5 Baby Steps Toward Going Global

An Original Article from Inc.com

Doing business abroad doesn’t necessarily have to take a Herculean effort, especially if you sell your products or services online.

Doing business internationally is a big and exciting step for any company. But going global doesn’t have to take a Herculean effort, especially if you sell your products or services online.

Here are a few baby steps you can take to grow into the international market.

If there is an e-commerce element to your business, make sure you’re set up to take credit cards and/or Paypal, if you aren’t already. This often solves your currency exchange issue. Don’t forget to factor in the fees they charge for foreign transactions.

Target English-speaking countries first. True, each English-speaking country has its own slang, and you need to be aware of them. But focusing on English-speaking countries saves you the huge labor and cost of translating your website, training a foreign-language staff, etc.

Advertise your company using Google Adwords. With Google’s advertising platform, you can set it up to display your ads for searches originating from the UK, Canada, Australia, etc. That’s mainly how small businesses and non-profits outside of the U.S. know about VerticalResponse, my online marketing software company.

If you’re shipping products overseas, have a clear international shipping and costs policy on your website. Read up on customs laws, taxes and duties, and decide if you’ll pay for all costs or if the customer will be charged. Will you allow returns on international orders? Who and how will they pay return shipping?

If you find that business is brisk in a specific country or two, you might want to focus on developing those channels into a well-oiled machine before expanding to more countries. Once you get comfortable with the processes of doing business abroad, you’ll be in a great position to expand even more.

Have you dipped your toes into the international marketplace? What lessons have you learned?

Did you enjoy this post? If so, sign up for the free VR Buzz weekly newsletter and check out the VerticalResponse Marketing Blog.

Click here to view the original article.

Five Tips for Retooling Your Business

An Original Article from Entrepreneur.com

As a business debt solutions provider, I’m finding that there are many entrepreneurs whose companies survived the recession, but are still struggling to make the bottom line.

They never turned to the real solution, which is management by the numbers — not by the heart or gut.

Maybe you used to give your customers 60 days to pay you, or paid a noisy creditor right away because you felt bad you couldn’t pay. But you don’t have that luxury any more.

You can no longer afford to be sentimental. Revenues are down, competition is fierce and thus profit is reduced. The business has been in a car wreck and needs some serious triage. It’s time to get smart.

Related: Four Tips for Working Out Your Business Debts

Here are some steps you can take to retool your business post-recession:

  • Stop being a bank for your customers. Cash is king. That means very short-term or no term payment rules for customers. In other words, give them only a few days to pay you. You can accomplish this, too, if you’re an important supplier adding value. If you are not important or valuable to your customers, you better change that – quickly. Otherwise, you are floating a loan to your customers – be it for 30 or 60 or 75 days.
  • Start collecting. If you haven’t already, make sure you have a collection strategy and an employee dedicated to manage it. I have seen collections nearly double for businesses that put in place a consistent collection process. No matter what you decide on how to collect, base your policies on the principle of clients keeping their word – even if their word ends up changing. Basically, be easier on the businesses that are up front about what they can do, versus the ones that lie to you. Have them make a payment commitment and hold them accountable for keeping their word.
  • Prioritize your paying. On the other side of the equation, make sure you’re paying the most important vendor first, such as your landlord and the Internal Revenue Service, and not less important vendors that complain the most – such as a bank that’s provided a secure loan. (The bank is more likely to work with you if you don’t pay.) I often advise small-business owners to write all the checks they need to pay for the month – making a pile for each week. They should wait until Friday, then send out checks in order of importance until the cash for the week runs out. Any checks left over go into the pile for next month. This way, you always pay the highest priority first.
    Related: The Six Biggest Downsizing Mistakes
  • Get rid of inventory. I find that businesses often tie up way too much cash in inventory, and this is not a good practice. Sure, you might miss a potential sale occasionally because you’re out of stock of something, but that’s better than missing a rent payment because you don’t have the cash. I once remember a client who literally had tears in his eyes when he liquidated $1 million-worth of component parts for $125,000, but the move saved the company.
  • Add value. Figure out meaningful ways to add value to the products or services you are providing. Adding value allows you to mark up higher and be more profitable. The name of the game is figuring out ways to be special. That included extended guaranties, customer education, intense service, knowledgeable sales people and customized delivery. Most important, define your niche and exploit it. Don’t be everything to everybody. Be profitable by adding value. Providing excellent service is an important area to look at when it comes to adding value.
  • Make the Web a money-generator. Is the website wasting your money, versus generating sales for you? It’s time to really grasp the Internet, especially social networking. That means dedicating time to create an online community of customers and potential customers using Facebook, Twitter, video, blogging and on and on. Turn to Google AdWords, too, and get smart about your website analytics. Maybe you do this, or maybe you recruit a local college student to do it. But do it.
  • Think outside your history. The Great Recession permanently changed the U.S. economy. If the business isn’t performing well, you need to ignore what you were and reconsider what you want to be. Experiment changing everything, and see what works. Manufacture or import, use brokers or salespeople, sell direct through the Internet or open stores, distribute or not. Find your niche, your specialty, your unique opportunity. Reinvent yourself and focus on boosting profitability, instead of gross revenues.

