords.

Key Features:

  • Written reports with identified issues and suggested solutions
  • Varying service levels for any size budget
  • Ad copywriting and multi-variate testing
  • Keyword, CPC and CTR optimization
  • Certified account managers

Cost: $250 and up (PPC Essentials package, covering users with budgets under $3,000 per month and 200 keywords or less)

4. Trada

Trada is a crowdsourced platform with a network of experienced, certified optimizers who help companies take their PPC campaigns to the next level. Trada's experts provide complete campaign buildout and optimization, meaning clients spend less time on managing and organizing their paid search campaigns.

Key Features:

  • Optimizer Matching algorithm matches clients with the right experts
  • Complete campaign buildout and optimization
  • Continuous testing and optimization to maximize ROI

Cost: Varies. Clients and experts agree on a target cost-per action (sale, lead, etc.); Trada only wins when client goals are met.

5. AgileBid

AgileBid is an automated bidding platform designed to save users time on PPC campaigns – without marking up costs. AgileBid puts paid search campaigns on auto-pilot, allowing advertisers to set budgetary limits and sit back while the platform takes care of bidding and keyword optimization behind the scenes.

Key Features:

  • Manages both Google AdWords and Bing ads
  • Automatically search for winning bids and eliminate non-performers
  • Automated CPC optimization; never exceed your budget limits

Cost: $49.95 per month (Starter, monthly spend less than $1,000). Advertisers with monthly budgets exceeding $1,000, $50 additional monthly cost per additional $1,000 spent.

6. WordWatch

WordWatch specializes in Google Shopping and Google Product Listing Ads, but also offers PPC optimization tools for standard paid search campaigns. Varying service levels accommodate advertisers with small to large budgets.

Key Features:

  • Unlimited keywords at all account levels
  • Simple interface usable for non-experienced advertisers
  • Works behind-the-scenes to optimize campaigns and reduce spend
  • Specialized features for Google Product Listing Ads advertisers

Cost: $49 (Small Budgets – 1 account, 5 campaigns), $99 (SMB Advertisers – 1 account, 25 campaigns), $199 (Marketing Pros – 10 accounts, unlimited campaigns), $399 (SEM Agencies – 50 accounts, unlimited campaigns

7. Certified Knowledge

Brad Geddes’ Certified Knowledge offers a collection of PPC tools, several in-depth training modules on various AdWords related topics, and a forum where you can get answers to specific questions and issues you’re having with your campaigns.

Brad is one of the smartest and most experienced AdWords advertisers around and if you’re looking to maintain control of your own pay-per click campaigns access to these tools and this information is extremely valuable.

Key Features:

  • Save Time With Robust PPC Tools
  • AdWords Lessons from Basic to Advanced
  • Receive Quick Answers to Your Questions
  • Unlimited Access to 150+ Videos
  • Manage AdWords in Less than an Hour a Day
Cost: $79/mo. with discounts for quarterly and annual subscriptions

BONUS: Google's Free Tools

While using a paid tool or service can often jumpstart your campaign and save you a lot of time, it’s important to note that Google offers a number of free tools to help advertisers get the most from their paid search campaigns, and depending on your situation (how much time you can dedicate to the campaign, your budget, etc.) managing the campaign yourself with Google’s free resources may actually be the best approach for your business.

Google AdWords Editor allows advertisers to simplify the process of making bulk changes across campaigns, including keywords and bids, and also enables working offline with ease of uploading changes any time.

The Conversion Optimizer is a free feature for AdWords advertisers that you can leverage if you have conversion tracking set up (and you’re generating a minimum volume of conversions) to have your bids optimized for you.

The Google Keyword Tool is a widely used resource by both AdWords advertisers and for general users looking to improve SEO.

Key Features:

  • Work offline; upload changes easily
  • Keyword Tool valuable for general SEO
  • Automated CPC and keyword optimization
  • Analyzes user attributes, content targeting and search targeting

Cost: Free (Although you are, of course, already giving them money if you’re using the tools.)

Ultimately with any of these tools and services, you’ll still need to understand your objectives, ensure you’re getting the proper ROI, and provide input about your business.

But you can get significant time savings and campaign improvements with a fairly minimal investment if you find the right product for you so that you can get a better return on your investment and focus more of your energy on things like hiring smarter, making sure you’re allocating budget properly, and generally finding ways to grow your business.

Image courtesy of iStockphoto, kycstudio

The post Low Cost Google AdWords PPC Tools and Services appeared first on Small Business Trends.

How Not to Encourage Entrepreneurship

Posted: 21 Jan 2013 05:00 AM PST

shaker heights, ohToday I am going to do something different. Instead of using a bunch of data to illustrate a point, I am going to discuss a single example of a town whose central planners discourage entrepreneurship. Lest you think I will pluck the case study from a World Bank study of a developing country, let me clarify that I am talking about Shaker Heights, Ohio.

