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Waltmorey
Pinellas Park, Florida, United States
I founded Core Business Solutions with the goal of helping business owners improve operating results, add value, and recapture the energy and passion that was present when the business was new. We also have the expertise to assist start-up companies create the foundational structure needed to provide the best opportunity for the business to grow and prosper in uncertain economic times. Our goal is to help the business entrepreneur/owner, through mentoring and coaching, develop or enhance managerial skills while providing that independent and objective advice and expertise usually provided by a board of directors.
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Sunday, December 27, 2009

Business Plans...Why?

As part of my FNI Networking 30 second commercial in November & December I reminded everyone that it's time to review and update one's business plan. Recently someone asked, "if I'm just a small sole proprietor and do not need much money to keep my business running, why do I need a business plan?" It sounded to me as if they were thinking of a business plan as just a fund-raising tool. Actually, a business plan is much more than that: It is a tool for understanding how your business is put together. You can use it to monitor progress, hold yourself accountable and have some control of the business's fate. And of course, it's a sales and recruiting tool for courting key employees or future investors if that is ever needed. It should be a living document that is reviewed at least twice per year, but I recommend quarterly.

Writing a business plan forces you to look at all of your business, all at once:
  1. What's your value proposition?
  2. Marketing Assumptions & Budgets.
  3. Financial Plan & Budgets
  4. Operational Plan
  5. Staffing Plan
  6. Sales Plan

You will uncover poor assumptions that need some work. For example, if your marketing plan projects 10,000 customers by year two and your staffing plan provides for two salespeople, that forces you to ask: How can two salespeople generate 10,000 customers? The answer might lead you to conclude that forming partnerships, targeting distributors and concentrating on bulk sales to large companies would be your best tactics. This takes strategic planning & action.

Your Operational Plan will lay out major marketing and operational milestones. If you are the business founder, the only person holding you accountable to your desired results is you! Your plan contains the baseline for monitoring your progress towards your goal. If your goal was 10 new customers per month and after 6 months you have just 30, or 50% to goal, now you can analyze what activities (more networking, more social media marketing, more advertising, etc.)you need to increase, to drive sales to new customers. Your operational reports should tell you from what source your new clients are coming from. Now you know you could increase your marketing to that source, to increase your new customers.

But even more than a tool for after-the-fact learning, the business plan is how you drive the future. As many great business people have said, "The best way to predict your future is to create it."When you write, 'I expect 100 customers by the end of year one',it's not a passive prediction You can't just wait for the customers to show up. This becomes your sales goal.

The plan lays out targets in all major areas:

1- Sales

2- Hiring Positions

3- Expense Items

4- Finance Goals, and others

Once laid out, the targets become performance objectives. Now just break them down into quarterly and monthly objectives and monitor the activities you planned to reach those objectives.

And of course, a well-written plan {Note-it does not have to be a large 25-50 page document all bound up in a pretty format, a simplified version will work as well}is great for attracting talent to grow your business. When a prospect asks to understand your business, you can hand them a plan that gives them an entire overview. Their reactions will tell you something about how quickly and thoroughly they can think through your businesses key subjects. Plus, the written record of your goals, coupled with a track record of delivering against those goals sends this message loud and clear: You understand your business and can deliver the results you promise.

Great employees or strategic partners will respond to that message, as will banks and investors when you need to raise money.

So you can see why a business plan is not about raising money. You can use your business plan to:

  • Better Manage Yourself [Accountability]
  • Better Manage Your Operation
  • Measure Your Progress Against Your Objectives
  • Recruit Talented Employees You Need
  • Attract Investors or Strategic Partners

So to sum it up, before deciding to skip your planning phase going into 2010, consider all the implications and what they mean for your business success. To find success you must plan to. As my earliest mentor told me at least 20 times per month, back in the day, "Plan Your Work then (and only then), Work Your Plan.

In about 2-3 weeks or so I'll review another subject designed to provide business owners with information they can use to help them work "on" their business.
Until Then :

1- Live Simply.

2- Speak Kindly.

3- Care Deeply.

4-Love Generously.

All The Best,


Walt Morey
Executive Business Advisor Accredited by the Institute for Independent Business
www.corebizsolution.com

Friday, December 11, 2009

7 Quick Tips For Increased Sales

I recently completed a great read about sales by Michael Dalton Johnson who is an award-winning publisher and successful entrepreneur and business leader. He is Editor and Publisher of Top Dog Sales Secrets, a bestselling book featuring advice from 50 renowned sales experts. Michael is the founder of SalesDog.com, an educational website for sales professionals. He has appeared on NBC's Today Show and been featured in U.S. News and World Report, Time, The Economist, The Wall Street Journal, Los Angeles Times, Washington Post, and New York Times. He has been a featured guest on over 200 television and radio shows.

These are 7 Tips To Help Increase Your Sales that I found:

Investigate Your Buyer Before You Call-
  • Check Online on Social Media sites (LinkedIn, Xing, Spoke) to check your buyer's background , interests and education
  • Check their company website & read recent press releases
  • Take some notes
Armed with this information, you'll have a much better chance of establishing that all important first contact rapport. This only takes a few minutes and will be time well spent. You'll build your relationship with the buyer quicker and have a much better chance of ultimately closing the deal.

Make Your Follow-up Email Sing- Given the high volume of email flowing into most in-boxes, your follow-up note might not get read. Avoid this by:
  • Use their first name in the subject line
  • Keep you email short- do not overload them with info
  • Summarize and provide links for more info
  • Carefully proofread it-Poor spelling & grammar really turn buyers off (proofreading software is free or low cost)

Think Outside The In-Box- Because in-boxes are increasingly crowded and noisy, marketers are rediscovering the power of regular mail.
  • Consider follow-up with info delivered by snail mail
  • Include your business card, a brochure or a report or spec sheets
  • This beats the email Fatigue Factor & stay in touch with your prospect

POWER TIP- Write a very brief personalized note on the front of the envelope. Example: "Mary, I enjoyed our conversation. Enclosed is a hard copy of the information you requested." Call a few days later to confirm receipt and renew your conversation.

It's not what you say; it's how you say it! Persuasive speakers communicate by using positive language. Example: Instead of saying, "We can't ship your order until next Tuesday," say, "We can ship your order as early as next Tuesday." What a difference! Put yourself in your listener's shoes; which version is more appealing?

The habit of using positive speech has helped many to achieve more results. You can practice this skill all the time, too. Try it with coworkers, family, and friends. You'll begin to see things in a whole new light!

Learn To Listen

  • Develop your listening skills. Good listeners close far more sales. Period.
  • Remember the 80-20 rule- Prospect speaks 80% of the time; You 20%
  • Slow down and ask intelligent questions
  • Use reflective listening skills (repeat back your prospects answers; this builds rapport)

State Your Business- Some telephone cold-call gurus will tell you to offer a pleasantry or two after introducing yourself. They are wrong.

  • Avoid the opening, "How are you?" When spoken over the phone to a stranger, the phrase reeks of insincerity. You might as well scream, "I am going to try to sell you something!"
  • Instead, employ a more businesslike opening, such as, "The reason I'm calling you this morning is to learn about your company's personnel needs, and to see if we can be of help."
  • In other words, after introducing yourself, state the reason for your call. Prospects will appreciate your directness and respect for their time and intelligence. Only ask, "How are you?" after you've progressed beyond the initial contact and a relationship has been established.

The More You Learn, the More You Earn!

This is the most important advice that you'll find in this book.

  • Make a commitment to your success
  • Every day invest a little time sharpening your sales skills
  • The number one mistake salespeople make is neglecting their ongoing sales education
  • No excuses. This doesn't have to be a huge investment of time or money. There are plenty of free or low-cost sales skills improvement resources around you. Ask an experienced, successful sales person for some help or even a business advisor who's been there.

In about 2-3 weeks or so I'll review another subject designed to provide business owners with information they can use to help them work "on" their business.

Until Then Please:

1- Live Simply. 2- Speak Kindly.

