Radio Advertising

Entrepreneur.com states, Along with print and TV, radio is one of the most popular forms of conventional, "offline" advertising. It can also be one of the most effective. This is partially because radio is oriented around formats, which gives business owners a big advantage in targeting audiences vs. print or TV.

What's a format? Think "classic rock" on the FM band and "talk radio" on the AM stations. Odds are your target market is predominantly tuned into one or two specific stations in your metro area. If you can discover which stations those are, you may have found the sweet spot in your marketing.

1. Your target market: Don't simply choose a station because it's the one you listen to. Choose the one your customers prefer.

2. Costs: There are two costs you'll incur when you advertise on the radio. The first is airtime--the time unit(s) your commercials are on air, typically broken down into 30-second, 60-second or 120-second segments (or spots), depending on the station.

3. Schedule: One is "run of station," or ROS. This means the station will decide when your commercials air as well as the specific time of the day that each commercial will be played. The best way to target is to find out which are the highest quarter-hour listening shares for your target demographic. That way, you are paying for your commercials when the chances are good your target audience is actually listening.

4. The economy of words: s a general rule, 65 to 85 words is the limit for a 30-second commercial. However, be aware that this can vary depending on how many sound effects you use. Also keep in mind that your copy block for a 60-second spot will generally only be 30 to 45 seconds, as you will want at least 10 to 15 seconds at the end to include a call to action, phone number, Yellow Pages mention or web address.

5. Choosing the right sounds. If your want your commercial to stand out from the rest, you need to consider some additional factors regarding voice-overs and sound effects. You may be tempted to voice the commercial, but think again--unless you have a really good voice for radio.

Generally speaking, radio's ability to target an audience and offer repetition makes it a very effective advertising medium. In fact, some of the most effective campaigns in business history have been "radio-only" ad campaigns.

CEO back in the mail room

CNN states, "Small businesses have shed an estimated 1.6 million jobs this year. That leaves the remaining staffers to pick up the workload left behind -- and even bosses are pitching in. With their employee rosters cut to the bone, business owners are going back to the basics, re-learning to do tasks they may not have handled in years."

When small businesses are started, business owners handle everything from emptying the trash to ordering the paper. As the business grows owners and mangers focus on the overall well being of the company but this does not mean they should only know how to operate their business on paper; in fact business owners and mangers need to know how to physically run their business, stepping in from time to time. "In a small business -- if the business is a successful business -- you probably always have the manager rolling up their sleeves."

Business Travel

Due to the current economy slump many businesses, especially small businesses, have drastically cut down on Business Travel. A recent study by Oxford Economics, "found a link between travel and corporate profitability. Each dollar spent on travel by a U.S. company can generate an average $3.80 in profit and $12.50 in increased revenue."

Next time you are debating visiting a current client or a potential client remember, "cuts in business travel that would generally be (considered) penny-wise and pound-foolish."

Is Your Advertising Working?

More than half the advertising most businesses are participating in do not register with the end consumer. Below are seven reasons why Steve McKee, from BusinessWeek believes this is true:
1. It's boring. Yep, boring. Why do we watch TV, listen to the radio, read the newspaper, or go online? Three reasons: information, entertainment, and engagement.Ads that fail to offer at least two of these three benefits flop.

2. It's boorish. You shouldn't think of your advertising as being about your brand, you should think of it as an extension of your brand (see "A Practical Guide to Branding"). If it's loud, annoying, insulting, offensive, or self-centered, people will think the same of your products or services (see "The Cocktail Party Test for Advertising"). Remember the first sentence in the best-selling hardback book in U.S. history, The Purpose Driven Life: "It's not about you."

3. It's safe. The first time I saw a Ford Taurus (F), I took note, and I suspect you did as well. So did a lot of other people, and the Taurus went on to become the best-selling car in America.

4. It's trying to do too much. As the poll results above demonstrated, most people don't engage with most ads. And even when they do, for how long do they pay attention? Thirty seconds? Ten? Five? The best an ad can do is communicate one single, compelling idea, and in the age of the Internet—when people know they can go online to get all the additional information they need—it's crazy to ask an ad to do more than that. Just because you have a lot to say doesn't mean your audience will sit still and pay attention.

5. It hasn't been given time. You can't rush bread out of the oven. You can't hurry a seedling out of the ground. All you can do is prepare the ingredients properly, tend the garden with care, and wait for the loaf to rise and sprouts to appear. The same is true of advertising.

6. You like it. O.K., this one may sting a bit, but you are not the best judge of your own advertising. You can't be, because you simply know too much about your brand and have too much affection for it to remain objective.

