Saturday, July 30, 2005

How to Analyze the Performance of Your Business

How is business? It is the superficial question many people ask business owners in lieu of the standard how are you . Few really care about or even listen to your response because they know it is just meaningless chi-chat. But do you really know how your business is performing? Meaning more than just sales growth or profitability trends. Have you ever done an in-depth analysis of your business? Here s how you can.

SWOT Analysis

A common and long-standing tool is to list your strengths, weaknesses, opportunities, and threats (SWOT). It is a simple concept that makes lots of sense. Knowing your SWOT is important and useful information. Strengths and weaknesses measure internal performance and competence. Opportunities and threats assess the level of risk from external conditions. There are many articles about SWOT, but because this type of analysis is so broad and each business is so unique, it is difficult to describe how to apply it to any specific situation. One simple SWOT method is to divide a sheet of paper into four sections. Draw a vertical line down the center and a horizontal line across the middle of the page. Use the top left section to list your strengths, bottom left for weaknesses, top right for opportunities, and bottom right for threats. Then prioritize the items within each section by importance.

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posted by PowerHomeBiz.com @ 4:51 AM   0 comments links to this post

Monday, July 25, 2005

What Small Businesses can Learn from the Movie "The Fantastic Four"

I am a movie nut. I love watching movies, and the only thing I love more than movies are articles that talk about business lessons from movies.

I chanced upon this article at MultiChannelMerchant.com (formerly CatalogAge) about the five things that business owners can learn from the film "Fantastic Four" starring Jessica Alba and her superhero cohorts. More than the fabulous costumes and special effects, the most talked about aspect of the film was that it opened in such a spectacular manner that it lifted box office receipts from the doldrums. The film made money enough to turn the industry around from its longest running downturn compared to previous year's performance.

The article, though, does not talk about the film per se. Rather, it discusses the film's implication to box office receipts movement, and the fact that amidst all the hoopla of making sure that the film generates massive income, the industry has forgotten the most important entity: the customer. Studios appear to be so caught up in creating blockbusters that they've forgotten their customers.

Businesses that succeed are those who serve their customers best. The author then suggests 5 ways that your online customers can be served quickly and efficiently:

1) Be sure that your Website can easily be navigated by all visitors regardless of access.
2) Provide a customer service number on every Web page.
3) Have a live operator answering calls instead of a router.
4) Schedule enough staff to process sales regardless of venue.
5) Communicate, communicate, and communicate

Visit MultiChannelMerchant.com for the complete article

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posted by PowerHomeBiz.com @ 9:01 PM   0 comments links to this post

Friday, July 22, 2005

How To Find The Right Professional To Value Your Business

At some point most business owners will need to find out how much their business is worth. They will be faced with the task of finding someone to perform a business appraisal or valuation. In such unfamiliar territory owners often don t know where to start.

With the relationship between the three skills and the functional needs of the business, Gerber was only partially correct. He leaves readers with the impression that the entrepreneur (alone) must consistently possess and exercise all three of these skills for the business to succeed. A key distinction is that the three skills represent the three functions of the business that must be completed for the business to succeed. I believe that the entrepreneur does not have to perform all three functions personally. In fact, the business and the entrepreneur will be more successful if the entrepreneur DOES NOT personally perform all three functions.

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posted by PowerHomeBiz.com @ 10:01 PM   0 comments links to this post

9 Ways to Choose the Right Incorporation Company

So you have taken the first step to opening your business and you have decided to make it a Corporation or Limited Liability Company. There are many companies out there that offer incorporation services, so how do you know which one is the right one for you and your business? These nine steps will help you make an informed decision about the incorporation company you choose, so you can avoid the pitfalls of incorporating with the wrong one.

1. If you build it they will come

Just because an incorporation company has a web site doesn’t mean that it is a legitimate business entity. There are many “incorporate.com” companies online that are simply that, a web site. You should thoroughly research the company you are thinking about using to incorporate your business to make sure they are a formal business entity (corporation or LLC). You can investigate a company by contacting the Better Business Bureau and State Attorney’s Office where the business is physically located to find out if any complaints have been filed against them. You can even go as far as to look up their business license to verify that it is current. Business licenses can be verified with the state in which the business is operating.

