Age Statistics and Breakdown on Social Media Sites (Infographic)

Strategy Plan One

March 17, 2012 

Social Media Statistics

Different social media sites are used by different age groups for differing purposes.  Whether you use social media sites for business or other social means, you may find after reviewing stats and infographics such as this, you may want to alter or focus attention on sites that cater to certain age groups.

Courtesy of Pingdom.com and data from Google Ad Planner, here is an interesting age distribution breakdown of users on different social media sites.

Social Media Statistics – Infographic

 

From the above graphic, you can see that younger users dominate sites such as Bebo and MySpace and Xanga.  The more mature age groups, possible more engaged in using social media for career or business purposes, are the majority users on Twitter, Digg, Delicious, LinkedIn, and Classmates.

Targeting and the messaging around your products and services, or for other social means, is critically important.  Knowing statistics around age demographics on social media sites will help shape your marketing strategy and assist you to get the right message to the right target market.

 

Strategy Plan One

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Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

 

 

Trade Show Event – Great Exposure for an Entrepreneur

Strategy Plan One

February 22, 2012 

You have almost completed your business plan, but you are still developing the marketing activities component.  One great avenue to include in your planning and to get exposure to your products and services is at a trade show event.

 

 

Trade Show Events

 

Trade show events give you the ability to showcase products and services to masses of potential customers, with colourful, interactive displays manned by representatives promoting the business.  Since the marketing product industry is so competitive, banner and pop-up displays are cost-effective and can be user-friendly in the set-up and take-down.  If designed right, your display can last for years and be used over and over again at trade show events.

 

If you have chosen the right trade show and right target participants, you may be able to convert a high rate of participants at a trade show event into buying customers.  You must consider that participants are there for a reason, and the fact that most pay to attend is a great sign that they are interested in the commercial aspects of the event.  Ensure you have the ability to track leads and to follow up on those leads.

 

Key factors you should be aware of when considering trade show events:

 

– Ensure you target the appropriate venues and trade shows that will result in the highest volume of interested participants

– Be prepared – design the layout of your trade show space and pick the appropriate spot in the trade show event

– Design your trade show booth and display, interactive with models, samples, videos, and take home products

– Make sure you staff you booth appropriately and that at least 1 person is there at all times; an unmanned booth is a waste of money at an expensive trade show, and opportunities for new customers will be lost

– Interact with customers stopping by the booth but also with the pedestrians who are walking the aisles by invite them in with offers

– Make sure you have freebies and give-aways with branded logos and contact information for the potential customers; there needs to be a way for potential customers to contact you

– Track revenue and expenditures from trade show activities, and analyze the return on investment

 

Your marketing budget for a trade show event must include:

 

– Cost of trade show attendance and appropriate booth space

– Any advertising that will promote your attendance at the event

– Banners and printed materials

– Give-aways, samples and contest expenditures

– Human resource staffing costs

– Costs of transportation

– Any additional insurance costs

– The post event costs associated with customer and lead follow up

 

Consider trade show events as one of those key marketing, outreach activities for your business.  With added attention to your trade show participation, your booth will be the showcase of the trade show event, and will result in additional customers and revenue generation you deserve.

 

Strategy Plan One

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Business information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Young Entrepreneurs Have an Early Competitive Advantage

Strategy Plan One

February 20, 2012 

 

Young Entrepreneurs

Young entrepreneurs have the advantage, as youth can maximize their energy, time and commitment towards projects.  If you are a youth considering self-employment, your timing may be great.  The definition of young entrepreneurs is wide open, but has generally been referred to as individuals under 30.  Some government programs for young entrepreneurs cite and target the “30 and under” age category.  This is not to discount the fact that many eager entrepreneurs of all ages will put maximum efforts towards their business ventures.

Competitive Advantages

As a young entrepreneur, dedicate your time and resources to building capacity.  Seek out career options and avenues for business.  A best practice for you may be to engage in two career – job streams, gaining a valuable cross-section of experience and exposure in those fields.  Having two operational skills sets, along with management experience will give you the competitive advantage.

