Small Business Growth Strategies

Last night was the four-year anniversary for the Sacramento Speakers Network, a group I organize through Meetup.com. I started the group back in 2006 with four people at a local Starbucks, and today we have 500 members and had over 50 people at our meeting last night.

Meetup.com is a powerful tool for organizing groups and events. In any given city you can find a wide variety of options from business-related groups, singles groups, hiking clubs, religious organizations, book clubs and much, much more. The site makes it easy to host and manage a local group, and also cross-promotes groups, making it easy for visitors to find other interests.

I never envisioned the speakers’ network getting so big. I started the group because I wanted to network with other speakers in the area and see how we could support each other—and I didn’t realize that we would fill such a great need in the community. We are the largest business-related group on Meetup in the Sacramento area and I’m often asked how we have built such a big membership base. Here’s what makes this group work:

1. Meeting Focus

We are not a Toastmasters group and don’t practice speaking, instead we focus on the business of speaking. This is a unique niche focus that isn’t available anywhere else in the Sacramento region.

2. Meeting Format

Every member gets a 30-second introduction, which serves as a promotion tool for attendees as well as a way for the entire group to get to know each other. It’s interesting and fun (thanks to a lot of humor in the room) and sets the tone for the meeting.

3. Relevant Guest Speakers

I bring in a guest speaker for 30 minutes every month. Speakers cover business topics related to speaking. We’ve had a literary agent, several professional keynoters who have shared insights on the industry, book writing coaches, web technology discussions and more.

4. The Group Mastermind

One thing that makes our group really unique is our mastermind session. During the final 30 minutes of the meeting, we draw business cards. When a card is drawn, the member gets five minutes to share a business issue or challenge and get positive, supportive feedback from the group. For example, last night one of our members wanted suggestions for how he should prepare before a speaking engagement. He received feedback from the group about how to research his audience, prepare hand-outs and make his presentation memorable. These exchanges end up being helpful and interesting to everyone in the room.

5. The Raffle!

Because our group attracts a lot of authors and coaches, we have a hearty raffle at the end of the meeting. Members donate books, videos, CDs, workbooks, gift certificates and more. We draw business cards and winners come up to pick a prize. This is a lot of fun for all.

6. Word of Mouth

I have never advertised this group. It’s not on my business card and it’s admittedly not something I spend time promoting. The members are loyal and tell their friends. Last night a new attendee told me that three different people told her about the group and she finally decided to check us out! I hear this all the time.

7. Really Smart People

What we have collectively done is create a fun and productive experience for attendees. Last night we had a veterinarian, two CPAs, several life and business coaches, a medical doctor, chiropractor, psychologists, an attorney, a gambling expert (!), health coaches, financial advisors, authors… and the list goes on! Because our topic is unique, it attracts a really smart group of people, and the word of mouth continues to help the group expand.

8. Consistency

We meet the first Wednesday night each month and have since the beginning. The meeting date and time is predictable. The biggest challenge has been finding venues. We have outgrown numerous venues. We used to meet in restaurants but because the group has gotten so large, we now rent meeting space at a local hotel. This serves as a central location with a professional atmosphere and fits the needs of our group very well.

9. Money Matters

Because of the size of our group and its focus, we’ve had several corporate sponsors over the years. This is a nice perk that provides added funding for the group. We do charge a meeting fee to cover room rental and other costs, and always provide our speaker with a gift card.

10. Group Organization

Though I lead the group, I do have volunteers that help coordinate details, collect payments at the door, greet members, etc. While it may sound like a lot of work to coordinate a large group like this, it really isn’t. I book speakers out several months in advance and by meeting at the same venue at the same time each month, there aren’t many other details to manage. It’s pretty darn easy!

I will add that a good 80% of my business comes from the internet and online relationships. And because of this, I really don’t have to get out in my community and network. However, being an entrepreneur can be isolating. I love getting out and connecting with other entrepreneurs. We share a common bond and it’s fun to get that in-person interaction that is absent from most of my workdays.

So if you’re thinking about building a local group, I highly recommend Meetup.com. It’s a powerful tool for locating people in your community and managing the details for your monthly events calendar. It’s also a great place to locate groups that may be of interest to you!

written by Stephanie Chandler \\ tags: how to organize a group, meetup.com, run a group with meetup.com

Last night I caught two different biographies on t.v.—one on Warren Buffett and another on comedian Steve Martin. Both offered a fascinating look at the successes of these two men.

