Core Business Solutions Advice

How Important Is Strategy In Your Business?

2012-01-06T17:57:00.000-08:00

On a scale of one to ten, having a good strategy rates about a fifteen!

No matter what kind of business you have -- whether you sell products or a service, as the saying goes, "if you fail to plan, then you're really planning to fail."

Creating a strategy can mean the difference between you working 60 to 80 hours a week all year long -- and then breaking even, or worse, losing money. On the other hand, many successful entrepreneurs who have a strategy work fewer hours and make piles of money -- and they usually attribute their success to having a strategic plan and following it.

So what is strategic business management? Very simply, it's the process of defining the goals and
objectives for your business, creating an action plan so you can reach them and then following the plan.

How do you create a strategic plan for your business?

1. First, know what your vision for your company is. If there were no barriers, nothing stopping you from taking your company as far as you could – what would that look like?

2. Next, what are your company's core operating values? What are its guiding principles? In other words, why are you in business and how do you do business?

3. Now create a 3 to 5 year plan. Your long-term plan is based on the broad objectives that will help you get from where you are now, to where you want to be.

4. Develop a plan for this year. These are the specific objectives you plan to accomplish this year that will lead you closer to your long-term goals. Remember to be "SMART" when setting your annual goals (Specific, Measurable, Attainable, Realistic, Time-oriented). Include a list of the barriers that are
stopping you from getting where you want to go. Figure out what resources you've already got, and what resources you need to get you past those barriers. And then create an action plan that clearly lays out how you will achieve your goals. Involve key employees with this part of the planning process.

5. Create a set of milestones or benchmarks. This is very important, so that you can measure your progress.

6. Share the plan with your employees, and anyone else who will be involved in the process. Your annual strategy is the roadmap that will make sure everyone ends up at the same destination - but to be effective, everyone needs the same map!

7. Put the plan into action. Now that you have the roadmap, it's time to begin the journey.

8. Check your progress. Just like any trip, you need to check the map every now and then; to be sure you're still on the right road. If something isn't working, the sooner you figure it out and make the necessary adjustments, the sooner you'll be back on track.

9. Follow the same cycle next year. (Dream, Plan, Act, Check).

Creating a business strategy and following it will ensure that you enjoy the journey as much as getting to your final destination.

In the next few weeks I'll post another article to help you work 'on' your business!

"Remember, to get your business to the top, you have to get off your bottom."

Walt Morey,

Core Business Solutions Inc.,

8712 40th Way North, Pinellas Park, Florida 33782

Tel: 727-647-8242

waltmorey@iib.ws

http://www.corebizsolution.com/

Practical Business Advice

Develop Great Customer Relations

2011-10-17T17:12:00.000-07:00

We've all heard this axiom: Information is power. This is also a key to building effective customer relations, because if you really know your customers you can give them the service and respect they deserve. But unless you have a photographic memory (or not many clients), you will not be able to discover and track everything there is to know about your clients. Here are a few ideas that will help.

A- Gather demographic info.

Information such as gender, age, marital status, hobbies, income, business type, and even location can all be important details you use to create targeted communications and offers that wow your customers. If you don't already have this information, you can gather it using questionnaires your customers complete as you work with them or through database appending services such as Dunn & Bradstreet.

B- Track customer data and behaviors.

There is no way you can remember everything about your customers without a good system for keeping track of customer info. A good customer database or customer relationship management (CRM) system will allow you to track demographics, interests, past purchases, behaviors, and more. There are many options for CRM software such as Prophet which can be used with MS Outlook, OnContact which can be used either as a hosted solution on an 'on-premises' product and many others such as Goldmine, SugarCRM, Netsuite and an old favorite ACT, to name just a few. Last count there were over 20 CRM software choices and growing all the time.

C- Conduct a survey.

Send out a survey by email to help you gather valuable data from your clients both current and past. You can discover their interests, how they feel about your service, what products they may be searching for, and much more. This information will help you address individual needs and also give you a "big picture" look of how your clientele feels about you and your company. However, be prepared, you may get some answers you are not expecting. Especially from customers who may have left you for a competitor. It's all about the questions you ask.

D- Listen to your customers.

The best way to develop better relationships with your customers is to solicit their feedback. If your clients are local, you can host a live customer appreciation event, whereas if you have a larger list of customers, you can hold a virtual event, social media gathering, or other creative avenue to interact with customers.

E- Respond to your customers needs.

When you know your clients and then provide products and services to meet their current and future needs, they will respond with loyalty. And if you're really good developing strong customer relations, you'll get referrals from your customers as well. Now, how about that?

F- Keep in touch.

Lastly, be sure to use a method to stay in touch with your customers, both new and old. Develop a newsletter that can be posted on Facebook and other Social Media platforms or delivered by email or even "snail mail". You'd be amazed the attention and interest a well-crafted newsletter about 'what's new' in your company and other useful information can get you.

Better Customer Relations Management can help you grow your business.

I hope this blog post was useful for you. In a few weeks I'll post another item to help business owners work 'on' their business.

"Remember, to get your business to the top, you have to get off your bottom."

Walt Morey,
Core Business Solutions Inc.,
8712 40th Way North, Pinellas Park, Florida 33782
Tel: 727-647-8242
waltmorey@iib.ws
http://www.corebizsolution.com/
Practical Business Advice

Three Key Elements to Make Your Offer Irresistible

2011-09-17T12:41:00.000-07:00

As a customer, you’ve no doubt received many sales pitches from companies trying to sell you something and I'll bet the vast majority of which you ignore, tune-out, or reject outright. But when the tables are turned, and you are the one making the proposal, there are three key elements that will make your offer more compelling. These three components make-up what’s known as your Unique Selling Proposition or “USP”. This is one of the simple tips I share for converting prospects into buyers. Whether you’re making your proposal in person, through a brochure, or on your website, you’ll have more impact by including these three elements…

1-Translate Features into Benefits

Sales often get bogged down in detail when a product or service is overly-described in terms of features rather than benefits. A feature is a physical characteristic of or a fact about a product or service. A benefit is what that feature does for the user. For example, a feature of an automatic garage door opener is when you push a button; the garage door goes up or down. A benefit is since you no longer have to get out of your car and be exposed to the weather; you save time, possible back injury, and maybe even reduce dry cleaning bills.

In your proposal, be sure to translate your product or service features into benefits. Here’s an easy way. Briefly mention the feature, then use these six magic words: “What that means to you is…” Then describe the benefit. Translating features into benefits helps potential buyers fully appreciate the value that you provide.

2-Describe your Difference

Chances are, there are other suppliers of your kinds of products or services so it’s important for customers to know what makes you unique. Rather than trying to explain what you do better than your competition, instead describe what makes you different.
That takes you to the third element of crafting your unique selling proposition…

3-Prove it!

Provide facts, statistics, examples, and testimonials that verify your claims. If your evidence is in the form of a client testimonial, be sure to include the client’s full name and company. Otherwise, the ‘fact’ looks like fiction. Obtaining customer endorsements is easy when you do good work. Simply ask for permission from your happy customers to feature their comments. Most people are flattered and will happily consent. be sure to take this one step further and add video testimonials to your website. The power of a simple well-done video cannot be over-stated.

Now-Finish with "What’s Next"

If your proposal is in writing; be clear about the next step. Tell the customer what you want them to do; visit your website, phone you, stop in, sign the 'OK' form or the agreement. This Call To Action (CTA) is the natural progression and your prospect expects it. Do not disappoint...Ask for the order!
If appropriate, also explain what they’ll gain by doing this sooner rather than later thus creating a sense of urgency. Perhaps there’s a limited supply, or the offer ends at a certain date. You can also outline options for implementing. I don’t recommend however, getting too detailed with implementation plans at this phase. Better to do that after the customer decides they want to move to the next step.

There are lots of other pieces of information you can include proposal. Certainly, your knowledge of your customers’ circumstances and challenges is a good place to start. Just make sure that when you get into the substance of your proposal that you add the three elements of the USP or Unique Selling Proposition. Chances are you’ll address a lot of the buyers’ unexpressed objections, make them more comfortable doing business with you and close more sales easier and faster.

