Small Businesses

5 Questions To Ask Yourself About Building Your Brand's Online Presence

http://www.huffingtonpost.com/2014/01/21/build-brand-online_n_4602715.html

An online presence has become vital to reaching and connecting with customers. If you are not utilizing web tools to ensure the correct information about your business is reaching your intended audience, you may be leaving money on the table and missing valuable opportunities to turn potential customers into real ones.

Participants in the Goldman Sachs 10,000 Small Businesses program are taught how to harness their online presence to achieve larger strategic goals. The key to this is a solid foundation on which to execute online marketing activities.

Below are five important questions you should ask yourself about your business’s online presence to ensure it is working as hard for your business as you are.

1. Do you rank in search engine results? 

According to Search Engine Land, 85% of consumers use the Internet to search for a business, so it’s essential to be easily found online. Use a few search engines to look up your business and note where you rank. The higher your position in the results, the more likely it is for potential customers to click on your business. Try adding your city to the search query and see if the results change.

If your business isn't showing as high up in search results as you'd like, do some research on search engine optimization (SEO) to determine what techniques might best work for you.

2. Can potential customers find you?

Google Places is a powerful tool; it increases your business’ visibility on Google Maps, Google+ and on mobile. Register your business with the platform by claiming its listing, adding information and photos, and verifying ownership. Make sure you update the listing with your phone number and business hours so customers can easily contact you or visit your location.

Also consider registering your business with other geo-based sites, such as Foursquare, Yelp and Bing so you can be easily found on additional platforms.

3. Are you listening to your customers?

A Search Engine Land Study found that 72% of consumers trust online reviews, and Yelp is the dominant player in this space. On Yelp, any customer can review any business, whether the owner has claimed it or not, leaving your business vulnerable to false information or criticism.Claiming your business on Yelprequires authenticating ownership and creating an account. Once you have claimed your business, you can track and respond to reviews, monitor views of your page, update the information and use Yelp’s ad platform to either promote your business or offer deals to new customers.

Customer reviews are not limited to Yelp, so make sure you are paying attention to what is being said about your business on other platforms such as Seamless, Amazon, TripAdvisor and Angie’s List. Also set up a Google Alert for your own name, your business name and any major competitors so you have your finger constantly on the pulse.

4. Are you accessible everywhere?

A study by BIA Kelsey found that 93% of small to medium sized business websites don’t render on mobile devices. You may have an excellent, detailed website, but if a customer on the move can’t easily find out where you are or what you do, it greatly reduces the likelihood of their visiting your business. Depending on your website’s content management system, you may be able to use a plug-in that recognizes the device being used to visit your site and shows mobile friendly content. alternatively, it may be worth exploring building a responsive design site that provides an optimal viewing experience across a wide range of devices.

For a mobile site, you need to have all of the most important information about your business front and center; this should be your address, a click-to-call phone number, and your business hours. Check what your site looks like on various devices by using an online mobile website tester and make sure the important information about your business can be found in as few clicks as possible.

5. Is your marketing message consistent across networks? 

In addition to websites, review pages, and other online profiles, most small business owners are active on at least one social media platform. Having a presence in all of these places makes it important to be aligned in your online communications. Use consistent information and imagery across all profiles— including background images, profile pictures and contact information.

Remember, you don’t need to be active on every single platform; instead, focus your time and energy on the platforms on which your customers are active. You may even want to set up accounts on platforms you are not currently using, even if they remain dormant. This ensures you have them if you decide to expand to new platforms and prevents someone else from using your business name.

These are just a few answers to questions that small business owners should ask themselves in order to build their online presence, but there are many more. For example, you may wonder how to build a successful e-commerce site. Check out a recent blog post by Jose Vasquez, a Goldman Sachs 10,000 Small Businessesgraduate, to see his suggestions on building a successful e-commerce site.

4 Types of Financial Projections To Guide Your Small Business in 2014

http://www.huffingtonpost.com/2013/12/23/4-types-of-financial-projections_n_4374320.html

You started your small business to follow your entrepreneurial dreams, but great ideas alone don't ensure a successful enterprise. A key underpinning of success is the ability to make solid financial projections that give an accurate picture of your business’s future and its predicted health. And with the New Year approaching, every small business owner needs to find time to focus on projections.

Financial projections are based on compiling the internal and external accounting data you already use in the day-to-day management of your business. Most accounting software programs have the capability to build out financial projections using items such as your cash flow, sales history and expense spreadsheets. When analyzed together, these sources can help build out several types of forward-looking documents that help guide your company toward its business goals.