Last month, the town's Planning Commission rejected a plan by Compass Self Storage, a Cleveland-based developer of self-storage units, to move into space that has been vacant since the auto dealership that had occupied it closed three years ago.

This would be a non-event were it not for the fact that the city of Shaker Heights says that it is trying to encourage entrepreneurship. As the mayor Earl Leiken told WKYC News at the opening the town's business incubator;

"We’re welcoming business and looking for a strong business presence in our city.”

In fact, to encourage more entrepreneurship, the city paid part of the cost of renovating the incubator location and is allowing tenants to occupy the space rent free for four years.

Unfortunately, in its evaluation of Compass Self-Storage's efforts to expand into Shaker Heights, the town's Planning Commission has fallen right into the trap that Nobel Prize winning economist Friedrich Hayek called the "fatal conceit" – the idea that centralized planners can make decisions better than a free market.

The Planning Commission thinks it knows better than the market what the former auto dealership should be used for. But Hayek explained that no one organization can know all of the information necessary to match supply and demand as well as a free market. Efforts by centralized planners to intervene in free markets, he explained, do little more than keep them from operating effectively.

Economists have identified a very good way to encourage entrepreneurial activity – by reducing the regulations that deter people from starting and growing businesses. They have found that the very activity that the Shaker Heights Planning Commission engages in – having more procedures to start a company – reduces business formation. Moreover, this business-formation-deterring "red tape" lowers economic growth and employment.

If the town really wants more entrepreneurship, then its elected officials need to think harder about the economics here. You get more job and wealth creation if you let free markets operate.

So Planning Commission members: If you need a refresher on economics, there's this professor I know really well who teaches a course you might want to take …

Shaker Heights, OH Photo via Shutterstock

The post How Not to Encourage Entrepreneurship appeared first on Small Business Trends.

SCORE Recognizes Businesses for Martin Luther King Jr. Day

Posted: 21 Jan 2013 02:30 AM PST

We talk a great deal about the practical aspects of starting and running a small business. Perhaps we don’t spend enough time thinking about the great values promoted by entrepreneurs and small business owners. As Martin Luther King Jr. Day is observed here in the U.S., it may be a good time to reflect upon the differences that we, as entrepreneurs, can make in the world. Read more about these ideas in the roundup below.

Legacy

The highest SCORE. SCORE, providing mentoring and workshops for more than 375,000 new and growing small businesses annually, took time recently to recognize companies and entrepreneurs who exemplify the values espoused by Dr. King, just in time for Martin Luther King Jr. Day. On a special Website, SCORE recognizes the accomplishments of clients Annemarie du LeBohn, Marilyn Moats Kennedy, and others. Read more about these committed entrepreneurs at the link above. PR Newswire

Live the dream. In addition to his achievements as a leader of the civil rights movement, Dr. King is also remembered as a leader who inspired his followers to overcome seemingly insurmountable odds. In this post, blogger Christopher Jan Benitez looks at how some of King’s most inspiring quotes can translate into advice for your small business. These tips include having a dream, considering the demands or needs of those who support you, and providing something that holds value. Print Runner Blog

Take a day on. Martin Luther King Jr. Day may be a national holiday, but not a day for taking off. Today, the Corporation for National and Community Service (CNCS), a federal agency leading the President’s national call to service initiative, asks companies to support veterans and military families, educate communities on disaster preparedness, promote education, and provide economic opportunities to the underprivileged. Your business, too, can look at lending a helping hand. Causecast

Basic Practice

Learn to collaborate. Another hallmark of the civil rights movement and other social movements since has been collaboration. And this collaboration can be equally effective in business. Here, Richard Greene, director of Clarus, describes how to set up a “thinking platform” to make collaboration work for your company. Greene looks at the major components of this “thinking platform”: the team, the objectives, execution, and reexamination. Your company needs to plan for more collaboration too. Clarus Advisors

Sell the idea. It’s interesting to consider, no matter what the business or organization, that everyone is in the business of selling. Selling an idea is what entrepreneurs do, so social movements and causes can certainly learn a lot from them. Entrepreneurs can use their talents to sell ideas for social projects that will make their communities better. Jenny Bhatt looks at the selling all humans do in this thoughtful posts of interest to anyone who has ever tried to win others over to a great idea. Free Agent Economics

Build your network. Whether building a social movement or a business, networking is important. Building a network is easier than most people think, and it certainly doesn’t need to begin and end with your Facebook account. In fact, in this guest post, Jessy Troy, blogger for DIY Gadgets, talks about how the practice of guest blogging among online entrepreneurs can create a powerful and influential network you can put to work for many of your business needs. Basic Blog Tips

Enlist your customers. Finally, one edge successful social movements have that many businesses might envy, is a base of committed followers who spread the word and share the importance of their movement with others. This, of course, is how a movement grows. As it turns out, businesses like Apple have been doing the same thing for quite some time now. Here, Fred Reichheld, fellow and founder of the loyalty practice at Bain & Company, has an explanation of how to develop a customer base of willing promoters for your brand. Catarina’s World

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