I hope this blog post was useful for you. In a few weeks I'll post another item to help business owners work 'on' their business.

Walt Morey,
Core Business Solutions Inc.,
8712 40th Way North, Pinellas Park, Florida 33782
Tel: 727-647-8242
waltmorey@iib.ws
http://www.corebizsolution.com/
Practical Business Advice

Enter your content here

How To Handle A Difficult Discussion

2011-05-27T20:56:00.000-07:00

Whether it involves talking with your teen about sex or drugs, your spouse about finances or housework, or your employee about attendance or performance issues, the prospect of initiating a difficult
discussion is daunting to many, if not most, people. Mix in the tendency to procrastinate tackling unpleasant tasks, then feeling guilty about putting something so important off, and you can wind up feeling even more miserable and anxious about the impending conversation. You might even lose sleep over it.

Initiating such a discussion doesn't have to be nearly so painful. With the proper mindset and some preparation, you can learn to handle even the most difficult topic with ease and confidence. The following tips will enable you to do just that.

1. Realize that by having the discussion, your goal is to benefit others as well as yourself. Whether or
not he shows it, your teen will most likely appreciate that you care enough to talk to him about things that concern or matter to you. In the case of the employee with the performance issue, he/she will have an opportunity to correct or improve on it, or face consequences. In either event, the other members on your team will certainly appreciate that you took steps to address the situation, because they will see the poor performer either stepping up to the plate or terminated.

2. Focus on the possible positive outcomes of having the discussion sooner rather than later. The employee's performance could most certainly improve. Or you may have the opportunity to replace a poor performer
with someone more willing and able to do the work and follow company or departmental policies. Either way, the performance of your team as a whole will benefit, which will be a positive reflection on your own performance.

3. Prepare for any possible reaction to the discussion. Have contingency plans for handling any behavior or response to what you have to say, whether it be anger, denial, silence or disbelief.
Knowing in advance exactly how you will deal with any of these will give you the confidence you need to proceed. Understand that you cannot control a person's reaction, and in many cases you
cannot predict it either. But you can always prepare for any possibility.

4. If the topic for discussion is an especially difficult one for you, have a reward planned for yourself when you complete it. Take a half day off to do something you enjoy, or treat yourself to something you ordinarily would not. After all, you just accomplished something that doesn't come easily for you. You deserve something special.

Following these tips will not make handling difficult discussions any more fun, by any means, but doing so when the necessity arises will make you a better and more competent communicator, manager, parent and/or
spouse. And who wouldn't benefit from that?

I hope this blog post was useful for you. In a few weeks I'll post another item to help business owners work 'on' their business.

Walt Morey,
Core Business Solutions Inc.,
8712 40th Way North, Pinellas Park, Florida 33782
Tel: 727-647-8242
waltmorey@iib.ws
http://www.corebizsolution.com/
Practical Business Advice

Love is Energy.... Pass it forward !

2011-04-24T06:09:00.000-07:00

Enter your content here

The Social Media Revolution

2011-04-16T06:06:00.000-07:00

Not sure if you should join in the Social Media Revolution to promote your business?
Here's a link to a very revealing video.

http://socialnomics.net/?p=1117

Here are just a few stats from this video which is almost a year old:

1.Over 50% of the world’s population is under 30-years-old

2.96% of them have joined a social network

3.Facebook tops Google for weekly traffic in the U.S.

4.Social Media has overtaken porn as the #1 activity on the Web

5.1 out of 8 couples married in the U.S. last year met via social media

6.Years to Reach 50 millions Users: Radio (38 Years), TV (13 Years), Internet (4 Years), iPod (3 Years)…

7.Facebook added over 200 million users in less than a year

8.iPhone applications hit 1 billion in 9 months.

9.We don’t have a choice on whether we DO social media, the question is how well we DO it.”

10.If Facebook were a country it would be the world’s 3rd largest ahead of the United States and only behind China and India

11.There are over 200,000,000 Blogs

12.Because of the speed in which social media enables communication, word of mouth now becomes world of mouth

13.If you were paid a $1 for every time an article was posted on Wikipedia you would earn $1,712.32 per hour

14.25% of search results for the World’s Top 20 largest brands are links to user-generated content

15.34% of bloggers post opinions about products & brands

16.Do you like what they are saying about your brand? You better.

17.People care more about how their social graph ranks products and services than how Google ranks them

18.78% of consumers trust peer recommendations

19.Only 14% trust advertisements

20.Only 18% of traditional TV campaigns generate a positive ROI

21.90% of people that can TiVo ads do

22.Kindle eBooks Outsold Paper Books on Christmas

Still think you should not be using Social Media to promote your business?

THINK AGAIN.....

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All My Best,

Walt Morey

Core Business Solutions

Executive Business Advisor- Accredited by the Institute for Independent Business

http://www.corebizsolution.com/

Ph: 727-647-8242

Do you have what it takes to own/manage a small business?

2011-04-09T18:12:00.000-07:00

Napolean Hill once said “The starting point of all great achievements is desire.”

You will be your own most important asset, so an objective appraisal of your strengths and weaknesses is essential. To determine if you have what it takes, YOU need to answer some questions about yourself:

Am I a self-starter?
How well do I get along with a variety of personalities?
How good am I at making decisions?
Do I have the physical and emotional stamina to run a business?
How well do I plan and organize?
Are my attitudes and drive strong enough to maintain motivation?

How to Beat Business Burnout

Burnout -- and the boredom that results -- constitutes the No. 1 reason small business owners pack it in and either sell out or shut down. According to market research published in Family Business, burnout is the primary motivator in 50 percent of all business closings. It makes sense. Successful business owners don't just commit themselves to their companies...they become consumed by the quest. Many put in long hours. They neglect their health, families and outside activities; then end up physically ill, emotionally depressed, even divorced.

Ironically, a major cause of burnout is success, achieving a
single goal long sought. That's why many owners get restless, discontented, bored.

Fortunately, it doesn't have to be that way.

To beat burnout:

1. Separate work and play...and be sure to take time to play. Example: Make it a household rule not to discuss business after 7:00 P.M. Or make the kitchen or family room and, most definitely, the bedroom a "No Business" zone.

2. Get adequate sleep...no less than six hours a night. Long-term sleep deprivation can distort thinking and reduce productivity. But adequate sleep can enhance stamina and clear-headedness.

3. Devote time to mental regeneration every day. Some business owners meditate, others read the Bible or review inspirational books.

4. Exercise daily, even if its only half an hour of walking while working out a business problem.

5. Have a mission...a sense of purpose. This goes beyond mere objectives. A mission describes (A) what you want to achieve and (B) why you want to achieve it.

6. Believe in what you're doing. There's nothing more exciting or challenging than being a business owner. What you do benefits your customers, your employees and, most of all, your family. Don't lose sight of that.

7. Have a Business Confidant – Talk over your issues or plans regularly with someone you can trust (family member, business advisor or coach, good friend, etc.) and who will respect your confidentiality and your goals and objectives. Get their feedback and vent with them when you need that.

8. Be organized. Maintain clear objectives and activity plans for the year, quarter, month, week and day.

9. Work smarter...not just harder. An hour of planning can save ten times that in increased productivity. Follow the carpenters rule: Measure twice, cut once.

10. Don't settle into success. Repetition of a successful process or activity can lead to mind numbing boredom. Take at least one calculated risk each year.

11.Maintain your priorities. Business is important...but not at the expense of health and happiness. Also, remember that it is relationships that give true meaning to what you do.
Maintain positive relationships with family, customers, business friends and employees. Avoid negativity [especially negative people] at all costs.

As a professional busines advisor I can help you avoid 'burn out' by helping you to develop your priorities, plan and organize your efforts, keep you accountable to your goals and objectives and be a confidential and impartial sounding board when you really need to vent!

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All My Best,

Walt Morey

Core Business Solutions

Executive Business Advisor- Accredited by the Institute for Independent Business

http://www.corebizsolution.com/
Ph: 727-647-8242

TRADE SHOW IDEAS THAT WORK!

