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Strategies to Grow Your Small Business During Challenging Times

by Small Biz Ace ~ October 15th, 2008

I’m taking a different approach to my Blog posts for the next 16 weeks.  Instead of me telling you what you should be doing to grow your company, expand your business, find new customers, blah blah blah.  I’m going to tell you what I’m doing to grow our parent company RoaDDoggZ productions.

Like many of you who read this Blog RoaDDoggZ productions is a certified minority owned  small business that produces corporate videos and corporate events.  We have two lines of income from producing events and video production.  However, we face many of the same challenges that other small businesses face especially with corporate budget cutbacks.  So as we face and plan for the future it occurred to us that we’ve been down this path before

I started my first business an employee leasing company back in the recession of 1992 and in three years I grew that business to more than $4.5 million in sales received a bunch of awards, press yada yada yada.  Well now RoaDDoggZ productions is at a similar point.  Uncertain economic conditions is the best time to separate us from the pack and become the leader in our industry.

I know what strategies will work in this climate because I have the experience of doing it before so instead of me just talking about what should be done or what you could do to increase your sales in these roller coaster times, I’m going to report what I plan on doing every week and the outcome of those plans. Yes this change was inspired by my close friend Andrew Morrison host of the 16 Week Challenge TV Show.

My first strategy is to increase our marketing output.  We have been successful on word of mouth and networking within specific organizations but there is more that we will do.   Many business publications report that you should maintain or increase your marketing budgets in recessionary times.

To increase our marketing output I don’t plan on spending money on postcard mailers, e-mail lists or advertising on TV.  My plan is to identify several media outlets in print and radio that have websites and partner with them.  I will provide a service that they can use to increase their revenues and in exchange I will get advertising space and a write up in their publications and websites.  The writeup is more valuable than the ads because PR is about other people blowing your horn for you.

My next strategy is to partner with companies that offer complementary products/services.  I have identified two companies that together we can provide a full suite of services.  This strategy when used properly can increase your sales without increasing your overhead.  The tricky part is to find companies that have a great reputation, customer service and is financially stable.

My third strategy is to start conducting workshops again.  Workshops was the number one way we grew our employee leasing business. We had to educate prospects on what employee leasing was before we could sell them on the concept. We created a series of workshops on employee leasing topics and gave away valuable information. In the end companies realized that we were better to handle their employee needs.

Now you may notice that these strategies are about giving something away for free.  That is the underlying strategy to success during these times. Giving something valuable away will allow you to receive something valuable in return.  “You can get everything you want in life by helping others get what they want.” Dale Carnegie.

You have my strategy, my specific goals for this week is to partner with one print and radio outlet, create two workshops to take place before the end of the year and partner with a complimentary service provider.

I’ll report my progress next week and if you have any ideas that we can implement please add them in the comments section.

Talk to you next week and remember:  “Successful People Do What Unsuccessful People Won’t Do.”

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5 Re-Focus Tips to Increase Your Income in Bad Times

by SB Guru ~ October 7th, 2008

I’m not concentrating on the economic climate that surrounds us these days because I’ve learned that economies are like roller coaster rides up and down and up and down.

However, I have implemented strategies to ensure a steady growth of income for our video production business in these uncertain times.  The strategies I implemented are called Re-Focus Strategies because in order for them to be successful you have to re-focus your thinking.

I learned last year that what you focus on becomes your reality and in order to change your reality you have change your focus.  An example is many people focus on losing weight. What happens when you lose something,  you want it back, and in many cases 75% of weight loss is gained back in 6 months.  How about a re-focus on getting rid of weight.  When we say I got rid of something we don’t usually want it back so the weight loss stays off.  In other words change the focus from losing weight to getting rid of weight.

