Why it's still harder for women in business

Thursday, May 27, 2010 by Laura Colar
A recent Wall Street Journal piece addressed the rapid growth of women-owned business -- they have started twice the amount of businesses as men and their growth has swelled during one of the bleakest economic times in America's history.

Yet, the article quickly qualifies that information, "So, it is dismaying to see that, despite all this progress, on average, women-owned business are still small compared with businesses owned by men. And while the gap has narrowed, as of 2008—the latest year for which numbers are available—the average revenues of majority women-owned businesses were still only 27% of the average of majority men-owned businesses."

Interesting, isn't it? What do you think causes this disparity?

Some will say women don't have the 'killer instinct' men do when it comes to making deals or that, by nature, they're too empathetic to make the difficult decisions necessary for businesses to shed extra weight and sauced. Do you buy that explanation? I certainly don't and it truly has nothing to do with my being a woman :)

The WSJ writer, who happens to be a woman herself, offers this explanation.

"I am convinced that the problem is twofold. First, you have women's own self-limiting views of themselves, their businesses and the opportunities available to them. But equally problematic are the stereotypes, perceptions and expectations of business and government leaders."

Now, I'm not sure I buy the first reason. Most of the women I talk with and read who are in business have no different view of themselves or their operations than the men whose brains I pick. I believe to most women, business is business and their differences they see as advantages or differing perspectives, nothing more. I also think most women business owners have ambitious goals, my reasoning being that a woman who desires to start and run their own business is already shedding years of stereotypes and taking on a world they know is dominated by the other sex. If anything, I think these women may even be more ambitious than many men, most of whom are expected to work in the professional world and who are seen in traditional roles of management.

However, I think her latter explanation, that of stereotypes in business and government makes much more sense. The article asserts that training available for women entrepreneurs, such as courses at community colleges etc. is far more focused on the initial phases of beginning an operation and often leaves out planning for growth or making projections for the future.

She also asserts that women have less access to funds and capital -- I could see this holding true. This can cause entry into markets that are cheaper to get into but more difficult to remain in, let alone grow. Seeing a theme here? It's all about growth. You have to envision it, build plans around it. It has to be a fame of mind. Women may be cheated out of the opportunity to grow because of our preconceived notions of how we believe they will do, never giving them a chance to show us what they believe they're capable of.

What do you think contributes to these stereotypes and how can we break them?

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The King of Sports

Monday, May 24, 2010 by Laura Colar
Last night I was cleaning my house and found May's issue of Fortune under a pile of other magazines and notebooks (I live with someone in law school). And, excited as if I had found a little treasure I hadn't planned on receiving, I cracked it open. I also ended up reading far more than I had intended due to the great writing and topic selection at Fortune (if you don't have a subscription, you should).

A great feature in the month's issue is a profile featuring Steve Greenberg, son of the infamous Hammerin Hank of Major League Baseball. Steve did play ball for a while, but his knowledge of the game combined with his education (Hotchkiss, Yale and then UCLA) made him an asset for the front office of many sports teams, player union negotiations and other sports business deals.

He's created TV networks including CSN which sold to ESPN for $175 million and one we might be familiar with here in the Midwest, the Big Ten Network. He's helped Jerry Reinsdorf (owner of the Chicago White Sox and the Chicago Bulls) and Ted Leonisis (owner of Washington Wizards and Washington Senators) structure deals to buy teams, property and more networks. He was even the voice of reason during the 1990 MLB player lockout. Quite a list of achievements.

But what I take away from the article is more related to the manner in which he's achieved these things. Yes, his father is famous, his upbringing is what may would call privileged and he has always been well-connected. It seems that his success at innovation comes from his nature. He is described as quiet, incredibly honest, calm, resourceful and much more. He inspires confidence and trust upon a first meeting and while he's a great businessman, no one has used the word aggressive (a quality that can turn people off during business deals).

He gets clients what they want and need by putting himself in the shoes of people on BOTH sides of a deal. In the words of his clients...