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posted by PowerHomeBiz.com @ 9:36 PM   0 comments links to this post

Thursday, July 21, 2005

8 Tips to Boost Your Gift Sales

Mid-way into the summer, big e-tailers are already getting ready for the holiday season. They are gearing up for the increased volume of business as people flock to their site to purchase gifts. Buying gifts online is said to have become a standard behavior.

But are your visitors and customers viewing your site as a "must visit" place to check out and buy gifts? Are they buying gifts from your site, whatever the season?

According to MultiChannelMerchant.com, there are 8 ways to boost your site's gift sales:
  1. Provide enough pertinent product information
  2. Create a gift center
  3. Display gift suggestions
  4. Sell gift cards
  5. Make it easy to send gifts to multiple recipients
  6. Offer a “hold and ship” option
  7. Set up a corporate gifting program
  8. Emphasize last-minute gifting options

To learn how to apply the above tips to your e-commerce site and increase your holiday sales, read full story

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posted by PowerHomeBiz.com @ 8:42 PM   0 comments links to this post

Tuesday, July 19, 2005

How to Increase the Cash Flow in Your Private Practice in 30 Days

If you have a busy private practice, chances are you also have pockets of cash lying around available for the plucking. It simply hasn't been collected yet, and may even have been overlooked. Here are 10 ways to increase your cash flow over the next 30 days.

Collect at the Time of Service

Include in your upfront discussions your expectations on payments. Establish that you are paid at the time of service. For services where payment plans are appropriate (for example, payments at key milestones), be clear from the start as to your expectations, then include them as part of your written agreement.

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posted by PowerHomeBiz.com @ 3:30 PM   0 comments links to this post

Four Resources That Increase Small Business Capital Streams

For small business owners, an enthusiastic vision for smooth, steady growth can become nothing more than a mirage once company cash flow problems begin to heat up. Most will struggle with the timing of payment from clients or customers at some point, all while attempting to pay their own bills in a timely fashion. With all of the best laid plans for rapid flowing cash streams evaporating down to just a gurgle in the ditch, the potential risk of joining the ninety-percent of businesses that fail within their first three years of operation becomes a very sobering possibility.

Many of us would like to operate our companies the same way we do our personal lives. If we need a new lawn mower, we simply pull out the trusty credit card, sign on the dotted line and put off worrying about it until next month. Meanwhile, we enjoy the benefits of the new equipment, at least for the time being, without it costing a dime. Though in this way we may seek a certain gratification from owning our possessions, it s really just a trick we play on ourselves. The above charge now, pay later example doesn't really convey any kind of real, initial ownership. Instead, it s just a very common example of a direct loan. The credit card company facilitates a credit arrangement between you and themselves, and the proceeds of this extension are directly used and repaid by you, the borrower.

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posted by PowerHomeBiz.com @ 3:26 PM   0 comments links to this post

Web Analytics - Getting it Right

In recent years, website marketers were concerned with increasing "hits"and the "stickiness" of their sites. They were concerned with increasing page views and the amount of time spent on the site. This is definitely a hold over from the paper based businesses of the past, and has proved to not be of much use in the fast moving internet world.

As a result, hits and views are no longer considered useful metrics for evaluating website success. They simply don't provide the right kind of information needed by online marketers. Now they look at conversions, drop-out rates, return on investment and revenue per visitor.
Internet marketers of today want to make more money. To do this, they must understand their visitors, their motives, where they came from, what they were looking for, and how they found the site. And most important of all: what made them make the decision to buy or what made them abandon the purchase.

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posted by PowerHomeBiz.com @ 3:23 PM   0 comments links to this post

Friday, July 15, 2005

Are YOU Headed for Burnout?

If lately you're finding your tasks and responsibilities at work more than you can bear, you may be approaching burnout.