 

As a young entrepreneur with no commitments, you have the ability to work a day job (or night job) gaining operational and management experience.  Concurrent with employment, you have the opportunity to run or undertake pilot projects to test out your product or service in test markets.

 

Before you are ready to make the jump, ensure that you are confident that you will successfully implementing your business.  You want to make sure that you have the operational, management and financial capacities necessary for business.  If you are not quite ready, take a step back and get more prepared.

 

Mentors for Young Entrepreneurs

It is extremely important that young entrepreneurs engage in a mentoring relationship with successful business people.  Even though you are eager to begin at a young age, you don’t have the massive experience under your belt like an astute, successful business person.  Learn everything you can from successful people around you.  Engage yourself in an open learning environment.  If you are not open to mentoring and learning, you may not get far.  Mentors will open your eyes and doors to other aspects of business such as financing, partnerships, markets, and the little things you may not have thought of.

 

Funding and Business Support Programs for Young Entrepreneurs

As a young entrepreneur, you have some additional avenues for funding support.  Both the US and Canadian governments have business funding programs set aside to encourage youth entrepreneurship.  Tap into these programs, as business grants or low-interest business loans will give you the competitive advantage financially.

 

Business development programs in both countries also have business support programs to help you along in the implementation phase of your business.  Additional marketing programs can assist in the awareness and access to markets.

 

Business Planning

Business planning is a key component to moving forward and taking the next step as a young entrepreneur.  Do not overlook the importance of strong, detailed business and financial planning.  Lending agencies and programs will need to analyze business plans, and will base their funding decisions on the strong merits of your applications and business plans.  Professional assistance in the development of the business plan will give you the competitive advantage.

 

Strategy Plan One

http://strategyplanone.com

Business information, resources and tips for young entrepreneurs

© 2012 Strategy Plan One

As a Voting Entrepreneur, Help Change the Business Environment!

Strategy Plan One

February 19, 2012 

The best way you can assist in developing a favourable business climate would be to vote in parties and politicians who are promoting positive, constructive environments.  Take a look at each candidate’s business and economic agendas and platforms.  How do these potential initiatives work for the entrepreneurs that must live and operate in this environment?  What has been indicated in each platform, such as cut backs, program elimination, business incentives, or tax implications?

 

Each of the parties and politicians will raise and promote their own political agendas with embedded economic and business sections.  Each party will seem to be raising platforms which look reverse to the opposing candidate, calling out the other’s points, while promoting their own.  It can be quite confusing.  Take a good look at each platform and decide what is in your best interest as an entrepreneur, and for the whole economy.

 

Some key policies and platform initiatives you may want to analyze:

 

– Job growth, spending and initiatives

– Business and economic regulations, legislation, red tape

– Corporate and personal taxation reductions, new policies and its implication on business

– Debt reduction and its implications on other program spending

– The impacts on other programs, such as healthcare, on the economic initiatives

– Trade policies

– Natural resources economic and business policies and initiatives

– Programs and spending on innovation and technology

– The end of economic stimulus packages and the way forward

 

How does each platform affect you, your business community, your business industry and the economy in general?  You will need to decide as a voter what will make sense and benefit you as an entrepreneur, and depending on which platform is voted in, you will need to determine your path as an entrepreneur.  You can help to successfully change the business climate.

 

Strategy Plan One

© 2012 Strategy Plan One

Business information, resources and tips for the entrepreneur

 

Buying a Franchise – Another Great Opportunity for Entrepreneurs

Strategy Plan One

February 15, 2012 

As an entrepreneur you have choices to make when going into business.  You can start a business from scratch or you can acquire an existing viable business.  Also on the list of opportunities is buying into a franchised opportunity.

Investing in a franchised venture is a little different from acquiring a business or hanging your own sign out.  In this business scenario, you, the franchisee, agree to conduct business under the franchisor for a specified duration.  Franchised opportunities involve sophisticated agreements between you and the franchisor.

