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Welcome to the Business Advantage
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Running a small business is no easy feat. That’s why we’ve created a forum for small business ideas, insider tips, and the industry knowledge you need to help your small business grow.
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Around the Block: Atlanta
May is Small Business Month and this year Bank of America is celebrating by highlighting one of the most vibrant cities in the country; Atlanta.
Small Business Month is Here!
This month we’re focused on helping you make meaningful connections with your customers and community. We’ve pulled together some of our best articles and interviews with fellow entrepreneurs on topics to help your business.
Welcome Joel Comm and Chris Brogan!
The Small Business Community is excited to welcome our two newest contributors, Joel Comm and Chris Brogan. Check out their profiles to learn more and keep an eye out for their upcoming articles filled with small business wisdom.
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List of Top 10 Web Design Companies In New Zealand NetPotential: NetPotential was founded in the year 2003 and its motto is to design and develop quality websites to the business owners and… (Show moreShow less)
in Running Your BusinessLike (0)
anything you're welcome chrisalbert
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In today’s Internet-powered world, smart entrepreneurs and small businesses are growing faster and becoming stronger with every passing day. So, to stay on top of your business endeavor you need to… (Show moreShow less)
in Business StartupsLike (0)
Hootsuite is definitely one of the best social media tools for businesses of any size harrys56431 . Trello is my favorite task and project management tool nabalahmed . Thanks for commenting.
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These days, small businesses have no lack of data. You can run analytics for how well your Facebook posts are doing, the open rate for your e-newsletter, shopping cart abandons, what time of day… (Show moreShow less)
These days, small businesses have no lack of data. You can run analytics for how well your Facebook posts are doing, the open rate for your e-newsletter, shopping cart abandons, what time of day… (Show moreShow less)in General BusinessLike (0)
Dear Steven its great to see you here after twitter in fact your contribution has a seamless information to avail. Thanks.
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By Robert Lerose. According to one study, about 66 percent of U.S. consumers use mobile devices to access and read their emails—and the trend is expected to grow. For small businesses that want… (Show moreShow less)
By Robert Lerose. According to one study, about 66 percent of U.S. consumers use mobile devices to access and read their emails—and the trend is expected to grow. For small businesses that want… (Show moreShow less)in TechnologyLike (0)
Marketing on mobile devices have become a very important part for every business and It will help you in increasing your sales on mobile devices.
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By Erin O'Donnell. When Sanjay Nasta started his technology training firm, MicroAssist, in 1988, he took his trusty manila envelope on every business trip. It held his all-important stack of… (Show moreShow less)
By Erin O'Donnell. When Sanjay Nasta started his technology training firm, MicroAssist, in 1988, he took his trusty manila envelope on every business trip. It held his all-important stack of… (Show moreShow less)in TechnologyLike (0)
Traveling is very important for every business person and some of them having issues for mobile apps while traveling. Your suggestion will be very helpful for all of those.
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I want to know what is investor pitch deck and how it helps in business startup.
in Business StartupsLike (0)
If you're asking for fund raisin so basically it depends on your funding budget for any startup business, But you need to elaborate more about what exactly you're concern is?
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Hi my name is Sergovia i am a naturalized citizen from Russia in the United States Of America 1 year ago. I want to start a store in Upstate new york that sells items that we buy from pallets plus… (Show moreShow less)
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I'm in the credit card processing industry (not a processor) and we've been seeing an upswing in business owners asking about cash discounting. Essentially, you offer customers a discount on the… (Show moreShow less)
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List of Top 10 Web Design Companies In New Zealand NetPotential: NetPotential was founded in the year 2003 and its motto is to design and develop quality websites to the business owners and individuals. You can relax to focus on the core aspects...
List of Top 10 Web Design Companies In New Zealand
NetPotential:
NetPotential was founded in the year 2003 and its motto is to design and develop quality websites to the business owners and individuals. You can relax to focus on the core aspects of your business while they effectively take care of all your website needs. Their team of experts has worked with over 500+ companies and they successfully delivered all the projects on time. Their expertise lies in e-commerce website development, mobile app development, responsive website design, search engine optimization, and other services.
Company Size: 0 – 50
Founded In: 2003
CompanyServices: E-commerce website development, mobile app development, responsive website design, search engine optimization and lot more.
Email / Contact Number: info@netpotential.co.nz | (09) 974 2974
Portfolio:https://www.netpotential.co.nz/website-and-mobile-app-portfolio
Clients: Black Market, Gunn Talent, Juno Kiwisaver, Safekids, Geneva Health
Dezvolta:
Website design in Auckland is made simple if you hire Dezvolta because their talented team of experts can help you in designing your website based on your needs. With an experience of over 7 years in the industry, they have successfully completed and delivered over 500+ projects to their clients. Their expertise lies in responsive website design, E-commerce Web Development, Branding, SEO and lot more. Build your online presence with Dezvolta by designing a custom website which creates a memorable brand experience.
Company Size: 0 – 50
Founded In: 2011
Company Services: E-commerce website development, responsive website design, search engine optimization, branding and lot more.
Email / Contact Number: sales@dezvolta.com | 064 27 6104107
Portfolio: https://www.dezvolta.com/works/
Clients: Smiletastic, Millennia Network, Geneva Summit, Cosmo Floor, Asian Sealing Products.
Fatweb:
Their dedicated team has the necessary expertise to take your business to the next level by developing an effective website that speaks out in the market. Timely responses and delivering the project on time are their key deliveries which will ensure the end users to receive the best possible outcomes and return. Whether you need web development, an advertising campaign, or planning and executing their branding, their team of experts offers ready and responsive services.
Company Size: 0 – 50
Founded In: 2014
Company Services: Google Ads, Facebook Ads, Search Engine Optimization, Social Media and so on.
Email / Contact Number: 0800 328 932
Portfolio: https://www.fatweb.co.nz/our-work.html
Clients: Car City, Happers Honda, Chicken And Things, Kiwi International, Mdecor
Starlinks
They have a team of skilled experts that excel in modern technologies and they have the ability to adapt and design your website according to your needs. They clearly listen to your queries and take action based on it to accomplish and give the desired results. They provide solutions to businesses of all types and their services range from logo design, web design and development, search engine optimization, digital marketing, email marketing and much more.
Company Size: 0 – 50
Founded In: 2014
Company Services: logo design, web design, and development, search engine optimization, digital marketing, email marketing, web hosting, SMS marketing.
Email / Contact Number: info@starlinks.nz | 0800 3278620
Portfolio: https://www.starlinks.nz/portfolio
Clients: Sharkey services, Essential physiotherapy, GNS electrical, My industry events
KIWI Website Design:
Enhance your online presence; increase your sales and increase the revenue from your business by building a remarkable website which will be surely loved by your end users. With over 15 years of experience, they have worked with 10 major corporations. They build websites that generate guaranteed leads for your business. Hire their team of experts and take your business to next level.
Company Size: 0 – 50
Founded In: 2003
Company Services: web design & development, digital marketing, software development, mobile app development.
Email / Contact Number: info@kiwiwebsitedesign.co.nz | 0223044799
Portfolio: https://kiwiwebsitedesign.nz/before-after/
Clients: Filmscene window tinting, QBS licensed builders, Oaks property management, CRM development.
The Web Company:
They have been in the business since 2004 and they provide web services to individuals as well as businesses. With over 1000+ delivered projects their team of experts can work with any kind of project that needs immediate assistance. Starting from videography & photography their services range from web development, online marketing and a lot more.
Company Size: 0 – 50
Founded In: 2004
Company Services: Website design, online marketing, videography & photography, web hosting
Email / Contact Number: sales@thewebco.co.nz | +64 9 834 6646
Portfolio: https://www.thewebco.co.nz/our-portfolio/
Clients: Partridge jewelers, Global finance, Quick shuttle, Havaianas, Western ITM
Fuel Design:
Since 2002 they have been in the business by delivering custom websites that convert visitors into leads. Websites they build are not template based. They customize it as per your requirements and come up with designs that create a significant impact on your business. Hire their team and be successful in your online business.
Company Size: 0 – 50
Founded In: 2002
Company Services: Website design, E-commerce website development, CRM development.
Email / Contact Number: sales@fueldesign.co.nz | 09 428 3047
Portfolio: https://www.fueldesign.co.nz/portfolio-websites
Clients: Snowberry, Earthwise, Farmgard, Matisse, SP insurance
Design Lounge:
They specialize in designing beautiful websites that are stylish and compact in nature to the end users. Since 2001 they have created several websites for their clients across the globe. They are a one-stop shop for all your website design and hosting needs. Hire them now and get tailored solutions for all your needs.
Company Size: 0 – 50
Founded In: 2001
Company Services: Brand development, Website design, Search engine optimization, Social media development.
Email / Contact Number: sales@designlounge.co.nz
Portfolio:https://www.designlounge.co.nz/portfolio/portfolio-showcase/
Clients: Willow shoes, Poynters, Concrete doctors, Cape estate
Small Business Web Designs
Their friendly team takes time and listens to your needs. After carefully studying your needs they will craft an awesome website design with a fabulous user experience. If you don’t know where to start with, our team of experts can help you in sharing their creative ideas to come up with a final decision which you will love the most.
Company Size: 0 – 50
Founded In: 2014
Company Services: Website design & development, Web hosting
Email / Contact Number: info@smallbusinesswebdesigns.co.nz | 0800995065
Portfolio:https://www.smallbusinesswebdesigns.co.nz/portfolio.html
Clients: Johnson brothers, Nelson bays property management, Branche designs
Meta Digital
Their team of experts creates websites that are valuable for your money. They will listen to the website objectives carefully and they share their suggestions with you in order to create responsive websites that meet your goals. The services they offer starts from digital strategy, website design, and development and extends to branding, web hosting and so on.
