A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Here is a interesting read on China and America financial crashes. I recommend having your own personal financial safeguards in the midst of financial twist and turns.
China Charts Its Own Path
Keith R. McCullough, 12.28.09, 09:30 AM EST
While America dithers, the Chinese set up a currency reserve fund against -- U.S. crashes.
"Don't look back. Something might be gaining on you."--Leroy "Satchel" Paige
Satchel Paige was an American baseball legend who played ball from 1926–66. He was the first player from the Negro Leagues to be elected to the Baseball Hall of Fame. He was one of America's great winners.
The saddest part about Paige's success is probably that it took America too long to realize it. The man didn't play his first game in Major League Baseball until he was 42 years old. American Groupthink isn't new. It's always been a part of our culture. We are human. So are the Chinese.
This morning the Chinese are reminding us that: 1) they are still wearing the pants in this relationship; and 2) they aren't leaving this new game of global financial risk anytime soon. China is heading into 2010 with a full head of political and economic steam. If America and Europe don't let her into the major league of global finance, China may very well just start up her own.
This morning, the Association of Southeast Asian Nations (ASEAN), plus China, Japan and South Korea, have announced that they are moving forward with the Chiang Mai Initiative and forming a $120 billion foreign-currency reserve pool. In a joint statement, the countries said the move was intended to "strengthen the region's capacity to safeguard against increased risks and challenges in the global economy." In Mandarin, that means protect against American crashes.
BATS Real-Time Market Data by XigniteChiang Mai is a city in northern Thailand that sits strategically on the Ping River. This is where plenty of Asian trading has been done over the last few centuries. This is where Asia's new economic powers decided to lock arms and play some red rover with Western leaders of Perceived Financial Wisdom.
Reader Comments
When Communist seemed to take over China in 1949, Joe McCarthy said that whoever took over this country would not be able to feed people in this country, and turned around to fear our own fears in th....
Read All Comments (10)Post a CommentLike MLB ignoring Satchel Paige, Westerners ignoring the new reality of Asian economic power doesn't mean it ceases to exist. The Asians have been working on forming their own economic safety nets since the Japanese tried to form the Asian Monetary Fund in 1997. The Chiang Mai Initiative was formed in May 2006. Today is simply a recognition that the proactively prepared have a plan--and they are executing on it.
An analyst at Bank of America ( BAC - news - people ) is revealing to his squadrons of consensus callers this morning that China could see her property bubble "pop." Hello, McFly--the Chinese property stocks peaked in July of this year and have been popping for three months! Understand that many sell-siders on this side of the pond really don't know what they don’t know.
China's premier, Wen Jiabao, is very aware of his liabilities. Unlike Bush and Obama, he seems to actually know what he doesn't know. He and his financial leadership team have been explicitly targeting the property and loan markets for the last 3 months. They are not behaving as willfully blind as we were.
This morning, here's what Wen told Xinhua, the Chinese News Agency: "Property prices have risen too quickly in some areas and we should use taxes and loan interest rates to stabilize them."
Does Using The Internet Mean Giving Up Privacy?
Visit The Forbes.com Digg ChannelUnlike the U.S., which keeps interest rates at zero to fuel debt-fueled asset-price speculation, at least China has a plan to both generate savings amongst her citizenry (with a savings rate of return greater than zero) and, at the same time, show some respect for the cost of capital.
On the currency front, Wen said that China will "absolutely not yield" to the Western calls for currency appreciation. He explained that the plan will remain the plan, and that China will move both her currency and interest rate policies whenever she darn well pleases. Sound familiar? It should. That's what we do.
2010 will be here by the end of this week, and so will China overtaking Japan as the world's second-largest economy. For a long time Americans and Europeans could see this economic and political juggernaut coming. For a long time some of us chose to ignore the power of their self-directedness.
As America moves the YouTube dials to another populist debate (whether or not we should reinstitute Glass-Steagall-like regulation in her financial markets in 2010), be certain that the Chinese are going to be moving forward at their already decided pace.
After closing up 1.5% overnight, the Shanghai Composite Index closed at 3,188. Despite the S&P 500 closing at a higher YTD high on Christmas Eve, it’s only up 24.7% for the year. Relative to China's 75.1% gain, that's puny. Kind of like how Satchel Paige made 20-year-old men look with a curveball coming from his 45-year old arm.
Tuesday, December 29, 2009
Pitching to the Very Rich
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Hello everyone! within the last 6 months or so I came to read about this author Bill Bartmann. He is someone new I am just finding out about, some of you maybe more familiar with hi.m You hear a lot about Warren Buffet and Bill Gates, Dell, or maybe other billionaires.
But he defintely has a lot to offer for as advice and how to make riches for yourself he has website and books on Amazon to further your efforts in your businesses and building wealth.
Pitching the Very Rich
Bill Bartmann: Bailout Billionaire
5 Rules for Pitching the Very Rich
Wonder if even seasoned pros screw it up? Let me count the ways.
By Bill BartmannSo What's Next?
5 Rules for Pitching the Very Rich
Training: Your Secret Weapon
When It Feels Wrong To Be Right
The Next Hot Management Tool: A Paper Napkin
If you're looking to ink a deal with a really wealthy individual (there are plenty of wealthy women, but I'll make this example male, because that's the universal pronoun), here are five rules to put you way ahead of your competition:
Rule No.1: Respect time.
Everyone knows to arrive early, but here's what most people don't know: there may be gatekeepers, but having time to cool your heels in the waiting room for 30 minutes looks sloppy. He'll just assume you must not be too successful.
Of course it makes sense to allow extra time to get to the meeting, because heaven help you if you're late. But if you're very early hang out at the coffee shop across the street, not in the reception area. You should be announcing yourself to the receptionist at precisely the appointed hour.
Once shown in, remember to respect his time, too. If you are scheduled for 10 minutes, 600 seconds from when you walked in you should be doing one of two things: Either walking out, or answering questions. If you are answering questions, acknowledge that your 10 minutes is up and let him know you're more than happy to answer his question if you can have a few more minutes. He'll respect you for being a person of your word and will almost certainly allow you a few more minutes.
Rule No.2: Don't tell him his business.
I don't care if you've been in the same industry for years--you still do not know his unique challenges at the moment. Don't insult him by announcing how your solution will revolutionize his operation or be just the thing. He may indeed conclude that your product or service is amazing, but that's for him to decide.
Rule No.3: Give him the facts.
Here's a great question: "How do you stack up against your competitors?" The answer will tell him volumes.
If you feed him that line about not wanting to bad-mouth competitors, you just blew the sale. This is an excuse salespeople hide behind when they either don't know their competitors, or they're worse than their competitors and don't want to say so.
He's not asking you to bad-mouth your competitors, he just expects you to know both your own product as well as your competitors' products. The winning answer will provide him specific details on what your business' strengths are over your competitors. These details le him know you're a pro. He might not even read your matrix, but will give it to someone on his staff to decode.
Rule No.4: Take notes.
An ancient Chinese proverb states: "The faintest writing is stronger than the strongest memory.
Unless you have a photographic or phonographic memory, be prepared to take notes on pertinent information or advice given. Don't make him repeat names, locations, or statistics just because you couldn't be bothered to write them down.
Taking notes is a show of respect. It also means you need to be told something only once and he can rely on you to know it.
Rule No.5: Anticipate his needs.
This is the flipside of the last rule: Don't make him take notes to remember what you just told him. When your presentation is finished, leave him with a concise, factual, well-organized document summarizing the information you've presented.
In my 40 years in business, I estimate that at most 10 percent of salespeople follow any of these rules. That means an exceedingly small group of people will make a great impression on Mr. Big. Are you one of them?
Bill Bartmann is the foremost expert on helping entrepreneurs profit from buying bad loans and a leading authority on entrepreneurship in America. His book Bailout Riches recently became #1 on Amazon's Best Seller List. Bill offers free educational materials for entrepreneurs at
Hello everyone! within the last 6 months or so I came to read about this author Bill Bartmann. He is someone new I am just finding out about, some of you maybe more familiar with hi.m You hear a lot about Warren Buffet and Bill Gates, Dell, or maybe other billionaires.
But he defintely has a lot to offer for as advice and how to make riches for yourself he has website and books on Amazon to further your efforts in your businesses and building wealth.
Pitching the Very Rich
Bill Bartmann: Bailout Billionaire
5 Rules for Pitching the Very Rich
Wonder if even seasoned pros screw it up? Let me count the ways.
By Bill BartmannSo What's Next?
5 Rules for Pitching the Very Rich
Training: Your Secret Weapon
When It Feels Wrong To Be Right
The Next Hot Management Tool: A Paper Napkin
If you're looking to ink a deal with a really wealthy individual (there are plenty of wealthy women, but I'll make this example male, because that's the universal pronoun), here are five rules to put you way ahead of your competition:
Rule No.1: Respect time.
Everyone knows to arrive early, but here's what most people don't know: there may be gatekeepers, but having time to cool your heels in the waiting room for 30 minutes looks sloppy. He'll just assume you must not be too successful.
Of course it makes sense to allow extra time to get to the meeting, because heaven help you if you're late. But if you're very early hang out at the coffee shop across the street, not in the reception area. You should be announcing yourself to the receptionist at precisely the appointed hour.
Once shown in, remember to respect his time, too. If you are scheduled for 10 minutes, 600 seconds from when you walked in you should be doing one of two things: Either walking out, or answering questions. If you are answering questions, acknowledge that your 10 minutes is up and let him know you're more than happy to answer his question if you can have a few more minutes. He'll respect you for being a person of your word and will almost certainly allow you a few more minutes.
Rule No.2: Don't tell him his business.
I don't care if you've been in the same industry for years--you still do not know his unique challenges at the moment. Don't insult him by announcing how your solution will revolutionize his operation or be just the thing. He may indeed conclude that your product or service is amazing, but that's for him to decide.
Rule No.3: Give him the facts.
Here's a great question: "How do you stack up against your competitors?" The answer will tell him volumes.
If you feed him that line about not wanting to bad-mouth competitors, you just blew the sale. This is an excuse salespeople hide behind when they either don't know their competitors, or they're worse than their competitors and don't want to say so.
He's not asking you to bad-mouth your competitors, he just expects you to know both your own product as well as your competitors' products. The winning answer will provide him specific details on what your business' strengths are over your competitors. These details le him know you're a pro. He might not even read your matrix, but will give it to someone on his staff to decode.
Rule No.4: Take notes.
An ancient Chinese proverb states: "The faintest writing is stronger than the strongest memory.
Unless you have a photographic or phonographic memory, be prepared to take notes on pertinent information or advice given. Don't make him repeat names, locations, or statistics just because you couldn't be bothered to write them down.
Taking notes is a show of respect. It also means you need to be told something only once and he can rely on you to know it.
Rule No.5: Anticipate his needs.
This is the flipside of the last rule: Don't make him take notes to remember what you just told him. When your presentation is finished, leave him with a concise, factual, well-organized document summarizing the information you've presented.
In my 40 years in business, I estimate that at most 10 percent of salespeople follow any of these rules. That means an exceedingly small group of people will make a great impression on Mr. Big. Are you one of them?
Bill Bartmann is the foremost expert on helping entrepreneurs profit from buying bad loans and a leading authority on entrepreneurship in America. His book Bailout Riches recently became #1 on Amazon's Best Seller List. Bill offers free educational materials for entrepreneurs at
Financial Angels
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Well at last Angels to HELP with financing, not only do they protect and guide you. But, angels to help with financing a business. I recently search online for business grants and there were only few, grants are mainly for the non-profit organizatons and a few other special or particular situations do they (government) give grants to businesses otherwise it is SBA Small Business Associations, you are referral to and of course your local banks, your wonderful family and friends ( hee hee). There are several ways to give financing which I will continue to look into and blog about.
Angel Investors
These individual VC investors seem like they're from heaven, but be prepared to give up a chunk of your company for funding.
Definition or Explanation: Working with angel investors means acquiring venture capital from individual investors. These individuals look for companies that exhibit high-growth prospects, have a synergy with their own business or compete in an industry in which they have succeeded.
Appropriate For: Early-stage companies with no revenues or established companies with sales and earnings. Companies seeking equity capital from angel investors must welcome the outside ownership and perhaps be willing to relinquish some control. To successfully accommodate angel investors, a company must also be able to provide an "exit" to these investors in the form of an eventual public offering or buyout from a larger firm.
Supply: The supply of angel investors is large within a 150-mile radius of metropolitan areas. The more technology driven an area's economy, the more abundant these investors are.
Best Use: Runs the gamut, from companies developing a product to those with an established product or service for which they need additional funding to execute a marketing program. Also, angel investors are appropriate for companies that have increasing product or service sales and need additional capital to bridge the gap between the sale and the receipt of funds from the customer.
Cost: Expensive. Capital from angel investors is likely to cost no less than 10 percent of a company's equity and, for early-stage companies, perhaps more than 50 percent. In addition, many angel investors charge a management fee in the form of a monthly retainer.
Ease of Acquisition: Angels are easy to find but sometimes difficult to negotiate with because they usually do not invest in concert and may demand different terms.
Range of Funds Typically Available: $300,000 to $5 million.
First Steps
Angel investors are at once difficult and easy to find. The situation is analogous to searching for gold. Generally, it's difficult to find, but once you hit a vein...all your hard work pays off in a big way. Here are the places angels might be hiding:
•Universities: According to Bob Tosterud, Freeman Chair for Entrepreneurial Studies at the University of South Dakota, angel investors tend to hover near university programs because of the high level of new business activity they generate. He advises that if you are looking for money, call the nearest university that has an entrepreneurship program, and make an appointment to speak with the person who runs it. Generally, he says, such people can point you in the direction of angels.
