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Growing your business

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Growing your business

  1. 1. Growing Your Business <br />© 2011 YCHANGE International LLC. All rights reserved<br />
  2. 2. Introductions<br />Jim Smith<br />Business Advisor and Instructor @ MHCC, SBDC<br />Experience<br />(503) 922-0784<br />jsmith@ychange.com<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 2<br />
  3. 3. 7 Steps To Grow Your Business<br />Your Favorite Customer<br />The Message or Value Proposition <br />Communicating The Message<br />Your Competition<br />Your Cash Flow <br />The Planning Process<br />Your Network <br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 3<br />
  4. 4. Step 1 – Your Favorite Customer<br />The spoken and unspoken customer PAIN and what they value most are understood in part by the answers to a particular set of questions.<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 4<br />
  5. 5. Understanding Your Customers<br />What do these CUSTOMERS need?<br />What is their pain? <br />Do they even know their needs? <br />Do they really understand their pain?<br />What does your Competition offer them?<br />What can YOU offer these customers?<br />What do they THINK YOU offer them?<br />How do they describe your offerings?<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 5<br />
  6. 6. Geographic Variables<br /> Potential customers are in the following kind of marketplace:<br />Local<br />State<br />Regional, or<br />National <br />International<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 6<br />
  7. 7. Demographic Variables<br /> Potential Customers are identified by criteria such as:<br /> Age <br /> Race<br /> Religion <br /> Gender<br /> Family size <br /> Occupation<br /> Income Level <br /> Education level<br /> Marital status <br />Slide 7<br />© 2011 YCHANGE International LLC. All rights reserved<br />
  8. 8. Psychographic Variables <br />Lifestyle:<br />conservative, exciting, trendy, economical<br />Social class: <br />lower, middle, upper<br />Opinion: <br />easily led or opinionated<br />Activities and interests: <br />sports, physical fitness, shopping, books<br />Attitudes and beliefs: <br />environmentalist, security conscious.<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 8<br />
  9. 9. Behavioristic Variables<br /> Products and services are purchased for a variety of reasons:<br />Brand <br /> Loyalty <br /> Cost <br /> Frequency of purchase<br /> Amount of purchase<br /> Time of Year <br /> Time involved in purchasing decision<br /> Where customer purchases the product<br />© 2011 YCHANGE International LLC. All rights reserved<br />
  10. 10. Linguistic Variables<br /> Products and services are described by a variety of words and phrases<br />Keywords<br /> Key phrases<br /> Misspellings<br /> Geographic dependencies<br />© 2011 YCHANGE International LLC. All rights reserved<br />
  11. 11. Your Customer Segment<br />Who is the favorite customer<br />What is their pain<br />How do they describe it in their words<br />Listen to your customers Learn to think inside their box Learn their language Learn to walk in their shoes <br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 11<br />
  12. 12. Step 2 - The Marketing Message<br />Using what you learned about your customers and the language they use to describe your offerings….how you describe what you do to them.<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 12<br />
  13. 13. It Explains Your Business<br />Who you are targeting?<br />What they are looking for?<br />What you are offering?<br />Why it is so very special?<br />How it is unlike others?<br />
  14. 14. Step 3 - Communicate The Message<br />Via The Different Media<br />Classical Media<br />Digital/Electronic Media<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 14<br />
  15. 15. Media<br />Broadcast<br />Print<br />Conversation<br />Mail<br />PR<br />Web Sites<br />Social Media<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 15<br />
  16. 16. The Web’s Impact on Customers.<br />Communication habits are changing<br />Most of your future customers will be coming from a digital generation<br />iPhone & iPad<br />Instant Messaging<br />Web searching<br />Social Media & Networking<br />Digital Readers & Meters<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 16<br />
  17. 17. A Website Is…<br />…Just a location <br />You have to make it into a destination. <br />Your Customers Use It – not to find you – But To Check You Out!<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 17<br />
  18. 18. Content<br />The most important part of your site<br />Speak to your target market/visitor’s true need <br />You need to listen to them to understand the language<br />You write differently for the Web than you do for anything else <br />Establish credibility<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 18<br />
  19. 19. Social Media<br />Social media use rising: More than 500 million people on Facebook and more than 1 billion Twitter updates per week or 140 million per day, 460,000 new accounts sign up daily. More than 71% of businesses plan on increasing their use of Facebook, Twitter, YouTube and blogs in 2011 <br />Small businesses are dominant players: Small businesses are cashing in quickly on social media. The increase in use over the past year is up from 12% to 24 %. <br />Mass consumer adoption of social media: 93% of social media users say your company should have a social media presence. 56% of users feel both more closely connected with and better served by companies when they can interact with them in a social media environment <br />Social media drives search engine optimization: improving search engine rankings<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 19<br />
  20. 20. Social Media Tools<br />RSS<br />Blogs<br />Facebook<br />Twitter<br />LinkedIn<br />YouTube<br />Yelp, Foursquare<br />SocialMention<br />Twubs<br /> To listen to your customers<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 20<br />
  21. 21. RSS<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 21<br />
