Even in a downturn, if you do not get in front of people and explain your unique value proposition then your chances of selling will be restricted to current customers or accidental passersby. Marketing is what prepares you for selling. However, there are three important things you should appreciate before you start.
1. Your target customers need to hear your marketing messages at least 7 times to influence a buying decision. You need to choose strategies that allow you to repeat them often enough to work for you.
2. Expensive campaigns do not guarantee sales – even when they are popular with the public. Every marketing dollar has to translate into sales.
3. A sure fire way to improve sales is to use multiple marketing channels. Your underlying message should be consistent, but you need to get it out in a variety of mediums.
If you are a small to mid-sized business on a limited budget, your tactics should be to optimize your spending so that you get in front of the right customers regularly and in a variety of ways.
To learn more about marketing on a budget, make time to come to the “All Things Sales and Marketing” summit on Wednesday, April 28th, from 8:30-11:30 at the Woodland Country Club. Visit http://dlvra.me/s/3ekLl for more details or to register.
Monday, April 26, 2010
Monday, April 19, 2010
Is An IPO The Way To Go?
Faced with tighter borrowing requirements, more small to medium enterprises are considering all the options. One of these is “going public” with an initial public offering (IPO). Knowing the facts about IPOs can help you determine whether going public is the right move.
Before looking at the advantages and disadvantages of IPOs, you need to ask whether your company is ready. First, you have to be growing quickly enough to justify an IPO. Accelerating growth over several years is a prerequisite to be a contender in the market. You also will have a justifiable need for substantial funding and should consider the timing in the market by looking at how similar public companies are doing. On average, it takes one year to prepare the IPO, so you need to think about the performance of your industry when your offer is ready.
Advantages and Disadvantages
Many small and medium sized companies have stepped up to the next level with an IPO. An initial public offering can enable you to raise substantial amounts of equity capital without incurring interest and needing to repay debt. In addition, it creates an objective market valuation of your company, builds your image and legitimacy, and provides funds for future acquisitions. Against these benefits, you need to consider the loss of control, as well as the cost and time involved, in going public.
Alternatives
A direct IPO is one alternative to a conventional IPO. For example, businesses can sell shares online by filing a Small Corporate Offering Registration (SCOR). While there is minimal external review and oversight required under this process, backing up your case with audited financial statements will make it easier to sell your offering on the open market. A major disadvantage of the direct IPO is the time and effort required to sell the shares and the risk that you might not be able to sell them.
The advantages of an IPO may seem irresistible but they need to be balanced against the disadvantages.
Before looking at the advantages and disadvantages of IPOs, you need to ask whether your company is ready. First, you have to be growing quickly enough to justify an IPO. Accelerating growth over several years is a prerequisite to be a contender in the market. You also will have a justifiable need for substantial funding and should consider the timing in the market by looking at how similar public companies are doing. On average, it takes one year to prepare the IPO, so you need to think about the performance of your industry when your offer is ready.
Advantages and Disadvantages
Many small and medium sized companies have stepped up to the next level with an IPO. An initial public offering can enable you to raise substantial amounts of equity capital without incurring interest and needing to repay debt. In addition, it creates an objective market valuation of your company, builds your image and legitimacy, and provides funds for future acquisitions. Against these benefits, you need to consider the loss of control, as well as the cost and time involved, in going public.
Alternatives
A direct IPO is one alternative to a conventional IPO. For example, businesses can sell shares online by filing a Small Corporate Offering Registration (SCOR). While there is minimal external review and oversight required under this process, backing up your case with audited financial statements will make it easier to sell your offering on the open market. A major disadvantage of the direct IPO is the time and effort required to sell the shares and the risk that you might not be able to sell them.
The advantages of an IPO may seem irresistible but they need to be balanced against the disadvantages.
