Roundpeg On-Line Education for Small Business Owners
Most small business owners will admit they have a lot to learn about business planning, marketing, web design, social media, pr and networking. However, with the day in, day out challenges of running a business, there isn’t really time to take off for a seminar. And when you do, there is always so much information to digest and act upon.
I know this is true, because I run a small business.
So I have developed a series of FREE on-line courses on Marketing, Business Planning, Web design, and PR/Social Media Each program includes emails, blog posts, worksheets and the occasional podcast or video.
One Theme or Many?
About three weeks ago I wrote a post entitled Small Business Marketing, Small Business Marketing, Small Business Marketing. In it I compared different strategies of driving traffic to your web site.
One strategy is to stay focused on a specific theme. I decided to give this concept a try. So from Feb. 7 – Feb 23 (With the exception of a special post on Valentines Day) I wrote about business planning every day.
The results are mostly positive.
- I have a great library of content to share with clients and prospects.
- I saw an improvement on my placement on searches for key words such as ”small business planning Indianapolis” and “business plan Indianapolis”
- Lots of cross traffic between related posts, so this improved my time on site statistics
- Increase in registrations for my Business Plan eCourse and my Business Plan Seminar
The one downside? My overall traffic numbers were down slightly. What this seems to indicate is one of several things
- Maybe I picked the wrong topic to use as my central core. Perhaps there isn’t as large a population among my readers who are interested in business planning as I hoped. However, the cross traffic does indicate there is a solid niche so planning needs to stay as part of the mix. To test the topic theory, I may try another string of related posts, on a different topic.
- My readers like diversity. So if I want to continue to expand my readership, perhaps I need to continue to diversify my offerings to appeal to a wider range of interests among small business owners.
- Maybe, my readers missed the different voices of my team. Since each of the team; Jay, Michelle, Allison and Taylor each have a different perspective and following, bringing back more of their ideas may drive our numbers more than a single key word. And while I am at it, I may look for a few more guest posts as well.
So look for a few more experiments over the next few weeks and give me some feedback on what you think will get more readers engaged.
Business Plan Mistake #11 Failure To Communicate
I know when I started this series two weeks ago, I promised the Ten Mistakes Small Business Owners Make. But if you jumped to the original article, you know there are really 11 items on my list. This final element is probably the most crucial for your success.
Business Plan Mistake # 11 Failure to Communicate
While not directly a part of your document, poor communication can have a detrimental affect on your business. As you write your plan, involve anyone who could be affected by the plan.
Seek advice from people you respect. Talk to employees, family members, business partners, and advisors, such as your accountant and lawyer. Ask their opinions and communicate your goals. It is easier to steer a boat if everyone is rowing in the same direction.
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If you have enjoyed this series of posts on business planning and would like to explore the topic in more detail consider taking me up on one or two of the following FREE offers.
- Join me for a FREE overview of business planning on March 10 at 8:30 at the offices of Trustpointe – 6666 E. 75th Street, Suite 150, Indianapolis, IN 46250. 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. There is no fee to attend, but reservations are required.
- And as an added bonus when you register, you are enrolled in the free eCourse: 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.
Business Plan Mistake # 10 Inadequate Consideration of Pitfalls
Stuff happens! Things go wrong. When the worst happens, will you be prepared? Too often small business owners avoid thinking about what could go wrong because they believe negative thinking will affect their performance.
This avoidance is dangerous because without an adequate assessment of risks you will not prepared if something should occur. So today’s mistake is not an afterthought, but an integral part of your planning process.
Business Plan Mistake # 10 Inadequate Consideration of Pitfalls
Create a list of the pitfalls, regulatory issues, competitive challenges, and changing marketplace conditions that could adversely affect your business. Once you identify the challenges, develop action plans, safety measures, and insurance policies to protect the lender, the investor, and yourself.
In addition to external events, consider internal events like the loss of a key employee, major client, or your computer system.
Also consider the impact of acts of nature. As I am writing this post I am working from home. There is at least 6 inches of snow on the ground, and more falling. ( I work ahead several weeks sometimes) When I left the office last night, I backed up all active projects onto an external drive. We use multiple online programs like addresstwo.com, yousendit.com, gmail and google docs to share information so my entire team has access to their files and contact lists. It is not as productive as being together in the office, but it is close.
Your contingency planning should include how you will operate in bad weather, or after more serious interruptions.
Business Plan Mistake # 9 Unsupported Financial Projections
As a rule, we entrepreneurs are optimists. We start businesses not because we have a high tolerance for risk, but because we believe in our idea, product, or service. We also believe in our ability to make the venture successful. This optimism, however, is often not supported by the facts and can lead us to make our next mistake.