2011-03-11T15:26:00.000-08:00

Trade shows are great ways to market products and services and I’ve worked more than 50 trade show’s in the past 35 years and these included many types including product shows, industry specific shows, large association shows and recruiting expo’s just to name a few. Here are a few ideas and tips that have worked well for me, to help your trade show participation to be a positive one.

Before you decide to be a vendor at a trade show, it’s important to determine your objectives for the event. What are your expectations or what do you want to gain from your participation?

Goals for trade shows could include:

1- to collect leads for new customers or clients

2- to introduce a product or service to a particular market segment

3- to increase your company’s visibility within a business segment

4- to develop contacts within a new business segment

5- to actually sell a product or service

6- to test market a new product and get customer feedback

In fact, you will typically have many of these goals in your plan for your trade show. To avoid disappointment be sure of exactly what you’re looking to accomplish by attending the event.

In most cases you’ll want to attract as many of the trade show attendee’s to your trade show table or exhibit as you can. Some ideas to help you do that are:

• Provide some type of food, beverage or candy giveaway; this always works well as attendee’s like the idea of a little snack or drink or munchies and will typically spend more time at your trade show location

• Use a giveaway such as a promotional item (mug, pen, keychain) to attract more people to your table or exhibit and these items can help spread your contact information to many more people

• Provide a high perceived value item (gift basket, gift card(s), restaurant gift certificate, etc.) as a prize in a raffle or door prize(s) and require each attendee to give you a business card or complete a brief entry form to deposit into a fish bowl or box. This allows you to harvest contact information from all your visitors during the event which becomes an excellent up-to-date marketing list

• Provide a brief talk or demonstration or presentation about your product or service at scheduled times throughout the show and highly publicize these prior to and during the trade show. Handing out as many fliers as you can on the show floor can help drive attendance

• Hire spokes models to work your trade show exhibit and have them walk throughout the trade show floor encouraging attendee’s to stop by your exhibit along with passing out your info

Other tips to help you:

1- Never stand and/or sit behind a trade show table or exhibit as that puts a barrier between you and your potential contact or customer. To be effective you need to mix easily with your audience. Stand in front of your exhibit and greet each passer-by with your best smile and introduce yourself and invite them to enter your raffle or to collect some information or give them one of your giveaway items or offer them your candy or snack (see above) if you are using one. Use some icebreaker open-ended questions (How do you like the show today? Or Is the trade show all you expected? or How does this show compare to the last one?) so you can get your prospect to converse with you.

2- Dress comfortably but professionally and look and be your most positive best.

3- Always provide some type of literature or other take-away item along with your business card to each attendee. If someone wants to buy your product or service have the paperwork available so you can make the sale right there.

4- Providing a simple small bag (a plastic grocery-sized bag with your business card attached to the outside of it) to your trade show customers as it’s a thoughtful convenience for them to put all their trade show literature and other items in. They will remember you for it and as they walk around the show your business card will be seen by others. I've witnessed other attendee's ask where someone got their bag and immediately visit that trade show exhibitor that provided the bag.

5- Be sure your table or exhibit is manned at all times. Have at least 2 people manning your show table during the entire event so one can take a break while the exhibit is still manned. An unmanned trade show exhibit reflects very poorly on your brand.

6- Never leave a trade show early. Stay to the very end. You never know who may walk up to your table in the last few minutes. In the last 30 minutes of several shows I worked I made very large sales or contacts that lead to large sales. Many trade show producers will not invite vendors to future shows if they are seen leaving early. Keep your commitment to the trade show organizing group.

7- Be sure to get plenty of rest and relaxation the night before any trade show date and avoid late night activities during a multiple day event as you'll find if you're not well rested your trade show experience and performance will not be a positive one. You need to have high energy to effectively meet and greet potentially hundreds or even thousands of people during a trade show type event. You probably paid a good amount of money to be at the event, so don't waste it!

These are the procedures that I’ve found to be very effective when I’ve participated in a trade show or expo of any kind and certainly there are many more. Just by attending many shows you can see what other vendors do that will inspire you to improve your show experience both for you as well as your potential customers.

As a professional busines advisor I can help you develop a plan for your trade show event to be sure your experience is both effective, positive and profitable for your company.

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

Walt Morey

Core Business Solutions

Executive Business Advisor Accredited by the Institute for Independent Business

http://www.corebizsolution.com/ Ph: 727-647-8242

The Power of NO!

2011-02-26T08:14:00.000-08:00

Below is by Andrea Waltz who is the co-author of "Go for No!", a terrific book I recommend to anyone in sales. I've explained this technique to many of my clients in sales and it does work for them.

Check this out:

You walk out of the office, shoulders slumped and head hanging low. The meeting did not go the way you had hoped.
Shoving through the glass doors and exiting the building you heave a sigh, the words of your prospect still ringing in your ears, "No, we're going to pass." Motivation is dwindling fast. For a moment, you think about heading back to the office and blowing off your last call of the day in favor of catching up on paperwork.

But what if it didn't have to be this way?

Imagine getting a "no" from a prospect and then pushing through those same doors happy, excited and energized. Imagine actually thinking to yourself, "Hooray, the client said no!"

In order to tap into the "power of no" there are 3 key strategies that you can apply today.

1) Change your mental model of "success" and "failure."

Most people operate with the following mental model:
SUCCESS (Yes) << YOU>> FAILURE (No)

They see themselves in the middle, with success on one end and failure on the other. They do everything they can to move toward success and away from failure. B

But, what if that model was wrong? What if that model was reconfigured?
YOU >> FAILURE (No) >> SUCCESS (Yes)
What if, rather than seeing failure as something to be avoided, it became a "stepping stone" on the path to success? Put another way: Yes is the destination, but "no" is how you get there.

To achieve significant success in today's world, top performers do not see success and failure - yes and no - as opposites, rather opposite sides of the same coin that depend on each other.

Success is, to a large degree, a numbers game. As such, one of the fastest ways to increase your success is to intentionally increase your failure rate. In other words, increase the number of times you hear prospects say "no" to you. Of course, increasing the number of times you hear "no" will eventually increase the number of times you hear "yes".

2) Create "no-awareness" by counting your "no's".
Here's a question for you: How many total "no's" did you personally obtain yesterday? Last week? Last month? Where are you for the year? Do you know? Well, you should!
Most people, if they actually counted the number of times they hear "no" during a typical day or week, would be shocked to see how low that number actually is. If you don't know your number, it's time for you to start counting every "no" you hear, because the very act of counting your "no's" will increase your no-awareness and that, in turn, will enhance your no-focus.

3) No doesn't mean never, it means not yet.
Woody Allen said that 80 percent of success is simply showing up. While the power of showing up should not be underestimated, the reality is that showing up - in and of itself - is usually not enough. The key to success is to show up, and then to keep showing up! In a word: persistence.

Is this to suggest that when someone keeps telling you "no" you should stay at it forever? No. Though Winston Churchill famously declared one should never, never, never quit... knowing when to quit is an important skill. The problem is most people think that time has come long before it actually has!

How do you know the perfect time to quit? Unfortunately, there is not a definitive number of "no's" at which one should throw his/her hands up and go home - after all, every situation and every prospect is different. So the answer always begins with an analysis as to whether the person you're trying to sell to is a qualified buyer. If they are unqualified (they neither want nor need what you have to offer), then you should pack it in and move on. However, if they do need what you've got - even if they don't want it yet - then pursue them for as long as it takes!
So the next time you walk out of a prospect's office having collected another "no", remember these five key points and say, "Hooray! I just got a no!" Because when you increase your failure rate and go for "no", the "yes" will eventually come... they always do!

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,
Walt Morey
Core Business Solutions
Executive Business Advisor Accredited by the Institute for Independent Business
http://www.corebizsolution.com/

Why Are People Skeptical About Network Marketing?,

2011-02-05T05:45:00.000-08:00

Network marketing, which is also known as MLM has gotten a bad reputation in years past. This is due to so many people believing the myths about this type of business, which is what makes them skeptical to start this type of business.