Here are my 5 Re-Focus Tips for Increasing Your Income:

  • 1. Provide Solutions Instead of Solving Problems - Focusing on problems brings more problems. Approach your customers and prospects with providing solutions.  Learn what pains them and present how your product/service provides a solution. 
  • 2. Move Up Your Zip Code - If your current market is having difficulties affording your product/service then its time to repackage your offering for a more affluent market.
  • 3. Help People Purchase - I just received an e-mail from a company that produces high end computer workstations for the film/video industry.  Their e-mail was to inform me that they have credit plans to assist me with purchasing their equipment.  Help your clients buy your product/service by making it easier to pay.  We had a 50%  deposit and 50% due at the delivery of a video but we just signed two new clients by extending our payments across several months.
  • 4. Market More Not Less - Too often small business owners are looking to reduce their marketing efforts to conserve cash.  Wrong strategy! Lets re-focus on how we can market more with the same cash.  There are opportunities to acquire more marketing and advertising inventory without spending more money.  Talk with reps and see where the deals are.
  • 5. Increase Your Lines of Income Offering - We’re constantly talking with and listening to our clients and these conversations have led us to offer additional services that brings in income.  Adding additional lines of incomes from our clients provides us with additional income streams and solidify our client relationships.

There you have it my 5 tips to Re-focus because what you focus on becomes your reality so to change your reality change you focus.

Today’s quote: “To achieve what you never had, you must be willing to do what you have never done. “

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No Other Company Have a Swagga Like Mine

by Small Biz Ace ~ September 29th, 2008

There’s a popular Hip-Hop song rising up the charts called ” Swagga Like Us“ a song by rappers Jay-Z and T.I. featuring Kayne West and Lil Wayne. The chorus “No one on the corner have swagger like us” reminded me of the need to display my own Swagga in business.

Artists/entrepreneurs like Jay-Z, Puffy (Sean Combs) and Kanye West have shown a bravado or swagger in their lyrics and business successes.  Farnsworth Bentley former assistant to Puffy, TV Host and author of “Advance Your Swagger” attributes his accomplishment to one key equation: Manners + Confidence + Style = Swagger. That swagger is not limited to the Hip-Hop culture, any small business owner looking to raise their company to the next level should adopt a Swagger.

Adopting a swagger is exuding a confidence in your company and business skills. People who meet you know you’re the expert in your field.  When you speak you’re passionate, authoritative, you use power words and nothing is impossible to you.

Don’t feel like you’re there yet don’t worry we have some tips to help you get your Swagger.

  • Be the expert - Study your field, study your competitors, study your clients. Don’t ever assume you know enough. Subscribe to Google Alerts to stay on top of what’s happening in your industry and your client’s industries.  In order to speak with authority you have to know your stuff.
  • Go after the champ - Who’s the champ or leader in your industry?  You should be targeting that company. Remember Avis “We’re Number 2″ That was their challenge to Hertz. Avis placed a bulls’eye on Hertz and said we’re coming for you.  Business is all about competition so there’s nothing wrong with desiring to unseat the top company. Position yourself to become number one by learning everything about the number one company in your field, Learn their strengths, weaknesses and develop your differentiate advantages to unseat them as number one.
  • Stay Hungry - When a boxer is coming up and knocking out opponents in early rounds they say he’s hungry, he wants a shot at the champ. Winning the championship is only the beginning keeping that crown from all other hungry boxers is the challenge.  Don’t let achieving goals and success spoil you, want more, accomplish more.  Stay hungry and look for new challenges to keep your Swagger.
  • Play your theme song - In the movie “I’m Gonna Git You SuckaKennan Ivory Wayans‘ character Jack Spade has this exchange: Jack Spade: [looks at musicians] Who are these guys? John Spade: They’re my theme music. Every hero’s got to have some.  You’re the hero of your business so what’s your theme song?  What song motivates you, inspires you and you feel that you can conqueror the world when you hear it.  That’s your theme song so start everyday motivating yourself with your theme song. Make your ringtone your theme song so you’re constantly reminded of your  Swagger.
  • Infect your employees with Swaggaism - yes its a made up word but it fits.  The perception of your company is built by every contact your employees have.  Develop ways to motivate your staff so they’re excited about their work.  Let them play their theme songs before work so they feel their Swagga.  Share your goals with them and let them contribute to achieving the goals. An energized focused and committed staff will take your business to the number one spot.