Also, don’t be afraid to also cut your losses if debt is too high. Do the workout and save the business. Get rid of debt and negotiate a sharp reduction of the personal guarantee with your lenders. Managing impossible debt service is a slow boat to self-destruction.

Related: 10 Rules for Surviving the Recession

Click here to view the original article.

Five Steps to a Successful Business Turnaround

An Original Article from Entrepreneur.com

When there was still a frontier, Americans were pioneers. In the 21st century, they need to be “visioneers” — especially when it comes to growing and maintaining successful businesses.

Related: 7 Ways to Help Ensure Your Business Succeeds

What do I mean by “visioneering?” It is nothing less than the embrace of constant change.

The change needs to be accepted and capitalized on because it is happening.

The recession made it painfully apparent that the Internet, smartphones and other new technologies are causing huge disruptions. The economy has changed, the world has changed and with these changes business has also changed dramatically.

The only question is whether you are going to change too in order to capitalize on it, or be left behind.

You may be a natural when it comes to adapting to chaos and change. But even those who are not can still thrive by consciously changing their daily thinking and planning to stay one step ahead.

Here are some strategies to get you started:

1. If you need to, consider a debt workout.

It can be a game-changer. To be sure, defaulting and the likely ensuing foreclosure, concluding in total loss, is a recipe for chaos. But chaos is the name of the game. Sometimes you need to clear out the old vegetation before you can grow anew. Removing the debt from the business and reducing the personal guaranties to affordable losses can allow you to operate the business at given revenue, giving you the freedom to make necessary changes to succeed.

2. Track, monitor, control.

How can you change if you don’t know what’s going on with your business? You must diligently track, monitor and control how your business performs and with this information make rapid and appropriate adjustments to enhance profitability. Key indicators to follow include profitability by the job or product, costs, overhead ratio and payroll ratios. Follow these measurements and then manage by the numbers.

3. Make change part of your business model.

Constant reinvention is the way to win, because stability and predictability are no longer a reality. You should honor your core mission and be who you are. But you also have to adjust with the times. This comes from frequently reconsidering and questioning your business strategy, experimenting and stepping outside what you “normally” do. Specialize, find your niche, provide amazing service, be the best, the most, the go-to business. It is no longer gross revenue; it is net profit that we pursue.

Related: From Major Crisis to Comeback, What One Startup Learned

4. March to the beat of a different drummer.

There are all kinds of routes to consider: importing instead of manufacturing, adding services, focusing on a niche, emphasizing a competitive advantage, expanding horizontally or vertically, allowing employees to telecommute from home. The possibilities are infinite. The idea is to determine what works and does not on a daily basis and then make the adjustments required to stay profitable. Lead or get out of the way.

