ABEL Blog

Jump on the business scale

Ed Abel — Tue, 03 Jan 2012 14:18:49 +0000

Getting a handle on your current business situation helps you create a benchmark of where you are right now. From that mark, you get clear about what IS working, and what is NOT working.

It's like losing weight. Once you decide you want to lose weight, you start by weighing yourself. That's your starting point - or benchmark. It gives you an objective, initial measure against which you can track and measure your success. From there you do the work to lose weight - make healthier meals, exercise more, reduce your time in front of the television, and so on.

Now, of course, you can't just place your business on a scale to get a quick and easy measure of your starting point. But you can look at key indicators such as:

Current Revenue
Number of active clients
Number of potential clients
How you are spending your time

By determining the status of your business NOW, you create a starting point for yourself.

With the start of a new year, now is the time for you to evaluate your current business situation. Take a few moments to evaluate the current state of your business by completing these statements:

My gross revenue for last month was...
My gross revenue for the past 6 months was...
The number of active clients is...
The number of potential clients is...

If there is a different factor you want to measure, include that, as well. For example, if you wanted to lose weight, you are not limited to benchmarking your weight with a scale. You can also benchmark your waist size or the size of your current wardrobe.

Do this exercise at the start of each quarter throughout this year. It will give you a clear picture on your progress with developing your business.

Keep Your Brand Visible

Ed Abel — Thu, 22 Dec 2011 15:24:02 +0000

Now more than ever, keeping your brand visible is synonymous with growing and sustaining a strong, successful business. Staying visible keeps your brand on your target market's mind, and increases the likelihood of an individual choosing to contact you over your competition. So how do you keep your brand visible? One of the best ways is through the art of repetition.

We'll start with an example: how often during an average day do you see a Coca Cola sign? It's on vending machines, billboards, buses, and TV. Coca Cola is a sponsor at many music, charity and sporting events and it's arguably one of the most recognizable brands today. That red can and signature cursive lettering are synonymous with carbonated beverages, burgers and fries, and wholesome good times. When you ask for a soda, chances are good that what you really ask for, is a Coke. And you see that Coca Cola logo everywhere.

The point of this example is Coca Cola has done an unrivaled job of keeping its brand visible since its inception in the 1940's. And as a reward it's earned itself billions of loyal coke drinkers and a name that's synonymous with its industry. As a solo-based business owner you can't be expected to emulate Coca Cola's visibility success, but you can take some cues from their strategy.

For example, become synonymous with your industry in whatever way you can. Even though you're not investing millions of dollars in advertisements (just yet!), you can start by making sure your name is present on every industry forum, experts page, blog, or Facebook conversation that pertains to your specialty. Attend industry events, join industry associations, continue networking, and get your blogs published on other industry websites.

Another idea is to use your business name as a sponsor for a charity. You can raise money for the charity through your business website, and your philanthropic efforts will be noticed and appreciated by everyone in your network. While staying visible and active in your community, you'll also have the opportunity to meet new prospects you may not have run into otherwise.

Through a bit of research you will be able to find a plethora of other inexpensive, "stay visible" ideas. As long as you make staying visible a priority in your business strategy, you will continue to grow stronger and attract more clients.

A Critical Tool In Your Quiver

Ed Abel — Thu, 22 Dec 2011 14:16:01 +0000

A 1-Page Website Vs. The Paper Brochure

Whether you will be more successful with a traditional paper brochure or a one-page website depends entirely on the nature of your business and the target market you hope to reach. While brochures may be ideal in some cases, you may find a one-page website suits your needs most of the time. Or, you may opt for a hybrid approach, using a one-page website primarily, but also having paper brochures on hand for when you travel.

First, let's talk about the traditional paper brochure. A brochure is essentially an expanded business card that explains your business and your services in a paper-based format. A paper brochure is ideal when you want to be able to give a prospect something by which to remember you, without first directing them to your website. For example, if you're speaking at an event and someone comes up to you and wants to learn more, it would be ideal to give them a brochure so they can start learning more right away, instead of waiting until they can get to their computer.

An example of a standard 3-fold brochure. Get creative, think outside the box!

