Small Business News: The Better Business Owner
Who is the better business owner? Could it be you? Today we realize that it is not so much money or the right connections that make a business succeed in the long run. How many well funded businesses have you seen run into the ground by owners who failed to successfully negotiate a change in the market or who really didn’t ever understand the market to begin with? Similarly, the better business owner does not do everything for money. There’s a passion too for their business that is truly extraordinary and there is a vision that is unique and belongs to no one else. What sets the better business owner apart is information, the information to achieve their goals, and passion, a love for your product, service or brand that nothing can shake. We aim to provide the foundation for both in this edition of the small business roundup. Keep reading.
Self-development
Benefits of small business ownership. Whether you’re a small business owner or a freelancer, there are more considerations than money when it comes to being your own boss. Try the flexibility and control over your own destiny that running your own business or being self-employed brings with it. There are better paying jobs certainly, though perhaps not so easy to come by in this economy. However, owning your own business has perks of its own as you can see in this post. Financial Highway
What traits are most important for small business owners? You might never suspect what makes a great entrepreneur or small business owner. Are there characteristics all small business people share no matter how different their personalities or ventures might otherwise be? Here are six traits all small business leaders share. Business Insider
No need to compete on price. If your product or service is unique enough, money shouldn’t be an object. Don’t waste your time creating products at the lowest price. Create the best product. Take this incredible tree house designed by a Swedish architect containing remarkable features and fetching a remarkable fee. Try $575 per night. Fast Company
Policy
Small business owners favor free enterprise and free market competition. A recent survey of 300 small business owners shows that the majority favor policies that encourage free enterprise and at the same time do not favor increasing the size and the role of government. If you’ve heard that small businesses support additional government spending to fix the economy, read more about the results. Lombardo Consulting Group
Measuring the mood of small business. Do small businesses leaders believe the current U.S. administation is anti-business? You bet some of them do. At least judging by these interviews at a recent event sponsored by the U.S. Chamber of Commerce. Read the complete story for more details. ChamberPost.com
Regulatory reform passes in Senate. While supporters hail the victory as a means to reign in huge lending institutions whose indiscretions, many argue, led to the economic downturn, critics argue strict regulations on borrowing make it even harder or perhaps impossible for most small businesses to ever get financing again? And could the new legislation end up costing small businesses even more as the government snaps up ever more control? WSJ
A look at the darker side of regulation. This letter from a small business advocacy group shows one possible problem with further government encroachment into the economy and how that encroachment might eventually impact small businesses. But there are probably many more concerns to discover as there were in the massive healthcare reform law that may cost some small businesses their survival. National Federation of Independent Business.
Marketing
When it comes to social media marketing, small businesses kick butt. So, who says small businesses can’t master social media marketing? In this post, Matt McGee shows some data demonstrating that small businesses are doing much better at customer acquisition through using social media than their large or even medium-sized competition. Take a look! Small Business Search Marketing
News
Some states not so good for small business? There is not enough data available to determine whether high bankruptcy rates in certain states might be tied to the small business environment there. But, looking at the latest news, Hawaii, in particular, saw a tripling of bankruptcies in the first quarter. And it isn’t alone with its high numbers. How does your state, province or home country compare? Pacific Business News
Sales
Don’t…repeat don’t…make the mistake of assuming contacts translate to sales. They can, of course, if you follow the proper steps, but they don’t necessarily have to. And too many friends or contacts can actually hurt your sales numbers, says Bill Rice. Here’s some advice on thinning out your contacts and achieving better sales all at once.Better Closer
TechBizTalk Publisher
Lead Designer, The Deep End
Hi folks. An interesting post. My favoured one was the reminder that you don’t have to compete on price. If price is your main differentiator, then you are in trouble in my view. Your business should compete on value proposition (of which price is a part only) i.e. bang for your buck. What makes you different is the offering, the customer service, those small things that you do to please your customers. Thanks for sharing.
Awesome wrap-up.
My favs;
1. Don’t make your product or service cheap. (Love it!)
2. There’s more to being a small business owner than money.
The Franchise King
The better business owner had better start with a clear vision of his market, his niche, his USP and have all documented in a plan. I find in my coaching practice not only do most small to mid-sized business don’t have a documented plan, most don’t know how to plan.
Great post. A few additional points:
(1) If you’re an entrepreneur, find a group of other entrepreneurs with whom you are sympatico so that as a group you can leverage each others’ experience to hit milestones faster and reduce expensive mistakes.
(2) Be creative in your marketing. Find appropriate ways to leverage social media to create new fans and buzz. Don’t just think of social media as a new sales or marketing channel.
(3) Concerning sales – sales come from relationships, not contacts. Build value in your relationships with your customers – B2B or B2C – and sales will follow.