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Knowing When to Exit a Partnership

By Sandi March 4, 2012

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All the time, people say my business partner and I are lucky enough to have a partnership that has worked for the last ten years. We don’t consider it luck; we consider it the result of hard work. We hear about partnerships gone wrong more than we do about the ones that work. It is intriguing to me to understand what makes ours work and how we will know when it is no longer viable. We do this with our own partnership or any strategic partnerships that we have. Here’s what we do on a continuous basis:

Assess the current business. Each year, we take a hard look at the business and where we are in our lives to see if we want to continue working in and on our business. We call it a “come to Jesus” meeting. We are brutally honest with each other and ask, “How much longer are you in for?” We move forward based on the answer. When one of us says we are ready to exit, we know what we need to do in an agreeable manner.

When we assess the business, we look at the financials, the current staff or team, and the trend of the business – are you growing, stagnant or losing money?

Update the operating agreement. We assume you have an agreement! If you don’t have one, you need to stop right here and go get one.

We started off the partnership with a comprehensive agreement; however, everything has changed in ten years – the business, our working environments, and our personal lives. We suggest updating your operating agreement to more accurately reflect the current situation. When you need to exit, you don’t have to now worry about how to divide up your partnership because you already did the hard work upfront.

It will be tempting to get an operating agreement from Staples, but we highly recommend paying the lawyer’s fee. It will be a large expense, but will not be as large as going thru a divorce without a pre-nup.

Yes, it’s personal. Your personal life impacts your business and the decisions you make regarding exiting a partnership. When the children are young and you need the revenue, you are more likely to stick with the business. When they graduate from college, and you are an empty nester looking to take it easy, you are more likely to give more thought about exiting the business. You do not have as much a personal stake in it. Look at where you are personally? Can you afford to maintain a losing business? Do you want to take money out of a successful business? These answers help to make a decision on knowing when to exit your business.

Honesty and communication are the best policies in any partnership. It will save you a lot of pain when the business divorce starts.

Categories : Marketing

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Using Marketing and PR to Generate Press

By Sandi February 26, 2012

For many small business owners, finding a way for your company to garner maximum press coverage can be a tricky task. Maintaining the right balance of marketing, advertising and social media can become overwhelming and you may find that another component always seems to be missing from your strategy.

Here are four effective elements I apply to my marketing and PR strategy when looking to generate press for Consultants 2 Go:

PR – Public relations is often overlooked when small business owners develop their marketing strategies, but one of the major impacts of PR is media relations. Most importantly, utilizing public relations is cost-effective and can assist in public perception of your business. Achieving editorial coverage is your ultimate goal, which will help your target audience see the credibility in your product, and as a result your business will gain greater visibility.

Award Recognition – Applying for awards is always a sure way to garner press coverage, potential new customers, prospects and business relationships, but most importantly: prestige and credibility! There is no shortage of opportunities, anything from marketing innovation and business growth to green technology awards are available on a local and national level. Take the time to identify what awards apply to your business and follow through with applying. Even if you don’t become a winner, take advantage of broadening your network by fostering relationships with other contestants and media organizations at each award event.

Social Media – Social media for small business owners is in constant evolution, but it has proven to be a great way to market your business and build a solid community. When using social media, remember your purpose for using these platforms and follow these methods:

Create a Plan: Set realistic goals, test what works and then adapt your marketing strategy
Adapt your Content: Tailor your message to fit each social media site
Interaction is Key: Find the correct balance of self-promotion and sharing intriguing content that is beneficial to your audience
Utilize Multimedia: Incorporate videos and images into your social media content
Remain Open to Innovation: Keep your eyes and ears open to the latest trends

Blogging – Blogging is an effective way for small business owners to draw attention to promoting their products with greater ease and more depth than a press release. The key to blogging is to keep your content interesting and timely. Before you begin, define your goals and write them down, then develop a content strategy for fresh material that allows you to post consistently. Implementing pictures, engaging videos, features from guest bloggers and relevant interviews also helps to switch up your blog content. Lastly, always remember to promote your blog posts on your company’s Facebook and Twitter pages which can reach your entire audience and bring new readers.

Creating a buzz is never a small feat, as a small business owner you have to stay on your toes. Create a plan and stay the course. You’ll know if your marketing and PR strategy is working when opportunities arise that never would have been possible otherwise.

This week's blog was written by Kymberly Sheckleford. Kymberly is an Analyst with C2G Resourcing, a subsidiary of Consultants 2 Go, LLC.

