Tag Archives: small business training

Strategic Planning, Small Business Planner-Style!

Strategy, , , ,

We’re six weeks into 2020 and everyone is doing strategic planning for their small business! Which is a great thing…because, as we all known, if you fail to plan, you plan to fail…but as we were preparing to do this year’s strategic planning for Small Business Solver, we noticed that there were no good resources or tools out there to help small business owners through this process.

White 3D figure with a black necktie examines the word "Plan" in large, red, 3D block letters with a magnifying glass. Keyword: strategic planning
Time for Strategic Planning!

So we created a strategic planning process of our own! We used it to do our own planning, and have since used it with 50 small businesses, non-profits, and large associations! We’ve been so excited by the results that we’ve made it a training module on the Small Business Solver Website! It was also the subject of a recent webinar:

In this webinar, you’ll learn about:

  1. The importance of defining your vision
  2. What makes an effective mission statement
  3. How to do a SWOT (Strength, Weakness, Opportunities, Weaknesses) Analysis
  4. SMART goals
  5. Strategic Activities and getting them done with a Workplan

Defining Your Vision

Your vision tells you and the people involved with your business where your business is headed – it is your Big, Hairy, Audacious Goal! For strategic planning purposes, this goal is set for 5 years, although you’ll define goals for the 1, 3, and 5 year marks. Keep your mind open, because you’ll be setting Impossible Goals as well as Possible Goals! (As the webinar explains…)

An Effective Mission Statement

You’ll want to write a strong mission statement as part of your strategic planning. The webinar gives you a formula for writing a mission statement that is:

  1. Memorable
  2. Personal and inclusive
  3. A description of your daily activities
  4. Focused on your target market
  5. A description of the ideal result of your actions for your target market.

Your mission statement should motivate you and your staff!

Strategic Planning and SWOT!

A SWOT analysis forces you to take both internal and external inventory of factors that will affect the success of your business:

  1. Strengths – What do you have going for you?
  2. Weaknesses – What perceived gaps are holding you back?
  3. Opportunities – What are the possibilities or opportunities you can leverage
  4. Threats – What do you need to watch out for?

Your strategic planning will be much more effective when you have a clear idea of what you have to work with!

Strategic Planning Includes Strategic Goals

At this stage of strategic planning, you must define 3 – 5 critical areas for your business that are related to your Unique Selling Proposition. You’ll learn in the webinar that most small businesses list Revenue and Communications or Marketing as critical areas, and you’ll also see examples of other areas. Once you’ve defined your ctitical areas, you’ll write a strategic goal for each of them.

Your strategic plan really starts to take form once you’ve set these goals.

Strategic Activities and Workplan

You now need to list the activities required to make your strategic goals a reality create a workplan so that the work gets done! Ask yourself:

  1. What tasks need to be done so that the goals you’ve set are achieved?
  2. In what order should these tasks be done?
  3. Who is responsible for each task?
  4. What is the deadline for each task?

Keep your workplan and the strategic tasks in view so that they stay on the radar of everyone involved! See the webinar for some suggestions on how to do this.

Strategic Planning – Bottom Line!

Strategic planning lets you take a large amount of data about your business and the areas within it and reduce the overwhelm around what to do next. You’ll end the process with a manageable number of goal, a plan for getting them done, and (hopefully!) a commitment to repeat the process the next year!

Check out the webinar…and then check out our new Strategic Planning Training Module and get your strategic planning done for 2020! And be sure to let us know what you think (here, or on Facebook, or on Twitter, or by email at sarah@smallbusinesssolver.com)…because we love to hear from you!

Sales Funnel Optimization

Sales & Business Development, , , ,

Your sales funnel drives sales. Can it get easier than that? Make sure you set it up properly so that it creates as many sales as possible for you.

In this webinar you’ll learn about:

  1. The importance of your sales funnel
  2. The purpose of a sales funnel
  3. The parts of a sales funnel
  4. How to optimize a sales funnel

Let’s get started!

