XonMarketing.com | Blog of Experienced Marketer

Feel like you’re doing lots of marketing and promotional activity in your business but not really making much progress in terms of measurable outcomes? Find yourself working on different opportunities week by week to grow your business; however you haven’t quite reached the levels that other service-based businesses have accomplished? Are you constantly looking for new ways to promote your business, and find yourself implementing yet another strategy in the hope that this one will finally be what you need to take your business to the next level?

Unfortunately, the above scenario of continuously trying numerous ways to grow their business occurs for many highly talented entrepreneurs who are operating service-based businesses. What they don’t realise is it’s not the activities and actions they’re implementing that aren’t effective – it’s often because there are five fundamental elements of their business that they haven’t yet put into place.

To ensure you don’t block your business’s growth, make sure you address the 5 most common barriers, as they are often the cause of service-based businesses struggling to reach their full potential.

Barrier 1: Being unclear about your unique and authentic brand

Many service-based businesses operate in highly competitive industries which means their marketing material is going to be one of dozens of other messages from other service providers all of whom are vying for the attention of prospective clients.

To see whether you have a strong, unique and authentic brand – ask yourself the following questions:

Does the information you communicate about you and your business immediately connect with your target audience, so much so that they continually return to hear and learn more about you and the service you offer?
Is your brand message authentic and unique enabling you to cut through all the other marketing messages so that your target audience is compelled to contact you?
Do you find it easy to put together your marketing messages, your social media communications and other materials about you and your business because you’re so clear on what makes you unique; how you can support your clients; and the benefits they can achieve through working with you?

Barrier 2: Being unclear about your target market

Many service-based entrepreneurs and business owners believe that having a broad target market will offer them far greater opportunities. While this may seem logical, it is often the exact opposite. When your market is too broad, your marketing message fails to speak to anyone, particularly not your target audience, as the information in your marketing materials is too general, doesn’t highlight the specific issues and problems they may be experiencing (and that you can support them with) and therefore fails to capture their attention or response.

To confirm whether you have a clearly defined target market, you should be able to answer the following questions:

Are you able to clearly define your target market, including their needs?
Do you know where to find these people? And, how are you going to connect with them in a way that will catch their attention?
Are you positioning your services in a benefit-driven way so that they can see the value you offer?

Barrier 3: Being unclear about your ‘entrepreneurial code’

Each and every one of us has a specific way we behave, communicate and approach our work. As business owners we also have a unique entrepreneurial code, which includes our strengths, talents, skills and motivated work style to name a few, which if we’re unclear on, can sometimes block us from driving our business forward.

As an entrepreneur / business owner we often find ourselves taking on too many tasks – or more importantly the ‘wrong’ tasks. The tasks that we pursue don’t necessarily align with our true strengths and therefore take our attention, energy and focus away from the core elements in our business that we should be focusing on.

Answer the following questions to see whether you’re tapping into and leveraging your unique ‘entrepreneurial code’:

Are you currently struggling in areas of your business which you should really be directing to your VA, so that you can concentrate on areas of the business which require your specific skills and expertise?
Do you know what drains you of your energy so that you can avoid it?
Are you aware of what activities inspire you and will help you in driving your business forward?

Barrier 4: Being unclear about your business goals

If you were taking a holiday at a location you have never been to before, I’m sure you’d take the time to research and plan the best route to get you to your destination in the safest, quickest and most cost effective manner – yes?

Have you taken the same approach to planning and defining your business goals, both for the immediate and the long-term period? If you don’t have a clear picture of where you want your business to head you may find yourself becoming distracted and unfocused and chasing opportunities that are not really serving you and your business’s best interests.

To ensure you’re clear on your business goals you should be able to answer the following questions:

Do you have a specific goal that you are working towards in the next 90 days in your business, which fits in perfectly with your long-term business plans?
Do you have specific action steps planned (including the resources that you have available to you and the resources you need to seek out) that will enable you to reach my 90-day goal?
Do you schedule time in your diary to allow yourself time to work on these action steps?

Barrier 5: Being unclear about how to drive your business forward

When looking at top-performing athletes or highly-respected and successful business people – what’s one thing that they all have in common? Coaches and business advisors who are able to stretch their knowledge, skills and abilities, while keeping focused and accountable so that every decision and action they take continues to drive them forward.

Recently, I decided to invest in a high-end business and marketing coach as I knew that I was going to generate far better results knowing that I was being mentored and supported by someone who was a specialist in their field; who had my best interests at heart; and who was not only going to support me, but keep me accountable for the actions I said I would be taking to grow my business.

