Can online social media help your business?
Facebook. Blogs. Online communities. Twitter. Can these social media tools help your business? To be honest, I don't know. But some small business entrepreneurs - mainly from the US - swear by them. I'm determined to find out if they can work. And the only way to do that is to plunge headfirst into seeing whether a social media presence will get more customers and add to the bottom line. So what can you do? more
- Posted by Valerie Khoo at 1:43 PM
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Revamp your recruiting strategy
Meet Alice. She's a dynamic entrepreneur. Her business is going great and it's blooming into a lucrative, interesting venture. On the surface, everything looks brilliant. The only problem is that her staff turnover is so high that most of her recruits barely last beyond their three-month probation period. So whose fault is that?
Every time I catch up with Alice (not her real name), she has a new staff member. She bemoans the fact she is constantly training new staff. She has grown to loathe the interview process. And she has tried recruitment agencies, as well as doing it herself. "I feel like I've kept my recruitment agency in business with all the money I paid them last year," she says.
If there is a secret formula to successful recruitment, most small business entrepreneurs will pay anything for it. My friend Brian thinks that it's a numbers game. "I've resigned myself to the fact that 50 per cent of recruits will work out - and 50 per cent won't," says Brian. "Once I accepted that - and realised that I had to sink a lot of money into people who weren't going to stay anyway - I stopped being so stressed out about it."
We've all got horror stories. I recruited a staff member earlier this year who resigned three days later because of "all the travelling". Pretty strange excuse considering both our office location and her home address were no secret to her. Obviously it wasn't a good fit - and even though she looked good on paper, her positive points didn't translate to the real world.
So what can you do to smooth out your recruiting process? more
- Posted by Valerie Khoo at 11:38 AM
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Are you idea-rich but time poor?
As an entrepreneur, I sometimes get flashes of inspiration on what I think is going to be The Next Big Thing. It's when a range of factors suddenly fall into place and, like the pieces of a jigsaw, the big picture is revealed. It's exciting because it's full of possibilities. I'm sure many of you have felt the same thing.
It can come to you when you're walking the dog, while you're in the shower or, as I did recently, when I was twiddling my thumbs sitting on a plane. When this blinding flash of inspiration hit, I immediately wanted to ring an associate who I knew would be the person to partner with to get it off the ground.
Of course, I couldn't do that in mid-air. But by the time, my plane hit the tarmac, my mind was already occupied with how I was going to manage my luggage, how long it would take me to drive in peak traffic back to the office and what I was going to feed the household for dinner (with an empty fridge).
There are often times we think of seemingly brilliant ideas and never act on them. You're at the pub and someone - possibly who has had a few too many drinks - makes a rather astute comment. "You know, someone should invent a tray so you can carry lots of glasses in one go." Or at a BBQ: "Why can't someone make a fake grass patch so your dog can pee on your balcony if you live in an apartment?"
You can probably think of numerous conversations you've had with friends where you've come up with bright ideas ... that go nowhere. There are a few more steps you need to take before that idea can turn into a business. more
- Posted by Valerie Khoo at 11:22 AM
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Don't have tickets on yourself
I really should take my own advice. Recently, I wrote about how you shouldn't be a slave to your business and that you should ideally design your business to suit the lifestyle you want. Then I found myself working my tail off over the weekend to meet a stringent deadline for a client. My friends and family didn't see me. And, even though I got the job done well and the project has been successful, I'm thoroughly exhausted. So what happened? more
- Posted by Valerie Khoo at 12:35 PM
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Beware being charged for information you can get free
I'm getting increasingly concerned at the number of people - often infopreneurs - who are charging for information that's readily available for free. Or they pass off free podcasts and videos as their "gift" to you when you can simply download them on iTunes or watch them over the internet.
Most of these offers are targetted at small business entrepreneurs. I recently received an email that tantalised readers with audio interviews as long as they subscribed and paid for membership to an organisation or "club". In exchange, they were promised access to valuable audio by other achievers sharing the secrets of their success.
In another email, recipients were offered a special gift - one of the wonderful TED Talks (Technology, Entertainment and Design). The TED Talks are videos of a meeting of leaders, creatives and thinkers - it's a conference that's held every year. However, these are freely available on the TED website or as free downloads on iTunes (just search for TED Talks).
I imagine that the participants of TED do not expect that videos of their lectures - which they agree to be made freely available on the web - are then being on-sold by others. The recent offerings I've received have been from Australian entrepreneurs.
Admittedly, some of these entrepreneurs have subscription-based websites that compile interesting free videos and free learning programs so that you don't have to hunt around yourself. And that's fair enough if you don't have the time to look for them on your own (although it takes all of five minutes).
Don't get me wrong. I'm all for sharing information and forwarding on good links and resources. But it comes down to how the person offering you these resources represents themselves. So next time you receive an exclusive gift that's only being shared because you're on someone's newsletter list - or if you are being asked to pay for something you could get for free - read between the lines.
Are they truly sharing a useful resource, or are they implying they are giving you access to something exclusive that you should pay for? Just do a Google search just to see how "special" that gift really is.
