Monday, December 29, 2008

New Year's Resolutions for Small Business Owners in 2008

As 2008 comes to a close, looming resolutions from last year are still hanging over my head. New exercise routine? Sort of... Healthier diet? Check (except for RAGBRAI and the State Fair) A new small business operation that's geared to maximize impact on the community? Well... I did finally get New Iowa Group, Ltd. properly organized as an Iowa Corporation and I've landed an anchor client (more on that in the next posting).

I know I was supposed to change a few things up with the New Iowa Entrepreneurs’ Coalition ...but...

"Those 'shoulda, coulda, woulda' business goals are attainable for every small business owner in 2008," says Ridgely Evers, CEO and founder of NetBooks (http://netbooks.com). "By doing these five things, you can ensure success and avoid disaster."

As a financial software expert, small business owner and CEO of several technology start-ups, Evers' has refined a tried-and-true game plan for revolutionizing a small business:
1. Define your success. It's different for everyone. What's your measure of success? Define realistic and measurable goals, and communicate them to your employees. Put goals up where you and everyone in your business will see them on a daily basis, and track progress against them. Give out rewards when they're met and exceeded.
2. Understand and fix the sources of error. Pinpoint the errors that seem to keep happening, requiring everyone to run around and fix them. Cleaning up messes prevents employees from focusing on their jobs. Figure out what is causing the error, and fix it. Address one at a time, and when you're finished with the most common one, move on to the next one. Your profit margins will thank you.

3. Make your data safe, and have a back-up plan.
"Everyone knows they should do something about this, but assumes they'll get away with it. Bottom line: your luck will run out sooner or later," says Evers. "And catastrophic data loss is a leading cause of failure for small businesses - no need to risk it."

Right now, your data is probably on a hard drive that will crash or get overwritten accidentally, and there isn't a current back-up in place. Keeping all pertinent data in a web-based system gives small business owners a reliable system for storing data securely...and is accessible from any computer. No more worrying about the life expectancy of your PC.

4. Create a marketing program and use it consistently.
Marketing is crucial to growth and success. A marketing plan doesn't need to be complicated, but it needs to be executed consistently. The first step is to make sure you know who your customers are...and then figure out where they get their information and how to reach them. A great resource is "Duct Tape Marketing - The World's Most Practical Small Business Marketing Guide," by John Jantsch. Execute your plan.

5. Increase sales - and start by raising prices.
Most successful business owners focus their energies on growing revenues to the point where the business can stand up comfortably, and keeping them there. Cutting expenses never hurt, but success come from growth.

"Growing sales should be a focus for you all year long, but the first part of the year is the best time to raise prices," says Evers. "And you can reinvest added revenue into making sure this coming year is the most successful your business has ever had."

Share your best ideas with other business owners by using this forum and the New Iowa Entrepreneurs’ Coalition message boards. Ridgely will publish the most helpful in his blog (blog.netbooks.com), which is also a great resource for tips and ideas on improving your business. Go to http://netbooks.com and click on "Share your Best Ideas" to enter your top resolution for 2008. One winner will be selected to win a free year of NetBooks (approximate value of $2,400).

Saturday, December 20, 2008

Standing Out At Business Holiday Gatherings (for all the right reasons)

This time of the year you will read plenty of advice and cautionary tales about how to make a great impression with clients and business colleagues at holiday parties . I'm guessing that you will want to make a positive and memorable impression.

Here are a few hints to turn the experience to your advantage and really stand out from the rest of the crowd.

Plan. Plan to attend and expect to enjoy yourself; and plan who you want to contact and what you want to accomplish at the party.

Check. Make sure you know where the party is located, what attire is appropriate, if spouses/guests are welcome, etc.

Arrive shortly after the event starts. Party goers (especially you) are still fresh and alert.

Seek out the hosts, thank them for the invitation - make a little small talk, then move on so others can do the same.

Mingle. Introduce yourself to someone you don't know. Tell your clients/coworkers how much you have enjoyed working with them and their support during the past year.

Sample a few items from the buffet. Be sure to select things you can eat neatly, with one hand, while standing up.