Brochures also might be the best route for businesses that target clients who do not have Internet access or prefer paper-based resources. For example, if your business caters to senior citizens, that demographic is less likely to be computer savvy than younger generations. If this is the case, a brochure is probably a necessity.

While the traditional paper brochure offers certain advantages, a website that's at least on page is nearly a necessity in today's business world. Every business that caters to a target market who spends time using the computer should - at a minimum - have a succinct, clean, one-page website that acts exactly like a brochure would, only it's housed on the Internet.

Because this option lives on the Internet, it also has some distinct advantages. First, anyone can find your one-page website by performing a search or typing in your domain. Second, the one-page website can offer links to additional resources and information at the click of the button. And finally, you can constantly edit and update your one-page website, without incurring printing costs. It's much more eco-friendly than the paper brochure, and it's much more convenient for the individual who uses the computer often.

Example of a 1-page website. Note all the critical contact information

Remember to think about your target market when you're deciding which route to choose. Ask yourself: does my ideal client prefer the convenience of finding things online, or would he or she rather have a brochure to look through?

Although each option presents its advantages, most businesses will benefit from using a hybrid approach. For example, you may find that you prefer having a one-page website that people can find easily, and having a few paper brochures on hand for events and speaking engagements.

Which do you feel is best for your own business?

Going Beyond A Holiday Card

Ed Abel — Thu, 15 Dec 2011 14:27:45 +0000

How many holiday cards do you receive each year? I bet you get a few from clients, friends and family. But, I bet you get even more from the vendors providing products and services to your business (we sure do). How many of those cards do you actually remember and (more so) truly appreciate receiving?

Holiday cards have become such a standard that they have lost much of the impact they had in years past. It's much more challenging to get beyond a "oh-hum, another holiday card" reaction.

So, if your company wants to send a holiday greeting and acknowledge appreciation for a great year to your customers/clients (and, holiday cards don't cut it like they use to), what are you to do?

Here are a few ideas:

Idea 1: Send a greeting outside of the December holiday season. We sent out Thanksgiving cards this year. Last year, we did a New Years Celebration card. Perhaps make up your own holiday, like "January Thaw Day."

Idea 2: Rather than sending a card, send something that has a useful value beyond the greeting. This year, one of our team members received a "Holiday TV Family Listings" from his credit union. It listed every holiday related program, on all channels, with dates and times. If you have kids, you know that you're keeping that around for a few weeks.

Holiday Family Guide - A thoughtful holiday greeting that provides a
tangible use beyond the greeting.

Idea 3: If your budget can afford it, send them something that has a useful value year-round, such as branded coffee mugs, mouse pads, calendars or flashlights.

People appreciate useful items. If your company's name is visible on those items, you not only receive the benefit of your customer/client receiving an appreciated gift, you also further strengthen your brand visibility.

You may even consider shifting some of your yearly advertising budget towards holiday greeting items that have a useful value.

More people can recall a brand printed on a promotion product than a brand
observed on a traditional advertisement.

In a 2009 survey, it was revealed that 76% of respondents could recall the company name on a promotional product they had received in the past 12 months … but only 53% could recall a single advertiser they’d seen in a magazine or newspaper in the past week. Depending on your marketing strategy, tangible and useful promotional items can provide a bigger bang-for-the-buck.

What other ideas do you have for an outside-the-box holiday greeting?

Competitive Sport of Business

Ed Abel — Thu, 08 Dec 2011 17:49:40 +0000

In most cases you will know who your competitors are before you form your business, other times competitors will rise out of your business' growth and success. It's a simple fact that all businesses will face competition.

Consider McDonald's fast-food restaurants. Who is their competition? Is it high-end hamburger joints, other fast-food restaurants, or the parent who makes hamburgers at home? Or is it all of them?

Consider Massage Envy, a spa service that delivers affordably-priced massages. Who is their competition? Is it the high-end spas, the thousands of independent masseuses and masseurs, the chair massage services that are popping up in malls and airports across the country, or the spouse that likes to give his/her partner a back rub on Saturday nights?

If you own a car wash, don't overlook the guy who gets a rag and a bucket of soapy water, and washes his car at home each weekend. He's part of your competition. If you are an accountant, don't overlook the do-it-yourselfers who use electronic tax-preparation software at home. They are your competition.