Company Size: 0 – 50
Founded In: 2002
Company Services: Website design & development, Web hosting, Branding, digital strategy.
Email / Contact Number: enquiries@metadigital.co.nz | 6439633739
Portfolio: https://www.metadigital.co.nz/our-work/
Clients: Rangi Ruru Girl’s School, All Blacks Shop, Gooom Landscapes, Kiwi Style Bike Tours
That’s all about it. We have come to the conclusion of this list and these companies are listed purely based on our Google search results. This list is still open if you would like to add your company. You may choose to add your company’s name in the comment section. We are open to your suggestions and feedback so feel free to contact us anytime.
In today’s Internet-powered world, smart entrepreneurs and small businesses are growing faster and becoming stronger with every passing day. So, to stay on top of your business endeavor you need to master some of the great tools that will...
In today’s Internet-powered world, smart entrepreneurs and small businesses are growing faster and becoming stronger with every passing day. So, to stay on top of your business endeavor you need to master some of the great tools that will make all the difference in your small business success.
To beat the competition in your industry you need to implement the tools that will increase the productivity and efficiency of your team and provide you time to focus on the most important aspects of your business.
There are hundreds of marketing related, services related and modern technology related tools available online to help you grow your business. However, to choose the best ones you have to put a lot of time and efforts.
So, to save you from that hassle we have reviewed and listed 11 of the best business tools that are cost-effective and provide great values to your business.
#1 Hootsuite
Managing all social media accounts regularly and publishing new posts frequently can become an area of concern for small business owners and entrepreneurs simply due to lack of time and proper resources. After signing up for Hootsuite you can manage all your social media platforms with its simple and easy to use dashboard.
Features:
- Schedule post - You can schedule your upcoming social media posts in advance which will save you a lot of time and will keep you active on various social media channels.
- Analyze the performance - You can analyze your social media performance by tracking the number of followers you are getting, your most shared and liked posts by your audience.
- Find content - With Hootsuite you can find lots of attractive and compelling content and images which you can post on your social media channels to engage your visitors.
- Security - Hootsuite prevents your brand from all sorts of social media threats by providing its advanced social media security features.
Pricing:
- 3O Days free trial.
- Professional Plan - 29$ per month
- Business Plan - 599$ per month
#2 Slack
Slack is a communication and teamwork management tool. Slack lets you manage project works and conversation with your business partners or team members from a single platform across all devices. Using slack you can send emails, reply to text messages and follow up someone on Twitter without any headache.
Features:
- You can divide your team members according to their profiles, projects to properly monitor the work of your organization.
- Collaborate and share your channel with the companies and businesses you frequently work with to expand your business network.
- Make conversation over voice or video calls and share screen to track the progress of projects.
- With the help of slack, you can effortlessly share files, images, videos, PDFs with others and make an archive of feedback of your work.
Pricing:
- Free version
- Standard - 6.67$ per month
- Plus - 12.50$ per month
#3 Evernote
Evernote is a note-taking application which is very helpful for busy business owners and entrepreneurs. It lets you take notes of business-related ideas, plans, thoughts from anywhere in the world. Further, you can save the notes, audio recordings, photos, clipped web documents etc. in an organized way so that you can find them later easily.
Features:
- You can write your notes, collect web clippings and page screenshots, record audio notes, create a to-do list, highlight or comment on images.
- Sort your documents and important files by date, tag or title to arrange them properly.
- Share your notes with anyone in your business group.
- You can set permission-lock to prevent anyone from accessing your personal notes.
- You can convert your notes to a PowerPoint presentation with one click.
Pricing:
- Basic - Free version
- Premium - 7.99$ per month
- Business - 14.99$ per month
#4 Trello
Trello is one of the most popular projects management software to organize and track the progress of any project in your organization. You can create various cards, boards, set deadlines, add notes using your Trello account.
Features:
- Organize and plan collaborations with clients, colleagues, business owners.
- Customize your account with various tags, labels, cards, and categories.
- Upload various files and attachments.
- The mobile-friendly
- With its free version you can access some basic services, but for other advanced features, you have to subscribe to their premium plans.
Pricing:
- Free forever plan.
- Business class - 9.99$ per month
- Enterprise - 20.83$ per month
#5 Shopify
Shopify is an e-commerce software that helps you build an online e-commerce shop of your own. With the help of its marketing, drop shipping, shopping carts, SEO features you can manage all the functionalities of your online store from a single platform.
Features:
- You can use top quality themes for your website from its collection of more than 70 professional themes.
- With the help of its easy-to-customize templates, you can customize your online store according to your choice and build your brand online.
- Your Shopify store comes with an in-built mobile commerce shopping cart feature that lets your customers browse your products, services, and buy directly from their smartphones or other mobile devices.
- You can integrate your Shopify store with more than 100 payment gateways across the globe.
- You can offer free shipping services to your customers for a certain order size and price point.
Pricing:
- 14 Days of the free trial.
- Basic - 29$ per month
- Advanced - 299$ per month
#6 Skype
Skype is the world's one of the most used and recommended internet calling services offered by Microsoft. It provides audio and video calling services, messaging, file and screen sharing between computers and mobile devices across the world.
Features:
- Calling service - You can connect with your friends, families, business members, colleagues with the Skype calling service for absolutely free. You can even make a group-call with up to 25 people at once.
- Video service - You can chat through video calls and virtually interact with others face to face.
- Message service - You can send text messages, emojis, video messages, voice messages instantly using Skype.
- File sharing service - You can share documents, images, videos etc. of any size. At the same time, you can share your screen with others to track the progress of any task.
Pricing:
- Skype is free
- Skype for Business is not free
#7 Asana
Asana is a productivity tool to manage your works, projects, and daily tasks. This tool helps you grow your business and improve the efficiency of the team members.
Features:
- Plan your tasks and prioritize them according to the deadlines, and share them with the team members.
- With Asana you can track the project improvement in every step to achieve your certain business goals.
- As Asana connects with Google Drive, Dropbox, Onedrive you can easily share files and documents from your computer.
Pricing:
- Premium - 9.99$ per month
- Business - 19.99$ per month
- Enterprise - Contact sales team
#8 Boomerang
Boomerang for Gmail is an email-communication tool to improve the email service. It provides you with an option to schedule emails and monitor their performances.
Features:
- Using Boomerang, you can write your emails and schedule them to send at your preferred time.
- At times there are some important emails we need to send or receive. Using its reminder feature you can easily send, receive or follow up with people.
- Boomerang is also available for Android and iOS devices. This lets you stay connected over email on the go.
Pricing:
- Basic - Free
- Personal - 4.99$ per month
- Premium - 49.99$ per month
#9 Google Analytics
Google Analytics is one of the best analytical tools which has loads of features to improve any website’s performance. There are some of the best features available in Google Analytics which every marketer and small business owners must know to grow their businesses.
Features:
- You can track your campaigns and monitor the traffic on your website. Further, you can analyze their activities on different pages of your site.
- You can track the leads and conversions of your website by the number of requests for the product demos, email sign-ups, ebook downloading, contact form submissions, purchases etc. This will help you to target your customers according to their interests.
- You can create custom reports with the Google Analytics data according to your business goals.
Pricing: Free
#10 Hubspot
Hubspot is inbound marketing software that helps to gain more traffic to your website, generates leads and converts your website visitors to potential customers.
Features:
- Increases visitors and generates leads to your optimized landing pages.
- Follows up with the buyers through email automation system.
- Provides full customer assistance and builds relationships with your customers.
- The free version of Hubspot provides basic marketing facilities whereas the paid version gives you many other advanced marketing features.
- Hubspot is available for Windows, Mac as well as for Android and iOS devices.
Pricing:
- Free version
- Starter - 50$ per month
- Enterprise - 3,200$ per month
#11 Paypal
Paypal is one of the most used and trusted online payment service providers. Using Paypal you can make and receive payments for your business in more than 100 currencies. It is one of the fastest and safest payment options available online.
Features:
- You can make payment for any online purchases using the credit card, debit card, online banking etc. or send money to another PayPal account in 100+ different currencies.
- You can withdraw your payments from more than 200 countries using PayPal.
- You can request payments from people who don’t have a PayPal account using an email address.
Pricing:
- Free sign up.
- 3.7% of the transaction amount plus $0.30 USD
Conclusion:
Hope you have found this article helpful. Though there are plenty of tools available today, the tools we have mentioned here will fulfill most of your business requirements. Most of the aforesaid tools offer free trials, so you can include those tools in your business plan to check their effectiveness. And as your business gets bigger, you can go for the paid versions that fit your budget and resolve your business needs.
This article was brought to you by PromozSEO Web Marketing Academy, a Digital Marketing training program in Kolkata, India.
Hi my name is Sergovia i am a naturalized citizen from Russia in the United States Of America 1 year ago. I want to start a store in Upstate new york that sells items that we buy from pallets plus containers for cheap prices because the area I...
Hi my name is Sergovia i am a naturalized citizen from Russia in the United States Of America 1 year ago. I want to start a store in Upstate new york that sells items that we buy from pallets plus containers for cheap prices because the area I will start it in is economically depressed plus a distance away from any major stores which is hard for people to get to.
I plan to register my business as an LLC or an S corp. I will have no partners I will only have part time employees who will run the store while I am gone when I can not be there.