3- Care Deeply.4-Love Generously.

All The Very Best...Always,

Walt Morey

Executive Business Advisor Accredited by the Institute for Independent Business

www.corebizsolution.com

Friday, November 27, 2009

What Makes Successful People...Successful?

I'm sure we've all thought about this question once in our lives.
What makes successful people successful?
It's easy to think that those at the top know something the rest of us mere mortals do not know, especially now that we're all trying to critically hang onto jobs, find clients and increase market share. We're on a quest for that missing ingredient or "special something" or a secret business formula that guarantees success.

Quite simply, what sets successful people apart from the competition is their ability to connect.

Relationships are the real secret to business success. If you can build strong genuine relationships and connect with your customers, business friends and colleagues, you will get your piece of the proverbial business pie. If you can't, you'll be scrambling for the left-overs.

So, here are 8 concepts that are used by the world's most successful people:

1) Pretend that every single person you meet has a sign around his or her neck that reads, "Make me feel important." This was the life philosophy of Mary Kay Ash, the well-known cosmetics mogul. Her genuine concern for others catapulted her out of poverty and was the secret to her success.

2) Resist the urge to be a one-upper. Perhaps you feel compelled to share that you battled the flu for twice as long as your colleague. Or maybe you're dying to tell your client how great your vacation to Hawaii was after she mentions her trip to the lake. Three words: Don't. Do. It. When you're always trying to top other people, you're ruining communication and any chance to build real rapport.

3) Don't work from a script. Be sure to memorize your elevator pitch or your sales presentation so it's natural. You'll seem more at ease, more genuine and authentic-plus your prospect will be less tempted to think that you're fluffing up the facts.

4) Remember the remarkable. Entrepreneur Sunny Bates makes a point to identify and write down the things that stand out to her in every conversation. She then references those statements in future interactions or presentations-and has been amazed by the reactions she's gotten when others realize that she has paid attention to and valued what others have said!

5) Cultivate curiosity. According to Lee Iacocca, former Chrysler CEO, "A leader has to show curiosity. He has to listen to people outside of the 'Yes, sir' crowd in his inner circle. Businesspeople need to listen at least as much as they need to talk. Too many people fail to realize that real communication goes in both directions."

6) Seek out a common interest. People want others to be like them. Establishing that you and a client root for the same baseball team or volunteer at the same charity will go a long way in making you relevant in their eyes!

7) Ask effective questions. When you're communicating, remember: garbage in, garbage out. If you ask the wrong questions, you'll get the wrong answers-or at least different answers from the ones you were hoping for. Think about what you're hoping to learn, and remember that an open-ended question is always more effective than one that elicits a simple "Yes" or "No" answer.

8) Act like a good listener. (Don't let your body image betray you!) We're constantly bombarded with information, so it's almost instinctive to tune it out. When you're interacting with someone, you need to consciously change your body language to reflect that you want to receive information; otherwise, it may appear that you're trying to get away from it. Keep in mind that your face always says it all.

Remember, Connecting With People:
A- Takes Time
B- Takes Effort
C- Means putting others before yourself

Those who follow through with these steps above, find it's worth every second of time and every ounce of energy. Do not let yourself settle for a spot on the sidelines when you could very well be at the center of productivity and success.
Your business relationships can proliferate and will be more rewarding. Bottom line- You will be more successful in your business no matter what you are selling.

In about 2-3 weeks or so I'll review another subject designed to provide business owners with information they can use to help them work "on" their business.

Until Then Please:
1- Live Simply.
2- Speak Kindly.
3- Care Deeply.
4-Love Generously.

All The Very Best...Always,
Walt Morey -
Executive Business Advisor Accredited by the Institute for Independent Business
www.corebizsolution.com
Sunday, November 15, 2009

The Value of Face to Face Networking

Do the top people in their business segment, who need to find something, do they run a classified ad for it? Of course not. They call people they know. They have developed contacts over time that they know to be the best at what they do and have them in their networks.

Networking, when done right, can be one of the most powerful tools in your business arsenal. The power of a network can take a person from a new player on the business scene to a leader and much admired success in a very short time. Some people misunderstand the power of their own network and leave it to just sit there and never be updated, while other enlightened and positive people make it hum like a finely tuned engine.

Consider this: Say that you know at least 100 people and each of those people knows 100 people. By making 2 calls, you can reach out to 10,000 people. When calling the person at the "second level" of that network, you each know a common person and developing rapport can be a quick process.

Take this network to the "third level". Assuming that each person in the second level knows 100 people, your network is a cool 1 million people who are no more than two phone calls away. Just 2 phone calls away! Within that network are customers, supporters of your charitable pursuits, hiring managers for a new and better job and even someone who has a tool or something you could use collecting dust and would be willing to lend it to you. And now with the power of email & social media (FaceBook, LinkedIn, etc) you can easily contact your network without the phone call.

Is it any wonder that the most successful people in business and politics are surrounded by people who have been in their networks for years? A good network is a gold mine. It's simply waiting for you to pick up a shovel and to start digging.

What are you waiting for? Collect the contacts you've accumulated over the years. I highly recommend the Master Networkers Guide and Seminar by Dave Doerges, the Free Networking International Founder and CEO. Don't judge your contacts. Take the time to have 1 to 1's with them. They're simply contacts unless you get to know them some. I know people who have found great clients because they happened to know a receptionist from the client's company. Results come from the action and with a big network it's so easy. The person you contact next may not be the final stop in your search, but there's a very good chance they have a clue to help take you another step.

Why you should start networking today? Because if you don't, someone who wants it more will.
How bad do you want it? Are you willing to invest in other people and develop a network?

So get out there! Meet for those 1 on 1's and grow your network.

I hope this helps you to kick start your business just a bit.

I welcome your comments and feedback.

In a few weeks another Core Business Solutions Advice blog article will be published.

All The Very Best...Always,

Walt Morey -Executive Business Advisor Accredited by the Institute for Independent Businesswww.corebizsolution.com
Saturday, October 31, 2009

Core Business Solutions Advice: Social Media: It's Not A Fad, It's a Fact

Core Business Solutions Advice: Social Media: It's Not A Fad, It's a Fact

Social Media: It's Not A Fad, It's a Fact

This past week Curt Middlebrook and I conducted a seminar on Social Media which was the second seminar we've conducted on the subject with new specific information. I think we can all agree that it's obvious that Social Media is the biggest shift in how we communicate and conduct business since the Industrial Revolution. If that's true, what facts about Social Media's growth and influence, can really confirm this premise?
During the development of this second Social Media Marketing Seminar, I discovered some amazing and startling facts that can help put these changes into perspective.

By the end of 2010, Generation Y will outnumber the baby boomers. Now Generation Y is defined as:the Millennial Generation or Generation Next or Net Generation, is a term used to describe the demographic cohort following Generation X. Its members are often referred to as Millennials or Echo Boomers and were born about 1974 to the mid 1980's . And at last count, Baby Boomers numbered 112 million and dropping. Plus 96% of Gen Y's have joined a Social Network! Generations X & Y consider email passe'.

One in 8 couples married since 2004 in the US met through Social Media. Romance that starts in the local bar or at a party or a work place is soon to be replaced by Social Media connections, friends and a tribe of twitter followers? Sacrilege!?

LinkedIn facts: On average, a new user joins LinkedIn every second, it has almost 50 million users and every Fortune 500 company is on LinkedIn. For you new position seekers out there, here's something to get your attention: 80% of employers use LinkedIn as their " primary tool to recruit employees."

We all know the growth of Social Media has been fast, but how fast? Here are some facts that speak to this. It took 38 years for radio to reach 50 million users. For TV, it took 13 years for 50 million people to watch it regularly. The Internet took just 4 years to reach 50 million users and IPODS took just 3 years. But, FaceBook took just 9 months to add 100 million users! In fact, if FaceBook was a country, it would be the 4th largest in population behind China, India and the US and FaceBook has over 200 million users in the US alone!