"He seems to be everywhere. He is preternaturally, embarrassingly charming. "Immensely attractive as a human being," says Herbert Allen Jr. "Able to get good results without making enemies," says Reinsdorf. "Always keeps his cool," says Wilpon. "Incredibly knowledgeable and connected," says Jim Delany, commissioner of the Big 10 Conference. (Greenberg made a cable network for him too.)"

I personally find Steve Greenberg to be quietly and calmly inspiring. He doesn't make me want to go out and act immediately, he makes me want to extremely cerebral about the needs of my company and its clients, to listen more than I talk and provide people with what they need so I become a go-to resource. What does his story make you want to do?

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Jack Stack says we're recovering

Friday, May 14, 2010 by Laura Colar
Jack Stack believes the economic recovery is under way. In fact, he asserts it has been for quite some time. He then warns - if you don't have a business strategy or business plan developed and in place to take advantage of the upswing, you may miss it completely.

It may be difficult to believe, particularly in our tiny worlds where we still hear about small businesses struggling for capital or individuals losing their jobs. So, where does Stack get this perception from and what evidence is he using to support it?

"I’ve been speaking eyeball-to-eyeball with entrepreneurs all across the country — in places like Pittsburgh, New York City, Richmond, Va. and Fresno, Calif. — and when I ask them how they did in the fourth quarter of 2009 or the first quarter of 2010, I keep getting responses like, “amazing,” “fantastic,” “record-breaking” and even “best we’ve done in years.”

Yet it seems we're all a little afraid of admitting things might be getting better. Maybe for fear the the worst is yet to come, just as we've allowed ourselves to breathe easy.

But there is firm evidence pointing to companies around the country once again experiencing growth. Stack uses his own company as example, SRC. He admits he had spent so much time reflecting on the economic collapse that when portions of his operations were experiencing new growth, he missed it completely.

Another sign he claims to see -- an increase in lead times, the period ordering something and actually receiving it. This means more and more orders which means more money being spent. Can we get two huge thumbs up for that.

"If you’re still not convinced, do some research of your own. Ask your customers and peers how they’re doing (and tell us in the comment section below how you’re doing). Do your own eyeball-to-eyeball research. Just as importantly, start putting together a strategy to take advantage of the recovery whenever you believe it’s going to hit. If you keep looking in the rear-view mirror and forget to look at what’s headed your way, not only might you miss a golden opportunity to build your business, you might just give your competitors the chance to move ahead of you or, worse, to eat your lunch right out of your hands."

We'd love to hear what you're seeing, hearing and experiencing yourself that either confirms Stack's assertion or proves it wrong. Please share, do you think we're in the midst of recovery? What evidence do you have that supports your claim?

Depending on your answers this might be the perfect time to initiate buying a business that supplements current operations, compiling new financial projections or rebuilding your financial model for the improving economy or to begin the product launch plan you put off when the bottom dropped out of the market. Any way you look at it, it may be time for action!

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Village of Broad Ripple, A Love Affair

Monday, April 19, 2010 by Laura Colar
I have lived in the Broad Ripple area for almost a year now. I have been shopping and eating in it for almost two years and as the title of the post indicates, it's safe to say I've fallen in love.

I find Broad Ripple to be a unique place with an eclectic group of people, interesting food, daring boutiques and friendly open-air bars. On any given Saturday afternoon you can find young couples walking their kids, even younger couples walking their dogs, groups of men getting together to watch a sporting event and everyone in between eating, drinking, jogging and socializing.

It's a place where young and old connect. Artsy meets the athletic. And, something I've observed, you feel very welcome, very quickly.

Part of what makes this area the little gem I believe it is can be attributed to the small business owners who operate the dress boutiques, sandwich shops, stationary stores, microbreweries, etc. They are a tight knit community of fiercely passionate entrepreneurs who daily bring their those interests to the public. It is professionals like them who inspire me.

Pardon me a moment while I gush but I believe the existence of this little grouping of shops on the north side of Indianapolis is indicative of small business being alive and well, a wonderful fact for Indiana in general. I also believe it shows that being passionate about a cause, product, service or specific way to brew beer can become your life's work and better yet, you can make money off of it. What great news for those of us who march to the beat of our own drums and crave originality. Entrepreneurship is alive and well in Broad Ripple Village - I encourage you to spend some time there and maybe support it a little with the purchase of a cold drink, sit out on one of the many patios and enjoy!

