Get To Know Your PTAC

I can hear you asking yourself, what is a PTAC?  PTAC is a Procurement Technical Assistance Center.  The PTACs of Michigan are not-for-profit organizations funded by the Defense Logistics Agency, the Michigan Economic Development Corp. and local funding partners.  The mission of the PTACs is to enhance national defense and economic development of the state of Michigan by assisting Michigan businesses in obtaining and performing on federal, state and local government contracts.

If you are a small business owner and you’re looking for a way to increase your customer base, check into bidding on government contracts.  And if the thought of bidding on government contracts makes the hair on the back of your neck stand up, fear not.  Your local PTAC office is the place to visit for assistance with this.  Our local PTAC office is housed in the Lansing Regional Chamber of Commerce and they’re doing some great work.  To read more about it check out this article from the Great Lakes IT Report (GLITR)!

Google Local Business Has New Features

I love to see how good business tools evolve into great business tools with changes in technology and innovation.  And a great example of this are two new features in the Google Local Business Center.  I just read about this on the Duct Tape Marketing blog by Jon Jantsch.  You can now get Google Analytics data that are incorporated into your business’ listing and Adwords now allows you to connect your Google Local Profile to your Adwords account.   Visit the Duct Tape Marketing Blog to read more about it!

Michigan Made iPhone App

I’m not an iPhone owner (I have a Blackberry Storm), but despite that, I think this new iPhone app is pretty cool.  I just read about this in today’s Great Lakes IT Report (GLITR).  This app, MeetMe, allows you to find a spot “in the middle” to meet up with friends, family, business associates, etc…  One of the creators lives in Ann Arbor, works in Bloomfield Hills and has friends in Detroit.  His situation is more and more common these days so finding a place to meet in the middle can be a big help.  I have friends, family and co-workers scattered all over mid and southeast Michigan.  Hopefully an app like this will be created for the Storm soon!!

Visit GLITR to read the full article!

Grow Your Business with Blogging!

I stumbled across a new small business website today called Small Business Branding.  There is some very useful information here and in particular, an article by Vera Raposo entitled 5 SUPER Easy Tips To Grow Your Business With Blogging caught my eye.  Lots of small business owners wonder whether its worth the time to maintain a blog.  Will they really get value out of posting tidbits about their businesses on a regular basis?  I think the answer is “Yes!” but Vera’s article lends a little more credibility to the argument that you definitely should consider blogging.

Here’s the start of the article…for the rest, click here.

People no longer care to do business with a nameless faceless entity; they want to know who they’re doing business with and what they’re about. A blog helps you accomplish this, thus building your awareness and customer base.

(Image from Innovation Factory blog)

Common Business Plan Errors

A lot of entrepreneurs and small business owners feel intimidated by the prospect of having to write a business plan.  And I can completely understand why…it’s a lot of work!  And if the business plan is being written because funding is needed, there can be additional pressure to make sure the plan is perfect.  I recently read a post by Adam Toren on the Young Entrepreneurs blog about common errors to avoid when writing a business plan and there are some great suggestions.

So for those of you that dread writing your business plan, take heart!  These pointers should help you out.  (For the full post, click here.)

1. Think in terms of cash rather than profits. Even though you may come up with a projection which you like – income being greater than expenses – you must understand cash flow. A profit and loss statement should be almost secondary to your cash flow statement, as you must ensure that you have enough cash in hand on a day-by-day basis to even survive.
2. Don’t focus too much on your grand idea, but make sure that you have all the fundamentals covered. A bold idea is hard to sell, so you need to stress that you have the available time, common sense and business smarts to succeed. If you are looking for investors, they will be more interested in you and/or your people, rather than the idea.
3. When you’re compiling a business plan, leave out the hype. Do not use any colorful language or preconceived notions. People who will be looking at your business plan will want to see hard, solid facts, backed up by very reasonable assumptions. Milestones must be set, tasks established and sound logic applied to your reasoning.
4. Remember that you must focus and not come up with an unachievable list of too many priorities. Your strategies are very important and you will only be kidding yourself if you try and cast your net too wide.
5. It’s an obvious goal to project growth, make sure that it is realistic and that any growth spurts are tied and referenced to understandable and realistic events. Your projections must be conservative at all times and you must be able to defend them.
6. Always make sure that you are not living in a bubble and that you are thoroughly aware of your business competition. If your business plan is too inwardly focused, you run the risk of ignoring other companies in your marketplace at your peril.
7. Don’t base your business plan and your very success on one mega-deal. This is known colloquially as putting “all your eggs in one basket” and should you, or your clients drop this basket, you will be doomed!

Free/Low Cost PR Ideas: Building Community Awareness

Prospective small business owners are always looking for economical ways to promote their business and building community awareness is an excellent free or low-cost promotional tool.  Check out the following suggestions…

1. Teach a class
   • No one knows your product/service/market better than you.  Volunteer to teach a class at your local community center or public library and share your expertise!  Whether attendees become customers or not, you’re building goodwill in the community for your business by sharing your knowledge.
2. Join the Chamber or some other local business organization
   • Joining a business organization can be a great way to increase the community’s awareness of your business.  Organizations like the chamber, Kiwanis, Rotary, etc… provide ample networking opportunities as well as volunteer opportunities.  All of this leads to greater connectedness in your community.
3. Sponsor your kid’s/nephew’s/niece’s/neighbor’s little league team
   • This can be a relatively low cost way to spread the word about your business.  Buy jerseys for the team and sponsor the pizza party afterward!
4. Speak at local events/business meetings like Kiwanis, Rotary, Lions, etc…
   • Business organizations like this meet regularly and in many cases, they meet weekly.  Trying to fill a up a speaker calendar can be challenging when you need to find 52 speakers for the year!  You could become the hero of the day by volunteering to speak at a Kiwanis meeting.  Share your knowledge and offer Kiwanis members special discounts or other types of incentives.
5. Donate your services/product
   • Donating your time or product should be done judiciously but in the right circumstance, it can be a double win.  You can help out the receiving organization and generate a lot of goodwill for your organization.  For example, if you’re a photographer, you could volunteer to take your child’s class photo.