Now get this, the fastest growing segment or demographic on FaceBook is females age 55-65 years old! It's not just for college students and the Gen Y's anymore. Hulu has grown from 68 million streams of TV shows in April 2008 to 373 million in April 2009. Plus 90% of people who can TiVo ads, do TiVo the ads.

YouTube is the second largest search engine in the world with over 100 million video's posted. A full 25% of Americans have said they watched a short video this past month....On Their Phone! The cell phone will be the marketing tool of choice, the interface that will be used to reach consumers.

Twitter is also changing the speed and reach of our communications world. Eighty percent of Twitter traffic is by cell phone. Imagine what that means to your business if your customer has a bad experience with your product or service. If they spread their concerns about your business virally through Twitter? How many more people now know about it? With that in mind, think about this- Ashton Kutcher and Ellen DeGeneres have more Followers on Twitter than the population of Ireland, Panama and Norway....Combined! That's called true marketing reach! So what can this also mean? Think about it this way: "What happens in Vegas stays on FaceBook, Flickr, LinkedIn, DIGG, My Space, YouTube and Twitter!" Word of Mouth is now World of Mouth.

Wikipedia has over 13 million articles and studies have shown it is more accurate than the Encyclopedia Britannica and 78% of the articles are non-English! In fact, if you were paid $1 for every time an article was posted on Wikipedia, you'd make $156 per hour!

There are over 200 million Blogs and 54% of bloggers have added content daily. Twenty Four of the 25 largest newspapers have experienced record circulation declines. Only 18% of traditional ad campaigns produce a positive return on investment. 78% of consumers trust peer recommendations and only 14% trust the recommendations of ads. As much as 1.5 million pieces of content (web links, photo's, notes, video's, blogs and news stories, etc.) are shared on FaceBook.....Daily!!

What does this all mean? Social Media is not a fad. Social Media is a fundamental shift in how we communicate. We no longer search for the news and information, now the news and information finds us! Every company and sole proprietor needs to get involved in Social Media Marketing.

I encourage all Core Business Solutions clients and show them how to be active on as many Social Media platforms as they can. It's not just a way to promote your business or your brand.

Along with a good Blog, Social Media sites provide you a tool to:

  1. Expose your expertise in your business segment
  2. Allow restaurants to announce their specials, daily or even hourly
  3. Let retailers announce their new discounts
  4. Have New products unveiled
  5. Display a Blog for a business to display its professional knowledge of its target market
  6. Exhibit the expertise a customer can expect from business
  7. Even display video's and photo's that can be posted to help educate your prospects or customers

Social Media- It's not a Fad, It's a Fact!

I hope this provides you new food for thought and some points to ponder to help your business. I welcome your comments and feedback.

In a few weeks another Core Business Solutions Advice blog article will be published.

All The Very Best...Always,

Walt Morey -
Executive Business Advisor Accredited by the Institute for Independent Business
www.corebizsolution.com

Sunday, October 11, 2009

Are You CRAZY BUSY? Here's Some Ideas!

Is being so busy all the time driving you crazy? You're not alone. I just finished reading a great book by Edward M. Hallowell, M.D. titled "Crazy Busy".Without intending for it to happen we've plunged ourselves into a mad rush of activity, expecting our brains to keep track of more than they comfortably or effectively can, in fact, as attention deficit disorder expert and bestselling author Edward M. Hallowell, M.D. argues, brain overload has reached the point where our entire society is suffering from culturally induced Attention Deficit Disorder[ADD].


There are myth's and reality's to multi-tasking. Multitasking ineffectively,what is called“frazzing”, is a common mistake that busy people make, frantically hoping that it will work. If the task matters, it is better that you do it by itself. That way you can give it your full attention. "Passion Test" philosophy- 'Give attention to your intentions to release tension.'
The author also comes up with over 15 new words for the new problems.

A few of these new terms are:
  • Screensucking. Wasting time engaging with
    any screen – for instance, computer, video
    game, television, Blackberry. To combat it, you
    need to be aware that you are susceptible to it
    every time you log on or switch on.
  • Kudzu. This is the clutter and piles that
    invade where we work and where we live, the
    unstoppable, unkillable stream of unexpected
    minor requests from people everywhere that
    slows us down, the spam that infests our email,
    the junk mail that overruns our snail mail, and
    the useless information that we continue to
    collect in spite of our best efforts not to. One
    of the great antidotes to this is the acronym
    OHIO: Only Handle It Once.
    [Sound familiar 'Minute Manager' disciples?]
  • Gemmelsmerch. This is the force that distracts
    the mind or steals it away from it wants to do
    or ought to be doing. Reducing this in your
    environment and learning how to resist its
    pull are modern survival skills of the highest
    importance.
  • The Human Moment vs. The Electric Moment- A human moment occurs when two
    or more people meet in person and connect
    with one another. An electronic moment
    occurs when you meet others via electronic
    devices.
  • Frazzing. Multitasking ineffectively. [See above]
So, Dr. Hallowell has provided his " TEN KEY PRINCIPLES TO MANAGING MODERN LIFE":
  1. Do what matters most to you. You need to prioritize your day, your week & your life.You must choose. In order to do well and to be happy, you must say, “No, thank you,” to many people and activities.
  2. Create a positive emotional environment wherever you are. Work on all your business and personal relationships and keep them positive. Avoid negative people or situations. Most of all stay positive yourself! You become what you think about.
  3. Find your rhythm. When you find your rhythm, you allow much of your day to be taken care of by the automatic pilot in your brain, so that the creative, thinking part of your brain can attend to what is uniquely qualified to attend to.
  4. Invest your time wisely so as to get maximum
    return. Make a list of the tasks you want to complete for the day and the week. Time, like money, gets wasted if you’re not attentive to how you spend it.
  5. Don’t waste time screensucking. A modern addiction, screensucking is like smoking cigarettes: Once you’re hooked, it is extremely tough to quit.
  6. Identify and control the sources of
    gemmelsmerch in your environment.
    [See Above]
  7. Delegate what don’t like to do or are not good at if you possibly can. Your goal should be to be not independent, but rather effectively interdependent. You do for me and I’ll do for you. This is what makes life possible and the synergy is fun.
  8. Slow down. If we want to be as happy as can be, and if we want to preserve our position in the world, we will do so by thinking harder and feeling more deeply, not frantically trying to put in ever more hours.
  9. Don’t multitask ineffectively or frazz. Give one task your full attention. You will do it better and easier. This will reduce stress.
  10. Play. This means imaginatively engaging with what you are doing. This will naturally bring to bear the best part of your mind. You will not waste time.

To Summarize author Edward M. Hallowell, M.D. concludes that 'We must find ways to re-create human connectedness. [FNI/Networking 1 on 1 meetings can do this, right?] We must find ways to reconnect interpersonally, which is essential both for our health and for the creation of mutual trust. Right now, we are in a period of flux. Speeding up, seemingly out of control, we will solve the problems we face once we put our heads
together.'

JOY EVERY DAY: THE REWARD OF TAKING YOUR TIME

The best reason to take your time is that this is the only time you"ll ever have! So must take it or it will be taken from you. It is telling that the phrase taking your time is synonymous with slowing down! If we want to live life fully and get the most out of the short lives we have& we would do best to slow down.

I enjoyed this book and I encourage you to get a copy. It's a good short read:

"CRAZY BUSY" Author" Edward M. Hallowell. M.
D.- Publisher Ballantine Books, 2006- ISBN: 0 345 48243 3 - 237 pages

I hope I provided you some useful food for thought.

In a few weeks or so I'll cover another subject designed to provide business owners with information they can use to help them work "on" their business.

Until Then Please:

1- Live Simply.
2- Speak Kindly.
3- Care Deeply.
4-Love Generously.


All The Very Best...Always,

Walt Morey -

Executive Business Advisor Accredited by the Institute for Independent Business

www.corebizsolution.com

Saturday, September 26, 2009

Balancing Traditional Marketing vs. Internet Marketing

Some business owners have occasionally asked me "How should I balance my efforts between Traditional Marketing and Internet Marketing?