5. Get your marketing online.

If you haven’t done it already, Internet marketing is a big change to consider as you reinvent your business. The Internet has already changed the world, so it’s time for it to change your business too. Options to consider include: a beefed-up website and online sales operation, search-engine optimization, blogging, deal-of-the-day services such as Groupon and LivingSocial, Facebook and Twitter. The Internet can help a small micro-business compete with the largest international business. Budget no longer controls the outcome, but neither does price alone. But perceived value and niche marketing will win, developed and enhanced with the community support that social networking provides. This can best be accomplished via the Internet.

Adapting to change is not a new challenge. American entrepreneurs in the past found ways to reinvent their businesses amid mind-boggling changes: the settling of the frontier, railroads, steel, antibiotics, electricity, automobiles, telephones and airplanes.

We must learn to do so again. Embrace change. Do not avoid it. It is happening anyway. So make it part of your business plan.

Related: How to Know When It’s Time to Walk Away

Click here to view the original article.

Make Over Your Business’s Image

An Original Article from Entrepreneur.com

The makeover business is booming–and not just on TV. In today’s image-conscious society, everything is judged first by how it looks. Rebranding has become the “cure du jour” for everything from sluggish sales to increased competition and outdated products. So how well do these makeovers work?

It depends. There are times when rebranding is crucial, and times when it’s nothing short of perilous. Remember, branding should be a reflection of your company, not just a projection of what you want it to be. You must ensure that the customer experience equals the expectation, or no amount of image revamping will work–at least in the long run. Before you rebrand, there really does need to be something different about your business, product or service–unless, of course, your image never accurately reflected your company to begin with.

You should also keep in mind that the more dramatically you change your brand, the more likely you’ll lose your current customers. This may be an unpleasant fact, but it’s an unavoidable one. For example, if you attract price-sensitive consumers and you change your brand to appeal to upscale trendsetters, your price-sensitive customers are going to run for the hills. Do you care? No, you don’t care if you can keep your brand promise to your new, more upscale customers. But if you can’t keep this promise, you shouldn’t have tried to cast a wider customer net by rebranding. You simply can’t be all things to all people.

That’s why established companies with market share should always consider adapting their brand before starting from scratch. There’s value in your name and image, even if you’re tired of it personally. Is your look out of date? Consider updating it by keeping key design elements that still work, while shedding those that don’t. Keep your name or alter it only slightly. The key is to bring your look current without losing its original appeal, and thus customers.

Perhaps a more common problem is the small business whose image never truly reflected its brand in the first place. A poor-quality logo or clunky website does damage to any company, regardless of size. Does your image as projected by your sales materials reflect your product, your mission, and your values? They should. Branding is about using “mind share” to influence “market share”–but if your promise doesn’t match your product, it’ll be all for naught.

Another valid time to consider a brand makeover is if your company is headed in a new direction–either due to new technology, new industry trends, new markets, or a new product launch. If you decide on a ground-floor makeover, work from a sound strategy based on facts related to sales and profits, not fatigue related to marketing consistency.

Rebranding must be conducted carefully and comprehensively. Ideally, you should change everything at once. Redo your logo (and name if necessary) and brand standards, then apply them to all sales tools–from your business cards and website to your signage and brochures. Of course, this can be expensive, and requires some cost-risk analysis. If you can only afford to change one thing at a time, focus on your customer’s typical first point of contact. For example, a retail business might consider its signage and/or ad in the phone book, while a B2B firm might concentrate on its website.

If you change the name of your business, know that it’s rarely a good idea to substitute the name of one of your products for your company, even when your product is well known within your industry. Doing so can be self-limiting, making it difficult for you to keep pace with future industry changes.

Branding isn’t an option today–your business will be perceived in a certain matter either by default or design. You choose. Reinventing your business time and time again isn’t a good idea, but adapting to changing consumer needs and industry direction is crucial. Take control with strategic, relevant branding that differentiates you from the competition.

Click here to view the original article.

