Small Changes Will Move You Forward
As we emerge from one of the longest recessions in the last 50 years, many small business owners are unsure how to approach their business. What changes should you make to turn your business around and accelerate their growth. Some of the most valuable changes you can make ere operational in nature. For example:
- Focus on Customer Generated Revenue – This seems kind of intuitive, but the author suggests instead of looking for a loan go looking for more sales to fuel your growth.
- Use online invoicing and payment solutions. – Here the strategy is to accelerate payments to you. Although I pay a fee to process a credit card, it is nothing compared to what it costs to chase an invoice after the project is complete. Practice asking your clients if they ” want the miles” referring to the mileage points they receive when they use their credit card, as away of encouraging them to use their cards to pay you.
- Invest in technology - Upgrade computers, enhance software. Don’t spend frivolously, but don’t try to run your business with antiquated technology.
- Manage costs, but when you invest ahead of your competitors – While everyone else is still cutting costs, now is a good time to invest a little. It won’t take as much to leap out ahead as it would if everyone was spending.
What else would you add to this list?
Celebrating Indiana’s Tech Superstars
Last night was the annual Mira Awards. In a room of more than 800 members of the tech community, we had a chance to celebrate the accomplishments of firms leading the charge to drive Indiana to a digital future.
Kudos all the way around: To the team at TechPoint, who put on a terrific program. ( I know how much work it is to make an event with 800+ people flow smoothly) to the foundation board members who are committed to advancing technology in Indiana, to the judges and the 88 companies who submitted applications.
And special congrats to all the winning companies. This is just a partial list from the categories. For the full list, check out the TechPoint Website.
- Exact Target: Information Technology Company – Owner Scott Dorsey said that even though they have received many Mira awards, each one was special. The award was well deserved, but I have to admit I was rooting for my friends (and former clients) at eImagine
- BlueLock: Information Technology Gazelle. I have watched this company grow over the last two years, and they really hit their stride this year. Expanding, adding more jobs to the local economy, and gaining recognition on a national scale, this award was well deserved.
- Hill-Rom: Excellence in Corporate IT. These folks proved that innovation and entrepreneurial spirit exists inside the walls of companies large and small here in Indiana.
- Imavex: New Media Excellence and Innovation. Moving well beyond web design, they have embraced streaming media and mobile technology. This category was new in 2010, and had quite a few deserving submissions. Finalists Anacore, Inc and Exact Target were equally deserving of the award. ( But only one company can win).
In a year when many firms, and many industries struggled, the tech community of Indiana moved against the tide, creating jobs and innovation here in Silicon Prairie.
Leading Questions, Part 1 – Who Should Be an Entrepreneur
Recently, I had a chance to sit down with IBJ reporter Mason King for their Leading Questions video series. In this first video, I chat about the biggest mistakes entrepreneurs make, and who should (and who shouldn’t!) start their own business.
Ready to be a business owner or take your business to the next level? Join me for a FREE overview of business planning – How to Avoid the Ten Planning Mistakes Business Owners Make. In this lively ninety minute workshop, participants will learn the elements of a good business plan, as well as tips and strategies on how to get started, and make planning an integral part of your business operation.
The next sessions is June 9 at 8:30 at the offices of Trustpointe – 6666 E. 75th Street, Suite 150, Indianapolis, IN 46250. There is no fee to attend, but reservations are required. You can register by filling out the form below. And as an added bonus when you register, you are enrolled in the free eCoulrse: How to Write a Business Plan in 10 Weeks
To take advantage of one or both of the FREE offers simply fill out the form below.
The Economy is Coming Back, Are You Ready?
Something is different, in the last few weeks the phones are ringing more. My clients and friends seem to be in better moods and its not just the weather! The small business community is starting to feel the economic uptick. It is not just spring fever, there are real indicators that things are picking up, such as the improvments in GDP, housing starts, and the Dow Jones
Just a few statistics comparing Q1 2009 to Q1 2010. While not overwhelmingly positive, there is a clear indication the economy is moving in the right direction.
| Q1 2009 | Q1 2010 | |
| Dow Jones | 7,200 | 11,232 |
| Annual Housing Starts | 358,000 | 515,000 |
| GDP | -6.7 | 2.4 |
If you have been holiding back, waiting for things to get better, the time is now! Start investing now in your business. If you wait, the economy will pass you by!