I learned that Warren Buffett’s strategy is to take the profits from one company and use them to purchase shares in another company. He has invested in all kinds of businesses—from insurance and finance companies to technology ventures and even a furniture store. And he doesn’t waste time micro-managing the operations. In fact, he owns businesses he’s never visited. He puts the right people in place to get the job done and moves on to his next investment.

Steve Martin began as a comic performer with a unique brand of humor. Over his career, he has mastered acting in films and on stage, playing the banjo (he is currently on tour with his band), and he has written novels and screenplays. He doesn’t credit his talent as a comedian, but his ability to tap into his creativity to tackle all kinds of different mediums.

There is a lot of advice out there about why entrepreneurs should focus on one thing and do it well. This isn’t necessarily bad advice, though it may be misconstrued. It seems to me that part of the entrepreneurial spirit is the desire to create. I know many entrepreneurs who juggle multiple ventures (myself included) and there is nothing wrong with that. In fact, based on what I saw last night, it could be the key to the kingdom.

I left the corporate world behind so that I could have the freedom to do what I want. For me that means following my heart, tapping into my creativity, making bold decisions and creating my future my way. It’s not about being conventional, building a box that I must live inside or creating a job for myself.

So if you’re feeling guilty or conflicted because you have multiple interests, let go of that immediately. Embrace your interests, passion and creativity and give yourself permission to step outside the box. You just might discover success beyond your wildest dreams.

written by Stephanie Chandler \\ tags: creativity, entrepreneur, multiple businesses, warren buffett

I’m writing today from Reno, Nevada. My friend Christine Giri (aka The Time Tamer) was the featured speaker at the eWomenNetwork meeting here last night, so a group of us decided to make the trip and schedule some additional meetings (and a little fun) while we’re here.

Though I dread trade show booths (I don’t like feeling like a peddler!), I decided to purchase a display table at last night’s event to feature Authority Publishing since I figured there would be a great group of professionals there who need help with publishing their books. I was right about that, and it turned out to be a lot of fun.

Since I don’t participate in many trade shows, I had to load up the gear to take along. I packed the usual stuff: signage, table cloth, books for display, display stands, business cards, bookmarks and a few fun things to add some flair. I also included a bowl to collect business cards for sign-ups to my mailing list, with the added incentive of a 130+ page ebook: BOOKED UP! How to Write, Publish and Promote a Book to Grow Your Business. That turned out to be a very popular bonus! (Note: ALWAYS give people a great reason to sign up for your mailing list!)

I also realized that years ago, I thought brochures were a must-have marketing tool. Not anymore! I haven’t distributed those in years because I find it much more valuable to give away information. So last night I gave away two articles, one on how to promote your business with a book and another on how to get visibility using internet marketing strategies. The articles were a hit and a great reminder on the difference between what it’s like to blatantly sell to your target customers vs. giving them valuable information.

So if you’re still handing out brochures, consider rethinking that strategy. A financial advisor could provide 10 tips for saving for the future. A life coach could offer up 12 ways to set and meet goals. A business consultant could offer a list of strategies for better leadership.

Another way to look at this is to think about what your target audience wants to know and what you can create that would make them want to keep that information handy. I love knowing that my articles offered some meaty tips, and that the recipients will likely refer to them again and again.

Off to my next meeting…!

written by Stephanie Chandler \\ tags: article marketing, grow your business, marketing materials, publish a book, trade show booth

Yelp has become one of the top providers of local business listings, making it essential for businesses to create and manage a presence here. This is especially important for businesses that serve a local community since your audience is quite likely to find you here. Yelp’s motto is “the power of word of mouth amplified” and its purpose is for users to find and rate businesses through this online directory. With that in mind, you need to create a profile (it’s free!) and then collect positive customer reviews.

1. Start here on Yelp: http://www.yelp.com/business

2. You will be asked to search for your business listing. Enter the name of your business and location and view the results. If your business is already listed, be sure to claim it. If not, proceed by clicking on the link to create a business listing.

2. Fill out the basic profile details and submit.

3. You will need to verify your e-mail address by clicking on the link provided in a message sent to you by Yelp. Once this is complete, you will see a message letting you know that you can claim your listing once it has been reviewed by the Yelp team. In the meantime, click on the link to “Go to Your Yelp Welcome Page.”