Spend a month implementing these tactics and soon no one in business will have a  Swagger like you.

I want to thank my family, Mike Jones and Discover Leadership Training, my corporate mentor Theresa Harrison and my good friend Andrew Morrison for helping me get my Swagga back.

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If at Third You Don’t Succeed Try Another Approach

by SB Guru ~ September 27th, 2008

I don’t know when it happened but there came a day when I stopped being innovative about my business.  I believed that I was great at what I do and my methods were perfect.  I could turn on the creative anytime I wanted and wow clients.  I did the same things over and over and expected great results.

I was INSANE. My methods were insane. I had this insane habit of preparing a presentation to deliver to prospects by waiting until the last 24 - 48 hours to produce the presentation.  I would finish several hours before my meeting, rush in and give my presentation. In my mind it worked, I was better under pressure and I didn’t see the need to change.

I did a presentation in front of several fortune 100 corporations with two months to prepare, I did the same thing waited until the last two days to start preparing.  When I got the critique forms from the people I presented to one of the critiques was “a good presentation but you read from the screen too much.” Of course I read from the screen I finished the presentation at 10am and presented at 1:00pm.  But even that critique wasn’t enough to get me change my comfortable ways.

Eventually, with assistance with from Discover Leadership Training I learned that if I change my Modus Operandi, the way I do things, if I’m willing to step out of my safe zone, take risks and unleash the passion that I locked up I can achieve all of the success that is meant for me.  We’re all meant to be successful and each one of us have gifts that no one else on this earth have. But we have to step out of what makes us comfortable to achieve what we never had.

I got the message. I prepared a presentation a month ahead of time and practiced it in front of my corporate mentors.  I got great feedback made several changes and when I presented again, I was relaxed, calm, poised and able to focus on the client needs.  Taking the time to do something different and prepare early allowed me to present a GREAT presentation instead of a good one.

The lessons I learned are:

  • Change my focus change my outcome
  • The person in the mirror is responsible for the successes and failures in life
  • No real learning accures in my comfort zone
  • Successful People Do What Unsuccessful People Won’t Do

There are too many of us doing the same thing over and over expecting different results.  Step out of your comfort zone.  Push yourself to achieve the big goals.  Attempt new and innovative ways to achieve your goals.  Because as I learned the things that make you successful can make you unsuccessful.

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Wanna Prosper in Tough Economic Times Invest in a Healthy Passion

by SB Guru ~ September 24th, 2008

I have several successful business friends that aren’t talking about the economic climate and there are no signs that what’s happening with our economy is affecting them.  Our conversations are about closing new business, new deals being made and our non work passions.

The one thing that I’ve noticed about us is that we all have a passion that is not business related and allows us to rid our body of stress.  I started down this path two years ago when several of my buddies were training to run in the NYC marathon.  I have another friend that’s into martial arts and meditation and I began to notice their stress level is always low even when things were falling apart around them.

I’ve talked about running a marathon which was a Sunday morning conversation because I was never passionate about running.  My answer came from my neighbor who goes mountain bike riding.  He had a bike that he was getting rid of in order to buy a new bike.  I took the old mountain bike and few weeks later I found my healthy passion.

Bike riding is assisting me in keeping healthy, reducing stress and providing creative energy which I need to solve work related issues.

The media has done an excellent job of informing us about how bad things are and can be.  If you’re going to get through the tough times in your life, ensure that you have a healthy passion to redirect your focus.

You can develop a healthy passion by:

  • Finding a non work related activity that motivates you.
  • Engaging in physical activity at least three times a week
  • Turning off business thinking and spend time with the people you love

To get a good idea of  your body’s actual age, take the Real Age Test at RealAge.com.  the test will tell you how old your body is and assist you with developing a healthier lifestyle.

If you’re feeling stressed and anxiety about the future of your business, distract yourself by engaging in a healthy passion.  You’ll be in a better state for doing it.

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