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Email marketing, an ever-changing frontier

Wednesday, March 31, 2010 by Laura Colar
Email has come quite a long way. It is a vital component of our everyday business dealings and often, the lifeline of communication between either our clients or our customers. Some would call email, the most essential business tool we have in both terms of strategy and tactics.

While email used to be what the email marketing industry terms as 'one-to-one' communication, it has blossomed into 'one-to-many' or 'one-and-back'. Those marketers who understand the transformation of email as a communication tactic that can gain new customers, keep other loyal and lure old ones back - also understand it is now a tool of conversation and must be seen as such.

iMedia Connection recently detailed ten ways that email marketing has changed since it was first identified as part of any savvy marketer's arsenal. The article then highlights ways in which businesses can adapt to the changes and utilize public perception of the communication medium, connecting with them in a way that respects their preferences and ultimately leads to profitability.

Some of the fundamental changes are detailed below.

1. Acquisition is important, but retention is where the money is
The article asserts that people view their email inboxes as different from their actual mailboxes. It's more personal and companies need to ask for permission to be there. People should have the power of choice in subscribing to be a part of your communications. And if you can get them to buy in, you have to spend the time and resources in making them stay. Developing loyal customers is what will ultimately lead to increased business.

2. Email is all about the conversation again
If you're tuned into any social media sites or are keyed into the scene at all, you're aware that to truly engage clients or customers you must first 'join a conversation' before expecting something in return for your activity. This means providing information of value or commenting on things other industry experts are saying. Soon, you will develop loyal 'listeners' who appreciate your participation and are more proned to buy from you, or at least become familiar with who you are.

3. A marketer can't claim success until it's measured the right way
A good marketer will also measure the success of any email marketing efforts you may be invested in. But they should also be mining that data for other reasons, not just to determine if people are opening or reading the email. There is simply so much data available now, a lot of conclusions can be drawn from subscriptions, click through rates, opens, conversions and unsubscribes. And these conclusions should be incorporated as future tactics in any marketing strategy plan or marketing plan process.

The article contains many beneficial insights -- all of which should be analyzed as a way to incorporate email marketing into your business plan in an intelligent and proactive way that will allow true connection to those who matter most to your company.


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Calling all marketers!

Wednesday, March 10, 2010 by Laura Colar
Any marketing professional worth their salt these days not only understands the importance of the Internet and technology to deliver a company's message and solidify their brand identity - they're incorporating these new platforms into their company, their marketing plan strategies, product marketing plan or marketing communication strategy.

But a truly smart, savvy marketer is going on step further and seeking out the next wave of Web 2.0 innovations that can bolster, aid or make more efficient their marketing outreach.

I did some research and found what some believe to be the emerging social media tools (via Social Media Examiner) that will continue to change the way we do business (and the tools we use to do it).

1. Foursquare
This location-based social network/gaming application is rapidly gaining users and mindshare.  Users “check in” at local businesses and earn rewards for frequently visiting participating establishments. Business owners can get value out of Foursquare by offering incentives for users to check in, such as special offers for repeat visitors.

2. Google Buzz
This is Google’s latest entry into social networking. Buzz allows users to post status updates and upload pictures and videos to a Google profile, not unlike Facebook and Twitter.  A user’s network is formed by contacts they interact with frequently on Gmail.

3.Loopt
Another location-based social service, Loopt aims to connect its users with their friends by visually displaying their location and availability on a localized map. Users can connect with friends in the area, see reviews and recommendations of restaurants, and find events in the area that might be of interest. Businesses have tapped into Loopt’s location data to offer targeted promotions.

4. Blippy
Blippy aims to connect people around the purchases they make. Blippy publishes the amount and location of customer purchases (with user permission), which the rest of the community can then react to.

5. Groupon
This site offers “collective buying power” by providing deals to groups of people who buy products and services in bulk from participating retailers.  The site uses social networking to get users to share offers with their communities, in order to reach the target number of customers the “Groupon” requires to activate. Businesses could gain exposure and new customers by making offers on the site.