I typically ask them "What's your answer to that question?" Most try to give me percentages of this or that type of marketing that they are trying.

My answer to the question is: Why would you want to balance them at all? Is that wise?

In 2005 a Harris Interactive Poll and a survey by the Public Relations Society of America asked a total of 10,000 people (5,000 Consumers,2,500 Fortune 1000 business people, 2,500 Congressional staffers) this question: Is Traditional Marketing Still Valid? 80% said "Yes" "It still works because people still view them."

Let me be clear that I'm defining Traditional Marketing as Print Mediums of all types, Newspapers, Magazines, Billboards, as well as TV & Radio spots and all various types of mailers, flyer's, Door Hangers, etc. It has been suggested that Traditional Marketing does have some advantages such as:
  1. Best way to spread your message locally?
  2. Best way to spread your message within a small targeted group?
  3. Works Best For Local Retail Offers!!!
  4. One Time Local Events/Sales!!
  5. Uses a Physical Reminder (Card/Flyer,etc)
  6. Reaches Prospects Not Web Connected

To me the most important advantage is #6. Why? Since 2005 Traditional Marketing has declined! To see why, look at these statistics:

  • 72% 0f the American population owns or has access to computers connected to the Internet (Jan 2009)
  • 28% of the world population has Internet access, but increasing by 10% per year [Jan 2008]
  • Internet is the preferred medium to receive/find product info at work/employers [office products catalogs]and second preferred at home to a majority of Americans…..Since 2007
  • Americans spend 14 hours per week watching TV- Jan 2009 {Nielsen Ratings}
  • Americans spend 14 hours per week online (Google Stats) Jan 2009
  • 11 research firms predicted that online ad spending will grow by 12-19% in 2009
  • According to a AMA Flash Poll- May 2009- 72% of marketers : “their online marketing budgets will rise or remain the same during the recession"

Online or Internet Marketing has 3 Vital Advantages:

  1. It's less costly- a large CPA firm did a cost analysis that showed the typical 1,000 piece traditional marketing campaign cost its clients a $1,450 capital outlay plus the use of from 128 to 184 man hours to produce; an email campaign had no capital outlay and used only 32 man hours to produce. So, $1,450 + up to 184 man-hours vs. $0 + 32 man-hours- seems like a no brainer to me!
  2. Better Proof Of Reach- How do you know if someone actually received and read your flyer or mailer or ad in any publication. You have to take it with some blind faith unless you're running some type of coupon required special. But even then you can only count those who brought the coupon to you, not how many actually viewed the coupon or your ad. Internet marketing provides powerful web analytics, traffic tracking programs, real time conversion statistics and you can make real time changes to your campaign to improve it immediately. You'll know who came to your website and what they viewed, how long and the list goes on.
  3. Conversion Rate - Traditional Marketing- General Audience Target; If you're looking for potential new customers a 1-2% prospect response is typical; a 5-7% current customer response rate is the norm. But with Internet Marketing your prospect/customer comes to you, customers know what they want and are more likely to be ready to buy!
    The typical conversion rate is higher, as much as 20%.

Another item to consider are the current generations of buyers-

  • The Millennials/Gen-Y’s (born 1980- 2000) are 75 million strong!
  • The Gen-Xer's (born 1964-1979) have about 51 million members
  • The Baby Boomers generation (born 1946-1964) are 112 million potential buyers

Please note: Gen Y & X: are only reached consistently through electronic/Internet media marketing. Why? They do not respond to print media as a whole. They are always connected to computers, blackberry's, TV's and using the texting world on their cell phones. [Now you know why the Boston Globe and the NY Times are up for sale and a Seattle newspaper stopped printing & now only produces an internet version of it's paper]

  • Plus the Boomers are retiring and their buying power dropping

So to sum this all up, I see there are 6 reasons why Internet Marketing is more effective:


Internet Marketing is More Measurable
A-Brand Awareness is easier to develop & measure based upon website visits/conversions,etc.
B-You'll see what you’re paying for- $ vs. result
C-Traditional Marketing requires lots of trust, did your audience really get it and respond? How do you know?
D-Your ROI is easily determined using real facts and details

Internet Marketers Make Strategic Decisions Based on (Real Time)Facts
A-You can get detailed analytics in Real Time.
B-You'll know how people found your website
C-You'll know what they do once they are on your site?
D-You'll know what people respond to?
E-You'll know what led to your conversations/sales!
F-You can make changes anytime to increase effectiveness!

Internet Marketing Is Better at Reaching Your Target Audience
A-Traditional Marketing can only target based upon a TV station's, Radio station's or Magazine's assumed demographics.
B-Internet Marketing can target small audience groups such as by Zip Code, State, Age, Gender,etc.
C- You'll know your targeted advertising spend!

Internet Marketing is a Constant Source
A- Traditional marketing has a finite shelf life (30 second commercials play & go, print ads get thrown away,etc.)
B- Internet Marketing has a permanent online presence and a good SEO/Web hosting company can provide that for you. Finding the right SEO however is critical to your websites visibility!
C-Prospects/customers can view your information anytime!
D-Search Engines will bring new customers to you who are looking for your product or service. But again effective SEO techniques are a must!
E-Searchers are more predisposed to buy when they find you.

Internet Marketing Provides Better Word-of-Mouth
A-Word of Mouth we all know provides the most likely conversions
B-Social Media Marketing (FaceBook, LinkedIn, Twitter, etc) can provide evangelists of your company or product and can speak virally throughout the world wide web!
C-Word of mouth advertising is a more trusted source of leads than Traditional Ads

Internet Marketing = More Conversions
A-Campaign details can be studied
B- You'll know what’s working & what’s not quickly
C- You have less guessing so you can emphasize what’s working and eliminate what’s not working and always be improving your campaign!
D- You can test new ideas immediately and get instant feedback!

So as you can see the bottom line about Internet Marketing is it's:
1-More Efficient & Effective
2- More Flexible (adjust on the fly)
3- Much Less Expensive
4-Providing Real Time Analytics
5- Giving You Return On Investment Details Immediately

In a few weeks or so I'll cover another subject designed to provide business owners with information they can use to help them work "on" their business.


Until Then Please:

1- Live Simply.

2- Speak Kindly.

3- Care Deeply.

4-Love Generously.


All The Very Best...Always,

Walt Morey -

Executive Business Advisor

Accredited by the Institute for Independent Business

http://www.corebizsolution.com/

Friday, August 28, 2009

Top 7 Reasons Businesses Fail...Part Seven

Finally we've reached the last of the 'Top 7 Reasons Businesses Fail'.

So far I've touched on:
1-A Lack of Planning(No business plan), 2- Starting a Business for the Wrong Reasons, 3- Insufficient Capital, #4-"No Website" , # 5 Poor Management and #6 Location. So here we go- the last of the top seven reasons businesses fail is: Overexpansion

Overexpansion


A leading cause of business failure, overexpansion often happens when business owners confuse success with how fast they can expand their business. A focus on slow and steady growth is optimum. Many a bankruptcy has been caused by rapidly expanding companies.
Why?

If a company expands too fast:
  1. Cash flow can be severely limited which can hinder daily operations
  2. Additional debt and the accompanying debt service can severely reduce daily financial needs
  3. The new focus on growth(new products, increased production) can negatively impact the culture of the company
  4. Employees feel the pressure of change and morale can suffer and then quality and customer service begins to drop
  5. In the rush to expand, overall profit margins become secondary, or worse, ignored and the money disappears to handle the required growth in payroll, equipment and the other expenses
  6. Taking on a new product line or new business and focus could be lost on the core business that brought you to success in the first place
However, I'm not talking about wanting to repress growth. Once a business has an established and solid customer base and a reliable cash flow, one can then allow the success to help you set a measured pace for your growth.

Some indications that an expansion may be warranted may include:
  • the inability to fill customer needs in a timely basis
  • the employees are having difficulty keeping up with production demands
  • the demand in new markets is obvious
  • a real synergistic companion business is possible without a large capital outlay for equipment or manpower

If Expansion Is Warranted, how should you proceed? It's all about due diligence!

