Business Solutions – The Business Owner and the Internet

Small medium sized business owners and directors always seek quick and cost effective solutions to their problems; however, from time to time some problems are encountered in achieving this goal.

Some issues may be easy to fix and may be a ‘pleasant’ experience, such as addressing business growth, where to invest excess cash and so on. Others cause much concern, perhaps because of their complexity, urgency or their potential long term adverse impact on the business.

Understandably it is not uncommon to find that small business owners are technically capable in their area of expertise, but when challenged to find solutions to business related problems outside of that area they must turn to experts or professionals in other fields.

Particularly in a start up company the accountant, solicitor or bank manager may be a source of help. However, it may be found that not all answers are available from that source. So to whom does the business owner turn? It may be trade associations, chambers of commerce, network groups, other entrepreneurs, friends and so on.

All may offer some advice but this may be an uncoordinated approach and costly in terms of time. This source of knowledge may be of significant value and should not be totally overlooked. However, start-up companies and small and medium sized business owners usually seek business solutions immediately. After all they do wish to succeed in their business venture and issues that jeopardize that success require resolution at the earliest opportunity.

Consequently any delay in securing help from independent bodies or friends may be perceived as aggravating the problem to be overcome.

Unfortunately not all problems can be resolved quickly.

Some, perhaps many, business problems may be caused through a lack of planning or maybe lack of knowledge and understanding on the part of the small medium business owner. This may require investigation into the root causes of the problem in question, before action can be taken rather than develop a solution only to counter the ‘effect’ of the problem.

Also in the business world, the level of government ‘red tape’ may be burdensome to the business owner or director, and adherence to all aspects of their legal obligations is usually mandatory. However, governmental influence may delay resolution of problems, and ignorance of the law is not be an excuse should serious consequences arise through non-compliance.

In addition should cash constraints exist within the business, it may not be possible to ‘buy in’ the required level of expertise. This may burden the small medium sized business owner with gaining knowledge or learning skills alien to himself.

Today the business owner without adequate or reliable access to, knowledge of leadership, business management, business development, marketing, accounting, financial management, IT, business planning, ecommerce, employee relations and so on is seriously disadvantaged.

What alternative sources of business advice are available?

The internet may provide the help needed to overcome some if not all of these gaps in the business owners’ knowledge. This solution may not be satisfactory to everyone; the fear, uncertainty, reluctance in using the internet may still be an overwhelming barrier to some, but without doubt access to knowledge is much easier using this medium.

Understandably the early content based websites were dedicated to providing knowledge much biased towards sharing internet technology with others. This situation continues to change with many webmasters now committed to providing content for all niche areas, including those applicable to the small business owner.

Whether the business owner is in ‘fire fighting’ mode or being proactive in planning to avoid problems help and advice can now be found on the internet.

Up to date, easy to read newsletters on specific matters of interest, such as general business matters, taxation, are freely available; together with articles and e-books are available to help solve or prevent business problems.

This fount of knowledge continues to expand and many experts and entrepreneurs within the business sector continue to offer visitors to their websites valued help and assistance.

How should the business owner react to this plethora of knowledge?

Be positive.

The owner should continually research for sites that offer the business content that is being sought and is presented in an acceptable style. Actively participate in forums if available; this will raise awareness of your concern and afford the opportunity to other site participants to offer their advice freely in the matter.

Use the content on the internet as a valued tool in resourcing solutions to your business problems. Remember it is available at all times, easy to access and very cost effective.

Top Five Tips Small Business Owners Can Learn From JK Rowling

J. K. Rowling is the English writer who has authored all seven beloved and widely read Harry Potter novels. At age 41, her rise to fame and fortune is inspiring. She has sold over 325 million books. The final book in the series, Harry Potter and the Deathly Hallows, was the fastest-selling book of all time.

Her fortune is estimated at $1 billion. She is ranked as the 136th richest person in the world. In 2006, Forbes named Rowling the second richest female entertainer in the world and ranked her as 48th on the 100 most powerful celebrities list of 2007.

When this all began in 1990, however, things were very different for J. K. Rowling. She was not a published author. She did not have a lot of money. She was living in London, working as a researcher and bi-lingual secretary for Amnesty International, and her mother had just died. How she got from there to where she is today is a story filled with invaluable tips for small business owners.

Tip # 1: Don’t Rush to Roll Out Your Product.

Destiny is a name often given in retrospect to choices that had dramatic consequences. – Rowling

Although J. K. Rowling had been a writer all her life, she was slow to publish. “I had written two novels before I had the idea for Harry, though I’d never tried to get them published (and a good job too, I don’t think they were very good).”

All too often, as small business owners, we rush to get a product out before its time, before it’s been fully considered or tested. Rowling sets a great example of getting a product just right before presenting it to the world.

Tip # 2: When a Great Idea Grabs You — Grab Back.

You sort of start thinking anythings possible if you’ve got enough nerve. – Rowling

Great ideas are unmistakably powerful in their announcement and come when least expected. Rowling says:

Where the idea for Harry Potter actually came from, I really couldn’t tell you. I was traveling on a train between Manchester and London and it just popped into my head. I spent four hours thinking about what Hogwarts would be like. By the time I got off at King’s Cross, many of the characters in the books had already been invented.