To ensure that you are clear about how to drive your business forward, you should be able to answer the following questions:

Do you have a business mentor, coach or advisor who is skilled in the areas that you need additional support and advice on; and do you speak to this person regularly?
Do you have clearly-defined action steps which you are currently working on?
Do you know how to ask for additional help if you need it; and do you know where to go in order to get this additional support?

Hopefully, you have been able to answer all of the above questions to help you overcome those 5 common barriers. If not, what action will you take today in order to help you move your business forward?

Family businesses usually have great strengths from the family members’ commitment and long schooling in the culture and operation of the business. But the family aspect also creates specific issues that have to be considered when considering strategy.

The involvement of, and interaction with, a family is obviously the key difference between family businesses and others. Families are emotional units with very complex dynamics and relationships that involve a whole range of issues other than the business. In dealing with a family business it is therefore critical to recognise that this is the case and to take into account the family aspects of the decisions that need to be made and the influence this will have on decision making.

In any business, there will be at least two differing interest groups, the owners of the business and the workers in the business (and some people of course may be both owners and workers). The owners of a business may have quite different core interests (their financial return on their shares for example), from those of the workers in the business (security of employment for example). In a family business this is then also overlaid with family membership. There may be family members therefore who fall into any of the above categories, owners, workers, owner/workers, or be outside the business completely.

This leads to business owning families differing in the degree to which business decisions will be made in the interest of the family, or of the business. In some cases, the business is run purely in the business’s best interests, in some cases it is run purely in the interests of the controlling family. Most family businesses operate however at a point somewhere between these two extremes, although the way in which family or business interests will be balanced in any particular decision may vary depending on the matter involved.

Specific questions family businesses need to address are:

1 – Succession – restriction of the choice of senior managers or directors in the business to only family members can be a huge restriction on the use of the potential pool of talent within the business. Businesses can often also struggle to manage an effective hand over to a younger generation if the older one is still within it. In some cases a business can remain in a state of limbo, sometimes for many years, when no one is really sure who is actually in charge.

2 – External capital – there is often a reluctance to allow ‘outsiders’ to participate in the company’s equity.

3 – External skills – it can be difficult to attract high quality external management into a family business. Potential candidates will be conscious that the centre of power can lie within the family structures rtaher than formal business ones. A situation where all key decisions are taken around the Sunday dinner table for example, and there may be limits to promotion where certain roles are reserved for family members, then this may not be attractive to good candidates.

4 – Inflexibility – some family businesses carry on with, or are reluctant to change, parts of the business on the basis of emotional attachments, such as grandfather started the business making widgets so we cannot stop now, rather than commercial logic.

5 – Fairness – if members of the family are employed in the business their treatment in comparison with non-family employees, for example on timekeeping can be quite different from that of other staff, and this can have a real impact on staff morale.

6 – Diversion of resources – in a family business which is regarded as ‘owned by the family’ (or an individual entrepreneur), there can be a risk that company funds are used to meet more and more personal expenditure such as telephone bills, parking tickets, subscriptions, computers for home use, box at the local football club (of course it’s used for marketing purposes) to the detriment of the business.

7 – Don’t want to be here syndrome – family members may go into the business because they are ‘expected’ to do so, rather as a result of any vocation or aptitude for it.

8 – Dilution of interest – as the firm passes down the generations, shareholding can become subdivided into smaller and smaller parcles. This can lead to potential difficulties in obtaining clear decisions about some issues. This becomes particularly accentuated when the family shareholders are divided into those involved and those not involved in the management of the business.

So, if you are involved with a family business, particularly in challenging times, isn’t it worth taking a moment out from thinking about the business to consider how the business and the family members’ interests actually interact and the impact this has on the success of the business?

Of course the information contained in an article like this can never be a full statement of the legal position as the relevant laws are complex and liable to change. This article can only therefore be a general guide as to the issues involved and as these can have serious implications you should always seek appropriate professional advice on your own particular circumstances before taking any action.

Network marketing internet businesses are extremely attractive businesses to have. They are low cost to build and are therefore low risk for the entrepreneur. Low capital invested means less money to risk. And whereas most home entrepreneurs set up one business, entrepreneurs who work via the internet generally have many home based internet businesses. That’s because home based internet businesses are simple to begin together with cheap to set up. Home based internet businesses run themselves and so once you have a good one going it’s time to move on to the future one.

Home based internet businesses are often very low key under this radar type businesses. Now of course if you want to concentrate on one major business you may do so on the net as well. But that takes quite some skill and commitment and lots of people who are new to making money on the net tend to concentrate on setting up quite a few small home based internet businesses rather than one big one.