Economic Lessons from the Donkey
In October, I wrote a post about the economy. I told the story of an old donkey which fell into a well. I hoped the tale would be a wake up call for small business owners who seemed to have fallen into a well waiting for the economy to turn around.
I was surprised by the responses to the post. Even six months later, the post has several readers every day. The message was clearly more compelling then I expected, so I decided to record it.
Today’s video created by the talented team at Another Cool Design, tells that tale!. What do you think?
And just to be clear, no animals were injured in the production of this video.
Roundpeg Video Blog #2 from Another Cool Design on Vimeo.
Conversation with Victoria and Jeff
I had a chance to visit with Victoria Finch and Jeff Dalverny yesterday as a guest on their Blog Talk Radio program. While the topic was supposed to be Strategies for Surviving an Economic Downturn, we really covered a lot of related topics as well.
The conversation ranges from surrounding yourself with the right people, to focusing on a niche to grow from. To hear the entire interview, click here.
And come back soon, I will have excerpts incorporated into More Than a Few Words eventually.
Jump Start Your Business: Planning Now for an Economic Rebound
The economy right now is tough. Everyone knows that, and almost everyone is in the same boat. So you have a few choices: you can mope and be depressed about our economic circumstances, or you can put yourself in a position to succeed when the economy inevitably rebounds.
Inc. Magazine’s excellent 25 Ways to Jump Start Your Business offers some great suggestions. Keep having meetings with prospective clients–even if you know that they won’t buy right now. Stay away from a hard-sell approach, and instead be sympathetic: “I know times are tough right now, but I still wanted to talk with you about your business, and find if perhaps there are ways that we could serve you in the future.” Build those relationships now, and they’ll pay off down the road.
Take advantage of the cheap labor market. With work scarce, even experienced workers are willing to take low-paying jobs, or even unpaid internships. Again, cultivate these relationships, and when the economy picks back up, you’ll have the option of taking on a full-time, experienced employee who’s glad for the help you provided them during a rough patch.
I know that it feels counter intuitive, but now is the time to be proactive. Now is the time to be taking risks and preparing for our economy to bounce back. Things will get better, and when they do, you’ll be ready while your competitors are left in the dust.
Are You Ready to Be a Part of the Hullabaloo?
I’m excited to be a part of the 2nd Hullabaloo on April 22 from 1:00 – 4:00.
The day promises to give marketing and public relations professionals, small business owners and entrepreneurs a crash course on a wide variety of Internet and traditional marketing topics.
This is an upbeat celebration of the Indianapolis small business community, and I am sure you will walk away from the event energized, and loaded with new information to attack the recovering economy.
There are only so many seats for the Hullabaloo, and you don’t want to be left out, so register now! And when you do, be sure to use the discount code: LBall and save $10.
Economic Road Kill Video
I am really excited about the launch of my new Video Blog. This first one in the series looks at my thoughts on how entrepreneurs need to approach the external economy.
Roundpeg-Economic Roadkill from Lorraine Ball on Vimeo.
The video was shot and edited by Another Cool Design. John, Nathan and Victoria were so much fun to work with, and I think they did a great job of capturing my style and attitude with the graphics and supplemental images.
What do you think?
Mira Awards – Indy Tech Community Celebration
A few years ago, a debate raged un the Indy community as to whether or not, we could be the next Silicon Valley. While many laughed at the idea of Indy becoming a tech center, those of us closest to the tech community saw great potential.
This year, with 88 different companines submitting applications for the Mira awards, it is hard to dispute the fact that we have a solid technology base! TechPoint President and Chief Executive Officer Jim Jay says there are now more than 1,500 technology companies operating in Indiana, all benefiting from Indiana’s superior tech work force, educational resources and lower infrastructure costs. My guess is that list will continue to grow!
And as I look at the list of this year’s Mira nominees it is exciting to see former clients (BlueLock, Medical Anamatics, Qtrac Software and eImagine Techynology) and friends ( Formspring, Anancore and IBJ.com) on the list.
And this year, I am looking forward to a ringside seat at the festivities, since I will be one of the judges in the New Media catagory. I am really looking forward to the process, and celebrating with friends in May. Will you be there?