Categories : Guest Blogger

Using Marketing and PR to Handle Negative Publicity

By Sandi February 19, 2012

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Last month, a Carnival Cruise ship ran aground off the coast of Italy, causing the ship to capsize. At least 17 passengers were killed, another 15 were unaccounted for and hundreds more were injured.

Nearly a week after the tragedy, dozens of surviving passengers filed lawsuits, the ship’s captain who Carnival blames remains on house arrest, company stocks have plummeted and the social media backlash from customers continues to grow. Under increasing media scrutiny, Carnival CEO Micky Arison, finally decided to break his silence and respond publicly, but his reaction was too little, too late. The cruise giant was already immersed in a major public relations crisis.

Carnival’s poor crisis strategy is an example of what not to do in the event of negative publicity. As a small business owner the likelihood of your business experiencing a crisis of this scale is probably small, but there are some effective methods of how to approach negative publicity of any kind.

Assess the Situation – Consider how this crisis can affect your business’s image and brand by asking the following questions: How urgent is the situation? Will this news impact sales or business relationships? Is the crisis based on factual information or is it biased? Develop a crisis strategy plan based on these answers and be prepared for anything.
Transparency is Key - If your business is at fault, own up to the mistake, address the situation and fix the problem. Designate a media professional or trained staff member to be responsible for all media inquiries and clearing up misunderstandings. Also, issue a straightforward press release sent over the wires and directly to individual publications.
Counteract Inaccuracies Efficiently - If your business has received negative press because of a factually incorrect or biased story, consider contacting the editor, reporter or blogger responsible. Offering a different angle on the story that includes new information or opposing evidence can also work in your favor as well. Remember, it’s vital to tell your side of the story and disseminate any public misinformation.
Never Underestimate Social Media – In the age of viral videos and destructive Twitter and Facebook campaigns, negative press can reach your audience far and wide on a faster scale with potentially damaging consequences. If your business is facing a crisis via social media platforms, be sure to remove damaging content within your reach. Secondly, utilize effective multimedia strategies, such as posting videos reassuring your audience about your plans to solve this crisis and responding to any comments or questions on each site in a timely fashion.

The days of bad press equating to good press are long gone with the rise of social media. As a small business owner facing a crisis, your goal is to always remain open and honest to your audience and making sure your brand isn’t affected in the long-run.

This week's blog was written by Kymberly Sheckleford. Kymberly is an Analyst with C2G Resourcing, a subsidiary of Consultants 2 Go, LLC.

Categories : Guest Blogger

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Toastmasters: Building My Speaking and Leadership Skills

By Sandi February 12, 2012

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Excellent, even good, speaking skills give me confidence when I have to make a presentation to win a contract. I don’t stutter when I am asked a question and don’t have the answer; I know how to improvise if things are not going the way that I want, and I don’t use “ah,” “uhm,” “so,” or “you know” (known as fillers – you use them to fill a space when you don’t know what to say) during my presentation.

I have honed these skills as a member of Toastmasters (www.toastmasters.org) since 1996. For the last couple of years, I stopped going to Toastmasters and realized that the fillers were creeping back into my presentations. I still noticed fillers when a leader is speaking but I was unaware that my own speech was impacted until someone pointed it out. I’ve started attending meetings again on a regular basis and, lo and behold, the fillers are slowly leaving my conversation.

Toastmasters International is a world leader in communication and leadership development. The membership is 270,000 strong. These members improve their speaking and leadership skills by attending one of the 13,000 clubs that make up the global network of meeting locations. Membership in Toastmasters is one of the greatest investments you can make in yourself. At $36 every six months, it is also one of the most cost-effective skill-building tools available anywhere.

Toastmasters is a way for me to practice pitches and get critiqued in a friendly environment. Some clubs meet monthly, while others meet bi-weekly. At these meetings, I have an opportunity to do the following:

Table Topics – during this segment, newsworthy topics are selected and each member has two minutes to respond or give their feelings on that particular topic. It helps me to practice improvisational skills and speaking on topics on which I’m unfamiliar.
Speeches – Each of ten speeches is designed to help me with a particular skill like humor, visual aids, breaking the ice with new people, or voice expressiveness.
Grammar – At each meeting, a word is given, along with the meaning. I get to practice using the word throughout the meeting as well as the week.
Learn to Use Visual Aids – Visual aids are an important part of many presentations. The most commonly used media are the flipchart and computer-based presentation programs. I get to practice using these tools during my presentations.
Use Humor – I’m very unfunny and some of speeches force me to inject humor into my presentation and I’m critiqued on it by other members.

