thinkVAULT - Savvy Business Owner Tips: entrepreneur

Showing posts with label entrepreneur. Show all posts

7/5/10

Visibility and My "Why"

DMMI Associates LLC turned 5 a few days ago. Those five years have had their ups and downs -- good times and tough times. Ergo, as Year Six gains its footing, I decided to revisit my "why" list. As Bill Bartmann, Tulsa billionaire wrote in his Why Be in Business for Yourself? article,

Entrepreneurs know that there is only one predictable way to become wealthy; you need to take control of your destiny...

Wealth and independence are certainly valid motivators for many small business owners. My why list, though, has another key element that greets me every day. I am responsible for the well-being and guidance of an adolescent child. He's my main WHY.

If you encounter me someday and wonder why I work hard and often push harder: he's why.
So, to all the parents out there whose why may be a bit fuzzy today: Keep at it, all you Mommy and Daddy Business Owners. Our kids are counting on us.

This is what we can do for your business - Help you to get and use the best tools for:

Building and maintaining Internet Visibility for your business.

Channeling that visibility into Online Business revenues.

Measuring and Managing Results from being visible and online.

Are any of these familiar?
Your website isn't bringing business to your door...

Your e-marketing is expensive and cumbersome...

You can't measure your results effectively...

Click this link to >>> Contact us now about solutions for those problems.

6/12/10

Raising Queens and Successful Business Owners

My friend and business colleague, Cynthia Newman, has just published a book. It's titled Raising Queens.
The opportunity to help her to plug it notwithstanding, the theme also sparked my thinking.
The same values that we should be teaching our daughters and girls about success in life, also apply to success in business.

Excellence
Ethics
Esteem

None of these "3 E" values have changed over many milenia. Congratulations, Cynthia on bringing the message to the masses. Here's to making it a best seller.
Read about the book on Cynthia's promotional website.

Cynthia's first book signing is Sunday, June 13, 2010 from 4 to 6 p.m. at the Indy Arts Center in Broad Ripple. 820 East 67th Street, Indianapolis, Indiana 46220.

4/30/10

Fearless Five Fridays: Be Brave Enough to Ask "Why"

Children ask "Why" much more often than adults. Why is that?

If you are a parent, or you can remember back to when you were a toddler, the word why weaves its way into many conversations. Children are not afraid to ask "Why." That's how they learn. The logic and nuances behind our decisions dictate why. Children -- little sponges that they are -- seek to understand our why. They should; otherwise they grow up to be automatons, blindly following directions and orders.

Today, I'm asking you to begin asking yourself "why" more often. When we learned the 5 W's in language arts class, "why" is usually last in the list: who, what, when, where, why. Let's shift that order and make it first. Starting with why can help you to answer the other four more quickly and effectively, from a business perspective.

Wikepedia simply suggests the word is a "request for an evidential reason." Evidence: the facts, preferably persuasive, that support the reason for doing something. Stopping to ask yourself "Why" is a way onto the path of continuous improvement - a necessary ingredient to stabilizing and growing your business.

Instead of overwhelming you with the hundreds of "why" questions business owners could or should ask of themselves, in this periodic series I will pose specific "why" queries you may wish to consider. How you answer this first one, and what action you decide to take, can help you better manage your time.

BONUS: For parents -- here is a website to answer some of the thousands of science-related "why" questions you hear from your little ones. And yes, you can search for "why is the sky blue" on The Why Files.

Why do we check and read e-mail so often during the day?
Understand, I am not suggesting that you ignore your e-mail. Consider, however, the amount of time you spend on it. More and more of our in-boxes are filled with Bacn that we want and don't get to, versus Spam that we don't want.
Time management experts suggest that we schedule e-mail reading appointments, just like we (should) do everything else during the day.

Let a valid Why drive how you schedule even a seemingly harmless task like responding to e-mail. If it's related to generating revenues, preserving a client relationship, or building relationships into revenues: Go for it!

It's easy to let time just drift by, reading and responding to e-mail that really is not urgent. Set up e-mail "appointments" during your work day -- and stick to it!