•Business incubators: According to the National Business Incubation Association (NBIA), there are about 1,000 business incubators in North America. At first blush, incubators appear to be the mere bricks and mortar facilities that offer entrepreneurs reasonable rents, access to shared services, exposure to professional assistance and an atmosphere of entrepreneurial energy. But according to NBIA president and CEO Dinah Adkins, many business incubators offer formal or informal access to angel investors.
•Venture capital clubs: The tremendous wealth created through the commercialization of technology, as well as the robust stock market of the 1990s, have resulted in a large number of angel investors who have begun to formalize their activities into groups or clubs. These clubs actively look for deals to invest in and their members want to hear from entrepreneurs looking for capital.
•Angel confederacies: Some angels, shunning the formality of a venture capital club, band together in informal groups that share information and deals. Members of the group often invest independently or join together to fund a company. So-called confederacies are not easy to find, but once you locate one member, you gain access to them all, a number that could top 50 investors.
Here are 10 action steps you can take to find angel investors in your area:
1. Call your chamber of commerce and ask if it hosts a venture capital group. Many such groups have a chamber affiliation.
2. Call a Small Business Development Centernear you and ask the executive director if he or she knows of any angel investor groups. Ask the SBA if you don't know where an SBDC is.
3. Ask your accountant. If your accountant doesn't know, call a Big Four Accounting Firm and ask for the partner who handles entrepreneurial services. Ask him or her to point you in the right direction.
4. Ask your attorney. Lawyers always know who has money.
5. Call a professional venture capitalist and ask if he or she is aware of an angel investor group.
6. Contact a regional or state economic development agency and ask if anyone there knows of an angel investor group.
7. Call the editor of a local business publication and ask if he or she knows of any groups. These professionals often write about such activity.
8. Look at the "Principle Shareholders" section of initial public offerings (IPO) prospectuses for companies in your area. This will tell you who has cashed out big.
9. Call the executive director of a trade association you belong to. Ask if there are any investors who specialize in your industry.
10. Ask your banker. If you do business at a small bank, ask the president of the institution. If yours is a larger commercial bank, ask your lender. If you do not have a lender, ask for a lender who works with loans of $1 million or less. A good small-business banker knows of such groups because companies that have received an equity investment are good candidates for a loan.
Well at last Angels to HELP with financing, not only do they protect and guide you. But, angels to help with financing a business. I recently search online for business grants and there were only few, grants are mainly for the non-profit organizatons and a few other special or particular situations do they (government) give grants to businesses otherwise it is SBA Small Business Associations, you are referral to and of course your local banks, your wonderful family and friends ( hee hee). There are several ways to give financing which I will continue to look into and blog about.
Angel Investors
These individual VC investors seem like they're from heaven, but be prepared to give up a chunk of your company for funding.
Definition or Explanation: Working with angel investors means acquiring venture capital from individual investors. These individuals look for companies that exhibit high-growth prospects, have a synergy with their own business or compete in an industry in which they have succeeded.
Appropriate For: Early-stage companies with no revenues or established companies with sales and earnings. Companies seeking equity capital from angel investors must welcome the outside ownership and perhaps be willing to relinquish some control. To successfully accommodate angel investors, a company must also be able to provide an "exit" to these investors in the form of an eventual public offering or buyout from a larger firm.
Supply: The supply of angel investors is large within a 150-mile radius of metropolitan areas. The more technology driven an area's economy, the more abundant these investors are.
Best Use: Runs the gamut, from companies developing a product to those with an established product or service for which they need additional funding to execute a marketing program. Also, angel investors are appropriate for companies that have increasing product or service sales and need additional capital to bridge the gap between the sale and the receipt of funds from the customer.
Cost: Expensive. Capital from angel investors is likely to cost no less than 10 percent of a company's equity and, for early-stage companies, perhaps more than 50 percent. In addition, many angel investors charge a management fee in the form of a monthly retainer.
Ease of Acquisition: Angels are easy to find but sometimes difficult to negotiate with because they usually do not invest in concert and may demand different terms.
Range of Funds Typically Available: $300,000 to $5 million.
First Steps
Angel investors are at once difficult and easy to find. The situation is analogous to searching for gold. Generally, it's difficult to find, but once you hit a vein...all your hard work pays off in a big way. Here are the places angels might be hiding:
•Universities: According to Bob Tosterud, Freeman Chair for Entrepreneurial Studies at the University of South Dakota, angel investors tend to hover near university programs because of the high level of new business activity they generate. He advises that if you are looking for money, call the nearest university that has an entrepreneurship program, and make an appointment to speak with the person who runs it. Generally, he says, such people can point you in the direction of angels.
•Business incubators: According to the National Business Incubation Association (NBIA), there are about 1,000 business incubators in North America. At first blush, incubators appear to be the mere bricks and mortar facilities that offer entrepreneurs reasonable rents, access to shared services, exposure to professional assistance and an atmosphere of entrepreneurial energy. But according to NBIA president and CEO Dinah Adkins, many business incubators offer formal or informal access to angel investors.
•Venture capital clubs: The tremendous wealth created through the commercialization of technology, as well as the robust stock market of the 1990s, have resulted in a large number of angel investors who have begun to formalize their activities into groups or clubs. These clubs actively look for deals to invest in and their members want to hear from entrepreneurs looking for capital.
•Angel confederacies: Some angels, shunning the formality of a venture capital club, band together in informal groups that share information and deals. Members of the group often invest independently or join together to fund a company. So-called confederacies are not easy to find, but once you locate one member, you gain access to them all, a number that could top 50 investors.
Here are 10 action steps you can take to find angel investors in your area:
1. Call your chamber of commerce and ask if it hosts a venture capital group. Many such groups have a chamber affiliation.
2. Call a Small Business Development Centernear you and ask the executive director if he or she knows of any angel investor groups. Ask the SBA if you don't know where an SBDC is.
3. Ask your accountant. If your accountant doesn't know, call a Big Four Accounting Firm and ask for the partner who handles entrepreneurial services. Ask him or her to point you in the right direction.
4. Ask your attorney. Lawyers always know who has money.
5. Call a professional venture capitalist and ask if he or she is aware of an angel investor group.
6. Contact a regional or state economic development agency and ask if anyone there knows of an angel investor group.
7. Call the editor of a local business publication and ask if he or she knows of any groups. These professionals often write about such activity.
8. Look at the "Principle Shareholders" section of initial public offerings (IPO) prospectuses for companies in your area. This will tell you who has cashed out big.
9. Call the executive director of a trade association you belong to. Ask if there are any investors who specialize in your industry.
10. Ask your banker. If you do business at a small bank, ask the president of the institution. If yours is a larger commercial bank, ask your lender. If you do not have a lender, ask for a lender who works with loans of $1 million or less. A good small-business banker knows of such groups because companies that have received an equity investment are good candidates for a loan.
Tax Season Again
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
It is right around the corner tax season, and we need all the 411 on properly preparing taxes as individual as well as for your businesses. Please be sure to always get professional advice on preparation, CPA or tax attorney people who are experts in the business or this is their field taxes. Also it is good to take preparing tax classes to also earn extra cash for yourself, maybe start your own tax preparation services another business on the side for yourself. Word.
Before you pop the champagne cork on New Year's Eve, invest in a few minutes of tax planning. True, taxes might not bring thoughts of confetti in the air or New Year's kisses. But making use of these seven strategies can go a long way in reducing your tax burden.
1.Establish retirement plans. When money is tight, it might be tempting to pass on retirement plan funding this year. Don't do it. Saving for the future each and every year will give your nest egg a boost, and it will also help come tax time.
By setting money aside in qualified retirement plans, the contributions lower your taxable gross dollar-for-dollar, hence they are great for reducing tax liability,'' said Theresa Rosen, a certified financial planner with Prudence Financial in Sudbury, Mass.
But to start a new a Solo 401(k) plan or a 401(k) for a larger company, you must get all your paperwork in to your investment company by Dec. 31.
Employee contributions to these plans must also be made before the end of the year, but the employer contribution can be delayed until your tax return is filed, said Vince Pallitto, a certified financial planner and certified public accountant with Summit Asset Management in Florham Park, New Jersey.
2.Invest in an IRA. "Traditional, Roth and SEP-IRA contributions must be made by April 15, 2010," says Bonnie Lee, a certified public accountant and Entrepreneur.com's tax columnist.
If you are planning to get an extension on filing your return, contributions must be made before the extension filing deadline.
"For example, if you file the 2009 tax return on February 10, the IRA contribution must be in by February 10," Lee says.
But remember: the sooner you invest, the sooner your investments can start gaining in value.
3.Defer income. In this economy, it can be a struggle to get clients to pay their bills. But if your taxable income is high for 2009, you may want to allow clients to keep their money a little bit longer. By deferring income until 2010, your 2009 tax burden may be a little lower.
Similarly, if this has been a tough year for your business but you expect income to pick up significantly in 2010, you might want to collect as many payments as possible by the end of the year to reduce your 2010 taxable income.
A note to parents: If in 2010 you plan to apply for the first time for financial aid for your college-bound child, it would be wise to keep your income as low as possible, Rosen says.
4.Spend, spend, spend. Increasing expenses, such as paying off bills or other debts or paying out bonuses to employees, will help increase your deductions for 2009. If you've been delaying major purchases for your business, now is a great time to buy. Not only can you find great deals as businesses try to clear out inventory, you'll have more deductions.
"Generally, capital improvements and new equipment should be capitalized and depreciated over a 5, 7, or 10-year period or longer," Pallitto says. "However, Section 179 of the Internal Revenue Code allows you to expense up to $250,000 of new equipment purchased in that year."
5.Give to charity. If you plan to donate money or goods to charity, do it before December 31 so you can make the deduction and reduce your taxable income.
6.Prepay taxes, (maybe). Prepaying taxes can give you an extra deduction this year, but consult with your tax preparer first. You'll need to determine if the early deduction will be worth losing the cash flow today and the deduction for 2010.
Also make sure you'll qualify for the deduction.
"If you are in the Alternative Minimum Tax, state and local taxes are not a deduction," Pallitto says.
7.Visit the doctor. To deduct medical expenses, you must spend more than 7.5 percent of your adjusted gross income. If you've had a lot of medical expenses this year, review your receipts and see if you're close to the 7.5 percent threshold you'd have to reach to be able to deduct those costs. If you need a few more medical expenses, visit the doctor (or the dentist, or the optometrist) or fill prescriptions before the year ends.
8.Review your portfolio. Consider dumping your losing investments before the end of the year, especially if you want to take profit on some winners.
"Capital losses are limited to $3,000 per year," Lee says. "You can take capital losses against other capital gains."
If your capital losses exceed $3,000, you can carry those losses over to future tax years to offset future capital gains.
Before you sell, check with your tax preparer or financial advisor to make sure the move is right for you.
It is right around the corner tax season, and we need all the 411 on properly preparing taxes as individual as well as for your businesses. Please be sure to always get professional advice on preparation, CPA or tax attorney people who are experts in the business or this is their field taxes. Also it is good to take preparing tax classes to also earn extra cash for yourself, maybe start your own tax preparation services another business on the side for yourself. Word.
Before you pop the champagne cork on New Year's Eve, invest in a few minutes of tax planning. True, taxes might not bring thoughts of confetti in the air or New Year's kisses. But making use of these seven strategies can go a long way in reducing your tax burden.
1.Establish retirement plans. When money is tight, it might be tempting to pass on retirement plan funding this year. Don't do it. Saving for the future each and every year will give your nest egg a boost, and it will also help come tax time.
By setting money aside in qualified retirement plans, the contributions lower your taxable gross dollar-for-dollar, hence they are great for reducing tax liability,'' said Theresa Rosen, a certified financial planner with Prudence Financial in Sudbury, Mass.
But to start a new a Solo 401(k) plan or a 401(k) for a larger company, you must get all your paperwork in to your investment company by Dec. 31.
Employee contributions to these plans must also be made before the end of the year, but the employer contribution can be delayed until your tax return is filed, said Vince Pallitto, a certified financial planner and certified public accountant with Summit Asset Management in Florham Park, New Jersey.
2.Invest in an IRA. "Traditional, Roth and SEP-IRA contributions must be made by April 15, 2010," says Bonnie Lee, a certified public accountant and Entrepreneur.com's tax columnist.
If you are planning to get an extension on filing your return, contributions must be made before the extension filing deadline.
"For example, if you file the 2009 tax return on February 10, the IRA contribution must be in by February 10," Lee says.
But remember: the sooner you invest, the sooner your investments can start gaining in value.
3.Defer income. In this economy, it can be a struggle to get clients to pay their bills. But if your taxable income is high for 2009, you may want to allow clients to keep their money a little bit longer. By deferring income until 2010, your 2009 tax burden may be a little lower.
Similarly, if this has been a tough year for your business but you expect income to pick up significantly in 2010, you might want to collect as many payments as possible by the end of the year to reduce your 2010 taxable income.
A note to parents: If in 2010 you plan to apply for the first time for financial aid for your college-bound child, it would be wise to keep your income as low as possible, Rosen says.
4.Spend, spend, spend. Increasing expenses, such as paying off bills or other debts or paying out bonuses to employees, will help increase your deductions for 2009. If you've been delaying major purchases for your business, now is a great time to buy. Not only can you find great deals as businesses try to clear out inventory, you'll have more deductions.
"Generally, capital improvements and new equipment should be capitalized and depreciated over a 5, 7, or 10-year period or longer," Pallitto says. "However, Section 179 of the Internal Revenue Code allows you to expense up to $250,000 of new equipment purchased in that year."
5.Give to charity. If you plan to donate money or goods to charity, do it before December 31 so you can make the deduction and reduce your taxable income.