Knowing who your competition is can help you clarify how, where, and when you market and sell your services. There are five key indicators that will help you pinpoint your competition:

Physical location

Niche/specialty

Services offered

Relevancy

Availability

It will be easier to know if your business can be competitive when you know the options that are currently available to your target market. Let's examine the first two a bit more closely:

Physical Location: This means the actual physical proximity within which you operate and engage in business with your clients: the city, neighborhood, street and even position on the block or floor in a building. Each can have an effect on your business.
Niche or Specialty: How is your business specialized within your larger industry? What is the actual focus of your services? This is your niche or specialty.

Learning about your competitors sheds light on who your real competitors are, helps you to make informed decisions and reduces your struggle when trying to figure out how and where to find clients.

This week, take some time to uncover your local competitors. Perform some quick research by identifying other local businesses that are similar to yours. Use an internet mapping site to search by ZIP code. For example, by typing "executive coach 10010" into the search field, MapQuest or Google Maps will plot all the responses for you, giving you a visual reference. Broaden your range if you perform most of your services by telephone, email or Internet.

We Are All In The Business of Making Relationships

Ed Abel — Wed, 30 Nov 2011 16:38:38 +0000

Business is ALL about relationships... what are you doing to foster strong relationships with those who will help your business (clients, referral sources or vendors)?

Check out this short video of Ed Abel sharing some helpful tips for developing relationships that will bring lasting value to your business.

Effective Emails Are a Craft

Ed Abel — Tue, 22 Nov 2011 14:42:29 +0000

Email communication is a way of life in the modern business world. With each email you send, you have an opportunity to enhance and further develop your business relationships.

Check out this quick video of Ed Abel explaining some simple tips to ensure that you are effectively crafting email messages that will build solid business relationships.

Support Your Local Businesses - Small Business Saturday, Nov. 26th

Ed Abel — Fri, 18 Nov 2011 15:39:02 +0000

We're all familiar with Black Friday - an un-official day that has celebrated our retail businesses for over 35 years. Black Friday, originally noted in 1966, describes a less than pleasant experience in Philadelphia by the Police as the streets became crowded and a disaster for traffic due to Christmas shopping. In the early ‘80's the term Black Friday was gaining in popularity but to describe an event where retailers were starting to make a profit for the year and were "in the black". For about a decade, Black Friday has been regarded as the single most profitable day of the year.

Jump forward to the year 2005, and in comes Cyber Monday. The term "Cyber Monday" was coined after research showed 78% of online retailers showing significant increase in sales on the Monday after Thanksgiving. New York Times reported that "The name Cyber Monday grew out of the observation that millions of otherwise productive working Americans, fresh off a Thanksgiving weekend of window shopping, were returning to high-speed Internet connections at work Monday and buying what they liked."

The retail industry has had success over the past decade coining these days as big shopping days and getting consumers in the mood to shop. While all retailers feel the increase of the Holidays in their profit margins, the one segment that hasn't had their own "day" to celebrate is the Small Business segment....until now.

Last year American Express created Small Business Saturday. After putting a significant amount of support behind the idea through nationwide radio and TV advertising and public relations and a social media campaign, the word spread quickly. American Express bought advertising inventory on Facebook and then gave it to its small business clients who could use it to advertise their specials. This year, the 2nd Annual Small Business Saturday has garnered almost 2.25 million Facebook "Likes" with a pledge button for people to pledge to shop small on November 26th (visit the Facebook page to make your own pledge).

So, after you suffer through the Turkey-coma and if you plan on attacking the Christmas list during the biggest shopping days of the year, please consider shopping small and shopping local - the boutique store you drive or walk by every day, the family-run hardware store in the shopping plaza in town, or the toy store you never go in because it's slightly less convenient than going to an all-in-one store.Take it one step further and spread the word on your blog, Facebook page, or Twitter (#SmallBusinessSaturday).

Now more than ever, the economy needs to see the power behind the small business. After all, it's what many business owners aspire to have - a business that is sustainable, profitable, and independent. Support your local independent business and help them to Thrive! Who knows, maybe it could turn in to a positive networking opportunity!