Is there any insurance that will cover my products plus my store if it is robbed or stolen from? I have researched it before but it seems like the insurance companies only want to work with big stores or companies I am only looking for 50,000 to 100,000 dollars in coverage. I have also read that you need a security system on your store would I also need video cameras or is this optional? Is there any trusted insurance companies who I can make sure they will actually pay the insurance claim instead of refusing it and running off with all of the money I payed them? I understand there is deductibles which is fine with me but is it like life insurance where I will have to go a certain amount of time without getting robbed or stolen from where I will have to have security guards at my store, or after my first payment to the insurance company will my insurance compensate me if I am robbed or stolen from?
I'm in the credit card processing industry (not a processor) and we've been seeing an upswing in business owners asking about cash discounting. Essentially, you offer customers a discount on the shelf / menu price if they pay with cash. If they...
I'm in the credit card processing industry (not a processor) and we've been seeing an upswing in business owners asking about cash discounting. Essentially, you offer customers a discount on the shelf / menu price if they pay with cash. If they pay with card, they pay the listed price.
Has anyone implemented it? If so, what kind of business? What has the customer reaction been like?
Bank of America is honoring Small Business Month with your stories! Join our community celebration by sharing your experiences, struggles, solutions and triumphs. Leave a reply below to share your story. Read up on tips from our small...
Bank of America is honoring Small Business Month with your stories! Join our community celebration by sharing your experiences, struggles, solutions and triumphs. Leave a reply below to share your story.
Read up on tips from our small business experts, client success stories, and more here.
If you're not familiar with Giving Tuesday, it's a day to take a break from all the recent traveling, cooking, shopping, and spending and think about others. Originating in 2012, the Tuesday after Thanksgiving has been recognized as Giving...
If you're not familiar with Giving Tuesday, it's a day to take a break from all the recent traveling, cooking, shopping, and spending and think about others. Originating in 2012, the Tuesday after Thanksgiving has been recognized as Giving Tuesday. It's a wonderful opportunity to get back in touch with the spirit of generosity in all of us. Small businesses and individuals alike can participate. How, you ask? Steve Strauss has a list of great ideas.
Seven Reasons Why Small Businesses Should Participate in Giving Tuesday
Now that you know what it is, please feel free to share your own ideas for participating. We'd love to hear the ways you and your company give back to the community.
--Lisa
Hi, anyone keen to start up a boba tea in Las vegas?
Hi, anyone keen to start up a boba tea in Las vegas?
If one of your resolutions is to be more socially conscious, you may have considered founding a charitable organization in order to support a cause you are passionate about. This might seem intimidating, but as small business expert Steve Strauss...
If one of your resolutions is to be more socially conscious, you may have considered founding a charitable organization in order to support a cause you are passionate about. This might seem intimidating, but as small business expert Steve Strauss will illustrate, it doesn't have to be. He's presented us with another timely and informative article to help us get started.
Thinking of Starting a Charity? Follow These 5 Steps
Enjoy! And as always, feel free to share your thoughts and ideas with the community.
--Lisa
Have you ever gone to a website, started reading, and realized your eyes are glazing over?? You might even think, "Gee, I really ought to be reading this page. But..." And you're gone before you can figure out what's wrong. The truth is, you've...
Have you ever gone to a website, started reading, and realized your eyes are glazing over??
You might even think, "Gee, I really ought to be reading this page. But..." And you're gone before you can figure out what's wrong.
The truth is, you've just been exposed to an example of wimpy copy. Anybody can push it around.
Competitors will kick sand in its face. There's no personality, appeal or brand coming through.
Use action verbs.
Action verbs include “Create,” “Recognize,” and “Discover." Depending on your audience, you might use even stronger action words,
including “Slaughter,” “Decimate,” “Force,” and “Trigger.”
Storytelling guides often advise you to “tell your own story.” That's good advice. It means, "Don't copy someone else's story. Be original." But when we hear, “Tell your own story” and it's easy to interpret this advice as,...
Storytelling guides often advise you to “tell your own story.” That's good advice.
It means, "Don't copy someone else's story. Be original."
But when we hear, “Tell your own story” and it's easy to interpret this advice as, “Tell a story about you.”
We’re supposed to share how we got from there to here, preferably with plot twists like conquering stubborn obstacles,
hitting bottom and getting saved by a brilliant idea.
The truth is, there’s no one story — or story archetype — that fits all businesses.
And your personal story may not be the most relevant or powerful for your prospects.
Good luck.
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Every Community has Something to Celebrate This Small Business Month. Small Business Month is a time when we stop and take notice of all the vibrant businesses that make up our communities. The relationship owners have with their customers make...
Every Community has Something to Celebrate This Small Business Month.
Small Business Month is a time when we stop and take notice of all the vibrant businesses that make up our communities. The relationship owners have with their customers make up the fabric of their neighborhoods. That’s why we’ve collected our best articles, highlights and interviews to help other rising business owners with their online presence, social media strategies, and much more. Make sure to check out this page throughout the month to learn more and inspire ideas that help your own small business community grow.
These days, small businesses have no lack of data. You can run analytics for how well your Facebook posts are doing, the open rate for your e-newsletter, shopping cart abandons, what time of day products sell best, and a whole lot more. ...
These days, small businesses have no lack of data. You can run analytics for how well your Facebook posts are doing, the open rate for your e-newsletter, shopping cart abandons, what time of day products sell best, and a whole lot more.
The question is not whether you generate data – you do – but rather, do you have the time or insight as to how to digest these numbers and determine what they mean for your small business goals?
That’s where a good dashboard comes in handy. In the parlance of analytics, this is called Business Intelligence, or BI. The good news: Several innovative companies have created a slew of BI tools to analyze and interpret your data.
So which dashboards are worth your time and can best help you run your business?
Here are some of my favorites:
Bank of America® Business Advantage 360: This is a superior financial dashboard from our friends at Bank of America. Business Advantage 360 (BA360) is a digital tool designed to make it easy for small business owners to manage the various financial aspects of their business, especially the all-important cash flow.
Available to any Bank of America client with a business deposit account, Business Advantage 360 provides a birds-eye view of business cash flow and access to real-time expertise and guidance. With BA360, you can:
- Create and graphically display cash-flow projections
- Integrate account information to easily keep track of finances
- Manually adjust projections with additional data like new sales
- Set up cash flow thresholds and display them graphically and add alerts when adjustments may be needed
Here’s a good video that can show you how Business Advantage 360 can help your business.
Dasheroo: Dasheroo began as a tool that collected and curated social media data. You could compare your Facebook Likes and Insights, Twitter follows and analytics, Instagram hits and so forth all in one place. Simply set up your customer Dasheroo dashboard, attach your different accounts, and the system would give visually interesting analysis and insight of all of your social media metrics.
Now, Dasheroo allows you to corral data from many of your other useful business apps, including:
- MailChimp
- PayPal
- YouTube
- SalesForce
- Infusionsoft
- Google Analytics
- SurveyMonkey
- QuickBooks®
You get the idea. A great analytical tool.
Zoho Reports: Most of these dashboards offer the same eye candy functionality. That is, you have access to:
- Beautiful dashboards
- Drag & drop report creation
- Interactivity
- Customization
- Visually stunning graphics
Zoho offers this as well. By taking the headache out of producing reports, Zoho Reports makes it easy to generate clear, powerful, useful reports based on your data.
Board: According to Board, “We feature some of the best data visualization tools available alongside in-depth planning and forecasting functionality, providing users with a consistent, self-service, fully integrated approach to reporting, analysis, simulation, and planning.” With Board you can:
- Plan, monitor and get insight into your sales processes
- Track, analyze and plan your sales "lead to revenue" process
- Plan and analyze across the entire supply chain management
- Streamline workforce planning and get better insights into human resources performance
- Automate financial planning and analyze business performance down to operations
And these are just a start. Check out some of the tools listed here – you, and your business will be better for it.
About Steve Strauss
Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business Success.© Steven D. Strauss
Web: www.theselfemployed.com or Twitter: @SteveStrauss
You can read more articles from Steve Strauss by clicking here
Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice. Bank of America, N.A. Member FDIC. ©2019 Bank of America Corporation
Transforming a hobby into a small business takes preparation, passion and faith. On this episode of “The Heartbeat of Main Street,” Karen Anderson shares the story of her company, Tiny Doors ATL, and its evolution from a personal art...
Transforming a hobby into a small business takes preparation, passion and faith. On this episode of “The Heartbeat of Main Street,” Karen Anderson shares the story of her company, Tiny Doors ATL, and its evolution from a personal art project into a successful business and local phenomenon. Karen takes listeners behind the scenes of her journey, offering advice to anyone looking to turn their passion into a business.
“The Heartbeat of Main Street” delivers timely insights tailored to the needs of small business owners and entrepreneurs. Featuring a rotating line-up of small business experts and industry leaders – and covering a range of topics – each episode explores the trends that have an impact on revenue creation for small business owners.
The series is hosted by ForbesBooks, and more information can be accessed through a dedicated home page. New episodes will appear regularly on the Small Business Community podcast page. Be sure to check back often – so you don’t miss a beat.
Check out more small business stories:
Podcast transcript:
Narrator: Welcome to “The Heartbeat of Main Street” with ForbesBooks at ForbesBooks.com and Bank of America at BankofAmerica.com. Here’s your host, Gregg Stebben.
Gregg Stebben: Welcome to “The Heartbeat of Main Street” with ForbesBooks and Bank of America. I am here with Karen Anderson, she's the principal artist and director of the company, Tiny DoorsATL. The website is tinydoorsatl.com, on Facebook and Instagram @TinyDoorsATL. Karen, I'm gonna let you explain what you do, I'm just gonna explain that the ATL part stands for Atlanta. You're on your own for explaining the Tiny Doors part. Welcome and tell us about your business, Tiny DoorsATL.