See also these suggestions on How to Give Your Inbox a Master Cleanse published on Mashable.com. Even the Bacn must be handled eventually; the article spells out some ways to help you do that.
If your time spent on e-mail is eating into your business-building time, start shifting your focus. Box it into time slots and don't let it creep outside them. You'll begin to see results in other areas of your business life.

Comments are welcome. You are invited to share your thoughts.
Remember, part of our focus is your business visibility. So, if you need help being more visible to your target market, click here and we can get started on solutions targeted just for you!

4/12/10

Manage Your Money Monday - Drawing the Line on Sunk Costs

How often do you hit the snare of Sunk Costs?

You know this term by a few different words and phrases. "In for a penny, in for a pound" is a common one.
Sunk Costs defined:

Sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered.
Wikipedia

One of the keys here, of course, is the whole concept that the expenditures cannot be recovered. Similar to the scenario in the 1986 movie "The Money Pit," business owners are sometimes distracted from reasonably evaluating future investments by what they have already spent on an earlier bad decision. Thus, they blindly throw "good money after bad" so to speak. They fall into what's called the Sunk Costs Fallacy that leads them to believe it's less costly to continue. Too often, it is in fact less costly -- in the aggregate -- to stop and begin again.

I actually had someone justify a decision to continue down the same path, who had used this line of thinking. "Understand, I have already spent $XXX dollars. It will be cheaper for me to stay with that."
It made no difference that the other option was better, less time-consuming, more reliable and a more cost effective solution in the long-run. The net initial out-of-pocket cost was higher -- and that was all that person could see.

What would you do in a situation like this?

Would your decision be influenced by what you had already spent -- and could not get back?
Would you evaluate your options based strictly upon merits, or would you be unwillingly to admit -- even to yourself -- that a mistake was made?

Regardless of the type of resources committed -- money, time, people hours -- you probably want to take a hard look at total costs when making a decision. Even if sunk costs are involved, make an "apples to apples" comparison. (I had to use just one more cliché).

Comments are welcome. Tell us what you think.

3/31/10

Webcast Wednesday - The Visibility Equation: Social Media + Video

Are you really still wondering whether or not you need Social Media as a part of your Marketing Strategy?

Please allow me to respectfully submit the following theorem to you --
The time for wondering is over and the time to incorporate Social Media into your visibility toolkit is now.

There are several variables in the Visibility Equation. Two factors that are givens, however, are:

Social Media
Video

That is clearly illustrated in the informal treatise in the video below. Michael Stelzner walks, drives, and talks about why Social Media is here to stay.

"It's a lot like fax machines when they first came out... Every business is going to have to have a presence in Social Media."
Michael Stelzner Creator of Social Media Examiner

Social Media Drive 2 from Michael A. Stelzner.

Oh, yes... Michael is advertising a virtual Social Media summit which starts in May 2010. I'm sure it will be great!
How would you like to get a jump start on your planning process, though? Just keep reading below...

Social Media for Business Webinar Series

Why don't you join us on a journey toward using Social Media to help you build your business?
It comes in small, manageable, evenly spaced, virtual bites - i.e.: webinars. Click Here for details and to register, if you decide that this series is for you.

Comments are welcome. Tell us what you think.

3/18/10

Tough It Out Thursday - on Perseverance

There usually is no blog entry from me on Thursdays. Tweets yes, with several hash tags for "#TIOTh" -- blog entries, no.

The main reason Tough It Out Thursday is included in the topics calendar is simply this:
For many of us, it is the most challenging day of the week. Maybe you've had three days of business bliss, but it's much more likely that you have met -- and overcome -- one or more challenges every day this week. A small percentage of us may even have "hit a wall" or worse yet... gone SPLAT!

A few days ago, I came across a paper I'd saved. It was from the owner of a local printing company, who always included a cover letter with the monthly company newsletter. In it was a story that is familiar to many, but bears repeating. In fact, I read it to my son the day I found it.

This little story is called "Giving Up Too Soon"

A man meets a guru in the road. The man asks the guru, "Which way is success?"

The berobed, bearded sage speaks not but points to a place off in the distance.

The man, thrilled by the prospect of quick and easy success, rushes off in the appropriate direction. Suddenly, there comes a loud "Splat!!!"