Because of the above, I am a small business owner with big company speech. I am comfortable in meetings with Fortune 500 executives and other small business owners alike. I hope to continue in Toastmasters for as long as I can. It has shown in my public speaking as well. The next time that I have to speak to you, hopefully your count of the number of “ahs” that I use will be markedly decreased.

Categories : Marketing

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Lessons from the Ranch: Pushing Beyond Limits

By Sandi February 5, 2012

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My business partner and I just spent one week at The Biggest Loser Ranch (BLR) in Malibu, CA. We are not getting paid to say this, but it is one of the most enlightening trips that I’ve taken. When we first told friends and family that we were going, the first question was “Why? You don’t fit the typical profile.”

The only profile I saw was of people who want to do more with their lives and make themselves, and everything around them, better. They are willing to sacrifice for it. We fit that profile. These are my lessons from BLR:

The ranch mentally and physically pushed my limits. “Give me one more,” was a mantra for the week. When I thought I was done, they would push me one step beyond – and I automatically met the command without thinking.

What is my “one more” in my business? How can I push myself and my team to do one more thing that will take us over the top?

Yes, I really can do more than I think. Planks, pushups, jogging, weight lifting…all words not used in my everyday vocabulary, and certainly my body did not know those exercises. My body and mind are now intimately familiar with those words and actions.

I will always ask “what more can I do?” for myself and my business.

I also liked that they broke up 60-minute exercise routines into small increments so that my brain thought it was manageable. Somehow it didn’t seem difficult to be on treadmill for 5 minutes, ride the bike for 5, weight lift for 5 and do crunches for 5–and repeated that circuit 3 times. If I was told to exercise for 60 minutes, I would shut down.

When I have gigantic problems, I will use the same concept of breaking issues down into small, manageable increments so that it does not seem insurmountable.

Take time away from the business. For the past ten years, the business was first. This week gave us time to put ourselves first.

Those long hikes gave us additional time to reflect on the business and think about where we want to take it. It also gave our team the opportunity to run the business, and they rose to the occasion.

Create new habits. The same old thing was not working for us. Sporadic exercise, forgetting to eat for the entire day, and sleeping only two hours per night showed on our bodies thru weight gain. Who knew that eating three meals per day on a regular schedule and going to bed earlier than usual would actually make us lose weight? We will continue with our learnings.

I will look at my business to see what is not working and the fixes that can be put in place to make it better.

Keep an open mind to try new things. At the beginning of the program, we were asked to try the meals that they created for us. Do not ask for a substitute until we have tried it. Then if we didn’t like it, we can get a substitute. Never in a million years would I have tried parsnip soup and already knew that I hated Greek yogurt. But I tried them again and they are new favorites.

My lesson was that I can try new processes in my business, and stop if they don’t work. And if my team makes a suggestion, at least try it to see if it makes sense.

Overall, a better me means a better business. Thank you, BLR. I am psyched to move forward.

Categories : Marketing

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Planning Business Trips for the Small Business Owner

By Sandi January 29, 2012

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As a small business owner, I try to minimize business trips as much as possible mainly because they are expensive. When you add airfare, hotel, ground transportation and food, teleconferencing sounds like a much better deal. So, the reasons for taking such a trip must be well worth it.

Plan as far in advance as possible. Unfortunately, a lot of times, these trips don’t give you enough time to plan; however, as soon as your schedule is finalized, book your airline ticket and hotel room. Use aggregator websites such as Orbitz or Travelocity to make comparison easy. Don’t forget that some airlines and hotels are not on these websites so you will need to check those individually.
Look for deals. Sometimes, a few blocks make a difference in the price of a hotel room. If it is not critical to your getting around the city, make the sacrifice. If you’re going to a conference and they have packages that include a block of rooms, take advantage of it right away – those rooms usually sell out quickly. If they have an airline sponsor for that conference, compare their ticket rates against the open market to figure out competitiveness. One of my friends taught a class on a cruise ship so she got the entire trip free.
Stay with friends or family, if possible. I know – this is a last resort but don’t dismiss this option. You can kill two birds with one stone. When you are in a city with a good friend whom you haven’t seen in awhile, or a family member who you just can’t seem to visit at any other time, staying with them might be a good way to mix business with pleasure. If my trip starts on a Monday, I spend the weekend with them so we have time together.
Use club memberships. If you belong to an airline club that gives you access to lounges, make good use of them to catch up on last minute work. A few clubs even give internet access free of charge. Use your AAA membership for car rentals and you can get discounts at participating hotels. Some credit cards also give you special access to business lounges in hotels where food is served free – this way, you can cut down on food costs and can provide a nice, convenient place for client meetings.
Network while you are in town. I started doing this a few years ago and it’s worked most of the times. I will reach out to my member organizations such as NAWBO, NAFE, or Women Presidents’ Organization to let the members in that city know that I’m in town and meet for drinks. It’s a great, safe way to meet other business owners who you normally wouldn’t meet. I always do this as long as my itinerary allows it. I’ve met several new friends this way.
Have fun by visiting a local attraction. When I am in a city that I’ve not previously visited, I take advantage of the city bus tours when time allows. So, if my meetings are finished early in the day, I visit a museum or just walk around the city to become acquainted. I always book flights late in the day in case another meeting comes up or someone else needs to meet with me before I leave town so there is usually a few hours to kill.
Consolidate your business trips. If you have two clients in one city, or if you have a conference and there is a client you would like to meet, schedule that trip together.