4. Add photos to your listing, including your business logo and any other photos you want to share with the public.

5. Request reviews from your network. Reviews are very important on Yelp. When a consumer is searching for a product or service here, reviews can affect their decisions.  Copy the link to your business listing and send it to clients, share it on your social networks and in your e-mail marketing messages. Consider making review requests an ongoing part of your marketing effort so that you can continue to build up positive feedback over time.

written by Stephanie Chandler \\ tags: how to setup a business listing on yelp, local search, small business, yelp

While the internet may reach around the globe, there are many ways that local businesses can take advantage of the internet in their own backyards. One powerful tool for getting local business exposure online is via Google Places, a free service that makes it easy for users to find your business through Google Maps, Google Web Search, Google Earth, GOOG-411 (phone-based search directory), and Google Maps for Mobile.

Your Google Places listing can include a description of your business, address, phone, website link, hours of operation, photos, coupons and more. Once your business listing is active, you can log in anytime to find statistics about how many times your listing was displayed in search results, how many people viewed your listing, how many clicked on driving directions and how many clicked on your website link. You will also see a list of keywords most commonly used to find your listing.

How to Create Your Google Places Listing

1. Go to http://google.com/places.

2. You will need to sign in with your Google account. If you don’t yet have one, start by creating your free account.

3. From the Google Places home page, click on “Add New Business”. Google will display search results related to your business. If your business is already listed, click on “Edit” to claim the listing and update the information. If no listing exists, proceed with creating your listing.

4. Fill out all of the relevant company details and optional information. Note that Google pays close attention to keywords. When you write the 200-character description of your business, be sure to incorporate relevant keywords that your potential customers might use to find your business. You can also upload photos (including your business logo) and video.

5. Under the Additional Details field, take advantage of the opportunity to add even more information about your business such as specific services offered, product lines you carry, areas of specialty for your business, etc.

6. Preview your listing and once you are satisfied with it, submit it for publication.

7. Google will require verification for your listing. You can choose to do this by phone (you will receive an automated call with your verification code) or they will send you a postcard in the mail. Once you login and enter your verification code, you listing will be active and you can make changes and add information as needed.

Once your listing is live, you can post announcements to it from your administration page. For example, you can announce an upcoming event, special sale or other time-sensitive information. Announcements expire in 30 days. You can also create coupons for your profile anytime.

If you own multiple businesses, Google will actually allow you to create up to 100 listings for free! Optional advertising options are also available for your listing via Google Adwords.

written by Stephanie Chandler \\ tags: create a listing for your business on google, google maps, google places, google search, how to add your business

There is a special kind of camaraderie amongst entrepreneurs. It is a bit like belonging to an exclusive club, where members celebrate the freedom of business ownership. And while freedom may be the motto, only a small percentage of entrepreneurs are truly free. Instead of running their businesses, they let their businesses run them.

It’s easy to do when the phone is ringing and there are bills to pay. Add to that the passion for what you do and a burning desire to succeed, and you have a recipe for anything but freedom. What you have is a cycle that is hard to break, which can be like trying to run a marathon on a hamster wheel. Unless you can get off the wheel and cover some mileage, you cannot make it to the finish line.

Following are some of the biggest mistakes entrepreneurs make that keep them running on the wheel.

Say yes to everything.
When you fail to set boundaries on your time, everyone wins but you. It is important to know the difference between an opportunity and a poor use of your time and energy. A giving spirit is a great personal quality, but can be a big business inhibitor. Overcome this by scheduling your time to complete projects, return calls, check e-mail and manage your business. When an invitation comes along that can potentially derail your schedule with no obvious benefits to your business, politely decline. Putting boundaries in place with give you a feeling of overall control and can have a dramatic impact on your productivity.

Avoid new technology because it takes too much time and effort.
The internet offers businesses more opportunities than ever and though you may not want to learn new technologies, there’s a good chance that you will miss out if you don’t embrace them. At the very least, make sure you have a website that is optimized for the search engines. Consider adding blogging to the mix as well as social media engagement via Facebook, LinkedIn or Twitter. These technologies are fast becoming a way of life and without them your business could be left behind.

Do it all yourself.
Entrepreneurs tend to have type-A personalities, which means we like control. That can also lead to a belief that “nobody does it better than me.” While in some cases that may be true, this is the kind of attitude that keeps you running on the wheel. If you want to grow your business, you must delegate some of the work to others so that you can have time to focus on what you do best. You can outsource functions like bookkeeping and administrative work. Consider hiring a virtual assistant or an intern. Once you begin to hand tasks over, you will truly begin to create freedom in your life.

Hang on tightly to every dollar.
Big companies typically invest at least 10% of revenues in marketing activities, and so should you. Marketing is an investment in your business and the right tactics will make the phone ring, which translates to an investment that pays for itself over and over again. Start setting aside 10% of all revenues and invest those dollars in marketing strategies that expand your business.