Eventually, the man limps back, tattered and stunned, assuming he must have misinterpreted the message. He repeats his question to the guru, who again points silently in the same direction.

The man obediently walks off once more. This time the splat is deafening, and when the man crawls back, he is bloody, broken, tattered, and irate.

"I asked you which way is success," he screams at the guru. "I followed the direction you indicated. And all I got was splatted! No more of this pointing! Talk!"

Only then does the guru speak, and what he says is this: "Success IS that way. Just a little AFTER the splat."
Author Unknown

Maybe you haven't gone "Splat!" -- perhaps you never will. But just in case you do, remember to keep going in the direction that your objectives, plans, and strategies are taking you - just beyond the next obstacle.
I'll do my best to continue bringing you a little inspiration on Thursdays to help keep you going.

Comments are welcome. Tell us what you think.

3/15/10

Manage Your Money Monday - Visibility on the Level Playing Field Called Internet

Last week, we looked at your need for a viable business model - the road map for the journey to managing your money well. This entry for Manage Your Money Mondays focuses on how a strong visibility arsenal can help both the top and bottom lines of your income statement.

Promoting your business is a basic requirement for its survival. How you promote it spells the difference between surviving and growing faster than your competition. More and better visibility content and visibility venues can give your company an edge.

You must have an edge. What's yours?

"Whether you call it a commercial, elevator pitch, or 60 second presentation ... it's a must. If you have a product or service to sell, you must let others know who you are and what you offer."
Victoria Trafton, owner of Referral Institute of Central Arizona

I have referred to the internet as the great "playing field leveler" in other posts and presentations. This is borne out almost daily with an seemingly endless stream of web-based tools that can give smaller businesses their competitive edge. They are ever more flexible, often customizable, and most importantly AFFORDABLE.
The service used to deploy the video below is an ideal example of an edge builder.

Disclosure: I was so impressed with the capabilities of this service that my company is now an affiliate. What do you think? Could this be the edge you need?

However you decide to invest your marketing dollars, just make sure you get the best available set of benefits. Find tools with features that you will use to generate revenues or minimize costs.

If this thinkVISIBILITY service may help you to build your business, click here to sign up for a free trial.
Comments are welcome. Tell us what you think.

3/8/10

Business Model Focus on the Top Line - Revenues

This entry for Manage Your Money Mondays focuses on the top line of your income statement: REVENUES.
You have probably read and heard about the need for a good business model for your company.
It isn't as mysterious as it could sound. That's just a strategist's way of saying to ask yourself a key question:

How will you make money?

A business model describes how an organization creates, delivers, and captures economic value or social value.
Wikipedia

Typically, for-profit businesses focus on adding economic value and not-for-profit organizations focus on adding social value. The case can also be made that the ideal position for each lies in a hybrid entity; i.e.: profits with social consciousness and social missions with fiscal responsibility.

Viable Business Model must come before you install that great marketing cotter pin: Visibility. Too often, a business has a great product or service, coupled with reasonable pricing, but little or no business modeling. It leaves a big gaping hole in the viability of the business.

What do I mean by that? You, business owner, have identified a marketable product that you believe will sell -- there is need in the marketplace. You have calculated your income needs, factored that into your pricing, and decided this can work. You venture out into the sales jungle and do "all the right things" -- or so you thought. The results are disappointing, however. Thus, a piece of the planning puzzle is missing. You can only conclude that your business model and key parts of your strategies are flawed.

The easiest way to build a Business Model is to
Ask and answer the 5Ws -- the ones you learned in English or Language Arts class: Who, What, When, Where, Why. Apply the answers to your Business Model. Then make sure that your price points, your packaging and presentation [branding], and your placement match up accordingly.

For example: If you provide high-end bathroom remodeling, you need to market your services in venues and to prospects that are likely to spend upwards of tens of thousands of dollars on that set of products. Develop plans for finding and connecting with those prospects so that your time -- and marketing dollars -- are invested well. Find people who are already connected to your market niche; that makes a great starting point.

