The Art of Follow-up in the Science of Visibility

Some would say that internet visibility, ala web page content and SEO tools, is a science. I would tend to agree.  You can certainly measure page hits, calculate analytics, and derive "scores" for what tactics are most effective. But what about the end goal -- connecting with people?

Recently, a follow-up e-mail came from a sponsor of an event that I attended. It took a few days for it to cycle through their internal process. I'm sure someone entered all of the contact info into a database. Perhaps someone else formatted the e-mail message in their template. It's also likely that the originator approved the final version before it was sent. This was from the largest law firm in town, ergo they have deeper pockets that many companies. The nature of what they do also lends itself toward a certain attentiveness to minutia. 

Those details aside, when all is said and done, this guy did his follow-up in an impressive way. He thanked us for attending. A link to his PowerPoint presentation was included, along with links to related materials on the company site. Spammer-resistant contact information was there, as well. These folks were thorough! If there is any chance of our engaging his firm in the future, he moved at least a little closer to top of mind. 

How solid is your follow-up strategy? Are you building your visibility by remembering the simple things, such as follow-up? Make sure you cover this area. You can be sure that your competition will be. 

A word of advice:

Get to your follow-up quickly. The snail at the end of the line becomes a meal for creatures higher -- and faster -- in the food chain.

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

1. Building and maintaining Internet Visibility for your business.
2. Channeling that visibility into Online Business revenues.
3. 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.

© 2010 DMMI Associates LLC – All rights reserved

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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!

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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!

© 2010 DMMI Associates LLC – All rights reserved

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Manage Your Money Monday - Niche Focused Marketing Can Improve Visibility

Are you focused on a Niche Market?

...or are you aiming for whatever can bring revenues in the door? 

Consider an archer, with a quiver full of arrows. In a field filled with targets, will that archer pull out a bevvy of arrows, load them into the bow, and launch them... HOPING to reach one or more of the targets? 
Probably not and neither should you!

A few weeks ago, a blog entry was published on how your Business Model affects your top line. Answering those 5 W's will help you to define a niche. Once you do define your niche, however, it's usually in the best interest of your company to stick to it.  

A niche market is the subset of the market on which a specific product or service offering is focused.

Wikipedia

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A key reason to stick to your niche -- it makes it much simpler to market your product or service. This is especially true when it comes to the Who your target market is: the demographics. 
Have you ever been to a networking event and listened to various people introduce themselves? The format is often a 30-second or 1-minute Elevator Speech or Elevator Pitch. 

• The ones that make you sit up and take notice are which ones? 
• The person who starts with "I'm looking for anybody who..."  -or-  "My company helps very small businesses, owned by women who..." 
• The guy who says "We can help you get more customers."  -or  "If you've been thinking about finding time-saving ways for more potential customers to get to know you, we can help you with that."

Those are just a couple of examples. But, here's another question for you: 

How narrow can you make your market niche? 

The better you can define exactly what you're selling, the more likely it is that you will find your target market quickly. This is especially true of services providers -- the folks that sell intangibles. They must know what prospects' problems look like and what the symptoms are of an unsolved problem. That helps them to tell good stories and paint mental pictures for their prospects of them solving THEIR problems similarly.

A narrower niche may help you to hit your target more consistently, with a corresponding increase in revenues. You will likely find yourself spending less time, and marketing dollars, to get more customers with just a little more focus. Try it. Let us know how it works for you. 

Comments are welcome. Tell us what you think.
If you need help being more visible to your target market, click here and we can get started on solutions targeted for you!

© 2010 DMMI Associates LLC – All rights reserved

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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: 

1. Social Media
2. 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

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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... 

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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.

© 2010 DMMI Associates LLC – All rights reserved

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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.

© 2010 DMMI Associates LLC – All rights reserved

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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?"

© 2010 DMMI Associates LLC – All rights reserved

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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.

© 2010 DMMI Associates LLC – All rights reserved

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Manage Your Money Mondays - Small Business Owners and Retirement

Why should a new business owner be thinking about Retirement?
If you have a business plan - even a one-pager - the very last (but not least) section should address your Exit Strategy. Eventually, you will exit from your business venture. Why not exit on terms that are most favorable to you?
REMEMBER: As the years go by, it takes a larger (and more painfully difficult to find) chunk of your earnings to build a nest egg for retirement.