The Importance of Your Sales Funnel

When you understand sales funnels, you’re best equipped to observe your sales process and see what areas need improvement. You can identify bottlenecks, or areas in the funnel through which customers are moving slowly compared to the rest of the funnel.

Once you know what’s wrong, you can fix it. You can examine the bottleneck areas, develop and implement strategies to move customers through them more smoothly and quickly. Optimizing your sales funnel in this way ensures that you can move more customers through, with a shorter sales cycle.

That’s good for business!

Purpose

A sales funnel is a numbers game.

Every potential customer enters your sales funnel unaware that your business exists. Your job is to move them through the funnel, converting them from potential customers to people who have bought from you.

A large number or potential customers start a sales journey with you, and people fall away at each stage, for a variety of reasons. Usually it’s a small percentage that move through all the stages of the funnel to become customers. This is where the funnel shape comes from

Parts

A sales funnel has four basic parts:

  1. Gain their Awareness – Use marketing to let people know you exist
  2. Gain their Interest – Get people interested enough in your offering to want to find out more about you
  3. Make them Ready – Convince people of benefits and address doubts and concerns so that potential customers can become paying customers.
  4. Close – Close the sale

Some sales funnels break these basic parts into many more, but the funnel shape holds across all of them: A lot of potential customers start the first stage, some drop away at each stage, and a few finish as actual customers.

When you know at what part of your sales funnel bottlenecks are happening, you can start to optimize your sales funnel.

How to Optimize Your Sales Funnel

In order to identify bottlenecks in your sales funnel, you need to:

  1. Know the stages in your sales funnel
  2. Know the conversion rates between each stage – the goal is 10% or higher.
  3. Make note of whether each of those rates is 10% or higher.
  4. Know the lowest of the these conversion rates – even if the lowest rate is over 10%, this is a bottleneck.
  5. Figure out why this area is a bottleneck
  6. Develop and implement a plan to resolve the bottleneck.

Small Business Solver has a tool to help you figure out where your bottlenecks are and what you need to do to resolve them, but here are some general strategies, linked to Small Business Solver modules to help you learn more:

  1. Finding Prospects – Make sure that you understand your customer, that your customers are qualified, that you’re using a lead list, and that you’re making use of referrals and seeking channel partners.
  2. Improving Awareness – Integrate your marketing campaigns so that you’re presenting the same message everywhere. Prioritize this work – it’s important!
  3. Improving Interest – Control your message by representing your brand well – hone your presentation skills and always leave a great impression! Learn how to address common objections to doing business with you.
  4. Improving the Close – Learn how to gauge interest so you’re not misreading whether people are ready to close. Reduce risk so that people are more inclined to close. Make sure that your closing tactics actually work for you and not against you!
  5. Improving Follow-Up – Create a follow-up plan for customers, so that you can improve retention and create opportunities for upselling.
  6. Improving Delivery – Continue to get to know your customers and build relationships so that you consistently provide a positive experience for them. Set expectations wisely by underpromising and overdelivering.

Small Business Solver can help you do all these things. Sign up today for a pay-what-you-can account to view any of the modules in the above list.

We hope that the the webinar was useful for you! Visit our YouTube channel to view more of our webinars.

Small Business Marketing Tools to Boost your Likeability

Uncategorized, , ,

People buy from people they like, so remember to congratulate yourself once you’ve made the sale! You connected with the customer and appealed to them on the emotional level at which people ultimately decide to buy. You now need to make this transactional customer who’s made one purchase a lifetime customer. Using small business marketing tools that boost your likeability can help with that. In this webinar you’ll learn about:

  1. The Value of a Customer
  2. Likeability as one of the 3 Tenets of a Sale
  3. How Brand affects Likeability
  4. Marketing Tools that Boost Likeability

The Value of a Customer

Getting existing customers to spend more money on your products is less expensive than spending money on the marketing and onboarding required to continually bring on new customers. You’ll also generate more revenue over a customer’s lifetime. Build personal relationships with your customers, increasing your likeability, and revenue from a given customer will increase as:

  1. Average size and frequency of a sale increases
  2. Purchases become more routine
  3. You become the business that the customer always shops with
  4. The customer not only does business exclusively with you, but refers you to other people.