A Five-Step Guide to Reinventing Your Business

An Original Article from Entrepreneur.com

From gallery owners who want to turn the masses into art collectors to DIYers who blend art and science, creative arts entrepreneurs are building new businesses while–purposely or not–reinvigorating cities and towns across the country. We checked around to see who’s creating what–and what this growing creative class contributes to economies small and large.

A few months ago, Steve Strauss noticed a fairly popular Italian restaurant in his Portland, Ore., neighborhood had gone out of business. He didn’t think anything of it until a week later, when it reopened as a burger joint with a new look, a new name and the same guy behind the counter. “I talked to the owner and said, ‘You risk losing your brand. Why would you make such a huge change?'” says Strauss, a business speaker and author as well as a columnist for USA Today. “He said the economy had shifted. That upscale Italian brand wasn’t letting him grow the way he wanted. He felt the need to reinvent.”

To most business owners who have spent years or decades and hundreds of thousands of dollars building their brand and developing a client base, chucking it all away to reinvent your business probably seems like the height of insanity. And if you do it on the fly or haphazardly, it probably is. But there are many reasons to tweak your business model–or to try out a whole new one–that make perfect sense. If you do it thoughtfully, it could be the best business decision you ever make. Here’s our guide to reinventing your business, one smart step at a time.

1. Know When to Make a Change

The first step is deciding if it’s the right time for a change. Karyn Greenstreet, a Philadelphia-area small-business coach specializing in self-employment and business reinvention, says she sees a pattern with small-business owners. “Most people who come to me have been running their businesses for about seven years,” she says. “They spend the first three years absorbed in getting things started. Then they’re in a growth phase for three or four years. Then they hit a glass ceiling, or don’t find the work challenging anymore and want to try something different.”

Many factors can push a small-business owner toward reinvention–it may be a need to spend more time with family. The market may have changed. The economy may have reshuffled your customer base. You may be bored. All are legitimate reasons for change.

But you need to be practical, too. Any change involves risk. If you’re paying for kids in college and have a steady cashflow, you may have to suck it up a few more years.

2. Decide What You Want

After the decision is made to change, you need to decide what type of change is necessary to meet your goals. “Once you decide there’s something you can do better, you need to decide whether to make a little tweak or a major overhaul,” Strauss says. “You have to decide what’s best for your brand.

It’s a matter of looking at your core competencies and sticking with what you’re best at.”

Greenstreet agrees. “Entrepreneurs have more ideas than they have time for. The absolute first stage is deciding to cut off all those other ideas and focus on one. Making a decision to make a decision is the hardest thing for entrepreneurs to do.”

The easiest way to figure out what to change–and at what magnitude–is to work backward. Are you chiefly interested in reducing the hours you spend in the office? Are you sick of selling office supplies and think running a dog bakery is your destiny? “Once you have clarity on your goals and values,” Greenstreet says, “you have a compass to guide you and help you decide which ideas are good and which are brilliant.”

3. Follow the Plan

The next step is something every business owner should be experienced at–making and following a business plan. “You need to act as if you’re starting from scratch,” Strauss says. “You need to think it through thoroughly, figure out who the competition is, how you are going to beat them and what the costs are.”

Strauss and Greenstreet suggest sharing your plans with other business owners or a mastermind group. “Entrepreneurs tend to rely on intuition a lot, but you need to make sure other people think your plan is a good idea,” Strauss says.

4. Make the Switch

During the transition, you’ll likely be running two businesses at once as you phase out the old business model and ramp up the new one. “Sometimes reinvention means running two businesses simultaneously for almost a year,” Greenstreet warns. “It’s overwhelming, and business owners are often so excited about the new model, they want to let go of the old model. It’s like going through a long divorce before committing to a new relationship. It’s not fun.”

The solution is to create a detailed exit strategy. Allow time to negotiate new leases, bring on new employees or train current employees. Be transparent through the whole process with vendors, customers, employees and, most important, your family. Give everyone notice that changes are coming, when they will happen and what it means for them.