The options or opportunities for creative innovation or implementation into your marketing plan, marketing process or strategy with the above tools are endless. Whether you're revamping a brand and plan to utilize giveaways and promotions as part of a product launch plan, all of the above are technologies that should be explored.

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Cloud Computing - who will own IT assets?

Thursday, February 25, 2010 by Doug Allgood

Gartner Research predicts that "by 2012, 20% of businesses will own no IT assets." New services for being able to consume computing power and disk space using virtual server technology has enabled the concept of Cloud Computing. Cloud Computing is running your business applications on equipment that you do not own and paying a fee for what you consume. This is a fantastic way to grow your business. The service enables you to experience the normal peaks and valleys throughout the year while only paying each month for what you actually use. The alternative is to over-purchase technology for the high volume months. Additionally, you do not need to staff for the operations and support as the service handles the backups, maintenance, and new release upgrades as part of your monthly fee. You get guaranteed up-time of 99.9%, the benefit of redundant everything, business continuity technology, and security certifications that would be cost prohibitive for most small to medium businesses.  

This is a major shift in technology strategy and I recommend you consider it as part of your business plan. If you do not have a technology strategy, Milestone Advisors can assist you with our technology consulting services. We will help you analyze your current technology environment and determine if Cloud Computing can be leveraged to achieve your business goals.

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Staying in business for the long term

Wednesday, February 24, 2010 by Laura Colar
Sometimes I am completely overwhelmed by the constant deluge of information flowing at us from all directions. I think it's fantastic that we live in a time where literally any question can be answered by clicking in the Google search box and that we so readily share information with each other. Tips, tricks, trends, criticism and advice are being conceived, developed and published every minute. How do you sort through all the information and adopt quality strategies?

Willa Plank of the Wall Street Journal asserts you do so by following trends, not fads. Her three key reflections are below:

1. Listen to customers, and make minor tweaks, not major alterations.

2. Try new technology on for size.

3. Consult in-the-know colleagues.

These may not be what one would call revelations but they do insert some pragmatism in an age where we can easily get caught up in the excitement of a new fad or tool we see being used (the 'everyone's doing it' syndrome).

Listening to customers is necessary, but subtly incorporate their suggestions in your marketing plan or business strategy by adding a new tactic. Don't rework the entire thing.

Technology is the great equalizer for many companies. Pull out your old technology architecture and identify areas where you can upgrade or try something new (SaaS anyone?)

Get in touch with those who have gone before. Speaking with strategy consultants or management consultants (Indianapolis business consultants to be exact). They've often launched or led their own operations and enjoy helping others do the same.

After all, following fads can lead to some bad things.

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Business Planning & SaaS

Monday, February 15, 2010 by Doug Allgood

In my December blog post, “Scale Business Operations – Conserve Cash” I discussed Cloud Computing as a consideration for conserving cash.  As I assist companies with their business plan and technology architecture, a consideration I regularly recommend for delivering the needed business applications is a Software-as-a-Service model.   

SaaS is a model that involves the delivery of software solutions in a form different from the traditional, on-premise client-server solutions that have dominated the software industry.  With SaaS, a third party hosts the application and end users access applications over the web.  With high speed secure networks, end users enjoy high performance and reliability, while outsourcing the management of and purchase costs of hardware, networks, application updates, backups, database administration and licensing, etc.  The net result to the company is a monthly expense that conserves cash and is typically a lower overall cost.  The software company who delivers the solutions via SaaS can offer these services more efficiently with economies of scale.  Additionally, you benefit from lower support costs because the applications are running on servers they control, without multiple hardware and software versions that must be supported and maintained with the traditional on-premise licensing model.

If you are in a situation where you have outdated technology that needs to be refreshed or have an application that may be on a very old release, I would consider looking for a SaaS solution in your business plan.

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Miller High Life

Friday, February 12, 2010 by Laura Colar
Post Super Bowl several discussions are bound to occur. Why the team who won was so deserving. What decisions were made by the opposition that led to their downfall. What the future looks like for the league. And inevitably, what everyone favorite commercials were.

