Archive for September, 2010

Marketing your Business for Sale

Thursday, September 16th, 2010

If you are thinking about selling your business, have you given any thought to how you’ll get started? What’s the first step? You’re probably acquainted with how to market your product, but how do you market your business? Selling your business is not exactly simple, certainly not as straightforward as it seems like it should be. Let’s cover some of the ins and outs of marketing your business for sale.

One thing that makes marketing your business for sale complicated is that it’s possible to sell your business without ever advertising it. There may be situations where a buyer is standing by, waiting to take on your business at a moment’s notice. There may even be a pre-arranged price and set of terms. In this particular situation, there is essentially no marketing whatsoever. Your business simply changes hands.

Even in cases where some amount of advertising or notice will be required, it’s often a good idea to limit the amount of advance public notice. This caution is good for two reason. First, early advance notice that your selling your business could provide a helpful heads up to your competitors. That’s probably something that you don’t want to do in terms of helping your customers and preserving the legacy of your business.

Advance notice of a sale by marketing your business could also have a demoralizing effect on your employees. They might become concerned about their own job security and begin looking elsewhere for employment. This could actually end up lowering the value of your business, especially if productivity or customer service begins to decline.

One way to avoid most of the stress that comes with marketing your business for sale is to sell your business through business brokers. Business brokers buy and sell businesses for a living, so they can bring quite a bit of experience to the deal. They may have a ready list of buyers who are interested in purchasing a business just like yours. Even if this is not the case, they will have knowledge of places where your business sale can be listed and marketed effectively.

Some business owners try to avoid the need for marketing their business by trying to sell their business to a family member. They believe that selling to a relative will be less stressful than negotiating with a stranger. While it’s true that the marketing phase might be simpler, most experts agree that negotiating a business sale with a family member is far more stressful than most people anticipate.

Marketing your business for sale normally includes the whole process of pricing your business for sale and publicizing its availability. As you might expect, the real key to successfully marketing your business for sale is to connect with the right person.

Another reason that some business sellers turn to business brokers for help is to save time. The most valuable place you can be during a business sale is where you’ve always been–running your business and making it as valuable as possible. Marketing your business for sale requires around-the-clock effort. It’s more than just advertising your business for sale. Documents will need to be prepared and released to potential buyers. At the same time, you’ll need to continue to maintain confidentiality.

Marketing your business for sale is more than just getting the word out. It is an entire process that includes pricing your business and creating an exit strategy for you. You could also include activities like interviewing potential buyers, negotiating with qualified buyers, and completing the sale.

If you’re thinking about marketing your business for sale on your own, without business brokers, it’s certainly not impossible. Other business owners have done this successfully. If you have the time and expertise to maintain the necessary documentation and negotiate the various financial planning and tax issues, you may find that you prefer to be personally involved in all parts of the process.

Ultimately, how you go about marketing your business for sale is your decision. Many sellers find that business brokers provide a competent hands-off service that usually ends with a successful sale and transition. Other sellers prefer to draw on their own experience and passion to communicate the value and worth of their business to potential buyers. You may find that marketing your business for sale is not as complicated or traumatic as some believe.

I’m A Small Business Owner, How Can Outsourcing Help Me?

Tuesday, September 14th, 2010

Many of our clients have been able to build their businesses successfully as a direct result of outsourcing. One of the most common jobs that they outsource is appointment setting. If your company does any type of outside sales (and most do) having an outsourced telemarketing department is ideal. Think about it, if you tried to hire telemarketers in house, you have to set up office space, get office furniture, get special phone lines installed, get computers, etc. You even have to either manage them yourself or hire someone else to make sure that they’re showing up on time, working their agreed upon shift, calling properly, reading the scripts properly and performing the way that you want them to.

Yet when you outsource your appointment setting, all you do is have your sales force (or yourself) show up to prescheduled appointments and write up deals. That’s it! No trouble no hassle no headaches. All of this for an employee that costs around $5 per hour.

As a small business owner, you can also use virtual assistants to contact your existing clients and cross sell them on additional products and services (a very successful and profitable strategy). In addition, they can serve as an answering service when you’re out of the office, handle your billing / payments & collections, perform accounting and bookkeeping and more. Some mortgage companies use outsourced workers to call homeowners and sell them mortgages over the phone.

Realtors use virtual assistants to help them run their offices. Their reps help them prepare documents, upload listings, answer phones, do internet marketing, send out client newsletters and more. Other businesses have outsourced reps handling some of their marketing functions. These include internet marketing. There are over 50,000 free classified ad sites on the internet other than Craigslist. Some business owners have their outsourced marketing reps posting ads on these sites each month. They also design their print and internet ads, launch their direct mail campaigns, fulfill information request orders, perform E-blasts, perform “Live Chat” for their website, perform search engine optimization, blogging, writing and posting articles online, updating their website monthly, and much more. Some accounting companies even have outsourced reps doing their clients bookkeeping (unbeknownst to their clients). Other companies have outsourced reps doing actual sales entirely over the phone and internet.

So as you can see, there are a tremendous amount of ways that you as a small business owner can benefit from outsourcing. The ways we mention above are just a few examples yet the possibilities are endless.

Reach Your Market Through Different Advertising Media Formats

Friday, September 10th, 2010

Media advertising is a general term which refers to conveying a business marketing message through any form of advertising media. Of course, all advertising is media advertising – but there are important differences between the different types of advertising media. Different media offer different ways to promote your products, services or brand image. Here, we’ll take a look at some of the most important media and how they can help you to reach your target markets.