Here are the steps:

  1. Review your current business plan with a trusted objective business advisor to see exactly where you are with your current business financial objectives
  2. Bring in your CPA, your banker and other objective trusted business advisors to review your growth plans (Get a second opinion!)
  3. Create a business plan for your business growth especially if it is a new product line or new service you are adding to your current ones
  4. Carefully research, analyze and review what equipment you will need to grow the business
  5. Completely understand what the financial risks are in terms of upside and downside(be brutally honest with yourself)
  6. Carefully review and identify exactly who you will need (managers, line employees, etc.) in place to grow the business
  7. Write down each step and proceed forward steadily step by step

With the correct systems and the correct people in place you can focus on the growth of your business.

Remember- Focus on growing your business, not on doing everything in it yourself.

So, there you have it! The Top 7 Reasons Businesses Fail:

1-A Lack of Planning(No business plan)

2- Starting a Business for the Wrong Reasons

3- Insufficient Capital

4-"No Website"

5- Poor Management

6- Location

7- Overexpansion

As I mentioned at the beginning of this series a significant percentage of new businesses do fail. Expert opinions abound about what a business owner should and shouldn't do to keep a new business afloat in the perilous waters of the entrepreneurial sea, especially in the economic uncertainties that surround us all.

However, if the seven key factors listed above and discussed in this Core Business Solutions blog series are considered, reviewed and properly positioned, a new business or even an expanding business has a much better chance at success.

Remember- "Well done is better than well said" ~Ben Franklin~

"To get your business to the top, you have to get off your bottom" ~Walt Morey~

Get out there and make things happen!

*******************************************************************************

In 2 weeks or so I'll cover another subject designed to provide business owners with information they can use to help them work "on" their business.

Until Then Please:

Live Simply.


Speak Kindly.


Care Deeply.


Love Generously.


All The Very Best...Always,


Walt Morey - Executive Business Advisor- Accredited by the Institute for Independent Business
http://www.corebizsolution.com/

Thursday, August 6, 2009

Top 7 Reasons Businesses Fail...Part Six

The past 5 blogs in this series have reviewed the first five of the seven areas that I think contribute greatly to business failure. The first five were 1-A Lack of Planning(No business plan), 2- Starting a Business for the Wrong Reasons, 3- Insufficient Capital, #4-"No Website" and # 5 Poor Management.
Number six in our top 7 countdown (Casey Kasem anyone?) of the reasons businesses fail is the Location of your business.

Location, Location, Location...Isn't that a real estate axiom that a property's location is one of the most critical selling points? Actually is was William Dillard, an American Businessman and the founder of Dillard's Department Store who said it many years ago when asked why his stores were so successful.
Well, when you have a business, the location of your business can both negatively and positively impact your success.
Your college professor was right -- location is critical to the success of your business. Whereas a good location may enable a struggling business to ultimately survive and thrive, a bad location could spell disaster to even the best-managed enterprise.

But consider this: Does your business really need a physical location? I've seen many service oriented businesses fail because the owner really, really, really wanted a physical place, office, building or location for their business. In the management consulting segment alone I've seen business owners struggle to be profitable because they had to have a nice big office in an office building or some other place and the monthly expense and time, etc, was more than they could handle. They just had to have a 'Bricks & Mortar' location to feel like they really had a going concern. Remember, your business is you, not an office or a location. You are the engine that makes your business run. Lets face facts, all businesses have monthly expenses (marketing, travel, advertising, websites, supplies, etc, etc.) that must be paid before anything else. It's been called "making your nut". If you can operate your business without renting office space, do it. Adding the weight of another $400-$1,500 per month expense (plus what you have to buy to fill and furnish the office) can drag a business under very quickly. I know many service type businesses (Computer Repair, Financial Planning and Insurance Sales, Photographers, Consultants of any type, and many more) that do very well working out of a home office scenario. The key is to have a separate room to use for the business and to have the discipline to work in it and not get involved in any daily household activities that could interrupt your business processes. [I'll get into that issue in a future posting to this blog]


However, if you absolutely need a physical location because your customers need to find you to buy your product or use your service then here are some factors to consider:

  • Where are your customers? Select a location that's closest to your customers and one that can be found easily. Does it have visibility. What are the signage possibilities?
  • Look at traffic, accessibility, parking and lighting. Is the location attractive both outside as well as inside?
  • Location of competitors- Are your competitors nearby? If yes, is that problem? It may not be. Sometimes you can get sales from customers from a nearby business that has a similar customer demographic. Customers may want to try something different or new.
  • Will the office and location really suit your needs? Don't settle. Get what you need. You'll not be very happy after you've signed a long term lease and it's just not right. Have a trusted advisor review you plans and your location for an objective viewpoint.
  • Condition and safety of the building obviously should be a large item for consideration. Is the building up to code? Is the inside well lit? Can you say 'liability'?
  • Sometimes there are local incentive programs for business start-ups in specific targeted areas of a town or city that provide financial assistance if you make improvements to the property. Contact local officials and inquire or talk to other business owners in the area to see if there are programs to help.
  • The history, community flavor and receptiveness to a new business at a prospective site is important to know. I once knew a restaurant owner that opened in a location that in the recent past was the location of a poorly managed restaurant that never really succeeded. Just putting a sign up saying "Under New Management" is not going to change most potential customers' perception. You may have to spend much more in marketing costs to attract your customers than would at some other more favorable location.
  • What are the lease terms. Monthly plus, plus, plus? Or are all the utilities and cleaning services included. Are there advantages to leasing for a stated term versus month to month. Can you make a deal with the landlord?

The bottom line is if you have to have an office or business location, do your homework!

A little extra due diligence upfront can save you a huge heartache and headache.

**********************************************************

Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.

John Welch
1935-, American Businessman, Chairman of General Electric

In 2 weeks or so I'll provide the 7Th and final Top Reason Businesses Fail installment to wrap up this entire series.
Until then-
Live Simply.
Speak Kindly.
Care Deeply.
Love Generously.
All The Very Best...Always,
Walt Morey - Executive Business Advisor- Accredited by the Institute for Independent Business

Saturday, July 25, 2009

Top 7 Reasons Businesses Fail..Part Five

My past 4 blogs have reviewed the first four of the seven areas that I think contribute greatly to business failure. The first four were 1-A Lack of Planning(No business plan), 2- Starting a Business for the Wrong Reasons, 3- Insufficient Capital and the last reason reviewed was #4-"No Website". Of all the top 7 reasons businesses fail, #5 -"Poor Management" is high on my list in terms of frequency.

So what's the big deal regarding managing a business?

Many reports on business failures cite Poor Management as the number one reason for failure. Why?

The reason is that business owners (especially those who come from a corporate environment) lack expertize or even basic knowledge in areas such as:
  • Finance
  • Purchasing
  • Production
  • Marketing
  • Hiring & Managing Employees
  • Selling
Unless they recognize what they don't know or what they can't do well, and most importantly, seek help, business owners will soon face disaster. Each of these areas must be covered in detail in the business plan. Business owners must also be educated and alert to fraud, and put into place measures to avoid it.

Neglect of a business can also be its downfall.

Care must be taken to regularly study, organize, plan and control all activities of business operations. This includes the continuing study of market research and customer data, an area which may be more prone to disregard once a business has been established. This is precisely why the Business Plan (see #1 in this series) must be a living document that is reviewed at least quarterly or monthly for new businesses and annually after 2 years in business.

A successful manager is also a good leader who creates a positive work environment that encourages productivity. This means the business owner must always approach everyone working in the business with an upbeat manner. Any employee performance or attitude issues should be handled in private, away from the work area and documented.

A professional manager has a skill at hiring competent people, training them and is able to delegate. Remember: the definition of management is: 'getting things done through other people'. So you must find the best people which means hiring people better than yourself and letting them do their job. Avoid micro-management, set proper expectations and measure the results. Believe it or not, good employees want to know how they are doing, so be sure you have the correct reporting tools to let them know how they are doing, both as a group and individually.