6 P's Are The Keys To Success

Ed Abel — Thu, 03 Nov 2011 16:21:30 +0000

You have the best products, the best services, and a prime location. So why might your business be failing? You have everything a successful business needs, but your business, along with your life, feels like it is lacking. What you are missing are interrelated keys to a successful business as well as a successful life called "The Six P's" - passion, patience, persistence, positive attitude, planning, and practice. You are who you are, inside and outside of your business. Therefore you need to incorporate these important keys to success in all aspects of your life to make your business successful.

Passion is a highly integral part of a successful business. It is important to be doing something you are passionate about. Even if where you are is not where you want to be you need to have passion for that end result. Know exactly why you wake up each morning and surround yourself with people you want to work with. Managing a business as well as life in general can distract you from your original goals so remember to stay connected to your passion.

Patience is said to be a virtue. As a new business, gathering clients and achieving your long term goals can be a tedious process. Although we want that instant gratification, results take time. Also remember that even though you expect a proposal to be returned within a few days, those reviewing it expect to return it within the week. You are not the only business owner with a busy schedule. If you are frustrated, have a few relaxing tactics ready to use to bring that much needed patience back into your life.

Persistence is essential to your business. If your business is worth pursuing, you will stay with it through the bad times. Very few ventures that have paid off in the end succeeded on the first try. The emphasis is on keeping your same goal but changing the methods used to reach it. Use the patience you have learned and do not give up on that deal too early.

Having a positive attitude can make all the difference. Potential clients are not going to want to conduct business with someone who comes off as negative or grumpy. Surround yourself with positive people and find opportunities in every situation, both good and bad.

Planning can leverage how you use your time, money, and resources. Separate the year into separate blocks that work for your business and plan for those individual blocks each time. This will reduce spending, save time, and make sure that you are not wasting valuable resources. By knowing exactly what to expect out of, for example, the next 90 days, you can keep you and your business on schedule.

Practice is the final key to a successful business. No matter what you do or how good you are at your job, there is always room for improvement. Clients are reassured by someone who not only knows what they are doing but also by someone who is increasing their efficiency.

The keys to a successful business are simple. By incorporating these six simple steps you are not only improving your business but you are improving your life.

With so much to think about, don't neglect the sale!

Ed Abel — Thu, 27 Oct 2011 15:08:53 +0000

You have marketed, networked, and socialized for months, making your presence known in a number of circles. Finally, you have some serious potential clients looking into your services. You might have them hooked, but how do you reel them in? If you do not pitch your sale properly, you will lose budding relationships more quickly than you would think possible. It is important to remember that the customer only buys when they want or need something. By following a solid sales process, you can close the deal, and even if you do not make a sale you can further relationships for future transactions.

To successfully make a sale, you must cater to the customer's wants and needs. Your main goal is to create desire for your service in the mind of the client by discussing the benefits of your product as they relate to that client's needs and wants. The benefits of your services are what make the features of your product different from your competitor's. Do not assume that your customer sees the benefits as clearly as you do. Explain clearly and specifically why your product is something to be preferred.

Owning a small business takes a great amount of patience, and the sales process takes time. There are three different phases to the sales process: the presale, the sales conversation, and the follow up and deliver.

During the presale phase, you are marketing your product as much as you possibly can. This is where you are networking, socializing, attending association meetings, speaking, and doing anything else that can lead you to a potential buyer.

The sales conversation has various steps and relies on direct contact with the potential buyer.

Establish a relationship; it is easier to do business with a friend rather than a stranger.
Discuss the needs of your customer by asking open-ended questions. By learning what the customer wants you can make a more targeted sales pitch.
Discuss the benefits of your product. As previously mentioned you need to clearly define what makes your product better than the competitor's.
Discuss the next step. If your customer is not looking to buy at that moment, give them information for when they are ready to buy so you will be the first person they call. If your customer is looking to buy, do everything you can to go above their expectations to keep them coming back. Either way you need to keep building the relationship with that customer.

The last phase is to follow up and deliver. Be certain that if your customer did make use of your services or product that they are pleased with the results.

The sales process is not always about making a sale. Similar to other aspects of growing your small business, the most important action you take is establishing and continuing the relationship with your client. Even if they do not make use of your product now, they will be impressed by your excellent customer service and they will keep you in mind.