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Crowdfunding: The American Dream Reloaded

August 29, 2012

Ever since the JOBs Act was signed into law there have been lots of stories about how bad it will be next year when it’s finally legal to do so. Some people are afraid it will be like the wild west. I think it’s time we all took a deep breath and look at this for what it was intended to do.

According to the SBA, each year more than 10 million people consider starting a business. Out of this group, only three million take the plunge and actually start a business. It’s one of the most exciting endeavors that any person can undertake and it empowers people to take control of their own destiny and not wait for corporate America or the government to give them a job. Will they succeed? Who knows. But their level of success or failure holds true no matter where they get their funding from.

Let’s not stamp out this new and exciting process of accessing capital for those that will be successful and create the jobs our country needs just because it comes with the same risk that every other investment does -of losing it all. Let’s start off crowdfunding next year by admitting that everything in life is a gamble, including Angel and VC investments, (which also fail to make a return more often than is assumed by the general public) and that at least with crowdfunding you have a direct say so in where your money is being invested. (more…)

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…)