Burnout is not an imaginary condition that's all in your mind. It's a very real mental and physiological condition caused by a stress overload. Burnout arises when we are overworked, overtaxed emotionally, or physically exhausted -- and as a result find it increasingly difficult to cope with everyday stresses.

Common signs of burnout include: A loss of enthusiasm for your job, less interest in your social life, and weakened interest in your relationship and normal personal interests. Sound familiar?

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posted by PowerHomeBiz.com @ 9:23 PM   0 comments links to this post

Franchises: How To Find The Best Franchise Opportunity For You

If you are looking for a franchise opportunity, the choice is mind boggling. There are literally hundreds if not thousands of different types of franchise available for you to invest in, with the same variety in cost. Each have their own benefits and usually the more you pay the more potential to earn. You obviously want to select a profitable business venture so it is important that you thoroughly research.

The major benefit of starting a franchised business is that the business model has already been proven. As a result, only 5% of franchises fail in a year compared to the 30% to 35% of non-franchise small businesses. This means that franchises are the most successful way to set up your own business.

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posted by PowerHomeBiz.com @ 9:20 PM   0 comments links to this post

Thursday, July 14, 2005

How Internet Retailers are Successfully Improving their Conversion Rates

You work so hard to get visitors to your site. You spend money promoting your site either through pay per click search, banner or other forms of online advertising. You may also be spending countless hours optimizing your website content for search engines, in the hope that your site will rank at the top of the search engine results for your most important keywords. You may also be using traditional marketing strategies to get visitors to come to your site, such as press release submissions, public relations, newspaper advertising, or word of mouth strategies.

Measured by what is called conversion rates, it is the ratio of visitors who take a desired action, whether newsletter subscription, membership registration, software downloads, purchase of products or services, or just about any activity beyond simple page browsing.

Why is a high conversion rate important? First, by putting together the right environment to improve conversions, you can increase your sales without increasing your marketing expenses. You can also lower your cost of customer acquisition, increase your customer retention rate and increase your customer lifetime value.

But how are online businesses improving their conversion rates? What are they doing to turn their visitors to buyers? We looked at case studies, write-ups, testimonials and reports to see the actual steps that online companies are taking (and you can emulate) to improve their conversion rates.

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posted by PowerHomeBiz.com @ 2:41 AM   0 comments links to this post

Thursday, July 07, 2005

10 Ways to Convert Visitors to Buyers

You work so hard to get visitors to your site. You spend money promoting your site either through pay per click search, banner or other forms of online advertising. You may also be spending countless hours optimizing your website content for search engines, in the hope that your site will rank at the top of the search engine results for your most important keywords. You may also be using traditional marketing strategies to get visitors to come to your site, such as press release submissions, public relations, newspaper advertising, or word of mouth strategies.

But what happens when visitors finally come to your site? Are they buying your products? Are they opting to receive your newsletter? Are they subscribing to your members-only content? Finding a way to get qualified prospects to come to your site is one thing; making them do what you want them to do is another. Getting traffic is meaningless if you are not able to keep your visitors and turn them into buyers.

Read full article by Nach Maravilla

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posted by PowerHomeBiz.com @ 8:02 PM   0 comments links to this post

Tuesday, July 05, 2005

Using Mobile Messaging to Market Your Business

Marketers are now recognizing the power of mobile messaging. With mobile phones now as ubiquitous as ever, marketers have realized that mobile phones present fantastic opportunities for interaction between a brand and its customers. For one, short messaging service (SMS) can directly reach the consumer at any time, any place and in an attention-grabbing way.

To make full use of this new medium, North Castle Nextstep and mobile marketing software provider Enpocket offer what they dub "MYIQ Rules for the Mobile Road." While there's no new marketing revelations in the list, it nonetheless provides guidelines on what marketers should consider when tapping mobile marketing in its marketing arsenal. Here are the tips:

1. Golden Rule -- Provide real value -- it's about your consumer, not you
2. Keep it Simple (repeat after me -- simple, simple, simple)
3. Test, Test, Test
4. Provide portable content
5. Integrate and incentivize for results
6. Offer choices
7. Provide instant gratification
8. Don't bait and switch
9. Leverage affinity audiences
10. Don't pretend to be a peer
11. Charge -- with caution!