Most of my clients are, in fact, planning to retire from the businesses they are running now. Some may start new ventures later, but the firms that they are now nurturing are also their means for building wealth. Retirement planning, therefore, is a key strategy for right now, not the future.

So, how does a savvy business owner address the issue of retirement planning -- along with all the other challenges that come with business ownership? The short answer: Face it head-on and treat it like the necessary expenditure that it is.

Retirement investment funds should be in your budget, just like every other planned monthly cash outlay. Whether or not this line item is in your corporate budget, your personal budget, or both depends partially upon how your business is structured. Consult your financial planner and tax advisor for the best approach. Sub-S corporations can manage this process a bit differently from LLCs, for example.

The bottom line: You gotta do it! For a perspective on the retirement realities and the impact of timing, see this Facebook video from Pete "The Planner" Dunn.

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

© 2010 DMMI Associates LLC – All rights reserved

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Cogent Cogenesis - Helping thinkVAULT Help You, Small Business Owner

"How can I help you?"
I first heard those words from a senior manager nearly 20 years ago. It caught me off guard, stunned me in fact. Those are not the words you usually hear from someone "in charge." They stuck with me, nevertheless, and have helped to shape my approach to fulfilling clients' business development needs.

So, as I roll out the next phase of thinkVAULT's on-line virtual and tangible products and services, your needs -- small business owners -- are top-of-mind.

Information is proliferating on the internet at a dizzying pace. I've seen estimates that what took 20 years to double will double again in the next 4 years. My goal is to contribute to your business' growth, not your information overload.

Toward that objective, the information "menu" below is offered for both your planning ease and my sanity. You may expect articles, blogs, and tweets to center around the high-level subjects listed on the days indicated.
One of your opportunities to get more actively involved will be on Wacky Webcast Wednesdays. We will have some fun, while business-building information is shared with our e-viewers.

thinkVAULT Daily Fare.	Subject or Topic Area.
Manage Your Money Mondays.	From the top line to the bottom line and nearly everything in between. Timely info you'll want to know about how to build wealth from your business.
Non-Techie Tuesdays.	Tips and shortcuts to tame your computer and other biz electronics. How to shape them into the time-saving tools they should be.
Wacky Webcast Wednesdays.	The cyber "wires" are open to you! Ask questions on the biz topic of the week or bring your own hot business issue to the Web-table. Watch for more details on the Webcast soon.
'Tough It Out' Thursdays.	For the times when your Perseverance, Persistence, and Patience start to run out.
Fearless Five Fridays.	Might be five of something -- might not. The fifth day of the week will be an eclectic mix of people, places, and things to help you keep your life balanced: Healthy Business / Healthy You.
SocMed Saturdays.	Links and insights on how to better integrate Social Media - especially the "Big Three" - into your marketing strategies. On a day when you may have a little more time to tend to it.
May See You, May Not Sundays.	Do I work on a lot of Sundays, like the rest of you? Sure. But I also seek balance. (See Fridays, above). 'Nuff said?
You are invited to "tune in" any or all days and media.Watch for tweets on what and where.	There will be guests and input from expert sources, too. Let us know how you like it!

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

© 2010 DMMI Associates LLC – All rights reserved

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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: 

1. starting on your own.
   
2. buying a startup kit.
   
3. purchasing a turnkey package.
   
4. 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. 

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

© 2010 DMMI Associates LLC – All rights reserved

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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:

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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:

1. Include housing, food, household supplies, and utilities.
   
2. Next, add transportation expenses - car payment, gasoline/fuel, maintenance, parking, etc.
   
3. Remember your "hidden paycheck" as well.
• health and dental insurance.
  
• life insurance.
  
• formerly reimbursed expenses, such as cell phone, internet access, etc. 
4. Do you have growing children? 
• They'll need clothes and shoes. 
• Are they under the age of 12? Include childcare costs.
  
5. 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.
6. 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.

1. 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. 
  
2. Now... divide the financial needs amount by the number of days above. That's your minimum DAILY rate. 
3. NOTE: You have yet to calculate the needs of the BUSINESS. 
4. 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.

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Micro Business School - What Do You Do?

Introducing: The thinkVAULT Micro Business School. 

