| Newsletter: November 13, 2009
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Link Partner:
Business Loan Get express funding for your company with a hassle free business loan.
What I Know For Sure Is that you can learn from your mistakes by analyzing them?
Part of what we learn is just how powerful symbols coming out of a Small-Midsized Company
could change the entire industry (Bill gates with PC or The Wright's brother with Flying),
therefore an entire nation or perhaps the entire world.
There 10 main ideas that I would like to share with you:
1.Communication - In order to operate or manage your business and raise capital,
you must COMMUNICATE. It is key to find prospects and convert them into customers and make them profitable.
they could refer you to their friends,families and networks when they are happy with your work.
Effective communication is also important in order to meet Bankers, Angels and Venture Capitalists.
Knowing the Language of Capital helps you raise funds with your family and your friends as well.
2.Website - Treat your WEBSITE LIKE A BUSINESS. If you are not sure,
just ask Amazon or Google. If you want to stay in business for longtime,
you must have both an Optimizable and Marketable Website(and domain name),
which makes your firm stand out from your competitors online and offline and places you in front of your targeted prospects and customers.
Do not hesitate to spend to get a Good, Clean, Professional and Content driven Website.
Visit MLFSolutions for more information.
3.Customer or Prospect database Listing - If you are in business and you do not have a Customer
or/and Prospect database that contains at least their names and emails, you may be one step away from going back to work. Without such a database,
you will have hard time to reach out to your prospects (for acquisition, conversion and retention of customers).
In order to build a profitable database, you need to start writing newsletters, blogs, e-books,Wikis,
Webinars and video blogs so that you could invite and educate them about your products.
Just observe two such companies as Amazon and Vistaprint. They send you their newsletters every week so when you are ready to order,
you can just contact them because you have been exposed to their products or services.
Visit BestCampaignPro for more information.
4.Traffic - Frankly any website without traffic gets nothing- no visitor, no prospect and no customer.
That is why an Optimizable and Marketable Website is Required. To get a targeted traffic, the Website owner should contact an expert who could help him or her
implement Digital Marketing tactics such as Search Engine Optimization(SEO), Search Engine Marketing (SEM) and Social Media Optimization (SMO) .
Visit MLFSolutions for more information.
5.Sales - Selling a Service or Product is NEVER EASY,
particularly in these though times. As an owner of a Small-Midsized business, if you cannot sell your own products or services, it will be extremely difficult or
nearly impossible for others to sell them successfully.
You need to develop a Vendor strategy after creating a Marketing Strategy such as licensing and promotion
6.Grow - A Small-Midsized Business Must Grow or Die.
Therefore the founder and the management must be relentless, flexible and agile in changing the direction of his or her goals
when it is required.
INNOVATION is a one of the main drivers for the growth of a business.
The bottom line any business is "GROW OR DIE".
7.Cash - Cash is king particularly for small-midsized businesses.
It is even more important for startups(less than 2 years) without track records to operate,
such as to pay your employees or suppliers, etc... .
The management team must know how much working capital it requires to operate monthly and yearly.
Therefore, she or he must master and keep
track of 4 financial terms: REVENUES, GROSS INVOME, OPERATING INCOME AND NET INCOME.
Finally, make sure you understand the difference between LOAN and LINE OF CREDIT.
8.Competitors - Going into business is like going to war.
There are more than 25 million businesses out there (only in the US).
Nearly half of the startups die after 5 years according to Small Business Administration (SBA ).
In order to win, Yes it is about WINNING (ask Jack Welsh, the former CEO of GE) and lasting in order to serve your clients.
So you must develop a Practical and Actionable Marketing Strategy,
most importantly in this rapidly changing world a Digital Marketing Strategy to lay out weekly or daily activities.
This is how you stay ahead of your competitors.
9.Checklist -
With the grueling or even dreaded day to day management of a firm,
it would be wise to have a task checklist for your daily task. It matters most for small-midsized companies
because of very limited number of employees, the business owner is an accountant, HR, business development.
10.Execution - How do you execute Your Idea? Frankly, the success of your
company depends mostly of the style and substance of the management team.
A leader must be adaptable and Lead by EXAMPLE.
According to Thomas Edison's citation: 1% Idea and 99% Perspiration?.
Define a process in order to more efficiently coordinate business's resources:
People, Machines or Information systems and Capital.
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Warmest Regards.
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Leon Fangnigbe
CEO & Chief Software Architect at MLFSolutions | TaxMamba
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