Developing and using financial projections is a core tenet of the Goldman Sachs10,000 Small Businesses program, as it is critical in helping you build a sustainable and thriving small business.

Below are four types of financial projections you should consider creating:

A 12-Month Balance Sheet
This is a document that looks at the big picture and takes into account factors such as sales targets, cash balance and other key monthly metrics to build out a holistic view of your business, including what you owe and what your business is worth. This is especially important if you are looking to secure a cash infusion from investors or extend credit with your bank.

A Sales Forecast
Your sales forecast predicts monthly sales for the coming year. It provides a breakdown of each item you sell and an estimation of how much of that product you expect to move. Knowing this can help you better allocate resources. For example, if you are projected to make 30% of your annual sales in September, you may want to proactively increase manufacturing starting in June.

A Cash Flow Forecast
Another critical type of financial projection is a cash flow forecast. This is a weekly and monthly breakdown that focuses on the capital coming in and out of your business. It’s the first line of defense against any financial problems your business might face and provides an indication of its financial health. Regular review can help you spot potential issues that may jeopardize your solvency, such as a late-paying customer or vendor, and makes it possible to take action before it’s too late.

An Expense Budget
A projected expense budget predicts how much it will cost you to meet the 12 month targets you have set. It also serves as a valuable marker to ensure that you are not over-spending on one business area at the sacrifice of another. Also, separating out your fixed and variable costs shows you where you can cut costs if needed. For instance, you probably have limited flexibility with your rent payments, but maybe you can renegotiate your vendor payment terms or consider a more economical inventory management system.

Taking the time at year-end to establish financial projections for the upcoming year is a critical step toward making better business decisions and ensuring that you are on track toward achieving your entrepreneurial goals.

Have you crafted financial projections to guide your business? Share your advice and experiences with other HuffPost readers in the comments below, then visitwww.goldmansachs.com/10000smallbusinesses for more on how the Goldman Sachs 10,000 Small Businesses program can help you grow your business.

5 People You'll Need in Your Entrepreneurial Network

http://www.huffingtonpost.com/2013/11/21/people-need-in-your-network_n_4297069.html?1385053525

When you’re running a small business, who you know can be just as important as what you do. Your connections in the business community can provide valuable contacts, opportunities for deals, and crucial knowledge about best practices.

Networking is one of the key principals of the Goldman Sachs 10,000 Small Businesses program and 76% of its graduates are now actively working together to better grow and manage their businesses.

Program participants are taught that networking should always be focused around a key goal, whether that’s increasing sales, expanding into new markets, or raising awareness about your business. Let’s say you’re planning to expand product distribution into a new region. See if you can connect with someone with logistical experience in that area that could help you meet your warehousing and transportation needs or put you in touch with suitable vendors.

While objectives will vary from business to business, a handful of personality types will be useful for your network regardless of your goal. Here are some people who can be helpful:

The Veteran
Someone who’s been long established in their field and knows the ins and outs of an industry can be a huge asset, particularly if your business is relatively young. Knowing someone with years of experience can help you understand the challenges you’ll be facing down the road and how to tackle them.

The Innovator 
If you’re looking for ways to stay on the cutting-edge, try to find an early-adopter with tech expertise who can keep you informed about the latest platforms and tools that can improve your operations.

The Advocate
It helps to know an active promoter who will be likely to spread the word about what you’re doing. This advocacy helps build your reputation and increases your chances of making new connections.

The Dealmaker
Someone who is assertive in bridging gaps and is always looking for ways people can help each other—whether through new contacts or deals—will serve you well.

The Outsider
It helps to know someone outside your industry who can provide a fresh perspective on your business or customer base. If you run a clothing shop, communicating with a graphic designer could provide you with a new understanding of aesthetics and product presentation.

The real-life members of your network probably won’t fall neatly into each of these categories, but might share certain traits from across the spectrum. If you’re wondering how to meet people to build up your network, or how to fill any gaps in your membership, it’s time to increase your outreach.

One of the most direct ways to add new members is by attending an industry conference, forum, or roundtable discussion. Remember to remain open to new ideas when meeting with new contacts and to follow up with them so you stay fresh in their mind. For example, if you had a conversation about ways to reduce overhead costs while attending a conference, send an email to the person you spoke with thanking him or her and adding some more of your own cost-cutting insights to keep the dialogue going.

Taking this approach will greatly boost your chances of creating and sustaining an entrepreneurial network that supports your business through thick and thin. With the holidays approaching you’ll have plenty of events and opportunities to build new contacts and reestablish old connections.

