Tag: marketing

10 Steps to Position Your Business for Success in the New Year

The beginning of a new year offers entrepreneurs the ideal opportunity to evaluate their business, align with their team, and set clear goals for the months ahead. Starting strong requires intentional planning, a focus on data, and active engagement with your team. By leveraging insights from last year’s performance and building a proactive strategy, you can create a roadmap for growth and success. Here’s a comprehensive approach to kicking off the year on the right foot.

1. Conduct a Detailed Review of Last Year’s Performance Before setting goals for the new year, take time to reflect on your business’s performance over the past twelve months. Start with your Profit and Loss (P&L) statements to assess revenue, costs, and profit margins. Identify high-performing areas as well as those that fell short of expectations. This financial review will reveal trends, strengths, and weaknesses in your business model.

Beyond the P&L, analyze other critical metrics such as sales data, marketing ROI, customer retention rates, and employee productivity. Don’t overlook qualitative insights, such as customer feedback and team observations. This 360-degree review will provide a clear picture of where your business stands and where opportunities for growth lie.

2. Engage Your Team in Strategy Development A motivated and aligned team is essential to achieving your business objectives. Start the year with open communication by involving your team in strategic discussions. Hold brainstorming sessions, team meetings, or one-on-one conversations to gather feedback on processes, challenges, and potential improvements.

Your employees are on the front lines of your business and often have invaluable insights into operational efficiencies, customer pain points, and market trends. Use their input to create a collaborative plan for improvement. Additionally, this engagement fosters a sense of ownership and motivation, ensuring that your team is fully invested in the business’s success.

3. Set Monthly Goals with Clear Responsibilities Breaking the year into smaller, manageable segments is crucial for effective execution. Set specific, measurable, achievable, relevant, and time-bound (SMART) goals for each month. These objectives should align with the overall vision for your business. Examples might include increasing monthly revenue by 10%, launching a new product by a certain date, or reducing operational costs by a specific percentage.

Assign clear responsibilities to team members or departments for each goal. Outline what success looks like and establish timelines for completion. Ensure that everyone understands their role in the broader strategy. Regularly revisit these goals during team check-ins to maintain momentum and address any obstacles.

4. Establish and Monitor Key Performance Indicators (KPIs) Key Performance Indicators (KPIs) are the metrics that will help you measure the success of your goals. Choose KPIs that are directly tied to your objectives. For instance, if one of your goals is to improve customer satisfaction, your KPIs might include customer survey scores, Net Promoter Score (NPS), or average response time to customer inquiries.

Designate owners for each KPI and implement systems to track them in real-time. Use dashboards, reports, or software tools to monitor progress. Regularly analyze these metrics to identify trends and make data-driven decisions.

5. Create a System for Regular Check-ins Consistency in execution is key to achieving your goals. Schedule recurring meetings, such as monthly or weekly reviews, to assess progress. Use these sessions to evaluate KPI performance, address challenges, and make necessary adjustments. Encourage transparency and collaboration during these meetings to foster a problem-solving mindset among your team.

6. Strategically Plan Investments The start of the year is an excellent time to assess where to allocate resources for maximum impact. Based on insights from your review, identify areas that require investment. This could include upgrading technology, expanding your marketing efforts, or providing additional training for your team.

Approach investments strategically by weighing the potential return on investment (ROI). Consider setting aside a portion of your budget for unexpected opportunities or challenges that may arise throughout the year.

7. Develop Contingency Plans No matter how well you plan, unforeseen events can disrupt your business. Develop contingency plans to address potential risks, such as economic downturns, supply chain disruptions, or changes in customer behavior. Having a proactive approach to risk management ensures that you can adapt quickly and minimize the impact of unexpected challenges.

8. Foster a Culture of Continuous Improvement An organization that embraces growth and learning is more likely to thrive. Promote a culture of continuous improvement by encouraging your team to seek out professional development opportunities. Invest in training programs, share industry insights, and celebrate milestones to build morale.

Additionally, create an environment where feedback is valued and innovation is rewarded. Encourage employees to voice new ideas and experiment with fresh approaches. This mindset not only enhances productivity but also helps your business stay competitive in a rapidly changing market.