Karen Anderson: Hi, thanks for having me. I'm really excited to be here. Tiny DoorsATL is a fun little thing to try to explain to people and I think a lot of small business owners have this issue of the elevator speech, how exactly you explain what your ... what your thing is.
Gregg Stebben: Is it a tiny elevator door from Tiny Doors, for the tiny elevator pitch?
Karen Anderson: Yes, that's a perfect idea — I have made tiny elevator doors for a Marriott, actually, so that's a good little segue way. I went to art school, art school is not business school…it is just making art. They don't really teach you about the business of making art, and so it became something, I started making these tiny doors and then they started to get more and more demand for them. I found that I wanted my business model to be just making a few of what I was doing a year and making them matter.
Instead of taking that large-scale production I went with smaller scale and with a more impactful way about it. What I do is I make literally seven-inch doors, they're one inch to one foot, so it would be a seven-foot door to seven-inch door. It reflects and respects the neighborhood that's around it so it's gonna look like it belongs where it is, whether it's at the business or in a neighborhood, I try to make something that is interactive and feels like it belongs to the neighborhood. Does that make sense?
Gregg Stebben: And so we are literally talking about tiny doors, I just want to be clear about, and not just tiny doors, by the way. For instance, I'm looking at one, I think it's at either a pet food store or a doggy day care center. It's a tiny door with a tiny dog door in the tiny door and a tiny dog behind going through the tiny dog door. We actually find out there's this little secret or an Easter egg. It's actually a cat behind, not a dog behind.
What I love about what you just said is that you have a completely different — maybe you have to go to art school to come up with this — but you have a completely different take on supply and demand because, as you said, many businesses think you have to get bigger and do more and more to grow. What you actually did was decide to get smaller and to address supply and demand in a completely different way.
Karen Anderson: Yeah, and you know what's funny, is that I thought that didn't qualify me as a small business. I have an LLC, I am a small business, and I still didn't think of myself that way because I wasn't doing the more demand.
Gregg Stebben: There was no tiny door factory — you are the tiny door factory and there's only one of you.
Karen Anderson: Right. I'm an artist and this is my art that you're looking at. I do have some employees who work for me, I do have all the other things that a business would have, I just don't have a factory that makes a thousand tiny doors a year.
Gregg Stebben: Yes. So I guess I have to ask. I'm talking with Karen Anderson, she's the principal artist and director of Tiny DoorsATL. You can see the tiny doors at tinydoorsatl.com, the ATL part stands for Atlanta. She's on Facebook and Instagram @TinyDoorsATL. It is such a joy to go and look at the photos, it is so much fun, almost as much fun as I'm sure being there. There's a map of where you can tour the tiny doors in Atlanta, but I am hoping you will give us a little insight into the business model of your business. You've alluded to it, but I think, for some of us, it's a bit of a mystery how you could make a living, create a successful business, creating tiny doors and deliberately only creating a few.
Karen Anderson: Yeah, you know, it's certainly never been done before, and I followed the business model of a lot of other artists, say muralists, who can't make a thousand murals a year, but they can make 10 or 12 great murals a year. So, they look for 10 or 12 companies who are interested in commissioning. That's what has ended up happening with me, is that I get commissioned to do these doors, and then there's a lot of business that goes on around that.
I have a lot of merchandise that people buy, things like that, that aren't doors, and it also has led to public speaking, which is another part of the Tiny DoorsATL business. I do conferences and I do schools — it's been really fun to go talk to students who have seen the doors and are interested. There have been a few facets that this business has turned into rather than just being a door production factory. It's become meeting demands as they come up and really sticking with having the doors themselves be my resume rather than be a product you could buy off the shelf.
Gregg Stebben: You've said so many really great things here. One is, I actually want to direct our listeners back to “The Heartbeat of Main Street Podcast” because we did another interview that was really focused on what you just described, which is creating multiple profit centers. Again, it sounds like you've done a brilliant job of that, merchandising things around the doors, merchandising yourself as a speaker. There's probably all kinds of ways you can continue to grow the business without actually making more tiny doors.
Karen Anderson: Absolutely.
Gregg Stebben: So, in the evolution of this is a business, given that you went to art school, at what point did you realize, "Oh — oh, I have a real business here." Was there any conflict inside you about that? Did you ever think, "Well, wait a minute, I'm an artist."
Karen Anderson: Yes, I think all artists get that sort of starving artist thing thrown at them so many times that they might start to feel guilty about making money and a lot of people at the beginning of this process, the beginning of Tiny DoorsATL, becoming more known, started to ask me to become a non-profit. They were like, "Okay, here's the time. Become a non-profit, we'll help you file the paperwork," and I looked at what it meant to be a non-profit, and I thought about whether I wanted that or not, whether I could stomach being for profit as an artist.
It was something that I really struggled with but the thing about profit is it's what you do with it. With my profit, I choose to pay my employees as much as I can, I choose to reinvest into the business. I’m not doing anything nefarious. I’m taking care of the street art that I've made in Atlanta, with the money that I make from private commission, so I literally take care of street art with my profit. But if I were a non-profit, I would have had to go about it so differently and I decided that wasn't for me.
Gregg Stebben: That's a really wonderful way that you describe that, and it actually leads into one of the questions I wanted to ask you which is, with your art and with this business philosophy you just shared with us that includes things like taking care of your employees in the best possible way, have you found that turning your passion into a business has given you the power to reach a wider audience? Did you envision that, is that something you embrace, is it something that you want to do more? Talk more about the power that having this successful business gives you.
Karen Anderson: Yeah, I’m gonna use the M word. I'm a Millennial, and I think that's important to note because I came of age at a time when the economy had tanked. I graduated from high school in 2001, and so I was heading off to college right at the beginning of a recession. It really empowered me. I felt like I could follow my passion because there was no safety, there was no route where you could go and you were guaranteed, at least for me, at least for someone who didn't want to study math.
Gregg Stebben: Or business.
Karen Anderson: It wasn't a safe route for me to get through, and so I felt like, "Well, you know what? The only way I'm gonna do it is if it's something that I love. Then starting Tiny Doors, I had other things that I was trying. Tiny Doors wasn't ... I didn't start this thinking, "This will be my career, this will be my business." I just had been listening to people paying attention to it, people wanting to participate, wanting to buy more art from me. It has made me feel empowered to keep building and keep growing.
It's also, I think, just really good to listen to what's going on around you and respond to that, and that's a lot of what I've done with this.
Gregg Stebben: I want to ask one last question, Karen. Talking with Karen Anderson, she's the Principal Artist and Director of Tiny DoorsATL, tinydoorsatl.com, on Facebook and Instagram @TinyDoorsATL. Go to the website, go to the Facebook page, go to the Instagram page. Look at the tiny doors. They're tiny doors, but way more than tiny doors. As you can hear in Karen's voice, they're really, it sounds like transforming neighborhoods and communities and even businesses that embrace this because of everything that's included in this whole, I'm gonna call it a tiny door movement.
Karen Anderson: I think that what people respond to is honesty. Like, I have a t-shirt that I bought from a company, that I love the honesty of the people who put that company together with the materials that they use. There's that story of why it was important to you, why this was created. This project is so honest to who I am. I've always made miniatures, I've always loved it. I'm a little bit shocked that people are as nerdy as I am and they love it right along with me. But I embrace that and I move forward with it as much as I can.
I think a lot of that, a lot of the success of this business has been the response to how real it is.
Gregg Stebben: That's a perfect place for me to ask this last question which is, what advice would you offer others who see what you're doing and your success and hope to turn their own passion into a business? What advice can you give them to get started and give them the courage to go for it?
Karen Anderson: I'm kind of, I'm pretty deliberate. For somebody who has pink hair and makes tiny doors, I'm actually pretty reserved when it comes to making choices like that. I chose not to take a job teaching art, I chose to nanny when I first moved to Atlanta because I wanted to pursue making art. So, I chose not to take the status position. I chose to take a job where I could pursue my passion as a hobby, and see if I liked it. I ended up two years into that job writing my TedX talk while the kid was taking a nap because I just was afraid to make that leap, because I liked my job and I liked having it all, but I was like, "This isn't gonna move forward until I really give it everything I have."
I slowly and deliberately made that leap into Tiny Doors, and I'm really glad that I did. There have been a lot of leaps along the way — I know every small business owner will say that. It's not as though you made one big decision, it's like a lot of little decisions that ended up as a business.
Gregg Stebben: Could we summarize what you just said as saying you had faith in yourself?
Karen Anderson: I did. I did have faith in myself and I think that when you're doing what you absolutely love, there's that faith that's in there because you know that it's something that you're never gonna give up on. There was one day when my business took a big leap forward. I was posted on Instagram's Instagram, which has hundreds of millions of followers, and then I was on the Travel Channel all in 24 hours. And I was freaking out, honestly, I didn't know what to do with all that attention at once and so I called a friend, who has been a rock star for about 30 years and I asked her what she does.
She said, "Here's how I think of it. You’ve got to find the one thing that you love about what you're doing and do more of that. Do as much as you can. Take one thing, just pick one thing that you don't like, and don't do that thing anymore, hire someone to do it. Find a way that you don't have to do that one thing," and she said, "Everything else is just your job. Even if it's your dream job, it's just your job, just do it." It really changed how I felt about this project. It really helped me get some perspective. Do more of the thing I love, it seemed so simple.
She was like apologizing to me, going "I know that's so simple," and it was brilliant and I hope it helps someone else.