Business Plan Mistake #9 Unsupported Financial Projections
Unrealistic financial projects with a hockey-stick-shaped growth curve, can set up a business for failure when owners spend too much too soon without enough cash reserves to help the business through the startup phase.
As you develop financial projections, consider two scenarios: a best case and a worst case. Can you handle the volume and capacity demands of the best-case scenario? Is the idea still viable in a worst-case scenario?
Episode 22 – But it is My Business
I am interrupting my series on small business planning, to include an interview with my friend, Laina Moloski dropped by the other day to talk about all the new changes at C & S Consulting which include her new books, and new web site. 
In this first podcast we focus on her new book: But it is My Business in which she shares tips and realistic ideas for small business owners.
From ideas on how to terminate employees to tips on sales and planning, Laina approaches the process of owning a business with humor and serious advice.
The book will be launch on March 30, but it is available now for preorder at http://candsconsulting.biz/
Business Plan Mistake # 8 Activities Not Tied to Goals
Many successful small business owners have more than a slight case of ADD. It is what allows us to juggle all the balls our business requires. Sometimes however, it is tough to keep one eye on the most important balls, because we are attracted to the small shiny objects. Allowing ourselves to get distracted too often leads to today’s mistake.
Business Plan Mistake # 8 Activities Not Tied to Goals
Your goals, once established, form the basis of other decisions. If your goal is to double sales in three years, your plan must include an explanation of the resources required to support the additional volume and the marketing activities needed to generate the additional sales.
If your goal is the destination, your business plan is the roadmap. Which route will you take? How much fuel will you need? How many hours will it take to arrive? What landmarks will tell you whether you are heading in the right direction? Avoid cluttering your document with interesting side notes and activities that do not move you toward your goals.
Business Plan Mistake # 7 No Meaningful Goals or Milestones
A business plan is more than just a financial spread sheet which tells you where you will end up, must include the milestones which help you all along the way see you are headed in the right direction.
Business Plan Mistake #7 No Meaningful Goals or Milestones
A good business plan outlines your goals. Take a good look at your company’s potential for growth. Your goals should be challenging but attainable. Goals also should be specific and measurable.
These quantifiable targets give you something to work toward and measure your progress against. Finally, goals need to be time based. Do you expect to double your sales in one year or five?
As you develop your goals, don’t include vague statements without measurement. If you are going to grow, tell us how much you will grow. Avoid the meaningless babble or business phrases (such as “being the best”), because they are hype. Outline what you will achieve and how you will measure your progress. A valuable plan is a road map to results with mile markers along the way.
The mile markers are measurable goals and deadlines. This leads you to create a timeline for your action plans, definition of management responsibilities, and framework for your budget.
Business Plan Mistake # 6 Inadequate Competitive Assessment
Many business owners make the mistake of viewing the world through their eyes, instead of those of their customers. This leads to the next common business mistake
Business Mistake # 6 Inadequate Competitive Assessment
People buy products which address their needs, and long before you started your business, you prospective customer found a way to meet those needs. To attract the attention of a prospective customer, you have to identify from whom you are taking attention.
Even unique and innovative products must deal with competing products or services that may or may not solve the same problem, but ultimately will compete for the end customer’s available resources.
Failing to take the time to understand how potential customers are solving their problems today will make it harder for you to convince them to switch to your solution in the future.
Want to learn more? Consider attending our FREE Introduction to Business Planning Semianr on March 10.
Business Plan Mistake # 5 – Limited Market Research
Too often inventors fall in love with their idea. Just because it can be built, does not mean it should be. Today’s Business Plan Mistake focuses on asking the most important question of all. Does anyone really want your product?
Business Plan Mistake # 4 Limited Market Research
Too often, innovative entrepreneurs become enamored with their technology, product, or idea and fail to look at the larger community. How many individuals or businesses have a need for your product or service? And, more important, how many are likely to buy?
If potential customers are not uncomfortable with their current situation or method of solving a particular problem, they may be unwilling to spend money on your product. Even if your product provides a better solution, customers may choose not to change. History is full of well-designed, extremely innovative products that were commercially unsuccessful because consumers did not believe they needed them.
Research will help you determine a preliminary level of interest in your product and your customer’s willingness to change. A good starting point for your research is data from the U.S. Census Bureau and information from your local chamber of commerce or commerce department. These broad studies can give you a feel for the overall size of a community.
Surveys, focus groups, and informal conversations with potential customers, even on a limited scope, will help you evaluate the market acceptance of your product. Remember, just because they “should” like it, doesn’t mean they will. Consumers are not always rational.