The internet has changed the way the world does business over the last decade, including in the field of advertising. Online advertising is an increasingly important element of advertising strategies for companies in nearly every economic sector, starting to overshadow traditional advertising mainstays such as newspaper advertising and magazine advertising. Advertising online can be more cost effective than print advertising and is also easy to track, monitor and fine tune as needed.

To learn more about what internet advertising formats such as ppc advertising can do for your business, have a look at information pages and resources which are dedicated the topic. Here you’ll find an in-depth look at how internet advertising works and more importantly, how they can work for your business.

Every business needs to keep their advertising strategy up to date to meet the demands of an increasingly competitive global business environment. Regular analysis of market trends and consumer behavior as it relates to your target markets are essential for continued growth – and your advertising strategy needs to be carefully planned to ensure effective campaigns which provide an optimal return on investment.

Making accurate cost-benefit analyses of different advertising media is a complex task which should be undertaken with great care; for this reason, many firms prefer to leave it to the experts.

Your business can make the most of its resources by outsourcing media planning and media buying to professional buying media services. These firms have the expertise and the inside track on media advertising across all formats including online advertising and traditional media and can usually find the perfect match for your company. Any advertising agency or marketing firm you work with should be chosen carefully. You’ll usually get the best results from agencies who understand your industry and your market.

If your budget allows, your company should look at using TV advertising or radio advertising to really make a splash for your brand. Broadcast media advertising can reach the general public as well as being carefully target to different consumer demographics or even for business-to-business advertising. These media outlets can work with you to determine how to provide you with the best ROI.

Long used in the US, outdoor advertising is an increasingly common advertising medium in the UK and across Europe as well as elsewhere in the world. Roadside billboards, signs on the sides of buildings and other outdoor advertising media offer an effective way to promote events and build brand image at a surprisingly low cost. You can find a lot of outdoor advertising opportunities on a variety of websites and through targeted companies. From roadside and building advertisements to ambient advertising, transports, venues and more, there are many outdoor advertising possibilities to consider.

Business Blogging

Tuesday, September 7th, 2010

So why should business blog? now there is a great question, and if you are a business owner and you haven’t yet considered adding a blog to your internet marketing strategy then you should and fast. Why? what is it about blogging that is so important that I would make a statement like that.

First of all, one of the reasons you should add a blog is it provides a personal form of communication with your audience, or in your case as a business owner, your customer. It allows you to create the “expert” factor in your marketing and you can run it on your web site or alongside on a separate domain name, plus you’ll benefit from the increase in traffic or searches that you’ll receive. If that wasn’t enough to get you running out and starting up a blog, Google and search engines in general love blogs, this is because they provide frequently updated and valuable content, and for that reason they get indexed faster than a standard web site and will, as long as you publish good quality content, end up ranking on the first page of Google.

I wrote my first article on blogging for business and the importance of adding a blog as a corporate communication tool over 12 months ago, and I’m surprised that the penny hasn’t dropped yet with small business owners.

Blogging is an extension of your business web site and allows you to add a personal touch to your web marketing, blogging also allows you a platform to discuss customer service issues or any issue that you believe relevant to your market. If you start to think where your customers get their information from today, you’d realise the value of a number one ranking on search engines.

Think about the Gen X&Y’s, how many of them go to the Yellow Pages to check out business or services? research says none of them do, they “Google” it, so you need to make sure your business web site ranks highly. Blogs allow you to keep the formal and conversational side of your business separate,this is done by running your blog alongside your formal web site. Your blog can be updated daily with information,products or promotions whilst linking to your main web site.

So what are the benefits to a business blog strategy?

Simple low cost PR – Blogs allow to put information on line quickly. Establish your Expertise – Blogs help Position yourself and your company as the experts in your field and can raise your visibility within your target market. Customer service & relationships – Blogs are your human face and your voice to the public. Blogs allow you to join customer discussions, respond to concerns, provide tips and insights or receive feedback about your services or products. Build your online community – Blogs allow you to build a community around your business or product as well as providing an outlet for discussions about you and your business Promotional tool – Because blogs can be updated frequently and are indexed very quickly by search engines, you can use them to create promotions around your brand or service and create a buzz for your products. Higher search rankings – Search engines love blogs and your company can benefit from higher search rankings

Blogging is not hard, and it has real benefits for your business once you get your blog established. The most important things to remember with a blog once you start, are be consistent with your posting and provide good quality original content.

Are there any businesses that can’t benefit from a blog? No not to my point of view, so what are you waiting for, get started.

Another Easy and Interesting Way of Promoting Products

Wednesday, September 1st, 2010

Advertisement or promotion of a product is a must for companies, either goods or services. By making advertisement people will know the product well. It gives a big influence for people in making decision whether to consume the product or not. Therefore, a good-looking promotion in a beautiful way is required.

Advertisement of a products in television is just a common and ordinary way of promoting. The others are such as in magazine, newspaper, pamphlet, and so on. There is another new way in promoting your brand which is easy but more interesting and might be cheaper. Truely, imprinted promotional product is best fit for your promotion.

Further, it is a way of promoting in which your brand or name of product is printed in marchandises, for instance mug, pen, banner, bag, key chain and many others. Take one example of imprinted mugs. Using this different of promoting, you will get amazed of how easy and interesting is it. Just imagine that your brand name or product can be seen in a mug which is usually used by people in daily life. So, they will see your own product everytime they use the mug, and sure, they will not forget it. Or do you prefer promotional key chain? See Imprinted.com for reference.