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6 Quick Tips to Improve Your Survey Response Rate

August 27, 2012

Let’s face it: people don’t get too excited about the idea of taking an online survey.

They may not have the time, they’re distracted by their to-do list, or they simply don’t see it in their inbox. Whatever the reason, it’s your job to get the customer feedback you need to improve your product or service.

Here are 6 easy-to-implement tips to entice your customers and members to improve your survey response rate.

1. Make your survey as short as possible

Think through your survey carefully. Only include the questions you absolutely must have the answers to—5-10 questions is the sweet spot. One way to do this is to choose a specific survey topic, like a particular event or promotion, and focus on that. (more…)

Keeping Your Inventory Management Up to Snuff

August 22, 2012

Maintaining inventory might just seem like an annoyance you tend to as supplies run low or customers order something obscure. But effective inventory management isn’t just a matter of knowing what’s in stock. It’s knowing what you have, why you have it and how long you’ll probably hold on to it.

To help you streamline the inventory management process and save money without sacrificing your customer experience, try following these guidelines for optimizing inventory management.

Track Inventory and Sales Daily. If you haven’t yet started taking thorough records, now is the time to start. All of your transactions must include some record of what inventory was required to complete the transaction. This may sound very easy for a retail storefront, but for, say, a restaurant where one transaction requires a few primary components and many others in small amounts, it can get difficult. (more…)

It’s True: Direct Mail Still Matters

August 15, 2012

With the hype surrounding social media and digital marketing, you might be surprised to know that the old-fashioned direct mail piece will bring in more new customers than an email will.

Yes, it’s true. As shocking as it sounds, two to three times as many 18-34 year olds preferred to receive marketing information from offline sources, such as direct mail, according to a recent survey by ICOM, a division of Epsilon. Although it may save you a little money, ignoring traditional strategies may result in reaching fewer prospects and, in turn, achieving fewer sales.

Here are three tips to contemplate while crafting your direct mail strategy.

1. Have realistic expectations. If you mail out a special offer to 1,000 homes in your area, how many people do you expect to show up, offer in hand? If you answered “hundreds,” you will be disappointed. “Dozens” is far closer to the truth. Although the rates vary by industry (retail industries fair the best), the Direct Marketing Association reports the average response rate is 3.4 percent. (more…)

Resources to Help Your Small Business Grow and Thrive

August 14, 2012
By Cindy Bates, Microsoft

This past spring I had the pleasure of participating in an event in Los Angeles put on by the SBA and White House Urban Economic Forum. The forum is a series of national events designed to connect small business owners and entrepreneurs to local and national resources and offers opportunities for networking with local and national small business officials.

Participants offered insights on critical issues in the local small business sector and discussed the policies and programs that fuel the creation of private-sector jobs and the next generation of entrepreneurs. They also identified resources available to help the SMB community grow and thrive.

Coming from a family of small business owners, I am passionate about entrepreneurship and know firsthand how thrilling, but also challenging, it can be to start and maintain a successful business. Knowing that every business owner is eager to learn about available help, here are a few of the business development programs and resources mentioned during the forum that you may find helpful for your own business: (more…)

How to establish and protect your competitive advantage

August 13, 2012
By Jack Garson

(On The Edge from The Legal Edge, SmartCEO Magazine)

In today’s world, more so than in decades past, business is not a “build it and they will come” affair. To create and maintain a profitable business, you need a competitive edge. Your competitive advantage can both drive more business your way and critically protect you against copycats. It can also take a variety of forms. The keys are distinguishing your business from others, fending off imitators and then keeping that edge fresh.

What Works for Your Business

Every company is different. So the competitive advantage that works in one might not work at all for another company. Even in the same industry, your edge may vary. One drycleaner might be the cheapest, another might clean your shirt in an hour and a third might be that rare one that doesn’t smash my buttons (wouldn’t that be something!). (more…)