Gregg Stebben: And we get to know who the rock star is, so we can give credit where credit is due?
Karen Anderson: Sure. Sure, it was Emily Saliers of Indigo Girls.
Gregg Stebben: That's awesome. If you were as charmed as I am by Karen and her story, go to the website tinydoorsatl.com, Facebook and Instagram @TinyDoorsATL. If you want to hear more great small business stories and tips just like those we just heard from Karen, check out Bank of America's online Small Business Community at bankofamerica.com/sbc. Karen, thanks again for joining us.
Karen Anderson: Thank you, it's been a pleasure.
Narrator: Thanks for listening to “The Heartbeat of Main Street” with ForbesBooks at ForbesBooks.comand Bank of America at BankofAmerica.com.
If I ask you if you’re using LinkedIn for your business, chances are you’ll make an awkward face. I can read your mind at this very moment: “Not really but I have a profile on there. Not sure why. Uh, market my small...
If I ask you if you’re using LinkedIn for your business, chances are you’ll make an awkward face. I can read your mind at this very moment: “Not really but I have a profile on there. Not sure why. Uh, market my small business?”
I get it. You maybe haven’t heard much about whatto do on LinkedIn and I’m here to help. Here are some best practices for using LinkedIn for small business marketing.
Profile vs Group?
I’m asked whether companies should market on individual profile pages or create a special group instead. While some groups end up thriving, this requires a lot of maintenance. I don’t recommend groups unless whatever you sell really lends itself to a very active group-based interactive experience.
The challenge with marketing from only one profile is that it’s somewhat required that the profile you use be easily available to everyone who might want to contribute, and/or it changes the “feel” of the profile from being one person’s perspective to a corporate communications entity.
Instead, my recommendation is to have more than one LinkedIn profile of real people in the company post content and promote interactions in support of the company.
My old boss and friend Debbie Millin works at Globalization Partners, where she’s the COO. Her posts are a blend of personal business perspective (which is great because she’s the smartest boss I ever had), as well as pieces directly about the company including “We’re Hiring” reposts from the HR team and articles about the industry where her company interacts. There are several other individual profile pages from key team members at Debbie’s company and they all post their own content as well as share important company material.
What on Earth Should We Post?
Smile! First, I have to say it (and you’re reading it everywhere and trying to ignore it): video is hot. People are watching videos and posting a video is a surefire way to earn more engagement, even if the video is only the quality level of you holding your smartphone at arm’s length and talking into the camera. Video.
Give them knowledge. Second, thoughtful articles written on LinkedIn tend to do well if the topic is universal enough. Unless you have raving fans, no one cares about “Wanda’s Top 7 favorite pencil sharpeners.” But if you write about “The Ultimate School Supply Checklist for Fall,” you’re on to something. The more “evergreen” the article, the better. (Meaning it’s okay to write topically about current events, but it’s delightful to write posts that can still be useful a year or two later.)
Links are In. Post a few links here and there to articles you find interesting. People like to know what else is on your mind.
Shine the light. Here’s an easy and well-appreciated marketing tip: post thoughtful recommendations for other businesses and people in your local community. Maybe you sell tile and bath supplies. Do your “plumber of the month” or “interior designer of the month” profile. Write enough to praise the other person and promote their business without talking much about your company. People love the heck out of this.
Share Educational Webinars. Invite people to a live webinar and/or take advantage of LinkedIn’s ownership of Lynda.com and Slideshare to create interactive learning products. That sounds fancy, but give people something they can do, step by step, using your product and post it on your profile.
Invite People to Live Events. Post invites to events in your offices or local community appearances. Tastings. Whatever you can manage. There’s nothing like a face-to-face engagement to make the digital world look even better.
Okay, so how often should you post?
A Simple LinkedIn Posting Calendar
You can edit this to match the needs of your business, but here’s my recommendation:
- Post links to other people’s articles daily
- Post a video once a week minimum. Better if you can post 3 videos a week
- Post an article monthly (or more if you can muster it)
- Do a profile of someone else monthly (unless you can manage weekly)
- Share event invites whenever it makes sense. You can post reminders to the event 2 to 3 times as well
- Avoid Monday morning posts - worst time ever
- Avoid Friday afternoon posts - tied for the worst time ever
- If you sell to a very specific time zone, 11am and 2pm are my magical posting times for businesses. Earlier and later for self-owned and customer experiences
Content Guidelines to Follow
The videos you post should be brief – no more than 12 minutes, no fewer than 2.
The articles you post can be brief or longer (200 words up to 1500 words).
With links, write about 30 words explaining why you’re sharing it or what to look for.
And with profiles, make them between 200 to 500 words with ample links to the person you’re writing about and any relevant links to their materials.
Add a call to action where it makes sense. Realize that if someone sees this content in their stream and they like it, they will click your LinkedIn profile icon to take a next step.
That’s my advice. Tailor content to fit your business, but don’t skimp on the parts you feel weird about. They’re maybe new to you but it doesn’t mean they’re not what people want.
Give it a try. What do you have to lose?
About Chris Brogan
Chris Brogan is an author, keynote speaker and business advisor who helps companies update organizational interfaces to better support modern humans. The age of factory-sized interactions is over. We all come one to a pack. And it’s time to accept that we are all a little bit dented. Chris advisesleadership teams to empower team members by sharing actionable insights on talent development. He also works with marketing and communications teams to more effectively reach people who want to be seen and understood before they buy what a company sells.
Web: https://chrisbrogan.com Twitter: @ChrisBrogan
Bank of America, N.A. engages with Chris Brogan to provide informational materials for your discussion or review purposes only. The third parties within articles are used under license from Chris Brogan. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2019 Bank of America Corporation
How can a brick-and-mortar retailer convince e-commerce shoppers to get off their couches and into the store? Even if you sell online as well as in-store, there are compelling reasons for cultivating in-store shoppers. Some 71 percent of...
How can a brick-and-mortar retailer convince e-commerce shoppers to get off their couches and into the store?
Even if you sell online as well as in-store, there are compelling reasons for cultivating in-store shoppers. Some 71 percent of shoppers spend $50 or more when visiting a brick-and-mortar store; just 54 percent do so when shopping online.
And shoppers in physical stores buy more than the original item they intended to buy 75 percent of the time. In other words, in-store shoppers are highly profitable.
Getting e-commerce shoppers in your door is easier than you may think. Even though they make some purchases online, nearly 80 percent of consumers still shop primarily in brick-and-mortar stores. All they need is a little nudge.
Here’s how to deliver these customers to your store.
Use email and text message marketing. Direct messaging can be very effective at driving customers to a physical store. According to a report by Sailthru, 22 percent of consumers aged 35 to 44 have redeemed an emailed discount in a physical store; almost 40 percent of 18- t024-years-olds have visited a store to buy something promoted via push notification. Use data from customers’ past purchases to craft targeted messages and offers to entice them to your door.
Boost your presence online. Optimize your website for local search by ensuring your store’s listings in local search directories are up-to-date and complete. They should include your name, address, hours, phone number, images of your store and a link to your website; the description of your store should include relevant keywords. Since Google has become the primary place consumers look for reviews, encourage your customers to review your store on Google so people see a positive rating when your site pops up on Google.
Stay active on social media. A strong social media presence will boost awareness of your physical store. Use paid social media advertising to target shoppers who fit your customer profile and live near your store. You can also work with local social media influencers to publicize your store by inviting them to events or involving them in promotions.
Use your website to promote your store. Even if you sell products online, use your website to drive traffic to your brick-and-mortar store. Include photos of your store interior and displays, along with your address and a map, so people realize there’s a physical location to visit. Highlight the benefits of visiting your store, such as being able to test products or attend live events. You could even spotlight your newest products on your website but offer them for sale only in-store for the first week.
Hold offline-only promotions. Create different discounts and offers for your online and offline shoppers. For example, you could give shoppers who order online a code for a discount that’s good only in-store. Hold a flash sale in-store only or offer free gifts with purchase only to shoppers at your store.
Connect the online and in-store purchasing process. For example, offer the option to order products online and pick them up in store, and allow shoppers to return online purchases at your store. In both situations, shoppers typically do more than just pick up or return a product—they’ll browse and spend some extra money, too.
Use Google Shopping Ads. Since 87 percent of shoppers start their search for products online, grabbing their attention online can get them in your door. If a shopper sees you have the shoes they want in the size they want, they’re likely to buy from you rather than wait for online delivery: 73 percent of people who visit a physical store do so to get a product right away. You can use Google AdWords campaigns to target people searching for products you sell or, even better, set up Google Shopping Ads to display a product photo, price, your store name and more. You’ll need a Google Merchant Center account and a Google AdWords account to get started. Learn more about Google Shopping Ads.
Driving e-commerce customers to your brick-and-mortar store strengthens your retail brand and gives you the best of both worlds.
About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
There’s never been a tougher time to own a local business. Today, anyone can order the same goods they’d find in a brick and mortar store using their mobile phones from billion-dollar businesses with huge economies of scale. They can...
There’s never been a tougher time to own a local business. Today, anyone can order the same goods they’d find in a brick and mortar store using their mobile phones from billion-dollar businesses with huge economies of scale. They can get those purchases delivered to their door the very next day, or even the same day, without ever leaving the sofa, let alone looking for a parking space or waiting in line.
It’s no wonder chains as ubiquitous as Toys R Us, Payless Shoes, and Borders have all closed stores or gone out of business in the last few years while the value of Amazon’s shares almost doubled between April 2017 and April 2019.
The rise and convenience of Internet shopping mean local firms need to look beyond the simple exchange of goods for money as the foundation of their businesses. Any outlet can do that. They need to offer something that Amazon and other online businesses can’t deliver—and that’s a personal service.