My favorite this year was Miller High Life's spot that gave four small business owners a chance to shine and show off their humor. What a great idea! To begin with, this concept of buying a spot and advertising for another entity (let alone advocating for small businesses) generated more media attention and exposure than any of the other commercials did buy simply airing commercials during the big game. Because of the gesture, Miller Coors have probably solidified some passionate brand ambassadors for life.

Big business advocating for small business. We certainly don't see that a lot but when it happens, we should publicize it. I believe Miller Coors' efforts are proof that corporate America realizes that an essential part of our economic recovery will be small businesses launching, surviving, growing and thriving.

This is a truth we believe in at Milestone Advisors which is why we do what we can to extend accounting advice, facilitate the market research process, build product development business plans and equip thought leaders to bring to market new products and services, fulfilling their passions and dreams.

So, we tip our hats to Miller Coors and their Miller High Life commercial. We hope to see more advocacy for small business in the future.

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Before You Build Your New Product . . .

Friday, February 5, 2010 by Jeff Good
I recently met with the CEO of an early-stage software development company, just to see how things were going. "Things are moving forward", he said, ". . . busier than you can imagine . . ." The good news is that the company had customers - good paying customers, in fact. Like many product development companies, though, they were tight on cash and barely making it month to month. In addition, because many of their products were still in the development stage, they had negotiated a wide range of pricing and payment arrangements with their customers. When I asked about the company's long-term pricing strategy and whether customers would be willing to pay prices that supported a profitable business (given the costs necessary to deliver the products), I got a blank stare. "That's a really good question," he said . . . "I sure hope so."

What a shame that so much hard work and money is often expended without really having a long-term vision for the company's profitability or a well thought-out business plan. As I reflected on our conversation, a few things that might help similar early stage companies came to mind:
  • Know your market - Having a great product is not enough.  Market research is necessary to understand who will buy your product and how much they're willing to pay. Figure this out early before you spend too much time or money building a product.
  • Understand your cost structure - Just because someone is willing to pay for your product doesn't mean you'll have a profitable business.  What does it take to deliver your product - all in? This includes not only the direct costs of manufacturing, delivery, installation, etc., but also the costs of product development, maintenance and overhead. Is there enough profit, given market pricing to cover projected costs? Does the projected profit make it worth your effort personally? As comedian/actor Steve Martin once said, "... it's a profit deal."
  • Predict your cash needs - Many early stage businesses sacrifice profits early on to capture market share and gain critical mass. This is fine as long as you have the cash to finance those early losses. Having a solid financial plan that carefully models cash flows is critical - you don't want to run out of money!
Of course, there are many other important elements to an effective business plan, but these are a few critical starting points before you get too far down the road.
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Market Research Not Important? Think Again.

Tuesday, February 2, 2010 by Glenn Dunlap
I was approached recently by the CEO of an upstart software as a service company to consider helping his company develop a corporate finance strategy and raise the requisite capital. We talked at length about the application that the company had built, the customer base, the channels that the company sold through, and the market opportunity. We also talked about some of the obstacles that the company faced in order to be successful.

It appeared to me on first blush, that while the product was a great solution, the "problem" wasn't painful enough to the prospective customers to cause them to beat a path to the new application or even make the purchase if proactively presented with the solution. But that was only my first reaction and I've been wrong before. We needed to dig a little deeper.

I offered to review the business plan and bring in our part time CIO to help assess the technology and the opportunity. But before we had received the information for our discovery process, we received an interesting call from the CEO.

The company had decided to put everything on hold. Everything. The board had met over the weekend and decided that it would take too long to pull together the necessary funding to continue the next phase of the product development plan. The other option would be to attempt to grow the business organically but they didn't feel that could be done successfully either.

What initially appeared as an incredibly large target market was actually not nearly as large as thought. The challenge? The pain factor, or lack thereof, that I mentioned before. I was afraid of that...

It's difficult for early stage or startup companies to consider spending time or money on market research - largely because both resources are so scarce. The other concerns are that asking prospects for feedback and input could "let the cat out of the bag" too early, cause challenges with meeting deliverables, create competitors, or put intellectual property at risk.

All of these concerns are legitimate and should be addressed and treated with caution. However, the risk of spending time in production or development ahead of completing a thorough market research process can cause greater problems down the road.