There are many reasons why they are skeptical, but the main reasons concern the myths that have been spread about this business type in the past. You need to know what these myths are and have the truth revealed about them, so you can see why this is a very legitimate way to start your own business.

Below are the myths that make so many different people skeptical about an mlm business.

One: MLM is nothing, but a Pyramid scheme - This is something that has been talked about on the internet and offline by many people, but it is not true. You need to understand the different between a pyramid scheme and a legal business, which is what mlm is.

Pyramid scheme - This is when you give money to someone else for nothing in return. A good example of this type of scheme is the chain letters that everyone has gotten at some point in their life. This is definitely the type that you want to avoid because you will only be ripped off.

With MLM it is an actual legal business system that provides customers with an actual product or services. So, if you become involved in mlm, then you will be selling a product or service to someone in return for their money and this is what all legal businesses, online and offline do also.
Now that you understand the differences, you can see that mlm is definitely not a pyramid scheme. You just have to be sure that you take time to choose the right opportunity that is legal and not set up like a pyramid.

Two: You can get rich overnight - This is a myth that has turned many people away from this type of business and it should turn you away. If you find an opportunity that promises this, then you want to run the other way as fast as you can.
No business that is legal is going to make you rich instantly. There are so many mlm opportunities that you can use to start a business that will not make this impossible promise. Just look at multiple companies to locate one that is legit and not a scam.

Three: Salespeople are the only ones that can be successful with mlm - This is not true anymore because of the internet. It will help you to have experience with selling, but it is not necessary to achieve success.
With the help of the internet, you don't have to be a salesman, you just have to be willing to learn whatever is needed to help you succeed and to be willing to work hard.

Now that you understand the reasons that so many people are skeptical about network marketing and the truth about these myths, you need to decide if you can be successful with this type of business. Just remember that mlm is definitely legal and a great way to earn money when you find the right opportunity for you.

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

Walt Morey

Core Business Solutions

Executive Business Advisor Accredited by the Institute for Independent Business

http://www.corebizsolution.com/

Love is Energy.... Pass it forward !

2011-01-14T16:31:00.000-08:00

Love is the Energy We All Need and Energy Attracts More of Itself. ENJOY!

Time to set SMART Goals for 2011

2010-12-04T09:00:00.000-08:00

December is the perfect time to set your goals for 2011.
A lot of people create excitement around new goals and ideas, but then those lofty goals more often than not, fall to the wayside. Why is this?

To begin with, let's look at the excuses we use to justify why our goals fail.

Ever notice yourself using these excuses?:

1- I don't have time / I'm too busy

2-I don't have enough money

3- It's (insert someone else's name)'s fault

4-It's too hard / harder than I expected

5-I'll do it later

6-I don't know how

7- It's just not "the right time"

Let's talk about setting goals. You have to be SMART about your goals.

SMART goals are:

S – Specific

M - Measurable

A - Attainable

R - Realistic

T - Timely

Here are some common business goals:

A- Make more money (how much?)

B-Generate more sales (how many more?)

C-Meet more people (how many? /How?)

D-Generate more leads (how many more and what are the demographics?)

What happens if you don't meet your goals? It's ok! Just take a realistic look at what happened, and set a new milestone date. Just don't go back to the excuse list!

If you don't respect yourself or hold yourself in high enough regard, why should other people?

Learn to keep your commitments to yourself first [Self integrity], and then you will be better prepared to deal with the commitments to others in your life -your clients, family, and employees.

Watch how others start regarding you when you take yourself seriously.
What if you really don't have time? Oh right...you're *different*. The truth is, that everybody has time for the things that are important to them. If you don't have time, then maybe it just isn't really a priority for you (and, that's OK!?). You probably need someone to help you, so reach out and get help.

If someone offered you a million dollars to do something you "don't have time to do," would you find time?

What is achieving your goals really worth to you? If you did achieve them how much better would your business and your life be?

Keys to accomplishing your goals:

1-Write them down [Planning, sound familiar?]

2-Tape them to your wall, or carry them in a notebook.

3-Look at them every day.

4-Tell other people - enlist others in helping to make you accountable.

5- Ask people for help - don't assume people know what you want or need.

Try being direct, it's a rare trait these days.

In conclusion - being SMART about your goals, is the key to achieving them.

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,
Walt Morey
Core Business Solutions
Executive Business Advisor Accredited by the Institute for Independent Business

http://www.corebizsolution.com/

Importance of Branding Your Company

2010-10-16T08:17:00.000-07:00

It is said "you can't judge a book by its cover." But people do. It is the packaging
that sells it. The title and design of the cover will make all the difference in its
appeal. You can do the same to develop a big booming business with something called BRANDING.

Branding is the immediately recognizable "ah-ha there it is!" That is what you want
in your product and especially your business. People may see it as in a picture, or hear it in a phrase that
identifies the product or service as the one that focuses on them and their desires. Upon entering the brain
through the eyes, ears, or both, good feelings are triggered and drug-like chemical
reactions in the body flood all nerve receptors with desire for the product.

Branding is a form of mesmerism by easy memorization to your prospects, who
then become customers, because when they go to buy the product they think of
you. You get famous through branding. The brand is you, how you get known,
how you get success, and how you will get to charge more for what you have or
do. The jingle they cannot get out of their heads screams at them to buy and try
your product. It is a response, not a choice, because people know what they
know, and through branding what they know is your product.

Branding makes your product sexy, seductive, irresistible, and "must have."
Coming up with tactics for branding is your chance to be creative. Come up with
an overwhelming benefit of your business above what other businesses have and
make it catchy. Make it sing an opera, dance the twist, and sparkle like fireworks. This is what drives your
marketing into the minds and hearts of your market.
Be bold, be different, one-of-a-kind, outstanding, magnetic! Use branding to
be what only you can be and people will buy when you fill their need.

Here are some things people need:

They need things FAST.
They need things that make them FEEL GOOD.
They need things that ELIMINATE PROBLEMS.
They need things that ACCOMPLISH GOALS for them.
They need things that FILL VOIDS in their life.
They need SECURITY.
They need to BE IMPORTANT.
They need GUARANTEED RESULTS.
They need LOVE.
They need BARGAINS.
They need HOPE.
They need RELIEF.
They need a FRIEND and ALLY.
They need to SURVIVE and THRIVE.
They need YOU to FULFILL THEIR DREAMS.

Satisfy any of these cravings once for your customer and you can add one
product after another to your business and the customer will buy. It will be
because YOU are the brand the customer has gotten to know with
fondness and learned to trust. Get personal with customers and keep in
contact.

When Dave Thomas started doing commercials for his Wendy's Restaurants, the business revived
from its slowdown because people could see what a likable guy he was. Take what you do and present it to the public over and over in advertising and promotion and prove it in performance to your buyer.

Let's say your business fills the need in people to have what they want fast. Here
are a couple successful slogans that went far to brand these companies. For
Domino's Pizza - "30 minutes or it's free." For Federal Express - "When it
absolutely, positively has to be there overnight."

Such branding made an impact, made a reputation, and made sales. If you want
to establish yourself in business, you can have no better strategy than branding. It
is how cotton swabs become Q-tips, how tissue became Kleenex, how a copy
became a Xerox. Branding is what makes franchises so successful. You pay a lot of money for a
franchise because if you work at it, it is sure to work, because it is already
branded. McDonalds Restaurants are found worldwide as well as next door.

Brand yourself, your business, with the right ideas to motivate and excite, and
whenever people think of your product or service, they will think ONLY OF YOU!

Core Business solutions can help you Brand your company.

Remember: To get your business to the top, you must get off your bottom."

In the next few weeks I'll post another article to help business owners work "on" their business.
Until Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

Walt Morey

Core Business Solutions

Executive Business Advisor Accredited by the Institute for Independent Business

http://www.corebizsolution.com/

The Story of the Tiny Frogs

2010-09-11T06:57:00.000-07:00

There once was a bunch of tiny frogs who arranged a climbing competition and the
goal was to reach the top of a very high tower. A large crowd gathered around the tower
to see the race and cheer on the contestants. The race began.