They need to stop being stores and start becoming neighborhood institutions.
It’s a role some stores have always played. The owners of local hardware stores never just sold hammers and bags of nails. They also talked to their customers about the projects they were working on or the repairs they were making. They pointed them to tools better suited for the job and gave them advice about avoiding mistakes. That advice was both personalized and localized.
The value of that personal advice is why a huge company like Apple has expanded its Today at Apple sessions. Those creative lessons help customers to get more out of their iPads and Macs, but they also turn Apple stores, already best known for their Genius Bars, into personal learning centers as well as retail outlets.
They give people a reason to come through the door instead of buying online.
That’s exactly what local businesses need to do. They must expand beyond retail sales to include events and experiences related to the products and services they sell.
- It’s always possible to buy clothes online, for example, but only a local clothing store will work with local designers and provide an outlet for students studying fashion at the community college.
- Paint supplies are easy to purchase but only a local art shop can also run a class and provide models for local artists.
- Anyone can work out alone but only a local fitness center can provide a personal coach and the camaraderie of working out with other people.
All those services allow the business to do more than exchange a good or supply a service. They build a relationship with a customer. They turn the customer into a friend. They make the customer feel welcome and they lead the customer to trust the business that they buy from.
Check out how Barebottle Brewing Company builds relationships with their customers in the Bay area.
The way for local businesses to compete with online businesses is to make use of their local advantages. Make customers feel welcome. Know their names and the problems that they want the store to solve. Give them an experience they just can’t get online.
When that happens people won’t just be willing to put down their phones and get off the sofa. They’ll want to visit you. They’ll want to do business with you.
And they’ll want to keep you in business.
Watch our videos about Nashville and Atlanta small businesses:
About Joel Comm
As an Internet pioneer, Joel has been creating profitable websites, software, products and helping entrepreneurs succeed since 1995. He has been at the frontlines of live video online since 2008 and has a deep expertise in using tools such as Facebook Live, Periscope, Instagram or Snapchat to broadcast a clearly defined message to a receptive audience or leveraging the power of webinar and meeting technologies.
Joel is a New York Times best-selling author of 15 books, including “The AdSense Code,” “Click Here to Order: Stories from the World’s Most Successful Entrepreneurs,” “KaChing: How to Run an Online Business that Pays and Pays and Twitter Power 3.0.” He is Co-Host of The Bad Crypto Podcast one of the top crypto-related shows in the world and has spoken before thousands of people around the world and seeks to inspire, equip and entertain.
Web: https://joelcomm.com/ or Twitter: @JoelComm
Bank of America, N.A. engages with Joel Comm to provide informational materials for your discussion or review purposes only. Joel Comm is a registered trademark, used pursuant to license. The third parties within articles are used under license from Joel Comm. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Online reviews have become a guiding force in how consumers and B2B buyers alike decide where to buy. A whopping 85 percent of consumers trust online reviews as much as personal recommendations and consumers spend an average of 31 percent more...
Online reviews have become a guiding force in how consumers and B2B buyers alike decide where to buy. A whopping 85 percent of consumers trust online reviews as much as personal recommendations and consumers spend an average of 31 percent more with companies that have excellent online reviews.
The number of online reviews your business has even factors into your business’s search engine results position on Google. With so much importance attached to reviews, how can you get more good ones? Here are some tips for boosting your star rating—and for dealing with negative reviews.
Do’s and Don’ts to Get More Good Reviews
- Do provide great service. Yes, it’s obvious, but too often forgotten: The only sustainable way to get more positive reviews is to offer outstanding products and services.
- Don’t bribe customers for reviews. Incentivizing reviews by offering a discount or reward in return violates many review sites’ terms of service, including Yelp’s. (Check the terms of service on each review site to be sure what their rules are.)
- Do ask customers to review your business. The best way to do that is in person. When you know a customer is happy with your business, say something like, “We'd love it if you’d review us on Yelp.” Here are some other ideas to encourage reviews:
- If you have a brick-and-mortar location, post signage indicating which review site/s you’re on.
- Print “Review us on [SITE]” on your receipts or invoices.
- Include requests for reviews in your email newsletters and other email marketing materials.
- Link to your review listing at the end of your email signature.
- Don’t assume you’re “done.” Consumers read an average of seven reviews before they feel confident trusting a business. That doesn’t mean you can get seven reviews and then stop. Keep a steady stream of new reviews coming to keep your listing fresh.
- Do make it easy for customers to review your business. Don’t make customers search all over the internet for your review listings. Start by directing them to your review site of choice, whether that’s HomeAdvisor, Yelp or Google. (Of course, you want reviews on more than one site, but if you have 50 reviews on Yelp and only two on Google, you’ll want to focus on Google reviews for a while.) Put clickable icons on your website and in any digital communication with customers, so all they have to do is click to go directly to your review listing and start writing.
Handling Negative Reviews: Do’s and Don’ts
There’s good and bad news about negative online reviews.
- The bad news: Consumers are 21 percent more likely to leave a review after a negative experience than a positive one.
- The good news: A few negative reviews can actually make customers trust your reviews more. If a business has no negative reviews, 95 percent of consumers suspect the good reviews are fake or the bad ones have been censored.
Consumers have become more sophisticated about reviews, and most can recognize when a reviewer is being irrational. It’s the negative reviews founded in reality that give you a chance to learn from criticism and improve your business.
Here's how to deal with bad reviews:
Don't ignore them. Reply to a negative review as soon you see it. Reputation management software for small businesses can help you monitor and manage reviews.
Do be understanding. Express empathy for the customer’s unhappiness.
Don’t discuss it in public. Ask the customer to contact you privately to discuss their concerns. It’s best to talk by phone or in person, as texts and emails are subject to misinterpretation.
- Do share the happy solution. Once you resolve the matter, ask the customer if they’d be willing to add an update to their original review.
Most customers who complain simply want to be heard. Listen, respond, and who knows? You could turn that negative reviewer into a raving fan of your business.
About Rieva Lesonsky
Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.
Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2017 Bank of America Corporation
Influencer marketing has evolved rapidly over the last few years. In fact, influencer marketing has become such a key growth strategy for businesses that the industry is estimated to reach up to $10 billion by 2020. For a long time,...
Influencer marketing has evolved rapidly over the last few years. In fact, influencer marketing has become such a key growth strategy for businesses that the industry is estimated to reach up to $10 billion by 2020.
For a long time, influencer marketing was mostly associated with big brands and celebrities. The landscape is changing and, as individuals invest in building niche communities on platforms like Instagram, Facebook and YouTube, businesses are beginning to recognize their value.
We are now seeing a new wave of micro-influencers leading the way, not only for the big brands but for small businesses looking to capitalize on the trend. 2019 Statistics show that 81% of all influencers are micro-influencers.
This has created a level playing field for small businesses with an opportunity to drive sales even in a local market.
In this article, I’m going to show you how you and your business can get started with micro-influencer marketing.
What Is A Micro-Influencer?
Just as it sounds, a micro influencer is a person that may not have the largest following on social media but the following they do have is highly engaged. This person has a lot of influence among their community and, as a result, that community is highly likely to listen and act when a value proposition is presented to them.
Eighty one percent of micro-influencers have between 15k and 100k followers but don’t let this deter you from partnering with audience sizes as little as 5000 followers. A report by Gartner L2 showed there is actually an inverse correlation between the number of followers and the engagement rate in Instagram influencers.
This highlights a critical factor in the success of micro-influencer marketing. It’s not just about the size of an influencer’s audience, the quality of the audience is just as important.
What are the benefits of working with a Micro-Influencer?
It’s A Cost-Effective Marketing Strategy
One of the biggest challenges that businesses face is finding their target audience and earning their attention. To do this exclusively in-house can be costly and extremely time-consuming. It can take months, if not years, to build an engaged audience who buys into your messaging and your product offering.
Micro-influencers have already done all the work. You have instant access to a highly-engaged, targeted audience. That’s hugely valuable especially in a local market.
While some micro-influencers still accept product in exchange for their endorsement, most now require compensation for their work.
The cost of influencer marketing varies greatly based on a number of factors including the influencer’s social reach, the type of sponsored content and the length/ frequency of your arrangement.
A report by Later (2018) stated 66% of businesses paid under $250 per influencer post, while 27% paid between $250 and $1000 per post.
Influencer Marketing Hub created an Instagram Money Calculator to help calculate how much an influencer’s post is worth. Whilst this shouldn’t be used to define an influencer’s compensation plan, it can provide a generalized overview. For the most part, micro-influencers will have their own media kits and pricing structures in place.
As a general guide, you can expect to pay anywhere between $75 and $2000 per post depending on the value that micro-influencer brings.
With that in mind, micro-influencers can be far more cost-effective than if a business were to grow organically by themselves.
Social Proof leads to Sales
Sixty one percent of consumers aged 18 to 34 have, at some point, been swayed in their decision-making by digital influencers.
Micro-influencers have already earned trust among their community. That social proof carries a lot of value when it comes to the follower making a positive buying decision.
Fullscreen, a global leader in social-first entertainment and branded content, partnered with leading social analytics firm Shareablee, to analyze 31,000 influencers. In their report, they discovered 22% of 18-34 year-olds have made a large purchase after seeing an online influencer endorsing the item. With the right micro-influencer(s) working with you, this strategy has the potential to generate large returns on your investment.
Influencer Marketing is Scalable
Micro-influencers act like your own marketing and sales team combined. They have their own audiences and they know what works in terms of engaging and converting that audience into sales. Brand campaigns driven by micro-influencers are estimated to create 60% higher engagement rates.