6.Prepay taxes, (maybe). Prepaying taxes can give you an extra deduction this year, but consult with your tax preparer first. You'll need to determine if the early deduction will be worth losing the cash flow today and the deduction for 2010.
Also make sure you'll qualify for the deduction.
"If you are in the Alternative Minimum Tax, state and local taxes are not a deduction," Pallitto says.
7.Visit the doctor. To deduct medical expenses, you must spend more than 7.5 percent of your adjusted gross income. If you've had a lot of medical expenses this year, review your receipts and see if you're close to the 7.5 percent threshold you'd have to reach to be able to deduct those costs. If you need a few more medical expenses, visit the doctor (or the dentist, or the optometrist) or fill prescriptions before the year ends.
8.Review your portfolio. Consider dumping your losing investments before the end of the year, especially if you want to take profit on some winners.
"Capital losses are limited to $3,000 per year," Lee says. "You can take capital losses against other capital gains."
If your capital losses exceed $3,000, you can carry those losses over to future tax years to offset future capital gains.
Before you sell, check with your tax preparer or financial advisor to make sure the move is right for you.
Wednesday, December 23, 2009
Good Health Good Business
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
I always believe good health is connected to goodness for a business. Less absences, time alway from the job or business. Question is what about for those who have familiy members with health challenges?
Why Protecting Your Health Is Good for Business
Published: Wednesday, 23 Dec 2009
12:47 PM ET Text Size By: Christina Cheddar Berk
We've come to accept the idea that companies must attempt to reduce their impact on the environment in order to be considered good corporate citizens, and that the failure to do so will be punished by consumers.
Now, a new study by public relations firm Edelman suggests that consumers also believe businesses should seek to improve the country's health, and that this responsibility extends beyond taking action to improve their own employees' wellness.
What's more, most people think businesses aren't meeting this expectation.
According to the survey, 81 percent of respondents believe it is important for business to share knowledge and innovations that improve health and 71 percent of those polled believe business should invest in creating healthy communities.
However, only one in 10 believe business is doing an excellent or very good job at improving health. This means there's an opportunity for companies that are able to step up and begin to fill the void.
Doing so, could have rewards. About 86 percent of respondents say they would be more likely to recommend or purchase from a company they believe is committed to improving health.
Nancy Turett, global president of health at Edelman, likens the situation to the early days of the "green" movement where companies that began to take positive environmental steps won over consumers with their actions.
The expectations go beyond the current dialogue about healthcare reform going on in Congress.
"That is really a shorthand for health care insurance reform," Turett said. She also said that any health care insurance reform can only be part of a solution to the nation's health problems, which include rising rates of obesity and pandemics of infections among others.
"It's important that companies not get behind the eight ball on this," says Turrett.
Edelman is planning to do more research to dig deeper into the types of actions consumers expect and to see whether these expectations vary from industry to industry.
However, even with this initial research, one can see some opportunities. For example, a manufacturer could look to build a computer keyboard that is healthier to use, or design products that cater to the needs of an aging population.
Food companies, which came under harsh criticism early due to obesity concerns, have already been taking steps to head in this direction by looking hard at the ingredients in their products. In recent years, there are numerous examples, from the removal of trans fats from many foods to the reduction of sugar in breakfast cereals and sodium in some types of soup.
And while providing employee wellness programs are important, it is also important for companies to assess their "health footprint" and communicate to the public where they stand, Turrett said.
Turrett expects that the rising expectations for companies is an outgrowth of a population that is more informed and engaged in their own health issues. In fact, one out of every five people not only care about and take action on health issues, they also act as channels of information themselves, she said.
I always believe good health is connected to goodness for a business. Less absences, time alway from the job or business. Question is what about for those who have familiy members with health challenges?
Why Protecting Your Health Is Good for Business
Published: Wednesday, 23 Dec 2009
12:47 PM ET Text Size By: Christina Cheddar Berk
We've come to accept the idea that companies must attempt to reduce their impact on the environment in order to be considered good corporate citizens, and that the failure to do so will be punished by consumers.
Now, a new study by public relations firm Edelman suggests that consumers also believe businesses should seek to improve the country's health, and that this responsibility extends beyond taking action to improve their own employees' wellness.
What's more, most people think businesses aren't meeting this expectation.
According to the survey, 81 percent of respondents believe it is important for business to share knowledge and innovations that improve health and 71 percent of those polled believe business should invest in creating healthy communities.
However, only one in 10 believe business is doing an excellent or very good job at improving health. This means there's an opportunity for companies that are able to step up and begin to fill the void.
Doing so, could have rewards. About 86 percent of respondents say they would be more likely to recommend or purchase from a company they believe is committed to improving health.
Nancy Turett, global president of health at Edelman, likens the situation to the early days of the "green" movement where companies that began to take positive environmental steps won over consumers with their actions.
The expectations go beyond the current dialogue about healthcare reform going on in Congress.
"That is really a shorthand for health care insurance reform," Turett said. She also said that any health care insurance reform can only be part of a solution to the nation's health problems, which include rising rates of obesity and pandemics of infections among others.
"It's important that companies not get behind the eight ball on this," says Turrett.
Edelman is planning to do more research to dig deeper into the types of actions consumers expect and to see whether these expectations vary from industry to industry.
However, even with this initial research, one can see some opportunities. For example, a manufacturer could look to build a computer keyboard that is healthier to use, or design products that cater to the needs of an aging population.
Food companies, which came under harsh criticism early due to obesity concerns, have already been taking steps to head in this direction by looking hard at the ingredients in their products. In recent years, there are numerous examples, from the removal of trans fats from many foods to the reduction of sugar in breakfast cereals and sodium in some types of soup.
And while providing employee wellness programs are important, it is also important for companies to assess their "health footprint" and communicate to the public where they stand, Turrett said.
Turrett expects that the rising expectations for companies is an outgrowth of a population that is more informed and engaged in their own health issues. In fact, one out of every five people not only care about and take action on health issues, they also act as channels of information themselves, she said.
Branding Insights
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Another view on Brand for your businesses and companies guys, all are suggestive ideas and views you may want to consider.
By Starr Hall
May 28, 2009
Do you remember the story of Chicken Little? If one person tells you the sky is falling, you laugh at him. But if you're told the same story over and over, pretty soon you believe it. This also rings true with branding--just because everyone else is saying or doing something doesn't mean that it works.
Time and again I see entrepreneurs throw thousands of dollars away trying to grow their businesses with traditional branding techniques because everyone else is doing it. These branding myths can break a company before it even gets off the ground. Times have changed--technology has created new ways to build and brand your company; traditional techniques don't always work anymore. Being aware of the following five myths will help you avoid these mistakes and save countless hours of frustration.
Myth 1: Offering a consistent and great product will produce a successful business. Is the quality of your product or service important? Of course it is, but it has very little to do with how successful your new or established business will become. The truth is that some very profitable, successful brands offer a marginal product while some failing businesses offer amazing products. The success of your brand venture is dependent on much more than just the quality of your product. Don't fall into the trap of thinking that creating the perfect product or service will have the world beating a path to your door. Your superior product or service will make you proud, but it won't make you money by itself.
Solution: You can always launch a beta test for your product or service to start getting exposure. Post on social networking sites and ask readers for their opinions and feedback. A great way to start to build your e-mail list is to post on a social network and link back to your site with e-mail capture and a survey readers can download and participate in. Make the survey about them, not about you or your product or service.
Myth 2: The more you spend on advertising, the more profitable you will become. You'll hear this mantra from every advertising salesperson out there. Unfortunately, constant repetition gives this myth credibility. If you do anything in business just because it's what everyone else is doing, you're in big trouble. Many current brands spend huge amounts of money on their monthly advertising budget; most of this money is wasted on ineffective ads. There are much smarter ways to build a brand. Don't get me wrong; there is a place for advertising in branding--but it's brand maintenance, not brand building. Advertising lacks the credibility that building a brand requires.
Solution: The best way to build credibility is to utilize the media. Online, print and broadcast media outlets are looking for quality content and contributors daily. Offer valuable tips tied into current events for readers, viewers and listeners. You'll gain massive exposure and credibility if your campaign is planned and executed properly.
Myth 3: Word-of-mouth and referrals will make you a successful, profitable business. This myth is the major cause of failure for underfunded startup brands. I've heard many new business owners say that they don't spend a penny on advertising or any other branding method because they're waiting for "word-of-mouth" to kick in and build their brand. Years ago this was possible; in a small industry without a lot of brand competition or mass messaging, it didn't take long for word to spread. Those days are over, though. With a different customer attitude and the many options available to the consumer, waiting for word-of-mouth to build their brands leads many businesses to shuttered doors. It's a great way to increase business over time, but it isn't something to base your business plan and success on. It isn't proactive, and it simply doesn't work in today's competitive climate. It's wishful thinking, not a realistic business plan.
Solution: A great way to build a list and incorporate word-of-mouth into your marketing is to launch a blog. They're free to set up and, if used correctly, you'll not only engage your potential customer, but you'll also build loyalty and word-of-mouth. Blogs provide valuable content for your customer in your area of expertise. They're excellent education and relationship-building tools.
Myth 4: You need to possess a wide range of skills to become a successful entrepreneur and brand. I've met many personable, skilled, well-organized, business-minded individuals who failed to create a profitable brand. If you're great with people, a real motivator, good at accounting and a hard worker, sure, you'll have an advantage. But the truth is that even if you have none of those skills or attributes, you can still be an extremely successful entrepreneur. There's one brand-building skill that most businesses don't even consider. If you master this skill and make it your No. 1 priority, you can launch as many successful brands as you wish. Here it is: daily marketing. Notice I didn't just say marketing, I said daily marketing. I've never met a business owner who made this task his or her No. 1 priority and didn't succeed.
Solution: What are you doing every single day to market and grow your business? Commit to doing five new things each day to grow your business--make that call, post on a new site, launch a blog, release an article. Your business is likely to grow by leaps and bounds almost overnight.
Myth 5: The costs to brand your business (including advertising, PR, marketing and social media), are enormous. So many people believe this myth that it's practically written in stone. Yes, many new brands fail because they lack funding. But you don't need to spend a fortune to launch or grow a successful brand. I started my agency with no capital, using all of the tools available on social networks and through online and print media. You should focus on marketing to larger markets online and build your credibility through media features and placements.
Solution: You can reach hundreds, even thousands, of new contacts and potential customers or clients using online tools such as Twitter or LinkedIn. Another great way to get exposure for your business is to contact local media outlets and persuade them to run a feature on your business. Even if you're looking to expand worldwide--start close to home. This type of coverage shows larger-scale media outlets that you're newsworthy.
Starr Hall is the author of Get Connected: The Social Networking Toolkit for Business, available from Entrepreneur Press. Starr specializes in PR, co-branding, licensing, online branding and building businesses worldwide using the power of social networking.
Another view on Brand for your businesses and companies guys, all are suggestive ideas and views you may want to consider.
By Starr Hall
May 28, 2009
Do you remember the story of Chicken Little? If one person tells you the sky is falling, you laugh at him. But if you're told the same story over and over, pretty soon you believe it. This also rings true with branding--just because everyone else is saying or doing something doesn't mean that it works.
Time and again I see entrepreneurs throw thousands of dollars away trying to grow their businesses with traditional branding techniques because everyone else is doing it. These branding myths can break a company before it even gets off the ground. Times have changed--technology has created new ways to build and brand your company; traditional techniques don't always work anymore. Being aware of the following five myths will help you avoid these mistakes and save countless hours of frustration.
Myth 1: Offering a consistent and great product will produce a successful business. Is the quality of your product or service important? Of course it is, but it has very little to do with how successful your new or established business will become. The truth is that some very profitable, successful brands offer a marginal product while some failing businesses offer amazing products. The success of your brand venture is dependent on much more than just the quality of your product. Don't fall into the trap of thinking that creating the perfect product or service will have the world beating a path to your door. Your superior product or service will make you proud, but it won't make you money by itself.
Solution: You can always launch a beta test for your product or service to start getting exposure. Post on social networking sites and ask readers for their opinions and feedback. A great way to start to build your e-mail list is to post on a social network and link back to your site with e-mail capture and a survey readers can download and participate in. Make the survey about them, not about you or your product or service.
Myth 2: The more you spend on advertising, the more profitable you will become. You'll hear this mantra from every advertising salesperson out there. Unfortunately, constant repetition gives this myth credibility. If you do anything in business just because it's what everyone else is doing, you're in big trouble. Many current brands spend huge amounts of money on their monthly advertising budget; most of this money is wasted on ineffective ads. There are much smarter ways to build a brand. Don't get me wrong; there is a place for advertising in branding--but it's brand maintenance, not brand building. Advertising lacks the credibility that building a brand requires.
Solution: The best way to build credibility is to utilize the media. Online, print and broadcast media outlets are looking for quality content and contributors daily. Offer valuable tips tied into current events for readers, viewers and listeners. You'll gain massive exposure and credibility if your campaign is planned and executed properly.
Myth 3: Word-of-mouth and referrals will make you a successful, profitable business. This myth is the major cause of failure for underfunded startup brands. I've heard many new business owners say that they don't spend a penny on advertising or any other branding method because they're waiting for "word-of-mouth" to kick in and build their brand. Years ago this was possible; in a small industry without a lot of brand competition or mass messaging, it didn't take long for word to spread. Those days are over, though. With a different customer attitude and the many options available to the consumer, waiting for word-of-mouth to build their brands leads many businesses to shuttered doors. It's a great way to increase business over time, but it isn't something to base your business plan and success on. It isn't proactive, and it simply doesn't work in today's competitive climate. It's wishful thinking, not a realistic business plan.