No one in the crowd really believed that the tiny frogs would reach the top of the tower.
The crowd began to call out... “That’s far too difficult!”, “You’ll never make it to the
top!”, “You will never succeed, the tower is too high!”

Sure enough the tiny frogs started to collapse one by one as the task became
too tough and the cries of the crowd began to affect them. Except those who
got a second wind and climbed higher and higher. The crowd continued to yell
out. “It’s too difficult, no one will make it!!” More tiny frogs got tired and gave up but
one continued higher and higher...

This one wouldn’t give up! At the end that one
tiny frog who made a big effort reached the top of the tower. Everyone wanted to
know how the tiny frog had managed it. A fellow contestant asked him how he
had achieved such a magnificent feat.

The winning tiny frog looked blankly at his fellow contestant and said that he had focused only on the goal - and didn’t hear the negative comments. The moral of this story...

Never let other people’s tendency to be pessimistic or negative take your dreams
and aspirations away from you! Always be POSITIVE. Focus on your goals when
people tell you that you should not try to fulfil your dreams.

BELIEVE and ACHIEVE! Keep Your Eye On The Prize !

In the next few weeks I'll post another article to help business owners work "on" their business.

Until Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

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

Why Should I Use Social Media In My Business Marketing?

2010-08-01T20:17:00.000-07:00

I hear this question many times per month: " Why should I use Social Media as part of my marketing strategy?" To me the golden rule in marketing should be 'People Buy From Those They Know, Like and Trust.' Social Media platforms are just the place for people to get to know and like you and even trust your business. I don't think anyone can deny that Social Networking is big and only getting bigger. Social networks are going to become more important to any business operating on the Internet.

Over 85% of marketers claim the number-one advantage of social media marketing is generating exposure for a business.

Social Media tools like Facebook and Twitter can help you in three ways:

Building your status as an expert or guru in your business. This helps your prospects to know and like you and your business. You keep exposing your knowledge and expertise to all those who discover you on Social Media, many of which will be prospects for your product or service.
Social Media can drive traffic to your website. As your prospects go to your website from your Blog or your company Face Book Fan Page for more detailed info about your product or service a comfortable sense of trust develops as your website provides even more detailed information about you and your company.
Social Media can create back links to help raise your ranking on Google thus providing additional search engine optimization.

So how big is Social Media at this point? Here are just a few brief facts to give you an idea:

Since March 2010 Facebook tops Google in Internet traffic in the US
Social Media is the #1 activity on the Internet
96% of the millennial (Y) generation [those born since 1980] is on a Social Network
1 out of 8 couples now getting married in the US met via social media
If Face Book were a country its 500 million members would be the third largest country in population behind India and China
Fastest growing segment of Face Book is females age 55-65
Ashton Kutcher and Britney Spears have more Twitter Followers that the entire populations of Sweden, Israel, Ireland, Norway and Panama
YouTube is the second largest search engine in the world
Wikipedia has over 15 million articles and studies show its as accurate as the Encyclopedia Britannica...78% of the articles are not in English!
34% of bloggers post opinions about products and brands-what are they saying about your brand?
78% of consumers trust peer recommendations, only 14% trust ads
Only 18% of traditional ad campaigns generate a positive ROI

Because of Social Media 'Word of Mouth has now become World of Mouth' according to best selling author Erik Qualman in his book "Socialnomics". In his book Qualman says "The ROI of Social Media is your business will still exist in 5 years."

So Social Media is not a fad, it's a basic shift in communication. We don't have a choice on whether to use Social Media, the real question is 'How well will we do it?"

If you want more info on how to manage your Social Media Marketing campaign, I'd be happy to help you.

In the next few weeks I'll post another article to help business owners work "on" their business.

Until Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

Walt Morey

Core Business Solutions

Executive Business Advisor Accredited by the Institute for Independent Business

http://www.corebizsolution.com

“Be a good listener. Encourage others to talk about themselves.”

2010-07-19T12:34:00.000-07:00

Dale Carnegie said “Be a good listener. Encourage others to talk about themselves.”

Effective communication is essential in today's work environment. Good communication is as reliant on good listening as on coherent speaking. Here are some tips on how to be a better listener:

Look at the other person as they speak. Smile and acknowledge them as they speak. They will open up more as you provide a very positive and interested audience.
Ask questions as your conversation goes along. This will draw out more detailed information.
Don't interrupt the other person. Let them complete their thought before you jump in and provide feedback.
Don't change the subject unless the person speaking does. The more comfortable the speaker is the easier it will be for them to speak plainly.
Occasionally reflect back to the speaker what they said, in your own words. This tells the speaker you were listening and that you understand what they have said.
Express emotion with control. Try not to overreact to anything.
Respond appropriately by considering how you want the speaker to think of you.

Using the methods above can help you help others and be a better listener as well.

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

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

Difficult Decision? ------Yes - Sleep On It!

2010-05-29T07:54:00.000-07:00

It is official! If you have a very tough decision to make - you are much better to 'sleep on it'.

A team of Dutch scientists has come to the conclusion that if you are making a simple and basic choice, like deciding which peanut butter to buy, then a conscious decision is better. However, these same scientists found that as the decision gets more complex and important, you're more likely to make a better quality decision if you 'sleep on it'.

A study in the journal "Science" gave the results of a series of tests which appeared to demonstrate that people who relied only on conscious thought processes tended to perform worse when decisions became more complex than those who were able to 'sleep on it'. The research team explained that the problem with conscious thought is that the brain can only focus on a few things at the same time, which can lead to some aspects being given undue importance.

Lead researcher Dr. Ap Dijksterhuis said "The take home message is that when you have to make a decision, the first step is to gather all the information necessary for the decision. By going through this collecting process you begin to break down all the different parts of the decision as you think about each part of the information you need."

Once you have all the information, you have to decide and this is best done with conscious thought for simple decisions, but left to unconscious thought - to 'sleep on it' - when the decision is complex.
William Golding said "Sleep is when all the unsorted stuff comes flying out as from a dustbin upset in a high wind."

Jonathan Schooler of the University of British Columbia in Vancouver told Science that "too much (conscious) reflection could be detrimental in some situations."

Strategic planning for a business involves many complex decisions that should be reviewed and thought through over time and this is why I explain to anyone who is doing business planning of any kind to understand that this 'is a process, not an event.'

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

Walt Morey

Core Business Solutions

Executive Business Advisor Accredited by the Institute for Independent Business

http://www.corebizsolution.com

12 Tips on Time Management

2010-05-07T13:51:00.000-07:00

Many small business owners or sole proprietors find themselves stretched for time in an economy that requires businesses to do more with less to stay competitive. That’s why it’s wise for entrepreneurs to develop good time management habits so that everything that needs to be done, gets done.

First understand that you can not actually manage time. There will always be only 24 hours per day. But you can do a better job of managing how you interact with and deal with the time you have.
It's about managing your activities or behavior.

Here are 12 tips to help you work smarter and use your time wisely.

1. Buy a week-at-a-glance appointment book and use it religiously. Write everything that you need to accomplish in this book. This book is your brain!

2. Differentiate between the urgent and the vital. The urgent may be making a lot of noise to get your attention, but it is rarely vital that it be done right now or at all. Have a sense of urgency but without panic.

“The vital task rarely needs to be done today. The urgent task calls for instant action. The momentary appeal of these tasks seems irresistible, and they devour our energy. With a sense of loss we recall the vital tasks we pushed aside. We realize that we have become slaves to the tyranny of the urgent.” –Charles Hummel

3. The key is not to prioritize what is on your schedule, but to schedule your priorities.

4. Keep track of your time by 15 minute increments for 2 weeks to see how you actually spend your time. Compare this to what you should be or want to be spending your time on. It will help give you the motivation to make needed changes.

5. Say “no” to the project, not the person. You cannot do everything everyone asks you to do.

6. Learn how to effectively delegate. This means picking the right person, giving clear directions, setting benchmark and due dates, and then letting them do it.