If you have a great idea that you are considering turning into a product or business, work with an individual or firm that can provide you with the market research services to support business plans for small business. You'll be glad you did and you'll be better positioned as a result.

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The war for our technology bucks

Tuesday, January 19, 2010 by Laura Colar
A recent piece in Fortune called 'Clash of the Technology Titans' discusses key industry players and moves each are making to add increased functionality and offerings that in turn, challenges others who may specialize in those areas. Sound confusing? In a way, it is.

The companies discussed include all of the largest computer and networking organizations; Cisco, Hewlett-Packard, IBM and Oracle - and each one of them wants to own the entire space and in order to do so, are buying up smaller companies to add to their lists of service offerings and run competitors off the map.

"It's the industrialization of IT," says Pacific Crest Research's Brent Bracelin. "In the new world that will come about in the next three to five years, you'll buy the entire stack. Will you buy it from IBM, from Cisco? From HP? That's what the battle is all about."

The good news you may ask? With these massive companies competing for every business sector's loyalty, small business owners are going to see competitive pricing on a variety of different technologies. This may make it easier to run our companies and have the best tools possible at our dispense.

With the possibility of more and cheaper technology solutions out there, you may want to begin work with a technology strategy consultant who can assess both your needs and the various platforms offered by these 'titans', determining what's best for you, building an effective technology architecture that can be incorporated into a revamped business strategy.

Normally the concept of in-fighting is perceived as a negative. In this case, it's ideal for the small business owner.


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What's an opportunity assessment

Thursday, December 31, 2009 by Laura Colar
At Milestone Advisors we believe an opportunity assessment is an essential exercise and integral part of any business plan strategy. In the small business world, terms such as this are often thrown around but never clearly addressed or clarified (many consulting firms could have different interpretations of the general concept).

An opportunity assessment includes a description of the product or service, an assessment of the opportunity, an assessment of the entrepreneur and the team, and specifications of all the activities and resources needed to translate the opportunity into a viable business venture. The assessment of an opportunity requires answering the following questions:
  1. What market need does it fill?  Is there a compelling reason to buy the product/service verses the alternatives?
  2. What personal observations have you experienced or recorded with regard to that market need?
  3. What social condition underlies this market need?
  4. What market research data can be marshaled to describe this market need?
  5. What patents might be available to fulfill this need?
  6. What competition exists in this market? How would you describe the behavior of this competition?
  7. What does the international market look like?
  8. Where are the real profits to be made in this activity
After these questions have been answered, a clear vision for business plan structure should start to emerge and the building blocks for a successful venture will start to fall into place. By taking part in an opportunity assessment you are laying the foundation for brand identity and a deliverable service or product, coming that much closer to operating a profitable business.
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Confucius philosophies applied to blogging

Thursday, December 24, 2009 by Laura Colar
I found this great post that compares essential aspects of Confucius' teachings to blogging advice, but in all truth, the basic elements of the advice can be applied to the way we do business in general. Here's a run down of highlights:

The essence of knowledge is having it, to apply it
If you aren't sharing information or knowledge you have with your clients or audiences, what good does it do anyone? You'll improve your relationships with both groups if you provide them with quality expertise and they will be more likely to look to you for solutions in the future (whether that be in the form of purchasing your product, reading your book or going into business with you).

Everything has beauty, but not everyone sees it
You can't satisfy everyone. Some people will hate my blog posts. Some investors won't like your new product development strategy. Outside vendors may not appreciate the technology architecture currently in place. You can't please everyone and you never know what will speak to people and what won't.

When anger rises, think of the consequences
Negative comments come with the territory when blogging. They are also fairly standard when you run any business, whether it's service or product driven. It's natural to get upset when anything you do is negatively interpreted but take some time before you respond to it. If you hit back immediately, the consequences may be greater than you can handle.

Check out the original post to see more classic quotes from the great philosopher and how they can apply to blogging or business.

