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We hope you find this arcthve useful. A subscription to The Small Business Advisor Newsletter is free. Subscribe now - it's easy! The Small Business Advisor Newsletter for August, 1997 CORRECTION. Thanks to alert reader, Michael Main, I have two corrections to make to URL's listed in the July newsletter.The correct URL for area code
lookup is: Thank you, Michael. ++++++++++++++++++++++++ CONTENTS NOTES/TIPS/etc Looking for a graphic? Check
out "WebSeer" at http://webseer.cs.uchicago.edu/ ++++++++++++++++++++++++
The Year 2000 (or Y2K) problem refers to the fact that many computers (and software applications) will not perform correctly after December 31, 1999. Since many of you will be using your present computer and software at that time, NOW is the time to check it out to ensure you will not have problems. This discussion pertains only to IBM-based computers and not Apple. We're still researching the Apple solution. To check your computer, visit http://www.nstl.com/html/ymark_2000.html and download a small file called YMARK2000. It is a self-extracting file that produces two files: 2000.EXE and README. TXT. The files are small and it only takes a couple of minutes to download. If you don't have web access, send me (The Advisor) an e-mail (bobs@isquare.com) and I'll send the file to you. Remember the path to the files. Now, reboot your computer to DOS. (If you are using Windows95, simply shutdown and click the choice, "Restart the computer in the MS-DOS mode.") Execute the file 2000.EXE by typing the path to the file followed by the file name. For example, say you stored the file in c:/temp. You would execute the file by typing at the C prompt: c:/temp/2000.exe. Within a few seconds you will be informed if your computer is Year 2000 compliant. If so, you may rest east but remember that this only tests the computer itself and NONE of the application software. For that, you must contact the various vendors and ask. If your computer does not pass the test, you should contact the vendor and ask if an updated BIOS chip is available to solve the problem. ++++++++++++++++++++++++ Marketing On Email Discussion
Groups I'd like to tell you about one of my favorite, and most profitable methods of marketing online...... email discussion groups. "Email discussion groups", or more technically "mailing lists" are a group of people that have joined together (subscribed to a particular "email discussion group") to discuss a particular subject via email. Anytime you post a message to the group, the message is emailed to everyone in the group....sometimes just a couple hundred people.....Sometimes tens of thousands of people. These email discussion groups are usually focused on a very specific subject and there are thousands of different email discussion groups on EVERY subject imaginable! In addition to being a great way to market online, participating in these groups can be a lot of fun if it's a subject you're interested in. One potential downfall of email discussion groups, especially the big ones, is that you could receive numerous email messages from the group everyday. However, in the typical group, you'll only receive a few messages a day. You can always unsubscribe if you end up getting too many messages. Some also offer the option of receiving a "digest version"..... you receive all the email messages a one time once a week rather than as often as they are sent. I personally like receiving the email messages as they are sent. PLEASE keep in mind that these email discussion groups are NOT the place for blatant advertising! Do not post commercial messages in these groups. Your marketing in these groups is strictly via your "sig file" (signature file)......more later. So here's how you can get started NOW! Visit these web sites...... http://www.neosoft.com/internet/paml/bysubj.html A convenient list indexed by subject. http://www.lsoft.com/lists/listref.html A list of 12,000+ lists, also lists number of subscribers to each list....very helpful. http://www.liszt.com/ Convenient list of 71,000+ lists....very easy to use. http://www.webcom.com/impulse/list.html Another great resource site. First of all, go through the lists and subscribe to a few (not too many yet) that are related to your product or service. You will receive confirmations from each that contain info about the list and also "unsubscribe" instructions. Print these and file them! You should keep records of the lists you're subscribed to and records on when and what you've posted to each list. So, let's go through an example....... Let's say you make and sell wooden furniture and you've written a booklet about how to do it. You also publish a newsletter on the subject. You subscribe to a couple of email discussion groups related to wooden furniture and you *lurk* for a couple of weeks. You don't post yet......just hang out and get a feel for the list. When you do post, your post should fit in with what is normally discussed on the list. For example, maybe you would contribute a few paragraphs about a particular technique you've used to make a chair that really sells well for you, or maybe you could ask a question related to the subject of the list. THEN, you sign the post with your "sig file" (signature file)........ ********************************
Once you've gotten your feet wet on a few lists, subscribe to a few more. For example, John may want to subscribe to a few lists for people interested in starting a business or looking for additional income. John could also subscribe to other lists that he's interested in but may have no connection to his products. For example, maybe he's interested in antique cars.......some (although not as many) people on these lists would have an interest in John's products. His post to the list would have to be about antique cars, but he would still use his "furniture" signature. The possibilities are endless! Remember to keep records of the lists that you're subscribed to along with "unsubscribe" instructions. Also, print and file copies of each post you make. You may even want to "key" your posts to determine which email discussion groups work best for you. For example, you could change your sig file in each post like this........ Ask for "free report A2"...JohnHam@Wood--Furn.com This type of marketing can be a great source of qualified leads and alot of fun too.....enjoy! (Greg Landry publishes "Successful Online Marketing", a free, weekly, online newsletter! To start your free subscription, email Greg@Landry.com with "subscribe marketing newsletter" in the message area.) ++++++++++++++++++++++++ SUCCESSFUL INTERNET MARKETING