9. Build Strong Relationships with Stakeholders Your success is often tied to the relationships you maintain with customers, suppliers, investors, and other stakeholders. Use the beginning of the year to reconnect and strengthen these bonds. Reach out to key partners to share your vision for the year and explore ways to collaborate more effectively.

For customers, consider launching loyalty programs or conducting satisfaction surveys to better understand their needs. Strong relationships can lead to new opportunities, greater trust, and long-term success.

10. Celebrate Early Wins to Build Momentum Recognize and celebrate early achievements, no matter how small. Whether it’s reaching a revenue milestone, completing a project ahead of schedule, or receiving positive customer feedback, these wins motivate your team and build confidence.

A structured approach at the start of the year helps entrepreneurs navigate challenges and seize opportunities with clarity and purpose. By combining data-driven insights, team engagement, and actionable strategies, you can position your business for sustained growth and success throughout the year.

Make today a great day. Make it happen. Make it count!

About the Author

With more than 40 years of experience in small business, restaurant, and franchise management, marketing, and development, Paul Segreto is a respected expert in the entrepreneurial world, dedicated to helping others achieve success. Whether you’re an aspiring or current entrepreneur in need of guidance, support, or simply a conversation, you can connect with Paul at paul@acceler8success.com.

The Power of Strategic Partnerships in Business Success

Achieving success in business often requires collaboration rather than working in isolation. Strategic partnerships play a pivotal role in accelerating growth, enhancing capabilities, and driving innovation for business owners, entrepreneurs, and professional service providers. These partnerships are more than just alliances—they are collaborative relationships built on trust, shared goals, and mutual benefit.

For entrepreneurs and business owners, strategic partnerships provide opportunities to leverage complementary strengths. Partnerships can open doors to new markets, provide access to resources, and enhance credibility. Whether collaborating with a supplier, distributor, or even a competitor, the right partnership can yield exponential growth. For example, a startup in the foodservice industry might partner with a local farm to ensure a consistent supply of fresh ingredients while reinforcing its commitment to quality and sustainability.

Professional service providers like consultants, coaches, attorneys, and CPAs thrive on their ability to provide specialized expertise to clients. Strategic partnerships allow these professionals to broaden their service offerings, provide holistic solutions, and deliver greater value. A CPA partnering with a legal firm, for instance, can provide comprehensive advice on tax and legal matters for small business owners, creating a one-stop shop for clients while strengthening the relationship between the two providers.

Collaboration fosters innovation by bringing diverse perspectives to the table. When partners combine expertise from different fields, they create opportunities for new solutions and approaches. Entrepreneurs can benefit from tapping into the expertise of consultants or coaches, while consultants can enhance their own value by partnering with technology providers or other professionals who offer complementary services.

Strategic partnerships also mitigate risks. In business, challenges such as market fluctuations, resource shortages, and technological disruptions are inevitable. Having a reliable partner to share responsibilities and resources can help organizations weather the storm. For professional service providers, partnerships can be a source of referrals, reducing the uncertainty of client acquisition.

The value of strategic partnerships lies not just in the tangible benefits but also in the relationships they foster. Trust and collaboration form the foundation of a successful partnership. Both parties must commit to transparent communication, clear expectations, and a shared vision. These elements are essential for long-term success.

As the business landscape evolves, strategic partnerships will continue to be a cornerstone of growth and innovation. For entrepreneurs, business owners, and professional service providers, investing time and effort into building strong partnerships is not just a strategic move—it’s a necessity for staying competitive and achieving sustainable success.

Make today a great day. Make it happen. Make it count!

About the Author

With more than 40 years of experience in small business, restaurant, and franchise management, marketing, and development, Paul Segreto is a respected expert in the entrepreneurial world, dedicated to helping others achieve success. Whether you’re an aspiring or current entrepreneur in need of guidance, support, or simply a conversation, you can connect with Paul at paul@acceler8success.com.

Top Five Social Media Tips For Small Business

The following article was written by Guest Author, Linda Daichendt. Linda is Founder, CEO and Managing Consultant at Strategic Growth Concepts, a consulting firm specializing in start-up, small and mid-sized businesses, and a Strategic Partner of franchisEssentials. She is a recognized expert with 20+ years experience in providing Marketing, Operations, HR, and Strategic planning services to start-up, small and mid-sized businesses. Linda can be contacted at linda@strategicgrowthconcepts.com and the company website at www.strategicgrowthconcepts.com.