Solution: A great way to build a list and incorporate word-of-mouth into your marketing is to launch a blog. They're free to set up and, if used correctly, you'll not only engage your potential customer, but you'll also build loyalty and word-of-mouth. Blogs provide valuable content for your customer in your area of expertise. They're excellent education and relationship-building tools.
Myth 4: You need to possess a wide range of skills to become a successful entrepreneur and brand. I've met many personable, skilled, well-organized, business-minded individuals who failed to create a profitable brand. If you're great with people, a real motivator, good at accounting and a hard worker, sure, you'll have an advantage. But the truth is that even if you have none of those skills or attributes, you can still be an extremely successful entrepreneur. There's one brand-building skill that most businesses don't even consider. If you master this skill and make it your No. 1 priority, you can launch as many successful brands as you wish. Here it is: daily marketing. Notice I didn't just say marketing, I said daily marketing. I've never met a business owner who made this task his or her No. 1 priority and didn't succeed.
Solution: What are you doing every single day to market and grow your business? Commit to doing five new things each day to grow your business--make that call, post on a new site, launch a blog, release an article. Your business is likely to grow by leaps and bounds almost overnight.
Myth 5: The costs to brand your business (including advertising, PR, marketing and social media), are enormous. So many people believe this myth that it's practically written in stone. Yes, many new brands fail because they lack funding. But you don't need to spend a fortune to launch or grow a successful brand. I started my agency with no capital, using all of the tools available on social networks and through online and print media. You should focus on marketing to larger markets online and build your credibility through media features and placements.
Solution: You can reach hundreds, even thousands, of new contacts and potential customers or clients using online tools such as Twitter or LinkedIn. Another great way to get exposure for your business is to contact local media outlets and persuade them to run a feature on your business. Even if you're looking to expand worldwide--start close to home. This type of coverage shows larger-scale media outlets that you're newsworthy.
Starr Hall is the author of Get Connected: The Social Networking Toolkit for Business, available from Entrepreneur Press. Starr specializes in PR, co-branding, licensing, online branding and building businesses worldwide using the power of social networking.
Branding tips the Playboy way!
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
What a eye raising way to brand your businesses and companies, take a suggestive read.
Gunelius: Marketing Communications
Building Brand Value the Playboy Way
Love him or hate him, Hugh Hefner provides the ultimate example of successful branding.
By Susan Gunelius
September 14, 2009
What’s the first thing you think of when you hear the word, Playboy? If you said sex, then you’re just one of hundreds of millions of people around the world who make the same association, and I’m going to tell you two things right now based on that association:
0.The Playboy brand is working.
0.This book is not about sex.
Of course, if you didn’t answer the above question with the word sex, then I’m very curious to know what your answer was. Regardless, I didn’t write this book to talk about sex. This book is about branding and marketing. It’s about the history of an iconic, globally powerful brand that represents an unlikely subject for a product that has gone from highly controversial to somewhat of a commodity over the course of half a century. Most importantly, this book is about the role of a brand champion in building a brand.
For Playboy, Hugh Hefner played the role of brand champion throughout the brand’s 55+ year lifecycle. It could be argued that there has been no other brand champion in history who could be so closely associated with the brand he championed, nor is there another brand champion who has fulfilled that role for such a long period of time. Other brand champion names such as Steve Jobs, Mary Kay Ash, Oprah Winfrey, Bill Gates, and Martha Stewart come to mind, and many of those people will be discussed in this book. However, they all pale in comparison to Hugh Hefner who became the living embodiment of the Playboy brand.
I should mention that Hefner’s role as brand champion was one he played with vigor and resolute purpose. But as some might wonder how his stamina endures in his private life, I wonder how his stamina to champion the Playboy brand in the public’s eye and through his workaholic behavior continues to drive him. As you read this book, you’ll learn more about Hugh Hefner, the man. You’ll learn how his childhood shaped his thinking and much of his behavior, and you’ll learn what that meant to the Playboy brand. You’ll learn how his belief in the product he created, Playboy, was all-encompassing, and you’ll learn how he promoted and defended the brand and company above all else as a tireless brand advocate and brand guardian.
Marketers and branding experts are always searching for the perfect recipe to boost brand equity. There is no doubt that a powerful brand can be an invaluable company asset, however, marketers have always battled with senior management to secure the budget necessary to build brand value. The reason is simple. Brands are intangible assets. Company owners, shareholders, and analysts want to see hard numbers reflected on balance sheets and income statements.
Unfortunately, there is no space in accounting software for “Brand” to fit in the Assets column. That doesn’t make it any less meaningful and useful, but companies focus on metrics and quantifiable data. Things like brand fall to the wayside. It’s an unfortunate reality in the profit-driven, bottom-line conscious world of business. Building brand equity is a long-term strategy. When shareholders demand double-digit growth year over year, corporate executives typically choose short-term tactics to meet those expectations and keep their jobs over long-term strategies to position the company for continued success in the future.
All days weren’t perfect in the history of Playboy. In fact, much of the past 30 years have been bleak for Playboy, however, the company survived. Despite facing a wide variety of challenges, not the least of which has been an inability to be proactive and develop long-term strategies, Playboy has survived. How? This book will show you that a strong brand can help a company weather the storms and overcome insurmountable obstacles.
Don’t get me wrong. A strong brand doesn’t guarantee success, but the power of a well-established, well-known brand can boost a company’s chances for success immensely. Did anyone think that Martha Stewart’s company could fully rebound after she was found guilty of violating insider trading laws and spent several months in prison? Many people thought her business would fail after its brand champion brought such public humiliation to the company. However, the public was able to disassociate Stewart’s personal financial troubles from her brand’s promise. The company rebounded and her stint in jail is remembered as a mere diversion in the brand’s lifecycle.
Similarly, did anyone believe that Tylenol could regain its stronghold in the over-the-counter pain reliever market after the Tylenol poisoning epidemic in the 1980s? The brand seemed tarnished beyond repair, yet within a very short time, the company not only repaired the product’s brand image but it reclaimed its place as market leader. Again, the power of a brand cannot be denied.
The Playboy brand overcame myriad obstacles during its lifecycle. Despite being linked to violent sex crimes, a murder, drugs, and more, the brand emerged from each attack strong and continued to grow. Much of that success can be attributed to Hugh Hefner as the ultimate brand champion continually defending the brand. His utter belief in his product and brand was tenacious. In fact, many people found it hard not to believe with him.
That leads to one of the most important aspects of the longevity of the Playboy brand. At its core, Playboy is a relationship brand, and relationship brands are always well-positioned to become extremely powerful. As you’ll learn in this book, a relationship brand invites people to personally connect with it, directly interact with it, and share brand experiences with others. Relationship brands typically lead to strong customer loyalty, and loyal consumers turn into repeat buyers and brand advocates. There is no more powerful form of word-of-mouth marketing than a band of loyal brand advocate customers. They talk about the brand they’re loyal to with others, defend it, and buy it again and again. There is a reason why that old Breck shampoo commercial used the tagline, “and she told two friends, and so on, and so on, and so on.” It just works.
Even if you detest pornography and would never purchase a product sold by Playboy, it’s undeniable that the brand is powerful and has lived a long and prosperous life. And there is no denying that much of the brand’s success can be linked directly to Hugh Hefner.
Susan Gunelius is president and CEO of KeySplash Creative Inc., a full service marketing communications provider and branding consultancy, and owner of WomenOnBusiness.com, a leading blog community for business women. She is the author of severalbooks, including Kick-ass Copywriting in 10 Easy Steps published by Entrepreneur Press. Her newest book, Building Brand Value the Playboy Way, will be available October 27, 2009.
--------------------------------------------------------------------------------
What a eye raising way to brand your businesses and companies, take a suggestive read.
Gunelius: Marketing Communications
Building Brand Value the Playboy Way
Love him or hate him, Hugh Hefner provides the ultimate example of successful branding.
By Susan Gunelius
September 14, 2009
What’s the first thing you think of when you hear the word, Playboy? If you said sex, then you’re just one of hundreds of millions of people around the world who make the same association, and I’m going to tell you two things right now based on that association:
0.The Playboy brand is working.
0.This book is not about sex.
Of course, if you didn’t answer the above question with the word sex, then I’m very curious to know what your answer was. Regardless, I didn’t write this book to talk about sex. This book is about branding and marketing. It’s about the history of an iconic, globally powerful brand that represents an unlikely subject for a product that has gone from highly controversial to somewhat of a commodity over the course of half a century. Most importantly, this book is about the role of a brand champion in building a brand.
For Playboy, Hugh Hefner played the role of brand champion throughout the brand’s 55+ year lifecycle. It could be argued that there has been no other brand champion in history who could be so closely associated with the brand he championed, nor is there another brand champion who has fulfilled that role for such a long period of time. Other brand champion names such as Steve Jobs, Mary Kay Ash, Oprah Winfrey, Bill Gates, and Martha Stewart come to mind, and many of those people will be discussed in this book. However, they all pale in comparison to Hugh Hefner who became the living embodiment of the Playboy brand.
I should mention that Hefner’s role as brand champion was one he played with vigor and resolute purpose. But as some might wonder how his stamina endures in his private life, I wonder how his stamina to champion the Playboy brand in the public’s eye and through his workaholic behavior continues to drive him. As you read this book, you’ll learn more about Hugh Hefner, the man. You’ll learn how his childhood shaped his thinking and much of his behavior, and you’ll learn what that meant to the Playboy brand. You’ll learn how his belief in the product he created, Playboy, was all-encompassing, and you’ll learn how he promoted and defended the brand and company above all else as a tireless brand advocate and brand guardian.
Marketers and branding experts are always searching for the perfect recipe to boost brand equity. There is no doubt that a powerful brand can be an invaluable company asset, however, marketers have always battled with senior management to secure the budget necessary to build brand value. The reason is simple. Brands are intangible assets. Company owners, shareholders, and analysts want to see hard numbers reflected on balance sheets and income statements.
Unfortunately, there is no space in accounting software for “Brand” to fit in the Assets column. That doesn’t make it any less meaningful and useful, but companies focus on metrics and quantifiable data. Things like brand fall to the wayside. It’s an unfortunate reality in the profit-driven, bottom-line conscious world of business. Building brand equity is a long-term strategy. When shareholders demand double-digit growth year over year, corporate executives typically choose short-term tactics to meet those expectations and keep their jobs over long-term strategies to position the company for continued success in the future.
All days weren’t perfect in the history of Playboy. In fact, much of the past 30 years have been bleak for Playboy, however, the company survived. Despite facing a wide variety of challenges, not the least of which has been an inability to be proactive and develop long-term strategies, Playboy has survived. How? This book will show you that a strong brand can help a company weather the storms and overcome insurmountable obstacles.
Don’t get me wrong. A strong brand doesn’t guarantee success, but the power of a well-established, well-known brand can boost a company’s chances for success immensely. Did anyone think that Martha Stewart’s company could fully rebound after she was found guilty of violating insider trading laws and spent several months in prison? Many people thought her business would fail after its brand champion brought such public humiliation to the company. However, the public was able to disassociate Stewart’s personal financial troubles from her brand’s promise. The company rebounded and her stint in jail is remembered as a mere diversion in the brand’s lifecycle.
Similarly, did anyone believe that Tylenol could regain its stronghold in the over-the-counter pain reliever market after the Tylenol poisoning epidemic in the 1980s? The brand seemed tarnished beyond repair, yet within a very short time, the company not only repaired the product’s brand image but it reclaimed its place as market leader. Again, the power of a brand cannot be denied.
The Playboy brand overcame myriad obstacles during its lifecycle. Despite being linked to violent sex crimes, a murder, drugs, and more, the brand emerged from each attack strong and continued to grow. Much of that success can be attributed to Hugh Hefner as the ultimate brand champion continually defending the brand. His utter belief in his product and brand was tenacious. In fact, many people found it hard not to believe with him.
That leads to one of the most important aspects of the longevity of the Playboy brand. At its core, Playboy is a relationship brand, and relationship brands are always well-positioned to become extremely powerful. As you’ll learn in this book, a relationship brand invites people to personally connect with it, directly interact with it, and share brand experiences with others. Relationship brands typically lead to strong customer loyalty, and loyal consumers turn into repeat buyers and brand advocates. There is no more powerful form of word-of-mouth marketing than a band of loyal brand advocate customers. They talk about the brand they’re loyal to with others, defend it, and buy it again and again. There is a reason why that old Breck shampoo commercial used the tagline, “and she told two friends, and so on, and so on, and so on.” It just works.
Even if you detest pornography and would never purchase a product sold by Playboy, it’s undeniable that the brand is powerful and has lived a long and prosperous life. And there is no denying that much of the brand’s success can be linked directly to Hugh Hefner.
Susan Gunelius is president and CEO of KeySplash Creative Inc., a full service marketing communications provider and branding consultancy, and owner of WomenOnBusiness.com, a leading blog community for business women. She is the author of severalbooks, including Kick-ass Copywriting in 10 Easy Steps published by Entrepreneur Press. Her newest book, Building Brand Value the Playboy Way, will be available October 27, 2009.
--------------------------------------------------------------------------------
Branding
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
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Branding is one of favorite topics especially as far as business is concern. I never get enough of branding reading. I love to read any thing I can get my hands on.
By Susan J. Lindner
Entrepreneur Magazine - July 2009
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Product: It’s not enough to build a product and assume it will be the base of your brand. Just ask Apple about Apple TV, Microsoft about Zune or the New Coke about its prestigious debut. Unless your tag line is “But hey, it’s free,” don’t plan on having a product sell itself--or your company. First, consider what makes the product truly unique. How will it avert pain, bring pleasure and envy to all who use it and, most important, make people talk about it? As a young company, you can’t afford advertising, so word-of-mouth is going to be your primary aim.