7. Procrastination has a lot of different causes: fear, boredom, perfectionism, an overwhelming task and unclear goals. Identify the reason behind procrastination, so you are solving the right problem when dealing with it.

8. If you earn $10,000 a year, each minute is worth $.09. If you earn $30,000 a year, each minute is worth. $.26. Use these thoughts to help you prioritize your activities and to determine to whom you should be delegating. Any time you are doing work that someone at a lower wage could be doing, you are losing money.

9. Set goals. They help you prioritize your activities and let you know that you have succeeded.

10. Don't waste time waiting. We are all trapped into waiting for the dentist or an appointment to start. Have something with you that you can work on: Use your I Phone to check your email; Return calls you received on your cell phone or even just balance your checkbook. Make every minute count.

11. Set Time Limits For Tasks. Set aside a maximum times (i.e. 1 hour; 90 minutes, etc.) to review email or return phone calls or any other task. Set a timer to remind you when your time is used up.

12. There are 1,440 minutes in a day and 29020 days in an 80 year lifetime. Take control of your time and make this year the year you do what you want.

I hope I've provided you some ideas that can help you work better 'on' your business and perhaps even in it as well.

In about 2 weeks or so I'll cover another that can assist you with your business.

Until Next Time :
Live Simply
Speak Kindly
Care Deeply
Love Generously
Live In The Moment

All The Best,

Walt Morey

Core Business Solutions
Executive Advisor Accredited by the Institute for Independent Business
http://www.corebizsolution.

21st Century Leadership - A People Focused Approach

2010-04-13T17:01:00.000-07:00

One of the greatest challenges of leadership is the definition. There are literally thousands of books, documents, and lecturers that have each defined what their idea of leadership is.
There are definitions for corporate leadership, civic leadership, home leadership, and more. We attempt to
break down leadership and make it more complicated than it is.

At its core, leadership is an individual achieving results through people. In many cases you are considered a leader if you hold a particular title, have a certain set of personality traits, a particular skill, or lucky enough to be a born leader. None of these by itself define leadership, mainly because leadership is an individual decision. Just because someone is in a leadership position doesn't mean they necessarily exercise leadership. In some cases the informal leader exhibits leadership even though they aren't in a leadership role.

The people focused leader is adaptive and receptive to change. They understand the need to change in order to stay a step ahead in order to meet the demands and challenges of a rapidly changing marketplace. They have a vision for their organization that is clearly communicated throughout and the ability to influence at all levels in order to meet organizational goals and objectives.

The people focused leader realizes that it's not just management that drives performance in the organization, but also its people. Happy employees are productive employees. The people focused leader understands the importance of creating an environment that encourages diverse views and stimulates employees to take initiative, work as a team, and continuously learn.

The people focused leader has the interpersonal skills to develop relationships throughout the organization
especially in the new millennium where many workers have more knowledge than those that are leading them.

The people focused leader is quickly replacing the autocratic leaders of yesterday. They recognize the
importance of the people element to be critical to the success of the organization.
With the marketplace becoming more global, competitive, and turbulent, characterized by a highly mobile, skilled, and educated workforce.

The people focused leader will need to demonstrate their "people skills" to drive organizational performance and business success.

As we move forward in the new millennium leadership will be the differentiating factor between successful
and unsuccessful organizations. Rapid innovation and quality improvements will require even greater effort from the workforce in the future, and those that are able to change, influence, and transform his/her
organization will be ready to lead their organizations well into the 21st century.

Are you a people focused leader? If not, I hope I've given you ideas on how to move in that direction.

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 Next Time :

Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best,

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

The Truth About Sales & Marketing

2010-03-23T14:34:00.000-07:00

The Truth About Sales & Marketing

At a time when the world is facing its biggest economic test in years and retailers are slashing prices to shift stock, it is valuable to step back and have a look at the sales and marketing process being deployed in your company.

Over the years, sales and marketing has been portrayed as a specialist art that only the few, naturally gifted, can excel in. Proponents of this view can often be found with resume changes every two to three years and a trail of organizations that have been left with a feeling of disappointment that things “didn’t quite work”.

To connect the powerful commercial ideas of the business to the necessary levels of sales or customer retention, the sales and marketing function has been treated as a process that is 95% bribery by price and some science and 5% natural ability.

A more effective approach is based upon six universal principles of sales and marketing effectiveness that impact performance. These principles are relevant to all types of sales organizations irrespective of size, sophistication or location. The exact weight that each principle carries in producing final results will vary between markets and, to some extent, between companies.

The critical foundation is forming a common view of those weights between customers, senior and front-line
management.

These six principles are:
• Knowledge
Having a full understanding of the marketplace and how your products serve its needs. Do your homework.
This is usually the basis of your competitive advantage and can help you differentiate yourself from others in your business segment.

• Strategy
Providing a focus and direction for the sales and marketing effort commonly understood through the
company. Communicate your strategy to everyone so all are 'on board' with the idea and pulling the same way.

• Structure
The division of work among individuals and the coordination of the work once it has been divided.
Even if you only have one sales person, tasks have differing priorities. Be sure those priorities re clear to all concerned.

• Marketing Operations
Relating customers’ needs to your products. Driving customers to being positively disposed towards your
products. In many businesses this is largely driven by consistency and service delivery. Is your customer service really 'world class'? If not, get an evaluation and fix it.

• Sales Operations
Making it easy for customers to buy your products. The more convenient you make it for your prospect to buy, the more comfortable that sale will be to not only the customer, but to all others in your organization. Can your customers or prospects buy right from your website with an easy and simple process? Do you accept all forms of payment?

• People
Recruiting, integrating and developing quality sales people to achieve maximum performance (and
removing any under performing people quickly). Be sure your sales people have the skills and the tools required to make the sale.

All of these principles need to be incorporated into the process and actively managed to take control of the sales and marketing function. One tip- DO NOT Micro-manage sales people. Set the proper expectations and get their buy-in. Then just hold them accountable to their commitments. This is called Macro-Management. It will work for you.

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best To Everyone,

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

My 10 Biggest Competitors

2010-03-09T19:50:00.000-08:00

Working as a professional business advisor, you may be forgiven for thinking that my main competitors would be other advisors or consultants. But no, it’s actually the companies that need my
type of help that are the ‘competition’ - preventing themselves from getting the help they need - and making their lives tougher as a result. Here are the top 10 comments I hear.

1. ”Haven’t got time for that - I’ve got too many fires to fight!”

Fire fighting can make you feel useful and needed, and can become addictive. Too much is a sign that your business is out of control, and I can guarantee that your business performance will be suffering as a result.

2. “What difference could an outsider possibly make to my business?”
Quite a lot actually! You’re likely to be ‘too close’ to your business. An outside view, from an expert who can take an overview of your whole business is likely to result in rapid and far reaching benefits for you. I’ve helped a number of businesses where the owners were originally convinced that no-one from outside
could help. I have a saying “If you do what you’ve always done, you’ll get what you’ve always got - if you’re lucky!”

3. “I’ve resigned myself to live with the problems - I’ve lowered my expectations and given up on my original dreams - I guess there was no alternative.”
This is working on the ‘If you can’t change the problem, change the way you think about it’ approach, and is a natural human reaction to preserve your sanity! But don’t write your dreams off yet - get an impartial view from a business professional who has probably encountered most of the difficulties you face.

4. ”I know I don’t really understand this, but I’ll have a go and hope for the best, as I don’t want to spend money unnecessarily.”
You may be tempted to think “How difficult can this be?” You are the expert in your field - this is what you enjoy and do best, and where your time and effort should be spent. Be smart and bring in expert help to support you in the other areas where you feel less comfortable. Likewise, where I support clients, I can
coordinate what is best for their business as a whole, and won’t hesitate to bring in other experts known to me when I feel the client will be better served.

5. “I know I should do something about this, but I really can’t be bothered.”
Some areas of your business are just not going to inspire you - even when you know they’re important!
I can help you understand your situation and suggest the benefits you may gain by taking action versus the likely results of carrying on as you are. The choice is then yours. I can arrange for experts (who enjoy these areas that you don’t) to take care of these for you. Some clients want me to hold them to account as
this can give them the gentle nudge they need, and the structure they want.