To read the full article, check out North Castle Nextstep and Enpocket's MYIQ Rules for the Mobile Road

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posted by PowerHomeBiz.com @ 9:31 AM   0 comments links to this post

Monday, July 04, 2005

Tips to Maximizing the Effectiveness of Article Submissions

Submitting articles to other websites have been touted as one of the easiest and best way to market your business on the Web at zero-to-low cost. By getting the articles published, the author gets his or her name and their business out there. They establish credibility and image as an expert in their field. Plus, they get points from the search engines, if the link back to their site is made by the publisher.

However, as an editor of an online publication that accepts article contributions from other writers, I find that many site owners and "authors" (I use this term loosely) do not know how to use article submissions properly. Many authors do not understand how website editors choose their content, thereby losing the opportunity to get their articles published.

Of course, the authors can always submit their articles to content-hungry publications who publish anything and everything submitted to them, but many more discriminating publishers will not publish their articles because of a misstep or two thus losing the opportunity to promote their businesses.

Here are the common mistakes that I see committed by authors that prevents them from successfully getting their articles published:

1. Author does not read the article submission guidelines. There are article directories that accept virtually every article on every topic that authors submit to them. There are also topic-specific websites that accept articles only about a specific topic. However, I find that many "authors" simply fills up the online submission form without even bothering to read the submission guidelines, or worse, to study the site to see what types of articles it runs.

At PowerHomeBiz.com, I reckon that as high as 40% of the article submissions we receive daily are off-topic or do not follow our stated guidelines. For example, our guidelines clearly states that we accept only business-related articles. Yet we receive tons of articles about topics that are not remotely related to business.

There's this one writer who sent us 45 articles on jewelry, then sent a follow-up email a few days later inquiring why his articles are not published. Duh! If the articles are about how to make money from jewelry making, we would have published it. But the articles are about cleaning jewelries, the difference between precious and non-precious stones, and so on. The writer used our form 45 times to submit all those 45 articles -- without even stopping to read our submission guidelines that are located on the same page as the form! There's this other prolific author that submits around 5 articles to us every single day for the last, oh about 45 days, on topics from the benefits of Cialis to interpreting dreams to traveling to the Bahamas. I've already sent this person an email telling him to stop spamming our article submission form, to no avail. He's still sending us totally off-topic articles.

2. Author fails to study the types of articles that get accepted. Every editor adheres to a particular style and seeks a specific type of content. Some online publications are more informal with the style of writing more relaxed; while others are more serious and formal in tone. Authors that take the time to see if their style of writing fits with the online publication are the most successful in getting their articles published.

Here in PowerHomeBiz.com, I am partial to articles that seek to educate in succinct and clear style. I love bullet points, and majority of articles I approve on the site contain bullet points. Our users find articles with bullet points to be clearer, simplier to understand and easier on the eyes. And whatever our visitors want, that is what we will provide!

3. Author submits articles with no value added to the online publication. Aside from off-topic articles, some writers submit articles on topics that have been covered ad nauseum by the online publication. Their articles have no value added, or do not have anything new to say that has not been covered by the site. Articles that have a different perspective, better coverage of the topic, more in-depth analysis, or better written stand a greater chance at being used.

4. Author violates copyrights of another author. While admittedly hard to detect, we have received article submissions that are exact copies of another article. Some are even word-for-word copies, only with a different author in the by-line. Sometimes the real author alerts us to the copyright infringement, sometimes we come across the same exact article in our web surfing, and sometimes different authors submit the same exact article to us! We take down the article immediately, or change the by-line and resource box to the real author. The copyright infringer is also put in our blacklist immediately, never to be published again.

5. Grammatical errors abound. Authors need to review and re-review their articles for grammatical and spelling errors. If I see errors in the first paragraph alone, I simply delete the article -- unless its content is of exceptional quality. I just don't have time to edit and review the article.

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posted by PowerHomeBiz.com @ 3:08 PM   0 comments links to this post