 



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Scale Business Operations – Conserve Cash

Saturday, December 19, 2009 by Doug Allgood

I’d like to spend some time touching on a technology solution that continues to grow in maturity -  “Cloud Computing.”  The basic concept behind Cloud Computing is being able to consume technology solutions as your business needs them without the typical capital investment needed to purchase software or hardware. The name, like many other titles given to tech products, gives a visual picture of your hardware and software solutions being provided somewhere out there in the cloud of virtualization. You will hear other names being used to help differentiate what specific type of cloud solution is being provided; Infrastructure as a Service (IaaS) and Platform as a Service (PaaS) both describe the operating environment. Another popular alias for cloud computing you may recognize more since the launch of Salesforce.com is Software as a Service (SaaS).  Although the technology architecture and consulting service may differ with each type, the benefits of a robust environment with economies of scale are the same.

Gartner identified Cloud Computing as one of its top 10 strategic technologies for 2009. These technologies are enabling businesses to access tools and solutions that would have previously been cost prohibitive or put a significant drain on cash. What I find compelling is that although many large enterprises are using this ‘pay-as-you consume’ technology solution, according to Forrester Research, small and medium size businesses are not. Why are operations with more limited resources not taking advantage of this new advance in technology that brings advanced solutions to your finger tips without a heavy investment? Is it likely that most small companies don't have a CIO or Part-Time CIO helping to make these decisions? What can be done to encourage small businesses to incorporate these technology solutions in their strategic plans? Tell me what you think.

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Tweet your way to new sales leads

Saturday, December 12, 2009 by Laura Colar
How do you find and recruit new customers? Do you buy traditional advertising or offer special promotions for current customers to do recruiting for you? Do you rely on word of mouth from your most loyal followers?

Regardless of which strategy you have tapped to bring in new business - a clear approach must be identified concerning how you will put your company in front of customers and staying visible and top of mind for those making purchasing decisions.

Social media is steadily becoming a force to be reckoned with in terms of a marketing strategy plan. Using interactive mediums to connect with consumers and customers, encouraging their support of your brand is a valuable approach that is quick, inexpensive and effective.

This piece in Inc. positions Twitter as a resource to find and develop sales leads. How? One restaurant chain featured posted live links to coupons at specific locations where they wanted to see traffic spike. The real-time nature of Twitter increases the chance they'll actually be used.

Announce the release of new products on Twitter where you can also link to more details, post photos and best of all, instantly connect with customers to solicit feedback. Use the search function to see what people are saying about other products in your space, competitors or your company itself. How do key demographics perceive your industry? This is all valuable information you can quickly get a pulse on by being present on Twitter. And what better way to go after sales leads than to be equipped with the most recent conversations and information about your market?

Twitter also allows you to instantly connect with customers - find someone tweeting negative things about a product of yours? Tweet them back, in a friendly manner ask to know more about the issue they experienced and determine what you can do to correct it. You can actually solve a problem right as it happens. Imagine that.

So why not incorporate a Twitter campaign into your marketing strategy or possibly a product development plan or product development strategy? It can help to put a human face on your product or company, something today's business people and general consumers both crave. It can also encourage employee involvement, fostering feelings of goodwill toward the main operation as their voices are being given a platform from which to be heard.

And, bottom line is its free and you can spend as much or as little time 'joining the conversation' as you like.

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Buying a business (or selling)

Saturday, December 12, 2009 by Laura Colar
I have a rule I'd like to introduce. If you're not familiar with Norm Brodsky, you probably should be.

Norm has been a contributor for Inc. magazine for years. A serial entrepreneur who has started and grown six different companies. Lately, Norm has been writing a column that details the incredibly complex and drawn-out process of selling CitiStorage, one of his six endeavors.

Each column details a new phase or challenge he's encountered during the process and I must say, his musings have been simultaneously intriguing and frustrating to follow. It seems the process of either buying a business or selling one (depending on which side you are on) is fraught with unseen obstacles whether those be morale of current employees, environmental regulations (one of Norm's problems) or adequate financing for the sale.

Even if you aren't currently in a position to either sell or acquire, reading through Norm's experience will open your eyes to the all the potential complexities involved in the process.

At Milestone Advisors, not only are we familiar with these complexities, we've helped many an entrepreneur sell their operations as well as buy other business that will enhance their products or brand.

