Sunday, January 29, 2012
1099s for Non-employees
If you operate a business and paid for non-employee services, have you prepared your 1099s yet? These forms are due to recipients by 2/15/12 and the 1096 transmittal forms are due to the IRS by 2/29/12.
Monday, January 23, 2012
Is Business Networking for Me?
by Don Kyle
Networking with other business people can be an extremely effective way of generating business for your business if done properly.
Just what is business networking? The Wikipedia definition is “Business networking is a socioeconomic activity by which groups of like-minded business people recognize, create, or act upon business opportunities… Many business people contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.”
Business networking can be conducted through many forms, including:
- Business Associations,
- Chambers of Commerce,
- Networking Organizations,
- Informal Groups of Business People,
- One-on-One Networking, and
- Various Non-business Civic and Charitable Organizations.
When selecting your business networking strategy, you must approach it with a long-term view, and the methods and groups you select should be those you enjoy. If you don’t like what you are doing, it will become obvious to others very quickly. Further, it is unreasonable to assume that you will get business simply by joining a particular group; therefore, you must become active in whatever group you join. Remember, people do business with those they trust and like.
Whatever form business networking you select, it is critical to conduct your activities in accordance with the rules of the group or organization you have selected. For example, some groups may insist you refer business only to other members within that group, others may not be so restrictive, while others may prohibit conducting business at their events, such as some civic groups.
When conducting your networking activities, carefully listening to others about what they do is crucial to establishing business relationships. As others learn about you and your business, a trusted relationship often can result.
Please feel free to submit questions about your business to me and I will address them in future columns.
Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs. (404) 580-6331, dkyle@smallbizzmba.com
Should I Use SMS Marketing for My Business?
by Don Kyle
Imagine what it would be like to be able send special personalized messages directly to the mobile devices of your customers who already have told you that they want hear about your specials and contests! Well, this can be achieved through SMS (Short Message Service) Marketing.
Just what is SMS? SMS is most commonly known as “text messaging” using your mobile devices. It is one of the most common ways people communicate with each other today. There are more than 4 billion mobile phones around the world, and more than 86% of Americans own mobile phones. As you can see, text messaging is extremely prevalent today.
Many companies that offer SMS marketing programs to businesses allow you access to an Internet-based dashboard. This tool allows you to manage your SMS marketing campaigns very effectively.
There are many advantages of permission-based advertising using SMS, specifically text messaging for mobile devices. Some of the key advantages include:
- Build a base of loyal customers (subscribers) for your business who have given you permission to send them text messages whenever you want to send a special offer directly to their mobile devices.
- Create multiple opt-in lists of subscribers based on different key words utilized for your campaigns, e.g., Daily Specials, Special Promotions, Contests and Awards, Closeout Specials, Charitable Fundraisers, etc.
- Select subscribers within specified lists and send them offers immediately in order to create a “smart mob” of instant customers. This is great way to sell excess inventory or simply create business during slow times.
- Schedule messages you want to send to selected subscribers at pre-determined dates and times.
- Subscribers have the option to opt out of your lists at any time.
It is important to keep in mind that your subscribers have told you that they want to hear about your specials, contests, etc. In other words, they have given you permission to advertise your promotions directly to them.
Examples of SMS Marketing Campaigns
Scheduled Offers: Your business historically has been very slow on Tuesday afternoons between 2 and 5 p.m. Therefore, you schedule a message to be sent at 1 p.m. each Tuesday with a special offer that will be good only between 2 and 5 p.m. on Tuesdays. All of sudden, people who ordinarily would not think of coming to your business at these times have a reason to come. You have just generated additional revenues for your business.
Excess Inventory: Your restaurant has an excess quantity of a certain food item that will spoil if not sold by the end of the day. You send a special message to selected subscribers, letting them know that you are offering a ½ off on that menu item, today only, between 1 p.m. and close. Your excess inventory can now be sold and you have made money on the food items that otherwise would have been discarded at a total loss.
New Items: You want to run a special promotion on a new item you just began offering to your customers. As a benefit of being a subscriber, you send a special introductory offer to your subscribers at a discounted price to create a fan base for your new item.