Expert: You’ve just developed a box that is going to change the world. Congratulations. You’re also now an expert--on your box, the state of the world that gave rise to your box, the problem that your box is solving, the people who buy your box (and those who would never buy your box--and why they’re losers), and how your box will impact the world. When you’re a thought leader, you’re influencing buyers to believe that they could have never lived without your perspective--or your box. This isn’t easy: It means gathering stats, hearing what your competitors are saying and reading the newspaper to understand where your company’s worldview and culture fit in to the commentary of the day. A true expert understands how to be relevant to the untapped market he seeks, and how to reach and connect to them. By looking a little further down the road and prognosticating what’s to come, you become the thought leader for your industry. Now you just have to be right.
Promise: Think of the brands you love: BMW, McDonald’s, Nordstrom, Apple. What promise do these companies make to you? Do they fulfill it? Every time? Of course they do. Whether it’s engineering, a reliable meal, great service or innovation, they have made a promise to every consumer that they will fulfill it, every time, no excuses. That’s how you establish trust and a foundation for your brand.
To uncover your own brand promise, dig deep to answer these three questions: Why did you build this box? What can you absolutely deliver on, 100 percent of the time, no questions asked? How are you making your customer’s life better every day?
Remember, Ray Kroc never set out to make the best burger; he set out to make the most reliable burger restaurant on the planet. BMW isn’t making the cheapest car, the coolest car or the family car; it’s simply the best-engineered car. That’s what the top engineers from Germany will promise you every time. Their customers’ lives are made better because each time they sit in that car, they’re closer to automotive genius. That promise being met is what makes the customer come back. And when you have a repeat customer, you have a brand.
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Branding is one of favorite topics especially as far as business is concern. I never get enough of branding reading. I love to read any thing I can get my hands on.
By Susan J. Lindner
Entrepreneur Magazine - July 2009
Print ShareThis Get the Mag Weekly Updates [-] Text Size [+]
Product: It’s not enough to build a product and assume it will be the base of your brand. Just ask Apple about Apple TV, Microsoft about Zune or the New Coke about its prestigious debut. Unless your tag line is “But hey, it’s free,” don’t plan on having a product sell itself--or your company. First, consider what makes the product truly unique. How will it avert pain, bring pleasure and envy to all who use it and, most important, make people talk about it? As a young company, you can’t afford advertising, so word-of-mouth is going to be your primary aim.
Expert: You’ve just developed a box that is going to change the world. Congratulations. You’re also now an expert--on your box, the state of the world that gave rise to your box, the problem that your box is solving, the people who buy your box (and those who would never buy your box--and why they’re losers), and how your box will impact the world. When you’re a thought leader, you’re influencing buyers to believe that they could have never lived without your perspective--or your box. This isn’t easy: It means gathering stats, hearing what your competitors are saying and reading the newspaper to understand where your company’s worldview and culture fit in to the commentary of the day. A true expert understands how to be relevant to the untapped market he seeks, and how to reach and connect to them. By looking a little further down the road and prognosticating what’s to come, you become the thought leader for your industry. Now you just have to be right.
Promise: Think of the brands you love: BMW, McDonald’s, Nordstrom, Apple. What promise do these companies make to you? Do they fulfill it? Every time? Of course they do. Whether it’s engineering, a reliable meal, great service or innovation, they have made a promise to every consumer that they will fulfill it, every time, no excuses. That’s how you establish trust and a foundation for your brand.
To uncover your own brand promise, dig deep to answer these three questions: Why did you build this box? What can you absolutely deliver on, 100 percent of the time, no questions asked? How are you making your customer’s life better every day?
Remember, Ray Kroc never set out to make the best burger; he set out to make the most reliable burger restaurant on the planet. BMW isn’t making the cheapest car, the coolest car or the family car; it’s simply the best-engineered car. That’s what the top engineers from Germany will promise you every time. Their customers’ lives are made better because each time they sit in that car, they’re closer to automotive genius. That promise being met is what makes the customer come back. And when you have a repeat customer, you have a brand.
Keeping Existence customers
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Keeping existence customers base is so important to the lifeline of your businesses.
Keep Your Regulars Happy
10 tips to keep your regulars coming back-- and for picking up new ones along the way
By Suzanne Driscoll
October 16, 2009
Print ShareThis Get the Mag Weekly Updates [-] Text Size [+]
Some small business owners are so focused on attracting new customers they forget to take care of the ones they already have. And neglected customers will certainly be ripe for the picking by the competition. Bob Green, president of The Verdi Group, an advertising agency in Rochester, N.Y., offers some easy and inexpensive ways to make sure your regulars keep coming back--and get some more along the way:
1.Trade-ins for a good cause. Ask customers to bring in food, clothing or school supplies for the needy, and in return give them a discount off any of your products. People love to support a good cause as well as get a good deal. Cooks' World in Brighton, N.Y., asked customers to bring in old pots and pans to donate to soup kitchens, and in return offered a 20 percent discount for a new item. "The response was overwhelming and we got many new customers as well as the current ones," reports owner Chris Wiedemer.
Content Continues Below
--------------------------------------------------------------------------------
Shoe stores all over the country participate in Soles4Souls campaigns where customers exchange their old shoes for a discount on a new pair. The exchanged shoes are then given to charities that clothe the poor all over the world. Mark Allard, who owns New Balance stores in Raleigh and Durham, N.C., believes "If you just run a lot of sales all the time it can affect the integrity of your brand. A campaign such as Soles4Souls helps a good cause as well as provides discounts for my customers."
2.Loyalty cards. A study by research firm Colloquy, found the average American household belongs to 14 different loyalty programs. It seems like just about every coffee shop and hair salon you enter offers something for free once you accumulate a certain number of purchases. Jerry Lewis, owner of Sports Clips barber shops has seen a high percentage of customers use their "get five haircuts and the sixth is free" card and believes his business has increased at least 20 percent because of this.
There's another way to capitalize on this trend--paid membership for discounts. Well-known names such as Barnes and Noble, Starbucks and f.y.e. charge customers an upfront annual fee of about $25, and the cardholder then gets a 10 percent discount or more on products every time they shop. Another benefit is every time the card is swiped the business can track what items customers are buying and build a member profile. Executive vice president of marketing and merchandising at f.y.e. Fred Fox says, "We can then send members customized offers via direct mail, e-mail or phone based on their favorite products."
3.Keep in Touch. Green believes it's very important to consistently keep in touch with your regulars to ensure your business stays on their "radar screen." One of the best ways is to send out an e-newsletter at least once a month. Here you can announce new products, offer money-saving tips, advertise upcoming sales or talk up recent accomplishments. Jim Timberlake, owner of Donnelly Euro Footwear in Mount Dora, Fla., reports he has "a 90 percent success rate getting people's e-mail address by telling them about the company's green practices and promising special offers." Customers respond to his invitation-only sales events and birthday coupons and Timberlake knows it encourages them to return to his store, as opposed to wandering over to the competition.
4.Follow up. The best sales people keep track of the customers who buy from them, and then frequently follow up. Jim Greene, sales manager of Closet Maid, reports his dealers always call the customer after three days to make sure they are satisfied with the work and ask for referrals. "30 days [after installation], we call the customer to find out if they need any accessories for their closets, and a year later, we call the customer about future work and again ask for referrals."
5.Get their opinion. Make the effort to invest customers in your business. At least once a year, send out a survey with your newsletter or have clients fill one out on site. Ask their opinion about the quality of your product or service and how they can be improved. And make sure you actually implement some of the suggestions; don't just conduct a survey for surveys' sake. When customers feel vested, valued and heard, they are bound to keep coming back.
To take it a step further, Green also recommends forming an advisory board. These hand-selected panels should consist of your big spenders, and can be asked their advice on future products or current marketing campaigns. Treat them to a dinner or breakfast meeting and you are sure to get good attendance as well as future loyalty.
6.Good ol' coupons. A simple coupon in the local paper, a direct mail piece or a discount offered on your website can help keep your current customers coming back as well as entice new ones. A study by the Manufacturer's Coupon Control Center found that 75 percent of customers who believe themselves loyal to a particular brand would consider switching to a competitor if they received a coupon for it.
7.Rewards for referrals. If a current customer recommends your product or service to someone else who ends up buying, give them a reward. That way you not only get a new customer, but you virtually assure another sale when the regular customer returns to use that reward. And most importantly, don't forget to send a thank you note.
8.Conduct on-site classes. Whether it's cooking lessons, car repair workshops or gardening tips, offer classes at your place of business. While customers are there they can peruse goods and purchase everything they will need in order to duplicate what they've learned at home.
Do these classes right and you'll also reap positive word of mouth. Owner Anne Clowe of The Topiary Florist in Pittsford, N.Y., offers flower arranging classes at her shop, and finds that "many of the attendees refer me to spouses and friends for future business."
9.Target local companies. Whatever your business, if you offer a service that busy, full-time workers could use, extend special discounts to the local human resource departments. Employees will appreciate being able to run some of their weekend errands on their lunch hour.
10.Offer a freebie. "Every so often, we give our clients something extra: a free taste--something exciting they would never have thought of by themselves--and something they neither asked for nor paid for," Green says. "It pays off, not only does it make our clients happy, they look forward to working with us. And more often than not, the 'free' idea we present inspires a project that does bring in some revenue for us, if not immediately, often in the future."
Hopefully you already know that the very best way to keep your regulars happy is to offer impeccable customer service. Do you greet everyone with a smile and make the effort to remember names? Does a human being answer your phone or do callers have to go through a maze of automated responses to reach someone? If there is a problem with the merchandise, so you cheerfully offer a replacement? Remember how you like to be treated when you shop--many times it's the little things that will keep customers coming back.
Keeping existence customers base is so important to the lifeline of your businesses.
Keep Your Regulars Happy
10 tips to keep your regulars coming back-- and for picking up new ones along the way
By Suzanne Driscoll
October 16, 2009
Print ShareThis Get the Mag Weekly Updates [-] Text Size [+]
Some small business owners are so focused on attracting new customers they forget to take care of the ones they already have. And neglected customers will certainly be ripe for the picking by the competition. Bob Green, president of The Verdi Group, an advertising agency in Rochester, N.Y., offers some easy and inexpensive ways to make sure your regulars keep coming back--and get some more along the way:
1.Trade-ins for a good cause. Ask customers to bring in food, clothing or school supplies for the needy, and in return give them a discount off any of your products. People love to support a good cause as well as get a good deal. Cooks' World in Brighton, N.Y., asked customers to bring in old pots and pans to donate to soup kitchens, and in return offered a 20 percent discount for a new item. "The response was overwhelming and we got many new customers as well as the current ones," reports owner Chris Wiedemer.
Content Continues Below
--------------------------------------------------------------------------------
Shoe stores all over the country participate in Soles4Souls campaigns where customers exchange their old shoes for a discount on a new pair. The exchanged shoes are then given to charities that clothe the poor all over the world. Mark Allard, who owns New Balance stores in Raleigh and Durham, N.C., believes "If you just run a lot of sales all the time it can affect the integrity of your brand. A campaign such as Soles4Souls helps a good cause as well as provides discounts for my customers."
2.Loyalty cards. A study by research firm Colloquy, found the average American household belongs to 14 different loyalty programs. It seems like just about every coffee shop and hair salon you enter offers something for free once you accumulate a certain number of purchases. Jerry Lewis, owner of Sports Clips barber shops has seen a high percentage of customers use their "get five haircuts and the sixth is free" card and believes his business has increased at least 20 percent because of this.
There's another way to capitalize on this trend--paid membership for discounts. Well-known names such as Barnes and Noble, Starbucks and f.y.e. charge customers an upfront annual fee of about $25, and the cardholder then gets a 10 percent discount or more on products every time they shop. Another benefit is every time the card is swiped the business can track what items customers are buying and build a member profile. Executive vice president of marketing and merchandising at f.y.e. Fred Fox says, "We can then send members customized offers via direct mail, e-mail or phone based on their favorite products."
3.Keep in Touch. Green believes it's very important to consistently keep in touch with your regulars to ensure your business stays on their "radar screen." One of the best ways is to send out an e-newsletter at least once a month. Here you can announce new products, offer money-saving tips, advertise upcoming sales or talk up recent accomplishments. Jim Timberlake, owner of Donnelly Euro Footwear in Mount Dora, Fla., reports he has "a 90 percent success rate getting people's e-mail address by telling them about the company's green practices and promising special offers." Customers respond to his invitation-only sales events and birthday coupons and Timberlake knows it encourages them to return to his store, as opposed to wandering over to the competition.
4.Follow up. The best sales people keep track of the customers who buy from them, and then frequently follow up. Jim Greene, sales manager of Closet Maid, reports his dealers always call the customer after three days to make sure they are satisfied with the work and ask for referrals. "30 days [after installation], we call the customer to find out if they need any accessories for their closets, and a year later, we call the customer about future work and again ask for referrals."
5.Get their opinion. Make the effort to invest customers in your business. At least once a year, send out a survey with your newsletter or have clients fill one out on site. Ask their opinion about the quality of your product or service and how they can be improved. And make sure you actually implement some of the suggestions; don't just conduct a survey for surveys' sake. When customers feel vested, valued and heard, they are bound to keep coming back.
To take it a step further, Green also recommends forming an advisory board. These hand-selected panels should consist of your big spenders, and can be asked their advice on future products or current marketing campaigns. Treat them to a dinner or breakfast meeting and you are sure to get good attendance as well as future loyalty.
6.Good ol' coupons. A simple coupon in the local paper, a direct mail piece or a discount offered on your website can help keep your current customers coming back as well as entice new ones. A study by the Manufacturer's Coupon Control Center found that 75 percent of customers who believe themselves loyal to a particular brand would consider switching to a competitor if they received a coupon for it.