Moderate what you drink. Keep reminding yourself that this is a business event first and a party second. There is nothing wrong with partying "sans alcohol". No one else will know.

Seek out and speak to the people at the party who can influence your business/career. Talk to the client's employees you normally would not meet. Chat briefly with them about their interests or anything you have in common.


Keep your glass in your left hand so when you shake hands with someone, your hand isn't wet or cold.

As you leave, thank your hosts - if you know the people on the party committee, thank them too.

Followup. If you told someone you would deliver information to them etc. make sure you followup on the next business day and deliver on those promises.

More Tips:
Not the mingling type? Then find someone who looks as miserable as you feel and speak to them. You'll both enjoy the evening more.


Stay away from salty or greasy foods that make you want to drink more. Choose foods high in starch and protein that will help slow the absorption of alcohol.

No Gossip!


Tuesday, December 16, 2008

What’s in a Name? The First Step in Branding Your Startup

By Lynne Meredith Schreiber

It took an episode of I Love Lucy for Troy and Nancy Scheer to decide on a name for their Dallas-based marketing and advertising company.

“I saw Desilu as the name of their production company,” Troy says. “We thought about what Troy and Nance could be if combined – Trance. It made the name personal, yet something that fit with what we were doing.”

Sometimes finding a name for your business is as easy as that. And sometimes it’s much, much harder. Follow these rules and you’ll be on the right track.

Let’s Get Serious
“A company name should be hard to forget and easy to spell,” says David Crosbie, CEO of Leostream Corp., in Waltham, Mass. “It can’t be too cutesy, otherwise you’ll be mistaken for an L.A.-based hair salon.”

A company’s name should explain in part what the business does, says Crosbie, who has named three companies including Leostream, a provider of conversion software. He based that name on the first computer ever used in business, the Leo Mark III, and “stream” was added “to convey the idea that this business flowed from the original machine,” he says. “Of course, now everyone thinks I’m fond of lions.”

The right name can make a big difference. Pick a loser and you’ll see potential sales, client contacts and repeat customers flow away downstream.

A good entrepreneur spends as much time naming his business as he does developing his business plan, choosing a market and picking a location. Yet almost any name can be effective if it’s followed by an appropriate marketing strategy.

“Acura” was coined by San Francisco, Calif.-based NameLab for Honda Motor Co. It has no dictionary definition but suggests precision engineering, which is what NameLab founder Ira Bachrach wanted. His staff started with the word root “acu,” which means “precise” in many languages. Starting with a meaningful word segment gives startups a better chance of creating meaningful names.

Name It Yourself or Hire a Pro?
If you’re nervous about naming, hire someone to help. Professional naming services can be pricey, costing a few thousand dollars to $35,000 or more, but their elaborate systems lead to the creation of savvy and successful names. (They also know a thing or two about trademark laws.)

Mine dictionaries, magazines and favorite books for ideas. Naming-firms come up with as many as 1,000 potential names to start with; if you’re going it alone, shoot for 10 workable names – you’re likely to eliminate half right off the bat.

Decide what you want the name to communicate. Ideally, it should convey key elements of your business – what you do, who your market is or where you’re located.
But don’t be too local. If you ever want to expand, a local moniker keeps you pigeon-holed in town.

Lonnie Pacelli named his first Seattle-based business after his mother, Concetta, but he changed the spelling to make it easier to find on the Web. When it came time to name his Ascend Business Solutions, Pacelli gave it a dual meaning. First, it communicates what the company does. The second meaning is more personal.

“Because I am a Christian, I wanted a back-meaning of Jesus rising up out of the grave,” he says.

Pacelli spent about a month mulling over possibilities, discussing sobriquets with friends and asking for snap reactions.

“Do a lot of informal market study,” he suggests. And, pick a name “that’s easy to enter into an Internet address. Something really long and complicated, you’re likely to have e-mails going to other people. That’s why I spelled Consetta with an ‘s’ – it’s more phonetically familiar.”

Think Broadly in Your Business-Name Research
If your startup plays to a global market, be sure its name doesn’t have negative connotations abroad. Also, take pains to avoid a name that can be turned into an embarrassment. Revert to your adolescence and think of all the possible variations. If the name can be mutated into something silly, gross or offensive, throw it out.