There are numerous advantages of lots of small homebased internet businesses. It isn’t hard to build small home based internet businesses and so it can be done rapidly. Many people who want to work from home in more traditional businesses know that it takes forever to set the business up, as well as costing (and therefore risking) a bunch of money. However most home based internet businesses can be set up in less than a week or two once you know what you are doing.

And having many home based internet businesses means you can spread the risk. That’s not the financial risk because, as we’ve recently said, the financial risk of setting up a string of home based internet businesses is exceedingly low. But there is always the risk on the internet that i really enjoy seeing out of your control your small internet business will disappear off the radar screen and the volume of visitors it get drops right off. As more visitors equals more profits, and less visitors equals less income, you don’t want your visitors to help disappear. But if you have many small home based internet businesses as an alternative to one big one then if one falls over you have more going that’ll push on.

And most small home based internet businesses don’t earn a ton of money. Most good regular businesses earn a full time living from that just one business. That’s not so easy on the net. It’s much easier to build a small internet business that brings in maybe $2 to $5 daily. That doesn’t sound like much but if you can set up one that adheres to that in, say, a week, then just allow it to run on autopilot and move on to the next one.

Once you have, say, 20 small home based internet businesses that adheres to that then you’re starting to earn money! And if you have 20 then there is absolutely no reason why, if you keep working at it, you can’t have 50, or 50, or 60. And each one of these small home based internet businesses keeps working away available for you 24/7/365. While you sleep, or go on holidays.

Are small home based internet businesses noticed that you sound attractive to you now? If so you would be joining a growing band of those who find themselves discovering the joys of making a living online with small home structured internet businesses. Give it a go, it works.

So, you say you’ve got got a little business and you are wanting for a credit instrument that would tailor itself to your business requirements? Well, your search ends here. Small business credit cards match right in, helping you separate business and personal expenses.

A study by the Tower Cluster reports that 2 out of 3 small businesses use a small business credit

card for purchasing and financing. Thus why are tiny business credit cards thus prevalent? Tiny business credit cards supply small businesses a crucial edge permitting tiny business owners to expand or limit the expansion of their business, as required, providing the pliability necessary to match their company’s growth needs.

 

Small Business Credit Card Edge

Help with Your Cash Flow: The most effective use of borrowed finances is to help with month to month cash flow. Small business credit cards facilitate your get the much needed credit to assist your business grow whereas providing a margin of safety for your money flow needs.

Maintaining Independent Accounts: Mixing your personal and business transaction accounts may lead to poor money management and potential tax problems. With a tiny business credit card, you may be in a position to take care of separate accounts on your personal card.

Facilitate Balancing Your Books: This one is thrown in for free. Together with your card company maintaining an ongoing transaction record, you may have a convenient record of all transaction things which will be reconciled at tax time. Merely have the mastercard company provide you an itemized list of all purchases made using their credit card and you’ll have some engineered-in transparency on all of your spending activities and monetary accounts.

 

Build Your Credit Limit: Tiny businesses looking to expand want capital. You card provides your business with an chance to build your credit limit with consistent use and repayment over time. Access to additional capital offers financial muscle to assist grow the business, providing larger income opportunities for the tiny business owner.

Pre-Set Employee Spending Limits: For businesses wanting to stay a good watch over their finances, these cards usually supply preset spending limits for employees, providing an wonderful check and balance system for all your company expenditures.

Take Advantage of Special Offers: The competitive market has forced credit card firms to have a say special discounts and rewards programs. By examining the travel and entertainment needs of your company, you may be able to grab offers that may facilitate scale back your expenses through the use of reward point systems.

Tips for Selecting Tiny Business Credit Cards

If your existing business partners offer a little business credit card, it is most likely a sensible idea to stay to them as you’re more seemingly to urge favorable rates and credit lines with a longtime credit line. Late payment and other such penalties will must be borne by the company and not the employee. Therefore, provide cards solely to employees you absolutely trust and only give credit limits that are per their expenditure requirements. Create certain the card you choose is widely accepted therefore that it helps meet everyone’s expense item needs.

Tiny business credit cards are quickly establishing themselves as an efficient method to extend capital and shopping for power for tiny businesses. While this incorporate responsibility in its management, a little business credit card might go an extended approach in changing the face of your business for the better.

Before exploring Sub-Contracting Opportunities, a business owner or contracting officer must know what he/she is looking for.  Being aware of the Regulations and Requirements of a Sub-Contracting Plan provides security in knowing what the Prime Contractors’ and the Sub-Contractors’ Roles are. 

As a small business owner, it can be difficult to get your business off the ground, and the Government understands the obstacles new small businesses face.  As a way to ensure small disadvantaged businesses have opportunities for Government solicitations, there are regulations specifying the amount of federal procurement that goes to Large and Small businesses.