Have you tapped a network of fellow entrepreneurs to help your business? Share your advice and experiences with other HuffPost readers in the comments below, then visit www.goldmansachs.com/10000smallbusinesses for more on how the Goldman Sachs 10,000 Small Businesses program can help you grow your business.

7 Negotiation Techniques Every Small Business Owner Should Know

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Negotiation may often be described as an art form, but for small business owners, it’s an essential skill that could make or break a company. The best negotiation is one where both parties walk away feeling like they were heard and received a good outcome. Good negotiation skills grow your network, solidify your relationships with clients and vendors and pave the way for future business opportunities.

Below are seven tips that every small business owner should know as they prepare for a negotiation, according to the Goldman Sachs 10,000 Small Businesses program curriculum:

1. Figure out your top goals and rank them in order of importance. Are you looking to hire a supplier at a specific price? Tap into a new customer base? Look at your company’s short- and long-term goals, and know what matters most to you before heading into the negotiation.

2. Do the research and come prepared with numbers to back up your offer. Look up the other party’s financials, study the market, and get familiar with the details of deals similar to the one you’re working on. You’ll argue more persuasively and have a stronger position if you can cite specific statistics; for example, the percentage of market share the other side can gain from accepting your terms or the number of other companies competing in the same space.

3. Know what you’re willing to give up. You can’t always have everything, so identify the areas where you can be flexible and compromise in favor of things that matter to you most. Not getting expedited deliveries might be a deal-breaker for you, or perhaps you’re willing to go a little higher on price in exchange for more favorable payment terms.

4. Know when you should walk away from a deal that doesn’t satisfy your goals. Set some clear boundaries before you start negotiating for what you can and cannot compromise on, and be ready to end the negotiation if these conditions aren’t met. If the other party is not able to provide a mutually beneficial offer, you’re better off politely stopping the discussion and looking elsewhere for a deal.

5. Learn about your counterparty’s past performance to better predict what their interests might be. This tactic can help make your offer seem more appealing. For example, if the other party tends to prefer multi-year agreements, consider going into the negotiation with a two-year contract that they might be more likely to sign.

6. Write down the outcomes that could make both sides happy. You might find that you have some common ground, such as in your growth plans or the price point you want to reach.

7. Look at your own company’s resources to determine how you can use them to help seal the deal. Maybe you can offer additional value like having your marketing team help boost awareness for the other side’s business or perhaps your network can provide key business connections.

What other negotiation tactics have been useful to you in the small business world? Share your advice and experiences with other HuffPost readers in the comments below, then visit www.goldmansachs.com/10000smallbusinesses for more on how the Goldman Sachs 10,000 Small Businesses program can help you grow your business.

Delegating Responsibilities As A Small Business Owner: 5 Tasks To Take Off Your Plate Right Now

http://www.huffingtonpost.com/2013/06/25/delegating-responsibility-small-business-owners_n_3472115.html

Leading a small business requires wearing many hats; CEO, CFO, bookkeeper and the first point of contact for customer care. You spend so much time overseeing each detail of your business, that sometimes it can feel like you don’t have the chance to step back and focus on actually growing it.

To help with this, participants in the Goldman Sachs 10,000 Small Businessesprogram are encouraged to create and implement their business vision—something that requires leadership and strong communication. One of the keys to achieving this leadership vision is delegating some of your responsibilities. This allows you to spend time on bigger ideas, like strategic growth. Below are five tasks you should consider delegating or outsourcing to others.

1. Social Media 
While you should still be overseeing the larger message you are putting out through your social media accounts, delegating the actual publishing of tweets or blogs takes something off your to-do list. To save even more time, task the same person with writing your posts and managing publication calendars.

2. IT Support
Updating and maintaining software systems usually requires a significant time investment. Delegate this task to an office manager or employee comfortable with computer systems. If you don’t have anyone in your business able to take this on, consider outsourcing IT support to a third party.

3. Book Keeping
Cash flow is the lifeblood of your business, and knowing the day-to-day numbers of what’s due in and what’s to be paid will always be important. However, invoicing, bookkeeping and other necessary administrative finance tasks could be passed onto an office manager or outsourced. But remember, if you do outsource, schedule regular check-ins to review accounts receivable/payable and ask if there is an online system you can use for instant access.

4. Customer Service 
Once customer service guidelines are in place, there is no reason for you to serve as first point of contact for every customer query or concern. Instead, task an employee with strong personal skills to respond to customers or answer the phone.

