America’s SBDC Blog

A “Forbes 100 Best Websites for Entrepreneurs”

SBDC Success Story: Idaho

December 16, 2013

State: Idaho
Center: Idaho SBDC, Region IV
Client Name: Dr. Jill’s Chiropractic Treatment Center

Dr. Jill Adepoju knew from the time she was 16 that she wanted to be a chiropractor. Her father and brother were in the profession and she grew up working in her father’s office. She witnessed all of the people he was able to help and knew it was the profession she wanted to pursue.

While in college, Jill began writing a business plan. Jill first became a client of the College of Southern Idaho Small Business Development Center (SBDC) as a workshop enrollee in the Center’s Small Business Boot Camp.

With the help of the SBDC, she received a small loan from an SBDC partner, Region IV Development Corporation, to fund start-up costs, leasehold improvements and purchase equipment. The Idaho SBDC also assisted Dr. Adepoju in enhancing her business plan with market research centered around her treatment specialization in family health.

Does Email Marketing Increase Sales?

December 16, 2013

Email marketing provides businesses with a cost-effective way to stay connected to their customers. In addition, companies can easily launch a program to meet many different objectives. Learn the best ways to increase sales with email marketing.

Email marketing programs

There are many different ways to use email marketing to connect to customers. Companies can launch campaigns with the objective of being promotional, informative, or to provide a company specific announcement. The type of campaign and frequency of emails will typically depend on the customer, company, and industry. For instance, a business targeting a previous retail customer may send promotional emails based on historical purchases and the time of day the open-rates perform best.

Important email marketing metrics

The open-rate measures the number of recipients that opened the email as ratio of the total email send list. Most marketers should expect an open-rate of 25% to 30% according to the recent 2013 industry statistics provided by marketing firm Epsilon. In addition, to open rates, marketers will want to pay attention to click through and bounce rates. Click through rates are typically shown as the number of links in the email that were clicked in relation to the total number of recipients that opened the email. (more…)

Are You Updating Your Five Year Strategic Plan?

December 9, 2013

The 2008 recession changed how many businesses manage their companies. Strategic plans from prior years were changed and in some cases completely scrapped for a greater focus on reducing costs. As a result, many c-level executives are now beginning to question the importance of a five year plan. Despite this sentiment, we believe strategic planning is effective when done properly and continuously.

The objective of a strategic plan

Many companies follow a strategic plan to guide them on how to allocate their resources effectively to achieve their objectives. Without a plan, it’s very difficult for senior management and employees to work together in achieving company goals. Unfortunately, these plans are sometimes designed with little regard to internal and external factors.

Updating your strategic plan

First, you may be asking why you need a five year plan when it’s very difficult to predict future business conditions. The simple answer is that you need to prepare for unexpected events when building a long lasting company. Typically, it takes several years to achieve results from developing new products, services and competing in new markets. The same holds true when making changes to existing products and services or setting new financial goals. (more…)

Be Ready For Rising Business Costs In 2014

December 2, 2013

Most businesses will experience rising costs in 2014. The economy is expected to grow at a 2% rate, which should offset some of the increasing costs. What costs can you expect to rise the most in 2014?

Health-care costs set to rise again

Employers can expect to pay at least 7% more this year than they did in the previous year as a result of rising health care costs. The health care exchanges should or are intended to keep those costs from rising at a higher rate in future years. However, time will tell on that front. Employers and employees should also anticipate that prescription drug costs will increase.

Prepare for higher shipping costs

Companies should anticipate a 5% rise in delivery costs with carriers such as FedEx and UPS. The shipping leaders have experienced a lackluster financial performance so far in 2013 and labor costs are expected to rise worldwide. Regular mail costs should also rise by a similar rate as the USPS continues to struggle to reach profitability. The USPS should keep pricing fairly consistent for packages.

If you’re shipping using trucks, expect a 2 to 5% increase as companies need to meet new regulations and the demand is currently outweighing the supply. Rail freight will also increase, albeit at a lower rate. The cheapest option for shipping in bulk internationally will continue to be via sea. (more…)

Fuel Your New Year Marketing With Your Passion

November 29, 2013

It’s no secret that small business owners are some of the most passionate and hard working people around. It’s one of the main reasons many customers decide to shop small, and it’s probably the reason why you were able to open your doors to begin with. That passion is a huge advantage to you as a small business, and can make a big impact when leveraged in the rights way… especially as part of your marketing efforts. When you infuse your passion into your marketing you can really stand out from the crowd. You can also help you develop more personal connections with the people who matter most—your customers.

Following are easy, effective ways that you a can use to fuel your New Year marketing with your passion:

Show your employees hard at work

Snap photos of your employees working to make your business a success. You can post those photos on Facebook, add them to your website, or even plug them into your next email newsletter. You can also try a tool like Instagram to create photos your customers will love and want to share, and create a Pinterest board to capture all of those photos. (more…)