Strategic Business Tips from Kim Beasley

Archive for the ‘Entrepreneur’ Category

Have you determined that in 2010, you are going to develop your online presence with a website? Are you a coach who needs to enhance your online presence but need assistance or guidance in doing this? If your answer is “yes”, I have a few things to share with you that will help you develop your online presence.

The image below shows a suggested process that
you can follow to enhance your online presence

Below are a few suggestions that would be good for coaches to implement to enhance their online presence during 2010:

• One of the things that you, as a coach, should implement is a membership website. With a membership website, you can create interactivity between you and those you mentor.
• Implement a social media plan that is integrating into your website. Research your industry and target market to determine which social media websites are used the most and then determine how you can incorporate social media into your business.
• Create products that you can either give away or sell to your target audience. Things you can use for products are: recorded teleseminars, blog posts, or even a PowerPoint presentation. You can use pretty much anything that allows you to share your knowledge or information.
• Setup Google alerts to monitor your online presence. Add your keywords, your name, and your business to your alerts so that you can be notified whenever they show up in search engines.
• If you have video or PowerPoint presentations that you can change into video, think about setting up a YouTube account and sharing your information there. This is a good way for you to allow your message to reach the masses along with adding viral marketing to your online presence.
• Integrate Google Analytics or monitoring code into your website so that you can always be aware of how your website traffic is trending.

Pro Membership Services is running a special for coaches to help them develop their online presence with a WordPress website or by integrating social media into their online presence. For more details, check out “WordPress Website Special for Coaches“.

Did your business struggle to survive in 2009? Are you looking for a way to add growth to your business in 2010? Then let me suggest that you take a look into “cross marketing” with at least one other business owner.

An example of cross marketing can be seen in the picture to the left. As you can see, these are products that have been associated with the gaming system product called Wii Fit. You can see towels and a sweat band, which are things that you might need if you are using Wii Fit to workout.

So for 2010, let me help you think of ways that you can add cross marketing to your business plan. Below are a few steps that can help you get started as you determine how to find your ideal cross marketing partner.

• Create a list of the type of businesses you would like to cross market with
• Determine where you will search for your potential cross marketing partner
• Monitor your progress to determine were you are most successful
• Create an agreement with those that you identify as potential cross marketing partners.

According to CrossMarketingPartners.com,

Cross Marketing is the process of connecting with at least one other business owner and collaborating through joint ventures to help each other grow your business and market to each others customer base.

As you develop and implement your business plan for 2010, keep in mind that by adding cross marketing, you can grow your realm of connecting with potential customers.

With the New Year starting today, I decided to start a new month-long series to help business owners find different ways to grow their businesses. During this month, I will share different tips that will help you to not only grow your business but also manage its growth.

Some of the topics that I plan on covering this month are:

• Cross marketing
• Social media
• Business management
• Virtual support teams
• Blogging

As I share these tips, I want to encourage you to respond with a comment about how they have helped you with your business or share additional information of how you currently are using the chosen topic. I’m looking forward to hearing of great things for everyone.

What I want to know is…what are your top 10 goals for 2010 that you have planned for your business? Have you made any plans for your personal strategy in the coming year? Have you started your 2010 strategy plan? If not, then you still have time to start your planning.

As you look forward to where you want to take your business and be personally in 2010, don’t let it over stress you. Take some time this week to think about all that you want to accomplish in 2010 and start making your top “10″ list. Below are some suggestions of areas that you might want to concentrate on:

• Obtaining a mentor
• Updating your office equipment
• Setting up your business website
• Connecting with potential joint venture partners
• Create an Internet strategy plan to grow your business
• Take classes to enrich your knowledge
• Develop a social media presence

Wow, this is just a starter list and there is much, much more that you can include on your Top “10″ for 2010 list. Once you have created your list, please share with me by leaving a comment. I would love to hear what you are doing to be successful in 2010.

Have you ever felt like you were lassoed into a career like the cartoon above? Do you feel that you have been boxed into doing a job that you are just not passionate about? Don’t be like the cartoon above and get lassoed into a “corporate job” if you have an entrepreneur spirit.

To help you make the transition to being an entrepreneur from working a “corporate job”, I want to encourage you to read The Toilet Paper Entrepreneur (TPE) which was written by Michael Michalowicz. Mike wrote TPE in 2008 and it includes the 10 biggest mistakes that enterpreneurs can make in managing their businesses. Below are the 10 mistakes and a brief explanation regarding each mistake.

Trying to do it all

To start with the first point, it simply emphasizes that an entrepreneur should not try to be a master of everything but discover his or her best strengths and talents. Then you can use them to grow or manage your business. It is better to develop a few of these strengths rather than try to master everything, which could produce negative results in terms of performance in your  company.

Not being forthright

The second mistake is very vital in entrepreneurship, as it is concerns  the company’s integrity. Mistakes are part of doing business on a daily basis. No one is perfect, whether an organization or person. To cover up your mistakes is not good for a business because the truth may come out at a later time which could cause embarrassment for your company’s name.   Remember the quotation, “Honesty is the best policy.”

No clear market message

The third point is focused on the need for your company to have a clear presentation of a consistent message on all fronts. Having mixed messages produces unclear expectations and can affect the way that your current or potential clients view your business.

Cutting price

The fourth point is about making sure that your products or services are priced to differentiate your company from your competition.. It is a good idea to price your products or services strategically to help keep the cost manageable.

No rallying point

The fifth point is concentrated on getting employees who have the same goal with the company. The company must identify its purpose, not just on how to make more profit but to attract like minded employees who can be assets to the company.

Pie in the sky financial goals

The sixth point accentuates that many entrepreneurs are aiming at goals that are so high that they are unrealistic to achieve. Mike, the author, proposed that the company should set SMART- Specific, Measurable, Accountability, Realistic and Time Specific goals to ensure continuous development. Instead of setting goals that are impossible to achieve, business owners should focus on creating great plans.

Being all business all the time

The seventh point institutes that personal matters should be separated from business. This means that a balance should be created between your business life and personal life. By keeping them seperated, you may be avoiding problems that could negatively affect your business. You, as an entrepreneur, should create a balance between personal and business life by developing a plan that delineates how you will handle each on a daily basis.

Being a weak leader

The eighth point pertains to a leader being strong and effective. A leader who sets the goals of the company, communicates to the team regularly and motivates them to have a positive result is what every entrepreneur needs to succeed with his or her business. Being a strong leader doesn’t mean that you “lord” over everyone, rather it means that you…

• Listen and hear what your team has to say
• Do not micro-manage your team
• Can be open to change
• Understand that you, as an entrepreneur, do not have all the answers

Assuming no competition

The ninth point is about assuming no competition. You must assume that there is competition in your business industry that can affect your business. By understanding this, you can research your competition to see what areas you may want to improve in order to have better products and services that  can be offered to the customers.

Trying to get rich

Finally, trying to get rich quick is not bad, but expecting too much from your company, such as to be rich overnight, is impossible. Success requires effort, perseverance, hardships, and takes time to be achieved. Allow the company to grow and learn from every experience, good or bad, until you reach your business aspirations.