Pamela Wilson, a marketing consultant in Lehigh Valley, Pa., is in the midst of the process. After running a marketing and design firm for 20 years, she decided to scale back her one-on-one clients and reach a broader audience. In 2010 she created a do-it-yourself marketing course for small businesses called Big Brand System. “It’s been difficult juggling two businesses,” she says. “But I’m at 50/50 right now. By the end of next year I plan for the new business to generate 75 percent of my income.”

5. Mentor and Manage

Even those committed to sticking to their business plans can start to deviate. Greenstreet suggests bringing in outside help. “Business owners sometimes need people to bounce things off of to keep them from going off in crazy directions,” she says. “Some people go through a grieving process. They’re letting go of a piece of something they’ve built and need to process that. There’s a lot of stuff to deal with, but if you don’t, it will come back and bite you hard.”

Although the process can be rough, reinventing your business can be a rush. “It’s an exciting place to be,” Greenstreet says. “A business owner gets to reinvent themselves with capital and 10 or 20 years of experience–without making mistakes. They have an ace in the hole.

Click here to view the original article.

Thinking of Starting a Business?

An Original Article from RetirementJobs.com

Why Do You Want To Do It?

Have you always wanted to start a business? Do you have a lifetime of experience to draw on? Have you seen how good businesses operate? Would you like to relive the famous story of Colonel Sanders who started the Kentucky Fried Chicken business while in his sixties? Could you write a list of the ten most important things a business must do to succeed?

If you answer ‘yes’ to one or more of these questions, you are a candidate for starting a business.

Laying The Groundwork

The first step is to get your finances in order, understand your assets and liabilities and determine your financial risk tolerance. Only one in five new businesses survives more than five years. Even venture capital firms, with their significant financial and managerial assets, are considered successful if one in five investments succeed. You must be prepared to lose whatever money you put into a business.

Once you have your financial resources in order, the next step is to line up your human resources. Be sure your spouse and other immediate family members are ready for you to disappear into the business for two or three years. Even if you are planning only a part time venture the above statement will still apply. You might also line up friends for support, potential trusted advisors and sounding board members and anyone else willing to help. If you see yourself more as a Mr./Ms. Inside or as a Mr./Ms. Outside, you might think now about finding a complementary partner. Very few people can do the whole thing themselves.

You might also devote a little time to determining whether you should start a business from scratch, purchase an existing business or acquire a franchise. There are pluses and minuses to each but roughly speaking, there is a higher risk in starting a business, somewhat less risk in buying an existing business, and even less risk in acquiring a tested franchise.

What Type of Business?

Now the real fun begins… figuring out what business to start or buy. If you have decided on a franchise, the International Franchise Association in Washington, D.C. is the place to start. If you are looking to buy a business, talk with your accountant about his/her client companies and which ones might be for sale, and also ask for introductions to other accountants.

To identify an idea for starting a business from scratch, start by looking at successful businesses and think about whether they could be replicated or even improved upon. Look inside yourself at your experience and expertise, interests and passions and the “I always thought it would be a good idea to….”. Also look at markets and demographics. You may be reading this article because you are a pre- retirement Baby Boomer looking for alternatives, a very large market about which you already know a lot.

Getting Started

Once you find that million dollar idea, be it a new chili recipe, an Internet start up or an iPod application for businesses, or whatever, write a brief executive summary or business plan defining the market, the market’s need, how you are going to sell to that market, the product itself, the financial plan, the unique value proposition and any other key factors (an alternative to this thoughtful approach is to just start the business, wing it and adjust on the fly. There isn’t much evidence to indicate that one approach works better than the other).

Next, write a short action plan, a list of action items with a time schedule and assigned responsibilities. Add in contingencies for what will go wrong, because major problems and challenges are virtually guaranteed.

Next, do a reality check. Find the competition (and no matter how unique the idea, there is always competition). Then talk with customers. Ask them whether and how much they would pay for the product or service you are contemplating. Remember nothing happens until money changes hands. You must be sure money will change hands.