Buying a franchise brings a wealth of benefits, but you also need to be aware of the conditions around buying a franchise.  Here are some tips and information on franchised opportunities:

•  Franchises are plentiful; ensure you research each for the right fit against your operational, management and financial capabilities
• Franchises come with strict operating standards, and you must be aware that you will need to adhere to these standards such as pricing, marketing, design, customer service, employment, etc
• You will need to pay royalties or monthly payments for ongoing franchise costs
• Most established strong franchises have rigorous training programs and schedules, both at your location and possibly to a head office location
• In franchised opportunities, the master franchise holder or company will conduct frequent inspections to ensure consistency of standards
• Franchised opportunities will not provide the flexibility that you may see in your own start up scenario
• Most of the time with established bigger franchises, volume of business will be significant and margins may be lower than experienced in your own start up scenario

Benefits of franchises:

• The leg work has been done, and if you buy a franchise, you buy a brand, loyal customer base, standardized practices and operating procedures
• Through the power of a large franchisor, economies of scale are achieved, which results in greater negotiating power, buying power, marketing power, etc
• You could piggy back on to some of the largest national marketing and advertising budgets; normally you don’t have to worry about marketing and advertising
• With the franchise comes a support team of corporate managers and executives; the franchisor does not want you to fail and will assist
• Larger franchises with brand recognition and existing loyal global customers will possibly result in immediate revenue streams
• Franchised opportunities open the door for additional funding sources, and in some cases, franchisors offer in-house financing
• Franchisors undertake extensive product and service development to open new doors and revenue streams for franchisees
• If you do well, franchises may offer expansion opportunities (i.e.: the offer to run another location or two);  fast food franchises are good examples
• If you do extremely well with multiple locations, you may be eligible to invest and run master franchised opportunities, such as managing the franchisees within a whole district, state, or province or territory.

Disadvantages to be aware of:

• Franchised opportunities can be capital intensive
• Be prepared for heavy investment and the need to acquire funding sources
• Franchised agreements can be complex, with strict terms and conditions
• Franchised opportunities come with mandatory fees and monthly royalties
• In owing a franchise, you give up some control over the business

Similar to other opportunities, you need to investigate whether or not buying a franchise is your way into entrepreneurship.  With heavy due diligence on your part, franchised opportunities could provide you with a stable business opportunity with ample rewards.

Strategy Plan One

http://strategyplanone.com

Business Mentor information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

Business Acquisitions – Great Opportunities for Entrepreneurs

Strategy Plan One

February 12, 2012 

Business acquisitions can be great options for entrepreneurs who want to step quickly into an existing operation.  There is no need to go through a hefty and risky implementation stage, as all that heavy lifting may have been completed long ago.

 

As an investor – entrepreneur, you need to carefully analyze an acquisition and to review many aspects attached to the acquisition of a business.  Acquisitions are not risk free and as an informed entrepreneur, you need to conduct your own business case analysis to see if this is the right fit for you, or if establishing a business from scratch is the way to go.

 

Here are some tips and information on business acquisitions for your entrepreneurial considerations:

• Ensure you are well equipped and prepared in all capacities (operational, management and financial capacities) before undertaking business and acquisition opportunities.
• As part of your analysis, you must conduct a business valuation process.  Business owners will have an asking price; you will need to conduct your own due diligence to determine fair market value.
• Part of your valuation analysis will be to break down the sale price on a business into the asset value and value attached to goodwill.
• It is always advisable to seek out a Certified Business Valuator (specialized accountant) to conduct differing levels of valuation depending on scale/size of the business.
• Seek out the assistance of a lawyer to help in the legal acquisition process and to help formulate legal acquisition agreements.
• Be aware of contingent liabilities and other owner’s terms and conditions.
• Look at key financial information, indicators and trends such as revenue, net profit, owner’s draw (salary), assets, liabilities, current ratios and profit margins.  It is advantageous to have this discussion with a qualified accountant on financial analysis of the business.
• Check if the acquisition package comes with owner training or skill set / business training?  You should consider at least a small agreement for the transition period, and not just have the previous owner throw the key at you and leave.
• Business planning will be essential, even for the acquisition of an existing, viable business.  Prior to acquisition you need to develop a detail business plan, and you will need to approach sources to acquire the funding necessary.
• Analyze the projected operations, markets and financials surrounding this business going a few years into the future.  What are the projected trends, prospects, opportunities and risks?  Seek outside professional opinions where needed.

