Biggest Mistakes in Small Business. with Melinda Emerson

Transcription

1 10 Biggest Mistakes in Small Business with Melinda Emerson

2 State of Small Business in U.S. # of SMBs in Millions 8.6 SMBs Solopreneurs Women Business Owners 95% will never gross over $1 Million in Revenue

3 7 Consumer Trends That Will Affect Your SMB

4 Consumer Trends There are 5X s as many mobile phones as PC s in the world Source: WorldBank.org

5 Consumer Trends 66% of mobile phone users search the internet with their smartphones Source: Pew Internet Study

6 Consumer Trends 25% of smartphone users only access the internet from their smartphone. Source: Pew Internet Study

7 Consumer Trends Mobile coupons receive 10 times higher redemption rates than print coupons Source: mobilefactsdeck62812

8 Consumer Trends 9 out of 10 mobile searches lead to action, 50% lead to a purchase Source: mobilefactsdeck62812

9 Consumer Trends Babyboomers: Largest Target Market Babyboomers make up the largest group of internet users, and AARP reports that 76% of boomers are online. Babyboomer women make 80% of buying decisions for households that have 80% of the nation s money. Source: Why She Buys

10 Consumer Trends Millennials: The New Digital Shopper By 2015, Millennial spending is expected to be $2.45 Trillion and by 2018, they will eclipse boomers. Source: Oracle 41% of Millennials have made purchases using their smartphones. Source: Edelman Digital 46% count on social media when buying online, but 55% of Gen Y share bad experiences. Source: YouGov

11 5 Biggest Challenges Facing SMBS 1 Getting new customers 2 Manage staff/subcontractors 3 Access to capital 4 Managing brand online 5 Keeping customers

12 The Good News is Everyone will become an entrepreneur Consultants 30% cheaper than employees By 2030, robots will do most manual labor Entrepreneurial skills have become valuable to Fortune 500

13 #1 Don t Test Market Business Do market research Check out the competition Talk to customers Tasks

14 #2 Selling Too Cheap Understand your hard & soft costs It s not about the competition Know how much PROFIT is in every sale Direct Costs + G&A + Overhead = YOUR PRICE

15 #3 Not Being Professional Being disorganized Not keeping regular hours Not staying in stock Post your policies Sorry We Are Out To Lunch!

16 #4 Misusing Time in Social Media Pick one social media site HELP Mantra Help Others Engage People Listen First Promote Yourself with Care Learn your social media sales cycle

17 6 C s Social Media Marketing Compelling Content Consistent Communicate Community Connect 6 C s Commerce

18 #5 No Regular Marketing Efforts Leverage your #1 sales tool Set aside time each day for marketing Incorporate social media into your marketing Create a storm starter strategy

19 #6 Not Knowing Your Numbers Know your monthly burn rate Manage AR/AP Don t misuse cash Recognize slow pay clients Create a collections process

20 #7 No Up-to-date Financial Records Use accounting software Invoice and cut checks using the software By 15 th of the month Use financial data to make business decisions Utilize your accountant

21 #8 Overlooking Tax Issues Don t Mess with the IRS Use Payroll Service Pay Your Quarterly Taxes

22 #9 Poor Hiring Decisions Never hire someone you can t fire! Use job descriptions Check references Solicit talents referrals Try a staffing agency

23 #10 Stop Antagonizing Customers Provide great customer service Provide a hassle-free experience online It s cheaper to keep a customer Thank your customers

24 15 Ways to Better Communicate with Your Target Customer /freestuff

25 Action Plan Stay on top of your business finances Update your company website Test your business ideas Update your business plan Develop five new marketing strategies Recognize problem clients quickly Work hard to keep customers happy

26 Melinda Emerson Contact Info. Melinda Join #Smallbizchat 8-9pm ET Every Wed on Twitter Connect on LinkedIn & Google+ Like my SmallBizLady fan page