5. Production or Labor
A great problem to have is more business than you can handle. If your resources are already stretched thin and you are offered new business, you risk sub-quality work or over-burdening your employees if you take on too much. In this scenario, consider subcontracting out production or labor to another business or vendor. You can then continue to build your business without having to turn down potential new customers. If you are considering this, make sure you have everything in writing about what is expected and work with your tax and legal professional to ensure you are remaining compliant.

How do you decide which tasks to delegate and which tasks to do yourself? When has delegating worked best in your small business? Share your advice and experiences with other HuffPost readers in the comments, then visitwww.goldmansachs.com/10000smallbusinesses for more on how the Goldman Sachs 10,000 Small Businesses program can help you spend more time growing your business

8 Small Business Owners Who Put Their Growth Plans Into Action

http://www.huffingtonpost.com/2013/05/22/small-business-growth-plans_n_3237921.html

Running a small business without a plan is a lot like driving without directions. It’s difficult to see the road ahead and even harder to know where to turn next. This is why a core foundation of the Goldman Sachs 10,000 Small Businesses program is to support participants through the creation of a growth plan – the place where a small business owner’s finances, products or services, and passion all intersect to help drive their business forward.

A key benefit to small business owners developing a growth plan is that it provides a framework to help identify the difference between a good idea and a genuine business opportunity — such as decisions around diversifying product lines, expanding into new markets, and more. The 10,000 Small Businesses program provides anopportunity evaluation guide to help participants develop their framework. This questionnaire is aimed to help already established small business owners jumpstart an analysis of their proposed activity, and help identify any areas that may need more consideration.

Below are eight ways small business owners who participated in the 10,000 Small Businesses program have used their growth plans to inform their business decisions.

Securing New Contracts 
Miguel Guajardo, El Camino Construction & Engineering Corp., CA

Miguel Guajardo used his growth plan to help him refine the core values of his company. “We’re not just a concrete company. We provide economic opportunities for our customers, our employees and our community,” he says. By focusing on where he wanted to drive his business, Miguel could pursue opportunities that aligned directly with his vision. As a result of this clearer direction, Miguel secured his first Public Works contract. This not only provided 48 housing units for medium- to low-income families, but also increased his sales by 80 percent.

Moving Into New Markets 
Maria Rios, Nation Waste, Inc., TX

Rhys Powell knew what he wanted to do; he wanted to serve healthy meals to schoolchildren in Harlem. However, executing such a vision requires a roadmap of how to put it into action. By creating a clear plan of how to expand his business and reach more students, he could better identify when to expand his employee base (from 13 to nearly 100 employees) and how to lead his team effectively. “I learned how to get people to execute on my ideas and my vision based on my enhanced communication,” he says.

Impacting More People
Jason Horne, XS Martial Arts Dojo, LA

“It gets you in the mindset to start working on the business and not in the business,” says Jason Horne about his growth plan. He wanted to offer his after-school martial arts program to more students in the community. His newly developed growth plan helped him take a step back to think about the best way to strategically expand his business. Jason focused on growing his after-school program and satellite programs, and now has over 150 students participating in martial arts and summer camps.

Adding New Products 
Rosalie Safier, National Van Equipment Company, NY

“As a small business owner, you get so bogged down with just staying alive, that you don’t always have the luxury to step back and strategize,” says Rosalie Safier, who since graduating from the 10,000 Small Businesses program has learned to constantly reinvent her 90-year old family business. Wanting to stay competitive, Rosalie’s growth plan focuses on how she can “always be growing.” As such, she has managed to expand her product base and maintain her dedication to being a green manufacturer.

Securing Capital For Expansion 
Brian Koester, Bark Bark Club, IL

Malene joined the 10,000 Small Businesses program to help her strategically grow her Brooklyn-based handmade carpet business. She used her growth plan to get a better understanding of her business’ financials and where she could expand or improve her business. Since finishing the program, Malene has hired more employees, began acquiring materials from alternative sources and is looking to expand her office space into Manhattan.

Adding New Business Lines
Carrie Hammer, Carrie Hammer Custom Apparel, NY

Carrie Hammer wanted to expand her business and needed a plan to help her do so. She used her growth plan to see how she could supplement her business with additional product lines and when she would need to hire new people. Since finishing the program, she has expanded her product line beyond dresses to shoes and other women’s apparel items. Additionally, she plans to hire five new employees. “I was looking for structure and to help fill the gaps in my skill set. But I got so much more,” she says.