  22. 22. Why blog?<br />The hub of your social media marketing. <br />You become the expert. <br />Connect to a wider audience.<br />Grow your brand.<br />Gives you material to distribute. <br />SEO.<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 22<br />
  23. 23. Facebook<br />More than 500M active users. 100M in US<br />Each has on average 130 friends<br />Fastest growing demographic is 35+<br />Clients are there. They’ll spread the word. <br />You have friends on Facebook to start a network.<br />Integrates easily with other social media platforms<br />You can advertise on Facebook<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 23<br />
  24. 24. What is Twitter?<br />Microblogging platform composed entirely of 140 character answers to 1 simple question:<br />“What are you doing?” or rather, “What are you interested in right now?”<br />HootSuite<br />Tweetdeck<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 24<br />
  25. 25. Hootsuite<br />© 2011 YCHANGE International LLC. All rights reserved<br /> Slide 25<br />
  26. 26. LinkedIn<br />World’s largest professional network with over 60 million members<br />Draw up a professional profile or resume<br />Make professional connections: employers, consultants, group members, etc<br />Collaborate, post/distribute jobs listings <br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 26<br />
  27. 27. Social Media Tools<br />RSS<br />Blogs<br />Facebook<br />Twitter<br />LinkedIn<br />YouTube<br />Yelp, Foursquare<br />SocialMention<br />Twubs<br /> To listen to your customers<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 27<br />
  28. 28. RE-THINKING “social” Networking<br />By 2010, Gen Y will outnumber Baby Boomers using Social Networking Technologies<br />96% have joined a social network<br />1 out of 8 couples married last year met online<br />Radio 50 million users = 38 years<br />facebook reached 100 million in 9 months!<br />facebook “country,” fourth largest in the world<br />Twitter – 75 million visitors in January<br />Twitter – 50 million tweets per day<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 28<br />
  29. 29. RE-THINKING “social” Networking<br />Word of Mouth has become World of Mouth<br />25% search results (Top 20 brands) linked to user-generated content<br />34% of bloggers post opinions about products & brands<br />Do you know what they are saying about you or your competitors?<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 29<br />
  30. 30. Step 4 – YourCompetition<br />Who is in YOUR market?<br />What do they offer?<br />How different?<br />What is unique?<br />Why do people use them?<br />What do they communicate?<br />Copies of brochures, Web, Ads, etc.<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 30<br />
  31. 31. What To Look For<br />Battles chosen<br />Comparisons made<br />Claims made<br />Areas ignored<br />Keep your friends close and your competitors closer.<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 31<br />
  32. 32. Step 5 – The Planning Process<br />1<br />Plan<br />6<br />Evaluate<br />Prepare for the future<br />explain variances from the plan<br />Act<br />implement the plan<br />2<br />5<br />Analyze<br />compare results to the plan<br />Results<br />something happens<br />3<br />Record<br />4<br />measure the results<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 32<br />
  33. 33. Operations<br />The Plan Parts<br /><ul><li>Executive Summary
  34. 34. The Company
  35. 35. Products and Services
  36. 36. Market Analysis
  37. 37. Competition
  38. 38. Business Strategy and Implementation</li></ul>Marketing<br /><ul><li>Operations
  39. 39. Organization</li></ul>Financials<br /><ul><li>Financial Analysis
  40. 40. Supporting Documentation</li></ul>© 2011 YCHANGE International LLC. All rights reserved<br />Slide 33<br />
  41. 41. Step 6 – Cash Flow the Secret…<br />Did you know?<br />Managing Cash Flowis the most important financial process you have to master… <br />And, it’s NOTthat difficult!<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 34<br />
  42. 42. Cash Flow defined…<br />Cash Flow is the flow of cash INTO and OUT OF a business over a selected time period<br />Cash Flow is:<br /><ul><li>Positive when cash receipts exceed cash payments – YOU CAN PAY YOUR BILLS!
  43. 43. Negative when cash payments exceed cash receipts – YOU HAVE TO BORROW TO PAY BILLS </li></ul>© 2011 YCHANGE International LLC. All rights reserved<br />Slide 35<br />
  44. 44. Cash Flow Rules<br />Rule Nº 1:Cash is the most important resource you have…<br />More cash is better than less cash<br />Collect Cash now is better than later<br />Pay out Cash later is better than now<br />Rule Nº 2:<br />Focus on Cash Flow rather than Operating Statement (P&L) profits<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 36<br />
  45. 45. Cash Flow - Stop the Bleeding<br />Review top 5 company expenditures<br />Monitor all employees expenses<br />Which service offerings generate revenue <br />Extended payment terms from suppliers<br />Purchasing via company credit card. <br />This may give you 15-25 days of extended terms <br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 37<br />
  46. 46. Cash Flow – Stop the Bleeding<br />If practical, use early pay discounts<br />Consider a twice monthly pay schedule<br />Reduce employees hours versus layoff. <br />Consider using contract labor (know IRS rules)<br />Short focused office meetings early in the day <br />Secure line of credit for unforeseen expenses<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 38<br />
  47. 47. Step 7 - Advisory Board<br />4 Reasons <br />Networking Potential<br />Industry Trends<br />Business Advice<br />Emotional Support<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 39<br />
  48. 48. Advisory Boards - Who<br />Business Customers<br />Small Business Peers<br />Consultants – SBDC/SCORE<br />Suppliers<br />Banker – CPA<br />Insurance Brokers<br />Lawyers<br />In the counsel of many there is wisdom.<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 40<br />
  49. 49. 3/20/7<br />Final Thoughts<br />Jim Smith<br />(503) 922-0784<br />jsmith@ychange.com<br />www.ychange.com<br />www.twitter.com/ychange/<br />www.facebook.com/ychange/<br />© 2011 YCHANGE International LLC. All rights reserved<br />Slide 41<br />

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