Micro-influencers don’t require the management of an inhouse team and they already have a community of warm leads. Deploying effective marketing campaigns and consistently generating leads are two of the biggest challenges small business owners face, which makes micro-influencers a huge asset to small businesses especially on a local level.
Influencer marketing is scalable. While it requires a financial investment, the right micro-influencers will quickly generate a return and dramatically build your brand’s awareness and reputation.
How to Get Started Working with Micro-Influencers
Getting started with micro-influencers is simple but not always easy. Here is a basic checklist for you to follow:
- Create a strategic plan with clear objectives you want to achieve.
- Make a list of potential micro-influencers to start exploring.
- Reach out to start building a relationship. Make sure your approach is very win/win as the micro-influencer may receive numerous invitations to partner with brands on a regular basis.
- Invite the micro-influencer to consider collaborating with your business.
- Draw out a written plan with clear terms and conditions to protect both parties.
- Set a time period initially to establish success markers.
This sounds straightforward, but it does require a lot of work and there are a few best practices to follow.
Best Practices for Micro-Influencer Marketing
1. Find Relevant Influencers
It’s really important to keep your end goal in mind when it comes to finding influencers with whom you can partner. You’re not looking for just anyone, even if they have an engaged audience. It has to be the right demographics that fit your target audience.
Positioning is key. You are looking for local influencers who have a loyal following that matches your target market.
This way, when the influencer presents your business and call to action, you are going to see some traction and a profitable return on your investment.
The easiest way to find relevant influencers is to spend time researching the platform on which you and your audience is most active. Search locations, hashtags and mentions to find out where the conversations are happening. Once you find potential micro-influencers, monitor their profile and their interactions closely. Look for the quantity but more importantly the quality of engagement on each post.
By investing time up front, you will ensure that you find micro-influencers that are a good fit for your business. Not only will it save you time long-term, it can save you a lot of money working with people who aren’t a fit and perhaps don’t carry the influence you initially thought.
2. Ensure the Authenticity of Micro-Influencers
As influencer marketing has grown, so have the number of companies looking to capitalize on the trend. In 2018, the extent of influencer fraud was exposed as thousands of accounts were found to be buying likes, follows and engagement to appear as though they had gained influencer status.
Captive8 reported that of the $2.1bn spent on influencer-sponsored Instagram posts in 2017, more than 11% of engagement on those posts was generated from fraudulent accounts.
This is a big problem. While technology companies are working to combat this by launching AI-focused tools, influencer marketing fraud still remains a huge issue.
Ninety percent of Marketers believe proving authenticity is critical to the future of Influencer Marketer.
For you, as a reputable business, it’s imperative that you do your research and establish the validity of an influencer before jumping into a relationship with them.
Monitor their account, check the quality of their audience and their engagement. Look for sponsored posts and how the traction gained in quality likes and comments.
When reaching out, ask for case studies and past results that you can cross-check. Also ensure that the micro-influencer is following FTC Guidelines.
It’s important to keep in mind that micro-influencers want to ensure the authenticity of your brand and products. Influencers promote what they trust. Take time to share with them and provide samples when appropriate. Micro-influencers have earned a loyal audience and protecting that audience is their responsibility.
3. Measuring the ROI of Micro-Influencers
One of the biggest challenges for businesses investing in micro-influencers is measuring the return on investment. As a business owner, you want to know that your marketing strategy is working and delivering results.
Eighty five percent of marketers say engagement data is the biggest metric of success for influencer marketing. Forty six percent of marketers are using product sales to measure the success of influencer marketing.
Both are valid measures. These are three key areas you want to track:
- Engagement:cThis is typically measured in new followers, likes, comments, shares, mentions, and all other forms of engagement with your business as a result of working with a micro-influencer. The return here is in brand awareness and growth. You should see a spike in engagement each time the micro-influencer shares your brand. This is a simple way to visually see the impact your micro-influencer has.
- Content: This metric is made up of comments, shares and sentiment of the paid posts. It helps establish whether the content fits with the audience and the objective. This may be an indication to try a different type or style of content that may resonate better.
- Sales: You can track this by providing affiliate urls, influencer exclusive discount codes and monitoring google analytics so that you can measure the sales each micro-influencer has brought to your business.
If you’re a small business owner, micro-influencer marketing can offer a lot of value and certainly has the potential to drive big sales in your local market. It just takes the right research, the right influencer, and the right partnership.
About Mari Smith
Often referred to as “the Queen of Facebook,” Mari Smith is considered one of the world’s foremost experts on Facebook marketing and social media. She is a Forbes’ Top Social Media Power Influencer, author of The New Relationship Marketing and coauthor of Facebook Marketing: An Hour A Day. Forbes recently described Mari as, “… the preeminent Facebook expert. Even Facebook asks for her help.” She is a recognized Facebook Partner; Facebook headhunted and hired Mari to lead the Boost Your Business series of live events across the US. Mari is an in-demand speaker, and travels the world to keynote and train at major events.
Her digital marketing agency provides professional speaking, training and consulting services on Facebook and Instagram marketing best practices for Fortune 500 companies, brands, SMBs and direct sales organizations. Mari is also an expert webinar and live video broadcast host, and she serves as Brand Ambassador for numerous leading global companies.
Web: Mari Smith or Twitter: @MariSmith
Bank of America, N.A. engages with Mari Smith to provide informational materials for your discussion or review purposes only. Mari Smith is a registered trademark, used pursuant to license. The third parties within articles are used under license from Mari Smith. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
It’s not every day you encounter a small business with such a unique combination of components as: 1) a core product offering of handcrafted, made-to-order bicycle bags, 2) an owner who attentively sews these wares out on the...
It’s not every day you encounter a small business with such a unique combination of components as: 1) a core product offering of handcrafted, made-to-order bicycle bags, 2) an owner who attentively sews these wares out on the showroom floor, and 3) an adjoining bar and café that sells an array of locally sourced treats to hungry bicyclists.
Welcome to The Spindle, one of many eclectic small businesses within Atlanta’s Old Fourth Ward neighborhood, and part of a thriving, close-knit community of entrepreneurs who are pursuing their passions.
For brothers and co-owners Sharif and Ezz Hassan, The Spindle is a natural reflection of both their individual strengths and shared interests, not to mention the simple need for a place in the neighborhood that offers honest expertise from people who ride bikes.
“To be successful in any small business, you need three things: patience, humility, and passion,” said Sharif during a recent visit, emphasizing the latter trait. “Otherwise you’re not going to follow through with it all the way.”
It’s this shared passion that’s not only kept them in business, but growing well beyond the initial vision of a small shop serving only handmade bike bags. Indeed, The Spindle opened in 2013 as an extension of Ezz’s burgeoning hobby of sewing custom-made bike packs. Over the years, it has evolved into a neighborhood institution and gathering spot, especially after the shop further expanded its offering to include The Spindle Kitchen in 2018,serving coffee, beer and a range of healthy dishes sourced from local farmers and vendors.
This ongoing commitment to the surrounding community is a point of pride for Sharif and Ezz. Visit The Spindle’s website and you’ll find a comprehensive calendar of upcoming rides and events that they help organize and participate in. And while Ezz is busy making the bags, Sharif is regularly making the rounds within and beyond the neighborhood to check in on friends, family, and patrons.
“Sharif’s really good at bringing the community together,” Ezz maintains. “He goes out on a lot of rides, and I think it’s nice to have someone out there in the community who’s really genuine.”
Of course, that leaves Ezz with the formidable task of fulfilling all the orders that come in, which is why you’ll find him dutifully attached to his sewing machine during business hours – and often times, overnight and into the early hours of the morning.
“If you find something you really like, you have to do it all the time,” Ezz explains. “And when you make something and hand it to a customer who’s really excited about it? I don’t think there’s anything better than that, because you’re giving them an item they’ll have for the rest of their life. That’s why I feel really lucky.”
Balancing the around-the-clock demands of a business like The Spindle may not be for everyone, but Sharif and Ezz wouldn’t have it any other way. For them, it’s an opportunity to not only pursue their passions, but also create a lasting legacy with each other.
“This is a fulfilling lifestyle,” Sharif says. “Being able to engage with the community and to work with my family on a daily basis is the definition of fulfilling.”
Next: Go around the block in Atlanta with Myrna Perez
Check out our other Small Business Spotlights:
Preparing for the unexpected is a key element of small business ownership. The Bank of America spring 2019 Small Business Owner Report found that many entrepreneurs are taking steps to prepare their business for unexpected events, but...
Preparing for the unexpected is a key element of small business ownership. The Bank of America spring 2019 Small Business Owner Report found that many entrepreneurs are taking steps to prepare their business for unexpected events, but there’s still room for improvement. On this episode of “The Heartbeat of Main Street,” Bank of America Head of Small Business Sharon Miller shares tips on how to prepare for unexpected events including disasters, cyberattacks, reputational crises and more.
“The Heartbeat of Main Street” delivers timely insights tailored to the needs of small business owners and entrepreneurs. Featuring a rotating line-up of small business experts and industry leaders – and covering a range of topics – each episode explores the trends that have an impact on revenue creation for small business owners.
The series is hosted by ForbesBooks, and more information can be accessed through a dedicated home page. New episodes will appear regularly on the Small Business Community podcast page. Be sure to check back often – so you don’t miss a beat.
Narrator: Welcome to “The Heartbeat of Main Street” with ForbesBooks at ForbesBooks.com and Bank of America at BankofAmerica.com. Here’s your host, Gregg Stebben.