Don’t take time to learn.
Times are changing rapidly. New technologies, shifts in the economy and changes in the ways families conduct daily life—all of these issues and more mean that businesses need to change too. Continuing education about your industry is essential to staying competitive in a world that is changing so quickly. Spend time taking classes, reading books, participating in related trade associations and reading industry-related blogs and publications that help you maintain your competitive edge.

Figure you can take a vacation next year.
The biggest sign that your business is running you is when you stop taking vacations. If your business comes to a halt when your child stays home sick from school or you get the flu, and the idea of taking a vacation is completely out of the question, then it’s time for some major changes. Begin by developing processes for everything you do in your business and figure out how you can bring in additional support. That might simply mean forming a strategic partnership with someone who does what you do so that you can back each other up, or it might mean hiring more help. Whatever it takes, make it a priority to reclaim your freedom and reap the rewards of your hard work.

Keep doing what you’re doing.
What you have been doing in your business has gotten you to where you are now, but isn’t necessarily going to take you further. If you want to have more free time, make more money and continue growing your business, then your strategy needs to shift. Moving a business from one level to the next takes action, and for each business that action is different. It might mean building a sales force, hiring more support staff, ramping up your marketing efforts, increasing production capacity or launching new products and services. The point is that to move from one level to the next, change is essential. Embrace change and you will truly create the freedom you deserve.

written by Stephanie Chandler \\ tags: business growth, business owner, entrepreneur, small business marketing

The Visa Business Network launched earlier this week and I’m happy to report that they are syndicating The Small Business Growth Strategies blog as a resource for entrepreneurs.

Other resources you will find on VBN include a unique goal-setting program where you can access goals like launching a Facebook page, managing cash flow and using Twitter. You can also create an online profile and network with entrepreneurs both locally and globally, or access a variety of articles, blog resources and a question and answer forum.

Entrepreneurs need resources for growth and the Visa Business Network has developed a unique online resource. I am honored to be included in this exciting new service and look forward to connecting with you there!

written by Stephanie Chandler \\ tags: entrepreneurs, facebook, goal setting, twitter, visa business network

Today eMarketer.com released an article with some interesting data regarding Twitter users. According to a study conducted by ExactTarget, those who use Twitter on a daily basis are highly active across the internet. In fact, the data shows that Twitter users are four times more likely to blog than the average internet user, three times more likely to write online reviews and nearly six times more likely to upload articles.

What does all of this mean? Daily Twitter users are leading content creation online. Add to that the fact that 75% of tweets are informational, and you can see the potential influence Twitter users can have on consumers.

Corporations and brands should take note if they want to penetrate their markets and build buzz online. Perhaps the sponsored tweets model will evolve with more relationships and sponsorships directly with influencers (authors, speakers, bloggers, etc.). Of course the FTC’s new rules make this all a bit more difficult, but that’s another story…

Regardless, it makes sense to me and I see a lot of opportunity here! What do you think?

written by Stephanie Chandler \\ tags: blogging, corproate sponsor, twitter, ~SOCIAL MEDIA~

This is a continuation from yesterday’s post on Lessons from My Retail Store…

6. You aren’t going to love every minute of your day.

Starting a business is one of the quickest ways to learn a lot about yourself. For example, I’m a lousy manager. Period. I just don’t like managing people. I also figured out that I don’t have to—I can put someone in between us to handle that. I also hate accounting and after wrestling with bookkeeping software, I hired this function out immediately.

Bottom Line: The things you don’t like to do—or you’re not good at—are best handed off to someone else. Clearing your plate of dreaded tasks gives you the freedom to focus on what you do best.

7. You aren’t going to love every customer.

As a certified people person, I was excited about the idea of talking to fellow book lovers. I wasn’t expecting the crazy lady who came in every week in her pajamas, the people who wanted to argue about prices or the occasional homeless guy who wandered in looking for something to do.

Bottom Line: I’m a big believer in customer service so with difficult situations, you find a way to make it work. And fortunately these only account for a very small percentage of the people you will typically deal with on a daily basis. Focus on the customers that make it all more enjoyable and realize the rest just come with the territory.

8. Media coverage rocks.

I was obsessed with getting our local paper to write about the store and so I asked—over and over again—until they paid attention. I contacted reporters directly and let them know about upcoming events until alas, they sent in a photographer and reporter. They gave us a nearly full-page story in the neighborhood section of the paper and that was the weekend the store crossed into profitability. From that point forward, our foot traffic increased exponentially.