As I look back on the many challenges that my clients, and I, have faced, a recurring theme emerged. We have all wished, at some point, for someone to take us by the hand and say, "Here's what you need to do." Or at least: "Here's what I did about that."

So, in the interest of living up to my original vision:

A profitable, viable, solidly planned, and well-organized business for everyone who has a genuine passion for building one.
...let the "hand holding" begin.

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Who is this for?

The focus is women starting or growing a micro business. Typically those who have:

1. Never owned a business before.
   
2. An urgent need to bring in income. 
• Downsized, laid off, employer out of business.
• Head of your household, primary breadwinner.
  
3. A belief that all economic conditions present opportunities.
   

If you see yourself described in the list above -- regardless of your gender -- thinkVAULT can help you with starting and growing your business. You know for sure that you don't have time to "attend the School of Hard Knocks." That is a long and painful road to take... Neither do you wish to "fly by the seat of your pants." That stopped working, well before the 20th century ended. The world and business move too fast...  

If you want to save yourself a lot of time, and money, come along on this journey with us.  
If you have a pressing concern or burning issue, send an e-mail or leave a comment below. 

Step One: Choose something to do.

Make TWO lists, on two separate sheets of paper (or in two different files, if you're using Word):

1. Things you're good at doing. 
• Remember, you need to start making money. What are you really good at doing, RIGHT NOW?
• Litmus test: Would three other people who know you -- and will tell you truth -- also say you're good at these things? 
• Sit your list aside or close the file. NO cheating on part 2, below!
  
2. Things you would pay someone else to do. You will only be able to sell what you believe to be of value.
   

See which skills appear on both lists. Rank your top three. If you need a tie breaker, which one would you wake up and do at 4:00 a.m. and keep doing until midnight? 


Step Two: Can you make enough money at your number one choice. And just how much is that? Check the next blog entry; this post will be updated, once it's "live" for reading.



E-mail us if you have a question about how to choose YOUR something. 

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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: 

1. Passion.
2. Financials.
3. 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. 

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E-mail us for help and solutions for enhancing your business' mission.  

© 2009 DMMI Associates LLC – All rights reserved

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6 Time-Proven Paths to Business Success

Be a Business Genius Using These Six Time-Proven Paths to Business Success.

When I first gave this presentation at a speaking engagement six years ago, I was a relatively new business owner myself. In the process of updating it, I have personally come to appreciate the revelations in it much more. It is from that perspective that I humbly offer you the opportunity to share in and gain from the wealth of knowledge to which I've been led.


You will find an overview of this presentation, "Driving an Armored Car" at this link: 

• Overview 
  

It runs for about 5 minutes and is slides only / no audio, on SlideShare. 

If you are interested in seeing and hearing the complete 25-minute presentation, it is divided into 5 snippets, with each part running about 5 minutes. 

• Part 1 - Business Genius: Defined
• Part 2 - Your Genius Vehicle
• Part 3 - The Genius Ride
• Part 4 - The Genius Journey
• Part 5 - Life as a Business Genius

This approach makes it convenient for you to digest the concepts, a little at a time. In any case, I hope you use this as an opportunity for reflection and preparation for your next steps -- in business or in life. 


You are encouraged to leave comments or questions, below. Responses of interest to other commenters will be posted here. 




E-mail us if you would like help with starting or reshaping your business.  

© 2009 DMMI Associates LLC – All rights reserved

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5 Things You Should Know to Shape a Vision for Your New Business.

Your Business Vision - 5 Factors to Consider.

How do you see your business? What will it look like the day you start up? After 1 year passes? 2 years? 5 years? 
To increase the likelihood that you will succeed over the long haul, answer all parts of that question for yourself. Write it down. 

Oh, I know, it is much easier and simpler just to get things going. Unfortunately, that's a short-sighted perspective. Remember: The easy path rarely serves you well. Did you win any little league games without practicing with your team? How about learning to play piano -- or whatever your musical instrument of choice may have been? Practice may not make perfect, but it definitely makes it better. 

How you define your business' vision will shape your mission for it. The two together will shape all of the marching orders for both you and any employees you hire.  If you start marching without it, you will eventually hit an immovable wall.



Below is a starter list for bringing your vision into focus.

1. Who will your customers be? 
• What will you provide for them? 
• What will, and should, they expect from you? 
2. What range or scope of products and services will you cover?
   