Gregg Stebben: Welcome to “The Heartbeat of Main Street,” with ForbesBooks and Bank of America, I'm here with Sharon Miller. She is the head of small business for Bank of America, we're talking about the new Small Business Owner Report that Bank of America just released. Sharon, welcome.
Sharon Miller: Thank you, Gregg, for having me.
Gregg Stebben: Really a fascinating report here, among other things, you asked small business owners how they're preparing for the unexpected. Things that could potentially disrupt their businesses like natural disasters, cyber security issues, reputational threats. Give us a summary of the things you found.
Sharon Miller: First of all, the good news is a majority of entrepreneurs do have a continuity plan in place. Entrepreneurs are recognizing the need to prepare for disruptive events, like you talked about. Whether it be a natural disaster, maybe a cyber breach, so they're thinking about it, and nearly two thirds do have a plan in place, but that still leaves one-third without any planning at all, which is troubling.
Gregg Stebben: We're going to talk here about some things that small business owners and entrepreneurs can do to put a continuity plan in place. Let's dive into some specifics here. First of all, accidents and disasters, like a fire or a flood, what should I be doing? What should I be thinking about? What steps should I be taking to prepare for that?
Sharon Miller: When you think about protecting your business, first of all for a flood, for a fire, or other natural disaster, you want to make sure that you have an insurance policy in place. And what we found, was about half of the small business owners that we surveyed did have an insurance policy in place. But again, that leaves half that did not. Also, you want to be thinking about backing up your files, because what if a flood happens? What if something damages your computer system? Make sure that you're continually backing up your files, because you've got all your records, you've got your clients, all the things that you need to understand what's happening with your business, your tax records. Make sure that you have them backed up.
And then, the communication protocol for employees. Those entrepreneurs that have employees, make sure that you've got some type of calling tree. So, if something happens who calls who? And making sure number one, all of your employees are safe, and then from there, what happens to report back to work? Is the business open? So that you have that open line of communication with your employees. Those are some of the steps you can be taking, and we want to make sure that entrepreneurs are thinking about it. Because, you've got to plan for the unexpected, you never know when it's going to happen.
Gregg Stebben: Obviously buying fire insurance, accident insurance, flood insurance, those are pretty obvious things, even if you're not doing it, you know you should. I think backing up your systems is essential, and there's lots of tools available today that make that very easy and affordable. I love you bringing up the idea of communications protocol, because I think that's something that would escape many, many businesses until they hear it, like in this interview with you, or frankly until something bad happens and they don't have a communications protocol.
Sharon Miller: That's exactly right. And I think about Bank of America. In Houston, we had the hurricane, and that was the first thing we go to, the communication. Check in on our employees. Are you okay? What's happening? Because we want to make sure, for the safety of our employees, and again we didn't anticipate a hurricane coming, but you've got to plan for the unexpected. And the safety of our employees is of the utmost concern, that's the number one thing for any business. Making sure they're safe, and then giving them the instructions on what happens. Will we be closed? When are we going to reopen? How do you report back to work? All of those things are necessary.
Gregg Stebben: Now, for accidents and disasters, like fires and floods and things like that, it seems like the steps are pretty obvious. Especially, now that we've talked about them. Buying insurance, making sure you're prepared in advance, backing up all your data and your systems, having a communications protocol. I love that idea. The next thing we're going to talk about is a little harder to prepare for, it's a reputational crisis. What happens if something happens to your company's reputation? What should we be thinking about there?
Sharon Miller: Reputational management is so important, and it's critical to business success. And what we found on that front as well, is only one quarter of small business owners have a crisis management plan in place. And it is something that absolutely needs to be developed to address reputational issues, and at least three quarters that don't. So, how are you actively managing your social media? How are you making sure that you are out there visible and ensuring that there are good reviews?
We asked about reviews in this report as well, and what did business owners think about reviews, negative versus positive. By and large, the business owners told us, “We think the positive review is much more effective for our business.” And I think they're missing a big piece, because something written negative about your business, just one person, that can have a rippling effect through people reading social media, can create doubts about your company.
So, it's important that you consult, whether it be for cyber issues, cyber security specialists, there are companies out there managing social media, so all of those things are important to the reputation of your company and your brand. You're building a brand for your business, and so you want to make sure that there's nothing detrimental out there, and when it is, that you're able to take action and address it. Because you're always going to have issues. There're going to be service issues, there's going to be things that go wrong. And what I always say, “It's not that things will go wrong, it's how you fix them and address them when they do.” Because consumers know, everything is not going to be perfect every day. But it's when you make a mistake, how do you recover, and how quickly can you recover and make it right for that client?
Gregg Stebben: I'm really glad you said that, and in fact in an earlier interview, which you can hear as part of the Heartbeat of Main Street podcast. We talked with a company called PSP Diesel, and we talked about exactly how you can use your reviews to build your business, and what to do to be prepared in the event that you have a bad review. So, that's another great podcast to listen to. We're talking with Sharon Miller about the new Bank of America spring 2019 Small Business Owner Report. Sharon is the head of small business for Bank of America. We've been talking about things like natural disasters, fires and floods. We've talked about reputational crisis, let's talk about cyber security. Do you have any tips for things we should be thinking about, to make sure that our businesses are secure?
Sharon Miller: Absolutely. Well, the top three actions that we find for business owners, when it comes to cyber and making sure that you're prepared for a cyber-attack: one, make sure you're installing security patches and updates. This is a pretty simple step. When there's a security patch, when there's an update, make sure everything is up to date. Make sure you're securing your customers’ data, you've got to make sure that data is secure, that is a trust factor with your clients, and making sure that all the data that you have on them, for them, about them, that it is very, very secure.
And then as you have confidential documents that are floating around your office, that you have as a part of doing business, you got to make sure they're securely disposed. You can't just throw them away, you make sure that they're shredded, that they're securely disposed, picked up, however it is that you are filing those things away. It's got to remain very, very confidential, because yes, cyber we think of the security on our computer, but it's also papers that could be laying around. All of those things have to be secured and have to be disposed of properly so that you can protect your clients’ interests.
Gregg Stebben: You know what's really interesting to talk about here, relative to cyber security, that you brought up, it's not just cyber security, but security includes being aware of and handling appropriately what you're doing with physical paper as well. The great news that I think about that is, that you can outsource that. There's lot of best practices, you don't have to invent this for yourself, you just have to go and find the vendor, or the partner that can handle it for you. And know that you're in good hands, because it's their area of expertise, it doesn't have to become your area of expertise.
Sharon Miller: Not many companies have the luxury to hire a chief technology officer or a cyber expert. So, it's important that you go and contract with other vendors that have this specialty, and that's what small businesses do. You can't afford to not invest in this for your business, and whether it be through the computer or for the physical papers that you have floating around in your office, it's important that they're handled correctly. Because when a reputational issue hits, sometimes it's not recoverable.
Check out our Fraud and Privacy Resource Center
Gregg Stebben: We're talking about Bank of America's new spring 2019 Small Business Owner Report. We're talking with Sharon Miller, Sharon is the head of small business for Bank of America. Sharon I want to ask you one last question, because we're talking about things that businesses need to do to be prepared for all kinds of unexpected things. And the last thing I want to ask you about is another type of event that small business owners have no control over, and that's an economic downturn. What should we be doing to be prepared for that?
Sharon Miller: Business owners are not as optimistic about the local and national economy as they have been in the past. But they are optimistic about their business, and their prospects for growth over the next 12 months. No matter how you feel about your business, it's important to make sure you're preparing for the unexpected. So, number one, make sure you have an emergency fund. Things may not always be going great. The number one reason why businesses go out of business, is because they're not managing their cash flow appropriately. We just launched out Business Advantage 360 platform, for business owners this first quarter and over 400,000 business owners have already gone on this platform and what we're hearing is, “Wow, this is great information. It’s great tools, it's helping us manage our cash flow, which is a huge concern.”
So, make sure you've got an emergency fund, and that you're appropriately managing that cash flow. Two, make sure you've got some alternative business plan, reducing your overall expenses. Because when times get tough, you don't want to have to close the doors. You can cut back a little. How can you reduce expenses? How can you be managing that P&L, so that you're able to stay in business through the ups and the downs? And then, opening a line of credit. Most people come to a bank to open a line of creditwhen they need it. To me, it's part of a foundation of smart credit.
Read next: 10 Cash Flow Tips for Small Businesses
Get a line of credit established, even if you don't need one, because there may be a time when you do. And when you do need one, that might not be the time when you can qualify. So, as you're planning your business and as you're managing your cash flow, be sure you're working with a specialist, with a banker that can help you think about these things. So that when times get tough, because it's not if, it'll be when. History repeats itself, there are cycles that go on in business. So, you've got to make sure that you're working with a partner who has seen these cycles and who can help you plan for the unexpected.
Read next: Creating a Balanced Cash Flow Cycle
Gregg Stebben: Sharon those are really great tips. Thank you so much. These all come as a result of the spring 2019 Small Business Owner Report from Bank of America. She’s Sharon Miller, she's the head of small business for Bank of America, and for more great small business tips, check out Bank of America's online Small Business Community at BankofAmerica.com/SBC. Sharon, thanks so much for joining us.
Sharon Miller: Thank you, Gregg, for having me.
Narrator: Thanks for listening to “The Heartbeat of Main Street” with ForbesBooks at ForbesBooks.com and Bank of America at BankofAmerica.com.
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Chris Brogan is an author, keynote speaker and business advisor. Chris advises leadership teams to empower team members by sharing actionable insights on talent development. He also works with marketing and communications teams to more effectively reach people who want to be seen and understood before they buy what a company sells.
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