7. It's not an advertising problem. A common mistake many companies make is trying to use advertising to fix another problem. It may be faulty or outdated product design, an uncompetitive cost structure, customer service letdowns, or any number of other things. It's not as if they do so intentionally; it's just that it's a whole lot easier to put on a new coat of paint than it is to fix the foundation that's causing the drywall to crack. No company executes flawlessly, but until you can maintain a solid track record of excellence, spend your money on internal improvements rather than advertising. Paint may mask the problem for a short time, but soon new cracks will begin to appear.

Why not take a few minutes today and evaluate your advertising campaign and see where there is room for improvement.

Business Tools

Thinking for buying a business? Why not start your own? If you think it will be too expensive to "hit the ground running", thing again. Emily Schmitt from BusinessWeek "discusses his favorites for those looking to start a business on the cheap." From preparing business plans to invoicing Emily has you covered!

Industrial Development Bonds

BusinessWeek says, "Few entrepreneurs consider bonds when they need major long-term financing. But by using a little-known set-aside in the public finance world called an industrial development bond, or IDB, small companies with strong track records can gain access to as much as $10 million with rates as low as 3%—similar to what large corporations get in the commercial paper market. (Up-front fees range from $70,000 to $200,000, but total costs are still about 20% to 30% less than conventional bank loans.) And while IDBs were designed to be used specifically by small manufacturers, the definition of "manufacturer" may surprise you, as the American Recovery & Reinvestment Act expanded it to include technology companies that manufacture software or other intellectual assets."

Since now is the time to start a business, why not consider IDBs instead of a loan?

Customer Service

Customer Service is one of the most important aspects of a businesses, yet it receives the least amount of attention. According to Jay Goltz, owner of a small business in Chicago, we need to S.A.V.E. customer service. Sympathies, Act, Vindicate, and Eat. Follow Jay's advice you are sure to send your customers away happy.

The Small Business Web

For years, small businesses competing with big corporations have encountered many problems while trying to penetrate into the target market. The Small Business Web is helping small businesses better compete with Google's of the world. "The Small Business Web is a movement to bring together like-minded, customer-obsessed software companies to integrate our respective products and make life easier for small businesses. While there are many products available for small business owners on the Web, the approach we're taking is to use each others APIs to provide a high-level of integration between these applications and create a more seamless experience for our customers."

Business Week states, "The Small Business Web represents a fundamentally different way of doing business, where potential competitors open themselves to collaboration." Maybe collaboration is the key to your success!

Employee Loyalty

Business Week states "Many companies can't afford Humanix's approach of lending workers money directly, especially in a slump. Mitch Bolnick, CEO of security company BCD Low Voltage Systems in Phoenix, let several employees borrow from the company in the past for emergencies like car repairs. But with sales slow this year and his staff of 16 already taking pay cuts, Bolnick has held off on new loans. "This year we've had to explain to them what the situation is and why, and they understand," he says. Still, he says assisting employees when possible helps BCD build loyalty among workers: Two have told him they turned down higher-paying offers."

What does this mean to other small businesses? It doesn't mean you should start providing private loans or funds for your employees today, but to think about their needs outside the office also because, "a financially unstable worker can cost a business as much as $480 per month in lost productivity and absenteeism."

Online Advertising

Google is the number one search engine in the US with a market share of 65.0%. Yahoo has 19.6% and Microsoft has 8.4% of the market share. Since Yahoo and Microsoft don't have even 25% of the market share, many advertisers were not willing to work with them. The solution, Microhoo! CNN states, "This deal is really about scale," said Yahoo Chief Executive Carol Bartz on a conference call. "By combining the ... technology of both companies, we can create a real, viable alternative for advertisers."

What does this mean to small business owners? Additional medium to effectivey advertiser and reach your customers.

Partnership

Some of the biggest companies were started by partners; Ben and Jerry's Ice Cream (Ben and Jerry), Apple (Steve Jobs and Steve Wozniak), and Google (Larry Page and Sergey Brin).

If you're thinking of starting a new business or already have started a small business but need that extra bit of support why not turn to someone your trust and ask them to be your partner.

USA Today states, "With a partner, you have someone to share the excitement and risks of running a company; someone to bounce ideas off of; to help shoulder the financial and work-load burden. Face it: starting and running a business can be a lot more fun when you're working with someone you like and respect. It's important to think through and formally structure your relationship."