A good leader is also skilled at strategic thinking, able to make a vision a reality, and able to confront change, make transitions, and envision new possibilities for the future. Change is a constant in business so embrace it and get it done!

In Stephen Coveys " 7 Habits of Highly Effective People" he describes how to "Think with the end in mind." So what's the end result you have in mind? How will you achieve it?
I strongly encourage anyone who owns a business to read Covey's book. It's a terrific road map to being an effective person in business and also in your personal life.

"You're at the top when your pleasant to the grouch, courteous to the rude & generous to the needy." - from Zig Ziglar

Next time I'll review the 6Th of the 7 Top Reasons Businesses Fail.

In the mean time:

Live Simply.
Speak Kindly.
Care Deeply.
Love Generously.

All The Best...Always,

Walt Morey - Executive Business Advisor- Accredited by the Institute for Independent Business
http://www.corebizsolution.com/
Friday, July 10, 2009

Top 7 Reasons Businesses Fail...Part Four

In my past 3 blogs in this series, I reviewed the third of the 7 areas that I think contribute greatly to business failure. The first three were 1-A Lack of Planning(No business plan), 2- Starting a Business for the Wrong Reasons and the last reason reviewed was "Insufficient Capital".

"Poor Management" was to be the next topic, but after a discussion with one of my clients recently, I decided to change the next topic for discussion.

The next top 7 reason businesses fail I'll cover is:

No Website

Simply put, if you have a business today, you need a website. PERIOD!


In the U.S. alone, the number of Internet users (about 70 percent of the population) and e-commerce sales (about 70 billion in 2004, according to the Census Bureau) continue to rise and are expected to increase with each passing year.

Since 2004, the U.S. has led the world in Internet usage.


At the very least, every business should have a professional looking and well-designed website that enables users to easily find out about their business and how to avail themselves of their products and services. Later, additional ways to generate revenue on the website can be added; i.e., selling ad space, drop-shipping products, or recommending affiliate product and others as well.


Remember, if you don't have a website, you'll most likely be losing business to those that do. And make sure that website makes your business look good, not bad -- you want to increase revenues, not decrease them.


When it comes to the success of any new business, you -- the business owner -- are ultimately the "secret" to your success.

For most successful business owners, failure was never an option. Armed with drive, determination, and a consistently positive mindset, these individuals view any setback as only an opportunity to learn and grow.

Here is an interesting fact: Most self-made millionaires possess average intelligence.

What sets them apart?

A-They have an openness to new knowledge and new ideas.

B-They have a willingness to learn whatever it takes to succeed.

C-They seek guidance and help from experts.

So, if your business does not have a well designed and positioned website, you are falling behind your competition every day and losing money. Invest in a website for your business. Remember, it takes money to make money.

Next time I'll cover another reason(#5) of the Top 7 Reasons Businesses Fail.

It was Napoleon Hill who said it best : "Success Requires No Explanations---Failure Permits No Alibi's" [From 'Think and Grow Rich']

Have a great day and most of all...Have a Great Time!

All The Best,

Walt Morey - Executive Advisor- Accredited by the Institute for Independent Business

http://www.corebizsolution.com/

Friday, June 26, 2009

Top 7 Reasons Businesses Fail ... PART THREE

Insufficient Capital

In my last 2 blogs in this series, I reviewed two of the seven areas that I think contribute greatly to business failure. Those were 1-A Lack of Planning(No business plan) and 2- Starting a Business for the Wrong Reasons.

Another common fatal mistake for many failed businesses is having insufficient operating funds. Business owners underestimate how much money is needed and they are forced to close before they even have had a fair chance to succeed. They also may have an unrealistic expectation of incoming revenues from sales which is typically as a result of incomplete research or due diligence.
It is imperative to ascertain how much money your business will require; not only the costs of starting, but the costs of staying in business. It is important to take into consideration that many businesses take a year or two to get going. This means you will need enough funds to cover all costs until sales can eventually pay for these costs. This same principle also applies when you plan to expand your product line or start new divisions of your company. Take the time and plan and research all the issues to remove any surprises.

But how does a business owner, especially a new business owner, discover what capital it will take to get your business off the ground? A good way is to talk with a CPA and review all the costs with them. CPA's are invaluable as they probably have clients that had the same issues when they started their business. Start with a P&L statement and be brutally honest with yourself. What will it cost you for marketing, monthly office expenses and the list goes on. Review every item and set some realistic figures. Talk with others who have started new businesses or ask business advisors or consultants or even some bankers for their input.

If you have actually completed a written business plan, you should already have potential budgets and forecasts figured out, thus part of the answer goes back to installment #1 {see topic #4 Financial} in this series of this blog-Planning! I see many new businesses try to build a business with too little funds as result of 'pie in the sky' thinking. Set reasonable expectations and assume that it will take at least 1 year before you'll begin to see any black ink.

Investigate every source you have to fund your business properly. Do it right the first time and avoid the heartache of seeing all your hard efforts just be for nothing. Secure the proper funding and if you have a real passion for your business, you chances for success improve greatly.

In about 2 weeks, I'll take up the subject of: "Poor Management" This is another of the top 7 major reason businesses fail and many see it as even the most common reason, so I'll explore it next time.


I sincerely hope this series is helping you. Until next time-


All The Best,

Walt Morey
Core Business Solutions www.corebizsolution.com

Saturday, June 13, 2009

Top 7 Reasons Businesses Fail .... PART TWO

On May 16th I started a series entitled :The Top 7 Reasons Businesses Fail" and my first installment of the series , on May 28th, covered the concept of planning (or the lack of it) as the most critical and I believe the biggest reason businesses fail. I think another big reason for failure is that the business is started for the wrong reasons in the first place.

So, did you start your business for the wrongs reasons? Lets see,is the sole reason you would be starting your business be that you would want to make a whole lot of money? Do you think that by owning your own business you'd have all kinds of freedom and much more time with your family? Perhaps the fact that you wouldn't have to answer to anyone else, is that one of your reasons? If so, you had better rethink your position. These are not good reasons to start a business of your own.

You will have a better chance of success with your business if you start it for these reasons:
  • You love and have a passion for what you'll be doing and based upon educated study and extensive investigation, you deeply believe that your product or service will fulfill a strong need in your marketplace.
  • You don't let failures defeat you. When you make mistakes you learn from them and use what you've learned to succeed next time. Head SBA economists have noted that studies have shown that successful business owners attribute much of their success to "building on earlier failures" or looking at failures as a "learning process".
  • You have and can maintain: a positive attitude no matter what, strong determination to get things done, an unrelenting drive and unending patience. When others give up, you are more determined than ever to do better.
  • You have the required mental stamina to withstand potential challenges and you are physically fit to handle all the effort required. Many bankruptcies happen because of often overlooked, less-than-robust health.
  • You thrive at taking charge when a creative or intelligent solution is required. You cherish independence and take control especially under strict time constraints. You'll 'get it done'!
  • You exhibit in your integrity, honesty and interactions with others that you like--if not love--your fellow man. You can help and deal with all types of people and you strive to be productive with them as well.

So, can you be brutally honest with yourself and say" these are the reasons I have or want my own business?" Be sure to take off those rose-colored glasses and read these reasons over and be sure they are all your reasons. If you are missing any you'd better think again about owning your own business. It is not for everyone. Are you sure it's for you?

Next time, I'll take up the subject of: "Insufficient Capital" This is another of the top 7 major reason businesses fail.

I sincerely hope this series is helping you. Until next time-

All The Best,

Walt Morey

Core Business Solutions

http://www.corebizsolution.com/

Sunday, May 31, 2009
DANCERS FOR CANCER SOCK HOP Friday June 19th, 8pm Gulfport, Fl Casino... Please support a worthy cause and has some fun as well.
Thursday, May 28, 2009

Top 7 Reasons Businesses Fail .... Part One

As I covered in my blog of May 16th there are seven major and typical reasons businesses fail. So many businesses are started with out a logical written business plan and I believe it can be the biggest contributing factor to the failure of a business.

