Posts Tagged ‘small business’

“In this economy” (the new way practically every statement made by a human in March 2009 begins), companies are scrambling in an attempt to determine the proper use of their marketing budget.  And it ain’t easy, especially if you’re a solopreneur, a small business owner, or any other variety of human with a pulse and a finite pocket.

But are you really in over your head?  Is it time to hand off your marketing, or can you keep doing it yourself?  It depends.  Here are five signs you’re ready to take the plunge:

You’re insane. My favorite definition of insanity?  Repeating the same actions over and over and expecting a different result.  If your marketing routine isn’t producing results, you may need an outside eye (or some outside assistance) to determine where to cut the fat and where to ramp up the effort.

You’re (over)reactive.  True marketing results come from consistent and measurable actions, not reactions to every trend, shiny object, financial flutter, or bump in the road.  If you have slipped into reaction mode, you may need a dose of reality and some externally-enforced priorities to help you rein your marketing efforts back in.

Zzzzzzzzzzzzzzzzzzzzzz.  If this is your reaction to the news that it’s time to market your business, you’re not alone.  Marketing (especially in a down economy) is not a cakewalk.  In fact, marketing can really, really suck.  However, if the slightest mention of a marketing task makes you want to crawl back into bed with your jammies and evade reality, you are likely in need of intervention and assistance.

You’re hurting. You know those growing pains you got when you were a kid and your muscles and bones were shooting upward and outward and all over the place?  They can (and do) wallop a business.  Transition points — going national, expanding your staff, changing your client base, raising your rates — are healthy, but they can place immense stress on your business, your budget, and your time management skills.  Shore up your resources and get help to bridge the gap and transition with ease.

You’re superhuman.  Wait, doesn’t that mean you can do your marketing yourself?  …Not necessarily.  If you take on too much, something will have to give.  Usually it’s those all-important routinized marketing tasks that fall to the bottom of the to-do list.  If you have trouble prioritizing marketing, it might be worth handing it off while you focus on saving the world.

Photo courtesy of gruntzooki

Yesterday I arose with the sun to attend a seminar on cash flow and budgeting presented by my esteemed business advisor, Trish Thomas of Akamai Consulting, and Connor Morganti of Johnson-Morganti, a financial planning and insurance company.

Though the topic is at best snooze-worthy and at worst panic-inducing, I came away with plenty of insight on how to make cash flow even when financial times are tough.  Here’s a selection of tips and advice from Trish and Connor.  If you like them, drop me a line or a comment and I’ll make sure to invite you to the next in the series…it’s totally free!

Take money in quickly and consistently.  This means invoicing promptly, collecting aggressively, and making sure to require deposits and down payments to spread the financial love.

Hang on to $ as long as possible…and spend wisely.  Trish told the story of a client who paid off a huge bill at the end of last year…only to have to lay off an employee this year due to lack of cash.

It takes a long time to build up financial credibility…and only an instant to tear it back down.  You owe it to your financial reputation to be proactive if times are tight.  Be the first to reach out with a credible plan.  It can save you with banks, lenders, and vendors.

Don’t run and hide from the word “budget.” It can seem pointless to budget with uncertain cash flow, but you need to create a system that puts expectations in place and allows you to measure performance and set goals.

You get out what you put in.  Work on abolishing the poverty-minded mindset and resist the temptation to play into the panic that characterizes this downturn.

Photo courtesy of garydenness

Over the years, I have come to realize that a good massage isn’t a luxury…it’s a necessity.  Unfortunately, the pocketbook of a small business owner (especially in this climate) does not always agree.

Enter Mary Koziol, a Boulder-based masseuse who specializes in women’s massage.  She’s offering an economy-bashing half-price sale for all of her massages…only $30 for 60 minutes or $42.50 for 90 minutes throghout the rest of February and March.  What an opportunity to support a local entrepreneur and rub out the kinks and miseries of being a local entrepreneur…all at the same time!

Reach Mary at 720.934.5730 or email mkoziol04@gmail.com

Photo via apdk