Top 5 Social Media Tips for Small Business
by Linda Daichendt
as posted on Marketing With New Technology July 16, 2009
(Please Note: some content in this posting is from an article by Mya Frazier for Bankrate.com)

A few years ago, using the Internet to market a small business simply meant to create a presence online with a simple, informational Web site. Then came the demands of search engine optimization to ensure Google and Yahoo searches yielded top-ranked results for your company. Was your business’s Web site chock full of the key search terms that would bring it to the attention of customers?

social-media-trendsToday, social media is transforming the small-business marketing landscape. Social media are Web- or mobile-based tools for sharing and discussing information. It’s not just for seeing who your high school sweetheart married. Businesses can tap into powerful networking sites and other social media to drive customers to their shops or companies.

If done right, small-business owners might even be able to slash their traditional marketing spending to zero. Writing blogs (short for “Web logs”) or on-going online commentary using social-networking sites, such as Facebook, MySpace, LinkedIn, Twitter and YouTube, can provide inexpensive but powerful online marketing.

Because it’s free, people think it’s easy to create a social media presence. But this attitude can lead to missteps. So before you dive headlong into social media, take some time to observe the customs and social norms of these new forms of communications, says David Spark, founder of Spark Media Solutions, a San Francisco-based firm that helps companies tell their story through social media. “Also think about your strategy for effectively utilizing social media before you jump in,” says Linda Daichendt, CEO/Managing Consultant of Strategic Growth Concepts. “It’s easier to avoid costly mistakes before you begin than to correct them after they’ve done damage to your company’s reputation.”

New_rules_of_marketing_and_PR“Think of social media as a cocktail party,” says, David Meerman Scott, author of “The New Rules of Marketing and PR” and “World Wide Rave,” books about how to create buzz online. “You don’t go into the cocktail party and go into the middle room and scream at the top of your lungs and say, ‘Buy my products.’ … What works is you have some meaningful conversation first. And that’s just how social media works.”

If you decide to take the social-networking plunge, here are five ways to harness social media to help your business.

1. Use free sites. Use free online services, such as the mobile short-message site Twitter, and popular networking sites Facebook and MySpace, to post significant news, specials or events. For example, you run a small Italian restaurant with a loyal following. You could create a Twitter account and upload the lunch or dinner specials via “tweets,” or short messages of up to 140 characters, daily to customers’ smart phones or to other Web sites.

“All you have to do is give a (Twitter) handle and start a conversation. You could put the Twitter handle on the menu or in the restaurant,” says Chris Abraham, Abraham Harrison LLC, a Washington, D.C.-based digital public relations agency. Granted, social networking sites are still for early adopters. “You aren’t going to get Aunt Matilda to tweet about the experience she had at dinner,” Abraham says.

Abraham considers Twitter one of the easiest ways for a newbie to social media to get started. “It’s more challenging to do Facebook,” Abraham says. “You have to create a personal profile, create a page and so on. With Twitter, if you’re Joe Smith with Motorcycle Emporium, you don’t have to create a page. And you can create Twitter updates via a phone or mobile device easily.”

“Don’t try to reinvent the wheel,” he says. “There are lots of people sold on really expensive solutions, but two of the best investments for reaching out to people and engaging with them are free on Twitter and Facebook.”

2. Shift marketing costs to social media. After learning how social networking operates, use social media to free up traditional marketing dollars for your small business by putting it online. You can quickly learn which of your Facebook or MySpace “friends” or online “group” members received and responded to your message.

Stanya Doty has cut her print marketing budget to zero. As owner of Simple Indulgences, a wine and high-end gift shop in Delaware, Ohio, she began using Facebook in December 2008 to communicate with her brother but quickly realized the online marketing possibilities.