If you would like a little help with strengthening the viability of your business, E-mail us with your questions, or leave Comments below, about your challenges in reaching your business goals.

3/1/10

Visibility: Don't Run Your Business Without It!

What one thing does every business need to stay in business?
Put simply: The one big common factor is visibility!

"A business with no sign is a sign of no business."
A common tagline in the sign-making industry

This widely accepted concept for brick and mortar businesses applies equally well to all businesses.

Why? The great playing field leveler The Internet has made it so. You may not have a storefront at the corner of Apple Lane and Orange Boulevard, but you still must have a visible presence. Otherwise, no one knows where to find you.

Furthermore, in today's Web environment, no one has a plausible excuse for lacking a Web presence.

With just a little bit of research, a savvy business owner can find free hosting, free design tools, free domain registration, free blog sites and certainly free social media communities.

The caveat is, however, that a zero cash outlay does not necessarily mean "cost free." Some of the hosting sites will display your website for free, but that comes with banner ads -- of their choice, not yours. Visitors could get so distracted by other companies' ads that your message is buried in the busyness.
Design tools are also limited. Your choices for page templates, layouts, and colors -- if there are any choices -- will be limited.

Still, there are many other choices that offer very serviceable options for carving out your corner of business visibility.

One of the easiest ways to build visibility is Blogging.
Among the group of visibility tools that require creating content, blogging takes the least amount of technical knowledge. Dressing up your page with colors, bold characters, and graphics takes just a few mouse clicks. The real "work" is in the writing. In a blog post on the Mashable site, Mark Suster - a venture capitalist - published an article called HOW TO: Create a Successful Company Blog. He clearly details Why you must blog, What you should blog about, and some Right and Wrong ways to go about it.

It's my fond hope that this blog is an example of a "right way" to go about it. Let me know what you think.
In future entries, we'll take a look at some other visibility options, including a newly emerging concept called Vlogging - no that's not a typo.

If you would like to have higher visibility for your business, start by checking out one of the services we offer to our clients: A Webmercial. You can see an example -- and place an order -- in this post "How Visible Is Your Business?"

2/16/10

Can Your Password Pass a Security Test?

Are your passwords easy to remember?
More importantly: Are your passwords easy for someone else to figure out?
Good news: You can have the best of both worlds. Here are a few suggestions as to how.

Begin with a mnemonic - a memory aid that is unique to you. This can be a word, letter or number pattern that permits you to remember and use password patterns multiple times, but keeps others clueless.

Then add an algorithm - a systematic approach for applying your mnemonic pattern to each new password need.

Here's an example:
Jodi likes music. She selects an orchestra section -- "brass" let's say -- that she can stick with for a while as a password base. She also can remember her fondness of fruit and a 3-digit number. Combine these, with a way to identify the site or program the password is for. The first two letters could work.
RESULT: Jodi's Facebook password could be "brass233berryFa" This combination meets the must haves for a strong password:

at least 6 characters.
contains a number.
upper and lowercase.
less than 16 characters (some sites restrict length)

Voila! Something that Jodi can remember, that is tough for others to discern, using a pattern that can be reused.
This works, of course, as long as Jodi has a memory that serves her well most of the time.

You don't have to rely solely upon your memory though, even if your mnemonic works perfectly for you.
You can store your passwords online. The founder of Noobie, Patric Welch wrote in a recent article about the challenges surrounding where to store passwords. He offers several suggestions for safely storing passwords on the internet "in the cloud."

"Is your head in the cloud about passwords?" aptly details the mostly upside of keeping your secret password sauce in the internet cloud, along with some additional safeguards to consider.

The next time you have trouble coming up with yet another password, you may wish to try this process.

E-mail us with your questions, or leave Comments below, about how to reach your business goals.

2/12/10

Who’s got your back?

Who has your back business-wise?

This entry is from guest blogger, Cindy Hartman of Hartman Inventory Systems. a business and personal property inventory company

When you call a service company, you expect someone to arrive at the agreed-upon time (unfortunately, often that is within a 4-hour timeframe – but that’s a whole other issue).

For instance, a repair service for heating and air conditioning, the electric or gas company, a handy-man or remodeler, carpet cleaners, etc., all will give you a time and normally do show up within that specified time slot.