Federal Minimum wage increases to $7.25

In 2007, before the recession started, Congress signed a legislation that increased the minimum wage to $5.85, followed by another increase in 2008 to $6.55, and now the final hike to $7.25. Secretary of Labor Hilda Solis says, "Between 3 million and 5 million people will be affected by the minimum wage rise from $6.55 per hour to $7.25 per hour"

If you are a small business owner, how does this affect you during this recession? According to "Robert Mayfield, who owns five Dairy Queen restaurants in central Texas, 'don't expect any increased spending to offset the added salary expenses.'"

To check exactly how much the minimum wage increased in your state, click here.

Press Release

One of the most important tools available to a small business is Press Release Distribution. Associated Content states 8 reasons why Press Releases are important including, Increases name recognition, Gain free visibility, and You will be viewed as an expert in your field. Websites such as freepressrelease.com, pr.com, and pitchengine.com allowing everyone to submit press releases that can be distributed for free. Not only is this cost effective, this is also one of the most effective Marketing tools!

Your share of the Stimulus Money

The American Recovery and Reinvestment Act has almost $800 million to spend in various sectors including State Fiscal Stabilization, Transportation, Energy, Infrastructure, Education, Health care, Housing, and Other projects. MSNBC states, "If you have absolutely no experience selling to government at any level--federal, state or local--the likelihood that you'll land any significant money is minimal. "significant money", in government terms, this is seven figures and up. If you have no experience, can you still be involved? Possibly, but it will take time, effort, homework and persistence."

Whenever dealing with the government, there is always a significant amount of paper work and more red tape to cross than when you are dealing with the private sector. Click here to continue reading on detail steps on how you can get your share of the stimulus money and keep your small business going.

CIT

MSNBC states "CIT Group Inc.’s board approved a deal with major bondholders to keep the company out of bankruptcy with a $3 billion rescue loan, according to published reports. CIT’s failure could pose a major threat to the economy, industry representatives have warned. A collapse of CIT could cut off financing just as businesses need it most during the ongoing recession. Its failure could force thousands of companies to drastically cut costs or shut down — driving up unemployment and dashing hopes for a swift economic recovery"

Now that CIT has secured $3 billion to keep it's doors open for at least the rest of the year, one question small business owners should ask their state representatives is why the federal government doesn't see it necessary to bailout CIT when it bailed out all the big corporation from wall street?

Google Voice

Most people these days have more than one phone they are required to return calls from, for example, home phone, cell phone, business phone, business cell phone, ect. To help with this problem, Google has developed Google Voice. "Google Voice is Google's attempt to remake how we think of the phone. It lets you use one new phone number to tie together your various numbers: cellphone, home phone, business line. Friends call your Google number, and all the other phones ring — you choose which one to answer. Voice mail flows to all of the phones, along with a free transcription by Google." states Jeffery Graham of USA Today.

Just like most products Google launches, Google Voice is available by invitation only. Because of the limited number of invitations issued by Google thus far, these invitations are being auctioned for as much as $100! What is an alternative if you are a small business owner? Click here to register for your invitation, and with Google releasing up to 10,000 phone numbers in the coming months you won't have to wait long.

Webinars

Have you been hearing how social media is the new face of marketing, but you don't know how to make it work for your small business? Or have your heard there is a great way to get press at almost no cost? Why not view one of the many FREE webinars that are offered almost everyday but almost everyone! Startup nation is hosting "Strategies to Save Time, Save Money, Win More Customers". PR Web, the press distribution website is hosting a webinar on a weekly basis related to press releases.

Next time you are at a professional website, search to see if they are offering a webinar. And the best part, you can view and listen to it from the comfort of your own office!

For the Customers, by the Customers

The Wall Street Journal reports, "All sorts of start-ups and small companies are using the Internet to involve customers in decisions on everything from what to sell, how products look and work, how much they cost, and even how the company operates, like what hours a store should be open or how its floor space should be laid out. For business owners who are short on cash and have little margin for error, there are two big advantages to using consumers as advisers: They’re cheaper than the professional consultants that bigger companies routinely employ."

If you are a small company, considering how to remodel your website, or your store's display, start by interacting with your customers. Host a live chat session on your website, create a contest for a free giveaway to the customer that has the most direct impact on your end result, or start a forum discussion. At the end of the day, your customers will enjoy your service more because they helped create it!

It's the small things the matter

The Wall Street Journal reports, "Despite the economic slowdown, downsized small businesses are offering rewards to remaining employees to boost morale and compensate them for doing additional work. Employers are sponsoring office sports teams, hosting postwork social hours and permitting flexible work schedules. In return, some are seeing savings on overhead costs or increases in revenue."

Therefore if you have noticed that your employees are on edge, why not help boost their moral by sponsoring team activities outside of the workplace and put their minds at ease. And with them not having to worry that they are the next to go, they will work hard and help increase your revenues.