Lastly, test the idea with professionals. Talk with your banker, accountant and lawyer. If you need financing, talk with potential investors to see if they will write a check. Check with your Chamber of Commerce, your local business college, entrepreneurial networking groups and other resources, such as the Service Corp of Retired Executives.

Are You Sure?

Starting a business really is a great adventure. Whether you fail or succeed, it will be an exciting experience. It will be particularly exciting if your old friends and business associates get to read about you in Inc. Magazine’s List of the 100 Most Rapidly Growing Small Companies. But keep in mind; you won’t get there without a lot of hard work and determination.

Click here to view the original article.

9 Things to Think About BEFORE You Start a Business

An Original Article from Allfinancialmatters.com

The economy stinks right now. Lots of people are losing their jobs. If you are one of them, should you start your own business? Only you can make that decision.

That said, today’s Houston Chronicle offered 9 tips for starting your own business (sorry, no link for these tips) that I would like to share with you (along with my thoughts on each one). All of these are awesome tips.

1. Identify your talents.

What are you good at? Don’t know? Ask your friends and family? Take some self-assessment tests.

2. Consult with colleagues.

BE CAREFUL with this one. If you have a good idea, you might be picky with who you share it with.

3. Research, research, and more research.

Before you jump off the deep end, make sure you know how deep it is.

4. Know your money.

Better have some up-to-date financial statements. A budget and net worth statement will help you get a good idea of where you are starting from.

5. Know yourself.

In my opinion, this goes with the first tip.

6. Keep records.

Make record-keeping a habit. You’ll need them for taxes and other financial decisions.

7. Talk about lifestyle changes.

Before you take the plunge, make sure everyone in your family is on the same page. Nobody likes nasty surprises. Everyone in the family needs to know in advance what the outcome could be and the sacrifices that may be required.

8. Find necessary resources.

Financing? Employees? Equipment? Suppliers? Where are you going to get the necessary resources?

9. Write down why you decided to become an entrepreneur before you start a business.

This one made me laugh when I read it but it is SO TRUE! It’s kind of like the investment policy statement that you should refer back to when times are tough. Writing down why you are doing what you are doing will help you get through the hard times and help you stay focused during the good times.

According to the Chronicle article, these tips were provided by Score.org.

Click here to view the original article.

Is Entrepreneurship For You?

An Original Article from Small Business Administration (SBA.gov)

Starting your own business can be an exciting and rewarding experience. It can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you enjoy. But, becoming a successful entrepreneur requires thorough planning, creativity and hard work.

Consider whether you have the following characteristics and skills commonly associated with successful entrepreneurs:

  • Comfortable with taking risks: Being your own boss also means you’re the one making tough decisions. Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks? Then read on.
  • Independent: Entrepreneurs have to make a lot of decisions on their own. If you find you can trust your instincts — and you’re not afraid of rejection every now and then — you could be on your way to being an entrepreneur.
  • Persuasive: You may have the greatest idea in the world, but if you cannot persuade customers, employees and potential lenders or partners, you may find entrepreneurship to be challenging. If you enjoy public speaking, engage new people with ease and find you make compelling arguments grounded in facts, it’s likely you’re poised to make your idea succeed.
  • Able to negotiate: As a small business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.
  • Creative: Are you able to think of new ideas? Can you imagine new ways to solve problems? Entrepreneurs must be able to think creatively. If you have insights on how to take advantage of new opportunities, entrepreneurship may be a good fit.
  • Supported by others: Before you start a business, it’s important to have a strong support system in place. You’ll be forced to make many important decisions, especially in the first months of opening your business. If you do not have a support network of people to help you, consider finding a business mentor. A business mentor is someone who is experienced, successful and willing to provide advice and guidance. Read the Steps to Finding a Mentor article for help on finding and working with a mentor.