7.Rewards for referrals. If a current customer recommends your product or service to someone else who ends up buying, give them a reward. That way you not only get a new customer, but you virtually assure another sale when the regular customer returns to use that reward. And most importantly, don't forget to send a thank you note.
8.Conduct on-site classes. Whether it's cooking lessons, car repair workshops or gardening tips, offer classes at your place of business. While customers are there they can peruse goods and purchase everything they will need in order to duplicate what they've learned at home.
Do these classes right and you'll also reap positive word of mouth. Owner Anne Clowe of The Topiary Florist in Pittsford, N.Y., offers flower arranging classes at her shop, and finds that "many of the attendees refer me to spouses and friends for future business."
9.Target local companies. Whatever your business, if you offer a service that busy, full-time workers could use, extend special discounts to the local human resource departments. Employees will appreciate being able to run some of their weekend errands on their lunch hour.
10.Offer a freebie. "Every so often, we give our clients something extra: a free taste--something exciting they would never have thought of by themselves--and something they neither asked for nor paid for," Green says. "It pays off, not only does it make our clients happy, they look forward to working with us. And more often than not, the 'free' idea we present inspires a project that does bring in some revenue for us, if not immediately, often in the future."
Hopefully you already know that the very best way to keep your regulars happy is to offer impeccable customer service. Do you greet everyone with a smile and make the effort to remember names? Does a human being answer your phone or do callers have to go through a maze of automated responses to reach someone? If there is a problem with the merchandise, so you cheerfully offer a replacement? Remember how you like to be treated when you shop--many times it's the little things that will keep customers coming back.
Email Updates
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Emails are very helpful and interesting
By Gail Goodman
December 21, 2009
The economic roller coaster made everybody woozy; and a new president took office with promises of hope around the bend. Businesses scrambled to hold on to customers, all while unemployment soared higher and consumer spending got tighter.
During all this uncertainty, social media exploded--creating excitement, opportunity, and confusion. Organizations hired social media "gurus" to help them turn Twitter followers and Facebook fans into customers, clients, and members.
Content Continues Below
--------------------------------------------------------------------------------
No wonder it was a challenging year for anyone trying to market a small business, franchise, or nonprofit. But as stressed out as everyone was, I saw extraordinary acts of compassion throughout the year. People went the extra mile to help out their neighbors and stayed loyal to businesses that had done right by them in the past.
That's why the most important lesson I took away from last year is that loyalty matters. No matter what tools you're using to market your business, building loyal customer relationships is still the No. 1 way to grow your business--in good times and in tough times, too.
With that in mind, here are four other important lessons we learned in 2009; and resolutions to jump-start your chances for business success in 2010.
Lesson No. 1: E-mail Marketing Is Still the King of Relationship Building
The tsunami-sized rise of social media in 2009 left some people wondering, "Is e-mail marketing still relevant?" My answer is yes, now more than ever. Here's why:
•E-mail creates a quiet, dedicated moment with your customers. Consumers are pickier about which e-mail lists they subscribe to. When your customer opens your e-mail, you have their attention for one precious moment. In internet time, that moment is priceless.
•When it comes to ROI, e-mail kicks butt. The Direct Marketing Association recently reported that "commercial e-mail returned a whopping $43.62 for every dollar spent on it in 2009." That's because e-mail enables you to inexpensively and effectively create a quality over quantity mailing list of loyal customers and qualified prospects.
•E-mail is still the primary form of professional business communication. Business people use e-mail to communicate with each other, not Tweets or Facebook wall posts. E-mail is personal. It's professional. It's not going anywhere.
Your e-mail newsletter is a solid piece of quality content that you can archive on your website. Both B2B and B2C operations can boost their brand image and credibility by publishing and archiving a body of expertise through their e-mail newsletter articles, and inviting reader participation. Business people love to talk shop. Ask for their input in your e-mail communications and get a dialogue--and some relationships--going.
Lesson No. 2: E-mail Marketing Complements Social Media Marketing
According to a recent Nielsen report, heavy users of Facebook and Twitter use e-mail more than casual users. That means your audience is probably in multiple places--using e-mail and visiting social networking websites. But it's not about tweeting 10 times a day and posting random messages on your Facebook page just to be part of the social media movement.
Remember: Quality content trumps frequency of postings. Your e-mail newsletter should remain the centerpiece of your online communications, offering practical advice and meaningful insights that resonate with your audience. Social media is used to spot customer trends, mine ideas for future newsletter articles, respond to customer concerns, and find new mailing list subscribers.
Lesson No. 3: Two-Way Communication Is the Key to Survival
Great business communications is more than talking about your products and services. It's listening to your audience and inviting them to talk back to you. It's all about keeping a beat on your customers. Smart businesses regularly survey or poll their readers in their e-mail marketing communications, and use that intelligence to make adjustments to their businesses.
2009 was a year of change: changing economic environments, changing customer needs, changing perceptions. The businesses who listened to their customers and changed with the times survived.
Lesson No. 4: The Personal Touch Is Timeless ... and Effective
The business survivors of 2009 made genuine connections with their customers. They learned to communicate in a conversational voice when they wrote their e-mail newsletters--it helped customers to feel like people, not just "subscribers."
Some businesses even invited customers, employees, business partners, and community members to share their personal stories related to the businesses' products or services. The best ones were featured in an issue of the e-mail newsletter. This put a personal spin on sometimes impersonal topics.
Emails are very helpful and interesting
By Gail Goodman
December 21, 2009
The economic roller coaster made everybody woozy; and a new president took office with promises of hope around the bend. Businesses scrambled to hold on to customers, all while unemployment soared higher and consumer spending got tighter.
During all this uncertainty, social media exploded--creating excitement, opportunity, and confusion. Organizations hired social media "gurus" to help them turn Twitter followers and Facebook fans into customers, clients, and members.
Content Continues Below
--------------------------------------------------------------------------------
No wonder it was a challenging year for anyone trying to market a small business, franchise, or nonprofit. But as stressed out as everyone was, I saw extraordinary acts of compassion throughout the year. People went the extra mile to help out their neighbors and stayed loyal to businesses that had done right by them in the past.
That's why the most important lesson I took away from last year is that loyalty matters. No matter what tools you're using to market your business, building loyal customer relationships is still the No. 1 way to grow your business--in good times and in tough times, too.
With that in mind, here are four other important lessons we learned in 2009; and resolutions to jump-start your chances for business success in 2010.
Lesson No. 1: E-mail Marketing Is Still the King of Relationship Building
The tsunami-sized rise of social media in 2009 left some people wondering, "Is e-mail marketing still relevant?" My answer is yes, now more than ever. Here's why:
•E-mail creates a quiet, dedicated moment with your customers. Consumers are pickier about which e-mail lists they subscribe to. When your customer opens your e-mail, you have their attention for one precious moment. In internet time, that moment is priceless.
•When it comes to ROI, e-mail kicks butt. The Direct Marketing Association recently reported that "commercial e-mail returned a whopping $43.62 for every dollar spent on it in 2009." That's because e-mail enables you to inexpensively and effectively create a quality over quantity mailing list of loyal customers and qualified prospects.
•E-mail is still the primary form of professional business communication. Business people use e-mail to communicate with each other, not Tweets or Facebook wall posts. E-mail is personal. It's professional. It's not going anywhere.
Your e-mail newsletter is a solid piece of quality content that you can archive on your website. Both B2B and B2C operations can boost their brand image and credibility by publishing and archiving a body of expertise through their e-mail newsletter articles, and inviting reader participation. Business people love to talk shop. Ask for their input in your e-mail communications and get a dialogue--and some relationships--going.
Lesson No. 2: E-mail Marketing Complements Social Media Marketing
According to a recent Nielsen report, heavy users of Facebook and Twitter use e-mail more than casual users. That means your audience is probably in multiple places--using e-mail and visiting social networking websites. But it's not about tweeting 10 times a day and posting random messages on your Facebook page just to be part of the social media movement.
Remember: Quality content trumps frequency of postings. Your e-mail newsletter should remain the centerpiece of your online communications, offering practical advice and meaningful insights that resonate with your audience. Social media is used to spot customer trends, mine ideas for future newsletter articles, respond to customer concerns, and find new mailing list subscribers.
Lesson No. 3: Two-Way Communication Is the Key to Survival
Great business communications is more than talking about your products and services. It's listening to your audience and inviting them to talk back to you. It's all about keeping a beat on your customers. Smart businesses regularly survey or poll their readers in their e-mail marketing communications, and use that intelligence to make adjustments to their businesses.
2009 was a year of change: changing economic environments, changing customer needs, changing perceptions. The businesses who listened to their customers and changed with the times survived.
Lesson No. 4: The Personal Touch Is Timeless ... and Effective
The business survivors of 2009 made genuine connections with their customers. They learned to communicate in a conversational voice when they wrote their e-mail newsletters--it helped customers to feel like people, not just "subscribers."
Some businesses even invited customers, employees, business partners, and community members to share their personal stories related to the businesses' products or services. The best ones were featured in an issue of the e-mail newsletter. This put a personal spin on sometimes impersonal topics.
Ideas, More Ideas, Idea Maximize Supersize
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
I have been in the processing ideas to form, and thought maybe I should, I mean who wants their ideas to flopy, But in the midst of it all something GREAT comes forward. Get to brainstorming especially for 2010 you only win win win.
Fear of bad ideas
A few people are afraid of good ideas, ideas that make a difference or contribute in some way. Good ideas bring change, that's frightening.
But many people are petrified of bad ideas. Ideas that make us look stupid or waste time or money or create some sort of backlash.
The problem is that you can't have good ideas unless you're willing to generate a lot of bad ones.
Painters, musicians, entrepreneurs, writers, chiropractors, accountants--we all fail far more than we succeed. We fail at closing a sale or playing a note. We fail at an idea for a series of paintings or the theme for a trade show booth.
But we succeed far more often than people who have no ideas at all.
Someone asked me where I get all my good ideas, explaining that it takes him a month or two to come up with one and I seem to have more than that. I asked him how many bad ideas he has every month. He paused and said, "none."
And there, you see, is the problem.
seth godin
I have been in the processing ideas to form, and thought maybe I should, I mean who wants their ideas to flopy, But in the midst of it all something GREAT comes forward. Get to brainstorming especially for 2010 you only win win win.
Fear of bad ideas
A few people are afraid of good ideas, ideas that make a difference or contribute in some way. Good ideas bring change, that's frightening.
But many people are petrified of bad ideas. Ideas that make us look stupid or waste time or money or create some sort of backlash.
The problem is that you can't have good ideas unless you're willing to generate a lot of bad ones.
Painters, musicians, entrepreneurs, writers, chiropractors, accountants--we all fail far more than we succeed. We fail at closing a sale or playing a note. We fail at an idea for a series of paintings or the theme for a trade show booth.
But we succeed far more often than people who have no ideas at all.
Someone asked me where I get all my good ideas, explaining that it takes him a month or two to come up with one and I seem to have more than that. I asked him how many bad ideas he has every month. He paused and said, "none."
And there, you see, is the problem.
seth godin
Customer intimacy point
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
A very interesting point! Only suggestive.
In search of customer intimacy
Many brands want deep and long-lasting relationships with their customers.
Social media makes these interactions even more likely, because it encourages customers to speak up and to connect.
The fallacy is believing that whining equals intimacy. It doesn't. Whining and complaining is easy and natural, but it's not a foundation for a long term relationship.
Instead, the goal should be to get your customers to share their dreams, not their peeves.
seth godin
A very interesting point! Only suggestive.
In search of customer intimacy
Many brands want deep and long-lasting relationships with their customers.
Social media makes these interactions even more likely, because it encourages customers to speak up and to connect.
The fallacy is believing that whining equals intimacy. It doesn't. Whining and complaining is easy and natural, but it's not a foundation for a long term relationship.
Instead, the goal should be to get your customers to share their dreams, not their peeves.
seth godin
Sunday, December 20, 2009
Most Powerful Women Entrepreneurs.
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
2010 win win win Winning Women Entrepreneurs here is a little something to give you and your businesses a shot in your entrepreneur arm. Men you too!!!!!!!!!!!!!!!!
Most Powerful Women Entrepreneurs
In partnership with American Express, Fortune searched the U.S. for outstanding female business builders. Fortune honored these game-changers at its recent Most Powerful Women Summit. From Lauren Bush to environmental innovators, here are the winners.
1 of 10Susan Walvius and Michelle Marciniak
Walvius (left) quit her longtime job as head women's basketball coach at the University of South Carolina to launch Sheex. Marciniak was assistant coach. Co-founders, Sheex
When they were coaching women's basketball at the University of South Carolina, Walvius and Marciniak came up with the idea to apply performance-fabric technology -- the technology that wicks moisture in Nike athletic apparel -- to bedsheets.
Crazy? Not so. Walvius and Marciniak got R&D help from the university's business school and raised $1 million for their "performance bedding" start-up. In May of last year, they quit their coaching jobs. They lined up manufacturing in California soon after, and launched Sheex.com this past April. This month, they cut a deal to sell in the NBA's flagship store in Manhattan.
Their marketing strategy is grassroots and viral, with Twitter and Facebook promos by pro athletes like the New York Giants' Steve Smith and the LPGA's Christina Kim.
Being hard-charging athletes themselves, Walvius and Marciniak are naturally inclined to race for a win. But the best advice they got? "Crawl, walk and then run," says Walvius. In business, as in coaching, she adds, "You're either getting better or you're getting worse with each day. There's no such thing as staying the same." --P.S.
By Patricia Sellers and Jessica Shambora
2010 win win win Winning Women Entrepreneurs here is a little something to give you and your businesses a shot in your entrepreneur arm. Men you too!!!!!!!!!!!!!!!!