6. “It’s just not the right time to do anything about this.”
There will always be circumstances that you can use to justify to yourself why now is not the time to finally sort your problems. When is the best time to plant a tree? Answer: 20 years ago.
When is the second best time to plant a tree? Answer: Now!

7. “Problems, what problems? It’s just a temporary blip.”
This is the most dangerous place for your business to be and is characterized by: Finger-pointing; “problems are temporary”; “it’s someone else’s fault”; “our business is different”. Often there is an irrational attempt to be optimistic, or to look for comforting data. You need an external influence to bring realism and help lift you
out of this ‘den of denial’.

8. “I know I need help, but what would others say about me bringing in experts.”
You are an expert In your field -- which has made you successful. But no one person can be expected to have all the expertise to solve all the problems you’re likely to encounter in running a successful business. I’m not an expert in everything either - but I am an expert in taking an overview on what needs to happen in a business, and I make it my business to be in touch with experts in every field that you may need. People will not think less of you for bringing in support - they will quickly realize your wisdom in sourcing the right solution - making your business better!

9. “I realize that I could probably make or save five times my investment, but it’s still spending money isn’t it?”
There are times in life when you have to ‘spend money to make money’ - think of it as an investment with a good likely rate of return. In most cases, it will actually cost you more money, yes - MORE money, NOT to use my services. It’s a bit like having a leaking roof which needs to be fixed - and if you ignore it - the
damage will spread and be much costlier to put right later on!

10. “This is really hurting now, and I can’t see a way out -- my options seem to be disappearing -- only to be faced by options that I like even less!”
If this is where your business is now, or if you realize this is the path you are on - you need to get professional help now. This will not improve without the right help; don’t suffer alone.

Whatever the circumstances, I can help you now.

If you or someone you know needs help wth their business have them give me a call for a free consultation.

I hope this info can help business owners work better "on" thier business.

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best To Everyone,

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

When Problems Threaten The Survival of Your Business!

2010-02-26T22:46:00.000-08:00

Many types of problems can threaten the very survival of any business.

The typical problems are:

Lack of Sales
Lack of New Customers
Marketing Problems
Cash Flow Problems
Poor Employee Productivity

And the list can go on ad nauseum.

But how should you react or behave when these problems arise?

What you can't afford to do is to behave like the following:

A Goldfish - simply does not realize that there is a problem until it is too late.
An Ostrich - buries it's head in the sand and will not face up to how serious the problem(s) are.
A Deer in the headlights - frozen into inactivity by the fear of the inevitablility of the impending crash (which becomes a self-fulfilling prophecy).
A Headless Chicken - runs around making lots of noise and complaining about everything ('the sky is falling'), but is unable to focus on taking the structured actions necessary to tackle the real issues.

The management animal you need to be is the Sheepdog:

Remaining in control of the situation
Identify the actions required to solve the issues
Staying focused on achieveing your objectives
Herd (lead) your business around the obstacles and distractions back to the safe path

Remember, operating a successful business requires three steps that you must complete and these same 3 steps will help you solve most any problem:

I- Plan- Put a plan down on paper; What will you do to solve the problem (brainstorm all possible solutions)? Who will do it? Why will you do it? How will it get done? When will the plan be accomplished? Is there expert help I need to be sure the plan gets done?

II- Execute- Implement the Plan; "Plan your work and work your plan"; Be sure all the steps are completed on time; FOLLOW THROUGH!

III- Measure- How did the plan work? What were the results? Has the problem been resolved? If not, develop another plan (See step I above)

So in a quick summary you should:

A- Be conscious of your difficulties as soon as possible
B- Face up to the situation and plan what you will do
C- Get expert help to stay on track
D- Design systems (probably some type of report) to give early warning of problems ahead

Once the problem(s) has been solved, make changes in your business to stop the problem from reoccuring.

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 Next Time : Live Simply, Speak Kindly, Care Deeply, Love Generously and Live In The Moment

All The Best To Everyone,

Walt Morey
Executive Business Advisor Accredited by the Institute for Independent Business
http://www.corebizsolution.com/
Core Business Solutons is proud to be an Affiliate of Amazon.com

Setting SMART Goals

2010-02-06T07:00:00.000-08:00

A lot of people create excitement around ideas, but then those lofty goals more often than not, fall to the wayside. Why is this?

To begin with, let's look at the excuses we use to justify why our goals fail.

Ever notice these excuses?:
1- I don't have time / I'm too busy
2-I don't have enough money
3- It's (insert someone else's name)'s fault
4-It's too hard / harder than I expected
5-I'll do it later
6-I don't know how
7- It's just not "the right time"

Let's talk about setting goals. You have to be SMART about your goals.
SMART goals are:

S – Specific
M - Measurable
A - Attainable
R - Realistic
T - Timely

Here are some common business goals:
A- Make more money (how much?)
B-Generate more sales
C-Meet more people (how many? /How?)
D-Generate more leads

What happens if you don't meet your goals? It's ok! Just take a realistic look at what happened, and set a new milestone date. Just don't go back to the excuse list!
If you don't respect yourself or hold yourself in high enough regard, why should other people?

Learn to keep your commitments to yourself first [Self integrity], and then you will be better prepared to deal with the commitments to others in your life -your clients, family, and employees.
Watch how others start regarding you when you take yourself seriously.

What if you really don't have time? Oh right...you're *different*. The truth is, that everybody has time for the things that are important to them. If you don't have time, then maybe it just isn't really a priority for you (and, that's OK!?).

If someone offered you a million dollars to do something you "don't have time to do," would you find time?

What is achieving your goals really worth to you? If you did achieve them how much better would your business and your life be?

Keys to accomplishing your goals:

1-Write them down [Planning, sound familiar?]

2-Tape them to your wall, or carry them in a notebook.

3-Look at them every day.

4-Tell other people - enlist others in helping to make you accountable.

5- Ask people for help - don't assume people know what you want or need.
Try being direct it's a rare trait these days.

In conclusion - being SMART about your goals, is the key to achieving them.

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 : Live Simply, Speak Kindly, Care Deeply & Love Generously.

All The Best To Everyone,

Walt Morey

Executive Business Advisor Accredited by the Institute for Independent Business

http://www.corebizsolution.com/

Ten Ways to Help Improve Customer Loyalty

2010-01-17T07:56:00.000-08:00

Do you even have a specific plan for building customer loyalty?
Have you truly given the subject much thought? In most successful businesses 20% of their customers generate 80% of their volume.
If you currently retain 60 percent of your customers and you start a program to improve that to 70 percent, you'll add an additional 10 percent to your growth rate.

Because of the high cost of landing new customers versus the high profitability of a loyal customer base, you might want to reflect upon your current business strategy.

Here are ten ideas to help you improve customer loyalty:

1. Product Awareness. Know what your steady patrons purchase and keep these items in stock. Add other products and/or services that accompany or compliment the products that your regular customers buy regularly. And make sure that your staff understands everything they can about your products. This is crucial. Cross selling is easy if the product knowledge has been provided to your employees. Be sure your staff knows that they are 'expected' to offer the cross sale item. Train them.

2. Reliability. If you say a purchase will arrive on Wednesday, deliver it on Wednesday. Be reliable. If something goes wrong, let customers know immediately and compensate them for their inconvenience. The best way to handle this is to always under-promise and over-deliver. If you know it will take 3 days to deliver your product, tell the customer it could take 'up to 5 days'. When you deliver in 3 or 4 days your customer will be pleasantly surprised and a more loyal customer.

3. Be Flexible. Try to solve customer problems or complaints to the best of your ability and as quickly as possible. Excuses — such as "That's our policy" — will lose more customers than most anything else you can do. Remember- "The customer is not always right, but the customer is always the customer." Use the 'Golden Rule' here.

