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Biggest Mistakes in Small Business with Melinda Emerson
10
State of Small Business in U.S.
95% will never gross over $1 Million in Revenue
27
20
8.6
# of SMBs in MillionsSMBs
Solopreneurs
Women Business Owners
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7 ConsumerTrends That WillAffect Your SMB
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There are 5X’s as many mobile phones as PC’s in the world
Source: WorldBank.org
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Consumer Trends
66% of mobile phone users search the internet with their smartphones
Source: Pew Internet Study
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Consumer Trends
25% of smartphone users only access the internet from their smartphone.
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Consumer Trends
Source: Pew Internet Study
Mobile coupons receive 10 times
higher redemption rates than print
coupons Source: http://www.slideshare.net/HubSpot/50-
mobilefactsdeck62812
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Consumer Trends
9 out of 10 mobile searches lead to
action, 50% lead to a purchase
Source: www.slideshare.net/HubSpot/50-
mobilefactsdeck62812
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Consumer Trends
Babyboomers: Largest Target Market
Babyboomers make up the largest group of internet users, and AARP reports that 76% of boomers are online.
Babyboomer women make 80% of buying decisions for households that have 80% of the nation’s money.
Source: Why She Buys
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Consumer Trends
Millennials: The New Digital Shopper
By 2015, Millennial spending is expected to be $2.45 Trillion and by 2018, they will eclipse boomers.
41% of Millennials have made purchases using their smartphones.
46% count on social media when buying online, but 55% of Gen Y share bad experiences.
Source: Edelman Digital
Source: Oracle
Source: YouGov
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Consumer Trends
① Getting new customers② Manage
staff/subcontractors③ Access to capital④ Managing brand online⑤ Keeping customers
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5 Biggest Challenges Facing SMBS
Everyone will become an entrepreneur
Consultants 30% cheaper than employees
By 2030, robots will do most manual labor
Entrepreneurial skills have become valuable to Fortune 500
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The Good News is…
Do market research
Check out the competition
Talk to customers
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#1 Don’t Test Market Business
Tasks
Understand your hard & soft costs
It’s not about the competition
Know how much PROFIT is in every sale
Direct Costs + G&A + Overhead = YOUR PRICE
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#2 Selling Too Cheap
Being disorganized Not keeping regular
hours Not staying in stock Post your policies
Sorry We Are
Out To Lunch!
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#3 Not Being Professional
Pick one social media site HELP Mantra Help Others Engage People Listen First Promote Yourself with Care
Learn your social media sales cycle
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#4 Misusing Time in Social Media
6 C’sConnect
Communicate
Compelling Content
Consistent
Community
Commerce
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6 C’s Social Media Marketing
Leverage your #1 sales tool
Set aside time each day for marketing
Incorporate social media into your marketing
Create a storm starter strategy
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#5 No Regular Marketing Efforts
Know your monthly burn rate
Manage AR/AP Don’t misuse cash Recognize “slow pay”
clients Create a collections
process
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#6 Not Knowing Your Numbers
Use accounting software Invoice and cut checks
using the software By 15th of the month Use financial data to
make business decisions Utilize your accountant
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#7 No Up-to-date Financial Records
Don’t Mess with the IRS
Use Payroll Service Pay Your Quarterly
Taxes
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#8 Overlooking Tax Issues
Never hire someone you can’t fire!
Use job descriptions Check references Solicit talents referrals Try a staffing agency
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#9 Poor Hiring Decisions
Provide great customer service
Provide a hassle-free experience online
It’s cheaper to keep a customer
Thank your customers
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#10 Stop Antagonizing Customers
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15 Ways to Better Communicate with Your Target Customer
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Stay on top of your business finances
Update your company website
Test your business ideas
Update your business plan
Develop five new marketing strategies
Recognize problem clients quickly
Work hard to keep customers happy
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Action Plan
Melinda Emerson @SmallBizLady
www.succeedasyourownboss.com
Join #Smallbizchat 8-9pm ET Every Wed on Twitter
Connect on LinkedIn & Google+
Like my SmallBizLady fan page
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Melinda Emerson Contact Info.
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