Still think you have what it takes to be an entrepreneur and start a new business? Great! Now ask yourself these 20 questions to help ensure you’ve thought about the right financial and business details.

Click here to view the original article.

Ideas For Growing Your Business

An Original Article from Small Business Administration (SBA.gov)

For those of you who have already successfully started a business and are ready to take the next step, you may be wondering what you can do to help your business grow. There are many ways to do this, 10 of which are outlined below. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and resources you’re willing to invest all over again. If you’re ready to grow, take a look at these tips.

  1. Open another location.

    This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.

  2. Offer your business as a franchise or business opportunity.

    Franchising your business will allow for growth without requiring you to manage the new location. This will help to maximize the time you spend improving your business in other ways, too.

  3. License your product.

    This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours.

  4. Form an alliance.

    Aligning yourself with a similar type of business can be a powerful way to expand quickly.

  5. Diversify.

    Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Here are a few of the most common ways to diversify:

    • Sell complementary products or services
    • Teach adult education or other types of classes
    • Import or export yours or others’ products
    • Become a paid speaker or columnist
  6. Target other markets.

    Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.

  7. Win a government contract.

    One of the best ways to grow your business is to win business from the government. Work with your local SBA and Small Business Development Center to help you determine the types of contracts available to you.

  8. Merge with or acquire another business.

    Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.

  9. Expand globally.

    To do this, you’ll need a foreign distributor who can carry your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.

  10. Expand to the Internet.

    Very often, customers discover a business through an online search engine. Be sure that your business has an online presence in order to maximize your exposure.

Click here to view the original article.

Forecasting For Growth

An Original Article from Small Business Administration (SBA.gov)

Maintaining your momentum means looking forward even as you focus on the present. Forecasting and planning are critical to your continued success.

Forecasting for Growth: Strategic Thinking

To be effective as a leader, you must develop skills in strategic thinking. Strategic thinking is a process whereby you learn how to make your business vision a reality by developing your abilities in teamwork, problem solving and critical thinking. It is also a tool to help you confront change, plan for and make transitions, and envision new possibilities and opportunities.

Strategic thinking requires you to envision what you want your ideal outcome to be for your business, then work backwards by focusing on the story of how you will be able to reach your vision.

As you develop a strategic vision for your business, there are five different criteria that you should focus on. These five criteria will help you define your ideal outcome. In addition, they will help you set up and develop the steps necessary to make your business vision come true.

Organization

The organization of your business involves your employees, the organizational structure of your business and the resources necessary to make it all work. What will your organization look like? What type of structure will support your vision? How will you combine people, resources and structure together to achieve your ideal outcome?

Observation

When you are looking down at the world from an airplane, you can see much more than when you are on the ground. Strategic thinking is much the same in that it allows you to see things from “higher up.” By increasing your powers of observation, you will begin to become more aware of what motivates people, how to solve problems more effectively and how to distinguish between alternatives.

Views

Views are simply different ways of thinking about something. In strategic thinking, there are four viewpoints to take into consideration when forming your business strategy: the environmental view, the marketplace view, the project view, and the measurement view. Views can be used as tools to help you think about outcomes, identify critical elements and adjust your actions to achieve your ideal position.

Driving Forces

What are the driving forces that will make your ideal outcome happen? What is your company’s vision and mission? Driving forces usually lay the foundation for what you want people to focus on in your business (such as what you will use to motivate others to perform). Examples of driving forces might include: individual and organizational incentives; empowerment and alignment; qualitative factors such as a defined vision, values and goals; productive factors like a mission or function; quantitative factors such as results or experience; and others such as commitment, coherent action, effectiveness, productivity and value.

Ideal Position

After working through the first four phases of the strategic thinking process, you should be able to define your ideal position. Your ideal position outline should include: the conditions you have found to be necessary if your business is to be productive; the niche in the marketplace that your business will fill; any opportunities that may exist either currently or in the future for your business; the core competencies or skills required in your business; and the strategies and tactics you will use to pull it all together.

Click here to view the original article.