Don’t be too literal or descriptive; such names are limiting. Evocative names, on the other hand, convey business qualities you want to impart. A bread shop might evoke ideas of freshness and home-baked goodness. It would be time well-spent to make a list of adjectives that call such qualities to mind, then incorporate your favorite one or two in the name.
A business name should set you apart from the competition. And it’s not as simple as choosing one that begins with “A” to get top placement in a phone book or online directory. Just ask AAAA Dental Supply or AAAAAAA Pets ‘n’ Stuff. However you decide what’s in a name, be creative, fun and communicate success.

Lynne Meredith Schreiber is a freelance writer for StartupNation.

Wednesday, December 10, 2008

Deliver An Elevator Speech That Grabs Attention and Has Them Begging For More!

An elevator speech is a short verbal snippet that clearly and memorably introduces you. It highlights your uniqueness and focuses on the benefits you provide.
Deliver An Elevator Speech That Grabs Attention and Has Them Begging For More!
by
Laurie Hayes

Imagine... you step onto an elevator and there is a lone occupant waiting to travel with you to another floor. You are together for less than a minute, but long enough to make polite conversation.

What you don't know is this person is your ideal client. She has a problem you can solve.
She cuts through the awkward silence and says, "I see you're attending the networking event as well. What do you do?"

Here it is! Your chance to make an impression and secure a new client.
After a short stammer, you answer with, "I'm a coach and a copywriter. I hold a Masters in Business Administration and have been running my own home-based business for ten years."
With only a few seconds left, the elevator doors open. She politely responds with a smile, then steps off the elevator, gone... forever.

After you finish banging your head against the button panel, you realize you not only blew it, but you now have an indentation of the twenty-first floor button on your forehead.

What if instead you had answered with: "I help women entrepreneurs get more clients than they know what to do with and triple their profits in six months." If she were your target client, do you think the second response would have sparked her interest and kept her on that elevator a little bit longer?

We all ask ourselves, "What's in it for me?" when engaged in any type of communication, whether written or spoken. You want to take something of value from a conversation, learn something new, create a certain feeling, or receive information that will help you solve a problem or meet a need.

If you spend the first 30 seconds labeling yourself and listing your credentials, or going into a technical spiel of your product or service, you will be met with nothing more than a big fat yawn, a glazed-over look or even worse, "Excuse me, I have to make a call" and a quick exit.
Take the time to develop a benefit-rich, passionate elevator speech that will engage your listeners to want to hear more.

Write down a list of benefits your clients/customers receive from working with you or buying from you, and use those words and phrases in your benefit statement.

There's no need to label yourself. Labels don't provide the benefits the listener is looking for.
Once you have your elevator speech developed, practice it over and over until it's as natural as stating your name. You'll be able to use it at networking events, in telephone conversation, when leaving voice mail messages, in any type of written communication, and yes, especially in the elevator!

So, ____________, what do you do?
Copyright Laurie Hayes - The HBB Source

Wednesday, December 3, 2008

CoWorking in Central Iowa

With the opening of the “Impromptu Studio” by our friends and fellow NIEC members Daniel Shipton and Abbie Shipton, there is quite a buzz around Central Iowa about the concept of “Coworking”. The Des Moines Business Record published a feature article just recently that you can find in the “Files” section at www.new-iowa.biz.

This trend in use of shared office spaces is a relatively new practice where individual workers or even very small companies with only a handful of employees rent office space that is shared with other individuals in similar situations.

Rather than enduring the isolation of a home office or guiltily sipping lattes while draining free Wi-Fi at a local coffee shop; small business owners working out of a home office, freelancers and other telecommuters can rent inexpensive office space by the month (and sometimes the day) with full access not only to a range of office services, but also a community of other people just like themselves.

So, is this a concept that has market appeal here in Greater Des Moines?

With this question in mind, we constructed a survey that will help us to evaluate the Central Iowa market for “coworkng” and answer some of our basic questions.


Please take a few minutes and give us your responses to the survey.
Just click on the monkey!