But what happens when they’re late? Of course, the utilities don’t have competition, but those that do, does this negatively impact how you feel about them? Will their tardiness encourage you to call someone else next time? Do you wonder if they really want your business? After all, they have a staff of employees … can’t someone arrive when promised? Even if late, they normally do arrive. And if they can’t come at the appointed time, you’ll eventually receive a phone call explaining the situation and asking to reschedule.

This brings me to the businesses that are sole proprietorships, the one-man show (or woman), the solo-preneur. What happens when they can’t get there? This happened to me recently. I had computer issues and scheduled a morning for the owner/technician to arrive at 9:00. That time came and went. So did 10:00 and 11:00, which encouraged me to call. I left a message, and an hour later sent an email. Mid-afternoon another phone call and another left voice message. I had plans, and rescheduled my day to be there, only to sit all day for nothing. What happened? I don’t know. I never heard back from him. No apology. No explanation. No “nothing.”

This encouraged me to consider our company. My husband and I are the owners and the service providers. What if we got in an accident? What if we both were sick and couldn’t call our customers who were waiting for us? We wouldn’t have anyone to make that apology and reschedule calls for us, either.

Everyone knows you need an exit strategy and succession plan when you’re a business owner. But few talk about the daily needs for covering emergencies. In a social setting, when some says “I got your back,” they are letting you know they’ll be there for you, no matter what. But what about a company? If you’re a small business owner, who has your back? Who knows how to access your calendar and where your customer files are? Who could make those calls for you if you are unable to?

Some suggestions are a trusted family member, a virtual assistant or a fellow friend/business owner. This small detail could save your reputation. It could also save your business.

1/15/10

The Beatles Aren't the Only Ones Who Need HELP!

Can anybody help you to start your business?

This entry is from guest blogger, Cindy Hartman of Hartman Inventory Systems. a business and personal property inventory company

Most everyone – at least in my generation – knows the words to this popular Beatles song. “Help, I need somebody. Help, not just anybody. Help, you know I need someone. HELP!”

This current economy could easily become a mantra for quite a few people who have been downsized, rightsized, terminated – whatever you want to call it. And like I did 5 years ago, many are considering starting their own business rather than return to the corporate world.

That wasn’t a tough decision for me, and I’m sure the same goes for those who are making that move. Even with confidence this is the right thing to do, though, there is hesitation, concern, uncertainty, and many, many questions to deal with. The Beatles sum it up by talking about getting their feet back on the ground. They reminisce that in younger days, they didn’t need anyone’s help, but now they aren’t so self-assured and need help getting their feet back on the ground.

Yep – that about sums it up! That is a great explanation of the internal conversations I had and many of you are having as well. Thoughts like “can I do it all on my own” or “do I need constant assistance.” Or, are your thoughts taking you somewhere in between a solo act and a package all wrapped up in a nice bow?

There are 4 main options:

starting on your own.
buying a startup kit.
purchasing a turnkey package.
or investing in a franchise (the package wrapped up in a bow).

There are wide variances among them, but during my research before starting my own business, I found some key differences.

STARTUP. A true startup is a clean slate, to create exactly what you want without even a template to help you get started. Whether you have a business partner or not, you’re on your own, without guidance or knowledge from someone already in the business. You are responsible for creating policies, procedures and processes. All creation and execution are in your hands. This is a daunting task, and often takes much more time and money to get started because of the extensive ramp-up caused by the learning curve. This was the direction I took, and found that it takes more time, effort and money than I ever anticipated!

STARTUP KIT. These vary greatly from just a brief how-to guide on a 3-fold brochure to a comprehensive manual which often includes document templates. The cost can be from minimal up to thousands of dollars. The key here is the word “startup”, which indicates you’ll receive up-front help, but then you’ll be on your own. There is no contract, because the purchase of the kit is the end of the transaction. This type of purchase can be helpful for those who want to be completely independent, but want just a little help to get started.