We believe it an essential part of the process to contact a firm like ours who can objectively analyze the situation pre-sale and anticipate obstacles, thus building a strategic plan to ensure a smooth process. Such plans include organization assessment before a purchase or sale is made, market analysis (how will the sale or acquisition affect your remaining operations in the current economic client?) and much more.

Check out Norm's trials and tribulations throughout his process and if selling or buying is in your future, contact someone who can help you navigate through it.



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Advertising vs. Public Relations

Tuesday, December 1, 2009 by Laura Colar
It’s something every small business owner thinks about, how do they get the word out about their businesses, products or service offerings? What method is more cost-efficient and effective, public relations or advertising?

The battle has been raging for decades and with small business owners cutting programs and pinching pennies, the war for publicity dollars has only intensified. However, the two avenues are as different as apples and oranges, each possessing clear benefits and pitfalls.

Do you want complete control over your message and where people see or read it? Advertising may be for you. Do you believe in the power of a third party endorsement? Public relations should be your strategy.

If you want the control that advertising offers, you have to be willing to pay for it. In many instances, advertising is going to cost far more than a public relations campaign. But with smaller price tags, comes less assurance. When conducting PR there are no guarantees concerning what will be written/said about your small business or how the public will then perceive what is printed.

Both public relations and advertising can bolster general recognition of your small business or brand and bolster sales. Each choice also involves some amount of time, effort and money and there are very specific trade offs. It all depends on what you want to achieve and how much money you want to spend in doing so.

However, now is not the time to cut budgets back so far that you can’t afford either. In tough times it’s more important than ever to stay in front of your customers, build their trust and elicit their interaction/purchases. Both PR and advertising can help you grow your business and become more profitable but it’s up to you to figure out which one will work for your business.



Indianapolis consulting firm, Milestone Advisors can help you analyze budgets and determine what funds can be allocated to public outreach so you can make an educated choice between advertising and public relations and what will work best to ultimately grow your profits and small business.
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Happy Thanksgiving

Thursday, November 26, 2009 by Laura Colar
First and foremost, all of us at Milestone Advisors would like to extend our warm wishes for your Thanksgiving holiday. Nothing, not even running a business, is more important than family.

In honor of the holiday, I'd like to draw your attention to an excellent article in Inc. magazine written by Meg Cadoux Hirshberg who is married to the founder of Stoneyfield Farms. In her latest column, Meg addresses the stress surrounding not only her husband's foray into organic yogurt, but the fact that many of her family members, were funding the start-ups operations.

Both of Meg's brothers as well as her mother had invested in her husband's passion and dream. While there is happy ending, we all see the Stoneyfield brand at our local grocer, it was a long road getting there which made many of Meg's Thanksgiving dinners more like business meetings and could have potentially caused many a crack in their family foundation.

In one section, she makes the argument for going after venture capitalists to fund your business instead of those most willing to listen, family.

"The people who love and believe in us are also those whose fortunes we least want to imperil, and whose positive regard it hurts most to squander. Venture capitalists understand this, which is why they often prefer that friends and families invest before they consider a deal. As one CEO said to me, "Venture people know you don't care about them, but that you'll work hard to make sure not to lose the money of loved ones." The decision to invest is about the business, but it's personal, too. After all, businesses reflect the passion, dreams, energy, and vision of their founders. What could be more personal than that? Entrepreneurs strive to keep people believing in them. But when things go wrong, losing the confidence of venture capitalists is far less painful than losing the faith of one's family."

It's natural when starting a company to want to share your ideas and dreams with those you love and thus ask them to become a part of it. In fact, for many startup companies, it can be the most likely place or only place to successfully find financing. However, in an effort to protect the nature of your relationship with them, sometimes it may be best to seek a business consulting firm to identify opportunities for you, set up meetings, and formally document the transaction.

Milestone Advisors helps small companies or entrepreneurs with just an idea to identify the best means for obtaining funding or capital, especially if you are drawing family into it. Milestone analyzes your current financials and creates projections that allow you to determine how much money you need and when. We will work with you and your potential investors (friends and family, angel investors, or venture capitalists), set up meetings, and attend them as your advocate. We will also assist in developing a complete and comprehensive business plan or business strategy to use as framework for such a meeting, ensuring your success.
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