Benefits of business acquisitions:

• The financial risk is less for existing viable businesses that have demonstrated a track record of earnings, profits and stable operations.
• No risky implementation phase vs. risk in a start-up scenario.
• Immediate access to cash flow, markets, customers, human and financial resources, and partnerships.
• The new owner can realize a potential immediate return on investment and equity, and depending on financing of the acquisition, realizes a break-even point sooner.
• Financing may be easier to secure, as financial institutions can see a track record of financial performance.
• Not only are you a new entrant by acquiring the business, but you may be decreasing the competition, as this business may have competed against you.
• Acquiring the intelligence, strategies, proprietary knowledge of the business and previous owner provides you with a competitive advantage.

 

As an entrepreneur you will need to decide what will be the best self-employment opportunity for you, whether to start a business from scratch, or to acquire an existing successful business.  Always seek professional services to help inform your decisions on opportunities.

 

Strategy Plan One

http://strategyplanone.com

© 2012 Strategy Plan One

Business information, resources and tips for the entrepreneur

Business Mentors Can Help You Become a Successful Entrepreneur

Strategy Plan One

February 11, 2012 

As an entrepreneur you cannot overlook the importance of business mentors.  Engaging with successful business professionals can only strengthen your business and management skill set.  Many examples exist of business mentors who train and transfer their skill sets over to willing and open participants.  Ensure you find a mentor that is willing and that the relationship is two-way, with both participants gaining from the valued relationship.

Here are some benefits of a business mentoring relationship:

Mentoring from Experience

A mentor can show you the pathway to success, and warn you in advance of the hurdles and barriers you may encounter as an entrepreneur.  This could be the difference between thriving and surviving.  Mentors can describe some of the pitfalls and mistakes in business, so that you don’t make them.  Make sure you are open to listening and learning everything you can from the mentor.

Developing a Partnership

Depending on who you align with in your mentoring relationship, this could blossom into a real business partnership or alliance.  Not only does the mentoring help you now, but this could result in added benefits for you beyond the mentoring relationship time frame.  Strategically choose you mentors for partnership building.

Access to Markets

Experienced mentors may show you the way to new markets that you may have not planned for.  Mentors have learned from experience in markets, so tune into this.  You are opening many doors with access to a mentor.  Ensure you learn everything you can from your mentor on market and marketing opportunities.

Networking – Access to Further Resources

Mentors know other professionals and have network linkages potentially farther than your own.  Tap into your mentor’s network of professionals.  This may link you in to a professional in a more specialized area, such as a marketing – branding specialist, or a consultant that specialized in strategic global markets, etc.

Learning from a Leader

It is very important for you to follow in the footsteps of a great, successful business person.  Your mentor is demonstrating great leadership by training, mentoring, encouraging and empowering you to be more successful.  You are not only learning about best business practices in the mentoring relationship, but you are also learning leadership skills and strategies.  Observe key leadership competencies of your mentor, and be prepared to insert those leadership traits into your own skill set as a leader.

You as a Mentor

Down the business road, one day you will be called upon to be a mentor and share what you have learned.  Remember this is part of the mentoring cycle, and your commitment to assist someone else, as your mentor had done the same for you.  New entrepreneurs are eager to learn and to be successful; do what you can to support this in the future.  This also provides the opportunity for you as a leader and mentor, to sharpen your leadership skill set.

Strategy Plan One

http://strategyplanone.com

Business Mentor information, resources and tips for the entrepreneur

© 2012 Strategy Plan One

5 Attributes of Modern Leadership

Strategy Plan One

February 8, 2012 

Leadership has changed with time and with varying economic and environmental circumstances.   Early to mid 20^th century, leaders often invoked a militaristic or autocratic leadership approach, and to most the extent, this worked for many successful companies and big corporations.