TURNKEY BUSINESS or TURNKEY PACKAGE. If you want independence as a business owner, with no one telling you what to do, or when and how to do it, then a turnkey business, sometimes called a turnkey package, could be for you. The term “turnkey” comes from the premise that you can just “turn the key" and you’re open for business. The true turnkey can be favorably compared to a franchise because they include marketing materials, hands-on training and continued mentoring and support.

FRANCHISE. There are few people who don’t know what about franchises. An already successful business organization enters into a continuing contractual relationship with new ventures. These new business owners operate under the franchisor’s trade name. If you want to own your company, but know that you’ll need continued help and support, this is probably the best choice for you. The fanchisors determine your marketing materials, company policies and procedures, location of your store and more. This business model requires a % of revenue in exchange for operating under their umbrella. Most, if not all, require a background check and financial qualifications.

No matter what you choose, you usually get what you pay for. Compare before buying! Whether you start your own business from the ground up, purchase a franchise, or buy something in between, remember that the success of your business is up to you. It rests entirely on your shoulders. Your determination, hard work and perseverance create your outcome.

Cindy.

E-mail us for help and solutions to start your business or reach your business goals.

© 2010 DMMI Associates LLC – All rights reserved

1/5/10

Will your business grow this year?

It's time to grow your business.
The new year is here... and your business wants to know what you're going to do about that.

Was one of your New Year's resolutions to spend more time and energy running your business, instead of letting it run you?

Have you made any appointments with yourself yet, to actually set out some objectives and plan strategies for reaching them?
Are you already caught up in the old routines of last year and trying to catch your breath?

Take a couple of minutes to watch this video thought-starter.

Then call to see what thinkVAULT can do for you and your business.

thinkVAULT New Year - Grow Your Business

What are you thinking NOW?

At a time when it seems logical to curtail spending, some business owners will recognize the window of opportunity to gain market share. Are you one of them?

It is a jungle out there.

To make a real impact in 2010, planning is required.
thinkVAULT can help you with that.

I can help to clear away the distracting vines and underbrush for you -- even tame a few revenue-limiting tigers. Let me know when you're ready.

12/28/09

Micro Business School - How to Calculate Your Hourly Rate

The thinkVAULT Micro Business School Step Two: Calculate Your Hourly Rate.

In Step One, you determined exactly what business to go into. You met the first basic criterion: You're good at it. The second key factor: Someone else will pay you to do it. Keep in mind that if you wouldn't pay you for it, odds are that few other people would either.
There are a few exceptions to this, but your mindset about your product or service will affect your ability to market and sell it.

The next critical question for you to answer is:

How much revenue do I need?

This is the "quick and dirty" rule is this: You must cover all of your living expenses. If you have no savings - a common shortcoming in this society - then you must plan to cover your expenses quickly. This may mean incorporating a Plan B into your strategy.

Calculate your annual financial needs by starting with your pre-business-owner family budget:

Include housing, food, household supplies, and utilities.
Next, add transportation expenses - car payment, gasoline/fuel, maintenance, parking, etc.
Remember your "hidden paycheck" as well.

health and dental insurance.
life insurance.
formerly reimbursed expenses, such as cell phone, internet access, etc.

Do you have growing children?

They'll need clothes and shoes.
Are they under the age of 12? Include childcare costs.

Add in other essentials and discretionary expenditures.

Savings - emergency fund and retirement.
Clothing for you - over the course of a year.
Cash donations to church and charities.
Vacation - plan for it, whether or not you get to take one.
What else do you need? Record and plan for it.

Total the numbers and multiply it by 1.30 - about what you'll need to cover taxes.

The list can get long and detailed. I recommend using a spreadsheet for the process. Remember not to cross-mix weekly, monthly, and annual numbers. You are calculating what you need for an entire year.

Your Real Hourly Rate:
It's higher than you think.

You should now have a total amount for the year that may scare you a bit.

Calculate the number of days you will work.

On average, start with 240 days. Or...
If you checked the calendar for exact Monday - Friday working days, then subtract your planned vacation days.
This may be 5 or 10; remember this in Year One.
Decrease the number further by 5 more days - a "fudge" factor.

Now... divide the financial needs amount by the number of days above. That's your minimum DAILY rate.
NOTE: You have yet to calculate the needs of the BUSINESS.
This first number is just what YOU need to live.