The sales cycle for a referral is much shorter than for a customer you bring in fresh off the street!

Likeability as One of the 3 Tenets of a Sale

Need a reminder about the 3 Tenets of a Sale? Here they are:

  1. People Must Know You (Visibility)
  2. People Must Trust You (Credibility)
  3. People Must Like You (Likeability)

We are (obviously) examining Likeability’s role in the 3 Tenets of Sale today, and how boosting it through small business marketing and building personal relationships wih customers increases your sales. We’ve examined previously how boosting credibility boosts your sales and also how boosting visibility boosts your sales, so be sure to check out those webinars as well! Small business marketing works!

How Brand Affects Likeability

Your Brand Promise lets customers know who you are and what they can expect from you. Branding choices give your customers information about your business that they use to evaluate your Brand Promise, and all ties into likeability.

Consider how these aspects of your branding will be perceived by your target market:

  1. Your business’ name
  2. Your business’ voice
  3. Visuals
  4. Values
  5. Personality
  6. Characteristics that make it unique from other companies will be perceived by your target market.

Remember that in small business your personal brand as the business owner is part of the business brand. Be both authentic in both!

Small Business Marketing Tools That Boost Likeability

You can use Small Business Solver’s Marketing Solver Tool to learn about a whole bunch of marketing tools that help with the “Like You” part of the 3 Tenets of a Sale. Here are a few the webinar talks about:

  1. Volunteering –> You and/or a staff team
  2. Sponsorships –> Community events or local sports teams
  3. Rebates and Coupons —> For existing customers, not just new ones
  4. Lunch & Learns –> For potential and existing customers
  5. Online Service Tie-In –> Use an online platform to provide value to your offering (such as access to an information website or web community)
  6. Pick Up the Phone –> Call customers instead of emailing them
  7. Employees –> Stay engaged, let them express their personality
  8. Mentors —> Leverage the power of your champions!
  9. Food –> Face-to-face over food can build powerful relationships
  10. Be Helpful –> Share articles, news, events
  11. Birthday Cards –> Note customer details that are potential touchpoints in your CRM
  12. Online Portfolio –> Showcase your business and your brand promise
  13. Networking –> Really listen to peoples’ stories and offer help without expectation of return
  14. Smile! —> People can tell, even if they can’t see you.

The numbers show that you really only need one hundred loyal customers to flourish, bottom line. They will keep coming back to you, over and over. They will refer new customers to you. One hundred loyal customers changes the nature of your business.

Something to think about, right?

Was this useful? Watch our other webinars on our YouTube Channel!

Non-Disclosure Agreements And You!

Established & Growing Businesses, Regulations & Legal, Start Ups, , , , ,
A cartoon man and woman hold up a sign that says "Non-Disclosure Agreement!"

Using Non-Disclosure Agreements (NDA) is a smart move for any small business owner. As you run your business, you’ll work with a variety of people in a variety of contexts, and you may have to share confidential information with them.  You’ll want assurance that the other party won’t share that information with anyone else.  Situations where this concern arises include ones where:

  1. Your employees have access to company secrets, intellectual property, future strategic plans, customer pricing, and many other pieces of information that you don’t wish to have shared.
  2. You’ve shared financial information and future plans with business partners or investors.
  3. You’ve given an accounting firm your financial information, including the debt and equity information, so that they can do your taxes.
  4. You’ve shared information with suppliers on pricing or marketing tactics to be a good strategic partner.
  5. Anyone else with whom you share information with that you want to keep from public knowledge. 

Consider using non-disclosure agreements any time you’re sharing confidential information, especially if keeping that information secret is crucial to your success – if your baking tastes better because you use an ingredient that no one else does, or your product lasts longer because you use a manufacturing technique that no one else has thought of, you don’t want that secret getting out so that other people can also start benefiting from what makes you superior in your market! 

Learn More About Non-Disclosure Agreements and Download a Template 

Thanks to Cobalt Lawyers  and ClauseHound. The information provided may not be relevant to your jurisdiction, this information is not a substitute for obtaining legal counsel, nor does it create a lawyer-client relationship with you, the reader.