• Caution: Your business cannot be all things to all people.
  See this SBA overview on "Finding a Niche."
• Start with what you are truly good at. 
• Stick to that. 
• Be able to do that with excellence. 
• Expand after you master the step above.
  
3. Do you see yourself with employees? 
   
• How you answer this will drive many factors - not the least of which is your Business Plan. 
  
• Will you have them Day One or hire them later? 
4. How big will your company grow? 
• Is the sky the limit?
  
• How many employees would be too many for you?
  
5. At what point in time will you leave your company? 
• Retirement? Will you stick around as an Emeritus? . 
• Will you, or can you, leave your children in charge when you leave? 
  
One of my clients is led by a 2nd generation descendant. Oh yes, and Grandpa Tippy, President Emeritus, has an office -- but rarely uses it. The firm is in good hands.

Lay out a chart for yourself and answer these questions for each phase of your business. Keep it simple. You can make notes in a spiral notebook. Just make sure you get it done. Then, and only then, start your business. 

DMMI Associates is here to help you to find and use the best possible business growth resources available to you.  


E-mail us for help with getting and keeping your business running well.  

© 2009 DMMI Associates LLC – All rights reserved

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Can You Afford the School of Hard Knocks?

How Steep Is Your Learning Curve?

Eventually most of us learn. We either learn through experience, formal education and training, or pain avoidance -- a.k.a. "The School of Hard Knocks." Mistakes that cause us pain or cost us money can be effective learning tools. The downside is that they are expensive, both in terms of time and resources. 

So, ask yourself: How much time and money can you afford to waste? Yes, I said "waste" as opposed to "invest" -- the preferred approach. The key difference: An investment has an expected, measurable return. Conversely: Time lost is irreplaceable. Revenues, i.e.: money, left unearned is also in essence, wasted. Missed opportunities will cost you, one way or another. And yes, I speak from my own experience as one whose education has included courses from Hard Knocks U. 

So... In the spirit of saving some of you both time and money, here is an opportunity to invest a couple of hours in your personal business "book of knowledge." Your only investment for the session is your time. I guarantee you a great ROI. 

Do you know already what scripts you should be flipping to: 

• shorten your learning curves and 
• help you to grow your business faster? 

Here's the link for the September 15th newsletter, from my brilliant associates over at Lushin, with some thoughts on that subject. To register for their 2-hour Executive Briefing on September 23rd, just click here or the <Register Here> link in the newsletter. 


Take 2 minutes, as well, to see Paul Lushin's video explaining "Life's Scripts" at Lushin TV. 

DMMI Associates believes in bringing great solutions and resources to you.  


E-mail us for help setting a course for stable growth.  

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Costs Management 101.

Sales Revenues Minus Costs Equals: PROFITS.

Fear not. Cost Accounting is not the formidable beast in the real world that it was in business school. Well, okay; maybe it is. The painful truth is: To stay in business, you cannot avoid it, at least at a basic level. There is only one way to know if you are pricing your product or service correctly. Costs must be reasonably estimated before you sell anything. Detailed knowledge of the three main factors listed below should drive all your pricing decisions. 

1. Labor - That part of the cost of goods and services attributable to wages, especially for direct labor. For more details on Labor Costs use this resource at Answers.com.
   
2. Materials - the cost of the raw materials that go directly into a product. From the BNET Dictionary.
   
3. Overhead - expenses that are not directly tied to making or delivering a specific product or service. See this page at BNET for more details.
   

So, start your business on the right path. Get a handle on your costs from Day One and monitor them closely.

DMMI Associates can help you with measuring your costs, if you need it. 


E-mail us for help getting started.
DMMI can help you to set a course for stable business growth.

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How You Set Up Your Business Can Be Expensive

How You Set Up Your Business Can Save or Cost You Money.

Our objective here at DMMI Associates LLC is to get good, timely information into your hands. No wheel reinventing here today, simply some justified kudos.


This is the best 2-minute summary that we've ever seen on how your business structure choice can drive your income taxes up, or down. "Is Your Structure Costing You Money?" produced by Entrepreneur Magazine's Video Network. The video provides an overview of tax implications to consider.
Fair warning: it's preceded and followed by about 15 seconds of commercial advertising. They have expenses and production costs, too! 