It’s a delicate balance to pack as much into one trip as possible without burning out. These tips work in reverse as well – if you are in town to visit relatives, getting meeting with prospects is awesome.

Categories : Marketing

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The New Year “lack-of-excitement-with-my-business” Blues

By Sandi January 19, 2012

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Many small business owners took some time off between Christmas and New Year’s Day when our clients are also out of the office and our staff requirements are low. What that time allowed us to do was relax and take a look at what we’ve accomplished in the past year. Unfortunately, it also highlighted all the things we did not get to do for a variety of reasons – and that’s what we focused on when we came back to work.

Some comments that I heard (and gave) at the start of 2012 definitely showed a lack of excitement for our businesses. Comments were:

“I’m so tired of killing myself with working 20-hour days and not seeing much for it.”
“I need to sell my business – this is too hard.”
“I dread going back to the office because there is a mountain of problems waiting on me.”
“No matter what I do to get ahead, the government is ahead of me to put me two steps back.”

It was disheartening. A new year should bring excitement with all the possibilities that await us.

How can we keep our excitement and enthusiasm during the year? How can we rev ourselves up to make a huge difference in our businesses this year? I picked one thing to help me to rejuvenate my business and myself, and that is updating my education. That is only one thing but it spans quite an extensive amount of information that I need:

1. Technology: I realized that there are tools out there that can help me but I don’t know about them. I’m on a quest to find out the things that are easily implementable. It runs the gamut from technology (I got an iPad to learn about apps) to investigating document storage capabilities.
2. Seminars: I attended a great networking event that reminded me that I need to revisit my business revenue model – that is how am I currently making money and what am I leaving on the table? Are there new services that I can provide or can I retool some of my current services? I know that I should do these analyses, but this was a good reminder to take the time to do it.
3. Networking: I thought I was doing my networking. I need to go back out and be present in the same places with my clients and consultants. Otherwise, how can I have new opportunities or add new people to my network?

So, thank you, 2012, for giving me some concrete things that will change my business and recreate the excitement that was lacking. This will be a year of making phenomenal changes that will grow my business. Do your own analysis. What are the things that can get you excited?

Categories : Marketing

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Is This the Year to Give Up Your Small Business and Get a Job? No, No and No.

By Sandi January 9, 2012

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Per the U.S. Bureau of Labor Statistics, nonfarm payroll employment rose by 200,000 in December 2011, and the unemployment rate, at 8.5 percent, continued to trend down. Job gains occurred in transportation and warehousing, retail trade, manufacturing, health care, and mining. That is great news for the unemployed.

If you were a small business owner in 2011 and had a rough year, and you hear there are job gains, you might consider that now is the time to just give up and get a job. Every year, this decision looms larger than life. Can I make more money by working for myself, or do I need to work for someone else and get the perks of medical benefits and a “steady” paycheck?

I’m here to say that there is no such thing as a steady paycheck anymore since layoffs are now the norm rather than the exception. I’m here, small business owner, to encourage you to hang in there for 2012. Why?

Budgets are freeing up. When companies start to hire, that means they have extra dollars to spend and they have new products they need to launch. They will need help from you in getting those products out the door. As a small business owner, be prepared to help them.

Build a consulting practice. A consultant has a very specific skill set which is different from a traditional employee. Consultants are in high demand, especially if you are in one of the employment growth industries above. If you have a specific expertise, consider adding this practice to your services.

Increase your price. You have been holding off for the past few years in making price adjustments because the client could not tolerate it. For existing clients, now is the time to consider a small increase. For new clients, you might want to create a more accurate pricing structure for your product or service.

So, now is not the time to abandon ship. You made it through the tough times and now you can reap the seeds of hard work that you’ve sown. Here’s to a profitable 2012!

Categories : Marketing

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