Most Powerful Women Entrepreneurs
In partnership with American Express, Fortune searched the U.S. for outstanding female business builders. Fortune honored these game-changers at its recent Most Powerful Women Summit. From Lauren Bush to environmental innovators, here are the winners.
1 of 10Susan Walvius and Michelle Marciniak
Walvius (left) quit her longtime job as head women's basketball coach at the University of South Carolina to launch Sheex. Marciniak was assistant coach. Co-founders, Sheex
When they were coaching women's basketball at the University of South Carolina, Walvius and Marciniak came up with the idea to apply performance-fabric technology -- the technology that wicks moisture in Nike athletic apparel -- to bedsheets.
Crazy? Not so. Walvius and Marciniak got R&D help from the university's business school and raised $1 million for their "performance bedding" start-up. In May of last year, they quit their coaching jobs. They lined up manufacturing in California soon after, and launched Sheex.com this past April. This month, they cut a deal to sell in the NBA's flagship store in Manhattan.
Their marketing strategy is grassroots and viral, with Twitter and Facebook promos by pro athletes like the New York Giants' Steve Smith and the LPGA's Christina Kim.
Being hard-charging athletes themselves, Walvius and Marciniak are naturally inclined to race for a win. But the best advice they got? "Crawl, walk and then run," says Walvius. In business, as in coaching, she adds, "You're either getting better or you're getting worse with each day. There's no such thing as staying the same." --P.S.
By Patricia Sellers and Jessica Shambora
Monday, December 14, 2009
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
By Mary van de Wiel
December 08, 2009
Successful brand leaders live out loud. They follow their passions and they're willing to take risks regardless of what others say. To live out loud means to do whatever it takes to see your dreams realized.
Richard Branson, best known for his Virgin brand of over 360 companies, is the quintessential example of a brand unusual due to the leader's willingness to live out loud. Just look at the twinkle in Branson's eye: He is constantly forging new business pathways with a spirited and adventurous relentlessness.
Or take a look at the creators of Twitter: Biz Stone, Evan Williams and Jack Dorsey. People originally scoffed at the notion of 140 character "tweets" but their idea has produced a totally original communication platform that's been embraced worldwide. And that originality is a corner-stone of the Twitter brand.
Content Continues Below
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So what happens when a leader is living out loud? You get a brand unusual. When a company has a brand unusual the primary focus of the brand isn't outward (outsmarting the competition); instead it's internal. It's about the brand doing the best it can and recognizing the value it brings to the table, all the while inspiring others along the way and making a difference.
Here are two ways you can start forging your brand unusual.
Set a Higher Standard and Then Live By It
What used to be an afterthought in business practice, operating within the parameters of social responsibility, is now coming of age. This is essential thinking for entrepreneurs and for future business leaders.
At last year's Harvard Business School graduation, more than half of the students volunteered to take a new student-authored MBA Oath. The MBA Oath promises that Harvard MBA's will act responsibly, ethically and refrain from advancing their "own narrow ambitions" at the expense of others.
How amazing is that? The so-called elite saying greed is no good and demonstrating a passion for spreading their new message.
Since that time more than 200 business schools around the world have added the MBA Oath to their commencement.
One of the three creators of the Oath, Teal Carlock, said, "As a class, we have a real opportunity to come together and set a standard as business leaders."
What you can do
•Challenge yourself and your team to set higher standards by using your brand to define how you want to operate in today's socially conscious business world. It could mean re-evaluating your vision for the future or the way you want to serve your customers. You want to send a clear and powerful message about the positive impact your business brand is having and will continue to have in the future.
•What kind of stage have you created for your brand? Visionary leaders create a platform for themselves and their brand. Are your brand story and marketing messages in synch with and supportive of whatever your platform says?
Ask and Answer Your 'Whys'
Marketing expert Simon Sinek is challenging the status quo and inspiring others to make a difference in this world. Sinek's recent book, Start With Why, studied those leaders who have had the greatest influence in the world. He discovered that they all think, act and communicate in very similar ways--the complete opposite of everyone else, that is. These leaders articulate and understand why their organization exists, and why it does the things it does. What's more, these great leaders never try to manipulate or control. They strive to inspire.
"Start seeing things from this different perspective of asking why," Sinek suggests. "Great companies with a strong sense of why are able to inspire their people. Great leaders give their people a purpose or challenge around which to develop ideas."
What you can do
•Start by asking yourself the question, "Why?" Why does my organization exist, why does it behave a certain way? This is a transformative process of discovery. Try it, and then invite your team to do the same. Once you've tapped into the reasons, apply the discoveries to your brand. Does your brand reflect these motivations? If it doesn't it's time to align your brand with your 'whys.'
In 1921, George Bernard Shaw wrote, "You see things, and you say, 'Why?' But I dream things that never were, and I say; 'Why not?'" I challenge all you maverick entrepreneurs to ask yourself two questions: "Why?" and "Why not?" It's time to reignite your passion for your brand and be willing to take risks and stand by them--live by them--every day. There's nothing quite as exhilarating as seeing the demonstration of a brand living out loud. So go for it!
Are you an entrepreneur who is living out loud? E-mail us about it at van@zingyourbrand.com
Mary van de Wiel (Van) is founder, CEO and creative brand analyst of A New Brand Landscape & Co. and www.ZingYourBrand.com, a brand consultancy that specializes in helping entrepreneurs and startup CEOs leverage their irresistible Zing Factor, embed it in their brand and build their business around it. For information on speaking engagements, media appearances and consulting work, go to www.zingyourbrand.com. To see Van's portfolio of global branding campaigns for Fortune 500 clients, go to www.maryvandewiel.com. Follow Van on Twitter @maryvandewiel.com.
By Mary van de Wiel
December 08, 2009
Successful brand leaders live out loud. They follow their passions and they're willing to take risks regardless of what others say. To live out loud means to do whatever it takes to see your dreams realized.
Richard Branson, best known for his Virgin brand of over 360 companies, is the quintessential example of a brand unusual due to the leader's willingness to live out loud. Just look at the twinkle in Branson's eye: He is constantly forging new business pathways with a spirited and adventurous relentlessness.
Or take a look at the creators of Twitter: Biz Stone, Evan Williams and Jack Dorsey. People originally scoffed at the notion of 140 character "tweets" but their idea has produced a totally original communication platform that's been embraced worldwide. And that originality is a corner-stone of the Twitter brand.
Content Continues Below
--------------------------------------------------------------------------------
So what happens when a leader is living out loud? You get a brand unusual. When a company has a brand unusual the primary focus of the brand isn't outward (outsmarting the competition); instead it's internal. It's about the brand doing the best it can and recognizing the value it brings to the table, all the while inspiring others along the way and making a difference.
Here are two ways you can start forging your brand unusual.
Set a Higher Standard and Then Live By It
What used to be an afterthought in business practice, operating within the parameters of social responsibility, is now coming of age. This is essential thinking for entrepreneurs and for future business leaders.
At last year's Harvard Business School graduation, more than half of the students volunteered to take a new student-authored MBA Oath. The MBA Oath promises that Harvard MBA's will act responsibly, ethically and refrain from advancing their "own narrow ambitions" at the expense of others.
How amazing is that? The so-called elite saying greed is no good and demonstrating a passion for spreading their new message.
Since that time more than 200 business schools around the world have added the MBA Oath to their commencement.
One of the three creators of the Oath, Teal Carlock, said, "As a class, we have a real opportunity to come together and set a standard as business leaders."
What you can do
•Challenge yourself and your team to set higher standards by using your brand to define how you want to operate in today's socially conscious business world. It could mean re-evaluating your vision for the future or the way you want to serve your customers. You want to send a clear and powerful message about the positive impact your business brand is having and will continue to have in the future.
•What kind of stage have you created for your brand? Visionary leaders create a platform for themselves and their brand. Are your brand story and marketing messages in synch with and supportive of whatever your platform says?
Ask and Answer Your 'Whys'
Marketing expert Simon Sinek is challenging the status quo and inspiring others to make a difference in this world. Sinek's recent book, Start With Why, studied those leaders who have had the greatest influence in the world. He discovered that they all think, act and communicate in very similar ways--the complete opposite of everyone else, that is. These leaders articulate and understand why their organization exists, and why it does the things it does. What's more, these great leaders never try to manipulate or control. They strive to inspire.
"Start seeing things from this different perspective of asking why," Sinek suggests. "Great companies with a strong sense of why are able to inspire their people. Great leaders give their people a purpose or challenge around which to develop ideas."
What you can do
•Start by asking yourself the question, "Why?" Why does my organization exist, why does it behave a certain way? This is a transformative process of discovery. Try it, and then invite your team to do the same. Once you've tapped into the reasons, apply the discoveries to your brand. Does your brand reflect these motivations? If it doesn't it's time to align your brand with your 'whys.'
In 1921, George Bernard Shaw wrote, "You see things, and you say, 'Why?' But I dream things that never were, and I say; 'Why not?'" I challenge all you maverick entrepreneurs to ask yourself two questions: "Why?" and "Why not?" It's time to reignite your passion for your brand and be willing to take risks and stand by them--live by them--every day. There's nothing quite as exhilarating as seeing the demonstration of a brand living out loud. So go for it!
Are you an entrepreneur who is living out loud? E-mail us about it at van@zingyourbrand.com
Mary van de Wiel (Van) is founder, CEO and creative brand analyst of A New Brand Landscape & Co. and www.ZingYourBrand.com, a brand consultancy that specializes in helping entrepreneurs and startup CEOs leverage their irresistible Zing Factor, embed it in their brand and build their business around it. For information on speaking engagements, media appearances and consulting work, go to www.zingyourbrand.com. To see Van's portfolio of global branding campaigns for Fortune 500 clients, go to www.maryvandewiel.com. Follow Van on Twitter @maryvandewiel.com.
Another Business Outlook!!
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Be Your Own Publicist
A good PR campaign can be a cost-effective way to drum up interest in your inventions.
By Tamara Monosoff
December 11, 2009
If you're a regular reader, you might have noticed my recent focus on sales. In today's economy, nothing is as important as sales. And for solopreneur product companies, this is doubly true.
Generating sales in the most cost-effective way possible is imperative. The best way is to create buzz through PR or press coverage, which adds credibility to your story. Compared to advertising, the value of successful PR can be profound. It is especially cost-effective if you do it yourself. As an inventor, you have a special advantage because the public loves stories about new inventors, their brilliant ideas and how they created something from nothing.
Hiring a professional to generate your PR for you can be well worth the cost, but it's not essential. Here are some basics anyone can use to land press. One thing I've found to mean the difference between a successful PR campaign and one that flops is "the hook."
Content Continues Below
--------------------------------------------------------------------------------
The first challenge is to try thinking like a reporter, magazine editor or--in the case of television--a producer. Who is their specific audience? Do they target the business press? Women? Seniors? Youth? Is their format serious or lighthearted? Do they present hard news or an entertaining morning show? The answers to these questions will provide what you need to develop "the hook."
As an inventor, you have a built-in story about being the next Thomas Edison that's ideal for many publications. When this fits, go for it. But this isn't the only--or necessarily the best way--to position your story with a reporter. In order to expand your success across a wider range of media, you need to come up with unique, compelling hooks where appropriate.
Perhaps it's your personal story that's the best hook: What you've overcome, what you've left behind and why you've launched a business. Maybe you're a new mom or a stay-at -home dad who has eschewed corporate life. Perhaps you're a military veteran who has just come home to a different economy, or a grandmother who has always wanted to follow her dream.
Maybe your product addresses a particular social issue or event. For example, is it a "green" product that solves a particular problem? If your hook isn't obvious, create one. Donate your product to a charity or hold a contest.
Once you have your hooks, you'll want to plan your campaign carefully to avoid common PR mistakes. Ann Noder is CEO of Pitch Public Relations, a firm that specializes in working with inventors and startup entrepreneurs. She cautions against these common do-it-yourself mistakes:
1.The boy who cried wolf: If you create and distribute a press release for every happening at your company, it all becomes "noise" to the media. Press releases should be reserved for true announcements of value and major milestones. Instead of sending a generic release, try engaging a specific reporter, producer or editor with your story idea using a more informal pitch.
2.Understand different media outlets: Not every media outlet is the same, and they won't all respond to the identical angle. A business publication is more likely to be interested in your entrepreneurial story and recent retail success. A features reporter is more likely to respond to the merits of the product. Television outlets want visual elements. You have to play up different aspects of your business depending on the target. Do your research on the person you're pitching.
3.No rush: If your story doesn't have a timely element to it, it's not really news. By attaching a well-timed angle to the pitch, you increase your chances for coverage. Is it more appropriate now because of the season? Does it relate to a trend or another news story? Is there an urgency to the information? By making the story more relevant, you not only engage the reporter but make it more likely that he or she will jump on it sooner rather than file it away for later.
By using PR effectively you can accelerate your sales and quickly build your brand. And as an inventor, your personal story is a great, built-in hook--so use it. If done well, there's no more cost-efficient way to build your product awareness, credibility and brand.
Tamara Monosoff is the founder and CEO of mominventors.com, where entrepreneurs get information and inspiration to turn their ideas into successful businesses. Tamara is the author of The Mom Inventors Handbook and Secrets of Millionaire Moms.
Be Your Own Publicist
A good PR campaign can be a cost-effective way to drum up interest in your inventions.
By Tamara Monosoff
December 11, 2009
If you're a regular reader, you might have noticed my recent focus on sales. In today's economy, nothing is as important as sales. And for solopreneur product companies, this is doubly true.
Generating sales in the most cost-effective way possible is imperative. The best way is to create buzz through PR or press coverage, which adds credibility to your story. Compared to advertising, the value of successful PR can be profound. It is especially cost-effective if you do it yourself. As an inventor, you have a special advantage because the public loves stories about new inventors, their brilliant ideas and how they created something from nothing.