Have you checked out our webinars yet? Head to our webinar channel and check them out! Tell us which one you like the best!

Succession Planning for Small Business

Established & Growing Businesses, Finance & Accounting, Regulations & Legal, Strategy, , , ,

Succession planning is all about planning your exit strategy and maximizing the value that the small business owner receives for their effort (which often amounts to years and decades of work).

It also protects the small business owner, family, and the business from any risk.

Learn the process and your options in 20 minutes!

Contact the Expert
Mike Hook
mike@intrepidlaw.ca

Business Clarity Questions for Small Business

Established & Growing Businesses, Management & Human Relations, Strategy, , , , ,

The New Year is a great time to plan to ramp up your business.

Getting ready for 2015 involves getting your business ready with a solid foundation to move forward. Your foundation is based on answering these 7 critical questions.

In 20 minutes, walk through the business clarity questions and answer them for your business. Make your 2015 more impactful!

Contact the Expert

Charles McFarland
Email: cmcfarland@focalpointcoaching.com
Website: https://www.charlesmcfarland.ca
LinkedIn: https://www.linkedin.com/in/coachingbusinessandartsleaders
Twitter: https://twitter.com/charlesmcf

SBS Clarity 14 Jan 2015

How To Set Up An Ecommerce Website

Established & Growing Businesses, Start Ups, Technology & Online, , , , , , , ,

If you aren’t online, then you are missing out on business.

Especially with the advances, there are some really easy ways to get started. But there are also some complexities that will creep up depending on how you are planning on setting it up.

Some things that will help you figure out what platform and set up that you need for your ecommerce site are:

1. How many products are you selling?
2. What type of products are you selling?
3. How many places are you shipping from?
4. How many places are you shipping to?
5. How many states, provinces, and countries are you shipping to?
6. How many transaction do you have?

Go through the main points of what you need to consider. See some of the options out there. And learn what to look out for.

Contact the Expert

Kagan Mustafa
kagan@smallbusinesssolver.com

Need to Know HR for Small Business

Management & Human Relations, , , ,

Hiring and managing employees and contractors as a small business owner has many unknown hazards ahead.

In 30 minutes learn about the most common HR mistakes and how to avoid them. What are the steps to take in some of these situations?

Do you know what to do when you are firing someone?
How much vacation time does someone get?
What is the difference between severance and termination pay?
When and how do you make someone an employee?
Do you know how to hire?

Meredith Arnot
meredith.arnot@assess-ability.com
www.assess-ability.com
marnot@perceptiveedge.com
www.perceptivetips.com

Want to see the presentation? Basic HR for Small Business Slides Only

Top Home Based Businesses

Innovation & Creativity, Operations & Efficiency, Start Ups, , ,

Starting up a business from home is a viable option. In fact over 50% of self-employed people run their small business from the comfort of their own home.

Find out why you should consider working from home, some surprising stats, the top trending home based small businesses, the top home based small businesses in operation, and if it is right for you.

Finally this 20 minute video reviews some best practices to help you start and keep your own small business at home.

Contact the Expert
The information from this webinar was gathered from small business resources and Stats Canada. For more information, please contact us at info@smallbusinesssolver.com

Like the Slides? Top Home Based Businesses

Cold Calling Basics (Part 2)

Sales & Business Development, , ,

Cold calling is the most effective way to get new business to business prospects aware of what you are doing. But most small business owners and people in general dread the idea of picking up the phone.

Learn the more advanced tips of how to cold call with specific attention of what to actually say on the phone and what to do after that first phone call.

The tips that will be covered are;

1. Show them the money.
2. Minimize their commitment.
3. Maximize your credibility.
4. Appointment setting and closing.
5. Get a ‘no’ from them ‘yes’ man.
6. Have a goal.
7. Keep it simple.
8. First impressions on the phone.
9. Follow up tips.
10. Keep up your momentum.

Contact The Expert
Carla Langhorst
Carla@smallbusinesssolver.com

Like the Slides? Cold calling basics-part 2