In the current age, the workforce is better educated with more rights.  Values and ethics are important, and company and personal values and ethics need to align to achieve common goals.  In order to compete on a global scale, leaders need to motivate and influence teams of valuable employees to thrive and survive.

 

Collaboration with team members

Leadership today is obviously quite different, with globalization, competition, values and ethics and people’s rights making big impacts on how leaders lead.  The global economic climate is challenging and is multi-faceted.  New leaders today need the ability to navigate through challenging environments, with multiple layers of complexity.  A new leader must be able to collaborate with professionals adequately, and to be able to adapt quickly to changing environments.

 

Engaging others

Twenty to thirty years ago, businesses relied on manual analysis of localized information.  Today, teams and leaders must competently analysis massive amounts of global information quickly.  Where leaders lack capacity, leaders must be able to source and acquire capacity to assist in meeting organizational goals and objectives.  Leaders need to have the skill to interact with, motivate and empower team members.  Effective interaction with employees leads to better buy-in of goals and objectives.  Frequent engagement tends to make the employees and teams feel valued.

 

Activating Efficiency

Today leaders must accomplish more with fewer resources.   In order to stay competitive in global markets, leaders must stay on top with efficient operations.  Leaders must have the ability to maximize results and benefits with decreasing levels of resources.  Leaders must seek ideas for efficient operations from their teams, as these valued employees are the subject matter experts.  There are several mechanisms to implement to achieve efficiencies, from empowering employees to take the lead, to compensatory mechanisms.

 

Ability to Vision

Experienced leaders thoroughly observe and analyze the past and present.  A great leader can envisage a successful way forward.  They are able to see an end goal and objective, and pathway to achieve the objective.  Only a few have this innate ability; most develop the skill through experience in operations and management.  This valuable trait may be the result of many years of experience leading to the ability to look forward, and some of it through trial and error.  Leaders with vision understand why they are in the business and why the company’s products or services are valuable or needed by the consumer.

 

Effective Communication

Effective leadership involves a high level of rich communication.  A great leader engages with others and can communicate the vision to the team.  With powerful, transparent communications, leaders will need to be influential on others, with the ability to convince and encourage the team to follow and buy-in.  The level of acceptance is a good indicator of the leader’s communication and influential effectiveness.

 

Strategy Plan One

© 2012 Strategy Plan One

Business information, resources and tips for the entrepreneur

Dealing with Difficult Customers

Strategy Plan One

February 3, 2012 

As entrepreneurs and small business owners, we all face the occasional customer that is not happy about a product, service, staff or the business itself.  Here are some helpful tips to alleviate pressures and turn a consumer from angst to repeat customer.

Take the time to listen to the full concerns of the customer    

Spend time with the customer to try and resolve.  You are in the game of building customers and your business survival depends on the customer, so invest time to resolve.  When a complaint comes forward, the customer wants to be heard.  Don’t be confrontational, but listen and be patient and you will notice a natural decline in the tone and behaviour of the customer.  After the customer’s initial rant, he will be looking for a response from you.  Take this as the opportunity to resolve and build a relationship.

Right or wrong, build a solid relationship with the disgruntled customer

Engage in conversation with the customer; this discussion is a two-way conversation.  Be empathetic towards the customer (not to be phoney, but be genuine in your actions).  Value the feedback and let the customer know that.  These simple methods of tactful communications will get the consumer on your side.

Right or wrong, use strong negotiation skills to find common ground 

The customer may never be happy and may want you to do everything under the sun to make the situation right, including providing the goods or service for free.  Depending on the severity of the scenario, you may have to provide something for free or an alternate product or service at cost.  With the relationship of trust you have built with your customer, you have an opportunity to mitigate the damage and find a mutually acceptable position.  Find what would make you and the customer happy.  If you have moved miles to that mutual ground, don’t be afraid to back down if the customer is still unreasonable.  As a minimum, depending on your jurisdiction, you will have to adhere to consumer regulations around refunds and honouring warranties…no sense in arguing that point.  Leave the scenario knowing you did your best to resolve and that you put effort in to building a relationship and a repeat customer.

