Monthly Archives: March 2011

Mar 19 2011

Five Common Startup Money Mistakes

It’s easy to go wrong when mapping out financials for a new venture. Here’s how to avoid some typical potholes.

Figuring out the financial details of a new venture can seem a mix of aspiration (How much I’d like to make. . .) and folly (I need borrow how much?). But writing down numbers on paper and as accurately as possible is important. It can provide a map to show where you are trying to go and what it will take to get there. It can also reassure investors, employees and yourself that you thought things through, did your research and have a realistic view of what your business needs.

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Mar 15 2011

6 Sure Ways to Increase Sales

Shift Your Sales Focus for Increased Sales

Want to increase sales dramatically? Then shift your sales focus from attracting new customers to enticing your proven customers to buy again. The best sales prospect is a prospect that’s already converted – in other words, one of your current customers.

Think of it this way; if your business is located in a small town with a population of 1000 people and you sell a sprocket to everyone in that town, man, woman, and child, you’ve sold 1000 sprockets – and saturated your market. Your sprocket selling days are over. Is it time to pack up and move on?

No! If you start focusing your sales efforts on your proven customers, you’ll be able to increase your sprocket sales

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Mar 15 2011

Marketing or Selling – – Which is more important?

Sales Leads Only Matter if They Convert Into Sales

A question I often get from clients and students goes something like this: “I’ve been collecting marketing ideas… and I have a drawer full! I also have a stack of promising sales leads I’ve accumulated. And I know it’s important to stay visible, so I do a lot of networking, but then I just end up with more names in the stack. How do I prioritize all this?”

If you’ve ever wondered something similar,

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Mar 15 2011

From Rock Bottom to Rebirth

How a commercial graphics company discovered new markets for a business rebound.

It was 2007, and Valley Screen Process Co. was riding high. The Mishawaka, Ind.-based commercial graphics firm, which provides businesses with decorative markings for their products, had a growing stable of clients in the booming recreational vehicle and marine industries. The company enjoyed 10% growth each year since 2001, increasing its employee count from 50 to 75 in that six-year period.

But when the credit crunch hit in 2008 and the bottom fell out of the RV market, Valley Screen would not be far behind.

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Mar 15 2011

Most active Nasdaq-traded stocks

A look at Nasdaq 10 most-active stocks at the close of trading:

Cell Therapeutics Inc. rose 6.0 percent to $.32 with 41,758,900 shares traded.

Cisco Systems Inc. fell .6 percent to $17.85 with 44,023,200 shares traded.

Dell Inc. fell 2.0 percent to $14.97 with 18,719,400 shares traded.

 

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Mar 15 2011

Lessons from Entrepreneurs Who Beat the Odds

Most businesses don’t last more than a few years. Meet three scrappy entrepreneurs who describe how they reached three-, five-, and 10-year benchmarks

The statistics surrounding the survival rate for small businesses have long been subject to fervid debate. Depending on who you’re talking to, the predicted life span for a startup can elicit grim to cautiously optimistic responses. One commonly cited figure is that half of all businesses go under in the first year while 95% fail within the first five years. According to a study done by the Small Business Administration, two-thirds of all new small business survive the first two years but only 44% will still be operating by year four.

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Mar 15 2011

Smart Marketing Without Added Expense

Although many business owners are still hesitant to move away from snail mail or the phone for marketing, others are rapidly discovering that e-mail marketing is one of the most effective ways to generate sales. Research conducted in 2009 by the Direct Marketing Assn. found that e-mail outperforms all other forms of direct marketing. If you’re new to e-mail marketing or want to crank it up a notch, here are three tips to help you build and grow your e-mail marketing list without having to look for additional budget.

1. Leverage the marketing programs you already have in place. No one can opt in if they don’t know you have valuable information to share, so don’t forget to:

• Include a line in your e-mail that links to the sign-up page on your website.

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Mar 11 2011

Young and in Charge

Young entrepreneurs can earn client trust and establish credibility.

Even if you’re a young college entrepreneur at the top of your game, you probably still need to persuade potential clients to look beyond your age and give you a chance. When your company deals with highly technical information or requires specialized knowledge, it can be that much harder to get potential customers to trust you.

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Mar 11 2011

Boot Camps for Entrepreneurs

These programs can provide you with the tools you’ll need before seeking out investors for your startup.

If you’re a first-time entrepreneur with a business idea, you probably need to do a lot of research and planning before you’re able to persuade anyone — banks, angels, friends or family members — to give you funding.

Startup boot camps can help. Their sole purpose is to teach you how to write a business plan and to take hard look at your financial needs and prospects. It’s also a chance to address the shortcomings in your idea and develop answers to the tough questions anyone would ask before handing you money. These programs may take place over a weekend, several weeks or even a few months.

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Mar 11 2011

10 Business Investments to Make Now

Business owners reveal the expenditures that paid off — big-time.

Salaries, technology, supplies. Every day, you spend money and time on yourbusiness. But do you know which investments are giving you the most bang for your buck?

Taking a close look at what is actually helping your business grow and generate revenue can help you make wiser decisions that pay off for your company.

Here are 10 of the top investments in which business owners can get the best return for their money.