Your business will be one of the following types, even if by default.

1. Sole Proprietorship. – It's all on you: what you do, how you do it, along with all the liabilities. Income is taxed directly to you, as an individual. 
2. Partnerships can be two or more business owners, splitting everything evenly, or in different proportions according to a written partnership agreement. 
3. Limited Liability Corporations - LLCs are supposed to do just that: limit your liabilities. The recommendation offered in the video is right on target. 
4. A Sub-chapter S Corporation or "S Corp" was the original hybrid corporation, but proved a bit cumbersome for many small business owners. The LLC was borne as a result. 
5. C Corporations are the more classic structures that we know Big Business by. Your company doesn't have to be big to use it. The choice just needs to make sense from a net earnings perspective. There are LLCs with hundreds of employees, for example. The choice was driven largely by the tax numbers. 

Was this helpful? Great! How else can we help you make your business life easier?

© 2009 DMMI Associates LLC – All rights reserved

 

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The 10 Things That Must Be on Your Business Card

Business Card Info Checklist.

Make sure your business cards will work for you. After all, that is usually the very first piece of marketing collateral that you give to people. So, make a good first impression. Toward that objective, invest a few bucks in a quality, professionally printed card. You may think that it’s cheaper to produce them on your desktop printer, but you may leave your prospective customers with the wrong impression. A flimsy card or a perforated edge says “I’m not really serious about business.” Equally important: Proofread before your copy goes to the printer and after you receive them.



Below is a ten-point checklist that will ensure your first impression business-wise is the one you want.

1. Your Name.  “Well of course, I’ll put my name on it,” you may be thinking. But hold on… How often have you seen a business card with a person’s formal or legal name, but no hint as to what they like to be called? Why not say “William “Bill” Smythe?” Let people know what you like to be called, without them having to assume that it’s okay to address you as Bill, Cindy, or Deb, etc.
2. A Title that describes what you do. One of my favorite examples is that of a colleague who calls himself “Chief Potential Officer.” When you see that, you would be more inclined to ask for more information about his company, wouldn’t you? It also better describes what he and his company are all about than “CEO.”
3. Your Company Name – clearly spelled out in words, not just your logo. With my first business venture, only the logo was on my card. You cannot imagine the interesting guesses – that were close, but not quite it – that arrived in the mail. Furthermore, as the use of automated data capture expands, you want to help prospective clients to save your correct information.
4. A Street Address for mailing. Your business is home-based? So what? If you’re concerned about looking too small, then add a Suite number. Get a P.O. Box for Accounts Receivable payments, if your mail at home comes late in the day. It’s worth the $6 to $10 average per month to have your cash available a day or so sooner.
5. Your Contact Phone Numbers. – office and cell phone should be included, if you truly want to be reachable. Also, get a second telephone line or an IP phone, so you know how to answer incoming calls. Forbid your minor age children from answering your business line, unless they are on your payroll and properly instructed.
6. A Fax Number should be included, because people do still send faxed documents. You also should be e-faxing documents to yourself and others. More about that in another article.
   An electronic, toll free fax number can be had for about $10 per month. If you want to save a few trees, this is a good way to help.
7. Include your E-Mail Address, at your company domain. If you’re concerned about spam, then set up spam filtering on your e-mail account. There is no rule that says you must give a business card to everyone who asks.
   There is also no excuse for not having an e-mail account; there are too many places to get them for free. A domain, with e-mail forwarding or a web account can also be had for less than $25. Get one. Do it now.
   
8. Your Company Tagline, or a few words about what you do. It’s better if people don’t have to rely on their memories days or weeks later when they need your product or service.
9. Lay the card out in a Standard Font, with nothing printed smaller than 8 pt. Please don’t make us squint to read your card! As for font choice: Use Times New Roman, Arial, Helvetica, or any other crisp, widely used font – with or without serifs. Again, help the automated data capture process. If your prospective customers must manually correct errors that OCR software was supposed to read, you may miss out on business.
10. Include White Space.  At least have some on the back of the card. A clean, uncoated, light-colored place to jot down a few notes is truly appreciated by savvy networkers.

Was this helpful? Great! How else can we help you make your business life easier?

© 2009 DMMI Associates LLC – All rights reserved

 

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