- Posted by Valerie Khoo at 12:01 PM
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Should I stay or should I go?
Most entrepreneurs are passionate people. When it comes to a belief in their product or service, you often can't go beyond the single-minded commitment of an entrepreneur who wants to see their idea come to fruition. Without this tenacity, many businesses and ideas simply would not get off the ground. But do you come to a point when you should simply let go? Is there a stage where your determination turns into obsession - or stubbornness - and no longer makes senses from a business point of view?
Some motivational speakers out there will tell you to persist. They'll tell you stories about how Edison tried 1,000 times to make a lightbulb until he succeeded. Edison persisted, reportedly saying "I have not failed. I have successfully discovered 999 ways to NOT make a light bulb."
Or they'll regale you with stories of Sir Edmund Hillary's conquest of Mount Everest. "Imagine if he gave up," they say. "He would never have achieved the summit."
While I agree that entrepreneurs need to have a focus on their goals - often bordering on obsession - sometimes, you can be wasting time and energy on a project that isn't worth the effort. Your focus could be better spent on something that's going to reap you greater rewards. So how do you determine if your energies are better directed elsewhere? more
- Posted by Valerie Khoo at 1:28 PM
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How to design your business around your life
I'm in Hobart right now and I was walking around Battery Point when I came across a sign that said: "Closed this weekend for family engagement. C U next week." I thought it was a brave move. The owners decided to close the store, which was located in a busy area, because they had something else to do. It made me wonder why they didn't line up some "fill in" staff for the day. Or perhaps they had staff that were willing, but no systems for them to follow.
Then again, maybe the owners simply don't think it's a priority to open their store all the time. Perhaps they want the flexibility to shut, as and when they feel like it. As small business entrepreneurs, we are often trapped into the idea that we have to conform to what customers expect of us. Or that we have to offer the same products or service as our competitors. Or that we need to live up to certain expectations or benchmarks.
While some of that might be true, it's important to remember that your business should be designed to set you free - not tie you down. Some entrepreneurs say they go into business because they want flexibility to work the hours they want - only to find they are working the hours their customers want, and then some.
The reality is that it's your business. So you should be able to do whatever you want with it. The key is to structure it right from the very beginning. How do you do this? more
- Posted by Valerie Khoo at 7:46 AM
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Package your knowledge
You may have more to offer than you think. As a small business owner, you have expertise in your particular area, but you also have expertise in running a business. And you might be able to package this knowledge as a product/service. So what exactly am I talking about?
I was chatting to a friend of mine, Noel, who runs a graphic design studio. His business is doing well and his client funnel is always full. In fact, he's so successful that other creative studios often ask him for tips on how to run their businesses.
Tap into your expertise
Noel realised that he can offer advice to other creative studios - advice they would be willing to pay for. So now he has two businesses - his graphic design studio and a consulting arm that helps other businesses with the systems and processes they need to emulate his success.
If you're wondering if he's worried about cannibalising his own business, he just ensures that he consults to creative businesses that are different enough to his own so they are not competition.
Similarly, I spoke to a woman who was a nutritionist. As a nutritionist, her practice was so successful that other health professionals came to her for advice. They asked her to consult to them on how their practices could be as successful. After a while, half her clients came to her for nutrition advice and the other half wanted business consulting. These days, she focuses solely on business consulting - helping business owners attract clients - and has stopped dispensing nutrition advice altogether.
Knowledge by default
So ask yourself: do I have a body of knowledge by default? We can often be so caught up in our core business that we ignore the fact that, over time, we've become experts in something else.
Perhaps you run a store and you've worked out a great system to keep track of your inventory. Could this be something you could package and sell? There may be hundreds - or thousands - of new store owners who may be happy to pay for your tried-and-true system.
Or perhaps you're a florist that offers home delivery. Over time, you've worked out an efficient way to plan customer deliveries, how to pack them in a van, and which flowers needs to be delivered earlier because they'll wilt. A new florist would value this information.
Typically, you will be consulting to newer players in your industry as they are the ones who will be hungry for your pearls of wisdom. But once you develop a name for yourself, don't be surprised if more experienced entrepreneurs come to you for advice too.
Anyhow, it's something to consider. If you find yourself offering advice on an ad hoc basis, maybe it's time to package it. The person you are helping gets more structured help, it's a more efficient use of your time - and you get paid to boot.
- Posted by Valerie Khoo at 10:35 AM
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The power of effective email newsletters
Does your business have an email newsletter or some kind of regular communication to customers? If not, this can be a powerful tool to boost your business and communicate with the very people who are paying for your product or service. However, it's not just a matter of flogging your wares every time you send out an email newsletter. Customers can easily get turned off if you write an email newsletter that's all about selling. If that's all they want, they can just go into your store or visit your website.
However, if you have an effective and truly useful email newsletter, this is something customers look forward to receiving. It positions you as an expert and keeps the flow of communication between you and your customers open. So when they are ready to buy or are in the market for whatever you are offering, you are top of mind.