Why?

It's about a Lack of Planning.
So what's going on here and what is this business plan stuff you keep hearing about?

Anyone who has ever been in charge of a successful major event knows that were it not for their careful, methodical, strategic planning -- and hard work -- success would not have followed. The same could be said of most business successes.

It is critical for all businesses to have a business plan. Many small businesses fail because of fundamental shortcomings in their business planning. It must be realistic and based on accurate, current information and educated projections for the future.

In most cases the components of a business plan should include:

1-Description of the business, vision, goals, and keys to success; What is the business about? Why does the business exist? What need or niche will it fill? Has this need been quantified and verified or is it just an assumption? What do you want the business to look like in 1 month, 3 months, 6 months, 1 year and in 2 years and even 5 years. What is your vision? What is your company's mission?

2-Work force needs; Will you need employees? Why? To do what? Where and how will you find my workforce? How will they be paid and how much will you pay them? Why? How will you manage them?

3-Potential problems and solutions; The dreaded SWOT analysis- What are your Strengths as a business person? What are your Weaknesses? What Opportunities are there available to help your business to be successful? Are there any Threats to your business or anything that could stop you from being successful? (i.e. health issues?) If so, how will you deal with those issues if they occur? Do you have or need a Plan B?

4-Financial: capital equipment and supply list, balance sheet, income statement and cash flow analysis, sales and expense forecasts; What are your margins? How much profit will you expect to make with each sale? What are the start up expenses and how will they be funded? Short Term or Long Term loans? Equity Financing? Angel Investors? Savings? Property Liquidation? How much do you need and why and for what?

5-Analysis of competition; How will you compete? How will the business differentiate itself from the competition? What is your edge or your niche?

6-Marketing, advertising and promotional activities; How and where will you find customers or clients? How will they find you? Will you have a website? [Which for most businesses today is crucial] Here is where you develop a complete marketing plan with sales goals and specific sales plans. How will you sell your product or service and who will sell it? Do you have the well developed sales skills required?

7-Budgeting and managing company growth; If your company grows and does well how will you manage your funds? Will some be reinvested into the business? If so, how much and into what areas of the business and why?

In addition, most bankers request a business plan if you are seeking to secure addition capital for your company.

Writing out each of these questions in these components listed and answering every one of them with brutal honesty will help you discover if your proposition is even feasible.

Here at Core Business Solutions we have written many business plans and it's very hard work; to think about all these concepts and ideas and to work out all the potential problems and to research all the topics. Writing a business plan is a process, not an event. It should be undertaken over period of weeks not days.

A business plan should be a living document that is reviewed and updated regularly. The Core Business Solutions business plan is reviewed each fiscal quarter as it's a way to measure how we are doing? Am we meeting our goals and objectives. If not, why not? Now we can find the problem and devise a fix. If we're meeting our goals, now we know that as well. Yeah! Party Time!

If you need help writing your business plan, be sure you find someone who can be objective and most importantly has business plan writing experience and a strong business acumen.

Next time, I'll take up the subject of: Starting A Business For The Wrong Reasons. This is another of the top 7 major reason businesses fail.

Until next time.....All The Best,

Walt Morey
Core Business Solutions www.corebizsolution.com
Tuesday, May 26, 2009
Great relaxing weekend, ate too much now I've got to work it off- back to business and networking!
Friday, May 22, 2009
Wrapping up a busy week today; planning a nice relaxing holiday weekend with family;
Hope your weekend is a great one too!
Tuesday, May 19, 2009
ALERT- Tampa Bay Home Expo June 19-21 at Tropicana Field-Consumers are your target market be there- http://ping.fm/jBp0T
Pinellas Park Chamber just held a terrific Health & Wellness seminar with 5 Dr's moderated by Stacie Shaibile from Channel 8-next 1 in 6 mos
Sunday, May 17, 2009
Tampa Bay Rays WIN!!! They're one game under 500! What a great experience at the TROP! Now to plan for next week!! Have you planned too?
Saturday, May 16, 2009
New Blog Posting"Before Everything Else, Getting Ready Is The Secret Of Success" is at:
http://ping.fm/CvnUd

Before everything else, getting ready is the secret of success.

So, who said this: "Before everything else, getting ready is the secret of success."
And what does it mean? First of all this quote is from one of the most successful entrepreneurs ever - Henry Ford
The meaning is direct but applies to many areas of our business lives and even our personal lives.
What Henry Ford was getting at is how important preparation is to reach success. It sounds logical and simple but why are many people in business not ready for success?
The answer lies deep in our business souls. It's so much easier to go right into things without planning, thinking ahead or developing a strategy of exactly what steps must be completed to even have a chance of success in any business venture whether it's starting a new business, changing your business's culture, adding new equipment or marketing your product or services. So what causes us to forge ahead without preparing beforehand. Some would say it's arrogance resulting from a thought process such as "I know everything I need to do" or "I can do this because I have a positive mental attitude and others with less talent than me have made it" or that these new business owners saw a wonderful MLM presentation that convinced them anybody can be successful.
The sad news is that 95% of all business failures are as a result of the business owner not being ready to do what's required or not knowing what they must do, to be successful.
So what's the answer. How does one increase the chances of business success? The answer is Strategic Planning. Do you have a complete written business which includes a Strengths, Weaknesses, Opportunities, Threats (SWOT) analysis as well as a marketing plan with monthly activity objectives, budgets and revenue goals or milestones and a related sales plan?
This is the basis, the foundation, the structure that you must have to know where you want to be and how you are going to get there with your business. How do you know how you are doing if you don't have a plan to compare to? You could be selling widgets but not making enough profits to stay in business.
The Top Seven Reasons businesses fail are:

1-Lack of Planning

2-You start your business for the wrong reasons

3-Poor Management

4-No Website

5-Location, Location, Location

6-Insufficient Capital

7-Over expansion

In the coming weeks I'll review each of these in detail and how to avoid these pitfalls in your business.

Tuesday, May 5, 2009
Busy day with clients today..hmmm..fun..really..Isn't the swine flu thing lots of hype? The media loves anything negative..sells more ads?
Sunday, May 3, 2009
Fun Ball Game-Rays Wins 5-3;History Made-Carl Crawford steals 6 bases-matches the record!
Now time to plan for next week
Going to Tampa Rays game today vs Red Sox- I need some play time- we all do- all work and no play, right? Have fun everyone
Tuesday, April 28, 2009
Check out latest Blog post titled "Are You A Best Performer ...?" check it out at my blog at: http://ping.fm/Ry49w
FNI BOOM was terrific...worked "ON" my biz...did you? Met some great business people and many new & current business friends
Sunday, April 26, 2009

Are You A Best Performer In Your Industry?

I am sometimes asked: How do I become a leader in my business?