REQUIRES FOLLOW-UP MARKETING! Experts say that the average sale takes about 7 contacts before it's closed. If you are contacting your sales leads only once (i.e. by mail, phone, or e-mail), you are wasting your hard earned marketing dollars. Think about following up several times with your sales leads before moving on. For example: Visitors to your Web site are more likely pre-qualified target customers. However, if they don't buy or do anything, they are likely to never return. Offer to let people join your guest list/ e-mail list, or register for a prize contest. By doing so, you capture information about visitors so you can contact them again. This is a form of follow-up strategy. If you get a lead from a classified ad save their email address, follow-up by e-mail (or by mail if you get their mailing address) in about 1 week to remind them about your offer and do they have any questions sort of message. Testing will determine how many times you should follow-up. You don't want to be a pest though. The more contacts you make, the more sales you will close. I have read in several mail order books that if you contact a prospect 5 times, your overall conversion will break down as follows: o First contact: about 47% o Second contact about 16% o Third contact about 14% o Fourth contact about 12% o Fifth contact about 10% Close to 50% of the overall conversion comes from follow-up marketing! And the beauty about follow-up marketing is the dramatic reduction in costs. You have no advertising lead cost because you already generated the lead. If sending by mail, you can send by bulk mail and save money on postage. Followup messages via email are of course free. (Jeffrey Spencer is the editor of "Internet Profits!" Contact him at simail@ix.netcom.com or by visiting http://www.choicemall.com/successstyles) ++++++++++++++++++++++++ THREE KEYS TO RUNNING A SUCCESSFUL
HOME-BASED BUSINESS You may think that working from your home is the ultimate freedom. You may get tingles down your spine at the mere thought of being able to work in your pajamas, be with your children, and never dealing with the morning commute ever again. Yes, working from your home can be all of these things and a whole lot more too. As with many of the people I coach, working from home can be both a relief and a headache all at the same time. Being close to your children can be a blessing, but they can also spell disaster as you try to close that key account over the phone just as one of them begins to cry or scream uncontrollably right next to you. Keeping a balance between your professional home life and your personal home life can present many challenges. One in particular that comes up in many of my coaching sessions is the unending desire to work every waking moment of everyday, including weekends! It's a real challenge having a lot of work just inches away form where you are supposed to be enjoying quality time with your family. So what can you do? How can you make your home business work while keeping your personal life intact? There are three areas that I consider paramount to running a successful home based business. FIRST, remember that above all else, your business is your business, and your family is your family. Try never to mix the two because that can easily lead to a toxic potion. When you are in business mode, be focused on your business. If that means having to hire a babysitter to occupy your children while you work, do it. It's much more important to have a professional appearance to your clients than having a the few extra dollars you may save by not hiring a babysitter. If a full time sitter is not an option, consider hiring a part-time sitter. When the sitter is in, that's when you make your calls. Work your calling schedule around your babysitter as best you can, and make sure you save the most important calls for that quiet time. The more separation you can create between your business mode and your personal life the better. If your home office has a door, close it. Cut off any temptation to go and do the dishes, laundry or whatever during your work time. Avoid those frequent mini-raids of the refrigerator during work time. These types of distractions will only help keep you in your office much longer than necessary. SECOND, make sure you have a business telephone line, a separate fax line, and a third modem line, if you use the Internet for long periods of time. Your business line should have an answering machine that answers your phone in a professional manner when you are not available. Remember that your goal is not to sound like a home office, so the more professional you can sound on the telephone, the better. If you can afford it, get yourself a low-cost voice-mail system that asks the caller to dial an extension. This will sound much more sophisticated than a simple answering machine, and will allow you to have more than one "extension" voicemail box, which can easily be used for a multitude of other uses. I like to use different extensions in conjunction with different ads I run to help track response. My voicemail system cost me under $300 and offers up to 999 extensions, call forwarding, paging, and a ton of remote caller options. Get into the habit of changing your voice greeting every single day. Let your caller know when they can expect to hear from you. This will instill confidence in you and you'll hardly get any hang-ups! THIRD, keep yourself as organized as you would if your were