Hiring a professional to generate your PR for you can be well worth the cost, but it's not essential. Here are some basics anyone can use to land press. One thing I've found to mean the difference between a successful PR campaign and one that flops is "the hook."
Content Continues Below
--------------------------------------------------------------------------------
The first challenge is to try thinking like a reporter, magazine editor or--in the case of television--a producer. Who is their specific audience? Do they target the business press? Women? Seniors? Youth? Is their format serious or lighthearted? Do they present hard news or an entertaining morning show? The answers to these questions will provide what you need to develop "the hook."
As an inventor, you have a built-in story about being the next Thomas Edison that's ideal for many publications. When this fits, go for it. But this isn't the only--or necessarily the best way--to position your story with a reporter. In order to expand your success across a wider range of media, you need to come up with unique, compelling hooks where appropriate.
Perhaps it's your personal story that's the best hook: What you've overcome, what you've left behind and why you've launched a business. Maybe you're a new mom or a stay-at -home dad who has eschewed corporate life. Perhaps you're a military veteran who has just come home to a different economy, or a grandmother who has always wanted to follow her dream.
Maybe your product addresses a particular social issue or event. For example, is it a "green" product that solves a particular problem? If your hook isn't obvious, create one. Donate your product to a charity or hold a contest.
Once you have your hooks, you'll want to plan your campaign carefully to avoid common PR mistakes. Ann Noder is CEO of Pitch Public Relations, a firm that specializes in working with inventors and startup entrepreneurs. She cautions against these common do-it-yourself mistakes:
1.The boy who cried wolf: If you create and distribute a press release for every happening at your company, it all becomes "noise" to the media. Press releases should be reserved for true announcements of value and major milestones. Instead of sending a generic release, try engaging a specific reporter, producer or editor with your story idea using a more informal pitch.
2.Understand different media outlets: Not every media outlet is the same, and they won't all respond to the identical angle. A business publication is more likely to be interested in your entrepreneurial story and recent retail success. A features reporter is more likely to respond to the merits of the product. Television outlets want visual elements. You have to play up different aspects of your business depending on the target. Do your research on the person you're pitching.
3.No rush: If your story doesn't have a timely element to it, it's not really news. By attaching a well-timed angle to the pitch, you increase your chances for coverage. Is it more appropriate now because of the season? Does it relate to a trend or another news story? Is there an urgency to the information? By making the story more relevant, you not only engage the reporter but make it more likely that he or she will jump on it sooner rather than file it away for later.
By using PR effectively you can accelerate your sales and quickly build your brand. And as an inventor, your personal story is a great, built-in hook--so use it. If done well, there's no more cost-efficient way to build your product awareness, credibility and brand.
Tamara Monosoff is the founder and CEO of mominventors.com, where entrepreneurs get information and inspiration to turn their ideas into successful businesses. Tamara is the author of The Mom Inventors Handbook and Secrets of Millionaire Moms.
Monday, December 7, 2009
Get Started Woman Entrepreneurials/Everyone
A How to Succeed
The myths surrounding exporting--"I'm too small," "I can't compete," "It's too complicated," "It's too risky"--are just that: They're false, Heise says.
"We can help educate you on the process, refer you to resources that can help you mitigate your risk and take some of the mystery out of the process," she adds.
However, don't pursue exporting unless you believe you have the internal resources, both human and financial, to commit, Heise says.
"It really is a business within a business," she says. "In this current economic downturn, we have been encouraging companies that have not exported before to spend the time now to get educated on exporting so they can be prepared when market demand increases."
Also, as senior leadership, you must be dedicated to it, Heise says, because globalizing requires time, training and compliance.
Use the available resources. When engaging with new partners or customers, be diligent with research and proactive in protecting your intellectual property. Employ a team of providers, including a reputable freight forwarder, international banker, attorney and U.S. Commercial Service specialist. Network with fellow entrepreneurs, Hennessy suggests.
If you need an agent or distributor, choose one with whom you feel comfortable, Hayden recommends. Be in regular contact for updates and information, such as where your products are located and how they're displayed or represented.
"Go for it," Owen advises. "For so many reasons, women entrepreneurs should definitely explore the possibilities of the international opportunity. It's interesting and fun."
Doresa Banning is a Nevada-based freelance journalist who frequently writes about business. Follow her on Twitter @doresabanning.
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
The myths surrounding exporting--"I'm too small," "I can't compete," "It's too complicated," "It's too risky"--are just that: They're false, Heise says.
"We can help educate you on the process, refer you to resources that can help you mitigate your risk and take some of the mystery out of the process," she adds.
However, don't pursue exporting unless you believe you have the internal resources, both human and financial, to commit, Heise says.
"It really is a business within a business," she says. "In this current economic downturn, we have been encouraging companies that have not exported before to spend the time now to get educated on exporting so they can be prepared when market demand increases."
Also, as senior leadership, you must be dedicated to it, Heise says, because globalizing requires time, training and compliance.
Use the available resources. When engaging with new partners or customers, be diligent with research and proactive in protecting your intellectual property. Employ a team of providers, including a reputable freight forwarder, international banker, attorney and U.S. Commercial Service specialist. Network with fellow entrepreneurs, Hennessy suggests.
If you need an agent or distributor, choose one with whom you feel comfortable, Hayden recommends. Be in regular contact for updates and information, such as where your products are located and how they're displayed or represented.
"Go for it," Owen advises. "For so many reasons, women entrepreneurs should definitely explore the possibilities of the international opportunity. It's interesting and fun."
Doresa Banning is a Nevada-based freelance journalist who frequently writes about business. Follow her on Twitter @doresabanning.
A WINNER NEVER QUITS AND A QUITTER NEVER WINNER-YOU ARE A WINNER!
Girlfriend Women Entrepreneurial
Increase Sales and Income through Exporting
Women entrepreneurs who sell their goods or services outside the U.S. say it's well worth the extra effort and expense.
By: Doresa Banning
12/02/2009
Print ShareThis Post a Comment Get the Mag Weekly Updates [-] Text Size [+]
In March 2009, business owner Laura Owen fulfilled her first international order, shipping more than $500,000 worth of mobile, digital video equipment to Saudi Arabia. Subsequently, her Kansas-based company, ICOP Digital Inc., expanded sales to Mexico. Currently, foreign exports comprise 10 percent of her business. She expects that number to rise dramatically next year because she's going after business in additional Middle Eastern and South American countries.
"I think that, potentially, international could outweigh our domestic sales, both short-term and long-term," she says.
Like Owen, women entrepreneurs can and should capitalize on exporting their goods or services. Restricting your business to the domestic market limits potential sales, as 95 percent of the world's consumers reside outside the U.S., according to U.S. Department of Commerce data.
Women entrepreneurs who sell their goods or services outside the U.S. say it's well worth the extra effort and expense.
By: Doresa Banning
12/02/2009
Print ShareThis Post a Comment Get the Mag Weekly Updates [-] Text Size [+]
In March 2009, business owner Laura Owen fulfilled her first international order, shipping more than $500,000 worth of mobile, digital video equipment to Saudi Arabia. Subsequently, her Kansas-based company, ICOP Digital Inc., expanded sales to Mexico. Currently, foreign exports comprise 10 percent of her business. She expects that number to rise dramatically next year because she's going after business in additional Middle Eastern and South American countries.
"I think that, potentially, international could outweigh our domestic sales, both short-term and long-term," she says.
Like Owen, women entrepreneurs can and should capitalize on exporting their goods or services. Restricting your business to the domestic market limits potential sales, as 95 percent of the world's consumers reside outside the U.S., according to U.S. Department of Commerce data.
Small biz new money marketing that's odd
Main Ideas Startups Small Biz News Money Marketing That's Odd
Obama's Small Business Forum Examines Lending Logjam
By: Carol Tice
November 19, 2009 2:08 PM
Yesterday, President Barack Obama held a small-business financing forum to discuss what more should be done to help break the lending logjam small business owners have experienced the past two years. Before it even began, Obama was being criticized for keeping the guest list under wraps. Interested parties such as the American Small Business League issued a press release about their displeasure with not getting an invite. Others, including the International Franchise Association president/CEO Matthew Shay and Indiana Statewide Certified Development Corporation executive Jean Wojtowicz, got a ticket to the ball.
But while many squabbled about the timing, the format, and the lineup of speakers, the bigger question is: With Goldman Sachs, Warren Buffett, and JP Morgan Chase stepping up lending to small businesses, does small business still need this help?
There have been several positive developments in the world of small-business lending in the past week. Chase Bank said last week it planned to increase small-business lending by a hefty $4 billion next year, hiring more than 300 additional small-business bankers to focus on companies with under $10 million in sales. The company said it sees the economy improving next year. Certainly smells like a harbinger of changing big-bank attitudes towards making small-business loans that could help many get the funding they need.
That was a pretty interesting development, given that parent JP Morgan Chase in September introduced a new Ink line of four different small business credit cards with interest rates up to 30 percent. Apparently the bank wants to be there for small-business customers whether they can qualify for a loan or not.
Then Goldman Sachs and Warren Buffett pumped $500 million into Community Development Financial Institutions for small-business lending.
Providing a small break for small-business owners who may be hitting the ATM to keep their company afloat, the Federal Reserve set new restrictions on overdraft fees from such cards that begin next year.
On the down side, an attempt to get small-business credit cards included in federal consumer protections for consumer cards recently went down to defeat, the New York Times' Robb Mandelbaum reports. The bill sought to get businesses with fewer than 50 employees included in the definition of a consumer. This is bad news at a time when many small businesses are relying heavily on plastic: A Small-Business Credit Card Survey released by the National Small Business Association showed nearly 60 percent of members were using credit cards to fund their business, and half of those had their card racked to $50,000 or more.
There's also the theory, recently discussed in Time magazine's Curious Capitalist column, that the small business sector has been harder hit and is recovering slower than the economy in general...possibly pointing at continued need for additional small-biz funding relief.
On to the meeting meat: Treasury secretary Timothy Geithner basically gave banks a pep talk about upping their lending to small businesses (the President was actually in China). Geithner's key message: "The credit crunch is not over." (I'm thinking you probably knew that.) Treasury's monthly survey of bank lending showed the top banks that got TARP funds continued to tighten up their lending, with oustanding balances falling 1 percent in September. Others including IFA's Shay got a chance to give testimony on their point of view.
Ever the social-media administration, after the forum concluded there was follow-up chat with SBA Administrator Karen Mills over on Facebook. When I looked the comments seemed to have vanished, replaced by a healthcare debate--it would be great to look them over and see what people said.
What can Obama do at this point to help small businesses get better access to credit? Should he do anything? Weigh in and let us know what you think.
Obama's Small Business Forum Examines Lending Logjam
By: Carol Tice
November 19, 2009 2:08 PM
Yesterday, President Barack Obama held a small-business financing forum to discuss what more should be done to help break the lending logjam small business owners have experienced the past two years. Before it even began, Obama was being criticized for keeping the guest list under wraps. Interested parties such as the American Small Business League issued a press release about their displeasure with not getting an invite. Others, including the International Franchise Association president/CEO Matthew Shay and Indiana Statewide Certified Development Corporation executive Jean Wojtowicz, got a ticket to the ball.
But while many squabbled about the timing, the format, and the lineup of speakers, the bigger question is: With Goldman Sachs, Warren Buffett, and JP Morgan Chase stepping up lending to small businesses, does small business still need this help?
There have been several positive developments in the world of small-business lending in the past week. Chase Bank said last week it planned to increase small-business lending by a hefty $4 billion next year, hiring more than 300 additional small-business bankers to focus on companies with under $10 million in sales. The company said it sees the economy improving next year. Certainly smells like a harbinger of changing big-bank attitudes towards making small-business loans that could help many get the funding they need.
That was a pretty interesting development, given that parent JP Morgan Chase in September introduced a new Ink line of four different small business credit cards with interest rates up to 30 percent. Apparently the bank wants to be there for small-business customers whether they can qualify for a loan or not.
Then Goldman Sachs and Warren Buffett pumped $500 million into Community Development Financial Institutions for small-business lending.
Providing a small break for small-business owners who may be hitting the ATM to keep their company afloat, the Federal Reserve set new restrictions on overdraft fees from such cards that begin next year.
On the down side, an attempt to get small-business credit cards included in federal consumer protections for consumer cards recently went down to defeat, the New York Times' Robb Mandelbaum reports. The bill sought to get businesses with fewer than 50 employees included in the definition of a consumer. This is bad news at a time when many small businesses are relying heavily on plastic: A Small-Business Credit Card Survey released by the National Small Business Association showed nearly 60 percent of members were using credit cards to fund their business, and half of those had their card racked to $50,000 or more.
There's also the theory, recently discussed in Time magazine's Curious Capitalist column, that the small business sector has been harder hit and is recovering slower than the economy in general...possibly pointing at continued need for additional small-biz funding relief.
On to the meeting meat: Treasury secretary Timothy Geithner basically gave banks a pep talk about upping their lending to small businesses (the President was actually in China). Geithner's key message: "The credit crunch is not over." (I'm thinking you probably knew that.) Treasury's monthly survey of bank lending showed the top banks that got TARP funds continued to tighten up their lending, with oustanding balances falling 1 percent in September. Others including IFA's Shay got a chance to give testimony on their point of view.
Ever the social-media administration, after the forum concluded there was follow-up chat with SBA Administrator Karen Mills over on Facebook. When I looked the comments seemed to have vanished, replaced by a healthcare debate--it would be great to look them over and see what people said.
What can Obama do at this point to help small businesses get better access to credit? Should he do anything? Weigh in and let us know what you think.
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