Marketing Tip – Small Business Owners Need a System to Keep in Touch With Contacts and Build Sales

Many small business owners know keeping in touch with their contacts is an important part of their marketing plan. However, all too often, keeping in touch is a sporadic effort. Sending birthday cards or an e-mail newsletter is something that can be done “later.” The problem is “later” never comes. 

Small business owners need to build a marketing calendar that includes when and how each person (or group of people) is going to be contacted.  The best way small business owners can keep on top of their contact efforts is to have some type of system in place.  The system should be as easy and as automatic as possible.
  
There are many software tools you can use to organize your contacts.  Microsoft Outlook and Excel are great programs.  With either of these, you can merge with Microsoft Word to create phone lists, mailing labels and personalized letters. More sophisticated contact management programs you can purchase include ACT! and Goldmine.  
 
Marketing Tools for Keeping in Touch
 
There are a variety of different marketing tools small business owners can use to keep in touch. Here are just a few ideas.
 
E-mail newsletters are a great way to communicate with a large group of people. There are a number of great on-line resources available for e-mail newsletter creation and management. Use e-mail newsletters to provide product information, announce sales, and promote special events. 
 
Real greeting cards (the kind that come in an envelope with a stamp) are great marketing tools to use at Christmas, birthdays and other times of the year.  In fact, the best time a small business owner can send a greeting card is when there is no real reason to send a card! A card sent in August will be remembered much more than one sent in December.

Savvy business owners know that phone calls, personal visits and lunches are always appreciated. The key there is to remember the marketing message when scheduling those calls or visits. Yes, having coffee with a long-term client is great. But be sure to let the client know that you have a great new product that can dramatically help him or her. Too often business owners get wrapped up in the social aspect of personal visits and forget to ask for more business!

The most important part of any system is using it regularly.  If you are very busy, or have a hard time working with schedules, you are better off delegating or outsourcing.  If you have an assistant, that person can print letters, write e-mails, even sign Christmas cards for you.  That leaves you free to work on other areas of your business.

If you don’t have any help in your office, outsourcing is the answer. There are a number of local and on-line services that help business owners with their marketing. Or, try using a virtual assistant.  The marketing money you spend to outsource these routine tasks will be repaid many time over with the new business you get.

Remember — the key to a successful system is to have it automated as much as possible. The less work you have to do, the more likely it is to be done on time, and the more likely you are to get referrals!

Business Brokers – How to Choose the Right One

The vast majority of small businesses are sold without the assistance of business brokers.

But if you do decide the hire a broker, here are some suggestions on how to pick the right one and how to structure the agreement in your favor.

What Business Is The Broker Actually In?

In many states there is no training or certification needed to become a business broker. In other states, brokers are required to hold a real estate license.

In these states it’s common to find real estate agents that do business brokering as a side business. If you deal with a broker who is also a real estate agent, make sure that being a business broker is more than just his hobby.

You will pay a pretty penny for the broker’s expertise and experience – you should make sure they have that experience when it comes to selling businesses and not just experience selling houses.

Questions To Ask

If you hire a broker you will be working with them closely for months to come; they will have access to your most confidential business records; the amount of money you put in your pocket at closing will be influenced heavily by the quality of work they do.

Therefore, you absolutely must check them out.

Here are some questions you should ask any prospective broker before hiring him:

1. How long have you been a broker?
2. Have you ever owned a business?
3. How many businesses similar to mine have you helped sell?
4. Can I see a blank version of your Listing Agreement?
5. What percentage of you income comes from brokering and how much from real estate (If applicable)

Ask them to provide you with references from previous clients. Then, I suggest you do something very unusual: Actually call the broker’s references!
I know a lot of people ask for references just to see how the person will react when asked (and to see if they actuality have any). But you can learn a lot about the broker’s reliability and professionalism by talking to people who dealt with that broker when they were in the exact same spot you are in.