Monday, April 12, 2010
Getting the Best R.O.I. on Your Assets
Every business, large or small, has assets that help them perform their work, or deliver the services they provide, to their clients. These physical assets represent a significant monetary investment for even a small business. Curbing operating costs and maximizing asset productivity (asset management) is vital to achieve a greater return on your investment in assets.
Tracking assets
Having an accessible record of the details of individual assets is necessary in order to manage them. There are a number of asset tracking software solutions available specifically designed for the small and medium sized business owner, such as barcodes, radio frequency ID devices (RFID), wireless smart tags and GPS. They can track anything from a fleet vehicle to a computer. The database stores all the lifecycle details of any item such as its purchasing, leasing and invoicing details, physical location and, where relevant, which employee is in possession of it.
In trade occupations it’s not unusual for tradesmen to lose or damage tools and machinery on the job. Though each loss or repair may be small, the cumulative effect can be great. Asset tracking software adds an element of accountability, and encourages a greater degree of responsibility, in the use of company materials. Assets can be instantly located, eliminating wasted time spent searching for them, and unnecessary expenditures to replace supposedly lost items.
In managing equipment over its lifetime, owners and managers typically adopt a run-to-failure “strategy”. Often, they do not see the value in investing time and effort into a regular maintenance regime. Unplanned and reactive maintenance places a significant cost burden on businesses. Planning and management of asset maintenance increases the life cycle of the assets and keeps them performing at peak productivity levels.
Servicing manuals, pictures, warranty contracts, maintenance history and vendor contact details can all be attached to an asset’s record in the asset database. Providing one central location for the information can get a down machine up and running again, with minimum loss of time. This can be critical in potentially avoiding OSHA fines on top of reduced productivity.
Additionally, asset management software simplifies the process of developing a proactive system of asset management that incorporates real time logging of problems by operators, regular maintenance, and early replacement of failing components.
Improved management visibility into the location, use and performance of assets has enabled progressive businesses to shift from a short term, reactive model of asset management to a more strategic long term program that ensures they derive the maximum return on their investment in assets. A streamlined asset management system will reduce asset loss, operating costs and downtime so as to minimize total cost of asset ownership.
Tracking assets
Having an accessible record of the details of individual assets is necessary in order to manage them. There are a number of asset tracking software solutions available specifically designed for the small and medium sized business owner, such as barcodes, radio frequency ID devices (RFID), wireless smart tags and GPS. They can track anything from a fleet vehicle to a computer. The database stores all the lifecycle details of any item such as its purchasing, leasing and invoicing details, physical location and, where relevant, which employee is in possession of it.
In trade occupations it’s not unusual for tradesmen to lose or damage tools and machinery on the job. Though each loss or repair may be small, the cumulative effect can be great. Asset tracking software adds an element of accountability, and encourages a greater degree of responsibility, in the use of company materials. Assets can be instantly located, eliminating wasted time spent searching for them, and unnecessary expenditures to replace supposedly lost items.
In managing equipment over its lifetime, owners and managers typically adopt a run-to-failure “strategy”. Often, they do not see the value in investing time and effort into a regular maintenance regime. Unplanned and reactive maintenance places a significant cost burden on businesses. Planning and management of asset maintenance increases the life cycle of the assets and keeps them performing at peak productivity levels.
Servicing manuals, pictures, warranty contracts, maintenance history and vendor contact details can all be attached to an asset’s record in the asset database. Providing one central location for the information can get a down machine up and running again, with minimum loss of time. This can be critical in potentially avoiding OSHA fines on top of reduced productivity.
Additionally, asset management software simplifies the process of developing a proactive system of asset management that incorporates real time logging of problems by operators, regular maintenance, and early replacement of failing components.
Improved management visibility into the location, use and performance of assets has enabled progressive businesses to shift from a short term, reactive model of asset management to a more strategic long term program that ensures they derive the maximum return on their investment in assets. A streamlined asset management system will reduce asset loss, operating costs and downtime so as to minimize total cost of asset ownership.
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