As small business owners, we know when a great idea is upon us. The problem is, we often question it, second-guess it, and rationalize it away. Not Rowling. She recognized the mark of a powerful idea, seized upon it and went with it.

Tip # 3: Persevere, Persevere, and Persevere.

It is our choices . . . that show what we truly are, far more than our abilities. – Rowling

Rowling moved to Portugal to teach English as a Second Language in 1991 and married her first husband in 1992. They divorced in 1993. The next year, she moved to Scotland. At this point, she was an unemployed single mother living on welfare. In 1995, she completed her manuscript for Harry Potter and the Philosopher’s Stone, typing it out on an old manual typewriter. She handed in the book to twelve publishing houses. They all rejected it.

Rowling never gave up. She did not stop just because life was hard. Despite all the changes and setbacks she was experiencing, she carried on. She persevered. As small business owners, we would do well to keep her example in mind.

Tip # 4: Don’t Let Anyone, Including Yourself, Sidetrack You from Your Goal.

If you’re holding out for universal popularity, I’m afraid you will be in this cabin for a very long time. – Rowling

Finally, Bloomsbury, a small publisher, agreed to publish the first book. Her editor, though, says that he “advised Rowling to get a day job, since she had little chance of making money in children’s books.”

It’s a good thing she didn’t listen. All seven volumes of the Harry Potter series have broken sales records and have been translated into 65 languages. What a shining role model Rowling is for small business owners. She didn’t let anyone stand in the way of her goal-not even herself.

Tip # 5: Each of Us Has a Unique Contribution to Make to the World.

I just write what I wanted to write. I write what amuses me. It’s totally for myself. – Rowling

J. K. Rowling never went searching for the kind of success she’s received. “I just wrote the sort of thing I liked reading when I was younger (and still enjoy now!). I didn’t expect lots of people to like them, in fact, I never really thought much past getting them published.”

It wasn’t fame or wealth that J. K. Rowling sought. No. She simply wanted to contribute to the world in general, and to children specifically. As small business owners, this is so important to learn. Focus on the unique something we have to offer to the world. The rest will surely come, in ways we may not even be able to imagine.

Small Business Marketing – The Power of a Market Review

Conducting a market review is one of the most important steps in the small business marketing process as it provides together with a business review the information you need to create a dynamic marketing plan. All big businesses conduct these reviews as they know it can save time and money for their business.

A market review does not have to be complicated and a lot will depend on what information you can source. The important factor regarding a market review is to understand the key elements of your market and how these elements can affect your business now and in the future.

The key elements you need to look at when conducting a market review for your small business include:

Size of Market
Your market is simply the overall industry in which you compete. For example if you sell juice then you compete in the Beverage Market. If you sell holidays as a travel agent then you compete in the Tourism Market. Analyzing the size of your market can tell you whether it is growing or declining, help you to identify growth opportunities and for a new small business can determine if the market is large enough to compete in and operate a profitable business. There are many sources you can use to gather information on the size of your market and these include trade magazines, industry associations, search engines and local government websites and resources.

Market Segment Analysis

Segmentation is a process that looks at the total market and then divides the products or services into broad groups that have similar characteristics. In the examples above, whilst the total market is beverages, the segment that is the most important to a juice manufacturer is the Juice Segment. Looking at the total beverage market today throughout the world the leading soft drink manufacturers have entered many of the market segments such as bottled water to expand their business. Market segment analysis also helps you to determine where your small business marketing efforts should be concentrated.

Distribution Channel Analysis
A distribution channel is the way in which your product or service is made available to your customers so they can purchase it. Examples are supermarkets, personal selling (face to face selling), distributors and the internet. Analyzing the sales of each distribution channel in your market enables you to identify which channels are the most important for you to compete in to grow your business.

Market Trends
A trend is any significant change to your market that your business may need to respond to. Examples of market trends include changes to the economy, changing customer demographics, social and global factors (to name a few). If you conduct business in the USA at the moment or are intending to compete in the USA then the concerns about a possible recession and how it could affect your small business needs to be identified so action plans can be put in place to minimize the impact.

Market Seasonality
If a product or service is seasonal it means that the majority of the sales occur at one or a few times a year. Tax accountants obviously have increased sales when the end of the financial year occurs and tax returns and other government reporting are required. Understanding market seasonality factors can lead to your small business maximizing sales through this period and also may highlight opportunities to spread your sales throughout the year.

Competitor Analysis
Your key competitors need to be analyzed in order for you to identify their key strengths and weaknesses and how they compare to your own small business. Reviewing this area means that you can be smarter with your marketing efforts and be proactive against their weaknesses and of course defend against their strengths. One tip that all big businesses do is to have a competitor file with examples of their marketing activities, products or services.

Big businesses know the value of reviewing the market in which they compete and you can to. Remember you can start slowly and just review one section at a time and then put in place activities or make business decisions based on the review to grow your small business.

© Marketing for Business Success Pty Ltd 2008

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