working in a corporate office. I can't tell you how many times I've seen contracts and other important documents buried under piles of files, newspapers, and sometimes even last night's dinner! Hey, just because you work from your home doesn't mean you are any less of a professional…. so act like one and teat important documents with respect. Keep your children out of your work area at all times. Do everything you can to keep food and drinks away from your desk! Spills can cost you many hours of work, and can even cost you thousands of dollars if they were to damage any of your delicate electronic equipment. My motto is simple: "Food stays in the kitchen, and paperwork stays in the office." In all cases, use common sense. Your business depends on you being organized and keeping your personal and business lives separate, even though they co-exist under the same roof. Get in the habit of turning off your computer at a reasonable hour and use that time to be with your family, relax and enjoy your life…. Although it may be tempting to get right back to work after dinner, remember that your work will be there for you in the morning, just as it would if you left it back at the corporate office. (Mr. Imbriale is a nationally recognized business coach specializing in business development. For a free telephone coaching session contact him at roberti@ix.netcom.com, http://www.amabiznet.com, or 516 754 9144.) ++++++++++++++++++++++++ SOFTWARE REVIEW. "Profit Mentor" by Management Advisory Services. This software can be quite valuable as your business grows. Essentially it allows you to evaluate trends that affect your business by analyzing your financial data. It consists of three major components: Historical Analysis which
helps you evaluate financial trends. The software loaded without problems (2 3.5" diskettes). A useful "getting started" area is included (click an icon) along with extensive help files. Although it can take some time to input the initial financial data (there is no way to import data from other sources) once loaded, performing the various analysis is easy. A free demo can be downloaded
from http://www.mossadams.com/software/. ++++++++++++++++++++++++ OUTSOURCING -- THE WAVE OF
THE FUTURE FOR BUSINESS The practice of subcontracting work to other companies - better known as Outsourcing - is becoming increasingly common in the business world today. Outsourcing firms could provide various services such as typing, transcription of dictation tapes, bookkeeping, payroll, billing, taxes, office cleaning, copying, and mailings - all at their office. Every business should be open-minded regarding the multitude of advantages obtained from outsourcing. To illustrate a point, let's use the most common form of outsourcing (secretarial) as our example. You, as the company owner, are faced with the dilemma of accepting a substantially large contract from a client with a short deadline. Since you maintain a lean staff (or no staff), in order for you to accept this project, you would have to choose from any of the following alternatives: Hire additional personnel; call a temporary services agency; or call a business specializing in Outsourcing. Hiring new staff entails spending money for classified ads; productive time being wasted on interviews, testing, and other screenings; training and supervising new hires; overhead such as office space, a desk, chair, computer, printer, copier, fax machine, and office supplies; bookkeeping; payroll accounting; utilities, and the most expensive of all - monetary expenses, which include salary, worker's compensation insurance, unemployment taxes, Medicare, etc. Additional employee benefits such as vacation, sick days, personal days, medical, vision and life insurance, maternity leave, pension, etc., also need to be calculated into the total cost. Upon completion of this job, you gained another employee - the "secretary." You could terminate him or her and pay unemployment compensation. Or you could absorb him or her into the payroll, paying for idle time between contracts. The second alternative would be to contact a temporary services agency. Consider that their hourly rates are usually high as their hourly rate includes that which they pay their employee (temp). Another disadvantage would be that you never know which temp you'll get - perhaps a different person each time. Although you save on employee expenses, which are paid by the agency, your overhead costs still remain. You still need to supervise and train the temp to your method of doing business. One advantage you have is that if you aren't pleased with the temp, a simple telephone call to the agency should (hopefully) have the temp replaced the next day - without any involvement on your part between yourself and the temp. Now you need to retrain that temp. The third alternative would be to utilize the services of an outsourcing firm. Not only would you save money on employee expenses and overhead, but the same staff will handle your work each time, with work completed at their office. This would allow you to work without disruption in your business. With a fax machine, your documents could be immediately sent to the outsourcing company who would then type the work and fax it back in time for your meetings, deadlines, etc. Without a fax machine, your work would be completed and faxed immediately to your client for maximal time efficiency. After, in today's fast-paced business world, doesn't everyone need everything "yesterday?" By having your work done by a reputable firm, your savings can be enormous, resulting in immediate savings in time and money. A good outsourcing agency will possess a professional and friendly staff who will treat you special, as if you are their only client whether your project is small, large, or a one-time project, and will maintain open lines of communication, making themselves available for your telephone calls and faxes - even in the evenings and on weekends. You only pay for the time involved in the completion of your work. New businesses with little or no office space or staff, or companies experiencing corporate downsizing are prime candidates for outsourcing. Even fully staffed businesses occasionally incur large, undesirable, seasonal or periodic projects, or highly confidential documents (board minutes, bids/specifications/contracts) which could be outsourced. It is easy to see why so many of today's businesses are embracing outsourcing as a cost-effective method of doing everyday business, increasing productivity, stretching tight dollars, and reaping the awards (profits). Can you, as a business owner, afford not to? ++++++++++++++++++++++++ OUTGOING REFERRALS ARE THE