Contests and Fundraisers: You decide to run a special contest to reward your subscribers or to raise money for a charity. Using your “contest” list, you ask these subscribers to text the [Keyword Used for Your Contest] to your SMS Short Code. You then select one or more winners at a specified time(s) and reward them with gift(s). Alternatively, you state that you will contribute [XX]% of every subscriber’s purchase who takes advantage of this special offer to a particular charity, school, or cause. You can ask members of the beneficiary organization to help promote your contests by recruiting new subscribers. Examples of such organizations are the Humane Society, High School Sports Team, Scouts, etc.
Please feel free to submit questions about your business to me and I will address them in future columns.
Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs. (404) 580-6331, donaldekyle@gmail.com
How Can I Brand My Business?
by Don Kyle
“Brand” is derived from the Old Norse word, “brandr” which means “to burn,” and refers to producers who burned their marks (or brand) onto their products. This was their way of distinguishing their products from those of others.
Modern day branding originated in the 19th century with the advent of packaged goods as production of many household items shifted from local communities to centralized factories. Manufacturers quickly realized that it was difficult for their generic packaged goods to compete with familiar, local products and therefore needed to convince the consumers that their products could be trusted just as much as local products. Hence, the beginning of modern day branding.
So what does this mean to local business owners and why is this important? Just as the manufacturers did in early years, your company must become THE trusted source in your market so that when consumers think about purchasing the type products or services offered by your business, your “brand” will be the first on their minds.
But how do I build my brand? The basic steps to building a brand for your business are as follows.
- Define Your Brand — products and services offered and related quantities; the company’s core values, mission, and specialization; target market; company tagline, etc. You can then create a business personality using this information, which can then be used to create a strategic plan to form a relationship with your target market.
- Determine Your Brand’s Objectives — a clear definition of your brand’s audience and the objectives your brand needs to achieve.
- Focus on Your Target Audience — regardless of your brand’s mission, identifying and gaining the loyalty of your target audience is the goal.
- Discover and Crush Your Brand Barriers — analyze the barriers (competition, demand, location, etc.) that you may encounter and develop a strategy to overcome them.
- Determine that Your Brand Packaging is Reflecting the Right Company Image — what is your company image saying to the marketplace?
If you have questions or would like more information on branding your business, please feel free to contact me.
Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs. (404) 580-6331, donaldekyle@gmail.com
Should I Get Involved in My Community?
by Don Kyle
In today’s economy, many businesses are struggling just to survive. How can business owners think about getting involved in their community at a time like this? The answer is quite simple. If you are not involved, how can you afford not to be and expect to survive.
For many business owners, getting involved means attending a business meeting or two each month. However, the business community is just one of many components of community. Community is comprised of residents, schools, civic/charitable groups, houses of worship, arts and entertainment, sports, government, and more. As a business owner, you must get involved in many different aspects of your community.
Generally, the purpose of a business is to make a profit in order to pay its employees and owners and to continue to exist. To do so, however, you must have customers. But how do you get these customers? The most common way is to promote your business through marketing and advertising. There are many ways to do this, but which methods are the most effective?
One of the best ways to do this is to become a trusted and recognized member of your community and offer the desired products and services to your customers. You you must take the necessary steps to become known. Community involvement is one of the most effective ways to do this.
Business owners generally are residents of the community in which their businesses are located. It just makes sense for you to participate in your community. It’s a great way to get involved with organizations and activities for which you already have an interest and passion. It’s a way to let the community know that you are appreciative of their patronage and that you want to help improve your community by giving back in some way. Whether it’s volunteering at the local animal shelter, participating in school sponsored events or contributing to a local cause, you can show your support.
You should not get involved simply to get more business; rather you must have a genuine interest in your community. It’s a fantastic way to create relationships with members of your community, and your reputation can be enhanced greatly as a result. Over time, your business can become recognized as a key member of your community and be the business selected whenever someone has a need for your goods or services.
Please feel free to submit questions about your business to me and I will address them in future columns.
Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs. (404) 580-6331, donaldekyle@gmail.com
Subscribe to:
Comments (Atom)