Bottom Line: Don’t be afraid to contact the media. They need good stories so give them a reason to cover your business. Find a news-worthy angle and keep trying until you get their attention.

9. Good security systems can prevent problems.

One day while one of my employees was working alone, two men came in the store and one asked for help finding a title at the back of the store, while the other helped himself to all the cash in the register. My employee (who happened to be a long-haired guy covered in tattoos and the last person I would have expected to get robbed) was completely blind-sided.

Bottom Line: We didn’t realize that there is an emergency release under cash registers that opens them without a sound, so we bolted the register down and installed cameras, along with signs warning shoppers about the cameras. We also installed a safe for cash drops in the back office and stopped allowing customers to use our private bathroom in the back room. It just made sense to be more cautious about all security procedures.

10. Entrepreneurs work around the clock.

If anyone owns a new business and tells you it’s easy, they are LYING. There is nothing easy about running and building a business, especially in the first couple of years (which is how long it typically takes for most businesses to become profitable).

Bottom Line: I read somewhere once that an entrepreneur will work 80 hours per week for himself to avoid working 40 hours per week for someone else. Amen to that. But in the early years, expect to work harder than you’ve ever worked before. Remember, there are no paid vacations, no sick days, no bagels served on a platter on Fridays (unless you make it happen). But the long-term rewards of having control over your financial destiny, the eventual freedom you can craft for yourself, and building something that is yours—that is the biggest reward of all.

The real key is to build your business to a point where you have that flexibility, and then make that happen just like you do with everything else in your business!

written by Stephanie Chandler \\ tags: lessons from retail store, lessons from running a business, small business security systems

In 2003, I left the Silicon Valley behind and opened a 2800-square foot bookstore in Sacramento, California. It was a crazy ride that ended up serving as a stepping stone to everything I’m doing today. I worked very hard to build that business and that effort paid off since I was able to sell the store a few years later. Following are some things I learned along the way.

1. Business plans are fluid.

I spent a full year assembling what I called my Business Plan Manifesto. At a whopping 42 pages, I was sure I had covered every possible detail. But plans changed and evolved constantly. I launched unexpected new revenue streams (internet sales, rental programs) and discovered some revenue streams just didn’t appeal to our customer base (like series romance books).

Bottom Line: If you take time to write a business plan—and believe me, you should—know that it is not set in stone. It can and should change over time to reflect what you learn about your customers and new opportunities that you uncover. Revisit and modify your plan several times each year.

2. Toilets break and people need air.

One day while having some repairs done in the bathroom, the toilet broke and had to be replaced. And with over 30,000 books from wall to wall, the store needed air movement. Ceiling fans had to be installed throughout. Quite frankly, there was always something that needed to be purchased, fixed, replaced or added.

Bottom Line: Expect the unexpected. Figure out how much money you need to start your business and double it. Seriously. It’s better to be over-prepared, especially when it comes to finances.

3. A marketing plan isn’t a fairy tale.

When you open a business in a strip mall with virtually no street visibility, you need to work your tail off to bring in customers. I had a marketing plan for my business, but when faced with the realities of day-to-day business operations, marketing fell down the priority list. It wasn’t until I put a focused effort into marketing that the store really began to take off.

Bottom Line: A marketing plan is useless unless you execute it. And by the way, those plans are going to change too. Marketing involves testing until you find out what works—and then consistently repeating what does work. It’s an investment in your business that will pay for itself in multiple, once you figure out the right marketing strategies for your business.

4. There are 100 different demands on your time.

New business owners almost always wear too many hats, and there are plenty of demands on your time: daily business decisions, employee management, inventory control, customers, marketing opportunities, internet visibility, the phone ringing, e-mail beckoning, questions from your insurance provider, water delivery, pest control, HVAC repairs, bookkeeping challenges, sales calls… There never seems to be enough time.

Bottom Line: Prioritize and delegate. Figure out what is most important to accomplish each day and take care of those tasks first. As for the rest, delegate them if you can or schedule the time to get them done. Don’t let your business run you.

5. It’s a lot easier to get money when you don’t need it.

Fortunately for me, I figured this one out well ahead of time and had a solid financial plan for my business. However, I was surprised to learn that it’s harder for a new entrepreneur to get credit. Without proof of a steady paycheck, it takes a couple of years of good tax returns to reestablish credit-worthiness.

Bottom Line: If you think you’re going to need money or a line of credit, do yourself a favor and get it before you need it (or before you quit your job).

Watch for Part 2 of Lessons from my retail store tomorrow!

written by Stephanie Chandler \\ tags: business plan, lessons from running a business, marketing plan, retail store