Where the customer is clearly wrong, tactfully & transparently state your company’s position

A small fraction of the disgruntled will be completely unreasonable.  Be open and transparent, and inform the customer of your policies and inform of impacts of collective scenarios (such as honouring every complaint in a similar manner).  The customer may leave unhappy but you need to be consistent in your business practices.

Learning experience to build a better Customer Relationship Management Plan

Every scenario you encounter in your business is a learning opportunity. The customer complaint process forms part of your Customer Relationship Management (CRM) Plan.  Be prepared – part of your business planning exercise would be to build theCRMinto the operational plan.  Be prepared in advance with policies and procedures to handle challenging customers.  Ensure staff is trained to handle customers in an appropriate manner.

Whatever customer challenges arise, be prepared in your business and handle tactfully and professionally.  Your end goal should be to always find mutual resolution and to turn those angry customers into happy return customers.

Strategy Plan One

© Strategy Plan One 2012

Business information, resources and tips for the entrepreneur

Another 5 ways to Reduce Expenses in your Business

Strategy Plan One

February 1, 2012 

Like the previous blog, this is intended to provide some ideas for cost saving measures in business.  Too many times we have seen companies not adjust with environmental or economic conditions.  Every option should be analyzed as one cut here, could be devastating to another unit over there.  Some of these measures could be temporary until the climate improves, while other measures may be necessary for long-term survival.  As always, weigh your options carefully.  Here are some additional considerations for budget reductions:

Information Technology (IT) Reductions

As you may know, every person, every cubicle and office may not need devices.  Sharing peripheral devices, such as printers, is the way to go, linking in all computers around the office to a common device.  Many organizations and businesses have moved to laptops and docking stations, instead of buying desktops and laptops for each employee.  Ensure you company has developed standard procedures for IT acquisitions, replacement, repair, and decision making.  Request for Proposal processes will allow your organization to benefit from low cost providers.

Carefully weigh your options when it comes to printers, as some of the commercial models can cost you hundreds of dollars a month.

Travel Costs

In times of financial difficulties, travel may be discretionary.  You will need to assess the pros and cons of travel to have meetings with clients, partners or staff in your business against lower cost video or audio conference calls.  Can you temporarily afford to move to having conference calls instead of travel?  The answer in some cases may be yes.  We have known clients that have saved $5,000 in travel costs per quarter per traveler.

Marketing and Advertising

In tight economic times, consumer spending will be down, along with consumer exposure to advertising (ie: buying less, entertainment outings may be decreased).  Be smart about your advertising placements.  This doesn’t mean the complete elimination of your marketing budget, but to use the marketing dollars wisely.  If you have done accurate reporting on marketing activities you should have a track record of the best Return on Investments (ie: increased revenues and profit through the costs of each marketing activity).

Wherever possible, you may want to partner with another company and conduct some joint marketing and advertising.  You may gain access to partner resources to assist in your efforts, such as access to another company’s marketing manager, or to piggy back on existing marketing and advertising avenues.

Client Perks and Benefits

If you have been rewarding clients, this may have to be temporarily discontinued until a more favourable environment.  Whether you consider this to be a necessary marketing expenditure to keep a client, or as one of the add-ons in your goods & services package, you may need to eliminate all or part of the benefits and perks, or it could have a significant impact on your bottom line.  Are the slim resources for perks and benefits to the client or for you to survive?  Like all measures, analyze these options with caution, as a lost customer through financial restraint measures is lost revenue.

Employee Perks and Benefits

The larger your staff size, the more costly the perks and benefits can be.  It would be a good idea to keep essential benefits intact such as medical, dental and retirement savings plan program benefits, but perks such as free memberships or discounts on items the company must pay for could be eliminated.

If you are in the realm of cutting costs, implement with caution and always monitor the impacts and results frequently.  Revise if necessary if the impacts are too severe.  Through your diligent measures, your financial picture will become healthier, and your business will be in a better position to be more profitable when the economic climate become more favourable.

Strategy Plan One

© Strategy Plan One 2012

Business information, resources and tips for the entrepreneur