Build a following
I discovered a power of effective email newsletters about six years ago when I travelled overseas for an extended period to set up a social enterprise to help disadvantaged people in poverty. Initially, it started as a simple email to family and friends - it included tales of eating weird food, falling off motorbikes and trying to communicate in another language. I also included updates on the project I was working on. It wasn't long before the initial group of 50 or so recipients grew to nearly 3000 as people from all over the world asked to join the list.
That's when I realised that email newsletters are such a powerful medium. I now use them in all my businesses. But how do you make an email newsletter effective - something that your customers will open and read instead of press delete when it arrives in their inbox. more
- Posted by Valerie Khoo at 11:05 AM
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Are you using your free marketing "real estate"?
Promoting your business can be a lot of hard work. But there is a lot of free marketing "real estate" you can take advantage of. And most of it is right under your nose. It doesn't cost a fortune - sometimes, it doesn't cost a cent. So what am I talking about? more
- Posted by Valerie Khoo at 10:53 AM
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Are your staff representing your views and values?
When you run a small business, it's important that your staff represent your views and values. Of course, I don't mean that you want them to be clones of yourself, spouting your messages verbatim. But it's important that your staff reflect the culture and "vibe" you've worked so hard to create.
Recently, I went to cancel my gym membership at Fitness First. I handed in my notification to cancel in writing but, because it was a weekend, I was told that I also had to return during the week so that "someone from customer care" could talk to me. I duly returned during the week but was told that the person from customer care was unavailable because she was so busy doing the paperwork for all the cancelled memberships. The person at the gym's reception said: "We've had so many cancellations lately, so she's pretty busy."
I appreciated her honesty and realised that I wasn't the only one who wanted to cancel. But I'm sure that her managers probably would have preferred she wasn't quite so candid.
How can you ensure communication from your staff is in line with your key messages?
1. Develop a series of FAQs
Ensure you have an internal FAQ (frequently asked questions) document so that frequent customer queries are responded to accurately by staff - particularly new staff - and they don't have to second guess the answer. In all my businesses, we compile customer FAQs so that customers receive a consistent message from all members of staff.
2. Live your values
If you want your staff to be committed to exceptional customer service, this has got to come from the top. So walk the walk, and talk the talk. Set an example because then your staff will know what your standards are.
3. Create a culture your staff are proud to be part of
I know that this is easier said than done. And no matter what, sometimes there are employees who just aren't part of the team - and don't care about the ethos of the business. But, wherever possible, try and instill a sense of ownership among staff - so that they know they play a crucial part in the business. When people feel like they are making a difference, this is invaluable.
If you have other thoughts on how to ensure your staff reflect the value of your business, let us know here.
- Posted by Valerie Khoo at 3:40 PM
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Do customers actually use your website?
We all know that having a website it important, but does yours actually do a good job? Do your prospects use it and what do they like reading the most? Unless you're psychic, it can be hard to tell what your prospects find appealing on your website. If you can figure this out, you can tweak your website to suit their behaviour, thus maximising results. But there is a way you can be the proverbial fly on the wall when your prospects view your website.
Recently I've tried Crazy Egg. It's kind of like being able to look over someone's shoulder to see what they click on your website. It gives you an idea of what the most popular sections are. It can aggregate this information, tells you how many people have visited and where they've come from.
Of course, you can get information like number of site visitors and how they got there for free from Google Analytics, but Crazy Egg goes one step further to show you what they actually read and where they click on your website.
This is useful information because you can then work out which headings they find most appealing. Or which side of the webpage they seem to gravitate to.
Here's just one of the screenshots it provides. You can see that the white spots show the most popular clicks by website readers. I got this information only a couple of hours after signing up for the service.
The best part about Crazy Egg is that it's free. And yet it gives you invaluable advice. Admittedly, this only allows you to track four pages of your website. However, you can pay to track more than four pages. I can see myself getting addicted to this.
Many business owners know that a website is important. But they create it - and then they set and forget. However, a website needs to be dynamic in order to encourage people to return. This tool can help you work out what works for your prospects and enables you to tweak your website accordingly. Have fun.
- Posted by Valerie Khoo at 9:16 AM
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Are you experiencing entrepreneurial flow?
Sometimes, running your business can seem like such a huge effort. Other times, it's as if you're in the zone. That's when you're experiencing your entrepreneurial flow. Of course, this isn't just the domain of entrepreneurs - athletes and other high performers can get to that state as well. But how do you maximise the amount of time possible where your ideas and actions just flow?
That was the topic of peak performance specialist Dr Adam Fraser at yesterday's Last Thursday Club function in Sydney. If you haven't yet attended the Last Thursday Club, this is a dynamic monthly networking event catering mainly to entrepreneurs. more
- Posted by Valerie Khoo at 12:30 PM
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The 4 traits for entrepreneurial success
This week, entrepreneur Siimon Reynolds spoke about the four traits for entrepreneurial success. Reynolds gained prominence in the advertising world when he became a creative director at a major advertising firm at 21. He then when on to found a series of media-related companies and other businesses including an anti-aging clinic. He now runs the Photon Group.
Talking at a networking function for small business owners run by the City of Sydney and Clearly Business, here's a summary of what he identifies as the four essential traits. more
- Posted by Valerie Khoo at 11:19 AM
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