Biggest Mistakes in Small Business -...

Biggest Mistakes in Small Business with Melinda Emerson

10

State of Small Business in U.S.

95% will never gross over $1 Million in Revenue

27

20

8.6

# of SMBs in MillionsSMBs

Solopreneurs

Women Business Owners

www.succeedasyourownboss.com

7 ConsumerTrends That WillAffect Your SMB


There are 5X’s as many mobile phones as PC’s in the world

Source: WorldBank.org


Consumer Trends

66% of mobile phone users search the internet with their smartphones

Source: Pew Internet Study


Consumer Trends

25% of smartphone users only access the internet from their smartphone.


Consumer Trends

Source: Pew Internet Study

Mobile coupons receive 10 times

higher redemption rates than print

coupons Source: http://www.slideshare.net/HubSpot/50-

mobilefactsdeck62812


Consumer Trends

9 out of 10 mobile searches lead to

action, 50% lead to a purchase

Source: www.slideshare.net/HubSpot/50-

mobilefactsdeck62812


Consumer Trends

Babyboomers: Largest Target Market

Babyboomers make up the largest group of internet users, and AARP reports that 76% of boomers are online.

Babyboomer women make 80% of buying decisions for households that have 80% of the nation’s money.

Source: Why She Buys


Consumer Trends

Millennials: The New Digital Shopper

By 2015, Millennial spending is expected to be $2.45 Trillion and by 2018, they will eclipse boomers.

41% of Millennials have made purchases using their smartphones.

46% count on social media when buying online, but 55% of Gen Y share bad experiences.

Source: Edelman Digital

Source: Oracle

Source: YouGov


Consumer Trends

① Getting new customers② Manage

staff/subcontractors③ Access to capital④ Managing brand online⑤ Keeping customers


5 Biggest Challenges Facing SMBS

Everyone will become an entrepreneur

Consultants 30% cheaper than employees

By 2030, robots will do most manual labor

Entrepreneurial skills have become valuable to Fortune 500


The Good News is…

Do market research

Check out the competition

Talk to customers


#1 Don’t Test Market Business

Tasks

Understand your hard & soft costs

It’s not about the competition

Know how much PROFIT is in every sale

Direct Costs + G&A + Overhead = YOUR PRICE


#2 Selling Too Cheap

Being disorganized Not keeping regular

hours Not staying in stock Post your policies

Sorry We Are

Out To Lunch!


#3 Not Being Professional

Pick one social media site HELP Mantra Help Others Engage People Listen First Promote Yourself with Care

Learn your social media sales cycle


#4 Misusing Time in Social Media

6 C’sConnect

Communicate

Compelling Content

Consistent

Community

Commerce


6 C’s Social Media Marketing

Leverage your #1 sales tool

Set aside time each day for marketing

Incorporate social media into your marketing

Create a storm starter strategy


#5 No Regular Marketing Efforts

Know your monthly burn rate

Manage AR/AP Don’t misuse cash Recognize “slow pay”

clients Create a collections

process


#6 Not Knowing Your Numbers

Use accounting software Invoice and cut checks

using the software By 15th of the month Use financial data to

make business decisions Utilize your accountant


#7 No Up-to-date Financial Records

Don’t Mess with the IRS

Use Payroll Service Pay Your Quarterly

Taxes


#8 Overlooking Tax Issues

Never hire someone you can’t fire!

Use job descriptions Check references Solicit talents referrals Try a staffing agency


#9 Poor Hiring Decisions

Provide great customer service

Provide a hassle-free experience online

It’s cheaper to keep a customer

Thank your customers


#10 Stop Antagonizing Customers


15 Ways to Better Communicate with Your Target Customer

www.succeedasyourownboss.com/freestuff

Stay on top of your business finances

Update your company website

Test your business ideas

Update your business plan

Develop five new marketing strategies

Recognize problem clients quickly

Work hard to keep customers happy


Action Plan

Melinda Emerson @SmallBizLady


Join #Smallbizchat 8-9pm ET Every Wed on Twitter

Connect on LinkedIn & Google+

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Melinda Emerson Contact Info.

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