If you have not already begun, immediately gather and record what your necessary business expenses will be. Carefully managing your revenues and business expenses will govern the availability of the cash you calculated above as family needs.

Necessary business expenses, and exactly what to include, will be covered in another entry -- Step Four!

Step Three: The first 5 tasks you must do to gain momentum. Check the next blog entry.

E-mail us if you have a question about calculating your hourly rate.
This Micro Business School series is for new and emerging business owners: Those people who neither have the time nor an immediate need for a formal business plan.

12/15/09

Goals or Resolutions - Which Is Better?

Are goals or resolutions better for business owners?

This entry is from guest blogger, Cindy Hartman of Hartman Inventory Systems. a business and personal property inventory company

As each year comes to an end, if you’re like most people, you begin to think about what you didn’t achieve the past 12 months and what you plan to work on “next year.” Often, though, “next year” always remains as “next year.” Kind of like the statement that “tomorrow never comes.”

The end of one year and the start of a new one encourages most of us to create New Year’s resolutions. But resolutions are rarely kept. I read a statistic (I can’t remember where) that showed 83% of resolutions are broken by January 31. I wonder what the statistic is by July 31. Or the following December 31. My guess is that the number is quite high.

I think it’s because a resolution is often just a thought or desire -- perhaps stated out loud, but rarely written down. Yet, when people set goals, they usually assign actions and deadlines to each item. Goals are then easier to achieve because you are holding yourself accountable.

Consider your business. Would you rather make a resolution to double your revenue or have a goal to do so? If you resolve to do it, it’s probably a thought or wish. But if you make it a goal, you’ll be more focused. You’ll most likely create a budget, a marketing plan and a monthly action plan. And here’s the key – you’ll measure your progress month-to-month. You’ll have numbers to determine if you’re reaching your desired revenue. And through this assessment process, you’ll have time to change your processes to improve your results.

Turn your resolutions into goals. Measure your progress, and December 2010 will be a much more rewarding year end because “next year” became “this year” -- for whatever desired outcomes you’ve chosen.

Happy New Year!

Cindy.

11/22/09

Cost Effective Business Tools: Customized Video Greetings

Customized Video Greetings Can Make the Impression You Want.
Click the Play arrow for a demonstration - just 3 minutes.

thinkVAULT Video Greeting Demo 2009

If you want to impress your clients, business colleagues, and prospects, here's an environmentally-friendly choice:
Your message in a Flash Video. Convey your holiday or seasons greetings, expressions of thanks, or a marketing message in a unique way. Printed cards are tangible -- and often fun, but by their nature, the message is limited.

I received a colorful card just this week. It probably cost the business owner at least $1.00, plus the postage. He also had to add a separate sheet of special offers -- kaching, added expense. There is a greener, cost-effective, and wonderfully engaging way to relay the message:

You can include it all in one video.

Order Your Customized Video Below.
Select your video options...
Select Length - Music Combo

Your video will be ready within ONE business day of the receipt of your art and/or media files.

Questions? Click here to get more info.

© 2009 DMMI Associates LLC – All rights reserved

11/17/09

The Entrepreneurial “Itch”

More and more people are feeling the Entrepreneurial "Itch" to start a business.

This entry is from guest blogger, Cindy Hartman of Hartman Inventory Systems. a business and personal property inventory company

Today’s economy has turned many peoples’ lives upside down. There have been downsizings, closings and forced early retirements. Even those who are still employed are considering their desire to own their own business and feeling "if not now, when?"

Once you acknowledge the entrepreneurial “itch”, how do you decide what to do? An essential step in the selection process is determining three key criteria that this new adventure must meet. There are others, but these three are essential:

Passion.
Financials.
Skills/Abilities.

The first, Passion, will steer you toward doing something that feeds your values, allows you to serve a purpose and give you something more than money to drive you to succeed. When your daily efforts feed a passion, you will enjoy each day and it will not feel like work.

The second, Financials, is very important. Be realistic on what you can spare and your risk threshhold level. There are a plethora of opportunities no matter what your financial situation. Ask others, do some research and be creative!

