Attended a great session today at QB Connect by Rhonda Abrams “5 Key Lessons for Every Entrepreneur”.
About Rhonda – USA Today columnist and entrepreneurship expert, Rhonda Abrams shares common issues for small businesses and advises on do-it-now action items to set your business up for success.
Key issue: Good business plan “You can’t reach a goal you haven’t set it”
- Overall business plan
- Annual business planning
- Quantifiable, specific goals
- Estimate resources – time, money, people
- Set deadline
- Get real
Have a BIG IDEA journal (when you get an idea), write it down, then overtime review and assess. The most important piece of planning is what NOT to do.
Key issue: Marketing “Repetition, repetition, repetition”
Major methods, think of it as creating leads for you.
- Social media, pick the one that works for you.
- Online SEM/ads
- E-Newsletter, has about a 20% rate, which is way better than direct mail (which is 2%). It has to be relatable and thoughtful content.
- Networking/word-of-mouth, critical. Nothing beats face to face marketing.
- Traditional (meh!)
- Collateral (e.g. business card “what you do and a call to action)
Key Issue: Team “You can’t grow alone.”
- Determine your needs. “They don’t need to be on your payroll to be a team member.”
- Figure out a budget, “Are you growing a job or growing a business.” Make a choice. A business requires scale (e.g. Employees, contractors, etc)
- Start slowly, “is hiring employees really the best first start.”
- Make the mental learning “What are the job you are doing now, that are keeping you growing. Is it something you can outsource. (e.g. Administrative things)”
Key Issue: Mobile “Go mobile or go home.”
- 94% own a cell phone.
- 64% access internet on phone:
- 34% primary internet access
- 10% only internet access
What does this mean for you:
- Mobile enabled websites
- Get found
- Accept mobile payments
- Run your business in the cloud
Great list for a HOMEWORK assignment:
- List one or two niches you can /do serve
- List your specific goals for the coming year
- Define or refine your core message
- Identify skills you need to grow your business.