EASIEST WAY TO BRING IN MORE CLIENTS Most professionals give away business for free! · Do you know how much business you gave out last year in customer referrals? · Do you know to whom you gave business to? · Do you know whether they recognized the business you gave them? · Do you know how much business you got back? Given that a typical real estate professional will get about eighty percent of his or her new business from referrals, it is a good idea for agents to examine, understand and manage the referral process. While top producers will make great efforts to "work" their outgoing referrals for maximum gain, average producers can easily get more out of the referrals they pass along everyday, with little extra effort. First, let's note that referrals come from four distinct areas: friends and acquaintances; satisfied clients; other real estate professionals outside your area; and complimentary professionals whom brokers work with in the course of their activities. While most professionals recognize the first three as a good, regular source of referrals, the last - complimentary professionals - is often under valued and underutilized. Lawyers, mortgage providers, home inspectors, radon remediation specialists, plumbers, carpenters, etc. can all be easily leveraged into a broker's own personal referral network. The key is to take basic steps to ensure that the referrals that you give them are recognized and accounted for so they will return the favor. As the primary link between a buyer and a newly purchased home (and often a new community), the real estate professional is well positioned to give suggestions and advice. The new owner often needs a multitude of services to complete the purchase or to readying the house for occupancy. Here, the real estate broker can find him or herself recommending a score of businesses. In effect, the broker is acting as a salesperson. While it is difficult, and in some cases illegal, for brokers to make money on such "sales," referrals given out by real estate professionals are very valuable and should be recognized as such. At FollowUp.Net we have studied the referral process and found that these referrals all too often are one-way streets, with less than adequate recognition given to the referring party. As a broker providing customer service, you are also giving a specific customer, who has definite and immediate needs, to a local business. In return you may receive a bottle of wine during the holidays or a wall calendar at the end of the year. But wouldn't it be better to have that referral bring you what you can really use - more customers? Each business you refer your clients to has their own set of friends, relatives, acquaintances, and customers who buy and sell houses. If you tap into their network, you double or triple your own. After all, you are tapping into your network for them, so they should do the same for you. Most referrals work on the premise of "you scratch my back, I'll scratch yours" because few cross-industry referrals follow specific business practices that specifically compensate the originator. In some cases, it is illegal to provide "kickbacks" for steering business. However, this should not prevent you from getting a return favor for the work you have done, because you have done a lot. The first step in understanding how you can get more referral business coming to you is to understand what business you are sending out. Just take one minute to answer the questions at the top of the article for the last year, the last month, or the last week. Your answer will likely surprise you! By answering these questions,
you begin to understand the way your own "referral network" is working
- or isn't working as the case may be. Then you can start to do some easy
things to build up the return business that you should be getting from
your outgoing referrals. This exercise can be done in the context of a
professional organizations or networking group as well.
Here are some easy tips that will help you increase the return from your outgoing referrals: Be Remembered One good referral returns another. Make sure that your referrals "count" by positively notifying your referral colleague that you've sent him a referral. It sounds basic, but we have found that more than half of the referrals that a professional gives are never recognized as coming from a specific individual. If you don't let the other party that you have sent business their way, you will never get the credit you deserve. Use the phone, fax or e-mail. Or, use an outside service like FollowUp.Net that works with all three to manage it for you. Be Precise Specify exactly who, what, where when you send a referral so that your counterpart can provide the best service for your client and your client will feel well-taken-care-of. If there are any special instructions or business arrangements that you may have with the referred-to professional, record it in your communication so that there is no misunderstanding in the future. Keep a List Get in the habit of recording your referral activity with all of your partners. It doesn't have to extensive. Again, just tracking your efforts can show you a lot about where you are giving business away. Using an automated system, like our company's product FollowUp.Net, will do it all for you. Chris Woods, President, FollowUp.Net. 203.226.5853 Return to top of page - Back to Home Page - Back to Archive Index |