The third, Skills/Abilities, helps you realistically asses what you are able to do. But don’t forget the all-important opportunity to learn something new. Having the ability and desire will bring you the encouragement to learn and grow.

There are other criteria you will want to add to this list, but these three will get you going in the right direction. Once these decisions are made, you have a good outline of what type of businesses to investigate. You will have eliminated some and discovered others you wouldn’t have initially considered.

Narrow down all of your options, first by making sure they align with your three criteria. Then ask a simple question: Do I want to do this? The question may seem to be almost ridiculous, but if you focus only on the criteria, this seemingly obvious question might be left unanswered!

Be honest with yourself, and no matter how inviting something is, if it doesn’t meet your passion, financial position and abilities, plus you honestly cannot see yourself doing this day after day, don’t even consider it!

Making this decision is a life-changing event. Make sure you feel the passion so you can enjoy your next career!

Cindy.

11/11/09

thinkVAULT Launches "Global Entrepreneurship Week - Indianapolis" Info Hub

Global Entrepreneurship Week: Passing the Legacy to Our Youth

This is only the second annual Global Entrepreneurship Week (GEW). It's still growing across the globe. If you have a business already up and running, or if you have only a business idea, you should be aware of this event. One of the reasons the event exists is to introduce the concept of business ownership to young people everywhere.

I encourage you to visit the Global Entrepreneurship Week - Indianapolis Page on Facebook. Become a Fan and contribute your thoughts and ideas for 2010.

Be sure to post your comments and updates on the Fan Page.

© 2009 DMMI Associates LLC – All rights reserved

11/5/09

Entrepreneurship Is Not A "Swing for the Home Run" Game

Can You "Swing for the Home Run" as an Entrepreneur?

One of the greatest mysteries about entrepreneurship and start-ups is how a business owner can ensure success. Here's the catch:

You can't.

That is not to say that you cannot be successful. You just can't "ensure" it. The best you can do is prepare well, execute well and repeat those actions CONSISTENTLY. Then, if you do fail -- learn from it. Pick yourself up and shout: Next!

This article, on the Wall Street Journal's website "How to Decide if Entrepreneurship is Right for You" presents five questions all prospective business owners should ask themselves before starting a business -- with or without employees. A key point is the first one: Make sure you believe in, and are passionate about, whatever your venture will be. Avoid any business or industry that someone else has convinced you will "make money for you." If you don't believe in it, your prospective clients or customers won't either.

If you have not seen these two prior blog entries, I suggest that you read them, as well.

Several days ago, and with more than a wee bit of mirth, I put up a post in the spirit of swing-for-the-fences. It was the middle of the World Series. The metaphor fits...
The premise was simply this: Raise $20,000 from a base contact pool of about 450 social media connections. "Success" would have required that on average, each one would literally buy in at $50 or so, or that the campaign would expand geometrically -- i.e.: virally.
What were the odds of that happening? Slim and none!

Yet, this is exactly what too many start-up business owners do. Their business is important to them, so they feel confident that everyone they know will

want and/or need to do business with them.
tell all their friends.
repeatedly spend their hard-earned money with them.

This is rarely true. It's also not likely to sustain you.

What you can do is plan well and work smart.

If you are up for THAT challenge, go ahead and get started. We can help you with that. Find your market niche and claim it.
Consistent base hitters contribute to the score more often than home run hitters. DMMI will help you to score.

Are you following me on twitter yet? I use that 140-character space to both find and disseminate information and inspiration. Join me!

Also, watch this space during November. You will find practical tips and steps to take toward starting and growing a viable business. I will present them from the perspective of "Must Haves" and "Nice to Haves" solutions-wise, with an eye for what you can do

For free or low-cost [$].
Affordably, for a fee [$$$].
WithDeep Pockets [$$$$$].

7/5/10

6/12/10

4/30/10

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3/31/10

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3/15/10

3/8/10

3/1/10

2/16/10

2/12/10

1/15/10

1/5/10

Take a couple of minutes to watch this video thought-starter.

12/28/09

12/15/09

11/22/09

11/17/09

11/11/09

11/5/09

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