January 2012 Articles

3 THINGS FOR MEN TO KNOW WHEN NETWORKING WITH WOMEN

Tuesday, January 31st, 2012

Women business owners have reason to feel good. According to a survey, in the most recent 10-year period, the number of women-owned businesses in the U.S. grew by 44 percent (twice as fast as men-owned firms) and, women-owned firms added 500,000 new jobs.

Women are growing business twice as fast as men, they are employing thousands of people. It is crazy for men to neglect this market when they are hitting the networking circuit. It is not that men do not network with women, they just don’t do it well. Not that they really don’t want to and not that they don’t try, there are just little things that cause the connections to go south.

Here are 3 things that men can do to make their chances of connecting with women better.

When opening a conversation with a woman, don’t go straight to business. Ask them to tell you something about themselves. Women are looking for ways to connect, some common ground that will allow for a relational conversation.

Listen to the women that you meet at networking event. Yes women talk more than men, they have deeper conversations that men do, often sharing a great deal of information in a very storytelling way. Men can learn a great deal by asking questions and just listening.
Never underestimate how serious a woman takes her business. Just because she may be selling a product or a service that seems soft and fluff, like cosmetics, clothing, child care or any other personal service, does not mean she does not take her business as serious as any man may take his.

Women are creating business, they have a need for services, they know other women who need products and services but they are not going to share that information with someone whom they do not have a trusting relationship with. Building those relationships will take time and work, but if you are willing to invest both, men and women can connect and refer to one another very successfully.

Hazel Walker
Referral Institute, llc
BNI
hazel@bni.com

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Ten Great Benefits of Cause Marketing

Monday, January 30th, 2012

Tony Note: reprinted from chapter 7 of Mind Capture: How You Can Stand Out in The Age of Advertising Deficit Disorder (2008 Morgan James).

I’m often asked by non-profits and cash strapped startup businesses to assist them in their marketing and promotion efforts. I’m fully aware that will usually entail me listening to a long litany of reasons from the business owner or Executive Director that low cost marketing techniques are challenging to find such as,

“We have such a limited budget, where do we begin?”

“We have no money for marketing.”

“We can’t seem to get any media attention or publicity for our compamy, cause, event or announcements.”

“XYZ Foundation gets all the money and recognition.”

I’m a huge proponent of giving back to worthy causes. I call this enlightened capitalism and you’ll see it get more and more press because it has a lot of incredible benefits for everyone involved.

The comments I listed above that I often hear from startups and from far too many people in the non-profit world test my patience and overall mental health greatly for three major reasons:
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3 Ways to Cater to Your Niche Through Social Media

Friday, January 27th, 2012

kylepic

If you’re running a small business of nearly any variety, it’s incredibly important to understand who your niche market is. Unless you’re one of the Wal-Marts or Amazons of the world, you definitely do have a niche and being able to define and cultivate it will help you with improving your web analytics, increased sales revenue, and robust brand management. Here are 3 tips for catering to your niche through social media:

Offer promotions, contests and incentives. Creating a verdant garden of discount possibilities, savings, and incentives is one of the best ways to cater to your niche. In short, people like getting stuff for free. They also like to compete for free things, so hosting contests on your social media sites, such as Facebook or Twitter, is a great idea for creating an online stir. Have a logo design contest, or a viral video contest and host it through YouTube. Inviting user generated art and design can be a tremendous boon. Also, promote your brand on Foursquare, where you can offer discounts on products in exchange for check-ins.

Promote valuable independent resources. Customers respect a company or site that is not afraid to refer to others. For example, if you’re running an online education forum and your site lacks decent tutorials, you should provide links to great sites that do have tutorials such as the Khan Academy or Open Culture. Not only will this enhance your community, it can lead to you getting linkbacks, blogroll features, and considerable street cred. There’s always the opportunity that later on you will be to partner with these other sites in a way that is financially agreeable to both of you. In short, put your money where your mouth is—if you claim to be “the leading authority on…” don’t tolerate obvious gaps in your knowledge base.

Use media effectively. Consider having a YouTube video of the day that is relevant to your niche. See the previous tip about viral video contests. Many companies use online video as vehicle for ingenius marketing campaigns in which the consumer ends up doing your marketing for you. Or consider having a photo contest through Tumblr, Flickr, or Imgur. Beyond just video and photos, investing in some research as to what kinds of visual aesthetics your niche prefers can go a long way. You don’t have to get too psychological about it, but your website and company ethos should appeal visually and emotionally to the demands of your community. For example, if your niche is science fiction, a general space-age aesthetic wouldn’t be too cheesy would make your fans feel at home.

Appealing to your niche market is one of the most important elements of running a small business. Investing considerable effort and resources into defining who your niche is and how you will reach them is an excellent idea for the present and future.

kyle lacy
ExactTarget
(blog) www.kylelacy.com
(join) www.smallerindiana.com
(tweet) kyleplacy

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Buying Out Your Partner

Thursday, January 26th, 2012

Presented by T. Ray Phillips

MMS, Inc., a computer service business, had survived recent industry turbulence through the persistent efforts of its owners, Ralph McMillan and Janet Shaw. In fact, MMS had enjoyed good cash flow for the past three years and its future looked rosy. Successfully meeting these challenges made Ralph (age 59) more anxious than ever to leave the business and Janet (age 48) more than ready for Ralph to leave. But neither owner had a clear idea of how to proceed, who to ask for guidance or even how to take the first step.

Janet and Ralph had to find the starting line before they could run the course to the successful dissolution of their partnership.

Ralph’s Tasks

First, Ralph must assess his income needs and timing of his exit. He must determine how much of the purchase price he needs (or wants) on the day he leaves and how much he is willing to receive after he leaves (a Retirement Needs analysis). This is a very different question from how much his interest is worth yet the questions are related because the cash Ralph needs must be attainable from the sale of his interest.

Second, Ralph must obtain an independent valuation of his ownership interest.

Note: Ralph is unwilling to leave unless he exits with full value for his ownership interest (hence the need for the valuation) and unless that value is enough to meet his retirement needs (hence the need for a retirement income needs analysis).

Janet’s Tasks

Janet wants to balance the risk/liability she and the business will assume in Ralph’s buy-out with the opportunity for continued growth in the value of business interest. Since Janet is likely to be unwilling to buy Ralph’s interest—if doing so puts her (or the business) at too great a financial risk—she must secure a professional’s projection of the company’s future cash flow.

This cash flow projection with enable Janet to determine if the business will likely have enough cash flow (after Ralph leaves) to finance the purchase of Ralph’s interest without stifling the growth and prosperity of the business.

Ralph’s Exit Plan Design

Ralph’s Exit Plan should be designed to:
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