The Federal Acquisition Regulation (FAR) Subpart 19.7, the Small Business Subcontracting Program, requires large business concerns, (Large Business Owners who are considered the successful providers) to submit an acceptable subcontracting plan that identifies the total planned dollars and percentage of the acquisition to be subcontracted to small business, veteran-owned small business, service-disabled veteran-owned small business, HUBZone small business, small disadvantaged business, and women-owned small business concerns. This subcontracting plan outline is offered as guidance for developing a Subcontracting plan that complies with Public Law 95-507 and FAR Subpart 19.7.

 First, let’s outline what is required and NOT required from the Small Business or Sub-Contractor.  Both Large and Small Businesses have a responsibility in regards to ensuring that Small Businesses interested in selling to the government have an ample opportunity to do so.  A Sub-Contracting Plan is not required:

For Small Businesses
For Government Contract Employees
For Contracts/Modifications handled overseas

When contracts are more than one-hundred-fifty-thousand dollars ($150,000) and Sub-Contracting Opportunities exist, a Large Business is required to hire a Small Business as the Subcontractor to fulfill such obligations.  Let this not be confused with a case in which a subcontracting plan is required, as in a prime contractor seeking a government contract with a value exceeding six-hundred-fifty-thousand dollars ($650,000.00) or one million dollars ($1,000,000.00) for construction.  A subcontracting plan is also required for Modifications (changes to contract) of the same values, including new work and any contract that has an option to extend from its original Agreement, and when opportunities exist.  (Regulations and solicitations pertaining to subcontracting plans are always contingent if subcontracting opportunities are available).

A Small Business is not required to have a Sub-Contracting plan in place.  Large Businesses, Non-Profit Organizations, and State & Local Governments are required to have a Sub-Contracting Plan.  Other types of businesses requiring a Sub-Contracting Plan are Public Utility companies, Educational Establishments, and Foreign-Owned Firms.

Now, let’s take a look at the different types of subcontracting plans.

Commercial Plan: For a specific source, or sub-contractor in mind.  A Commercial Plan Contract is written for only the current Fiscal Year and includes production of all commercial items sold by the entire subcontracting, or “sister” company. 

Individual Contract Plan: When a Sub-Contractor has been selected to provide services or products for a particular contract.  An Individual Contract Plan includes specific goals listed by the Prime on how they will support their subcontractor.  This type of Sub-Contracting Plan should also include all renewable option(s). 

Master Plans: This refers to a Prime Contractor writing a basic sub-contracting plan for which sub-contractors will be sought to fulfill and goals will be established per subcontractor and/or contract period.  Once each required type of Self-Certifying Business (i.e., HUBZone, Small Disadvantaged, Woman-Owned, etc) is identified, the Contracting Officer will negotiate the different dollar amounts and percentage goals and a list of the items and services to be subcontracted under the plan, how the Prime Contractor will implement and execute goal, and subcontracting sources.  The master plan shall be effective for a 3-year period after approval by the contracting officer.

IMPORTANT NOTE: After goals are negotiated and combined with the master plan to form a total plan, it becomes an “individual” subcontracting plan.  Once incorporated into the individual contract, the plan is valid for the life of that contract.

Mandatory Content of the Sub-Contracting Plan

 

The Prime Contractor must:

Determine how much of a percentage and dollar amount they are willing to Sub-Contract to Small Businesses overall and by category
Describe all supplies & services to be sub-contracted by total dollar amount and Small Business category
Develop a methodical process on how they will develop their subcontracting goals
How do they identify Small Business Sources
List any indirect costs and how to determine share of indirect costs for each Small Business Category
List POC for Sub-Contracting Program and their duties
Describe efforts used to ensure Small Businesses have a fair opportunity to compete for subcontracts
Participate in studies / surveys
Submit reports, as required
Maintain records of all job descriptions, lists, reports, processes and procedures (Simply put: A paper trail)

 

 

NOTE:  As of 5 October, 2011, the SBA is proposing to amend the Sub-Contracting Plan Regulations.  (http://www.gpo.gov/fdsys/pkg/FR-2011-10-05/html/2011-25767.htm)

There are numerous federal agencies and large businesses interested in not only dealing with small businesses, but also helping to ensure the maximum amount of opportunities are available for small disadvantaged businesses.  The mandatory submission of subcontracting plans is a way to ensure that all required funds are allotted to the proper business types, classifications, and self-certifications.   It is the duty of both the prime contract holder and the subcontractor to act in good faith and adhere to all contractual obligations.