Business Broker Fees

There are two benefits a broker can provide the business seller. First, he can locate potential buyers while maintaining the seller’s confidentiality. And second, a broker will qualify these potential business buyers so the seller saves time by not having to deal with weak prospects.

The big negative of dealing with a business broker is his fee, which averages 10-12% of the sale price. This fee is charged to the seller.

There is also a minimum fee. A very small business will pay a flat amount, typically $8-$10,000, instead of the commission. For a business worth $50,000 this minimum fee actually works out to be a higher percentage than the 10-12% industry average. But as a matter of practice, brokers usually won’t be interested in your business unless the asking price is above $100,000.

These fees are the reason most business owners choose to sell their business themselves and rely on their lawyers and accountants for the professional assistance they need.

The Broker Agreement

If you decide to use a broker you’ll be asked to sign a broker agreement which will detail the his fees. If possible, have your agreement include the following clauses:

Timing of Payments – Have it written into the agreement that the broker’s fee will be paid at the time you receive the purchase price – not at the time the sale is closed. This way, if you finance part of the sale price over a number of years, you pay the business broker as you get the money, not all up front.

Length Of Agreement – Your listing agreement should be for a limited time. If the broker locates the buyer within that time he gets paid. Be careful of lengthy agreements that lock you in with one business broker for more than 6 months. If he doesn’t produce, you want to be able to try other options. A 6 month business broker agreement is the longest you should allow. However, because selling a business can be a lengthy process, 3 months is usually too little time for the broker to find the right buyer. Try to settle on something between 3 and 6 months. If after six months, you haven’t closed the deal but you think the broker has done a good job, you’re always free to extend the agreement. But you want to be free to decide on an extension 6 months from now, not today.

Broker’s Guarantee – Include a paragraph stating that if you find the buyer, you don’t have to pay the commission. Without this clause, the broker is usually paid no matter who locates the buyer. Before signing any listing agreement, it is best to have your attorney review it to make sure your interests are protected.

5 Internet Marketing Tips Small Business Owners Need to Know

Online corporate giants almost always intimidate small business owners who are starting a business online. After all, these corporate giants have the money, time, and professionals in order to make their website businesses profitable. Online marketing for business may cost thousands of dollars, and because of this discourages some small business owners to not follow through with the e-business strategies they have in mind.

However, most people don’t know that business internet marketing is not always costly- it just always has to be effective. For small business owners who want to figure out business marketing online by themselves, here are five internet marketing tips that can help you work on internet business marketing effectively and for FREE:

Why Spend When There are FREE Tools?
Inexperienced small business owners can easily be persuaded to purchase expensive internet marketing tools because of advertisements with “flowery” and promising words. Our advice to SMO’s is this: use Free Internet Marketing Tools to market your site, generate traffic, and learn the Internet Marketing process through experience. You may purchase professional Internet Marketing software only when you understand how it works, lest you want to waste money on a product whose potential you cannot maximize.

Work on Your Email Campaign
The email campaign is the most intimate and effective approach for internet marketing for business. Connect with people who are already interested in your products or services. In this way, your marketing efforts will pay off through direct sales that are most likely made from customers who have subscribed to updates from you (which means that they want your products and services).

Embrace Social Media Marketing
Connect with as many people as you can for FREE by using Facebook, Twitter, and any other social networking site. Signing up is free and it’s easy to find contacts (and prospective clients) by simply adding friends and regularly posting updates. The beauty of social media marketing is this: the network of contacts is virtually endless and it’s up to you to make your own network grow.

“Give in order to receive”
A clean method of internet marketing for small business is offering free eBooks and software downloads that can lure interested site visitors. Join forums and share your knowledge and expertise. Prove that you are a company with a genuine interest in your clients rather than merely being a money-making effort by a work-at-home individual.

Let YouTube Help Your Business
People have the tendency to watch videos over reading boring text, so make it a point to be active in YouTube and post related videos. This approach for internet marketing for local business is especially effective in reaching out to young audiences.

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