“I thought, ‘Oh, my gosh, there are so many people here,’ ” she says. Indeed, Facebook boasts 200 million users worldwide. In April 2009, she began promoting monthly wine tastings via a Facebook page for the shop that quickly attracted 100 members. Combined with an e-newsletter created using the do-it-yourself, e-mail marketing Web site Constant Contact, she keeps enough buzz going about her shop that her advertising budget for local print ads no longer seemed necessary. She usually sends out about 700 e-mails, with the response rate sometimes reaching nearly 50 percent. It sure beats a postal mailing. “If I sent out a postcard with postage and paid for all that, I’d still have no idea who read it and who threw it away,” she says.

Indeed, unlike a print ad, Doty gets instant, measurable results. “On Facebook, you can see who has responded to invites,” she says. “It’s easy, it’s cheap and I’m actually appealing to people that at first know me from the store and then hopefully … pass the word along throughout their networks.”

google-yahoo-thumb23. Do your own social-media optimization project. Learn about the competition in your industry and geographic region that are tapping social networking. Spark recommends starting by researching the competition in the major search engines — Google and Yahoo.

“Type in keywords and phrases that people would use to find you, like ‘plumber’ and ‘San Francisco.’ If you don’t appear in the top percentage of pages, take a look at the Website of those plumbers that do show up,” says Spark. “Look at their pages, and usually they will have a lot of content on their sites.”

To increase a business’s presence on the Internet, Spark advocates companies create blogs, newsletters and other articles on their sites to bolster the number of keywords — terms that search engines recognize — to boost their ranking in all-important Web searches.

“That’s the way people discover you,” he says. “Take that plumber in San Francisco. The right search terms might just be ‘clogged toilet and San Francisco.’” “That tells me I should write … in my blog about how to fix a clogged toilet and mention that I am a plumber in San Francisco,” he says.

4. Take social-network marketing to the next level. Create and post richer content about what your customers would expect from someone in your business. Don’t view social media sites as a place to simply hype your wares. It’s a place for conversation.

“Social media is about earning attention,” says David Meerman Scott, author of “The New Rules of Marketing and PR” and “World Wide Rave,” books about how to create buzz online. “What’s most important is to forget about what your company does. Instead, think about the people who are buying your products. Simply hyping products and services online and in social media sites completely backfires. People are not looking for products but for something fun. They are looking to make connections,” Scott says.

So it’s all about having something interesting to say or show. It could be a blog, or a video on the video-sharing Website YouTube.

For example, if you’re a caterer, instead of talking about your service, create engaging culinary content. Imagine positioning yourself as a gourmet magazine on the Web, complete with links to a video you uploaded to YouTube.

“A caterer could create a blog with information about how to create a fantastic party, and each blog post or YouTube video could be another installment,” Scott says. “On the Web, you are what you publish and being on the Web is about publishing information.”

So back to that plumber faced with the prospect of dropping an expensive Yellow Pages listing but worried about customers not finding him if they have a burst pipe or a misfiring shower head. Scott recommends the plumber post a list of “the 100 home fixes for common plumbing problems.”

“All of a sudden you are going to get indexed very highly in the search engines, and people are going to share that content with their friends,” he says. “When someone puts an update on Facebook asking if anyone knows a good plumber in Boston, a friend might point to your content.”

blogging5. Use blogging to drive search results and help new customers find you. Lately, blogging has gained greater attention, with the advent of “micro-blogging” on Twitter. But consider the time commitment and strategy before launching an account.

Even with the spread of micro-blogging, Abraham remains a big fan of traditional blogs, which are lengthier and show up on Web sites. In general, no matter what form the blog takes, it should be consistent over time.

“If you can’t keep up one (blog) post a day or 12 tweets a day, do one tweet every Thursday. Consistency in blogging or tweeting will create a relationship of trust with your followers or readers. Do it once a week, but for the next two years,” Abraham says.

And don’t spend extra money on blogging software, technical help, or a ghost writer for your blog. To get started, sign up with WordPress.com or Blogger – both are free blogging platforms which are easy to use for beginners.

Additional opportunities within the social media environment include: online radio shows on platforms such as BlogTalkRadio, social networking sites such as LinkedIN, Plaxo, and FriendFeed, and a wide variety of additional tools as well depending on your type of business.

Following these social media basics for small business will get your company started on the right road to gaining new customers and increased revenue via social media.