The kind of commitment I find among the best performers
across virtually every business segment is a single-minded passion for
what they do, an unwavering desire for excellence in the
way they think and the way they work. Genuine confidence
is what launches them out of bed in the morning, and through
their day with a spring in their step. Commitment is not just about a positive attitude or a smile for everyone, it's about being an expert in your field. Have you studied your competition compared to your product or service? How well do you know your product or service, your industry and most importantly your target market? Specifically, who exactly is your target market? What do they want? How do they use your service or product? Why do they use it? When will they use it and to what end?
Those who know the answers to these questions as they pertain to their business are or will be outstanding performers. This is the beginning of owning expertise in your business. If you know these answers you are developing a 'passion' for your business. To be truly passionate and an expert in your business segment you must be up to date on all that's going on in your segment and any closely related segments or products. It is also important to know what's happening locally, regionally, nationally and globally in your market segment and business in general. The good news is with easy access to the world wide web, all this information is available to all. But are you committed to updating yourself on your business on a regular basis? Do you do what's right for your customer and provide the best service or product you know how? Are you checking to be sure you are? Are you polling your customers for their feedback? Are you in touch with them from time to time even if they have not purchased in a while? Do you send them a newsletter about your business occasionally? Do you strive for excellence every day?
I hope I've given you some food for thought. Be an expert and be a leader.
I guarantee you'll be glad you are.
All The Best- Walt Morey
Saturday, April 25, 2009
Hope I see you Tampa Bay local business people at the FNI BOOM Monday! Chance to work "ON" your business. Don't miss it!
Friday, April 24, 2009
The FNI "BOOM" happens Monday at the Tampa Quorum Hotel- 10am to 8pm Go work ON your business for just $15 at the door or $10 prepaid
Tuesday, April 21, 2009
Make sure you have a good 'shoulders and up only' photo on all your Social Media site.Think how do you want to be thought of -its your brand
Sunday, April 19, 2009
Now its time to plan for the week ahead. Do you have a plan for your day, week, month and your business? To be successful you must plan.
Friday, April 17, 2009
A client today had one of those AHA!....moments that I work for. It's so cool when someone "Gets It". Have a great weekend everyone!
Thursday, April 16, 2009
Lunched with some clients and the Tampa Bay Rays and met Joe Maddon and 4 other players. After-Hours FNI networking at Finleys was fun!
Tuesday, April 14, 2009
WOW! What an incredible historic experience at Tropicana Field last night as the Tampa Bay Rays celebrated their success of 2008!
Sunday, April 12, 2009
Updated my blog. Check it out at: http://ping.fm/2dFMg and become a Follower to subscribe..its FREE!!!
Saturday, April 11, 2009
If you looked at my Blog at http://ping.fm/2dFMg let me know what subjects you'd like to see on it.

Marketing and Blogging

Many people I speak with each week want to know about blogging. What is it and how do I do it and why should I have a blog. There are many different ideas about blogging and here are my thoughts.
First, blogging is a way to exhibit your expertise to your audience. But who is your audience? Hopefully your audience is your friends, your current customers or clients and any prospects or potential prospects for your product or services. I believe to be an effective blogger you must have a passion for your business such that you know you have an ability or skill that you are very proficient in or a product that is very distinctive from your competitor's product. This provides the basis of your blog. Setting up a blog is easy. Just go to Blogger.com (or WordPress)and set up your profile just as you should have done on Facebook or LinkedIn or Twitter or Plaxo, etc. Then state the purpose of your blog and notify all your clients, friends and prospects, etc., that your have a blog and it's purpose. Invite them to 'subscribe to' or 'follow' your blog as your blog's purpose may be of interest to them.
I recommend your first blog should be about why you have a blog. So explain your blog purpose, your outlook on your business or business segment and what you want to accomplish in your business and why. Invite feedback from your audience in your blog as well. Ask them if there are subjects they'd like to know more about. For instance I put a poll on this blog and the majority voted that they think marketing is the most important subject that businesses need more info about. Then decide how often you want to add a new post to your Blog. Some bloggers post daily, some weekly or bi-weekly or bi-monthly or monthly. Whatever you decide, announce it to your audience and be sure to stick to it. If you don't your integrity and dependability suffers. So be careful what you commit to. Be sure you can follow through as promised. Each of your blog posts should be between 200-300 words on average. Don't write a novel. Lastly, be sure your spelling and grammar are good. I suggest you write it in MS Word then Spell and Grammar check it. Then just cut and paste to your posting tool.
My time is up for today. Next time I'll continue this discussion about Blogs.
All The Best To All ----Walt
Thursday, April 9, 2009
What a great week! Working with clients, P P Chamber events, got a new client, tried a new networking group, and lots more to do Friday.
luv it
Tuesday, April 7, 2009
Been Sooo Busy! But a good busy. My clients are so much fun to work with. When they see their new accomplishments I feel great!
Wednesday, April 1, 2009
Just updated my blog: http://ping.fm/2dFMg
"How To Avoid The E-Myth" .....check it out, be a subscriber

How Does Anyone Avoid The E-Myth?

First- what is the e-myth? E-Myth in the business vernacular refers to the Entrepreneurial Myth, and refers to the fact that most businesses fail because the founders are technicians that were inspired to start a business without knowledge of how successful businesses run. The mythic and often disastrous assumption is that people who are experts regarding technical details of a product or service will also be expert at running that sort of business. In some cases the business starts up ok but at some point a growth plateau is realized with no apparent reason.

What's happened? The business owner has become an employee of their own company and is working deep in their business. Doing $12-$20/hour tasks instead of delegating these to others and working on their business.
The solution can be stressful for the business owner as they have to learn to "let go" of activities they think no one else do or can trust to do properly. In my experience, the answer is a slow progression of business growth type tasks that the owner must commit to doing each day and leaving other smaller priority tasks to others. Hopefully, over time, the owner develops new daily activity habits that stick and the owner sees the positive impact of working on their business. Remember, we as business owners initially are the ultimate "do-it-yourselfers" which is why and how the business got started in the first place. We think we are all invincible and can do anything. Right? ........... Wrong! The sooner we learn that we can not do it all, the better off our company is and our business lives get better and miraculously even our personal lives become less stressful. Isn't that cool?

If the situation above sounds like you: Stop.....Look......and Listen! Take a deep breath. Think about what you do each day. Is there something you shouldn't be doing or can delegate to someone else? Are there things that are continually on the back burner that could really help you grow your business? Maybe you just need an accountability partner or an impartial third party to help you. No matter what you think you can not be and do all things and do all things well. You'll be spread too thin and less gets done right or on time!

Be a good business friend and if you know someone who fits this scenario talk to them about it.
You'll be helping them and yourself as well.

Until next time.....Here's Wishing You A Prosperous Week

Walt Morey
Sunday, March 29, 2009
Yes, you can update your blog from PING.FM on Blogger.com or Word Press, but you can only use 140 characters..so micro's only
Saturday, March 28, 2009

Using Social Media- The set up

So now that you've signed up and have an account with a Social Media site what do do now?



So, now you want to set up your profiles on the 3-4 best Social Media sites on the web.

LinkedIn -63rd most viewed site in the world

Facebook- 6th most viewed site in the world

Twitter- 163rd most viewed site in the world in less than 2 years!

Plaxo- has over 25 million users as of 10/2008 and growing!

You must have a good photo (headshot; shoulders and up only that fills the frame); collect all the info from your past employers and schools, dates of each etc, to post in your profiles. Now post complete information. Plaxo will search for others that are members of Plaxo that worked at the same companies as you or attended the same schools, so be specific and complete. You'll be amazed who you may find from your past. This is so cool.

Be sure to use the same name to register at each site so they are consistent along with the same strategy of how you want people to know you; what is your brand? Fill in some personal info, favorite movies, tv shows, music etc. Make sure your personal info is all the same on each site. Remember..be consistent with your message and your brand.

Be sure to invite all your regular email contacts to connect with you on each of the sites. This is how you grow your network and more people know you are on Facebook or Twitter, etc.

Also invite any current customers, clients or even prospects for your product or service to join you, or connect with you.



Each status update should include a little info on what you are working from a personal standpoint and /or a business point of view. Show off a little and expose your connections to your expertise or knowledge base or services your provide.

If you'd like some individual help,let me know. I'd be glad to help you.

All The Best To All..........
Friday, March 27, 2009

Why Social Media?

Why should you use Social Media sites for your business?
It Can Increase your visibility.
By adding connections of people you meet, you can increase the likelihood that people will see your profile first when they’re searching for someone to do business with. In addition to appearing at the top of search results (which is a major plus if you’re one of the 52,000 product managers on LinkedIn), people would much rather work with people who their friends know and trust. Social Media Marketing can help you with Branding your company or just getting the word out about your business or a new product or service you have.

Stop back for future posts regarding Social Media and how to use it for your business.
Wednesday, March 25, 2009

My purpose is to answer questions

Many business owners ask how to work on their business instead of on it.
Welcome to my blog...check back for more ...

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