Meet Your Customers on Their Own Terms

I attended the Lansing Regional Chamber of Commerce’s Bottom Line Breakfast this morning and learned some very interesting tidbits about social networking tools and search engine optimization.  The presentation was given by Coleen King, founder of King Media and her colleagues.  They shared some interesting info on how businesses can use social networking tools, like Facebook, Twitter and LinkedIn, to increase their online presence, build a stronger network of contacts, and pass referrals along.  Coleen shared some fascinating stats about some of these social sites.

Did you know that Facebook adds approximately 500,000 new users A DAY?  And that the fastest and largest growing segment of users on Facebook is the group between the ages of 35 and 55?

There are similar stats for Twitter…52% of Twitter users are between the ages of 35 and 55 and 50% make over $60,000 annually.  Want to see great examples of how businesses are using Twitter?  Visit Naked Pizza or Berry Chill.

Coleen’s bottom line: social networking is going corporate.  And if you want to stay on top of staying in touch with your customers, it’s time to find the right social tool for your business.  Not every social tool is a good fit so it’s important to research which social tools are appropriate for your business.  This type of digital marketing is definitely NOT a replacement for traditional marketing methods.  However, as a supplement to your existing marketing efforts, it can be quite effective in connecting you with feedback you might otherwise not have received.

Library Announces Business Plan Finalists!

The Capital Area District Library is pleased to congratulate the five finalists in its “Spark Your Future” Business Plan Competition!

Patti Reeser of Mason, Romona Watson of Lansing, Brendan Martin of Lansing, Jessica Kovan of Okemos and Jamie Cripe of Lansing have been selected from a field of entrants.  Their business concepts span the spectrum from retail shops, such as organic home furnishings, to service businesses, such as a therapeutic riding stable.

Co-sponsored by the Michigan Small Business & Technology Development Center and the Entrepreneur Institute of Mid-Michigan, the competition was designed to teach prospective entrepreneurs how to write a business plan.  It also focused on the small business resources available at the library and in the community.  Entrants attended four classes during the winter to learn about business plan writing and then submitted completed business plans on May 18, 2009.

The five finalists will present their business concepts to a panel of three judges.  After reviewing the plans and listening to the live presentations, judges will select a grand prize winner and that will be announced on Monday, June 29.  The grand prize winner will receive TV advertising from WLNS and WILX, website development from WebZone Marketing, print advertising from the City Pulse and The New Citizens Press, audio production services from Citadel Broadcasting, legal services from James Duby & Associates, accounting services from Carolan and McGarry, CPA, Inc., graphic design services from Ciesa Design, $2,000 in cash from Chase bank and booth space for the 2010 Mid-Michigan Women’s Expo.

The Capital Area District Library would like to thank all of the prize donors for their generosity and support!

Marketing: Features Versus Benefits

When it comes to marketing, a key concept for small business owners is understanding the difference between features and benefits.  Knowing the difference can help you spend your marketing dollars more wisely and it can help you do a better job of selling your product or service.  I found a great article on Entrepreneur.com’s website that discusses the difference between the two.

Learn the difference, and then see the difference in your bottom line.

By Laura Clampitt Douglas   |   HomeOfficeMag.com – December 2000

There isn’t a business owner in the world who hasn’t wrestled with the features vs. benefits dilemma tossed at them by well-intentioned marketing gurus. The funny thing is, as critical as the concept may be, I’ve found that not one in 10 businesses really understands the difference. And that’s one of the main reasons most small-business marketing efforts don’t work!

Most SOHO owners decide what business to start based on two factors: 1) what they’re good at and like to do, and 2) what they assume possible customers will buy. Often those latter assumptions are correct, but small-business marketers also assume that prospects will understand why they should buy the product or service just because they’ve been told about it. Thus, business owners only communicate the features of their product or service to prospective customers and neglect to mention the benefits.

To see examples of features and benefits click here.

Entrepreneurs Highlighted at Michigan Conference on Affordable Housing!

Yesterday, June 2, I spoke at the Michigan Conference on Affordable Housing as part of a panel discussion on growing entrepreneurial communities and jobs for the new economy.  It was a great session with a lot of good questions from the audience!

The big takeaway from this session is that we need to start thinking of the entrepreneurs in our communities very differently.  And we also need to create an entrepreneurial culture in our communities…and our state…that will help support and grow our entrepreneurs.  When allowed to flourish, our entrepreneurs, as Dr. Barb Fails, Director of Rural Entrepreneurship at MSU indicated, contribute a great deal to our economy.  It has been shown in study after study that entrepreneurs start and grow businesses that create jobs and this will be our nation’s foundation during this time of economic recovery.  We must provide an environment for our entrepreneurs in which they can grow and flourish.

For my part, I talked about the role of the public library in helping to create and support an entrepreneurial culture.  As a Business Librarian, my role is to provide outreach services to the small business owners and entrepreneurs in our community.  I help people research their business ideas, the market, their customers and their competitors.  All of these are key components to fully understanding how a new business will fit into the existing market space.  When entrepreneurs have access to quality information, they can make better, more strategic decisions.

A big thank you to Ross Yednock, Director of of the Asset Building Policy Project at CEDAM (Community Economic Development Association of Michigan) for inviting me to be part of the session.