February 1, 2010

Solving the "Too Many Cooks" Problem... Join the
Conversation About You... How to Build Your Business Face-
to-Face with Your Customers... Find the Source of Your Info
Marketing Green... and More.

When building a new business with partners and other key staff, things can get a little hectic.

The accountant might also be in charge of human resources. The marketing manager might have the dual role of production manager. Heck, the CEO could be the guy cleaning the office up once a week.

And while it's necessary during the infancy of a new business that everyone multi-task to keep start-up costs down, it can sometimes get confusing.

Case in point: a friend of mine has had some problems recently, because there was too much overlap between his employees. His business is small, so he's given multiple duties to his group of managers. Unfortunately, some of their duties are overlapping. And because of that mixed messages are being sent out and things are getting done wrong.

Here's an example:

Manager A had to call the product producer to confirm an order. However, since Manager B had done the same thing in the past, he took upon himself to call as well. That's fine, except the order instructions were different.

Both managers had made orders with the product producer in the past, so both thought they were doing the right thing. The problem could've simply been avoided if only one of the managers was given the specific responsibility of placing the order.

Sometimes, businesses can't afford to increase their staff size and employees are forced to multi-task, which is the nature of the beast and common for small business. However, it's important to make sure everyone knows what they are doing and to prevent mistakes. Giving everyone specific roles that aren't overlapping is the first step to getting your business to run smoothly.

I remember when I first started using the Internet. I was really terrified. We'd hooked up an old computer to our phone line; beyond every click I expected to find something that would either destroy my computer or charge my phone bill for thousands of dollars.

Years later, the Internet still has a few shady areas, but in light of my previous hesitations, I am now spending the greater part of my day uncovering opportunities online.

What I believe to be the biggest development in Internet use are companies embracing the fact that people are talking online and saying good and bad things about their products and services.

Obviously, you only want to hear good news and I've heard of companies editing and challenging complaints online, as if they could simply hit a delete button and the problem disappears.

That simply isn't the case. Complaints have the power to reach countless people online, and these can ruin your company quickly if left unaddressed.

Popular customer complaint blog sites often post stories of terrible customer service, failing products and every complaint in between. If your product or service gets listed on one of these, it's important to address the complaint as soon as possible.

Many companies have started a dedicated section on their web sites to address complaints. They provide e-mail addresses and phone numbers and may even post a list of frequently asked questions.

Going even further, companies often have a dedicated representative who searches for online complaints and handles them directly using social media tools like Facebook or Twitter.

While you may use these tools for personal items, your business can greatly benefit from their features that allow you to post images and link to your product sales pages.

The new Internet is based on creating an ongoing conversation. If you pull your seat up to the table, you have to join in and speak up. Those companies that ignore this development will quickly be left behind.

Sometimes, in order to grow your business, there may be more risk and work required than there was to start it up. I know it sounds crazy, but it's true.

The other day I was talking to a younger colleague of mine. He runs two businesses and is based out of Toronto, Canada. Since he started his first business roughly six or seven years ago, he has experienced success, which led to the development of the second idea. Through the second business, he and his partners have experienced plenty of success as well. However, if they really want to go to the next level, they've now got to sacrifice and take some risk, which is exactly what they're doing.

You see, their business has reached somewhat of a boiling point. It got to the point where they were getting too many orders for them to fulfill on time with their current manufacturing and resources. Therefore, to keep up, they need to expand their operation -- something that costs lots of money.

In order to raise that money, they were going to have to cut their salaries, look for investors and try to procure more customers. You see, the more customers they had, the more they could increase their operation, thus making it cheaper and more cost-effective overall.

Instead of calling and e-mailing people, however, my young friend decided he would go meet customers all across the United States over the period of roughly a month. Here's his schedule: He left Toronto about a week and a half ago and drove to Detroit. From there, he went through much of the Midwest. He hit Illinois, Indiana, Ohio, Kentucky and a few other states that currently escape me. In about a week, he'll return to Toronto for a few days, regroup, and head out on a plane to Las Vegas. He'll go to a trade show there, then be in Arizona, California, Oregon and Washington. A week later, he'll make his way up the Eastern seaboard from Florida to Maine.

All in all, he would've logged some serious miles and spent some serious money in his attempt to further grow what is already a successful business.

If his meetings don't turn out as he's hoping, however, he and his partners will be forced to make some tough decisions with their business. Do they sell and walk away? Do they forget about growth and simply maintain the status quo? Or, do they take the risk and expand anyways, knowing they may be in the same costly position sometime again in the relatively near future?

Once things are up and running, there is still plenty of risk associated with running your business and trying to grow. As an entrepreneur, you will likely never be satisfied and always be looking for ways to improve. Having the will to take the risks and put in the work associated with growth is an essential part of being a successful entrepreneur.

** Find the Source of Your Info Marketing Green
By James Burt, Online Marketing Expert

Who's got the green you need for your info marketing business? More people than you think...

Even in these times of fluctuating economy or when the media tells us that "money is tight" in terms of getting bank or credit loans, it doesn't mean in any way that there is no money available to aspiring entrepreneurs. If you want to go bigger with your business -- information marketing or otherwise -- there are loads of outlets to help you.

To be completely honest, info marketers don't need a lot of cash. Look around your desk...you've got your computer, notebook, pens, and a few reference books. It's pretty sparse and a working environment that other entrepreneurs would kill to have.

But, as anyone would think, if you can have success on a small scale, why can't you have it on a bigger level?

A lot of info marketers I have met or corresponded with want to go a bit bigger. They have seen some great success and think there is more success to be had. One of the most common scenarios is the print venture -- you've done well with online info, but now want to get a series of books together to be released and sold. It sounds good and very promising. I might even buy their new product.

But like a lot of entrepreneurs, these info marketers simply lack the financial ability to do so. They've gone to the bank or a credit union and been turned away, often because the staff at these institutions cannot grasp what they do or what their goals are. This can be pretty heartbreaking and a lot of info marketers turn away from their path of ambition and just stick to a well-worn road of simple interaction.

But it doesn't have to be this way.

There are loads of funding bodies out there. Some are private while others are government funded. They are willing to give up cash if and only if the entrepreneur can show a well-crafted intention for their business and how extra funding will enhance that intention well into the future.

A good way to get started on this is do a basic local search. Every place is different and there are different funding bodies in every major business center. Local chambers of commerce or small business centers may be able to direct you to a basic list of places you can apply to or people you can contact who have access to financial resources.

From there, see what resources might fit your info marketing needs and get ready to apply. See what information is needed from you and get a good proposal together. A proposal should be short and detailed, with a direction you have in mind for your business and what you want to do once you get the money, not just then, but for the future as well. Search online or check your local library for samples if you get stuck. You can access these things for free, like a resume sample, and they can be very helpful to you.

The hardest parts of this whole process are both waiting for the decision once you send your proposal in and if the funders opt not to back your project. Don't be discouraged if this happens! Remember that there are others out there just like you and who are looking for funds as well. You can re-apply or find another body to apply to as well. Be patient and don't quit. A good backer for your business will come along, recognize your commitment, and be willing to help you out in due time.

Keep an eye on the e-Wealth Daily Bulletin for more news on funding for your info marketing business. When good news comes along, we are only too happy to let you in on it.