No Cash, No Worries

Are you running low on your liquid capital but you still need to update your business? Have you considering Bartering? "Even in modern times, bartering remains a practical choice for small businesses. It's a cash preservation tool, something that's especially useful in a tough economy. It can also help move unsold inventory or put idled staff to work. Done right, bartering can even drive new cash business." stats Justin Martin from CNN Money.

For starter register with the International Reciprocal Trade Association (IRTA) and become one of the 250,000 small business who formally exchange their goods and services.

So the next time you need to fix equipment for your small business, instead of calling a service that will require cash, why not think of someone who is will to fix it in exchange for something you already have.

Personal Credit and Small Business Loans

If you have a small business loan from CITI Bank, you are likely to see that loan show up on your PERSONAL credit report. But not to worry, according to Sharon O'Connor Clarke, a principal consultant with FICO, "Business owners generally won't see their credit hurt if they're current on payments. Borrowers with strong repayment histories could even see scores improve" This doesn't mean for the sake of improving your personal credit you start taking out business loans but it does mean even though banks are changing the rules of the game, for now, you don't have to worry.

Freelancers

Looking to grow a specific part of your business but you can't afford to hire an agency that specializes in that industry or bring that department in-house and staff it? Not to worry, "A new generation of online service marketplaces is giving small companies more opportunities than ever to find specialized expertise and affordable labor." Websites such as Guru, Elance, and oDesk to name a few are "'leveling the playing field between small and large businesses,' said Thomas W. Malone, a professor at the Sloan School of Management at the Massachusetts Institute of Technology. In some cases, the cost savings can be substantial: the hourly rates of programmers in Russia, India or Pakistan are a fraction of those in the United States. These freelance marketplaces also allow companies to assemble teams quickly, find specialized expertise, begin new initiatives and drop everything when it’s no longer needed. Organizations can remain flat and focus on their core missions."

To get started simply visit the website, create an account, and submit a project!

Small Business Contracts

Every year 23% of all Federal contracts are suppose to be awarded to "small businesses". But according to Eagle Eye, a Virginia research firm that tracks federal spending, "at least 16 companies with more than $1 billion in annual revenues were among the top 100 small business contractors in 2008".Recently Republican Hank Johnson has introduced The Fairness and Transparency in Contracting Act of 2009, "which prohibits publicly traded and foreign-owned companies (or their subsidiaries) from being classified as U.S. small businesses for government contracting purposes."

With the large companies out of the running for the federal contracts, start contacting your local, county, state, and federal agencies to see what type of contracts they have coming up and most importantly find out how you can qualify to bid for the contract.

New Address?

Looking for a new location for your business? Why not try London, Moscow, or NYC for a change? With “Most retail property markets experiencing reduced demand from retailers and an increase in the number of vacant unites, which is in turn affecting rents,’ says Nick Axford, head of research in Europe for CB Richard Ellis” now is the time to get that prime location. Rents have decreased anywhere from 10% in NYC to more than 37% in Buenos Aires, why not start looking around your neighborhood to see what kind of a deal you can get!

Online Marketing for Small Businesses

One of the easiest and cost effective ways to market a small business is to use the internet. This is easier said than done, since this can be a bit overwhelming.

To start out with Steve Strauss from USA Today states "there are two essential things you must do":

1. Create content: commit to creating content regularly and putting it online

2. Market that content: blog, distribute Press Releases, post pictures on your website, ect.

If you follow these two simple rules, you will not only start to understand the complex world of online marketing but you will also start to enjoy it.

Perfect time to start a business

Do you have the perfect idea for a small business but are not sure if your out of the box thinking is what you should be acting on right now? According to the Richmond Times-Dispatch "experts say now's the time. Not only is there less competition, but also now more than ever, there's room for new ideas." So sit down and think your idea through and if you believe it's time to take it to the next step, than start shopping!

Inflation is not the Problem!

Many are worried that the Federal Reserve is printing too much money, that their businesses will not be worth much after all the dust settles. But, the Federal Reserve announced today, "recession is easing, but the economy likely will remain weak and keep a lid on inflation." This is good news for small business owners as they can now budget correctly for operation costs without the fear of inflation!

Small Business Administration (SBA) boosts lending

As of June 15th the SBA has taken steps to help small business owners who have been hit hard during this economic crisis. According to The Business Review "The SBA began accepting applications for emergency bridge loans of up to $35,000. Small businesses can use these loans, which were created by the economic stimulus bill, to make up to six months of payments on existing debt." The SBA will allow a year, after the last disbursement, before loan payment begin, giving small business owners the small breather, some desperately need

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