4. Use People over Technology. The harder it is for a customer to speak to a human being when he or she has a problem, the less likely it is that you will see that customer again. In the name of cost savings companies have automated much of customer service. This will cost more in the long run with lost customers in the name of efficiency.

5. Know Their Names. This another part of the 'human' equation to business success. Remember the theme song to the television show Cheers? Get to know the names of regular customers or at least recognize their faces. Welcome them to your business and thank them for coming.

6. Communicate. Here's that 'human' thing again. I call it "stirring the pot" It's also known as Appreciation Marketing. Whether it is an email newsletter, monthly flier, a reminder card for a tune up, or a holiday greeting card, reach out to your steady customers. This tells your customers you are thinking of them. This creates a positive comfort level in your customer base.

7. Customer Service. Go that extra mile and meet customer needs. Train the staff to do the same. Customers will remember being treated well and return.

8. Employee Loyalty. Loyalty works from the top down. If you are loyal to your employees, they will feel positively about their jobs and pass that loyalty along to your customers.

9. Employee Training. Train employees in the manner that you want them to interact with customers. Empower employees to make decisions that benefit the customer.

10. Customer Incentives. Customers need a reason to return to your business. For instance, because children outgrow shoes quickly, the owner of a children’s shoe store might offer a card that makes the tenth pair of shoes half price. Likewise, a Hair Salon, Massage Therapist or Auto Repair Shop may give a 30% discount off all services on every 3rd visit to any regular customer. A simple "Loyalty Card" program can work well here with simple tracking. In personal services businesses, keep a file on each customer to track their prior purchasing habits and preferences. Train your employees (& yourself) to review these files before a customer comes in for their next appointment. Ask them how their past purchases worked out. That 'human' personal touch will seperate you from your competition.

So to sum it up, creating customer loyalty is critical to the success of most businesses. Make sure the culture of you company/business is customer friendly and 'human'. Plan now to implement startegies to improve your customer retention in 2010.

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 : Live Simply, Speak Kindly, Care Deeply & Love Generously.

All The Best,
Walt Morey an Executive Business Advisor Accredited by the Institute for Independent Businesswww.corebizsolution.com

Business Plans...Why?

2009-12-27T14:37:00.000-08:00

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:

What's your value proposition?
Marketing Assumptions & Budgets.
Financial Plan & Budgets
Operational Plan
Staffing Plan
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

7 Quick Tips For Increased Sales

2009-12-11T20:01:00.000-08:00

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

What Makes Successful People...Successful?

2009-11-27T06:27:00.000-08:00

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

The Value of Face to Face Networking

2009-11-15T17:44:00.000-08:00

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

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

2009-10-31T13:38:00.000-07:00

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

2009-10-31T07:29:00.000-07:00

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:

Expose your expertise in your business segment
Allow restaurants to announce their specials, daily or even hourly
Let retailers announce their new discounts
Have New products unveiled
Display a Blog for a business to display its professional knowledge of its target market
Exhibit the expertise a customer can expect from business
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

Are You CRAZY BUSY? Here's Some Ideas!

2009-10-11T08:34:00.000-07:00

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":

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.
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.
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.
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.
Don’t waste time screensucking. A modern addiction, screensucking is like smoking cigarettes: Once you’re hooked, it is extremely tough to quit.
Identify and control the sources of
gemmelsmerch in your environment. [See Above]
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.
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.
Don’t multitask ineffectively or frazz. Give one task your full attention. You will do it better and easier. This will reduce stress.
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

Balancing Traditional Marketing vs. Internet Marketing

2009-09-26T19:50:00.000-07:00

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:

Best way to spread your message locally?
Best way to spread your message within a small targeted group?
Works Best For Local Retail Offers!!!
One Time Local Events/Sales!!
Uses a Physical Reminder (Card/Flyer,etc)
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:

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!
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.
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/

Top 7 Reasons Businesses Fail...Part Seven

2009-08-28T19:25:00.000-07:00

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:

Cash flow can be severely limited which can hinder daily operations
Additional debt and the accompanying debt service can severely reduce daily financial needs
The new focus on growth(new products, increased production) can negatively impact the culture of the company
Employees feel the pressure of change and morale can suffer and then quality and customer service begins to drop
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
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:

Review your current business plan with a trusted objective business advisor to see exactly where you are with your current business financial objectives
Bring in your CPA, your banker and other objective trusted business advisors to review your growth plans (Get a second opinion!)
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
Carefully research, analyze and review what equipment you will need to grow the business
Completely understand what the financial risks are in terms of upside and downside(be brutally honest with yourself)
Carefully review and identify exactly who you will need (managers, line employees, etc.) in place to grow the business
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/

Top 7 Reasons Businesses Fail...Part Six

2009-08-06T09:18:00.000-07:00

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

http://www.corebizsolution.com/

Top 7 Reasons Businesses Fail..Part Five

2009-07-25T08:09:00.000-07:00

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/

Top 7 Reasons Businesses Fail...Part Four

2009-07-10T18:51:00.000-07:00

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/

Top 7 Reasons Businesses Fail ... PART THREE

2009-06-26T08:16:00.000-07:00

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

Top 7 Reasons Businesses Fail .... PART TWO

2009-06-13T09:10:00.000-07:00

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/

2009-05-31T19:15:00.001-07:00

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

Top 7 Reasons Businesses Fail .... Part One

2009-05-28T18:31:00.000-07:00

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

2009-05-26T05:44:00.001-07:00

Great relaxing weekend, ate too much now I've got to work it off- back to business and networking!

2009-05-22T06:01:00.001-07:00

Wrapping up a busy week today; planning a nice relaxing holiday weekend with family;
Hope your weekend is a great one too!

2009-05-19T11:38:00.001-07:00

ALERT- Tampa Bay Home Expo June 19-21 at Tropicana Field-Consumers are your target market be there- http://ping.fm/jBp0T

2009-05-19T11:15:00.001-07:00

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

2009-05-17T16:27:00.001-07:00

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?

2009-05-16T13:54:00.001-07:00

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.

2009-05-16T08:00:00.000-07:00

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.

2009-05-05T19:41:00.001-07:00

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?

2009-05-03T15:17:00.001-07:00

Fun Ball Game-Rays Wins 5-3;History Made-Carl Crawford steals 6 bases-matches the record!
Now time to plan for next week

2009-05-03T08:02:00.001-07:00

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

2009-04-28T19:45:00.001-07:00

Check out latest Blog post titled "Are You A Best Performer ...?" check it out at my blog at: http://ping.fm/Ry49w

2009-04-28T19:31:00.001-07:00

FNI BOOM was terrific...worked "ON" my biz...did you? Met some great business people and many new & current business friends

Are You A Best Performer In Your Industry?

2009-04-26T09:26:00.000-07:00

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

2009-04-25T22:50:00.001-07:00

Hope I see you Tampa Bay local business people at the FNI BOOM Monday! Chance to work "ON" your business. Don't miss it!

2009-04-24T21:03:00.001-07:00

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

2009-04-21T20:17:00.001-07:00

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

2009-04-19T19:30:00.001-07:00

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.

2009-04-17T14:29:00.001-07:00

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!

2009-04-16T20:06:00.001-07:00

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!

2009-04-14T06:02:00.001-07:00

WOW! What an incredible historic experience at Tropicana Field last night as the Tampa Bay Rays celebrated their success of 2008!

2009-04-12T19:58:00.001-07:00

Updated my blog. Check it out at: http://ping.fm/2dFMg and become a Follower to subscribe..its FREE!!!

2009-04-11T22:33:00.001-07:00

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

2009-04-11T21:34:00.000-07:00

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

2009-04-09T21:10:00.001-07:00

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

2009-04-07T20:04:00.001-07:00

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!

2009-04-01T17:16:00.001-07:00

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?

2009-04-01T12:54:00.000-07:00

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

2009-03-29T18:31:00.001-07:00

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

Using Social Media- The set up

2009-03-28T17:49:00.000-07:00

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..........

Why Social Media?

2009-03-27T20:11:00.000-07:00

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.

My purpose is to answer questions

2009-03-25T07:06:00.000-07:00

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